Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2015 | |
Entity Information [Line Items] | |||
Entity Registrant Name | ESSEX PROPERTY TRUST INC | ||
Entity Central Index Key | 920,522 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 65,411,581 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 13,717,739,025 | ||
Essex Portfolio, L.P. [Member] | |||
Entity Information [Line Items] | |||
Entity Registrant Name | ESSEX PORTFOLIO LP | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Rental properties: | ||
Land and land improvements | $ 2,522,842 | $ 2,424,930 |
Buildings and improvements | 9,808,627 | 8,819,751 |
Total Rental Properties | 12,331,469 | 11,244,681 |
Less accumulated depreciation | (1,949,892) | (1,564,806) |
Net Real Estate | 10,381,577 | 9,679,875 |
Real estate under development | 242,326 | 429,096 |
Co-investments | 1,036,047 | 1,042,423 |
Real estate held for sale, net | 26,879 | 56,300 |
Total Real Estate | 11,686,829 | 11,207,694 |
Cash and cash equivalents-unrestricted | 29,683 | 25,610 |
Cash and cash equivalents-restricted | 93,372 | 70,139 |
Marketable securities and other investments | 137,485 | 117,240 |
Notes and other receivables | 19,285 | 24,923 |
Acquired in-place lease value, net | 2,857 | 47,748 |
Prepaid expenses and other assets | 35,580 | 33,378 |
Total assets | 12,005,091 | 11,526,732 |
Liabilities: | ||
Unsecured debt, net | 3,088,680 | 2,603,548 |
Mortgage notes payable, net | 2,215,077 | 2,234,317 |
Lines of credit, net | 11,707 | 242,824 |
Accounts payable and accrued liabilities | 131,415 | 135,162 |
Construction payable | 40,953 | 30,892 |
Dividends payable | 100,266 | 88,221 |
Other liabilities | 34,518 | 32,444 |
Total liabilities | $ 5,622,616 | $ 5,367,408 |
Temporary Equity | ||
Commitments and contingencies | ||
Redeemable noncontrolling interest | $ 45,452 | $ 23,256 |
Equity: | ||
Common stock; $.0001 par value, 656,020,000 shares authorized; 65,379,359 and 63,682,646 shares issued and outstanding, respectively | 6 | 6 |
Cumulative redeemable 7.125% Series H preferred stock at liquidation value | 73,750 | 73,750 |
Additional paid-in capital | 7,003,317 | 6,651,165 |
Distributions in excess of accumulated earnings | (797,329) | (650,797) |
Accumulated other comprehensive loss, net | (42,011) | (51,452) |
Total stockholders' equity | 6,237,733 | 6,022,672 |
Noncontrolling interest | 99,290 | 113,396 |
Total equity | 6,337,023 | 6,136,068 |
Total liabilities and equity/capital | 12,005,091 | 11,526,732 |
Essex Portfolio, L.P. [Member] | ||
Rental properties: | ||
Land and land improvements | 2,522,842 | 2,424,930 |
Buildings and improvements | 9,808,627 | 8,819,751 |
Total Rental Properties | 12,331,469 | 11,244,681 |
Less accumulated depreciation | (1,949,892) | (1,564,806) |
Net Real Estate | 10,381,577 | 9,679,875 |
Real estate under development | 242,326 | 429,096 |
Co-investments | 1,036,047 | 1,042,423 |
Real estate held for sale, net | 26,879 | 56,300 |
Total Real Estate | 11,686,829 | 11,207,694 |
Cash and cash equivalents-unrestricted | 29,683 | 25,610 |
Cash and cash equivalents-restricted | 93,372 | 70,139 |
Marketable securities and other investments | 137,485 | 117,240 |
Notes and other receivables | 19,285 | 24,923 |
Acquired in-place lease value, net | 2,857 | 47,748 |
Prepaid expenses and other assets | 35,580 | 33,378 |
Total assets | 12,005,091 | 11,526,732 |
Liabilities: | ||
Unsecured debt, net | 3,088,680 | 2,603,548 |
Mortgage notes payable, net | 2,215,077 | 2,234,317 |
Lines of credit, net | 11,707 | 242,824 |
Accounts payable and accrued liabilities | 131,415 | 135,162 |
Construction payable | 40,953 | 30,892 |
Distributions payable | 100,266 | 88,221 |
Other liabilities | 34,518 | 32,444 |
Total liabilities | $ 5,622,616 | $ 5,367,408 |
Temporary Equity | ||
Commitments and contingencies | ||
Redeemable noncontrolling interest | $ 45,452 | $ 23,256 |
Equity: | ||
Common equity (2,214,545 and 2,168,158 units issued and outstanding, respectively) | 47,235 | 48,665 |
Accumulated other comprehensive loss, net | (39,598) | (49,356) |
Partners' Capital | 6,287,381 | 6,073,433 |
Noncontrolling interest | 49,642 | 62,635 |
Total Capital | 6,337,023 | 6,136,068 |
Total liabilities and equity/capital | 12,005,091 | 11,526,732 |
General Partner [Member] | Essex Portfolio, L.P. [Member] | ||
Equity: | ||
General Partners' Capital Account | 6,279,744 | 6,074,124 |
General Partner [Member] | Common Equity [Member] | Essex Portfolio, L.P. [Member] | ||
Equity: | ||
General Partners' Capital Account | 6,208,535 | 6,002,915 |
Total Capital | 6,208,535 | 6,002,915 |
General Partner [Member] | Preferred Equity [Member] | Essex Portfolio, L.P. [Member] | ||
Equity: | ||
General Partners' Capital Account | 71,209 | 71,209 |
Total Capital | $ 71,209 | $ 71,209 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
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 | 65,379,359 | 63,682,646 |
Common stock, shares outstanding | 65,379,359 | 63,682,646 |
Series H 7.125% Cumulative Redeemable Preferred Stock [Member] | ||
Cumulative dividend rate (in hundredths) | 7.125% | 7.125% |
Essex Portfolio, L.P. [Member] | Series H 7.125% Cumulative Redeemable Preferred Stock [Member] | ||
Cumulative dividend rate (in hundredths) | 7.125% | 7.125% |
General Partner [Member] | Essex Portfolio, L.P. [Member] | ||
Common stock, shares issued | 65,379,359 | 63,682,646 |
Common stock, shares outstanding | 65,379,359 | 63,682,646 |
Preferred interest, liquidation value | $ 73,750 | $ 73,750 |
Limited Partner [Member] | Essex Portfolio, L.P. [Member] | ||
Common stock, shares issued | 2,214,545 | 2,168,158 |
Common stock, shares outstanding | 2,214,545 | 2,168,158 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Rental and other property | $ 1,185,498 | $ 961,591 | $ 603,327 |
Management and other fees from affiliates | 8,909 | 9,347 | 7,263 |
Total revenues | 1,194,407 | 970,938 | 610,590 |
Expenses: | |||
Property operating, excluding real estate taxes | 234,953 | 204,673 | 140,060 |
Real estate taxes | 128,555 | 107,873 | 57,276 |
Depreciation and amortization | 453,423 | 360,592 | 192,420 |
General and administrative | 40,090 | 40,878 | 26,684 |
Merger and integration expenses | 3,798 | 53,530 | 4,284 |
Acquisition and investment related costs | 2,414 | 1,878 | 1,161 |
Total expenses | 863,233 | 769,424 | 421,885 |
Earnings from operations | 331,174 | 201,514 | 188,705 |
Interest expense | (204,827) | (164,551) | (116,524) |
Total return swap income | 5,655 | 0 | 0 |
Interest and other income | 19,143 | 11,811 | 11,633 |
Equity income from co-investments | 21,861 | 39,893 | 55,865 |
Loss on early retirement of debt, net | (6,114) | (268) | (300) |
Gains on sale of real estate and land | 47,333 | 46,039 | 1,503 |
Gains on remeasurement of co-investment | 34,014 | 0 | 0 |
Income before discontinued operations | 248,239 | 134,438 | 140,882 |
Income from discontinued operations | 0 | 0 | 31,173 |
Net income | 248,239 | 134,438 | 172,055 |
Net income attributable to noncontrolling interest | (16,119) | (12,288) | (15,772) |
Net income attributable to controlling interest | 232,120 | 122,150 | 156,283 |
Dividends to preferred stockholders | (5,255) | (5,291) | (5,472) |
Net income available to common stockholders | $ 226,865 | $ 116,859 | $ 150,811 |
Basic: | |||
Income before discontinued operations available to common stockholders (in dollars per share) | $ 3.50 | $ 2.07 | $ 3.26 |
Income from discontinued operations available to common stockholders (in dollars per share) | 0 | 0 | 0.79 |
Net income available to common stockholders (in dollars per share) | $ 3.50 | $ 2.07 | $ 4.05 |
Weighted average number of shares outstanding during the year | 64,871,717 | 56,546,959 | 37,248,960 |
Diluted: | |||
Income before discontinued operations available to common stockholders (in dollars per share) | $ 3.49 | $ 2.06 | $ 3.25 |
Income from discontinued operations available to common stockholders (in dollars per share) | 0 | 0 | 0.79 |
Net income available to common stockholders (in dollars per share) | $ 3.49 | $ 2.06 | $ 4.04 |
Weighted average number of shares outstanding during the year | 65,061,685 | 56,696,525 | 37,335,295 |
Essex Portfolio, L.P. [Member] | |||
Revenues: | |||
Rental and other property | $ 1,185,498 | $ 961,591 | $ 603,327 |
Management and other fees from affiliates | 8,909 | 9,347 | 7,263 |
Total revenues | 1,194,407 | 970,938 | 610,590 |
Expenses: | |||
Property operating, excluding real estate taxes | 234,953 | 204,673 | 140,060 |
Real estate taxes | 128,555 | 107,873 | 57,276 |
Depreciation and amortization | 453,423 | 360,592 | 192,420 |
General and administrative | 40,090 | 40,878 | 26,684 |
Merger and integration expenses | 3,798 | 53,530 | 4,284 |
Acquisition and investment related costs | 2,414 | 1,878 | 1,161 |
Total expenses | 863,233 | 769,424 | 421,885 |
Earnings from operations | 331,174 | 201,514 | 188,705 |
Interest expense | (204,827) | (164,551) | (116,524) |
Total return swap income | 5,655 | 0 | 0 |
Interest and other income | 19,143 | 11,811 | 11,633 |
Equity income from co-investments | 21,861 | 39,893 | 55,865 |
Loss on early retirement of debt, net | (6,114) | (268) | (300) |
Gains on sale of real estate and land | 47,333 | 46,039 | 1,503 |
Gains on remeasurement of co-investment | 34,014 | 0 | 0 |
Income before discontinued operations | 248,239 | 134,438 | 140,882 |
Income from discontinued operations | 0 | 0 | 31,173 |
Net income | 248,239 | 134,438 | 172,055 |
Net income attributable to noncontrolling interest | (8,295) | (7,421) | (6,834) |
Net income attributable to controlling interest | 239,944 | 127,017 | 165,221 |
Preferred interest distributions | (5,255) | (5,291) | (5,472) |
Net income available to common stockholders | $ 234,689 | $ 121,726 | $ 159,749 |
Basic: | |||
Income before discontinued operations available to common stockholders (in dollars per share) | $ 3.50 | $ 2.07 | $ 3.27 |
Income from discontinued operations available to common stockholders (in dollars per share) | 0 | 0 | 0.79 |
Net income available to common stockholders (in dollars per share) | $ 3.50 | $ 2.07 | $ 4.06 |
Weighted average number of shares outstanding during the year | 67,054,184 | 58,771,666 | 39,380,385 |
Diluted: | |||
Income before discontinued operations available to common stockholders (in dollars per share) | $ 3.49 | $ 2.07 | $ 3.26 |
Income from discontinued operations available to common stockholders (in dollars per share) | 0 | 0 | 0.79 |
Net income available to common stockholders (in dollars per share) | $ 3.49 | $ 2.07 | $ 4.05 |
Weighted average number of shares outstanding during the year | 67,244,152 | 58,921,232 | 39,466,720 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 248,239 | $ 134,438 | $ 172,055 |
Other comprehensive income (loss): | |||
Changes in fair value of cash flow hedges and reclassification to interest expense | 7,893 | 4,168 | 12,614 |
Changes in fair value of marketable securities | 1,865 | 6,302 | (1,556) |
Reversal of unrealized gains upon the sale of marketable securities | 0 | (886) | (1,767) |
Total other comprehensive income | 9,758 | 9,584 | 9,291 |
Comprehensive income | 257,997 | 144,022 | 181,346 |
Comprehensive income attributable to noncontrolling interest | (16,436) | (12,852) | (16,274) |
Comprehensive income attributable to controlling interest | 241,561 | 131,170 | 165,072 |
Essex Portfolio, L.P. [Member] | |||
Net income | 248,239 | 134,438 | 172,055 |
Other comprehensive income (loss): | |||
Changes in fair value of cash flow hedges and reclassification to interest expense | 7,893 | 4,168 | 12,614 |
Changes in fair value of marketable securities | 1,865 | 6,302 | (1,556) |
Reversal of unrealized gains upon the sale of marketable securities | 0 | (886) | (1,767) |
Total other comprehensive income | 9,758 | 9,584 | 9,291 |
Comprehensive income | 257,997 | 144,022 | 181,346 |
Comprehensive income attributable to noncontrolling interest | (8,295) | (7,421) | (6,834) |
Comprehensive income attributable to controlling interest | $ 249,702 | $ 136,601 | $ 174,512 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | 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] |
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 | 36,443 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
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 | ||||||
Sale of common stock | 138,366 | $ 1 | 138,365 | ||||
Sale of common stock (in shares) | 913 | ||||||
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 | 0 | ||||||
Retirement of noncontrolling interest | 0 | ||||||
Common and preferred stock dividends | (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 | 37,421 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
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 | ||||||
Stock option and restricted stock plans | 11,024 | 11,024 | |||||
Stock option and restricted stock plans (in shares) | 218 | ||||||
Sale of common stock | 532,670 | 532,670 | |||||
Sale of common stock (in shares) | 2,943 | ||||||
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 | ||||||
Contributions from noncontrolling interest | (1,419,816) | (1,419,816) | |||||
Retirement of noncontrolling interest | (1,419,816) | (1,419,816) | |||||
Common and preferred stock dividends | (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 | 63,683 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 248,239 | 232,120 | 16,119 | ||||
Reversal of unrealized gains upon the sale of marketable securities | 0 | ||||||
Changes in fair value of cash flow hedges and reclassification to interest expense | 7,893 | 7,637 | 256 | ||||
Changes in fair value of marketable securities | 1,865 | 1,804 | 61 | ||||
Issuance of common stock under: | |||||||
Stock option and restricted stock plans | 26,540 | 26,540 | |||||
Stock option and restricted stock plans (in shares) | 207 | ||||||
Sale of common stock | 332,137 | 332,137 | |||||
Sale of common stock (in shares) | 1,489 | ||||||
Equity-based compensation costs | 9,646 | 5,946 | 3,700 | ||||
Redemptions of noncontrolling interest | (2,621) | (2,199) | (422) | ||||
Distributions to noncontrolling interest | (21,705) | (21,705) | |||||
Reclassification of noncontrolling interest to redeemable noncontrolling interest | (19,772) | (7,657) | (12,115) | ||||
Changes in the redemption value of redeemable noncontrolling interest | (2,615) | (2,615) | |||||
Contributions from noncontrolling interest | 0 | ||||||
Retirement of noncontrolling interest | 0 | ||||||
Common and preferred stock dividends | (378,652) | (378,652) | |||||
Balances at Dec. 31, 2015 | $ 6,337,023 | $ 73,750 | $ 6 | $ 7,003,317 | $ (797,329) | $ (42,011) | $ 99,290 |
Balances (in shares) at Dec. 31, 2015 | 2,950 | 65,379 |
Consolidated Statements of Capi
Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Net income | $ 85,762 | $ 64,753 | $ 44,805 | $ 26,406 | $ 248,239 | $ 134,438 | $ 172,055 |
Reversal of unrealized gains upon the sale of marketable securities | 0 | (886) | (1,767) | ||||
Changes in fair value of cash flow hedges and amortization of gain on settlement of swap | 7,893 | 4,168 | 12,614 | ||||
Changes in fair value of marketable securities | 1,865 | 6,302 | (1,556) | ||||
Issuance of common stock under: | |||||||
Sale of common stock | 332,137 | 532,670 | 138,366 | ||||
Reclassification of noncontrolling interest to redeemable noncontrolling interest | (19,772) | (20,890) | |||||
Changes in the redemption value of redeemable noncontrolling interest | (2,615) | 312 | |||||
Conversion of Series G preferred stock | 4,349 | ||||||
Contributions from noncontrolling interest | 0 | (1,419,816) | 0 | ||||
Retirement of noncontrolling interest | 0 | (1,419,816) | 0 | ||||
Distributions to noncontrolling interests | (21,705) | (17,069) | (18,488) | ||||
Essex Portfolio, L.P. [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balances | 6,136,068 | 1,998,238 | 6,136,068 | 1,998,238 | 1,880,116 | ||
Net income | 85,762 | 64,753 | 44,805 | 26,406 | 248,239 | 134,438 | 172,055 |
Reversal of unrealized gains upon the sale of marketable securities | 0 | (886) | (1,767) | ||||
Changes in fair value of cash flow hedges and amortization of gain on settlement of swap | 7,893 | 4,168 | 12,614 | ||||
Changes in fair value of marketable securities | 1,865 | 6,302 | (1,556) | ||||
Common stock issued as consideration by general partner in merger | 3,774,087 | ||||||
Issuance of common stock under: | |||||||
Stock and unit based compensation plans | 26,540 | 11,024 | 7,244 | ||||
Sale of common stock | 332,137 | 532,670 | 138,366 | ||||
Stock and unit based compensation costs | 9,646 | 11,872 | 1,608 | ||||
Reclassification of noncontrolling interest to redeemable noncontrolling interest | (19,772) | (20,890) | |||||
Changes in the redemption value of redeemable noncontrolling interest | (2,615) | 312 | |||||
Conversion of Series G preferred stock | 4,349 | ||||||
Contributions from noncontrolling interest | 0 | (1,419,816) | 0 | ||||
Retirement of noncontrolling interest | 0 | (1,419,816) | 0 | ||||
Redemptions | (2,621) | (5,497) | (5,711) | ||||
Distributions to noncontrolling interests | (8,751) | (4,890) | (8,016) | ||||
Distributions declared | (391,606) | (309,229) | (196,715) | ||||
Balances | 6,337,023 | 6,136,068 | 6,337,023 | 6,136,068 | 1,998,238 | ||
Essex Portfolio, L.P. [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balances | (49,356) | (58,940) | (49,356) | (58,940) | (68,231) | ||
Reversal of unrealized gains upon the sale of marketable securities | (886) | (1,767) | |||||
Changes in fair value of cash flow hedges and amortization of gain on settlement of swap | 7,893 | 4,168 | 12,614 | ||||
Changes in fair value of marketable securities | 1,865 | 6,302 | (1,556) | ||||
Issuance of common stock under: | |||||||
Balances | (39,598) | (49,356) | (39,598) | (49,356) | (58,940) | ||
Essex Portfolio, L.P. [Member] | Noncontrolling Interest [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balances | 62,635 | 66,130 | 62,635 | 66,130 | 68,689 | ||
Net income | 8,295 | 7,421 | 6,834 | ||||
Issuance of common stock under: | |||||||
Reclassification of noncontrolling interest to redeemable noncontrolling interest | (12,115) | (5,084) | |||||
Redemptions | (422) | (942) | (1,377) | ||||
Distributions to noncontrolling interests | (8,751) | (4,890) | (8,016) | ||||
Balances | 49,642 | 62,635 | 49,642 | 62,635 | 66,130 | ||
Essex Portfolio, L.P. [Member] | General Partner [Member] | Common Equity [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balances | $ 6,002,915 | $ 1,873,882 | $ 6,002,915 | $ 1,873,882 | $ 1,762,856 | ||
Balances (in shares) | 63,683 | 37,421 | 63,683 | 37,421 | 36,443 | ||
Net income | $ 226,865 | $ 116,859 | $ 150,811 | ||||
Common stock issued as consideration by general partner in merger | $ 3,774,087 | ||||||
Common stock issued as consideration by general partner in merger (in shares) | 23,067 | ||||||
Issuance of common stock under: | |||||||
Stock and unit based compensation plans | $ 26,540 | $ 11,024 | $ 7,244 | ||||
Stock and unit based compensation plan (in shares) | 207 | 218 | 65 | ||||
Sale of common stock | $ 332,137 | $ 532,670 | $ 138,366 | ||||
Sale of common stock (in shares) | 1,482 | 2,943 | 913 | ||||
Stock and unit based compensation costs | $ 5,946 | $ 5,719 | $ (907) | ||||
Reclassification of noncontrolling interest to redeemable noncontrolling interest | (7,657) | (19,823) | |||||
Changes in the redemption value of redeemable noncontrolling interest | (2,615) | 312 | |||||
Conversion of Series G preferred stock | $ 4,349 | ||||||
Conversion of Series G preferred stock (in shares) | 34 | ||||||
Redemptions | $ (2,199) | $ (3,374) | (3,717) | ||||
Redemptions (in shares) | 7 | ||||||
Distributions to noncontrolling interests | 0 | ||||||
Distributions declared | $ (373,397) | (292,790) | (180,771) | ||||
Balances | $ 6,208,535 | $ 6,002,915 | $ 6,208,535 | $ 6,002,915 | $ 1,873,882 | ||
Balances (in shares) | 65,379 | 63,683 | 65,379 | 63,683 | 37,421 | ||
Essex Portfolio, L.P. [Member] | General Partner [Member] | Preferred Equity [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balances | $ 71,209 | $ 71,209 | $ 71,209 | $ 71,209 | $ 71,209 | ||
Net income | 5,255 | 5,291 | 5,472 | ||||
Issuance of common stock under: | |||||||
Distributions declared | (5,255) | (5,291) | (5,472) | ||||
Balances | $ 71,209 | $ 71,209 | 71,209 | 71,209 | 71,209 | ||
Essex Portfolio, L.P. [Member] | Limited Partner [Member] | Common Equity [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balances | $ 48,665 | $ 45,957 | $ 48,665 | $ 45,957 | $ 45,593 | ||
Balances (in shares) | 2,168 | 2,150 | 2,168 | 2,150 | 2,122 | ||
Net income | $ 7,824 | $ 4,867 | $ 8,938 | ||||
Issuance of common stock under: | |||||||
Stock and unit based compensation costs | $ 3,700 | $ 6,153 | $ 2,515 | ||||
Stock and unit based compensation costs (in shares) | 54 | 28 | 28 | ||||
Reclassification of noncontrolling interest to redeemable noncontrolling interest | $ 0 | $ 4,017 | |||||
Reclassification of noncontrolling interest to redeemable noncontrolling interest (in units) | (10) | ||||||
Contributions from noncontrolling interest | $ (1,419,816) | ||||||
Contributions from noncontrolling interest (in shares) | 8,561 | ||||||
Retirement of noncontrolling interest | $ (1,419,816) | ||||||
Retirement of noncontrolling interest (in shares) | (8,561) | ||||||
Redemptions | $ 0 | $ (1,181) | $ (617) | ||||
Redemptions (in shares) | (7) | ||||||
Distributions to noncontrolling interests | 0 | ||||||
Distributions declared | $ (12,954) | (11,148) | (10,472) | ||||
Balances | $ 47,235 | $ 48,665 | $ 47,235 | $ 48,665 | $ 45,957 | ||
Balances (in shares) | 2,215 | 2,168 | 2,215 | 2,168 | 2,150 | ||
Essex Portfolio, L.P. [Member] | Limited Partner [Member] | Preferred Equity [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balances | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Issuance of common stock under: | |||||||
Balances | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 248,239 | $ 134,438 | $ 172,055 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 453,423 | 360,592 | 193,518 |
Earnings from co-investments | (21,392) | (33,335) | (14,613) |
Company's share of gain on the sales of co-investments | (469) | (6,558) | (41,252) |
Operating distributions from co-investments | 46,608 | 49,486 | 19,636 |
Gain on the sales of real estate and land | (47,333) | (46,039) | (30,725) |
Loss on early retirement of debt, net | 6,114 | 268 | 300 |
Gains on sale of marketable securities and other investments | (598) | (886) | (1,767) |
Amortization of (premium) discount and financing costs, net | (19,361) | (14,672) | 12,216 |
Amortization of discount on notes receivables | 0 | 0 | (844) |
Amortization of discount on marketable securities and other investments | (12,389) | (9,325) | (6,556) |
Non cash merger and integration expenses | 0 | 9,025 | 0 |
Equity-based compensation | 6,061 | 8,740 | 4,508 |
Gains on remeasurement of co-investment | (34,014) | 0 | 0 |
Changes in operating assets and liabilities: | |||
Prepaid expenses, in-place lease value, receivables and other assets | 267 | 15,828 | (1,588) |
Accounts payable and accrued liabilities | (9,633) | 24,233 | 72 |
Other liabilities | 1,887 | 1,517 | 22 |
Net cash provided by operating activities | 617,410 | 493,312 | 304,982 |
Additions to real estate: | |||
Acquisitions of real estate and acquisition related capital expenditures | (515,726) | (387,547) | (348,774) |
Redevelopment | (99,346) | (81,429) | (47,289) |
Development acquisitions of and additions to real estate under development | (157,900) | (152,766) | (17,757) |
Capital expenditures on rental properties | (57,277) | (78,864) | (56,919) |
Proceeds from insurance for property losses | 16,811 | 35,547 | 0 |
BRE merger consideration paid | 0 | (555,826) | 0 |
Acquisition of membership interest in co-investment | (115,724) | 0 | 0 |
Dispositions of real estate | 319,008 | 141,189 | 65,496 |
Dispositions of co-investments | 31,556 | 13,900 | 0 |
Changes in restricted cash and refundable deposits | (14,068) | (36,582) | (9,149) |
Purchases of marketable securities | (14,300) | (20,516) | (16,442) |
Sales and maturities of marketable securities and other investments | 8,907 | 8,753 | 24,172 |
Purchases of and advances under notes and other receivables | 0 | 0 | (56,750) |
Collections of notes and other receivables | 0 | 76,585 | 53,438 |
Contributions to co-investments | (127,879) | (246,006) | (162,578) |
Non-operating distributions from co-investments | 382 | 136,406 | 118,856 |
Net cash used in investing activities | (725,556) | (1,147,156) | (453,696) |
Cash flows from financing activities: | |||
Borrowings under debt agreements | 1,345,855 | 2,093,406 | 969,061 |
Repayment of debt | (1,197,351) | (1,814,020) | (750,900) |
Additions to deferred charges | (8,034) | (17,402) | (7,402) |
Net proceeds from stock options exercised | 26,540 | 11,039 | 4,958 |
Net proceeds from issuance of common stock | 332,137 | 531,379 | 137,749 |
Distributions to noncontrolling interest | (21,055) | (17,465) | (18,488) |
Redemption of noncontrolling interest | (2,621) | (5,753) | (5,711) |
Common and preferred stock dividends paid | (367,257) | (260,574) | (180,668) |
Net cash provided by financing activities | 108,214 | 520,610 | 148,599 |
Cash acquired from the BRE merger | 0 | 140,353 | 0 |
Cash acquired from consolidation of co-investment | 4,005 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 4,073 | 7,119 | (115) |
Cash and cash equivalents at beginning of year | 25,610 | 18,491 | 18,606 |
Cash and cash equivalents at end of year | 29,683 | 25,610 | 18,491 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of capitalized interest | 181,106 | 130,691 | 103,516 |
Interest capitalized | 15,571 | 22,510 | 16,486 |
Supplemental disclosure of noncash investing and financing activities: | |||
Issuance of Operating Partnership units for contributed properties | 0 | 1,419,816 | 0 |
Retirement of Operating Partnership units | 0 | (1,419,816) | 0 |
Transfer from real estate under development to rental properties | 308,704 | 10,203 | 68 |
Transfer from real estate under development to co-investments | 6,234 | 83,574 | 27,906 |
Reclassification to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest | 22,387 | 18,766 | 0 |
Debt assumed in connection with acquisition of co-investment | 114,435 | 0 | 0 |
Mortgage notes (excluding BRE merger) assumed in connection with purchases of real estate including the loan premiums recorded | 0 | 72,568 | 0 |
Essex Portfolio, L.P. [Member] | |||
Cash flows from operating activities: | |||
Net income | 248,239 | 134,438 | 172,055 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 453,423 | 360,592 | 193,518 |
Earnings from co-investments | (21,392) | (33,335) | (14,613) |
Company's share of gain on the sales of co-investments | (469) | (6,558) | (41,252) |
Operating distributions from co-investments | 46,608 | 49,486 | 19,636 |
Gain on the sales of real estate and land | (47,333) | (46,039) | (30,725) |
Loss on early retirement of debt, net | 6,114 | 268 | 300 |
Gains on sale of marketable securities and other investments | (598) | (886) | (1,767) |
Amortization of (premium) discount and financing costs, net | (19,361) | (14,672) | 12,216 |
Amortization of discount on notes receivables | 0 | 0 | (844) |
Amortization of discount on marketable securities and other investments | (12,389) | (9,325) | (6,556) |
Non cash merger and integration expenses | 0 | 9,025 | 0 |
Equity-based compensation | 6,061 | 8,740 | 4,508 |
Gains on remeasurement of co-investment | (34,014) | 0 | 0 |
Changes in operating assets and liabilities: | |||
Prepaid expenses, in-place lease value, receivables and other assets | 267 | 15,828 | (1,588) |
Accounts payable and accrued liabilities | (9,633) | 24,233 | 72 |
Other liabilities | 1,887 | 1,517 | 22 |
Net cash provided by operating activities | 617,410 | 493,312 | 304,982 |
Additions to real estate: | |||
Acquisitions of real estate and acquisition related capital expenditures | (515,726) | (387,547) | (348,774) |
Redevelopment | (99,346) | (81,429) | (47,289) |
Development acquisitions of and additions to real estate under development | (157,900) | (152,766) | (17,757) |
Capital expenditures on rental properties | (57,277) | (78,864) | (56,919) |
Proceeds from insurance for property losses | 16,811 | 35,547 | 0 |
BRE merger consideration paid | 0 | (555,826) | 0 |
Acquisition of membership interest in co-investment | (115,724) | 0 | 0 |
Dispositions of real estate | 319,008 | 141,189 | 65,496 |
Dispositions of co-investments | 31,556 | 13,900 | 0 |
Changes in restricted cash and refundable deposits | (14,068) | (36,582) | (9,149) |
Purchases of marketable securities | (14,300) | (20,516) | (16,442) |
Sales and maturities of marketable securities and other investments | 8,907 | 8,753 | 24,172 |
Purchases of and advances under notes and other receivables | 0 | 0 | (56,750) |
Collections of notes and other receivables | 0 | 76,585 | 53,438 |
Contributions to co-investments | (127,879) | (246,006) | (162,578) |
Non-operating distributions from co-investments | 382 | 136,406 | 118,856 |
Net cash used in investing activities | (725,556) | (1,147,156) | (453,696) |
Cash flows from financing activities: | |||
Borrowings under debt agreements | 1,345,855 | 2,093,406 | 969,061 |
Repayment of debt | (1,197,351) | (1,814,020) | (750,900) |
Additions to deferred charges | (8,034) | (17,402) | (7,402) |
Net proceeds from stock options exercised | 26,540 | 11,039 | 4,958 |
Net proceeds from issuance of common stock | 332,137 | 531,379 | 137,749 |
Distributions to noncontrolling interest | (7,615) | (4,841) | (8,016) |
Redemption of noncontrolling interest | (2,621) | (802) | (5,711) |
Common and preferred stock dividends paid | (380,697) | (278,149) | (191,140) |
Net cash provided by financing activities | 108,214 | 520,610 | 148,599 |
Cash acquired from the BRE merger | 0 | 140,353 | 0 |
Cash acquired from consolidation of co-investment | 4,005 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 4,073 | 7,119 | (115) |
Cash and cash equivalents at beginning of year | 25,610 | 18,491 | 18,606 |
Cash and cash equivalents at end of year | 29,683 | 25,610 | 18,491 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of capitalized interest | 181,106 | 130,691 | 103,516 |
Interest capitalized | 15,571 | 22,510 | 16,486 |
Supplemental disclosure of noncash investing and financing activities: | |||
Issuance of Operating Partnership units for contributed properties | 0 | 1,419,816 | 0 |
Retirement of Operating Partnership units | 0 | (1,419,816) | 0 |
Transfer from real estate under development to rental properties | 308,704 | 10,203 | 68 |
Transfer from real estate under development to co-investments | 6,234 | 83,574 | 27,906 |
Reclassification to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest | 22,387 | 18,766 | 0 |
Debt assumed in connection with acquisition of co-investment | 114,435 | 0 | 0 |
Mortgage notes (excluding BRE merger) assumed in connection with purchases of real estate including the loan premiums recorded | $ 0 | $ 72,568 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 . 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 2,214,545 and 2,168,158 as of December 31, 2015 and 2014 , respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $530.2 million and $447.9 million , as of December 31, 2015 and 2014 , respectively. The Company has reserved shares of common stock for such conversions. As of December 31, 2015 , the Company owned or had ownership interests in 246 apartment communities, (aggregating 59,160 apartment homes), four commercial buildings, and eight active development projects (collectively, the “Portfolio”). The communities are located in Southern California (Los Angeles, Orange, San Diego, and Ventura counties), Northern California (the San Francisco Bay Area) and the Seattle metropolitan areas. 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 Signifi
Summary of Critical and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Critical and Significant Accounting Policies | Summary of Critical and Significant Accounting Policies (a) Principles of Consolidation and Basis of Presentation The accounts of the Company, its controlled subsidiaries and the variable interest entities (“VIEs”) in which it is the primary beneficiary are consolidated in the accompanying financial statements and prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included and are normal and recurring in nature. All significant inter-company accounts and transactions have been eliminated. Certain reclassifications have been made to 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% limited partner interests in the Operating Partnership not held by the Company at both December 31, 2015 and 2014 . These percentages include the Operating Partnership’s vested long term incentive plan units (see Note 13). The Company consolidates the Operating Partnership and 19 DownREIT limited partnerships (comprising eleven communities), since the Company is the primary beneficiary of these variable interest entities (“VIEs”). The Company has no assets or liabilities other than its investment in the Operating Partnership. The consolidated total assets and liabilities related to these DownREIT VIEs, net of intercompany eliminations, were approximately $241.0 million and $206.7 million , respectively, as of December 31, 2015 , and $235.1 million and $209.1 million , respectively, as of December 31, 2014 . The DownREIT VIEs collectively own eleven apartment communities in which Essex Management Company (“EMC”) is the general partner, the Operating Partnership is a special limited partner, and the other limited partners were granted rights of redemption for their interests. Such limited partners can request to be redeemed and the Company, subject to certain restrictions, can elect to redeem their rights for cash or by issuing shares of its common stock on a one share per unit basis . Conversion values will be based on the market value of the Company's common stock at the time of redemption multiplied by the number of units stipulated under 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 963,172 and 974,790 as of December 31, 2015 and 2014 respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $230.6 million and $201.4 million , as of December 31, 2015 and 2014 , respectively. The carrying value of redeemable noncontrolling interest in the accompanying balance sheets was $45.5 million and $23.3 million as of December 31, 2015 and 2014, respectively. The amounts represent units of limited partners' interests in DownREIT VIEs as to which it is outside of the Company’s control to redeem the DownREIT units with Company common stock and may potentially be redeemed for cash, and are presented at either their redemption value or historical cost, depending on the limited partner's right to redeem their units as of the balance sheet date. The carrying value of DownREIT units as to which it is within the control of the Company to redeem the units with its common stock is $18.4 million and $30.8 million as of December 31, 2015 and 2014, respectively and is classified within noncontrolling interests in the accompanying consolidated balance sheets. Interest holders in VIEs consolidated by the Company are allocated a priority of net income equal to the cash payments made to those interest holders or distributions from cash flow. The remaining results of operations are generally allocated to the Company. As of December 31, 2015 and 2014 , 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 ASU 2014-09, "Revenue from Contracts with Customers." The new standard provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. The new standard requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. In August 2015, the FASB deferred the effective date of the new standard by one year, and it is now effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted but not before the original effective date. The new standard may be applied using either a full retrospective or a modified approach upon adoption. The Company has not yet selected a transition method and is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position. In February 2015, the FASB issued ASU No. 2015-02 "Consolidation (Topic 810): Amendments to the Consolidation Analysis", which provides new consolidation guidance and makes changes to both the variable interest model and the voting model. Among other changes, the new standard specifically eliminates the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. Generally, only a single limited partner that is able to exercise substantive kick-out rights will consolidate. The new standard will be effective for the Company beginning on January 1, 2016 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity/capital as of the beginning of the period of adoption or retrospectively to each period presented. The Company is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position. In April 2015, the FASB issued ASU No. 2015-03 "Simplifying the Presentation of Debt Issuance Costs", which requires companies to present debt financing costs as a direct deduction from the carrying amount of the associated debt liability rather than as an asset, consistent with the presentation of debt discounts on the consolidated balance sheets. The new standard will be effective for the Company beginning on January 1, 2016 and early adoption is permitted. The Company adopted this standard during the second quarter of 2015. This adoption resulted in a reclassification of $29.4 million in debt issuance costs, net of accumulated amortization, from an asset to a reduction to associated debt liabilities as of December 31, 2014 . In January 2016, the FASB issued ASU No. 2016-01 "Recognition and Measurement of Financial Assets and Financial Liabilities", which requires changes to the classification and measurement of investments in certain equity securities and to the presentation of certain fair value changes for financial liabilities measured at fair value. The new standard will be effective for the Company beginning on January 1, 2018 and early adoption is permitted. The Company is currently evaluating the impact of this amendment on its consolidated results of operations and financial position. (c) Real Estate Rental Properties Significant expenditures, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized. Operating real estate assets are stated at cost and consist of land, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Expenditures for maintenance and repairs are charged to expense as incurred. The depreciable life of various categories of fixed assets is as follows: Computer software and equipment 3 - 5 years Interior apartment home improvements 5 years Furniture, fixtures and equipment 5 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 15 months. The net carrying value of acquired in-place leases as of December 31, 2015 of $2.9 million is expected to be recognized in amortization expense primarily in 2016. 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, 2015 and 2014, two and one properties were classified as held for sale, respectively. No impairment charges were recorded in 2015, 2014 or 2013. 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. (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 homes are recorded when due from tenants and are recognized monthly as they are earned, which is not materially different than on a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 6 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. 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 with 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, 2015 , 2014 , and 2013 . 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, 2015 and 2014 , 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, 2015 and 2014 , 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, 2015 and 2014 marketable securities and other investments consist of the following ($ in thousands): December 31, 2015 Amortized Cost Gross Unrealized Gain (Loss) Carrying Value Available for sale: Investment-grade unsecured bonds $ 11,618 $ 68 $ 11,686 Investment funds - US treasuries 3,675 (9 ) 3,666 Common stock and stock funds 34,655 7,091 41,746 Held to maturity: Mortgage backed securities 80,387 — 80,387 Total - Marketable securities and other investments $ 130,335 $ 7,150 $ 137,485 December 31, 2014 Amortized Cost Gross Unrealized Gain Carrying Value 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 5,000 — 5,000 Total - Marketable securities and other investments $ 111,955 $ 5,285 $ 117,240 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, 2015 , 2014 and 2013 , the proceeds from sales of available for sale securities totaled $3.3 million , $8.8 million and $24.2 million , respectively. For the years ended December 31, 2015 , 2014 and 2013 these sales resulted in no net gains or losses, gains of $0.9 million and $1.8 million , respectively. For the year ended December 31, 2015, the proceeds from the sale of other investments totaled $5.6 million , which resulted in a realized gain of $0.6 million recorded in interest and other income on the consolidated statements of income. For the years ended December 31, 2014 and 2013, there were no such sales. (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 as interest income. Each note is analyzed to determine if it is impaired. A note is impaired if it is probable that the Company will not collect all contractually due principal and interest. The Company does not accrue interest when a note is considered impaired and an allowance is recorded for any principal and previously accrued interest that are not believed to be collectible. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income. As of December 31, 2015 and 2014 , 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 $10.9 million , $10.4 million and $7.5 million for the years ended December 31, 2015 , 2014 and 2013 , 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, 2015 and 2014 , because interest rates, yields and other terms for these instruments are consistent with yields and other terms currently available for similar instruments. Management has estimated that the fair value of fixed rate debt with a carrying value of $4.8 billion and $4.4 billion , at December 31, 2015 and 2014 , respectively, to be $4.8 billion and $4.6 billion . Management has estimated the fair value of the Company’s $525.3 million and $651.7 million of variable rate debt at December 31, 2015 and 2014 , respectively, is $527.6 million and $656.3 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, 2015 and 2014 due to the short-term maturity of these instruments. Marketable securities and derivative liabilities are carried at fair value as of December 31, 2015 and 2014 . At December 31, 2015 and 2014 , the Company’s investments in mortgage backed securities had a carrying value of $80.4 million and $68.0 million , respectively. The Company estimated the fair value of investment in mortgage backed securities at December 31, 2015 and 2014 to be approximately $110.2 million and $96.0 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 uses interest rate swaps and interest rate caps as part of its cash flow hedging strategy. The Company records all derivatives on its consolidated balance 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 for accounting purposes as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated for accounting purposes as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the initial and ongoing effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated for accounting purposes as cash flow hedges, changes in fair value are recognized in earnings. All of the Company’s interest rate swaps are considered cash flow hedges. The change in fair value of the total return swaps is reported as total return swap income in the consolidated statements of income. (l) 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, 2015 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, 2015 , 2014 , and 2013 related to common stock, Series G and Series H preferred stock are classified for tax purposes as follows: 2015 2014 2013 Common Stock Ordinary income 99.28 % 70.03 % 77.34 % Capital gain 0.72 % 21.95 % 17.64 % Unrecaptured section 1250 capital gain — % 8.02 % 5.02 % 100.00 % 100.00 % 100.00 % 2015 2014 2013 Series G and H Preferred stock Ordinary income 99.28 % 70.03 % 77.34 % Capital gains 0.72 % 21.95 % 17.64 % Unrecaptured section 1250 capital gain — % 8.02 % 5.02 % 100.00 % 100.00 % 100.00 % (m) Equity-based Compensation The cost of share and unit based compensation awards is measured at the grant date based on the estimated fair value of the awards. The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period. The estimated grant date fair values of the long term incentive plan units (discussed in Note 13) are being amortized over the expected service periods. (n) Changes in Accumulated Other Comprehensive Loss by Component Essex Property Trust, Inc. ($ in thousands) Change in fair value and amortization of swap settlements Unrealized gains on available for sale securities Total Balance at December 31, 2014 $ (56,003 ) $ 4,551 $ (51,452 ) Other comprehensive income before reclassification (393 ) 1,804 1,411 Amounts reclassified from accumulated other comprehensive loss 8,030 — 8,030 Other comprehensive income 7,637 1,804 9,441 Balance at December 31, 2015 $ (48,366 ) $ 6,355 $ (42,011 ) Essex Portfolio, L.P. ($ in thousands) Change in fair value and amortization of swap settlements Unrealized gains on available for sale securities Total Balance at December 31, 2014 $ (53,980 ) $ 4,624 $ (49,356 ) Other comprehensive income before reclassification (407 ) 1,865 1,458 Amounts reclassified from accumulated other comprehensive loss 8,300 — 8,300 Other comprehensive income 7,893 1,865 9,758 Balance at December 31, 2015 $ (46,087 ) $ 6,489 $ (39,598 ) Amounts reclassified from accumulated other comprehensive loss in connection with derivatives are recorded to interest expense on the consolidated statements of income. Realized gains and losses on available for sale securities are included in interest and other income on the consolidated statements of income. (o) Accounting Estimates The preparation of consolidated financial statements, in accordance with GAAP, requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, and its notes receivable. The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions. (p) 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 . A summary of the fair value of the assets and liabilities acquired on April 1, 2014 was as follows (includes the 14 properties acquired on March 31, 2014 as the OP Units issued were retired on April 1, 2014) (in millions): Cash assumed $ 140 Rental properties and real estate under development 5,605 Real estate held for sale, net 108 Co-investments 224 Acquired in-place lease value 77 Other assets 16 Mortgage notes payable and unsecured debt (1,747 ) Other liabilities (87 ) 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 quarter ended March 31, 2015 the Company recorded adjustments to decrease the preliminary fair value of real property by $13.1 million , to increase the preliminary fair value of co-investments by $6.0 million and to decrease its preliminary estimate for liabilities assumed by $7.1 million . The change in estimates were the result of subsequent additional information pertaining to the opening balance sheet 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. Due to these adjustments and, certain amounts do not agree to previously reported balances. |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate Investments, Net [Abstract] | |
Real Estate Investments | Real Estate Investments (a) Acquisitions of Re al Estate For the year ended December 31, 2015, the Company purchased seven communities consisting of 1,722 apartment homes for $638.1 million . The table below summarizes acquisition activity for the year ended December 31, 2015 ($ in millions): Property Name Location Apartment Homes Essex Ownership Percentage Quarter in 2015 Purchase Price 8th & Hope Los Angeles, CA 290 100 % Q1 $ 200.0 The Huxley (1) Los Angeles, CA 187 100 % Q1 48.8 The Dylan (1) Los Angeles, CA 184 100 % Q1 51.3 Reveal (2) Woodland Hills, CA 438 99.75 % Q2 73.0 Avant Los Angeles, CA 247 100 % Q2 99.0 Avant II Los Angeles, CA 193 100 % Q4 73.0 Enso San Jose, CA 183 100 % Q4 93.0 Total 2015 1,722 $ 638.1 (1) In March 2015, the Company purchased the joint venture partner's remaining membership interest in The Huxley and The Dylan co-investments for a purchase price of $100.1 million . The properties are now consolidated. (2) In April 2015, the Company purchased the joint venture partner's 49.5% membership interest in the Reveal co-investment for a purchase price of $73.0 million . The property is now consolidated. The $638.1 million aggregate purchase price for the acquisitions listed above were included on the Company's consolidated balance sheet as follows: $117.9 million was included in land and land improvements, $513.3 million was included in buildings and improvements, $5.3 million was included in acquired in-place lease value, net, and $1.6 million was included in other financial statement line items within the Company's consolidated balance sheets. For the year ended December 31, 2014, in additional to the BRE merger, the Company purchased six communities consisting of 1,480 apartment homes for $460.7 million . (b) Sales of Real Estate Investments For the year ended December 31, 2015, the Company sold two communities consisting of 848 apartment homes for $308.8 million resulting in gains totaling $44.9 million . The table below summarized disposition activity for the year ended December 31, 2015 ($ in millions): Property Name Location Apartment Homes Essex Ownership Percentage Ownership Quarter in 2015 Sales Price Gains Pinnacle South Mountain Phoenix, AZ 552 100 % EPLP Q1 $ 63.8 $ 4.7 Sharon Green Menlo Park, CA 296 100 % EPLP Q4 245.0 40.2 Total 2015 848 $ 308.8 $ 44.9 In March 2015, the Company sold two commercial buildings, located in Emeryville, CA for $13.0 million , resulting in a gain of $2.4 million . During 2014, the Company sold four communities consisting of 594 apartment homes for $120.4 million resulting in gains totaling $43.6 million , which are included in the line item gains on sale of real estate and land in the Company's consolidated statement of income. During 2013, the Company sold three communities consisting of 363 apartment homes for $57.5 million resulting in gains totaling $29.2 million , which are included in the line item gains on sale of real estate and land in the Company's consolidated statement of income. (c) Co-investments The Company has joint ventures and preferred equity investments in co-investments which are accounted for under the equity method. The co-investments’ accounting policies are similar to the Company’s accounting policies. The co-investments own, operate, and develop apartment communities. The carrying values of the Company’s co-investments as of December 31, 2015 and 2014 are as follows ($ in thousands): Ownership December 31, Percentage 2015 2014 Membership interest/Partnership interest in: CPPIB 50%-55% $ 329,723 $ 336,977 Wesco I, III and IV 50 % 218,902 256,790 BEXAEW 50 % 88,850 97,686 Palm Valley 50 % 68,525 70,186 Other 28%-55% 32,927 50,438 Total operating co-investments 738,927 812,077 Total development co-investments 50%-55% 190,808 121,655 Total preferred interest co-investments (includes related party investments of $35.8 million and $40.8 million as of December 31, 2015 and December 31, 2014, respectively) 106,312 108,691 Total co-investments $ 1,036,047 $ 1,042,423 The combined summarized financial information of co-investments is as follows ($ in thousands): December 31, 2015 2014 Combined balance sheets: (1) Rental properties and real estate under development $ 3,360,360 $ 3,426,574 Other assets 96,785 107,902 Total assets $ 3,457,145 $ 3,534,476 Debt $ 1,499,601 $ 1,568,398 Other liabilities 92,241 91,579 Equity 1,865,303 1,874,499 Total liabilities and equity $ 3,457,145 $ 3,534,476 Company's share of equity $ 1,036,047 $ 1,042,423 Years ended December 31, 2015 2014 2013 Combined statements of income: (1) Property revenues $ 260,175 $ 188,548 $ 100,402 Property operating expenses (93,067 ) (71,419 ) (37,518 ) Net operating income 167,108 117,129 62,884 Gain on sale of real estate 14 23,333 146,758 Interest expense (44,834 ) (39,990 ) (24,155 ) General and administrative (5,879 ) (6,321 ) (5,344 ) Equity income from co-investments (2) — 26,798 18,703 Depreciation and amortization (103,613 ) (74,657 ) (36,831 ) Net income $ 12,796 $ 46,292 $ 162,015 Company's share of net income (3) $ 21,861 $ 39,893 $ 55,865 (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. Includes income earned from investments with a related party of $3.7 million and $3.8 million for the years ended December 31, 2015 and 2014, respectively. Operating Co-investments As of December 31, 2015 and 2014, the Company, through several joint ventures, owned 10,520 and 9,983 apartment homes, respectively, in operating communities. The Company generally owns 50% - 55% of these joint ventures and the Company’s book value of these co-investments was $738.9 million and $812.1 million at December 31, 2015 and 2014, respectively. Development Co-Investments As of December 31, 2015 and 2014, the Company, through several joint ventures, owned 1,676 and 2,296 apartment homes, respectively, in development communities. The Company generally owns 50% - 55% of these joint ventures and the Company’s book value of these co-investments was $190.8 million and $121.7 million at December 31, 2015 and 2014, respectively. In February 2015, the Company entered into a joint venture to develop 500 Folsom, a multi-family community comprised of 545 apartment homes located in San Francisco, California. The Company has a 50% ownership interest in the development which has a projected total cost of $381.0 million . Construction began in the fourth quarter of 2015 and the property is expected to open in the fourth quarter of 2018. At December 31, 2015, the total remaining estimated costs to be incurred on this project were $319.2 million , of which the Company’s portion of the remaining costs was $159.6 million . In July 2014, the Company entered into a joint venture to develop Century Towers, a multi-family 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 $172.1 million . The Company has also committed to a $27.0 million preferred equity investment in the project, which accrues at an annualized preferred return of 8.1% . Construction began in the third quarter of 2014 and the property is expected to open in the first quarter of 2017. At December 31, 2015 , the total remaining estimated costs to be incurred on this project were $78.9 million , of which the Company’s portion of the remaining costs was $39.4 million . Preferred Equity Investments As of December 31, 2015 and 2014, the Company held preferred equity investment interests in several joint-ventures which own real estate. The Company’s book value of these preferred equity investments was $106.3 million and $108.7 million at December 31, 2015 and 2014, respectively. In March 2015, a multi-family property, located in Anaheim, CA that was owned by an entity affiliated with a related party, in which the Company held a $13.7 million preferred equity investment, was sold. That investment of $13.7 million plus an additional $1.3 million in cash was invested as outlined in the next paragraph. Prior to the property sale, the $13.7 million preferred equity investment earned a 9.0% preferred return and was scheduled to mature in September 2020. In June 2015, the Company made $10.0 million and $5.0 million preferred equity investments in limited liability companies owned by a related party, that own properties located in San Jose and Concord, California, respectively. These investments earn a 9.5% preferred return and are scheduled to mature in June 2022. In August 2015, the Company made a $5.0 million preferred equity investment in a limited liability company owned by a related party that owns a property located in Los Angeles, California. This investment earns a 9.5% preferred return and is scheduled to mature in August 2022. In August 2015, the Company redeemed a preferred equity investment in a joint venture that holds a property in San Jose, California with a carrying value of $20.4 million . The Company recognized a gain of $1.5 million as a result of this redemption which is included in equity income from co-investments in the consolidated statements of income. In October 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. (d) Real Estate under Development The Company defines development projects as new communities that are being constructed, or are newly constructed and are in a phase of lease-up and have not yet reached stabilized operations. As of December 31, 2015 , the Company had two consolidated development projects, six unconsolidated joint venture development projects, and various consolidated predevelopment projects, aggregating 2,447 apartment homes for an estimated total cost of $1.4 billion , of which $787.0 million remains to be expended. The Company’s portion of the remaining costs was $542.0 million . |
Notes and Other Receivables
Notes and Other Receivables | 12 Months Ended |
Dec. 31, 2015 | |
Notes and Other Receivables [Abstract] | |
Notes and Other Receivables | Notes and Other Receivables Notes receivables, secured by real estate, and other receivables consist of the following as December 31, 2015 and 2014 ($ in thousands): 2015 2014 Note receivable, secured, bearing interest at 6.0%, due December 2016 $ 3,219 $ 3,212 Notes and other receivables from affiliates (1) 3,092 8,105 Other receivables 12,974 13,606 $ 19,285 $ 24,923 (1) The Company had $3.1 million and $8.1 million of short-term loans outstanding and due from various joint ventures for the years ended December 31, 2015 and 2014, respectively. See Note 5, Related Party Transactions, for additional details. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
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. Essex Apartment Value Fund II, L.P. (“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 2015, 2014, and 2013. The Company charges certain fees relating to its co-investments for asset management, property management, development and redevelopment services. These fees from affiliates total $15.6 million , $16.5 million , and $11.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. All of these fees are net of intercompany amounts eliminated by the Company. The Company netted development and redevelopment fees of $6.7 million , $7.2 million , and $4.4 million against general and administrative expenses for the years ended December 31, 2015 , 2014 and 2013 , respectively. In March 2015, a multi-family property, located in Anaheim, CA that was owned by an entity affiliated with MMC, in which the Company held a $13.7 million preferred equity investment, was sold. That investment of $13.7 million plus an additional $1.3 million in cash was invested as outlined in the next two paragraphs. Prior to the property sale, the $13.7 million preferred equity investment earned a 9.0% preferred return and was scheduled to mature in September 2020. In June 2015, the Company made a $10.0 million preferred equity investment in an entity affiliated with MMC that owns Greentree Apartments, a 220 apartment community located in San Jose, CA. This investment will earn a 9.5% preferred return and is scheduled to mature in June 2022. In June 2015, the Company made a $5.0 million preferred equity investment in an entity affiliated with MMC that owns Sterling Cove Apartments, a 218 apartment community located in Concord, CA. This investment will earn a 9.5% preferred return and is scheduled to mature in June 2022. In August 2015, the Company made a $5 million preferred equity investment in an entity affiliated with MMC that owns Alta Vista Apartments, a 92 apartment community located in Los Angeles, CA. This investment will earn a 9.5% preferred return and is scheduled to mature in August 2022. 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. As described in Note 4, the Company has provided short-term bridge loans to affiliates. As of December 31, 2015 and 2014 , $3.1 million and $8.1 million , respectively, of short-term loans remained outstanding due from joint venture affiliates and is classified within notes and other receivables in the accompanying consolidated balance sheets. 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. In March 2015 the Company's preferred interest investment was prepaid and the Company recognized a gain of $0.5 million as a result of the prepayment. In 2010, 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, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations The Company determined that the disposals through the years ended December 31, 2015 and 2014 were not considered discontinued operations in accordance with ASU 2014-08. 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 $14.0 million . The Company has recorded the gains on sales and operations for these various assets sold described above as part of discontinued operations in the accompanying consolidated statements of income. The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets, as described above ($ in thousands): 2013 Revenues $ 4,454 Property operating expenses (1,406 ) Depreciation and amortization (1,098 ) Expenses (2,504 ) Operating income from real estate sold 1,950 Gain on sale of real estate 29,223 Income from discontinued operations $ 31,173 |
Unsecured Debt
Unsecured Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Unsecured Debt | Unsecured Debt 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 consists of the following as of December 31, 2015 and 2014 ($ in thousands): 2015 2014 Weighted Average Maturity In Years Unsecured bonds private placement - fixed rate $ 463,891 $ 463,443 3.2 Term loan - variable rate 224,467 224,130 0.9 Bonds public offering - fixed rate 2,400,322 1,915,975 6.7 Unsecured debt, net (1) 3,088,680 2,603,548 Lines of credit, net (2) 11,707 242,824 Total unsecured debt $ 3,100,387 $ 2,846,372 Weighted average interest rate on fixed rate unsecured and unsecured private placement bonds 3.6 % 3.6 % Weighted average interest rate on variable rate term loan 2.4 % 2.4 % Weighted average interest rate on lines of credit 1.9 % 1.8 % (1) Includes unamortized premium and discounts of $14.3 million and $27.5 million and reduced by unamortized debt issuance costs of $15.6 million and $13.9 million as of December 31, 2015 and 2014 , respectively. (2) Includes unamortized debt issuance costs of $3.3 million and $3.6 million as of December 31, 2015 and 2014 , respectively. As of December 31, 2015 and 2014 , the Company had $465.0 million of private placement unsecured bonds outstanding at an average effective interest rate of 4.5% . The following is a summary of the Company’s unsecured private placement bonds as of December 31, 2015 and 2014 ($ in thousands): Maturity 2015 2014 Coupon Rate Senior unsecured private placement notes March 2016 $ 150,000 $ 150,000 4.36 % Senior unsecured private placement notes September 2017 40,000 40,000 4.50 % Senior unsecured private placement notes December 2019 75,000 75,000 4.92 % Senior unsecured private placement notes April 2021 100,000 100,000 4.27 % Senior unsecured private placement notes June 2021 50,000 50,000 4.30 % Senior unsecured private placement notes August 2021 50,000 50,000 4.37 % $ 465,000 $ 465,000 As of December 31, 2015 and 2014 , the Company had unsecured term loans outstanding of $225.0 million at an average interest rate of 2.4% . These loans are included in the line “Term loan-variable rate” in the table above, and as of December 31, 2015 and 2014 , the carrying value net of debt issuance costs was $224.5 million and $224.1 million , 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% . The $200 million tranche of this unsecured term loan has a maturity date of November 2016 and the $25 million tranche has a maturity date of August 2017. In March 2015, the Company issued $500.0 million of senior unsecured notes due on April 1, 2025 with a coupon rate of 3.5% per annum and are payable on April 1 st and October 1 st of each year, beginning October 1, 2015 (the 2025 Notes). The 2025 Notes were offered to investors at a price of 99.747% of par value. The 2025 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2015 , the carrying value of the 2025 Notes, net of discount and debt issuance costs was $494.8 million . 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”). These notes are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2015 and 2014 , the carrying value of the BRE Notes, plus unamortized premium was $919.1 million and $931.4 million , respectively. In April 2014, the Company issued $400.0 million of senior unsecured notes due on May 1, 2024 with a coupon rate of 3.875% per annum and are payable on May 1 st and November 1 st of each year, beginning November 1, 2014 (the 2024 Notes). The 2024 Notes were offered to investors at a price of 99.234% of par value. The 2024 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2015 and 2014 , the carrying value of the 2024 Notes, net of discount and debt issuance costs was $394.5 million and $393.8 million , respectively. In April 2013, the Company issued $300.0 million of senior unsecured notes due on May 1, 2023 with a coupon rate of 3.25% per annum and are payable on May 1 st and November 1 st of each year, beginning November 1, 2013 (the 2023 Notes). The 2023 Notes were offered to investors at a price of 99.152% of par value. The 2023 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2015 and 2014 , the carrying value of the 2023 Notes, net of discount and debt issuance costs was $295.9 million and $295.5 million , respectively. 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. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2015 and 2014 , the carrying value of the 2022 Notes, net of unamortized discount and debt issuance costs was $296.0 million and $295.3 million , respectively. The following is a summary of the Company’s senior unsecured notes as of December 31, 2015 and 2014 ($ in thousands): Maturity 2015 2014 Coupon Senior notes March 2017 300,000 300,000 5.500 % Senior notes March 2021 300,000 300,000 5.200 % Senior notes August 2022 300,000 300,000 3.625 % Senior notes January 2023 300,000 300,000 3.375 % Senior notes May 2023 300,000 300,000 3.250 % Senior notes May 2024 400,000 400,000 3.875 % Senior notes April 2025 500,000 — 3.500 % 2,400,000 1,900,000 The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2015 are as follows ($ in thousands): 2016 $ 350,000 2017 365,000 2018 — 2019 (1) 75,000 2020 — Thereafter 2,300,000 $ 3,090,000 (1) Amount does not include $15.0 million outstanding on the Company's lines of credit as of December 31, 2015, that becomes due in December 2019 in accordance with the January 2016 amendment. The Company has two lines of credit aggregating $1.03 billion as of December 31, 2015 . 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, 2015 . As of December 31, 2015 and 2014 , the balance of the $1 billion credit facility was $15.0 million and $229.8 million , respectively. In January 2016, the facility maturity date was extended to December 31, 2019 with one 18 -month extension, exercisable by the Company and the interest rate, which is based on a tiered rate structure tied to the Company's corporate ratings, was lowered to LIBOR plus 0.90%. The Company also has a working capital unsecured line of credit agreement for $25.0 million . 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, 2015 and 2014 , there was a zero and $16.6 million balance, respectively, outstanding on this unsecured line. In January 2016, the maturity date was extended to January 2018 and the interest rate, which is based on a tiered rate structure tied to the Company's corporate ratings, was lowered to LIBOR plus 0.90% . The Company’s unsecured line of credit and unsecured debt agreements contain debt covenants related to limitations on indebtedness and liabilities, and maintenance of minimum levels of consolidated earnings before depreciation, interest and amortization. The Company was in compliance with the debt covenants as of December 31, 2015 and 2014 . |
Mortgage Notes Payable
Mortgage Notes Payable | 12 Months Ended |
Dec. 31, 2015 | |
Notes Payable [Abstract] | |
Mortgage Notes Payable | Mortgage Notes Payable ESS does not have any indebtedness as all debt is incurred by the Operating Partnership. Mortgage notes payable consist of the following as of December 31, 2015 and 2014 ($ in thousands): 2015 2014 Fixed rate mortgage notes payable $ 1,925,985 $ 2,049,577 Variable rate mortgage notes payable (1) 289,092 184,740 Total mortgage notes payable (2) $ 2,215,077 $ 2,234,317 Number of properties securing mortgage notes 64 67 Remaining terms 1-31 years 1-26 years Weighted average interest rate 4.4 % 4.6 % The aggregate scheduled principal payments of mortgage notes payable at December 31, 2015 are as follows ($ in thousands): 2016 $ 29,714 2017 199,180 2018 320,622 2019 586,212 2020 693,088 Thereafter 329,451 $ 2,158,267 (1) Variable rate mortgage notes payable, including $257.3 million in bonds that have been converted to variable rate through total return swap contracts, consists of multi-family housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 1.2% at December 2015 and 1.8% at December 2014) 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 apartment homes are subject to tenant income criteria. Principal balances are due in full at various maturity dates from March 2019 through December 2046. Of these bonds $20.7 million are subject to various interest rate cap agreements which limit the maximum interest rate to such bonds. (2) Includes total unamortized premium of $ 64.8 million and $ 83.8 million and reduced by unamortized debt issuance costs of $8.0 million and $11.9 million as of December 31, 2015 and 2014 , respectively. For the Company’s mortgage notes payable as of December 31, 2015 , monthly interest expense and principal amortization, excluding balloon payments, totaled approximately $7.5 million and $2.4 million , respectively. Second deeds of trust accounted for $48.5 million of the $2.2 billion in mortgage notes payable as of December 31, 2015 . 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. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
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% . These derivatives qualify for hedge accounting. As of December 31, 2015 the Company had interest rate caps, which are not accounted for as hedges, totaling a notional amount of $20.7 million that effectively limit the Company’s exposure to interest rate risk by providing a ceiling on the underlying variable interest rate for $20.7 million of the Company’s tax exempt variable rate debt. As of December 31, 2015 and 2014 , the aggregate carrying value of the interest rate swap contracts was a liability of $1.0 million and $1.8 million , respectively, and is included in other liabilities on the consolidated balance sheets. The aggregate carrying value of the interest rate cap was zero on the balance sheet as of December 31, 2015 and December 31, 2014 . 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, 2015 , 2014 and 2013 . Additionally, the Company has entered into four total return swaps, that effectively convert $257.3 million of mortgage notes payable to a floating interest rate based on SIFMA plus a spread. The total return swaps provide fair market value protection on the mortgage notes payable to our counterparties during the initial period of the total return swap until the Company's option to call the mortgage notes at par can be exercised. The Company can currently call one of the total return swaps with $114.4 million of the outstanding debt at par, while the call option on the other three total return swaps relating to $142.9 million of the outstanding debt can be exercised starting on January 1, 2017. These derivatives do not qualify for hedge accounting and had a carrying and fair value of $4 thousand at December 31, 2015. These total return swaps are scheduled to mature between September 2021 and November 2022. The Company held no total return swaps at December 31, 2014. The realized gains of $5.7 million were reported in current year income as total return swap income. No such income or expense was incurred for the years ended December 31, 2014 and 2013. |
Lease Agreements
Lease Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Lease Agreements | Lease Agreements As of December 31, 2015 the Company is a lessor for three commercial buildings and the commercial portions of 33 mixed use communities. The tenants’ lease terms expire at various times through 2031. The future minimum non-cancelable base rent to be received under these operating leases for each of the years ending after December 31 is summarized as follows ($ in thousands): Future Minimum Rent 2016 $ 11,067 2017 10,078 2018 9,211 2019 8,467 2020 7,690 Thereafter 24,955 $ 71,468 |
Equity Transactions
Equity Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Equity Transactions | Equity Transactions Preferred Securities Offerings 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, 2015 and 2014 , 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 During 2015, the Company issued 1,481,737 shares of common stock, through our equity distribution program, at an average price of $226.46 for net proceeds of $332.3 million . 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 . During 2014, Essex 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 . Operating Partnership Units and Long Term Incentive Plan (“LTIP”) Units As of December 31, 2015 and 2014 , the Operating Partnership had outstanding 2,070,360 and 2,076,810 operating partnership units and 144,185 and 91,348 vested LTIP units, respectively. The Operating Partnership’s general partner, ESS, owned 96.7% of the partnership interests in the Operating Partnership at both December 31, 2015 and 2014 , 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, with few exceptions, these OP units meet the requirements to qualify for presentation as permanent equity. LTIP units represent an interest in the Operating Partnership for services rendered or to be rendered by the LTIP unit holder in its capacity as a partner, or in anticipation of becoming a partner, in the Operating Partnership. Upon the occurrence of specified events, LTIP units may over time achieve full parity with common units of the Operating Partnership for all purposes. Upon achieving full parity, LTIP units will be exchanged for an equal number of the OP Units. The redemption value of OP and LTIP units owned by the limited partners, not including ESS, had such units been redeemed at December 31, 2015 , was approximately $530.2 million based on the closing price of ESS’s common stock as of December 31, 2015 . |
Net Income Per Common Share and
Net Income Per Common Share and Net Income Per Common Unit | 12 Months Ended |
Dec. 31, 2015 | |
Net Income Per Common Share and Net Income Per Unit [Abstract] | |
Net Income Per Common Share and Net Income Per Common Unit | Net Income Per Common Share and Net Income Per Common Unit Essex Property Trust, Inc. Basic and diluted income from continuing and discontinued operations per share is calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts ): 2015 2014 2013 Income Weighted- average Common Shares Per Common Share Amount Income Weighted- average Common Shares Per Common Share Amount Income Weighted- average Common Shares Per Common Share Amount Basic: Income from continuing operations available to common stockholders $ 226,865 64,871,717 $ 3.50 $ 116,859 56,546,959 $ 2.07 $ 121,324 37,248,960 $ 3.26 Income from discontinued operations available to common stockholders — 64,871,717 — — 56,546,959 — 29,487 37,248,960 0.79 $ 226,865 $ 3.50 $ 116,859 $ 2.07 $ 150,811 $ 4.05 Effect of Dilutive Securities (1) — 189,968 — 149,566 — 86,335 Diluted: Income from continuing operations available to common stockholders (1) $ 226,865 65,061,685 $ 3.49 $ 116,859 56,696,525 $ 2.06 $ 121,324 37,335,295 $ 3.25 Income from discontinued operations available to common stockholders — 65,061,685 — — 56,696,525 — 29,487 37,335,295 0.79 $ 226,865 $ 3.49 $ 116,859 $ 2.06 $ 150,811 $ 4.04 (1) Weighted average convertible limited partnership units of 2,182,467 , 2,224,707 , and 2,131,425 , 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, for the years ended December 31, 2015 , 2014 and 2013 , respectively, were not included in the determination of diluted earnings per share calculation because they were anti-dilutive. Additionally, excludes 963,172 DownREIT units as they are anti-dilutive. Stock options of 54,100 , 10,843 , and 168,325 , for the years ended December 31, 2015 , 2014 , and 2013 , 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 stock for the years ended and, therefore, were anti-dilutive. All shares of cumulative convertible Series H preferred interest have been excluded from diluted earnings per unit for the years ended 2015 , 2014 , and 2013 respectively, as the effect was anti-dilutive. All shares of cumulative convertible Series G preferred interest have been excluded from diluted earnings per unit for the years ended 2014 and 2013 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 ): 2015 2014 2013 Income Weighted- average Common Units Per Common Unit Amount Income Weighted- average Common Units Per Common Unit Amount Income Weighted- average Common Units Per Common Unit Amount Basic: Income from continuing operations available to common unitholders $ 234,689 67,054,184 $ 3.50 $ 121,726 58,771,666 $ 2.07 $ 128,576 39,380,385 $ 3.27 Income from discontinued operations — 67,054,184 — — 58,771,666 — 31,173 39,380,385 0.79 Income available to common unitholders $ 234,689 $ 3.50 $ 121,726 $ 2.07 $ 159,749 $ 4.06 Effect of Dilutive Securities (1) — 189,968 — 149,566 — 86,335 Diluted: Income from continuing operations available to common unitholders (1) $ 234,689 67,244,152 $ 3.49 $ 121,726 58,921,232 $ 2.07 $ 128,576 39,466,720 $ 3.26 Income from discontinued operations — 67,244,152 — — 58,921,232 — 31,173 39,466,720 0.79 Income available to common unitholders $ 234,689 $ 3.49 $ 121,726 $ 2.07 $ 159,749 $ 4.05 (1) Stock options of 54,100 , 10,843 , and 168,325 , for the years ended December 31, 2015 , 2014 , and 2013 , 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. Additionally, excludes 963,172 DownREIT units as they are anti-dilutive. The cumulative convertible Series H preferred interest have been excluded from diluted earnings per unit for the years ended 2015 , 2014 , and 2013 respectively, as the effect was anti-dilutive. The cumulative convertible Series G preferred interest have been excluded from diluted earnings per unit for the years ended 2014 and 2013 respectively, as the effect was anti-dilutive. |
Equity Based Compensation Plans
Equity Based Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
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, which 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 0 and 5 years after the grant date. Stock-based compensation expense for options and restricted stock under the fair value method totaled $6.1 million , $6.1 million , and $2.3 million for years ended December 31, 2015 , 2014 and 2013 respectively. Stock-based compensation expense for options and restricted stock for the year ended December 31, 2015 and 2014, includes $0.2 million and $3.6 million related to the BRE merger, of which $0.1 million and $1.7 million relates to merger and integration expenses, and which is recorded in merger and integration expense in the consolidated statements of income, respectively. In the fourth quarter of 2015, stock-based compensation expense included $2.7 million related to an immediate vesting of options and restricted stock for bonuses awarded based on asset dispositions, which is recorded as a cost of real estate and land sold. Stock-based compensation for options and restricted stock related to recipients who are direct and incremental to projects under development were capitalized and totaled $0.3 million , $0.4 million , and $0.4 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The intrinsic value of the options exercised totaled $19.4 million , $12.7 million , and $3.0 million , for the years ended December 31, 2015 , 2014 , and 2013 respectively. The intrinsic value of the options exercisable totaled $29.8 million , as of December 31, 2015 . Total unrecognized compensation cost related to unvested stock options totaled $3.4 million as of December 31, 2015 and the unrecognized compensation cost is expected to be recognized over a period of 0 to 5 years. The average fair value of stock options granted for the years ended December 31, 2015 , 2014 and 2013 was $22.78 , $20.56 and $15.80 , respectively. Certain stock options granted in 2015 , 2014 , and 2013 included a $75 cap, a $100 cap or a $125 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: 2015 2014 2013 Stock price $ 227.75 $ 176.65 $ 153.54 Risk-free interest rates 1.83 % 2.37 % 2.68 % Expected lives 6 years 8 years 8 years Volatility 20.06 % 18.00 % 18.03 % Dividend yield 2.73 % 2.90 % 3.15 % A summary of the status of the Company’s stock option plans as of December 31, 2015 , 2014 , and 2013 and changes during the years ended on those dates is presented below: 2015 2014 2013 Shares Weighted- average exercise price Shares Weighted- average exercise price Shares Weighted- average exercise price Outstanding at beginning of year 664,785 $ 138.78 695,488 $ 133.37 623,434 $ 125.96 Granted 78,600 227.75 42,518 176.65 150,325 153.54 Granted - BRE options converted — — 133,766 121.03 — — Exercised (203,556 ) 131.53 (185,387 ) 113.72 (52,970 ) 102.43 Forfeited and canceled (14,735 ) 136.11 (21,600 ) 144.29 (25,301 ) 135.25 Outstanding at end of year 525,094 154.98 664,785 138.78 695,488 133.37 Options exercisable at year end 342,048 152.42 395,986 133.99 300,632 119.09 The following table summarizes information about stock options outstanding as of December 31, 2015 : Options outstanding Options exercisable Number outstanding as of Weighted- average remaining Weighted- average Number exercisable as of Weighted- average Range of December 31, contractual exercise December 31, exercise exercise prices 2015 life (years) price 2015 price $66.05 - $101.01 15,901 3.2 $ 74.47 15,901 $ 74.47 $105.64 - $161.98 367,024 5.3 139.73 218,041 135.00 $164.76 - $229.43 142,169 7.5 203.37 108,106 199.02 525,094 5.8 154.98 342,048 152.42 The following table summarizes information about restricted stock outstanding as of December 31, 2015 , 2014 and 2013 and changes during the years ended: 2015 2014 2013 Shares Weighted- average grant price Shares Weighted- average grant price Shares Weighted- average grant price Unvested at beginning of year 25,820 $ 168.22 16,176 $ 108.06 24,922 $ 104.52 Granted 56,177 155.21 22,014 194.03 1,556 158.75 Granted - BRE restricted stock converted — — 119,411 173.82 — — Vested (22,939 ) 148.20 (126,931 ) 171.56 (7,211 ) 109.86 Forfeited and canceled (4,382 ) 122.06 (4,850 ) 135.10 (3,091 ) 100.84 Unvested at end of year 54,676 147.10 25,820 168.22 16,176 108.06 The unrecognized compensation cost related to unvested restricted stock totaled $7.7 million as of December 31, 2015 and is expected to be recognized over a period of 0 to 4 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 were fully vested on the date granted. The 2015 LTIP Units, that were subject to vesting, will vest at 20% per year on each of the first five anniversaries of the initial grant date. The 2015 LTIP Units performance conditions measurement ended on December 9, 2015 and 95.75% of the units awarded were earned by the recipients. 2015 LTIP Units not earned based on the performance-based criteria were automatically forfeited by the recipients. The 2015 LTIP Units, once earned and vested, are convertible one -for-one into common units of the Operating Partnership which, in turn, are convertible into common stock of the Company subject to a ten -year liquidity restriction. In December 2013, the Operating Partnership issued 50,500 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 were determined on the grant date using Monte Carlo simulations under a risk-neutral premise and considered Essex’s stock price on the date of grant, the unpaid dividends on unvested units and the discount factor for 10 years of illiquidity. Prior to 2013, the Company issued Series Z Incentive Units and Series Z-1 Incentive Units (collectively referred to as “Z Units”) of limited partnership interest in the Operating Partnership. Vesting in the Z Units is based on performance criteria established in the plan. The criteria can be revised by the 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 Z Units were determined on the grant date and considered the Company's stock price on the date of grant, the dividends that are not paid on unvested units and a marketability discount for the 8 to 15 years of illiquidity. Compensation expense is calculated by multiplying estimated vesting increases for the period by the estimated fair value as of the grant date. During 2011 and 2010, the Operating Partnership issued 154,500 Series Z-1 Incentive Units (the “Z-1 Units”) of limited partner interest to executives of the Company. The Z-1 Units are convertible one-for-one into common units of the Operating Partnership (which, in turn, are convertible into common stock of the Company) upon the earlier to occur of 100 percent vesting of the units or the year 2026. The conversion ratchet (accounted for as vesting) of the Z-1 Units into common units, is to increase consistent with the Company’s annual FFO growth, but is not to be less than zero or greater than 14 percent . Z-1 Unit holders are entitled to receive distributions, on vested units, that are now equal to dividends distributed to common stockholders. Stock-based compensation expense for LTIP and Z Units under the fair value method totaled approximately $3.5 million , $6.0 million and $2.2 million for the years ended December 31, 2015 , 2014 and 2013 , 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. No such amounts were recorded in merger and integration expense in 2015. 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. No such amounts were recorded in 2015. 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 $0.5 million , $0.4 million , and $0.5 million , for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The intrinsic value of the vested and unvested LTIP Units totaled $59.9 million as of December 31, 2015 . Total unrecognized compensation cost related to the unvested LTIP Units under the LTIP Units plans totaled $6.0 million as of December 31, 2015 . On a weighted average basis, the unamortized cost for the 2014 and 2015 LTIP Units and the Z Units is expected to be recognized over the next 3.2 years and 9.5 years, respectively. The following table summarizes information about the LTIP Units outstanding as of December 31, 2015 ($ in thousands): Long Term Incentive Plan - LTIP Units Total Vested Units Total Unvested Units Total Outstanding Units Weighted- average Grant-date Fair Value Weighted- average Remaining Contractual Life (years) Balance, December 31, 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 Granted — — — Vested 36,650 (36,650 ) — Converted (74,384 ) — (74,384 ) Cancelled — (8,260 ) (8,260 ) Balance, December 31, 2015 144,185 106,157 250,342 $ 75.41 9.5 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company's segment disclosures present the measure used by the chief operating decision makers for purposes of assessing each segment's performance. Essex's chief operating decision makers are comprised of several members of its executive management team who use NOI to assess the performance of the business for the Company's reportable operating segments. NOI represents total property revenue less direct property operating expenses. The executive management team evaluates the Company's operating performance geographically. The Company defines its reportable operating segments as the three geographical regions in which its communities are located: Southern California, Northern California and Seattle Metro. Excluded from segment revenues and 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 and prepaid expenses and other assets. The revenues and net operating income for each of the reportable operating segments are summarized as follows for the years ended December 31, 2015 , 2014 , and 2013 ($ in thousands): Years Ended December 31, 2015 2014 2013 Revenues: Southern California $ 529,440 $ 423,570 $ 263,582 Northern California 416,347 326,996 210,831 Seattle Metro 201,418 168,337 107,796 Other real estate assets 38,293 42,688 21,118 Total property revenues $ 1,185,498 $ 961,591 $ 603,327 Net operating income: Southern California $ 355,007 $ 279,434 $ 176,075 Northern California 297,472 228,971 146,053 Seattle Metro 136,580 112,494 71,650 Other real estate assets 32,931 28,146 12,213 Total net operating income 821,990 649,045 405,991 Depreciation and amortization (453,423 ) (360,592 ) (192,420 ) Interest expense (204,827 ) (164,551 ) (116,524 ) Total return swap income 5,655 — — Management and other fees from affiliates 8,909 9,347 7,263 General and administrative (40,090 ) (40,878 ) (26,684 ) Merger and integration expenses (3,798 ) (53,530 ) (4,284 ) Acquisition and investment related costs (2,414 ) (1,878 ) (1,161 ) Interest and other income 19,143 11,811 11,633 Loss on early retirement of debt, net (6,114 ) (268 ) (300 ) Gain on sale of real estate and land 47,333 46,039 1,503 Equity income from co-investments 21,861 39,893 55,865 Gain on remeasurement of co-investment 34,014 — — Income before discontinued operations $ 248,239 $ 134,438 $ 140,882 Total assets for each of the reportable operating segments are summarized as follows as of December 31, 2015 and 2014 ($ in thousands): As of December 31, Assets: 2015 2014 Southern California $ 4,912,264 $ 4,277,754 Northern California 3,749,072 3,418,571 Seattle Metro 1,613,175 1,647,058 Other real estate assets 107,066 336,492 Net reportable operating segments - real estate assets 10,381,577 9,679,875 Real estate under development 242,326 429,096 Co-investments 1,036,047 1,042,423 Real estate held for sale, net 26,879 56,300 Cash and cash equivalents, including restricted cash 123,055 95,749 Marketable securities and other investments 137,485 117,240 Notes and other receivables 19,285 24,923 Other non-segment assets 38,437 81,126 Total assets $ 12,005,091 $ 11,526,732 |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2015 | |
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 $1.6 million , $0.9 million , and $0.7 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of December 31, 2015 , the Company had seven 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 $2.7 million per year for the next five years and $131.9 million thereafter. To the extent that an environmental matter arises or is identified in the future that has other than a remote risk of having a material impact on the financial statements, the Company will disclose the estimated range of possible outcomes associated with it and, if an outcome is probable, accrue an appropriate liability for that matter. The Company will consider whether any such matter results in an impairment of value on the affected property and, if so, 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 with respect to the communities currently or formerly owned by the Company. No assurance can be given that: existing environmental assessments conducted with respect to any of these communities have revealed all environmental conditions or potential liabilities associated with such conditions; any prior owner or operator of a property did not create any material environmental condition not known to the Company; or a material environmental condition does not otherwise exist as to any one or more of the communities. The Company has limited insurance coverage for some of the types of environmental conditions and associated liabilities described above. The Company has entered into transactions that may require the Company to pay the tax liabilities of the partners in the Operating Partnership or in the DownREIT entities. These transactions are within the Company’s control. Although the Company plans to hold the contributed assets or defer recognition of gain on their sale pursuant to like-kind exchange rules under Section 1031 of the Internal Revenue Code, the Company can provide no assurance that it will be able to do so and if such tax liabilities were incurred they may have a material impact on the Company’s financial position. There 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 the residential units and common areas of those communities. Some of these lawsuits have resulted in substantial monetary judgments or settlements. The Company has been sued for mold related matters and has settled some, but not all, such suits. Insurance carriers have reacted to the increase in mold related liability awards by excluding mold related claims from standard general liability policies and pricing mold endorsements at prohibitively high rates. The Company has, however, purchased pollution liability insurance which includes some coverage for mold claims. The Company has also adopted policies intended to promptly address and resolve reports of mold and to minimize any impact mold might have on residents of its properties. The Company believes its mold policies and proactive response to address reported mold exposures reduces its risk of loss from mold claims. While no assurances can be given that the Company has identified and responded to all mold occurrences, the Company promptly addresses and responds to all known mold reports. Liabilities resulting from such mold related matters are not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. As of December 31, 2015 , potential liabilities for mold and other environmental liabilities are not quantifiable and an estimate of possible loss cannot be made. The Company carries comprehensive liability, fire, extended coverage and rental loss insurance for each of the communities. There are, however, certain types of extraordinary losses, such as, for example, losses from terrorism or earthquakes, for which the Company has limited insurance coverage. Substantially all of the communities are located in areas that are subject to earthquake activity. The Company has established a wholly-owned insurance subsidiary, Pacific Western Insurance LLC (“PWI”). Through PWI, the Company is self-insured 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, 2015 , PWI has cash and marketable securities of approximately $60.3 million . These assets are consolidated in the Company’s financial statements. Beginning in 2013, the Company has obtained limited third party seismic insurance on selected assets in the Company's co-investments. On December 19, 2014, a putative 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, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In January 2016, the Company acquired Mio, a 103 unit apartment community, located in San Jose, CA for $51.3 million , In January 2016, a Company co-investment, BEXAEW, LLC, sold The Heights, a 332 unit apartment community, located in Chino Hills, CA for total proceeds of $93.8 million , of which $50.3 million was used to repay the loan on the property. The Company has a 50% ownership interest in the BEXAEW, LLC joint venture. In January 2016, the Company sold its former headquarters office building located in Palo Alto, CA for total proceeds of $18.0 million . In January 2016, the Company paid off $150.0 million in private placement unsecured bonds that had an interest rate of 4.36% . In February 2016, the Company sold Harvest Park, a 104 unit community located in Santa Rosa, CA for $30.5 million . |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 and 2014 ( $ in thousands, except per share and dividend amounts ): Quarter ended December 31 Quarter ended September 30 Quarter ended June 30 Quarter ended March 31 2015: Total property revenues $ 308,646 $ 302,522 $ 294,101 $ 280,229 Net income $ 85,762 $ 47,182 $ 50,542 $ 64,753 Net income available to common stockholders $ 79,624 $ 42,323 $ 45,555 $ 59,363 Per share data: Net income: Basic (1) $ 1.22 $ 0.65 $ 0.70 $ 0.92 Diluted (1) $ 1.22 $ 0.65 $ 0.70 $ 0.92 Market price: High $ 244.71 $ 232.20 $ 231.90 $ 243.17 Low $ 214.29 $ 205.72 $ 208.85 $ 207.26 Close $ 239.41 $ 223.42 $ 212.50 $ 229.90 Dividends declared $ 1.44 $ 1.44 $ 1.44 $ 1.44 2014 (2) : Total property revenues $ 276,778 $ 268,512 $ 256,952 $ 159,349 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 (1) $ 0.63 $ 0.85 $ 0.02 $ 0.58 Diluted (1) $ 0.63 $ 0.85 $ 0.02 $ 0.58 Market price: High $ 214.43 $ 196.08 $ 185.99 $ 173.01 Low $ 176.70 $ 177.68 $ 164.76 $ 141.79 Close $ 206.60 $ 178.75 $ 184.91 $ 170.05 Dividends declared $ 1.30 $ 1.30 $ 1.30 $ 1.21 (1) Quarterly earnings per common unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common units outstanding and included in the calculation of basic and diluted shares. (2) Includes BRE results of operations after the merger date, April 1, 2014. Essex Portfolio, L.P. The following is a summary of quarterly results of operations for 2015 and 2014 ( $ in thousands, except per unit and distribution amounts ): Quarter ended December 31 Quarter ended September 30 Quarter ended June 30 Quarter ended March 31 2015: Total property revenues $ 308,646 $ 302,522 $ 294,101 $ 280,229 Net income $ 85,762 $ 47,182 $ 50,542 $ 64,753 Net income available to common unitholders $ 82,333 $ 43,794 $ 47,088 $ 61,474 Per unit data: Net income: Basic (1) $ 1.22 $ 0.65 $ 0.70 $ 0.93 Diluted (1) $ 1.22 $ 0.65 $ 0.70 $ 0.92 Distributions declared $ 1.44 $ 1.44 $ 1.44 $ 1.44 2014 (2) : Total property revenues $ 276,778 $ 268,512 $ 256,952 $ 159,349 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 (1) $ 0.63 $ 0.85 $ 0.02 $ 0.58 Diluted (1) $ 0.63 $ 0.85 $ 0.02 $ 0.58 Distributions declared $ 1.30 $ 1.30 $ 1.30 $ 1.21 (1) Quarterly earnings per common unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common units outstanding and included in the calculation of basic and diluted shares. (2) Includes BRE results of operations after the merger date, April 1, 2014. |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2015 | |
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 Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Encumbered communities Avondale at Warner Center 446 Woodland Hills, CA $ 44,470 $ 10,536 $ 24,522 $ 18,315 $ 10,601 $ 42,772 $ 53,373 $ (26,174 ) 1970 Jan-97 3-30 Bel Air 462 San Ramon, CA 52,615 12,105 18,252 31,563 12,682 49,238 61,920 (26,928 ) 1988 Jan-97 3-30 Belcarra 296 Bellevue, WA 54,416 21,725 92,091 253 21,725 92,344 114,069 (5,874 ) 2009 Apr-14 5-30 Bella Villagio 231 San Jose, CA 34,686 17,247 40,343 2,271 17,247 42,614 59,861 (8,054 ) 2004 Sep-10 3-30 BellCentre 248 Bellevue, WA 40,485 16,197 67,207 1,463 16,197 68,670 84,867 (4,461 ) 2001 Apr-14 5-30 Belmont Station 275 Los Angeles, CA 29,604 8,100 66,666 5,034 8,267 71,533 79,800 (20,898 ) 2009 Mar-09 3-30 Bridgeport 184 Newark, CA 20,559 1,608 7,582 8,801 1,525 16,466 17,991 (12,685 ) 1987 Jul-87 3-30 Brookside Oaks 170 Sunnyvale, CA 18,897 7,301 16,310 23,258 10,328 36,541 46,869 (16,270 ) 1973 Jun-00 3-30 Camino Ruiz Square 160 Camarillo, CA 21,093 6,871 26,119 1,431 6,931 27,490 34,421 (8,515 ) 1990 Dec-06 3-30 Canyon Oaks 250 San Ramon, CA 27,553 19,088 44,473 2,543 19,088 47,016 66,104 (14,036 ) 2005 May-07 3-30 Carmel Creek 348 San Diego, CA 65,204 26,842 107,368 2,474 26,842 109,842 136,684 (7,078 ) 2000 Apr-14 5-30 City View 572 Hayward, CA 73,204 9,883 37,670 23,281 10,350 60,484 70,834 (38,459 ) 1975 Mar-98 3-30 Courtyard off Main 110 Bellevue, WA 15,402 7,465 21,405 2,927 7,465 24,332 31,797 (4,663 ) 2000 Oct-10 3-30 Domaine 92 Seattle, WA 15,149 9,059 27,177 710 9,059 27,887 36,946 (3,130 ) 2009 Sep-12 3-30 Elevation 158 Redmond, WA 10,973 4,758 14,285 5,740 4,757 20,026 24,783 (5,319 ) 1986 Jun-10 3-30 Ellington at Bellevue 220 Bellevue, WA 22,289 15,066 45,249 1,322 15,066 46,571 61,637 (2,109 ) 1994 Jul-14 3-30 Fairhaven 164 Santa Ana, CA 20,230 2,626 10,485 6,040 2,957 16,194 19,151 (7,714 ) 1970 Nov-01 3-30 Foster's Landing 490 Foster City, CA 100,847 61,714 144,000 5,685 61,714 149,685 211,399 (9,741 ) 1987 Apr-14 5-30 Fountain at River Oaks 226 San Jose, CA 33,159 26,046 60,773 590 26,046 61,363 87,409 (3,953 ) 1990 Apr-14 3-30 Fountain Park 705 Playa Vista, CA 82,366 25,073 94,980 29,371 25,203 124,221 149,424 (53,723 ) 2002 Feb-04 3-30 Hampton Place/Hampton Court 215 Glendale, CA 20,213 6,695 16,753 13,193 6,733 29,908 36,641 (13,448 ) 1970 Jun-99 3-30 Hidden Valley 324 Simi Valley, CA 29,262 14,174 34,065 2,620 9,674 41,185 50,859 (15,871 ) 2004 Dec-04 3-30 Highlands at Wynhaven 333 Issaquah, WA 31,522 16,271 48,932 8,001 16,271 56,933 73,204 (15,525 ) 2000 Aug-08 3-30 Highridge 255 Rancho Palos Verdes, CA 44,772 5,419 18,347 29,555 6,073 47,248 53,321 (26,591 ) 1972 May-97 3-30 Hillcrest Park 608 Newbury Park, CA 65,566 15,318 40,601 17,368 15,755 57,532 73,287 (32,302 ) 1973 Mar-98 3-30 Huntington Breakers 342 Huntington Beach, CA 36,648 9,306 22,720 17,026 9,315 39,737 49,052 (19,480 ) 1984 Oct-97 3-30 Inglenook Court 224 Bothell, WA 8,174 3,467 7,881 6,686 3,474 14,560 18,034 (10,524 ) 1985 Oct-94 3-30 Magnolia Square/Magnolia (2) 188 Sunnyvale, CA 17,363 8,190 24,736 14,591 8,191 39,326 47,517 (13,145 ) 1969 Sep-07 3-30 Mill Creek at Windermere 400 San Ramon, CA 47,344 29,551 69,032 3,447 29,551 72,479 102,030 (20,639 ) 2005 Sep-07 3-30 Mirabella 188 Marina Del Rey, CA 43,518 6,180 26,673 14,103 6,270 40,686 46,956 (19,485 ) 2000 May-00 3-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Montanosa 472 San Diego, CA 62,724 26,697 106,787 2,210 26,697 108,997 135,694 (7,005 ) 1990 Apr-14 5-30 Montebello 248 Kirkland, WA 27,353 13,857 41,575 3,735 13,858 45,309 59,167 (5,903 ) 1996 Jul-12 3-30 Montejo 124 Garden Grove, CA 15,232 1,925 7,685 2,822 2,194 10,238 12,432 (4,974 ) 1974 Nov-01 3-30 Park Highland 250 Bellevue, WA 26,556 9,391 38,224 8,053 9,391 46,277 55,668 (2,743 ) 1993 Apr-14 5-30 Park Hill at Issaquah 245 Issaquah, WA 27,802 7,284 21,937 5,979 7,284 27,916 35,200 (10,277 ) 1999 Feb-99 3-30 Pathways 296 Long Beach, CA 36,325 4,083 16,757 19,274 6,239 33,875 40,114 (25,965 ) 1975 Feb-91 3-30 Piedmont 396 Bellevue, WA 46,635 19,848 59,606 4,502 19,848 64,108 83,956 (3,638 ) 1969 May-14 3-30 Pinnacle at Fullerton 192 Fullerton, CA 27,578 11,019 45,932 858 11,019 46,790 57,809 (2,980 ) 2004 Apr-14 5-30 Pinnacle on Lake Washington 180 Renton, WA 18,724 7,760 31,041 449 7,760 31,490 39,250 (2,027 ) 2001 Apr-14 5-30 Pinnacle at MacArthur Place 253 Santa Ana, CA 39,859 15,810 66,401 1,343 15,810 67,744 83,554 (4,306 ) 2002 Apr-14 5-30 Pinnacle at Otay Ranch 364 San Diego, CA 40,970 17,023 68,093 766 17,023 68,859 85,882 (4,442 ) 2001 Apr-14 5-30 Pinnacle at Talega 362 Irvine, CA 46,489 19,292 77,168 993 19,292 78,161 97,453 (5,014 ) 2002 Apr-14 5-30 Stevenson Place 200 Fremont, CA 20,980 996 5,582 9,323 1,001 14,900 15,901 (10,244 ) 1971 Apr-83 3-30 Summerhill Park 100 Sunnyvale, CA 13,032 2,654 4,918 9,769 2,656 14,685 17,341 (5,764 ) 1988 Sep-88 3-30 The Audrey at Belltown 137 Seattle, WA 22,099 9,228 36,911 185 9,228 37,096 46,324 (2,373 ) 1992 Apr-14 5-30 The Avery 121 Los Angeles, CA 9,985 6,964 29,922 16 6,964 29,938 36,902 (1,786 ) 2014 Mar-14 3-30 The Barkley (3) 161 Anaheim, CA 15,951 — 8,520 5,561 2,353 11,728 14,081 (6,090 ) 1984 Apr-00 3-30 The Bernard 63 Seattle, WA 9,141 3,699 11,345 231 3,689 11,586 15,275 (1,706 ) 2008 Sep-11 3-30 The Carlyle 132 San Jose, CA 21,889 3,954 15,277 10,317 5,801 23,747 29,548 (11,968 ) 2000 Apr-00 3-30 The Dylan 184 West Hollywood, CA 59,592 19,984 82,286 16 19,984 82,302 102,286 (2,637 ) 2015 Mar-15 3-30 The Elliot at Mukilteo 301 Mukilteo, WA 10,628 2,498 10,595 14,940 2,824 25,209 28,033 (14,705 ) 1981 Jan-97 3-30 The Huntington 276 Huntington Beach, CA 30,890 10,374 41,495 3,381 10,374 44,876 55,250 (5,765 ) 1975 Jun-12 3-30 The Huxley 187 West Hollywood, CA 54,272 19,362 75,641 40 19,362 75,681 95,043 (2,486 ) 2014 Mar-15 3-30 The Landing at Jack London Square 282 Oakland, CA 54,771 33,554 78,292 2,966 33,554 81,258 114,812 (5,336 ) 2001 Apr-14 5-30 The Montclaire 390 Sunnyvale, CA 44,921 4,842 19,776 20,602 4,997 40,223 45,220 (33,694 ) 1973 Dec-88 3-30 The Palms at Laguna Niguel 460 Laguna Niguel, CA 57,032 23,584 94,334 1,634 23,584 95,968 119,552 (6,171 ) 1988 Apr-14 5-30 The Palisades 192 Bellevue, WA 20,138 1,560 6,242 11,658 1,565 17,895 19,460 (13,831 ) 1977 May-90 3-30 The Waterford 238 San Jose, CA 30,689 11,808 24,500 13,536 15,165 34,679 49,844 (17,641 ) 2000 Jun-00 3-30 Tierra Vista 404 Oxnard, CA 53,948 13,652 53,336 4,226 13,661 57,553 71,214 (23,033 ) 2001 Jan-01 3-30 Valley Park 160 Fountain Valley, CA 25,856 3,361 13,420 5,269 3,761 18,289 22,050 (8,190 ) 1969 Nov-01 3-30 Villa Angelina 256 Placentia, CA 31,908 4,498 17,962 6,539 4,962 24,037 28,999 (11,020 ) 1970 Nov-01 3-30 Villa Grenada 270 Santa Clara, CA 61,057 38,299 89,365 326 38,299 89,691 127,990 (5,789 ) 2010 Apr-14 5-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Wandering Creek 156 Kent, WA 5,209 1,285 4,980 3,790 1,296 8,759 10,055 (6,313 ) 1986 Nov-95 3-30 Wilshire Promenade 149 Fullerton, CA 17,259 3,118 7,385 7,693 3,797 14,399 18,196 (8,305 ) 1992 Jan-97 3-30 17,085 $ 2,215,077 $ 797,144 $ 2,589,987 $ 482,664 $ 810,649 $ 3,059,146 $ 3,869,795 $ (750,915 ) Unencumbered Communities 8th & Hope 290 Los Angeles, CA $ — $ 29,279 $ 169,350 $ 441 $ 29,279 $ 169,791 $ 199,070 $ (5,544 ) 2014 Feb-15 3-30 Alessio 624 Los Angeles, CA — 32,136 128,543 3,105 32,136 131,648 163,784 (8,564 ) 2001 Apr-14 5-30 Allegro 97 Valley Village, CA — 5,869 23,977 1,573 5,869 25,550 31,419 (6,656 ) 2010 Oct-10 3-30 Allure at Scripps Ranch 194 San Diego, CA — 11,923 47,690 280 11,923 47,970 59,893 (3,074 ) 2002 Apr-14 5-30 Alpine Village 301 Alpine, CA — 4,967 19,728 6,551 4,982 26,264 31,246 (11,485 ) 1971 Dec-02 3-30 Anavia 250 Anaheim, CA — 15,925 63,712 6,340 15,925 70,052 85,977 (11,955 ) 2009 Dec-10 3-30 Annaliese 56 Seattle, WA — 4,727 14,229 330 4,726 14,560 19,286 (1,452 ) 2009 Jan-13 3-30 Apex 366 Milpitas, CA — 44,240 103,251 1,104 44,240 104,355 148,595 (4,635 ) 2014 Aug-14 3-30 Aqua at Marina Del Rey 500 Marina Del Ray, CA — 58,442 175,326 4,965 58,442 180,291 238,733 (11,632 ) 2001 Apr-14 5-30 Ascent 90 Kirkland, WA — 3,924 11,862 1,669 3,924 13,531 17,455 (1,734 ) 1988 Oct-12 3-30 Avant 440 Los Angeles, CA — 32,379 137,940 261 32,379 138,201 170,580 (1,631 ) 2014 Jun-15 3-30 Avenue 64 224 Emeryville, CA — 27,235 64,403 8,486 27,235 72,889 100,124 (4,257 ) 2007 Apr-14 5-30 Aviara (4) 166 Mercer Island, CA — — 49,813 136 — 49,949 49,949 (3,596 ) 2013 Apr-14 5-30 Axis 2300 115 Irvine, CA — 5,405 33,585 1,127 5,405 34,712 40,117 (8,800 ) 2010 Aug-10 3-30 Bellerive 63 Los Angeles, CA — 5,401 21,803 765 5,401 22,568 27,969 (4,455 ) 2011 Aug-11 3-30 Belmont Terrace 71 Belmont, CA — 4,446 10,290 4,399 4,473 14,662 19,135 (5,372 ) 1974 Oct-06 3-30 Bennett Lofts 165 San Francisco, CA — 21,771 50,800 25,515 28,371 69,715 98,086 (7,560 ) 2004 Dec-12 3-30 Bernardo Crest 216 San Diego, CA — 10,802 43,209 1,302 10,802 44,511 55,313 (2,837 ) 1988 Apr-14 5-30 Bonita Cedars 120 Bonita, CA — 2,496 9,913 2,187 2,503 12,093 14,596 (5,574 ) 1983 Dec-02 3-30 Boulevard 172 Fremont, CA — 3,520 8,182 10,888 3,580 19,010 22,590 (13,725 ) 1978 Jan-96 3-30 Bridle Trails 108 Kirkland, WA — 1,500 5,930 5,577 1,531 11,476 13,007 (7,107 ) 1986 Oct-97 3-30 Brighton Ridge 264 Renton, WA — 2,623 10,800 4,342 2,656 15,109 17,765 (9,599 ) 1986 Dec-96 3-30 Bristol Commons 188 Sunnyvale, CA — 5,278 11,853 6,978 5,293 18,816 24,109 (9,909 ) 1989 Jan-97 3-30 416 on Broadway 115 Glendale, CA — 8,557 34,235 1,905 8,557 36,140 44,697 (6,542 ) 2009 Dec-10 3-30 Bunker Hill 456 Los Angeles, CA — 11,498 27,871 43,175 11,639 70,905 82,544 (24,680 ) 1968 Mar-98 3-30 Camarillo Oaks 564 Camarillo, CA — 10,953 25,254 4,813 11,075 29,945 41,020 (19,180 ) 1985 Jul-96 3-30 Cambridge Park 320 San Diego, CA — 18,185 72,739 945 18,185 73,684 91,869 (4,770 ) 1998 Apr-14 5-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Candlewood North 189 Northridge, CA — 7,267 29,068 1,298 7,267 30,366 37,633 (1,954 ) 1964 Apr-14 5-30 Canyon Pointe 250 Bothell, WA — 4,692 18,288 6,156 4,693 24,443 29,136 (10,351 ) 1990 Oct-03 3-30 Capri at Sunny Hills 100 Fullerton, CA — 3,337 13,320 8,354 4,048 20,963 25,011 (10,424 ) 1961 Sep-01 3-30 Carmel Landing 356 San Diego, CA — 16,725 66,901 2,694 16,725 69,595 86,320 (4,478 ) 1989 Apr-14 5-30 Carmel Summit 246 San Diego, CA — 14,968 59,871 1,076 14,968 60,947 75,915 (3,887 ) 1989 Apr-14 5-30 Castle Creek 216 Newcastle, WA — 4,149 16,028 2,644 4,833 17,988 22,821 (11,526 ) 1988 Dec-98 3-30 Catalina Gardens 128 Los Angeles, CA — 6,714 26,856 503 6,714 27,359 34,073 (1,748 ) 1987 Apr-14 5-30 CBC Apartments & The Sweeps 239 Goleta, CA — 11,841 45,320 5,525 11,906 50,780 62,686 (19,106 ) 1962 Jan-06 3-30 Cedar Terrace 180 Bellevue, WA — 5,543 16,442 5,020 5,652 21,353 27,005 (8,662 ) 1984 Jan-05 3-30 CentrePointe 224 San Diego, CA — 3,405 7,743 19,503 3,442 27,209 30,651 (11,507 ) 1974 Jun-97 3-30 Chestnut Street Apartments 96 Santa Cruz, CA — 6,582 15,689 1,262 6,582 16,951 23,533 (4,527 ) 2002 Jul-08 3-30 Collins on Pine 76 Seattle, WA — 7,276 22,226 78 7,276 22,304 29,580 (1,215 ) 2013 May-14 3-30 Corbella at Juanita Bay 169 Kirkland, WA — 5,801 17,415 2,133 5,801 19,548 25,349 (3,663 ) 1978 Nov-10 3-30 Cortesia at Rancho Santa Margarita 308 Rancho Santa Margarita, CA — 13,912 55,649 719 13,912 56,368 70,280 (3,625 ) 1999 Apr-14 5-30 Country Villas 180 Oceanside, CA — 4,174 16,583 3,332 4,187 19,902 24,089 (9,274 ) 1976 Dec-02 3-30 Deer Valley 171 San Rafael, CA — 21,478 50,116 1,023 21,478 51,139 72,617 (3,329 ) 1996 Apr-14 5-30 Delano/Bon Terra 126 Redmond, WA — 7,470 22,511 978 7,470 23,489 30,959 (3,265 ) 2005 Dec-11 3-30 Devonshire 276 Hemet, CA — 3,470 13,786 3,236 3,482 17,010 20,492 (7,891 ) 1988 Dec-02 3-30 Domain 379 San Diego, CA — 23,848 95,394 799 23,848 96,193 120,041 (6,868 ) 2013 Nov-13 3-30 Emerald Pointe 160 Diamond Bar, CA — 8,458 33,832 813 8,458 34,645 43,103 (2,235 ) 1989 Apr-14 5-30 Emerald Ridge 180 Bellevue, WA — 3,449 7,801 3,500 3,449 11,301 14,750 (8,307 ) 1987 Nov-94 3-30 Enso 183 San Jose, CA — 21,397 71,135 2 21,397 71,137 92,534 (102 ) 2014 Dec-15 3-30 Esplanade 278 San Jose, CA — 18,170 40,086 9,874 18,429 49,701 68,130 (19,358 ) 2002 Apr-11 3-30 Essex Skyline at MacArthur Place 349 Santa Ana, CA — 21,537 146,099 2,862 21,537 148,961 170,498 (18,766 ) 2008 Apr-12 3-30 Evergreen Heights 200 Kirkland, WA — 3,566 13,395 4,566 3,649 17,878 21,527 (10,945 ) 1990 Jun-97 3-30 Fairways (5) 74 Newport Beach, CA — — 7,850 6,731 9 14,572 14,581 (7,135 ) 1972 Jun-99 3-30 Fairwood Pond 194 Renton, WA — 5,296 15,564 2,490 5,297 18,053 23,350 (7,407 ) 1997 Oct-04 3-30 Foothill Commons 394 Bellevue, WA — 2,435 9,821 36,446 2,440 46,262 48,702 (30,270 ) 1978 Mar-90 3-30 Foothill Gardens/Twin Creeks 176 San Ramon, CA — 5,875 13,992 7,919 5,964 21,822 27,786 (12,293 ) 1985 Feb-97 3-30 Forest View 192 Renton, WA — 3,731 14,530 1,798 3,731 16,328 20,059 (6,991 ) 1998 Oct-03 3-30 Fountain Court 320 Seattle, WA — 6,702 27,306 10,209 6,585 37,632 44,217 (19,053 ) 2000 Mar-00 3-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Fourth & U 171 Berkeley, CA — 8,879 52,351 2,396 8,879 54,747 63,626 (11,966 ) 2010 Apr-10 3-30 Fox Plaza 443 San Francisco, CA — 39,731 92,706 12,668 39,731 105,374 145,105 (10,314 ) 1968 Feb-13 3-30 Hillsborough Park 235 La Habra, CA — 6,291 15,455 2,182 6,272 17,656 23,928 (9,602 ) 1999 Sep-99 3-30 Hillsdale Garden 697 San Mateo, CA — 22,000 94,681 20,672 22,000 115,353 137,353 (38,841 ) 1948 Sep-06 3-30 Hope Ranch 108 Santa Barbara, CA — 4,078 16,877 2,507 4,208 19,254 23,462 (5,586 ) 1965 Mar-07 3-30 Jefferson at Hollywood 270 Los Angeles, CA — 19,054 89,321 1,182 19,054 90,503 109,557 (5,745 ) 2010 Apr-14 5-30 Joule 295 Seattle, WA — 14,558 69,417 3,614 14,558 73,031 87,589 (16,387 ) 2010 Mar-10 3-30 1000 Kiely 121 Santa Clara, CA — 9,359 21,845 6,725 9,359 28,570 37,929 (5,605 ) 1971 Mar-11 3-30 Kings Road 196 Los Angeles, CA — 4,023 9,527 10,731 4,031 20,250 24,281 (11,236 ) 1979 Jun-97 3-30 Lafayette Highlands 150 Lafayette, CA — 17,774 41,473 410 17,774 41,883 59,657 (2,716 ) 1973 Apr-14 5-30 Lakeshore Landing 308 San Mateo, CA — 38,155 89,028 2,950 38,155 91,978 130,133 (6,171 ) 1988 Apr-14 5-30 Laurels at Mill Creek 164 Mill Creek, WA — 1,559 6,430 5,390 1,595 11,784 13,379 (7,694 ) 1981 Dec-96 3-30 Lawrence Station 336 Sunnyvale, CA — 45,532 106,735 (15 ) 45,532 106,720 152,252 (8,451 ) 2012 Apr-14 5-30 Le Parc Luxury Apartments 140 Santa Clara, CA — 3,090 7,421 11,118 3,092 18,537 21,629 (12,351 ) 1975 Feb-94 3-30 Marbrisa 202 Long Beach, CA — 4,700 18,605 6,526 4,760 25,071 29,831 (10,771 ) 1987 Sep-02 3-30 Marina City Club (6) 101 Marina Del Rey, CA — — 28,167 40,352 — 68,519 68,519 (17,674 ) 1971 Jan-04 3-30 Marina Cove (7) 292 Santa Clara, CA — 5,320 16,431 12,560 5,324 28,987 34,311 (18,435 ) 1974 Jun-94 3-30 Mariner's Place 105 Oxnard, CA — 1,555 6,103 2,150 1,562 8,246 9,808 (4,584 ) 1987 May-00 3-30 MB 360 Phase I 188 San Francisco, CA — 21,421 114,376 — 21,421 114,376 135,797 (3,749 ) 2014 Apr-14 3-30 Meadowood 320 Simi Valley, CA — 7,852 18,592 7,060 7,898 25,606 33,504 (16,003 ) 1986 Nov-96 3-30 Mesa Village 133 Clairemont, CA — 1,888 7,498 1,250 1,894 8,742 10,636 (3,967 ) 1963 Dec-02 3-30 Mira Monte 355 Mira Mesa, CA — 7,165 28,459 9,237 7,186 37,675 44,861 (19,094 ) 1982 Dec-02 3-30 Miracle Mile/Marbella 236 Los Angeles, CA — 7,791 23,075 13,484 7,886 36,464 44,350 (20,985 ) 1988 Aug-97 3-30 Mission Hills 282 Oceanside, CA — 10,099 38,778 4,996 10,167 43,706 53,873 (16,771 ) 1984 Jul-05 3-30 Mission Peaks 453 Fremont, CA — 46,499 108,498 1,181 46,499 109,679 156,178 (7,087 ) 1995 Apr-14 5-30 Mission Peaks II 336 Fremont, CA — 31,429 73,334 2,011 31,429 75,345 106,774 (4,860 ) 1989 Apr-14 5-30 Monterey Villas 122 Oxnard, CA — 2,349 5,579 5,880 2,424 11,384 13,808 (6,284 ) 1974 Jul-97 3-30 Muse 152 Los Angeles, CA — 7,822 33,436 2,168 7,823 35,603 43,426 (8,563 ) 2011 Feb-11 3-30 Museum Park 117 San Jose, CA — 13,864 32,348 476 13,864 32,824 46,688 (2,145 ) 2002 Apr-14 5-30 Paragon 301 Fremont, CA — 32,230 77,320 328 32,230 77,648 109,878 (3,782 ) 2013 Jul-14 3-30 Park Catalina 90 Los Angeles, CA — 4,710 18,839 2,281 4,710 21,120 25,830 (2,730 ) 2002 Jun-12 3-30 Park Viridian 320 Anaheim, CA — 15,894 63,574 1,116 15,894 64,690 80,584 (4,137 ) 2008 Apr-14 5-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Park West 126 San Francisco, CA — 9,424 21,988 9,472 9,424 31,460 40,884 (3,667 ) 1958 Sep-12 3-30 Parkwood at Mill Creek 240 Mill Creek, WA — 10,680 42,722 1,517 10,680 44,239 54,919 (2,875 ) 1989 Apr-14 5-30 Pinehurst (8) 28 Ventura, CA — — 1,711 482 6 2,187 2,193 (1,049 ) 1973 Dec-04 3-30 Pinnacle Crow Canyon 400 San Ramon, CA — 37,579 87,685 1,717 37,579 89,402 126,981 (5,791 ) 1992 Apr-14 5-30 Pinnacle Sonata 268 Bothell, WA — 14,647 58,586 564 14,647 59,150 73,797 (3,807 ) 2000 Apr-14 5-30 Radius 264 Redwood City, CA — 11,702 152,336 28 11,702 152,364 164,066 (7,622 ) 2015 Apr-14 3-30 Reed Square 100 Sunnyvale, CA — 6,873 16,037 7,750 6,873 23,787 30,660 (4,356 ) 1970 Jan-12 3-30 Regency at Encino 75 Encino, CA — 3,184 12,737 2,519 3,184 15,256 18,440 (3,896 ) 1989 Dec-09 3-30 Renaissance at Uptown Orange 460 Orange, CA — 27,870 111,482 1,600 27,870 113,082 140,952 (7,246 ) 2007 Apr-14 5-30 Reveal 438 Woodlands Hills, CA — 25,073 121,314 232 25,073 121,546 146,619 (3,334 ) 2010 Apr-15 3-30 Salmon Run at Perry Creek 132 Bothell, WA — 3,717 11,483 1,624 3,801 13,023 16,824 (6,577 ) 2000 Oct-00 3-30 Sammamish View 153 Bellevue, WA — 3,324 7,501 6,192 3,331 13,686 17,017 (10,310 ) 1986 Nov-94 3-30 101 San Fernando 323 San Jose, CA — 4,173 58,961 8,048 4,173 67,009 71,182 (13,787 ) 2001 Jul-10 3-30 San Marcos 432 Richmond, CA — 15,563 36,204 27,780 22,866 56,681 79,547 (23,786 ) 2003 Nov-03 3-30 Santee Court/Santee Village 238 Los Angeles, CA — 9,581 40,317 4,524 9,582 44,840 54,422 (8,616 ) 2004 Oct-10 3-30 Shadow Point 172 Spring Valley, CA — 2,812 11,170 2,406 2,820 13,568 16,388 (6,197 ) 1983 Dec-02 3-30 Shadowbrook 418 Redmond, WA — 19,292 77,168 2,326 19,292 79,494 98,786 (5,082 ) 1986 Apr-14 5-30 Slater 116 108 Kirkland, WA — 7,379 22,138 513 7,379 22,651 30,030 (1,793 ) 2013 Sep-13 3-30 Solstice 280 Sunnyvale, CA — 34,444 147,262 4,096 34,444 151,358 185,802 (11,281 ) 2014 Apr-14 5-30 Stonehedge Village 196 Bothell, WA — 3,167 12,603 5,739 3,201 18,308 21,509 (11,102 ) 1986 Oct-97 3-30 Summit Park 300 San Diego, CA — 5,959 23,670 4,773 5,977 28,425 34,402 (13,134 ) 1972 Dec-02 3-30 Taylor 28 197 Seattle, WA — 13,915 57,700 218 13,915 57,918 71,833 (3,686 ) 2008 Apr-14 5-30 The Cairns 100 Seattle, WA — 6,937 20,679 1,055 6,939 21,732 28,671 (6,340 ) 2006 Jun-07 3-30 The Commons 264 Campbell, CA — 12,555 29,307 4,687 12,556 33,993 46,549 (7,457 ) 1973 Jul-10 3-30 The Grand 243 Oakland, CA — 4,531 89,208 5,072 4,531 94,280 98,811 (24,391 ) 2009 Jan-09 3-30 The Hallie on del Mar/Rey/Sol 292 Pasadena, CA — 2,202 4,794 48,986 8,385 47,597 55,982 (17,675 ) 1972 Apr-99 3-30 The Lofts at Pinehurst 118 Sunnyvale, CA — 1,570 3,912 4,544 1,618 8,408 10,026 (4,565 ) 2012 Apr-14 3-30 The Pointe at Cupertino 116 Cupertino, CA — 4,505 17,605 11,510 4,505 29,115 33,620 (11,984 ) 1963 Aug-98 3-30 The Stuart at Sierra Madre 188 Pasadena, CA — 13,574 54,298 1,486 13,574 55,784 69,358 (3,674 ) 2007 Apr-14 5-30 The Trails of Redmond 423 Redmond, WA — 21,930 87,720 2,408 21,930 90,128 112,058 (5,779 ) 1985 Apr-14 5-30 Tiffany Court 101 Los Angeles, CA — 6,949 27,796 461 6,949 28,257 35,206 (1,811 ) 1987 Apr-14 5-30 Trabuco Villas 132 Lake Forest, CA — 3,638 8,640 2,605 3,890 10,993 14,883 (6,549 ) 1985 Oct-97 3-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Tuscana 30 Tracy, CA — 2,828 6,599 166 2,870 6,723 9,593 (2,668 ) 2007 Feb-07 3-30 Via 284 Sunnyvale, CA — 22,000 82,270 944 22,016 83,198 105,214 (15,571 ) 2011 Jul-11 3-30 Villa Siena 272 Costa Mesa, CA — 13,842 55,367 1,333 13,842 56,700 70,542 (3,632 ) 1974 Apr-14 5-30 Village Green 272 La Habra, CA — 6,488 36,768 2,168 6,488 38,936 45,424 (2,491 ) 1971 Apr-14 5-30 Vista Belvedere 76 Tiburon, CA — 5,573 11,901 7,360 5,573 19,261 24,834 (7,708 ) 1963 Aug-04 3-30 Vox 58 Seattle, WA — 5,545 16,635 70 5,545 16,705 22,250 (1,237 ) 2013 Oct-13 3-30 Walnut Heights 163 Walnut, CA — 4,858 19,168 3,920 4,887 23,059 27,946 (9,514 ) 1964 Oct-03 3-30 Wharfside Pointe 155 Seattle, WA — 2,245 7,020 10,292 2,258 17,299 19,557 (10,007 ) 1990 Jun-94 3-30 Willow Lake 508 San Jose, CA — 43,194 101,030 6,615 43,194 107,645 150,839 (12,559 ) 1989 Oct-12 3-30 5600 Wilshire 284 Los Angeles, CA — 30,535 91,604 471 30,535 92,075 122,610 (5,937 ) 2008 Apr-14 5-30 Wilshire La Brea 478 Los Angeles, CA — 56,932 211,998 6,259 56,932 218,257 275,189 (16,228 ) 2014 Apr-14 5-30 Windsor Ridge 216 Sunnyvale, CA — 4,017 10,315 15,210 4,021 25,521 29,542 (15,505 ) 1989 Mar-89 3-30 Woodland Commons 302 Bellevue, WA — 2,040 8,727 20,544 2,044 29,267 31,311 (14,679 ) 1978 Mar-90 3-30 Woodside Village 145 Ventura, CA — 5,331 21,036 3,502 5,341 24,528 29,869 (9,667 ) 1987 Dec-04 3-30 31,451 $ — $ 1,667,597 $ 5,970,356 $ 754,076 $ 1,691,213 $ 6,700,816 $ 8,392,029 $ (1,177,395 ) 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 $ 2,470 $ 10,200 $ 16,270 $ 26,470 $ (5,777 ) 1938 Jul-06 3-30 Santa Clara Retail 138,915 Santa Clara, CA — 6,472 11,704 5,556 6,472 17,260 23,732 (4,643 ) 1970 Sep-11 3-30 Derian Office Building 106,564 Irvine, CA — 3,079 12,315 4,049 4,308 15,135 19,443 (11,162 ) 1983 Jul-00 3-30 279,479 $ — $ 19,751 $ 37,819 $ 12,075 $ 20,980 $ 48,665 $ 69,645 $ (21,582 ) Total $ 2,215,077 $ 2,484,492 $ 8,598,162 $ 1,248,815 $ 2,522,842 $ 9,808,627 $ 12,331,469 $ (1,949,892 ) (1) The aggregate cost for federal income tax purposes is approximately $8.9 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 2030. (5) The land is leased pursuant to a ground lease expiring 2027. (6) The land is leased pursuant to a ground lease expiring 2067. (7) A portion of land is leased pursuant to a ground lease expiring in 2028. (8) The land is leased pursuant to a ground lease expiring in 2028. A summary of activity for rental properties and accumulated depreciation is as follows: 2015 2014 2013 2015 2014 2013 Rental properties: Accumulated depreciation: Balance at beginning of year $ 11,244,681 $ 5,443,757 $ 5,033,672 Balance at beginning of year $ 1,564,806 $ 1,254,886 $ 1,081,517 Improvements 220,895 135,812 92,016 Depreciation expense - Acquisitions 15,734 121,426 6,203 Acquisition of real estate (1) 805,124 5,678,054 344,476 Depreciation expense - Discontinued operations — — 12,290 Development of real estate 307,083 19,751 14,111 Depreciation expense - Rental properties 386,953 199,495 168,092 Disposition of real estate (246,314 ) (32,693 ) (40,518 ) Dispositions (17,601 ) (11,001 ) (13,216 ) Balance at the end of year $ 12,331,469 $ 11,244,681 $ 5,443,757 Balance at the end of year $ 1,949,892 $ 1,564,806 $ 1,254,886 (1) Amount for 2014 includes $5.2 billion related to BRE merger. |
Summary of Critical and Signi28
Summary of Critical and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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 and prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included and are normal and recurring in nature. All significant inter-company accounts and transactions have been eliminated. Certain reclassifications have been made to 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% limited partner interests in the Operating Partnership not held by the Company at both December 31, 2015 and 2014 . These percentages include the Operating Partnership’s vested long term incentive plan units (see Note 13). The Company consolidates the Operating Partnership and 19 DownREIT limited partnerships (comprising eleven communities), since the Company is the primary beneficiary of these variable interest entities (“VIEs”). The Company has no assets or liabilities other than its investment in the Operating Partnership. The consolidated total assets and liabilities related to these DownREIT VIEs, net of intercompany eliminations, were approximately $241.0 million and $206.7 million , respectively, as of December 31, 2015 , and $235.1 million and $209.1 million , respectively, as of December 31, 2014 . The DownREIT VIEs collectively own eleven apartment communities in which Essex Management Company (“EMC”) is the general partner, the Operating Partnership is a special limited partner, and the other limited partners were granted rights of redemption for their interests. Such limited partners can request to be redeemed and the Company, subject to certain restrictions, can elect to redeem their rights for cash or by issuing shares of its common stock on a one share per unit basis . Conversion values will be based on the market value of the Company's common stock at the time of redemption multiplied by the number of units stipulated under 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 963,172 and 974,790 as of December 31, 2015 and 2014 respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $230.6 million and $201.4 million , as of December 31, 2015 and 2014 , respectively. The carrying value of redeemable noncontrolling interest in the accompanying balance sheets was $45.5 million and $23.3 million as of December 31, 2015 and 2014, respectively. The amounts represent units of limited partners' interests in DownREIT VIEs as to which it is outside of the Company’s control to redeem the DownREIT units with Company common stock and may potentially be redeemed for cash, and are presented at either their redemption value or historical cost, depending on the limited partner's right to redeem their units as of the balance sheet date. The carrying value of DownREIT units as to which it is within the control of the Company to redeem the units with its common stock is $18.4 million and $30.8 million as of December 31, 2015 and 2014, respectively and is classified within noncontrolling interests in the accompanying consolidated balance sheets. Interest holders in VIEs consolidated by the Company are allocated a priority of net income equal to the cash payments made to those interest holders or distributions from cash flow. The remaining results of operations are generally allocated to the Company. |
Recent Accounting Pronouncements | In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." The new standard provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. The new standard requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. In August 2015, the FASB deferred the effective date of the new standard by one year, and it is now effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted but not before the original effective date. The new standard may be applied using either a full retrospective or a modified approach upon adoption. The Company has not yet selected a transition method and is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position. In February 2015, the FASB issued ASU No. 2015-02 "Consolidation (Topic 810): Amendments to the Consolidation Analysis", which provides new consolidation guidance and makes changes to both the variable interest model and the voting model. Among other changes, the new standard specifically eliminates the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. Generally, only a single limited partner that is able to exercise substantive kick-out rights will consolidate. The new standard will be effective for the Company beginning on January 1, 2016 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity/capital as of the beginning of the period of adoption or retrospectively to each period presented. The Company is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position. In April 2015, the FASB issued ASU No. 2015-03 "Simplifying the Presentation of Debt Issuance Costs", which requires companies to present debt financing costs as a direct deduction from the carrying amount of the associated debt liability rather than as an asset, consistent with the presentation of debt discounts on the consolidated balance sheets. The new standard will be effective for the Company beginning on January 1, 2016 and early adoption is permitted. The Company adopted this standard during the second quarter of 2015. This adoption resulted in a reclassification of $29.4 million in debt issuance costs, net of accumulated amortization, from an asset to a reduction to associated debt liabilities as of December 31, 2014 . In January 2016, the FASB issued ASU No. 2016-01 "Recognition and Measurement of Financial Assets and Financial Liabilities", which requires changes to the classification and measurement of investments in certain equity securities and to the presentation of certain fair value changes for financial liabilities measured at fair value. The new standard will be effective for the Company beginning on January 1, 2018 and early adoption is permitted. The Company is currently evaluating the impact of this amendment on its consolidated results of operations and financial position. |
Real Estate Rental Properties | Significant expenditures, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized. Operating real estate assets are stated at cost and consist of land, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Expenditures for maintenance and repairs are charged to expense as incurred. The depreciable life of various categories of fixed assets is as follows: Computer software and equipment 3 - 5 years Interior apartment home improvements 5 years Furniture, fixtures and equipment 5 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 15 months. The net carrying value of acquired in-place leases as of December 31, 2015 of $2.9 million is expected to be recognized in amortization expense primarily in 2016. 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, 2015 and 2014, two and one properties were classified as held for sale, respectively. No impairment charges were recorded in 2015, 2014 or 2013. In the normal course of business, the Company will receive purchase offers for its communities, either solicited or unsolicited. For those offers that are accepted, the prospective buyer will usually require a due diligence period before consummation of the transaction. It is not unusual for matters to arise that result in the withdrawal or rejection of the offer during this process. The Company classifies real estate as "held for sale" when all criteria under the accounting standard for the disposals of long-lived assets have been met. |
Co-investments | 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 homes are recorded when due from tenants and are recognized monthly as they are earned, which is not materially different than on a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 6 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. 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 with 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 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. 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). |
Notes Receivable | Notes receivable relate to real estate financing arrangements including mezzanine and bridge loans and are secured by real estate. Interest is recognized over the life of the note as interest income. Each note is analyzed to determine if it is impaired. A note is impaired if it is probable that the Company will not collect all contractually due principal and interest. The Company does not accrue interest when a note is considered impaired and an allowance is recorded for any principal and previously accrued interest that are not believed to be collectible. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income. |
Capitalization Policy | 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. |
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, 2015 and 2014 , because interest rates, yields and other terms for these instruments are consistent with yields and other terms currently available for similar instruments. Management has estimated that the fair value of fixed rate debt with a carrying value of $4.8 billion and $4.4 billion , at December 31, 2015 and 2014 , respectively, to be $4.8 billion and $4.6 billion . Management has estimated the fair value of the Company’s $525.3 million and $651.7 million of variable rate debt at December 31, 2015 and 2014 , respectively, is $527.6 million and $656.3 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, 2015 and 2014 due to the short-term maturity of these instruments. Marketable securities and derivative liabilities are carried at fair value as of December 31, 2015 and 2014 . At December 31, 2015 and 2014 , the Company’s investments in mortgage backed securities had a carrying value of $80.4 million and $68.0 million , respectively. The Company estimated the fair value of investment in mortgage backed securities at December 31, 2015 and 2014 to be approximately $110.2 million and $96.0 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 uses interest rate swaps and interest rate caps as part of its cash flow hedging strategy. The Company records all derivatives on its consolidated balance 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 for accounting purposes as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated for accounting purposes as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the initial and ongoing effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated for accounting purposes as cash flow hedges, changes in fair value are recognized in earnings. All of the Company’s interest rate swaps are considered cash flow hedges. The change in fair value of the total return swaps is reported as total return swap income in the consolidated statements of income. |
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, 2015 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. |
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. |
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 statements of income. Realized gains and losses on available for sale securities are included in interest and other income on the consolidated statements of income. |
Accounting Estimates | The preparation of consolidated financial statements, in accordance with GAAP, requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, and its notes receivable. The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions. |
Summary of Critical and Signi29
Summary of Critical and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Critical and Significant Accounting Policies [Abstract] | |
Depreciable life of various categories of fixed assets | The depreciable life of various categories of fixed assets is as follows: Computer software and equipment 3 - 5 years Interior apartment home improvements 5 years Furniture, fixtures and equipment 5 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, 2015 and 2014 marketable securities and other investments consist of the following ($ in thousands): December 31, 2015 Amortized Cost Gross Unrealized Gain (Loss) Carrying Value Available for sale: Investment-grade unsecured bonds $ 11,618 $ 68 $ 11,686 Investment funds - US treasuries 3,675 (9 ) 3,666 Common stock and stock funds 34,655 7,091 41,746 Held to maturity: Mortgage backed securities 80,387 — 80,387 Total - Marketable securities and other investments $ 130,335 $ 7,150 $ 137,485 December 31, 2014 Amortized Cost Gross Unrealized Gain Carrying Value 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 5,000 — 5,000 Total - Marketable securities and other investments $ 111,955 $ 5,285 $ 117,240 |
Status of cash dividends distributed | The status of cash dividends distributed for the years ended December 31, 2015 , 2014 , and 2013 related to common stock, Series G and Series H preferred stock are classified for tax purposes as follows: 2015 2014 2013 Common Stock Ordinary income 99.28 % 70.03 % 77.34 % Capital gain 0.72 % 21.95 % 17.64 % Unrecaptured section 1250 capital gain — % 8.02 % 5.02 % 100.00 % 100.00 % 100.00 % 2015 2014 2013 Series G and H Preferred stock Ordinary income 99.28 % 70.03 % 77.34 % Capital gains 0.72 % 21.95 % 17.64 % Unrecaptured section 1250 capital gain — % 8.02 % 5.02 % 100.00 % 100.00 % 100.00 % |
Changes in Accumulated Other Comprehensive Income (Loss), Net by Component | Essex Property Trust, Inc. ($ in thousands) Change in fair value and amortization of swap settlements Unrealized gains on available for sale securities Total Balance at December 31, 2014 $ (56,003 ) $ 4,551 $ (51,452 ) Other comprehensive income before reclassification (393 ) 1,804 1,411 Amounts reclassified from accumulated other comprehensive loss 8,030 — 8,030 Other comprehensive income 7,637 1,804 9,441 Balance at December 31, 2015 $ (48,366 ) $ 6,355 $ (42,011 ) |
Schedule of business acquisitions | A summary of the fair value of the assets and liabilities acquired on April 1, 2014 was as follows (includes the 14 properties acquired on March 31, 2014 as the OP Units issued were retired on April 1, 2014) (in millions): Cash assumed $ 140 Rental properties and real estate under development 5,605 Real estate held for sale, net 108 Co-investments 224 Acquired in-place lease value 77 Other assets 16 Mortgage notes payable and unsecured debt (1,747 ) Other liabilities (87 ) 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. ($ in thousands) Change in fair value and amortization of swap settlements Unrealized gains on available for sale securities Total Balance at December 31, 2014 $ (53,980 ) $ 4,624 $ (49,356 ) Other comprehensive income before reclassification (407 ) 1,865 1,458 Amounts reclassified from accumulated other comprehensive loss 8,300 — 8,300 Other comprehensive income 7,893 1,865 9,758 Balance at December 31, 2015 $ (46,087 ) $ 6,489 $ (39,598 ) |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate Investments, Net [Abstract] | |
Disposal Groups, Including Discontinued Operations | The table below summarized disposition activity for the year ended December 31, 2015 ($ in millions): Property Name Location Apartment Homes Essex Ownership Percentage Ownership Quarter in 2015 Sales Price Gains Pinnacle South Mountain Phoenix, AZ 552 100 % EPLP Q1 $ 63.8 $ 4.7 Sharon Green Menlo Park, CA 296 100 % EPLP Q4 245.0 40.2 Total 2015 848 $ 308.8 $ 44.9 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 Revenues $ 4,454 Property operating expenses (1,406 ) Depreciation and amortization (1,098 ) Expenses (2,504 ) Operating income from real estate sold 1,950 Gain on sale of real estate 29,223 Income from discontinued operations $ 31,173 |
Schedule of Real Estate Properties | The table below summarizes acquisition activity for the year ended December 31, 2015 ($ in millions): Property Name Location Apartment Homes Essex Ownership Percentage Quarter in 2015 Purchase Price 8th & Hope Los Angeles, CA 290 100 % Q1 $ 200.0 The Huxley (1) Los Angeles, CA 187 100 % Q1 48.8 The Dylan (1) Los Angeles, CA 184 100 % Q1 51.3 Reveal (2) Woodland Hills, CA 438 99.75 % Q2 73.0 Avant Los Angeles, CA 247 100 % Q2 99.0 Avant II Los Angeles, CA 193 100 % Q4 73.0 Enso San Jose, CA 183 100 % Q4 93.0 Total 2015 1,722 $ 638.1 (1) In March 2015, the Company purchased the joint venture partner's remaining membership interest in The Huxley and The Dylan co-investments for a purchase price of $100.1 million . The properties are now consolidated. (2) In April 2015, the Company purchased the joint venture partner's 49.5% membership interest in the Reveal co-investment for a purchase price of $73.0 million . The property is now consolidated. |
Summary of Co Investment | The carrying values of the Company’s co-investments as of December 31, 2015 and 2014 are as follows ($ in thousands): Ownership December 31, Percentage 2015 2014 Membership interest/Partnership interest in: CPPIB 50%-55% $ 329,723 $ 336,977 Wesco I, III and IV 50 % 218,902 256,790 BEXAEW 50 % 88,850 97,686 Palm Valley 50 % 68,525 70,186 Other 28%-55% 32,927 50,438 Total operating co-investments 738,927 812,077 Total development co-investments 50%-55% 190,808 121,655 Total preferred interest co-investments (includes related party investments of $35.8 million and $40.8 million as of December 31, 2015 and December 31, 2014, respectively) 106,312 108,691 Total co-investments $ 1,036,047 $ 1,042,423 |
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, 2015 2014 Combined balance sheets: (1) Rental properties and real estate under development $ 3,360,360 $ 3,426,574 Other assets 96,785 107,902 Total assets $ 3,457,145 $ 3,534,476 Debt $ 1,499,601 $ 1,568,398 Other liabilities 92,241 91,579 Equity 1,865,303 1,874,499 Total liabilities and equity $ 3,457,145 $ 3,534,476 Company's share of equity $ 1,036,047 $ 1,042,423 Years ended December 31, 2015 2014 2013 Combined statements of income: (1) Property revenues $ 260,175 $ 188,548 $ 100,402 Property operating expenses (93,067 ) (71,419 ) (37,518 ) Net operating income 167,108 117,129 62,884 Gain on sale of real estate 14 23,333 146,758 Interest expense (44,834 ) (39,990 ) (24,155 ) General and administrative (5,879 ) (6,321 ) (5,344 ) Equity income from co-investments (2) — 26,798 18,703 Depreciation and amortization (103,613 ) (74,657 ) (36,831 ) Net income $ 12,796 $ 46,292 $ 162,015 Company's share of net income (3) $ 21,861 $ 39,893 $ 55,865 (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. Includes income earned from investments with a related party of $3.7 million and $3.8 million for the years ended December 31, 2015 and 2014, respectively. |
Notes and Other Receivables (Ta
Notes and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes and Other Receivables [Abstract] | |
Notes and Other Receivables | Notes receivables, secured by real estate, and other receivables consist of the following as December 31, 2015 and 2014 ($ in thousands): 2015 2014 Note receivable, secured, bearing interest at 6.0%, due December 2016 $ 3,219 $ 3,212 Notes and other receivables from affiliates (1) 3,092 8,105 Other receivables 12,974 13,606 $ 19,285 $ 24,923 (1) The Company had $3.1 million and $8.1 million of short-term loans outstanding and due from various joint ventures for the years ended December 31, 2015 and 2014, respectively. See Note 5, Related Party Transactions, for additional details. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Components from Discontinued Operations | The table below summarized disposition activity for the year ended December 31, 2015 ($ in millions): Property Name Location Apartment Homes Essex Ownership Percentage Ownership Quarter in 2015 Sales Price Gains Pinnacle South Mountain Phoenix, AZ 552 100 % EPLP Q1 $ 63.8 $ 4.7 Sharon Green Menlo Park, CA 296 100 % EPLP Q4 245.0 40.2 Total 2015 848 $ 308.8 $ 44.9 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 Revenues $ 4,454 Property operating expenses (1,406 ) Depreciation and amortization (1,098 ) Expenses (2,504 ) Operating income from real estate sold 1,950 Gain on sale of real estate 29,223 Income from discontinued operations $ 31,173 |
Unsecured Debt (Tables)
Unsecured Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of unsecured debt and lines of credit | Unsecured debt consists of the following as of December 31, 2015 and 2014 ($ in thousands): 2015 2014 Weighted Average Maturity In Years Unsecured bonds private placement - fixed rate $ 463,891 $ 463,443 3.2 Term loan - variable rate 224,467 224,130 0.9 Bonds public offering - fixed rate 2,400,322 1,915,975 6.7 Unsecured debt, net (1) 3,088,680 2,603,548 Lines of credit, net (2) 11,707 242,824 Total unsecured debt $ 3,100,387 $ 2,846,372 Weighted average interest rate on fixed rate unsecured and unsecured private placement bonds 3.6 % 3.6 % Weighted average interest rate on variable rate term loan 2.4 % 2.4 % Weighted average interest rate on lines of credit 1.9 % 1.8 % (1) Includes unamortized premium and discounts of $14.3 million and $27.5 million and reduced by unamortized debt issuance costs of $15.6 million and $13.9 million as of December 31, 2015 and 2014 , respectively. (2) Includes unamortized debt issuance costs of $3.3 million and $3.6 million as of December 31, 2015 and 2014 , respectively. |
Summary of unsecured private placement bonds | The following is a summary of the Company’s unsecured private placement bonds as of December 31, 2015 and 2014 ($ in thousands): Maturity 2015 2014 Coupon Rate Senior unsecured private placement notes March 2016 $ 150,000 $ 150,000 4.36 % Senior unsecured private placement notes September 2017 40,000 40,000 4.50 % Senior unsecured private placement notes December 2019 75,000 75,000 4.92 % Senior unsecured private placement notes April 2021 100,000 100,000 4.27 % Senior unsecured private placement notes June 2021 50,000 50,000 4.30 % Senior unsecured private placement notes August 2021 50,000 50,000 4.37 % $ 465,000 $ 465,000 |
Schedule of Long-term Debt Instruments | The following is a summary of the Company’s senior unsecured notes as of December 31, 2015 and 2014 ($ in thousands): Maturity 2015 2014 Coupon Senior notes March 2017 300,000 300,000 5.500 % Senior notes March 2021 300,000 300,000 5.200 % Senior notes August 2022 300,000 300,000 3.625 % Senior notes January 2023 300,000 300,000 3.375 % Senior notes May 2023 300,000 300,000 3.250 % Senior notes May 2024 400,000 400,000 3.875 % Senior notes April 2025 500,000 — 3.500 % 2,400,000 1,900,000 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, 2015 and 2014 ($ in thousands): 2015 2014 Fixed rate mortgage notes payable $ 1,925,985 $ 2,049,577 Variable rate mortgage notes payable (1) 289,092 184,740 Total mortgage notes payable (2) $ 2,215,077 $ 2,234,317 Number of properties securing mortgage notes 64 67 Remaining terms 1-31 years 1-26 years Weighted average interest rate 4.4 % 4.6 % |
Schedule of Maturities of Long-term Debt | The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2015 are as follows ($ in thousands): 2016 $ 350,000 2017 365,000 2018 — 2019 (1) 75,000 2020 — Thereafter 2,300,000 $ 3,090,000 The aggregate scheduled principal payments of mortgage notes payable at December 31, 2015 are as follows ($ in thousands): 2016 $ 29,714 2017 199,180 2018 320,622 2019 586,212 2020 693,088 Thereafter 329,451 $ 2,158,267 (1) Variable rate mortgage notes payable, including $257.3 million in bonds that have been converted to variable rate through total return swap contracts, consists of multi-family housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 1.2% at December 2015 and 1.8% at December 2014) 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 apartment homes are subject to tenant income criteria. Principal balances are due in full at various maturity dates from March 2019 through December 2046. Of these bonds $20.7 million are subject to various interest rate cap agreements which limit the maximum interest rate to such bonds. (2) Includes total unamortized premium of $ 64.8 million and $ 83.8 million and reduced by unamortized debt issuance costs of $8.0 million and $11.9 million as of December 31, 2015 and 2014 , respectively. |
Mortgage Notes Payable (Tables)
Mortgage Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Payable [Abstract] | |
Mortgages notes payable | The following is a summary of the Company’s senior unsecured notes as of December 31, 2015 and 2014 ($ in thousands): Maturity 2015 2014 Coupon Senior notes March 2017 300,000 300,000 5.500 % Senior notes March 2021 300,000 300,000 5.200 % Senior notes August 2022 300,000 300,000 3.625 % Senior notes January 2023 300,000 300,000 3.375 % Senior notes May 2023 300,000 300,000 3.250 % Senior notes May 2024 400,000 400,000 3.875 % Senior notes April 2025 500,000 — 3.500 % 2,400,000 1,900,000 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, 2015 and 2014 ($ in thousands): 2015 2014 Fixed rate mortgage notes payable $ 1,925,985 $ 2,049,577 Variable rate mortgage notes payable (1) 289,092 184,740 Total mortgage notes payable (2) $ 2,215,077 $ 2,234,317 Number of properties securing mortgage notes 64 67 Remaining terms 1-31 years 1-26 years Weighted average interest rate 4.4 % 4.6 % |
Aggregate scheduled principal payments of mortgage notes payable | The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2015 are as follows ($ in thousands): 2016 $ 350,000 2017 365,000 2018 — 2019 (1) 75,000 2020 — Thereafter 2,300,000 $ 3,090,000 The aggregate scheduled principal payments of mortgage notes payable at December 31, 2015 are as follows ($ in thousands): 2016 $ 29,714 2017 199,180 2018 320,622 2019 586,212 2020 693,088 Thereafter 329,451 $ 2,158,267 (1) Variable rate mortgage notes payable, including $257.3 million in bonds that have been converted to variable rate through total return swap contracts, consists of multi-family housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 1.2% at December 2015 and 1.8% at December 2014) 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 apartment homes are subject to tenant income criteria. Principal balances are due in full at various maturity dates from March 2019 through December 2046. Of these bonds $20.7 million are subject to various interest rate cap agreements which limit the maximum interest rate to such bonds. (2) Includes total unamortized premium of $ 64.8 million and $ 83.8 million and reduced by unamortized debt issuance costs of $8.0 million and $11.9 million as of December 31, 2015 and 2014 , respectively. |
Lease Agreements (Tables)
Lease Agreements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Future minimum non-cancelable base rent under operating leases | The future minimum non-cancelable base rent to be received under these operating leases for each of the years ending after December 31 is summarized as follows ($ in thousands): Future Minimum Rent 2016 $ 11,067 2017 10,078 2018 9,211 2019 8,467 2020 7,690 Thereafter 24,955 $ 71,468 |
Net Income Per Common Share a36
Net Income Per Common Share and Net Income Per Common Unit (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 ): 2015 2014 2013 Income Weighted- average Common Shares Per Common Share Amount Income Weighted- average Common Shares Per Common Share Amount Income Weighted- average Common Shares Per Common Share Amount Basic: Income from continuing operations available to common stockholders $ 226,865 64,871,717 $ 3.50 $ 116,859 56,546,959 $ 2.07 $ 121,324 37,248,960 $ 3.26 Income from discontinued operations available to common stockholders — 64,871,717 — — 56,546,959 — 29,487 37,248,960 0.79 $ 226,865 $ 3.50 $ 116,859 $ 2.07 $ 150,811 $ 4.05 Effect of Dilutive Securities (1) — 189,968 — 149,566 — 86,335 Diluted: Income from continuing operations available to common stockholders (1) $ 226,865 65,061,685 $ 3.49 $ 116,859 56,696,525 $ 2.06 $ 121,324 37,335,295 $ 3.25 Income from discontinued operations available to common stockholders — 65,061,685 — — 56,696,525 — 29,487 37,335,295 0.79 $ 226,865 $ 3.49 $ 116,859 $ 2.06 $ 150,811 $ 4.04 (1) Weighted average convertible limited partnership units of 2,182,467 , 2,224,707 , and 2,131,425 , 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, for the years ended December 31, 2015 , 2014 and 2013 , respectively, were not included in the determination of diluted earnings per share calculation because they were anti-dilutive. Additionally, excludes 963,172 DownREIT units as they are 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 ): 2015 2014 2013 Income Weighted- average Common Units Per Common Unit Amount Income Weighted- average Common Units Per Common Unit Amount Income Weighted- average Common Units Per Common Unit Amount Basic: Income from continuing operations available to common unitholders $ 234,689 67,054,184 $ 3.50 $ 121,726 58,771,666 $ 2.07 $ 128,576 39,380,385 $ 3.27 Income from discontinued operations — 67,054,184 — — 58,771,666 — 31,173 39,380,385 0.79 Income available to common unitholders $ 234,689 $ 3.50 $ 121,726 $ 2.07 $ 159,749 $ 4.06 Effect of Dilutive Securities (1) — 189,968 — 149,566 — 86,335 Diluted: Income from continuing operations available to common unitholders (1) $ 234,689 67,244,152 $ 3.49 $ 121,726 58,921,232 $ 2.07 $ 128,576 39,466,720 $ 3.26 Income from discontinued operations — 67,244,152 — — 58,921,232 — 31,173 39,466,720 0.79 Income available to common unitholders $ 234,689 $ 3.49 $ 121,726 $ 2.07 $ 159,749 $ 4.05 (1) Stock options of 54,100 , 10,843 , and 168,325 , for the years ended December 31, 2015 , 2014 , and 2013 , 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. Additionally, excludes 963,172 DownREIT units as they are anti-dilutive. The cumulative convertible Series H preferred interest have been excluded from diluted earnings per unit for the years ended 2015 , 2014 , and 2013 respectively, as the effect was anti-dilutive. The cumulative convertible Series G preferred interest have been excluded from diluted earnings per unit for the years ended 2014 and 2013 respectively, as the effect was anti-dilutive. |
Equity Based Compensation Pla37
Equity Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 2014 2013 Stock price $ 227.75 $ 176.65 $ 153.54 Risk-free interest rates 1.83 % 2.37 % 2.68 % Expected lives 6 years 8 years 8 years Volatility 20.06 % 18.00 % 18.03 % Dividend yield 2.73 % 2.90 % 3.15 % |
Summary of stock options activity | A summary of the status of the Company’s stock option plans as of December 31, 2015 , 2014 , and 2013 and changes during the years ended on those dates is presented below: 2015 2014 2013 Shares Weighted- average exercise price Shares Weighted- average exercise price Shares Weighted- average exercise price Outstanding at beginning of year 664,785 $ 138.78 695,488 $ 133.37 623,434 $ 125.96 Granted 78,600 227.75 42,518 176.65 150,325 153.54 Granted - BRE options converted — — 133,766 121.03 — — Exercised (203,556 ) 131.53 (185,387 ) 113.72 (52,970 ) 102.43 Forfeited and canceled (14,735 ) 136.11 (21,600 ) 144.29 (25,301 ) 135.25 Outstanding at end of year 525,094 154.98 664,785 138.78 695,488 133.37 Options exercisable at year end 342,048 152.42 395,986 133.99 300,632 119.09 |
Summary information of stock options outstanding | The following table summarizes information about stock options outstanding as of December 31, 2015 : Options outstanding Options exercisable Number outstanding as of Weighted- average remaining Weighted- average Number exercisable as of Weighted- average Range of December 31, contractual exercise December 31, exercise exercise prices 2015 life (years) price 2015 price $66.05 - $101.01 15,901 3.2 $ 74.47 15,901 $ 74.47 $105.64 - $161.98 367,024 5.3 139.73 218,041 135.00 $164.76 - $229.43 142,169 7.5 203.37 108,106 199.02 525,094 5.8 154.98 342,048 152.42 |
Restricted stock activity | The following table summarizes information about restricted stock outstanding as of December 31, 2015 , 2014 and 2013 and changes during the years ended: 2015 2014 2013 Shares Weighted- average grant price Shares Weighted- average grant price Shares Weighted- average grant price Unvested at beginning of year 25,820 $ 168.22 16,176 $ 108.06 24,922 $ 104.52 Granted 56,177 155.21 22,014 194.03 1,556 158.75 Granted - BRE restricted stock converted — — 119,411 173.82 — — Vested (22,939 ) 148.20 (126,931 ) 171.56 (7,211 ) 109.86 Forfeited and canceled (4,382 ) 122.06 (4,850 ) 135.10 (3,091 ) 100.84 Unvested at end of year 54,676 147.10 25,820 168.22 16,176 108.06 |
Summary of long term incentive plan - Z Units | The following table summarizes information about the LTIP Units outstanding as of December 31, 2015 ($ in thousands): Long Term Incentive Plan - LTIP Units Total Vested Units Total Unvested Units Total Outstanding Units Weighted- average Grant-date Fair Value Weighted- average Remaining Contractual Life (years) Balance, December 31, 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 Granted — — — Vested 36,650 (36,650 ) — Converted (74,384 ) — (74,384 ) Cancelled — (8,260 ) (8,260 ) Balance, December 31, 2015 144,185 106,157 250,342 $ 75.41 9.5 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 2014 , and 2013 ($ in thousands): Years Ended December 31, 2015 2014 2013 Revenues: Southern California $ 529,440 $ 423,570 $ 263,582 Northern California 416,347 326,996 210,831 Seattle Metro 201,418 168,337 107,796 Other real estate assets 38,293 42,688 21,118 Total property revenues $ 1,185,498 $ 961,591 $ 603,327 Net operating income: Southern California $ 355,007 $ 279,434 $ 176,075 Northern California 297,472 228,971 146,053 Seattle Metro 136,580 112,494 71,650 Other real estate assets 32,931 28,146 12,213 Total net operating income 821,990 649,045 405,991 Depreciation and amortization (453,423 ) (360,592 ) (192,420 ) Interest expense (204,827 ) (164,551 ) (116,524 ) Total return swap income 5,655 — — Management and other fees from affiliates 8,909 9,347 7,263 General and administrative (40,090 ) (40,878 ) (26,684 ) Merger and integration expenses (3,798 ) (53,530 ) (4,284 ) Acquisition and investment related costs (2,414 ) (1,878 ) (1,161 ) Interest and other income 19,143 11,811 11,633 Loss on early retirement of debt, net (6,114 ) (268 ) (300 ) Gain on sale of real estate and land 47,333 46,039 1,503 Equity income from co-investments 21,861 39,893 55,865 Gain on remeasurement of co-investment 34,014 — — Income before discontinued operations $ 248,239 $ 134,438 $ 140,882 |
Reconciliation of Assets from Segment to Consolidated | Total assets for each of the reportable operating segments are summarized as follows as of December 31, 2015 and 2014 ($ in thousands): As of December 31, Assets: 2015 2014 Southern California $ 4,912,264 $ 4,277,754 Northern California 3,749,072 3,418,571 Seattle Metro 1,613,175 1,647,058 Other real estate assets 107,066 336,492 Net reportable operating segments - real estate assets 10,381,577 9,679,875 Real estate under development 242,326 429,096 Co-investments 1,036,047 1,042,423 Real estate held for sale, net 26,879 56,300 Cash and cash equivalents, including restricted cash 123,055 95,749 Marketable securities and other investments 137,485 117,240 Notes and other receivables 19,285 24,923 Other non-segment assets 38,437 81,126 Total assets $ 12,005,091 $ 11,526,732 |
Quarterly Results of Operatio39
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 and 2014 ( $ in thousands, except per share and dividend amounts ): Quarter ended December 31 Quarter ended September 30 Quarter ended June 30 Quarter ended March 31 2015: Total property revenues $ 308,646 $ 302,522 $ 294,101 $ 280,229 Net income $ 85,762 $ 47,182 $ 50,542 $ 64,753 Net income available to common stockholders $ 79,624 $ 42,323 $ 45,555 $ 59,363 Per share data: Net income: Basic (1) $ 1.22 $ 0.65 $ 0.70 $ 0.92 Diluted (1) $ 1.22 $ 0.65 $ 0.70 $ 0.92 Market price: High $ 244.71 $ 232.20 $ 231.90 $ 243.17 Low $ 214.29 $ 205.72 $ 208.85 $ 207.26 Close $ 239.41 $ 223.42 $ 212.50 $ 229.90 Dividends declared $ 1.44 $ 1.44 $ 1.44 $ 1.44 2014 (2) : Total property revenues $ 276,778 $ 268,512 $ 256,952 $ 159,349 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 (1) $ 0.63 $ 0.85 $ 0.02 $ 0.58 Diluted (1) $ 0.63 $ 0.85 $ 0.02 $ 0.58 Market price: High $ 214.43 $ 196.08 $ 185.99 $ 173.01 Low $ 176.70 $ 177.68 $ 164.76 $ 141.79 Close $ 206.60 $ 178.75 $ 184.91 $ 170.05 Dividends declared $ 1.30 $ 1.30 $ 1.30 $ 1.21 (1) Quarterly earnings per common unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common units outstanding and included in the calculation of basic and diluted shares. (2) Includes BRE results of operations after the merger date, April 1, 2014. |
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 2015 and 2014 ( $ in thousands, except per unit and distribution amounts ): Quarter ended December 31 Quarter ended September 30 Quarter ended June 30 Quarter ended March 31 2015: Total property revenues $ 308,646 $ 302,522 $ 294,101 $ 280,229 Net income $ 85,762 $ 47,182 $ 50,542 $ 64,753 Net income available to common unitholders $ 82,333 $ 43,794 $ 47,088 $ 61,474 Per unit data: Net income: Basic (1) $ 1.22 $ 0.65 $ 0.70 $ 0.93 Diluted (1) $ 1.22 $ 0.65 $ 0.70 $ 0.92 Distributions declared $ 1.44 $ 1.44 $ 1.44 $ 1.44 2014 (2) : Total property revenues $ 276,778 $ 268,512 $ 256,952 $ 159,349 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 (1) $ 0.63 $ 0.85 $ 0.02 $ 0.58 Diluted (1) $ 0.63 $ 0.85 $ 0.02 $ 0.58 Distributions declared $ 1.30 $ 1.30 $ 1.30 $ 1.21 (1) Quarterly earnings per common unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common units outstanding and included in the calculation of basic and diluted shares. (2) Includes BRE results of operations after the merger date, April 1, 2014. |
Organization (Details)
Organization (Details) $ / shares in Units, $ in Thousands | Apr. 01, 2014USD ($)$ / sharesshares | Dec. 31, 2015USD ($)communitybuildingapartmentprojectshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
General partner ownership interest (in hundredths) | 96.70% | 96.70% | ||
Limited partner - ownership percentage | 3.30% | 3.30% | ||
Operating Partnership units outstanding (in shares) | shares | 2,214,545 | 2,168,158 | ||
Redemption value of Operating Partnership units outstanding | $ | $ 530,200 | $ 447,900 | ||
Number of apartment communities owned | community | 246 | |||
Apartment units owned | apartment | 59,160 | |||
Ownership interests, number of commercial buildings | building | 4 | |||
Ownership interests, number of active development projects | project | 8 | |||
Business Acquisition [Line Items] | ||||
Merger and integration expenses | $ | $ 3,798 | $ 53,530 | $ 4,284 | |
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 | shares | 0.2971 | |||
Share price (in dollars per share) | $ 7.18 | |||
Merger and integration expenses | $ | $ 4,300,000 | |||
Special dividend declared per share | $ 5.15 | |||
Cash consideration per share before special dividend | $ 12.33 | |||
Common stock issued as consideration by general partner in merger (in shares) | shares | 23,100,000 | |||
Share price | $ 61 | |||
Share price after deducting special dividend and cash consideration | $ 48.67 |
Summary of Critical and Signi41
Summary of Critical and Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)communitypartnershipshares | Dec. 31, 2014USD ($)communityshares | Dec. 31, 2013USD ($) | |
Principles of Consolidation [Abstract] | |||
Noncontrolling interest in Operating Partnership (in hundredths) | 3.30% | 3.30% | |
Number of DownREIT limited partnerships the company consolidates | partnership | 19 | ||
Number of communities within the DownREIT partnership | community | 11 | ||
Assets related to variable interest entities, net intercompany eliminations | $ 241,000,000 | $ 235,100,000 | |
Liabilities related to variable interest entities, net of intercompany eliminations | $ 206,700,000 | $ 209,100,000 | |
Redemption rights of limited partners issuance of common stock for partnership unit, conversion basis | one share per unit basis | ||
Total DownREIT units outstanding (in shares) | shares | 963,172 | 974,790 | |
Redemption value of the variable interest entities | $ 230,600,000 | $ 201,400,000 | |
Redeemable noncontrolling interest | 45,452,000 | 23,256,000 | |
Noncontrolling interest in limited partnerships | $ 18,400,000 | 30,800,000 | |
Redemption of limited partnership interest, shares issuable per unit | shares | 1 | ||
Property, Plant and Equipment [Line Items] | |||
Long-term debt | $ 2,215,077,000 | 2,234,317,000 | |
Real Estate Rental Properties [Abstract] | |||
Threshold useful life of assets for capitalization | 1 year | ||
Depreciable life of various categories of fixed assets [Abstract] | |||
Acquired in-place lease value, net | $ 2,857,000 | $ 47,748,000 | |
Number of communities held-for-sale | community | 2 | 1 | |
Revenues and Gains on Sale of Real Estate [Abstract] | |||
Lease terms, minimum | 6 months | ||
Lease terms, maximum | 12 months | ||
Cash Equivalents and Restricted Cash [Abstract] | |||
Original maturities of highly liquid investments to be classified as cash equivalents, maximum | 3 months | ||
Marketable Securities [Abstract] | |||
Maturity date of investments in mortgage backed securities, first | November 2,019 | November 2,019 | |
Maturity date of investments in mortgage backed securities, final | September 2,020 | September 2,020 | |
Available-for-sale Securities [Abstract] | |||
Available for Sale - Carrying Value | $ 137,485,000 | $ 117,240,000 | |
Held-to-maturity Securities [Abstract] | |||
Marketable securities, amortized cost | 130,335,000 | 106,955,000 | |
Marketable securities, gross unrealized gain | 7,150,000 | 5,285,000 | |
Marketable securities, carrying value | 137,485,000 | 112,240,000 | |
Other investments, amortized cost | 5,000,000 | ||
Other investments, gross unrealized gain | 0 | ||
Other investments, carrying value | 5,000,000 | ||
Total marketable securities and other investments, amortized cost | 111,955,000 | ||
Total marketable securities and other investments, gross unrealized gain | 5,285,000 | ||
Total marketable securities and other investments, carrying value | 117,240,000 | ||
Proceeds from sale of available-for-sale securities | 3,300,000 | 8,800,000 | $ 24,200,000 |
Gain on sale of available-for-sale securities | 0 | 900,000 | 1,800,000 |
Sale of other investments | 5,600,000 | 0 | 0 |
Gain on sale of other investments | 600,000 | ||
Capitalization Policy [Abstract] | |||
Capitalized internal costs related to development and redevelopment projects | 10,900,000 | 10,400,000 | $ 7,500,000 |
Fair Value of Financial Instruments [Abstract] | |||
Fixed rate debt carrying amount | 4,800,000,000 | 4,400,000,000 | |
Fixed rate debt fair value | 4,800,000,000 | 4,600,000,000 | |
Variable rate debt, carrying amount | 525,300,000 | 651,700,000 | |
Variable rate debt fair value | 527,600,000 | 656,300,000 | |
Mortgage backed securities fair value | 110,200,000 | 96,000,000 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Stockholders' equity, beginning balance | 6,022,672,000 | ||
Stockholders' equity, ending balance | 6,237,733,000 | 6,022,672,000 | |
Essex Portfolio, L.P. [Member] | |||
Principles of Consolidation [Abstract] | |||
Redeemable noncontrolling interest | 45,452,000 | 23,256,000 | |
Depreciable life of various categories of fixed assets [Abstract] | |||
Acquired in-place lease value, net | 2,857,000 | 47,748,000 | |
Available-for-sale Securities [Abstract] | |||
Available for Sale - Carrying Value | $ 137,485,000 | 117,240,000 | |
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 | ||
Investment-grade unsecured bonds [Member] | |||
Available-for-sale Securities [Abstract] | |||
Available for Sale - Amortized Cost | $ 11,618,000 | 9,435,000 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 68,000 | 145,000 | |
Available for Sale - Carrying Value | 11,686,000 | 9,580,000 | |
Investment funds-US treasuries [Member] | |||
Available-for-sale Securities [Abstract] | |||
Available for Sale - Amortized Cost | 3,675,000 | 3,769,000 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | (9,000) | 3,000 | |
Available for Sale - Carrying Value | 3,666,000 | 3,772,000 | |
Common Stock [Member] | |||
Available-for-sale Securities [Abstract] | |||
Available for Sale - Amortized Cost | 34,655,000 | 25,755,000 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 7,091,000 | 5,137,000 | |
Available for Sale - Carrying Value | 41,746,000 | 30,892,000 | |
Mortgage backed securities [Member] | |||
Held-to-maturity Securities [Abstract] | |||
Held to Maturity - Amortized Cost | 80,387,000 | 67,996,000 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | 0 | |
Held-to-maturity Securities | $ 80,387,000 | $ 68,000,000 | |
Common Stock [Member] | |||
Status of cash dividends distributed [Abstract] | |||
Ordinary income (in hundredths) | 99.28% | 70.03% | 77.34% |
Capital gains (in hundredths) | 0.72% | 21.95% | 17.64% |
Unrecaptured section 1250 capital gain (in hundredths) | 0.00% | 8.02% | 5.02% |
Total cash dividends distributed (in hundredths) | 100.00% | 100.00% | 100.00% |
Series G and H Preferred Stock [Member] | |||
Status of cash dividends distributed [Abstract] | |||
Ordinary income (in hundredths) | 99.28% | 70.03% | 77.34% |
Capital gains (in hundredths) | 0.72% | 21.95% | 17.64% |
Unrecaptured section 1250 capital gain (in hundredths) | 0.00% | 8.02% | 5.02% |
Total cash dividends distributed (in hundredths) | 100.00% | 100.00% | 100.00% |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Stockholders' equity, beginning balance | $ (51,452,000) | ||
Other comprehensive income before reclassification | 1,411,000 | ||
Amounts reclassified from accumulated other comprehensive loss | 8,030,000 | ||
Other comprehensive income | 9,441,000 | ||
Stockholders' equity, ending balance | (42,011,000) | $ (51,452,000) | |
Accumulated Other Comprehensive Income (Loss) [Member] | Essex Portfolio, L.P. [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Stockholders' equity, beginning balance | (49,356,000) | ||
Other comprehensive income before reclassification | 1,458,000 | ||
Amounts reclassified from accumulated other comprehensive loss | 8,300,000 | ||
Other comprehensive income | 9,758,000 | ||
Stockholders' equity, ending balance | (39,598,000) | (49,356,000) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Stockholders' equity, beginning balance | (56,003,000) | ||
Other comprehensive income before reclassification | (393,000) | ||
Amounts reclassified from accumulated other comprehensive loss | 8,030,000 | ||
Other comprehensive income | 7,637,000 | ||
Stockholders' equity, ending balance | (48,366,000) | (56,003,000) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Essex Portfolio, L.P. [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Stockholders' equity, beginning balance | (53,980,000) | ||
Other comprehensive income before reclassification | (407,000) | ||
Amounts reclassified from accumulated other comprehensive loss | 8,300,000 | ||
Other comprehensive income | 7,893,000 | ||
Stockholders' equity, ending balance | (46,087,000) | (53,980,000) | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Stockholders' equity, beginning balance | 4,551,000 | ||
Other comprehensive income before reclassification | 1,804,000 | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | ||
Other comprehensive income | 1,804,000 | ||
Stockholders' equity, ending balance | 6,355,000 | 4,551,000 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Essex Portfolio, L.P. [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Stockholders' equity, beginning balance | 4,624,000 | ||
Other comprehensive income before reclassification | 1,865,000 | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | ||
Other comprehensive income | 1,865,000 | ||
Stockholders' equity, ending balance | $ 6,489,000 | 4,624,000 | |
Adjustments for New Accounting Principle, Early Adoption [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Long-term debt | $ 29,400,000 |
Summary of Critical and Signi42
Summary of Critical and Significant Accounting Policies - Summary of Merger (Details) $ in Thousands | Mar. 31, 2014USD ($)property | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Apr. 01, 2014USD ($) |
Business Acquisition [Line Items] | ||||||
Cash consideration for BRE merger | $ 0 | $ 555,826 | $ 0 | |||
BRE Properties, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of property units contributed | property | 14 | |||||
Value of properties contributed | $ 1,400,000 | |||||
In-place leases acquired | 19,000 | |||||
Cash assumed | 140 | |||||
Rental properties and real estate under development | 5,605 | |||||
Real estate held for sale, net | 108 | |||||
Co-investments | 224 | |||||
Acquired in-place lease value | 77 | |||||
Other assets | 16 | |||||
Mortgage notes payable and unsecured debt | (1,747) | |||||
Other liabilities | (87) | |||||
Redeemable noncontrolling interest | (5) | |||||
Total consideration for BRE merger | 4,331 | $ 4,300,000 | ||||
Cash consideration for BRE merger | 556 | |||||
Equity consideration for BRE merger | $ 3,775 | |||||
Increase in fair value of personal property | $ 13,100 | |||||
Increase in co-investment purchase price allocation | 6,000 | |||||
Decrease in liability purchase price allocation | $ 7,100 |
Real Estate Investments Acquisi
Real Estate Investments Acquisitions And Sales Of Real Estate (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)communityunit | Dec. 31, 2014USD ($)communityunit | |
Schedule of Equity Method Investments [Line Items] | ||||
Purchase Price | $ 638.1 | |||
Land and Land Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Purchase Price | 117.9 | |||
Building and Building Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Purchase Price | 513.3 | |||
Leases, Acquired-in-Place [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Purchase Price | 5.3 | |||
Prepaid Expenses and Other Current Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Purchase Price | $ 1.6 | |||
Apartment Building [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of businesses acquired | community | 7 | 6 | ||
Number of units acquired | unit | 1,722 | 1,480 | ||
Purchase Price | $ 638.1 | $ 460.7 | ||
Eighth And Hope [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of units acquired | unit | 290 | |||
Purchase Price | $ 200 | |||
Essex Ownership Percentage | 100.00% | |||
The Huxley [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of units acquired | unit | 187 | |||
Purchase Price | $ 48.8 | |||
Essex Ownership Percentage | 100.00% | |||
The Dylan [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of units acquired | unit | 184 | |||
Purchase Price | $ 51.3 | |||
Essex Ownership Percentage | 100.00% | |||
The Reveal [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of units acquired | unit | 438 | |||
Purchase Price | $ 73 | $ 73 | ||
Essex Ownership Percentage | 99.75% | |||
Ownership percentage by partners | 49.50% | |||
Avant [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of units acquired | unit | 247 | |||
Purchase Price | $ 99 | |||
Essex Ownership Percentage | 100.00% | |||
Avant II [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of units acquired | unit | 193 | |||
Purchase Price | $ 73 | |||
Essex Ownership Percentage | 100.00% | |||
Enso [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of units acquired | unit | 183 | |||
Purchase Price | $ 93 | |||
Essex Ownership Percentage | 100.00% | |||
The Huxley And The Dylan [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Purchase Price | $ 100.1 |
Real Estate Investments Sales o
Real Estate Investments Sales of Real Estate Investments(Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2015USD ($)community | Dec. 31, 2015USD ($)communityunit | Dec. 31, 2014USD ($)communityunit | Dec. 31, 2013USD ($)communityunit | |
Real Estate Properties [Line Items] | ||||
Number of communities sold | community | 2 | 2 | 4 | 3 |
Number of units sold | unit | 848 | 594 | 363 | |
Sales Price | $ 13 | $ 308.8 | $ 120.4 | $ 57.5 |
Gain on sale of real estate | $ 2.4 | $ 44.9 | $ 43.6 | $ 29.2 |
Pinnacle South Mountain [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of units sold | unit | 552 | |||
Essex Ownership Percentage | 100.00% | |||
Sales Price | $ 63.8 | |||
Gain on sale of real estate | $ 4.7 | |||
Sharon Green [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of units sold | unit | 296 | |||
Essex Ownership Percentage | 100.00% | |||
Sales Price | $ 245 | |||
Gain on sale of real estate | $ 40.2 |
Real Estate Investments Co-Inve
Real Estate Investments Co-Investments (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)apartment | Dec. 31, 2014USD ($)apartment | Dec. 31, 2013USD ($) | Dec. 31, 2010 | Aug. 31, 2015USD ($) | |
Business Acquisition [Line Items] | ||||||
Ownership Percentage | 3.00% | |||||
Co-investment | $ 13,700 | $ 1,036,047 | $ 1,042,423 | $ 20,400 | ||
Real estate under development | 242,326 | 429,096 | ||||
Other liabilities | 34,518 | 32,444 | ||||
Gain on sale of real estate | $ 2,400 | 44,900 | 43,600 | $ 29,200 | ||
Interest expense | (204,827) | (164,551) | (116,524) | |||
General and administrative | (40,090) | (40,878) | (26,684) | |||
Equity income from co-investments | 21,861 | 39,893 | 55,865 | |||
Investments With Related Parties [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Equity income from co-investments | 3,700 | 3,800 | ||||
CPPIB [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Co-investment | $ 329,723 | 336,977 | ||||
CPPIB [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Ownership Percentage | 50.00% | |||||
CPPIB [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Ownership Percentage | 55.00% | |||||
Wesco I, III, and IV [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Ownership Percentage | 50.00% | |||||
Co-investment | $ 218,902 | 256,790 | ||||
BEXAEW [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Ownership Percentage | 50.00% | |||||
Co-investment | $ 88,850 | 97,686 | ||||
Palm Valley [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Ownership Percentage | 50.00% | |||||
Co-investment | $ 68,525 | 70,186 | ||||
Other [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Co-investment | $ 32,927 | 50,438 | ||||
Other [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Ownership Percentage | 28.00% | |||||
Other [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Ownership Percentage | 55.00% | |||||
Total operating co investments [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Co-investment | $ 738,927 | $ 812,077 | ||||
Number Of apartments owned through joint ventures | apartment | 10,520 | 9,983 | ||||
Total operating co investments [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Equity method investment, ownership percentage | 50.00% | |||||
Total operating co investments [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Equity method investment, ownership percentage | 55.00% | |||||
Total development co investments [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Co-investment | $ 190,808 | $ 121,655 | ||||
Number Of apartments owned through joint ventures | apartment | 1,676 | 2,296 | ||||
Total development co investments [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Ownership Percentage | 50.00% | |||||
Equity method investment, ownership percentage | 50.00% | |||||
Total development co investments [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Ownership Percentage | 55.00% | |||||
Equity method investment, ownership percentage | 55.00% | |||||
Total preferred interest investments [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Co-investment | $ 106,312 | $ 108,691 | ||||
Total co investment [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Real estate under development | 3,360,360 | 3,426,574 | ||||
Other assets | 96,785 | 107,902 | ||||
Total assets | 3,457,145 | 3,534,476 | ||||
Debt | 1,499,601 | 1,568,398 | ||||
Other liabilities | 92,241 | 91,579 | ||||
Equity | 1,865,303 | 1,874,499 | ||||
Total liabilities and equity | 3,457,145 | 3,534,476 | ||||
Company's share of equity | 1,036,047 | 1,042,423 | ||||
Property revenues | 260,175 | 188,548 | 100,402 | |||
Property operating expenses | (93,067) | (71,419) | (37,518) | |||
Net operating income | 167,108 | 117,129 | 62,884 | |||
Gain on sale of real estate | 14 | 23,333 | 146,758 | |||
Interest expense | (44,834) | (39,990) | (24,155) | |||
General and administrative | (5,879) | (6,321) | (5,344) | |||
Equity income from co-investments | 0 | 26,798 | 18,703 | |||
Depreciation and amortization | (103,613) | (74,657) | (36,831) | |||
Net income | 12,796 | 46,292 | 162,015 | |||
Company's share of net income | $ 21,861 | $ 39,893 | $ 55,865 |
Real Estate Investments Develop
Real Estate Investments Development Co-Investments (Details) $ in Thousands | 1 Months Ended | |||||
Jul. 31, 2014USD ($)apartment | Dec. 31, 2015USD ($)apartment | Aug. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Feb. 28, 2015USD ($)apartment | Dec. 31, 2014USD ($)apartment | |
Real Estate Properties [Line Items] | ||||||
Co-investment | $ 1,036,047 | $ 20,400 | $ 13,700 | $ 1,042,423 | ||
Total development co investments [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number Of apartments owned through joint ventures | apartment | 1,676 | 2,296 | ||||
Co-investment | $ 190,808 | $ 121,655 | ||||
Total development co investments [Member] | Minimum [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Equity method investment, ownership percentage | 50.00% | |||||
Total development co investments [Member] | Maximum [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Equity method investment, ownership percentage | 55.00% | |||||
Folsom 500 [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Equity method investment, ownership percentage | 50.00% | |||||
Number of units to be developed | apartment | 545 | |||||
Estimated cost active development projects | $ 381,000 | |||||
Active development projects estimated costs to be expended | $ 319,200 | |||||
Remaining estimated cost to be contributed by Company | 159,600 | |||||
Century Towers [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Equity method investment, ownership percentage | 50.00% | |||||
Number of units to be developed | apartment | 376 | |||||
Estimated cost active development projects | $ 172,100 | |||||
Active development projects estimated costs to be expended | $ 78,900 | |||||
Remaining estimated cost to be contributed by Company | $ 39,400 | |||||
Co-investment | $ 27,000 | |||||
Preferred stock dividend rate percentage | 8.10% |
Real Estate Investments Preferr
Real Estate Investments Preferred Equity Investments and Real Estate Under Development (Details) $ in Thousands | Oct. 31, 2014USD ($) | Aug. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)unitjoint_ventureproject | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||||
Co-investment | $ 20,400 | $ 13,700 | $ 1,036,047 | $ 1,042,423 | |||
Payments to acquire additional investments | 1,300 | ||||||
Payments to acquire equity method investments | 1,300 | 127,879 | 246,006 | $ 162,578 | |||
Gain on disposal of equity method investment | $ 1,500 | $ (31,556) | (13,900) | $ 0 | |||
Number of development projects | project | 2 | ||||||
Ownership interests, number of active development projects | project | 8 | ||||||
Real Estate Under Development Activities [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership interests, number of active development projects | joint_venture | 6 | ||||||
Real Estate predevelopment projects [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of units to be developed | unit | 2,447 | ||||||
Estimated cost active development projects | $ 1,400,000 | ||||||
Active development projects estimated costs to be expended | 787,000 | ||||||
Remaining estimated cost to be contributed by Company | 542,000 | ||||||
Total preferred interest investments [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Co-investment | $ 106,312 | $ 108,691 | |||||
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 | $ 13,700 | ||||||
Cumulative dividend rate (in hundredths) | 9.00% | ||||||
Greentree Apartments [Member] | Limited Liability Company [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Cumulative dividend rate (in hundredths) | 9.50% | ||||||
Payments to acquire equity method investments | $ 10,000 | ||||||
Sterling Cove [Member] | Limited Liability Company [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Cumulative dividend rate (in hundredths) | 9.50% | ||||||
Payments to acquire equity method investments | $ 5,000 | ||||||
Alta Vista Apartments [Member] | Limited Liability Company [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Cumulative dividend rate (in hundredths) | 9.50% | ||||||
Payments to acquire equity method investments | $ 5,000 | ||||||
Equity Method Investments [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Redemption of preferred equity investments | $ 101,000 | ||||||
Gain from redemption penalties due to early redemption of preferred equity investments | $ 5,300 |
Notes and Other Receivables (De
Notes and Other Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable | $ 19,285 | $ 24,923 |
Short term bridge loan | 3,100 | 8,100 |
Secured Due December 2016 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable | $ 3,219 | 3,212 |
Stated interest rate (in hundredths) | 6.00% | |
Note and Other Receivables From Affiliates [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable | $ 3,092 | 8,105 |
Other Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable | $ 12,974 | $ 13,606 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Aug. 31, 2015USD ($)unit | Jun. 30, 2015USD ($)apartment | Mar. 31, 2015USD ($) | Jul. 31, 2014USD ($)unit | Jan. 31, 2013USD ($) | Dec. 31, 2015USD ($)apartment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2010USD ($) | |
Related Party Transaction [Line Items] | ||||||||||
Management and other fees from affiliates | $ 15,600 | $ 16,500 | $ 11,500 | |||||||
Revenues from development and redevelopment fees | 6,700 | 7,200 | 4,400 | |||||||
Payments to acquire equity method investments | $ 1,300 | 127,879 | 246,006 | 162,578 | ||||||
Company's share of gain on the sales of co-investments | $ (469) | (6,558) | (41,252) | |||||||
Apartment units owned | apartment | 59,160 | |||||||||
Cash consideration for BRE merger | $ 0 | 555,826 | 0 | |||||||
Short term bridge loan | 3,100 | 8,100 | ||||||||
Gain on disposal of equity method investment | $ 1,500 | $ (31,556) | $ (13,900) | 0 | ||||||
Related party transaction, amount of transaction | $ 4,000 | |||||||||
Limited partnership interest in partnership investments | 3.00% | |||||||||
Anaheim, CA Multifamily Property [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Equity method investments | 13,700 | |||||||||
Company's share of gain on the sales of co-investments | $ 13,700 | |||||||||
Cumulative dividend rate (in hundredths) | 9.00% | |||||||||
MMI [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Payments for brokerage fees | $ 600 | $ 400 | ||||||||
Limited Liability Company [Member] | Greentree Apartments [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Payments to acquire equity method investments | $ 10,000 | |||||||||
Cumulative dividend rate (in hundredths) | 9.50% | |||||||||
Apartment units owned | apartment | 220 | |||||||||
Limited Liability Company [Member] | Sterling Cove [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Payments to acquire equity method investments | $ 5,000 | |||||||||
Cumulative dividend rate (in hundredths) | 9.50% | |||||||||
Apartment units owned | apartment | 218 | |||||||||
Limited Liability Company [Member] | Alta Vista Apartments [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Payments to acquire equity method investments | $ 5,000 | |||||||||
Cumulative dividend rate (in hundredths) | 9.50% | |||||||||
Number of units in real estate property | unit | 92 | |||||||||
Paragon Apartments [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of properties contributed | unit | 301 | |||||||||
Cash consideration for BRE merger | $ 111,000 | |||||||||
Marcus and Millichamp Company TMMC Affiliate [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Preferred equity interest investment in a related party entity | $ 8,600 | |||||||||
Gain on disposal of equity method investment | $ 500 |
Discontinued Operations (Detail
Discontinued Operations (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)unit | |
Schedule of components from discontinued operations [Abstract] | |||
Revenues | $ 4,454 | ||
Property operating expenses | (1,406) | ||
Depreciation and amortization | (1,098) | ||
Expenses | (2,504) | ||
Operating income from real estate sold | 1,950 | ||
Gain on sale of real estate | 29,223 | ||
Income from discontinued operations | $ 0 | $ 0 | $ 31,173 |
Linden Square [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Units in the community | unit | 183 | ||
Gain on sale of real estate | $ 12,700 | ||
Sales price of communities sold | $ 25,300 | ||
Cambridge [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Units in the community | unit | 40 | ||
Gain on sale of real estate | $ 2,500 | ||
Sales price of communities sold | $ 4,700 | ||
Brentwood [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Units in the community | unit | 140 | ||
Gain on sale of real estate | $ 14,000 | ||
Sales price of communities sold | $ 27,500 |
Unsecured Debt - Unsecured Debt
Unsecured Debt - Unsecured Debt Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Unsecured debt, net | $ 3,088,680 | $ 2,603,548 |
Unsecured Debt And Line Of Credit | 3,100,387 | 2,846,372 |
Fixed Rate Bond One [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt, net | $ 463,891 | 463,443 |
Debt instruments, maturity period | 3 years 2 months 12 days | |
Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt, net | $ 224,467 | $ 224,130 |
Weighted average interest rate | 2.40% | 2.40% |
Debt instruments, maturity period | 10 months 24 days | |
Fixed Rate Bond Two [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt, net | $ 2,400,322 | $ 1,915,975 |
Weighted average interest rate | 3.60% | 3.60% |
Debt instruments, maturity period | 6 years 8 months 12 days | |
Unsecured Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt, net | $ 11,707 | $ 242,824 |
Weighted average interest rate | 1.90% | 1.80% |
Unsecured Debt - Unsecured Priv
Unsecured Debt - Unsecured Private Placement Bonds (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Senior notes | $ 465,000 | $ 465,000 |
Unsecured Bonds 4.36% [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Mar. 31, 2016 | |
Senior notes | $ 150,000 | 150,000 |
Interest rate, stated percentage | 4.36% | |
Unsecured Bonds 4.5% [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Sep. 30, 2017 | |
Senior notes | $ 40,000 | 40,000 |
Interest rate, stated percentage | 4.50% | |
Unsecured Bonds 4.92 % [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Dec. 31, 2019 | |
Senior notes | $ 75,000 | 75,000 |
Interest rate, stated percentage | 4.92% | |
Unsecured Bonds 4.27% [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Apr. 30, 2021 | |
Senior notes | $ 100,000 | 100,000 |
Interest rate, stated percentage | 4.27% | |
Unsecured Bonds 4.30% [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 30, 2021 | |
Senior notes | $ 50,000 | 50,000 |
Interest rate, stated percentage | 4.30% | |
Unsecured Bonds 4.37% [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Aug. 31, 2021 | |
Senior notes | $ 50,000 | $ 50,000 |
Interest rate, stated percentage | 4.37% |
Unsecured Debt - Senior Unsecur
Unsecured Debt - Senior Unsecured Notes (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 01, 2014 |
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 2,400,000,000 | $ 1,900,000,000 | |
Unsecured Bonds 5.500% [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 300,000,000 | 300,000,000 | |
Unsecured Bonds 5.500% [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 5.50% | ||
Unsecured Bonds 5.200% [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 300,000,000 | 300,000,000 | |
Unsecured Bonds 5.200% [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 5.20% | ||
Unsecured Bonds 3.625% [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 300,000,000 | 300,000,000 | |
Unsecured Bonds 3.625% [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 3.625% | ||
Unsecured Bonds 3.375% [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 300,000,000 | 300,000,000 | |
Unsecured Bonds 3.375% [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 3.375% | ||
Unsecured Bonds 3.25% [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 300,000,000 | 300,000,000 | |
Unsecured Bonds 3.25% [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 3.25% | ||
Unsecured Bonds 3.875% [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 400,000,000 | 400,000,000 | |
Unsecured Bonds 3.875% [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 400,000,000 | ||
Interest rate, stated percentage | 3.875% | 3.875% | |
Unsecured Bonds 3.500% [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 500,000,000 | $ 0 | |
Unsecured Bonds 3.500% [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 3.50% |
Unsecured Debt - Future Obligat
Unsecured Debt - Future Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total Debt | $ 2,215,077 | $ 2,234,317 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 350,000 | |
2,017 | 365,000 | |
2,018 | 0 | |
2,019 | 75,000 | |
2,020 | 0 | |
Thereafter | 2,300,000 | |
Total Debt | $ 3,090,000 |
Unsecured Debt - Narrative (Det
Unsecured Debt - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2016 | Jan. 31, 2015extension | Apr. 30, 2013USD ($) | Sep. 30, 2012USD ($) | Dec. 31, 2015USD ($)line_of_credit | Dec. 31, 2014USD ($) | Mar. 31, 2015USD ($) | Apr. 01, 2014USD ($) | Mar. 31, 2014USD ($) | |
Debt Instrument [Line Items] | |||||||||
Unamortized debt issuance expense | $ 8,000,000 | $ 11,900,000 | |||||||
Debt instrument, face amount | 2,400,000,000 | 1,900,000,000 | |||||||
Unsecured debt, net | 3,088,680,000 | 2,603,548,000 | |||||||
Senior notes | $ 465,000,000 | 465,000,000 | |||||||
Number of outstanding lines of credit | line_of_credit | 2 | ||||||||
Maximum borrowing capacity | $ 1,030,000,000 | ||||||||
Lines of credit, net | 11,707,000 | 242,824,000 | |||||||
Swap [Member] | Designated as Hedging Instrument [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, notional amount | 225,000,000 | ||||||||
Unsecured Line of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity, accordion option | $ 1,000,000,000 | ||||||||
Debt Instrument Basis spread on variable rate, initial | 0.95% | ||||||||
Lines of credit, net | $ 15,000,000 | 229,800,000 | |||||||
Line of credit facility Number of one year extensions available | extension | 1 | ||||||||
Period for extension option on line of credit | 18 months | ||||||||
Line of Credit Working Capital [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity, accordion option | 25,000,000 | ||||||||
Lines of credit, net | 0 | 16,600,000 | |||||||
BRE Properties, Inc. [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt acquired | $ 1,747,000 | ||||||||
Unsecured Bonds 5.500% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | 300,000,000 | 300,000,000 | |||||||
Unsecured Bonds 5.200% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | 300,000,000 | 300,000,000 | |||||||
Unsecured Bonds 3.375% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | 300,000,000 | 300,000,000 | |||||||
Unsecured Bonds 3.875% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | 400,000,000 | 400,000,000 | |||||||
Unsecured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, unamortized premium | 14,300,000 | 27,500,000 | |||||||
Unamortized debt issuance expense | 15,600,000 | 13,900,000 | |||||||
Unsecured Debt [Member] | Senior Unsecured Notes Maturing April 1, 2025 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 500,000,000 | ||||||||
Interest rate, stated percentage | 3.50% | ||||||||
Debt offering price | 99.747% | ||||||||
Senior notes | 494,800,000 | ||||||||
Unsecured Line of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unamortized debt issuance expense | $ 3,300,000 | $ 3,600,000 | |||||||
Weighted average interest rate | 1.90% | 1.80% | |||||||
Unsecured debt, net | $ 11,707,000 | $ 242,824,000 | |||||||
Unsecured Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on rate (in hundredths) | 0.90% | ||||||||
Fixed Rate Bond One [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | 465,000,000 | 465,000,000 | |||||||
Unsecured debt, net | $ 463,891,000 | $ 463,443,000 | |||||||
Unsecured Bonds 4.5% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Effective interest rate | 4.50% | 4.50% | |||||||
Interest rate, stated percentage | 4.50% | ||||||||
Senior notes | $ 40,000,000 | $ 40,000,000 | |||||||
Loans Payable [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 225,000,000 | $ 225,000,000 | |||||||
Weighted average interest rate | 2.40% | 2.40% | |||||||
Unsecured debt, net | $ 224,467,000 | $ 224,130,000 | |||||||
Basis spread on rate (in hundredths) | 1.05% | ||||||||
Term of loan | 5 years | ||||||||
Loans Payable [Member] | Variable Term Loan, Tranche One [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 200,000,000 | ||||||||
Loans Payable [Member] | Variable Term Loan, Tranche Two [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | 25,000,000 | ||||||||
Senior Notes [Member] | BRE Properties, Inc. [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unsecured debt, net | $ 919,100,000 | 931,400,000 | |||||||
Long-term debt acquired | $ 900,000,000 | ||||||||
Senior Notes [Member] | Unsecured Bonds 5.500% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 5.50% | ||||||||
Senior Notes [Member] | Unsecured Bonds 5.200% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 5.20% | ||||||||
Senior Notes [Member] | Unsecured Bonds 3.375% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 3.375% | ||||||||
Senior Notes [Member] | Unsecured Bonds 3.875% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 400,000,000 | ||||||||
Unsecured debt, net | $ 394,500,000 | 393,800,000 | |||||||
Interest rate, stated percentage | 3.875% | 3.875% | |||||||
Debt offering price | 99.234% | ||||||||
Unsecured Bonds 3.25% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 3.25% | ||||||||
Debt offering price | 99.152% | ||||||||
Proceeds from issuance of unsecured debt | $ 300,000,000 | ||||||||
Long-term debt, gross | $ 295,900,000 | 295,500,000 | |||||||
Unsecured Bonds 3.625% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 3.625% | ||||||||
Debt offering price | 98.99% | ||||||||
Proceeds from issuance of unsecured debt | $ 300,000,000 | ||||||||
Long-term debt, gross | $ 296,000,000 | $ 295,300,000 |
Mortgage Notes Payable (Details
Mortgage Notes Payable (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | |
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 2,215,077 | $ 2,234,317 |
Number of properties securing mortgage notes | property | 64 | 67 |
Weighted average interest rate (in hundredths) | 4.40% | 4.60% |
Unamortized debt issuance expense | $ 8,000 | $ 11,900 |
Monthly interest expense | 7,500 | |
Monthly principal amortization | 2,400 | |
Mortgage notes payable, net | $ 2,215,077 | $ 2,234,317 |
Repayment of debt before the scheduled maturity date, prepayment penalties | The prepayment penalty on the majority of the Company’s mortgage notes payable are computed by the greater of (a) 1% of the amount of the principal being prepaid or (b) the present value of the 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 | 31 years | 26 years |
Mortgage Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 1,925,985 | $ 2,049,577 |
Prepayment penalty, percent of principal prepaid | 1.00% | |
Multifamily Housing Mortgage Revenue Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 289,092 | $ 184,740 |
Multifamily housing mortgage revenue bonds, variable interest rate (in hundredths) | 1.20% | 1.80% |
Multifamily housing mortgage revenue bonds credit enhancement and underwriting fees, minimum (in hundredths) | 1.20% | |
Multifamily housing mortgage revenue bonds credit enhancement and underwriting fees, maximum (in hundredths) | 1.90% | |
Percentage of units subject to tenant income criteria (in hundredths) | 20.00% | |
Bond subject to interest rate caps | $ 257,300 | |
Multifamily Housing Mortgage Revenue Bonds [Member] | Total Return Swap [Member] | ||
Debt Instrument [Line Items] | ||
Bond subject to interest rate caps | 20,700 | |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | 2,158,267 | |
Debt instrument, unamortized premium | 64,800 | $ 83,800 |
Secured Deeds of Trust [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable, net | $ 48,500 |
Mortgage Notes Payable Mortgage
Mortgage Notes Payable Mortgage Notes Payable - Future Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 2,215,077 | $ 2,234,317 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 29,714 | |
2,017 | 199,180 | |
2,018 | 320,622 | |
2,019 | 586,212 | |
2,020 | 693,088 | |
Thereafter | 329,451 | |
Long-term debt | $ 2,158,267 |
Derivative Instruments and He58
Derivative Instruments and Hedging Activities (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)instrument | Dec. 31, 2014USD ($)instrument | Dec. 31, 2013USD ($) | |
Derivative [Line Items] | |||
Total return swap income | $ 5,655,000 | $ 0 | $ 0 |
Multifamily Housing Mortgage Revenue Bonds [Member] | |||
Derivative [Line Items] | |||
Bond subject to interest rate caps | 257,300,000 | ||
Designated as Hedging Instrument [Member] | Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount | $ 225,000,000 | ||
Interest rate (in hundredths) | 2.40% | ||
Designated as Hedging Instrument [Member] | Swap [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount | $ 225,000,000 | ||
Aggregate carrying value of the interest rate swap contracts | 1,000,000 | 1,800,000 | |
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Aggregate carrying value of the interest rate swap contracts | 0 | $ 0 | |
Not Designated as Hedging Instrument [Member] | Total Return Swap, Callable [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount | 114,400,000 | ||
Not Designated as Hedging Instrument [Member] | Total Return Swap, January 1, 2017 [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount | $ 142,900,000 | ||
Not Designated as Hedging Instrument [Member] | Swap [Member] | Total Return Swap [Member] | |||
Derivative [Line Items] | |||
Number of derivative instruments held | instrument | 4 | 0 | |
Derivative, fair value | $ 4,000 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Total Return Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount | $ 20,700,000 |
Lease Agreements (Details)
Lease Agreements (Details) $ in Thousands | Dec. 31, 2015USD ($)communitybuilding |
Leases [Abstract] | |
Number of commercial buildings leased | building | 3 |
Number of commercial portions of mixed use communities leased | community | 33 |
Future minimum non-cancelable base rent under operating leases [Abstract] | |
2,016 | $ 11,067 |
2,017 | 10,078 |
2,018 | 9,211 |
2,019 | 8,467 |
2,020 | 7,690 |
Thereafter | 24,955 |
Total future minimum rent | $ 71,468 |
Equity Transactions (Details)
Equity Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2014 | Jun. 30, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 01, 2014 | |
Class of Stock [Line Items] | ||||||
Proceeds from issuance from common stock | $ 332,137 | $ 531,379 | $ 137,749 | |||
General partner ownership interest (in hundredths) | 96.70% | 96.70% | ||||
Redemption value of operating partnership units outstanding | $ 530,200 | $ 447,900 | ||||
BRE Properties, Inc. [Member] | ||||||
Class of Stock [Line Items] | ||||||
Share price (in dollars per share) | $ 7.18 | |||||
Series H 7.125% Cumulative Redeemable Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Sale of common stock (in shares) | 2,950,000 | |||||
Cumulative dividend rate (in hundredths) | 7.125% | 7.125% | ||||
Issue price (in dollars per share) | $ 25 | |||||
Net proceeds | $ 71,200 | |||||
Beginning date of called period | Apr. 13, 2016 | |||||
Shares authorized (in shares) | 8,000,000 | 8,000,000 | ||||
Shares outstanding (in shares) | 2,950,000 | 2,950,000 | ||||
Liquidation preference | $ 73,800 | $ 73,800 | ||||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Sale of common stock (in shares) | 1,481,737 | |||||
Average price per share | $ 226.46 | |||||
Proceeds from issuance from common stock | $ 332,000 | $ 534,000 | ||||
Common stock, number of shares sold | 2,964,315 | |||||
Average share price | $ 181.56 | |||||
Common Stock [Member] | BRE Properties, Inc. [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock issued as consideration | 23,067,446 | |||||
Share price (in dollars per share) | $ 163.82 | |||||
Operating Partnership Units [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares outstanding (in shares) | 2,070,360 | 2,076,810 | ||||
Long Term Incentive Plan 2014 Units [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares outstanding (in shares) | 144,185 | 91,348 |
Net Income Per Common Share a61
Net Income Per Common Share and Net Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Basic: | |||||||||||
Income from continuing operations available to common stockholders | $ 226,865 | $ 116,859 | $ 121,324 | ||||||||
Income from continuing operations available to common stockholders (in shares) | 64,871,717 | 56,546,959 | 37,248,960 | ||||||||
Income from continuing operations available to common stockholders (in dollars per share) | $ 3.50 | $ 2.07 | $ 3.26 | ||||||||
Income from discontinued operations available to common stockholders | $ 0 | $ 0 | $ 29,487 | ||||||||
Income from discontinued operations available to common stockholders (in shares) | 64,871,717 | 56,546,959 | 37,248,960 | ||||||||
Income from discontinued operations available to common stockholders (in dollars per share) | $ 0 | $ 0 | $ 0.79 | ||||||||
Net income available to common stockholders | $ 79,624 | $ 42,323 | $ 45,555 | $ 59,363 | $ 40,175 | $ 53,565 | $ 1,207 | $ 21,912 | $ 226,865 | $ 116,859 | $ 150,811 |
Income available to common stockholders (in dollars per share) | $ 1.22 | $ 0.65 | $ 0.70 | $ 0.92 | $ 0.63 | $ 0.85 | $ 0.02 | $ 0.58 | $ 3.50 | $ 2.07 | $ 4.05 |
Effect of Dilutive Securities | $ 0 | $ 0 | $ 0 | ||||||||
Effect of Dilutive Securities (in shares) | 189,968 | 149,566 | 86,335 | ||||||||
Diluted: | |||||||||||
Income from continuing operations available to common stockholders | $ 226,865 | $ 116,859 | $ 121,324 | ||||||||
Income from continuing operations available to common stockholders (in shares) | 65,061,685 | 56,696,525 | 37,335,295 | ||||||||
Income from continuing operations available to common stockholders (in dollars per share) | $ 3.49 | $ 2.06 | $ 3.25 | ||||||||
Income from discontinued operations available to common stockholders | $ 0 | $ 0 | $ 29,487 | ||||||||
Income from discontinued operations available to common stockholders (in shares) | 65,061,685 | 56,696,525 | 37,335,295 | ||||||||
Income from discontinued operations available to common stockholders (in dollars per share) | $ 0 | $ 0 | $ 0.79 | ||||||||
Total income (Diluted) | $ 226,865 | $ 116,859 | $ 150,811 | ||||||||
Total income per common share amount (in dollars per share) | $ 1.22 | $ 0.65 | $ 0.70 | $ 0.92 | $ 0.63 | $ 0.85 | $ 0.02 | $ 0.58 | $ 3.49 | $ 2.06 | $ 4.04 |
Convertible Limited Partnership Units [Member] | |||||||||||
Diluted: | |||||||||||
Anti-dilutive securities (in shares) | 2,182,467 | 2,224,707 | 2,131,425 | ||||||||
DownREIT Units [Member] | |||||||||||
Diluted: | |||||||||||
Anti-dilutive securities (in shares) | 963,172 | ||||||||||
Stock Options [Member] | |||||||||||
Diluted: | |||||||||||
Anti-dilutive securities (in shares) | 54,100 | 10,843 | 168,325 | ||||||||
Essex Portfolio, L.P. [Member] | |||||||||||
Basic: | |||||||||||
Income from continuing operations available to common stockholders | $ 234,689 | $ 121,726 | $ 128,576 | ||||||||
Income from continuing operations available to common stockholders (in shares) | 67,054,184 | 58,771,666 | 39,380,385 | ||||||||
Income from continuing operations available to common stockholders (in dollars per share) | $ 3.50 | $ 2.07 | $ 3.27 | ||||||||
Income from discontinued operations available to common stockholders | $ 0 | $ 0 | $ 31,173 | ||||||||
Income from discontinued operations available to common stockholders (in shares) | 67,054,184 | 58,771,666 | 39,380,385 | ||||||||
Income from discontinued operations available to common stockholders (in dollars per share) | $ 0 | $ 0 | $ 0.79 | ||||||||
Net income available to common stockholders | $ 82,333 | $ 43,794 | $ 47,088 | $ 61,474 | $ 41,599 | $ 55,382 | $ 1,416 | $ 23,329 | $ 234,689 | $ 121,726 | $ 159,749 |
Income available to common stockholders (in dollars per share) | $ 1.22 | $ 0.65 | $ 0.70 | $ 0.93 | $ 0.63 | $ 0.85 | $ 0.02 | $ 0.58 | $ 3.50 | $ 2.07 | $ 4.06 |
Effect of Dilutive Securities | $ 0 | $ 0 | $ 0 | ||||||||
Effect of Dilutive Securities (in shares) | 189,968 | 149,566 | 86,335 | ||||||||
Diluted: | |||||||||||
Income from continuing operations available to common stockholders | $ 234,689 | $ 121,726 | $ 128,576 | ||||||||
Income from continuing operations available to common stockholders (in shares) | 67,244,152 | 58,921,232 | 39,466,720 | ||||||||
Income from continuing operations available to common stockholders (in dollars per share) | $ 3.49 | $ 2.07 | $ 3.26 | ||||||||
Income from discontinued operations available to common stockholders | $ 0 | $ 0 | $ 31,173 | ||||||||
Income from discontinued operations available to common stockholders (in shares) | 67,244,152 | 58,921,232 | 39,466,720 | ||||||||
Income from discontinued operations available to common stockholders (in dollars per share) | $ 0 | $ 0 | $ 0.79 | ||||||||
Total income (Diluted) | $ 234,689 | $ 121,726 | $ 159,749 | ||||||||
Total income per common share amount (in dollars per share) | $ 1.22 | $ 0.65 | $ 0.70 | $ 0.92 | $ 0.63 | $ 0.85 | $ 0.02 | $ 0.58 | $ 3.49 | $ 2.07 | $ 4.05 |
Equity Based Compensation Pla62
Equity Based Compensation Plans (Details) | Dec. 09, 2014shares | Dec. 31, 2013shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 09, 2015 | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Dec. 31, 2011shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares available (in shares) | shares | 1,000,000 | 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 | ||||||||
Accelerated share-based compensation cost | $ 2,700,000 | ||||||||
Intrinsic value of the options outstanding and fully vested | 29,800,000 | $ 29,800,000 | |||||||
Average fair value of stock options granted (in dollars per share) | $ / shares | $ 22.78 | $ 20.56 | $ 15.80 | ||||||
Cap on the appreciation of the market price over the exercise price, option 1 | $ 75 | $ 75 | $ 75 | ||||||
Cap on the appreciation of the market price over the exercise price, option 2 | 100 | 100 | 100 | ||||||
Cap on the appreciation of the market price over the exercise price, option 3 | $ 125 | 125 | 125 | ||||||
Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Option grants to officers and employees vesting period | 0 years | ||||||||
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] | |||||||||
Share based compensation expense | $ 6,100,000 | 6,100,000 | 2,300,000 | ||||||
Stock-based compensation capitalized | 300,000 | 400,000 | 400,000 | ||||||
Intrinsic value of options exercised | 19,400,000 | $ 12,700,000 | $ 3,000,000 | ||||||
Unrecognized compensation cost | 3,400,000 | $ 3,400,000 | |||||||
Unrecognized compensation cost, weighted average recognition period, minimum | 0 years | ||||||||
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 | 7,700,000 | $ 7,700,000 | |||||||
Unrecognized compensation cost, weighted average recognition period, minimum | 0 years | ||||||||
Unrecognized compensation cost, weighted average recognition period, maximum | 4 years | ||||||||
Granted (in shares) | shares | 56,177 | 22,014 | 1,556 | ||||||
2015 LTIP Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share based compensation expense | $ 2,400,000 | ||||||||
Granted (in shares) | shares | 44,750 | ||||||||
Units issued subject only to performance measurement | shares | 24,000 | ||||||||
Vesting percentage of units per year | 20.00% | ||||||||
Percent of awards earned | 95.75% | ||||||||
Conversion ratio, incentive units | 1 | ||||||||
Liquidity measurement period | 10 years | ||||||||
Measurement period | 10 years | ||||||||
Unrecognized compensation cost, period for recognition | 9 years 6 months | ||||||||
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 | ||||||||
Granted (in shares) | shares | 50,500 | 154,500 | |||||||
Conversion ratio, incentive units | 1 | ||||||||
Incentive units conversion ratio | one-for-one | ||||||||
Series Z Incentive Units [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Option grants to officers and employees 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] | |||||||||
Option grants to officers and employees vesting period | 15 years | ||||||||
Vesting percentage of units per year | 14.00% | ||||||||
Long Term Incentive Plan 2014 Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting percentage of units per year | 25.00% | ||||||||
Conversion ratio, incentive units | 1 | ||||||||
Liquidity measurement period | 10 years | ||||||||
Measurement period | 10 years | ||||||||
Vesting percentage for 2011 Z 1 Units to be convertible | 100.00% | ||||||||
Unrecognized compensation cost, period for recognition | 3 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] | |||||||||
Share based compensation expense | $ 3,500,000 | $ 6,000,000 | $ 2,200,000 | ||||||
Stock-based compensation capitalized | 500,000 | $ 400,000 | $ 500,000 | ||||||
Unrecognized compensation cost | 6,000,000 | $ 6,000,000 | |||||||
Granted (in shares) | shares | 0 | 44,750 | 50,500 | ||||||
Intrinsic value of vested and unvested LTIP units | $ 59,900,000 | $ 59,900,000 | |||||||
BRE Properties, Inc. [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share based compensation expense | 200,000 | $ 3,600,000 | |||||||
Merger and integration expenses | $ 100,000 | $ 1,700,000 |
Equity Based Compensation Pla63
Equity Based Compensation Plans Weighted average assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted average assumptions used to estimate fair value of stock options [Abstract] | |||
Stock price (in dollars per share) | $ 227.75 | $ 176.65 | $ 153.54 |
Risk-free interest rates (in hundredths) | 1.83% | 2.37% | 2.68% |
Expected lives | 6 years | 8 years | 8 years |
Volatility (in hundredths) | 20.06% | 18.00% | 18.03% |
Dividend yield (in hundredths) | 2.73% | 2.90% | 3.15% |
Equity Based Compensation Pla64
Equity Based Compensation Plans Summary of stock options activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares [Roll Forward] | |||
Beginning balance, outstanding | 664,785 | 695,488 | 623,434 |
Granted | 78,600 | 42,518 | 150,325 |
Assumed - Merger | 0 | 133,766 | 0 |
Exercised | (203,556) | (185,387) | (52,970) |
Forfeited and canceled | (14,735) | (21,600) | (25,301) |
Ending balance, outstanding | 525,094 | 664,785 | 695,488 |
Options exercisable at year end | 342,048 | 395,986 | 300,632 |
Weighted-average exercise price [Abstract] | |||
Outstanding at beginning of year (in dollars per share) | $ 138.78 | $ 133.37 | $ 125.96 |
Granted (in dollars per share) | 227.75 | 176.65 | 153.54 |
Assumed - Merger (in dollars per share) | 0 | 121.03 | 0 |
Exercised (in dollars per share) | 131.53 | 113.72 | 102.43 |
Forfeited and canceled (in dollars per share) | 136.11 | 144.29 | 135.25 |
Outstanding at end of year (in dollars per share) | 154.98 | 138.78 | 133.37 |
Options exercisable at year end (in dollars per share) | $ 152.42 | $ 133.99 | $ 119.09 |
Equity Based Compensation Pla65
Equity Based Compensation Plans, Summary information of stock options outstanding (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of options outstanding (in shares) | shares | 525,094 |
Options outstanding, Weighted-average remaining contractual life (years) | 5 years 9 months 18 days |
Options outstanding, Weighted-average exercise price (in dollars per share) | $ 154.98 |
Number of options exercisable (in shares) | shares | 342,048 |
Options exercisable, Weighted-average exercise price (in dollars per share) | $ 152.42 |
$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) | shares | 15,901 |
Options outstanding, Weighted-average remaining contractual life (years) | 3 years 2 months 12 days |
Options outstanding, Weighted-average exercise price (in dollars per share) | $ 74.47 |
Number of options exercisable (in shares) | shares | 15,901 |
Options exercisable, Weighted-average exercise price (in dollars per share) | $ 74.47 |
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) | 105.64 |
Exercise price range, upper range limit (in dollars per share) | $ 161.98 |
Number of options outstanding (in shares) | shares | 367,024 |
Options outstanding, Weighted-average remaining contractual life (years) | 5 years 3 months 18 days |
Options outstanding, Weighted-average exercise price (in dollars per share) | $ 139.73 |
Number of options exercisable (in shares) | shares | 218,041 |
Options exercisable, Weighted-average exercise price (in dollars per share) | $ 135 |
164.76 - 179.48 [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) | $ 229.43 |
Number of options outstanding (in shares) | shares | 142,169 |
Options outstanding, Weighted-average remaining contractual life (years) | 7 years 6 months |
Options outstanding, Weighted-average exercise price (in dollars per share) | $ 203.37 |
Number of options exercisable (in shares) | shares | 108,106 |
Options exercisable, Weighted-average exercise price (in dollars per share) | $ 199.02 |
Equity Based Compensation Pla66
Equity Based Compensation Plans, Restricted stock activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | ||||
Shares [Roll forward] | ||||
Unvested at beginning of year (in shares) | 25,820 | 16,176 | 24,922 | |
Granted (in shares) | 56,177 | 22,014 | 1,556 | |
Assumed - Merger (in shares) | 0 | 119,411 | 0 | |
Vested (in shares) | (22,939) | (126,931) | (7,211) | |
Forfeited and canceled (in shares) | (4,382) | (4,850) | (3,091) | |
Unvested at end of year (in shares) | 54,676 | 25,820 | 16,176 | 24,922 |
Weighted-average grant price [Abstract] | ||||
Unvested at beginning of year (in dollars per share) | $ 168.22 | $ 108.06 | $ 104.52 | |
Granted (in dollars per share) | 155.21 | 194.03 | 158.75 | |
Assumed - Merger (in dollars per share) | 0 | 173.82 | 0 | |
Vested (in dollars per share) | 148.20 | 171.56 | 109.86 | |
Forfeited and canceled (in dollars per share) | 122.06 | 135.10 | 100.84 | |
Unvested at end of year (in dollars per share) | $ 147.10 | $ 168.22 | $ 108.06 | $ 104.52 |
Long Term Incentive Plans - Z Units and 2014 LTIP Units [Member] | ||||
Shares [Roll forward] | ||||
Unvested at beginning of year (in shares) | 151,067 | 149,381 | 140,043 | |
Granted (in shares) | 0 | 44,750 | 50,500 | |
Vested (in shares) | 36,650 | 41,729 | 35,919 | |
Converted (in shares) | 0 | 0 | 0 | |
Forfeited and canceled (in shares) | (8,260) | (1,335) | (5,243) | |
Unvested at end of year (in shares) | 106,157 | 151,067 | 149,381 | 140,043 |
Weighted-average grant price [Abstract] | ||||
Unvested at beginning of year (in dollars per share) | $ 71.14 | $ 63.53 | $ 58.44 | |
Unvested at end of year (in dollars per share) | $ 75.41 | $ 71.14 | $ 63.53 | $ 58.44 |
Incentive units vested [Roll Forward] | ||||
Vested, beginning balance (in shares) | 181,919 | 118,190 | 190,704 | |
Vested, units granted (in shares) | 0 | 24,000 | 0 | |
Vested, units vested (in shares) | 36,650 | 41,729 | 35,919 | |
Converted (in shares) | (74,384) | (2,000) | (108,433) | |
Cancelled (in shares) | 0 | 0 | 0 | |
Vested, ending balance (in shares) | 144,185 | 181,919 | 118,190 | 190,704 |
Total outstanding incentive units [Abstract] | ||||
Total outstanding units, beginning balance (in shares) | 332,986 | 267,571 | 330,747 | |
Total outstanding units, granted (in shares) | 0 | 68,750 | 50,500 | |
Total outstanding units, vested (in shares) | 0 | 0 | 0 | |
Total outstanding units, converted (in shares) | (74,384) | (2,000) | (108,433) | |
Total outstanding units, cancelled (in shares) | (8,260) | (1,335) | (5,243) | |
Total outstanding units, ending balance (in shares) | 250,342 | 332,986 | 267,571 | 330,747 |
Weighted average remaining contractual life outstanding units | 9 years 6 months | 10 years 6 months | 9 years 3 months 24 days | 11 years 3 months 24 days |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Aug. 31, 2015USD ($) | |
Segment Reporting [Abstract] | ||||||||||||
Number of reportable operating segments defined by geographical regions | segment | 3 | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Total property revenues | $ 308,646 | $ 302,522 | $ 294,101 | $ 280,229 | $ 276,778 | $ 268,512 | $ 256,952 | $ 159,349 | $ 1,185,498 | $ 961,591 | $ 603,327 | |
Net operating income | 821,990 | 649,045 | 405,991 | |||||||||
Depreciation and amortization | (453,423) | (360,592) | (192,420) | |||||||||
Interest expense | (204,827) | (164,551) | (116,524) | |||||||||
Total return swap income | 5,655 | 0 | 0 | |||||||||
Management and other fees from affiliates | 8,909 | 9,347 | 7,263 | |||||||||
General and administrative | (40,090) | (40,878) | (26,684) | |||||||||
Merger and integration expenses | (3,798) | (53,530) | (4,284) | |||||||||
Acquisition and investment related costs | (2,414) | (1,878) | (1,161) | |||||||||
Interest and other income | 19,143 | 11,811 | 11,633 | |||||||||
Loss on early retirement of debt, net | (6,114) | (268) | (300) | |||||||||
Gains on sale of real estate and land | 47,333 | 46,039 | 1,503 | |||||||||
Equity income from co-investments | 21,861 | 39,893 | 55,865 | |||||||||
Gains on remeasurement of co-investment | 34,014 | 0 | 0 | |||||||||
Income before discontinued operations | 248,239 | 134,438 | 140,882 | |||||||||
Net reportable operating segment - real estate assets | 10,381,577 | 9,679,875 | 10,381,577 | 9,679,875 | ||||||||
Real estate under development | 242,326 | 429,096 | 242,326 | 429,096 | ||||||||
Co-investments | 1,036,047 | $ 13,700 | 1,042,423 | 1,036,047 | 1,042,423 | $ 20,400 | ||||||
Real estate held for sale, net | 26,879 | 56,300 | 26,879 | 56,300 | ||||||||
Cash and cash equivalents, including restricted cash | 123,055 | 95,749 | 123,055 | 95,749 | ||||||||
Marketable securities and other investments | 137,485 | 117,240 | 137,485 | 117,240 | ||||||||
Notes and other receivables | 19,285 | 24,923 | 19,285 | 24,923 | ||||||||
Other non-segment assets | 38,437 | 81,126 | 38,437 | 81,126 | ||||||||
Total assets | 12,005,091 | 11,526,732 | 12,005,091 | 11,526,732 | ||||||||
Southern California [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Total property revenues | 529,440 | 423,570 | 263,582 | |||||||||
Net operating income | 355,007 | 279,434 | 176,075 | |||||||||
Net reportable operating segment - real estate assets | 4,912,264 | 4,277,754 | 4,912,264 | 4,277,754 | ||||||||
Northern California [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Total property revenues | 416,347 | 326,996 | 210,831 | |||||||||
Net operating income | 297,472 | 228,971 | 146,053 | |||||||||
Net reportable operating segment - real estate assets | 3,749,072 | 3,418,571 | 3,749,072 | 3,418,571 | ||||||||
Seattle Metro [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Total property revenues | 201,418 | 168,337 | 107,796 | |||||||||
Net operating income | 136,580 | 112,494 | 71,650 | |||||||||
Net reportable operating segment - real estate assets | 1,613,175 | 1,647,058 | 1,613,175 | 1,647,058 | ||||||||
Other Real Estate Assets [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Total property revenues | 38,293 | 42,688 | 21,118 | |||||||||
Net operating income | 32,931 | 28,146 | $ 12,213 | |||||||||
Net reportable operating segment - real estate assets | $ 107,066 | $ 336,492 | $ 107,066 | $ 336,492 |
401(k) Plan (Details)
401(k) Plan (Details) - 401(k) Benefit Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Employer matching contribution, percent | 50.00% | ||
Company contributions to benefit plan | $ 1.6 | $ 0.9 | $ 0.7 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Dec. 31, 2015USD ($)lease |
Commitments and Contingencies Disclosure [Abstract] | |
Number of non cancelable ground leases | lease | 7 |
Operating Leases, Future Minimum Payments Due [Abstract] | |
Due by December 31, 2016 | $ 2.7 |
December 31, 2017 | 2.7 |
December 31, 2018 | 2.7 |
December 31, 2019 | 2.7 |
December 31, 2020 | 2.7 |
Operating leases future minimum payments due after 5 years | 131.9 |
Property casualty insurance, deductible per incident, maximum | 5 |
Pacific Western Insurance LLC [Member] | |
Guarantor Obligations [Line Items] | |
Investments and Cash | $ 60.3 |
Subsequent Events (Details)
Subsequent Events (Details) | 1 Months Ended | 12 Months Ended | ||||
Feb. 26, 2016USD ($)unit | Jan. 31, 2016USD ($)unit | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)unit | Dec. 31, 2014USD ($)unit | Dec. 31, 2013USD ($)unit | |
Subsequent Event [Line Items] | ||||||
Purchase of parcel of land | $ 515,726,000 | $ 387,547,000 | $ 348,774,000 | |||
Number of units sold | unit | 848 | 594 | 363 | |||
Sale of apartment community | $ 13,000,000 | $ 308,800,000 | $ 120,400,000 | $ 57,500,000 | ||
Debt instrument, face amount | $ 2,400,000,000 | $ 1,900,000,000 | ||||
Subsequent Event [Member] | Unsecured Debt [Member] | Unsecured Bonds 4.36% [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Debt instrument, face amount | $ 150,000,000 | |||||
Interest rate, stated percentage | 4.36% | |||||
Subsequent Event [Member] | Palo Alto, CA [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds from sale of headquarters building | $ 18,000,000 | |||||
Subsequent Event [Member] | Mio Apartment Community [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of units acquired | unit | 103 | |||||
Purchase of parcel of land | $ 51,300,000 | |||||
Subsequent Event [Member] | Harvest Park [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Purchase of parcel of land | $ 30,500,000 | |||||
Number of units sold | unit | 104 | |||||
Subsequent Event [Member] | BEXAWE, LLC [Member] | The Heights [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of units sold | unit | 332 | |||||
Sale of apartment community | $ 93,800,000 | |||||
Repayments of loan on property | $ 50,300,000 | |||||
Equity method investment, ownership percentage | 50.00% |
Quarterly Results of Operatio71
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Total property revenues | $ 308,646 | $ 302,522 | $ 294,101 | $ 280,229 | $ 276,778 | $ 268,512 | $ 256,952 | $ 159,349 | $ 1,185,498 | $ 961,591 | $ 603,327 |
Net income | 85,762 | 47,182 | 50,542 | 64,753 | 44,805 | 58,582 | 4,645 | 26,406 | 248,239 | 134,438 | 172,055 |
Net income available to common stockholders | $ 79,624 | $ 42,323 | $ 45,555 | $ 59,363 | $ 40,175 | $ 53,565 | $ 1,207 | $ 21,912 | $ 226,865 | $ 116,859 | $ 150,811 |
Net income: | |||||||||||
Basic (in dollars per share) | $ 1.22 | $ 0.65 | $ 0.70 | $ 0.92 | $ 0.63 | $ 0.85 | $ 0.02 | $ 0.58 | $ 3.50 | $ 2.07 | $ 4.05 |
Diluted (in dollars per share) | 1.22 | 0.65 | 0.70 | 0.92 | 0.63 | 0.85 | 0.02 | 0.58 | $ 3.49 | $ 2.06 | $ 4.04 |
Market price: | |||||||||||
High (in dollars per share) | 244.71 | 232.20 | 231.90 | 243.17 | 214.43 | 196.08 | 185.99 | 173.01 | |||
Low (in dollars per share) | 214.29 | 205.72 | 208.85 | 207.26 | 176.70 | 177.68 | 164.76 | 141.79 | |||
Close (in dollars per share) | 239.41 | 223.42 | 212.50 | 229.90 | 206.60 | 178.75 | 184.91 | 170.05 | |||
Dividends declared (in dollars per share) | $ 1.44 | $ 1.44 | $ 1.44 | $ 1.44 | $ 1.30 | $ 1.30 | $ 1.30 | $ 1.21 | |||
Essex Portfolio, L.P. [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Total property revenues | $ 308,646 | $ 302,522 | $ 294,101 | $ 280,229 | $ 276,778 | $ 268,512 | $ 256,952 | $ 159,349 | $ 1,185,498 | $ 961,591 | $ 603,327 |
Net income | 85,762 | 47,182 | 50,542 | 64,753 | 44,805 | 58,582 | 4,645 | 26,406 | 248,239 | 134,438 | 172,055 |
Net income available to common stockholders | $ 82,333 | $ 43,794 | $ 47,088 | $ 61,474 | $ 41,599 | $ 55,382 | $ 1,416 | $ 23,329 | $ 234,689 | $ 121,726 | $ 159,749 |
Net income: | |||||||||||
Basic (in dollars per share) | $ 1.22 | $ 0.65 | $ 0.70 | $ 0.93 | $ 0.63 | $ 0.85 | $ 0.02 | $ 0.58 | $ 3.50 | $ 2.07 | $ 4.06 |
Diluted (in dollars per share) | 1.22 | 0.65 | 0.70 | 0.92 | 0.63 | 0.85 | 0.02 | 0.58 | $ 3.49 | $ 2.07 | $ 4.05 |
Market price: | |||||||||||
Dividends declared (in dollars per share) | $ 1.44 | $ 1.44 | $ 1.44 | $ 1.44 | $ 1.3 | $ 1.3 | $ 1.3 | $ 1.21 |
SCHEDULE III REAL ESTATE AND 72
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) | 12 Months Ended | ||||
Dec. 31, 2015USD ($)apartment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($)ft² | Dec. 31, 2014USD ($) | |
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrance | $ 2,215,077,000 | ||||
Initial cost [Abstract] | |||||
Land | 2,484,492,000 | ||||
Buildings and improvements | 8,598,162,000 | ||||
Costs capitalized subsequent to acquisition | 1,248,815,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,522,842,000 | ||||
Buildings and improvements | 9,808,627,000 | ||||
Total | $ 12,331,469,000 | 12,331,469,000 | |||
Accumulated depreciation | (1,564,806,000) | $ (1,254,886,000) | $ (1,081,517,000) | (1,949,892,000) | $ (1,564,806,000) |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Improvements | 220,895,000 | 135,812,000 | 92,016,000 | ||
Acquisition of real estate | 805,124,000 | 5,678,054,000 | 344,476,000 | ||
Development of real estate | 307,083,000 | 19,751,000 | 14,111,000 | ||
Disposition of real estate | (246,314,000) | (32,693,000) | (40,518,000) | ||
Balance at the end of year | 12,331,469,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at beginning of year | (1,564,806,000) | (1,254,886,000) | (1,081,517,000) | ||
Depreciation expense - Acquisitions | 15,734,000 | 121,426,000 | 6,203,000 | ||
Depreciation expense - Discontinued operations | 0 | 0 | 12,290,000 | ||
Depreciation expense - Rental properties | 386,953,000 | 199,495,000 | 168,092,000 | ||
Dispositions | (17,601,000) | (11,001,000) | (13,216,000) | ||
Balance at the end of year | (1,949,892,000) | (1,564,806,000) | (1,254,886,000) | ||
Aggregate cost for federal income tax purpose | $ 8,900,000,000 | ||||
BRE Properties, Inc. [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Rental property expense | 5,200,000,000 | ||||
Encumbered Apartment Communities [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 17,085 | ||||
Encumbrance | 2,215,077,000 | ||||
Initial cost [Abstract] | |||||
Land | 797,144,000 | ||||
Buildings and improvements | 2,589,987,000 | ||||
Costs capitalized subsequent to acquisition | 482,664,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 810,649,000 | ||||
Buildings and improvements | 3,059,146,000 | ||||
Total | $ 3,869,795,000 | 3,869,795,000 | |||
Accumulated depreciation | (750,915,000) | (750,915,000) | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | 3,869,795,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (750,915,000) | ||||
Encumbered Apartment Communities [Member] | Avondale at Warner Center [Member] | Woodland Hills, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 446 | ||||
Encumbrance | 44,470,000 | ||||
Initial cost [Abstract] | |||||
Land | 10,536,000 | ||||
Buildings and improvements | 24,522,000 | ||||
Costs capitalized subsequent to acquisition | 18,315,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 10,601,000 | ||||
Buildings and improvements | 42,772,000 | ||||
Total | $ 53,373,000 | 53,373,000 | |||
Accumulated depreciation | $ (26,174,000) | (26,174,000) | |||
Date of construction | 1,970 | ||||
Date acquired | Jan97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 53,373,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (26,174,000) | ||||
Encumbered Apartment Communities [Member] | Avondale at Warner Center [Member] | Woodland Hills, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Avondale at Warner Center [Member] | Woodland Hills, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Bel Air [Member] | San Ramon, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 462 | ||||
Encumbrance | 52,615,000 | ||||
Initial cost [Abstract] | |||||
Land | 12,105,000 | ||||
Buildings and improvements | 18,252,000 | ||||
Costs capitalized subsequent to acquisition | 31,563,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 12,682,000 | ||||
Buildings and improvements | 49,238,000 | ||||
Total | $ 61,920,000 | 61,920,000 | |||
Accumulated depreciation | $ (26,928,000) | (26,928,000) | |||
Date of construction | 1,988 | ||||
Date acquired | Jan97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 61,920,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (26,928,000) | ||||
Encumbered Apartment Communities [Member] | Bel Air [Member] | San Ramon, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Bel Air [Member] | San Ramon, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Belcarra [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 296 | ||||
Encumbrance | 54,416,000 | ||||
Initial cost [Abstract] | |||||
Land | 21,725,000 | ||||
Buildings and improvements | 92,091,000 | ||||
Costs capitalized subsequent to acquisition | 253,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 21,725,000 | ||||
Buildings and improvements | 92,344,000 | ||||
Total | $ 114,069,000 | 114,069,000 | |||
Accumulated depreciation | $ (5,874,000) | (5,874,000) | |||
Date of construction | 2,009 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 114,069,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,874,000) | ||||
Encumbered Apartment Communities [Member] | Belcarra [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Belcarra [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Bella Villagio [Member] | San Jose, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 231 | ||||
Encumbrance | 34,686,000 | ||||
Initial cost [Abstract] | |||||
Land | 17,247,000 | ||||
Buildings and improvements | 40,343,000 | ||||
Costs capitalized subsequent to acquisition | 2,271,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 17,247,000 | ||||
Buildings and improvements | 42,614,000 | ||||
Total | $ 59,861,000 | 59,861,000 | |||
Accumulated depreciation | $ (8,054,000) | (8,054,000) | |||
Date of construction | 2,004 | ||||
Date acquired | Sep10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 59,861,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,054,000) | ||||
Encumbered Apartment Communities [Member] | Bella Villagio [Member] | San Jose, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Bella Villagio [Member] | San Jose, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | BellCentre [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 248 | ||||
Encumbrance | 40,485,000 | ||||
Initial cost [Abstract] | |||||
Land | 16,197,000 | ||||
Buildings and improvements | 67,207,000 | ||||
Costs capitalized subsequent to acquisition | 1,463,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 16,197,000 | ||||
Buildings and improvements | 68,670,000 | ||||
Total | $ 84,867,000 | 84,867,000 | |||
Accumulated depreciation | $ (4,461,000) | (4,461,000) | |||
Date of construction | 2,001 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 84,867,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,461,000) | ||||
Encumbered Apartment Communities [Member] | BellCentre [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | BellCentre [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Belmont Station [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 275 | ||||
Encumbrance | 29,604,000 | ||||
Initial cost [Abstract] | |||||
Land | 8,100,000 | ||||
Buildings and improvements | 66,666,000 | ||||
Costs capitalized subsequent to acquisition | 5,034,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 8,267,000 | ||||
Buildings and improvements | 71,533,000 | ||||
Total | $ 79,800,000 | 79,800,000 | |||
Accumulated depreciation | $ (20,898,000) | (20,898,000) | |||
Date of construction | 2,009 | ||||
Date acquired | Mar09 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 79,800,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (20,898,000) | ||||
Encumbered Apartment Communities [Member] | Belmont Station [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Belmont Station [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Bridgeport [Member] | Newark, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 184 | ||||
Encumbrance | 20,559,000 | ||||
Initial cost [Abstract] | |||||
Land | 1,608,000 | ||||
Buildings and improvements | 7,582,000 | ||||
Costs capitalized subsequent to acquisition | 8,801,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 1,525,000 | ||||
Buildings and improvements | 16,466,000 | ||||
Total | $ 17,991,000 | 17,991,000 | |||
Accumulated depreciation | $ (12,685,000) | (12,685,000) | |||
Date of construction | 1,987 | ||||
Date acquired | Jul87 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 17,991,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (12,685,000) | ||||
Encumbered Apartment Communities [Member] | Bridgeport [Member] | Newark, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Bridgeport [Member] | Newark, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Brookside Oaks [Member] | Sunnyvale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 170 | ||||
Encumbrance | 18,897,000 | ||||
Initial cost [Abstract] | |||||
Land | 7,301,000 | ||||
Buildings and improvements | 16,310,000 | ||||
Costs capitalized subsequent to acquisition | 23,258,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 10,328,000 | ||||
Buildings and improvements | 36,541,000 | ||||
Total | $ 46,869,000 | 46,869,000 | |||
Accumulated depreciation | $ (16,270,000) | (16,270,000) | |||
Date of construction | 1,973 | ||||
Date acquired | Jun00 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 46,869,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (16,270,000) | ||||
Encumbered Apartment Communities [Member] | Brookside Oaks [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Brookside Oaks [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Camino Ruiz Square [Member] | Camarillo, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 160 | ||||
Encumbrance | 21,093,000 | ||||
Initial cost [Abstract] | |||||
Land | 6,871,000 | ||||
Buildings and improvements | 26,119,000 | ||||
Costs capitalized subsequent to acquisition | 1,431,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,931,000 | ||||
Buildings and improvements | 27,490,000 | ||||
Total | $ 34,421,000 | 34,421,000 | |||
Accumulated depreciation | $ (8,515,000) | (8,515,000) | |||
Date of construction | 1,990 | ||||
Date acquired | Dec06 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 34,421,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,515,000) | ||||
Encumbered Apartment Communities [Member] | Camino Ruiz Square [Member] | Camarillo, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Camino Ruiz Square [Member] | Camarillo, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Canyon Oaks [Member] | San Ramon, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 250 | ||||
Encumbrance | 27,553,000 | ||||
Initial cost [Abstract] | |||||
Land | 19,088,000 | ||||
Buildings and improvements | 44,473,000 | ||||
Costs capitalized subsequent to acquisition | 2,543,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 19,088,000 | ||||
Buildings and improvements | 47,016,000 | ||||
Total | $ 66,104,000 | 66,104,000 | |||
Accumulated depreciation | $ (14,036,000) | (14,036,000) | |||
Date of construction | 2,005 | ||||
Date acquired | May07 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 66,104,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (14,036,000) | ||||
Encumbered Apartment Communities [Member] | Canyon Oaks [Member] | San Ramon, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Canyon Oaks [Member] | San Ramon, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Carmel Creek [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 348 | ||||
Encumbrance | 65,204,000 | ||||
Initial cost [Abstract] | |||||
Land | 26,842,000 | ||||
Buildings and improvements | 107,368,000 | ||||
Costs capitalized subsequent to acquisition | 2,474,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 26,842,000 | ||||
Buildings and improvements | 109,842,000 | ||||
Total | $ 136,684,000 | 136,684,000 | |||
Accumulated depreciation | $ (7,078,000) | (7,078,000) | |||
Date of construction | 2,000 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 136,684,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,078,000) | ||||
Encumbered Apartment Communities [Member] | Carmel Creek [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Carmel Creek [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | City View [Member] | Studio City, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 572 | ||||
Encumbrance | 73,204,000 | ||||
Initial cost [Abstract] | |||||
Land | 9,883,000 | ||||
Buildings and improvements | 37,670,000 | ||||
Costs capitalized subsequent to acquisition | 23,281,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 10,350,000 | ||||
Buildings and improvements | 60,484,000 | ||||
Total | $ 70,834,000 | 70,834,000 | |||
Accumulated depreciation | $ (38,459,000) | (38,459,000) | |||
Date of construction | 1,975 | ||||
Date acquired | Mar98 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 70,834,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (38,459,000) | ||||
Encumbered Apartment Communities [Member] | City View [Member] | Studio City, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | City View [Member] | Studio City, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Courtyard off Main [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 110 | ||||
Encumbrance | 15,402,000 | ||||
Initial cost [Abstract] | |||||
Land | 7,465,000 | ||||
Buildings and improvements | 21,405,000 | ||||
Costs capitalized subsequent to acquisition | 2,927,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 7,465,000 | ||||
Buildings and improvements | 24,332,000 | ||||
Total | $ 31,797,000 | 31,797,000 | |||
Accumulated depreciation | $ (4,663,000) | (4,663,000) | |||
Date of construction | 2,000 | ||||
Date acquired | Oct10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 31,797,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,663,000) | ||||
Encumbered Apartment Communities [Member] | Courtyard off Main [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Courtyard off Main [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Domaine [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 92 | ||||
Encumbrance | 15,149,000 | ||||
Initial cost [Abstract] | |||||
Land | 9,059,000 | ||||
Buildings and improvements | 27,177,000 | ||||
Costs capitalized subsequent to acquisition | 710,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 9,059,000 | ||||
Buildings and improvements | 27,887,000 | ||||
Total | $ 36,946,000 | 36,946,000 | |||
Accumulated depreciation | $ (3,130,000) | (3,130,000) | |||
Date of construction | 2,009 | ||||
Date acquired | Sep12 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 36,946,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,130,000) | ||||
Encumbered Apartment Communities [Member] | Domaine [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Domaine [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Elevation [Member] | Redmond, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 158 | ||||
Encumbrance | 10,973,000 | ||||
Initial cost [Abstract] | |||||
Land | 4,758,000 | ||||
Buildings and improvements | 14,285,000 | ||||
Costs capitalized subsequent to acquisition | 5,740,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,757,000 | ||||
Buildings and improvements | 20,026,000 | ||||
Total | $ 24,783,000 | 24,783,000 | |||
Accumulated depreciation | $ (5,319,000) | (5,319,000) | |||
Date of construction | 1,986 | ||||
Date acquired | Jun10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 24,783,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,319,000) | ||||
Encumbered Apartment Communities [Member] | Elevation [Member] | Redmond, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Elevation [Member] | Redmond, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Ellington at Bellevue [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 220 | ||||
Encumbrance | 22,289,000 | ||||
Initial cost [Abstract] | |||||
Land | 15,066,000 | ||||
Buildings and improvements | 45,249,000 | ||||
Costs capitalized subsequent to acquisition | 1,322,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 15,066,000 | ||||
Buildings and improvements | 46,571,000 | ||||
Total | $ 61,637,000 | 61,637,000 | |||
Accumulated depreciation | $ (2,109,000) | (2,109,000) | |||
Date of construction | 1,994 | ||||
Date acquired | Jul14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 61,637,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,109,000) | ||||
Encumbered Apartment Communities [Member] | Ellington at Bellevue [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Ellington at Bellevue [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Fairhaven Treehouse [Member] | Santa Ana, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 164 | ||||
Encumbrance | 20,230,000 | ||||
Initial cost [Abstract] | |||||
Land | 2,626,000 | ||||
Buildings and improvements | 10,485,000 | ||||
Costs capitalized subsequent to acquisition | 6,040,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,957,000 | ||||
Buildings and improvements | 16,194,000 | ||||
Total | $ 19,151,000 | 19,151,000 | |||
Accumulated depreciation | $ (7,714,000) | (7,714,000) | |||
Date of construction | 1,970 | ||||
Date acquired | Nov01 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 19,151,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,714,000) | ||||
Encumbered Apartment Communities [Member] | Fairhaven Treehouse [Member] | Santa Ana, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Fairhaven Treehouse [Member] | Santa Ana, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Foster's Landing [Member] | Foster City, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 490 | ||||
Encumbrance | 100,847,000 | ||||
Initial cost [Abstract] | |||||
Land | 61,714,000 | ||||
Buildings and improvements | 144,000,000 | ||||
Costs capitalized subsequent to acquisition | 5,685,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 61,714,000 | ||||
Buildings and improvements | 149,685,000 | ||||
Total | $ 211,399,000 | 211,399,000 | |||
Accumulated depreciation | $ (9,741,000) | (9,741,000) | |||
Date of construction | 1,987 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 211,399,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,741,000) | ||||
Encumbered Apartment Communities [Member] | Foster's Landing [Member] | Foster City, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Foster's Landing [Member] | Foster City, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Fountain At Riveroaks [Member] | San Jose, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 226 | ||||
Encumbrance | 33,159,000 | ||||
Initial cost [Abstract] | |||||
Land | 26,046,000 | ||||
Buildings and improvements | 60,773,000 | ||||
Costs capitalized subsequent to acquisition | 590,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 26,046,000 | ||||
Buildings and improvements | 61,363,000 | ||||
Total | $ 87,409,000 | 87,409,000 | |||
Accumulated depreciation | $ (3,953,000) | (3,953,000) | |||
Date of construction | 1,990 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 87,409,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,953,000) | ||||
Encumbered Apartment Communities [Member] | Fountain At Riveroaks [Member] | San Jose, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Fountain At Riveroaks [Member] | San Jose, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Fountain Park [Member] | Playa Vista, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 705 | ||||
Encumbrance | 82,366,000 | ||||
Initial cost [Abstract] | |||||
Land | 25,073,000 | ||||
Buildings and improvements | 94,980,000 | ||||
Costs capitalized subsequent to acquisition | 29,371,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 25,203,000 | ||||
Buildings and improvements | 124,221,000 | ||||
Total | $ 149,424,000 | 149,424,000 | |||
Accumulated depreciation | $ (53,723,000) | (53,723,000) | |||
Date of construction | 2,002 | ||||
Date acquired | Feb04 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 149,424,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (53,723,000) | ||||
Encumbered Apartment Communities [Member] | Fountain Park [Member] | Playa Vista, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Fountain Park [Member] | Playa Vista, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Hampton Place Hampton Court [Member] | Glendale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 215 | ||||
Encumbrance | 20,213,000 | ||||
Initial cost [Abstract] | |||||
Land | 6,695,000 | ||||
Buildings and improvements | 16,753,000 | ||||
Costs capitalized subsequent to acquisition | 13,193,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,733,000 | ||||
Buildings and improvements | 29,908,000 | ||||
Total | $ 36,641,000 | 36,641,000 | |||
Accumulated depreciation | $ (13,448,000) | (13,448,000) | |||
Date of construction | 1,970 | ||||
Date acquired | Jun99 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 36,641,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (13,448,000) | ||||
Encumbered Apartment Communities [Member] | Hampton Place Hampton Court [Member] | Glendale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Hampton Place Hampton Court [Member] | Glendale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Hidden Valley [Member] | Simi Valley, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 324 | ||||
Encumbrance | 29,262,000 | ||||
Initial cost [Abstract] | |||||
Land | 14,174,000 | ||||
Buildings and improvements | 34,065,000 | ||||
Costs capitalized subsequent to acquisition | 2,620,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 9,674,000 | ||||
Buildings and improvements | 41,185,000 | ||||
Total | $ 50,859,000 | 50,859,000 | |||
Accumulated depreciation | $ (15,871,000) | (15,871,000) | |||
Date of construction | 2,004 | ||||
Date acquired | Dec04 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 50,859,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (15,871,000) | ||||
Encumbered Apartment Communities [Member] | Hidden Valley [Member] | Simi Valley, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Hidden Valley [Member] | Simi Valley, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Highlands at Wynhaven [Member] | Issaquah, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 333 | ||||
Encumbrance | 31,522,000 | ||||
Initial cost [Abstract] | |||||
Land | 16,271,000 | ||||
Buildings and improvements | 48,932,000 | ||||
Costs capitalized subsequent to acquisition | 8,001,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 16,271,000 | ||||
Buildings and improvements | 56,933,000 | ||||
Total | $ 73,204,000 | 73,204,000 | |||
Accumulated depreciation | $ (15,525,000) | (15,525,000) | |||
Date of construction | 2,000 | ||||
Date acquired | Aug08 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 73,204,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (15,525,000) | ||||
Encumbered Apartment Communities [Member] | Highlands at Wynhaven [Member] | Issaquah, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Highlands at Wynhaven [Member] | Issaquah, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Highridge [Member] | Rancho Palos Verdes, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 255 | ||||
Encumbrance | 44,772,000 | ||||
Initial cost [Abstract] | |||||
Land | 5,419,000 | ||||
Buildings and improvements | 18,347,000 | ||||
Costs capitalized subsequent to acquisition | 29,555,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,073,000 | ||||
Buildings and improvements | 47,248,000 | ||||
Total | $ 53,321,000 | 53,321,000 | |||
Accumulated depreciation | $ (26,591,000) | (26,591,000) | |||
Date of construction | 1,972 | ||||
Date acquired | May97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 53,321,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (26,591,000) | ||||
Encumbered Apartment Communities [Member] | Highridge [Member] | Rancho Palos Verdes, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Highridge [Member] | Rancho Palos Verdes, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Hillcrest Park [Member] | Newbury Park, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 608 | ||||
Encumbrance | 65,566,000 | ||||
Initial cost [Abstract] | |||||
Land | 15,318,000 | ||||
Buildings and improvements | 40,601,000 | ||||
Costs capitalized subsequent to acquisition | 17,368,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 15,755,000 | ||||
Buildings and improvements | 57,532,000 | ||||
Total | $ 73,287,000 | 73,287,000 | |||
Accumulated depreciation | $ (32,302,000) | (32,302,000) | |||
Date of construction | 1,973 | ||||
Date acquired | Mar98 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 73,287,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (32,302,000) | ||||
Encumbered Apartment Communities [Member] | Hillcrest Park [Member] | Newbury Park, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Hillcrest Park [Member] | Newbury Park, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Huntington Breakers [Member] | Huntington Beach, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 342 | ||||
Encumbrance | 36,648,000 | ||||
Initial cost [Abstract] | |||||
Land | 9,306,000 | ||||
Buildings and improvements | 22,720,000 | ||||
Costs capitalized subsequent to acquisition | 17,026,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 9,315,000 | ||||
Buildings and improvements | 39,737,000 | ||||
Total | $ 49,052,000 | 49,052,000 | |||
Accumulated depreciation | $ (19,480,000) | (19,480,000) | |||
Date of construction | 1,984 | ||||
Date acquired | Oct97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 49,052,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (19,480,000) | ||||
Encumbered Apartment Communities [Member] | Huntington Breakers [Member] | Huntington Beach, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Huntington Breakers [Member] | Huntington Beach, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Inglenook Court [Member] | Bothell, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 224 | ||||
Encumbrance | 8,174,000 | ||||
Initial cost [Abstract] | |||||
Land | 3,467,000 | ||||
Buildings and improvements | 7,881,000 | ||||
Costs capitalized subsequent to acquisition | 6,686,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,474,000 | ||||
Buildings and improvements | 14,560,000 | ||||
Total | $ 18,034,000 | 18,034,000 | |||
Accumulated depreciation | $ (10,524,000) | (10,524,000) | |||
Date of construction | 1,985 | ||||
Date acquired | Oct94 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 18,034,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (10,524,000) | ||||
Encumbered Apartment Communities [Member] | Inglenook Court [Member] | Bothell, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Inglenook Court [Member] | Bothell, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Magnolia Square [Member] | Sunnyvale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 188 | ||||
Encumbrance | 17,363,000 | ||||
Initial cost [Abstract] | |||||
Land | 8,190,000 | ||||
Buildings and improvements | 24,736,000 | ||||
Costs capitalized subsequent to acquisition | 14,591,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 8,191,000 | ||||
Buildings and improvements | 39,326,000 | ||||
Total | $ 47,517,000 | 47,517,000 | |||
Accumulated depreciation | $ (13,145,000) | (13,145,000) | |||
Date of construction | 1,969 | ||||
Date acquired | Sep07 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 47,517,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (13,145,000) | ||||
Encumbered Apartment Communities [Member] | Magnolia Square [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Magnolia Square [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Mill Creek at Windermere [Member] | San Ramon, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 400 | ||||
Encumbrance | 47,344,000 | ||||
Initial cost [Abstract] | |||||
Land | 29,551,000 | ||||
Buildings and improvements | 69,032,000 | ||||
Costs capitalized subsequent to acquisition | 3,447,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 29,551,000 | ||||
Buildings and improvements | 72,479,000 | ||||
Total | $ 102,030,000 | 102,030,000 | |||
Accumulated depreciation | $ (20,639,000) | (20,639,000) | |||
Date of construction | 2,005 | ||||
Date acquired | Sep07 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 102,030,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (20,639,000) | ||||
Encumbered Apartment Communities [Member] | Mill Creek at Windermere [Member] | San Ramon, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Mill Creek at Windermere [Member] | San Ramon, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Mirabella [Member] | Marina Del Rey, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 188 | ||||
Encumbrance | 43,518,000 | ||||
Initial cost [Abstract] | |||||
Land | 6,180,000 | ||||
Buildings and improvements | 26,673,000 | ||||
Costs capitalized subsequent to acquisition | 14,103,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,270,000 | ||||
Buildings and improvements | 40,686,000 | ||||
Total | $ 46,956,000 | 46,956,000 | |||
Accumulated depreciation | $ (19,485,000) | (19,485,000) | |||
Date of construction | 2,000 | ||||
Date acquired | May00 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 46,956,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (19,485,000) | ||||
Encumbered Apartment Communities [Member] | Mirabella [Member] | Marina Del Rey, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Mirabella [Member] | Marina Del Rey, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Montarosa [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 472 | ||||
Encumbrance | 62,724,000 | ||||
Initial cost [Abstract] | |||||
Land | 26,697,000 | ||||
Buildings and improvements | 106,787,000 | ||||
Costs capitalized subsequent to acquisition | 2,210,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 26,697,000 | ||||
Buildings and improvements | 108,997,000 | ||||
Total | $ 135,694,000 | 135,694,000 | |||
Accumulated depreciation | $ (7,005,000) | (7,005,000) | |||
Date of construction | 1,990 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 135,694,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,005,000) | ||||
Encumbered Apartment Communities [Member] | Montarosa [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Montarosa [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Montebello [Member] | Kirkland, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 248 | ||||
Encumbrance | 27,353,000 | ||||
Initial cost [Abstract] | |||||
Land | 13,857,000 | ||||
Buildings and improvements | 41,575,000 | ||||
Costs capitalized subsequent to acquisition | 3,735,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 13,858,000 | ||||
Buildings and improvements | 45,309,000 | ||||
Total | $ 59,167,000 | 59,167,000 | |||
Accumulated depreciation | $ (5,903,000) | (5,903,000) | |||
Date of construction | 1,996 | ||||
Date acquired | Jul12 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 59,167,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,903,000) | ||||
Encumbered Apartment Communities [Member] | Montebello [Member] | Kirkland, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Montebello [Member] | Kirkland, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Montejo [Member] | Garden Grove, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 124 | ||||
Encumbrance | 15,232,000 | ||||
Initial cost [Abstract] | |||||
Land | 1,925,000 | ||||
Buildings and improvements | 7,685,000 | ||||
Costs capitalized subsequent to acquisition | 2,822,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,194,000 | ||||
Buildings and improvements | 10,238,000 | ||||
Total | $ 12,432,000 | 12,432,000 | |||
Accumulated depreciation | $ (4,974,000) | (4,974,000) | |||
Date of construction | 1,974 | ||||
Date acquired | Nov01 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 12,432,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,974,000) | ||||
Encumbered Apartment Communities [Member] | Montejo [Member] | Garden Grove, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Montejo [Member] | Garden Grove, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Park Highland [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 250 | ||||
Encumbrance | 26,556,000 | ||||
Initial cost [Abstract] | |||||
Land | 9,391,000 | ||||
Buildings and improvements | 38,224,000 | ||||
Costs capitalized subsequent to acquisition | 8,053,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 9,391,000 | ||||
Buildings and improvements | 46,277,000 | ||||
Total | $ 55,668,000 | 55,668,000 | |||
Accumulated depreciation | $ (2,743,000) | (2,743,000) | |||
Date of construction | 1,993 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 55,668,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,743,000) | ||||
Encumbered Apartment Communities [Member] | Park Highland [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Park Highland [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Park Hill at Issaquah [Member] | Issaquah, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 245 | ||||
Encumbrance | 27,802,000 | ||||
Initial cost [Abstract] | |||||
Land | 7,284,000 | ||||
Buildings and improvements | 21,937,000 | ||||
Costs capitalized subsequent to acquisition | 5,979,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 7,284,000 | ||||
Buildings and improvements | 27,916,000 | ||||
Total | $ 35,200,000 | 35,200,000 | |||
Accumulated depreciation | $ (10,277,000) | (10,277,000) | |||
Date of construction | 1,999 | ||||
Date acquired | Feb99 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 35,200,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (10,277,000) | ||||
Encumbered Apartment Communities [Member] | Park Hill at Issaquah [Member] | Issaquah, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Park Hill at Issaquah [Member] | Issaquah, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Pathways [Member] | Long Beach, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 296 | ||||
Encumbrance | 36,325,000 | ||||
Initial cost [Abstract] | |||||
Land | 4,083,000 | ||||
Buildings and improvements | 16,757,000 | ||||
Costs capitalized subsequent to acquisition | 19,274,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,239,000 | ||||
Buildings and improvements | 33,875,000 | ||||
Total | $ 40,114,000 | 40,114,000 | |||
Accumulated depreciation | $ (25,965,000) | (25,965,000) | |||
Date of construction | 1,975 | ||||
Date acquired | Feb91 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 40,114,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (25,965,000) | ||||
Encumbered Apartment Communities [Member] | Pathways [Member] | Long Beach, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Pathways [Member] | Long Beach, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Piedmont [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 396 | ||||
Encumbrance | 46,635,000 | ||||
Initial cost [Abstract] | |||||
Land | 19,848,000 | ||||
Buildings and improvements | 59,606,000 | ||||
Costs capitalized subsequent to acquisition | 4,502,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 19,848,000 | ||||
Buildings and improvements | 64,108,000 | ||||
Total | $ 83,956,000 | 83,956,000 | |||
Accumulated depreciation | $ (3,638,000) | (3,638,000) | |||
Date of construction | 1,969 | ||||
Date acquired | May14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 83,956,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,638,000) | ||||
Encumbered Apartment Communities [Member] | Piedmont [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Piedmont [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Pinnacle at Fullerton [Member] | Fullerton, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 192 | ||||
Encumbrance | 27,578,000 | ||||
Initial cost [Abstract] | |||||
Land | 11,019,000 | ||||
Buildings and improvements | 45,932,000 | ||||
Costs capitalized subsequent to acquisition | 858,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 11,019,000 | ||||
Buildings and improvements | 46,790,000 | ||||
Total | $ 57,809,000 | 57,809,000 | |||
Accumulated depreciation | $ (2,980,000) | (2,980,000) | |||
Date of construction | 2,004 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 57,809,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,980,000) | ||||
Encumbered Apartment Communities [Member] | Pinnacle at Fullerton [Member] | Fullerton, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Pinnacle at Fullerton [Member] | Fullerton, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Pinnacle on Lake Washington [Member] | Renton, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 180 | ||||
Encumbrance | 18,724,000 | ||||
Initial cost [Abstract] | |||||
Land | 7,760,000 | ||||
Buildings and improvements | 31,041,000 | ||||
Costs capitalized subsequent to acquisition | 449,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 7,760,000 | ||||
Buildings and improvements | 31,490,000 | ||||
Total | $ 39,250,000 | 39,250,000 | |||
Accumulated depreciation | $ (2,027,000) | (2,027,000) | |||
Date of construction | 2,001 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 39,250,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,027,000) | ||||
Encumbered Apartment Communities [Member] | Pinnacle on Lake Washington [Member] | Renton, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Pinnacle on Lake Washington [Member] | Renton, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Pinnacle at MacArthur Ranch [Member] | Santa Ana, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 253 | ||||
Encumbrance | 39,859,000 | ||||
Initial cost [Abstract] | |||||
Land | 15,810,000 | ||||
Buildings and improvements | 66,401,000 | ||||
Costs capitalized subsequent to acquisition | 1,343,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 15,810,000 | ||||
Buildings and improvements | 67,744,000 | ||||
Total | $ 83,554,000 | 83,554,000 | |||
Accumulated depreciation | $ (4,306,000) | (4,306,000) | |||
Date of construction | 2,002 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 83,554,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,306,000) | ||||
Encumbered Apartment Communities [Member] | Pinnacle at MacArthur Ranch [Member] | Santa Ana, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Pinnacle at MacArthur Ranch [Member] | Santa Ana, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Pinnacle at Otay Ranch [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 364 | ||||
Encumbrance | 40,970,000 | ||||
Initial cost [Abstract] | |||||
Land | 17,023,000 | ||||
Buildings and improvements | 68,093,000 | ||||
Costs capitalized subsequent to acquisition | 766,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 17,023,000 | ||||
Buildings and improvements | 68,859,000 | ||||
Total | $ 85,882,000 | 85,882,000 | |||
Accumulated depreciation | $ (4,442,000) | (4,442,000) | |||
Date of construction | 2,001 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 85,882,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,442,000) | ||||
Encumbered Apartment Communities [Member] | Pinnacle at Otay Ranch [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Pinnacle at Otay Ranch [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Pinnacle at Talega [Member] | Irvine, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 362 | ||||
Encumbrance | 46,489,000 | ||||
Initial cost [Abstract] | |||||
Land | 19,292,000 | ||||
Buildings and improvements | 77,168,000 | ||||
Costs capitalized subsequent to acquisition | 993,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 19,292,000 | ||||
Buildings and improvements | 78,161,000 | ||||
Total | $ 97,453,000 | 97,453,000 | |||
Accumulated depreciation | $ (5,014,000) | (5,014,000) | |||
Date of construction | 2,002 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 97,453,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,014,000) | ||||
Encumbered Apartment Communities [Member] | Pinnacle at Talega [Member] | Irvine, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Pinnacle at Talega [Member] | Irvine, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Stevenson Place [Member] | Fremont, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 200 | ||||
Encumbrance | 20,980,000 | ||||
Initial cost [Abstract] | |||||
Land | 996,000 | ||||
Buildings and improvements | 5,582,000 | ||||
Costs capitalized subsequent to acquisition | 9,323,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 1,001,000 | ||||
Buildings and improvements | 14,900,000 | ||||
Total | $ 15,901,000 | 15,901,000 | |||
Accumulated depreciation | $ (10,244,000) | (10,244,000) | |||
Date of construction | 1,971 | ||||
Date acquired | Apr83 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 15,901,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (10,244,000) | ||||
Encumbered Apartment Communities [Member] | Stevenson Place [Member] | Fremont, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Stevenson Place [Member] | Fremont, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Summerhill Park [Member] | Sunnyvale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 100 | ||||
Encumbrance | 13,032,000 | ||||
Initial cost [Abstract] | |||||
Land | 2,654,000 | ||||
Buildings and improvements | 4,918,000 | ||||
Costs capitalized subsequent to acquisition | 9,769,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,656,000 | ||||
Buildings and improvements | 14,685,000 | ||||
Total | $ 17,341,000 | 17,341,000 | |||
Accumulated depreciation | $ (5,764,000) | (5,764,000) | |||
Date of construction | 1,988 | ||||
Date acquired | Sep88 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 17,341,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,764,000) | ||||
Encumbered Apartment Communities [Member] | Summerhill Park [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Summerhill Park [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | The Audrey at Belltown [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 137 | ||||
Encumbrance | 22,099,000 | ||||
Initial cost [Abstract] | |||||
Land | 9,228,000 | ||||
Buildings and improvements | 36,911,000 | ||||
Costs capitalized subsequent to acquisition | 185,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 9,228,000 | ||||
Buildings and improvements | 37,096,000 | ||||
Total | $ 46,324,000 | 46,324,000 | |||
Accumulated depreciation | $ (2,373,000) | (2,373,000) | |||
Date of construction | 1,992 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 46,324,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,373,000) | ||||
Encumbered Apartment Communities [Member] | The Audrey at Belltown [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | The Audrey at Belltown [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Avery, The [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 121 | ||||
Encumbrance | 9,985,000 | ||||
Initial cost [Abstract] | |||||
Land | 6,964,000 | ||||
Buildings and improvements | 29,922,000 | ||||
Costs capitalized subsequent to acquisition | 16,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,964,000 | ||||
Buildings and improvements | 29,938,000 | ||||
Total | $ 36,902,000 | 36,902,000 | |||
Accumulated depreciation | $ (1,786,000) | (1,786,000) | |||
Date of construction | 2,014 | ||||
Date acquired | Mar14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 36,902,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (1,786,000) | ||||
Encumbered Apartment Communities [Member] | Avery, The [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Avery, The [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Barkley, The [Member] | Anaheim, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 161 | ||||
Encumbrance | 15,951,000 | ||||
Initial cost [Abstract] | |||||
Land | 0 | ||||
Buildings and improvements | 8,520,000 | ||||
Costs capitalized subsequent to acquisition | 5,561,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,353,000 | ||||
Buildings and improvements | 11,728,000 | ||||
Total | $ 14,081,000 | 14,081,000 | |||
Accumulated depreciation | $ (6,090,000) | (6,090,000) | |||
Date of construction | 1,984 | ||||
Date acquired | Apr00 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 14,081,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,090,000) | ||||
Encumbered Apartment Communities [Member] | Barkley, The [Member] | Anaheim, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Barkley, The [Member] | Anaheim, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | The Bernard [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 63 | ||||
Encumbrance | 9,141,000 | ||||
Initial cost [Abstract] | |||||
Land | 3,699,000 | ||||
Buildings and improvements | 11,345,000 | ||||
Costs capitalized subsequent to acquisition | 231,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,689,000 | ||||
Buildings and improvements | 11,586,000 | ||||
Total | $ 15,275,000 | 15,275,000 | |||
Accumulated depreciation | $ (1,706,000) | (1,706,000) | |||
Date of construction | 2,008 | ||||
Date acquired | Sep11 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 15,275,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (1,706,000) | ||||
Encumbered Apartment Communities [Member] | The Bernard [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | The Bernard [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Carlyle, The [Member] | San Jose, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 132 | ||||
Encumbrance | 21,889,000 | ||||
Initial cost [Abstract] | |||||
Land | 3,954,000 | ||||
Buildings and improvements | 15,277,000 | ||||
Costs capitalized subsequent to acquisition | 10,317,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,801,000 | ||||
Buildings and improvements | 23,747,000 | ||||
Total | $ 29,548,000 | 29,548,000 | |||
Accumulated depreciation | $ (11,968,000) | (11,968,000) | |||
Date of construction | 2,000 | ||||
Date acquired | Apr00 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 29,548,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,968,000) | ||||
Encumbered Apartment Communities [Member] | Carlyle, The [Member] | San Jose, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Carlyle, The [Member] | San Jose, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | The Dylan [Member] | West Hollywood, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 184 | ||||
Encumbrance | 59,592,000 | ||||
Initial cost [Abstract] | |||||
Land | 19,984,000 | ||||
Buildings and improvements | 82,286,000 | ||||
Costs capitalized subsequent to acquisition | 16,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 19,984,000 | ||||
Buildings and improvements | 82,302,000 | ||||
Total | $ 102,286,000 | 102,286,000 | |||
Accumulated depreciation | $ (2,637,000) | (2,637,000) | |||
Date of construction | 2,015 | ||||
Date acquired | Mar15 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 102,286,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,637,000) | ||||
Encumbered Apartment Communities [Member] | The Dylan [Member] | West Hollywood, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | The Dylan [Member] | West Hollywood, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Elliot, The [Member] | Mukilteo, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 301 | ||||
Encumbrance | 10,628,000 | ||||
Initial cost [Abstract] | |||||
Land | 2,498,000 | ||||
Buildings and improvements | 10,595,000 | ||||
Costs capitalized subsequent to acquisition | 14,940,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,824,000 | ||||
Buildings and improvements | 25,209,000 | ||||
Total | $ 28,033,000 | 28,033,000 | |||
Accumulated depreciation | $ (14,705,000) | (14,705,000) | |||
Date of construction | 1,981 | ||||
Date acquired | Jan97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 28,033,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (14,705,000) | ||||
Encumbered Apartment Communities [Member] | Elliot, The [Member] | Mukilteo, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Elliot, The [Member] | Mukilteo, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | The Huntington [Member] | Huntington Beach, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 276 | ||||
Encumbrance | 30,890,000 | ||||
Initial cost [Abstract] | |||||
Land | 10,374,000 | ||||
Buildings and improvements | 41,495,000 | ||||
Costs capitalized subsequent to acquisition | 3,381,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 10,374,000 | ||||
Buildings and improvements | 44,876,000 | ||||
Total | $ 55,250,000 | 55,250,000 | |||
Accumulated depreciation | $ (5,765,000) | (5,765,000) | |||
Date of construction | 1,975 | ||||
Date acquired | Jun12 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 55,250,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,765,000) | ||||
Encumbered Apartment Communities [Member] | The Huntington [Member] | Huntington Beach, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | The Huntington [Member] | Huntington Beach, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | The Huxley [Member] | West Hollywood, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 187 | ||||
Encumbrance | 54,272,000 | ||||
Initial cost [Abstract] | |||||
Land | 19,362,000 | ||||
Buildings and improvements | 75,641,000 | ||||
Costs capitalized subsequent to acquisition | 40,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 19,362,000 | ||||
Buildings and improvements | 75,681,000 | ||||
Total | $ 95,043,000 | 95,043,000 | |||
Accumulated depreciation | $ (2,486,000) | (2,486,000) | |||
Date of construction | 2,014 | ||||
Date acquired | Mar15 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 95,043,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,486,000) | ||||
Encumbered Apartment Communities [Member] | The Huxley [Member] | West Hollywood, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | The Huxley [Member] | West Hollywood, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | The Landing at Jack London Square [Member] | Oakland, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 282 | ||||
Encumbrance | 54,771,000 | ||||
Initial cost [Abstract] | |||||
Land | 33,554,000 | ||||
Buildings and improvements | 78,292,000 | ||||
Costs capitalized subsequent to acquisition | 2,966,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 33,554,000 | ||||
Buildings and improvements | 81,258,000 | ||||
Total | $ 114,812,000 | 114,812,000 | |||
Accumulated depreciation | $ (5,336,000) | (5,336,000) | |||
Date of construction | 2,001 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 114,812,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,336,000) | ||||
Encumbered Apartment Communities [Member] | The Landing at Jack London Square [Member] | Oakland, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | The Landing at Jack London Square [Member] | Oakland, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Montclaire, The [Member] | Sunnyvale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 390 | ||||
Encumbrance | 44,921,000 | ||||
Initial cost [Abstract] | |||||
Land | 4,842,000 | ||||
Buildings and improvements | 19,776,000 | ||||
Costs capitalized subsequent to acquisition | 20,602,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,997,000 | ||||
Buildings and improvements | 40,223,000 | ||||
Total | $ 45,220,000 | 45,220,000 | |||
Accumulated depreciation | $ (33,694,000) | (33,694,000) | |||
Date of construction | 1,973 | ||||
Date acquired | Dec88 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 45,220,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (33,694,000) | ||||
Encumbered Apartment Communities [Member] | Montclaire, The [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Montclaire, The [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | The Palms at Laguna Niguel [Member] | Laguna Niguel, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 460 | ||||
Encumbrance | 57,032,000 | ||||
Initial cost [Abstract] | |||||
Land | 23,584,000 | ||||
Buildings and improvements | 94,334,000 | ||||
Costs capitalized subsequent to acquisition | 1,634,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 23,584,000 | ||||
Buildings and improvements | 95,968,000 | ||||
Total | $ 119,552,000 | 119,552,000 | |||
Accumulated depreciation | $ (6,171,000) | (6,171,000) | |||
Date of construction | 1,988 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 119,552,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,171,000) | ||||
Encumbered Apartment Communities [Member] | The Palms at Laguna Niguel [Member] | Laguna Niguel, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | The Palms at Laguna Niguel [Member] | Laguna Niguel, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Palisades, The [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 192 | ||||
Encumbrance | 20,138,000 | ||||
Initial cost [Abstract] | |||||
Land | 1,560,000 | ||||
Buildings and improvements | 6,242,000 | ||||
Costs capitalized subsequent to acquisition | 11,658,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 1,565,000 | ||||
Buildings and improvements | 17,895,000 | ||||
Total | $ 19,460,000 | 19,460,000 | |||
Accumulated depreciation | $ (13,831,000) | (13,831,000) | |||
Date of construction | 1,977 | ||||
Date acquired | May90 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 19,460,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (13,831,000) | ||||
Encumbered Apartment Communities [Member] | Palisades, The [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Palisades, The [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Waterford, The [Member] | San Jose, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 238 | ||||
Encumbrance | 30,689,000 | ||||
Initial cost [Abstract] | |||||
Land | 11,808,000 | ||||
Buildings and improvements | 24,500,000 | ||||
Costs capitalized subsequent to acquisition | 13,536,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 15,165,000 | ||||
Buildings and improvements | 34,679,000 | ||||
Total | $ 49,844,000 | 49,844,000 | |||
Accumulated depreciation | $ (17,641,000) | (17,641,000) | |||
Date of construction | 2,000 | ||||
Date acquired | Jun00 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 49,844,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (17,641,000) | ||||
Encumbered Apartment Communities [Member] | Waterford, The [Member] | San Jose, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Waterford, The [Member] | San Jose, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Tierra Vista [Member] | Oxnard, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 404 | ||||
Encumbrance | 53,948,000 | ||||
Initial cost [Abstract] | |||||
Land | 13,652,000 | ||||
Buildings and improvements | 53,336,000 | ||||
Costs capitalized subsequent to acquisition | 4,226,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 13,661,000 | ||||
Buildings and improvements | 57,553,000 | ||||
Total | $ 71,214,000 | 71,214,000 | |||
Accumulated depreciation | $ (23,033,000) | (23,033,000) | |||
Date of construction | 2,001 | ||||
Date acquired | Jan01 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 71,214,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (23,033,000) | ||||
Encumbered Apartment Communities [Member] | Tierra Vista [Member] | Oxnard, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Tierra Vista [Member] | Oxnard, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Valley Park [Member] | Fountain Valley [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 160 | ||||
Encumbrance | 25,856,000 | ||||
Initial cost [Abstract] | |||||
Land | 3,361,000 | ||||
Buildings and improvements | 13,420,000 | ||||
Costs capitalized subsequent to acquisition | 5,269,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,761,000 | ||||
Buildings and improvements | 18,289,000 | ||||
Total | $ 22,050,000 | 22,050,000 | |||
Accumulated depreciation | $ (8,190,000) | (8,190,000) | |||
Date of construction | 1,969 | ||||
Date acquired | Nov01 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 22,050,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,190,000) | ||||
Encumbered Apartment Communities [Member] | Valley Park [Member] | Fountain Valley [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Valley Park [Member] | Fountain Valley [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Villa Angelina [Member] | Placentia, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 256 | ||||
Encumbrance | 31,908,000 | ||||
Initial cost [Abstract] | |||||
Land | 4,498,000 | ||||
Buildings and improvements | 17,962,000 | ||||
Costs capitalized subsequent to acquisition | 6,539,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,962,000 | ||||
Buildings and improvements | 24,037,000 | ||||
Total | $ 28,999,000 | 28,999,000 | |||
Accumulated depreciation | $ (11,020,000) | (11,020,000) | |||
Date of construction | 1,970 | ||||
Date acquired | Nov01 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 28,999,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,020,000) | ||||
Encumbered Apartment Communities [Member] | Villa Angelina [Member] | Placentia, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Villa Angelina [Member] | Placentia, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Villa Grenada [Member] | Santa Clara, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 270 | ||||
Encumbrance | 61,057,000 | ||||
Initial cost [Abstract] | |||||
Land | 38,299,000 | ||||
Buildings and improvements | 89,365,000 | ||||
Costs capitalized subsequent to acquisition | 326,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 38,299,000 | ||||
Buildings and improvements | 89,691,000 | ||||
Total | $ 127,990,000 | 127,990,000 | |||
Accumulated depreciation | $ (5,789,000) | (5,789,000) | |||
Date of construction | 2,010 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 127,990,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,789,000) | ||||
Encumbered Apartment Communities [Member] | Villa Grenada [Member] | Santa Clara, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Villa Grenada [Member] | Santa Clara, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Wandering Creek [Member] | Kent, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 156 | ||||
Encumbrance | 5,209,000 | ||||
Initial cost [Abstract] | |||||
Land | 1,285,000 | ||||
Buildings and improvements | 4,980,000 | ||||
Costs capitalized subsequent to acquisition | 3,790,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 1,296,000 | ||||
Buildings and improvements | 8,759,000 | ||||
Total | $ 10,055,000 | 10,055,000 | |||
Accumulated depreciation | $ (6,313,000) | (6,313,000) | |||
Date of construction | 1,986 | ||||
Date acquired | Nov95 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 10,055,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,313,000) | ||||
Encumbered Apartment Communities [Member] | Wandering Creek [Member] | Kent, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Wandering Creek [Member] | Kent, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Wilshire Promenade [Member] | Fullerton, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 149 | ||||
Encumbrance | 17,259,000 | ||||
Initial cost [Abstract] | |||||
Land | 3,118,000 | ||||
Buildings and improvements | 7,385,000 | ||||
Costs capitalized subsequent to acquisition | 7,693,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,797,000 | ||||
Buildings and improvements | 14,399,000 | ||||
Total | $ 18,196,000 | 18,196,000 | |||
Accumulated depreciation | $ (8,305,000) | (8,305,000) | |||
Date of construction | 1,992 | ||||
Date acquired | Jan97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 18,196,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,305,000) | ||||
Encumbered Apartment Communities [Member] | Wilshire Promenade [Member] | Fullerton, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Wilshire Promenade [Member] | Fullerton, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 31,451 | ||||
Initial cost [Abstract] | |||||
Land | 1,667,597,000 | ||||
Buildings and improvements | 5,970,356,000 | ||||
Costs capitalized subsequent to acquisition | 754,076,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 1,691,213,000 | ||||
Buildings and improvements | 6,700,816,000 | ||||
Total | $ 8,392,029,000 | 8,392,029,000 | |||
Accumulated depreciation | (1,177,395,000) | (1,177,395,000) | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | 8,392,029,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (1,177,395,000) | ||||
Unencumbered Apartment Communities [Member] | Esplanade [Member] | San Jose, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 278 | ||||
Initial cost [Abstract] | |||||
Land | 18,170,000 | ||||
Buildings and improvements | 40,086,000 | ||||
Costs capitalized subsequent to acquisition | 9,874,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 18,429,000 | ||||
Buildings and improvements | 49,701,000 | ||||
Total | $ 68,130,000 | 68,130,000 | |||
Accumulated depreciation | $ (19,358,000) | (19,358,000) | |||
Date of construction | 2,002 | ||||
Date acquired | Apr11 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 68,130,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (19,358,000) | ||||
Unencumbered Apartment Communities [Member] | Esplanade [Member] | San Jose, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Esplanade [Member] | San Jose, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Fairwood Pond [Member] | Renton, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 194 | ||||
Initial cost [Abstract] | |||||
Land | 5,296,000 | ||||
Buildings and improvements | 15,564,000 | ||||
Costs capitalized subsequent to acquisition | 2,490,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,297,000 | ||||
Buildings and improvements | 18,053,000 | ||||
Total | $ 23,350,000 | 23,350,000 | |||
Accumulated depreciation | $ (7,407,000) | (7,407,000) | |||
Date of construction | 1,997 | ||||
Date acquired | Oct04 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 23,350,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,407,000) | ||||
Unencumbered Apartment Communities [Member] | Fairwood Pond [Member] | Renton, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Fairwood Pond [Member] | Renton, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Park Viridian Mello Roos [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 320 | ||||
Initial cost [Abstract] | |||||
Land | 15,894,000 | ||||
Buildings and improvements | 63,574,000 | ||||
Costs capitalized subsequent to acquisition | 1,116,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 15,894,000 | ||||
Buildings and improvements | 64,690,000 | ||||
Total | $ 80,584,000 | 80,584,000 | |||
Accumulated depreciation | $ (4,137,000) | (4,137,000) | |||
Date of construction | 2,008 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 80,584,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,137,000) | ||||
Unencumbered Apartment Communities [Member] | Park Viridian Mello Roos [Member] | Irvine, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Park Viridian Mello Roos [Member] | Irvine, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Stonehedge Village [Member] | Bothell, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 196 | ||||
Initial cost [Abstract] | |||||
Land | 3,167,000 | ||||
Buildings and improvements | 12,603,000 | ||||
Costs capitalized subsequent to acquisition | 5,739,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,201,000 | ||||
Buildings and improvements | 18,308,000 | ||||
Total | $ 21,509,000 | 21,509,000 | |||
Accumulated depreciation | $ (11,102,000) | (11,102,000) | |||
Date of construction | 1,986 | ||||
Date acquired | Oct97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 21,509,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,102,000) | ||||
Unencumbered Apartment Communities [Member] | Stonehedge Village [Member] | Bothell, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Stonehedge Village [Member] | Bothell, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Eighth And Hope [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 290 | ||||
Initial cost [Abstract] | |||||
Land | 29,279,000 | ||||
Buildings and improvements | 169,350,000 | ||||
Costs capitalized subsequent to acquisition | 441,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 29,279,000 | ||||
Buildings and improvements | 169,791,000 | ||||
Total | $ 199,070,000 | 199,070,000 | |||
Accumulated depreciation | $ (5,544,000) | (5,544,000) | |||
Date of construction | 2,014 | ||||
Date acquired | Feb15 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 199,070,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,544,000) | ||||
Unencumbered Apartment Communities [Member] | Eighth And Hope [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Eighth And Hope [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Alessio [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 624 | ||||
Initial cost [Abstract] | |||||
Land | 32,136,000 | ||||
Buildings and improvements | 128,543,000 | ||||
Costs capitalized subsequent to acquisition | 3,105,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 32,136,000 | ||||
Buildings and improvements | 131,648,000 | ||||
Total | $ 163,784,000 | 163,784,000 | |||
Accumulated depreciation | $ (8,564,000) | (8,564,000) | |||
Date of construction | 2,001 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 163,784,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,564,000) | ||||
Unencumbered Apartment Communities [Member] | Alessio [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Alessio [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Allegro [Member] | Valley Village, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 97 | ||||
Initial cost [Abstract] | |||||
Land | 5,869,000 | ||||
Buildings and improvements | 23,977,000 | ||||
Costs capitalized subsequent to acquisition | 1,573,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,869,000 | ||||
Buildings and improvements | 25,550,000 | ||||
Total | $ 31,419,000 | 31,419,000 | |||
Accumulated depreciation | $ (6,656,000) | (6,656,000) | |||
Date of construction | 2,010 | ||||
Date acquired | Oct10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 31,419,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,656,000) | ||||
Unencumbered Apartment Communities [Member] | Allegro [Member] | Valley Village, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Allegro [Member] | Valley Village, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Allure [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 194 | ||||
Initial cost [Abstract] | |||||
Land | 11,923,000 | ||||
Buildings and improvements | 47,690,000 | ||||
Costs capitalized subsequent to acquisition | 280,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 11,923,000 | ||||
Buildings and improvements | 47,970,000 | ||||
Total | $ 59,893,000 | 59,893,000 | |||
Accumulated depreciation | $ (3,074,000) | (3,074,000) | |||
Date of construction | 2,002 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 59,893,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,074,000) | ||||
Unencumbered Apartment Communities [Member] | Allure [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Allure [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Alpine Village [Member] | Alpine, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 301 | ||||
Initial cost [Abstract] | |||||
Land | 4,967,000 | ||||
Buildings and improvements | 19,728,000 | ||||
Costs capitalized subsequent to acquisition | 6,551,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,982,000 | ||||
Buildings and improvements | 26,264,000 | ||||
Total | $ 31,246,000 | 31,246,000 | |||
Accumulated depreciation | $ (11,485,000) | (11,485,000) | |||
Date of construction | 1,971 | ||||
Date acquired | Dec02 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 31,246,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,485,000) | ||||
Unencumbered Apartment Communities [Member] | Alpine Village [Member] | Alpine, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Alpine Village [Member] | Alpine, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Anavia [Member] | Anaheim, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 250 | ||||
Initial cost [Abstract] | |||||
Land | 15,925,000 | ||||
Buildings and improvements | 63,712,000 | ||||
Costs capitalized subsequent to acquisition | 6,340,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 15,925,000 | ||||
Buildings and improvements | 70,052,000 | ||||
Total | $ 85,977,000 | 85,977,000 | |||
Accumulated depreciation | $ (11,955,000) | (11,955,000) | |||
Date of construction | 2,009 | ||||
Date acquired | Dec10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 85,977,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,955,000) | ||||
Unencumbered Apartment Communities [Member] | Anavia [Member] | Anaheim, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Anavia [Member] | Anaheim, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Annaliese [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 56 | ||||
Initial cost [Abstract] | |||||
Land | 4,727,000 | ||||
Buildings and improvements | 14,229,000 | ||||
Costs capitalized subsequent to acquisition | 330,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,726,000 | ||||
Buildings and improvements | 14,560,000 | ||||
Total | $ 19,286,000 | 19,286,000 | |||
Accumulated depreciation | $ (1,452,000) | (1,452,000) | |||
Date of construction | 2,009 | ||||
Date acquired | Jan13 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 19,286,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (1,452,000) | ||||
Unencumbered Apartment Communities [Member] | Annaliese [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Annaliese [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Apex [Member] | Milpitas, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 366 | ||||
Initial cost [Abstract] | |||||
Land | 44,240,000 | ||||
Buildings and improvements | 103,251,000 | ||||
Costs capitalized subsequent to acquisition | 1,104,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 44,240,000 | ||||
Buildings and improvements | 104,355,000 | ||||
Total | $ 148,595,000 | 148,595,000 | |||
Accumulated depreciation | $ (4,635,000) | (4,635,000) | |||
Date of construction | 2,014 | ||||
Date acquired | Aug14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 148,595,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,635,000) | ||||
Unencumbered Apartment Communities [Member] | Apex [Member] | Milpitas, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Apex [Member] | Milpitas, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Aqua at Marina Del Rey [Member] | Marina Del Rey, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 500 | ||||
Initial cost [Abstract] | |||||
Land | 58,442,000 | ||||
Buildings and improvements | 175,326,000 | ||||
Costs capitalized subsequent to acquisition | 4,965,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 58,442,000 | ||||
Buildings and improvements | 180,291,000 | ||||
Total | $ 238,733,000 | 238,733,000 | |||
Accumulated depreciation | $ (11,632,000) | (11,632,000) | |||
Date of construction | 2,001 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 238,733,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,632,000) | ||||
Unencumbered Apartment Communities [Member] | Aqua at Marina Del Rey [Member] | Marina Del Rey, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Aqua at Marina Del Rey [Member] | Marina Del Rey, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Ascent [Member] | Kirkland, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 90 | ||||
Initial cost [Abstract] | |||||
Land | 3,924,000 | ||||
Buildings and improvements | 11,862,000 | ||||
Costs capitalized subsequent to acquisition | 1,669,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,924,000 | ||||
Buildings and improvements | 13,531,000 | ||||
Total | $ 17,455,000 | 17,455,000 | |||
Accumulated depreciation | $ (1,734,000) | (1,734,000) | |||
Date of construction | 1,988 | ||||
Date acquired | Oct12 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 17,455,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (1,734,000) | ||||
Unencumbered Apartment Communities [Member] | Ascent [Member] | Kirkland, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Ascent [Member] | Kirkland, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Avant [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 440 | ||||
Initial cost [Abstract] | |||||
Land | 32,379,000 | ||||
Buildings and improvements | 137,940,000 | ||||
Costs capitalized subsequent to acquisition | 261,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 32,379,000 | ||||
Buildings and improvements | 138,201,000 | ||||
Total | $ 170,580,000 | 170,580,000 | |||
Accumulated depreciation | $ (1,631,000) | (1,631,000) | |||
Date of construction | 2,014 | ||||
Date acquired | Jun15 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 170,580,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (1,631,000) | ||||
Unencumbered Apartment Communities [Member] | Avant [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Avant [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Avenue 64 [Member] | Emeryville, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 224 | ||||
Initial cost [Abstract] | |||||
Land | 27,235,000 | ||||
Buildings and improvements | 64,403,000 | ||||
Costs capitalized subsequent to acquisition | 8,486,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 27,235,000 | ||||
Buildings and improvements | 72,889,000 | ||||
Total | $ 100,124,000 | 100,124,000 | |||
Accumulated depreciation | $ (4,257,000) | (4,257,000) | |||
Date of construction | 2,007 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 100,124,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,257,000) | ||||
Unencumbered Apartment Communities [Member] | Avenue 64 [Member] | Emeryville, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Avenue 64 [Member] | Emeryville, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Aviara [Member] | Mercer Island, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 166 | ||||
Initial cost [Abstract] | |||||
Land | 0 | ||||
Buildings and improvements | 49,813,000 | ||||
Costs capitalized subsequent to acquisition | 136,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 0 | ||||
Buildings and improvements | 49,949,000 | ||||
Total | $ 49,949,000 | 49,949,000 | |||
Accumulated depreciation | $ (3,596,000) | (3,596,000) | |||
Date of construction | 2,013 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 49,949,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,596,000) | ||||
Unencumbered Apartment Communities [Member] | Aviara [Member] | Mercer Island, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Aviara [Member] | Mercer Island, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Axis 2300 [Member] | Irvine, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 115 | ||||
Initial cost [Abstract] | |||||
Land | 5,405,000 | ||||
Buildings and improvements | 33,585,000 | ||||
Costs capitalized subsequent to acquisition | 1,127,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,405,000 | ||||
Buildings and improvements | 34,712,000 | ||||
Total | $ 40,117,000 | 40,117,000 | |||
Accumulated depreciation | $ (8,800,000) | (8,800,000) | |||
Date of construction | 2,010 | ||||
Date acquired | Aug10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 40,117,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,800,000) | ||||
Unencumbered Apartment Communities [Member] | Axis 2300 [Member] | Irvine, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Axis 2300 [Member] | Irvine, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Bellerive [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 63 | ||||
Initial cost [Abstract] | |||||
Land | 5,401,000 | ||||
Buildings and improvements | 21,803,000 | ||||
Costs capitalized subsequent to acquisition | 765,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,401,000 | ||||
Buildings and improvements | 22,568,000 | ||||
Total | $ 27,969,000 | 27,969,000 | |||
Accumulated depreciation | $ (4,455,000) | (4,455,000) | |||
Date of construction | 2,011 | ||||
Date acquired | Aug11 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 27,969,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,455,000) | ||||
Unencumbered Apartment Communities [Member] | Bellerive [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Bellerive [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Belmont Terrace [Member] | Campbell, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 71 | ||||
Initial cost [Abstract] | |||||
Land | 4,446,000 | ||||
Buildings and improvements | 10,290,000 | ||||
Costs capitalized subsequent to acquisition | 4,399,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,473,000 | ||||
Buildings and improvements | 14,662,000 | ||||
Total | $ 19,135,000 | 19,135,000 | |||
Accumulated depreciation | $ (5,372,000) | (5,372,000) | |||
Date of construction | 1,974 | ||||
Date acquired | Oct06 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 19,135,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,372,000) | ||||
Unencumbered Apartment Communities [Member] | Belmont Terrace [Member] | Campbell, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Belmont Terrace [Member] | Campbell, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Bennett Lofts [Member] | San Francisco, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 165 | ||||
Initial cost [Abstract] | |||||
Land | 21,771,000 | ||||
Buildings and improvements | 50,800,000 | ||||
Costs capitalized subsequent to acquisition | 25,515,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 28,371,000 | ||||
Buildings and improvements | 69,715,000 | ||||
Total | $ 98,086,000 | 98,086,000 | |||
Accumulated depreciation | $ (7,560,000) | (7,560,000) | |||
Date of construction | 2,004 | ||||
Date acquired | Dec12 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 98,086,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,560,000) | ||||
Unencumbered Apartment Communities [Member] | Bennett Lofts [Member] | San Francisco, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Bennett Lofts [Member] | San Francisco, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Bernardo Crest [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 216 | ||||
Initial cost [Abstract] | |||||
Land | 10,802,000 | ||||
Buildings and improvements | 43,209,000 | ||||
Costs capitalized subsequent to acquisition | 1,302,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 10,802,000 | ||||
Buildings and improvements | 44,511,000 | ||||
Total | $ 55,313,000 | 55,313,000 | |||
Accumulated depreciation | $ (2,837,000) | (2,837,000) | |||
Date of construction | 1,988 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 55,313,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,837,000) | ||||
Unencumbered Apartment Communities [Member] | Bernardo Crest [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Bernardo Crest [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Bonita Cedars [Member] | Bonita, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 120 | ||||
Initial cost [Abstract] | |||||
Land | 2,496,000 | ||||
Buildings and improvements | 9,913,000 | ||||
Costs capitalized subsequent to acquisition | 2,187,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,503,000 | ||||
Buildings and improvements | 12,093,000 | ||||
Total | $ 14,596,000 | 14,596,000 | |||
Accumulated depreciation | $ (5,574,000) | (5,574,000) | |||
Date of construction | 1,983 | ||||
Date acquired | Dec02 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 14,596,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,574,000) | ||||
Unencumbered Apartment Communities [Member] | Bonita Cedars [Member] | Bonita, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Bonita Cedars [Member] | Bonita, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Boulevard [Member] | Fremont, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 172 | ||||
Initial cost [Abstract] | |||||
Land | 3,520,000 | ||||
Buildings and improvements | 8,182,000 | ||||
Costs capitalized subsequent to acquisition | 10,888,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,580,000 | ||||
Buildings and improvements | 19,010,000 | ||||
Total | $ 22,590,000 | 22,590,000 | |||
Accumulated depreciation | $ (13,725,000) | (13,725,000) | |||
Date of construction | 1,978 | ||||
Date acquired | Jan96 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 22,590,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (13,725,000) | ||||
Unencumbered Apartment Communities [Member] | Boulevard [Member] | Fremont, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Boulevard [Member] | Fremont, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Bridle Trails [Member] | Kirkland, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 108 | ||||
Initial cost [Abstract] | |||||
Land | 1,500,000 | ||||
Buildings and improvements | 5,930,000 | ||||
Costs capitalized subsequent to acquisition | 5,577,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 1,531,000 | ||||
Buildings and improvements | 11,476,000 | ||||
Total | $ 13,007,000 | 13,007,000 | |||
Accumulated depreciation | $ (7,107,000) | (7,107,000) | |||
Date of construction | 1,986 | ||||
Date acquired | Oct97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 13,007,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,107,000) | ||||
Unencumbered Apartment Communities [Member] | Bridle Trails [Member] | Kirkland, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Bridle Trails [Member] | Kirkland, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Brighton Ridge [Member] | Renton, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 264 | ||||
Initial cost [Abstract] | |||||
Land | 2,623,000 | ||||
Buildings and improvements | 10,800,000 | ||||
Costs capitalized subsequent to acquisition | 4,342,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,656,000 | ||||
Buildings and improvements | 15,109,000 | ||||
Total | $ 17,765,000 | 17,765,000 | |||
Accumulated depreciation | $ (9,599,000) | (9,599,000) | |||
Date of construction | 1,986 | ||||
Date acquired | Dec96 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 17,765,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,599,000) | ||||
Unencumbered Apartment Communities [Member] | Brighton Ridge [Member] | Renton, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Brighton Ridge [Member] | Renton, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Bristol Commons [Member] | Sunnyvale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 188 | ||||
Initial cost [Abstract] | |||||
Land | 5,278,000 | ||||
Buildings and improvements | 11,853,000 | ||||
Costs capitalized subsequent to acquisition | 6,978,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,293,000 | ||||
Buildings and improvements | 18,816,000 | ||||
Total | $ 24,109,000 | 24,109,000 | |||
Accumulated depreciation | $ (9,909,000) | (9,909,000) | |||
Date of construction | 1,989 | ||||
Date acquired | Jan97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 24,109,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,909,000) | ||||
Unencumbered Apartment Communities [Member] | Bristol Commons [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Bristol Commons [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | 416 on Broadway [Member] | Glendale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 115 | ||||
Initial cost [Abstract] | |||||
Land | 8,557,000 | ||||
Buildings and improvements | 34,235,000 | ||||
Costs capitalized subsequent to acquisition | 1,905,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 8,557,000 | ||||
Buildings and improvements | 36,140,000 | ||||
Total | $ 44,697,000 | 44,697,000 | |||
Accumulated depreciation | $ (6,542,000) | (6,542,000) | |||
Date of construction | 2,009 | ||||
Date acquired | Dec10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 44,697,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,542,000) | ||||
Unencumbered Apartment Communities [Member] | 416 on Broadway [Member] | Glendale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | 416 on Broadway [Member] | Glendale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Bunker Hill [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 456 | ||||
Initial cost [Abstract] | |||||
Land | 11,498,000 | ||||
Buildings and improvements | 27,871,000 | ||||
Costs capitalized subsequent to acquisition | 43,175,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 11,639,000 | ||||
Buildings and improvements | 70,905,000 | ||||
Total | $ 82,544,000 | 82,544,000 | |||
Accumulated depreciation | $ (24,680,000) | (24,680,000) | |||
Date of construction | 1,968 | ||||
Date acquired | Mar98 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 82,544,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (24,680,000) | ||||
Unencumbered Apartment Communities [Member] | Bunker Hill [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Bunker Hill [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Camarillo Oaks [Member] | Camarillo, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 564 | ||||
Initial cost [Abstract] | |||||
Land | 10,953,000 | ||||
Buildings and improvements | 25,254,000 | ||||
Costs capitalized subsequent to acquisition | 4,813,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 11,075,000 | ||||
Buildings and improvements | 29,945,000 | ||||
Total | $ 41,020,000 | 41,020,000 | |||
Accumulated depreciation | $ (19,180,000) | (19,180,000) | |||
Date of construction | 1,985 | ||||
Date acquired | Jul96 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 41,020,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (19,180,000) | ||||
Unencumbered Apartment Communities [Member] | Camarillo Oaks [Member] | Camarillo, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Camarillo Oaks [Member] | Camarillo, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Cambridge Park [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 320 | ||||
Initial cost [Abstract] | |||||
Land | 18,185,000 | ||||
Buildings and improvements | 72,739,000 | ||||
Costs capitalized subsequent to acquisition | 945,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 18,185,000 | ||||
Buildings and improvements | 73,684,000 | ||||
Total | $ 91,869,000 | 91,869,000 | |||
Accumulated depreciation | $ (4,770,000) | (4,770,000) | |||
Date of construction | 1,998 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 91,869,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,770,000) | ||||
Unencumbered Apartment Communities [Member] | Cambridge Park [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Cambridge Park [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Candlewood North [Member] | Northridge, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 189 | ||||
Initial cost [Abstract] | |||||
Land | 7,267,000 | ||||
Buildings and improvements | 29,068,000 | ||||
Costs capitalized subsequent to acquisition | 1,298,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 7,267,000 | ||||
Buildings and improvements | 30,366,000 | ||||
Total | $ 37,633,000 | 37,633,000 | |||
Accumulated depreciation | $ (1,954,000) | (1,954,000) | |||
Date of construction | 1,964 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 37,633,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (1,954,000) | ||||
Unencumbered Apartment Communities [Member] | Candlewood North [Member] | Northridge, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Candlewood North [Member] | Northridge, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Canyon Pointe [Member] | Bothell, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 250 | ||||
Initial cost [Abstract] | |||||
Land | 4,692,000 | ||||
Buildings and improvements | 18,288,000 | ||||
Costs capitalized subsequent to acquisition | 6,156,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,693,000 | ||||
Buildings and improvements | 24,443,000 | ||||
Total | $ 29,136,000 | 29,136,000 | |||
Accumulated depreciation | $ (10,351,000) | (10,351,000) | |||
Date of construction | 1,990 | ||||
Date acquired | Oct03 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 29,136,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (10,351,000) | ||||
Unencumbered Apartment Communities [Member] | Canyon Pointe [Member] | Bothell, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Canyon Pointe [Member] | Bothell, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Capri at Sunny Hills [Member] | Fullerton, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 100 | ||||
Initial cost [Abstract] | |||||
Land | 3,337,000 | ||||
Buildings and improvements | 13,320,000 | ||||
Costs capitalized subsequent to acquisition | 8,354,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,048,000 | ||||
Buildings and improvements | 20,963,000 | ||||
Total | $ 25,011,000 | 25,011,000 | |||
Accumulated depreciation | $ (10,424,000) | (10,424,000) | |||
Date of construction | 1,961 | ||||
Date acquired | Sep01 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 25,011,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (10,424,000) | ||||
Unencumbered Apartment Communities [Member] | Capri at Sunny Hills [Member] | Fullerton, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Capri at Sunny Hills [Member] | Fullerton, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Carnel Landing [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 356 | ||||
Initial cost [Abstract] | |||||
Land | 16,725,000 | ||||
Buildings and improvements | 66,901,000 | ||||
Costs capitalized subsequent to acquisition | 2,694,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 16,725,000 | ||||
Buildings and improvements | 69,595,000 | ||||
Total | $ 86,320,000 | 86,320,000 | |||
Accumulated depreciation | $ (4,478,000) | (4,478,000) | |||
Date of construction | 1,989 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 86,320,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,478,000) | ||||
Unencumbered Apartment Communities [Member] | Carnel Landing [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Carnel Landing [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Carnel Summit [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 246 | ||||
Initial cost [Abstract] | |||||
Land | 14,968,000 | ||||
Buildings and improvements | 59,871,000 | ||||
Costs capitalized subsequent to acquisition | 1,076,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 14,968,000 | ||||
Buildings and improvements | 60,947,000 | ||||
Total | $ 75,915,000 | 75,915,000 | |||
Accumulated depreciation | $ (3,887,000) | (3,887,000) | |||
Date of construction | 1,989 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 75,915,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,887,000) | ||||
Unencumbered Apartment Communities [Member] | Carnel Summit [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Carnel Summit [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Castle Creek [Member] | San Mateo, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 216 | ||||
Initial cost [Abstract] | |||||
Land | 4,149,000 | ||||
Buildings and improvements | 16,028,000 | ||||
Costs capitalized subsequent to acquisition | 2,644,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,833,000 | ||||
Buildings and improvements | 17,988,000 | ||||
Total | $ 22,821,000 | 22,821,000 | |||
Accumulated depreciation | $ (11,526,000) | (11,526,000) | |||
Date of construction | 1,988 | ||||
Date acquired | Dec98 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 22,821,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,526,000) | ||||
Unencumbered Apartment Communities [Member] | Castle Creek [Member] | San Mateo, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Castle Creek [Member] | San Mateo, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Catalina Gardens [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 128 | ||||
Initial cost [Abstract] | |||||
Land | 6,714,000 | ||||
Buildings and improvements | 26,856,000 | ||||
Costs capitalized subsequent to acquisition | 503,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,714,000 | ||||
Buildings and improvements | 27,359,000 | ||||
Total | $ 34,073,000 | 34,073,000 | |||
Accumulated depreciation | $ (1,748,000) | (1,748,000) | |||
Date of construction | 1,987 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 34,073,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (1,748,000) | ||||
Unencumbered Apartment Communities [Member] | Catalina Gardens [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Catalina Gardens [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | CBC Apartments [Member] | Santa Barbara, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 239 | ||||
Initial cost [Abstract] | |||||
Land | 11,841,000 | ||||
Buildings and improvements | 45,320,000 | ||||
Costs capitalized subsequent to acquisition | 5,525,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 11,906,000 | ||||
Buildings and improvements | 50,780,000 | ||||
Total | $ 62,686,000 | 62,686,000 | |||
Accumulated depreciation | $ (19,106,000) | (19,106,000) | |||
Date of construction | 1,962 | ||||
Date acquired | Jan06 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 62,686,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (19,106,000) | ||||
Unencumbered Apartment Communities [Member] | CBC Apartments [Member] | Santa Barbara, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | CBC Apartments [Member] | Santa Barbara, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Cedar Terrace [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 180 | ||||
Initial cost [Abstract] | |||||
Land | 5,543,000 | ||||
Buildings and improvements | 16,442,000 | ||||
Costs capitalized subsequent to acquisition | 5,020,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,652,000 | ||||
Buildings and improvements | 21,353,000 | ||||
Total | $ 27,005,000 | 27,005,000 | |||
Accumulated depreciation | $ (8,662,000) | (8,662,000) | |||
Date of construction | 1,984 | ||||
Date acquired | Jan05 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 27,005,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,662,000) | ||||
Unencumbered Apartment Communities [Member] | Cedar Terrace [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Cedar Terrace [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | CentrePointe [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 224 | ||||
Initial cost [Abstract] | |||||
Land | 3,405,000 | ||||
Buildings and improvements | 7,743,000 | ||||
Costs capitalized subsequent to acquisition | 19,503,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,442,000 | ||||
Buildings and improvements | 27,209,000 | ||||
Total | $ 30,651,000 | 30,651,000 | |||
Accumulated depreciation | $ (11,507,000) | (11,507,000) | |||
Date of construction | 1,974 | ||||
Date acquired | Jun97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 30,651,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,507,000) | ||||
Unencumbered Apartment Communities [Member] | CentrePointe [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | CentrePointe [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Chestnut Street [Member] | Santa Cruz, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 96 | ||||
Initial cost [Abstract] | |||||
Land | 6,582,000 | ||||
Buildings and improvements | 15,689,000 | ||||
Costs capitalized subsequent to acquisition | 1,262,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,582,000 | ||||
Buildings and improvements | 16,951,000 | ||||
Total | $ 23,533,000 | 23,533,000 | |||
Accumulated depreciation | $ (4,527,000) | (4,527,000) | |||
Date of construction | 2,002 | ||||
Date acquired | Jul08 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 23,533,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,527,000) | ||||
Unencumbered Apartment Communities [Member] | Chestnut Street [Member] | Santa Cruz, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Chestnut Street [Member] | Santa Cruz, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Collins On Pine [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 76 | ||||
Initial cost [Abstract] | |||||
Land | 7,276,000 | ||||
Buildings and improvements | 22,226,000 | ||||
Costs capitalized subsequent to acquisition | 78,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 7,276,000 | ||||
Buildings and improvements | 22,304,000 | ||||
Total | $ 29,580,000 | 29,580,000 | |||
Accumulated depreciation | $ (1,215,000) | (1,215,000) | |||
Date of construction | 2,013 | ||||
Date acquired | May14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 29,580,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (1,215,000) | ||||
Unencumbered Apartment Communities [Member] | Collins On Pine [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Collins On Pine [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Corbella at Juanita Bay [Member] | Kirkland, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 169 | ||||
Initial cost [Abstract] | |||||
Land | 5,801,000 | ||||
Buildings and improvements | 17,415,000 | ||||
Costs capitalized subsequent to acquisition | 2,133,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,801,000 | ||||
Buildings and improvements | 19,548,000 | ||||
Total | $ 25,349,000 | 25,349,000 | |||
Accumulated depreciation | $ (3,663,000) | (3,663,000) | |||
Date of construction | 1,978 | ||||
Date acquired | Nov10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 25,349,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,663,000) | ||||
Unencumbered Apartment Communities [Member] | Corbella at Juanita Bay [Member] | Kirkland, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Corbella at Juanita Bay [Member] | Kirkland, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Cortesia at Santa Margarita [Member] | Rancho Santa, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 308 | ||||
Initial cost [Abstract] | |||||
Land | 13,912,000 | ||||
Buildings and improvements | 55,649,000 | ||||
Costs capitalized subsequent to acquisition | 719,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 13,912,000 | ||||
Buildings and improvements | 56,368,000 | ||||
Total | $ 70,280,000 | 70,280,000 | |||
Accumulated depreciation | $ (3,625,000) | (3,625,000) | |||
Date of construction | 1,999 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 70,280,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,625,000) | ||||
Unencumbered Apartment Communities [Member] | Cortesia at Santa Margarita [Member] | Rancho Santa, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Cortesia at Santa Margarita [Member] | Rancho Santa, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Country Villas [Member] | Oceanside, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 180 | ||||
Initial cost [Abstract] | |||||
Land | 4,174,000 | ||||
Buildings and improvements | 16,583,000 | ||||
Costs capitalized subsequent to acquisition | 3,332,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,187,000 | ||||
Buildings and improvements | 19,902,000 | ||||
Total | $ 24,089,000 | 24,089,000 | |||
Accumulated depreciation | $ (9,274,000) | (9,274,000) | |||
Date of construction | 1,976 | ||||
Date acquired | Dec02 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 24,089,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,274,000) | ||||
Unencumbered Apartment Communities [Member] | Country Villas [Member] | Oceanside, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Country Villas [Member] | Oceanside, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Deer Valley [Member] | San Rafael, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 171 | ||||
Initial cost [Abstract] | |||||
Land | 21,478,000 | ||||
Buildings and improvements | 50,116,000 | ||||
Costs capitalized subsequent to acquisition | 1,023,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 21,478,000 | ||||
Buildings and improvements | 51,139,000 | ||||
Total | $ 72,617,000 | 72,617,000 | |||
Accumulated depreciation | $ (3,329,000) | (3,329,000) | |||
Date of construction | 1,996 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 72,617,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,329,000) | ||||
Unencumbered Apartment Communities [Member] | Deer Valley [Member] | San Rafael, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Deer Valley [Member] | San Rafael, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Delano/Bon Terra [Member] | Redmond, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 126 | ||||
Initial cost [Abstract] | |||||
Land | 7,470,000 | ||||
Buildings and improvements | 22,511,000 | ||||
Costs capitalized subsequent to acquisition | 978,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 7,470,000 | ||||
Buildings and improvements | 23,489,000 | ||||
Total | $ 30,959,000 | 30,959,000 | |||
Accumulated depreciation | $ (3,265,000) | (3,265,000) | |||
Date of construction | 2,005 | ||||
Date acquired | Dec11 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 30,959,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,265,000) | ||||
Unencumbered Apartment Communities [Member] | Delano/Bon Terra [Member] | Redmond, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Delano/Bon Terra [Member] | Redmond, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Devonshire [Member] | Hemet, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 276 | ||||
Initial cost [Abstract] | |||||
Land | 3,470,000 | ||||
Buildings and improvements | 13,786,000 | ||||
Costs capitalized subsequent to acquisition | 3,236,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,482,000 | ||||
Buildings and improvements | 17,010,000 | ||||
Total | $ 20,492,000 | 20,492,000 | |||
Accumulated depreciation | $ (7,891,000) | (7,891,000) | |||
Date of construction | 1,988 | ||||
Date acquired | Dec02 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 20,492,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,891,000) | ||||
Unencumbered Apartment Communities [Member] | Devonshire [Member] | Hemet, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Devonshire [Member] | Hemet, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Domain [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 379 | ||||
Initial cost [Abstract] | |||||
Land | 23,848,000 | ||||
Buildings and improvements | 95,394,000 | ||||
Costs capitalized subsequent to acquisition | 799,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 23,848,000 | ||||
Buildings and improvements | 96,193,000 | ||||
Total | $ 120,041,000 | 120,041,000 | |||
Accumulated depreciation | $ (6,868,000) | (6,868,000) | |||
Date of construction | 2,013 | ||||
Date acquired | Nov13 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 120,041,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,868,000) | ||||
Unencumbered Apartment Communities [Member] | Domain [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Domain [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Emerald Pointe [Member] | Diamond Bar, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 160 | ||||
Initial cost [Abstract] | |||||
Land | 8,458,000 | ||||
Buildings and improvements | 33,832,000 | ||||
Costs capitalized subsequent to acquisition | 813,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 8,458,000 | ||||
Buildings and improvements | 34,645,000 | ||||
Total | $ 43,103,000 | 43,103,000 | |||
Accumulated depreciation | $ (2,235,000) | (2,235,000) | |||
Date of construction | 1,989 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 43,103,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,235,000) | ||||
Unencumbered Apartment Communities [Member] | Emerald Pointe [Member] | Diamond Bar, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Emerald Pointe [Member] | Diamond Bar, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Emerald Ridge [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 180 | ||||
Initial cost [Abstract] | |||||
Land | 3,449,000 | ||||
Buildings and improvements | 7,801,000 | ||||
Costs capitalized subsequent to acquisition | 3,500,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,449,000 | ||||
Buildings and improvements | 11,301,000 | ||||
Total | $ 14,750,000 | 14,750,000 | |||
Accumulated depreciation | $ (8,307,000) | (8,307,000) | |||
Date of construction | 1,987 | ||||
Date acquired | Nov94 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 14,750,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,307,000) | ||||
Unencumbered Apartment Communities [Member] | Emerald Ridge [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Emerald Ridge [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Enso [Member] | San Jose, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 183 | ||||
Initial cost [Abstract] | |||||
Land | 21,397,000 | ||||
Buildings and improvements | 71,135,000 | ||||
Costs capitalized subsequent to acquisition | 2,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 21,397,000 | ||||
Buildings and improvements | 71,137,000 | ||||
Total | $ 92,534,000 | 92,534,000 | |||
Accumulated depreciation | $ (102,000) | (102,000) | |||
Date of construction | 2,014 | ||||
Date acquired | Dec15 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 92,534,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (102,000) | ||||
Unencumbered Apartment Communities [Member] | Enso [Member] | San Jose, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Enso [Member] | San Jose, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Essex Skyline at MacAuthur Place [Member] | Santa Ana, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 349 | ||||
Initial cost [Abstract] | |||||
Land | 21,537,000 | ||||
Buildings and improvements | 146,099,000 | ||||
Costs capitalized subsequent to acquisition | 2,862,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 21,537,000 | ||||
Buildings and improvements | 148,961,000 | ||||
Total | $ 170,498,000 | 170,498,000 | |||
Accumulated depreciation | $ (18,766,000) | (18,766,000) | |||
Date of construction | 2,008 | ||||
Date acquired | Apr12 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 170,498,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (18,766,000) | ||||
Unencumbered Apartment Communities [Member] | Essex Skyline at MacAuthur Place [Member] | Santa Ana, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Essex Skyline at MacAuthur Place [Member] | Santa Ana, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Evergreen Heights [Member] | Kirkland, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 200 | ||||
Initial cost [Abstract] | |||||
Land | 3,566,000 | ||||
Buildings and improvements | 13,395,000 | ||||
Costs capitalized subsequent to acquisition | 4,566,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,649,000 | ||||
Buildings and improvements | 17,878,000 | ||||
Total | $ 21,527,000 | 21,527,000 | |||
Accumulated depreciation | $ (10,945,000) | (10,945,000) | |||
Date of construction | 1,990 | ||||
Date acquired | Jun97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 21,527,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (10,945,000) | ||||
Unencumbered Apartment Communities [Member] | Evergreen Heights [Member] | Kirkland, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Evergreen Heights [Member] | Kirkland, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Fairways [Member] | Newport Beach, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 74 | ||||
Initial cost [Abstract] | |||||
Land | 0 | ||||
Buildings and improvements | 7,850,000 | ||||
Costs capitalized subsequent to acquisition | 6,731,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 9,000 | ||||
Buildings and improvements | 14,572,000 | ||||
Total | $ 14,581,000 | 14,581,000 | |||
Accumulated depreciation | $ (7,135,000) | (7,135,000) | |||
Date of construction | 1,972 | ||||
Date acquired | Jun99 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 14,581,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,135,000) | ||||
Unencumbered Apartment Communities [Member] | Fairways [Member] | Newport Beach, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Fairways [Member] | Newport Beach, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Foothill Commons [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 394 | ||||
Initial cost [Abstract] | |||||
Land | 2,435,000 | ||||
Buildings and improvements | 9,821,000 | ||||
Costs capitalized subsequent to acquisition | 36,446,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,440,000 | ||||
Buildings and improvements | 46,262,000 | ||||
Total | $ 48,702,000 | 48,702,000 | |||
Accumulated depreciation | $ (30,270,000) | (30,270,000) | |||
Date of construction | 1,978 | ||||
Date acquired | Mar90 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 48,702,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (30,270,000) | ||||
Unencumbered Apartment Communities [Member] | Foothill Commons [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Foothill Commons [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Foothill Gardens/Twin Creeks [Member] | San Ramon, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 176 | ||||
Initial cost [Abstract] | |||||
Land | 5,875,000 | ||||
Buildings and improvements | 13,992,000 | ||||
Costs capitalized subsequent to acquisition | 7,919,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,964,000 | ||||
Buildings and improvements | 21,822,000 | ||||
Total | $ 27,786,000 | 27,786,000 | |||
Accumulated depreciation | $ (12,293,000) | (12,293,000) | |||
Date of construction | 1,985 | ||||
Date acquired | Feb97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 27,786,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (12,293,000) | ||||
Unencumbered Apartment Communities [Member] | Foothill Gardens/Twin Creeks [Member] | San Ramon, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Foothill Gardens/Twin Creeks [Member] | San Ramon, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Forest View [Member] | Renton, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 192 | ||||
Initial cost [Abstract] | |||||
Land | 3,731,000 | ||||
Buildings and improvements | 14,530,000 | ||||
Costs capitalized subsequent to acquisition | 1,798,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,731,000 | ||||
Buildings and improvements | 16,328,000 | ||||
Total | $ 20,059,000 | 20,059,000 | |||
Accumulated depreciation | $ (6,991,000) | (6,991,000) | |||
Date of construction | 1,998 | ||||
Date acquired | Oct03 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 20,059,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,991,000) | ||||
Unencumbered Apartment Communities [Member] | Forest View [Member] | Renton, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Forest View [Member] | Renton, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Fountain Court [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 320 | ||||
Initial cost [Abstract] | |||||
Land | 6,702,000 | ||||
Buildings and improvements | 27,306,000 | ||||
Costs capitalized subsequent to acquisition | 10,209,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,585,000 | ||||
Buildings and improvements | 37,632,000 | ||||
Total | $ 44,217,000 | 44,217,000 | |||
Accumulated depreciation | $ (19,053,000) | (19,053,000) | |||
Date of construction | 2,000 | ||||
Date acquired | Mar00 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 44,217,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (19,053,000) | ||||
Unencumbered Apartment Communities [Member] | Fountain Court [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Fountain Court [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Fourth & U [Member] | Berkeley, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 171 | ||||
Initial cost [Abstract] | |||||
Land | 8,879,000 | ||||
Buildings and improvements | 52,351,000 | ||||
Costs capitalized subsequent to acquisition | 2,396,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 8,879,000 | ||||
Buildings and improvements | 54,747,000 | ||||
Total | $ 63,626,000 | 63,626,000 | |||
Accumulated depreciation | $ (11,966,000) | (11,966,000) | |||
Date of construction | 2,010 | ||||
Date acquired | Apr10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 63,626,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,966,000) | ||||
Unencumbered Apartment Communities [Member] | Fourth & U [Member] | Berkeley, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Fourth & U [Member] | Berkeley, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Fox Plaza [Member] | San Francisco, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 443 | ||||
Initial cost [Abstract] | |||||
Land | 39,731,000 | ||||
Buildings and improvements | 92,706,000 | ||||
Costs capitalized subsequent to acquisition | 12,668,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 39,731,000 | ||||
Buildings and improvements | 105,374,000 | ||||
Total | $ 145,105,000 | 145,105,000 | |||
Accumulated depreciation | $ (10,314,000) | (10,314,000) | |||
Date of construction | 1,968 | ||||
Date acquired | Feb13 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 145,105,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (10,314,000) | ||||
Unencumbered Apartment Communities [Member] | Fox Plaza [Member] | San Francisco, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Fox Plaza [Member] | San Francisco, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Hillsborough Park [Member] | La Habra, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 235 | ||||
Initial cost [Abstract] | |||||
Land | 6,291,000 | ||||
Buildings and improvements | 15,455,000 | ||||
Costs capitalized subsequent to acquisition | 2,182,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,272,000 | ||||
Buildings and improvements | 17,656,000 | ||||
Total | $ 23,928,000 | 23,928,000 | |||
Accumulated depreciation | $ (9,602,000) | (9,602,000) | |||
Date of construction | 1,999 | ||||
Date acquired | Sep99 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 23,928,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,602,000) | ||||
Unencumbered Apartment Communities [Member] | Hillsborough Park [Member] | La Habra, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Hillsborough Park [Member] | La Habra, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Hillsdale Garden Apartments [Member] | San Mateo, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 697 | ||||
Initial cost [Abstract] | |||||
Land | 22,000,000 | ||||
Buildings and improvements | 94,681,000 | ||||
Costs capitalized subsequent to acquisition | 20,672,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 22,000,000 | ||||
Buildings and improvements | 115,353,000 | ||||
Total | $ 137,353,000 | 137,353,000 | |||
Accumulated depreciation | $ (38,841,000) | (38,841,000) | |||
Date of construction | 1,948 | ||||
Date acquired | Sep06 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 137,353,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (38,841,000) | ||||
Unencumbered Apartment Communities [Member] | Hillsdale Garden Apartments [Member] | San Mateo, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Hillsdale Garden Apartments [Member] | San Mateo, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Hope Ranch Collection [Member] | Santa Barbara, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 108 | ||||
Initial cost [Abstract] | |||||
Land | 4,078,000 | ||||
Buildings and improvements | 16,877,000 | ||||
Costs capitalized subsequent to acquisition | 2,507,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,208,000 | ||||
Buildings and improvements | 19,254,000 | ||||
Total | $ 23,462,000 | 23,462,000 | |||
Accumulated depreciation | $ (5,586,000) | (5,586,000) | |||
Date of construction | 1,965 | ||||
Date acquired | Mar07 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 23,462,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,586,000) | ||||
Unencumbered Apartment Communities [Member] | Hope Ranch Collection [Member] | Santa Barbara, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Hope Ranch Collection [Member] | Santa Barbara, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Jefferson at Hollywood [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 270 | ||||
Initial cost [Abstract] | |||||
Land | 19,054,000 | ||||
Buildings and improvements | 89,321,000 | ||||
Costs capitalized subsequent to acquisition | 1,182,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 19,054,000 | ||||
Buildings and improvements | 90,503,000 | ||||
Total | $ 109,557,000 | 109,557,000 | |||
Accumulated depreciation | $ (5,745,000) | (5,745,000) | |||
Date of construction | 2,010 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 109,557,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,745,000) | ||||
Unencumbered Apartment Communities [Member] | Jefferson at Hollywood [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Jefferson at Hollywood [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Joule [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 295 | ||||
Initial cost [Abstract] | |||||
Land | 14,558,000 | ||||
Buildings and improvements | 69,417,000 | ||||
Costs capitalized subsequent to acquisition | 3,614,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 14,558,000 | ||||
Buildings and improvements | 73,031,000 | ||||
Total | $ 87,589,000 | 87,589,000 | |||
Accumulated depreciation | $ (16,387,000) | (16,387,000) | |||
Date of construction | 2,010 | ||||
Date acquired | Mar10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 87,589,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (16,387,000) | ||||
Unencumbered Apartment Communities [Member] | Joule [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Joule [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | 1000 Kiely [Member] | Santa Clara, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 121 | ||||
Initial cost [Abstract] | |||||
Land | 9,359,000 | ||||
Buildings and improvements | 21,845,000 | ||||
Costs capitalized subsequent to acquisition | 6,725,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 9,359,000 | ||||
Buildings and improvements | 28,570,000 | ||||
Total | $ 37,929,000 | 37,929,000 | |||
Accumulated depreciation | $ (5,605,000) | (5,605,000) | |||
Date of construction | 1,971 | ||||
Date acquired | Mar11 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 37,929,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,605,000) | ||||
Unencumbered Apartment Communities [Member] | 1000 Kiely [Member] | Santa Clara, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | 1000 Kiely [Member] | Santa Clara, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Kings Road [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 196 | ||||
Initial cost [Abstract] | |||||
Land | 4,023,000 | ||||
Buildings and improvements | 9,527,000 | ||||
Costs capitalized subsequent to acquisition | 10,731,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,031,000 | ||||
Buildings and improvements | 20,250,000 | ||||
Total | $ 24,281,000 | 24,281,000 | |||
Accumulated depreciation | $ (11,236,000) | (11,236,000) | |||
Date of construction | 1,979 | ||||
Date acquired | Jun97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 24,281,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,236,000) | ||||
Unencumbered Apartment Communities [Member] | Kings Road [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Kings Road [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Lafayette Highlands [Member] | Lafayette, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 150 | ||||
Initial cost [Abstract] | |||||
Land | 17,774,000 | ||||
Buildings and improvements | 41,473,000 | ||||
Costs capitalized subsequent to acquisition | 410,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 17,774,000 | ||||
Buildings and improvements | 41,883,000 | ||||
Total | $ 59,657,000 | 59,657,000 | |||
Accumulated depreciation | $ (2,716,000) | (2,716,000) | |||
Date of construction | 1,973 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 59,657,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,716,000) | ||||
Unencumbered Apartment Communities [Member] | Lafayette Highlands [Member] | Lafayette, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Lafayette Highlands [Member] | Lafayette, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Lakeshore Landing [Member] | San Mateo, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 308 | ||||
Initial cost [Abstract] | |||||
Land | 38,155,000 | ||||
Buildings and improvements | 89,028,000 | ||||
Costs capitalized subsequent to acquisition | 2,950,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 38,155,000 | ||||
Buildings and improvements | 91,978,000 | ||||
Total | $ 130,133,000 | 130,133,000 | |||
Accumulated depreciation | $ (6,171,000) | (6,171,000) | |||
Date of construction | 1,988 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 130,133,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,171,000) | ||||
Unencumbered Apartment Communities [Member] | Lakeshore Landing [Member] | San Mateo, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Lakeshore Landing [Member] | San Mateo, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | The Laurels at Mill Creek [Member] | Lake Forest, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 164 | ||||
Initial cost [Abstract] | |||||
Land | 1,559,000 | ||||
Buildings and improvements | 6,430,000 | ||||
Costs capitalized subsequent to acquisition | 5,390,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 1,595,000 | ||||
Buildings and improvements | 11,784,000 | ||||
Total | $ 13,379,000 | 13,379,000 | |||
Accumulated depreciation | $ (7,694,000) | (7,694,000) | |||
Date of construction | 1,981 | ||||
Date acquired | Dec96 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 13,379,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,694,000) | ||||
Unencumbered Apartment Communities [Member] | The Laurels at Mill Creek [Member] | Lake Forest, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | The Laurels at Mill Creek [Member] | Lake Forest, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Lawrence Station [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Lawrence Station [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Lawrence Station [Member] | Lake Forest, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 336 | ||||
Initial cost [Abstract] | |||||
Land | 45,532,000 | ||||
Buildings and improvements | 106,735,000 | ||||
Costs capitalized subsequent to acquisition | (15,000) | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 45,532,000 | ||||
Buildings and improvements | 106,720,000 | ||||
Total | $ 152,252,000 | 152,252,000 | |||
Accumulated depreciation | (8,451,000) | (8,451,000) | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | 152,252,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,451,000) | ||||
Unencumbered Apartment Communities [Member] | Le Parc Luxury Apartments [Member] | Santa Clara, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 140 | ||||
Initial cost [Abstract] | |||||
Land | 3,090,000 | ||||
Buildings and improvements | 7,421,000 | ||||
Costs capitalized subsequent to acquisition | 11,118,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,092,000 | ||||
Buildings and improvements | 18,537,000 | ||||
Total | $ 21,629,000 | 21,629,000 | |||
Accumulated depreciation | $ (12,351,000) | (12,351,000) | |||
Date of construction | 1,975 | ||||
Date acquired | Feb94 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 21,629,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (12,351,000) | ||||
Unencumbered Apartment Communities [Member] | Le Parc Luxury Apartments [Member] | Santa Clara, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Le Parc Luxury Apartments [Member] | Santa Clara, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Marbrisa [Member] | Long Beach, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 202 | ||||
Initial cost [Abstract] | |||||
Land | 4,700,000 | ||||
Buildings and improvements | 18,605,000 | ||||
Costs capitalized subsequent to acquisition | 6,526,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,760,000 | ||||
Buildings and improvements | 25,071,000 | ||||
Total | $ 29,831,000 | 29,831,000 | |||
Accumulated depreciation | $ (10,771,000) | (10,771,000) | |||
Date of construction | 1,987 | ||||
Date acquired | Sep02 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 29,831,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (10,771,000) | ||||
Unencumbered Apartment Communities [Member] | Marbrisa [Member] | Long Beach, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Marbrisa [Member] | Long Beach, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Marina City Club [Member] | Marina Del Rey, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 101 | ||||
Initial cost [Abstract] | |||||
Land | 0 | ||||
Buildings and improvements | 28,167,000 | ||||
Costs capitalized subsequent to acquisition | 40,352,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 0 | ||||
Buildings and improvements | 68,519,000 | ||||
Total | $ 68,519,000 | 68,519,000 | |||
Accumulated depreciation | $ (17,674,000) | (17,674,000) | |||
Date of construction | 1,971 | ||||
Date acquired | Jan04 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 68,519,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (17,674,000) | ||||
Unencumbered Apartment Communities [Member] | Marina City Club [Member] | Marina Del Rey, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Marina City Club [Member] | Marina Del Rey, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Marina Cove [Member] | Santa Clara, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 292 | ||||
Initial cost [Abstract] | |||||
Land | 5,320,000 | ||||
Buildings and improvements | 16,431,000 | ||||
Costs capitalized subsequent to acquisition | 12,560,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,324,000 | ||||
Buildings and improvements | 28,987,000 | ||||
Total | $ 34,311,000 | 34,311,000 | |||
Accumulated depreciation | $ (18,435,000) | (18,435,000) | |||
Date of construction | 1,974 | ||||
Date acquired | Jun94 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 34,311,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (18,435,000) | ||||
Unencumbered Apartment Communities [Member] | Marina Cove [Member] | Santa Clara, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Marina Cove [Member] | Santa Clara, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Mariners Place [Member] | Oxnard, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 105 | ||||
Initial cost [Abstract] | |||||
Land | 1,555,000 | ||||
Buildings and improvements | 6,103,000 | ||||
Costs capitalized subsequent to acquisition | 2,150,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 1,562,000 | ||||
Buildings and improvements | 8,246,000 | ||||
Total | $ 9,808,000 | 9,808,000 | |||
Accumulated depreciation | $ (4,584,000) | (4,584,000) | |||
Date of construction | 1,987 | ||||
Date acquired | May00 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 9,808,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,584,000) | ||||
Unencumbered Apartment Communities [Member] | Mariners Place [Member] | Oxnard, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Mariners Place [Member] | Oxnard, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | MB 360 Phase 1 [Member] | San Francisco, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 188 | ||||
Initial cost [Abstract] | |||||
Land | 21,421,000 | ||||
Buildings and improvements | 114,376,000 | ||||
Costs capitalized subsequent to acquisition | 0 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 21,421,000 | ||||
Buildings and improvements | 114,376,000 | ||||
Total | $ 135,797,000 | 135,797,000 | |||
Accumulated depreciation | $ (3,749,000) | (3,749,000) | |||
Date of construction | 2,014 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 135,797,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,749,000) | ||||
Unencumbered Apartment Communities [Member] | MB 360 Phase 1 [Member] | San Francisco, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | MB 360 Phase 1 [Member] | San Francisco, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Meadowood [Member] | Simi Valley, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 320 | ||||
Initial cost [Abstract] | |||||
Land | 7,852,000 | ||||
Buildings and improvements | 18,592,000 | ||||
Costs capitalized subsequent to acquisition | 7,060,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 7,898,000 | ||||
Buildings and improvements | 25,606,000 | ||||
Total | $ 33,504,000 | 33,504,000 | |||
Accumulated depreciation | $ (16,003,000) | (16,003,000) | |||
Date of construction | 1,986 | ||||
Date acquired | Nov96 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 33,504,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (16,003,000) | ||||
Unencumbered Apartment Communities [Member] | Meadowood [Member] | Simi Valley, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Meadowood [Member] | Simi Valley, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Mesa Village [Member] | Clairemont, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 133 | ||||
Initial cost [Abstract] | |||||
Land | 1,888,000 | ||||
Buildings and improvements | 7,498,000 | ||||
Costs capitalized subsequent to acquisition | 1,250,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 1,894,000 | ||||
Buildings and improvements | 8,742,000 | ||||
Total | $ 10,636,000 | 10,636,000 | |||
Accumulated depreciation | $ (3,967,000) | (3,967,000) | |||
Date of construction | 1,963 | ||||
Date acquired | Dec02 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 10,636,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,967,000) | ||||
Unencumbered Apartment Communities [Member] | Mesa Village [Member] | Clairemont, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Mesa Village [Member] | Clairemont, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Mira Monte [Member] | Ventura, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 355 | ||||
Initial cost [Abstract] | |||||
Land | 7,165,000 | ||||
Buildings and improvements | 28,459,000 | ||||
Costs capitalized subsequent to acquisition | 9,237,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 7,186,000 | ||||
Buildings and improvements | 37,675,000 | ||||
Total | $ 44,861,000 | 44,861,000 | |||
Accumulated depreciation | $ (19,094,000) | (19,094,000) | |||
Date of construction | 1,982 | ||||
Date acquired | Dec02 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 44,861,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (19,094,000) | ||||
Unencumbered Apartment Communities [Member] | Mira Monte [Member] | Ventura, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Mira Monte [Member] | Ventura, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Miracle Mile Marbella [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 236 | ||||
Initial cost [Abstract] | |||||
Land | 7,791,000 | ||||
Buildings and improvements | 23,075,000 | ||||
Costs capitalized subsequent to acquisition | 13,484,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 7,886,000 | ||||
Buildings and improvements | 36,464,000 | ||||
Total | $ 44,350,000 | 44,350,000 | |||
Accumulated depreciation | $ (20,985,000) | (20,985,000) | |||
Date of construction | 1,988 | ||||
Date acquired | Aug97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 44,350,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (20,985,000) | ||||
Unencumbered Apartment Communities [Member] | Miracle Mile Marbella [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Miracle Mile Marbella [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Mission Hills [Member] | Oceanside, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 282 | ||||
Initial cost [Abstract] | |||||
Land | 10,099,000 | ||||
Buildings and improvements | 38,778,000 | ||||
Costs capitalized subsequent to acquisition | 4,996,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 10,167,000 | ||||
Buildings and improvements | 43,706,000 | ||||
Total | $ 53,873,000 | 53,873,000 | |||
Accumulated depreciation | $ (16,771,000) | (16,771,000) | |||
Date of construction | 1,984 | ||||
Date acquired | Jul05 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 53,873,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (16,771,000) | ||||
Unencumbered Apartment Communities [Member] | Mission Hills [Member] | Oceanside, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Mission Hills [Member] | Oceanside, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Mission Peaks [Member] | Fremont, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 453 | ||||
Initial cost [Abstract] | |||||
Land | 46,499,000 | ||||
Buildings and improvements | 108,498,000 | ||||
Costs capitalized subsequent to acquisition | 1,181,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 46,499,000 | ||||
Buildings and improvements | 109,679,000 | ||||
Total | $ 156,178,000 | 156,178,000 | |||
Accumulated depreciation | $ (7,087,000) | (7,087,000) | |||
Date of construction | 1,995 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 156,178,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,087,000) | ||||
Unencumbered Apartment Communities [Member] | Mission Peaks [Member] | Fremont, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Mission Peaks [Member] | Fremont, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Mission Peaks II [Member] | Fremont, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 336 | ||||
Initial cost [Abstract] | |||||
Land | 31,429,000 | ||||
Buildings and improvements | 73,334,000 | ||||
Costs capitalized subsequent to acquisition | 2,011,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 31,429,000 | ||||
Buildings and improvements | 75,345,000 | ||||
Total | $ 106,774,000 | 106,774,000 | |||
Accumulated depreciation | $ (4,860,000) | (4,860,000) | |||
Date of construction | 1,989 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 106,774,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,860,000) | ||||
Unencumbered Apartment Communities [Member] | Mission Peaks II [Member] | Fremont, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Mission Peaks II [Member] | Fremont, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Monterey Villas [Member] | Oxnard, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 122 | ||||
Initial cost [Abstract] | |||||
Land | 2,349,000 | ||||
Buildings and improvements | 5,579,000 | ||||
Costs capitalized subsequent to acquisition | 5,880,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,424,000 | ||||
Buildings and improvements | 11,384,000 | ||||
Total | $ 13,808,000 | 13,808,000 | |||
Accumulated depreciation | $ (6,284,000) | (6,284,000) | |||
Date of construction | 1,974 | ||||
Date acquired | Jul97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 13,808,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,284,000) | ||||
Unencumbered Apartment Communities [Member] | Monterey Villas [Member] | Oxnard, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Monterey Villas [Member] | Oxnard, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Muse [Member] | Hollywood, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 152 | ||||
Initial cost [Abstract] | |||||
Land | 7,822,000 | ||||
Buildings and improvements | 33,436,000 | ||||
Costs capitalized subsequent to acquisition | 2,168,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 7,823,000 | ||||
Buildings and improvements | 35,603,000 | ||||
Total | $ 43,426,000 | 43,426,000 | |||
Accumulated depreciation | $ (8,563,000) | (8,563,000) | |||
Date of construction | 2,011 | ||||
Date acquired | Feb11 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 43,426,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,563,000) | ||||
Unencumbered Apartment Communities [Member] | Muse [Member] | Hollywood, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Muse [Member] | Hollywood, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Museum Park [Member] | San Jose, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 117 | ||||
Initial cost [Abstract] | |||||
Land | 13,864,000 | ||||
Buildings and improvements | 32,348,000 | ||||
Costs capitalized subsequent to acquisition | 476,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 13,864,000 | ||||
Buildings and improvements | 32,824,000 | ||||
Total | $ 46,688,000 | 46,688,000 | |||
Accumulated depreciation | $ (2,145,000) | (2,145,000) | |||
Date of construction | 2,002 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 46,688,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,145,000) | ||||
Unencumbered Apartment Communities [Member] | Museum Park [Member] | San Jose, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Museum Park [Member] | San Jose, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Paragon Apartments [Member] | Fremont, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 301 | ||||
Initial cost [Abstract] | |||||
Land | 32,230,000 | ||||
Buildings and improvements | 77,320,000 | ||||
Costs capitalized subsequent to acquisition | 328,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 32,230,000 | ||||
Buildings and improvements | 77,648,000 | ||||
Total | $ 109,878,000 | 109,878,000 | |||
Accumulated depreciation | $ (3,782,000) | (3,782,000) | |||
Date of construction | 2,013 | ||||
Date acquired | Jul14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 109,878,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,782,000) | ||||
Unencumbered Apartment Communities [Member] | Paragon Apartments [Member] | Fremont, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Paragon Apartments [Member] | Fremont, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Park Catalina [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 90 | ||||
Initial cost [Abstract] | |||||
Land | 4,710,000 | ||||
Buildings and improvements | 18,839,000 | ||||
Costs capitalized subsequent to acquisition | 2,281,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,710,000 | ||||
Buildings and improvements | 21,120,000 | ||||
Total | $ 25,830,000 | 25,830,000 | |||
Accumulated depreciation | $ (2,730,000) | (2,730,000) | |||
Date of construction | 2,002 | ||||
Date acquired | Jun12 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 25,830,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,730,000) | ||||
Unencumbered Apartment Communities [Member] | Park Catalina [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Park Catalina [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Park West [Member] | San Francisco, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 126 | ||||
Initial cost [Abstract] | |||||
Land | 9,424,000 | ||||
Buildings and improvements | 21,988,000 | ||||
Costs capitalized subsequent to acquisition | 9,472,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 9,424,000 | ||||
Buildings and improvements | 31,460,000 | ||||
Total | $ 40,884,000 | 40,884,000 | |||
Accumulated depreciation | $ (3,667,000) | (3,667,000) | |||
Date of construction | 1,958 | ||||
Date acquired | Sep12 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 40,884,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,667,000) | ||||
Unencumbered Apartment Communities [Member] | Park West [Member] | San Francisco, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Park West [Member] | San Francisco, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Parkwood at Mill Creek [Member] | Lake Forest, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 240 | ||||
Initial cost [Abstract] | |||||
Land | 10,680,000 | ||||
Buildings and improvements | 42,722,000 | ||||
Costs capitalized subsequent to acquisition | 1,517,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 10,680,000 | ||||
Buildings and improvements | 44,239,000 | ||||
Total | $ 54,919,000 | 54,919,000 | |||
Accumulated depreciation | $ (2,875,000) | (2,875,000) | |||
Date of construction | 1,989 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 54,919,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,875,000) | ||||
Unencumbered Apartment Communities [Member] | Parkwood at Mill Creek [Member] | Lake Forest, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Parkwood at Mill Creek [Member] | Lake Forest, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Pinehurst [Member] | Ventura, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 28 | ||||
Initial cost [Abstract] | |||||
Land | 0 | ||||
Buildings and improvements | 1,711,000 | ||||
Costs capitalized subsequent to acquisition | 482,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,000 | ||||
Buildings and improvements | 2,187,000 | ||||
Total | $ 2,193,000 | 2,193,000 | |||
Accumulated depreciation | $ (1,049,000) | (1,049,000) | |||
Date of construction | 1,973 | ||||
Date acquired | Dec04 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 2,193,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (1,049,000) | ||||
Unencumbered Apartment Communities [Member] | Pinehurst [Member] | Ventura, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Pinehurst [Member] | Ventura, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Pinnacle Crow Canyon [Member] | San Ramon, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 400 | ||||
Initial cost [Abstract] | |||||
Land | 37,579,000 | ||||
Buildings and improvements | 87,685,000 | ||||
Costs capitalized subsequent to acquisition | 1,717,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 37,579,000 | ||||
Buildings and improvements | 89,402,000 | ||||
Total | $ 126,981,000 | 126,981,000 | |||
Accumulated depreciation | $ (5,791,000) | (5,791,000) | |||
Date of construction | 1,992 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 126,981,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,791,000) | ||||
Unencumbered Apartment Communities [Member] | Pinnacle Crow Canyon [Member] | San Ramon, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Pinnacle Crow Canyon [Member] | San Ramon, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Pinnacle Sonata [Member] | Bothell, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 268 | ||||
Initial cost [Abstract] | |||||
Land | 14,647,000 | ||||
Buildings and improvements | 58,586,000 | ||||
Costs capitalized subsequent to acquisition | 564,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 14,647,000 | ||||
Buildings and improvements | 59,150,000 | ||||
Total | $ 73,797,000 | 73,797,000 | |||
Accumulated depreciation | $ (3,807,000) | (3,807,000) | |||
Date of construction | 2,000 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 73,797,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,807,000) | ||||
Unencumbered Apartment Communities [Member] | Pinnacle Sonata [Member] | Bothell, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Pinnacle Sonata [Member] | Bothell, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Radius [Member] | Redwood City, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 264 | ||||
Initial cost [Abstract] | |||||
Land | 11,702,000 | ||||
Buildings and improvements | 152,336,000 | ||||
Costs capitalized subsequent to acquisition | 28,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 11,702,000 | ||||
Buildings and improvements | 152,364,000 | ||||
Total | $ 164,066,000 | 164,066,000 | |||
Accumulated depreciation | $ (7,622,000) | (7,622,000) | |||
Date of construction | 2,015 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 164,066,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,622,000) | ||||
Unencumbered Apartment Communities [Member] | Radius [Member] | Redwood City, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Radius [Member] | Redwood City, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Reed Square [Member] | Sunnyvale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 100 | ||||
Initial cost [Abstract] | |||||
Land | 6,873,000 | ||||
Buildings and improvements | 16,037,000 | ||||
Costs capitalized subsequent to acquisition | 7,750,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,873,000 | ||||
Buildings and improvements | 23,787,000 | ||||
Total | $ 30,660,000 | 30,660,000 | |||
Accumulated depreciation | $ (4,356,000) | (4,356,000) | |||
Date of construction | 1,970 | ||||
Date acquired | Jan12 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 30,660,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,356,000) | ||||
Unencumbered Apartment Communities [Member] | Reed Square [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Reed Square [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Regency at Encino [Member] | Encino, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 75 | ||||
Initial cost [Abstract] | |||||
Land | 3,184,000 | ||||
Buildings and improvements | 12,737,000 | ||||
Costs capitalized subsequent to acquisition | 2,519,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,184,000 | ||||
Buildings and improvements | 15,256,000 | ||||
Total | $ 18,440,000 | 18,440,000 | |||
Accumulated depreciation | $ (3,896,000) | (3,896,000) | |||
Date of construction | 1,989 | ||||
Date acquired | Dec09 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 18,440,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,896,000) | ||||
Unencumbered Apartment Communities [Member] | Regency at Encino [Member] | Encino, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Regency at Encino [Member] | Encino, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Renaissance at Uptown Orange [Member] | Orange, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 460 | ||||
Initial cost [Abstract] | |||||
Land | 27,870,000 | ||||
Buildings and improvements | 111,482,000 | ||||
Costs capitalized subsequent to acquisition | 1,600,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 27,870,000 | ||||
Buildings and improvements | 113,082,000 | ||||
Total | $ 140,952,000 | 140,952,000 | |||
Accumulated depreciation | $ (7,246,000) | (7,246,000) | |||
Date of construction | 2,007 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 140,952,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,246,000) | ||||
Unencumbered Apartment Communities [Member] | Renaissance at Uptown Orange [Member] | Orange, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Renaissance at Uptown Orange [Member] | Orange, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | The Reveal [Member] | Woodland Hills, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 438 | ||||
Initial cost [Abstract] | |||||
Land | 25,073,000 | ||||
Buildings and improvements | 121,314,000 | ||||
Costs capitalized subsequent to acquisition | 232,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 25,073,000 | ||||
Buildings and improvements | 121,546,000 | ||||
Total | $ 146,619,000 | 146,619,000 | |||
Accumulated depreciation | $ (3,334,000) | (3,334,000) | |||
Date of construction | 2,010 | ||||
Date acquired | Apr15 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 146,619,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,334,000) | ||||
Unencumbered Apartment Communities [Member] | The Reveal [Member] | Woodland Hills, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | The Reveal [Member] | Woodland Hills, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Salmon Run at Perry Creek [Member] | Bothell, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 132 | ||||
Initial cost [Abstract] | |||||
Land | 3,717,000 | ||||
Buildings and improvements | 11,483,000 | ||||
Costs capitalized subsequent to acquisition | 1,624,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,801,000 | ||||
Buildings and improvements | 13,023,000 | ||||
Total | $ 16,824,000 | 16,824,000 | |||
Accumulated depreciation | $ (6,577,000) | (6,577,000) | |||
Date of construction | 2,000 | ||||
Date acquired | Oct00 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 16,824,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,577,000) | ||||
Unencumbered Apartment Communities [Member] | Salmon Run at Perry Creek [Member] | Bothell, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Salmon Run at Perry Creek [Member] | Bothell, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Sammamish View [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 323 | ||||
Initial cost [Abstract] | |||||
Land | 4,173,000 | ||||
Buildings and improvements | 58,961,000 | ||||
Costs capitalized subsequent to acquisition | 8,048,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,173,000 | ||||
Buildings and improvements | 67,009,000 | ||||
Total | $ 71,182,000 | 71,182,000 | |||
Accumulated depreciation | $ (13,787,000) | (13,787,000) | |||
Date of construction | 2,001 | ||||
Date acquired | Jul10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 71,182,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (13,787,000) | ||||
Unencumbered Apartment Communities [Member] | Sammamish View [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Sammamish View [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | 101 San Fernando [Member] | San Jose, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 153 | ||||
Initial cost [Abstract] | |||||
Land | 3,324,000 | ||||
Buildings and improvements | 7,501,000 | ||||
Costs capitalized subsequent to acquisition | 6,192,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,331,000 | ||||
Buildings and improvements | 13,686,000 | ||||
Total | $ 17,017,000 | 17,017,000 | |||
Accumulated depreciation | $ (10,310,000) | (10,310,000) | |||
Date of construction | 1,986 | ||||
Date acquired | Nov94 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 17,017,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (10,310,000) | ||||
Unencumbered Apartment Communities [Member] | 101 San Fernando [Member] | San Jose, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | 101 San Fernando [Member] | San Jose, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | San Marcos [Member] | Richmond, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 432 | ||||
Initial cost [Abstract] | |||||
Land | 15,563,000 | ||||
Buildings and improvements | 36,204,000 | ||||
Costs capitalized subsequent to acquisition | 27,780,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 22,866,000 | ||||
Buildings and improvements | 56,681,000 | ||||
Total | $ 79,547,000 | 79,547,000 | |||
Accumulated depreciation | $ (23,786,000) | (23,786,000) | |||
Date of construction | 2,003 | ||||
Date acquired | Nov03 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 79,547,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (23,786,000) | ||||
Unencumbered Apartment Communities [Member] | San Marcos [Member] | Richmond, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | San Marcos [Member] | Richmond, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Santee Court [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 238 | ||||
Initial cost [Abstract] | |||||
Land | 9,581,000 | ||||
Buildings and improvements | 40,317,000 | ||||
Costs capitalized subsequent to acquisition | 4,524,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 9,582,000 | ||||
Buildings and improvements | 44,840,000 | ||||
Total | $ 54,422,000 | 54,422,000 | |||
Accumulated depreciation | $ (8,616,000) | (8,616,000) | |||
Date of construction | 2,004 | ||||
Date acquired | Oct10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 54,422,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,616,000) | ||||
Unencumbered Apartment Communities [Member] | Santee Court [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Santee Court [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Shadow Point [Member] | Spring Valley, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 172 | ||||
Initial cost [Abstract] | |||||
Land | 2,812,000 | ||||
Buildings and improvements | 11,170,000 | ||||
Costs capitalized subsequent to acquisition | 2,406,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,820,000 | ||||
Buildings and improvements | 13,568,000 | ||||
Total | $ 16,388,000 | 16,388,000 | |||
Accumulated depreciation | $ (6,197,000) | (6,197,000) | |||
Date of construction | 1,983 | ||||
Date acquired | Dec02 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 16,388,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,197,000) | ||||
Unencumbered Apartment Communities [Member] | Shadow Point [Member] | Spring Valley, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Shadow Point [Member] | Spring Valley, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Shadowbrook [Member] | Redmond, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 418 | ||||
Initial cost [Abstract] | |||||
Land | 19,292,000 | ||||
Buildings and improvements | 77,168,000 | ||||
Costs capitalized subsequent to acquisition | 2,326,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 19,292,000 | ||||
Buildings and improvements | 79,494,000 | ||||
Total | $ 98,786,000 | 98,786,000 | |||
Accumulated depreciation | $ (5,082,000) | (5,082,000) | |||
Date of construction | 1,986 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 98,786,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,082,000) | ||||
Unencumbered Apartment Communities [Member] | Shadowbrook [Member] | Redmond, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Shadowbrook [Member] | Redmond, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Slater 116 [Member] | Kirkland, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 108 | ||||
Initial cost [Abstract] | |||||
Land | 7,379,000 | ||||
Buildings and improvements | 22,138,000 | ||||
Costs capitalized subsequent to acquisition | 513,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 7,379,000 | ||||
Buildings and improvements | 22,651,000 | ||||
Total | $ 30,030,000 | 30,030,000 | |||
Accumulated depreciation | $ (1,793,000) | (1,793,000) | |||
Date of construction | 2,013 | ||||
Date acquired | Sep13 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 30,030,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (1,793,000) | ||||
Unencumbered Apartment Communities [Member] | Slater 116 [Member] | Kirkland, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Slater 116 [Member] | Kirkland, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Solstice [Member] | Sunnyvale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 280 | ||||
Initial cost [Abstract] | |||||
Land | 34,444,000 | ||||
Buildings and improvements | 147,262,000 | ||||
Costs capitalized subsequent to acquisition | 4,096,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 34,444,000 | ||||
Buildings and improvements | 151,358,000 | ||||
Total | $ 185,802,000 | 185,802,000 | |||
Accumulated depreciation | $ (11,281,000) | (11,281,000) | |||
Date of construction | 2,014 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 185,802,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,281,000) | ||||
Unencumbered Apartment Communities [Member] | Solstice [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Solstice [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Summit Park [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 300 | ||||
Initial cost [Abstract] | |||||
Land | 5,959,000 | ||||
Buildings and improvements | 23,670,000 | ||||
Costs capitalized subsequent to acquisition | 4,773,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,977,000 | ||||
Buildings and improvements | 28,425,000 | ||||
Total | $ 34,402,000 | 34,402,000 | |||
Accumulated depreciation | $ (13,134,000) | (13,134,000) | |||
Date of construction | 1,972 | ||||
Date acquired | Dec02 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 34,402,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (13,134,000) | ||||
Unencumbered Apartment Communities [Member] | Summit Park [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Summit Park [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Taylor 28 [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 197 | ||||
Initial cost [Abstract] | |||||
Land | 13,915,000 | ||||
Buildings and improvements | 57,700,000 | ||||
Costs capitalized subsequent to acquisition | 218,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 13,915,000 | ||||
Buildings and improvements | 57,918,000 | ||||
Total | $ 71,833,000 | 71,833,000 | |||
Accumulated depreciation | $ (3,686,000) | (3,686,000) | |||
Date of construction | 2,008 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 71,833,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,686,000) | ||||
Unencumbered Apartment Communities [Member] | Taylor 28 [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Taylor 28 [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Cairns, The [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 100 | ||||
Initial cost [Abstract] | |||||
Land | 6,937,000 | ||||
Buildings and improvements | 20,679,000 | ||||
Costs capitalized subsequent to acquisition | 1,055,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,939,000 | ||||
Buildings and improvements | 21,732,000 | ||||
Total | $ 28,671,000 | 28,671,000 | |||
Accumulated depreciation | $ (6,340,000) | (6,340,000) | |||
Date of construction | 2,006 | ||||
Date acquired | Jun07 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 28,671,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,340,000) | ||||
Unencumbered Apartment Communities [Member] | Cairns, The [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Cairns, The [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | The Commons [Member] | Campbell, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 264 | ||||
Initial cost [Abstract] | |||||
Land | 12,555,000 | ||||
Buildings and improvements | 29,307,000 | ||||
Costs capitalized subsequent to acquisition | 4,687,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 12,556,000 | ||||
Buildings and improvements | 33,993,000 | ||||
Total | $ 46,549,000 | 46,549,000 | |||
Accumulated depreciation | $ (7,457,000) | (7,457,000) | |||
Date of construction | 1,973 | ||||
Date acquired | Jul10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 46,549,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,457,000) | ||||
Unencumbered Apartment Communities [Member] | The Commons [Member] | Campbell, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | The Commons [Member] | Campbell, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | The Grand [Member] | Oakland, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 243 | ||||
Initial cost [Abstract] | |||||
Land | 4,531,000 | ||||
Buildings and improvements | 89,208,000 | ||||
Costs capitalized subsequent to acquisition | 5,072,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,531,000 | ||||
Buildings and improvements | 94,280,000 | ||||
Total | $ 98,811,000 | 98,811,000 | |||
Accumulated depreciation | $ (24,391,000) | (24,391,000) | |||
Date of construction | 2,009 | ||||
Date acquired | Jan09 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 98,811,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (24,391,000) | ||||
Unencumbered Apartment Communities [Member] | The Grand [Member] | Oakland, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | The Grand [Member] | Oakland, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | The Hallie on Del Mar/Rey/Sol [Member] | Pasadena, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 292 | ||||
Initial cost [Abstract] | |||||
Land | 2,202,000 | ||||
Buildings and improvements | 4,794,000 | ||||
Costs capitalized subsequent to acquisition | 48,986,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 8,385,000 | ||||
Buildings and improvements | 47,597,000 | ||||
Total | $ 55,982,000 | 55,982,000 | |||
Accumulated depreciation | $ (17,675,000) | (17,675,000) | |||
Date of construction | 1,972 | ||||
Date acquired | Apr99 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 55,982,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (17,675,000) | ||||
Unencumbered Apartment Communities [Member] | The Hallie on Del Mar/Rey/Sol [Member] | Pasadena, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | The Hallie on Del Mar/Rey/Sol [Member] | Pasadena, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Lofts at Pinehurst, The [Member] | Sunnyvale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 118 | ||||
Initial cost [Abstract] | |||||
Land | 1,570,000 | ||||
Buildings and improvements | 3,912,000 | ||||
Costs capitalized subsequent to acquisition | 4,544,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 1,618,000 | ||||
Buildings and improvements | 8,408,000 | ||||
Total | $ 10,026,000 | 10,026,000 | |||
Accumulated depreciation | $ (4,565,000) | (4,565,000) | |||
Date of construction | 2,012 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 10,026,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,565,000) | ||||
Unencumbered Apartment Communities [Member] | Lofts at Pinehurst, The [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Lofts at Pinehurst, The [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Pointe at Cupertino, The [Member] | Cupertino, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 116 | ||||
Initial cost [Abstract] | |||||
Land | 4,505,000 | ||||
Buildings and improvements | 17,605,000 | ||||
Costs capitalized subsequent to acquisition | 11,510,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,505,000 | ||||
Buildings and improvements | 29,115,000 | ||||
Total | $ 33,620,000 | 33,620,000 | |||
Accumulated depreciation | $ (11,984,000) | (11,984,000) | |||
Date of construction | 1,963 | ||||
Date acquired | Aug98 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 33,620,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,984,000) | ||||
Unencumbered Apartment Communities [Member] | Pointe at Cupertino, The [Member] | Cupertino, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Pointe at Cupertino, The [Member] | Cupertino, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | The Stuart at Sierra Madre [Member] | Pasadena, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 188 | ||||
Initial cost [Abstract] | |||||
Land | 13,574,000 | ||||
Buildings and improvements | 54,298,000 | ||||
Costs capitalized subsequent to acquisition | 1,486,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 13,574,000 | ||||
Buildings and improvements | 55,784,000 | ||||
Total | $ 69,358,000 | 69,358,000 | |||
Accumulated depreciation | $ (3,674,000) | (3,674,000) | |||
Date of construction | 2,007 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 69,358,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,674,000) | ||||
Unencumbered Apartment Communities [Member] | The Stuart at Sierra Madre [Member] | Pasadena, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | The Stuart at Sierra Madre [Member] | Pasadena, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | The Trails of Redmond [Member] | Redmond, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 423 | ||||
Initial cost [Abstract] | |||||
Land | 21,930,000 | ||||
Buildings and improvements | 87,720,000 | ||||
Costs capitalized subsequent to acquisition | 2,408,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 21,930,000 | ||||
Buildings and improvements | 90,128,000 | ||||
Total | $ 112,058,000 | 112,058,000 | |||
Accumulated depreciation | $ (5,779,000) | (5,779,000) | |||
Date of construction | 1,985 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 112,058,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,779,000) | ||||
Unencumbered Apartment Communities [Member] | The Trails of Redmond [Member] | Redmond, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | The Trails of Redmond [Member] | Redmond, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Tiffany Court [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 101 | ||||
Initial cost [Abstract] | |||||
Land | 6,949,000 | ||||
Buildings and improvements | 27,796,000 | ||||
Costs capitalized subsequent to acquisition | 461,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,949,000 | ||||
Buildings and improvements | 28,257,000 | ||||
Total | $ 35,206,000 | 35,206,000 | |||
Accumulated depreciation | $ (1,811,000) | (1,811,000) | |||
Date of construction | 1,987 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 35,206,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (1,811,000) | ||||
Unencumbered Apartment Communities [Member] | Tiffany Court [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Tiffany Court [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Trabucco Villas [Member] | Lake Forest, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 132 | ||||
Initial cost [Abstract] | |||||
Land | 3,638,000 | ||||
Buildings and improvements | 8,640,000 | ||||
Costs capitalized subsequent to acquisition | 2,605,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,890,000 | ||||
Buildings and improvements | 10,993,000 | ||||
Total | $ 14,883,000 | 14,883,000 | |||
Accumulated depreciation | $ (6,549,000) | (6,549,000) | |||
Date of construction | 1,985 | ||||
Date acquired | Oct97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 14,883,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,549,000) | ||||
Unencumbered Apartment Communities [Member] | Trabucco Villas [Member] | Lake Forest, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Trabucco Villas [Member] | Lake Forest, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Tuscana [Member] | Tracy, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 30 | ||||
Initial cost [Abstract] | |||||
Land | 2,828,000 | ||||
Buildings and improvements | 6,599,000 | ||||
Costs capitalized subsequent to acquisition | 166,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,870,000 | ||||
Buildings and improvements | 6,723,000 | ||||
Total | $ 9,593,000 | 9,593,000 | |||
Accumulated depreciation | $ (2,668,000) | (2,668,000) | |||
Date of construction | 2,007 | ||||
Date acquired | Feb07 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 9,593,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,668,000) | ||||
Unencumbered Apartment Communities [Member] | Tuscana [Member] | Tracy, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Tuscana [Member] | Tracy, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Via [Member] | Sunnyvale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 284 | ||||
Initial cost [Abstract] | |||||
Land | 22,000,000 | ||||
Buildings and improvements | 82,270,000 | ||||
Costs capitalized subsequent to acquisition | 944,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 22,016,000 | ||||
Buildings and improvements | 83,198,000 | ||||
Total | $ 105,214,000 | 105,214,000 | |||
Accumulated depreciation | $ (15,571,000) | (15,571,000) | |||
Date of construction | 2,011 | ||||
Date acquired | Jul11 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 105,214,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (15,571,000) | ||||
Unencumbered Apartment Communities [Member] | Via [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Via [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Villa Siena [Member] | Costa Mesa, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 272 | ||||
Initial cost [Abstract] | |||||
Land | 13,842,000 | ||||
Buildings and improvements | 55,367,000 | ||||
Costs capitalized subsequent to acquisition | 1,333,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 13,842,000 | ||||
Buildings and improvements | 56,700,000 | ||||
Total | $ 70,542,000 | 70,542,000 | |||
Accumulated depreciation | $ (3,632,000) | (3,632,000) | |||
Date of construction | 1,974 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 70,542,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,632,000) | ||||
Unencumbered Apartment Communities [Member] | Villa Siena [Member] | Costa Mesa, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Villa Siena [Member] | Costa Mesa, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Village Green [Member] | La Habra, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 272 | ||||
Initial cost [Abstract] | |||||
Land | 6,488,000 | ||||
Buildings and improvements | 36,768,000 | ||||
Costs capitalized subsequent to acquisition | 2,168,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,488,000 | ||||
Buildings and improvements | 38,936,000 | ||||
Total | $ 45,424,000 | 45,424,000 | |||
Accumulated depreciation | $ (2,491,000) | (2,491,000) | |||
Date of construction | 1,971 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 45,424,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,491,000) | ||||
Unencumbered Apartment Communities [Member] | Village Green [Member] | La Habra, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Village Green [Member] | La Habra, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Vista Belvedere [Member] | Tiburon, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 76 | ||||
Initial cost [Abstract] | |||||
Land | 5,573,000 | ||||
Buildings and improvements | 11,901,000 | ||||
Costs capitalized subsequent to acquisition | 7,360,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,573,000 | ||||
Buildings and improvements | 19,261,000 | ||||
Total | $ 24,834,000 | 24,834,000 | |||
Accumulated depreciation | $ (7,708,000) | (7,708,000) | |||
Date of construction | 1,963 | ||||
Date acquired | Aug04 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 24,834,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,708,000) | ||||
Unencumbered Apartment Communities [Member] | Vista Belvedere [Member] | Tiburon, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Vista Belvedere [Member] | Tiburon, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Vox Apartments [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 58 | ||||
Initial cost [Abstract] | |||||
Land | 5,545,000 | ||||
Buildings and improvements | 16,635,000 | ||||
Costs capitalized subsequent to acquisition | 70,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,545,000 | ||||
Buildings and improvements | 16,705,000 | ||||
Total | $ 22,250,000 | 22,250,000 | |||
Accumulated depreciation | $ (1,237,000) | (1,237,000) | |||
Date of construction | 2,013 | ||||
Date acquired | Oct13 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 22,250,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (1,237,000) | ||||
Unencumbered Apartment Communities [Member] | Vox Apartments [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Vox Apartments [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Walnut Heights [Member] | Walnut, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 163 | ||||
Initial cost [Abstract] | |||||
Land | 4,858,000 | ||||
Buildings and improvements | 19,168,000 | ||||
Costs capitalized subsequent to acquisition | 3,920,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,887,000 | ||||
Buildings and improvements | 23,059,000 | ||||
Total | $ 27,946,000 | 27,946,000 | |||
Accumulated depreciation | $ (9,514,000) | (9,514,000) | |||
Date of construction | 1,964 | ||||
Date acquired | Oct03 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 27,946,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,514,000) | ||||
Unencumbered Apartment Communities [Member] | Walnut Heights [Member] | Walnut, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Walnut Heights [Member] | Walnut, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Wharfside Pointe [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 155 | ||||
Initial cost [Abstract] | |||||
Land | 2,245,000 | ||||
Buildings and improvements | 7,020,000 | ||||
Costs capitalized subsequent to acquisition | 10,292,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,258,000 | ||||
Buildings and improvements | 17,299,000 | ||||
Total | $ 19,557,000 | 19,557,000 | |||
Accumulated depreciation | $ (10,007,000) | (10,007,000) | |||
Date of construction | 1,990 | ||||
Date acquired | Jun94 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 19,557,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (10,007,000) | ||||
Unencumbered Apartment Communities [Member] | Wharfside Pointe [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Wharfside Pointe [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Willow Lake [Member] | San Jose, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 508 | ||||
Initial cost [Abstract] | |||||
Land | 43,194,000 | ||||
Buildings and improvements | 101,030,000 | ||||
Costs capitalized subsequent to acquisition | 6,615,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 43,194,000 | ||||
Buildings and improvements | 107,645,000 | ||||
Total | $ 150,839,000 | 150,839,000 | |||
Accumulated depreciation | $ (12,559,000) | (12,559,000) | |||
Date of construction | 1,989 | ||||
Date acquired | Oct12 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 150,839,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (12,559,000) | ||||
Unencumbered Apartment Communities [Member] | Willow Lake [Member] | San Jose, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Willow Lake [Member] | San Jose, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | 5600 Wilshire [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 284 | ||||
Initial cost [Abstract] | |||||
Land | 30,535,000 | ||||
Buildings and improvements | 91,604,000 | ||||
Costs capitalized subsequent to acquisition | 471,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 30,535,000 | ||||
Buildings and improvements | 92,075,000 | ||||
Total | $ 122,610,000 | 122,610,000 | |||
Accumulated depreciation | $ (5,937,000) | (5,937,000) | |||
Date of construction | 2,008 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 122,610,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,937,000) | ||||
Unencumbered Apartment Communities [Member] | 5600 Wilshire [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | 5600 Wilshire [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Wilshire La Brea [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 478 | ||||
Initial cost [Abstract] | |||||
Land | 56,932,000 | ||||
Buildings and improvements | 211,998,000 | ||||
Costs capitalized subsequent to acquisition | 6,259,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 56,932,000 | ||||
Buildings and improvements | 218,257,000 | ||||
Total | $ 275,189,000 | 275,189,000 | |||
Accumulated depreciation | $ (16,228,000) | (16,228,000) | |||
Date of construction | 2,014 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 275,189,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (16,228,000) | ||||
Unencumbered Apartment Communities [Member] | Wilshire La Brea [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Wilshire La Brea [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Windsor Ridge [Member] | Sunnyvale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 216 | ||||
Initial cost [Abstract] | |||||
Land | 4,017,000 | ||||
Buildings and improvements | 10,315,000 | ||||
Costs capitalized subsequent to acquisition | 15,210,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,021,000 | ||||
Buildings and improvements | 25,521,000 | ||||
Total | $ 29,542,000 | 29,542,000 | |||
Accumulated depreciation | $ (15,505,000) | (15,505,000) | |||
Date of construction | 1,989 | ||||
Date acquired | Mar89 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 29,542,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (15,505,000) | ||||
Unencumbered Apartment Communities [Member] | Windsor Ridge [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Windsor Ridge [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Woodland Commons [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 302 | ||||
Initial cost [Abstract] | |||||
Land | 2,040,000 | ||||
Buildings and improvements | 8,727,000 | ||||
Costs capitalized subsequent to acquisition | 20,544,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,044,000 | ||||
Buildings and improvements | 29,267,000 | ||||
Total | $ 31,311,000 | 31,311,000 | |||
Accumulated depreciation | $ (14,679,000) | (14,679,000) | |||
Date of construction | 1,978 | ||||
Date acquired | Mar90 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 31,311,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (14,679,000) | ||||
Unencumbered Apartment Communities [Member] | Woodland Commons [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Woodland Commons [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Woodside Village [Member] | Ventura, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 145 | ||||
Initial cost [Abstract] | |||||
Land | 5,331,000 | ||||
Buildings and improvements | 21,036,000 | ||||
Costs capitalized subsequent to acquisition | 3,502,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,341,000 | ||||
Buildings and improvements | 24,528,000 | ||||
Total | $ 29,869,000 | 29,869,000 | |||
Accumulated depreciation | $ (9,667,000) | $ (9,667,000) | |||
Date of construction | 1,987 | ||||
Date acquired | Dec04 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 29,869,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,667,000) | ||||
Unencumbered Apartment Communities [Member] | Woodside Village [Member] | Ventura, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Woodside Village [Member] | Ventura, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Other Property [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Area of real estate property | ft² | 279,479 | ||||
Initial cost [Abstract] | |||||
Land | $ 19,751,000 | ||||
Buildings and improvements | 37,819,000 | ||||
Costs capitalized subsequent to acquisition | 12,075,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 20,980,000 | ||||
Buildings and improvements | 48,665,000 | ||||
Total | $ 69,645,000 | 69,645,000 | |||
Accumulated depreciation | (21,582,000) | $ (21,582,000) | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | 69,645,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | (21,582,000) | ||||
Other Property [Member] | Essex Hollywood [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Area of real estate property | ft² | 34,000 | ||||
Initial cost [Abstract] | |||||
Land | $ 10,200,000 | ||||
Buildings and improvements | 13,800,000 | ||||
Costs capitalized subsequent to acquisition | 2,470,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 10,200,000 | ||||
Buildings and improvements | 16,270,000 | ||||
Total | 26,470,000 | 26,470,000 | |||
Accumulated depreciation | $ (5,777,000) | $ (5,777,000) | |||
Date of construction | 1,938 | ||||
Date acquired | Jul06 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 26,470,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,777,000) | ||||
Other Property [Member] | Essex Hollywood [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Other Property [Member] | Essex Hollywood [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Other Property [Member] | Santa Clara Square retail [Member] | Santa Clara, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Area of real estate property | ft² | 138,915 | ||||
Initial cost [Abstract] | |||||
Land | $ 6,472,000 | ||||
Buildings and improvements | 11,704,000 | ||||
Costs capitalized subsequent to acquisition | 5,556,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,472,000 | ||||
Buildings and improvements | 17,260,000 | ||||
Total | $ 23,732,000 | 23,732,000 | |||
Accumulated depreciation | $ (4,643,000) | $ (4,643,000) | |||
Date of construction | 1,970 | ||||
Date acquired | Sep11 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 23,732,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,643,000) | ||||
Other Property [Member] | Santa Clara Square retail [Member] | Santa Clara, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Other Property [Member] | Santa Clara Square retail [Member] | Santa Clara, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Other Property [Member] | 17461 Derian [Member] | Irvine, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Area of real estate property | ft² | 106,564 | ||||
Initial cost [Abstract] | |||||
Land | $ 3,079,000 | ||||
Buildings and improvements | 12,315,000 | ||||
Costs capitalized subsequent to acquisition | 4,049,000 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,308,000 | ||||
Buildings and improvements | 15,135,000 | ||||
Total | $ 19,443,000 | 19,443,000 | |||
Accumulated depreciation | $ (11,162,000) | (11,162,000) | |||
Date of construction | 1,983 | ||||
Date acquired | Jul00 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 19,443,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,162,000) | ||||
Other Property [Member] | 17461 Derian [Member] | Irvine, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Other Property [Member] | 17461 Derian [Member] | Irvine, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Real Estate, Rental Property [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Total | $ 11,244,681,000 | 5,443,757,000 | 5,033,672,000 | $ 12,331,469,000 | $ 11,244,681,000 |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at beginning of year | 11,244,681,000 | 5,443,757,000 | 5,033,672,000 | ||
Balance at the end of year | $ 12,331,469,000 | $ 11,244,681,000 | $ 5,443,757,000 |