Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 21, 2023 | Jun. 30, 2022 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-13106 | ||
Entity Registrant Name | ESSEX PROPERTY TRUST, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 77-0369576 | ||
Entity Address, Address Line One | 1100 Park Place, Suite 200 | ||
Entity Address, City or Town | San Mateo | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94403 | ||
City Area Code | 650 | ||
Local Phone Number | 655-7800 | ||
Title of 12(b) Security | Common Stock, $.0001 par value (Essex Property Trust, Inc.) | ||
Trading Symbol | ESS | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 16,906,398,955 | ||
Entity Common Stock, Shares Outstanding | 64,518,322 | ||
Documents Incorporated by Reference | Portions of the definitive Proxy Statement to be filed with the Securities and Exchange Commission (the "SEC") pursuant to Regulation 14A in connection with the 2023 annual meeting of stockholders of Essex Property Trust, Inc. are incorporated by reference in Part III of this Annual Report on Form 10-K. Such Proxy Statement will be filed with the SEC within 120 days of December 31, 2022. | ||
Entity Central Index Key | 0000920522 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Essex Portfolio, L.P. | |||
Entity Information [Line Items] | |||
Entity File Number | 333-44467-01 | ||
Entity Registrant Name | ESSEX PORTFOLIO, L.P. | ||
Entity Incorporation, State or Country Code | CA | ||
Entity Tax Identification Number | 77-0369575 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor [Line Items] | |
Auditor Name | KPMG LLP |
Auditor Location | San Francisco, California |
Auditor Firm ID | 185 |
Essex Portfolio, L.P. | |
Auditor [Line Items] | |
Auditor Name | KPMG LLP |
Auditor Location | San Francisco, California |
Auditor Firm ID | 185 |
EPT - Consolidated Balance Shee
EPT - Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Rental properties: | ||
Land and land improvements | $ 3,043,321 | $ 3,032,678 |
Buildings and improvements | 12,922,906 | 12,597,249 |
Total rental properties | 15,966,227 | 15,629,927 |
Less: accumulated depreciation | (5,152,133) | (4,646,854) |
Net real estate | 10,814,094 | 10,983,073 |
Real estate under development | 24,857 | 111,562 |
Co-investments | 1,127,491 | 1,177,802 |
Total real estate | 11,966,442 | 12,272,437 |
Cash and cash equivalents-unrestricted | 33,295 | 48,420 |
Cash and cash equivalents-restricted | 9,386 | 10,218 |
Marketable securities, net of allowance for credit losses of zero as of both December 31, 2022 and December 31, 2021 | 112,743 | 191,829 |
Notes and other receivables, net of allowance for credit losses of $0.3 million and $0.8 million as of December 31, 2022 and December 31, 2021 (includes related party receivables of $7.0 million and $176.9 million as of December 31, 2022 and December 31, 2021, respectively) | 103,045 | 341,033 |
Operating lease right-of-use assets | 67,239 | 68,972 |
Prepaid expenses and other assets | 80,755 | 64,964 |
Total assets | 12,372,905 | 12,997,873 |
LIABILITIES AND EQUITY | ||
Unsecured debt, net | 5,312,168 | 5,307,196 |
Mortgage notes payable, net | 593,943 | 638,957 |
Lines of credit | 52,073 | 341,257 |
Accounts payable and accrued liabilities | 165,461 | 180,751 |
Construction payable | 23,159 | 29,136 |
Dividends payable | 149,166 | 143,213 |
Distributions in excess of investments in co-investments | 42,532 | 35,545 |
Operating lease liabilities | 68,696 | 70,675 |
Other liabilities | 43,441 | 39,969 |
Total liabilities | 6,450,639 | 6,786,699 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 27,150 | 34,666 |
Equity: | ||
Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,604,603 and 65,248,393 shares issued and outstanding, respectively | 6 | 7 |
Additional paid-in capital | 6,750,076 | 6,915,981 |
Distributions in excess of accumulated earnings | (1,080,176) | (916,833) |
Accumulated other comprehensive income (loss), net | 46,466 | (5,552) |
Total stockholders' equity | 5,716,372 | 5,993,603 |
Noncontrolling interest | 178,744 | 182,905 |
Total equity | 5,895,116 | 6,176,508 |
Total liabilities and capital | $ 12,372,905 | $ 12,997,873 |
EPT - Consolidated Balance Sh_2
EPT - Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Marketable securities, allowance for credit loss | $ 0 | $ 0 |
Notes and other receivable, allowance for credit loss | 334,000 | 756,000 |
Due from related parties | $ 7,000,000 | $ 176,900,000 |
Common stock, par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 670,000,000 | 670,000,000 |
Common stock shares issued (in shares) | 64,604,603 | 65,248,393 |
Common stock shares outstanding (in shares) | 64,604,603 | 65,248,393 |
EPT - Consolidated Statements o
EPT - Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Rental and other property | $ 1,595,675,000 | $ 1,431,418,000 | $ 1,486,150,000 |
Management and other fees from affiliates | 11,139,000 | 9,138,000 | 9,598,000 |
Total revenues | 1,606,814,000 | 1,440,556,000 | 1,495,748,000 |
Expenses: | |||
Property operating, excluding real estate taxes | 283,351,000 | 264,869,000 | 263,601,000 |
Real estate taxes | 183,918,000 | 180,367,000 | 177,011,000 |
Corporate-level property management expenses | 40,704,000 | 36,211,000 | 34,361,000 |
Depreciation and amortization | 539,319,000 | 520,066,000 | 525,497,000 |
General and administrative | 56,577,000 | 51,838,000 | 65,388,000 |
Expensed acquisition and investment related costs | 2,132,000 | 203,000 | 1,591,000 |
Impairment loss | 0 | 0 | 1,825,000 |
Total expenses | 1,106,001,000 | 1,053,554,000 | 1,069,274,000 |
Gain on sale of real estate and land | 94,416,000 | 142,993,000 | 64,967,000 |
Earnings from operations | 595,229,000 | 529,995,000 | 491,441,000 |
Interest expense | (204,798,000) | (203,125,000) | (220,633,000) |
Total return swap income | 7,907,000 | 10,774,000 | 10,733,000 |
Interest and other (loss) income | (19,040,000) | 98,744,000 | 40,999,000 |
Equity income from co-investments | 26,030,000 | 111,721,000 | 66,512,000 |
Deferred tax benefit (expense) on unconsolidated co-investments | 10,236,000 | (15,668,000) | (1,531,000) |
Loss on early retirement of debt, net | (2,000) | (19,010,000) | (22,883,000) |
Gain on remeasurement of co-investment | 17,423,000 | 2,260,000 | 234,694,000 |
Net income | 432,985,000 | 515,691,000 | 599,332,000 |
Net income attributable to noncontrolling interest | (24,670,000) | (27,137,000) | (30,462,000) |
Net income available to common stockholders | $ 408,315,000 | $ 488,554,000 | $ 568,870,000 |
Basic: | |||
Net income available to common stockholders/unitholders (in dollars per share) | $ 6.27 | $ 7.51 | $ 8.69 |
Weighted average number of shares/units outstanding during the year (in shares) | 65,079,764 | 65,051,465 | 65,454,057 |
Diluted: | |||
Net income available to common stockholders/unitholders (in dollars per share) | $ 6.27 | $ 7.51 | $ 8.69 |
Weighted average number of shares/units outstanding during the year (in shares) | 65,098,186 | 65,088,874 | 65,564,982 |
EPT - Consolidated Statements_2
EPT - Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 432,985 | $ 515,691 | $ 599,332 |
Other comprehensive income (loss): | |||
Change in fair value of derivatives and amortization of swap settlements | 54,158 | 9,170 | (4,148) |
Cash flow hedge losses reclassified to earnings | 0 | 0 | 3,338 |
Change in fair value of marketable debt securities, net | 233 | 329 | (61) |
Reversal of unrealized gains upon the sale of marketable debt securities | (577) | 0 | 0 |
Total other comprehensive income (loss) | 53,814 | 9,499 | (871) |
Comprehensive income | 486,799 | 525,190 | 598,461 |
Comprehensive income attributable to noncontrolling interest | (26,466) | (27,459) | (30,432) |
Comprehensive income attributable to controlling interest | $ 460,333 | $ 497,731 | $ 568,029 |
EPT - Consolidated Statements_3
EPT - Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common stock | Additional paid-in capital | Distributions in excess of accumulated earnings | Distributions in excess of accumulated earnings Cumulative Effect, Period of Adoption, Adjustment | Accumulated other comprehensive income (loss), net | Noncontrolling interest |
Issuance of common stock under: | ||||||||
Cumulative effect upon adoption | $ 6,403,504 | $ (190) | $ 7 | $ 7,121,927 | $ (887,619) | $ (190) | $ (13,888) | $ 183,077 |
Balance at period beginning (in shares) at Dec. 31, 2019 | 66,092 | |||||||
Balance at period beginning at Dec. 31, 2019 | 6,403,504 | $ (190) | $ 7 | 7,121,927 | (887,619) | $ (190) | (13,888) | 183,077 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 599,332 | 568,870 | 30,462 | |||||
Reversal of unrealized gains upon the sale of marketable debt securities | 0 | |||||||
Cash flow hedge losses reclassified to earnings | 3,338 | 3,225 | 113 | |||||
Change in fair value of derivatives and amortization of swap settlements | (4,148) | (4,007) | (141) | |||||
Change in fair value of marketable debt securities, net | (61) | (59) | (2) | |||||
Issuance of common stock under: | ||||||||
Stock option and restricted stock plans, net (in shares) | 95 | |||||||
Stock option and restricted stock plans, net | 9,201 | 9,201 | ||||||
Sale of common stock, net | (296) | (296) | ||||||
Equity based compensation costs | 12,913 | 12,453 | 460 | |||||
Retirement of common stock, net (in shares) | (1,197) | |||||||
Retirement of common stock, net | (269,315) | $ (1) | (269,314) | |||||
Changes in the redemption value of redeemable noncontrolling interest | 4,299 | 4,375 | (76) | |||||
Changes in noncontrolling interest from acquisition | 1,349 | 1,349 | ||||||
Distributions to noncontrolling interest | (31,367) | (31,367) | ||||||
Redemptions of noncontrolling interest (in shares) | (9) | |||||||
Redemptions of noncontrolling interest | (3,113) | (2,020) | (1,093) | |||||
Common stock dividends | (542,254) | (542,254) | ||||||
Balance at period end (in shares) at Dec. 31, 2020 | 64,999 | |||||||
Balance at period end at Dec. 31, 2020 | 6,183,192 | $ 6 | 6,876,326 | (861,193) | (14,729) | 182,782 | ||
Issuance of common stock under: | ||||||||
Cumulative effect upon adoption | 6,183,192 | $ 6 | 6,876,326 | (861,193) | (14,729) | 182,782 | ||
Net income | 515,691 | 488,554 | 27,137 | |||||
Reversal of unrealized gains upon the sale of marketable debt securities | 0 | |||||||
Cash flow hedge losses reclassified to earnings | 0 | |||||||
Change in fair value of derivatives and amortization of swap settlements | 9,170 | 8,859 | 311 | |||||
Change in fair value of marketable debt securities, net | 329 | 318 | 11 | |||||
Stock option and restricted stock plans, net (in shares) | 279 | |||||||
Stock option and restricted stock plans, net | 53,052 | $ 1 | 53,051 | |||||
Sale of common stock, net | (455) | (455) | ||||||
Equity based compensation costs | 11,683 | 11,286 | 397 | |||||
Retirement of common stock, net (in shares) | (40) | |||||||
Retirement of common stock, net | (9,172) | (9,172) | ||||||
Changes in the redemption value of redeemable noncontrolling interest | (6,890) | (7,489) | 599 | |||||
Contributions from noncontrolling interest | 1,900 | 1,900 | ||||||
Distributions to noncontrolling interest | (29,341) | (29,341) | ||||||
Redemptions of noncontrolling interest (in shares) | 10 | |||||||
Redemptions of noncontrolling interest | (8,457) | (7,566) | (891) | |||||
Common stock dividends | (544,194) | (544,194) | ||||||
Balance at period end (in shares) at Dec. 31, 2021 | 65,248 | |||||||
Balance at period end at Dec. 31, 2021 | 6,176,508 | $ 7 | 6,915,981 | (916,833) | (5,552) | 182,905 | ||
Issuance of common stock under: | ||||||||
Cumulative effect upon adoption | 6,176,508 | $ 7 | 6,915,981 | (916,833) | (5,552) | 182,905 | ||
Net income | 432,985 | 408,315 | 24,670 | |||||
Reversal of unrealized gains upon the sale of marketable debt securities | (577) | (557) | (20) | |||||
Cash flow hedge losses reclassified to earnings | 0 | |||||||
Change in fair value of derivatives and amortization of swap settlements | 54,158 | 52,351 | 1,807 | |||||
Change in fair value of marketable debt securities, net | 233 | 224 | 9 | |||||
Stock option and restricted stock plans, net (in shares) | 89 | |||||||
Stock option and restricted stock plans, net | 17,309 | 17,309 | ||||||
Sale of common stock, net | (314) | (314) | ||||||
Equity based compensation costs | 11,446 | 11,059 | 387 | |||||
Retirement of common stock, net (in shares) | (740) | |||||||
Retirement of common stock, net | (189,726) | $ (1) | (189,725) | |||||
Changes in the redemption value of redeemable noncontrolling interest | 7,038 | 6,230 | 808 | |||||
Contributions from noncontrolling interest | 125 | 125 | ||||||
Distributions to noncontrolling interest | (30,959) | (30,959) | ||||||
Redemptions of noncontrolling interest (in shares) | 8 | |||||||
Redemptions of noncontrolling interest | (11,452) | (10,464) | (988) | |||||
Common stock dividends | (571,658) | (571,658) | ||||||
Balance at period end (in shares) at Dec. 31, 2022 | 64,605 | |||||||
Balance at period end at Dec. 31, 2022 | 5,895,116 | $ 6 | 6,750,076 | (1,080,176) | 46,466 | 178,744 | ||
Issuance of common stock under: | ||||||||
Cumulative effect upon adoption | $ 5,895,116 | $ 6 | $ 6,750,076 | $ (1,080,176) | $ 46,466 | $ 178,744 |
EPT - Consolidated Statements_4
EPT - Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock dividends (in dollars per share) | $ 8.80 | $ 8.36 | $ 8.31 |
EPT - Consolidated Statements_5
EPT - Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 432,985,000 | $ 515,691,000 | $ 599,332,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Straight-lined rents | 3,330,000 | 9,672,000 | (19,426,000) |
Depreciation and amortization | 539,319,000 | 520,066,000 | 525,497,000 |
Amortization of discount on marketable securities | 0 | 0 | (19,075,000) |
Amortization of discount and debt financing costs, net | 6,712,000 | 9,538,000 | 6,674,000 |
Gain on sale of marketable securities | (12,436,000) | (3,400,000) | (2,131,000) |
Income from early redemption of notes receivable | (811,000) | (4,939,000) | 0 |
Provision for credit losses | 381,000 | 141,000 | 687,000 |
Unrealized losses (gains) on equity securities recognized through income | 57,983,000 | (33,104,000) | (12,515,000) |
Company's share of gain on the sales of co-investments | 0 | 0 | (2,225,000) |
Earnings from co-investments | (26,030,000) | (111,721,000) | (64,287,000) |
Operating distributions from co-investments | 95,256,000 | 104,833,000 | 74,419,000 |
Accrued interest from notes and other receivables | (13,953,000) | (15,902,000) | (3,683,000) |
Impairment loss | 0 | 0 | 1,825,000 |
Gain on the sale of real estate and land | (94,416,000) | (142,993,000) | (64,967,000) |
Equity-based compensation | 7,206,000 | 7,308,000 | 8,157,000 |
Loss on early retirement of debt, net | 2,000 | 19,010,000 | 22,883,000 |
Gain on remeasurement of co-investment | (17,423,000) | (2,260,000) | (234,694,000) |
Changes in operating assets and liabilities: | |||
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets | 5,183,000 | 4,878,000 | (3,730,000) |
Accounts payable, accrued liabilities, and operating lease liabilities | (17,266,000) | 22,298,000 | (10,382,000) |
Other liabilities | 9,627,000 | 6,143,000 | 749,000 |
Net cash provided by operating activities | 975,649,000 | 905,259,000 | 803,108,000 |
Additions to real estate: | |||
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired | (21,870,000) | (153,481,000) | (460,421,000) |
Redevelopment | (96,718,000) | (61,671,000) | (48,980,000) |
Development acquisitions of and additions to real estate under development | (27,713,000) | (49,784,000) | (108,781,000) |
Capital expenditures on rental properties | (163,193,000) | (121,195,000) | (90,085,000) |
Investments in notes receivable | (168,095,000) | (245,144,000) | (135,343,000) |
Collections of notes and other receivables | 412,006,000 | 104,405,000 | 98,711,000 |
Proceeds from insurance for property losses | 4,325,000 | 879,000 | 723,000 |
Proceeds from dispositions of real estate | 157,985,000 | 297,454,000 | 339,165,000 |
Contributions to co-investments | (163,188,000) | (306,266,000) | (114,017,000) |
Changes in refundable deposits | (16,318,000) | (9,486,000) | 96,000 |
Purchases of marketable securities | (18,109,000) | (23,805,000) | (83,379,000) |
Sales and maturities of marketable securities | 71,222,000 | 16,577,000 | 113,465,000 |
Non-operating distributions from co-investments | 175,624,000 | 154,120,000 | 71,946,000 |
Net cash provided by (used in) investing activities | 145,958,000 | (397,397,000) | (416,900,000) |
Cash flows from financing activities: | |||
Proceeds from unsecured debt and mortgage notes | 0 | 745,505,000 | 1,452,808,000 |
Payments on unsecured debt and mortgage notes | (64,542,000) | (1,053,501,000) | (916,209,000) |
Proceeds from lines of credit | 1,376,452,000 | 1,050,589,000 | 1,038,426,000 |
Repayments of lines of credit | (1,665,636,000) | (709,332,000) | (1,093,426,000) |
Retirement of common stock | (189,726,000) | (9,172,000) | (269,315,000) |
Additions to deferred charges | (2,638,000) | (8,350,000) | (13,772,000) |
Payments related to debt prepayment penalties | 0 | (18,342,000) | (19,605,000) |
Net proceeds from issuance of common stock | (314,000) | (455,000) | (296,000) |
Net proceeds from stock options exercised | 19,525,000 | 58,497,000 | 14,865,000 |
Payments related to tax withholding for share-based compensation | (2,216,000) | (5,445,000) | (5,664,000) |
Contributions from noncontrolling interest | 125,000 | 1,900,000 | 0 |
Distributions to noncontrolling interest | (30,740,000) | (29,379,000) | (30,990,000) |
Redemption of noncontrolling interest | (11,452,000) | (8,457,000) | (3,113,000) |
Redemption of redeemable noncontrolling interest | (478,000) | (4,463,000) | (872,000) |
Common units distributions paid | (565,924,000) | (542,860,000) | (536,098,000) |
Net cash used in financing activities | (1,137,564,000) | (533,265,000) | (383,261,000) |
Net (decrease) increase in unrestricted and restricted cash and cash equivalents | (15,957,000) | (25,403,000) | 2,947,000 |
Unrestricted and restricted cash and cash equivalents at beginning of period | 58,638,000 | 84,041,000 | 81,094,000 |
Unrestricted and restricted cash and cash equivalents at end of period | 42,681,000 | 58,638,000 | 84,041,000 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of capitalized interest | 198,323,000 | 194,203,000 | 211,732,000 |
Interest capitalized | 2,272,000 | 6,153,000 | 14,615,000 |
Operating cash flows from operating leases | 6,987,000 | 6,963,000 | 6,892,000 |
Supplemental disclosure of noncash investing and financing activities: | |||
Transfers between real estate under development and rental properties, net | 100,737,000 | 328,393,000 | 253,039,000 |
Transfer from real estate under development to co-investments | 2,276,000 | 3,068,000 | 1,739,000 |
Reclassifications (from) to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest | (7,038,000) | 6,890,000 | (4,299,000) |
Debt assumed in connection with acquisition | $ 21,303,000 | $ 0 | $ 0 |
EPLP - Consolidated Balance She
EPLP - Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Rental properties: | ||
Land and land improvements | $ 3,043,321 | $ 3,032,678 |
Buildings and improvements | 12,922,906 | 12,597,249 |
Total rental properties | 15,966,227 | 15,629,927 |
Less: accumulated depreciation | (5,152,133) | (4,646,854) |
Net real estate | 10,814,094 | 10,983,073 |
Real estate under development | 24,857 | 111,562 |
Co-investments | 1,127,491 | 1,177,802 |
Total real estate | 11,966,442 | 12,272,437 |
Cash and cash equivalents-unrestricted | 33,295 | 48,420 |
Cash and cash equivalents-restricted | 9,386 | 10,218 |
Marketable securities, net of allowance for credit losses of zero as of both December 31, 2022 and December 31, 2021 | 112,743 | 191,829 |
Notes and other receivables, net of allowance for credit losses of $0.3 million and $0.8 million as of December 31, 2022 and December 31, 2021 (includes related party receivables of $7.0 million and $176.9 million as of December 31, 2022 and December 31, 2021, respectively) | 103,045 | 341,033 |
Operating lease right-of-use assets | 67,239 | 68,972 |
Prepaid expenses and other assets | 80,755 | 64,964 |
Total assets | 12,372,905 | 12,997,873 |
LIABILITIES AND CAPITAL | ||
Unsecured debt, net | 5,312,168 | 5,307,196 |
Mortgage notes payable, net | 593,943 | 638,957 |
Lines of credit | 52,073 | 341,257 |
Accounts payable and accrued liabilities | 165,461 | 180,751 |
Construction payable | 23,159 | 29,136 |
Dividends payable | 149,166 | 143,213 |
Distributions in excess of investments in co-investments | 42,532 | 35,545 |
Operating lease liabilities | 68,696 | 70,675 |
Other liabilities | 43,441 | 39,969 |
Total liabilities | 6,450,639 | 6,786,699 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 27,150 | 34,666 |
Limited Partners: | ||
Accumulated other comprehensive income (loss), net | 46,466 | (5,552) |
Noncontrolling interest | 178,744 | 182,905 |
Total liabilities and capital | 12,372,905 | 12,997,873 |
Essex Portfolio, L.P. | ||
Rental properties: | ||
Land and land improvements | 3,043,321 | 3,032,678 |
Buildings and improvements | 12,922,906 | 12,597,249 |
Total rental properties | 15,966,227 | 15,629,927 |
Less: accumulated depreciation | (5,152,133) | (4,646,854) |
Net real estate | 10,814,094 | 10,983,073 |
Real estate under development | 24,857 | 111,562 |
Co-investments | 1,127,491 | 1,177,802 |
Total real estate | 11,966,442 | 12,272,437 |
Cash and cash equivalents-unrestricted | 33,295 | 48,420 |
Cash and cash equivalents-restricted | 9,386 | 10,218 |
Marketable securities, net of allowance for credit losses of zero as of both December 31, 2022 and December 31, 2021 | 112,743 | 191,829 |
Notes and other receivables, net of allowance for credit losses of $0.3 million and $0.8 million as of December 31, 2022 and December 31, 2021 (includes related party receivables of $7.0 million and $176.9 million as of December 31, 2022 and December 31, 2021, respectively) | 103,045 | 341,033 |
Operating lease right-of-use assets | 67,239 | 68,972 |
Prepaid expenses and other assets | 80,755 | 64,964 |
Total assets | 12,372,905 | 12,997,873 |
LIABILITIES AND CAPITAL | ||
Unsecured debt, net | 5,312,168 | 5,307,196 |
Mortgage notes payable, net | 593,943 | 638,957 |
Lines of credit | 52,073 | 341,257 |
Accounts payable and accrued liabilities | 165,461 | 180,751 |
Construction payable | 23,159 | 29,136 |
Dividends payable | 149,166 | 143,213 |
Distributions in excess of investments in co-investments | 42,532 | 35,545 |
Operating lease liabilities | 68,696 | 70,675 |
Other liabilities | 43,441 | 39,969 |
Total liabilities | 6,450,639 | 6,786,699 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 27,150 | 34,666 |
Limited Partners: | ||
Accumulated other comprehensive income (loss), net | 52,010 | (1,804) |
Total partners' capital | 5,773,370 | 6,053,853 |
Noncontrolling interest | 121,746 | 122,655 |
Total capital | 5,895,116 | 6,176,508 |
Total liabilities and capital | 12,372,905 | 12,997,873 |
Essex Portfolio, L.P. | General Partner | ||
General Partner: | ||
Common equity (64,604,603 and 65,248,393 units issued and outstanding, respectively) | 5,669,906 | 5,999,155 |
Essex Portfolio, L.P. | General Partner | Common Equity | ||
General Partner: | ||
Common equity (64,604,603 and 65,248,393 units issued and outstanding, respectively) | 5,669,906 | 5,999,155 |
Limited Partners: | ||
Total capital | 5,669,906 | 5,999,155 |
Essex Portfolio, L.P. | Limited Partner | ||
Limited Partners: | ||
Common equity (2,272,496 and 2,282,464 units issued and outstanding, respectively) | 51,454 | 56,502 |
Essex Portfolio, L.P. | Limited Partner | Common Equity | ||
Limited Partners: | ||
Total capital | $ 51,454 | $ 56,502 |
EPLP - Consolidated Balance S_2
EPLP - Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Marketable securities, allowance for credit loss | $ 0 | $ 0 |
Notes and other receivable, allowance for credit loss | 334,000 | 756,000 |
Due from related parties | $ 7,000,000 | $ 176,900,000 |
Common stock shares issued (in shares) | 64,604,603 | 65,248,393 |
Common stock shares outstanding (in shares) | 64,604,603 | 65,248,393 |
Essex Portfolio, L.P. | ||
Marketable securities, allowance for credit loss | $ 0 | $ 0 |
Notes and other receivable, allowance for credit loss | 300,000 | 800,000 |
Due from related parties | $ 7,000,000 | $ 176,900,000 |
Essex Portfolio, L.P. | General Partner | ||
Common stock shares issued (in shares) | 64,604,603 | 65,248,393 |
Common stock shares outstanding (in shares) | 64,604,603 | 65,248,393 |
Essex Portfolio, L.P. | Limited Partner | ||
Common stock shares issued (in shares) | 2,272,496 | 2,282,464 |
Common stock shares outstanding (in shares) | 2,272,496 | 2,282,464 |
EPLP - Consolidated Statements
EPLP - Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Rental and other property | $ 1,595,675,000 | $ 1,431,418,000 | $ 1,486,150,000 |
Management and other fees from affiliates | 11,139,000 | 9,138,000 | 9,598,000 |
Total revenues | 1,606,814,000 | 1,440,556,000 | 1,495,748,000 |
Expenses: | |||
Property operating, excluding real estate taxes | 283,351,000 | 264,869,000 | 263,601,000 |
Real estate taxes | 183,918,000 | 180,367,000 | 177,011,000 |
Corporate-level property management expenses | 40,704,000 | 36,211,000 | 34,361,000 |
Depreciation and amortization | 539,319,000 | 520,066,000 | 525,497,000 |
General and administrative | 56,577,000 | 51,838,000 | 65,388,000 |
Expensed acquisition and investment related costs | 2,132,000 | 203,000 | 1,591,000 |
Impairment loss | 0 | 0 | 1,825,000 |
Total expenses | 1,106,001,000 | 1,053,554,000 | 1,069,274,000 |
Gain on sale of real estate and land | 94,416,000 | 142,993,000 | 64,967,000 |
Earnings from operations | 595,229,000 | 529,995,000 | 491,441,000 |
Interest expense | (204,798,000) | (203,125,000) | (220,633,000) |
Total return swap income | 7,907,000 | 10,774,000 | 10,733,000 |
Interest and other (loss) income | (19,040,000) | 98,744,000 | 40,999,000 |
Equity income from co-investments | 26,030,000 | 111,721,000 | 66,512,000 |
Deferred tax benefit (expense) on unconsolidated co-investments | 10,236,000 | (15,668,000) | (1,531,000) |
Loss on early retirement of debt, net | (2,000) | (19,010,000) | (22,883,000) |
Gain on remeasurement of co-investment | 17,423,000 | 2,260,000 | 234,694,000 |
Net income | 432,985,000 | 515,691,000 | 599,332,000 |
Net income attributable to noncontrolling interest | (24,670,000) | (27,137,000) | (30,462,000) |
Net income available to common stockholders | $ 408,315,000 | $ 488,554,000 | $ 568,870,000 |
Basic: | |||
Net income available to common stockholders/unitholders (in dollars per share) | $ 6.27 | $ 7.51 | $ 8.69 |
Weighted average number of shares/units outstanding during the year (in shares) | 65,079,764 | 65,051,465 | 65,454,057 |
Diluted: | |||
Net income available to common stockholders/unitholders (in dollars per share) | $ 6.27 | $ 7.51 | $ 8.69 |
Weighted average number of shares/units outstanding during the year (in shares) | 65,098,186 | 65,088,874 | 65,564,982 |
Essex Portfolio, L.P. | |||
Revenues: | |||
Rental and other property | $ 1,595,675,000 | $ 1,431,418,000 | $ 1,486,150,000 |
Management and other fees from affiliates | 11,139,000 | 9,138,000 | 9,598,000 |
Total revenues | 1,606,814,000 | 1,440,556,000 | 1,495,748,000 |
Expenses: | |||
Property operating, excluding real estate taxes | 283,351,000 | 264,869,000 | 263,601,000 |
Real estate taxes | 183,918,000 | 180,367,000 | 177,011,000 |
Corporate-level property management expenses | 40,704,000 | 36,211,000 | 34,361,000 |
Depreciation and amortization | 539,319,000 | 520,066,000 | 525,497,000 |
General and administrative | 56,577,000 | 51,838,000 | 65,388,000 |
Expensed acquisition and investment related costs | 2,132,000 | 203,000 | 1,591,000 |
Impairment loss | 0 | 0 | 1,825,000 |
Total expenses | 1,106,001,000 | 1,053,554,000 | 1,069,274,000 |
Gain on sale of real estate and land | 94,416,000 | 142,993,000 | 64,967,000 |
Earnings from operations | 595,229,000 | 529,995,000 | 491,441,000 |
Interest expense | (204,798,000) | (203,125,000) | (220,633,000) |
Total return swap income | 7,907,000 | 10,774,000 | 10,733,000 |
Interest and other (loss) income | (19,040,000) | 98,744,000 | 40,999,000 |
Equity income from co-investments | 26,030,000 | 111,721,000 | 66,512,000 |
Deferred tax benefit (expense) on unconsolidated co-investments | 10,236,000 | (15,668,000) | (1,531,000) |
Loss on early retirement of debt, net | (2,000) | (19,010,000) | (22,883,000) |
Gain on remeasurement of co-investment | 17,423,000 | 2,260,000 | 234,694,000 |
Net income | 432,985,000 | 515,691,000 | 599,332,000 |
Net income attributable to noncontrolling interest | (10,373,000) | (9,946,000) | (10,550,000) |
Net income available to common stockholders | $ 422,612,000 | $ 505,745,000 | $ 588,782,000 |
Basic: | |||
Net income available to common stockholders/unitholders (in dollars per share) | $ 6.27 | $ 7.51 | $ 8.69 |
Weighted average number of shares/units outstanding during the year (in shares) | 67,356,105 | 67,340,856 | 67,750,665 |
Diluted: | |||
Net income available to common stockholders/unitholders (in dollars per share) | $ 6.27 | $ 7.51 | $ 8.69 |
Weighted average number of shares/units outstanding during the year (in shares) | 67,374,527 | 67,378,265 | 67,861,590 |
EPLP - Consolidated Statement_2
EPLP - Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 432,985 | $ 515,691 | $ 599,332 |
Other comprehensive income (loss): | |||
Change in fair value of derivatives and amortization of swap settlements | 54,158 | 9,170 | (4,148) |
Cash flow hedge losses reclassified to earnings | 0 | 0 | 3,338 |
Change in fair value of marketable debt securities, net | 233 | 329 | (61) |
Reversal of unrealized gains upon the sale of marketable debt securities | (577) | 0 | 0 |
Total other comprehensive income (loss) | 53,814 | 9,499 | (871) |
Comprehensive income | 486,799 | 525,190 | 598,461 |
Comprehensive income attributable to noncontrolling interest | (26,466) | (27,459) | (30,432) |
Comprehensive income attributable to controlling interest | 460,333 | 497,731 | 568,029 |
Essex Portfolio, L.P. | |||
Net income | 432,985 | 515,691 | 599,332 |
Other comprehensive income (loss): | |||
Change in fair value of derivatives and amortization of swap settlements | 54,158 | 9,170 | (4,148) |
Cash flow hedge losses reclassified to earnings | 0 | 0 | 3,338 |
Change in fair value of marketable debt securities, net | 233 | 329 | (61) |
Reversal of unrealized gains upon the sale of marketable debt securities | (577) | 0 | 0 |
Total other comprehensive income (loss) | 53,814 | 9,499 | (871) |
Comprehensive income | 486,799 | 525,190 | 598,461 |
Comprehensive income attributable to noncontrolling interest | (10,373) | (9,946) | (10,550) |
Comprehensive income attributable to controlling interest | $ 476,426 | $ 515,244 | $ 587,911 |
EPLP - Consolidated Statement_3
EPLP - Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 [Member] | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Net income | $ 432,985 | $ 515,691 | $ 599,332 | |
Cash flow hedge losses reclassified to earnings | 0 | 0 | 3,338 | |
Change in fair value of derivatives and amortization of swap settlements | 54,158 | 9,170 | (4,148) | |
Change in fair value of marketable debt securities, net | 233 | 329 | (61) | |
Issuance of common stock under: | ||||
Sale of common stock by general partner, net | (314) | (455) | (296) | |
Retirement of common stock, net | (189,726) | (9,172) | (269,315) | |
Changes in the redemption value of redeemable noncontrolling interest | 7,038 | (6,890) | 4,299 | |
Changes in noncontrolling interest from acquisition | 1,349 | |||
Contributions from noncontrolling interest | 125 | 1,900 | ||
Distributions to noncontrolling interest | (30,959) | (29,341) | (31,367) | |
Redemptions | (11,452) | (8,457) | (3,113) | |
Essex Portfolio, L.P. | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balances | 6,176,508 | 6,183,192 | 6,403,504 | |
Net income | 432,985 | 515,691 | 599,332 | |
Reversal of unrealized gains upon the sale of marketable debt securities | (577) | |||
Cash flow hedge losses reclassified to earnings | 0 | 0 | 3,338 | |
Change in fair value of derivatives and amortization of swap settlements | 54,158 | 9,170 | (4,148) | |
Change in fair value of marketable debt securities, net | 233 | 329 | (61) | |
Issuance of common stock under: | ||||
General partner's stock based compensation, net | 17,309 | 53,052 | 9,201 | |
Sale of common stock by general partner, net | (314) | (455) | (296) | |
Equity based compensation costs | 11,446 | 11,683 | 12,913 | |
Retirement of common stock, net | (189,726) | (9,172) | (269,315) | |
Cumulative effect upon adoption | 5,895,116 | 6,176,508 | 6,183,192 | $ 6,403,504 |
Changes in the redemption value of redeemable noncontrolling interest | 7,038 | (6,890) | 4,299 | |
Changes in noncontrolling interest from acquisition | 1,349 | |||
Contributions from noncontrolling interest | 125 | 1,900 | ||
Distributions to noncontrolling interest | (10,935) | (10,215) | (12,292) | |
Redemptions | (11,452) | (8,457) | (3,113) | |
Distributions declared | (591,682) | (563,320) | (561,329) | |
Balances | 5,895,116 | 6,176,508 | 6,183,192 | 6,403,504 |
Essex Portfolio, L.P. | Cumulative Effect, Period of Adoption, Adjustment | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balances | (190) | |||
Issuance of common stock under: | ||||
Cumulative effect upon adoption | (190) | |||
Balances | (190) | |||
Essex Portfolio, L.P. | Accumulated other comprehensive income (loss), net | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balances | (1,804) | (11,303) | (10,432) | |
Reversal of unrealized gains upon the sale of marketable debt securities | (577) | |||
Cash flow hedge losses reclassified to earnings | 3,338 | |||
Change in fair value of derivatives and amortization of swap settlements | 54,158 | 9,170 | (4,148) | |
Change in fair value of marketable debt securities, net | 233 | 329 | (61) | |
Issuance of common stock under: | ||||
Cumulative effect upon adoption | 52,010 | (1,804) | (11,303) | (10,432) |
Balances | 52,010 | (1,804) | (11,303) | (10,432) |
Essex Portfolio, L.P. | Noncontrolling interest | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balances | 122,655 | 121,172 | 122,262 | |
Net income | 10,373 | 9,946 | 10,550 | |
Issuance of common stock under: | ||||
Cumulative effect upon adoption | 121,746 | 122,655 | 121,172 | 122,262 |
Changes in the redemption value of redeemable noncontrolling interest | 422 | 447 | 121 | |
Changes in noncontrolling interest from acquisition | 1,349 | |||
Contributions from noncontrolling interest | 125 | 1,900 | ||
Distributions to noncontrolling interest | (10,935) | (10,215) | (12,292) | |
Redemptions | (894) | (595) | (818) | |
Balances | $ 121,746 | $ 122,655 | $ 121,172 | $ 122,262 |
Essex Portfolio, L.P. | General Partner | Common Equity | ||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 [Member] | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balances (in shares) | 65,248 | 64,999 | 66,092 | |
Balances | $ 5,999,155 | $ 6,015,139 | $ 6,234,315 | |
Net income | $ 408,315 | $ 488,554 | $ 568,870 | |
Issuance of common stock under: | ||||
General partner's stock based compensation, net (in shares) | 89 | 279 | 95 | |
General partner's stock based compensation, net | $ 17,309 | $ 53,052 | $ 9,201 | |
Sale of common stock by general partner, net | (314) | (455) | (296) | |
Equity based compensation costs | $ 11,059 | $ 11,286 | $ 12,453 | |
Retirement of common stock, net (in shares) | (740) | (40) | (1,197) | |
Retirement of common stock, net | $ (189,726) | $ (9,172) | $ (269,315) | |
Cumulative effect upon adoption | 5,669,906 | 5,999,155 | 6,015,139 | $ 6,234,315 |
Changes in the redemption value of redeemable noncontrolling interest | $ 6,230 | $ (7,489) | $ 4,375 | |
Redemptions (in shares) | 8 | 10 | 9 | |
Redemptions | $ (10,464) | $ (7,566) | $ (2,020) | |
Distributions declared | $ (571,658) | $ (544,194) | $ (542,254) | |
Balances (in shares) | 64,605 | 65,248 | 64,999 | 66,092 |
Balances | $ 5,669,906 | $ 5,999,155 | $ 6,015,139 | $ 6,234,315 |
Essex Portfolio, L.P. | General Partner | Common Equity | Cumulative Effect, Period of Adoption, Adjustment | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balances | $ (190) | |||
Issuance of common stock under: | ||||
Cumulative effect upon adoption | (190) | |||
Balances | (190) | |||
Essex Portfolio, L.P. | Limited Partner | Common Equity | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balances (in shares) | 2,282 | 2,295 | 2,302 | |
Balances | $ 56,502 | $ 58,184 | $ 57,359 | |
Net income | 14,297 | 17,191 | 19,912 | |
Issuance of common stock under: | ||||
Equity based compensation costs | 387 | 397 | $ 460 | |
Equity based compensation costs (in shares) | 2 | |||
Cumulative effect upon adoption | 51,454 | 56,502 | $ 58,184 | $ 57,359 |
Changes in the redemption value of redeemable noncontrolling interest | $ 386 | $ 152 | $ (197) | |
Redemptions (in shares) | (10) | (13) | (9) | |
Redemptions | $ (94) | $ (296) | $ (275) | |
Distributions declared | $ (20,024) | $ (19,126) | $ (19,075) | |
Balances (in shares) | 2,272 | 2,282 | 2,295 | 2,302 |
Balances | $ 51,454 | $ 56,502 | $ 58,184 | $ 57,359 |
EPLP - Consolidated Statement_4
EPLP - Consolidated Statements of Capital (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Essex Portfolio, L.P. | Preferred Equity | |||
Distributions declared (in dollars per share) | $ 8.80 | $ 8.36 | $ 8.31 |
EPLP - Consolidated Statement_5
EPLP - Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 432,985,000 | $ 515,691,000 | $ 599,332,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Straight-lined rents | 3,330,000 | 9,672,000 | (19,426,000) |
Depreciation and amortization | 539,319,000 | 520,066,000 | 525,497,000 |
Amortization of discount on marketable securities | 0 | 0 | (19,075,000) |
Amortization of discount and debt financing costs, net | 6,712,000 | 9,538,000 | 6,674,000 |
Gain on sale of marketable securities | (12,436,000) | (3,400,000) | (2,131,000) |
Income from early redemption of notes receivable | (811,000) | (4,939,000) | 0 |
Provision for credit losses | 381,000 | 141,000 | 687,000 |
Unrealized losses (gains) on equity securities recognized through income | 57,983,000 | (33,104,000) | (12,515,000) |
Company's share of gain on the sales of co-investments | 0 | 0 | (2,225,000) |
Earnings from co-investments | (26,030,000) | (111,721,000) | (64,287,000) |
Operating distributions from co-investments | 95,256,000 | 104,833,000 | 74,419,000 |
Accrued interest from notes and other receivables | (13,953,000) | (15,902,000) | (3,683,000) |
Impairment loss | 0 | 0 | 1,825,000 |
Gain on the sale of real estate and land | (94,416,000) | (142,993,000) | (64,967,000) |
Equity-based compensation | 7,206,000 | 7,308,000 | 8,157,000 |
Loss on early retirement of debt, net | 2,000 | 19,010,000 | 22,883,000 |
Gain on remeasurement of co-investment | (17,423,000) | (2,260,000) | (234,694,000) |
Changes in operating assets and liabilities: | |||
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets | 5,183,000 | 4,878,000 | (3,730,000) |
Accounts payable, accrued liabilities, and operating lease liabilities | (17,266,000) | 22,298,000 | (10,382,000) |
Other liabilities | 9,627,000 | 6,143,000 | 749,000 |
Net cash provided by operating activities | 975,649,000 | 905,259,000 | 803,108,000 |
Additions to real estate: | |||
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired | (21,870,000) | (153,481,000) | (460,421,000) |
Redevelopment | (96,718,000) | (61,671,000) | (48,980,000) |
Development acquisitions of and additions to real estate under development | (27,713,000) | (49,784,000) | (108,781,000) |
Capital expenditures on rental properties | (163,193,000) | (121,195,000) | (90,085,000) |
Investments in notes receivable | (168,095,000) | (245,144,000) | (135,343,000) |
Collections of notes and other receivables | 412,006,000 | 104,405,000 | 98,711,000 |
Proceeds from insurance for property losses | 4,325,000 | 879,000 | 723,000 |
Proceeds from dispositions of real estate | 157,985,000 | 297,454,000 | 339,165,000 |
Contributions to co-investments | (163,188,000) | (306,266,000) | (114,017,000) |
Changes in refundable deposits | (16,318,000) | (9,486,000) | 96,000 |
Purchases of marketable securities | (18,109,000) | (23,805,000) | (83,379,000) |
Sales and maturities of marketable securities | 71,222,000 | 16,577,000 | 113,465,000 |
Non-operating distributions from co-investments | 175,624,000 | 154,120,000 | 71,946,000 |
Net cash provided by (used in) investing activities | 145,958,000 | (397,397,000) | (416,900,000) |
Cash flows from financing activities: | |||
Proceeds from unsecured debt and mortgage notes | 0 | 745,505,000 | 1,452,808,000 |
Payments on unsecured debt and mortgage notes | (64,542,000) | (1,053,501,000) | (916,209,000) |
Proceeds from lines of credit | 1,376,452,000 | 1,050,589,000 | 1,038,426,000 |
Repayments of lines of credit | (1,665,636,000) | (709,332,000) | (1,093,426,000) |
Retirement of common stock | (189,726,000) | (9,172,000) | (269,315,000) |
Additions to deferred charges | (2,638,000) | (8,350,000) | (13,772,000) |
Payments related to debt prepayment penalties | 0 | (18,342,000) | (19,605,000) |
Net proceeds from issuance of common stock | (314,000) | (455,000) | (296,000) |
Net proceeds from stock options exercised | 19,525,000 | 58,497,000 | 14,865,000 |
Payments related to tax withholding for share-based compensation | (2,216,000) | (5,445,000) | (5,664,000) |
Contributions from noncontrolling interest | 125,000 | 1,900,000 | 0 |
Distributions to noncontrolling interest | (30,740,000) | (29,379,000) | (30,990,000) |
Redemption of noncontrolling interest | (11,452,000) | (8,457,000) | (3,113,000) |
Redemption of redeemable noncontrolling interest | (478,000) | (4,463,000) | (872,000) |
Common units distributions paid | (565,924,000) | (542,860,000) | (536,098,000) |
Net cash used in financing activities | (1,137,564,000) | (533,265,000) | (383,261,000) |
Net (decrease) increase in unrestricted and restricted cash and cash equivalents | (15,957,000) | (25,403,000) | 2,947,000 |
Unrestricted and restricted cash and cash equivalents at beginning of period | 58,638,000 | 84,041,000 | 81,094,000 |
Unrestricted and restricted cash and cash equivalents at end of period | 42,681,000 | 58,638,000 | 84,041,000 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of capitalized interest | 198,323,000 | 194,203,000 | 211,732,000 |
Interest capitalized | 2,272,000 | 6,153,000 | 14,615,000 |
Operating cash flows from operating leases | 6,987,000 | 6,963,000 | 6,892,000 |
Supplemental disclosure of noncash investing and financing activities: | |||
Transfers between real estate under development and rental properties, net | 100,737,000 | 328,393,000 | 253,039,000 |
Transfer from real estate under development to co-investments | 2,276,000 | 3,068,000 | 1,739,000 |
Reclassifications (from) to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest | (7,038,000) | 6,890,000 | (4,299,000) |
Debt assumed in connection with acquisition | 21,303,000 | 0 | 0 |
Essex Portfolio, L.P. | |||
Cash flows from operating activities: | |||
Net income | 432,985,000 | 515,691,000 | 599,332,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Straight-lined rents | 3,330,000 | 9,672,000 | (19,426,000) |
Depreciation and amortization | 539,319,000 | 520,066,000 | 525,497,000 |
Amortization of discount on marketable securities | 0 | 0 | (19,075,000) |
Amortization of discount and debt financing costs, net | 6,712,000 | 9,538,000 | 6,674,000 |
Gain on sale of marketable securities | (12,436,000) | (3,400,000) | (2,131,000) |
Income from early redemption of notes receivable | (811,000) | (4,939,000) | 0 |
Provision for credit losses | 381,000 | 141,000 | 687,000 |
Unrealized losses (gains) on equity securities recognized through income | 57,983,000 | (33,104,000) | (12,515,000) |
Company's share of gain on the sales of co-investments | 0 | 0 | (2,225,000) |
Earnings from co-investments | (26,030,000) | (111,721,000) | (64,287,000) |
Operating distributions from co-investments | 95,256,000 | 104,833,000 | 74,419,000 |
Accrued interest from notes and other receivables | (13,953,000) | (15,902,000) | (3,683,000) |
Impairment loss | 0 | 0 | 1,825,000 |
Gain on the sale of real estate and land | (94,416,000) | (142,993,000) | (64,967,000) |
Equity-based compensation | 7,206,000 | 7,308,000 | 8,157,000 |
Loss on early retirement of debt, net | 2,000 | 19,010,000 | 22,883,000 |
Gain on remeasurement of co-investment | (17,423,000) | (2,260,000) | (234,694,000) |
Changes in operating assets and liabilities: | |||
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets | 5,183,000 | 4,878,000 | (3,730,000) |
Accounts payable, accrued liabilities, and operating lease liabilities | (17,266,000) | 22,298,000 | (10,382,000) |
Other liabilities | 9,627,000 | 6,143,000 | 749,000 |
Net cash provided by operating activities | 975,649,000 | 905,259,000 | 803,108,000 |
Additions to real estate: | |||
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired | (21,870,000) | (153,481,000) | (460,421,000) |
Redevelopment | (96,718,000) | (61,671,000) | (48,980,000) |
Development acquisitions of and additions to real estate under development | (27,713,000) | (49,784,000) | (108,781,000) |
Capital expenditures on rental properties | (163,193,000) | (121,195,000) | (90,085,000) |
Investments in notes receivable | (168,095,000) | (245,144,000) | (135,343,000) |
Collections of notes and other receivables | 412,006,000 | 104,405,000 | 98,711,000 |
Proceeds from insurance for property losses | 4,325,000 | 879,000 | 723,000 |
Proceeds from dispositions of real estate | 157,985,000 | 297,454,000 | 339,165,000 |
Contributions to co-investments | (163,188,000) | (306,266,000) | (114,017,000) |
Changes in refundable deposits | (16,318,000) | (9,486,000) | 96,000 |
Purchases of marketable securities | (18,109,000) | (23,805,000) | (83,379,000) |
Sales and maturities of marketable securities | 71,222,000 | 16,577,000 | 113,465,000 |
Non-operating distributions from co-investments | 175,624,000 | 154,120,000 | 71,946,000 |
Net cash provided by (used in) investing activities | 145,958,000 | (397,397,000) | (416,900,000) |
Cash flows from financing activities: | |||
Proceeds from unsecured debt and mortgage notes | 0 | 745,505,000 | 1,452,808,000 |
Payments on unsecured debt and mortgage notes | (64,542,000) | (1,053,501,000) | (916,209,000) |
Proceeds from lines of credit | 1,376,452,000 | 1,050,589,000 | 1,038,426,000 |
Repayments of lines of credit | (1,665,636,000) | (709,332,000) | (1,093,426,000) |
Retirement of common stock | (189,726,000) | (9,172,000) | (269,315,000) |
Additions to deferred charges | (2,638,000) | (8,350,000) | (13,772,000) |
Payments related to debt prepayment penalties | 0 | (18,342,000) | (19,605,000) |
Net proceeds from issuance of common stock | (314,000) | (455,000) | (296,000) |
Net proceeds from stock options exercised | 19,525,000 | 58,497,000 | 14,865,000 |
Payments related to tax withholding for share-based compensation | (2,216,000) | (5,445,000) | (5,664,000) |
Contributions from noncontrolling interest | 125,000 | 1,900,000 | 0 |
Distributions to noncontrolling interest | (8,450,000) | (8,369,000) | (8,409,000) |
Redemption of noncontrolling interest | (11,452,000) | (8,457,000) | (3,113,000) |
Redemption of redeemable noncontrolling interest | (478,000) | (4,463,000) | (872,000) |
Common units distributions paid | (588,214,000) | (563,870,000) | (558,679,000) |
Net cash used in financing activities | (1,137,564,000) | (533,265,000) | (383,261,000) |
Net (decrease) increase in unrestricted and restricted cash and cash equivalents | (15,957,000) | (25,403,000) | 2,947,000 |
Unrestricted and restricted cash and cash equivalents at beginning of period | 58,638,000 | 84,041,000 | 81,094,000 |
Unrestricted and restricted cash and cash equivalents at end of period | 42,681,000 | 58,638,000 | 84,041,000 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of capitalized interest | 198,323,000 | 194,203,000 | 211,732,000 |
Interest capitalized | 2,272,000 | 6,153,000 | 14,615,000 |
Operating cash flows from operating leases | 6,987,000 | 6,963,000 | 6,892,000 |
Supplemental disclosure of noncash investing and financing activities: | |||
Transfers between real estate under development and rental properties, net | 100,737,000 | 328,393,000 | 253,039,000 |
Transfer from real estate under development to co-investments | 2,276,000 | 3,068,000 | 1,739,000 |
Reclassifications (from) to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest | (7,038,000) | 6,890,000 | (4,299,000) |
Debt assumed in connection with acquisition | $ 21,303,000 | $ 0 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization The accompanying consolidated financial statements present the accounts of Essex Property Trust, Inc. ("Essex" or the "Company"), which include the accounts of the Company and Essex Portfolio, L.P. and its subsidiaries (the "Operating Partnership," which holds the operating assets of the Company). Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership. Essex is the sole general partner of the Operating Partnership with a 96.6% general partner interest and the limited partners owned a 3.4% interest as of December 31, 2022. The limited partners may convert their Operating Partnership units into an equivalent number of shares of Essex common stock. Total Operating Partnership limited partnership units ("OP Units," and the holders of such OP Units, "Unitholders") outstanding were 2,272,496 and 2,282,464 as of December 31, 2022 and 2021, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock, totaled approximately $481.6 million and $804.0 million, as of December 31, 2022 and 2021, respectively. The Company has reserved shares of common stock for such conversions. As of December 31, 2022, the Company owned or had ownership interests in 252 operating apartment communities, comprising 62,147 apartment homes, excluding the Company's ownership interests in preferred interest co-investments, loan investments, three operating commercial buildings, and a development pipeline comprised of one unconsolidated joint venture project. The operating apartment communities are located in Southern California (primarily Los Angeles, Orange, San Diego, and Ventura counties), Northern California (the San Francisco Bay Area) and the Seattle metropolitan areas. |
Summary of Critical and Signifi
Summary of Critical and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Critical and Significant Accounting Policies | Summary of Critical and Significant Accounting Policies (a) Principles of Consolidation and Basis of Presentation The accounts of the Company, its controlled subsidiaries and the variable interest entities ("VIEs") in which it is the primary beneficiary are consolidated in the accompanying financial statements and prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included and are normal and recurring in nature. All significant inter-company accounts and transactions have been eliminated. Noncontrolling interest includes the 3.4% limited partner interests in the Operating Partnership not held by the Company at both December 31, 2022 and 2021. These percentages include the Operating Partnership’s vested long-term incentive plan units (see Note 14). (b) Recently Adopted Accounting Pronouncements In January 2021, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2020-06 "Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity." The amendments in ASU 2020-06 require the use of the if-converted method for calculating diluted earnings per share ("EPS") for all convertible instruments. For instruments that may be settled in cash or shares, and are not classified as a liability, the guidance requires entities to include the effect of potential share settlement in the diluted EPS calculation, if the effect is more dilutive. The Company adopted this guidance on January 1, 2022 on a prospective basis. This adoption did not have a material impact on the Company's consolidated results of operations or financial position. Effective January 1, 2022, we adopted ASU 2021-10, "Government Assistance (Topic 832), Disclosures by Business Entities About Government Assistance", which requires entities to provide disclosures on material government assistance transactions for annual reporting periods. The disclosures include information around the nature of the assistance, the related accounting policies used to account for government assistance, the effect of government assistance on the entity’s financial statements and any significant terms and conditions of the agreements, including commitments and contingencies. (c) Recent Accounting Pronouncements In December 2022, the FASB issued ASU No. 2022-06 "Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848". The amendments in ASU 2022-06 defer the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the optional expedients in Topic 848 related to the accounting for contract modifications and hedging transactions as a result of the global markets’ transition away from the use of LIBOR and other interbank offered rates to alternative reference rates. The Company adopted this guidance upon issuance, its effective date. This adoption did not have a material impact on the Company's consolidated results of operations or financial position. (d) Real Estate Rental Properties Significant expenditures, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized. Operating real estate assets are stated at cost and consist of land and land improvements, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Expenditures for maintenance and repairs are charged to expense as incurred. The depreciable life of various categories of fixed assets is as follows: Computer software and equipment 3 - 5 years Interior apartment home improvements 5 years Furniture, fixtures and equipment 5 - 10 years Land improvements and certain exterior components of real property 10 years Real estate structures 30 years The Company capitalizes all costs incurred with the predevelopment, development or redevelopment of real estate assets or are associated with the construction or expansion of real property. Such capitalized costs include land, land improvements, allocated costs of the Company’s project management staff, construction costs, as well as interest and related loan fees, property taxes and insurance. Capitalization begins for predevelopment, development, and redevelopment projects when activity commences. Capitalization ends when the apartment home is completed and the property is available for a new tenant or if the development activities cease. The Company allocates the purchase price of real estate on a fair value basis to land and building including personal property, and identifiable intangible assets, such as the value of above, below and in-place leases. In making estimates of relative fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent land and building appraisals which consider comparable market transactions, its own analysis of recently acquired or developed comparable properties in our portfolio for land comparables and building replacement costs, and other publicly available market data. In calculating the fair value of identified intangible assets of an acquired property, the in-place leases are valued based on in-place rent rates and amortized over the average remaining term of all acquired leases. The values of the above and below market leases are amortized and recorded as either a decrease (in the case of above market leases) or an increase (in the case of below market leases) to rental revenue over the remaining term of the associated leases acquired. The value of acquired in-place leases are amortized to expense over the average remaining term of the leases acquired. The net carrying value of acquired in-place leases is $7.4 million and $8.9 million as of December 31, 2022 and 2021, respectively, and are included in prepaid expenses and other assets on the Company's consolidated balance sheets. The Company periodically assesses the carrying value of its real estate investments for indicators of impairment. The judgments regarding the existence of impairment indicators are based on monitoring investment market conditions and performance compared to budget for operating properties including the net operating income for the most recent 12 month period, monitoring estimated costs for properties under development, the Company's ability to hold and its intent with regard to each asset, and each property's remaining useful life. Whenever events or changes in circumstances indicate that the carrying amount of a property held for investment may not be fully recoverable, the carrying amount is evaluated. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount (including intangible assets) of a property held for investment, then the Company will recognize an impairment loss equal to the excess of the carrying amount over the fair value of the property. Fair value of a property is determined using conventional real estate valuation methods, such as discounted cash flow, the property’s unleveraged yield in comparison to the unleveraged yields and/or sales prices of similar communities that have been recently sold, and other third party information, if available. Communities held for sale are carried at the lower of cost or fair value less estimated costs to sell. As of December 31, 2022 and December 31, 2021, no properties were classified as held for sale. The Company did not record an impairment charge for the years ended December 31, 2022 and December 31, 2021. The Company recorded an impairment charge of $1.8 million for the year ended December 31, 2020 related to one of the Company's consolidated properties as a result of a change in the Company's intent to hold the property for its remaining useful life. In the normal course of business, the Company will receive purchase offers for its communities, either solicited or unsolicited. For those offers that are accepted, the prospective buyer will usually require a due diligence period before consummation of the transaction. It is not unusual for matters to arise that result in the withdrawal or rejection of the offer during this process. The Company classifies real estate as "held for sale" when the Company has obtained necessary management approvals to sell a property and the sale of the property is expected to be completed within a year. Evaluating solicited or unsolicited offers generally does not cause properties to be classified as held for sale. (e) Co-investments The Company owns investments in joint ventures in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with U.S. GAAP. Therefore, the Company accounts for co-investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company’s equity in earnings less distributions received and the Company’s share of losses. The significant accounting policies of the Company’s co-investment entities are consistent with those of the Company in all material respects. Upon the acquisition of a controlling interest of a co-investment, the co-investment entity is consolidated and a gain or loss is recognized upon the remeasurement of co-investments in the consolidated statement of income equal to the amount by which the fair value of the Company's previously owned co-investment interest exceeds its carrying value. A majority of the co-investments, excluding most preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote income if certain financial return benchmarks are achieved. Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible. Any promote fees are reflected in equity income from co-investments. The Company evaluates its investments in co-investments for impairment and records a loss if the carrying value is greater than the fair value of the investment and the impairment is other-than-temporary. The Company recorded a $2.1 million impairment loss from an unconsolidated co-investment for the year ended December 31, 2022 as a result of an other-than-temporary decrease in the fair value of the underlying investment. No other-than-temporary impairment charges were recorded for the years ended December 31, 2021 or 2020. (f) Revenues and Gains on Sale of Real Estate and Land Revenues from tenants renting or leasing apartment homes are recorded when due from tenants and are recognized monthly as they are earned, which generally approximates a straight-line basis, else, adjustments are made to conform to a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 9 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. See Note 4, Revenues, and Note 10, Lease Agreements - Company as Lessor, for additional information regarding such revenues. The Company also generates other property-related revenue associated with the leasing of apartment homes, including storage income, pet rent, and other miscellaneous revenue. Similar to rental income, such revenues are recorded when due from tenants and recognized monthly as they are earned. Apart from rental and other property-related revenue, revenues from contracts with customers are recognized as control of the promised services is passed to the customer. For customer contracts related to management and other fees from affiliates (which includes asset management and property management), the transaction price and amount of revenue to be recognized is determined each quarter based on the management fee calculated and earned for that month or quarter. The contract will contain a description of the service and the fee percentage for management services. Payments from such services are one month or one quarter in arrears of the service performed. The Company recognizes any gains on sales of real estate when it transfers control of a property and when it is probable that the Company will collect substantially all of the related consideration. (g) Cash, Cash Equivalents and Restricted Cash Highly liquid investments with original maturities of three months or less when purchased are classified as cash equivalents. Restricted cash balances relate primarily to reserve requirements for capital replacement at certain communities in connection with the Company’s mortgage debt. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows ($ in thousands): 2022 2021 2020 Cash and cash equivalents - unrestricted $ 33,295 $ 48,420 $ 73,629 Cash and cash equivalents - restricted 9,386 10,218 10,412 Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows $ 42,681 $ 58,638 $ 84,041 (h) Marketable Securities The Company reports its equity securities and available for sale debt securities at fair value, based on quoted market prices (Level 1 for the common stock and investment funds, Level 2 for the unsecured debt and Level 3, as defined by the FASB standard for fair value measurements as discussed later in Note 2). As of December 31, 2022 and 2021, $0.2 million and $0.8 million, respectively, of equity securities presented within common stock and stock funds in the tables below represent investments measured at fair value, using net asset value as a practical expedient, and are not categorized in the fair value hierarchy. Any unrealized gain or loss in debt securities classified as available for sale is recorded as other comprehensive income. There were no other than temporary impairment charges for the years ended December 31, 2022, 2021, and 2020. Unrealized gains and losses in equity securities, realized gains and losses in debt securities, interest income, and amortization of purchase discounts are included in interest and other income on the consolidated statements of income. As of December 31, 2022 and 2021, equity securities and available for sale debt securities consisted primarily of investment funds-debt securities, common stock, preferred stock and stock funds, and investment-grade unsecured debt. As of December 31, 2022 and 2021, marketable securities consist of the following ($ in thousands): December 31, 2022 Amortized Gross Carrying Equity securities: Investment funds - debt securities $ 43,155 $ (6,771) $ 36,384 Common stock, preferred stock, and stock funds 78,481 (2,122) 76,359 Total - Marketable securities $ 121,636 $ (8,893) $ 112,743 December 31, 2021 Amortized Gross Carrying Equity securities: Investment funds - debt securities $ 62,192 $ (502) $ 61,690 Common stock and stock funds 79,155 49,592 128,747 Debt securities: Available for sale Investment-grade unsecured debt 1,051 341 1,392 Total - Marketable securities $ 142,398 $ 49,431 $ 191,829 The Company uses the specific identification method to determine the cost basis of a debt security sold and to reclassify amounts from accumulated other comprehensive income for such securities. For the years ended December 31, 2022, 2021 and 2020, the proceeds from sales and maturities of marketable securities totaled $71.2 million, $16.6 million and $113.5 million, respectively. For the years ended December 31, 2022, 2021 and 2020, these sales resulted in gains of $12.4 million, $3.4 million, and $2.1 million, respectively. For the years ended December 31, 2022 and 2021, the portion of equity security unrealized losses or gains that were recognized in income totaled $58.0 million in losses and $33.1 million in gains, respectively, and were included in interest and other income on the Company's consolidated statements of income and comprehensive income. (i) Notes Receivable Notes receivable relate to real estate financing arrangements including mezzanine and bridge loans. Interest is recognized over the life of the note as interest income. Each note is analyzed to determine if it is impaired. A note is impaired if it is probable that the Company will not collect all contractually due principal and interest. The Company does not accrue interest when a note is considered impaired and an allowance is recorded for any principal and previously accrued interest that are not believed to be collectible. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income. As of December 31, 2022 and 2021, no notes were impaired. In the normal course of business, the Company originates and holds two types of loans: mezzanine loans issued to entities that are pursuing apartment development and short-term bridge loans issued to joint ventures with the Company. The Company categorizes development project mezzanine loans into risk categories based on relevant information about the ability of the borrowers to service their debt, such as: current financial information, credit documentation, public information, and previous experience with the borrower. The Company initially analyzes each mezzanine loan individually to classify the credit risk of the loan. On a periodic basis the Company evaluates financial information on the project, its sponsors, and its guarantors and additionally performs site visits of the development projects associated with the mezzanine loans to confirm whether they are on budget and whether there are any delays in development that could impact the Company's assessment of credit loss. All bridge loans that the Company issues are, by their nature, short-term and meant only to provide time for the Company’s joint ventures to obtain long-term funding for newly acquired communities. As the Company is a partner in the joint ventures that are borrowing such funds and has performed a detailed review of each community as part of the acquisition process, there is little to no credit risk associated with such loans. As such, the Company does not review credit quality indicators for bridge loans on an ongoing basis. The Company estimates the allowance for credit losses for each loan type using relevant available information from internal and external sources, relating to past events, current conditions, and reasonable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made, if necessary, for differences in current loan-specific risk characteristics. For example, in the case of mezzanine loans, adjustments may be made due to differences in track record and experience of the mezzanine loan sponsor as well as the percent of equity that the sponsor has contributed to the project. (j) Capitalization Policy The Company capitalizes all direct and certain indirect costs, including interest, employee compensation costs, real estate taxes and insurance, incurred during development and redevelopment activities. Interest is capitalized on real estate assets that require a period of time to get them ready for their intended use. The amount of interest capitalized is based upon the average amount of accumulated development expenditures during the reporting period. Included in capitalized costs are management’s estimates of the direct and incremental personnel costs and indirect project costs associated with the Company's development and redevelopment activities. Indirect project costs consist primarily of personnel costs associated with construction administration and development, including accounting, legal fees, and various corporate and community onsite costs that clearly relate to projects under development. Those costs, inclusive of capitalized interest, as well as capitalized development and redevelopment fees totaled $20.4 million, $23.6 million and $31.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Company capitalizes leasing costs associated with the lease-up of development communities and amortizes the costs over the life of the leases. The amounts capitalized are immaterial for all periods presented. (k) Fair Value of Financial Instruments The Company values its financial instruments based on the fair value hierarchy of valuation techniques described in the FASB’s accounting standard for fair value measurements. Level 1 inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability. The Company uses Level 1 inputs for the fair values of its cash equivalents and its marketable securities except for unsecured bonds. The Company uses Level 2 inputs for its investments in unsecured debt, notes receivable, notes payable, and derivative assets/liabilities. These inputs include interest rates for similar financial instruments. The Company’s valuation methodology for derivatives is described in Note 9. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Management believes that the carrying amounts of the outstanding balances under its lines of credit, and notes and other receivables approximate fair value as of December 31, 2022 and 2021, because interest rates, yields and other terms for these instruments are consistent with interest rates, yields and other terms currently available for similar instruments. Management has estimated that the fair value of fixed rate debt with a carrying value of $5.7 billion at both December 31, 2022 and 2021, to be $5.2 billion and $6.0 billion at December 31, 2022 and 2021, respectively. Management has estimated the fair value of the Company’s $274.2 million and $564.9 million of variable rate debt at December 31, 2022 and 2021, respectively, to be $273.2 million and $561.7 million at December 31, 2022 and 2021, respectively, based on the terms of existing mortgage notes payable, unsecured debt, and variable rate demand notes compared to those available in the marketplace. Management believes that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payables, other liabilities and dividends payable approximate fair value as of December 31, 2022 and 2021 due to the short-term maturity of these instruments. Marketable securities are carried at fair value as of December 31, 2022 and 2021. (l) Interest Rate Protection, Swap, and Forward Contracts The Company uses interest rate swaps, interest rate caps, and total return swap contracts to manage interest rate risks. The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, the Company uses interest rate swaps as part of its cash flow hedging strategy. The Company records all derivatives on its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated for accounting purposes as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated for accounting purposes as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the initial and ongoing effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated for accounting purposes as cash flow hedges, changes in fair value are recognized in earnings. All of the Company’s interest rate swaps are considered cash flow hedges. (m) Income Taxes Generally in any year in which Essex qualifies as a real estate investment trust ("REIT") under the Internal Revenue Code (the "IRC"), it is not subject to federal income tax on that portion of its income that it distributes to stockholders. No provision for federal income taxes, other than the taxable REIT subsidiaries discussed below, has been made in the accompanying consolidated financial statements for each of the years in the three-year period ended December 31, 2022 as Essex has elected to be and believes it qualifies under the IRC as a REIT and has made distributions during the periods in amounts to preclude Essex from paying federal income tax. In order to maintain compliance with REIT tax rules, the Company utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Company. In general, the activities and tax related provisions, assets and liabilities are not material. As a partnership, the Operating Partnership is not subject to federal or state income taxes, except that in order to maintain Essex's compliance with REIT tax rules that are applicable to Essex, the Operating Partnership utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Operating Partnership. The status of cash dividends distributed for the years ended December 31, 2022, 2021, and 2020 related to common stock are classified for tax purposes as follows: 2022 2021 2020 Common Stock Ordinary income 80.17 % 70.92 % 85.23 % Capital gain 16.78 % 22.07 % 10.68 % Unrecaptured section 1250 capital gain 3.05 % 7.01 % 4.09 % 100.00 % 100.00 % 100.00 % (n) Equity-based Compensation The cost of share- and unit-based compensation awards is measured at the grant date based on the estimated fair value of the awards. The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period. The estimated grant date fair values of the long-term incentive plan units (discussed in Note 14) are being amortized over the expected service periods. (o) Changes in Accumulated Other Comprehensive Loss, by Component Changes in Accumulated Other Comprehensive Loss, Net, by Component Essex Property Trust, Inc. ($ in thousands) Change in fair Unrealized Total Balance at December 31, 2021 $ (5,912) $ 360 $ (5,552) Other comprehensive income before reclassification 52,331 224 52,555 Amounts reclassified from accumulated other comprehensive loss 20 (557) (537) Other comprehensive income 52,351 (333) 52,018 Balance at December 31, 2022 $ 46,439 $ 27 $ 46,466 Changes in Accumulated Other Comprehensive Loss, by Component Essex Portfolio, L.P. ($ in thousands) Change in fair Unrealized Total Balance at December 31, 2021 $ (2,176) $ 372 $ (1,804) Other comprehensive income before reclassification 54,138 233 54,371 Amounts reclassified from accumulated other comprehensive loss 20 (577) (557) Other comprehensive income 54,158 (344) 53,814 Balance at December 31, 2022 $ 51,982 $ 28 $ 52,010 Amounts reclassified from accumulated other comprehensive loss in connection with derivatives are recorded in interest expense on the consolidated statements of income. Realized gains and losses on available for sale debt securities are included in interest and other income on the consolidated statements of income. (p) Redeemable Noncontrolling Interest The carrying value of redeemable noncontrolling interest in the accompanying balance sheets was $27.2 million and $34.7 million as of December 31, 2022 and 2021, respectively. The limited partners may redeem their noncontrolling interests for cash in certain circumstances. The changes in the redemption value of redeemable noncontrolling interests for the years ended December 31, 2022, 2021, and 2020 are as follows: 2022 2021 2020 Balance at January 1, $ 34,666 $ 32,239 $ 37,410 Reclassifications due to change in redemption value and other (7,038) 6,890 (4,299) Redemptions (478) (4,463) (872) Balance at December 31, $ 27,150 $ 34,666 $ 32,239 (q) Accounting Estimates The preparation of consolidated financial statements, in accordance with U.S. GAAP, requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, and its notes receivable. The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions. (r) Variable Interest Entities In accordance with accounting standards for consolidation of VIEs, the Company consolidated the Operating Partnership, 18 DownREIT entities (comprising nine communities), and six co-investments as of December 31, 2022 and 2021. The Company consolidates these entities because it is deemed the primary beneficiary. The Company has no assets or liabilities other than its investment in the Operating Partnership. The consolidated total assets and liabilities related to the above consolidated co-investments and DownREIT entities, net of intercompany eliminations, were approximately $939.4 million and $324.3 million, respectively, as of December 31, 2022, and $909.3 million and $320.1 million, respectively, as of December 31, 2021. Noncontrolling interests in these entities were $121.5 million and $122.4 million as of December 31, 2022 and 2021, respectively. The Company's financial risk in each VIE is limited to its equity investment in the VIE. The DownREIT VIEs collectively own nine apartment communities in which the Company is the general partner or manager of the DownREIT entity, the Operating Partnership is a special limited partner or member, and the other limited partners or members were granted rights of redemption for their interests. Such limited partners or members can request to be redeemed and the Company, subject to certain restrictions, can elect to redeem their rights for cash or by issuing shares of its common stock on a one share per unit basis. Conversion values will be based on the market value of the Company's common stock at the time of redemption multiplied by the number of units stipulated under various arrangements, as noted above. The other limited partners or members receive distributions based on the Company's current dividend rate times the number of units held. Total DownREIT units outstanding were 938,513 and 978,854 as of December 31, 2022 and 2021, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $198.9 million and $344.8 million, as of December 31, 2022 and 2021, respectively. The carrying value of redeemable noncontrolling interest in the accompanying balance sheets was $27.2 million |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate Investments, Net [Abstract] | |
Real Estate Investments | Real Estate Investments (a) Acquisitions of Real Estate The table below summarizes acquisition activity for the year ended December 31, 2022 ($ in millions): For the year ended December 31, 2022, the Company purchased two communities consisting of 211 apartment homes for approximately $32.9 million. Property Name Location Apartment Homes Essex Ownership Percentage Quarter in 2022 Purchase Price Regency Palm Court and Windsor Court (1) Los Angeles, CA 211 100 % Q3 $ 32.9 Total 2022 211 $ 32.9 (1) In July 2022, the Company acquired its joint venture partner's 49.8% minority interest in two apartment communities, consisting of 211 apartment homes located in Los Angeles, CA, for a contract price of $32.9 million. As a result of this acquisition, the Company realized a gain on remeasurement of co-investment of $17.4 million upon consolidation. The consolidated fair value of the acquisitions listed above was included on the Company's consolidated balance sheet as follows: $14.1 million was included in land and land improvements, $52.7 million was included in buildings and improvements, $0.3 million was included in prepaid expenses and other assets. For the year ended December 31, 2021, the Company purchased one apartment community consisting of 123 apartment homes and two commercial properties for approximately $133.6 million. Additionally, in June 2021, the Company purchased its joint venture partner's 50.0% membership interest in the BEX III, LLC's ("BEX III") co-investment that owned an apartment community consisting of 145 apartment homes, based on a property valuation of $63.5 million, for approximately $31.8 million. In conjunction with the acquisition, $29.5 million of mortgage debt that encumbered the property was paid off. As a result of this acquisition, the Company realized a gain on remeasurement of its existing co-investment of $2.3 million. The consolidated fair value of these acquisitions was included on the Company's consolidated balance sheet as follows: $103.3 million was included in land and land improvements, $90.2 million was included in buildings and improvements, $5.4 million was included in prepaid expenses and other assets, within the Company's consolidated balance sheets. (b) Sales of Real Estate Investments The table below summarizes the disposition activity for the year ended December 31, 2022 ($ in millions): Property Name Location Apartment Homes Ownership Quarter in 2022 Sales Price Anavia Anaheim, CA 250 EPLP Q4 $ 160.0 (1) Total 2022 250 $ 160.0 (1) The Company recognized a $94.4 million gain on sale. For the year ended December 31, 2021, the Company sold four apartment communities consisting of 912 apartment homes for $330.0 million, resulting in gains of $143.0 million. In conjunction with the sales, the Company repaid $29.7 million of mortgage debt that encumbered one of the properties. For the year ended December 31, 2020, the Company sold four apartment communities consisting of 670 apartment homes for $343.5 million, resulting in gains of $65.0 million. (c) Co-investments The Company has joint ventures which are accounted for under the equity method. The co-investments’ accounting policies are similar to the Company’s accounting policies. The co-investments typically own, operate, and develop apartment communities. Additionally, the Company has invested in six technology co-investments and as of December 31, 2022 the co-investment balance of these investments was $39.4 million and the aggregate commitment was $87.0 million. In January 2022, Wesco VI, LLC (“Wesco VI”), one of the Company's joint ventures with an institutional partner, acquired Vela, a 379-unit apartment home community located in Woodland Hills, CA, for a total contract price of $183.0 million. The property was encumbered by a $100.7 million related party bridge loan from the Company, with an interest rate of 2.64% that was paid off in January 2022 and replaced by permanent secured debt with an institutional lender. See Note 6, Related Party Transactions, for additional details. In March 2022, the Wesco III, LLC ("Wesco III") operating agreement was amended to extend the venture. As part of the amendment, the Company earned $17.1 million in promote interest. In April 2022, the Wesco IV, LLC ("Wesco IV") joint venture operating agreement was amended to extend the venture. As part of the amendment, the Company and the joint venture partner agreed that the Company earned a promote interest of approximately $37.5 million. The Company agreed to contribute the earned promote interest to the joint venture, resulting in an increase in the Company's ownership interest in Wesco IV to 65.1%. The carrying values of the Company’s co-investments as of December 31, 2022 and 2021 are as follows ($ in thousands, except in parenthetical): Weighted Average Essex Ownership December 31, Percentage (1) 2022 2021 Ownership interest in: Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI (2) 54 % $ 178,552 $ 168,198 BEXAEW, BEX II, BEX IV and 500 Folsom 50 % 238,537 270,550 Other (3) 52 % 74,742 126,503 Total operating and other co-investments, net 491,831 565,251 Total development co-investments 51 % 12,994 11,076 Total preferred interest co-investments (includes related party investments of $87.1 million and $71.1 million as of December 31, 2022 and December 31, 2021, respectively - Note 6 - Related Party Transactions for further discussion) 580,134 565,930 Total co-investments, net $ 1,084,959 $ 1,142,257 (1) Weighted average Company ownership percentages are as of December 31, 2022. (2) As of December 31, 2022, the Company's investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $41.7 million due to distributions received in excess of the Company's investment. As of December 31, 2021, the Company's investment in Wesco I was classified as a liability of $35.3 million due to distributions received in excess of the Company's investment. (3) As of December 31, 2022, the Company's investments in Expo and Century Towers were classified as a liability of $0.8 million due to distributions received in excess of the Company's investment. As of December 31, 2021, the Company's investment in Expo was classified as a liability of $0.2 million due to distributions received in excess of the Company's investment. The weighted average Essex ownership percentage excludes our investments in non-core technology co-investments which are carried at fair value. The combined summarized financial information of co-investments is as follows ($ in thousands): December 31, 2022 2021 Combined balance sheets: (1) Rental properties and real estate under development $ 4,955,051 $ 4,603,465 Other assets 294,663 278,411 Total assets $ 5,249,714 $ 4,881,876 Debt $ 3,397,113 $ 3,046,765 Other liabilities 264,872 200,129 Equity 1,587,729 1,634,982 Total liabilities and equity $ 5,249,714 $ 4,881,876 Company's share of equity $ 1,084,959 $ 1,142,257 Years ended 2022 2021 2020 Combined statements of income: (1) Property revenues $ 373,074 $ 289,680 $ 300,624 Property operating expenses (140,175) (115,023) (108,682) Net operating income 232,899 174,657 191,942 Interest expense (100,913) (65,172) (78,962) General and administrative (20,579) (17,885) (17,079) Depreciation and amortization (164,186) (133,787) (117,836) Net income $ (52,779) $ (42,187) $ (21,935) Company's share of net income (2) $ 26,030 $ 111,721 $ 66,512 (1) Includes preferred equity investments held by the Company. (2) Includes the Company's share of equity income from joint ventures and preferred equity investments, gain on sales of co-investments, co-investment promote income and income from early redemption of preferred equity investments. Includes related party income of $7.4 million, $9.1 million, and $8.6 million for the years ended December 31, 2022, 2021, and 2020, respectively. Operating Co-investments As of December 31, 2022 and 2021, the Company, through several joint ventures, owned 10,425 and 10,257 apartment homes, respectively, in operating communities. The Company’s book value of these co-investments was $491.8 million and $565.3 million at December 31, 2022 and 2021, respectively. Predevelopment and Development Co-investments As of both December 31, 2022 and 2021, the Company, through several joint ventures, owned 264 apartment homes in predevelopment and development communities. The Company’s book value of these co-investments was $13.0 million and $11.1 million at December 31, 2022 and 2021, respectively. In 2020, the Company entered into a joint venture to develop LIVIA (fka Scripps Mesa Apartments), a multifamily community comprised of 264 apartment homes located in San Diego, CA. The Company has a 51% ownership interest in the development which has a projected total cost of $102.0 million. Construction began in the third quarter of 2020. The property is projected to commence initial occupancy in the second quarter of 2023 and is projected to be fully stabilized in the first quarter of 2024. The Company has a $5.9 million preferred equity investment in the project, which accrues an annualized preferred return of 10.0% until it is redeemed. Preferred Equity Investments As of December 31, 2022 and 2021, 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 $580.1 million and $565.9 million at December 31, 2022 and 2021, respectively, and is included in the co-investments line in the accompanying consolidated balance sheets. During 2022, the Company made commitments to fund $84.9 million of preferred equity investment in seven real estate ventures, including one with a related party. See Note 6, Related Party Transactions, for additional details. The investments have initial preferred returns ranging from 8.8% - 10.8%, with maturities ranging from January 2026 to September 2032. As of December 31, 2022, the Company had fully funded $84.9 million of the commitments. During 2021, the Company made commitments to fund $67.2 million of preferred equity investment in four real estate ventures. The investments have initial preferred returns ranging from 10.0% - 12.5%, with maturities ranging from January 2026 to December 2026. As of December 31, 2022, the Company had fully funded $67.2 million of the commitments. During 2020, the Company made commitments to fund $191.3 million of preferred equity investment in seven preferred equity investments. The investments have initial preferred returns ranging from 9.0%-11.5%, with maturities ranging from March 2022 to February 2030. As of December 31, 2022, the Company had funded $182.3 million of the $191.3 million of commitments. During 2019, the Company made commitments to fund $141.7 million of preferred equity investment in five preferred equity investments, some of which include related party sponsors. See Note 6, Related Party Transactions, for additional details. The investments have initial preferred returns ranging from 10.15%-11.3%, with maturities ranging from July 2022 to October 2024. As of December 31, 2022, the Company had fully funded $141.7 million of the commitments. During 2018, the Company made commitments to fund $45.1 million of preferred equity investment in two preferred equity investments, some of which include related party sponsors. See Note 6, Related Party Transactions, for additional details. The investments have initial preferred returns ranging from 10.25%-12.0%, with maturities ranging from May 2023 to April 2024. As of December 31, 2022, the Company had funded $42.1 million of the $45.1 million of commitments. The remaining committed amount is expected to be funded when requested by the sponsors. During 2022, the Company received cash proceeds of $132.6 million, including an early redemption fee of $0.9 million, for the full redemption of three preferred equity investments and partial redemption of two preferred equity investments in joint ventures that hold properties located in California. The Company recorded a $2.1 million impairment loss from a preferred equity investment in an unconsolidated co-investment for the year ended December 31, 2022. In November 2021, the Company converted $11.0 million of its existing preferred equity investment in Silver, a 268-unit apartment home community located in San Jose, CA, into a 58.0% common equity interest in the property. The Company will retain its remaining $13.5 million preferred equity investment in the property at a preferred return of 8.0%. The property is encumbered by $100.0 million of mortgage debt at a rate of 3.15%. (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, 2022, the Company's development pipeline was comprised of one unconsolidated joint venture project under development aggregating 264 apartment homes and various predevelopment projects, with total incurred costs of $102.0 million. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues Disaggregated Revenue The following table presents the Company’s revenues disaggregated by revenue source ($ in thousands): 2022 2021 2020 Rental income $ 1,573,368 $ 1,410,197 $ 1,462,161 Other property 22,307 21,221 23,989 Management and other fees from affiliates 11,139 9,138 9,598 Total revenues $ 1,606,814 $ 1,440,556 $ 1,495,748 The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment ($ in thousands): 2022 2021 2020 Southern California $ 652,742 $ 580,305 $ 558,839 Northern California 639,138 584,034 604,348 Seattle Metro 271,248 239,839 243,900 Other real estate assets (1) 32,547 27,240 79,063 Total rental and other property revenues $ 1,595,675 $ 1,431,418 $ 1,486,150 (1) Other real estate assets consist of revenue generated from retail space, commercial properties, held for sale properties, disposition properties and straight-line rent adjustments for concessions. Executive management does not evaluate such operating performance geographically. The following table presents the Company’s rental and other property revenues disaggregated by current property category status ($ in thousands): 2022 2021 2020 Same-property (1) $ 1,484,976 $ 1,346,680 $ 1,363,241 Acquisitions (2) 8,793 2,239 — Development (3) 43,139 31,270 20,050 Redevelopment 5,766 6,169 6,931 Non-residential/other, net (4) 58,120 55,871 74,072 Straight line rent concession (5) (5,119) (10,811) 21,856 Total rental and other property revenues $ 1,595,675 $ 1,431,418 $ 1,486,150 (1) Properties that have comparable stabilized results as of January 1, 2021 and are consolidated by the Company for the years ended December 31, 2022, 2021, and 2020. A community is generally considered to have reach stabilized operations once it achieves an initial occupancy of 90%. (2) Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2021. (3) Development includes properties developed which did not have stabilized results as of January 1, 2021. (4) Non-residential/other, net consists of revenue generated from retail space, commercial properties, held for sale properties, disposition properties, student housing, properties undergoing significant construction activities that do not meet our redevelopment criteria, and two communities located in the California counties of Santa Barbara, and Santa Cruz, which the Company does not consider its core markets. (5) Same-property revenues reflect concessions on a cash basis. Total rental and other property revenues reflect concessions on a straight-line basis in accordance with U.S. GAAP. Deferred Revenues and Remaining Performance Obligations When cash payments are received or due in advance of the Company’s performance of contracts with customers, deferred revenue is recorded. The total deferred revenue balance related to such contracts was $1.7 million and $2.4 million as of December 31, 2022 and December 31, 2021, respectively, and was included in accounts payable and accrued liabilities within the accompanying consolidated balance sheets. The amount of revenue recognized for the year ended December 31, 2022 that was included in the December 31, 2021 deferred revenue balance was $0.7 million, which was included in interest and other income within the consolidated statements of income and comprehensive income. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in the new revenue recognition accounting standard. As of December 31, 2022, the Company had $1.7 million of remaining performance obligations. The Company expects to recognize approximately 40% of these remaining performance obligations in 2023, an additional 47% through 2025, and the remaining balance thereafter. Practical Expedients The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or when variable consideration is allocated entirely to a wholly unsatisfied performance obligation. |
Notes and Other Receivables
Notes and Other Receivables | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Notes and Other Receivables | Notes and Other Receivables Notes and other receivables consist of the following as of December 31, 2022 and 2021 ($ in thousands): 2022 2021 Notes receivable, secured, weighted average interest rate of 10.10% as of December 31, 2022 and 10.50% as of December 31, 2021, due February 2023 (Originated March 2020) (1) $ — $ 17,051 Note receivable, secured, bearing interest at 9.00%, due December 2023 (Originated November 2020) (2) — 87,365 Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020) 33,477 29,729 Related party note receivable, secured, bearing interest at 2.15%, due March 2022 (Originated September 2021) (3) (7) — 29,314 Related party note receivable, secured, bearing interest at 2.30%, due April 2022 (Originated October 2021) (4) (7) — 30,399 Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021) 21,452 — Related party note receivable, secured, bearing interest at 2.36%, due February 2022 (Originated November 2021) (5) (7) — 62,058 Related party note receivable, secured, bearing interest at 2.36%, due February 2022 (Originated November 2021) (6) (7) — 48,562 Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022) 10,350 — Notes and other receivables from affiliates (7) (8) 6,975 6,556 Straight line rent receivables (9) 12,164 15,523 Other receivables 18,961 15,232 Allowance for credit losses (334) (756) Total notes and other receivables $ 103,045 $ 341,033 (1) In December 2022, the Company received cash of $15.0 million to payoff the principal of this note receivable. (2) In November 2022, the Company received cash of $89.3 million to payoff the principal of this note receivable. Additionally, the Company received an early redemption fee of $0.8 million from the payoff. (3) In January 2022, the Company received cash of $29.2 million to payoff the principal of this note receivable. (4) In January 2022, the Company received cash of $30.3 million to payoff the principal of this note receivable. (5) In January 2022, the Company received cash of $61.9 million to payoff the principal of this note receivable. (6) In January 2022, the Company received cash of $48.4 million to payoff the principal of this note receivable. (7) See Note 6, Related Party Transactions, for additional details. (8) These amounts consist of short-term loans outstanding and due from various joint ventures as of December 31, 2022 and 2021, respectively. (9) These amounts are receivables from lease concessions recorded on a straight-line basis for the Company's operating properties. The following table presents the activity in the allowance for credit losses for notes and other receivables by loan type ($ in thousands): Mezzanine Loans Bridge Loans Total Balance at December 31, 2021 $ 671 $ 85 $ 756 Provision for credit losses (337) (85) (422) Balance at December 31, 2022 $ 334 $ — $ 334 No loans were placed on nonaccrual status or charged off during the year ended December 31, 2022 or 2021. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company has adopted written related party transaction guidelines that are intended to cover transactions in which the Company (including entities it controls) is a party and in which any "related person" has a direct or indirect interest. A "related person" means any person who is or was (since the beginning of the last fiscal year) a Company director, director nominee, or executive officer, any beneficial owner of more than 5% of the Company’s outstanding common stock, and any immediate family member of any of the foregoing persons. A related person may be considered to have an indirect interest in a transaction if he or she (i) is an owner, director, officer or employee of or otherwise associated with another company that is engaging in a transaction with the Company, or (ii) otherwise, through one or more entities or arrangements, has an indirect financial interest in or personal benefit from the transaction. The related person transaction review and approval process is intended to determine, among any other relevant issues, the dollar amount involved in the transaction; the nature and value of any related person’s direct or indirect interest (if any) in the transaction; and whether or not (i) a related person’s interest is material, (ii) the transaction is fair, reasonable, and serves the best interest of the Company and its shareholders, and (iii) whether the transaction or relationship should be entered into, continued or ended. The Company’s Chairman and founder, Mr. George Marcus, is the Chairman of the Marcus & Millichap Company ("MMC"), which is a parent company of a diversified group of real estate service, investment, and development firms. Mr. Marcus is also the Chairman of and owns a controlling interest in Marcus & Millichap, Inc. ("MMI"), a national brokerage firm listed on the NYSE that underwent its initial public offering in 2013. For the year ended December 31, 2022 and 2021, there were no brokerage commission fees paid by the Company to MMC and its affiliates related to real estate transactions. For the year ended December 31, 2020, the Company paid brokerage commissions of $0.2 million to MMC and its affiliates related to real estate transactions. The Company charges certain fees relating to its co-investments for asset management, property management, development and redevelopment services. These fees from affiliates totaled $14.1 million, $10.3 million, and $11.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. All of these fees are net of intercompany amounts eliminated by the Company. The Company netted development and redevelopment fees of $3.0 million, $1.1 million, and $1.7 million against general and administrative expenses for the years ended December 31, 2022, 2021 and 2020, respectively. As described in Note 5, Notes and Other Receivables, the Company has provided short-term loans to affiliates. As of December 31, 2022 and 2021, $7.0 million and $6.6 million, respectively, of short-term loans remained outstanding due from joint venture affiliates and are classified within notes and other receivables in the accompanying consolidated balance sheets. In August 2022, the Company funded an $11.2 million preferred equity investment in an entity whose sponsor includes and affiliate of MMC. The entity owns three multifamily communities located in Azusa, CA. The investment initially accrues interest based on a 9.5% preferred return and is scheduled to mature in August 2027. In February 2022, the Company provided a $32.8 million related party bridge loan to BEX II in connection with the payoff of a debt related to one of its properties located in Southern California. The note receivable was scheduled to mature in March 2022, but was subsequently paid off in April 2022. In January 2022, the Company provided a $100.7 million related party bridge loan to Wesco VI in connection with the acquisition of Vela. The note receivable accrued interest at 2.64% and was scheduled to mature in February 2022, but was paid off in January 2022. Additionally, the Company received cash of $121.3 million in January 2022 for the payoff of the remaining related party bridge loans to Wesco VI. In November 2021, the Company provided a $48.4 million related party bridge loan in connection with the purchase of an interest in a single asset entity owning an apartment home community in Vista, CA. The note receivable accrued interest at 2.36% and was scheduled to mature in February 2022 but was paid off in January 2022. The bridge loan is classified within notes and other receivables in the accompanying consolidated balance sheets. In November 2021, the Company provided a $61.9 million related party bridge loan to Wesco VI in connection with the acquisition of The Rexford. The note receivable accrued interest at 2.36% and was scheduled to mature in February 2022, but was paid off in January 2022. The bridge loan is classified within notes and other receivables in the accompanying consolidated balance sheets. In October 2021, the Company provided a $30.3 million related party bridge loan to Wesco VI in connection with the acquisition of Monterra in Mill Creek. The note receivable accrued interest at 2.30% and was scheduled to mature in April 2022, but was paid off in January 2022. The bridge loan is classified within notes and other receivables in the accompanying consolidated balance sheets. In September 2021, the Company provided a $29.2 million related party bridge loan to Wesco VI in connection with the acquisition of Martha Lake Apartments. The note receivable accrued interest at 2.15% and was scheduled to mature in December 2021. In December 2021, the maturity date of the note receivable was extended to March 2022, and in January 2022, the note receivable was paid off. The bridge loan is classified within notes and other receivables in the accompanying consolidated balance sheets. In March 2021, the Company provided a $52.5 million related party bridge loan to Wesco I in connection with the payoff of a debt related to one of its properties located in Southern California. The note receivable accrued interest at 2.55% and was paid off in July 2021. In November 2019, the Company provided an $85.5 million related party bridge loan to Wesco V in connection with the acquisition of Velo and Ray. The note receivable accrued interest at LIBOR plus 1.30% and was scheduled to mature in February 2020, but was paid off in January 2020. In June 2019, the Company acquired Brio, a 300-unit apartment home community located in Walnut Creek, CA. The Company issued DownREIT units to an affiliate of MMC, based on a contract price of $164.9 million. The property was encumbered by $98.7 million of mortgage debt which was assumed by the Company at the time of acquisition. As a result of this transaction, the Company consolidated the property, based on a VIE analysis performed by the Company. In February 2019, the Company funded a $24.5 million preferred equity investment in an entity whose sponsor is an affiliate of MMC, which owns a multifamily development community located in Mountain View, CA. The investment initially accrued interest based on an 11.0% preferred return which was reduced to 9.0% upon completion and lease-up of the project. The investment is scheduled to mature in February 2024. In October 2018, the Company funded a $18.6 million preferred equity investment in an entity whose sponsor is an affiliate of MMC. The entity wholly owns a 268 apartment home community development located in Burlingame, CA. The investment initially accrued interest based on a 12.0% preferred return which was reduced to 9.0% upon completion and lease-up of the project. The investment is scheduled to mature in April 2024. In May 2018, the Company made a commitment to fund a $26.5 million preferred equity investment in an entity whose sponsors include an affiliate of MMC. The entity wholly owns a 400 apartment home community located in Ventura, CA. This investment accrued interest based on a 10.25% initial preferred return. The investment was scheduled to mature in May 2023. In November 2021, the Company received cash of $18.3 million, for the partial redemption of this preferred equity investment, and the maturity of the remaining commitment was extended to December 2028. As of December 31, 2022, the Company had a remaining commitment of $13.0 million and continues to accrue interest on a 9.0% preferred return. The remaining committed amount is expected to be funded if and when requested by the sponsors. In March 2017, the Company converted its existing $15.3 million preferred equity investment in Sage at Cupertino, a 230 apartment home community located in San Jose, CA, into a 40.5% common equity ownership interest in the property. The Company issued DownREIT units to the other members, including an MMC affiliate, based on an estimated property valuation of $90.0 million. At the time of the conversion, the property was encumbered by $52.0 million of mortgage debt. As a result of this transaction, the Company consolidates the property, based on a consolidation analysis performed by the Company. |
Unsecured Debt
Unsecured Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Unsecured Debt | Unsecured Debt Essex does not have any indebtedness as all debt is incurred by the Operating Partnership. Essex guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities up to the maximum amounts and for the full term of the facilities. Unsecured debt consists of the following as of December 31, 2022 and 2021 ($ in thousands): 2022 2021 Weighted Average Term loan - variable rate, net (1) $ (1,611) $ — N/A Bonds public offering - fixed rate, net 5,313,779 5,307,196 7.7 Unsecured debt, net (2) 5,312,168 5,307,196 Lines of credit (3) 52,073 341,257 N/A Total unsecured debt $ 5,364,241 $ 5,648,453 Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering 3.3 % 3.3 % Weighted average interest rate on lines of credit 4.4 % 1.0 % (1) In October 2022, the Operating Partnership obtained a $300.0 million unsecured term loan priced at Adjusted SOFR plus 0.85%. The loan has been swapped to an all-in fixed rate of 4.2% and matures in October 2024 with three 12-month extension options, exercisable at the Company's option. The loan includes a six-month delayed draw feature. There was $1.6 million of unamortized debt issuance costs as of December 31, 2022. (2) Includes unamortized discount, net of premiums, of $7.9 million and $9.9 million and unamortized debt issuance costs of $29.9 million and $32.9 million as of December 31, 2022 and 2021, respectively. (3) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion, excludes unamortized debt issuance costs of $5.1 million and $4.4 million as of December 31, 2022 and 2021, respectively. These debt issuance costs are included in prepaid expenses and other assets on the consolidated balance sheets. In July 2022, the Company's $1.2 billion credit facility was amended such that the scheduled maturity date was extended to January 2027 with two 6-month extension options, exercisable at the Company's option. The underlying interest rate on the line is based on a tiered rate structure tied to the Company's corporate ratings and is at the Adjusted Secured Overnight Financing Rate ("SOFR") plus 0.75%. As of December 31, 2021, this credit facility had an interest rate of LIBOR plus 0.775%, which is based on a tiered rate structure tied to the Company's credit ratings and a scheduled maturity date of September 2025 with three six-month extensions, exercisable at the Company's option. In July 2022, the Company's $35.0 million working capital unsecured line of credit was amended such that the scheduled maturity date was extended to July 2024. The underlying interest rate on this line is based on a tiered rate structure tied to the Company's corporate ratings and is at the Adjusted SOFR plus 0.75%. As of December 31, 2021, the Company's working capital unsecured line of credit had an interest rate of LIBOR plus 0.775%, which is based on a tiered rate structure tied to the Company's credit ratings, and had a scheduled maturity date of February 2023. In March 2021, the Operating Partnership issued $450.0 million of senior unsecured notes due on March 1, 2028 with a coupon rate of 1.700% per annum (the "2028 Notes"), which are payable on March 1 and September 1 of each year, beginning on September 1, 2021. The 2028 Notes were offered to investors at a price of 99.423% of par value. The 2028 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex. The Company used the net proceeds of this offering to repay upcoming debt maturities, including all or a portion of certain unsecured term loans, and for general corporate and working capital purposes. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2022, and 2021, the carrying value of the 2028 Notes, net of discount and debt issuance costs, was $445.4 million and $444.4 million. In June 2021, the Operating Partnership issued $300.0 million of senior unsecured notes due on June 15, 2031 with a coupon rate of 2.550% per annum (the "2031 Notes"), which are payable on June 15 and December 15 of each year, beginning on December 15, 2021. The 2031 Notes were offered to investors at a price of 99.367% of par value. The 2031 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex. The Company used the net proceeds of this offering to repay upcoming debt maturities, including to fund the redemption of $300.0 million aggregate principal amount (plus the make-whole amount and accrued and unpaid interest) of its outstanding 3.375% senior unsecured notes due January 2023, and for other general corporate and working capital purposes. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2022, and 2021, the carrying value of the 2031 Notes, net of discount and debt issuance costs, was $296.2 million and $295.7 million. In February 2020, the Operating Partnership issued $500.0 million of senior unsecured notes due on March 15, 2032, with a coupon rate of 2.650% (the "2032 Notes"), which are payable on March 15 and September 15 of each year, beginning on September 15, 2020. The 2032 Notes were offered to investors at a price of 99.628% of par value. The 2032 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex. The Company used the net proceeds of this offering to repay indebtedness under its unsecured lines of credit, which had been used to fund the buyout of CPPIB's 45.0% joint venture interests, as well as repay $100.3 million of secured debt during the quarter that ended March 31, 2020. In June 2020, the Operating Partnership issued an additional $150.0 million of the 2032 Notes at a price of 105.660% of par value, plus accrued interest from February 2020 up to, but not including, the date of delivery of the additional notes, with an effective yield of 2.093%. These additional notes have substantially identical terms as the 2032 Notes issued in February 2020. The proceeds were used to repay indebtedness under the Company's unsecured credit facilities and for other general corporate and working capital purposes. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2022, and 2021, the carrying value of the 2032 Notes, net of premiums and debt issuance costs, was $650.8 million and $650.6 million respectively. In August 2020, the Operating Partnership issued $600.0 million of senior unsecured notes, consisting of $300.0 million aggregate principal amount due on January 15, 2031 with a coupon rate of 1.650% (the “2031 Notes”) and $300.0 million aggregate principal amount due on September 1, 2050 with a coupon rate of 2.650% (the “2050 Notes” and together with the 2031 Notes, the “Notes”). The 2031 Notes were offered to investors at a price of 99.035% of par value and the 2050 Notes at 99.691% of par value. Interest is payable on the 2031 Notes semiannually on January 15 and July 15 of each year, beginning on January 15, 2021. Interest is payable on the 2050 Notes semiannually on March 1 and September 1 of each year, beginning on March 1, 2021. The Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex. The Company used the net proceeds of this offering to repay debt maturities, including certain unsecured private placement notes, secured mortgage notes, and to fund the redemption of $300.0 million aggregate principal amount of its outstanding 3.625% senior unsecured notes due August 2022, and for other general corporate and working capital purposes. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, the carrying value of the 2031 Notes and 2050 Notes, net of discount and debt issuance costs was $295.5 million and $295.8 million respectively as of December 31, 2022, and $295.1 million and $295.8 million respectively as of December 31, 2021. In August 2019, the Operating Partnership issued $400.0 million of senior unsecured notes due on January 15, 2030, with a coupon rate of 3.000% per annum (the "2030 Notes"), which are payable on January 15 and July 15 of each year, beginning on January 15, 2020. The 2030 Notes were offered to investors at a price of 98.632% of the principal amount thereof. The 2030 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex Property Trust, Inc. In October 2019, the Operating Partnership issued an additional $150.0 million of the 2030 notes at a price of 101.685% of the principal amount thereof. These additional notes have substantially identical terms as the 2030 Notes issued in August 2019. The Company used the net proceeds of these offerings to prepay, with no prepayment penalties, certain secured indebtedness under outstanding mortgage notes, to repay indebtedness under its unsecured lines of credit and for other general corporate and working capital purposes. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2022, and 2021, the carrying value of the 2030 Notes, net of discount and debt issuance costs, was $544.7 million and $543.9 million, respectively. In February 2019, the Operating Partnership issued $350.0 million of senior unsecured notes due on March 1, 2029, with a coupon rate of 4.000% per annum (the "2029 Notes"), which are payable on March 1 and September 1 of each year, beginning on September 1, 2019. The 2029 Notes were offered to investors at a price of 99.188% of the principal amount thereof. The 2029 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex Property Trust, Inc. In March 2019, the Operating Partnership issued an additional $150.0 million of the 2029 Notes at a price of 100.717% of the principal amount thereof. These additional notes have substantially identical terms as the 2029 Notes issued in February 2019. The Company used the net proceeds of these offerings to repay indebtedness under its unsecured lines of credit and for other general corporate and working capital purposes. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2022, and 2021, the carrying value of the 2029 Notes, net of discount and debt issuance costs was $496.0 million and $495.4 million, respectively. In March 2018, the Operating Partnership issued $300.0 million of senior unsecured notes due on March 15, 2048 with a coupon rate of 4.500% per annum and are payable on March 15 and September 15 of each year, beginning on September 15, 2018 (the "2048 Notes"). The 2048 Notes were offered to investors at a price of 99.591% of par value. The 2048 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2022 and 2021, the carrying value of the 2048 Notes, net of discount and debt issuance costs was $296.1 million and $295.9 million, respectively. In April 2017, the Operating Partnership issued $350.0 million of senior unsecured notes due on May 1, 2027 with a coupon rate of 3.625% per annum and are payable on May 1 and November 1 of each year, beginning on November 1, 2017 (the "2027 Notes"). The 2027 Notes were offered to investors at a price of 99.423% of par value. The 2027 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2022 and 2021, the carrying value of the 2027 Notes, net of discount and debt issuance costs was $347.8 million and $347.3 million, respectively. In April 2016, the Operating Partnership issued $450.0 million of senior unsecured notes due on April 15, 2026 with a coupon rate of 3.375% per annum and are payable on April 15 th and October 15 th of each year, beginning October 15, 2016 (the "2026 Notes"). The 2026 Notes were offered to investors at a price of 99.386% of par value. The 2026 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2022 and 2021, the carrying value of the 2026 Notes, net of discount and debt issuance costs was $447.8 million and $447.1 million, respectively. In March 2015, the Operating Partnership issued $500.0 million of senior unsecured notes due on April 1, 2025 with a coupon rate of 3.5% per annum and are payable on April 1 st and October 1 st of each year, beginning October 1, 2015 (the "2025 Notes"). The 2025 Notes were offered to investors at a price of 99.747% of par value. The 2025 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2022 and 2021, the carrying value of the 2025 Notes, net of discount and debt issuance costs was $498.8 million and $498.2 million, respectively. In April 2014, the Company assumed $900.0 million aggregate principal amount of BRE Property Inc.’s 5.500% senior notes due 2017; 5.200% senior notes due 2021; and 3.375% senior notes due 2023 (together the "BRE Notes"). These notes are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2022 and 2021, the BRE Notes had no amount outstanding. In March 2017, the Company paid off $300.0 million of 5.500% senior notes, at maturity. In December 2020, the Company paid off $300.0 million of 5.200% senior notes. In June 2021, the Company paid off the remaining $300.0 million of 3.375% senior notes due 2023. In April 2014, the Operating Partnership issued $400.0 million of senior unsecured notes due on May 1, 2024 with a coupon rate of 3.875% per annum and are payable on May 1 st and November 1 st of each year, beginning November 1, 2014 (the "2024 Notes"). The 2024 Notes were offered to investors at a price of 99.234% of par value. The 2024 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2022 and 2021, the carrying value of the 2024 Notes, net of discount and debt issuance costs was $399.1 million and $398.5 million, respectively. In April 2013, the Operating Partnership issued $300.0 million of senior unsecured notes due on May 1, 2023 with a coupon rate of 3.25% per annum and are payable on May 1 st and November 1 st of each year, beginning November 1, 2013 (the "2023 Notes"). The 2023 Notes were offered to investors at a price of 99.152% of par value. The 2023 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2022 and 2021, the carrying value of the 2023 Notes, net of discount and debt issuance costs was $299.8 million and $299.3 million, respectively. The following is a summary of the Company’s senior unsecured notes as of December 31, 2022 and 2021 ($ in thousands): Maturity 2022 2021 Coupon Senior notes May 2023 $ 300,000 $ 300,000 3.250 % Senior notes May 2024 400,000 400,000 3.875 % Senior notes April 2025 500,000 500,000 3.500 % Senior notes April 2026 450,000 450,000 3.375 % Senior notes May 2027 350,000 350,000 3.625 % Senior notes March 2028 450,000 450,000 1.700 % Senior notes March 2029 500,000 500,000 4.000 % Senior notes January 2030 550,000 550,000 3.000 % Senior notes January 2031 300,000 300,000 1.650 % Senior notes June 2031 300,000 300,000 2.550 % Senior notes March 2032 650,000 650,000 2.650 % Senior notes March 2048 300,000 300,000 4.500 % Senior notes September 2050 300,000 300,000 2.650 % $ 5,350,000 $ 5,350,000 The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2022 are as follows ($ in thousands): 2023 $ 300,000 2024 400,000 2025 500,000 2026 450,000 2027 350,000 Thereafter 3,350,000 $ 5,350,000 As of December 31, 2022, the Company had two unsecured lines of credit aggregating $1.24 billion, including a $1.2 billion unsecured line of credit and a $35.0 million working capital unsecured line of credit. As of December 31, 2022, there was $40.0 million outstanding on the $1.2 billion unsecured line of credit. In July 2022, this credit facility was amended such that the scheduled maturity date was extended to January 2027 with two 6-month extension options, exercisable at the Company's option. The underlying interest rate on the line is based on a tiered rate structure tied to the Company's corporate ratings and is at the Adjusted Secured Overnight Financing Rate ("SOFR") plus 0.75%. As of December 31, 2021, there was $340.0 million outstanding on the line with an interest rate based on a tiered rate structure tied to the Company's credit ratings and was LIBOR plus 0.775%. This line of credit had a scheduled maturity date in September 2025 with three 6-month extensions, exercisable at the Company's option as of December 31, 2021. As of December 31, 2022, there was $12.1 million outstanding on the Company's $35.0 million working capital unsecured line of credit. In July 2022, the line of credit facility was amended such that the scheduled maturity date was extended to July 2024. The underlying interest rate on this line is based on a tiered rate structure tied to the Company's corporate ratings and is at the Adjusted SOFR plus 0.75%. As of December 31, 2021, there was $1.3 million outstanding on this line with an interest rate based on a tiered rate structure tied to the Company's credit ratings and was LIBOR plus 0.775% as of December 31, 2021. The Company’s unsecured lines of credit and unsecured debt agreements contain debt covenants related to limitations on indebtedness and liabilities, and maintenance of minimum levels of consolidated earnings before depreciation, interest and amortization. The Company was in compliance with the debt covenants as of December 31, 2022 and 2021. |
Mortgage Notes Payable
Mortgage Notes Payable | 12 Months Ended |
Dec. 31, 2022 | |
Notes Payable [Abstract] | |
Mortgage Notes Payable | Mortgage Notes Payable Essex does not have any indebtedness as all debt is incurred by the Operating Partnership. Mortgage notes payable consist of the following as of December 31, 2022 and 2021 ($ in thousands): 2022 2021 Fixed rate mortgage notes payable $ 371,849 $ 415,350 Variable rate mortgage notes payable (1) 222,094 223,609 Total mortgage notes payable (2) $ 593,943 $ 638,959 Number of properties securing mortgage notes 11 12 Remaining terms 2-24 years 1-25 years Weighted average interest rate 3.5 % 2.7 % The aggregate scheduled principal payments of mortgage notes payable at December 31, 2022 are as follows ($ in thousands): 2023 $ 2,945 2024 3,109 2025 133,054 2026 99,405 2027 153,955 Thereafter 202,269 $ 594,737 (1) Variable rate mortgage notes payable, including $223.6 million in bonds that have been converted to variable rate through total return swap contracts, consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 3.5% at December 2022 and 1.1% at December 2021) including credit enhancement and underwriting fees. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the apartment homes are subject to tenant income criteria. Once the bonds have been repaid, the properties may no longer be obligated to comply with such tenant income criteria. Principal balances are due in full at various maturity dates from December 2027 through December 2046. The Company had no interest rate cap agreements as of December 31, 2022 and 2021, respectively. (2) Includes total unamortized premium, net of discounts, of $1.2 million and $2.5 million and reduced by unamortized debt issuance costs of $2.0 million and $1.5 million as of December 31, 2022 and 2021, respectively. For the Company’s mortgage notes payable as of December 31, 2022, monthly interest expense and principal amortization, excluding balloon payments, totaled approximately $2.3 million and $0.3 million, respectively. Second deeds of trust accounted for none of the mortgage notes payable balance as of both December 31, 2022 and 2021. 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 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company uses interest rate swaps, interest rate caps, and total return swap contracts to manage certain interest rate risks. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps and total return swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In September 2022, the Company entered into one forward starting interest rate swap, with settlement payments commencing in May 2023, related to the $300.0 million unsecured term loan entered into in October 2022. The term loan is priced at Adjusted SOFR plus 0.85% and has been swapped to an all-in fixed rate of 4.2%. The term loan matures in October 2024 with three 12-month extension options, each exercisable at the Company's option and the swap has a termination date of October 2026. The term loan includes a 6-month delayed draw feature and had no balance drawn as of December 31, 2022. In November 2016, the Company replaced its $225.0 million term loan with a $350.0 million five-year term loan with a delayed draw feature that carries a variable interest rate of LIBOR plus 95 basis points. In 2016, the Company entered into four forward starting interest rate swaps (settlement payments commenced in March 2017) and in 2017, the Company entered into one forward starting interest rate swap (settlement payments commenced in March 2017) all related to the $350.0 million term loan. These five swaps, with a total notional amount of $175.0 million were terminated during the year-ended December 31, 2021. As of December 31, 2022 and 2021, the Company had no interest rate caps. As of December 31, 2022 and 2021, the aggregate carrying value of the interest rate swap contracts were an asset of $5.6 million and zero, respectively. As of December 31, 2022 and 2021, the swap contracts were presented in the consolidated balance sheets as an asset of $5.6 million and zero, respectively, and were included in prepaid expenses and other assets on the consolidated balance sheets. Hedge ineffectiveness related to cash flow hedges, which is included in interest expense on the consolidated statements of income, was zero for the years ended December 31, 2022, 2021, and 2020 respectively. The Company has four total return swap contracts, with an aggregate notional amount of $223.6 million, that effectively convert $223.6 million of mortgage notes payable to a floating interest rate based on the Securities Industry and Financial Markets Association Municipal Swap Index ("SIFMA") plus a spread. The total return swaps provide fair market value protection on the mortgage notes payable to our counterparties during the initial period of the total return swap until the Company's option to call the mortgage notes at par can be exercised. The Company can currently call all four of the total return swaps with $223.6 million of the outstanding debt at par. These derivatives do not qualify for hedge accounting and had a carrying and fair value of zero at both December 31, 2022 and 2021, respectively. These total return swaps are scheduled to mature between December 2024 and November 2033. The realized gains of $7.9 million, $10.8 million, and $10.7 million as of December 31, 2022, 2021, and 2020, respectively, were reported on the consolidated statements of income as total return swap income. |
Lease Agreements - Company as L
Lease Agreements - Company as Lessor | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease Agreements - Company as Lessor | Lease Agreements - Company as LessorAs of December 31, 2022, the Company is a lessor of apartment homes at all of its consolidated operating and lease-up communities, three commercial buildings, and commercial portions of mixed use communities. The apartment homes are rented under short-term leases (generally, lease terms of 9 to 12 months) while commercial lease terms typically range from 5 to 20 years. All such leases are classified as operating leases. Although the majority of the Company’s apartment home and commercial leasing income is derived from fixed lease payments, some lease agreements also allow for variable payments. The primary driver of variable leasing income comes from utility reimbursements from apartment home leases and common area maintenance reimbursements from commercial leases. A small number of commercial leases contain provisions for lease payments based on a percentage of gross retail sales over set hurdles. At the end of the term of apartment home leases, unless the lessee decides to renew the lease with the Company at the market rate or gives notice not to renew, the lease will be automatically renewed on a month-to-month term. Apartment home leases include an option to terminate the lease, however the lessee must pay the Company for expected or actual downtime to find a new tenant to lease the space or a lease-break fee specified in the lease agreement. Most commercial leases include options to renew, with the renewal periods extending the term of the lease for no greater than the same period of time as the original lease term. The initial option to renew for commercial leases will typically be based on a fixed price while any subsequent renewal options will generally be based on the current market rate at the time of the renewal. Certain commercial leases contain lease termination options that would require the lessee to pay termination fees based on the expected amount of time it would take the Company to re-lease the space. The Company’s apartment home and commercial lease agreements do not contain residual value guarantees. As the Company is the lessor of real estate assets which tend to either hold their value or appreciate, residual value risk is not deemed to be substantial. Furthermore, the Company carries comprehensive liability, fire, extended coverage, and rental loss insurance for each of its communities as well as limited insurance coverage for certain types of extraordinary losses, such as, for example, losses from terrorism or earthquakes. A maturity analysis of undiscounted future minimum non-cancelable base rent to be received under the above operating leases as of December 31, 2022 is summarized as follows ($ in thousands): Future Minimum Rent 2023 $ 697,146 2024 21,421 2025 17,870 2026 14,853 2027 12,777 Thereafter 28,820 $ 792,887 The Company accounts for operating lease (e.g., fixed payments including rent) and non-lease components (e.g., utility reimbursements and common-area maintenance costs) as a single combined lease component under ASC 842 "Leases" as the lease components are the predominant elements of the combined components. |
Lease Agreements - Company as_2
Lease Agreements - Company as Lessee | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease Agreements - Company as Lessee | Lease Agreements - Company as Lessee As of December 31, 2022, the Company is a lessee of corporate office space, ground leases and a parking lease associated with various consolidated properties, and equipment. Lease terms for the Company's office leases, in general, range between 5 to 10 years while ground leases and the parking lease have terms typically ranging from 20 to 85 years. The corporate office leases occasionally contain renewal options of approximately five years while certain ground leases contain renewal options that can extend the lease term from approximately 10 to 39 years. A majority of the Company’s ground leases and the parking lease are subject to changes in the Consumer Price Index ("CPI"). Furthermore, certain of the Company’s ground leases include rental payments based on a percentage of gross or net income. While lease liabilities are not remeasured as a result of changes in the CPI or percentage of gross or net income, such changes are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. The Company’s lease agreements do not contain any residual value guarantees or restrictive covenants. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Because most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. As of December 31, 2022 and 2021, the Company had no material finance leases. Supplemental consolidated balance sheet information related to leases as of December 31, 2022 and 2021 is as follows ($ in thousands): Classification December 31, 2022 December 31, 2021 Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 67,239 $ 68,972 Total leased assets $ 67,239 $ 68,972 Liabilities Operating lease liabilities Operating lease liabilities $ 68,696 $ 70,675 Total lease liabilities $ 68,696 $ 70,675 The components of lease expense for the years ended December 31, 2022 and 2021 were as follows ($ in thousands): December 31, 2022 December 31, 2021 Operating lease cost $ 6,697 $ 6,729 Variable lease cost 1,750 1,639 Short-term lease cost 204 287 Sublease income (418) (438) Total lease cost $ 8,233 $ 8,217 A maturity analysis of lease liabilities as of December 31, 2022 is as follows ($ in thousands): Operating Leases 2023 $ 6,962 2024 7,251 2025 6,887 2026 5,035 2027 3,421 Thereafter 132,556 Total lease payments $ 162,112 Less: Imputed interest (93,416) Present value of lease liabilities $ 68,696 Lease term and discount rate information for leases at December 31, 2022 and 2021 are as follows: December 31, 2022 December 31, 2021 Weighted-average of remaining lease terms (years) Operating Leases 40 40 Weighted-average of discount rates Operating Leases 5.01 % 5.01 % Practical Expedients Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes the lease expense for such leases on a straight-line basis over the lease term. The Company has elected to account for lease components (e.g., fixed payments including rent) and non-lease components (e.g., common-area maintenance costs) as a single combined lease component as the lease components are the predominant elements of the combined components. |
Equity Transactions
Equity Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Equity Transactions | Equity Transactions Common Stock Offerings In September 2021, the Company entered into a new equity distribution agreement pursuant to which the Company may offer and sell shares of its common stock having an aggregate gross sales price of up to $900.0 million (the "2021 ATM Program"). In connection with the 2021 ATM Program, the Company may also enter into related forward sale agreements, and may sell shares of its common stock pursuant to these agreements. The use of a forward sale agreement would allow the Company to lock in a share price on the sale of shares of its common stock at the time the agreement is executed, but defer receipt of the proceeds from the sale of shares until a later date should the Company elect to settle such forward sale agreement, in whole or in part, in shares of its common stock. For the year ended December 31, 2022, the Company did not sell any shares of its common stock through the 2021 ATM Program. For the years ended December 31, 2021 and December 31, 2020, the Company did not sell any shares of its common stock through the 2021 ATM Program or the 2018 ATM Program. As of December 31, 2022, there are no outstanding forward sale agreements, and $900.0 million of shares remain available to be sold under the 2021 ATM Program. Operating Partnership Units and Long-Term Incentive Plan ("LTIP") Units As of December 31, 2022 and 2021, the Operating Partnership had outstanding 2,166,359 and 2,176,327 OP Units respectively. As of both December 31, 2022 and 2021 the Operating Partnership had 106,137 vested LTIP units. The Operating Partnership’s general partner, Essex, owned 96.6% of the partnership interests in the Operating Partnership as of both December 31, 2022 and 2021, and Essex is responsible for the management of the Operating Partnership’s business. As the general partner of the Operating Partnership, Essex effectively controls the ability to issue common stock of Essex upon a limited partner’s notice of redemption. Essex has generally acquired OP Units upon a limited partner’s notice of redemption in exchange for shares of its common stock. The redemption provisions of OP Units owned by limited partners that permit Essex to settle in either cash or common stock at the option of Essex were further evaluated in accordance with applicable accounting guidance to determine whether temporary or permanent equity classification on the balance sheet is appropriate. The Operating Partnership evaluated this guidance, including the requirement to settle in unregistered shares, and determined that, with few exceptions, these OP Units meet the requirements to qualify for presentation as permanent equity. LTIP units represent an interest in the Operating Partnership for services rendered or to be rendered by the LTIP unitholder in its capacity as a partner, or in anticipation of becoming a partner, in the Operating Partnership. Upon the occurrence of specified events, LTIP units may over time achieve full parity with common units of the Operating Partnership for all purposes. Upon achieving full parity, LTIP units will be exchanged for an equal number of the OP Units. The collective redemption value of OP Units and LTIP units owned by the limited partners, not including Essex, was approximately $481.6 million and $804.0 million based on the closing price of Essex's common stock as of December 31, 2022 and 2021, respectively. |
Net Income Per Common Share and
Net Income Per Common Share and Net Income Per Common Unit | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share and Net Income Per Common Unit | Net Income Per Common Share and Net Income Per Common Unit Essex Property Trust, Inc. Basic and diluted income per share is calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts): 2022 2021 2020 Income Weighted- Per Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 408,315 65,079,764 $ 6.27 $ 488,554 65,051,465 $ 7.51 $ 568,870 65,454,057 $ 8.69 Effect of Dilutive Securities Stock options 18,422 — 37,409 — 16,678 DownREIT units — — — — 783 94,247 Diluted: Net income available to common stockholders $ 408,315 65,098,186 $ 6.27 $ 488,554 65,088,874 $ 7.51 $ 569,653 65,564,982 $ 8.69 The table above excludes from the calculations of diluted earnings per share weighted average convertible OP Units of 2,276,341, 2,289,391 and 2,296,608, which include vested Series Z-1 Incentive Units, 2014 Long-Term Incentive Plan Units, and 2015 Long-Term Incentive Plan Units, for the years ended December 31, 2022, 2021 and 2020, respectively, because they were anti-dilutive. The related income allocated to these convertible OP Units aggregated $14.3 million, $17.2 million and $20.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. Stock options of 253,845, 116,380, and 403,458 for the years ended December 31, 2022, 2021, and 2020, respectively, were excluded from the calculation of diluted earnings per share because the assumed proceeds per share of such options plus the average unearned compensation were greater than the average market price of the common stock for the years ended and, therefore, were anti-dilutive. Essex Portfolio, L.P. Basic and diluted income per unit is calculated as follows for the years ended December 31 ($ in thousands, except unit and per unit amounts): 2022 2021 2020 Income Weighted- Per Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 422,612 67,356,105 $ 6.27 $ 505,745 67,340,856 $ 7.51 $ 588,782 67,750,665 $ 8.69 Effect of Dilutive Securities Stock options — 18,422 — 37,409 — 16,678 DownREIT units — — — — 783 94,247 Diluted: Net income available to common unitholders $ 422,612 67,374,527 $ 6.27 $ 505,745 67,378,265 $ 7.51 $ 589,565 67,861,590 $ 8.69 |
Equity Based Compensation Plans
Equity Based Compensation Plans | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Equity Based Compensation Plans | Equity Based Compensation Plans Stock Options and Restricted Stock In May 2018, stockholders approved the Company’s 2018 Stock Award and Incentive Compensation Plan ("2018 Plan"). The 2018 Plan serves as the successor to the Company’s 2013 Stock Incentive Plan (the "2013 Plan"). The Company’s 2018 Plan provides incentives to attract and retain officers, directors and key employees. The 2018 Plan provides for the grant of stock-based awards to employees, directors and consultants of the Company and its affiliates. The aggregate number of shares of the Company’s common stock available for issuance pursuant to awards granted under the 2018 Plan is 2,000,000 shares, plus the number of shares authorized for grants and available for issuance under the 2013 Plan as of the effective date of the 2018 Plan and the number of shares subject to outstanding awards under the 2013 Plan that are forfeited or otherwise not issued under such awards. No further awards will be granted under the 2013 Plan and the shares that remained available for future issuance under the 2013 Plan as of the effective date of the 2018 Plan will be available for issuance under the 2018 Plan. In connection with the adoption of the 2018 Plan, the Board delegated to the Compensation Committee of the Board the authority to administer the 2018 Plan. Equity-based compensation costs for options and restricted stock under the fair value method totaled $11.4 million, $11.7 million, and $12.9 million for years ended December 31, 2022, 2021 and 2020, respectively. For each of the years ended December 31, 2022, 2021 and 2020 equity-based compensation costs included $3.5 million related to restricted stock for bonuses awarded based on asset dispositions, which is recorded as a cost of real estate and land sold, respectively. Stock-based compensation for options and restricted stock related to recipients who are direct and incremental to projects under development were capitalized and totaled $0.7 million, $0.9 million, and $1.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. The intrinsic value of the options exercised totaled $7.6 million, $25.7 million, and $7.4 million, for the years ended December 31, 2022, 2021, and 2020 respectively. The intrinsic value of the options exercisable totaled $0.2 million and $22.5 million as of December 31, 2022 and 2021, respectively. Total unrecognized compensation cost related to unvested stock options totaled $3.7 million as of December 31, 2022 and the unrecognized compensation cost is expected to be recognized over a period of 2.0 years. The average fair value of stock options granted for the years ended December 31, 2022, 2021 and 2020 was $23.39, $24.68 and $20.69, respectively. Certain stock options granted in 2022, 2021, and 2020 included a $100 cap on the appreciation of the market price over the exercise price. The fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants: 2022 2021 2020 Stock price $ 245.17 $ 329.71 $ 244.74 Risk-free interest rates 3.50 % 1.22 % 0.83 % Expected lives 6 years 6 years 6 years Volatility 27.98 % 27.00 % 25.72 % Dividend yield 3.06 % 2.90 % 2.93 % A summary of the status of the Company’s stock option plans as of December 31, 2022, 2021, and 2020 and changes during the years ended on those dates is presented below: 2022 2021 2020 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of year 463,863 $ 284.82 613,109 $ 255.86 572,971 $ 251.10 Granted 111,757 245.17 99,479 329.71 149,020 244.74 Exercised (76,246) 245.43 (248,725) 231.37 (70,802) 208.57 Forfeited and canceled (11,928) 281.19 — — (38,080) 228.64 Outstanding at end of year 487,446 279.46 463,863 284.82 613,109 255.86 Options exercisable at year end 293,377 285.76 274,244 270.11 361,985 245.83 The following table summarizes information about restricted stock outstanding as of December 31, 2022, 2021 and 2020 and changes during the years ended: 2022 2021 2020 Shares Weighted- Shares Weighted- Shares Weighted- Unvested at beginning of year 159,401 $ 251.03 132,603 $ 214.34 114,877 $ 197.62 Granted 72,838 215.73 50,349 337.52 45,196 248.16 Vested (44,945) 306.25 (22,387) 229.90 (15,116) 170.61 Forfeited and canceled (4,379) 272.12 (1,164) 219.30 (12,354) 184.11 Unvested at end of year 182,915 222.90 159,401 251.03 132,603 214.34 The unrecognized compensation cost related to unvested restricted stock totaled $13.8 million as of December 31, 2022 and is expected to be recognized over a period of 2.0 years. Long-Term Incentive Plans – LTIP Units On December 9, 2014, the Operating Partnership issued 44,750 LTIP units under the 2015 Long-Term Incentive Plan Award agreements to executives of the Company. The 2015 Long-Term Incentive Plan Units (the "2015 LTIP Units") are subject to forfeiture based on performance-based and service based conditions. An additional 24,000 LTIP units were granted subject only to performance-based criteria and were fully vested on the date granted. The 2015 LTIP Units, that are subject to vesting, vested at 20% per year on each of the first five In December 2013, the Operating Partnership issued 50,500 LTIP units under the 2014 Long-Term Incentive Plan Award agreements to executives of the Company. The 2014 Long-Term Incentive Plan Units (the "2014 LTIP Units") were subject to forfeiture based on performance-based conditions and are currently subject to service based vesting. The 2014 LTIP Units vested 25% per year on each of the first four The estimated fair value of the 2015 LTIP Units and 2014 LTIP Units were determined on the grant date using Monte Carlo simulations under a risk-neutral premise and considered Essex’s stock price on the date of grant, the unpaid dividends on unvested units and the discount factor for ten years of illiquidity. Prior to 2013, the Company issued Series Z Incentive Units and Series Z-1 Incentive Units (collectively referred to as "Z Units") of limited partnership interest in the Operating Partnership. Vesting in the Z Units is based on performance criteria established in the plan. The criteria can be revised by the Compensation Committee of the Board of Directors if the Committee deems that the plan's criterion is unachievable for any given year. The sale of Z Units is contractually prohibited. Z Units are convertible into Operating Partnership units which are exchangeable for shares of the Company’s common stock that have marketability restrictions. The estimated fair value of Z Units were determined on the grant date and considered the Company's stock price on the date of grant, the dividends that are not paid on unvested units and a marketability discount for the 8 to 15 years of illiquidity. Compensation expense is calculated by multiplying estimated vesting increases for the period by the estimated fair value as of the grant date. During 2011 and 2010, the Operating Partnership issued 154,500 Series Z-1 Incentive Units (the "Z-1 Units") of limited partner interest to executives of the Company. The Z-1 Units are convertible one-for-one into common units of the Operating Partnership (which, in turn, are convertible into common stock of the Company) upon the earlier to occur of 100 percent vesting of the units or the year 2026. The conversion ratchet (accounted for as vesting) of the Z-1 Units into common units, is to increase consistent with the Company’s annual FFO growth, but is not to be less than zero or greater than 14 percent. Z-1 Unitholders are entitled to receive distributions, on vested units, that are now equal to dividends distributed to common stockholders. Equity-based compensation costs for LTIP and Z Units under the fair value method totaled approximately zero for the years ended December 31, 2022, 2021 and 2020. Equity-based compensation costs related to LTIP Units attributable to recipients who are direct and incremental to these projects was capitalized to real estate under development and totaled approximately zero for the years ended December 31, 2022, 2021, and 2020. The intrinsic value of the vested and unvested LTIP Units totaled $22.5 million as of December 31, 2022. Total unrecognized compensation cost related to the unvested LTIP Units under the LTIP Units plans was zero as of December 31, 2022. The following table summarizes information about the LTIP Units outstanding as of December 31, 2022: Long-Term Incentive Plan - LTIP Units Total Total Total Weighted- Weighted- Balance, December 31, 2019 143,257 1,890 145,147 $ 75.03 5.2 Granted — — — Vested 1,890 (1,890) — Converted (39,010) — (39,010) Cancelled — — — Balance, December 31, 2020 106,137 — 106,137 $ 84.47 3.6 Granted — — — Vested — — — Converted — — — Cancelled — — — Balance, December 31, 2021 106,137 — 106,137 $ 84.47 2.6 Granted — — — Vested — — — Converted — — — Cancelled — — — Balance, December 31, 2022 106,137 — 106,137 $ 84.47 1.6 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company's segment disclosures present the measure used by the chief operating decision makers for purposes of assessing each segment's performance. The Company's chief operating decision makers are comprised of several members of its executive management team who use net operating income ("NOI") to assess the performance of the business for the Company's reportable operating segments. NOI represents total property revenues less direct property operating expenses. The executive management team generally evaluates the Company's operating performance geographically. The Company defines its reportable operating segments as the three geographical regions in which its communities are located: Southern California, Northern California and Seattle Metro. Excluded from segment revenues and NOI are management and other fees from affiliates and interest and other income. Non-segment revenues and NOI included in the following schedule also consist of revenues generated from commercial properties and properties that have been sold. Other non-segment assets include items such as real estate under development, co-investments, real estate held for sale, cash and cash equivalents, marketable securities, notes and other receivables, and prepaid expenses and other assets. The revenues and NOI for each of the reportable operating segments are summarized as follows for the years ended December 31, 2022, 2021, and 2020 ($ in thousands): Years Ended December 31, 2022 2021 2020 Revenues: Southern California $ 652,742 $ 580,305 $ 558,839 Northern California 639,138 584,034 604,348 Seattle Metro 271,248 239,839 243,900 Other real estate assets 32,547 27,240 79,063 Total property revenues $ 1,595,675 $ 1,431,418 $ 1,486,150 Net operating income: Southern California $ 464,023 $ 402,608 $ 385,766 Northern California 445,763 401,870 431,047 Seattle Metro 191,476 160,959 166,806 Other real estate assets 27,144 20,745 61,919 Total net operating income 1,128,406 986,182 1,045,538 Management and other fees from affiliates 11,139 9,138 9,598 Corporate-level property management expenses (40,704) (36,211) (34,361) Depreciation and amortization (539,319) (520,066) (525,497) General and administrative (56,577) (51,838) (65,388) Expensed acquisition and investment related costs (2,132) (203) (1,591) Impairment loss — — (1,825) Gain on sale of real estate and land 94,416 142,993 64,967 Interest expense (204,798) (203,125) (220,633) Total return swap income 7,907 10,774 10,733 Interest and other (loss) income (19,040) 98,744 40,999 Equity income from co-investments 26,030 111,721 66,512 Deferred tax benefit (expense) on unconsolidated co-investments 10,236 (15,668) (1,531) Loss on early retirement of debt, net (2) (19,010) (22,883) Gain on remeasurement of co-investment 17,423 2,260 234,694 Net income $ 432,985 $ 515,691 $ 599,332 Total assets for each of the reportable operating segments are summarized as follows as of December 31, 2022 and 2021 ($ in thousands): As of December 31, 2022 2021 Assets: Southern California $ 3,925,251 $ 3,956,814 Northern California 5,414,467 5,460,701 Seattle Metro 1,374,379 1,407,033 Other real estate assets 99,997 158,525 Net reportable operating segments - real estate assets 10,814,094 10,983,073 Real estate under development 24,857 111,562 Co-investments 1,127,491 1,177,802 Cash and cash equivalents, including restricted cash 42,681 58,638 Marketable securities 112,743 191,829 Notes and other receivables 103,045 341,033 Operating lease right-of-use assets 67,239 68,972 Prepaid expenses and other assets 80,755 64,964 Total assets $ 12,372,905 $ 12,997,873 |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
401(k) Plan | 401(k) Plan The Company has a 401(k) benefit plan (the "Plan") for all eligible employees. Employee contributions are limited by the maximum allowed under Section 401(k) of the Internal Revenue Code. The Company matches 50% of the employee contributions up to a specified maximum. Company contributions to the Plan were approximately $3.3 million, $3.3 million, and $2.7 million for the years ended December 31, 2022, 2021, and 2020, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company's total minimum lease payment commitments, underground leases, parking leases, and operating leases are disclosed in Note 11, Lease Agreements - Company as Lessee. To the extent that an environmental matter arises or is identified in the future that has other than a remote risk of having a material impact on the financial statements, the Company will disclose the estimated range of possible outcomes associated with it and, if an outcome is probable, accrue an appropriate liability for that matter. The Company will consider whether any such matter results in an impairment of value on the affected property and, if so, the impairment will be recognized. The Company has no way of determining the magnitude of any potential liability to which it may be subject arising out of unknown environmental conditions with respect to the communities currently or formerly owned by the Company. No assurance can be given that: existing environmental assessments conducted with respect to any of these communities have revealed all environmental conditions or potential liabilities associated with such conditions; any prior owner or operator of a property did not create any material environmental condition not known to the Company; or a material unknown environmental condition does not otherwise exist as to any one or more of the communities. The Company has limited insurance coverage for some of the types of environmental conditions and associated liabilities described above. The Company has entered into transactions that may require the Company to pay the tax liabilities of the partners or members in the Operating Partnership or in the DownREIT entities. These transactions are within the Company’s control. Although the Company plans to hold the contributed assets or defer recognition of gain on their sale pursuant to like-kind exchange rules under Section 1031 of the Internal Revenue Code, the Company can provide no assurance that it will be able to do so and if such tax liabilities were incurred they may have a material impact on the Company’s financial position. There continue to be lawsuits against owners and managers of certain of the Company's apartment communities alleging personal injury and property damage caused by the presence of mold in the residential units and common areas of those communities. Some of these lawsuits have resulted in substantial monetary judgments or settlements in the past. The Company has been sued for mold related matters and has settled some, but not all, of such suits. Insurance carriers have reacted to the increase in mold related liability awards by excluding mold related claims from standard general liability policies and pricing mold endorsements at prohibitively high rates. The Company has, however, purchased pollution liability insurance which includes coverage for some mold claims. The Company has also adopted policies intended to promptly address and resolve reports of mold and to minimize any impact mold might have on tenants of its properties. The Company believes its mold policies and proactive response to address reported mold exposures reduces its risk of loss from mold claims. While no assurances can be given that the Company has identified and responded to all mold occurrences, the Company promptly addresses and responds to all known mold reports. Liabilities resulting from such mold related matters are not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. As of December 31, 2022, potential liabilities for mold and other environmental liabilities are not quantifiable and an estimate of possible loss cannot be made. The Company carries comprehensive liability, fire, extended coverage and rental loss insurance for each of the communities. There are, however, certain types of extraordinary losses, such as, for example, losses from terrorism or earthquakes, for which the Company has limited insurance coverage. Substantially all of the communities are located in areas that are subject to earthquake activity. The Company has established a wholly-owned insurance subsidiary, Pacific Western Insurance LLC ("PWI"). Through PWI, the Company is self-insured for earthquake related losses. Additionally, since January 2008, PWI has provided property and casualty insurance coverage for the first $5.0 million of the Company’s property level insurance claims per incident. As of December 31, 2022, PWI has cash and marketable securities of approximately $107.6 million. These assets are consolidated in the Company’s financial statements. Beginning in 2013, the Company has obtained limited third party seismic insurance on selected assets in the Company's co-investments. |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Encumbered communities Belmont Station 275 Los Angeles, CA 29,209 8,100 66,666 9,778 8,267 76,277 84,544 (39,299) 2009 Mar-09 3-30 Brio 300 Walnut Creek, CA 93,602 16,885 151,741 4,423 16,885 156,164 173,049 (20,332) 2015 Jun-19 3-30 Fountain Park 705 Playa Vista, CA 82,577 25,073 94,980 44,493 25,203 139,343 164,546 (92,190) 2002 Feb-04 3-30 Highridge 255 Rancho Palos Verdes, CA 69,416 5,419 18,347 35,981 6,073 53,674 59,747 (45,470) 1972 May-97 3-30 Magnolia Square/Magnolia Lane (2) 188 Sunnyvale, CA 52,368 8,190 24,736 19,395 8,191 44,130 52,321 (30,002) 1963 Sep-07 3-30 Marquis 166 San Jose, CA 44,686 20,495 47,823 1,508 20,495 49,331 69,826 (6,651) 2015 Dec-18 3-30 Sage at Cupertino 230 San Jose, CA 51,824 35,719 53,449 12,695 35,719 66,144 101,863 (16,631) 1971 Mar-17 3-30 The Barkley (3) 161 Anaheim, CA 14,909 — 8,520 8,824 2,353 14,991 17,344 (11,861) 1984 Apr-00 3-30 The Dylan 184 West Hollywood, CA 57,741 19,984 82,286 2,792 19,990 85,072 105,062 (24,097) 2015 Mar-15 3-30 The Huxley 187 West Hollywood, CA 52,564 19,362 75,641 3,148 19,371 78,780 98,151 (22,518) 2014 Mar-15 3-30 Township 132 Redwood City, CA 45,047 19,812 70,619 1,749 19,812 72,368 92,180 (8,510) 2014 Sep-19 3-30 2,783 $ 593,943 $ 179,039 $ 694,808 $ 144,786 $ 182,359 $ 836,274 $ 1,018,633 $ (317,561) Unencumbered Communities Agora 49 Walnut Creek, CA — 4,932 60,423 1,534 4,934 61,955 66,889 (6,249) 2016 Jan-20 3-30 Alessio 624 Los Angeles, CA — 32,136 128,543 22,598 32,136 151,141 183,277 (50,612) 2001 Apr-14 5-30 Allegro 97 Valley Village, CA — 5,869 23,977 3,456 5,869 27,433 33,302 (13,310) 2010 Oct-10 3-30 Allure at Scripps Ranch 194 San Diego, CA — 11,923 47,690 3,730 11,923 51,420 63,343 (16,204) 2002 Apr-14 5-30 Alpine Village 301 Alpine, CA — 4,967 19,728 11,728 4,982 31,441 36,423 (21,352) 1971 Dec-02 3-30 Annaliese 56 Seattle, WA — 4,727 14,229 1,110 4,726 15,340 20,066 (5,346) 2009 Jan-13 3-30 Apex 367 Milpitas, CA — 44,240 103,251 9,638 44,240 112,889 157,129 (32,041) 2014 Aug-14 3-30 Aqua Marina Del Rey 500 Marina Del Rey, CA — 58,442 175,326 22,117 58,442 197,443 255,885 (67,620) 2001 Apr-14 5-30 Ascent 90 Kirkland, WA — 3,924 11,862 3,121 3,924 14,983 18,907 (6,136) 1988 Oct-12 3-30 Ashton Sherman Village 264 Los Angeles, CA — 23,550 93,811 2,865 23,550 96,676 120,226 (20,592) 2014 Dec-16 3-30 Avant 440 Los Angeles, CA — 32,379 137,940 7,427 32,379 145,367 177,746 (37,061) 2014 Jun-15 3-30 Avenue 64 224 Emeryville, CA — 27,235 64,403 17,507 27,235 81,910 109,145 (25,061) 2007 Apr-14 5-30 Aviara (4) 166 Mercer Island, WA — — 49,813 2,707 — 52,520 52,520 (17,435) 2013 Apr-14 5-30 Avondale at Warner Center 446 Woodland Hills, CA — 10,536 24,522 31,247 10,601 55,704 66,305 (41,427) 1970 Jan-99 3-30 Bel Air 462 San Ramon, CA — 12,105 18,252 48,315 12,682 65,990 78,672 (50,470) 1988 Jan-95 3-30 Belcarra 296 Bellevue, WA — 21,725 92,091 5,848 21,725 97,939 119,664 (30,235) 2009 Apr-14 5-30 Bella Villagio 231 San Jose, CA — 17,247 40,343 7,214 17,247 47,557 64,804 (20,346) 2004 Sep-10 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) BellCentre 249 Bellevue, WA — 16,197 67,207 7,137 16,197 74,344 90,541 (24,768) 2001 Apr-14 5-30 Bellerive 63 Los Angeles, CA — 5,401 21,803 1,843 5,401 23,646 29,047 (10,151) 2011 Aug-11 3-30 Belmont Terrace 71 Belmont, CA — 4,446 10,290 8,155 4,473 18,418 22,891 (12,182) 1974 Oct-06 3-30 Bennett Lofts 164 San Francisco, CA — 21,771 50,800 34,664 28,371 78,864 107,235 (29,400) 2004 Dec-12 3-30 Bernardo Crest 216 San Diego, CA — 10,802 43,209 7,169 10,802 50,378 61,180 (16,949) 1988 Apr-14 5-30 Bonita Cedars 120 Bonita, CA — 2,496 9,913 6,765 2,503 16,671 19,174 (11,489) 1983 Dec-02 3-30 Boulevard 172 Fremont, CA — 3,520 8,182 15,812 3,580 23,934 27,514 (20,846) 1978 Jan-96 3-30 Brookside Oaks 170 Sunnyvale, CA — 7,301 16,310 28,417 10,328 41,700 52,028 (30,093) 1973 Jun-00 3-30 Bridle Trails 108 Kirkland, WA — 1,500 5,930 7,268 1,531 13,167 14,698 (10,387) 1986 Oct-97 3-30 Brighton Ridge 264 Renton, WA — 2,623 10,800 9,253 2,656 20,020 22,676 (15,329) 1986 Dec-96 3-30 Bristol Commons 188 Sunnyvale, CA — 5,278 11,853 11,741 5,293 23,579 28,872 (19,266) 1989 Jan-95 3-30 Bunker Hill 456 Los Angeles, CA — 11,498 27,871 103,729 11,639 131,459 143,098 (99,288) 1968 Mar-98 3-30 Camarillo Oaks 564 Camarillo, CA — 10,953 25,254 10,529 11,075 35,661 46,736 (29,837) 1985 Jul-96 3-30 Cambridge Park 320 San Diego, CA — 18,185 72,739 6,538 18,185 79,277 97,462 (25,495) 1998 Apr-14 5-30 Camino Ruiz Square 159 Camarillo, CA — 6,871 26,119 3,370 6,931 29,429 36,360 (16,048) 1990 Dec-06 3-30 Canvas 123 Seattle, WA — 10,489 36,924 421 10,489 37,345 47,834 (1,378) 2014 Dec-21 3-30 Canyon Oaks 250 San Ramon, CA — 19,088 44,473 9,920 19,088 54,393 73,481 (28,146) 2005 May-07 3-30 Canyon Pointe 250 Bothell, WA — 4,692 18,288 11,235 4,693 29,522 34,215 (19,838) 1990 Oct-03 3-30 Capri at Sunny Hills 102 Fullerton, CA — 3,337 13,320 10,738 4,048 23,347 27,395 (17,157) 1961 Sep-01 3-30 Carmel Creek 348 San Diego, CA — 26,842 107,368 10,837 26,842 118,205 145,047 (39,336) 2000 Apr-14 5-30 Carmel Landing 356 San Diego, CA — 16,725 66,901 16,210 16,725 83,111 99,836 (27,661) 1989 Apr-14 5-30 Carmel Summit 246 San Diego, CA — 14,968 59,871 6,766 14,968 66,637 81,605 (21,491) 1989 Apr-14 5-30 Castle Creek 216 Newcastle, WA — 4,149 16,028 8,020 4,833 23,364 28,197 (18,140) 1998 Dec-98 3-30 Catalina Gardens 128 Los Angeles, CA — 6,714 26,856 3,420 6,714 30,276 36,990 (9,805) 1987 Apr-14 5-30 CBC Apartments & The Sweeps 239 Goleta, CA — 11,841 45,320 8,155 11,906 53,410 65,316 (32,068) 1962 Jan-06 3-30 Cedar Terrace 180 Bellevue, WA — 5,543 16,442 10,082 5,652 26,415 32,067 (16,498) 1984 Jan-05 3-30 CentrePointe 224 San Diego, CA — 3,405 7,743 23,359 3,442 31,065 34,507 (25,525) 1974 Jun-97 3-30 Chestnut Street Apartments 96 Santa Cruz, CA — 6,582 15,689 2,689 6,582 18,378 24,960 (9,272) 2002 Jul-08 3-30 City View 572 Hayward, CA — 9,883 37,670 39,609 10,350 76,812 87,162 (59,999) 1975 Mar-98 3-30 Collins on Pine 76 Seattle, WA — 7,276 22,226 994 7,276 23,220 30,496 (6,904) 2013 May-14 3-30 Connolly Station 309 Dublin, CA — 19,949 123,428 4,003 19,949 127,431 147,380 (13,666) 2014 Jan-20 3-30 Corbella at Juanita Bay 169 Kirkland, WA — 5,801 17,415 4,925 5,801 22,340 28,141 (10,276) 1978 Nov-10 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) Cortesia 308 Rancho Santa Margarita, CA — 13,912 55,649 5,145 13,912 60,794 74,706 (19,483) 1999 Apr-14 5-30 Country Villas 180 Oceanside, CA — 4,174 16,583 6,848 4,187 23,418 27,605 (15,961) 1976 Dec-02 3-30 Courtyard off Main 110 Bellevue, WA — 7,465 21,405 6,737 7,465 28,142 35,607 (12,660) 2000 Oct-10 3-30 Crow Canyon 400 San Ramon, CA — 37,579 87,685 17,342 37,579 105,027 142,606 (36,252) 1992 Apr-14 5-30 Deer Valley 171 San Rafael, CA — 21,478 50,116 5,688 21,478 55,804 77,282 (18,191) 1996 Apr-14 5-30 Domaine 92 Seattle, WA — 9,059 27,177 1,902 9,059 29,079 38,138 (10,526) 2009 Sep-12 3-30 Elevation 158 Redmond, WA — 4,758 14,285 8,555 4,757 22,841 27,598 (12,820) 1986 Jun-10 3-30 Ellington 220 Bellevue, WA — 15,066 45,249 6,047 15,066 51,296 66,362 (15,982) 1994 Jul-14 3-30 Emerald Pointe 160 Diamond Bar, CA — 8,458 33,832 3,448 8,458 37,280 45,738 (12,180) 1989 Apr-14 5-30 Emerald Ridge 180 Bellevue, WA — 3,449 7,801 8,212 3,449 16,013 19,462 (13,488) 1987 Nov-94 3-30 Emerson Valley Village 144 Los Angeles, CA — 13,378 53,240 2,409 13,378 55,649 69,027 (11,963) 2012 Dec-16 3-30 Emme 190 Emeryville, CA — 15,039 80,532 1,287 15,039 81,819 96,858 (8,568) 2015 Jan-20 3-30 Enso 183 San Jose, CA — 21,397 71,135 2,869 21,397 74,004 95,401 (18,494) 2014 Dec-15 3-30 Epic 769 San Jose, CA — 89,111 307,769 3,917 89,111 311,686 400,797 (32,155) 2013 Jan-20 3-30 Esplanade 278 San Jose, CA — 18,170 40,086 18,162 18,429 57,989 76,418 (38,046) 2002 Apr-04 3-30 Essex Skyline 350 Santa Ana, CA — 21,537 146,099 17,029 21,537 163,128 184,665 (61,800) 2008 Apr-10 3-30 Evergreen Heights 200 Kirkland, WA — 3,566 13,395 8,494 3,649 21,806 25,455 (17,748) 1990 Jun-97 3-30 Fairhaven Apartments 164 Santa Ana, CA — 2,626 10,485 11,279 2,957 21,433 24,390 (16,156) 1970 Nov-01 3-30 Fairway Apartments at Big Canyon (5) 74 Newport Beach, CA — — 7,850 9,123 — 16,973 16,973 (14,555) 1972 Jun-99 3-28 Fairwood Pond 194 Renton, WA — 5,296 15,564 5,629 5,297 21,192 26,489 (13,281) 1997 Oct-04 3-30 Foothill Commons 394 Bellevue, WA — 2,435 9,821 43,866 2,440 53,682 56,122 (50,019) 1978 Mar-90 3-30 Foothill Gardens/Twin Creeks 176 San Ramon, CA — 5,875 13,992 14,662 5,964 28,565 34,529 (22,734) 1985 Feb-97 3-30 Forest View 192 Renton, WA — 3,731 14,530 4,842 3,731 19,372 23,103 (12,291) 1998 Oct-03 3-30 Form 15 242 San Diego, CA — 24,510 72,221 13,697 25,540 84,888 110,428 (20,661) 2014 Mar-16 3-30 Foster's Landing 490 Foster City, CA — 61,714 144,000 15,419 61,714 159,419 221,133 (53,500) 1987 Apr-14 5-30 Fountain Court 320 Seattle, WA — 6,702 27,306 16,129 6,985 43,152 50,137 (33,603) 2000 Mar-00 3-30 Fountains at River Oaks 226 San Jose, CA — 26,046 60,773 8,210 26,046 68,983 95,029 (23,318) 1990 Apr-14 3-30 Fourth & U 171 Berkeley, CA — 8,879 52,351 5,119 8,879 57,470 66,349 (25,729) 2010 Apr-10 3-30 Fox Plaza 445 San Francisco, CA — 39,731 92,706 42,615 39,731 135,321 175,052 (56,408) 1968 Feb-13 3-30 The Henley I/The Henley II 215 Glendale, CA — 6,695 16,753 30,898 6,733 47,613 54,346 (36,596) 1970 Jun-99 3-30 Highlands at Wynhaven 333 Issaquah, WA — 16,271 48,932 17,285 16,271 66,217 82,488 (36,521) 2000 Aug-08 3-30 Hillcrest Park 608 Newbury Park, CA — 15,318 40,601 28,006 15,755 68,170 83,925 (50,836) 1973 Mar-98 3-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Hillsdale Garden 697 San Mateo, CA — 22,000 94,681 38,356 22,000 133,037 155,037 (75,372) 1948 Sep-06 3-30 Hope Ranch 108 Santa Barbara, CA — 4,078 16,877 3,536 4,208 20,283 24,491 (11,071) 1965 Mar-07 3-30 Huntington Breakers 342 Huntington Beach, CA — 9,306 22,720 25,258 9,315 47,969 57,284 (39,444) 1984 Oct-97 3-30 Inglenook Court 224 Bothell, WA — 3,467 7,881 9,621 3,474 17,495 20,969 (15,240) 1985 Oct-94 3-30 Lafayette Highlands 150 Lafayette, CA — 17,774 41,473 8,271 17,774 49,744 67,518 (15,989) 1973 Apr-14 5-30 Lakeshore Landing 308 San Mateo, CA — 38,155 89,028 13,716 38,155 102,744 140,899 (34,590) 1988 Apr-14 5-30 Laurels at Mill Creek 164 Mill Creek, WA — 1,559 6,430 9,215 1,595 15,609 17,204 (12,809) 1981 Dec-96 3-30 Lawrence Station 336 Sunnyvale, CA — 45,532 106,735 7,155 45,532 113,890 159,422 (38,670) 2012 Apr-14 5-30 Le Parc 140 Santa Clara, CA — 3,090 7,421 14,806 3,092 22,225 25,317 (19,170) 1975 Feb-94 3-30 Marbrisa 202 Long Beach, CA — 4,700 18,605 11,653 4,760 30,198 34,958 (21,451) 1987 Sep-02 3-30 Marina City Club (6) 101 Marina Del Rey, CA — — 28,167 34,966 — 63,133 63,133 (38,015) 1971 Jan-04 3-30 Marina Cove (7) 292 Santa Clara, CA — 5,320 16,431 18,362 5,324 34,789 40,113 (30,972) 1974 Jun-94 3-30 Mariner's Place 105 Oxnard, CA — 1,555 6,103 3,221 1,562 9,317 10,879 (7,071) 1987 May-00 3-30 MB 360 360 San Francisco, CA — 42,001 212,648 15,158 42,001 227,806 269,807 (65,764) 2014 Apr-14 3-30 Mesa Village 133 Clairemont, CA — 1,888 7,498 3,413 1,894 10,905 12,799 (7,198) 1963 Dec-02 3-30 Mill Creek at Windermere 400 San Ramon, CA — 29,551 69,032 13,524 29,551 82,556 112,107 (41,320) 2005 Sep-07 3-30 Mio 103 San Jose, CA — 11,012 39,982 1,941 11,012 41,923 52,935 (10,129) 2015 Jan-16 3-30 Mirabella 188 Marina Del Rey, CA — 6,180 26,673 19,252 6,270 45,835 52,105 (31,594) 2000 May-00 3-30 Mira Monte 354 Mira Mesa, CA — 7,165 28,459 14,669 7,186 43,107 50,293 (30,231) 1982 Dec-02 3-30 Miracle Mile/Marbella 236 Los Angeles, CA — 7,791 23,075 18,861 7,886 41,841 49,727 (32,361) 1988 Aug-97 3-30 Mission Hills 282 Oceanside, CA — 10,099 38,778 14,162 10,167 52,872 63,039 (32,289) 1984 Jul-05 3-30 Mission Peaks 453 Fremont, CA — 46,499 108,498 11,824 46,499 120,322 166,821 (39,719) 1995 Apr-14 5-30 Mission Peaks II 336 Fremont, CA — 31,429 73,334 11,073 31,429 84,407 115,836 (28,568) 1989 Apr-14 5-30 Montanosa 472 San Diego, CA — 26,697 106,787 13,318 26,697 120,105 146,802 (38,148) 1990 Apr-14 5-30 Montclaire 390 Sunnyvale, CA — 4,842 19,776 31,894 4,997 51,515 56,512 (46,546) 1973 Dec-88 3-30 Montebello 248 Kirkland, WA — 13,857 41,575 12,941 13,858 54,515 68,373 (20,666) 1996 Jul-12 3-30 Montejo Apartments 124 Garden Grove, CA — 1,925 7,685 5,778 2,194 13,194 15,388 (8,799) 1974 Nov-01 3-30 Monterey Villas 122 Oxnard, CA — 2,349 5,579 8,321 2,424 13,825 16,249 (10,397) 1974 Jul-97 3-30 Muse 152 North Hollywood, CA — 7,822 33,436 6,823 7,823 40,258 48,081 (18,197) 2011 Feb-11 3-30 Mylo 476 Santa Clara, CA — 6,472 206,098 647 6,472 206,745 213,217 (25,842) 2021 Jun-21 3-30 1000 Kiely 121 Santa Clara, CA — 9,359 21,845 10,650 9,359 32,495 41,854 (16,631) 1971 Mar-11 3-30 Palm Valley 1,100 San Jose, CA — 133,802 312,205 28,233 133,802 340,438 474,240 (76,852) 2008 Jan-17 3-30 Paragon Apartments 301 Fremont, CA — 32,230 77,320 3,781 32,230 81,101 113,331 (23,759) 2013 Jul-14 3-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Park Catalina 90 Los Angeles, CA — 4,710 18,839 4,461 4,710 23,300 28,010 (9,892) 2002 Jun-12 3-30 Park Highland 250 Bellevue, WA — 9,391 38,224 15,311 9,391 53,535 62,926 (22,330) 1993 Apr-14 5-30 Park Hill at Issaquah 245 Issaquah, WA — 7,284 21,937 14,134 7,284 36,071 43,355 (22,322) 1999 Feb-99 3-30 Park Viridian 320 Anaheim, CA — 15,894 63,574 6,770 15,894 70,344 86,238 (22,770) 2008 Apr-14 5-30 Park West 126 San Francisco, CA — 9,424 21,988 13,872 9,424 35,860 45,284 (18,018) 1958 Sep-12 3-30 Parkwood at Mill Creek 240 Mill Creek, WA — 10,680 42,722 4,289 10,680 47,011 57,691 (15,712) 1989 Apr-14 5-30 Patent 523 295 Seattle, WA — 14,558 69,417 7,456 14,558 76,873 91,431 (35,368) 2010 Mar-10 3-30 Pathways at Bixby Village 296 Long Beach, CA — 4,083 16,757 23,185 6,239 37,786 44,025 (34,740) 1975 Feb-91 3-30 Piedmont 396 Bellevue, WA — 19,848 59,606 18,453 19,848 78,059 97,907 (27,927) 1969 May-14 3-30 Pinehurst (8) 28 Ventura, CA — — 1,711 859 — 2,570 2,570 (1,907) 1973 Dec-04 3-24 Pinnacle at Fullerton 192 Fullerton, CA — 11,019 45,932 6,248 11,019 52,180 63,199 (17,490) 2004 Apr-14 5-30 Pinnacle on Lake Washington 180 Renton, WA — 7,760 31,041 5,020 7,760 36,061 43,821 (12,439) 2001 Apr-14 5-30 Pinnacle at MacArthur Place 253 Santa Ana, CA — 15,810 66,401 9,116 15,810 75,517 91,327 (24,482) 2002 Apr-14 5-30 Pinnacle at Otay Ranch I & II 364 Chula Vista, CA — 17,023 68,093 7,263 17,023 75,356 92,379 (24,508) 2001 Apr-14 5-30 Pinnacle at Talega 362 San Clemente, CA — 19,292 77,168 7,794 19,292 84,962 104,254 (26,568) 2002 Apr-14 5-30 Pinnacle Sonata 268 Bothell, WA — 14,647 58,586 9,054 14,647 67,640 82,287 (21,944) 2000 Apr-14 5-30 Pointe at Cupertino 116 Cupertino, CA — 4,505 17,605 13,837 4,505 31,442 35,947 (23,231) 1963 Aug-98 3-30 Pure Redmond 105 Redmond, WA — 7,461 31,363 1,836 7,461 33,199 40,660 (3,654) 2016 Dec-19 3-30 Radius 264 Redwood City, CA — 11,702 152,336 4,553 11,702 156,889 168,591 (49,503) 2015 Apr-14 3-30 Reed Square 100 Sunnyvale, CA — 6,873 16,037 9,107 6,873 25,144 32,017 (13,891) 1970 Jan-12 3-30 Regency at Encino 75 Encino, CA — 3,184 12,737 4,959 3,184 17,696 20,880 (9,169) 1989 Dec-09 3-30 Regency Palm Court 116 Los Angeles, CA — 7,763 28,019 1,138 7,763 29,157 36,920 (467) 1987 Jul-22 3-30 Renaissance at Uptown Orange 460 Orange, CA — 27,870 111,482 10,042 27,870 121,524 149,394 (39,208) 2007 Apr-14 5-30 Reveal 438 Woodland Hills, CA — 25,073 121,314 6,099 25,073 127,413 152,486 (37,131) 2010 Apr-15 3-30 Salmon Run at Perry Creek 132 Bothell, WA — 3,717 11,483 3,550 3,801 14,949 18,750 (10,837) 2000 Oct-00 3-30 Sammamish View 153 Bellevue, WA — 3,324 7,501 8,398 3,331 15,892 19,223 (14,091) 1986 Nov-94 3-30 101 San Fernando 323 San Jose, CA — 4,173 58,961 17,835 4,173 76,796 80,969 (36,704) 2001 Jul-10 3-30 San Marcos 432 Richmond, CA — 15,563 36,204 38,058 22,866 66,959 89,825 (42,507) 2003 Nov-03 3-30 Santee Court/Santee Village 238 Los Angeles, CA — 9,581 40,317 17,391 9,582 57,707 67,289 (25,651) 2004 Oct-10 3-30 Shadow Point 172 Spring Valley, CA — 2,812 11,170 6,339 2,820 17,501 20,321 (11,291) 1983 Dec-02 3-30 Shadowbrook 418 Redmond, WA — 19,292 77,168 8,886 19,292 86,054 105,346 (28,188) 1986 Apr-14 5-30 Slater 116 108 Kirkland, WA — 7,379 22,138 1,915 7,379 24,053 31,432 (7,903) 2013 Sep-13 3-30 Solstice 280 Sunnyvale, CA — 34,444 147,262 8,105 34,444 155,367 189,811 (52,443) 2014 Apr-14 5-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Station Park Green 599 San Mateo, CA — 54,782 314,694 110,657 67,204 412,929 480,133 (58,895) 2018 Mar-18 3-30 Stevenson Place 200 Fremont, CA — 996 5,582 15,544 1,001 21,121 22,122 (17,733) 1975 Apr-00 3-30 Stonehedge Village 196 Bothell, WA — 3,167 12,603 11,219 3,201 23,788 26,989 (18,480) 1986 Oct-97 3-30 Summerhill Park 100 Sunnyvale, CA — 2,654 4,918 11,661 2,656 16,577 19,233 (14,478) 1988 Sep-88 3-30 Summit Park 300 San Diego, CA — 5,959 23,670 10,112 5,977 33,764 39,741 (22,902) 1972 Dec-02 3-30 Taylor 28 197 Seattle, WA — 13,915 57,700 5,127 13,915 62,827 76,742 (20,376) 2008 Apr-14 5-30 The Audrey at Belltown 137 Seattle, WA — 9,228 36,911 3,046 9,228 39,957 49,185 (12,553) 1992 Apr-14 5-30 The Avery 121 Los Angeles, CA — 6,964 29,922 1,423 6,964 31,345 38,309 (9,394) 2014 Mar-14 3-30 The Bernard 63 Seattle, WA — 3,699 11,345 1,097 3,689 12,452 16,141 (5,066) 2008 Sep-11 3-30 The Blake LA 196 Los Angeles, CA — 4,023 9,527 25,573 4,031 35,092 39,123 (25,348) 1979 Jun-97 3-30 The Cairns 99 Seattle, WA — 6,937 20,679 3,407 6,939 24,084 31,023 (12,852) 2006 Jun-07 3-30 The Commons 264 Campbell, CA — 12,555 29,307 11,676 12,556 40,982 53,538 (20,972) 1973 Jul-10 3-30 The Elliot at Mukilteo 301 Mukilteo, WA — 2,498 10,595 19,851 2,824 30,120 32,944 (25,366) 1981 Jan-97 3-30 The Galloway 506 Pleasanton, CA — 32,966 184,499 4,810 32,966 189,309 222,275 (20,181) 2016 Jan-20 3-30 The Grand 243 Oakland, CA — 4,531 89,208 8,950 4,531 98,158 102,689 (47,729) 2009 Jan-09 3-30 The Hallie 292 Pasadena, CA — 2,202 4,794 57,103 8,385 55,714 64,099 (45,569) 1972 Apr-97 3-30 The Huntington 276 Huntington Beach, CA — 10,374 41,495 8,888 10,374 50,383 60,757 (20,123) 1975 Jun-12 3-30 The Landing at Jack London Square 282 Oakland, CA — 33,554 78,292 9,533 33,554 87,825 121,379 (30,122) 2001 Apr-14 5-30 The Lofts at Pinehurst 118 Ventura, CA — 1,570 3,912 6,219 1,618 10,083 11,701 (7,542) 1971 Jun-97 3-30 The Palisades 192 Bellevue, WA — 1,560 6,242 15,618 1,565 21,855 23,420 (19,371) 1977 May-90 3-30 The Palms at Laguna Niguel 460 Laguna Niguel, CA — 23,584 94,334 16,019 23,584 110,353 133,937 (37,515) 1988 Apr-14 5-30 The Stuart 188 Pasadena, CA — 13,574 54,298 5,096 13,574 59,394 72,968 (19,069) 2007 Apr-14 5-30 The Trails of Redmond 423 Redmond, WA — 21,930 87,720 8,769 21,930 96,489 118,419 (31,532) 1985 Apr-14 5-30 The Village at Toluca Lake 145 Burbank, CA — 14,634 48,297 1,354 14,634 49,651 64,285 (2,767) 1974 Jun-21 3-30 The Waterford 238 San Jose, CA — 11,808 24,500 18,880 15,165 40,023 55,188 (29,398) 2000 Jun-00 3-30 Tierra Vista 404 Oxnard, CA — 13,652 53,336 10,699 13,661 64,026 77,687 (39,508) 2001 Jan-01 3-30 Tiffany Court 101 Los Angeles, CA — 6,949 27,796 3,123 6,949 30,919 37,868 (9,943) 1987 Apr-14 5-30 Trabuco Villas 132 Lake Forest, CA — 3,638 8,640 5,542 3,890 13,930 17,820 (10,618) 1985 Oct-97 3-30 Valley Park 160 Fountain Valley, CA — 3,361 13,420 7,055 3,761 20,075 23,836 (14,229) 1969 Nov-01 3-30 Via 284 Sunnyvale, CA — 22,000 82,270 6,904 22,016 89,158 111,174 (37,128) 2011 Jul-11 3-30 Villa Angelina 256 Placentia, CA — 4,498 17,962 9,357 4,962 26,855 31,817 (19,266) 1970 Nov-01 3-30 Villa Granada 270 Santa Clara, CA — 38,299 89,365 3,231 38,299 92,596 130,895 (29,256) 2010 Apr-14 5-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Villa Siena 272 Costa Mesa, CA — 13,842 55,367 11,919 13,842 67,286 81,128 (24,118) 1974 Apr-14 5-30 Village Green 272 La Habra, CA — 6,488 36,768 5,658 6,488 42,426 48,914 (14,607) 1971 Apr-14 5-30 Vista Belvedere 76 Tiburon, CA — 5,573 11,901 9,706 5,573 21,607 27,180 (15,005) 1963 Aug-04 3-30 Vox Apartments 58 Seattle, WA — 5,545 16,635 543 5,545 17,178 22,723 (5,400) 2013 Oct-13 3-30 Wallace on Sunset 200 Los Angeles, CA — 24,005 80,466 4,041 24,005 84,507 108,512 (13,371) 2021 Dec-21 3-30 Walnut Heights 163 Walnut, CA — 4,858 19,168 6,829 4,887 25,968 30,855 (17,053) 1964 Oct-03 3-30 Wandering Creek 156 Kent, WA — 1,285 4,980 6,079 1,296 11,048 12,344 (9,315) 1986 Nov-95 3-30 Wharfside Pointe 155 Seattle, WA — 2,245 7,020 14,184 2,258 21,191 23,449 (17,924) 1990 Jun-94 3-30 Willow Lake 508 San Jose, CA — 43,194 101,030 20,592 43,194 121,622 164,816 (48,482) 1989 Oct-12 3-30 5600 Wilshire 284 Los Angeles, CA — 30,535 91,604 8,228 30,535 99,832 130,367 (31,251) 2008 Apr-14 5-30 Wilshire La Brea 478 Los Angeles, CA — 56,932 211,998 19,434 56,932 231,432 288,364 (75,779) 2014 Apr-14 5-30 Wilshire Promenade 149 Fullerton, CA — 3,118 7,385 13,987 3,797 20,693 24,490 (15,554) 1992 Jan-97 3-30 Windsor Court 95 Los Angeles, CA 6,383 23,420 816 6,383 24,236 30,619 (389) 1987 Jul-22 3-30 Windsor Ridge 216 Sunnyvale, CA — 4,017 10,315 17,579 4,021 27,890 31,911 (26,204) 1989 Mar-89 3-30 Woodland Commons 302 Bellevue, WA — 2,040 8,727 26,278 2,044 35,001 37,045 (27,128) 1978 Mar-90 3-30 Woodside Village 145 Ventura, CA — 5,331 21,036 6,494 5,341 27,520 32,861 (17,226) 1987 Dec-04 3-30 48,939 $ — $ 2,728,585 $ 9,703,950 $ 2,396,447 $ 2,778,895 $ 12,050,087 $ 14,828,982 $ (4,815,957) Costs Initial cost capitalized Gross amount carried at close of period Buildings and subsequent Land and Buildings and Accumulated Property Encumbrance Land improvements to acquisition improvements improvements Total (1) depreciation Other real estate assets — 80,706 16,587 21,319 82,067 36,545 118,612 (18,615) $ — $ 80,706 $ 16,587 $ 21,319 $ 82,067 $ 36,545 $ 118,612 $ (18,615) Total $ 593,943 $ 2,988,330 $ 10,415,345 $ 2,562,552 $ 3,043,321 $ 12,922,906 $ 15,966,227 $ (5,152,133) (1) The aggregate cost for federal income tax purposes is approximately $12.1 billion (unaudited). (2) A portion of land is leased pursuant to a ground lease expiring 2070. (3) The land is leased pursuant to a ground lease expiring 2083. (4) The land is leased pursuant to a ground lease expiring 2070. (5) The land is leased pursuant to a ground lease expiring 2027. (6) The land is leased pursuant to a ground lease expiring 2067. (7) A portion of land is leased pursuant to a ground lease expiring in 2028. (8) The land is leased pursuant to a ground lease expiring in 2028. A summary of activity for rental properties and accumulated depreciation is as follows: 2022 2021 2020 2022 2021 2020 Rental properties: Accumulated depreciation: Balance at beginning of year $ 15,629,927 $ 15,061,745 $ 14,038,142 Balance at beginning of year $ 4,646,854 $ 4,133,959 $ 3,689,482 Acquisition, development, and improvement of real estate 427,668 707,267 1,426,505 Depreciation expense 536,202 528,613 518,629 Disposition of real estate and other (91,368) (139,085) (402,902) Depreciation expense - Disposals and other (30,923) (15,718) (74,152) Balance at the end of year $ 15,966,227 $ 15,629,927 $ 15,061,745 Balance at the end of year $ 5,152,133 $ 4,646,854 $ 4,133,959 |
Summary of Critical and Signi_2
Summary of Critical and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accounts of the Company, its controlled subsidiaries and the variable interest entities ("VIEs") in which it is the primary beneficiary are consolidated in the accompanying financial statements and prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included and are normal and recurring in nature. All significant inter-company accounts and transactions have been eliminated. Noncontrolling interest includes the 3.4% limited partner interests in the Operating Partnership not held by the Company at both December 31, 2022 and 2021. These percentages include the Operating Partnership’s vested long-term incentive plan units (see Note 14). |
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In January 2021, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2020-06 "Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity." The amendments in ASU 2020-06 require the use of the if-converted method for calculating diluted earnings per share ("EPS") for all convertible instruments. For instruments that may be settled in cash or shares, and are not classified as a liability, the guidance requires entities to include the effect of potential share settlement in the diluted EPS calculation, if the effect is more dilutive. The Company adopted this guidance on January 1, 2022 on a prospective basis. This adoption did not have a material impact on the Company's consolidated results of operations or financial position. Effective January 1, 2022, we adopted ASU 2021-10, "Government Assistance (Topic 832), Disclosures by Business Entities About Government Assistance", which requires entities to provide disclosures on material government assistance transactions for annual reporting periods. The disclosures include information around the nature of the assistance, the related accounting policies used to account for government assistance, the effect of government assistance on the entity’s financial statements and any significant terms and conditions of the agreements, including commitments and contingencies. |
Real Estate Rental Properties | Real Estate Rental Properties Significant expenditures, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized. Operating real estate assets are stated at cost and consist of land and land improvements, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Expenditures for maintenance and repairs are charged to expense as incurred. The depreciable life of various categories of fixed assets is as follows: Computer software and equipment 3 - 5 years Interior apartment home improvements 5 years Furniture, fixtures and equipment 5 - 10 years Land improvements and certain exterior components of real property 10 years Real estate structures 30 years The Company capitalizes all costs incurred with the predevelopment, development or redevelopment of real estate assets or are associated with the construction or expansion of real property. Such capitalized costs include land, land improvements, allocated costs of the Company’s project management staff, construction costs, as well as interest and related loan fees, property taxes and insurance. Capitalization begins for predevelopment, development, and redevelopment projects when activity commences. Capitalization ends when the apartment home is completed and the property is available for a new tenant or if the development activities cease. The Company allocates the purchase price of real estate on a fair value basis to land and building including personal property, and identifiable intangible assets, such as the value of above, below and in-place leases. In making estimates of relative fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent land and building appraisals which consider comparable market transactions, its own analysis of recently acquired or developed comparable properties in our portfolio for land comparables and building replacement costs, and other publicly available market data. In calculating the fair value of identified intangible assets of an acquired property, the in-place leases are valued based on in-place rent rates and amortized over the average remaining term of all acquired leases. The values of the above and below market leases are amortized and recorded as either a decrease (in the case of above market leases) or an increase (in the case of below market leases) to rental revenue over the remaining term of the associated leases acquired. The value of acquired in-place leases are amortized to expense over the average remaining term of the leases acquired. The net carrying value of acquired in-place leases is $7.4 million and $8.9 million as of December 31, 2022 and 2021, respectively, and are included in prepaid expenses and other assets on the Company's consolidated balance sheets. The Company periodically assesses the carrying value of its real estate investments for indicators of impairment. The judgments regarding the existence of impairment indicators are based on monitoring investment market conditions and performance compared to budget for operating properties including the net operating income for the most recent 12 month period, monitoring estimated costs for properties under development, the Company's ability to hold and its intent with regard to each asset, and each property's remaining useful life. Whenever events or changes in circumstances indicate that the carrying amount of a property held for investment may not be fully recoverable, the carrying amount is evaluated. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount (including intangible assets) of a property held for investment, then the Company will recognize an impairment loss equal to the excess of the carrying amount over the fair value of the property. Fair value of a property is determined using conventional real estate valuation methods, such as discounted cash flow, the property’s unleveraged yield in comparison to the unleveraged yields and/or sales prices of similar communities that have been recently sold, and other third party information, if available. Communities held for sale are carried at the lower of cost or fair value less estimated costs to sell. As of December 31, 2022 and December 31, 2021, no properties were classified as held for sale. The Company did not record an impairment charge for the years ended December 31, 2022 and December 31, 2021. The Company recorded an impairment charge of $1.8 million for the year ended December 31, 2020 related to one of the Company's consolidated properties as a result of a change in the Company's intent to hold the property for its remaining useful life. In the normal course of business, the Company will receive purchase offers for its communities, either solicited or unsolicited. For those offers that are accepted, the prospective buyer will usually require a due diligence period before consummation of the transaction. It is not unusual for matters to arise that result in the withdrawal or rejection of the offer during this process. The Company classifies real estate as "held for sale" when the Company has obtained necessary management approvals to sell a property and the sale of the property is expected to be completed within a year. Evaluating solicited or unsolicited offers generally does not cause properties to be classified as held for sale. |
Co-investments | Co-investments The Company owns investments in joint ventures in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with U.S. GAAP. Therefore, the Company accounts for co-investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company’s equity in earnings less distributions received and the Company’s share of losses. The significant accounting policies of the Company’s co-investment entities are consistent with those of the Company in all material respects. Upon the acquisition of a controlling interest of a co-investment, the co-investment entity is consolidated and a gain or loss is recognized upon the remeasurement of co-investments in the consolidated statement of income equal to the amount by which |
Revenues and Gains on Sale of Real Estate and Land | Revenues and Gains on Sale of Real Estate and Land Revenues from tenants renting or leasing apartment homes are recorded when due from tenants and are recognized monthly as they are earned, which generally approximates a straight-line basis, else, adjustments are made to conform to a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 9 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. See Note 4, Revenues, and Note 10, Lease Agreements - Company as Lessor, for additional information regarding such revenues. The Company also generates other property-related revenue associated with the leasing of apartment homes, including storage income, pet rent, and other miscellaneous revenue. Similar to rental income, such revenues are recorded when due from tenants and recognized monthly as they are earned. Apart from rental and other property-related revenue, revenues from contracts with customers are recognized as control of the promised services is passed to the customer. For customer contracts related to management and other fees from affiliates (which includes asset management and property management), the transaction price and amount of revenue to be recognized is determined each quarter based on the management fee calculated and earned for that month or quarter. The contract will contain a description of the service and the fee percentage for management services. Payments from such services are one month or one quarter in arrears of the service performed. The Company recognizes any gains on sales of real estate when it transfers control of a property and when it is probable that the Company will collect substantially all of the related consideration. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted CashHighly liquid investments with original maturities of three months or less when purchased are classified as cash equivalents. Restricted cash balances relate primarily to reserve requirements for capital replacement at certain communities in connection with the Company’s mortgage debt. |
Marketable Securities | Marketable SecuritiesThe Company reports its equity securities and available for sale debt securities at fair value, based on quoted market prices (Level 1 for the common stock and investment funds, Level 2 for the unsecured debt and Level 3, as defined by the FASB standard for fair value measurements as discussed later in Note 2). As of December 31, 2022 and 2021, $0.2 million and $0.8 million, respectively, of equity securities presented within common stock and stock funds in the tables below represent investments measured at fair value, using net asset value as a practical expedient, and are not categorized in the fair value hierarchy. Any unrealized gain or loss in debt securities classified as available for sale is recorded as other comprehensive income. There were no other than temporary impairment charges for the years ended December 31, 2022, 2021, and 2020. Unrealized gains and losses in equity securities, realized gains and losses in debt securities, interest income, and amortization of purchase discounts are included in interest and other income on the consolidated statements of income. As of December 31, 2022 and 2021, equity securities and available for sale debt securities consisted primarily of investment funds-debt securities, common stock, preferred stock and stock funds, and investment-grade unsecured debt. |
Notes Receivable | Notes Receivable Notes receivable relate to real estate financing arrangements including mezzanine and bridge loans. Interest is recognized over the life of the note as interest income. Each note is analyzed to determine if it is impaired. A note is impaired if it is probable that the Company will not collect all contractually due principal and interest. The Company does not accrue interest when a note is considered impaired and an allowance is recorded for any principal and previously accrued interest that are not believed to be collectible. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income. As of December 31, 2022 and 2021, no notes were impaired. In the normal course of business, the Company originates and holds two types of loans: mezzanine loans issued to entities that are pursuing apartment development and short-term bridge loans issued to joint ventures with the Company. The Company categorizes development project mezzanine loans into risk categories based on relevant information about the ability of the borrowers to service their debt, such as: current financial information, credit documentation, public information, and previous experience with the borrower. The Company initially analyzes each mezzanine loan individually to classify the credit risk of the loan. On a periodic basis the Company evaluates financial information on the project, its sponsors, and its guarantors and additionally performs site visits of the development projects associated with the mezzanine loans to confirm whether they are on budget and whether there are any delays in development that could impact the Company's assessment of credit loss. All bridge loans that the Company issues are, by their nature, short-term and meant only to provide time for the Company’s joint ventures to obtain long-term funding for newly acquired communities. As the Company is a partner in the joint ventures that are borrowing such funds and has performed a detailed review of each community as part of the acquisition process, there is little to no credit risk associated with such loans. As such, the Company does not review credit quality indicators for bridge loans on an ongoing basis. |
Capitalization Policy | Capitalization PolicyThe Company capitalizes all direct and certain indirect costs, including interest, employee compensation costs, real estate taxes and insurance, incurred during development and redevelopment activities. Interest is capitalized on real estate assets that require a period of time to get them ready for their intended use. The amount of interest capitalized is based upon the average amount of accumulated development expenditures during the reporting period. Included in capitalized costs are management’s estimates of the direct and incremental personnel costs and indirect project costs associated with the Company's development and redevelopment activities. Indirect project costs consist primarily of personnel costs associated with construction administration and development, including accounting, legal fees, and various corporate and community onsite costs that clearly relate to projects under development. Those costs, inclusive of capitalized interest, as well as capitalized development and redevelopment fees totaled $20.4 million, $23.6 million and $31.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Company capitalizes leasing costs associated with the lease-up of development communities and amortizes the costs over the life of the leases. The amounts capitalized are immaterial for all periods presented. |
Fair Value of Financial Instruments | Fair Value of Financial InstrumentsThe 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. The Company uses Level 2 inputs for its investments in unsecured debt, notes receivable, notes payable, and derivative assets/liabilities. These inputs include interest rates for similar financial instruments. The Company’s valuation methodology for derivatives is described in Note 9. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Management believes that the carrying amounts of the outstanding balances under its lines of credit, and notes and other receivables approximate fair value as of December 31, 2022 and 2021, because interest rates, yields and other terms for these instruments are consistent with interest rates, yields and other terms currently available for similar instruments. Management has estimated that the fair value of fixed rate debt with a carrying value of $5.7 billion at both December 31, 2022 and 2021, to be $5.2 billion and $6.0 billion at December 31, 2022 and 2021, respectively. Management has estimated the fair value of the Company’s $274.2 million and $564.9 million of variable rate debt at December 31, 2022 and 2021, respectively, to be $273.2 million and $561.7 million at December 31, 2022 and 2021, respectively, based on the terms of existing mortgage notes payable, unsecured debt, and variable rate demand notes compared to those available in the marketplace. Management believes that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payables, other liabilities and dividends payable approximate fair value as of December 31, 2022 and 2021 due to the short-term maturity of these instruments. Marketable securities are carried at fair value as of December 31, 2022 and 2021. |
Interest Rate Protection, Swap, and Forward Contracts | Interest Rate Protection, Swap, and Forward Contracts The Company uses interest rate swaps, interest rate caps, and total return swap contracts to manage interest rate risks. The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, the Company uses interest rate swaps as part of its cash flow hedging strategy. The Company records all derivatives on its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated for accounting purposes as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated for accounting purposes as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the initial and ongoing effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated for accounting purposes as cash flow hedges, changes in fair value are recognized in earnings. All of the Company’s interest rate swaps are considered cash flow hedges. |
Income Taxes | Income Taxes Generally in any year in which Essex qualifies as a real estate investment trust ("REIT") under the Internal Revenue Code (the "IRC"), it is not subject to federal income tax on that portion of its income that it distributes to stockholders. No provision for federal income taxes, other than the taxable REIT subsidiaries discussed below, has been made in the accompanying consolidated financial statements for each of the years in the three-year period ended December 31, 2022 as Essex has elected to be and believes it qualifies under the IRC as a REIT and has made distributions during the periods in amounts to preclude Essex from paying federal income tax. In order to maintain compliance with REIT tax rules, the Company utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Company. In general, the activities and tax related provisions, assets and liabilities are not material. As a partnership, the Operating Partnership is not subject to federal or state income taxes, except that in order to maintain Essex's compliance with REIT tax rules that are applicable to Essex, the Operating Partnership utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Operating Partnership. |
Equity-based Compensation | Equity-based CompensationThe cost of share- and unit-based compensation awards is measured at the grant date based on the estimated fair value of the awards. The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period. The estimated grant date fair values of the long-term incentive plan units (discussed in Note 14) are being amortized over the expected service periods. |
Changes in Accumulated Other Comprehensive Loss, by Component | Amounts reclassified from accumulated other comprehensive loss in connection with derivatives are recorded in interest expense on the consolidated statements of income. Realized gains and losses on available for sale debt securities are included in interest and other income on the consolidated statements of income. |
Accounting Estimates | Accounting EstimatesThe preparation of consolidated financial statements, in accordance with U.S. GAAP, requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, and its notes receivable. The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions. |
Variable Interest Entities | Variable Interest Entities In accordance with accounting standards for consolidation of VIEs, the Company consolidated the Operating Partnership, 18 DownREIT entities (comprising nine communities), and six co-investments as of December 31, 2022 and 2021. The Company consolidates these entities because it is deemed the primary beneficiary. The Company has no assets or liabilities other than its investment in the Operating Partnership. The consolidated total assets and liabilities related to the above consolidated co-investments and DownREIT entities, net of intercompany eliminations, were approximately $939.4 million and $324.3 million, respectively, as of December 31, 2022, and $909.3 million and $320.1 million, respectively, as of December 31, 2021. Noncontrolling interests in these entities were $121.5 million and $122.4 million as of December 31, 2022 and 2021, respectively. The Company's financial risk in each VIE is limited to its equity investment in the VIE. The DownREIT VIEs collectively own nine apartment communities in which the Company is the general partner or manager of the DownREIT entity, the Operating Partnership is a special limited partner or member, and the other limited partners or members were granted rights of redemption for their interests. Such limited partners or members can request to be redeemed and the Company, subject to certain restrictions, can elect to redeem their rights for cash or by issuing shares of its common stock on a one share per unit basis. Conversion values will be based on the market value of the Company's common stock at the time of redemption multiplied by the number of units stipulated under various arrangements, as noted above. The other limited partners or members receive distributions based on the Company's current dividend rate times the number of units held. Total DownREIT units outstanding were 938,513 and 978,854 as of December 31, 2022 and 2021, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $198.9 million and $344.8 million, as of December 31, 2022 and 2021, respectively. The carrying value of redeemable noncontrolling interest in the accompanying balance sheets was $27.2 million and $34.7 million as of December 31, 2022 and 2021, respectively. Of these amounts, $9.2 million and $7.7 million as of December 31, 2022 and 2021, respectively, represent units of limited partners' or members' interests in DownREIT VIEs as to which it is outside of the Company’s control to redeem the DownREIT units with Company common stock and may potentially be redeemed for cash, and are presented at either their redemption value or historical cost, depending on the limited partner's or members' right to redeem their units as of the balance sheet date. The carrying value of DownREIT units as to which it is within the control of the Company to redeem the units with its common stock was $97.0 million and $97.4 million as of December 31, 2022 and 2021, respectively, and are classified within noncontrolling interests in the accompanying consolidated balance sheets. Interest holders in VIEs consolidated by the Company are allocated a priority of net income equal to the cash payments made to those interest holders or distributions from cash flow. The remaining results of operations are generally allocated to the Company. |
Summary of Critical and Signi_3
Summary of Critical and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Depreciable Life of Various Categories of Fixed Assets | The depreciable life of various categories of fixed assets is as follows: Computer software and equipment 3 - 5 years Interior apartment home improvements 5 years Furniture, fixtures and equipment 5 - 10 years Land improvements and certain exterior components of real property 10 years Real estate structures 30 years |
Schedule of Cash and Cash Equivalents Reconciliation | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows ($ in thousands): 2022 2021 2020 Cash and cash equivalents - unrestricted $ 33,295 $ 48,420 $ 73,629 Cash and cash equivalents - restricted 9,386 10,218 10,412 Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows $ 42,681 $ 58,638 $ 84,041 |
Schedule of Restricted Cash Reconciliation | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows ($ in thousands): 2022 2021 2020 Cash and cash equivalents - unrestricted $ 33,295 $ 48,420 $ 73,629 Cash and cash equivalents - restricted 9,386 10,218 10,412 Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows $ 42,681 $ 58,638 $ 84,041 |
Schedule of Components of Marketable Securities | As of December 31, 2022 and 2021, marketable securities consist of the following ($ in thousands): December 31, 2022 Amortized Gross Carrying Equity securities: Investment funds - debt securities $ 43,155 $ (6,771) $ 36,384 Common stock, preferred stock, and stock funds 78,481 (2,122) 76,359 Total - Marketable securities $ 121,636 $ (8,893) $ 112,743 December 31, 2021 Amortized Gross Carrying Equity securities: Investment funds - debt securities $ 62,192 $ (502) $ 61,690 Common stock and stock funds 79,155 49,592 128,747 Debt securities: Available for sale Investment-grade unsecured debt 1,051 341 1,392 Total - Marketable securities $ 142,398 $ 49,431 $ 191,829 |
Summary of Status of Cash Dividends Distributed | The status of cash dividends distributed for the years ended December 31, 2022, 2021, and 2020 related to common stock are classified for tax purposes as follows: 2022 2021 2020 Common Stock Ordinary income 80.17 % 70.92 % 85.23 % Capital gain 16.78 % 22.07 % 10.68 % Unrecaptured section 1250 capital gain 3.05 % 7.01 % 4.09 % 100.00 % 100.00 % 100.00 % |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss), Net by Component | Changes in Accumulated Other Comprehensive Loss, Net, by Component Essex Property Trust, Inc. ($ in thousands) Change in fair Unrealized Total Balance at December 31, 2021 $ (5,912) $ 360 $ (5,552) Other comprehensive income before reclassification 52,331 224 52,555 Amounts reclassified from accumulated other comprehensive loss 20 (557) (537) Other comprehensive income 52,351 (333) 52,018 Balance at December 31, 2022 $ 46,439 $ 27 $ 46,466 Changes in Accumulated Other Comprehensive Loss, by Component Essex Portfolio, L.P. ($ in thousands) Change in fair Unrealized Total Balance at December 31, 2021 $ (2,176) $ 372 $ (1,804) Other comprehensive income before reclassification 54,138 233 54,371 Amounts reclassified from accumulated other comprehensive loss 20 (577) (557) Other comprehensive income 54,158 (344) 53,814 Balance at December 31, 2022 $ 51,982 $ 28 $ 52,010 |
Schedule of Changes in the Redemption Value of Redeemable Noncontrolling Interests | The changes in the redemption value of redeemable noncontrolling interests for the years ended December 31, 2022, 2021, and 2020 are as follows: 2022 2021 2020 Balance at January 1, $ 34,666 $ 32,239 $ 37,410 Reclassifications due to change in redemption value and other (7,038) 6,890 (4,299) Redemptions (478) (4,463) (872) Balance at December 31, $ 27,150 $ 34,666 $ 32,239 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate Investments, Net [Abstract] | |
Schedule of Real Estate Properties | The table below summarizes acquisition activity for the year ended December 31, 2022 ($ in millions): For the year ended December 31, 2022, the Company purchased two communities consisting of 211 apartment homes for approximately $32.9 million. Property Name Location Apartment Homes Essex Ownership Percentage Quarter in 2022 Purchase Price Regency Palm Court and Windsor Court (1) Los Angeles, CA 211 100 % Q3 $ 32.9 Total 2022 211 $ 32.9 |
Sales of Real Estate Investments | The table below summarizes the disposition activity for the year ended December 31, 2022 ($ in millions): Property Name Location Apartment Homes Ownership Quarter in 2022 Sales Price Anavia Anaheim, CA 250 EPLP Q4 $ 160.0 (1) Total 2022 250 $ 160.0 (1) The Company recognized a $94.4 million gain on sale. |
Summary of Co-Investment | The carrying values of the Company’s co-investments as of December 31, 2022 and 2021 are as follows ($ in thousands, except in parenthetical): Weighted Average Essex Ownership December 31, Percentage (1) 2022 2021 Ownership interest in: Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI (2) 54 % $ 178,552 $ 168,198 BEXAEW, BEX II, BEX IV and 500 Folsom 50 % 238,537 270,550 Other (3) 52 % 74,742 126,503 Total operating and other co-investments, net 491,831 565,251 Total development co-investments 51 % 12,994 11,076 Total preferred interest co-investments (includes related party investments of $87.1 million and $71.1 million as of December 31, 2022 and December 31, 2021, respectively - Note 6 - Related Party Transactions for further discussion) 580,134 565,930 Total co-investments, net $ 1,084,959 $ 1,142,257 (1) Weighted average Company ownership percentages are as of December 31, 2022. (2) As of December 31, 2022, the Company's investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $41.7 million due to distributions received in excess of the Company's investment. As of December 31, 2021, the Company's investment in Wesco I was classified as a liability of $35.3 million due to distributions received in excess of the Company's investment. (3) As of December 31, 2022, the Company's investments in Expo and Century Towers were classified as a liability of $0.8 million due to distributions received in excess of the Company's investment. As of December 31, 2021, the Company's investment in Expo was classified as a liability of $0.2 million due to distributions received in excess of the Company's investment. The weighted average Essex ownership percentage excludes our investments in non-core technology co-investments which are carried at fair value. |
Summarized Financial Statement for Co-Investment Accounted for Under the Equity Method | The combined summarized financial information of co-investments is as follows ($ in thousands): December 31, 2022 2021 Combined balance sheets: (1) Rental properties and real estate under development $ 4,955,051 $ 4,603,465 Other assets 294,663 278,411 Total assets $ 5,249,714 $ 4,881,876 Debt $ 3,397,113 $ 3,046,765 Other liabilities 264,872 200,129 Equity 1,587,729 1,634,982 Total liabilities and equity $ 5,249,714 $ 4,881,876 Company's share of equity $ 1,084,959 $ 1,142,257 Years ended 2022 2021 2020 Combined statements of income: (1) Property revenues $ 373,074 $ 289,680 $ 300,624 Property operating expenses (140,175) (115,023) (108,682) Net operating income 232,899 174,657 191,942 Interest expense (100,913) (65,172) (78,962) General and administrative (20,579) (17,885) (17,079) Depreciation and amortization (164,186) (133,787) (117,836) Net income $ (52,779) $ (42,187) $ (21,935) Company's share of net income (2) $ 26,030 $ 111,721 $ 66,512 (1) Includes preferred equity investments held by the Company. (2) Includes the Company's share of equity income from joint ventures and preferred equity investments, gain on sales of co-investments, co-investment promote income and income from early redemption of preferred equity investments. Includes related party income of $7.4 million, $9.1 million, and $8.6 million for the years ended December 31, 2022, 2021, and 2020, respectively. |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregation of Revenue | The following table presents the Company’s revenues disaggregated by revenue source ($ in thousands): 2022 2021 2020 Rental income $ 1,573,368 $ 1,410,197 $ 1,462,161 Other property 22,307 21,221 23,989 Management and other fees from affiliates 11,139 9,138 9,598 Total revenues $ 1,606,814 $ 1,440,556 $ 1,495,748 The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment ($ in thousands): 2022 2021 2020 Southern California $ 652,742 $ 580,305 $ 558,839 Northern California 639,138 584,034 604,348 Seattle Metro 271,248 239,839 243,900 Other real estate assets (1) 32,547 27,240 79,063 Total rental and other property revenues $ 1,595,675 $ 1,431,418 $ 1,486,150 (1) Other real estate assets consist of revenue generated from retail space, commercial properties, held for sale properties, disposition properties and straight-line rent adjustments for concessions. Executive management does not evaluate such operating performance geographically. The following table presents the Company’s rental and other property revenues disaggregated by current property category status ($ in thousands): 2022 2021 2020 Same-property (1) $ 1,484,976 $ 1,346,680 $ 1,363,241 Acquisitions (2) 8,793 2,239 — Development (3) 43,139 31,270 20,050 Redevelopment 5,766 6,169 6,931 Non-residential/other, net (4) 58,120 55,871 74,072 Straight line rent concession (5) (5,119) (10,811) 21,856 Total rental and other property revenues $ 1,595,675 $ 1,431,418 $ 1,486,150 (1) Properties that have comparable stabilized results as of January 1, 2021 and are consolidated by the Company for the years ended December 31, 2022, 2021, and 2020. A community is generally considered to have reach stabilized operations once it achieves an initial occupancy of 90%. (2) Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2021. (3) Development includes properties developed which did not have stabilized results as of January 1, 2021. (4) Non-residential/other, net consists of revenue generated from retail space, commercial properties, held for sale properties, disposition properties, student housing, properties undergoing significant construction activities that do not meet our redevelopment criteria, and two communities located in the California counties of Santa Barbara, and Santa Cruz, which the Company does not consider its core markets. (5) Same-property revenues reflect concessions on a cash basis. Total rental and other property revenues reflect concessions on a straight-line basis in accordance with U.S. GAAP. |
Notes and Other Receivables (Ta
Notes and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Notes and Other Receivables | Notes and other receivables consist of the following as of December 31, 2022 and 2021 ($ in thousands): 2022 2021 Notes receivable, secured, weighted average interest rate of 10.10% as of December 31, 2022 and 10.50% as of December 31, 2021, due February 2023 (Originated March 2020) (1) $ — $ 17,051 Note receivable, secured, bearing interest at 9.00%, due December 2023 (Originated November 2020) (2) — 87,365 Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020) 33,477 29,729 Related party note receivable, secured, bearing interest at 2.15%, due March 2022 (Originated September 2021) (3) (7) — 29,314 Related party note receivable, secured, bearing interest at 2.30%, due April 2022 (Originated October 2021) (4) (7) — 30,399 Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021) 21,452 — Related party note receivable, secured, bearing interest at 2.36%, due February 2022 (Originated November 2021) (5) (7) — 62,058 Related party note receivable, secured, bearing interest at 2.36%, due February 2022 (Originated November 2021) (6) (7) — 48,562 Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022) 10,350 — Notes and other receivables from affiliates (7) (8) 6,975 6,556 Straight line rent receivables (9) 12,164 15,523 Other receivables 18,961 15,232 Allowance for credit losses (334) (756) Total notes and other receivables $ 103,045 $ 341,033 (1) In December 2022, the Company received cash of $15.0 million to payoff the principal of this note receivable. (2) In November 2022, the Company received cash of $89.3 million to payoff the principal of this note receivable. Additionally, the Company received an early redemption fee of $0.8 million from the payoff. (3) In January 2022, the Company received cash of $29.2 million to payoff the principal of this note receivable. (4) In January 2022, the Company received cash of $30.3 million to payoff the principal of this note receivable. (5) In January 2022, the Company received cash of $61.9 million to payoff the principal of this note receivable. (6) In January 2022, the Company received cash of $48.4 million to payoff the principal of this note receivable. (7) See Note 6, Related Party Transactions, for additional details. (8) These amounts consist of short-term loans outstanding and due from various joint ventures as of December 31, 2022 and 2021, respectively. (9) These amounts are receivables from lease concessions recorded on a straight-line basis for the Company's operating properties. |
Schedule of Allowance For Credit Losses | The following table presents the activity in the allowance for credit losses for notes and other receivables by loan type ($ in thousands): Mezzanine Loans Bridge Loans Total Balance at December 31, 2021 $ 671 $ 85 $ 756 Provision for credit losses (337) (85) (422) Balance at December 31, 2022 $ 334 $ — $ 334 |
Unsecured Debt (Tables)
Unsecured Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Unsecured Debt | Unsecured debt consists of the following as of December 31, 2022 and 2021 ($ in thousands): 2022 2021 Weighted Average Term loan - variable rate, net (1) $ (1,611) $ — N/A Bonds public offering - fixed rate, net 5,313,779 5,307,196 7.7 Unsecured debt, net (2) 5,312,168 5,307,196 Lines of credit (3) 52,073 341,257 N/A Total unsecured debt $ 5,364,241 $ 5,648,453 Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering 3.3 % 3.3 % Weighted average interest rate on lines of credit 4.4 % 1.0 % (1) In October 2022, the Operating Partnership obtained a $300.0 million unsecured term loan priced at Adjusted SOFR plus 0.85%. The loan has been swapped to an all-in fixed rate of 4.2% and matures in October 2024 with three 12-month extension options, exercisable at the Company's option. The loan includes a six-month delayed draw feature. There was $1.6 million of unamortized debt issuance costs as of December 31, 2022. (2) Includes unamortized discount, net of premiums, of $7.9 million and $9.9 million and unamortized debt issuance costs of $29.9 million and $32.9 million as of December 31, 2022 and 2021, respectively. (3) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion, excludes unamortized debt issuance costs of $5.1 million and $4.4 million as of December 31, 2022 and 2021, respectively. These debt issuance costs are included in prepaid expenses and other assets on the consolidated balance sheets. In July 2022, the Company's $1.2 billion credit facility was amended such that the scheduled maturity date was extended to January 2027 with two 6-month extension options, exercisable at the Company's option. The underlying interest rate on the line is based on a tiered rate structure tied to the Company's corporate ratings and is at the Adjusted Secured Overnight Financing Rate ("SOFR") plus 0.75%. As of December 31, 2021, this credit facility had an interest rate of LIBOR plus 0.775%, which is based on a tiered rate structure tied to the Company's credit ratings and a scheduled maturity date of September 2025 with three six-month extensions, exercisable at the Company's option. In July 2022, the Company's $35.0 million working capital unsecured line of credit was amended such that the scheduled maturity date was extended to July 2024. The underlying interest rate on this line is based on a tiered rate structure tied to the Company's corporate ratings and is at the Adjusted SOFR plus 0.75%. As of December 31, 2021, the Company's working capital unsecured line of credit had an interest rate of LIBOR plus 0.775%, which is based on a tiered rate structure tied to the Company's credit ratings, and had a scheduled maturity date of February 2023. |
Summary of Senior Unsecured Notes | The following is a summary of the Company’s senior unsecured notes as of December 31, 2022 and 2021 ($ in thousands): Maturity 2022 2021 Coupon Senior notes May 2023 $ 300,000 $ 300,000 3.250 % Senior notes May 2024 400,000 400,000 3.875 % Senior notes April 2025 500,000 500,000 3.500 % Senior notes April 2026 450,000 450,000 3.375 % Senior notes May 2027 350,000 350,000 3.625 % Senior notes March 2028 450,000 450,000 1.700 % Senior notes March 2029 500,000 500,000 4.000 % Senior notes January 2030 550,000 550,000 3.000 % Senior notes January 2031 300,000 300,000 1.650 % Senior notes June 2031 300,000 300,000 2.550 % Senior notes March 2032 650,000 650,000 2.650 % Senior notes March 2048 300,000 300,000 4.500 % Senior notes September 2050 300,000 300,000 2.650 % $ 5,350,000 $ 5,350,000 2022 2021 Fixed rate mortgage notes payable $ 371,849 $ 415,350 Variable rate mortgage notes payable (1) 222,094 223,609 Total mortgage notes payable (2) $ 593,943 $ 638,959 Number of properties securing mortgage notes 11 12 Remaining terms 2-24 years 1-25 years Weighted average interest rate 3.5 % 2.7 % |
Schedule of Unsecured Debt Principal Payments Excluding Lines of Credit | The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2022 are as follows ($ in thousands): 2023 $ 300,000 2024 400,000 2025 500,000 2026 450,000 2027 350,000 Thereafter 3,350,000 $ 5,350,000 The aggregate scheduled principal payments of mortgage notes payable at December 31, 2022 are as follows ($ in thousands): 2023 $ 2,945 2024 3,109 2025 133,054 2026 99,405 2027 153,955 Thereafter 202,269 $ 594,737 (1) Variable rate mortgage notes payable, including $223.6 million in bonds that have been converted to variable rate through total return swap contracts, consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 3.5% at December 2022 and 1.1% at December 2021) including credit enhancement and underwriting fees. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the apartment homes are subject to tenant income criteria. Once the bonds have been repaid, the properties may no longer be obligated to comply with such tenant income criteria. Principal balances are due in full at various maturity dates from December 2027 through December 2046. The Company had no interest rate cap agreements as of December 31, 2022 and 2021, respectively. (2) Includes total unamortized premium, net of discounts, of $1.2 million and $2.5 million and reduced by unamortized debt issuance costs of $2.0 million and $1.5 million as of December 31, 2022 and 2021, respectively. |
Mortgage Notes Payable (Tables)
Mortgage Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Payable [Abstract] | |
Summary of Mortgages Notes Payable | The following is a summary of the Company’s senior unsecured notes as of December 31, 2022 and 2021 ($ in thousands): Maturity 2022 2021 Coupon Senior notes May 2023 $ 300,000 $ 300,000 3.250 % Senior notes May 2024 400,000 400,000 3.875 % Senior notes April 2025 500,000 500,000 3.500 % Senior notes April 2026 450,000 450,000 3.375 % Senior notes May 2027 350,000 350,000 3.625 % Senior notes March 2028 450,000 450,000 1.700 % Senior notes March 2029 500,000 500,000 4.000 % Senior notes January 2030 550,000 550,000 3.000 % Senior notes January 2031 300,000 300,000 1.650 % Senior notes June 2031 300,000 300,000 2.550 % Senior notes March 2032 650,000 650,000 2.650 % Senior notes March 2048 300,000 300,000 4.500 % Senior notes September 2050 300,000 300,000 2.650 % $ 5,350,000 $ 5,350,000 2022 2021 Fixed rate mortgage notes payable $ 371,849 $ 415,350 Variable rate mortgage notes payable (1) 222,094 223,609 Total mortgage notes payable (2) $ 593,943 $ 638,959 Number of properties securing mortgage notes 11 12 Remaining terms 2-24 years 1-25 years Weighted average interest rate 3.5 % 2.7 % |
Aggregate Scheduled Principal Payments of Mortgage Notes Payable | The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2022 are as follows ($ in thousands): 2023 $ 300,000 2024 400,000 2025 500,000 2026 450,000 2027 350,000 Thereafter 3,350,000 $ 5,350,000 The aggregate scheduled principal payments of mortgage notes payable at December 31, 2022 are as follows ($ in thousands): 2023 $ 2,945 2024 3,109 2025 133,054 2026 99,405 2027 153,955 Thereafter 202,269 $ 594,737 (1) Variable rate mortgage notes payable, including $223.6 million in bonds that have been converted to variable rate through total return swap contracts, consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 3.5% at December 2022 and 1.1% at December 2021) including credit enhancement and underwriting fees. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the apartment homes are subject to tenant income criteria. Once the bonds have been repaid, the properties may no longer be obligated to comply with such tenant income criteria. Principal balances are due in full at various maturity dates from December 2027 through December 2046. The Company had no interest rate cap agreements as of December 31, 2022 and 2021, respectively. (2) Includes total unamortized premium, net of discounts, of $1.2 million and $2.5 million and reduced by unamortized debt issuance costs of $2.0 million and $1.5 million as of December 31, 2022 and 2021, respectively. |
Lease Agreements - Company as_3
Lease Agreements - Company as Lessor (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Summary of Lessor Future Minimum Base Rent | A maturity analysis of undiscounted future minimum non-cancelable base rent to be received under the above operating leases as of December 31, 2022 is summarized as follows ($ in thousands): Future Minimum Rent 2023 $ 697,146 2024 21,421 2025 17,870 2026 14,853 2027 12,777 Thereafter 28,820 $ 792,887 |
Lease Agreements - Company as_4
Lease Agreements - Company as Lessee (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Balance Sheet Information Related to Leases | Supplemental consolidated balance sheet information related to leases as of December 31, 2022 and 2021 is as follows ($ in thousands): Classification December 31, 2022 December 31, 2021 Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 67,239 $ 68,972 Total leased assets $ 67,239 $ 68,972 Liabilities Operating lease liabilities Operating lease liabilities $ 68,696 $ 70,675 Total lease liabilities $ 68,696 $ 70,675 |
Schedule of Components of Lease Expense/Discount Rate Information | The components of lease expense for the years ended December 31, 2022 and 2021 were as follows ($ in thousands): December 31, 2022 December 31, 2021 Operating lease cost $ 6,697 $ 6,729 Variable lease cost 1,750 1,639 Short-term lease cost 204 287 Sublease income (418) (438) Total lease cost $ 8,233 $ 8,217 Lease term and discount rate information for leases at December 31, 2022 and 2021 are as follows: December 31, 2022 December 31, 2021 Weighted-average of remaining lease terms (years) Operating Leases 40 40 Weighted-average of discount rates Operating Leases 5.01 % 5.01 % |
Schedule of Maturity Analysis of Operating Lease Liabilities | A maturity analysis of lease liabilities as of December 31, 2022 is as follows ($ in thousands): Operating Leases 2023 $ 6,962 2024 7,251 2025 6,887 2026 5,035 2027 3,421 Thereafter 132,556 Total lease payments $ 162,112 Less: Imputed interest (93,416) Present value of lease liabilities $ 68,696 |
Net Income Per Common Share a_2
Net Income Per Common Share and Net Income Per Common Unit (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Net Income Per Share and Net Income Per Unit [Line Items] | |
Schedule of Net Income Per Common Share and Net Income Per Unit | Basic and diluted income per share is calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts): 2022 2021 2020 Income Weighted- Per Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 408,315 65,079,764 $ 6.27 $ 488,554 65,051,465 $ 7.51 $ 568,870 65,454,057 $ 8.69 Effect of Dilutive Securities Stock options 18,422 — 37,409 — 16,678 DownREIT units — — — — 783 94,247 Diluted: Net income available to common stockholders $ 408,315 65,098,186 $ 6.27 $ 488,554 65,088,874 $ 7.51 $ 569,653 65,564,982 $ 8.69 |
Essex Portfolio, L.P. | |
Net Income Per Share and Net Income Per Unit [Line Items] | |
Schedule of Net Income Per Common Share and Net Income Per Unit | Basic and diluted income per unit is calculated as follows for the years ended December 31 ($ in thousands, except unit and per unit amounts): 2022 2021 2020 Income Weighted- Per Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 422,612 67,356,105 $ 6.27 $ 505,745 67,340,856 $ 7.51 $ 588,782 67,750,665 $ 8.69 Effect of Dilutive Securities Stock options — 18,422 — 37,409 — 16,678 DownREIT units — — — — 783 94,247 Diluted: Net income available to common unitholders $ 422,612 67,374,527 $ 6.27 $ 505,745 67,378,265 $ 7.51 $ 589,565 67,861,590 $ 8.69 |
Equity Based Compensation Pla_2
Equity Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Weighted Average Assumptions Used to Estimate Fair Value of Stock Options | The fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants: 2022 2021 2020 Stock price $ 245.17 $ 329.71 $ 244.74 Risk-free interest rates 3.50 % 1.22 % 0.83 % Expected lives 6 years 6 years 6 years Volatility 27.98 % 27.00 % 25.72 % Dividend yield 3.06 % 2.90 % 2.93 % |
Summary of Stock Options Activity | A summary of the status of the Company’s stock option plans as of December 31, 2022, 2021, and 2020 and changes during the years ended on those dates is presented below: 2022 2021 2020 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of year 463,863 $ 284.82 613,109 $ 255.86 572,971 $ 251.10 Granted 111,757 245.17 99,479 329.71 149,020 244.74 Exercised (76,246) 245.43 (248,725) 231.37 (70,802) 208.57 Forfeited and canceled (11,928) 281.19 — — (38,080) 228.64 Outstanding at end of year 487,446 279.46 463,863 284.82 613,109 255.86 Options exercisable at year end 293,377 285.76 274,244 270.11 361,985 245.83 |
Summary of Restricted Stock Activity | The following table summarizes information about restricted stock outstanding as of December 31, 2022, 2021 and 2020 and changes during the years ended: 2022 2021 2020 Shares Weighted- Shares Weighted- Shares Weighted- Unvested at beginning of year 159,401 $ 251.03 132,603 $ 214.34 114,877 $ 197.62 Granted 72,838 215.73 50,349 337.52 45,196 248.16 Vested (44,945) 306.25 (22,387) 229.90 (15,116) 170.61 Forfeited and canceled (4,379) 272.12 (1,164) 219.30 (12,354) 184.11 Unvested at end of year 182,915 222.90 159,401 251.03 132,603 214.34 |
Summary of Long Term Incentive Plan - Z Units | The following table summarizes information about the LTIP Units outstanding as of December 31, 2022: Long-Term Incentive Plan - LTIP Units Total Total Total Weighted- Weighted- Balance, December 31, 2019 143,257 1,890 145,147 $ 75.03 5.2 Granted — — — Vested 1,890 (1,890) — Converted (39,010) — (39,010) Cancelled — — — Balance, December 31, 2020 106,137 — 106,137 $ 84.47 3.6 Granted — — — Vested — — — Converted — — — Cancelled — — — Balance, December 31, 2021 106,137 — 106,137 $ 84.47 2.6 Granted — — — Vested — — — Converted — — — Cancelled — — — Balance, December 31, 2022 106,137 — 106,137 $ 84.47 1.6 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Summary of Reportable Operating Segments of Revenue and NOI | The revenues and NOI for each of the reportable operating segments are summarized as follows for the years ended December 31, 2022, 2021, and 2020 ($ in thousands): Years Ended December 31, 2022 2021 2020 Revenues: Southern California $ 652,742 $ 580,305 $ 558,839 Northern California 639,138 584,034 604,348 Seattle Metro 271,248 239,839 243,900 Other real estate assets 32,547 27,240 79,063 Total property revenues $ 1,595,675 $ 1,431,418 $ 1,486,150 Net operating income: Southern California $ 464,023 $ 402,608 $ 385,766 Northern California 445,763 401,870 431,047 Seattle Metro 191,476 160,959 166,806 Other real estate assets 27,144 20,745 61,919 Total net operating income 1,128,406 986,182 1,045,538 Management and other fees from affiliates 11,139 9,138 9,598 Corporate-level property management expenses (40,704) (36,211) (34,361) Depreciation and amortization (539,319) (520,066) (525,497) General and administrative (56,577) (51,838) (65,388) Expensed acquisition and investment related costs (2,132) (203) (1,591) Impairment loss — — (1,825) Gain on sale of real estate and land 94,416 142,993 64,967 Interest expense (204,798) (203,125) (220,633) Total return swap income 7,907 10,774 10,733 Interest and other (loss) income (19,040) 98,744 40,999 Equity income from co-investments 26,030 111,721 66,512 Deferred tax benefit (expense) on unconsolidated co-investments 10,236 (15,668) (1,531) Loss on early retirement of debt, net (2) (19,010) (22,883) Gain on remeasurement of co-investment 17,423 2,260 234,694 Net income $ 432,985 $ 515,691 $ 599,332 |
Summary of Total Assets from Reportable Operating Segments | Total assets for each of the reportable operating segments are summarized as follows as of December 31, 2022 and 2021 ($ in thousands): As of December 31, 2022 2021 Assets: Southern California $ 3,925,251 $ 3,956,814 Northern California 5,414,467 5,460,701 Seattle Metro 1,374,379 1,407,033 Other real estate assets 99,997 158,525 Net reportable operating segments - real estate assets 10,814,094 10,983,073 Real estate under development 24,857 111,562 Co-investments 1,127,491 1,177,802 Cash and cash equivalents, including restricted cash 42,681 58,638 Marketable securities 112,743 191,829 Notes and other receivables 103,045 341,033 Operating lease right-of-use assets 67,239 68,972 Prepaid expenses and other assets 80,755 64,964 Total assets $ 12,372,905 $ 12,997,873 |
Organization (Details)
Organization (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) investment apartment building community shares | Dec. 31, 2021 USD ($) shares | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Limited partner - ownership percentage | 3.40% | 3.40% |
Operating Partnership units outstanding (in shares) | shares | 2,272,496 | 2,282,464 |
Redemption value of operating partnership units outstanding | $ | $ 481.6 | $ 804 |
Number of apartment communities owned | community | 252 | |
Number of apartment units owned | apartment | 62,147 | |
Ownership interests, number of commercial buildings | building | 3 | |
Ownership Interests, number of unconsolidated projects | investment | 1 | |
Operating Partnership | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
General partner ownership interest | 96.60% | 96.60% |
Summary of Critical and Signi_4
Summary of Critical and Significant Accounting Policies - Narrative (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) property investment community partnership shares | Dec. 31, 2021 USD ($) property shares | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Accounting Policies [Abstract] | ||||
Limited partner - ownership percentage | 3.40% | 3.40% | ||
Threshold useful life of assets for capitalization | 1 year | |||
Acquired in-place lease value, net | $ 7,400,000 | $ 8,900,000 | ||
Number of properties held-for-sale | property | 0 | 0 | ||
Impairment loss | $ 0 | $ 0 | $ 1,825,000 | |
Impairment loss from unconsolidated co-investment | $ 2,100,000 | 0 | 0 | |
Lease term, minimum | 9 months | |||
Lease term, maximum | 12 months | |||
Original maturities highly liquid investments term classification as cash equivalents, maximum | 3 months | |||
Equity securities, FV-NI | $ 200,000 | 800,000 | ||
Proceeds from sale and maturities of marketable securities | 71,200,000 | 16,600,000 | 113,500,000 | |
Marketable securities, realized gain (loss) | 12,400,000 | 3,400,000 | 2,100,000 | |
Unrealized gain (loss) on equity securities recognized through income | (57,983,000) | 33,104,000 | 12,515,000 | |
Capitalized internal costs related to development and redevelopment projects | 20,400,000 | 23,600,000 | 31,400,000 | |
Fixed rate debt carrying amount | 5,700,000,000 | 5,700,000,000 | ||
Fixed rate debt fair value | 5,200,000,000 | 6,000,000,000 | ||
Variable rate debt carrying amount | 274,200,000 | 564,900,000 | ||
Variable rate debt fair value | $ 273,200,000 | 561,700,000 | ||
DownREIT limited partnerships consolidated by company (in partnerships) | partnership | 18 | |||
Communities within DownREIT partnerships (in communities) | community | 9 | |||
Number of consolidated co-investments that now meet the definition of a VIE | investment | 6 | |||
Assets related to variable interest entities net of intercompany eliminations | $ 939,400,000 | 909,300,000 | ||
Liabilities related to variable interest entities net of intercompany eliminations | 324,300,000 | 320,100,000 | ||
Noncontrolling interests in VIE | $ 121,500,000 | $ 122,400,000 | ||
Number of common stock shares per unit basis (in shares) | shares | 1 | |||
Units of limited partnership interest amount (in shares) | shares | 938,513 | 978,854 | ||
Redemption value of variable interest entities | $ 198,900,000 | $ 344,800,000 | ||
Redeemable noncontrolling interest | 27,150,000 | 34,666,000 | 32,239,000 | $ 37,410,000 |
Redeemable noncontrolling interest, units of limited partners' interests in DownREIT VIEs | 9,200,000 | 7,700,000 | ||
Noncontrolling interest in limited partnerships | 97,000,000 | 97,400,000 | ||
Employee retention credit | $ 4,100,000 | $ 4,200,000 | $ 0 |
Summary of Critical and Signi_5
Summary of Critical and Significant Accounting Policies - Summary of Depreciable Life of Various Categories of Fixed Assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Computer software and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Depreciable life, average | 3 years |
Computer software and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Depreciable life, average | 5 years |
Interior apartment home improvements | |
Property, Plant and Equipment [Line Items] | |
Depreciable life, average | 5 years |
Furniture, fixtures and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Depreciable life, average | 5 years |
Furniture, fixtures and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Depreciable life, average | 10 years |
Land improvements and certain exterior components of real property | |
Property, Plant and Equipment [Line Items] | |
Depreciable life, average | 10 years |
Real estate structures | |
Property, Plant and Equipment [Line Items] | |
Depreciable life, average | 30 years |
Summary of Critical and Signi_6
Summary of Critical and Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash And Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents-unrestricted | $ 33,295 | $ 48,420 | $ 73,629 | |
Cash and cash equivalents-restricted | 9,386 | 10,218 | 10,412 | |
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows | $ 42,681 | $ 58,638 | $ 84,041 | $ 81,094 |
Summary of Critical and Signi_7
Summary of Critical and Significant Accounting Policies - Marketable Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity securities: | |||
Gross Unrealized Loss | $ (57,983) | $ 33,104 | $ 12,515 |
Carrying Value | 200 | 800 | |
Available for sale | |||
Total - Marketable securities, amortized cost | 121,636 | 142,398 | |
Total - Marketable securities, gross unrealized gain (loss) | (8,893) | 49,431 | |
Total - Marketable securities, carrying value | 112,743 | 191,829 | |
Investment funds - debt securities | |||
Equity securities: | |||
Amortized Cost | 43,155 | 62,192 | |
Gross Unrealized Loss | (6,771) | (502) | |
Carrying Value | 36,384 | 61,690 | |
Common stock, preferred stock, and stock funds | |||
Equity securities: | |||
Amortized Cost | 78,481 | 79,155 | |
Gross Unrealized Loss | (2,122) | 49,592 | |
Carrying Value | $ 76,359 | 128,747 | |
Investment-grade unsecured debt | |||
Available for sale | |||
Amortized Cost | 1,051 | ||
Gross Unrealized Loss | 341 | ||
Carrying Value | $ 1,392 |
Summary of Critical and Signi_8
Summary of Critical and Significant Accounting Policies - Summary of Status of Cash Dividends Distributed (Details) - Common stock | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividend Distribution [Line Items] | |||
Ordinary income | 80.17% | 70.92% | 85.23% |
Capital gain | 16.78% | 22.07% | 10.68% |
Unrecaptured section 1250 capital gain | 3.05% | 7.01% | 4.09% |
Status of dividend total cash dividends distributed percentage | 100% | 100% | 100% |
Summary of Critical and Signi_9
Summary of Critical and Significant Accounting Policies - AOCI (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at period beginning | $ 6,176,508 |
Other comprehensive income before reclassification | 52,555 |
Amounts reclassified from accumulated other comprehensive loss | (537) |
Other comprehensive income | 52,018 |
Balance at period end | 5,895,116 |
Essex Portfolio, L.P. | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Other comprehensive income before reclassification | 54,371 |
Amounts reclassified from accumulated other comprehensive loss | (557) |
Other comprehensive income | 53,814 |
Accumulated other comprehensive income (loss), net | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at period beginning | (5,552) |
Balance at period end | 46,466 |
Accumulated other comprehensive income (loss), net | Essex Portfolio, L.P. | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at period beginning | (1,804) |
Balance at period end | 52,010 |
Change in fair value and amortization of swap settlements | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at period beginning | (5,912) |
Other comprehensive income before reclassification | 52,331 |
Amounts reclassified from accumulated other comprehensive loss | 20 |
Other comprehensive income | 52,351 |
Balance at period end | 46,439 |
Change in fair value and amortization of swap settlements | Essex Portfolio, L.P. | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at period beginning | (2,176) |
Other comprehensive income before reclassification | 54,138 |
Amounts reclassified from accumulated other comprehensive loss | 20 |
Other comprehensive income | 54,158 |
Balance at period end | 51,982 |
Unrealized gain on available for sale securities | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at period beginning | 360 |
Other comprehensive income before reclassification | 224 |
Amounts reclassified from accumulated other comprehensive loss | (557) |
Other comprehensive income | (333) |
Balance at period end | 27 |
Unrealized gain on available for sale securities | Essex Portfolio, L.P. | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at period beginning | 372 |
Other comprehensive income before reclassification | 233 |
Amounts reclassified from accumulated other comprehensive loss | (577) |
Other comprehensive income | (344) |
Balance at period end | $ 28 |
Summary of Critical and Sign_10
Summary of Critical and Significant Accounting Policies - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Balance at January 1, | $ 34,666 | $ 32,239 | $ 37,410 |
Reclassifications due to change in redemption value and other | (7,038) | 6,890 | (4,299) |
Redemptions | (478) | (4,463) | (872) |
Balance at December 31, | $ 27,150 | $ 34,666 | $ 32,239 |
Real Estate Investments - Acqui
Real Estate Investments - Acquisitions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2022 USD ($) community apartment | Jun. 30, 2021 USD ($) apartment | Dec. 31, 2022 USD ($) apartment community | Dec. 31, 2021 USD ($) apartment community | Dec. 31, 2020 USD ($) | |
Acquisitions of Real Estate | |||||
Repayments of debt | $ 29,700 | ||||
Gain on remeasurement of co-investment | $ 17,423 | 2,260 | $ 234,694 | ||
Joint Venture Partner, BEX III | |||||
Acquisitions of Real Estate | |||||
Purchase price | $ 31,800 | ||||
Investment interest acquired | 50% | ||||
Repayments of debt | $ 29,500 | ||||
CPPIB Interest | |||||
Acquisitions of Real Estate | |||||
Gain on remeasurement of co-investment | 2,300 | ||||
Land and Land Improvements | |||||
Acquisitions of Real Estate | |||||
Purchase price | 14,100 | ||||
Land and Land Improvements | CPPIB Interest | |||||
Acquisitions of Real Estate | |||||
Purchase price | 103,300 | ||||
Building and Improvements | |||||
Acquisitions of Real Estate | |||||
Purchase price | 52,700 | ||||
Building and Improvements | CPPIB Interest | |||||
Acquisitions of Real Estate | |||||
Purchase price | 90,200 | ||||
Prepaid Expenses and Other Assets | |||||
Acquisitions of Real Estate | |||||
Purchase price | $ 300 | ||||
Prepaid Expenses and Other Assets | CPPIB Interest | |||||
Acquisitions of Real Estate | |||||
Purchase price | $ 5,400 | ||||
Apartment Building | |||||
Acquisitions of Real Estate | |||||
Number of communities held by acquired investment | community | 2 | 1 | |||
Number of units acquired | apartment | 211 | 123 | |||
Purchase price | $ 63,500 | $ 32,900 | $ 133,600 | ||
Apartment Building | Joint Venture Partner, BEX III | |||||
Acquisitions of Real Estate | |||||
Number of units acquired | apartment | 145 | ||||
Apartment Building | Regency Palm Court and Windsor Court | |||||
Acquisitions of Real Estate | |||||
Number of communities held by acquired investment | community | 2 | ||||
Number of units acquired | apartment | 211 | 211 | |||
Purchase price | $ 32,900 | $ 32,900 | |||
Essex ownership percentage | 100% | ||||
Investment interest acquired | 49.80% | ||||
Gain on remeasurement of co-investment | $ 17,423 | ||||
Commercial Property | |||||
Acquisitions of Real Estate | |||||
Number of communities held by acquired investment | community | 2 |
Real Estate Investments - Sales
Real Estate Investments - Sales of Real Estate Investments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) apartment | Dec. 31, 2021 USD ($) community apartment | Dec. 31, 2020 USD ($) land_parcel apartment | |
Real Estate Properties [Line Items] | |||
Total property revenues | $ 11,139 | $ 9,138 | $ 9,598 |
Gain (loss) on sale of properties | 143,000 | 65,000 | |
Proceeds from sale of real estate | 330,000 | $ 343,500 | |
Repayments of debt | $ 29,700 | ||
Number of land parcels sold | land_parcel | 4 | ||
Anavia | |||
Real Estate Properties [Line Items] | |||
Gain (loss) on sale of properties | $ 94,400 | ||
Apartment Building | |||
Real Estate Properties [Line Items] | |||
Number of apartment units | apartment | 250 | 912 | 670 |
Total property revenues | $ 160,000 | ||
Number of communities sold | community | 4 | ||
Apartment Building | Anavia | |||
Real Estate Properties [Line Items] | |||
Number of apartment units | apartment | 250 | ||
Total property revenues | $ 160,000 |
Real Estate Investments - Co-In
Real Estate Investments - Co-Investments (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Aug. 31, 2022 USD ($) | Apr. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jan. 31, 2022 USD ($) property | Jun. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) apartment investment | Dec. 31, 2021 USD ($) apartment | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Business Acquisition [Line Items] | |||||||||
Co-investment | $ 1,127,491 | $ 1,177,802 | |||||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | 1,084,959 | 1,142,257 | |||||||
Membership Combined Balance Sheets [Abstract] | |||||||||
Rental properties and real estate under development | 24,857 | 111,562 | |||||||
Total assets | 12,372,905 | 12,997,873 | |||||||
Debt | 6,450,639 | 6,786,699 | |||||||
Other liabilities | 43,441 | 39,969 | |||||||
Equity | 5,895,116 | 6,176,508 | $ 6,183,192 | $ 6,403,504 | |||||
Total liabilities and capital | 12,372,905 | 12,997,873 | |||||||
Membership Combined Statements Of Income [Abstract] | |||||||||
Total revenues | 1,606,814 | 1,440,556 | 1,495,748 | ||||||
Interest expense | (204,798) | (203,125) | (220,633) | ||||||
General and administrative | (56,577) | (51,838) | (65,388) | ||||||
Net income | 432,985 | 515,691 | 599,332 | ||||||
Equity income from co-investments | $ 26,030 | $ 111,721 | 66,512 | ||||||
Apartment Building | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of units acquired | apartment | 211 | 123 | |||||||
Purchase price | $ 63,500 | $ 32,900 | $ 133,600 | ||||||
Investments with Related Parties | |||||||||
Membership Combined Statements Of Income [Abstract] | |||||||||
Equity income from co-investments | 7,400 | 9,100 | 8,600 | ||||||
Total Co-Investment | |||||||||
Membership Combined Balance Sheets [Abstract] | |||||||||
Rental properties and real estate under development | 4,955,051 | 4,603,465 | |||||||
Other assets | 294,663 | 278,411 | |||||||
Total assets | 5,249,714 | 4,881,876 | |||||||
Debt | 3,397,113 | 3,046,765 | |||||||
Other liabilities | 264,872 | 200,129 | |||||||
Equity | 1,587,729 | 1,634,982 | |||||||
Total liabilities and capital | 5,249,714 | 4,881,876 | |||||||
Company's share of equity | 1,084,959 | 1,142,257 | |||||||
Membership Combined Statements Of Income [Abstract] | |||||||||
Total revenues | 373,074 | 289,680 | 300,624 | ||||||
Property operating expenses | (140,175) | (115,023) | (108,682) | ||||||
Net operating income | 232,899 | 174,657 | 191,942 | ||||||
Interest expense | (100,913) | (65,172) | (78,962) | ||||||
General and administrative | (20,579) | (17,885) | (17,079) | ||||||
Depreciation and amortization | (164,186) | (133,787) | (117,836) | ||||||
Net income | (52,779) | (42,187) | (21,935) | ||||||
Company's share of net income | $ 26,030 | 111,721 | $ 66,512 | ||||||
Investments in Majority-Owned Subsidiaries | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of co-investments | investment | 6 | ||||||||
Co-investment | $ 39,400 | ||||||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | 87,000 | ||||||||
Affiliated Entity | |||||||||
Business Acquisition [Line Items] | |||||||||
Notes receivable, related parties | $ 11,200 | ||||||||
Interest rate | 9.50% | ||||||||
Affiliated Entity | Vela on Ox | Related Party Bridge Loans on Property Acquired by Wesco VI | |||||||||
Business Acquisition [Line Items] | |||||||||
Notes receivable, related parties | $ 100,700 | ||||||||
Interest rate | 2.64% | ||||||||
Wesco VI, LLC | |||||||||
Business Acquisition [Line Items] | |||||||||
Promote interest | $ 37,500 | ||||||||
Ownership percentage | 65.10% | ||||||||
Wesco VI, LLC | Apartment Building | Vela on Ox | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of units acquired | property | 379 | ||||||||
Purchase price | $ 183,000 | ||||||||
Wesco III, LLC | |||||||||
Business Acquisition [Line Items] | |||||||||
Promote interest | $ 17,100 | ||||||||
Wesco I, III, IV, V, and VI | |||||||||
Business Acquisition [Line Items] | |||||||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 178,552 | 168,198 | |||||||
Ownership percentage | 54% | ||||||||
BEXAEW, BEX II, BEX IV and 500 Folsom | |||||||||
Business Acquisition [Line Items] | |||||||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 238,537 | 270,550 | |||||||
Ownership percentage | 50% | ||||||||
Other | |||||||||
Business Acquisition [Line Items] | |||||||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 74,742 | 126,503 | |||||||
Ownership percentage | 52% | ||||||||
Total operating and other co-investments, net | |||||||||
Business Acquisition [Line Items] | |||||||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 491,831 | 565,251 | |||||||
Total development co-investments | |||||||||
Business Acquisition [Line Items] | |||||||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 12,994 | 11,076 | |||||||
Ownership percentage | 51% | ||||||||
Total preferred interest co-investments | |||||||||
Business Acquisition [Line Items] | |||||||||
Co-investment | $ 580,100 | 565,900 | |||||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | 580,134 | 565,930 | |||||||
Total preferred interest co-investments | Investments in Majority-Owned Subsidiaries | |||||||||
Business Acquisition [Line Items] | |||||||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | 87,100 | 71,100 | |||||||
Wesco I | |||||||||
Business Acquisition [Line Items] | |||||||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | 41,700 | 35,300 | |||||||
Expo | |||||||||
Business Acquisition [Line Items] | |||||||||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 800 | $ 200 |
Real Estate Investments - Opera
Real Estate Investments - Operating, Pre-Development, and Development Co-Investments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) apartment | Dec. 31, 2021 USD ($) apartment | Dec. 31, 2020 USD ($) apartment | |
Real Estate Properties [Line Items] | |||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 1,084,959 | $ 1,142,257 | |
Number of units to be developed | apartment | 264 | ||
Total operating and other co-investments, net | |||
Real Estate Properties [Line Items] | |||
Number of apartments owned through joint ventures | apartment | 10,425 | 10,257,000 | |
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 491,831 | $ 565,251 | |
Total development co-investments | |||
Real Estate Properties [Line Items] | |||
Number of apartments owned through joint ventures | apartment | 264 | ||
Investments in (distributions in excess of investments in) and advance to affiliates, subsidiaries, associates and joint ventures | $ 12,994 | $ 11,076 | |
Mesa Village | |||
Real Estate Properties [Line Items] | |||
Number of units to be developed | apartment | 264 | ||
Equity method investment, ownership percentage | 51% | ||
Estimated cost active development projects | $ 102,000 | ||
Purchase commitment, funded amount | $ 5,900 | ||
Annualized preferred return rate | 10% |
Real Estate Investments - Prefe
Real Estate Investments - Preferred Equity Investments and Real Estate Under Development (Details) | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2022 USD ($) | Nov. 30, 2021 USD ($) apartment | Dec. 31, 2022 USD ($) apartment investment | Dec. 31, 2021 USD ($) investment | Dec. 31, 2020 USD ($) investment | Dec. 31, 2019 USD ($) investment | Dec. 31, 2018 USD ($) investment | |
Schedule of Equity Method Investments [Line Items] | |||||||
Co-investment | $ 1,127,491,000 | $ 1,177,802,000 | |||||
Commitment to fund preferred equity investment in the project | $ 84,900,000 | ||||||
Number of investments with a commitment to fund | investment | 7 | ||||||
Impairment loss from unconsolidated co-investment | $ 2,100,000 | $ 0 | $ 0 | ||||
Ownership Interests, number of unconsolidated projects | investment | 1 | ||||||
Number of units to be developed | apartment | 264 | ||||||
Real Estate Predevelopment Projects | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Actual cost of active development projects | $ 102,000,000 | ||||||
Affiliated Entity | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Notes receivable, related parties | $ 11,200,000 | ||||||
Interest rate | 9.50% | ||||||
Minimum | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Annualized preferred return rate | 8.80% | 10% | 9% | 10.15% | 10.25% | ||
Maximum | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Annualized preferred return rate | 10.80% | 12.50% | 11.50% | 11.30% | 12% | ||
Equity Method Investments | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Commitment to fund preferred equity investment in the project | $ 67,200,000 | $ 191,300,000 | $ 141,700,000 | $ 45,100,000 | |||
Number of investments with a commitment to fund | investment | 3 | 4 | 7 | 5 | 2 | ||
Proceeds from dispositions of co-investments | $ 132,600,000 | ||||||
Silver Apartments | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Commitment to fund preferred equity investment in the project | $ 13,500,000 | ||||||
Annualized preferred return rate | 8% | ||||||
Transfer from co-investments to rental properties | $ 11,000,000 | ||||||
Number of units acquired | apartment | 268 | ||||||
Limited partnership interest | 58% | ||||||
Silver Apartments | Related Party Bridge Loans on Property Acquired by Wesco VI | Affiliated Entity | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Notes receivable, related parties | $ 100,000,000 | ||||||
Interest rate | 3.15% | ||||||
Total preferred interest co-investments | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Co-investment | 580,100,000 | $ 565,900,000 | |||||
2022 Investments | Equity Method Investments | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Commitment to fund preferred equity investment in the project | 84,900,000 | ||||||
2021 Investments | Equity Method Investments | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Commitment to fund preferred equity investment in the project | 67,200,000 | ||||||
2020 Investments | Equity Method Investments | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Commitment to fund preferred equity investment in the project | 191,300,000 | ||||||
Equity method investment, funded amount | 182,300,000 | ||||||
2019 Investments | Equity Method Investments | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment, funded amount | 141,700,000 | ||||||
2018 Investments | Equity Method Investments | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Commitment to fund preferred equity investment in the project | 45,100,000 | ||||||
Equity method investment, funded amount | $ 42,100,000 | ||||||
Preferred Equity Investment Property in Southern California | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of investments with a commitment to fund | investment | 2 | ||||||
Early redemption fee | $ 900,000 |
Revenues - Summary of Disaggreg
Revenues - Summary of Disaggregation of Revenue (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) community | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disaggregation of Revenue [Line Items] | |||
Rental and other property | $ 1,595,675 | $ 1,431,418 | $ 1,486,150 |
Management and other fees from affiliates | 11,139 | 9,138 | 9,598 |
Total revenues | $ 1,606,814 | 1,440,556 | 1,495,748 |
Occupancy threshold for classification as stabilized | 90% | ||
Apartment communities owned (in communities) | community | 252 | ||
Rental income | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | $ 1,573,368 | 1,410,197 | 1,462,161 |
Other property | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | 22,307 | 21,221 | 23,989 |
Rental and other property | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | 1,595,675 | 1,431,418 | 1,486,150 |
Straight line rent concession | (5,119) | (10,811) | 21,856 |
Rental and other property | Same-property | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | 1,484,976 | 1,346,680 | 1,363,241 |
Rental and other property | Acquisitions | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | 8,793 | 2,239 | 0 |
Rental and other property | Development | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | 43,139 | 31,270 | 20,050 |
Rental and other property | Redevelopment | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | 5,766 | 6,169 | 6,931 |
Rental and other property | Non-residential/other, net | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | $ 58,120 | 55,871 | 74,072 |
Apartment communities owned (in communities) | community | 2 | ||
Rental and other property | Operating segments | Southern California | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | $ 652,742 | 580,305 | 558,839 |
Rental and other property | Operating segments | Northern California | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | 639,138 | 584,034 | 604,348 |
Rental and other property | Operating segments | Seattle Metro | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | 271,248 | 239,839 | 243,900 |
Rental and other property | Other real estate assets | |||
Disaggregation of Revenue [Line Items] | |||
Rental and other property | $ 32,547 | $ 27,240 | $ 79,063 |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Deferred revenue | $ 1.7 | $ 2.4 |
Deferred revenue, revenue recognized | 0.7 | |
Deferred revenue balance from contracts with remaining performance obligations | $ 1.7 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Percentage of remaining performance obligations due per period | 40% | |
Expected timing of performance obligation satisfaction, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Percentage of remaining performance obligations due per period | 47% | |
Expected timing of performance obligation satisfaction, period | 2 years |
Notes and Other Receivables - S
Notes and Other Receivables - Schedule of Notes and Other Receivables (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 | Nov. 30, 2022 | Jan. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | $ (334) | $ (334) | $ (756) | ||
Total notes and other receivables | 103,045 | $ 103,045 | $ 341,033 | ||
Notes receivable, secured, weighted average interest rate of 10.10% as of December 31, 2022 and 10.50% as of December 31, 2021, due February 2023 (Originated March 2020) (1) | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Stated interest rate | 10.10% | 10.50% | |||
Note receivables | 0 | $ 0 | $ 17,051 | ||
Cash received from collection of note receivable | 15,000 | ||||
Note receivable, secured, bearing interest at 9.00%, due December 2023 (Originated November 2020) (2) | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Stated interest rate | 9% | ||||
Note receivables | 0 | $ 0 | 87,365 | ||
Cash received from collection of note receivable | $ 89,300 | ||||
Early redemption fee | $ 800 | ||||
Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020) | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Stated interest rate | 11.50% | ||||
Note receivables | 33,477 | $ 33,477 | 29,729 | ||
Related party note receivable, secured, bearing interest at 2.15%, due March 2022 (Originated September 2021) | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Stated interest rate | 2.15% | ||||
Note receivables | 0 | $ 0 | 29,314 | ||
Cash received from collection of note receivable | $ 29,200 | ||||
Related party note receivable, secured, bearing interest at 2.30%, due April 2022 (Originated October 2021) | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Stated interest rate | 2.30% | ||||
Note receivables | 0 | $ 0 | 30,399 | ||
Cash received from collection of note receivable | 30,300 | ||||
Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021) | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Stated interest rate | 11% | ||||
Note receivables | 21,452 | $ 21,452 | 0 | ||
Related party note receivable, secured, bearing interest at 2.36%, due February 2022 (Originated November 2021) | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Stated interest rate | 2.36% | ||||
Note receivables | 0 | $ 0 | 62,058 | ||
Cash received from collection of note receivable | 61,900 | ||||
Related party note receivable, secured, bearing interest at 2.36%, due February 2022 (Originated November 2021) | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Stated interest rate | 2.36% | ||||
Note receivables | 0 | $ 0 | 48,562 | ||
Cash received from collection of note receivable | $ 48,400 | ||||
Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022) | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Stated interest rate | 12% | ||||
Note receivables | 10,350 | $ 10,350 | 0 | ||
Notes and other receivables from affiliates | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Note receivables | 6,975 | 6,975 | 6,556 | ||
Straight line rent receivables | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Note receivables | 12,164 | 12,164 | 15,523 | ||
Other receivables | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Note receivables | $ 18,961 | $ 18,961 | $ 15,232 |
Notes and Other Receivables - A
Notes and Other Receivables - Allowance for credit loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 756 | ||
Provision for credit losses | (381) | $ (141) | $ (687) |
Ending balance | 334 | 756 | |
Mezzanine and Bridge Loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 756 | ||
Provision for credit losses | (422) | ||
Ending balance | 334 | 756 | |
Mezzanine Loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 671 | ||
Provision for credit losses | (337) | ||
Ending balance | 334 | 671 | |
Bridge Loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 85 | ||
Provision for credit losses | (85) | ||
Ending balance | $ 0 | $ 85 |
Related Party Transactions (Det
Related Party Transactions (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2022 USD ($) | Aug. 31, 2022 USD ($) community | Jan. 31, 2022 USD ($) | Nov. 30, 2021 USD ($) | Oct. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Nov. 30, 2019 USD ($) | Jun. 30, 2019 USD ($) apartment | Feb. 28, 2019 USD ($) | Oct. 31, 2018 USD ($) apartment | May 31, 2018 USD ($) apartment | Mar. 31, 2017 USD ($) unit | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Feb. 28, 2022 USD ($) | |
Related Party Transaction [Line Items] | |||||||||||||||||
Management and other fees from affiliates | $ 14,100,000 | $ 10,300,000 | $ 11,300,000 | ||||||||||||||
Revenues from development and redevelopment fees | 3,000,000 | 1,100,000 | 1,700,000 | ||||||||||||||
Debt assumed in connection with acquisition | 21,303,000 | 0 | 0 | ||||||||||||||
Payments to acquire equity method investments | 163,188,000 | 306,266,000 | 114,017,000 | ||||||||||||||
Commitment to fund preferred equity investment in the project | 84,900,000 | ||||||||||||||||
Co-investments | $ 1,127,491,000 | 1,127,491,000 | 1,177,802,000 | ||||||||||||||
Encumbrance | 593,943,000 | $ 593,943,000 | |||||||||||||||
Brio | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Number of units acquired | apartment | 300 | ||||||||||||||||
Purchase price | $ 164,900,000 | ||||||||||||||||
Debt assumed in connection with acquisition | $ 98,700,000 | ||||||||||||||||
Apartment Home Community in Ventura, California | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Number of units acquired | apartment | 400 | ||||||||||||||||
Annualized preferred return rate | 10.25% | 9% | |||||||||||||||
Commitment to fund preferred equity investment in the project | 13,000,000 | $ 26,500,000 | |||||||||||||||
Purchase commitment, funded amount | $ 18,300,000 | ||||||||||||||||
Membership Interest in Sage at Cupertino | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Number of units acquired | unit | 230 | ||||||||||||||||
Co-investments | $ 15,300,000 | ||||||||||||||||
Investment interest acquired | 40.50% | ||||||||||||||||
Contract price | $ 90,000,000 | ||||||||||||||||
Encumbrance | $ 52,000,000 | ||||||||||||||||
Marcus and Millichamp Company TMMC Affiliate | Related Party Note Receivable, Secured, Bearing Interest at 9.5%, Due October 2019 | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Due from affiliates | $ 7,000,000 | $ 7,000,000 | 6,600,000 | ||||||||||||||
Affiliated Entity | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Notes receivable, related parties | $ 11,200,000 | ||||||||||||||||
Number of communities owned | community | 3 | ||||||||||||||||
Interest rate | 9.50% | ||||||||||||||||
Affiliated Entity | Multifamily Development in Mountain View, California | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Payments to acquire equity method investments | $ 24,500,000 | ||||||||||||||||
Annualized preferred return rate | 11% | ||||||||||||||||
Affiliated Entity | Home Community Development in Burlingame, California | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Number of units acquired | apartment | 268 | ||||||||||||||||
Payments to acquire equity method investments | $ 18,600,000 | ||||||||||||||||
Annualized preferred return rate | 12% | ||||||||||||||||
Affiliated Entity | Related Party Bridge Loan On Property Acquired By Wesco VI | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Cash received from collection of note receivable | $ 121,300,000 | ||||||||||||||||
Affiliated Entity | Related Party Bridge Loan On Property Acquired By Wesco VI | The Rexford | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Notes receivable, related parties | $ 61,900,000 | ||||||||||||||||
Interest rate | 2.36% | ||||||||||||||||
Affiliated Entity | Related Party Bridge Loan On Property Acquired By Wesco VI | Monterra In Mill Creek | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Notes receivable, related parties | $ 30,300,000 | ||||||||||||||||
Interest rate | 2.30% | ||||||||||||||||
Affiliated Entity | Related Party Bridge Loan On Property Acquired By Wesco VI | Martha Lake Apartments | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Notes receivable, related parties | $ 29,200,000 | ||||||||||||||||
Interest rate | 2.15% | ||||||||||||||||
Affiliated Entity | Related Party Bridge Loan On Property Acquired By Wesco VI | Vela on Ox | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Notes receivable, related parties | $ 100,700,000 | ||||||||||||||||
Interest rate | 2.64% | ||||||||||||||||
Affiliated Entity | Related Party Bridge Loan on Property in Vista, CA | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Notes receivable, related parties | $ 48,400,000 | ||||||||||||||||
Interest rate | 2.36% | ||||||||||||||||
Affiliated Entity | Related Party Bridge Loans On Property Acquired By Wesco I | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Notes receivable, related parties | $ 52,500,000 | ||||||||||||||||
Interest rate | 2.55% | ||||||||||||||||
Affiliated Entity | Related Party Bridge Loans on Property Acquired by Wesco V | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Notes receivable, related parties | $ 85,500,000 | ||||||||||||||||
Interest rate | 1.30% | ||||||||||||||||
Affiliated Entity | Related Party Bridge Loan On Property Acquired By BEX II | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Notes receivable, related parties | $ 32,800,000 | ||||||||||||||||
Board of Directors Chairman | Multifamily Development In Mountain View, CA | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Annualized preferred return rate | 9% | ||||||||||||||||
Board of Directors Chairman | Home Community Development in Burlingame, California | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Annualized preferred return rate | 9% | ||||||||||||||||
Disposition of Multi-family Properties | Marcus and Millichamp Company TMMC Affiliate | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Payments for brokerage fees | $ 0 | $ 0 | $ 200,000 |
Unsecured Debt - Summary (Detai
Unsecured Debt - Summary (Details) | 1 Months Ended | 12 Months Ended | ||||
Jul. 31, 2022 USD ($) extension | Oct. 31, 2021 USD ($) | Nov. 30, 2016 USD ($) | Dec. 31, 2022 USD ($) line_of_credit extension | Dec. 31, 2021 USD ($) extension | Oct. 31, 2016 USD ($) | |
Debt Instrument [Line Items] | ||||||
Unsecured debt, net | $ 5,312,168,000 | $ 5,307,196,000 | ||||
Lines of credit | 52,073,000 | 341,257,000 | ||||
Total unsecured debt | 5,364,241,000 | 5,648,453,000 | ||||
Debt instrument face amount | 5,350,000,000 | 5,350,000,000 | ||||
Term loan - variable rate, net | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured debt, net | $ 350,000,000 | $ 225,000,000 | ||||
Basis spread on rate | 0.95% | |||||
Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured debt, net | 5,312,168,000 | 5,307,196,000 | ||||
Unamortized debt issuance expense | 29,900,000 | 32,900,000 | ||||
Debt instrument, unamortized discount (premium), net | $ 7,900,000 | 9,900,000 | ||||
Unsecured Debt | Term loan - variable rate, net | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face amount | $ 300,000,000 | |||||
Coupon rate | 4.20% | |||||
Number of extension options | extension | 3 | |||||
Term extension period | 12 months | |||||
Delayed draw feature period | 6 months | |||||
Unamortized debt issuance expense | $ 1,600,000 | |||||
Unsecured Debt | Bonds public offering - fixed rate, net | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured debt, net | $ 5,313,779,000 | $ 5,307,196,000 | ||||
Weighted average interest rate | 3.30% | 3.30% | ||||
Weighted Average Maturity In Years as of December 31, 2022 | 7 years 8 months 12 days | |||||
Unsecured Debt | Adjusted SOFR | Term loan - variable rate, net | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on rate | 0.85% | |||||
Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Lines of credit | $ 52,073,000 | $ 341,257,000 | ||||
Weighted average interest rate | 4.40% | 1% | ||||
Number of extension options | extension | 2 | 3 | ||||
Term extension period | 6 months | 6 months | ||||
Unamortized debt issuance expense | $ 5,100,000 | $ 4,400,000 | ||||
Number of outstanding lines of credit | line_of_credit | 2 | |||||
Maximum borrowing capacity | $ 1,200,000,000 | $ 1,240,000,000 | ||||
Line of Credit | Line of Credit Working Capital | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 35,000,000 | |||||
Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on rate | 0.75% | |||||
Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Line of Credit Working Capital | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on rate | 0.75% | |||||
Line of Credit | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on rate | 0.775% | |||||
Line of Credit | LIBOR | Working Capital Unsecured Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on rate | 0.775% | |||||
Carrying Value | Unsecured Debt | Term loan - variable rate, net | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured debt, net | $ (1,611,000) | $ 0 |
Unsecured Debt - Narrative (Det
Unsecured Debt - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Jul. 31, 2022 USD ($) extension | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | Apr. 30, 2013 USD ($) | Mar. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) extension line_of_credit | Dec. 31, 2021 USD ($) extension | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Aug. 31, 2020 USD ($) | Feb. 29, 2020 USD ($) | Oct. 31, 2019 USD ($) | Aug. 31, 2019 USD ($) | Mar. 31, 2019 USD ($) | Feb. 28, 2019 USD ($) | Mar. 31, 2018 USD ($) | Apr. 30, 2017 USD ($) | Mar. 31, 2017 USD ($) | Apr. 30, 2016 USD ($) | Mar. 31, 2015 USD ($) | Apr. 30, 2014 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 5,312,168,000 | $ 5,307,196,000 | |||||||||||||||||||
Debt instrument face amount | $ 5,350,000,000 | 5,350,000,000 | |||||||||||||||||||
Number of lines of credit | line_of_credit | 2 | ||||||||||||||||||||
Lines of credit | $ 52,073,000 | 341,257,000 | |||||||||||||||||||
CPPIB Interest | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Investment interest acquired | 45% | ||||||||||||||||||||
Essex Portfolio, L.P. | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | 5,312,168,000 | 5,307,196,000 | |||||||||||||||||||
Lines of credit | 52,073,000 | 341,257,000 | |||||||||||||||||||
Unsecured Bonds 1.700% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 450,000,000 | 450,000,000 | |||||||||||||||||||
Unsecured Bonds 2.550% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 300,000,000 | 300,000,000 | |||||||||||||||||||
Unsecured Bonds 2.650% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 650,000,000 | 650,000,000 | |||||||||||||||||||
Unsecured Bonds 1.650% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 300,000,000 | 300,000,000 | |||||||||||||||||||
Unsecured Bonds 2.650% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 300,000,000 | 300,000,000 | |||||||||||||||||||
Unsecured Bonds 3.000% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 550,000,000 | 550,000,000 | |||||||||||||||||||
Unsecured Bonds 4.000% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 500,000,000 | 500,000,000 | |||||||||||||||||||
Unsecured Bonds 4.500% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 300,000,000 | 300,000,000 | |||||||||||||||||||
Unsecured Bonds 3.625% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 350,000,000 | 350,000,000 | |||||||||||||||||||
Unsecured Bonds 3.375% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 450,000,000 | 450,000,000 | |||||||||||||||||||
Unsecured Bonds 3.875% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 400,000,000 | 400,000,000 | |||||||||||||||||||
Unsecured Bonds 3.250% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | 300,000,000 | $ 300,000,000 | |||||||||||||||||||
Line of Credit | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Number of extension options | extension | 2 | 3 | |||||||||||||||||||
Term extension period | 6 months | 6 months | |||||||||||||||||||
Maximum borrowing capacity | $ 1,200,000,000 | 1,240,000,000 | |||||||||||||||||||
Lines of credit | $ 52,073,000 | $ 341,257,000 | |||||||||||||||||||
Line of Credit | Line of Credit Working Capital | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | $ 35,000,000 | ||||||||||||||||||||
Line of Credit | LIBOR | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Basis spread on rate | 0.775% | ||||||||||||||||||||
Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Basis spread on rate | 0.75% | ||||||||||||||||||||
Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Line of Credit Working Capital | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Basis spread on rate | 0.75% | ||||||||||||||||||||
Senior Notes | BRE Properties, Inc. | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 0 | $ 0 | |||||||||||||||||||
Long-term debt acquired | $ 900,000,000 | ||||||||||||||||||||
Senior Notes | Essex Portfolio, L.P. | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | $ 600,000,000 | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 1.700% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 445,400,000 | 444,400,000 | |||||||||||||||||||
Coupon rate | 1.70% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 1.700% | Essex Portfolio, L.P. | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | $ 450,000,000 | ||||||||||||||||||||
Coupon rate | 1.70% | ||||||||||||||||||||
Debt offering price | 99.423% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 2.550% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 296,200,000 | 295,700,000 | |||||||||||||||||||
Coupon rate | 2.55% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 2.550% | Essex Portfolio, L.P. | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | $ 300,000,000 | ||||||||||||||||||||
Coupon rate | 2.55% | ||||||||||||||||||||
Debt offering price | 99.367% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 3.375% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | $ 300,000,000 | ||||||||||||||||||||
Coupon rate | 3.375% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 2.650% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 650,800,000 | 650,600,000 | |||||||||||||||||||
Debt instrument face amount | $ 150,000,000 | ||||||||||||||||||||
Coupon rate | 2.65% | ||||||||||||||||||||
Debt offering price | 105.66% | ||||||||||||||||||||
Reoffer yield percentage | 2.093% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 2.650% | Essex Portfolio, L.P. | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | $ 500,000,000 | ||||||||||||||||||||
Coupon rate | 2.65% | ||||||||||||||||||||
Debt offering price | 99.628% | ||||||||||||||||||||
Repayments of secured debt | $ 100,300,000 | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 1.650% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Coupon rate | 1.65% | ||||||||||||||||||||
Debt offering price | 99.035% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 1.650% | Essex Portfolio, L.P. | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 295,500,000 | 295,100,000 | |||||||||||||||||||
Debt instrument face amount | $ 300,000,000 | ||||||||||||||||||||
Coupon rate | 1.65% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 2.650% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Coupon rate | 2.65% | ||||||||||||||||||||
Debt offering price | 99.691% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 2.650% | Essex Portfolio, L.P. | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 295,800,000 | 295,800,000 | |||||||||||||||||||
Debt instrument face amount | $ 300,000,000 | ||||||||||||||||||||
Coupon rate | 2.65% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 3.000% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 544,700,000 | 543,900,000 | |||||||||||||||||||
Debt instrument face amount | $ 150,000,000 | $ 400,000,000 | |||||||||||||||||||
Coupon rate | 3% | 3% | |||||||||||||||||||
Debt offering price | 101.685% | 98.632% | |||||||||||||||||||
Senior Notes | Unsecured Bonds 4.000% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 496,000,000 | 495,400,000 | |||||||||||||||||||
Debt instrument face amount | $ 150,000,000 | $ 350,000,000 | |||||||||||||||||||
Coupon rate | 4% | 4% | |||||||||||||||||||
Debt offering price | 100.717% | 99.188% | |||||||||||||||||||
Senior Notes | Unsecured Bonds 4.500% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 296,100,000 | 295,900,000 | |||||||||||||||||||
Debt instrument face amount | $ 300,000,000 | ||||||||||||||||||||
Coupon rate | 4.50% | 4.50% | |||||||||||||||||||
Debt offering price | 99.591% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 3.625% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 347,800,000 | 347,300,000 | |||||||||||||||||||
Debt instrument face amount | $ 350,000,000 | ||||||||||||||||||||
Coupon rate | 3.625% | 3.625% | |||||||||||||||||||
Debt offering price | 99.423% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 3.375% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 447,800,000 | 447,100,000 | |||||||||||||||||||
Debt instrument face amount | $ 450,000,000 | ||||||||||||||||||||
Coupon rate | 3.375% | 3.375% | |||||||||||||||||||
Debt offering price | 99.386% | ||||||||||||||||||||
Senior Notes | Senior Unsecured Notes Maturing April 1, 2025 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 498,800,000 | 498,200,000 | |||||||||||||||||||
Debt instrument face amount | $ 500,000,000 | ||||||||||||||||||||
Coupon rate | 3.50% | ||||||||||||||||||||
Debt offering price | 99.747% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 5.500% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Coupon rate | 5.50% | ||||||||||||||||||||
Face amount of debt paid off | $ 300,000,000 | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 5.200% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Coupon rate | 5.20% | ||||||||||||||||||||
Face amount of debt paid off | $ 300,000,000 | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 3.375% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Coupon rate | 3.375% | ||||||||||||||||||||
Repayments of senior debt | $ 300,000,000 | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 3.875% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 399,100,000 | 398,500,000 | |||||||||||||||||||
Debt instrument face amount | $ 400,000,000 | ||||||||||||||||||||
Coupon rate | 3.875% | 3.875% | |||||||||||||||||||
Debt offering price | 99.234% | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 3.250% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Unsecured debt, net | $ 299,800,000 | $ 299,300,000 | |||||||||||||||||||
Coupon rate | 3.25% | 3.25% | |||||||||||||||||||
Debt offering price | 99.152% | ||||||||||||||||||||
Proceeds from issuance of unsecured debt | $ 300,000,000 | ||||||||||||||||||||
Senior Notes | Unsecured Bonds 3.625% | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | $ 300,000,000 | ||||||||||||||||||||
Coupon rate | 3.625% | ||||||||||||||||||||
Line of Credit | Line of Credit Working Capital | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | $ 35,000,000 | ||||||||||||||||||||
Line of Credit | LIBOR | Line of Credit Working Capital | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Basis spread on rate | 0.775% | ||||||||||||||||||||
Line of Credit | Unsecured Line of Credit | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Number of extension options | extension | 3 | ||||||||||||||||||||
Term extension period | 6 months | ||||||||||||||||||||
Maximum borrowing capacity | $ 1,200,000,000 | ||||||||||||||||||||
Lines of credit | 40,000,000 | 340,000,000 | |||||||||||||||||||
Line of Credit | Unsecured Line of Credit | LIBOR | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Basis spread on rate | 0.775% | ||||||||||||||||||||
Line of Credit | Working Capital Unsecured Line of Credit | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | 35,000,000 | ||||||||||||||||||||
Unsecured Line of Credit | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Number of extension options | extension | 2 | ||||||||||||||||||||
Extension period | 6 months | ||||||||||||||||||||
Unsecured Line of Credit | Line of Credit Working Capital | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Lines of credit | $ 12,100,000 | $ 1,300,000 | |||||||||||||||||||
Unsecured Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Basis spread on rate | 0.75% |
Unsecured Debt - Senior Unsecur
Unsecured Debt - Senior Unsecured Notes (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2020 | Oct. 31, 2019 | Aug. 31, 2019 | Mar. 31, 2019 | Feb. 28, 2019 | Mar. 31, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2014 | Apr. 30, 2013 |
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 5,350,000,000 | $ 5,350,000,000 | ||||||||||
Unsecured Bonds 3.375% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Coupon Rate | 3.375% | |||||||||||
Unsecured Bonds 3.250% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 300,000,000 | 300,000,000 | ||||||||||
Unsecured Bonds 3.250% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Coupon Rate | 3.25% | 3.25% | ||||||||||
Unsecured Bonds 3.875% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 400,000,000 | 400,000,000 | ||||||||||
Unsecured Bonds 3.875% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 400,000,000 | |||||||||||
Coupon Rate | 3.875% | 3.875% | ||||||||||
Unsecured Bonds 3.500% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 500,000,000 | 500,000,000 | ||||||||||
Unsecured Bonds 3.500% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Coupon Rate | 3.50% | |||||||||||
Unsecured Bonds 3.375% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 450,000,000 | 450,000,000 | ||||||||||
Unsecured Bonds 3.375% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 450,000,000 | |||||||||||
Coupon Rate | 3.375% | 3.375% | ||||||||||
Unsecured Bonds 3.625% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 350,000,000 | 350,000,000 | ||||||||||
Unsecured Bonds 3.625% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 350,000,000 | |||||||||||
Coupon Rate | 3.625% | 3.625% | ||||||||||
Unsecured Bonds 1.700% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 450,000,000 | 450,000,000 | ||||||||||
Unsecured Bonds 1.700% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Coupon Rate | 1.70% | |||||||||||
Unsecured Bonds 4.000% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 500,000,000 | 500,000,000 | ||||||||||
Unsecured Bonds 4.000% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 150,000,000 | $ 350,000,000 | ||||||||||
Coupon Rate | 4% | 4% | ||||||||||
Unsecured Bonds 3.000% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 550,000,000 | 550,000,000 | ||||||||||
Unsecured Bonds 3.000% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 150,000,000 | $ 400,000,000 | ||||||||||
Coupon Rate | 3% | 3% | ||||||||||
Unsecured Bonds 1.650% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 300,000,000 | 300,000,000 | ||||||||||
Unsecured Bonds 1.650% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Coupon Rate | 1.65% | |||||||||||
Unsecured Bonds 2.550% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 300,000,000 | 300,000,000 | ||||||||||
Unsecured Bonds 2.550% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Coupon Rate | 2.55% | |||||||||||
Unsecured Bonds 2.650% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 650,000,000 | 650,000,000 | ||||||||||
Unsecured Bonds 2.650% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 150,000,000 | |||||||||||
Coupon Rate | 2.65% | |||||||||||
Unsecured Bonds 4.500% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 300,000,000 | 300,000,000 | ||||||||||
Unsecured Bonds 4.500% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 300,000,000 | |||||||||||
Coupon Rate | 4.50% | 4.50% | ||||||||||
Unsecured Bonds 2.650% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 300,000,000 | $ 300,000,000 | ||||||||||
Unsecured Bonds 2.650% | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Coupon Rate | 2.65% |
Unsecured Debt - Future Obligat
Unsecured Debt - Future Obligations (Details) - Unsecured Debt $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |
2023 | $ 300,000 |
2024 | 400,000 |
2025 | 500,000 |
2026 | 450,000 |
2027 | 350,000 |
Thereafter | 3,350,000 |
Total Debt | $ 5,350,000 |
Mortgage Notes Payable (Details
Mortgage Notes Payable (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property | Dec. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | |||
Number of properties securing mortgage notes | property | 11 | 12 | |
Weighted average interest rate | 3.50% | 2.70% | |
Monthly interest expense | $ 2,300,000 | ||
Monthly principal amortization | 300,000 | ||
Mortgage notes payable, net | $ 593,943,000 | $ 638,957,000 | |
Repayment of debt before the scheduled maturity date, prepayment penalties | The prepayment penalty on the majority of the Company’s mortgage notes payable are computed by the greater of (a) 1% of the amount of the principal being prepaid or (b) the present value of the principal being prepaid multiplied by the difference between the interest rate of the mortgage note and the stated yield rate on a U.S. treasury security which generally has an equivalent remaining term as the mortgage note. | ||
Prepayment penalty, percent of principal prepaid | 1% | ||
Mortgages | |||
Debt Instrument [Line Items] | |||
Total mortgage notes payable | $ 593,943,000 | $ 638,959,000 | |
Minimum | |||
Debt Instrument [Line Items] | |||
Remaining terms | 2 years | 1 year | |
Maximum | |||
Debt Instrument [Line Items] | |||
Remaining terms | 24 years | 25 years | |
Fixed rate mortgage notes payable | Mortgages | |||
Debt Instrument [Line Items] | |||
Total mortgage notes payable | $ 371,849,000 | $ 415,350,000 | |
Fixed rate mortgage notes payable | Total Return Swap Callable | Not Designated as Hedging Instrument | |||
Debt Instrument [Line Items] | |||
Derivative notional amount | 223,600,000 | ||
Variable Rate Mortgage Notes Payable | |||
Debt Instrument [Line Items] | |||
Derivative notional amount | $ 223,600,000 | ||
Multifamily housing mortgage revenue bonds, variable interest rate (in hundredths) | 3.50% | 1.10% | |
Percentage of units subject to tenant income criteria (in hundredths) | 20% | ||
Variable Rate Mortgage Notes Payable | Mortgages | |||
Debt Instrument [Line Items] | |||
Total mortgage notes payable | $ 222,094,000 | $ 223,609,000 | |
Secured debt | |||
Debt Instrument [Line Items] | |||
Total mortgage notes payable | 594,737,000 | ||
Debt instrument, unamortized premium | 1,200,000 | 2,500,000 | |
Unamortized debt issuance expense | (2,000,000) | $ (1,500,000) | |
Secured deeds of trust | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | $ 0 | $ 0 |
Mortgage Notes Payable - Future
Mortgage Notes Payable - Future Maturities (Details) - Secured debt $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |
2023 | $ 2,945 |
2024 | 3,109 |
2025 | 133,054 |
2026 | 99,405 |
2027 | 153,955 |
Thereafter | 202,269 |
Total Debt | $ 594,737 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Details) | 1 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2022 USD ($) extension interest_rate_swap | Nov. 30, 2016 USD ($) | Dec. 31, 2022 USD ($) instrument | Dec. 31, 2021 USD ($) instrument | Dec. 31, 2020 USD ($) | Dec. 31, 2017 instrument | Dec. 31, 2016 instrument | Oct. 31, 2016 USD ($) | |
Derivative [Line Items] | ||||||||
Number of interest rate swaps | interest_rate_swap | 1 | |||||||
Debt instrument face amount | $ 5,350,000,000 | $ 5,350,000,000 | ||||||
Unsecured debt, net | 5,312,168,000 | 5,307,196,000 | ||||||
Hedge ineffectiveness related to cash flow hedges | 54,158,000 | 9,170,000 | $ (4,148,000) | |||||
Total return swap income | 7,907,000 | 10,774,000 | 10,733,000 | |||||
Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Hedge ineffectiveness related to cash flow hedges | 0 | 0 | 0 | |||||
Not Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Total return swap income | 7,900,000 | $ 10,800,000 | $ 10,700,000 | |||||
Interest Rate Swap | Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Number of derivative instruments held | instrument | 5 | 1 | 4 | |||||
Derivative fair value | 5,600,000 | $ 0 | ||||||
Aggregate carrying value of the interest rate swap contracts | 5,600,000 | |||||||
Interest Rate Cap | Not Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Derivative notional amount | $ 0 | 0 | ||||||
Total Return Swap Callable | Not Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Number of derivative instruments held | instrument | 4 | |||||||
Total Return Swap | Not Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Derivative fair value | $ 0 | 0 | ||||||
Variable Rate Term Loan | ||||||||
Derivative [Line Items] | ||||||||
Basis spread on rate | 0.95% | |||||||
Unsecured debt, net | $ 350,000,000 | $ 225,000,000 | ||||||
Debt instrument, term | 5 years | |||||||
Variable Rate Term Loan | Interest Rate Swap | Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Derivative notional amount | $ 175,000,000 | |||||||
Variable Rate Mortgage Notes Payable | ||||||||
Derivative [Line Items] | ||||||||
Derivative notional amount | 223,600,000 | |||||||
Bond subject to interest rate caps | 223,600,000 | |||||||
Mortgage Notes Payable | Total Return Swap Callable | Not Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Derivative notional amount | $ 223,600,000 | |||||||
Term Loan | ||||||||
Derivative [Line Items] | ||||||||
Number of extension options | extension | 3 | |||||||
Extension period | 12 months | |||||||
Delayed draw feature period | 6 months | |||||||
Unsecured Bonds 0.850% | ||||||||
Derivative [Line Items] | ||||||||
Debt instrument face amount | $ 300,000,000 | |||||||
Unsecured Bonds 0.850% | Adjusted SOFR | ||||||||
Derivative [Line Items] | ||||||||
Basis spread on rate | 0.85% | |||||||
Coupon rate | 4.20% |
Lease Agreements - Company as_5
Lease Agreements - Company as Lessor (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) building | |
Lessor, Lease, Description [Line Items] | |
Number of commercial buildings under lease agreements | building | 3 |
Future Minimum Rent | |
2023 | $ 697,146 |
2024 | 21,421 |
2025 | 17,870 |
2026 | 14,853 |
2027 | 12,777 |
Thereafter | 28,820 |
Operating leases | $ 792,887 |
Minimum | |
Lessor, Lease, Description [Line Items] | |
Short-term lease terms | 9 months |
Commercial lease terms | 5 years |
Maximum | |
Lessor, Lease, Description [Line Items] | |
Short-term lease terms | 12 months |
Commercial lease terms | 20 years |
Lease Agreements - Company as_6
Lease Agreements - Company as Lessee - Narrative and Components of Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | ||
Office lease, renewal term | 5 years | |
Operating lease right-of-use assets | $ 67,239 | $ 68,972 |
Total leased assets | 67,239 | 68,972 |
Operating lease liabilities | 68,696 | 70,675 |
Total lease liabilities | 68,696 | 70,675 |
Lease, Cost [Abstract] | ||
Operating lease cost | 6,697 | 6,729 |
Variable lease cost | 1,750 | 1,639 |
Short-term lease cost | 204 | 287 |
Sublease income | (418) | (438) |
Total lease cost | $ 8,233 | $ 8,217 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Office lease term of contract | 5 years | |
Ground lease term | 20 years | |
Ground lease, renewal term | 10 years | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Office lease term of contract | 10 years | |
Ground lease term | 85 years | |
Ground lease, renewal term | 39 years |
Lease Agreements - Company as_7
Lease Agreements - Company as Lessee - Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 6,962 | |
2024 | 7,251 | |
2025 | 6,887 | |
2026 | 5,035 | |
2027 | 3,421 | |
Thereafter | 132,556 | |
Total lease payments | 162,112 | |
Less: Imputed interest | (93,416) | |
Present value of lease liabilities | $ 68,696 | $ 70,675 |
Lease Agreements - Company as_8
Lease Agreements - Company as Lessee - Additional Information (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Weighted-average of remaining lease terms (years) | 40 years | 40 years |
Weighted-average of discount rates | 5.01% | 5.01% |
Equity Transactions (Details)
Equity Transactions (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Redemption value of operating partnership units outstanding | $ 481,600,000 | $ 804,000,000 | |
Operating Partnership | |||
Class of Stock [Line Items] | |||
General partner ownership interest | 96.60% | 96.60% | |
Operating Partnership Units | |||
Class of Stock [Line Items] | |||
Number of shares outstanding | 2,166,359 | 2,176,327 | |
Long Term Incentive Plan 2014 Units | |||
Class of Stock [Line Items] | |||
Number of shares outstanding | 106,137 | 106,137 | |
ATM Program, 2021 | |||
Class of Stock [Line Items] | |||
Common stock, aggregate gross sales price | $ 900,000,000 | ||
Remaining authorized repurchase amount | $ 900,000,000 |
Net Income Per Common Share a_3
Net Income Per Common Share and Net Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Basic: | |||
Net income available to common stockholders | $ 408,315 | $ 488,554 | $ 568,870 |
Income from continuing operations available to common stockholders (in shares) | 65,079,764 | 65,051,465 | 65,454,057 |
Net income available to common stockholders/unitholders (in dollars per share) | $ 6.27 | $ 7.51 | $ 8.69 |
Diluted: | |||
Net income available to common stockholders | $ 408,315 | $ 488,554 | $ 569,653 |
Income from continuing operations available to common stockholders (in shares) | 65,098,186 | 65,088,874 | 65,564,982 |
Net income available to common stockholders/unitholders (in dollars per share) | $ 6.27 | $ 7.51 | $ 8.69 |
Stock Options | |||
Basic: | |||
Income effect of dilutive securities | $ 0 | $ 0 | |
Effect of dilutive securities (in shares) | 18,422 | 37,409 | 16,678 |
Diluted: | |||
Anti-dilutive securities (in shares) | 253,845 | 116,380 | 403,458 |
DownREIT units | |||
Basic: | |||
Income effect of dilutive securities | $ 0 | $ 0 | $ 783 |
Effect of dilutive securities (in shares) | 0 | 0 | 94,247 |
Convertible Limited Partnership Units | |||
Diluted: | |||
Anti-dilutive securities (in shares) | 2,276,341 | 2,289,391 | 2,296,608 |
Income allocated to convertible OP Units | $ 14,300 | $ 17,200 | $ 20,000 |
Essex Portfolio, L.P. | |||
Basic: | |||
Net income available to common stockholders | $ 422,612 | $ 505,745 | $ 588,782 |
Income from continuing operations available to common stockholders (in shares) | 67,356,105 | 67,340,856 | 67,750,665 |
Net income available to common stockholders/unitholders (in dollars per share) | $ 6.27 | $ 7.51 | $ 8.69 |
Diluted: | |||
Net income available to common stockholders | $ 422,612 | $ 505,745 | $ 589,565 |
Income from continuing operations available to common stockholders (in shares) | 67,374,527 | 67,378,265 | 67,861,590 |
Net income available to common stockholders/unitholders (in dollars per share) | $ 6.27 | $ 7.51 | $ 8.69 |
Essex Portfolio, L.P. | Stock Options | |||
Basic: | |||
Income effect of dilutive securities | $ 0 | $ 0 | $ 0 |
Effect of dilutive securities (in shares) | 18,422 | 37,409 | 16,678 |
Diluted: | |||
Anti-dilutive securities (in shares) | 253,845 | 116,380 | 403,458 |
Essex Portfolio, L.P. | DownREIT units | |||
Basic: | |||
Income effect of dilutive securities | $ 0 | $ 0 | $ 783 |
Effect of dilutive securities (in shares) | 0 | 0 | 94,247 |
Equity Based Compensation Pla_3
Equity Based Compensation Plans - Narrative (Details) | 1 Months Ended | 12 Months Ended | 24 Months Ended | |||||
Dec. 09, 2014 shares | Dec. 31, 2013 shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | Dec. 09, 2015 | Dec. 31, 2011 shares | May 31, 2018 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares authorized | shares | 2,000,000 | |||||||
Accelerated share-based compensation cost | $ 3,500,000 | $ 3,500,000 | $ 3,500,000 | |||||
Intrinsic value of the options outstanding and fully vested | $ 200,000 | $ 22,500,000 | ||||||
Average fair value of stock options granted (in dollars per share) | $ / shares | $ 23.39 | $ 24.68 | $ 20.69 | |||||
Cap on the appreciation of the market price over the exercise price | $ 100 | |||||||
Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share based compensation expense | 11,400,000 | $ 11,700,000 | $ 12,900,000 | |||||
Stock-based compensation capitalized | 700,000 | 900,000 | 1,300,000 | |||||
Intrinsic value of options exercised | 7,600,000 | $ 25,700,000 | $ 7,400,000 | |||||
Unrecognized compensation cost | $ 3,700,000 | |||||||
Unrecognized compensation cost, period for recognition | 2 years | |||||||
Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation cost | $ 13,800,000 | |||||||
Unrecognized compensation cost, period for recognition | 2 years | |||||||
Granted (in shares) | shares | 72,838 | 50,349 | 45,196 | |||||
2015 LTIP Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | shares | 44,750 | |||||||
Units issued subject only to performance measurement (in shares) | shares | 24,000 | |||||||
Vesting percentage of units per year | 20% | |||||||
Option grants to officers and employees vesting period | 5 years | |||||||
Percent of awards earned | 95.75% | |||||||
Liquidity measurement period | 10 years | |||||||
Measurement period | 10 years | |||||||
Conversion ratio, incentive units | 1 | |||||||
Series Z Incentive Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | shares | 50,500 | 154,500 | ||||||
Option grants to officers and employees vesting period | 4 years | |||||||
Conversion ratio, incentive units | 1 | |||||||
Series Z Incentive Units | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage of units per year | 0% | |||||||
Option grants to officers and employees vesting period | 8 years | |||||||
Series Z Incentive Units | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage of units per year | 14% | |||||||
Option grants to officers and employees vesting period | 15 years | |||||||
Long Term Incentive Plan 2014 Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage of units per year | 25% | |||||||
Liquidity measurement period | 10 years | |||||||
Measurement period | 10 years | |||||||
Conversion ratio, incentive units | 1 | |||||||
Vesting percentage for 2011 Z 1 Units to be convertible | 100% | |||||||
Long Term Incentive Plans - Z Units and 2014 LTIP Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share based compensation expense | $ 0 | $ 0 | $ 0 | |||||
Stock-based compensation capitalized | 0 | $ 0 | $ 0 | |||||
Unrecognized compensation cost | $ 0 | |||||||
Granted (in shares) | shares | 0 | 0 | 0 | |||||
Intrinsic value of vested and unvested LTIP units | $ 22,500,000 |
Equity Based Compensation Pla_4
Equity Based Compensation Plans - Weighted Average Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted average assumptions used to estimate fair value of stock options [Abstract] | |||
Stock price (in dollars per share) | $ 245.17 | $ 329.71 | $ 244.74 |
Risk-free interest rates | 3.50% | 1.22% | 0.83% |
Expected lives | 6 years | 6 years | 6 years |
Volatility | 27.98% | 27% | 25.72% |
Dividend yield | 3.06% | 2.90% | 2.93% |
Equity Based Compensation Pla_5
Equity Based Compensation Plans - Summary of Stock Options Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Shares | |||
Outstanding at beginning of year (in shares) | 463,863 | 613,109 | 572,971 |
Granted (in shares) | 111,757 | 99,479 | 149,020 |
Exercised (in shares) | (76,246) | (248,725) | (70,802) |
Forfeited and canceled (in shares) | (11,928) | 0 | (38,080) |
Outstanding at end of year (in shares) | 487,446 | 463,863 | 613,109 |
Options exercisable at year end (in shares) | 293,377 | 274,244 | 361,985 |
Weighted- average exercise price | |||
Outstanding at beginning of year (in dollars per share) | $ 284.82 | $ 255.86 | $ 251.10 |
Granted (in dollars per share) | 245.17 | 329.71 | 244.74 |
Exercised (in dollars per share) | 245.43 | 231.37 | 208.57 |
Forfeited and canceled (in dollars per share) | 281.19 | 0 | 228.64 |
Outstanding at end of year (in dollars per share) | 279.46 | 284.82 | 255.86 |
Options exercisable at year end (in dollars per share) | $ 285.76 | $ 270.11 | $ 245.83 |
Equity Based Compensation Pla_6
Equity Based Compensation Plans - Restricted Stock Activity and LITP Units (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Stock | ||||
Total Unvested Units | ||||
Unvested at beginning of year (in shares) | 182,915 | 159,401 | 132,603 | 114,877 |
Granted (in shares) | 72,838 | 50,349 | 45,196 | |
Vested (in shares) | (44,945) | (22,387) | (15,116) | |
Forfeited and canceled (in shares) | (4,379) | (1,164) | (12,354) | |
Unvested at end of year (in shares) | 182,915 | 159,401 | 132,603 | 114,877 |
Weighted- average grant price | ||||
Unvested at beginning of year (in dollars per share) | $ 251.03 | $ 214.34 | $ 197.62 | |
Granted (in dollars per share) | 215.73 | 337.52 | 248.16 | |
Vested (in dollars per share) | 306.25 | 229.90 | 170.61 | |
Forfeited and canceled (in dollars per share) | 272.12 | 219.30 | 184.11 | |
Unvested at end of year (in dollars per share) | $ 222.90 | $ 251.03 | $ 214.34 | $ 197.62 |
Long Term Incentive Plans - Z Units and 2014 LTIP Units | ||||
Total Unvested Units | ||||
Unvested at beginning of year (in shares) | 0 | 0 | 0 | 1,890 |
Granted (in shares) | 0 | 0 | 0 | |
Vested (in shares) | 0 | 0 | (1,890) | |
Converted (in shares) | 0 | 0 | 0 | |
Forfeited and canceled (in shares) | 0 | 0 | 0 | |
Unvested at end of year (in shares) | 0 | 0 | 0 | 1,890 |
Weighted- average grant price | ||||
Unvested at beginning of year (in dollars per share) | $ 84.47 | $ 84.47 | $ 75.03 | |
Unvested at end of year (in dollars per share) | $ 84.47 | $ 84.47 | $ 84.47 | $ 75.03 |
Total Vested Units | ||||
Vested, beginning balance (in shares) | 106,137 | 106,137 | 143,257 | |
Vested, units granted (in shares) | 0 | 0 | 0 | |
Vested, units vested (in shares) | 0 | 0 | 1,890 | |
Converted (in shares) | 0 | 0 | (39,010) | |
Cancelled (in shares) | 0 | 0 | 0 | |
Vested, ending balance (in shares) | 106,137 | 106,137 | 106,137 | 143,257 |
Total Outstanding Units | ||||
Total outstanding units, beginning balance (in shares) | 106,137 | 106,137 | 145,147 | |
Total outstanding units, granted (in shares) | 0 | 0 | 0 | |
Total outstanding units, vested (in shares) | 0 | 0 | 0 | |
Total outstanding units, converted (in shares) | 0 | 0 | (39,010) | |
Total outstanding units, cancelled (in shares) | 0 | 0 | 0 | |
Total outstanding units, ending balance (in shares) | 106,137 | 106,137 | 106,137 | 145,147 |
Weighted- average Remaining Contractual Life (years) | 1 year 7 months 6 days | 2 years 7 months 6 days | 3 years 7 months 6 days | 5 years 2 months 12 days |
Segment Information (Details)
Segment Information (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Segment Reporting [Abstract] | |||
Number of reportable operating segments defined by geographical regions | segment | 3 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | $ 1,595,675,000 | $ 1,431,418,000 | $ 1,486,150,000 |
Total net operating income | 1,128,406,000 | 986,182,000 | 1,045,538,000 |
Management and other fees from affiliates | 11,139,000 | 9,138,000 | 9,598,000 |
Corporate-level property management expenses | (40,704,000) | (36,211,000) | (34,361,000) |
Depreciation and amortization | (539,319,000) | (520,066,000) | (525,497,000) |
General and administrative | (56,577,000) | (51,838,000) | (65,388,000) |
Expensed acquisition and investment related costs | (2,132,000) | (203,000) | (1,591,000) |
Impairment loss | 0 | 0 | (1,825,000) |
Gain on sale of real estate and land | 94,416,000 | 142,993,000 | 64,967,000 |
Interest expense | (204,798,000) | (203,125,000) | (220,633,000) |
Total return swap income | 7,907,000 | 10,774,000 | 10,733,000 |
Interest and other (loss) income | (19,040,000) | 98,744,000 | 40,999,000 |
Equity income from co-investments | 26,030,000 | 111,721,000 | 66,512,000 |
Deferred tax benefit (expense) on unconsolidated co-investments | 10,236,000 | (15,668,000) | (1,531,000) |
Loss on early retirement of debt, net | (2,000) | (19,010,000) | (22,883,000) |
Gain on remeasurement of co-investment | 17,423,000 | 2,260,000 | 234,694,000 |
Net income | 432,985,000 | 515,691,000 | 599,332,000 |
Assets: | |||
Net reportable operating segments - real estate assets | 10,814,094,000 | 10,983,073,000 | |
Real estate under development | 24,857,000 | 111,562,000 | |
Co-investments | 1,127,491,000 | 1,177,802,000 | |
Cash and cash equivalents, including restricted cash | 42,681,000 | 58,638,000 | |
Marketable securities | 112,743,000 | 191,829,000 | |
Notes and other receivables | 103,045,000 | 341,033,000 | |
Operating lease right-of-use assets | 67,239,000 | 68,972,000 | |
Prepaid expenses and other assets | 80,755,000 | 64,964,000 | |
Total assets | 12,372,905,000 | 12,997,873,000 | |
Rental and other property | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | 1,595,675,000 | 1,431,418,000 | 1,486,150,000 |
Management and other fees from affiliates | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Management and other fees from affiliates | 11,139,000 | 9,138,000 | 9,598,000 |
Operating segments | Southern California | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total net operating income | 464,023,000 | 402,608,000 | 385,766,000 |
Assets: | |||
Net reportable operating segments - real estate assets | 3,925,251,000 | 3,956,814,000 | |
Operating segments | Southern California | Rental and other property | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | 652,742,000 | 580,305,000 | 558,839,000 |
Operating segments | Northern California | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total net operating income | 445,763,000 | 401,870,000 | 431,047,000 |
Assets: | |||
Net reportable operating segments - real estate assets | 5,414,467,000 | 5,460,701,000 | |
Operating segments | Northern California | Rental and other property | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | 639,138,000 | 584,034,000 | 604,348,000 |
Operating segments | Seattle Metro | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total net operating income | 191,476,000 | 160,959,000 | 166,806,000 |
Assets: | |||
Net reportable operating segments - real estate assets | 1,374,379,000 | 1,407,033,000 | |
Operating segments | Seattle Metro | Rental and other property | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | 271,248,000 | 239,839,000 | 243,900,000 |
Other real estate assets | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total net operating income | 27,144,000 | 20,745,000 | 61,919,000 |
Assets: | |||
Net reportable operating segments - real estate assets | 99,997,000 | 158,525,000 | |
Other real estate assets | Rental and other property | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property revenues | $ 32,547,000 | $ 27,240,000 | $ 79,063,000 |
401(k) Plan (Details)
401(k) Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||
Employer matching contribution, percent | 50% | ||
Company contributions to benefit plan | $ 3.3 | $ 3.3 | $ 2.7 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Guarantor Obligations [Line Items] | |
Property casualty insurance deductible per incident | $ 5 |
Pacific Western Insurance LLC | |
Guarantor Obligations [Line Items] | |
Cash and marketable securities | $ 107.6 |
SCHEDULE III REAL ESTATE AND _2
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) apartment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrance | $ 593,943 | ||
Initial cost | |||
Land | 2,988,330 | ||
Buildings and improvements | 10,415,345 | ||
Costs capitalized subsequent to acquisition | 2,562,552 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,043,321 | ||
Buildings and improvements | 12,922,906 | ||
Total | 15,966,227 | ||
Accumulated depreciation | (5,152,133) | $ (4,646,854) | $ (4,133,959) |
Aggregate cost for federal income tax purpose | 12,100,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Acquisition, development, and improvement of real estate | 427,668 | 707,267 | 1,426,505 |
Disposition of real estate and other | (91,368) | (139,085) | (402,902) |
Balance at the end of year | 15,966,227 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of year | 4,646,854 | 4,133,959 | 3,689,482 |
Depreciation expense | 536,202 | 528,613 | 518,629 |
Depreciation expense - Disposals and other | (30,923) | (15,718) | (74,152) |
Balance at the end of year | $ 5,152,133 | 4,646,854 | 4,133,959 |
Encumbered Apartment Communities | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 2,783 | ||
Encumbrance | $ 593,943 | ||
Initial cost | |||
Land | 179,039 | ||
Buildings and improvements | 694,808 | ||
Costs capitalized subsequent to acquisition | 144,786 | ||
Gross amount carried at close of period | |||
Land and improvements | 182,359 | ||
Buildings and improvements | 836,274 | ||
Total | 1,018,633 | ||
Accumulated depreciation | (317,561) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | 1,018,633 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 317,561 | ||
Encumbered Apartment Communities | Belmont Station | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 275 | ||
Encumbrance | $ 29,209 | ||
Initial cost | |||
Land | 8,100 | ||
Buildings and improvements | 66,666 | ||
Costs capitalized subsequent to acquisition | 9,778 | ||
Gross amount carried at close of period | |||
Land and improvements | 8,267 | ||
Buildings and improvements | 76,277 | ||
Total | 84,544 | ||
Accumulated depreciation | $ (39,299) | ||
Date of construction | 2009 | ||
Date acquired | Mar-09 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 84,544 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 39,299 | ||
Encumbered Apartment Communities | Brio | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 300 | ||
Encumbrance | $ 93,602 | ||
Initial cost | |||
Land | 16,885 | ||
Buildings and improvements | 151,741 | ||
Costs capitalized subsequent to acquisition | 4,423 | ||
Gross amount carried at close of period | |||
Land and improvements | 16,885 | ||
Buildings and improvements | 156,164 | ||
Total | 173,049 | ||
Accumulated depreciation | $ (20,332) | ||
Date of construction | 2015 | ||
Date acquired | Jun-19 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 173,049 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 20,332 | ||
Encumbered Apartment Communities | Fountain Park | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 705 | ||
Encumbrance | $ 82,577 | ||
Initial cost | |||
Land | 25,073 | ||
Buildings and improvements | 94,980 | ||
Costs capitalized subsequent to acquisition | 44,493 | ||
Gross amount carried at close of period | |||
Land and improvements | 25,203 | ||
Buildings and improvements | 139,343 | ||
Total | 164,546 | ||
Accumulated depreciation | $ (92,190) | ||
Date of construction | 2002 | ||
Date acquired | Feb-04 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 164,546 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 92,190 | ||
Encumbered Apartment Communities | Highridge | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 255 | ||
Encumbrance | $ 69,416 | ||
Initial cost | |||
Land | 5,419 | ||
Buildings and improvements | 18,347 | ||
Costs capitalized subsequent to acquisition | 35,981 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,073 | ||
Buildings and improvements | 53,674 | ||
Total | 59,747 | ||
Accumulated depreciation | $ (45,470) | ||
Date of construction | 1972 | ||
Date acquired | May-97 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 59,747 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 45,470 | ||
Encumbered Apartment Communities | Magnolia Square/Magnolia Lane | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 188 | ||
Encumbrance | $ 52,368 | ||
Initial cost | |||
Land | 8,190 | ||
Buildings and improvements | 24,736 | ||
Costs capitalized subsequent to acquisition | 19,395 | ||
Gross amount carried at close of period | |||
Land and improvements | 8,191 | ||
Buildings and improvements | 44,130 | ||
Total | 52,321 | ||
Accumulated depreciation | $ (30,002) | ||
Date of construction | 1963 | ||
Date acquired | Sep-07 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 52,321 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 30,002 | ||
Encumbered Apartment Communities | Marquis | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 166 | ||
Encumbrance | $ 44,686 | ||
Initial cost | |||
Land | 20,495 | ||
Buildings and improvements | 47,823 | ||
Costs capitalized subsequent to acquisition | 1,508 | ||
Gross amount carried at close of period | |||
Land and improvements | 20,495 | ||
Buildings and improvements | 49,331 | ||
Total | 69,826 | ||
Accumulated depreciation | $ (6,651) | ||
Date of construction | 2015 | ||
Date acquired | Dec-18 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 69,826 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 6,651 | ||
Encumbered Apartment Communities | Sage at Cupertino | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 230 | ||
Encumbrance | $ 51,824 | ||
Initial cost | |||
Land | 35,719 | ||
Buildings and improvements | 53,449 | ||
Costs capitalized subsequent to acquisition | 12,695 | ||
Gross amount carried at close of period | |||
Land and improvements | 35,719 | ||
Buildings and improvements | 66,144 | ||
Total | 101,863 | ||
Accumulated depreciation | $ (16,631) | ||
Date of construction | 1971 | ||
Date acquired | Mar-17 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 101,863 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 16,631 | ||
Encumbered Apartment Communities | The Barkley | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 161 | ||
Encumbrance | $ 14,909 | ||
Initial cost | |||
Land | 0 | ||
Buildings and improvements | 8,520 | ||
Costs capitalized subsequent to acquisition | 8,824 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,353 | ||
Buildings and improvements | 14,991 | ||
Total | 17,344 | ||
Accumulated depreciation | $ (11,861) | ||
Date of construction | 1984 | ||
Date acquired | Apr-00 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 17,344 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 11,861 | ||
Encumbered Apartment Communities | The Dylan | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 184 | ||
Encumbrance | $ 57,741 | ||
Initial cost | |||
Land | 19,984 | ||
Buildings and improvements | 82,286 | ||
Costs capitalized subsequent to acquisition | 2,792 | ||
Gross amount carried at close of period | |||
Land and improvements | 19,990 | ||
Buildings and improvements | 85,072 | ||
Total | 105,062 | ||
Accumulated depreciation | $ (24,097) | ||
Date of construction | 2015 | ||
Date acquired | Mar-15 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 105,062 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 24,097 | ||
Encumbered Apartment Communities | The Huxley | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 187 | ||
Encumbrance | $ 52,564 | ||
Initial cost | |||
Land | 19,362 | ||
Buildings and improvements | 75,641 | ||
Costs capitalized subsequent to acquisition | 3,148 | ||
Gross amount carried at close of period | |||
Land and improvements | 19,371 | ||
Buildings and improvements | 78,780 | ||
Total | 98,151 | ||
Accumulated depreciation | $ (22,518) | ||
Date of construction | 2014 | ||
Date acquired | Mar-15 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 98,151 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 22,518 | ||
Encumbered Apartment Communities | Township | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 132 | ||
Encumbrance | $ 45,047 | ||
Initial cost | |||
Land | 19,812 | ||
Buildings and improvements | 70,619 | ||
Costs capitalized subsequent to acquisition | 1,749 | ||
Gross amount carried at close of period | |||
Land and improvements | 19,812 | ||
Buildings and improvements | 72,368 | ||
Total | 92,180 | ||
Accumulated depreciation | $ (8,510) | ||
Date of construction | 2014 | ||
Date acquired | Sep-19 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 92,180 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 8,510 | ||
Unencumbered Apartment Communities | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 48,939 | ||
Initial cost | |||
Land | $ 2,728,585 | ||
Buildings and improvements | 9,703,950 | ||
Costs capitalized subsequent to acquisition | 2,396,447 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,778,895 | ||
Buildings and improvements | 12,050,087 | ||
Total | 14,828,982 | ||
Accumulated depreciation | (4,815,957) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | 14,828,982 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 4,815,957 | ||
Unencumbered Apartment Communities | Agora | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 49 | ||
Initial cost | |||
Land | $ 4,932 | ||
Buildings and improvements | 60,423 | ||
Costs capitalized subsequent to acquisition | 1,534 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,934 | ||
Buildings and improvements | 61,955 | ||
Total | 66,889 | ||
Accumulated depreciation | $ (6,249) | ||
Date of construction | 2016 | ||
Date acquired | Jan-20 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 66,889 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 6,249 | ||
Unencumbered Apartment Communities | Alessio | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 624 | ||
Initial cost | |||
Land | $ 32,136 | ||
Buildings and improvements | 128,543 | ||
Costs capitalized subsequent to acquisition | 22,598 | ||
Gross amount carried at close of period | |||
Land and improvements | 32,136 | ||
Buildings and improvements | 151,141 | ||
Total | 183,277 | ||
Accumulated depreciation | $ (50,612) | ||
Date of construction | 2001 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 183,277 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 50,612 | ||
Unencumbered Apartment Communities | Allegro | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 97 | ||
Initial cost | |||
Land | $ 5,869 | ||
Buildings and improvements | 23,977 | ||
Costs capitalized subsequent to acquisition | 3,456 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,869 | ||
Buildings and improvements | 27,433 | ||
Total | 33,302 | ||
Accumulated depreciation | $ (13,310) | ||
Date of construction | 2010 | ||
Date acquired | Oct-10 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 33,302 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 13,310 | ||
Unencumbered Apartment Communities | Allure at Scripps Ranch | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 194 | ||
Initial cost | |||
Land | $ 11,923 | ||
Buildings and improvements | 47,690 | ||
Costs capitalized subsequent to acquisition | 3,730 | ||
Gross amount carried at close of period | |||
Land and improvements | 11,923 | ||
Buildings and improvements | 51,420 | ||
Total | 63,343 | ||
Accumulated depreciation | $ (16,204) | ||
Date of construction | 2002 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 63,343 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 16,204 | ||
Unencumbered Apartment Communities | Alpine Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 301 | ||
Initial cost | |||
Land | $ 4,967 | ||
Buildings and improvements | 19,728 | ||
Costs capitalized subsequent to acquisition | 11,728 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,982 | ||
Buildings and improvements | 31,441 | ||
Total | 36,423 | ||
Accumulated depreciation | $ (21,352) | ||
Date of construction | 1971 | ||
Date acquired | Dec-02 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 36,423 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 21,352 | ||
Unencumbered Apartment Communities | Annaliese | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 56 | ||
Initial cost | |||
Land | $ 4,727 | ||
Buildings and improvements | 14,229 | ||
Costs capitalized subsequent to acquisition | 1,110 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,726 | ||
Buildings and improvements | 15,340 | ||
Total | 20,066 | ||
Accumulated depreciation | $ (5,346) | ||
Date of construction | 2009 | ||
Date acquired | Jan-13 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 20,066 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 5,346 | ||
Unencumbered Apartment Communities | Apex | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 367 | ||
Initial cost | |||
Land | $ 44,240 | ||
Buildings and improvements | 103,251 | ||
Costs capitalized subsequent to acquisition | 9,638 | ||
Gross amount carried at close of period | |||
Land and improvements | 44,240 | ||
Buildings and improvements | 112,889 | ||
Total | 157,129 | ||
Accumulated depreciation | $ (32,041) | ||
Date of construction | 2014 | ||
Date acquired | Aug-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 157,129 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 32,041 | ||
Unencumbered Apartment Communities | Aqua Marina Del Rey | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 500 | ||
Initial cost | |||
Land | $ 58,442 | ||
Buildings and improvements | 175,326 | ||
Costs capitalized subsequent to acquisition | 22,117 | ||
Gross amount carried at close of period | |||
Land and improvements | 58,442 | ||
Buildings and improvements | 197,443 | ||
Total | 255,885 | ||
Accumulated depreciation | $ (67,620) | ||
Date of construction | 2001 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 255,885 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 67,620 | ||
Unencumbered Apartment Communities | Ascent | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 90 | ||
Initial cost | |||
Land | $ 3,924 | ||
Buildings and improvements | 11,862 | ||
Costs capitalized subsequent to acquisition | 3,121 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,924 | ||
Buildings and improvements | 14,983 | ||
Total | 18,907 | ||
Accumulated depreciation | $ (6,136) | ||
Date of construction | 1988 | ||
Date acquired | Oct-12 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 18,907 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 6,136 | ||
Unencumbered Apartment Communities | Ashton Sherman Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 264 | ||
Initial cost | |||
Land | $ 23,550 | ||
Buildings and improvements | 93,811 | ||
Costs capitalized subsequent to acquisition | 2,865 | ||
Gross amount carried at close of period | |||
Land and improvements | 23,550 | ||
Buildings and improvements | 96,676 | ||
Total | 120,226 | ||
Accumulated depreciation | $ (20,592) | ||
Date of construction | 2014 | ||
Date acquired | Dec-16 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 120,226 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 20,592 | ||
Unencumbered Apartment Communities | Avant | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 440 | ||
Initial cost | |||
Land | $ 32,379 | ||
Buildings and improvements | 137,940 | ||
Costs capitalized subsequent to acquisition | 7,427 | ||
Gross amount carried at close of period | |||
Land and improvements | 32,379 | ||
Buildings and improvements | 145,367 | ||
Total | 177,746 | ||
Accumulated depreciation | $ (37,061) | ||
Date of construction | 2014 | ||
Date acquired | Jun-15 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 177,746 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 37,061 | ||
Unencumbered Apartment Communities | Avenue 64 | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 224 | ||
Initial cost | |||
Land | $ 27,235 | ||
Buildings and improvements | 64,403 | ||
Costs capitalized subsequent to acquisition | 17,507 | ||
Gross amount carried at close of period | |||
Land and improvements | 27,235 | ||
Buildings and improvements | 81,910 | ||
Total | 109,145 | ||
Accumulated depreciation | $ (25,061) | ||
Date of construction | 2007 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 109,145 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 25,061 | ||
Unencumbered Apartment Communities | Aviara | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 166 | ||
Initial cost | |||
Land | $ 0 | ||
Buildings and improvements | 49,813 | ||
Costs capitalized subsequent to acquisition | 2,707 | ||
Gross amount carried at close of period | |||
Land and improvements | 0 | ||
Buildings and improvements | 52,520 | ||
Total | 52,520 | ||
Accumulated depreciation | $ (17,435) | ||
Date of construction | 2013 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 52,520 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 17,435 | ||
Unencumbered Apartment Communities | Avondale at Warner Center | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 446 | ||
Initial cost | |||
Land | $ 10,536 | ||
Buildings and improvements | 24,522 | ||
Costs capitalized subsequent to acquisition | 31,247 | ||
Gross amount carried at close of period | |||
Land and improvements | 10,601 | ||
Buildings and improvements | 55,704 | ||
Total | 66,305 | ||
Accumulated depreciation | $ (41,427) | ||
Date of construction | 1970 | ||
Date acquired | Jan-99 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 66,305 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 41,427 | ||
Unencumbered Apartment Communities | Bel Air | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 462 | ||
Initial cost | |||
Land | $ 12,105 | ||
Buildings and improvements | 18,252 | ||
Costs capitalized subsequent to acquisition | 48,315 | ||
Gross amount carried at close of period | |||
Land and improvements | 12,682 | ||
Buildings and improvements | 65,990 | ||
Total | 78,672 | ||
Accumulated depreciation | $ (50,470) | ||
Date of construction | 1988 | ||
Date acquired | Jan-95 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 78,672 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 50,470 | ||
Unencumbered Apartment Communities | Belcarra | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 296 | ||
Initial cost | |||
Land | $ 21,725 | ||
Buildings and improvements | 92,091 | ||
Costs capitalized subsequent to acquisition | 5,848 | ||
Gross amount carried at close of period | |||
Land and improvements | 21,725 | ||
Buildings and improvements | 97,939 | ||
Total | 119,664 | ||
Accumulated depreciation | $ (30,235) | ||
Date of construction | 2009 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 119,664 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 30,235 | ||
Unencumbered Apartment Communities | Bella Villagio | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 231 | ||
Initial cost | |||
Land | $ 17,247 | ||
Buildings and improvements | 40,343 | ||
Costs capitalized subsequent to acquisition | 7,214 | ||
Gross amount carried at close of period | |||
Land and improvements | 17,247 | ||
Buildings and improvements | 47,557 | ||
Total | 64,804 | ||
Accumulated depreciation | $ (20,346) | ||
Date of construction | 2004 | ||
Date acquired | Sep-10 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 64,804 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 20,346 | ||
Unencumbered Apartment Communities | BellCentre | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 249 | ||
Initial cost | |||
Land | $ 16,197 | ||
Buildings and improvements | 67,207 | ||
Costs capitalized subsequent to acquisition | 7,137 | ||
Gross amount carried at close of period | |||
Land and improvements | 16,197 | ||
Buildings and improvements | 74,344 | ||
Total | 90,541 | ||
Accumulated depreciation | $ (24,768) | ||
Date of construction | 2001 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 90,541 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 24,768 | ||
Unencumbered Apartment Communities | Bellerive | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 63 | ||
Initial cost | |||
Land | $ 5,401 | ||
Buildings and improvements | 21,803 | ||
Costs capitalized subsequent to acquisition | 1,843 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,401 | ||
Buildings and improvements | 23,646 | ||
Total | 29,047 | ||
Accumulated depreciation | $ (10,151) | ||
Date of construction | 2011 | ||
Date acquired | Aug-11 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 29,047 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 10,151 | ||
Unencumbered Apartment Communities | Belmont Terrace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 71 | ||
Initial cost | |||
Land | $ 4,446 | ||
Buildings and improvements | 10,290 | ||
Costs capitalized subsequent to acquisition | 8,155 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,473 | ||
Buildings and improvements | 18,418 | ||
Total | 22,891 | ||
Accumulated depreciation | $ (12,182) | ||
Date of construction | 1974 | ||
Date acquired | Oct-06 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 22,891 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 12,182 | ||
Unencumbered Apartment Communities | Bennett Lofts | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 164 | ||
Initial cost | |||
Land | $ 21,771 | ||
Buildings and improvements | 50,800 | ||
Costs capitalized subsequent to acquisition | 34,664 | ||
Gross amount carried at close of period | |||
Land and improvements | 28,371 | ||
Buildings and improvements | 78,864 | ||
Total | 107,235 | ||
Accumulated depreciation | $ (29,400) | ||
Date of construction | 2004 | ||
Date acquired | Dec-12 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 107,235 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 29,400 | ||
Unencumbered Apartment Communities | Bernardo Crest | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 216 | ||
Initial cost | |||
Land | $ 10,802 | ||
Buildings and improvements | 43,209 | ||
Costs capitalized subsequent to acquisition | 7,169 | ||
Gross amount carried at close of period | |||
Land and improvements | 10,802 | ||
Buildings and improvements | 50,378 | ||
Total | 61,180 | ||
Accumulated depreciation | $ (16,949) | ||
Date of construction | 1988 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 61,180 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 16,949 | ||
Unencumbered Apartment Communities | Bonita Cedars | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 120 | ||
Initial cost | |||
Land | $ 2,496 | ||
Buildings and improvements | 9,913 | ||
Costs capitalized subsequent to acquisition | 6,765 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,503 | ||
Buildings and improvements | 16,671 | ||
Total | 19,174 | ||
Accumulated depreciation | $ (11,489) | ||
Date of construction | 1983 | ||
Date acquired | Dec-02 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 19,174 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 11,489 | ||
Unencumbered Apartment Communities | Boulevard | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 172 | ||
Initial cost | |||
Land | $ 3,520 | ||
Buildings and improvements | 8,182 | ||
Costs capitalized subsequent to acquisition | 15,812 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,580 | ||
Buildings and improvements | 23,934 | ||
Total | 27,514 | ||
Accumulated depreciation | $ (20,846) | ||
Date of construction | 1978 | ||
Date acquired | Jan-96 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 27,514 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 20,846 | ||
Unencumbered Apartment Communities | Brookside Oaks | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 170 | ||
Initial cost | |||
Land | $ 7,301 | ||
Buildings and improvements | 16,310 | ||
Costs capitalized subsequent to acquisition | 28,417 | ||
Gross amount carried at close of period | |||
Land and improvements | 10,328 | ||
Buildings and improvements | 41,700 | ||
Total | 52,028 | ||
Accumulated depreciation | $ (30,093) | ||
Date of construction | 1973 | ||
Date acquired | Jun-00 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 52,028 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 30,093 | ||
Unencumbered Apartment Communities | Bridle Trails | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 108 | ||
Initial cost | |||
Land | $ 1,500 | ||
Buildings and improvements | 5,930 | ||
Costs capitalized subsequent to acquisition | 7,268 | ||
Gross amount carried at close of period | |||
Land and improvements | 1,531 | ||
Buildings and improvements | 13,167 | ||
Total | 14,698 | ||
Accumulated depreciation | $ (10,387) | ||
Date of construction | 1986 | ||
Date acquired | Oct-97 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 14,698 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 10,387 | ||
Unencumbered Apartment Communities | Brighton Ridge | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 264 | ||
Initial cost | |||
Land | $ 2,623 | ||
Buildings and improvements | 10,800 | ||
Costs capitalized subsequent to acquisition | 9,253 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,656 | ||
Buildings and improvements | 20,020 | ||
Total | 22,676 | ||
Accumulated depreciation | $ (15,329) | ||
Date of construction | 1986 | ||
Date acquired | Dec-96 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 22,676 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 15,329 | ||
Unencumbered Apartment Communities | Bristol Commons | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 188 | ||
Initial cost | |||
Land | $ 5,278 | ||
Buildings and improvements | 11,853 | ||
Costs capitalized subsequent to acquisition | 11,741 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,293 | ||
Buildings and improvements | 23,579 | ||
Total | 28,872 | ||
Accumulated depreciation | $ (19,266) | ||
Date of construction | 1989 | ||
Date acquired | Jan-95 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 28,872 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 19,266 | ||
Unencumbered Apartment Communities | Bunker Hill | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 456 | ||
Initial cost | |||
Land | $ 11,498 | ||
Buildings and improvements | 27,871 | ||
Costs capitalized subsequent to acquisition | 103,729 | ||
Gross amount carried at close of period | |||
Land and improvements | 11,639 | ||
Buildings and improvements | 131,459 | ||
Total | 143,098 | ||
Accumulated depreciation | $ (99,288) | ||
Date of construction | 1968 | ||
Date acquired | Mar-98 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 143,098 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 99,288 | ||
Unencumbered Apartment Communities | Camarillo Oaks | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 564 | ||
Initial cost | |||
Land | $ 10,953 | ||
Buildings and improvements | 25,254 | ||
Costs capitalized subsequent to acquisition | 10,529 | ||
Gross amount carried at close of period | |||
Land and improvements | 11,075 | ||
Buildings and improvements | 35,661 | ||
Total | 46,736 | ||
Accumulated depreciation | $ (29,837) | ||
Date of construction | 1985 | ||
Date acquired | Jul-96 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 46,736 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 29,837 | ||
Unencumbered Apartment Communities | Cambridge Park | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 320 | ||
Initial cost | |||
Land | $ 18,185 | ||
Buildings and improvements | 72,739 | ||
Costs capitalized subsequent to acquisition | 6,538 | ||
Gross amount carried at close of period | |||
Land and improvements | 18,185 | ||
Buildings and improvements | 79,277 | ||
Total | 97,462 | ||
Accumulated depreciation | $ (25,495) | ||
Date of construction | 1998 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 97,462 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 25,495 | ||
Unencumbered Apartment Communities | Camino Ruiz Square | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 159 | ||
Initial cost | |||
Land | $ 6,871 | ||
Buildings and improvements | 26,119 | ||
Costs capitalized subsequent to acquisition | 3,370 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,931 | ||
Buildings and improvements | 29,429 | ||
Total | 36,360 | ||
Accumulated depreciation | $ (16,048) | ||
Date of construction | 1990 | ||
Date acquired | Dec-06 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 36,360 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 16,048 | ||
Unencumbered Apartment Communities | Canvas | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 123 | ||
Initial cost | |||
Land | $ 10,489 | ||
Buildings and improvements | 36,924 | ||
Costs capitalized subsequent to acquisition | 421 | ||
Gross amount carried at close of period | |||
Land and improvements | 10,489 | ||
Buildings and improvements | 37,345 | ||
Total | 47,834 | ||
Accumulated depreciation | $ (1,378) | ||
Date of construction | 2014 | ||
Date acquired | Dec-21 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 47,834 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 1,378 | ||
Unencumbered Apartment Communities | Canyon Oaks | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 250 | ||
Initial cost | |||
Land | $ 19,088 | ||
Buildings and improvements | 44,473 | ||
Costs capitalized subsequent to acquisition | 9,920 | ||
Gross amount carried at close of period | |||
Land and improvements | 19,088 | ||
Buildings and improvements | 54,393 | ||
Total | 73,481 | ||
Accumulated depreciation | $ (28,146) | ||
Date of construction | 2005 | ||
Date acquired | May-07 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 73,481 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 28,146 | ||
Unencumbered Apartment Communities | Canyon Pointe | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 250 | ||
Initial cost | |||
Land | $ 4,692 | ||
Buildings and improvements | 18,288 | ||
Costs capitalized subsequent to acquisition | 11,235 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,693 | ||
Buildings and improvements | 29,522 | ||
Total | 34,215 | ||
Accumulated depreciation | $ (19,838) | ||
Date of construction | 1990 | ||
Date acquired | Oct-03 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 34,215 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 19,838 | ||
Unencumbered Apartment Communities | Capri at Sunny Hills | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 102 | ||
Initial cost | |||
Land | $ 3,337 | ||
Buildings and improvements | 13,320 | ||
Costs capitalized subsequent to acquisition | 10,738 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,048 | ||
Buildings and improvements | 23,347 | ||
Total | 27,395 | ||
Accumulated depreciation | $ (17,157) | ||
Date of construction | 1961 | ||
Date acquired | Sep-01 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 27,395 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 17,157 | ||
Unencumbered Apartment Communities | Carmel Creek | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 348 | ||
Initial cost | |||
Land | $ 26,842 | ||
Buildings and improvements | 107,368 | ||
Costs capitalized subsequent to acquisition | 10,837 | ||
Gross amount carried at close of period | |||
Land and improvements | 26,842 | ||
Buildings and improvements | 118,205 | ||
Total | 145,047 | ||
Accumulated depreciation | $ (39,336) | ||
Date of construction | 2000 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 145,047 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 39,336 | ||
Unencumbered Apartment Communities | Carmel Landing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 356 | ||
Initial cost | |||
Land | $ 16,725 | ||
Buildings and improvements | 66,901 | ||
Costs capitalized subsequent to acquisition | 16,210 | ||
Gross amount carried at close of period | |||
Land and improvements | 16,725 | ||
Buildings and improvements | 83,111 | ||
Total | 99,836 | ||
Accumulated depreciation | $ (27,661) | ||
Date of construction | 1989 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 99,836 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 27,661 | ||
Unencumbered Apartment Communities | Carmel Summit | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 246 | ||
Initial cost | |||
Land | $ 14,968 | ||
Buildings and improvements | 59,871 | ||
Costs capitalized subsequent to acquisition | 6,766 | ||
Gross amount carried at close of period | |||
Land and improvements | 14,968 | ||
Buildings and improvements | 66,637 | ||
Total | 81,605 | ||
Accumulated depreciation | $ (21,491) | ||
Date of construction | 1989 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 81,605 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 21,491 | ||
Unencumbered Apartment Communities | Castle Creek | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 216 | ||
Initial cost | |||
Land | $ 4,149 | ||
Buildings and improvements | 16,028 | ||
Costs capitalized subsequent to acquisition | 8,020 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,833 | ||
Buildings and improvements | 23,364 | ||
Total | 28,197 | ||
Accumulated depreciation | $ (18,140) | ||
Date of construction | 1998 | ||
Date acquired | Dec-98 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 28,197 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 18,140 | ||
Unencumbered Apartment Communities | Catalina Gardens | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 128 | ||
Initial cost | |||
Land | $ 6,714 | ||
Buildings and improvements | 26,856 | ||
Costs capitalized subsequent to acquisition | 3,420 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,714 | ||
Buildings and improvements | 30,276 | ||
Total | 36,990 | ||
Accumulated depreciation | $ (9,805) | ||
Date of construction | 1987 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 36,990 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 9,805 | ||
Unencumbered Apartment Communities | CBC Apartments & The Sweeps | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 239 | ||
Initial cost | |||
Land | $ 11,841 | ||
Buildings and improvements | 45,320 | ||
Costs capitalized subsequent to acquisition | 8,155 | ||
Gross amount carried at close of period | |||
Land and improvements | 11,906 | ||
Buildings and improvements | 53,410 | ||
Total | 65,316 | ||
Accumulated depreciation | $ (32,068) | ||
Date of construction | 1962 | ||
Date acquired | Jan-06 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 65,316 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 32,068 | ||
Unencumbered Apartment Communities | Cedar Terrace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 180 | ||
Initial cost | |||
Land | $ 5,543 | ||
Buildings and improvements | 16,442 | ||
Costs capitalized subsequent to acquisition | 10,082 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,652 | ||
Buildings and improvements | 26,415 | ||
Total | 32,067 | ||
Accumulated depreciation | $ (16,498) | ||
Date of construction | 1984 | ||
Date acquired | Jan-05 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 32,067 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 16,498 | ||
Unencumbered Apartment Communities | CentrePointe | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 224 | ||
Initial cost | |||
Land | $ 3,405 | ||
Buildings and improvements | 7,743 | ||
Costs capitalized subsequent to acquisition | 23,359 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,442 | ||
Buildings and improvements | 31,065 | ||
Total | 34,507 | ||
Accumulated depreciation | $ (25,525) | ||
Date of construction | 1974 | ||
Date acquired | Jun-97 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 34,507 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 25,525 | ||
Unencumbered Apartment Communities | Chestnut Street Apartments | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 96 | ||
Initial cost | |||
Land | $ 6,582 | ||
Buildings and improvements | 15,689 | ||
Costs capitalized subsequent to acquisition | 2,689 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,582 | ||
Buildings and improvements | 18,378 | ||
Total | 24,960 | ||
Accumulated depreciation | $ (9,272) | ||
Date of construction | 2002 | ||
Date acquired | Jul-08 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 24,960 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 9,272 | ||
Unencumbered Apartment Communities | City View | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 572 | ||
Initial cost | |||
Land | $ 9,883 | ||
Buildings and improvements | 37,670 | ||
Costs capitalized subsequent to acquisition | 39,609 | ||
Gross amount carried at close of period | |||
Land and improvements | 10,350 | ||
Buildings and improvements | 76,812 | ||
Total | 87,162 | ||
Accumulated depreciation | $ (59,999) | ||
Date of construction | 1975 | ||
Date acquired | Mar-98 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 87,162 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 59,999 | ||
Unencumbered Apartment Communities | Collins on Pine | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 76 | ||
Initial cost | |||
Land | $ 7,276 | ||
Buildings and improvements | 22,226 | ||
Costs capitalized subsequent to acquisition | 994 | ||
Gross amount carried at close of period | |||
Land and improvements | 7,276 | ||
Buildings and improvements | 23,220 | ||
Total | 30,496 | ||
Accumulated depreciation | $ (6,904) | ||
Date of construction | 2013 | ||
Date acquired | May-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 30,496 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 6,904 | ||
Unencumbered Apartment Communities | Connolly Station | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 309 | ||
Initial cost | |||
Land | $ 19,949 | ||
Buildings and improvements | 123,428 | ||
Costs capitalized subsequent to acquisition | 4,003 | ||
Gross amount carried at close of period | |||
Land and improvements | 19,949 | ||
Buildings and improvements | 127,431 | ||
Total | 147,380 | ||
Accumulated depreciation | $ (13,666) | ||
Date of construction | 2014 | ||
Date acquired | Jan-20 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 147,380 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 13,666 | ||
Unencumbered Apartment Communities | Corbella at Juanita Bay | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 169 | ||
Initial cost | |||
Land | $ 5,801 | ||
Buildings and improvements | 17,415 | ||
Costs capitalized subsequent to acquisition | 4,925 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,801 | ||
Buildings and improvements | 22,340 | ||
Total | 28,141 | ||
Accumulated depreciation | $ (10,276) | ||
Date of construction | 1978 | ||
Date acquired | Nov-10 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 28,141 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 10,276 | ||
Unencumbered Apartment Communities | Cortesia | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 308 | ||
Initial cost | |||
Land | $ 13,912 | ||
Buildings and improvements | 55,649 | ||
Costs capitalized subsequent to acquisition | 5,145 | ||
Gross amount carried at close of period | |||
Land and improvements | 13,912 | ||
Buildings and improvements | 60,794 | ||
Total | 74,706 | ||
Accumulated depreciation | $ (19,483) | ||
Date of construction | 1999 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 74,706 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 19,483 | ||
Unencumbered Apartment Communities | Country Villas | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 180 | ||
Initial cost | |||
Land | $ 4,174 | ||
Buildings and improvements | 16,583 | ||
Costs capitalized subsequent to acquisition | 6,848 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,187 | ||
Buildings and improvements | 23,418 | ||
Total | 27,605 | ||
Accumulated depreciation | $ (15,961) | ||
Date of construction | 1976 | ||
Date acquired | Dec-02 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 27,605 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 15,961 | ||
Unencumbered Apartment Communities | Courtyard off Main | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 110 | ||
Initial cost | |||
Land | $ 7,465 | ||
Buildings and improvements | 21,405 | ||
Costs capitalized subsequent to acquisition | 6,737 | ||
Gross amount carried at close of period | |||
Land and improvements | 7,465 | ||
Buildings and improvements | 28,142 | ||
Total | 35,607 | ||
Accumulated depreciation | $ (12,660) | ||
Date of construction | 2000 | ||
Date acquired | Oct-10 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 35,607 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 12,660 | ||
Unencumbered Apartment Communities | Crow Canyon | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 400 | ||
Initial cost | |||
Land | $ 37,579 | ||
Buildings and improvements | 87,685 | ||
Costs capitalized subsequent to acquisition | 17,342 | ||
Gross amount carried at close of period | |||
Land and improvements | 37,579 | ||
Buildings and improvements | 105,027 | ||
Total | 142,606 | ||
Accumulated depreciation | $ (36,252) | ||
Date of construction | 1992 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 142,606 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 36,252 | ||
Unencumbered Apartment Communities | Deer Valley | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 171 | ||
Initial cost | |||
Land | $ 21,478 | ||
Buildings and improvements | 50,116 | ||
Costs capitalized subsequent to acquisition | 5,688 | ||
Gross amount carried at close of period | |||
Land and improvements | 21,478 | ||
Buildings and improvements | 55,804 | ||
Total | 77,282 | ||
Accumulated depreciation | $ (18,191) | ||
Date of construction | 1996 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 77,282 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 18,191 | ||
Unencumbered Apartment Communities | Domaine | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 92 | ||
Initial cost | |||
Land | $ 9,059 | ||
Buildings and improvements | 27,177 | ||
Costs capitalized subsequent to acquisition | 1,902 | ||
Gross amount carried at close of period | |||
Land and improvements | 9,059 | ||
Buildings and improvements | 29,079 | ||
Total | 38,138 | ||
Accumulated depreciation | $ (10,526) | ||
Date of construction | 2009 | ||
Date acquired | Sep-12 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 38,138 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 10,526 | ||
Unencumbered Apartment Communities | Elevation | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 158 | ||
Initial cost | |||
Land | $ 4,758 | ||
Buildings and improvements | 14,285 | ||
Costs capitalized subsequent to acquisition | 8,555 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,757 | ||
Buildings and improvements | 22,841 | ||
Total | 27,598 | ||
Accumulated depreciation | $ (12,820) | ||
Date of construction | 1986 | ||
Date acquired | Jun-10 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 27,598 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 12,820 | ||
Unencumbered Apartment Communities | Ellington | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 220 | ||
Initial cost | |||
Land | $ 15,066 | ||
Buildings and improvements | 45,249 | ||
Costs capitalized subsequent to acquisition | 6,047 | ||
Gross amount carried at close of period | |||
Land and improvements | 15,066 | ||
Buildings and improvements | 51,296 | ||
Total | 66,362 | ||
Accumulated depreciation | $ (15,982) | ||
Date of construction | 1994 | ||
Date acquired | Jul-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 66,362 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 15,982 | ||
Unencumbered Apartment Communities | Emerald Pointe | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 160 | ||
Initial cost | |||
Land | $ 8,458 | ||
Buildings and improvements | 33,832 | ||
Costs capitalized subsequent to acquisition | 3,448 | ||
Gross amount carried at close of period | |||
Land and improvements | 8,458 | ||
Buildings and improvements | 37,280 | ||
Total | 45,738 | ||
Accumulated depreciation | $ (12,180) | ||
Date of construction | 1989 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 45,738 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 12,180 | ||
Unencumbered Apartment Communities | Emerald Ridge | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 180 | ||
Initial cost | |||
Land | $ 3,449 | ||
Buildings and improvements | 7,801 | ||
Costs capitalized subsequent to acquisition | 8,212 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,449 | ||
Buildings and improvements | 16,013 | ||
Total | 19,462 | ||
Accumulated depreciation | $ (13,488) | ||
Date of construction | 1987 | ||
Date acquired | Nov-94 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 19,462 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 13,488 | ||
Unencumbered Apartment Communities | Emerson Valley Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 144 | ||
Initial cost | |||
Land | $ 13,378 | ||
Buildings and improvements | 53,240 | ||
Costs capitalized subsequent to acquisition | 2,409 | ||
Gross amount carried at close of period | |||
Land and improvements | 13,378 | ||
Buildings and improvements | 55,649 | ||
Total | 69,027 | ||
Accumulated depreciation | $ (11,963) | ||
Date of construction | 2012 | ||
Date acquired | Dec-16 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 69,027 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 11,963 | ||
Unencumbered Apartment Communities | Emme | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 190 | ||
Initial cost | |||
Land | $ 15,039 | ||
Buildings and improvements | 80,532 | ||
Costs capitalized subsequent to acquisition | 1,287 | ||
Gross amount carried at close of period | |||
Land and improvements | 15,039 | ||
Buildings and improvements | 81,819 | ||
Total | 96,858 | ||
Accumulated depreciation | $ (8,568) | ||
Date of construction | 2015 | ||
Date acquired | Jan-20 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 96,858 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 8,568 | ||
Unencumbered Apartment Communities | Enso | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 183 | ||
Initial cost | |||
Land | $ 21,397 | ||
Buildings and improvements | 71,135 | ||
Costs capitalized subsequent to acquisition | 2,869 | ||
Gross amount carried at close of period | |||
Land and improvements | 21,397 | ||
Buildings and improvements | 74,004 | ||
Total | 95,401 | ||
Accumulated depreciation | $ (18,494) | ||
Date of construction | 2014 | ||
Date acquired | Dec-15 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 95,401 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 18,494 | ||
Unencumbered Apartment Communities | Epic | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 769 | ||
Initial cost | |||
Land | $ 89,111 | ||
Buildings and improvements | 307,769 | ||
Costs capitalized subsequent to acquisition | 3,917 | ||
Gross amount carried at close of period | |||
Land and improvements | 89,111 | ||
Buildings and improvements | 311,686 | ||
Total | 400,797 | ||
Accumulated depreciation | $ (32,155) | ||
Date of construction | 2013 | ||
Date acquired | Jan-20 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 400,797 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 32,155 | ||
Unencumbered Apartment Communities | Esplanade | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 278 | ||
Initial cost | |||
Land | $ 18,170 | ||
Buildings and improvements | 40,086 | ||
Costs capitalized subsequent to acquisition | 18,162 | ||
Gross amount carried at close of period | |||
Land and improvements | 18,429 | ||
Buildings and improvements | 57,989 | ||
Total | 76,418 | ||
Accumulated depreciation | $ (38,046) | ||
Date of construction | 2002 | ||
Date acquired | Apr-04 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 76,418 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 38,046 | ||
Unencumbered Apartment Communities | Essex Skyline | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 350 | ||
Initial cost | |||
Land | $ 21,537 | ||
Buildings and improvements | 146,099 | ||
Costs capitalized subsequent to acquisition | 17,029 | ||
Gross amount carried at close of period | |||
Land and improvements | 21,537 | ||
Buildings and improvements | 163,128 | ||
Total | 184,665 | ||
Accumulated depreciation | $ (61,800) | ||
Date of construction | 2008 | ||
Date acquired | Apr-10 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 184,665 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 61,800 | ||
Unencumbered Apartment Communities | Evergreen Heights | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 200 | ||
Initial cost | |||
Land | $ 3,566 | ||
Buildings and improvements | 13,395 | ||
Costs capitalized subsequent to acquisition | 8,494 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,649 | ||
Buildings and improvements | 21,806 | ||
Total | 25,455 | ||
Accumulated depreciation | $ (17,748) | ||
Date of construction | 1990 | ||
Date acquired | Jun-97 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 25,455 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 17,748 | ||
Unencumbered Apartment Communities | Fairhaven Apartments | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 164 | ||
Initial cost | |||
Land | $ 2,626 | ||
Buildings and improvements | 10,485 | ||
Costs capitalized subsequent to acquisition | 11,279 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,957 | ||
Buildings and improvements | 21,433 | ||
Total | 24,390 | ||
Accumulated depreciation | $ (16,156) | ||
Date of construction | 1970 | ||
Date acquired | Nov-01 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 24,390 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 16,156 | ||
Unencumbered Apartment Communities | Fairway Apartments at Big Canyon | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 74 | ||
Initial cost | |||
Land | $ 0 | ||
Buildings and improvements | 7,850 | ||
Costs capitalized subsequent to acquisition | 9,123 | ||
Gross amount carried at close of period | |||
Land and improvements | 0 | ||
Buildings and improvements | 16,973 | ||
Total | 16,973 | ||
Accumulated depreciation | $ (14,555) | ||
Date of construction | 1972 | ||
Date acquired | Jun-99 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 16,973 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 14,555 | ||
Unencumbered Apartment Communities | Fairwood Pond | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 194 | ||
Initial cost | |||
Land | $ 5,296 | ||
Buildings and improvements | 15,564 | ||
Costs capitalized subsequent to acquisition | 5,629 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,297 | ||
Buildings and improvements | 21,192 | ||
Total | 26,489 | ||
Accumulated depreciation | $ (13,281) | ||
Date of construction | 1997 | ||
Date acquired | Oct-04 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 26,489 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 13,281 | ||
Unencumbered Apartment Communities | Foothill Commons | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 394 | ||
Initial cost | |||
Land | $ 2,435 | ||
Buildings and improvements | 9,821 | ||
Costs capitalized subsequent to acquisition | 43,866 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,440 | ||
Buildings and improvements | 53,682 | ||
Total | 56,122 | ||
Accumulated depreciation | $ (50,019) | ||
Date of construction | 1978 | ||
Date acquired | Mar-90 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 56,122 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 50,019 | ||
Unencumbered Apartment Communities | Foothill Gardens/Twin Creeks | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 176 | ||
Initial cost | |||
Land | $ 5,875 | ||
Buildings and improvements | 13,992 | ||
Costs capitalized subsequent to acquisition | 14,662 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,964 | ||
Buildings and improvements | 28,565 | ||
Total | 34,529 | ||
Accumulated depreciation | $ (22,734) | ||
Date of construction | 1985 | ||
Date acquired | Feb-97 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 34,529 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 22,734 | ||
Unencumbered Apartment Communities | Forest View | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 192 | ||
Initial cost | |||
Land | $ 3,731 | ||
Buildings and improvements | 14,530 | ||
Costs capitalized subsequent to acquisition | 4,842 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,731 | ||
Buildings and improvements | 19,372 | ||
Total | 23,103 | ||
Accumulated depreciation | $ (12,291) | ||
Date of construction | 1998 | ||
Date acquired | Oct-03 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 23,103 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 12,291 | ||
Unencumbered Apartment Communities | Form 15 | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 242 | ||
Initial cost | |||
Land | $ 24,510 | ||
Buildings and improvements | 72,221 | ||
Costs capitalized subsequent to acquisition | 13,697 | ||
Gross amount carried at close of period | |||
Land and improvements | 25,540 | ||
Buildings and improvements | 84,888 | ||
Total | 110,428 | ||
Accumulated depreciation | $ (20,661) | ||
Date of construction | 2014 | ||
Date acquired | Mar-16 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 110,428 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 20,661 | ||
Unencumbered Apartment Communities | Foster's Landing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 490 | ||
Initial cost | |||
Land | $ 61,714 | ||
Buildings and improvements | 144,000 | ||
Costs capitalized subsequent to acquisition | 15,419 | ||
Gross amount carried at close of period | |||
Land and improvements | 61,714 | ||
Buildings and improvements | 159,419 | ||
Total | 221,133 | ||
Accumulated depreciation | $ (53,500) | ||
Date of construction | 1987 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 221,133 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 53,500 | ||
Unencumbered Apartment Communities | Fountain Court | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 320 | ||
Initial cost | |||
Land | $ 6,702 | ||
Buildings and improvements | 27,306 | ||
Costs capitalized subsequent to acquisition | 16,129 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,985 | ||
Buildings and improvements | 43,152 | ||
Total | 50,137 | ||
Accumulated depreciation | $ (33,603) | ||
Date of construction | 2000 | ||
Date acquired | Mar-00 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 50,137 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 33,603 | ||
Unencumbered Apartment Communities | Fountains at River Oaks | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 226 | ||
Initial cost | |||
Land | $ 26,046 | ||
Buildings and improvements | 60,773 | ||
Costs capitalized subsequent to acquisition | 8,210 | ||
Gross amount carried at close of period | |||
Land and improvements | 26,046 | ||
Buildings and improvements | 68,983 | ||
Total | 95,029 | ||
Accumulated depreciation | $ (23,318) | ||
Date of construction | 1990 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 95,029 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 23,318 | ||
Unencumbered Apartment Communities | Fourth & U | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 171 | ||
Initial cost | |||
Land | $ 8,879 | ||
Buildings and improvements | 52,351 | ||
Costs capitalized subsequent to acquisition | 5,119 | ||
Gross amount carried at close of period | |||
Land and improvements | 8,879 | ||
Buildings and improvements | 57,470 | ||
Total | 66,349 | ||
Accumulated depreciation | $ (25,729) | ||
Date of construction | 2010 | ||
Date acquired | Apr-10 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 66,349 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 25,729 | ||
Unencumbered Apartment Communities | Fox Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 445 | ||
Initial cost | |||
Land | $ 39,731 | ||
Buildings and improvements | 92,706 | ||
Costs capitalized subsequent to acquisition | 42,615 | ||
Gross amount carried at close of period | |||
Land and improvements | 39,731 | ||
Buildings and improvements | 135,321 | ||
Total | 175,052 | ||
Accumulated depreciation | $ (56,408) | ||
Date of construction | 1968 | ||
Date acquired | Feb-13 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 175,052 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 56,408 | ||
Unencumbered Apartment Communities | The Henley I/The Henley II | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 215 | ||
Initial cost | |||
Land | $ 6,695 | ||
Buildings and improvements | 16,753 | ||
Costs capitalized subsequent to acquisition | 30,898 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,733 | ||
Buildings and improvements | 47,613 | ||
Total | 54,346 | ||
Accumulated depreciation | $ (36,596) | ||
Date of construction | 1970 | ||
Date acquired | Jun-99 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 54,346 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 36,596 | ||
Unencumbered Apartment Communities | Highlands at Wynhaven | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 333 | ||
Initial cost | |||
Land | $ 16,271 | ||
Buildings and improvements | 48,932 | ||
Costs capitalized subsequent to acquisition | 17,285 | ||
Gross amount carried at close of period | |||
Land and improvements | 16,271 | ||
Buildings and improvements | 66,217 | ||
Total | 82,488 | ||
Accumulated depreciation | $ (36,521) | ||
Date of construction | 2000 | ||
Date acquired | Aug-08 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 82,488 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 36,521 | ||
Unencumbered Apartment Communities | Hillcrest Park | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 608 | ||
Initial cost | |||
Land | $ 15,318 | ||
Buildings and improvements | 40,601 | ||
Costs capitalized subsequent to acquisition | 28,006 | ||
Gross amount carried at close of period | |||
Land and improvements | 15,755 | ||
Buildings and improvements | 68,170 | ||
Total | 83,925 | ||
Accumulated depreciation | $ (50,836) | ||
Date of construction | 1973 | ||
Date acquired | Mar-98 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 83,925 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 50,836 | ||
Unencumbered Apartment Communities | Hillsdale Garden | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 697 | ||
Initial cost | |||
Land | $ 22,000 | ||
Buildings and improvements | 94,681 | ||
Costs capitalized subsequent to acquisition | 38,356 | ||
Gross amount carried at close of period | |||
Land and improvements | 22,000 | ||
Buildings and improvements | 133,037 | ||
Total | 155,037 | ||
Accumulated depreciation | $ (75,372) | ||
Date of construction | 1948 | ||
Date acquired | Sep-06 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 155,037 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 75,372 | ||
Unencumbered Apartment Communities | Hope Ranch | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 108 | ||
Initial cost | |||
Land | $ 4,078 | ||
Buildings and improvements | 16,877 | ||
Costs capitalized subsequent to acquisition | 3,536 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,208 | ||
Buildings and improvements | 20,283 | ||
Total | 24,491 | ||
Accumulated depreciation | $ (11,071) | ||
Date of construction | 1965 | ||
Date acquired | Mar-07 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 24,491 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 11,071 | ||
Unencumbered Apartment Communities | Huntington Breakers | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 342 | ||
Initial cost | |||
Land | $ 9,306 | ||
Buildings and improvements | 22,720 | ||
Costs capitalized subsequent to acquisition | 25,258 | ||
Gross amount carried at close of period | |||
Land and improvements | 9,315 | ||
Buildings and improvements | 47,969 | ||
Total | 57,284 | ||
Accumulated depreciation | $ (39,444) | ||
Date of construction | 1984 | ||
Date acquired | Oct-97 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 57,284 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 39,444 | ||
Unencumbered Apartment Communities | Inglenook Court | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 224 | ||
Initial cost | |||
Land | $ 3,467 | ||
Buildings and improvements | 7,881 | ||
Costs capitalized subsequent to acquisition | 9,621 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,474 | ||
Buildings and improvements | 17,495 | ||
Total | 20,969 | ||
Accumulated depreciation | $ (15,240) | ||
Date of construction | 1985 | ||
Date acquired | Oct-94 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 20,969 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 15,240 | ||
Unencumbered Apartment Communities | Lafayette Highlands | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 150 | ||
Initial cost | |||
Land | $ 17,774 | ||
Buildings and improvements | 41,473 | ||
Costs capitalized subsequent to acquisition | 8,271 | ||
Gross amount carried at close of period | |||
Land and improvements | 17,774 | ||
Buildings and improvements | 49,744 | ||
Total | 67,518 | ||
Accumulated depreciation | $ (15,989) | ||
Date of construction | 1973 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 67,518 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 15,989 | ||
Unencumbered Apartment Communities | Lakeshore Landing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 308 | ||
Initial cost | |||
Land | $ 38,155 | ||
Buildings and improvements | 89,028 | ||
Costs capitalized subsequent to acquisition | 13,716 | ||
Gross amount carried at close of period | |||
Land and improvements | 38,155 | ||
Buildings and improvements | 102,744 | ||
Total | 140,899 | ||
Accumulated depreciation | $ (34,590) | ||
Date of construction | 1988 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 140,899 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 34,590 | ||
Unencumbered Apartment Communities | Laurels at Mill Creek | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 164 | ||
Initial cost | |||
Land | $ 1,559 | ||
Buildings and improvements | 6,430 | ||
Costs capitalized subsequent to acquisition | 9,215 | ||
Gross amount carried at close of period | |||
Land and improvements | 1,595 | ||
Buildings and improvements | 15,609 | ||
Total | 17,204 | ||
Accumulated depreciation | $ (12,809) | ||
Date of construction | 1981 | ||
Date acquired | Dec-96 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 17,204 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 12,809 | ||
Unencumbered Apartment Communities | Lawrence Station | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 336 | ||
Initial cost | |||
Land | $ 45,532 | ||
Buildings and improvements | 106,735 | ||
Costs capitalized subsequent to acquisition | 7,155 | ||
Gross amount carried at close of period | |||
Land and improvements | 45,532 | ||
Buildings and improvements | 113,890 | ||
Total | 159,422 | ||
Accumulated depreciation | $ (38,670) | ||
Date of construction | 2012 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 159,422 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 38,670 | ||
Unencumbered Apartment Communities | Le Parc | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 140 | ||
Initial cost | |||
Land | $ 3,090 | ||
Buildings and improvements | 7,421 | ||
Costs capitalized subsequent to acquisition | 14,806 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,092 | ||
Buildings and improvements | 22,225 | ||
Total | 25,317 | ||
Accumulated depreciation | $ (19,170) | ||
Date of construction | 1975 | ||
Date acquired | Feb-94 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 25,317 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 19,170 | ||
Unencumbered Apartment Communities | Marbrisa | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 202 | ||
Initial cost | |||
Land | $ 4,700 | ||
Buildings and improvements | 18,605 | ||
Costs capitalized subsequent to acquisition | 11,653 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,760 | ||
Buildings and improvements | 30,198 | ||
Total | 34,958 | ||
Accumulated depreciation | $ (21,451) | ||
Date of construction | 1987 | ||
Date acquired | Sep-02 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 34,958 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 21,451 | ||
Unencumbered Apartment Communities | Marina City Club | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 101 | ||
Initial cost | |||
Land | $ 0 | ||
Buildings and improvements | 28,167 | ||
Costs capitalized subsequent to acquisition | 34,966 | ||
Gross amount carried at close of period | |||
Land and improvements | 0 | ||
Buildings and improvements | 63,133 | ||
Total | 63,133 | ||
Accumulated depreciation | $ (38,015) | ||
Date of construction | 1971 | ||
Date acquired | Jan-04 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 63,133 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 38,015 | ||
Unencumbered Apartment Communities | Marina Cove | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 292 | ||
Initial cost | |||
Land | $ 5,320 | ||
Buildings and improvements | 16,431 | ||
Costs capitalized subsequent to acquisition | 18,362 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,324 | ||
Buildings and improvements | 34,789 | ||
Total | 40,113 | ||
Accumulated depreciation | $ (30,972) | ||
Date of construction | 1974 | ||
Date acquired | Jun-94 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 40,113 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 30,972 | ||
Unencumbered Apartment Communities | Mariner's Place | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 105 | ||
Initial cost | |||
Land | $ 1,555 | ||
Buildings and improvements | 6,103 | ||
Costs capitalized subsequent to acquisition | 3,221 | ||
Gross amount carried at close of period | |||
Land and improvements | 1,562 | ||
Buildings and improvements | 9,317 | ||
Total | 10,879 | ||
Accumulated depreciation | $ (7,071) | ||
Date of construction | 1987 | ||
Date acquired | May-00 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 10,879 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 7,071 | ||
Unencumbered Apartment Communities | MB 360 | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 360 | ||
Initial cost | |||
Land | $ 42,001 | ||
Buildings and improvements | 212,648 | ||
Costs capitalized subsequent to acquisition | 15,158 | ||
Gross amount carried at close of period | |||
Land and improvements | 42,001 | ||
Buildings and improvements | 227,806 | ||
Total | 269,807 | ||
Accumulated depreciation | $ (65,764) | ||
Date of construction | 2014 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 269,807 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 65,764 | ||
Unencumbered Apartment Communities | Mesa Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 133 | ||
Initial cost | |||
Land | $ 1,888 | ||
Buildings and improvements | 7,498 | ||
Costs capitalized subsequent to acquisition | 3,413 | ||
Gross amount carried at close of period | |||
Land and improvements | 1,894 | ||
Buildings and improvements | 10,905 | ||
Total | 12,799 | ||
Accumulated depreciation | $ (7,198) | ||
Date of construction | 1963 | ||
Date acquired | Dec-02 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 12,799 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 7,198 | ||
Unencumbered Apartment Communities | Mill Creek at Windermere | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 400 | ||
Initial cost | |||
Land | $ 29,551 | ||
Buildings and improvements | 69,032 | ||
Costs capitalized subsequent to acquisition | 13,524 | ||
Gross amount carried at close of period | |||
Land and improvements | 29,551 | ||
Buildings and improvements | 82,556 | ||
Total | 112,107 | ||
Accumulated depreciation | $ (41,320) | ||
Date of construction | 2005 | ||
Date acquired | Sep-07 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 112,107 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 41,320 | ||
Unencumbered Apartment Communities | Mio | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 103 | ||
Initial cost | |||
Land | $ 11,012 | ||
Buildings and improvements | 39,982 | ||
Costs capitalized subsequent to acquisition | 1,941 | ||
Gross amount carried at close of period | |||
Land and improvements | 11,012 | ||
Buildings and improvements | 41,923 | ||
Total | 52,935 | ||
Accumulated depreciation | $ (10,129) | ||
Date of construction | 2015 | ||
Date acquired | Jan-16 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 52,935 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 10,129 | ||
Unencumbered Apartment Communities | Mirabella | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 188 | ||
Initial cost | |||
Land | $ 6,180 | ||
Buildings and improvements | 26,673 | ||
Costs capitalized subsequent to acquisition | 19,252 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,270 | ||
Buildings and improvements | 45,835 | ||
Total | 52,105 | ||
Accumulated depreciation | $ (31,594) | ||
Date of construction | 2000 | ||
Date acquired | May-00 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 52,105 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 31,594 | ||
Unencumbered Apartment Communities | Mira Monte | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 354 | ||
Initial cost | |||
Land | $ 7,165 | ||
Buildings and improvements | 28,459 | ||
Costs capitalized subsequent to acquisition | 14,669 | ||
Gross amount carried at close of period | |||
Land and improvements | 7,186 | ||
Buildings and improvements | 43,107 | ||
Total | 50,293 | ||
Accumulated depreciation | $ (30,231) | ||
Date of construction | 1982 | ||
Date acquired | Dec-02 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 50,293 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 30,231 | ||
Unencumbered Apartment Communities | Miracle Mile/Marbella | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 236 | ||
Initial cost | |||
Land | $ 7,791 | ||
Buildings and improvements | 23,075 | ||
Costs capitalized subsequent to acquisition | 18,861 | ||
Gross amount carried at close of period | |||
Land and improvements | 7,886 | ||
Buildings and improvements | 41,841 | ||
Total | 49,727 | ||
Accumulated depreciation | $ (32,361) | ||
Date of construction | 1988 | ||
Date acquired | Aug-97 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 49,727 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 32,361 | ||
Unencumbered Apartment Communities | Mission Hills | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 282 | ||
Initial cost | |||
Land | $ 10,099 | ||
Buildings and improvements | 38,778 | ||
Costs capitalized subsequent to acquisition | 14,162 | ||
Gross amount carried at close of period | |||
Land and improvements | 10,167 | ||
Buildings and improvements | 52,872 | ||
Total | 63,039 | ||
Accumulated depreciation | $ (32,289) | ||
Date of construction | 1984 | ||
Date acquired | Jul-05 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 63,039 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 32,289 | ||
Unencumbered Apartment Communities | Mission Peaks | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 453 | ||
Initial cost | |||
Land | $ 46,499 | ||
Buildings and improvements | 108,498 | ||
Costs capitalized subsequent to acquisition | 11,824 | ||
Gross amount carried at close of period | |||
Land and improvements | 46,499 | ||
Buildings and improvements | 120,322 | ||
Total | 166,821 | ||
Accumulated depreciation | $ (39,719) | ||
Date of construction | 1995 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 166,821 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 39,719 | ||
Unencumbered Apartment Communities | Mission Peaks II | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 336 | ||
Initial cost | |||
Land | $ 31,429 | ||
Buildings and improvements | 73,334 | ||
Costs capitalized subsequent to acquisition | 11,073 | ||
Gross amount carried at close of period | |||
Land and improvements | 31,429 | ||
Buildings and improvements | 84,407 | ||
Total | 115,836 | ||
Accumulated depreciation | $ (28,568) | ||
Date of construction | 1989 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 115,836 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 28,568 | ||
Unencumbered Apartment Communities | Montanosa | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 472 | ||
Initial cost | |||
Land | $ 26,697 | ||
Buildings and improvements | 106,787 | ||
Costs capitalized subsequent to acquisition | 13,318 | ||
Gross amount carried at close of period | |||
Land and improvements | 26,697 | ||
Buildings and improvements | 120,105 | ||
Total | 146,802 | ||
Accumulated depreciation | $ (38,148) | ||
Date of construction | 1990 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 146,802 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 38,148 | ||
Unencumbered Apartment Communities | Montclaire | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 390 | ||
Initial cost | |||
Land | $ 4,842 | ||
Buildings and improvements | 19,776 | ||
Costs capitalized subsequent to acquisition | 31,894 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,997 | ||
Buildings and improvements | 51,515 | ||
Total | 56,512 | ||
Accumulated depreciation | $ (46,546) | ||
Date of construction | 1973 | ||
Date acquired | Dec-88 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 56,512 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 46,546 | ||
Unencumbered Apartment Communities | Montebello | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 248 | ||
Initial cost | |||
Land | $ 13,857 | ||
Buildings and improvements | 41,575 | ||
Costs capitalized subsequent to acquisition | 12,941 | ||
Gross amount carried at close of period | |||
Land and improvements | 13,858 | ||
Buildings and improvements | 54,515 | ||
Total | 68,373 | ||
Accumulated depreciation | $ (20,666) | ||
Date of construction | 1996 | ||
Date acquired | Jul-12 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 68,373 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 20,666 | ||
Unencumbered Apartment Communities | Montejo Apartments | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 124 | ||
Initial cost | |||
Land | $ 1,925 | ||
Buildings and improvements | 7,685 | ||
Costs capitalized subsequent to acquisition | 5,778 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,194 | ||
Buildings and improvements | 13,194 | ||
Total | 15,388 | ||
Accumulated depreciation | $ (8,799) | ||
Date of construction | 1974 | ||
Date acquired | Nov-01 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 15,388 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 8,799 | ||
Unencumbered Apartment Communities | Monterey Villas | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 122 | ||
Initial cost | |||
Land | $ 2,349 | ||
Buildings and improvements | 5,579 | ||
Costs capitalized subsequent to acquisition | 8,321 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,424 | ||
Buildings and improvements | 13,825 | ||
Total | 16,249 | ||
Accumulated depreciation | $ (10,397) | ||
Date of construction | 1974 | ||
Date acquired | Jul-97 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 16,249 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 10,397 | ||
Unencumbered Apartment Communities | Muse | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 152 | ||
Initial cost | |||
Land | $ 7,822 | ||
Buildings and improvements | 33,436 | ||
Costs capitalized subsequent to acquisition | 6,823 | ||
Gross amount carried at close of period | |||
Land and improvements | 7,823 | ||
Buildings and improvements | 40,258 | ||
Total | 48,081 | ||
Accumulated depreciation | $ (18,197) | ||
Date of construction | 2011 | ||
Date acquired | Feb-11 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 48,081 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 18,197 | ||
Unencumbered Apartment Communities | Mylo | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 476 | ||
Initial cost | |||
Land | $ 6,472 | ||
Buildings and improvements | 206,098 | ||
Costs capitalized subsequent to acquisition | 647 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,472 | ||
Buildings and improvements | 206,745 | ||
Total | 213,217 | ||
Accumulated depreciation | $ (25,842) | ||
Date of construction | 2021 | ||
Date acquired | Jun-21 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 213,217 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 25,842 | ||
Unencumbered Apartment Communities | 1000 Kiely | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 121 | ||
Initial cost | |||
Land | $ 9,359 | ||
Buildings and improvements | 21,845 | ||
Costs capitalized subsequent to acquisition | 10,650 | ||
Gross amount carried at close of period | |||
Land and improvements | 9,359 | ||
Buildings and improvements | 32,495 | ||
Total | 41,854 | ||
Accumulated depreciation | $ (16,631) | ||
Date of construction | 1971 | ||
Date acquired | Mar-11 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 41,854 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 16,631 | ||
Unencumbered Apartment Communities | Palm Valley | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 1,100 | ||
Initial cost | |||
Land | $ 133,802 | ||
Buildings and improvements | 312,205 | ||
Costs capitalized subsequent to acquisition | 28,233 | ||
Gross amount carried at close of period | |||
Land and improvements | 133,802 | ||
Buildings and improvements | 340,438 | ||
Total | 474,240 | ||
Accumulated depreciation | $ (76,852) | ||
Date of construction | 2008 | ||
Date acquired | Jan-17 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 474,240 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 76,852 | ||
Unencumbered Apartment Communities | Paragon Apartments | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 301 | ||
Initial cost | |||
Land | $ 32,230 | ||
Buildings and improvements | 77,320 | ||
Costs capitalized subsequent to acquisition | 3,781 | ||
Gross amount carried at close of period | |||
Land and improvements | 32,230 | ||
Buildings and improvements | 81,101 | ||
Total | 113,331 | ||
Accumulated depreciation | $ (23,759) | ||
Date of construction | 2013 | ||
Date acquired | Jul-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 113,331 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 23,759 | ||
Unencumbered Apartment Communities | Park Catalina | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 90 | ||
Initial cost | |||
Land | $ 4,710 | ||
Buildings and improvements | 18,839 | ||
Costs capitalized subsequent to acquisition | 4,461 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,710 | ||
Buildings and improvements | 23,300 | ||
Total | 28,010 | ||
Accumulated depreciation | $ (9,892) | ||
Date of construction | 2002 | ||
Date acquired | Jun-12 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 28,010 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 9,892 | ||
Unencumbered Apartment Communities | Park Highland | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 250 | ||
Initial cost | |||
Land | $ 9,391 | ||
Buildings and improvements | 38,224 | ||
Costs capitalized subsequent to acquisition | 15,311 | ||
Gross amount carried at close of period | |||
Land and improvements | 9,391 | ||
Buildings and improvements | 53,535 | ||
Total | 62,926 | ||
Accumulated depreciation | $ (22,330) | ||
Date of construction | 1993 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 62,926 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 22,330 | ||
Unencumbered Apartment Communities | Park Hill at Issaquah | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 245 | ||
Initial cost | |||
Land | $ 7,284 | ||
Buildings and improvements | 21,937 | ||
Costs capitalized subsequent to acquisition | 14,134 | ||
Gross amount carried at close of period | |||
Land and improvements | 7,284 | ||
Buildings and improvements | 36,071 | ||
Total | 43,355 | ||
Accumulated depreciation | $ (22,322) | ||
Date of construction | 1999 | ||
Date acquired | Feb-99 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 43,355 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 22,322 | ||
Unencumbered Apartment Communities | Park Viridian | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 320 | ||
Initial cost | |||
Land | $ 15,894 | ||
Buildings and improvements | 63,574 | ||
Costs capitalized subsequent to acquisition | 6,770 | ||
Gross amount carried at close of period | |||
Land and improvements | 15,894 | ||
Buildings and improvements | 70,344 | ||
Total | 86,238 | ||
Accumulated depreciation | $ (22,770) | ||
Date of construction | 2008 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 86,238 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 22,770 | ||
Unencumbered Apartment Communities | Park West | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 126 | ||
Initial cost | |||
Land | $ 9,424 | ||
Buildings and improvements | 21,988 | ||
Costs capitalized subsequent to acquisition | 13,872 | ||
Gross amount carried at close of period | |||
Land and improvements | 9,424 | ||
Buildings and improvements | 35,860 | ||
Total | 45,284 | ||
Accumulated depreciation | $ (18,018) | ||
Date of construction | 1958 | ||
Date acquired | Sep-12 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 45,284 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 18,018 | ||
Unencumbered Apartment Communities | Parkwood at Mill Creek | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 240 | ||
Initial cost | |||
Land | $ 10,680 | ||
Buildings and improvements | 42,722 | ||
Costs capitalized subsequent to acquisition | 4,289 | ||
Gross amount carried at close of period | |||
Land and improvements | 10,680 | ||
Buildings and improvements | 47,011 | ||
Total | 57,691 | ||
Accumulated depreciation | $ (15,712) | ||
Date of construction | 1989 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 57,691 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 15,712 | ||
Unencumbered Apartment Communities | Patent 523 | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 295 | ||
Initial cost | |||
Land | $ 14,558 | ||
Buildings and improvements | 69,417 | ||
Costs capitalized subsequent to acquisition | 7,456 | ||
Gross amount carried at close of period | |||
Land and improvements | 14,558 | ||
Buildings and improvements | 76,873 | ||
Total | 91,431 | ||
Accumulated depreciation | $ (35,368) | ||
Date of construction | 2010 | ||
Date acquired | Mar-10 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 91,431 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 35,368 | ||
Unencumbered Apartment Communities | Pathways at Bixby Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 296 | ||
Initial cost | |||
Land | $ 4,083 | ||
Buildings and improvements | 16,757 | ||
Costs capitalized subsequent to acquisition | 23,185 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,239 | ||
Buildings and improvements | 37,786 | ||
Total | 44,025 | ||
Accumulated depreciation | $ (34,740) | ||
Date of construction | 1975 | ||
Date acquired | Feb-91 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 44,025 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 34,740 | ||
Unencumbered Apartment Communities | Piedmont | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 396 | ||
Initial cost | |||
Land | $ 19,848 | ||
Buildings and improvements | 59,606 | ||
Costs capitalized subsequent to acquisition | 18,453 | ||
Gross amount carried at close of period | |||
Land and improvements | 19,848 | ||
Buildings and improvements | 78,059 | ||
Total | 97,907 | ||
Accumulated depreciation | $ (27,927) | ||
Date of construction | 1969 | ||
Date acquired | May-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 97,907 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 27,927 | ||
Unencumbered Apartment Communities | Pinehurst | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 28 | ||
Initial cost | |||
Land | $ 0 | ||
Buildings and improvements | 1,711 | ||
Costs capitalized subsequent to acquisition | 859 | ||
Gross amount carried at close of period | |||
Land and improvements | 0 | ||
Buildings and improvements | 2,570 | ||
Total | 2,570 | ||
Accumulated depreciation | $ (1,907) | ||
Date of construction | 1973 | ||
Date acquired | Dec-04 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 2,570 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 1,907 | ||
Unencumbered Apartment Communities | Pinnacle at Fullerton | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 192 | ||
Initial cost | |||
Land | $ 11,019 | ||
Buildings and improvements | 45,932 | ||
Costs capitalized subsequent to acquisition | 6,248 | ||
Gross amount carried at close of period | |||
Land and improvements | 11,019 | ||
Buildings and improvements | 52,180 | ||
Total | 63,199 | ||
Accumulated depreciation | $ (17,490) | ||
Date of construction | 2004 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 63,199 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 17,490 | ||
Unencumbered Apartment Communities | Pinnacle on Lake Washington | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 180 | ||
Initial cost | |||
Land | $ 7,760 | ||
Buildings and improvements | 31,041 | ||
Costs capitalized subsequent to acquisition | 5,020 | ||
Gross amount carried at close of period | |||
Land and improvements | 7,760 | ||
Buildings and improvements | 36,061 | ||
Total | 43,821 | ||
Accumulated depreciation | $ (12,439) | ||
Date of construction | 2001 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 43,821 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 12,439 | ||
Unencumbered Apartment Communities | Pinnacle at MacArthur Place | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 253 | ||
Initial cost | |||
Land | $ 15,810 | ||
Buildings and improvements | 66,401 | ||
Costs capitalized subsequent to acquisition | 9,116 | ||
Gross amount carried at close of period | |||
Land and improvements | 15,810 | ||
Buildings and improvements | 75,517 | ||
Total | 91,327 | ||
Accumulated depreciation | $ (24,482) | ||
Date of construction | 2002 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 91,327 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 24,482 | ||
Unencumbered Apartment Communities | Pinnacle at Otay Ranch I & II | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 364 | ||
Initial cost | |||
Land | $ 17,023 | ||
Buildings and improvements | 68,093 | ||
Costs capitalized subsequent to acquisition | 7,263 | ||
Gross amount carried at close of period | |||
Land and improvements | 17,023 | ||
Buildings and improvements | 75,356 | ||
Total | 92,379 | ||
Accumulated depreciation | $ (24,508) | ||
Date of construction | 2001 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 92,379 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 24,508 | ||
Unencumbered Apartment Communities | Pinnacle at Talega | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 362 | ||
Initial cost | |||
Land | $ 19,292 | ||
Buildings and improvements | 77,168 | ||
Costs capitalized subsequent to acquisition | 7,794 | ||
Gross amount carried at close of period | |||
Land and improvements | 19,292 | ||
Buildings and improvements | 84,962 | ||
Total | 104,254 | ||
Accumulated depreciation | $ (26,568) | ||
Date of construction | 2002 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 104,254 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 26,568 | ||
Unencumbered Apartment Communities | Pinnacle Sonata | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 268 | ||
Initial cost | |||
Land | $ 14,647 | ||
Buildings and improvements | 58,586 | ||
Costs capitalized subsequent to acquisition | 9,054 | ||
Gross amount carried at close of period | |||
Land and improvements | 14,647 | ||
Buildings and improvements | 67,640 | ||
Total | 82,287 | ||
Accumulated depreciation | $ (21,944) | ||
Date of construction | 2000 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 82,287 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 21,944 | ||
Unencumbered Apartment Communities | Pointe at Cupertino | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 116 | ||
Initial cost | |||
Land | $ 4,505 | ||
Buildings and improvements | 17,605 | ||
Costs capitalized subsequent to acquisition | 13,837 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,505 | ||
Buildings and improvements | 31,442 | ||
Total | 35,947 | ||
Accumulated depreciation | $ (23,231) | ||
Date of construction | 1963 | ||
Date acquired | Aug-98 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 35,947 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 23,231 | ||
Unencumbered Apartment Communities | Pure Redmond | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 105 | ||
Initial cost | |||
Land | $ 7,461 | ||
Buildings and improvements | 31,363 | ||
Costs capitalized subsequent to acquisition | 1,836 | ||
Gross amount carried at close of period | |||
Land and improvements | 7,461 | ||
Buildings and improvements | 33,199 | ||
Total | 40,660 | ||
Accumulated depreciation | $ (3,654) | ||
Date of construction | 2016 | ||
Date acquired | Dec-19 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 40,660 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 3,654 | ||
Unencumbered Apartment Communities | Radius | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 264 | ||
Initial cost | |||
Land | $ 11,702 | ||
Buildings and improvements | 152,336 | ||
Costs capitalized subsequent to acquisition | 4,553 | ||
Gross amount carried at close of period | |||
Land and improvements | 11,702 | ||
Buildings and improvements | 156,889 | ||
Total | 168,591 | ||
Accumulated depreciation | $ (49,503) | ||
Date of construction | 2015 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 168,591 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 49,503 | ||
Unencumbered Apartment Communities | Reed Square | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 100 | ||
Initial cost | |||
Land | $ 6,873 | ||
Buildings and improvements | 16,037 | ||
Costs capitalized subsequent to acquisition | 9,107 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,873 | ||
Buildings and improvements | 25,144 | ||
Total | 32,017 | ||
Accumulated depreciation | $ (13,891) | ||
Date of construction | 1970 | ||
Date acquired | Jan-12 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 32,017 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 13,891 | ||
Unencumbered Apartment Communities | Regency at Encino | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 75 | ||
Initial cost | |||
Land | $ 3,184 | ||
Buildings and improvements | 12,737 | ||
Costs capitalized subsequent to acquisition | 4,959 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,184 | ||
Buildings and improvements | 17,696 | ||
Total | 20,880 | ||
Accumulated depreciation | $ (9,169) | ||
Date of construction | 1989 | ||
Date acquired | Dec-09 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 20,880 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 9,169 | ||
Unencumbered Apartment Communities | Regency Palm Court | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 116 | ||
Initial cost | |||
Land | $ 7,763 | ||
Buildings and improvements | 28,019 | ||
Costs capitalized subsequent to acquisition | 1,138 | ||
Gross amount carried at close of period | |||
Land and improvements | 7,763 | ||
Buildings and improvements | 29,157 | ||
Total | 36,920 | ||
Accumulated depreciation | $ (467) | ||
Date of construction | 1987 | ||
Date acquired | Jul-22 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 36,920 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 467 | ||
Unencumbered Apartment Communities | Renaissance at Uptown Orange | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 460 | ||
Initial cost | |||
Land | $ 27,870 | ||
Buildings and improvements | 111,482 | ||
Costs capitalized subsequent to acquisition | 10,042 | ||
Gross amount carried at close of period | |||
Land and improvements | 27,870 | ||
Buildings and improvements | 121,524 | ||
Total | 149,394 | ||
Accumulated depreciation | $ (39,208) | ||
Date of construction | 2007 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 149,394 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 39,208 | ||
Unencumbered Apartment Communities | Reveal | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 438 | ||
Initial cost | |||
Land | $ 25,073 | ||
Buildings and improvements | 121,314 | ||
Costs capitalized subsequent to acquisition | 6,099 | ||
Gross amount carried at close of period | |||
Land and improvements | 25,073 | ||
Buildings and improvements | 127,413 | ||
Total | 152,486 | ||
Accumulated depreciation | $ (37,131) | ||
Date of construction | 2010 | ||
Date acquired | Apr-15 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 152,486 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 37,131 | ||
Unencumbered Apartment Communities | Salmon Run at Perry Creek | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 132 | ||
Initial cost | |||
Land | $ 3,717 | ||
Buildings and improvements | 11,483 | ||
Costs capitalized subsequent to acquisition | 3,550 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,801 | ||
Buildings and improvements | 14,949 | ||
Total | 18,750 | ||
Accumulated depreciation | $ (10,837) | ||
Date of construction | 2000 | ||
Date acquired | Oct-00 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 18,750 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 10,837 | ||
Unencumbered Apartment Communities | Sammamish View | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 153 | ||
Initial cost | |||
Land | $ 3,324 | ||
Buildings and improvements | 7,501 | ||
Costs capitalized subsequent to acquisition | 8,398 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,331 | ||
Buildings and improvements | 15,892 | ||
Total | 19,223 | ||
Accumulated depreciation | $ (14,091) | ||
Date of construction | 1986 | ||
Date acquired | Nov-94 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 19,223 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 14,091 | ||
Unencumbered Apartment Communities | 101 San Fernando | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 323 | ||
Initial cost | |||
Land | $ 4,173 | ||
Buildings and improvements | 58,961 | ||
Costs capitalized subsequent to acquisition | 17,835 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,173 | ||
Buildings and improvements | 76,796 | ||
Total | 80,969 | ||
Accumulated depreciation | $ (36,704) | ||
Date of construction | 2001 | ||
Date acquired | Jul-10 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 80,969 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 36,704 | ||
Unencumbered Apartment Communities | San Marcos | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 432 | ||
Initial cost | |||
Land | $ 15,563 | ||
Buildings and improvements | 36,204 | ||
Costs capitalized subsequent to acquisition | 38,058 | ||
Gross amount carried at close of period | |||
Land and improvements | 22,866 | ||
Buildings and improvements | 66,959 | ||
Total | 89,825 | ||
Accumulated depreciation | $ (42,507) | ||
Date of construction | 2003 | ||
Date acquired | Nov-03 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 89,825 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 42,507 | ||
Unencumbered Apartment Communities | Santee Court/Santee Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 238 | ||
Initial cost | |||
Land | $ 9,581 | ||
Buildings and improvements | 40,317 | ||
Costs capitalized subsequent to acquisition | 17,391 | ||
Gross amount carried at close of period | |||
Land and improvements | 9,582 | ||
Buildings and improvements | 57,707 | ||
Total | 67,289 | ||
Accumulated depreciation | $ (25,651) | ||
Date of construction | 2004 | ||
Date acquired | Oct-10 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 67,289 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 25,651 | ||
Unencumbered Apartment Communities | Shadow Point | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 172 | ||
Initial cost | |||
Land | $ 2,812 | ||
Buildings and improvements | 11,170 | ||
Costs capitalized subsequent to acquisition | 6,339 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,820 | ||
Buildings and improvements | 17,501 | ||
Total | 20,321 | ||
Accumulated depreciation | $ (11,291) | ||
Date of construction | 1983 | ||
Date acquired | Dec-02 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 20,321 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 11,291 | ||
Unencumbered Apartment Communities | Shadowbrook | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 418 | ||
Initial cost | |||
Land | $ 19,292 | ||
Buildings and improvements | 77,168 | ||
Costs capitalized subsequent to acquisition | 8,886 | ||
Gross amount carried at close of period | |||
Land and improvements | 19,292 | ||
Buildings and improvements | 86,054 | ||
Total | 105,346 | ||
Accumulated depreciation | $ (28,188) | ||
Date of construction | 1986 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 105,346 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 28,188 | ||
Unencumbered Apartment Communities | Slater 116 | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 108 | ||
Initial cost | |||
Land | $ 7,379 | ||
Buildings and improvements | 22,138 | ||
Costs capitalized subsequent to acquisition | 1,915 | ||
Gross amount carried at close of period | |||
Land and improvements | 7,379 | ||
Buildings and improvements | 24,053 | ||
Total | 31,432 | ||
Accumulated depreciation | $ (7,903) | ||
Date of construction | 2013 | ||
Date acquired | Sep-13 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 31,432 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 7,903 | ||
Unencumbered Apartment Communities | Solstice | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 280 | ||
Initial cost | |||
Land | $ 34,444 | ||
Buildings and improvements | 147,262 | ||
Costs capitalized subsequent to acquisition | 8,105 | ||
Gross amount carried at close of period | |||
Land and improvements | 34,444 | ||
Buildings and improvements | 155,367 | ||
Total | 189,811 | ||
Accumulated depreciation | $ (52,443) | ||
Date of construction | 2014 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 189,811 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 52,443 | ||
Unencumbered Apartment Communities | Station Park Green | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 599 | ||
Initial cost | |||
Land | $ 54,782 | ||
Buildings and improvements | 314,694 | ||
Costs capitalized subsequent to acquisition | 110,657 | ||
Gross amount carried at close of period | |||
Land and improvements | 67,204 | ||
Buildings and improvements | 412,929 | ||
Total | 480,133 | ||
Accumulated depreciation | $ (58,895) | ||
Date of construction | 2018 | ||
Date acquired | Mar-18 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 480,133 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 58,895 | ||
Unencumbered Apartment Communities | Stevenson Place | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 200 | ||
Initial cost | |||
Land | $ 996 | ||
Buildings and improvements | 5,582 | ||
Costs capitalized subsequent to acquisition | 15,544 | ||
Gross amount carried at close of period | |||
Land and improvements | 1,001 | ||
Buildings and improvements | 21,121 | ||
Total | 22,122 | ||
Accumulated depreciation | $ (17,733) | ||
Date of construction | 1975 | ||
Date acquired | Apr-00 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 22,122 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 17,733 | ||
Unencumbered Apartment Communities | Stonehedge Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 196 | ||
Initial cost | |||
Land | $ 3,167 | ||
Buildings and improvements | 12,603 | ||
Costs capitalized subsequent to acquisition | 11,219 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,201 | ||
Buildings and improvements | 23,788 | ||
Total | 26,989 | ||
Accumulated depreciation | $ (18,480) | ||
Date of construction | 1986 | ||
Date acquired | Oct-97 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 26,989 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 18,480 | ||
Unencumbered Apartment Communities | Summerhill Park | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 100 | ||
Initial cost | |||
Land | $ 2,654 | ||
Buildings and improvements | 4,918 | ||
Costs capitalized subsequent to acquisition | 11,661 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,656 | ||
Buildings and improvements | 16,577 | ||
Total | 19,233 | ||
Accumulated depreciation | $ (14,478) | ||
Date of construction | 1988 | ||
Date acquired | Sep-88 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 19,233 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 14,478 | ||
Unencumbered Apartment Communities | Summit Park | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 300 | ||
Initial cost | |||
Land | $ 5,959 | ||
Buildings and improvements | 23,670 | ||
Costs capitalized subsequent to acquisition | 10,112 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,977 | ||
Buildings and improvements | 33,764 | ||
Total | 39,741 | ||
Accumulated depreciation | $ (22,902) | ||
Date of construction | 1972 | ||
Date acquired | Dec-02 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 39,741 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 22,902 | ||
Unencumbered Apartment Communities | Taylor 28 | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 197 | ||
Initial cost | |||
Land | $ 13,915 | ||
Buildings and improvements | 57,700 | ||
Costs capitalized subsequent to acquisition | 5,127 | ||
Gross amount carried at close of period | |||
Land and improvements | 13,915 | ||
Buildings and improvements | 62,827 | ||
Total | 76,742 | ||
Accumulated depreciation | $ (20,376) | ||
Date of construction | 2008 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 76,742 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 20,376 | ||
Unencumbered Apartment Communities | The Audrey at Belltown | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 137 | ||
Initial cost | |||
Land | $ 9,228 | ||
Buildings and improvements | 36,911 | ||
Costs capitalized subsequent to acquisition | 3,046 | ||
Gross amount carried at close of period | |||
Land and improvements | 9,228 | ||
Buildings and improvements | 39,957 | ||
Total | 49,185 | ||
Accumulated depreciation | $ (12,553) | ||
Date of construction | 1992 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 49,185 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 12,553 | ||
Unencumbered Apartment Communities | The Avery | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 121 | ||
Initial cost | |||
Land | $ 6,964 | ||
Buildings and improvements | 29,922 | ||
Costs capitalized subsequent to acquisition | 1,423 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,964 | ||
Buildings and improvements | 31,345 | ||
Total | 38,309 | ||
Accumulated depreciation | $ (9,394) | ||
Date of construction | 2014 | ||
Date acquired | Mar-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 38,309 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 9,394 | ||
Unencumbered Apartment Communities | The Bernard | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 63 | ||
Initial cost | |||
Land | $ 3,699 | ||
Buildings and improvements | 11,345 | ||
Costs capitalized subsequent to acquisition | 1,097 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,689 | ||
Buildings and improvements | 12,452 | ||
Total | 16,141 | ||
Accumulated depreciation | $ (5,066) | ||
Date of construction | 2008 | ||
Date acquired | Sep-11 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 16,141 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 5,066 | ||
Unencumbered Apartment Communities | The Blake LA | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 196 | ||
Initial cost | |||
Land | $ 4,023 | ||
Buildings and improvements | 9,527 | ||
Costs capitalized subsequent to acquisition | 25,573 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,031 | ||
Buildings and improvements | 35,092 | ||
Total | 39,123 | ||
Accumulated depreciation | $ (25,348) | ||
Date of construction | 1979 | ||
Date acquired | Jun-97 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 39,123 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 25,348 | ||
Unencumbered Apartment Communities | The Cairns | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 99 | ||
Initial cost | |||
Land | $ 6,937 | ||
Buildings and improvements | 20,679 | ||
Costs capitalized subsequent to acquisition | 3,407 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,939 | ||
Buildings and improvements | 24,084 | ||
Total | 31,023 | ||
Accumulated depreciation | $ (12,852) | ||
Date of construction | 2006 | ||
Date acquired | Jun-07 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 31,023 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 12,852 | ||
Unencumbered Apartment Communities | The Commons | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 264 | ||
Initial cost | |||
Land | $ 12,555 | ||
Buildings and improvements | 29,307 | ||
Costs capitalized subsequent to acquisition | 11,676 | ||
Gross amount carried at close of period | |||
Land and improvements | 12,556 | ||
Buildings and improvements | 40,982 | ||
Total | 53,538 | ||
Accumulated depreciation | $ (20,972) | ||
Date of construction | 1973 | ||
Date acquired | Jul-10 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 53,538 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 20,972 | ||
Unencumbered Apartment Communities | The Elliot at Mukilteo | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 301 | ||
Initial cost | |||
Land | $ 2,498 | ||
Buildings and improvements | 10,595 | ||
Costs capitalized subsequent to acquisition | 19,851 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,824 | ||
Buildings and improvements | 30,120 | ||
Total | 32,944 | ||
Accumulated depreciation | $ (25,366) | ||
Date of construction | 1981 | ||
Date acquired | Jan-97 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 32,944 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 25,366 | ||
Unencumbered Apartment Communities | The Galloway | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 506 | ||
Initial cost | |||
Land | $ 32,966 | ||
Buildings and improvements | 184,499 | ||
Costs capitalized subsequent to acquisition | 4,810 | ||
Gross amount carried at close of period | |||
Land and improvements | 32,966 | ||
Buildings and improvements | 189,309 | ||
Total | 222,275 | ||
Accumulated depreciation | $ (20,181) | ||
Date of construction | 2016 | ||
Date acquired | Jan-20 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 222,275 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 20,181 | ||
Unencumbered Apartment Communities | The Grand | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 243 | ||
Initial cost | |||
Land | $ 4,531 | ||
Buildings and improvements | 89,208 | ||
Costs capitalized subsequent to acquisition | 8,950 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,531 | ||
Buildings and improvements | 98,158 | ||
Total | 102,689 | ||
Accumulated depreciation | $ (47,729) | ||
Date of construction | 2009 | ||
Date acquired | Jan-09 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 102,689 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 47,729 | ||
Unencumbered Apartment Communities | The Hallie | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 292 | ||
Initial cost | |||
Land | $ 2,202 | ||
Buildings and improvements | 4,794 | ||
Costs capitalized subsequent to acquisition | 57,103 | ||
Gross amount carried at close of period | |||
Land and improvements | 8,385 | ||
Buildings and improvements | 55,714 | ||
Total | 64,099 | ||
Accumulated depreciation | $ (45,569) | ||
Date of construction | 1972 | ||
Date acquired | Apr-97 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 64,099 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 45,569 | ||
Unencumbered Apartment Communities | The Huntington | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 276 | ||
Initial cost | |||
Land | $ 10,374 | ||
Buildings and improvements | 41,495 | ||
Costs capitalized subsequent to acquisition | 8,888 | ||
Gross amount carried at close of period | |||
Land and improvements | 10,374 | ||
Buildings and improvements | 50,383 | ||
Total | 60,757 | ||
Accumulated depreciation | $ (20,123) | ||
Date of construction | 1975 | ||
Date acquired | Jun-12 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 60,757 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 20,123 | ||
Unencumbered Apartment Communities | The Landing at Jack London Square | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 282 | ||
Initial cost | |||
Land | $ 33,554 | ||
Buildings and improvements | 78,292 | ||
Costs capitalized subsequent to acquisition | 9,533 | ||
Gross amount carried at close of period | |||
Land and improvements | 33,554 | ||
Buildings and improvements | 87,825 | ||
Total | 121,379 | ||
Accumulated depreciation | $ (30,122) | ||
Date of construction | 2001 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 121,379 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 30,122 | ||
Unencumbered Apartment Communities | The Lofts at Pinehurst | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 118 | ||
Initial cost | |||
Land | $ 1,570 | ||
Buildings and improvements | 3,912 | ||
Costs capitalized subsequent to acquisition | 6,219 | ||
Gross amount carried at close of period | |||
Land and improvements | 1,618 | ||
Buildings and improvements | 10,083 | ||
Total | 11,701 | ||
Accumulated depreciation | $ (7,542) | ||
Date of construction | 1971 | ||
Date acquired | Jun-97 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 11,701 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 7,542 | ||
Unencumbered Apartment Communities | The Palisades | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 192 | ||
Initial cost | |||
Land | $ 1,560 | ||
Buildings and improvements | 6,242 | ||
Costs capitalized subsequent to acquisition | 15,618 | ||
Gross amount carried at close of period | |||
Land and improvements | 1,565 | ||
Buildings and improvements | 21,855 | ||
Total | 23,420 | ||
Accumulated depreciation | $ (19,371) | ||
Date of construction | 1977 | ||
Date acquired | May-90 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 23,420 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 19,371 | ||
Unencumbered Apartment Communities | The Palms at Laguna Niguel | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 460 | ||
Initial cost | |||
Land | $ 23,584 | ||
Buildings and improvements | 94,334 | ||
Costs capitalized subsequent to acquisition | 16,019 | ||
Gross amount carried at close of period | |||
Land and improvements | 23,584 | ||
Buildings and improvements | 110,353 | ||
Total | 133,937 | ||
Accumulated depreciation | $ (37,515) | ||
Date of construction | 1988 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 133,937 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 37,515 | ||
Unencumbered Apartment Communities | The Stuart | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 188 | ||
Initial cost | |||
Land | $ 13,574 | ||
Buildings and improvements | 54,298 | ||
Costs capitalized subsequent to acquisition | 5,096 | ||
Gross amount carried at close of period | |||
Land and improvements | 13,574 | ||
Buildings and improvements | 59,394 | ||
Total | 72,968 | ||
Accumulated depreciation | $ (19,069) | ||
Date of construction | 2007 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 72,968 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 19,069 | ||
Unencumbered Apartment Communities | The Trails of Redmond | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 423 | ||
Initial cost | |||
Land | $ 21,930 | ||
Buildings and improvements | 87,720 | ||
Costs capitalized subsequent to acquisition | 8,769 | ||
Gross amount carried at close of period | |||
Land and improvements | 21,930 | ||
Buildings and improvements | 96,489 | ||
Total | 118,419 | ||
Accumulated depreciation | $ (31,532) | ||
Date of construction | 1985 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 118,419 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 31,532 | ||
Unencumbered Apartment Communities | The Village at Toluca Lake | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 145 | ||
Initial cost | |||
Land | $ 14,634 | ||
Buildings and improvements | 48,297 | ||
Costs capitalized subsequent to acquisition | 1,354 | ||
Gross amount carried at close of period | |||
Land and improvements | 14,634 | ||
Buildings and improvements | 49,651 | ||
Total | 64,285 | ||
Accumulated depreciation | $ (2,767) | ||
Date of construction | 1974 | ||
Date acquired | Jun-21 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 64,285 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 2,767 | ||
Unencumbered Apartment Communities | The Waterford | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 238 | ||
Initial cost | |||
Land | $ 11,808 | ||
Buildings and improvements | 24,500 | ||
Costs capitalized subsequent to acquisition | 18,880 | ||
Gross amount carried at close of period | |||
Land and improvements | 15,165 | ||
Buildings and improvements | 40,023 | ||
Total | 55,188 | ||
Accumulated depreciation | $ (29,398) | ||
Date of construction | 2000 | ||
Date acquired | Jun-00 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 55,188 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 29,398 | ||
Unencumbered Apartment Communities | Tierra Vista | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 404 | ||
Initial cost | |||
Land | $ 13,652 | ||
Buildings and improvements | 53,336 | ||
Costs capitalized subsequent to acquisition | 10,699 | ||
Gross amount carried at close of period | |||
Land and improvements | 13,661 | ||
Buildings and improvements | 64,026 | ||
Total | 77,687 | ||
Accumulated depreciation | $ (39,508) | ||
Date of construction | 2001 | ||
Date acquired | Jan-01 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 77,687 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 39,508 | ||
Unencumbered Apartment Communities | Tiffany Court | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 101 | ||
Initial cost | |||
Land | $ 6,949 | ||
Buildings and improvements | 27,796 | ||
Costs capitalized subsequent to acquisition | 3,123 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,949 | ||
Buildings and improvements | 30,919 | ||
Total | 37,868 | ||
Accumulated depreciation | $ (9,943) | ||
Date of construction | 1987 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 37,868 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 9,943 | ||
Unencumbered Apartment Communities | Trabuco Villas | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 132 | ||
Initial cost | |||
Land | $ 3,638 | ||
Buildings and improvements | 8,640 | ||
Costs capitalized subsequent to acquisition | 5,542 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,890 | ||
Buildings and improvements | 13,930 | ||
Total | 17,820 | ||
Accumulated depreciation | $ (10,618) | ||
Date of construction | 1985 | ||
Date acquired | Oct-97 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 17,820 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 10,618 | ||
Unencumbered Apartment Communities | Valley Park | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 160 | ||
Initial cost | |||
Land | $ 3,361 | ||
Buildings and improvements | 13,420 | ||
Costs capitalized subsequent to acquisition | 7,055 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,761 | ||
Buildings and improvements | 20,075 | ||
Total | 23,836 | ||
Accumulated depreciation | $ (14,229) | ||
Date of construction | 1969 | ||
Date acquired | Nov-01 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 23,836 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 14,229 | ||
Unencumbered Apartment Communities | Via | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 284 | ||
Initial cost | |||
Land | $ 22,000 | ||
Buildings and improvements | 82,270 | ||
Costs capitalized subsequent to acquisition | 6,904 | ||
Gross amount carried at close of period | |||
Land and improvements | 22,016 | ||
Buildings and improvements | 89,158 | ||
Total | 111,174 | ||
Accumulated depreciation | $ (37,128) | ||
Date of construction | 2011 | ||
Date acquired | Jul-11 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 111,174 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 37,128 | ||
Unencumbered Apartment Communities | Villa Angelina | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 256 | ||
Initial cost | |||
Land | $ 4,498 | ||
Buildings and improvements | 17,962 | ||
Costs capitalized subsequent to acquisition | 9,357 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,962 | ||
Buildings and improvements | 26,855 | ||
Total | 31,817 | ||
Accumulated depreciation | $ (19,266) | ||
Date of construction | 1970 | ||
Date acquired | Nov-01 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 31,817 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 19,266 | ||
Unencumbered Apartment Communities | Villa Granada | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 270 | ||
Initial cost | |||
Land | $ 38,299 | ||
Buildings and improvements | 89,365 | ||
Costs capitalized subsequent to acquisition | 3,231 | ||
Gross amount carried at close of period | |||
Land and improvements | 38,299 | ||
Buildings and improvements | 92,596 | ||
Total | 130,895 | ||
Accumulated depreciation | $ (29,256) | ||
Date of construction | 2010 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 130,895 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 29,256 | ||
Unencumbered Apartment Communities | Villa Siena | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 272 | ||
Initial cost | |||
Land | $ 13,842 | ||
Buildings and improvements | 55,367 | ||
Costs capitalized subsequent to acquisition | 11,919 | ||
Gross amount carried at close of period | |||
Land and improvements | 13,842 | ||
Buildings and improvements | 67,286 | ||
Total | 81,128 | ||
Accumulated depreciation | $ (24,118) | ||
Date of construction | 1974 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 81,128 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 24,118 | ||
Unencumbered Apartment Communities | Village Green | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 272 | ||
Initial cost | |||
Land | $ 6,488 | ||
Buildings and improvements | 36,768 | ||
Costs capitalized subsequent to acquisition | 5,658 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,488 | ||
Buildings and improvements | 42,426 | ||
Total | 48,914 | ||
Accumulated depreciation | $ (14,607) | ||
Date of construction | 1971 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 48,914 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 14,607 | ||
Unencumbered Apartment Communities | Vista Belvedere | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 76 | ||
Initial cost | |||
Land | $ 5,573 | ||
Buildings and improvements | 11,901 | ||
Costs capitalized subsequent to acquisition | 9,706 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,573 | ||
Buildings and improvements | 21,607 | ||
Total | 27,180 | ||
Accumulated depreciation | $ (15,005) | ||
Date of construction | 1963 | ||
Date acquired | Aug-04 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 27,180 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 15,005 | ||
Unencumbered Apartment Communities | Vox Apartments | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 58 | ||
Initial cost | |||
Land | $ 5,545 | ||
Buildings and improvements | 16,635 | ||
Costs capitalized subsequent to acquisition | 543 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,545 | ||
Buildings and improvements | 17,178 | ||
Total | 22,723 | ||
Accumulated depreciation | $ (5,400) | ||
Date of construction | 2013 | ||
Date acquired | Oct-13 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 22,723 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 5,400 | ||
Unencumbered Apartment Communities | Wallace on Sunset | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 200 | ||
Initial cost | |||
Land | $ 24,005 | ||
Buildings and improvements | 80,466 | ||
Costs capitalized subsequent to acquisition | 4,041 | ||
Gross amount carried at close of period | |||
Land and improvements | 24,005 | ||
Buildings and improvements | 84,507 | ||
Total | 108,512 | ||
Accumulated depreciation | $ (13,371) | ||
Date of construction | 2021 | ||
Date acquired | Dec-21 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 108,512 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 13,371 | ||
Unencumbered Apartment Communities | Walnut Heights | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 163 | ||
Initial cost | |||
Land | $ 4,858 | ||
Buildings and improvements | 19,168 | ||
Costs capitalized subsequent to acquisition | 6,829 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,887 | ||
Buildings and improvements | 25,968 | ||
Total | 30,855 | ||
Accumulated depreciation | $ (17,053) | ||
Date of construction | 1964 | ||
Date acquired | Oct-03 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 30,855 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 17,053 | ||
Unencumbered Apartment Communities | Wandering Creek | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 156 | ||
Initial cost | |||
Land | $ 1,285 | ||
Buildings and improvements | 4,980 | ||
Costs capitalized subsequent to acquisition | 6,079 | ||
Gross amount carried at close of period | |||
Land and improvements | 1,296 | ||
Buildings and improvements | 11,048 | ||
Total | 12,344 | ||
Accumulated depreciation | $ (9,315) | ||
Date of construction | 1986 | ||
Date acquired | Nov-95 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 12,344 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 9,315 | ||
Unencumbered Apartment Communities | Wharfside Pointe | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 155 | ||
Initial cost | |||
Land | $ 2,245 | ||
Buildings and improvements | 7,020 | ||
Costs capitalized subsequent to acquisition | 14,184 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,258 | ||
Buildings and improvements | 21,191 | ||
Total | 23,449 | ||
Accumulated depreciation | $ (17,924) | ||
Date of construction | 1990 | ||
Date acquired | Jun-94 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 23,449 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 17,924 | ||
Unencumbered Apartment Communities | Willow Lake | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 508 | ||
Initial cost | |||
Land | $ 43,194 | ||
Buildings and improvements | 101,030 | ||
Costs capitalized subsequent to acquisition | 20,592 | ||
Gross amount carried at close of period | |||
Land and improvements | 43,194 | ||
Buildings and improvements | 121,622 | ||
Total | 164,816 | ||
Accumulated depreciation | $ (48,482) | ||
Date of construction | 1989 | ||
Date acquired | Oct-12 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 164,816 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 48,482 | ||
Unencumbered Apartment Communities | 5600 Wilshire | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 284 | ||
Initial cost | |||
Land | $ 30,535 | ||
Buildings and improvements | 91,604 | ||
Costs capitalized subsequent to acquisition | 8,228 | ||
Gross amount carried at close of period | |||
Land and improvements | 30,535 | ||
Buildings and improvements | 99,832 | ||
Total | 130,367 | ||
Accumulated depreciation | $ (31,251) | ||
Date of construction | 2008 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 130,367 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 31,251 | ||
Unencumbered Apartment Communities | Wilshire La Brea | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 478 | ||
Initial cost | |||
Land | $ 56,932 | ||
Buildings and improvements | 211,998 | ||
Costs capitalized subsequent to acquisition | 19,434 | ||
Gross amount carried at close of period | |||
Land and improvements | 56,932 | ||
Buildings and improvements | 231,432 | ||
Total | 288,364 | ||
Accumulated depreciation | $ (75,779) | ||
Date of construction | 2014 | ||
Date acquired | Apr-14 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 288,364 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 75,779 | ||
Unencumbered Apartment Communities | Wilshire Promenade | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 149 | ||
Initial cost | |||
Land | $ 3,118 | ||
Buildings and improvements | 7,385 | ||
Costs capitalized subsequent to acquisition | 13,987 | ||
Gross amount carried at close of period | |||
Land and improvements | 3,797 | ||
Buildings and improvements | 20,693 | ||
Total | 24,490 | ||
Accumulated depreciation | $ (15,554) | ||
Date of construction | 1992 | ||
Date acquired | Jan-97 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 24,490 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 15,554 | ||
Unencumbered Apartment Communities | Windsor Court | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 95 | ||
Initial cost | |||
Land | $ 6,383 | ||
Buildings and improvements | 23,420 | ||
Costs capitalized subsequent to acquisition | 816 | ||
Gross amount carried at close of period | |||
Land and improvements | 6,383 | ||
Buildings and improvements | 24,236 | ||
Total | 30,619 | ||
Accumulated depreciation | $ (389) | ||
Date of construction | 1987 | ||
Date acquired | Jul-22 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 30,619 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 389 | ||
Unencumbered Apartment Communities | Windsor Ridge | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 216 | ||
Initial cost | |||
Land | $ 4,017 | ||
Buildings and improvements | 10,315 | ||
Costs capitalized subsequent to acquisition | 17,579 | ||
Gross amount carried at close of period | |||
Land and improvements | 4,021 | ||
Buildings and improvements | 27,890 | ||
Total | 31,911 | ||
Accumulated depreciation | $ (26,204) | ||
Date of construction | 1989 | ||
Date acquired | Mar-89 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 31,911 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 26,204 | ||
Unencumbered Apartment Communities | Woodland Commons | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 302 | ||
Initial cost | |||
Land | $ 2,040 | ||
Buildings and improvements | 8,727 | ||
Costs capitalized subsequent to acquisition | 26,278 | ||
Gross amount carried at close of period | |||
Land and improvements | 2,044 | ||
Buildings and improvements | 35,001 | ||
Total | 37,045 | ||
Accumulated depreciation | $ (27,128) | ||
Date of construction | 1978 | ||
Date acquired | Mar-90 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 37,045 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | $ 27,128 | ||
Unencumbered Apartment Communities | Woodside Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Apartment Homes | apartment | 145 | ||
Initial cost | |||
Land | $ 5,331 | ||
Buildings and improvements | 21,036 | ||
Costs capitalized subsequent to acquisition | 6,494 | ||
Gross amount carried at close of period | |||
Land and improvements | 5,341 | ||
Buildings and improvements | 27,520 | ||
Total | 32,861 | ||
Accumulated depreciation | $ (17,226) | ||
Date of construction | 1987 | ||
Date acquired | Dec-04 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | $ 32,861 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | 17,226 | ||
Other Property | |||
Initial cost | |||
Land | 80,706 | ||
Buildings and improvements | 16,587 | ||
Costs capitalized subsequent to acquisition | 21,319 | ||
Gross amount carried at close of period | |||
Land and improvements | 82,067 | ||
Buildings and improvements | 36,545 | ||
Total | 118,612 | ||
Accumulated depreciation | (18,615) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | 118,612 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | 18,615 | ||
Other Property | Other real estate assets | |||
Initial cost | |||
Land | 80,706 | ||
Buildings and improvements | 16,587 | ||
Costs capitalized subsequent to acquisition | 21,319 | ||
Gross amount carried at close of period | |||
Land and improvements | 82,067 | ||
Buildings and improvements | 36,545 | ||
Total | 118,612 | ||
Accumulated depreciation | (18,615) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of year | 118,612 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of year | 18,615 | ||
Real Estate Rental Property | |||
Gross amount carried at close of period | |||
Total | 15,966,227 | 15,629,927 | 15,061,745 |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at beginning of year | 15,629,927 | 15,061,745 | 14,038,142 |
Balance at the end of year | $ 15,966,227 | $ 15,629,927 | $ 15,061,745 |