Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 24, 2014 | Jun. 30, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'ESSEX PROPERTY TRUST INC | ' | ' |
Entity Central Index Key | '0000920522 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $5,855,449,673 |
Entity Common Stock, Shares Outstanding | ' | 38,606,706 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Essex Portfolio, L.P. [Member] | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'ESSEX PORTFOLIO LP | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Rental properties: | ' | ' |
Land and land improvements | $1,083,552 | $1,003,171 |
Buildings and improvements | 4,360,205 | 4,030,501 |
Total Rental Properties | 5,443,757 | 5,033,672 |
Less: accumulated depreciation | -1,254,886 | -1,081,517 |
Net Real Estate | 4,188,871 | 3,952,155 |
Real estate under development | 50,430 | 66,851 |
Co-investments | 677,133 | 571,345 |
Total Real Estate | 4,916,434 | 4,590,351 |
Cash and cash equivalents-unrestricted | 18,491 | 18,606 |
Cash and cash equivalents-restricted | 35,275 | 23,520 |
Marketable securities | 90,084 | 92,713 |
Notes and other receivables | 68,255 | 66,163 |
Prepaid expenses and other assets | 33,781 | 35,003 |
Deferred charges, net | 24,519 | 20,867 |
Total assets | 5,186,839 | 4,847,223 |
Liabilities and Equity | ' | ' |
Mortgage notes payable | 1,404,080 | 1,565,599 |
Unsecured debt | 1,410,023 | 1,112,084 |
Lines of credit | 219,421 | 141,000 |
Accounts payable and accrued liabilities | 67,183 | 64,858 |
Construction payable | 8,047 | 5,392 |
Dividends payable | 50,627 | 45,052 |
Derivative liabilities | 2,682 | 6,606 |
Other liabilities | 22,189 | 22,167 |
Total liabilities | 3,184,252 | 2,962,758 |
Commitments and contingencies | ' | ' |
Cumulative convertible Series G preferred stock | 4,349 | 4,349 |
Capital: | ' | ' |
Common stock | 4 | 3 |
Cumulative redeemable 7.125% Series H preferred stock at liquidation value | 73,750 | 73,750 |
Excess Stock, $.0001 par value, 330,000,000 shares authorized and no shares issued or outstanding | 0 | 0 |
Additional paid-in capital | 2,345,763 | 2,204,778 |
Distributions in excess of accumulated earnings | -474,426 | -444,466 |
Accumulated other comprehensive loss | -60,472 | -69,261 |
Total stockholders' equity | 1,884,619 | 1,764,804 |
Noncontrolling interest | 113,619 | 115,312 |
Total equity | 1,998,238 | 1,880,116 |
Total liabilities and capital | 5,186,839 | 4,847,223 |
Essex Portfolio, L.P. [Member] | ' | ' |
Rental properties: | ' | ' |
Land and land improvements | 1,083,552 | 1,003,171 |
Buildings and improvements | 4,360,205 | 4,030,501 |
Total Rental Properties | 5,443,757 | 5,033,672 |
Less: accumulated depreciation | -1,254,886 | -1,081,517 |
Net Real Estate | 4,188,871 | 3,952,155 |
Real estate under development | 50,430 | 66,851 |
Co-investments | 677,133 | 571,345 |
Total Real Estate | 4,916,434 | 4,590,351 |
Cash and cash equivalents-unrestricted | 18,491 | 18,606 |
Cash and cash equivalents-restricted | 35,275 | 23,520 |
Marketable securities | 90,084 | 92,713 |
Notes and other receivables | 68,255 | 66,163 |
Prepaid expenses and other assets | 33,781 | 35,003 |
Deferred charges, net | 24,519 | 20,867 |
Total assets | 5,186,839 | 4,847,223 |
Liabilities and Equity | ' | ' |
Mortgage notes payable | 1,404,080 | 1,565,599 |
Unsecured debt | 1,410,023 | 1,112,084 |
Lines of credit | 219,421 | 141,000 |
Accounts payable and accrued liabilities | 67,183 | 64,858 |
Construction payable | 8,047 | 5,392 |
Distributions payable | 50,627 | 45,052 |
Derivative liabilities | 2,682 | 6,606 |
Other liabilities | 22,189 | 22,167 |
Total liabilities | 3,184,252 | 2,962,758 |
Commitments and contingencies | ' | ' |
Cumulative convertible Series G preferred stock | 4,349 | 4,349 |
Capital: | ' | ' |
Limited Partners, Common equity | 45,957 | 45,593 |
Accumulated other comprehensive loss | -58,940 | -68,231 |
Total partners' capital | 1,932,108 | 1,811,427 |
Noncontrolling interest | 66,130 | 68,689 |
Total capital | 1,998,238 | 1,880,116 |
Total liabilities and capital | 5,186,839 | 4,847,223 |
Essex Portfolio, L.P. [Member] | General Partner [Member] | ' | ' |
Capital: | ' | ' |
General Partner | 1,945,091 | 1,834,065 |
Essex Portfolio, L.P. [Member] | General Partner [Member] | Common Capital [Member] | ' | ' |
Capital: | ' | ' |
General Partner | 1,873,882 | 1,762,856 |
Total capital | 1,873,882 | 1,762,856 |
Essex Portfolio, L.P. [Member] | General Partner [Member] | Preferred Capital [Member] | ' | ' |
Capital: | ' | ' |
General Partner | 71,209 | 71,209 |
Total capital | $71,209 | $71,209 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Liabilities and Equity | ' | ' |
Cumulative convertible preferred stock, par value (in dollars per share) | 0.0001 | 0.0001 |
Cumulative convertible preferred stock, shares issued (in shares) | 5,980,000 | 5,980,000 |
Cumulative convertible preferred stock, shares outstanding (in shares) | 178,249 | 178,249 |
Common stock, par value (in dollars per share) | 0.0001 | 0.0001 |
Common stock, shares authorized ( in shares) | 656,020,000 | 656,020,000 |
Common stock, shares issued (in shares) | 37,421,219 | 36,442,994 |
Common stock, shares outstanding (in shares) | 37,421,219 | 36,442,994 |
Excess stock, par value (in dollars per share) | 0.0001 | 0.0001 |
Excess stock, shares authorized (in shares) | 330,000,000 | 330,000,000 |
4.875% Series G Cumulative Convertible Preferred Stock [Member] | ' | ' |
Liabilities and Equity | ' | ' |
Cumulative dividend rate (in hundredths) | 4.88% | 4.88% |
7.125% Series H Cumulative Redeemable Preferred Stock [Member] | ' | ' |
Liabilities and Equity | ' | ' |
Cumulative dividend rate (in hundredths) | 7.13% | 7.13% |
Essex Portfolio, L.P. [Member] | 4.875% Series G Cumulative Convertible Preferred Stock [Member] | ' | ' |
Liabilities and Equity | ' | ' |
Cumulative convertible preferred interest, liquidation value | 4,456 | 4,456 |
Essex Portfolio, L.P. [Member] | General Partner [Member] | ' | ' |
Liabilities and Equity | ' | ' |
Common stock, shares issued (in shares) | 37,421,219 | 36,442,994 |
Common stock, shares outstanding (in shares) | 37,421,219 | 36,442,994 |
Preferred interest, liquidation value | 73,750 | 73,750 |
Essex Portfolio, L.P. [Member] | Limited Partners [Member] | ' | ' |
Liabilities and Equity | ' | ' |
Common stock, shares issued (in shares) | 2,149,802 | 2,122,381 |
Common stock, shares outstanding (in shares) | 2,149,802 | 2,122,381 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Rental and other property | $602,003 | $526,696 | $460,660 |
Management and other fees from affiliates | 11,700 | 11,489 | 6,780 |
Total revenues | 613,703 | 538,185 | 467,440 |
Expenses: | ' | ' | ' |
Property operating, excluding real estate taxes | 138,736 | 123,813 | 113,733 |
Real estate taxes | 57,276 | 48,354 | 43,777 |
Depreciation | 192,420 | 169,173 | 150,009 |
General and administrative | 25,601 | 23,307 | 20,694 |
Cost of management and other fees | 6,681 | 6,513 | 4,610 |
Merger expenses | 4,284 | 0 | 0 |
Total expenses | 424,998 | 371,160 | 332,823 |
Earnings from operations | 188,705 | 167,025 | 134,617 |
Interest expense before amortization | -104,600 | -100,244 | -91,694 |
Amortization expense | -11,924 | -11,644 | -11,474 |
Interest and other income | 11,633 | 13,833 | 17,139 |
Equity income (loss) from co-investments | 55,865 | 41,745 | -467 |
Loss on early retirement of debt, net | -300 | -5,009 | -1,163 |
Gain on sale of land | 1,503 | 0 | 0 |
Gain on remeasurement of co-investment | 0 | 21,947 | 0 |
Income before discontinued operations | 140,882 | 127,653 | 46,958 |
Income from discontinued operations | 31,173 | 11,937 | 10,558 |
Net income | 172,055 | 139,590 | 57,516 |
Net income attributable to noncontrolling interest | -15,772 | -14,306 | -10,446 |
Net income attributable to controlling interest | 156,283 | 125,284 | 47,070 |
Dividends to preferred stockholders | -5,472 | -5,472 | -4,753 |
Excess of cash paid to redeem preferred stock and units over the carrying value | 0 | 0 | -1,949 |
Net income available to common stockholders | 150,811 | 119,812 | 40,368 |
Basic: | ' | ' | ' |
Income before discontinued operations available to common stockholders/unitholders (in dollars per share) | $3.26 | $3.10 | $0.94 |
Income from discontinued operations available to common stockholders/unitholders (in dollars per share) | $0.79 | $0.32 | $0.30 |
Net income available to common stockholders/unitholders (in dollars per share) | $4.05 | $3.42 | $1.24 |
Weighted average number of shares/units outstanding during the year (in shares) | 37,248,960 | 35,032,491 | 32,541,792 |
Diluted: | ' | ' | ' |
Income before discontinued operations available to common stockholders/unitholders (in dollars per share) | $3.25 | $3.09 | $0.94 |
Income from discontinued operations available to common stockholders/unitholders (in dollars per share) | $0.79 | $0.32 | $0.30 |
Net income available to common stockholders/unitholders (in dollars per share) | $4.04 | $3.41 | $1.24 |
Weighted average number of shares outstanding during the year (in shares) | 37,335,295 | 35,124,921 | 32,628,714 |
Essex Portfolio, L.P. [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Rental and other property | 602,003 | 526,696 | 460,660 |
Management and other fees from affiliates | 11,700 | 11,489 | 6,780 |
Total revenues | 613,703 | 538,185 | 467,440 |
Expenses: | ' | ' | ' |
Property operating, excluding real estate taxes | 138,736 | 123,813 | 113,733 |
Real estate taxes | 57,276 | 48,354 | 43,777 |
Depreciation | 192,420 | 169,173 | 150,009 |
General and administrative | 25,601 | 23,307 | 20,694 |
Cost of management and other fees | 6,681 | 6,513 | 4,610 |
Merger expenses | 4,284 | 0 | 0 |
Total expenses | 424,998 | 371,160 | 332,823 |
Earnings from operations | 188,705 | 167,025 | 134,617 |
Interest expense before amortization | -104,600 | -100,244 | -91,694 |
Amortization expense | -11,924 | -11,644 | -11,474 |
Interest and other income | 11,633 | 13,833 | 17,139 |
Equity income (loss) from co-investments | 55,865 | 41,745 | -467 |
Loss on early retirement of debt, net | -300 | -5,009 | -1,163 |
Gain on sale of land | 1,503 | 0 | 0 |
Gain on remeasurement of co-investment | 0 | 21,947 | 0 |
Income before discontinued operations | 140,882 | 127,653 | 46,958 |
Income from discontinued operations | 31,173 | 11,937 | 10,558 |
Net income | 172,055 | 139,590 | 57,516 |
Net income attributable to noncontrolling interest | -6,834 | -6,347 | -5,571 |
Net income attributable to controlling interest | 165,221 | 133,243 | 51,945 |
Preferred interest distributions - Series F, G, & H | -5,472 | -5,472 | -4,753 |
Preferred interest distributions - limited partner | 0 | 0 | -1,650 |
Excess of cash paid to redeem preferred stock and units over the carrying value | 0 | 0 | -1,949 |
Net income available to common stockholders | $159,749 | $127,771 | $43,593 |
Basic: | ' | ' | ' |
Income before discontinued operations available to common stockholders/unitholders (in dollars per share) | $3.27 | $3.11 | $0.95 |
Income from discontinued operations available to common stockholders/unitholders (in dollars per share) | $0.79 | $0.32 | $0.30 |
Net income available to common stockholders/unitholders (in dollars per share) | $4.06 | $3.43 | $1.25 |
Weighted average number of shares/units outstanding during the year (in shares) | 39,380,385 | 37,251,537 | 34,773,599 |
Diluted: | ' | ' | ' |
Income before discontinued operations available to common stockholders/unitholders (in dollars per share) | $3.26 | $3.10 | $0.95 |
Income from discontinued operations available to common stockholders/unitholders (in dollars per share) | $0.79 | $0.32 | $0.30 |
Net income available to common stockholders/unitholders (in dollars per share) | $4.05 | $3.42 | $1.25 |
Weighted average number of shares outstanding during the year (in shares) | 39,466,720 | 37,343,967 | 34,860,521 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $172,055 | $139,590 | $57,516 |
Other comprehensive income (loss): | ' | ' | ' |
Changes in fair value of cash flow hedges and amortization of settlement swaps | 12,614 | 3,402 | 7,707 |
Changes in fair value of marketable securities | -1,556 | 1,411 | 1,330 |
Reversal of unrealized gains upon the sale of marketable securities | -1,767 | -1,082 | -4,286 |
Total other comprehensive income | 9,291 | 3,731 | 4,751 |
Comprehensive income | 181,346 | 143,321 | 62,267 |
Comprehensive income attributable to noncontrolling interest | -16,274 | -14,527 | -10,751 |
Comprehensive income attributable to controlling interest | 165,072 | 128,794 | 51,516 |
Essex Portfolio, L.P. [Member] | ' | ' | ' |
Net income | 172,055 | 139,590 | 57,516 |
Other comprehensive income (loss): | ' | ' | ' |
Changes in fair value of cash flow hedges and amortization of settlement swaps | 12,614 | 3,402 | 7,707 |
Changes in fair value of marketable securities | -1,556 | 1,411 | 1,330 |
Reversal of unrealized gains upon the sale of marketable securities | -1,767 | -1,082 | -4,286 |
Total other comprehensive income | 9,291 | 3,731 | 4,751 |
Comprehensive income | 181,346 | 143,321 | 62,267 |
Comprehensive income attributable to noncontrolling interest | -6,834 | -6,347 | -5,571 |
Comprehensive income attributable to controlling interest | $174,512 | $136,974 | $56,696 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Distributions in Excess of Accumulated Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Total |
In Thousands, except Share data, unless otherwise specified | |||||||
Balances at Dec. 31, 2010 | $25,000 | $3 | $1,515,468 | ($313,308) | ($77,217) | $205,068 | $1,355,014 |
Balances (in shares) at Dec. 31, 2010 | 1,000,000 | 31,325,000 | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 0 | 47,070 | 0 | 10,446 | 57,516 |
Reversal of unrealized gains upon the sale of marketable securities | 0 | 0 | 0 | 0 | -4,011 | -275 | -4,286 |
Changes in fair value of cash flow hedges and amortization of settlement swaps | 0 | 0 | 0 | 0 | 7,212 | 495 | 7,707 |
Changes in fair value of marketable securities | 0 | 0 | 0 | 0 | 1,245 | 85 | 1,330 |
Issuance of common stock under: | ' | ' | ' | ' | ' | ' | ' |
Stock option plans | 0 | 0 | 8,412 | 0 | 0 | 0 | 8,412 |
Stock option plans (in shares) | 0 | 103,000 | ' | ' | ' | ' | ' |
Sale of common stock | 0 | 0 | 323,931 | 0 | 0 | 0 | 323,931 |
Sale of common stock (in shares) | 0 | 2,460,000 | ' | ' | ' | ' | ' |
Equity based compensation costs | 0 | 0 | -725 | 0 | 0 | 1,598 | 873 |
Issuance of Series H Preferred | 73,750 | 0 | -2,541 | 0 | 0 | 0 | 71,209 |
Issuance of Series H Preferred (in shares) | 2,950,000 | 0 | ' | ' | ' | ' | ' |
Redemptions of Series F Preferred | -25,000 | 0 | 0 | 0 | 0 | 0 | -25,000 |
Redemptions of Series F Preferred (in shares) | -1,000,000 | 0 | ' | ' | ' | ' | ' |
Redemptions of Series B Preferred | 0 | 0 | 1,200 | 0 | 0 | -80,000 | -78,800 |
Redemptions of noncontrolling interest | 0 | 0 | -1,134 | 0 | 0 | -4,253 | -5,387 |
Distributions to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | -16,963 | -16,963 |
Common and preferred stock dividends declared | 0 | 0 | 0 | -141,828 | 0 | 0 | -141,828 |
Balances at Dec. 31, 2011 | 73,750 | 3 | 1,844,611 | -408,066 | -72,771 | 116,201 | 1,553,728 |
Balances (in shares) at Dec. 31, 2011 | 2,950,000 | 33,888,000 | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 0 | 125,284 | 0 | 14,306 | 139,590 |
Reversal of unrealized gains upon the sale of marketable securities | 0 | 0 | 0 | 0 | -1,018 | -64 | -1,082 |
Changes in fair value of cash flow hedges and amortization of settlement swaps | 0 | 0 | 0 | 0 | 3,183 | 219 | 3,402 |
Changes in fair value of marketable securities | 0 | 0 | 0 | 0 | 1,345 | 66 | 1,411 |
Issuance of common stock under: | ' | ' | ' | ' | ' | ' | ' |
Stock option plans | 0 | 0 | 4,675 | 0 | 0 | 0 | 4,675 |
Stock option plans (in shares) | 0 | 151,000 | ' | ' | ' | ' | ' |
Sale of common stock | 0 | 0 | 357,720 | 0 | 0 | 0 | 357,720 |
Sale of common stock (in shares) | 0 | 2,404,000 | ' | ' | ' | ' | ' |
Equity based compensation costs | 0 | 0 | -430 | 0 | 0 | 2,231 | 1,801 |
Contributions of noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 4,232 | 4,232 |
Redemptions of noncontrolling interest | 0 | 0 | -1,798 | 0 | 0 | -5,188 | -6,986 |
Distributions to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | -16,691 | -16,691 |
Common and preferred stock dividends declared | 0 | 0 | 0 | -161,684 | 0 | 0 | -161,684 |
Balances at Dec. 31, 2012 | 73,750 | 3 | 2,204,778 | -444,466 | -69,261 | 115,312 | 1,880,116 |
Balances (in shares) at Dec. 31, 2012 | 2,950,000 | 36,443,000 | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 0 | 156,283 | 0 | 15,772 | 172,055 |
Reversal of unrealized gains upon the sale of marketable securities | 0 | 0 | 0 | 0 | -1,673 | -94 | -1,767 |
Changes in fair value of cash flow hedges and amortization of settlement swaps | 0 | 0 | 0 | 0 | 11,934 | 680 | 12,614 |
Changes in fair value of marketable securities | 0 | 0 | 0 | 0 | -1,472 | -84 | -1,556 |
Issuance of common stock under: | ' | ' | ' | ' | ' | ' | ' |
Stock option plans | 0 | 0 | 7,244 | 0 | 0 | 0 | 7,244 |
Stock option plans (in shares) | 0 | 65,000 | ' | ' | ' | ' | ' |
Sale of common stock | 0 | 1 | 138,365 | 0 | 0 | 0 | 138,366 |
Sale of common stock (in shares) | 0 | 913,000 | ' | ' | ' | ' | ' |
Equity based compensation costs | 0 | 0 | -907 | 0 | 0 | 2,515 | 1,608 |
Redemptions of noncontrolling interest | 0 | 0 | -3,717 | 0 | 0 | -1,994 | -5,711 |
Distributions to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | -18,488 | -18,488 |
Common and preferred stock dividends declared | 0 | 0 | 0 | -186,243 | 0 | 0 | -186,243 |
Balances at Dec. 31, 2013 | $73,750 | $4 | $2,345,763 | ($474,426) | ($60,472) | $113,619 | $1,998,238 |
Balances (in shares) at Dec. 31, 2013 | 2,950,000 | 37,421,000 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cap
Consolidated Statements of Capital (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $36,903 | $29,702 | $49,640 | $27,239 | $172,055 | $139,590 | $57,516 |
Reversal of unrealized gains upon the sale of marketable securities | ' | ' | ' | ' | -1,767 | -1,082 | -4,286 |
Changes in fair value of cash flow hedges and amortization of gain on settlement of swap | ' | ' | ' | ' | 12,614 | 3,402 | 7,707 |
Changes in fair value of marketable securities | ' | ' | ' | ' | -1,556 | 1,411 | 1,330 |
Issuance of common stock under: | ' | ' | ' | ' | ' | ' | ' |
Sale of common stock | ' | ' | ' | ' | 138,366 | 357,720 | 323,931 |
Issuance of Series H Preferred | ' | ' | ' | ' | ' | ' | 71,209 |
Redemptions of Series F Preferred | ' | ' | ' | ' | ' | ' | -25,000 |
Redemptions of Series B Preferred | ' | ' | ' | ' | ' | ' | -78,800 |
Distributions to noncontrolling interests | ' | ' | ' | ' | -18,488 | -16,691 | -16,963 |
Essex Portfolio, L.P. [Member] | ' | ' | ' | ' | ' | ' | ' |
Balances | ' | 1,880,116 | ' | 1,553,728 | 1,880,116 | 1,553,728 | 1,355,014 |
Net income | 36,903 | 29,702 | 49,640 | 27,239 | 172,055 | 139,590 | 57,516 |
Reversal of unrealized gains upon the sale of marketable securities | ' | ' | ' | ' | -1,767 | -1,082 | -4,286 |
Changes in fair value of cash flow hedges and amortization of gain on settlement of swap | ' | ' | ' | ' | 12,614 | 3,402 | 7,707 |
Changes in fair value of marketable securities | ' | ' | ' | ' | -1,556 | 1,411 | 1,330 |
Issuance of common stock under: | ' | ' | ' | ' | ' | ' | ' |
Stock and unit based compensation plans | ' | ' | ' | ' | 7,244 | 4,675 | 8,412 |
Sale of common stock | ' | ' | ' | ' | 138,366 | 357,720 | 323,931 |
Stock and unit based compensation costs | ' | ' | ' | ' | 1,608 | 1,801 | 873 |
Issuance of Series H Preferred | ' | ' | ' | ' | ' | ' | 71,209 |
Capital contributions | ' | ' | ' | ' | ' | 4,232 | ' |
Redemptions of Series F Preferred | ' | ' | ' | ' | ' | ' | -25,000 |
Redemptions of Series B Preferred | ' | ' | ' | ' | ' | ' | -78,800 |
Redemptions | ' | ' | ' | ' | -5,711 | -6,986 | -5,387 |
Distributions to noncontrolling interests | ' | ' | ' | ' | -8,016 | -6,957 | -6,052 |
Distributions declared | ' | ' | ' | ' | -196,715 | -171,418 | -152,739 |
Balances | 1,998,238 | ' | 1,880,116 | ' | 1,998,238 | 1,880,116 | 1,553,728 |
Essex Portfolio, L.P. [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' | ' | ' | ' |
Balances | ' | -68,231 | ' | -71,962 | -68,231 | -71,962 | -76,713 |
Net income | ' | ' | ' | ' | 0 | 0 | 0 |
Reversal of unrealized gains upon the sale of marketable securities | ' | ' | ' | ' | -1,767 | -1,082 | -4,286 |
Changes in fair value of cash flow hedges and amortization of gain on settlement of swap | ' | ' | ' | ' | 12,614 | 3,402 | 7,707 |
Changes in fair value of marketable securities | ' | ' | ' | ' | -1,556 | 1,411 | 1,330 |
Issuance of common stock under: | ' | ' | ' | ' | ' | ' | ' |
Stock and unit based compensation plans | ' | ' | ' | ' | 0 | 0 | 0 |
Sale of common stock | ' | ' | ' | ' | 0 | 0 | 0 |
Stock and unit based compensation costs | ' | ' | ' | ' | 0 | 0 | 0 |
Issuance of Series H Preferred | ' | ' | ' | ' | ' | ' | 0 |
Capital contributions | ' | ' | ' | ' | ' | 0 | ' |
Redemptions of Series F Preferred | ' | ' | ' | ' | ' | ' | 0 |
Redemptions of Series B Preferred | ' | ' | ' | ' | ' | ' | 0 |
Redemptions | ' | ' | ' | ' | 0 | 0 | 0 |
Distributions to noncontrolling interests | ' | ' | ' | ' | 0 | 0 | 0 |
Distributions declared | ' | ' | ' | ' | 0 | 0 | 0 |
Balances | -58,940 | ' | -68,231 | ' | -58,940 | -68,231 | -71,962 |
Essex Portfolio, L.P. [Member] | Noncontrolling Interest [Member] | ' | ' | ' | ' | ' | ' | ' |
Balances | ' | 68,689 | ' | 66,814 | 68,689 | 66,814 | 70,499 |
Net income | ' | ' | ' | ' | 6,834 | 6,347 | 5,571 |
Reversal of unrealized gains upon the sale of marketable securities | ' | ' | ' | ' | 0 | 0 | 0 |
Changes in fair value of cash flow hedges and amortization of gain on settlement of swap | ' | ' | ' | ' | 0 | ' | ' |
Changes in fair value of marketable securities | ' | ' | ' | ' | 0 | 0 | 0 |
Issuance of common stock under: | ' | ' | ' | ' | ' | ' | ' |
Stock and unit based compensation plans | ' | ' | ' | ' | 0 | 0 | 0 |
Sale of common stock | ' | ' | ' | ' | 0 | 0 | 0 |
Stock and unit based compensation costs | ' | ' | ' | ' | 0 | 0 | 0 |
Issuance of Series H Preferred | ' | ' | ' | ' | ' | ' | 0 |
Capital contributions | ' | ' | ' | ' | ' | 4,232 | ' |
Redemptions of Series F Preferred | ' | ' | ' | ' | ' | ' | 0 |
Redemptions of Series B Preferred | ' | ' | ' | ' | ' | ' | 0 |
Redemptions | ' | ' | ' | ' | -1,377 | -1,747 | -3,204 |
Distributions to noncontrolling interests | ' | ' | ' | ' | -8,016 | -6,957 | -6,052 |
Distributions declared | ' | ' | ' | ' | 0 | 0 | 0 |
Balances | 66,130 | ' | 68,689 | ' | 66,130 | 68,689 | 66,814 |
Essex Portfolio, L.P. [Member] | General Partner [Member] | Common Equity [Member] | ' | ' | ' | ' | ' | ' | ' |
Balances | ' | 1,762,856 | ' | 1,439,089 | 1,762,856 | 1,439,089 | 1,202,751 |
Balances (in shares) | ' | 36,443,000 | ' | 33,888,000 | 36,443,000 | 33,888,000 | 31,325,000 |
Net income | ' | ' | ' | ' | 150,811 | 119,812 | 42,317 |
Reversal of unrealized gains upon the sale of marketable securities | ' | ' | ' | ' | 0 | 0 | 0 |
Changes in fair value of cash flow hedges and amortization of gain on settlement of swap | ' | ' | ' | ' | 0 | 0 | 0 |
Changes in fair value of marketable securities | ' | ' | ' | ' | 0 | 0 | 0 |
Issuance of common stock under: | ' | ' | ' | ' | ' | ' | ' |
Stock and unit based compensation plans | ' | ' | ' | ' | 7,244 | 4,675 | 8,412 |
Stock and unit based compensation plan (in shares) | ' | ' | ' | ' | 65,000 | 151,000 | 103,000 |
Sale of common stock | ' | ' | ' | ' | 138,366 | 357,720 | 323,931 |
Sale of common stock (in shares) | ' | ' | ' | ' | 913,000 | 2,404,000 | 2,460,000 |
Stock and unit based compensation costs | ' | ' | ' | ' | -907 | -430 | -725 |
Stock and unit based compensation costs (in shares) | ' | ' | ' | ' | 0 | 0 | 0 |
Issuance of Series H Preferred | ' | ' | ' | ' | ' | ' | 0 |
Issuance of Series H Preferred (in shares) | ' | ' | ' | ' | ' | ' | 0 |
Capital contributions | ' | ' | ' | ' | ' | 0 | ' |
Redemptions of Series F Preferred | ' | ' | ' | ' | ' | ' | -588 |
Redemptions of Series F Preferred (in shares) | ' | ' | ' | ' | ' | ' | 0 |
Redemptions of Series B Preferred | ' | ' | ' | ' | ' | ' | 1,200 |
Redemption of Series B Preferred (in shares) | ' | ' | ' | ' | ' | ' | 0 |
Redemptions | ' | ' | ' | ' | -3,717 | -1,798 | -1,134 |
Distributions to noncontrolling interests | ' | ' | ' | ' | 0 | 0 | 0 |
Distributions declared | ' | ' | ' | ' | -180,771 | -156,212 | -137,075 |
Balances | 1,873,882 | ' | 1,762,856 | ' | 1,873,882 | 1,762,856 | 1,439,089 |
Balances (in shares) | 37,421,000 | ' | 36,443,000 | ' | 37,421,000 | 36,443,000 | 33,888,000 |
Essex Portfolio, L.P. [Member] | General Partner [Member] | Preferred Equity [Member] | ' | ' | ' | ' | ' | ' | ' |
Balances | ' | 71,209 | ' | 71,209 | 71,209 | 71,209 | 24,412 |
Net income | ' | ' | ' | ' | 5,472 | 5,472 | 4,753 |
Reversal of unrealized gains upon the sale of marketable securities | ' | ' | ' | ' | 0 | 0 | 0 |
Changes in fair value of cash flow hedges and amortization of gain on settlement of swap | ' | ' | ' | ' | 0 | 0 | 0 |
Changes in fair value of marketable securities | ' | ' | ' | ' | 0 | 0 | 0 |
Issuance of common stock under: | ' | ' | ' | ' | ' | ' | ' |
Stock and unit based compensation plans | ' | ' | ' | ' | 0 | 0 | 0 |
Sale of common stock | ' | ' | ' | ' | 0 | 0 | 0 |
Stock and unit based compensation costs | ' | ' | ' | ' | 0 | 0 | 0 |
Issuance of Series H Preferred | ' | ' | ' | ' | ' | ' | 71,209 |
Capital contributions | ' | ' | ' | ' | ' | 0 | ' |
Redemptions of Series F Preferred | ' | ' | ' | ' | ' | ' | -24,412 |
Redemptions of Series B Preferred | ' | ' | ' | ' | ' | ' | 0 |
Redemptions | ' | ' | ' | ' | 0 | 0 | 0 |
Distributions to noncontrolling interests | ' | ' | ' | ' | 0 | 0 | 0 |
Distributions declared | ' | ' | ' | ' | -5,472 | -5,472 | -4,753 |
Balances | 71,209 | ' | 71,209 | ' | 71,209 | 71,209 | 71,209 |
Essex Portfolio, L.P. [Member] | Limited Partners [Member] | Common Equity [Member] | ' | ' | ' | ' | ' | ' | ' |
Balances | ' | 45,593 | ' | 48,578 | 45,593 | 48,578 | 54,065 |
Balances (in shares) | ' | 2,122,000 | ' | 2,229,000 | 2,122,000 | 2,229,000 | 2,201,000 |
Net income | ' | ' | ' | ' | 8,938 | 7,959 | 3,225 |
Reversal of unrealized gains upon the sale of marketable securities | ' | ' | ' | ' | 0 | 0 | 0 |
Changes in fair value of cash flow hedges and amortization of gain on settlement of swap | ' | ' | ' | ' | 0 | 0 | 0 |
Changes in fair value of marketable securities | ' | ' | ' | ' | 0 | 0 | 0 |
Issuance of common stock under: | ' | ' | ' | ' | ' | ' | ' |
Stock and unit based compensation plans | ' | ' | ' | ' | 0 | 0 | 0 |
Stock and unit based compensation plan (in shares) | ' | ' | ' | ' | 0 | 0 | 0 |
Sale of common stock | ' | ' | ' | ' | 0 | 0 | 0 |
Sale of common stock (in shares) | ' | ' | ' | ' | 0 | 0 | 0 |
Stock and unit based compensation costs | ' | ' | ' | ' | 2,515 | 2,231 | 1,598 |
Stock and unit based compensation costs (in shares) | ' | ' | ' | ' | 28,000 | -107,000 | 28,000 |
Issuance of Series H Preferred | ' | ' | ' | ' | ' | ' | 0 |
Issuance of Series H Preferred (in shares) | ' | ' | ' | ' | ' | ' | 0 |
Capital contributions | ' | ' | ' | ' | ' | 0 | ' |
Redemptions of Series F Preferred | ' | ' | ' | ' | ' | ' | 0 |
Redemptions of Series F Preferred (in shares) | ' | ' | ' | ' | ' | ' | 0 |
Redemptions of Series B Preferred | ' | ' | ' | ' | ' | ' | 0 |
Redemption of Series B Preferred (in shares) | ' | ' | ' | ' | ' | ' | 0 |
Redemptions | ' | ' | ' | ' | -617 | -3,441 | -1,049 |
Distributions to noncontrolling interests | ' | ' | ' | ' | 0 | 0 | 0 |
Distributions declared | ' | ' | ' | ' | -10,472 | -9,734 | -9,261 |
Balances | 45,957 | ' | 45,593 | ' | 45,957 | 45,593 | 48,578 |
Balances (in shares) | 2,150,000 | ' | 2,122,000 | ' | 2,150,000 | 2,122,000 | 2,229,000 |
Essex Portfolio, L.P. [Member] | Limited Partners [Member] | Preferred Equity [Member] | ' | ' | ' | ' | ' | ' | ' |
Balances | ' | 0 | ' | 0 | 0 | 0 | 80,000 |
Net income | ' | ' | ' | ' | 0 | 0 | 1,650 |
Reversal of unrealized gains upon the sale of marketable securities | ' | ' | ' | ' | 0 | 0 | 0 |
Changes in fair value of cash flow hedges and amortization of gain on settlement of swap | ' | ' | ' | ' | 0 | ' | ' |
Changes in fair value of marketable securities | ' | ' | ' | ' | 0 | 0 | 0 |
Issuance of common stock under: | ' | ' | ' | ' | ' | ' | ' |
Stock and unit based compensation plans | ' | ' | ' | ' | 0 | 0 | 0 |
Sale of common stock | ' | ' | ' | ' | 0 | 0 | 0 |
Stock and unit based compensation costs | ' | ' | ' | ' | 0 | 0 | 0 |
Issuance of Series H Preferred | ' | ' | ' | ' | ' | ' | 0 |
Capital contributions | ' | ' | ' | ' | ' | 0 | ' |
Redemptions of Series F Preferred | ' | ' | ' | ' | ' | ' | 0 |
Redemptions of Series B Preferred | ' | ' | ' | ' | ' | ' | -80,000 |
Redemptions | ' | ' | ' | ' | 0 | 0 | 0 |
Distributions to noncontrolling interests | ' | ' | ' | ' | 0 | 0 | 0 |
Distributions declared | ' | ' | ' | ' | 0 | 0 | -1,650 |
Balances | $0 | ' | $0 | ' | $0 | $0 | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $172,055 | $139,590 | $57,516 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Gain on sale of marketable securities | -1,767 | -819 | -4,956 |
Gain on remeasurement of co-investment | 0 | -21,947 | 0 |
Company's share of gain on the sales of co-investment | -41,252 | -29,112 | -919 |
Gain on the sales of real estate | -30,725 | -10,870 | -8,562 |
Loss on early retirement of debt | 300 | 5,009 | 1,163 |
Co-investments | 5,023 | 1,626 | 7,929 |
Amortization expense | 12,216 | 11,644 | 11,474 |
Amortization of discount on notes receivables | -844 | -1,832 | -1,757 |
Amortization of discount on marketable securities | -6,556 | -5,127 | -4,794 |
Depreciation | 193,518 | 170,686 | 152,542 |
Equity-based compensation | 4,508 | 4,141 | 2,927 |
Changes in operating assets and liabilities: | ' | ' | ' |
Prepaid expenses and other assets | -1,588 | -9,488 | -1,172 |
Accounts payable and accrued liabilities | 72 | 12,360 | 3,620 |
Other liabilities | 22 | 1,638 | 1,560 |
Net cash provided by operating activities | 304,982 | 267,499 | 216,571 |
Additions to real estate: | ' | ' | ' |
Acquisitions of real estate | -348,774 | -393,771 | -57,478 |
Improvements to recent acquisitions | -21,240 | -13,704 | -16,446 |
Redevelopment | -42,035 | -39,027 | -45,130 |
Revenue generating capital expenditures | -5,254 | -7,620 | -7,616 |
Lessor required capital expenditure | -8,641 | -1,173 | 0 |
Non-revenue generating capital expenditures | -27,038 | -30,491 | -26,090 |
Acquisition of and additions to real estate under development | -17,757 | -29,196 | -79,194 |
Acquisition of membership interest in co-investment | 0 | -85,000 | 0 |
Dispositions of real estate | 65,496 | 27,800 | 23,003 |
Changes in restricted cash and refundable deposits | -9,149 | -6,069 | -1,376 |
Purchases of marketable securities | -16,442 | -73,735 | -8,048 |
Sales and maturities marketable securities | 24,172 | 61,703 | 32,998 |
Purchases of and advances under notes and other receivables | -56,750 | -26,000 | -12,325 |
Collections of notes and other receivables | 53,438 | 14,525 | 884 |
Contributions to co-investments | -162,578 | -260,153 | -246,106 |
Non-operating distributions from co-investments | 118,856 | 49,773 | 17,141 |
Net cash used in investing activities | -453,696 | -812,138 | -425,783 |
Cash flows from financing activities: | ' | ' | ' |
Borrowings under debt agreements | 969,061 | 1,745,853 | 1,514,684 |
Repayment of debt | -750,900 | -1,371,317 | -1,435,135 |
Additions to deferred charges | -7,402 | -6,707 | -5,533 |
Payments to settle derivative instruments | 0 | 0 | -2,395 |
Net proceeds from issuance of Preferred stock, Series H | 0 | 0 | 71,209 |
Retirement of Series B preferred units and Series F Preferred stock | 0 | 0 | -103,800 |
Equity related issuance cost | -617 | -309 | -627 |
Net proceeds from stock options exercised | 4,958 | 2,643 | 6,986 |
Net proceeds from issuance of common stock | 138,366 | 357,720 | 323,931 |
Contributions from noncontrolling interest | 0 | 2,400 | 0 |
Distributions to noncontrolling interest | -18,488 | -16,691 | -16,963 |
Redemption of limited partners units and noncontrolling interest | -5,711 | -6,986 | -5,387 |
Common and preferred stock dividends paid | -180,668 | -156,250 | -138,622 |
Net cash provided by financing activities | 148,599 | 550,356 | 208,348 |
Net increase (decrease) in cash and cash equivalents | -115 | 5,717 | -864 |
Cash and cash equivalents at beginning of year | 18,606 | 12,889 | 13,753 |
Cash and cash equivalents at end of year | 18,491 | 18,606 | 12,889 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid for interest, net of $16,486, $10,346, and $8,240 capitalized in 2013, 2012 and 2011, respectively | 103,516 | 95,597 | 89,691 |
Supplemental disclosure of noncash investing and financing activities: | ' | ' | ' |
Transfer from real estate under development to rental properties | 68 | 6,632 | 165,214 |
Transfer from real estate under development to co-investments | 27,906 | 0 | 54,472 |
Transfer from co-investments to rental properties | 0 | 148,053 | 0 |
Mortgage notes assumed in connection with purchases of real estate including the loan premiums recorded | 0 | 82,133 | 20,927 |
Contribution of note receivable to co-investment | 0 | 12,325 | 0 |
Change in accrual of dividends/ distributions | 5,575 | 5,441 | 3,206 |
Change in fair value of derivative liabilities | 4,185 | 4,461 | 230 |
Change in fair value of marketable securities | 3,222 | 459 | 2,836 |
Change in construction payable | 2,655 | 1,113 | 2,518 |
Essex Portfolio, L.P. [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 172,055 | 139,590 | 57,516 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Gain on sale of marketable securities | -1,767 | -819 | -4,956 |
Gain on remeasurement of co-investment | 0 | -21,947 | 0 |
Company's share of gain on the sales of co-investment | -41,252 | -29,112 | -919 |
Gain on the sales of real estate | -30,725 | -10,870 | -8,562 |
Loss on early retirement of debt | 300 | 5,009 | 1,163 |
Co-investments | 5,023 | 1,626 | 7,929 |
Amortization expense | 12,216 | 11,644 | 11,474 |
Amortization of discount on notes receivables | -844 | -1,832 | -1,757 |
Amortization of discount on marketable securities | -6,556 | -5,127 | -4,794 |
Depreciation | 193,518 | 170,686 | 152,542 |
Equity-based compensation | 4,508 | 4,141 | 2,927 |
Changes in operating assets and liabilities: | ' | ' | ' |
Prepaid expenses and other assets | -1,588 | -9,488 | -1,172 |
Accounts payable and accrued liabilities | 72 | 12,360 | 3,620 |
Other liabilities | 22 | 1,638 | 1,560 |
Net cash provided by operating activities | 304,982 | 267,499 | 216,571 |
Additions to real estate: | ' | ' | ' |
Acquisitions of real estate | -348,774 | -393,771 | -57,478 |
Improvements to recent acquisitions | -21,240 | -13,704 | -16,446 |
Redevelopment | -42,035 | -39,027 | -45,130 |
Revenue generating capital expenditures | -5,254 | -7,620 | -7,616 |
Lessor required capital expenditure | -8,641 | -1,173 | 0 |
Non-revenue generating capital expenditures | -27,038 | -30,491 | -26,090 |
Acquisition of and additions to real estate under development | -17,757 | -29,196 | -79,194 |
Acquisition of membership interest in co-investment | 0 | -85,000 | 0 |
Dispositions of real estate | 65,496 | 27,800 | 23,003 |
Changes in restricted cash and refundable deposits | -9,149 | -6,069 | -1,376 |
Purchases of marketable securities | -16,442 | -73,735 | -8,048 |
Sales and maturities marketable securities | 24,172 | 61,703 | 32,998 |
Purchases of and advances under notes and other receivables | -56,750 | -26,000 | -12,325 |
Collections of notes and other receivables | 53,438 | 14,525 | 884 |
Contributions to co-investments | -162,578 | -260,153 | -246,106 |
Non-operating distributions from co-investments | 118,856 | 49,773 | 17,141 |
Net cash used in investing activities | -453,696 | -812,138 | -425,783 |
Cash flows from financing activities: | ' | ' | ' |
Borrowings under debt agreements | 969,061 | 1,745,853 | 1,514,684 |
Repayment of debt | -750,900 | -1,371,317 | -1,435,135 |
Additions to deferred charges | -7,402 | -6,707 | -5,533 |
Payments to settle derivative instruments | 0 | 0 | -2,395 |
Net proceeds from issuance of Preferred stock, Series H | 0 | 0 | 71,209 |
Retirement of Series B preferred units and Series F Preferred stock | 0 | 0 | -103,800 |
Equity related issuance cost | -617 | -309 | -627 |
Net proceeds from stock options exercised | 4,958 | 2,643 | 6,986 |
Net proceeds from issuance of common stock | 138,366 | 357,720 | 323,931 |
Contributions from noncontrolling interest | 0 | 2,400 | 0 |
Distributions to noncontrolling interest | -8,016 | -6,957 | -6,052 |
Redemption of limited partners units and noncontrolling interest | -5,711 | -6,986 | -5,387 |
Common and preferred stock dividends paid | -191,140 | -165,984 | -149,533 |
Net cash provided by financing activities | 148,599 | 550,356 | 208,348 |
Net increase (decrease) in cash and cash equivalents | -115 | 5,717 | -864 |
Cash and cash equivalents at beginning of year | 18,606 | 12,889 | 13,753 |
Cash and cash equivalents at end of year | 18,491 | 18,606 | 12,889 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid for interest, net of $16,486, $10,346, and $8,240 capitalized in 2013, 2012 and 2011, respectively | 103,516 | 95,597 | 89,691 |
Supplemental disclosure of noncash investing and financing activities: | ' | ' | ' |
Transfer from real estate under development to rental properties | 68 | 6,632 | 165,214 |
Transfer from real estate under development to co-investments | 27,906 | 0 | 54,472 |
Transfer from co-investments to rental properties | 0 | 148,053 | 0 |
Mortgage notes assumed in connection with purchases of real estate including the loan premiums recorded | 0 | 82,133 | 20,927 |
Contribution of note receivable to co-investment | 0 | 12,325 | 0 |
Change in accrual of dividends/ distributions | 5,575 | 5,441 | 3,206 |
Change in fair value of derivative liabilities | 4,185 | 4,461 | 230 |
Change in fair value of marketable securities | 3,222 | 459 | 2,836 |
Change in construction payable | $2,655 | $1,113 | $2,518 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid for interest, capitalized | $16,486 | $10,346 | $8,240 |
Essex Portfolio, L.P. [Member] | ' | ' | ' |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid for interest, capitalized | $16,486 | $10,346 | $8,240 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2013 | |
Organization [Abstract] | ' |
Organization | ' |
(1) Organization | |
The accompanying consolidated financial statements present the accounts of Essex Property Trust, Inc. (“Essex”, "ESS" or the “Company”), which include the accounts of the Company and Essex Portfolio, L.P. and subsidiaries (the “Operating Partnership,” which holds the operating assets of the Company). Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership. | |
ESS is the sole general partner in the Operating Partnership with a 94.6% general partner interest and the limited partners owned a 5.4% interest as of December 31, 2013. The limited partners may convert their Operating Partnership units into an equivalent number of shares of common stock. Total Operating Partnership units outstanding were 2,149,802 and 2,122,381 as of December 31, 2013 and 2012, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled $308.5 million and $311.2 million, as of December 31, 2013 and 2012, respectively. The Company has reserved shares of common stock for such conversions. | |
As of December 31, 2013, the Company owned or had ownership interests in 164 apartment communities, (aggregating 34,079 units), four commercial buildings, and eleven active development projects (collectively, the “Portfolio”). The communities are located in Southern California (Los Angeles, Orange, Riverside, Santa Barbara, San Diego, and Ventura counties), Northern California (the San Francisco Bay Area) and the Seattle metropolitan area | |
In December 2013, the Company and BRE Properties, Inc. (“BRE”) entered into a definitive agreement under which BRE will merge with Essex. Under the terms of the agreement, each BRE common share will be converted into 0.2971 newly issued shares of Essex common stock plus $12.33 in cash. The Company has obtained committed financing up to $1.0 billion (the “bridge loan”) which is available if needed to fund the cash portion of the purchase price. The bridge loan facility is structured as a 364-day unsecured loan facility available in a single draw on the closing date of the merger. The company is exploring several alternatives to fund the cash needs of the transaction including asset sales, joint ventures or new financing. The merger is subject to customary closing conditions, including receipt of approval of Essex and BRE shareholders. Additional information about the merger and the bridge loan can be found in the Form S-4 filed with the SEC on January 29, 2014. | |
Summary_of_Critical_and_Signif
Summary of Critical and Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Critical and Significant Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Critical and Significant Accounting Policies | ' | ||||||||||||
(2) Summary of Critical and Significant Accounting Policies | |||||||||||||
(a) Principles of Consolidation | |||||||||||||
The accounts of the Company, its controlled subsidiaries and the variable interest entities (“VIEs”) in which it is the primary beneficiary are consolidated in the accompanying financial statements. All significant inter-company accounts and transactions have been eliminated. Certain reclassifications have been made to conform to the current year’s presentation. | |||||||||||||
Noncontrolling interest includes the 5.4% and 5.5% limited partner interests in the Operating Partnership not held by the Company at December 31, 2013 and 2012, respectively. These percentages include the Operating Partnership’s vested long term incentive plan units (see Note 13). | |||||||||||||
The Company consolidates 19 DownREIT limited partnerships (comprising eleven communities), since the Company is the primary beneficiary of these variable interest entities (“VIEs”). The consolidated total assets and liabilities related to these VIEs, net of intercompany eliminations, were approximately $194.9 million and $178.3 million, respectively, as of December 31, 2013, and $201.1 million and $178.6 million, respectively, as of December 31, 2012. | |||||||||||||
The DownREIT VIEs collectively own eleven apartment communities in which Essex Management Company (“EMC”) is the general partner, the Operating Partnership is a special limited partner, and the other limited partners were granted rights of redemption for their interests. Such limited partners can request to be redeemed and the Company can elect to redeem their rights for cash or by issuing shares of its common stock on a one share per unit basis. Conversion values will be based on the market value of the Company's common stock at the time of redemption multiplied by the number of units stipulated under the above arrangements. The other limited partners receive distributions based on the Company's current dividend rate times the number of units held. Total DownREIT units outstanding were 1,007,879 and 1,039,431 as of December 31, 2013 and 2012 respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled $144.6 million and $152.4 million, as of December 31, 2013 and 2012, respectively. As of December 31, 2013 and 2012, the carrying value of the other limited partners' interests is presented at their historical cost and is classified within noncontrolling interest in the accompanying consolidated balance sheets. | |||||||||||||
Interest holders in VIEs consolidated by the Company are allocated a priority of net income equal to the cash payments made to those interest holders or distributions from cash flow. The remaining results of operations are generally allocated to the Company. | |||||||||||||
As of December 31, 2013 and 2012, the Company did not have any VIE’s of which it was not deemed to be the primary beneficiary. | |||||||||||||
(b) Real Estate Rental Properties | |||||||||||||
Significant expenditures, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized. Operating real estate assets are stated at cost and consist of land, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Expenditures for maintenance and repairs are charged to expense as incurred. | |||||||||||||
The depreciable life of various categories of fixed assets is as follows: | |||||||||||||
Computer software and equipment | 3 - 5 years | ||||||||||||
Interior unit improvements | 5 years | ||||||||||||
Land improvements and certain exterior components of real property | 10 years | ||||||||||||
Real estate structures | 30 years | ||||||||||||
The Company capitalizes all costs incurred with the predevelopment, development or redevelopment of real estate assets or are associated with the construction or expansion of real property. Such capitalized costs include land, land improvements, allocated costs of the Company’s project management staff, construction costs, as well as interest and related loan fees, property taxes and insurance. Capitalization begins for predevelopment, development, and redevelopment projects when activity commences. Capitalization ends when the apartment home is completed and the property is available for a new resident or if the development activities are put on hold. | |||||||||||||
The Company allocates the purchase price of real estate to land and building, and identifiable intangible assets, such as the value of above, below and in-place leases. The values of the above and below market leases are amortized and recorded as either a decrease (in the case of above market leases) or an increase (in the case of below market leases) to rental revenue over the remaining term of the associated leases acquired, which in the case of below market leases the Company assumes lessees will elect to renew their leases. The value of acquired in-place leases are amortized to expense over the term the Company expects to retain the acquired tenant, which is generally 20 months. | |||||||||||||
The Company performs the following evaluation for communities acquired: | |||||||||||||
-1 | adjust the purchase price for any fair value adjustments resulting from such things as assumed debt or contingencies; | ||||||||||||
-2 | estimate the value of the real estate “as if vacant” as of the acquisition date; | ||||||||||||
-3 | allocate that value among land and buildings; | ||||||||||||
-4 | compute the value of the difference between the “as if vacant” value and the adjusted purchase price, which will represent the total intangible assets; | ||||||||||||
-5 | compute the value of the above and below market leases and determine the associated life of the above market/ below market leases; | ||||||||||||
-6 | compute the value of the in-place leases and customer relationships, if any, and the associated lives of these assets. | ||||||||||||
Whenever events or changes in circumstances indicate that the carrying amount of a property held for investment or held for sale may not be fully recoverable, the carrying amount will be evaluated for impairment. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount (including intangible assets) of a property held for investment, then the Company will recognize an impairment loss equal to the excess of the carrying amount over the fair value of the property. Fair value of a property is determined using conventional real estate valuation methods, such as discounted cash flow, the property’s unleveraged yield in comparison to the unleveraged yields and sales prices of similar communities that have been recently sold, and other third party information, if available. Communities held for sale are carried at the lower of cost and fair value less estimated costs to sell. As of December 31, 2013 and 2012, no communities were classified as held for sale and no impairment charges were recorded in 2013, 2012 or 2011. | |||||||||||||
In the normal course of business, the Company will receive purchase offers for its communities, either solicited or unsolicited. For those offers that are accepted, the prospective buyer will usually require a due diligence period before consummation of the transaction. It is not unusual for matters to arise that result in the withdrawal or rejection of the offer during this process. The Company classifies real estate as "held for sale" when all criteria under the accounting standard for the disposals of long-lived assets have been met. In accordance with the standard, the Company presents income and gains/losses on communities sold or held for sale as discontinued operations. The Company’s equity in income or loss from real estate investments accounted for under the equity method of accounting remain classified in continuing operations upon disposition. (See Note 6 for a description of the Company’s discontinued operations for 2013, 2012, and 2011). | |||||||||||||
(c) Co-investments | |||||||||||||
The Company owns investments in joint ventures (“co-investments”) in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with the accounting standards. Therefore, the Company accounts for these investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company’s equity in earnings less distributions received and the Company’s share of losses. | |||||||||||||
A majority of the co-investments, excluding the preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote distributions if certain financial return benchmarks are achieved. Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible. Any promote fees are reflected in equity income (loss) from co-investments. | |||||||||||||
(d) Revenues and Gains on Sale of Real Estate | |||||||||||||
Revenues from tenants renting or leasing apartment units are recorded when due from tenants and are recognized monthly as they are earned, which is not materially different than on a straight-line basis. Units are rented under short-term leases (generally, lease terms of 6 to 12 months) and may provide no rent for one or two months, depending on the market conditions and leasing practices of the Company’s competitors in each sub-market at the time the leases are executed. Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. | |||||||||||||
The Company recognizes gains on sales of real estate when a contract is in place, a closing has taken place, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property and the Company does not have a substantial continuing involvement in the property. | |||||||||||||
(e) 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. | |||||||||||||
(f) Marketable Securities | |||||||||||||
The Company reports its available for sale securities at fair value, based on quoted market prices (Level 2 for the unsecured bonds and Level 1 for the common stock and investment funds, as defined by the Financial Accounting Standards Board (“FASB”) standard for fair value measurements as discussed later in Note 2), and any unrealized gain or loss is recorded as other comprehensive income (loss). There were no other than temporary impairment charges for the years ended December 31, 2013, 2012, and 2011. Realized gains and losses, interest income, and amortization of purchase discounts are included in interest and other income on the consolidated statement of operations. | |||||||||||||
As of December 31, 2013 and 2012, marketable securities consisted primarily of investment-grade unsecured bonds, common stock, investments in mortgage backed securities and investment funds that invest in U.S. treasury or agency securities. As of December 31, 2013 and 2012, the Company classified its investments in mortgage backed securities, which mature in November 2019 and September 2020, as held to maturity, and accordingly, these securities are stated at their amortized cost. The discount on the mortgage backed securities is being amortized to interest income based on an estimated yield and the maturity date of the securities. | |||||||||||||
As of December 31, 2013 and 2012 marketable securities consist of the following ($ in thousands): | |||||||||||||
31-Dec-13 | |||||||||||||
Gross | |||||||||||||
Amortized | Unrealized | Carrying | |||||||||||
Cost | Gain (Loss) | Value | |||||||||||
Available for sale: | |||||||||||||
Investment-grade unsecured bonds | $ | 15,446 | $ | 509 | $ | 15,955 | |||||||
Investment funds - US treasuries | 3,675 | 3 | 3,678 | ||||||||||
Common stock | 13,104 | (1,304 | ) | 11,800 | |||||||||
Held to maturity: | |||||||||||||
Mortgage backed securities | 58,651 | - | 58,651 | ||||||||||
Total | $ | 90,876 | $ | (792 | ) | $ | 90,084 | ||||||
31-Dec-12 | |||||||||||||
Gross | |||||||||||||
Amortized | Unrealized | Carrying | |||||||||||
Cost | Gain | Value | |||||||||||
Available for sale: | |||||||||||||
Investment-grade unsecured bonds | $ | 15,475 | $ | 826 | $ | 16,301 | |||||||
Investment funds - US treasuries | 3,788 | 1 | 3,789 | ||||||||||
Common stock | 18,917 | 1,704 | 20,621 | ||||||||||
Held to maturity: | |||||||||||||
Mortgage backed securities | 52,002 | - | 52,002 | ||||||||||
Total | $ | 90,182 | $ | 2,531 | $ | 92,713 | |||||||
The Company uses the specific identification method to determine the cost basis of a security sold and to reclassify amounts from accumulated other comprehensive income for securities sold. For the years ended December 31, 2013, 2012 and 2011, the proceeds from sales of available for sale securities totaled $24.2 million, $61.7 million and $33.0 million, respectively. These sales all resulted in gains, which totaled $1.8 million, $0.8 million and $5.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
(g) Notes Receivable | |||||||||||||
Notes receivable relate to real estate financing arrangements including mezzanine and bridge loans and are secured by real estate. Interest is recognized over the life of the note. | |||||||||||||
Each note is analyzed to determine if it is impaired. A note is impaired if it is probable that the Company will not collect all contractually due principal and interest. The Company does not accrue interest when a note is considered impaired and an allowance is recorded for any principal and previously accrued interest that are not believed to be collectable. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income. As of December 31, 2013 and 2012, no notes were impaired. | |||||||||||||
(h) Capitalization Policy | |||||||||||||
The Company capitalizes all direct and certain indirect costs, including interest, real estate taxes and insurance, incurred during development and redevelopment activities. Interest is capitalized on real estate assets that require a period of time to get them ready for their intended use. The amount of interest capitalized is based upon the average amount of accumulated development expenditures during the reporting period. Included in capitalized costs are management’s estimates of the direct and incremental personnel costs and indirect project costs associated with the Company's development and redevelopment activities. Indirect project costs consist primarily of personnel costs associated with construction administration and development, including accounting, legal fees, and various office costs that clearly relate to projects under development. The Company’s capitalized internal costs related to development and redevelopment projects totaled $7.5 million, $6.2 million and $4.3 million for the years ended December 31, 2013, 2012 and 2011, respectively, most of which relates to development projects. These totals include capitalized salaries of $2.6 million, $2.4 million and $2.2 million, for the years ended December 31, 2013, 2012 and 2011, respectively. The Company capitalizes leasing commissions 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. | |||||||||||||
(i) Fair Value of Financial Instruments | |||||||||||||
The Company values its financial instruments based on the fair value hierarchy of valuation techniques described in the FASB’s accounting standard for fair value measurements. Level 1 inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability. The Company uses Level 1 inputs for the fair values of its cash equivalents and its marketable securities except for unsecured bonds and mortgage backed securities. The Company uses Level 2 inputs for its investments in unsecured bonds, notes receivable, notes payable, and derivative liabilities. These inputs include interest rates for similar financial instruments. The Company’s valuation methodology for derivatives is described in Note 9. The Company uses Level 3 inputs to estimate the fair value of its mortgage backed securities. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||||||||||||
Management believes that the carrying amounts of the outstanding balances under its lines of credit and notes and other receivables approximate fair value as of December 31, 2013 and 2012, because interest rates, yields and other terms for these instruments are consistent with yields and other terms currently available for similar instruments. Management has estimated that the fair value of the Company’s $2.30 billion and $2.13 billion of fixed rate debt at December 31, 2013 and 2012, respectively, to be $2.33 billion and $2.24 billion. Management has estimated the fair value of the Company’s $737.0 million and $692.9 million of variable rate debt at December 31, 2013 and 2012, respectively, is $719.4 million and $671.7 million based on the terms of the Company’s existing variable rate debt compared to those available in the marketplace. Management believes that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payable, other liabilities and dividends payable approximate fair value as of December 31, 2013 and 2012 due to the short-term maturity of these instruments. Marketable securities and derivative liabilities are carried at fair value as of December 31, 2013 and 2012. | |||||||||||||
At December 31, 2013, the Company’s investments in mortgage backed securities had a carrying value of $58.7 million and the Company estimated the fair value to be approximately $86.2 million. At December 31, 2012, the estimated fair values of the mortgage backed securities were approximately equal to the carrying values. The Company determines the fair value of the mortgage backed securities based on unobservable inputs (level 3 of the fair value hierarchy) considering the assumptions that market participants would make in valuing these securities. Assumptions such as estimated default rates and discount rates are used to determine expected, discounted cash flows to estimate the fair value. | |||||||||||||
(j) Interest Rate Protection, Swap, and Forward Contracts | |||||||||||||
The Company uses interest rate swaps, interest rate cap contracts, and forward starting swaps to manage interest rate risks. The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, the Company primarily used interest rate swaps and interest rate forward-starting swaps as part of its cash flow hedging strategy. The Company was hedging its exposure to the variability in future cash flows for a portion of its forecasted transactions. | |||||||||||||
As of December 31, 2013 and 2012, there were no outstanding forward starting swaps. The Company records all derivatives on its consolidated balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. | |||||||||||||
For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the initial and ongoing effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. | |||||||||||||
For derivatives not designated as cash flow hedges, changes in fair value are recognized in earnings. All of the Company’s interest rate swaps and interest rate caps are considered cash flow hedges except for the swap related to the multifamily revenue refunding bonds for the 101 San Fernando community that was terminated in 2012 as described in detail in Note 9. The Company did not have any fair value hedges during the years end December 31, 2013, 2012 and 2011. | |||||||||||||
(k) Deferred Charges | |||||||||||||
Deferred charges are principally comprised of loan fees and related costs which are amortized over the terms of the related borrowing in a manner which approximates the effective interest method. | |||||||||||||
(l) Income Taxes | |||||||||||||
Generally in any year in which ESS qualifies as a real estate investment trust (“REIT”) under the Internal Revenue Code (the “IRC”), it is not subject to federal income tax on that portion of its income that it distributes to stockholders. No provision for federal income taxes, other than the taxable REIT subsidiaries discussed below, has been made in the accompanying consolidated financial statements for each of the years in the three-year period ended December 31, 2013 as the Company 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 the Company from paying federal income tax. | |||||||||||||
In order to maintain compliance with REIT tax rules, the Company utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Company. The activities and tax related provisions, assets and liabilities are not material. | |||||||||||||
As a partnership, the Operating Partnership is not subject to federal or state income taxes except that in order to maintain ESS's compliance with REIT tax rules that are applicable to ESS, the Operating Partnership utilizes taxable REIT subsidiaries for various revenue generating or investng activities. The taxable REIT subsidiaries are consolidated by the Operating Partnership. | |||||||||||||
The status of cash dividends distributed for the years ended December 31, 2013, 2012, and 2011 related to common stock, Series F, Series G, and Series H preferred stock are classified for tax purposes as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Common Stock | |||||||||||||
Ordinary income | 77.34 | % | 70.58 | % | 63.68 | % | |||||||
Capital gain | 17.64 | % | 8.75 | % | 11.16 | % | |||||||
Unrecaptured section 1250 capital gain | 5.02 | % | 7.97 | % | 0.74 | % | |||||||
Return of capital | 0 | % | 12.7 | % | 24.42 | % | |||||||
100 | % | 100 | % | 100 | % | ||||||||
2013 | 2012 | 2011 | |||||||||||
Series F, G, and H Preferred stock | |||||||||||||
Ordinary income | 77.34 | % | 80.85 | % | 100 | % | |||||||
Capital gains | 17.64 | % | 10.02 | % | 0 | % | |||||||
Unrecaptured section 1250 capital gain | 5.02 | % | 9.13 | % | 0 | % | |||||||
100 | % | 100 | % | 100 | % | ||||||||
(m) Preferred Stock | |||||||||||||
The Company’s Series G Cumulative Convertible Preferred Stock (“Series G Preferred Stock”) contains fundamental change provisions that allow the holder to redeem the preferred stock for cash if certain events occur. The redemption under these provisions is not solely within the Company’s control, thus the Company has classified the Series G Preferred Stock as temporary equity in the accompanying consolidated balance sheets as of December 31, 2013 and 2012. | |||||||||||||
(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 13) are being amortized over the expected service periods. | |||||||||||||
(o) Changes in Accumulated Other Comprehensive Loss by Component | |||||||||||||
Essex Property Trust, Inc. | |||||||||||||
Unrealized | |||||||||||||
gains/(losses) on | |||||||||||||
Change in fair | available for sale | ||||||||||||
value and amortization | |||||||||||||
of derivatives | securities | Total | |||||||||||
Balance at December 31, 2012, net of noncontrolling interest | $ | (71,658 | ) | $ | 2,397 | $ | (69,261 | ) | |||||
Other comprehensive income (loss) before reclassification | 3,468 | (1,472 | ) | 1,996 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 8,466 | (1,673 | ) | 6,793 | |||||||||
Net other comprehensive income (loss) | 11,934 | (3,145 | ) | 8,789 | |||||||||
Balance at December 31, 2013, net of noncontrolling interest | $ | (59,724 | ) | $ | (748 | ) | $ | (60,472 | ) | ||||
Essex Portfolio, L.P. | |||||||||||||
Unrealized | |||||||||||||
gains/(losses) on | |||||||||||||
Change in fair | available for sale | ||||||||||||
value and amortization | |||||||||||||
of derivatives | securities | Total | |||||||||||
Balance at December 31, 2012 | $ | (70,762 | ) | $ | 2,531 | $ | (68,231 | ) | |||||
Other comprehensive income (loss) before reclassification | 4,148 | (1,556 | ) | 2,592 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 8,466 | (1,767 | ) | 6,699 | |||||||||
Net other comprehensive income (loss) | 12,614 | (3,323 | ) | 9,291 | |||||||||
Balance at December 31, 2013 | $ | (58,148 | ) | $ | (792 | ) | $ | (58,940 | ) | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net in connection with derivatives are recorded to interest expense before amortization on the consolidated statement of operations. Realized gains and losses on available for sale securities are included in interest and other income on the consolidated statement of operations. | |||||||||||||
(p) Accounting Estimates | |||||||||||||
The preparation of consolidated financial statements, in accordance with U.S. generally accepted accounting principles (“GAAP”), requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, its notes receivable and its qualification as a REIT. The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions. |
Real_Estate_Investments
Real Estate Investments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Real Estate Investments [Abstract] | ' | ||||||||||||
Real Estate Investments | ' | ||||||||||||
(3) Real Estate Investments | |||||||||||||
(a) Acquisitions of Real Estate | |||||||||||||
For the year ended December 31, 2013, the Company purchased six communities consisting of 1,079 units for $349.1 million. | |||||||||||||
For the year ended December 31, 2012, the Company purchased eleven communities, comprising of 2,052 units for $551.1 million. | |||||||||||||
(b) Sales of Real Estate investments | |||||||||||||
During 2013, the Company sold three communities consisting of 363 units for $57.5 million resulting in gains totaling $29.2 million. | |||||||||||||
During the first quarter of 2013, the Company sold a land parcel held for future development located in Palo Alto, California for $9.1 million, which resulted in a gain of $1.5 million. | |||||||||||||
During 2012, the Company sold two communities consisting of 264 units for $28.3 million resulting in gains totaling $10.9 million. | |||||||||||||
(c) Co-investments | |||||||||||||
The Company has joint venture investments in co-investments which are accounted for under the equity method. The co-investments’ accounting policies are similar to the Company’s accounting policies. The joint ventures own, operate, and develop apartment communities. | |||||||||||||
Wesco I, LLC | |||||||||||||
Wesco, I LLC (“Wesco I”) is a 50/50 programmatic joint venture with an institutional partner for a total equity commitment of $300.0 million. Each partner’s equity commitment is $150.0 million. Wesco I will utilize debt targeted at approximately 50% of the cost to acquire and improve real estate. The Company has contributed $150.0 million to Wesco I, and as of December 31, 2013, Wesco I owned nine apartment communities with 2,713 units with an aggregate carrying value of approximately $670 million. | |||||||||||||
Wesco III, LLC | |||||||||||||
During 2012, the Company entered into a 50/50 programmatic joint venture, Wesco III LLC (“Wesco III”), with an institutional partner for a total equity commitment from the parties of $120.0 million. Each partner’s equity commitment is $60.0 million. Wesco III will utilize debt targeted at approximately 50% of the cost to acquire and improve real estate. The Company has contributed $39.7 million to Wesco III, and as of December 31, 2013, Wesco III owned three apartment communities with 657 units with an aggregate carrying value of approximately $164 million. | |||||||||||||
Essex Apartment Value Fund II, L.P. | |||||||||||||
Essex Apartment Value Fund II, L.P. (“Fund II”), has eight institutional investors with combined partner equity contributions of $265.9 million. The Company contributed $75.0 million to Fund II, which represents a 28.2% interest as general partner and limited partner. Fund II utilized debt as leverage equal to approximately 55% upon the initial acquisition of the underlying real estate. Fund II invested in apartment communities in the Company’s targeted West Coast markets with an emphasis on investment opportunities in the Seattle metropolitan area and the San Francisco Bay Area. As of October 2006, Fund II was fully invested and closed for any future acquisitions or development. As of December 31, 2013, Fund II owned two apartment communities. | |||||||||||||
During the year ended December 31, 2013, Fund II sold five communities for gross proceeds of $320.4 million. In connection with the 2013 sales, Fund II incurred a prepayment penalty on debt of which the Company’s pro rata share was $0.4 million. The total gain on the sales was $146.8 million, of which the Company’s pro rata share was $38.8 million, net of internal disposition costs. There are two remaining properties in the Fund II portfolio that are expected to be sold in 2014. | |||||||||||||
During the year ended December 31, 2012, Fund II sold seven communities for gross proceeds of $413.0 million. In connection with the 2012 sales, Fund II incurred a prepayment penalty on debt of which the Company’s pro rata share was $2.3 million. The total gain on the sales was $106.0 million, of which the Company’s pro rata share was $29.1 million. | |||||||||||||
Canada Pension Plan Investment Board – Joint Venture Developments | |||||||||||||
The Company has entered into six development joint ventures with the Canada Pension Plan Investment Board (“CPPIB”) to develop six apartment communities. For each joint venture the Company holds a 50% to 55% non-controlling interest in the venture and will earn customary management fees and may earn development, asset, and property management fees. The Company may also earn a promote interest. These co-investments are not variable interest entities since they have sufficient equity without additional subordinated support, and the Company and CPPIB jointly have the power to direct activities that most significantly impact the co-investments’ economic performance. Each of the co-investments between the Company and CPPIB has a single general partner, which is a subsidiary consolidated by the Company. However, the Company, as general partner of the co-investments, does not control the co-investments because the limited partners have substantive participating rights. Therefore, the presumption of control by the Company as general partner is overcome by the rights held by CPPIB, and the Company records the co-investments with CPPIB on the equity method of accounting. | |||||||||||||
As of December 31, 2013, the Company and CPPIB have six active developments projects comprised of 1,507 units for total estimated costs of $695.2 million. At December 31, 2013, the total remaining estimated costs to be incurred on these projects was $216.2 million of which the Company’s portion of the remaining costs were $118.9 million. | |||||||||||||
Epic – Phase I, a 280 unit community in San Jose, California, a development joint venture with CPPIB, stabilized its operations in the fourth quarter of 2013. Epic – Phase II and Phase III are currently still under development. | |||||||||||||
The Huxley and The Dylan – Joint Venture Developments | |||||||||||||
During the third quarter 2011, the Company entered into a development joint venture with a regional developer for the construction of The Huxley, a 187 unit community with approximately 18,200 square feet of retail located in West Hollywood, California. The regional developer contributed the land and the Company contributed approximately $9.0 million in cash for a 50% interest in the venture. The joint venture obtained bond financing for the project in the amount of $54.5 million with a maturity date of October 2046 and entered into an interest rate swap transaction with respect to the bonds that terminates in September 2016 that effectively converts the interest rate to the Securities Industry and Financial Market Association Municipal Swap Index (“SIFMA Municipal Swap Index”) plus 150 basis points through December 2016. | |||||||||||||
In the fourth quarter 2011, the Company entered into another development joint venture with the same regional developer for the construction of The Dylan, a 184 unit apartment community with approximately 12,750 square feet of retail located in West Hollywood, California. The 50/50 joint venture was created with the contribution of $5.8 million by the Company and the contribution of entitled land by the regional developer. The joint venture secured bond financing in the amount of $59.9 million, maturing in December 2046. The joint venture entered into a total return swap agreement that effectively converts the interest rate to SIFMA Municipal Swap Index plus 150 basis points through December 2016. | |||||||||||||
The bond financing for these two development projects have joint and several liability for the joint venture partners. Additionally, if either partner fails to make capital contributions to one of these joint ventures in certain instances, then the ownership interest of the defaulting partner in the other joint venture may be reduced. | |||||||||||||
One South Market | |||||||||||||
During May 2013, the Company entered into a development joint venture to develop a 312 unit community in San Jose, California. The Company holds a 55% non-controlling interest in the venture and will earn customary management fees and may earn development, asset, and property management fees. The Company may also earn a promote interest. The co-investment is not a variable interest entity since it has sufficient equity without additional subordinated support, and the Company and the partner jointly have the power to direct activities that most significantly impact the co-investment economic performance. The co-investment has a single general partner, which is a subsidiary consolidated by the Company. However, the Company, as general partner of the co-investment, does not control the co-investments because the limited partners have substantive participating rights. Therefore, the presumption of control by the Company as general partner is overcome by the rights held by the partner, and the Company records the co-investments on the equity method of accounting. | |||||||||||||
As of December 31, 2013, the project’s total estimated costs were $145.1 million. At December 31, 2013, the total remaining estimated costs to be incurred on this project was $114.2 million of which the Company’s portion of the remaining costs were $62.8 million. | |||||||||||||
Preferred Equity Investments | |||||||||||||
During the first quarter of 2013, the Company made an $8.6 million preferred equity interest investment in an apartment development located in Redwood City, California to a related party entity. The investment has a preferred return of 12% and matures in January 2016. | |||||||||||||
In March 2013, the Company received the redemption of $9.7 million of preferred equity related to two properties located in downtown Los Angeles, California. The Company recorded $0.4 million of income from redemption penalties due to the early redemption of these preferred equity investments. | |||||||||||||
During the second quarter of 2013, the Company received the redemption of $13.1 million of preferred equity related to a property located in downtown Los Angeles, California. The Company recorded $0.5 million of income from redemption penalties due to the early redemption of these preferred equity investments. | |||||||||||||
In August 2013, the Company made an $8.5 million preferred equity investment in a multifamily development project located in San Jose, California. The investment has a preferred return of 12% and matures in 3 years. | |||||||||||||
During the third quarter of 2013, the Company restructured the terms of a preferred equity investment with a related party entity on a property located in Anaheim, California, reducing the rate from 13% to 9%, while extending the maximum term by one year. The Company recorded a $0.4 million restructuring fee related to the restructured investment. | |||||||||||||
During the second quarter 2012, the Company made a $14 million preferred equity investment in an apartment community located in Cupertino, California to a related party entity. The investment has a preferred return of 9.5% and matures in May 2016. The preferred equity agreement provides for up to $4 million of additional funding for renovation costs. | |||||||||||||
The carrying values of the Company’s co-investments, all accounted for under the equity method of accounting as of December 31, 2013 and 2012 are as follows ($ in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Membership interest in Wesco I | $ | 142,025 | $ | 143,874 | |||||||||
Membership interest in Wesco III | 39,073 | 9,941 | |||||||||||
Partnership interest in Fund II | 4,166 | 53,601 | |||||||||||
Membership interest in a limited liability company that owns Expo | 12,041 | 18,752 | |||||||||||
Total operating co-investments | 197,305 | 226,168 | |||||||||||
Membership interests in limited liability companies with CPPIB that own and are developing Epic, Connolly Station, Mosso I & II, Park 20 (fka Elkhorn) and The Village | 301,538 | 186,362 | |||||||||||
Membership interests in limited liability companies that own and are developing The Huxley and The Dylan | 18,545 | 16,552 | |||||||||||
Membership interest in a limited liability company that owns and is developing One South Market | 17,115 | - | |||||||||||
Total development co-investments | 337,198 | 202,914 | |||||||||||
Membership interest in Wesco II that owns a preferred equity interest in Parkmerced with a preferred return of 10.1% | 94,711 | 91,843 | |||||||||||
Preferred interest in related party limited liability company that owns Sage at Cupertino with a preferred return of 9.5% | 15,775 | 14,438 | |||||||||||
Preferred interest in a related party limited liability company that owns Madison Park at Anaheim with a preferred return of 9% | 13,824 | 13,175 | |||||||||||
Preferred interest in related party limited liability company that owns an apartment development in Redwood City with a preferred return of 12% | 9,455 | - | |||||||||||
Preferred interest in a limited liability company that owns an apartment development in San Jose with a preferred return of 12% | 8,865 | - | |||||||||||
Preferred interests in limited liability companies that own apartment communities in downtown Los Angeles with preferred returns of 9% and 10% repaid in 2013 | - | 22,807 | |||||||||||
Total preferred interest investments | 142,630 | 142,263 | |||||||||||
Total co-investments | $ | 677,133 | $ | 571,345 | |||||||||
The combined summarized financial information of co-investments, which are accounted for under the equity method, is as follows ($ in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Balance sheets: | |||||||||||||
Rental properties and real estate under development | $ | 1,953,328 | $ | 1,745,147 | |||||||||
Other assets | 61,578 | 168,061 | |||||||||||
Total assets | $ | 2,014,906 | $ | 1,913,208 | |||||||||
Debt | $ | 667,641 | $ | 820,895 | |||||||||
Other liabilities | 125,479 | 91,922 | |||||||||||
Equity | 1,221,786 | 1,000,391 | |||||||||||
Total liabilities and partners' equity | $ | 2,014,906 | $ | 1,913,208 | |||||||||
Company's share of equity | $ | 677,133 | $ | 571,345 | |||||||||
Years ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statements of operations: | |||||||||||||
Property revenues | $ | 100,402 | $ | 130,128 | $ | 106,386 | |||||||
Property operating expenses | (37,518 | ) | (55,990 | ) | (43,066 | ) | |||||||
Net operating income | 62,884 | 74,138 | 63,320 | ||||||||||
Gain on sale of real estate | 146,758 | 106,016 | - | ||||||||||
Interest expense | (24,155 | ) | (34,959 | ) | (27,843 | ) | |||||||
General and administrative | (5,344 | ) | (3,697 | ) | (1,748 | ) | |||||||
Depreciation and amortization | (36,831 | ) | (47,917 | ) | (44,412 | ) | |||||||
Net income (loss) | $ | 143,312 | $ | 93,581 | $ | (10,683 | ) | ||||||
Company's share of net income (loss) | $ | 55,865 | $ | 41,745 | $ | (467 | ) | ||||||
(d) Real Estate for Development | |||||||||||||
The Company defines development activities as new properties that are being constructed, or are newly constructed and, in the case of development communities, are in a phase of lease-up and have not yet reached stabilized operations. As of December 31, 2013, the Company had two consolidated development projects, and eight unconsolidated joint venture development projects aggregating 2,501 units for an estimated total cost of $1.1 billion, of which $407.0 million remains to be expended. The Company’s portion of the remaining costs was $249.2 million. | |||||||||||||
As of December 31, 2013, the Company had one consolidated predevelopment project consisting of 200 units. |
Notes_and_Other_Receivables
Notes and Other Receivables | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Notes and Other Receivables [Abstract] | ' | ||||||||
Notes and Other Receivables | ' | ||||||||
(4) Notes and Other Receivables | |||||||||
Notes receivables, secured by real estate, and other receivables consist of the following as of December 31, 2013 and 2012 ($ in thousands): | |||||||||
2013 | 2012 | ||||||||
Note receivable, secured, bearing interest at 4.0%, due December 2014 (1) | $ | 3,212 | $ | 3,212 | |||||
Notes and other receivables from affiliates (2) | 60,968 | 28,896 | |||||||
Other receivables | 4,075 | 3,785 | |||||||
Note receivable, secured, bearing interest at 8.0%, paid in full May 2013 | - | 971 | |||||||
Note receivable, secured, bearing interest at 8.8%, paid in full March 2013 | - | 10,800 | |||||||
Note receivable, secured, effective interest at 9.6%, paid in full March 2013 | - | 18,499 | |||||||
$ | 68,255 | $ | 66,163 | ||||||
-1 | The borrower funds an impound account for capital replacement. | ||||||||
-2 | During the second quarter of 2013, the Company provided a short-term bridge loans to Fund II $42.4 million at a rate of LIBOR + 1.75%. In July 2013, Fund II repaid the Company for $42.4 million in short term loans. The Company has provided two bridge loans totaling $56.8 million to Wesco III at a rate of LIBOR + 2.50%, permanent financing is expected to be placed on the Gas Company Lofts and Regency at Mt. View by the end of Q1 2014. In January 2014, WESCO III repaid the loan on Gas Company Lofts. | ||||||||
During the twelve months ended December 31, 2013, the Company received the repayment of three notes receivables totaling $30.5 million. One of the notes was repaid early, and as such the Company recorded $0.8 million of income related to a change in estimate on the discount to the note receivable. | |||||||||
During the first quarter of 2013, Wesco III repaid the Company for a $26.0 million short-term bridge loan to assist with the purchase of Haver Hill. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
(5) Related Party Transactions | |
The Company has adopted written related party transaction guidelines that are intended to cover transactions in which the Company (including entities it controls) is a party and in which any “related person” has a direct or indirect interest. A “related person” means any Company director, director nominee, or executive officer, any beneficial owner of more than 5% of the Company’s outstanding common stock, and any immediate family member of any of the foregoing persons. A related person may be considered to have an indirect interest in a transaction if he or she (i) is an owner, director, officer or employee of or otherwise associated with another company that is engaging in a transaction with the Company, or (ii) otherwise, through one or more entities or arrangements, has an indirect financial interest in or personal benefit from the transaction. | |
The related person transaction review and approval process is intended to determine, among any other relevant issues, the dollar amount involved in the transaction; the nature and value of any related person’s direct or indirect interest (if any) in the transaction; and whether or not (i) a related person’s interest is material, (ii) the transaction is fair, reasonable, and serves the best interest of the Company and its shareholders, and (iii) whether the transaction or relationship should be entered into, continued or ended. | |
Management and other fees from affiliates is comprised primarily of asset management, property management, development and redevelopment fees from co-investments. These fees from affiliates total $11.5 million, $10.9 million, and $6.1 million for the years ended December 31, 2013, 2012, and 2011, respectively. All of these fees are net of intercompany amounts eliminated by the Company. | |
During 2013, the Company has provided short-term bridge loans to Wesco III and Fund II as discussed in Note 4 above. In January 2014, Wesco III repaid the short-term bridge loan to Gas Company Lofts in full. | |
The Company provided a $26.0 million short-term bridge loan to Wesco III at a rate of LIBOR plus 2.50%, to assist with the purchase of Haver Hill in 2012. The short term bridge loan was repaid in March 2013. | |
The Company’s Chairman and founder, Mr. George Marcus, is the Chairman of the Marcus & Millichap Company (“MMC”), which is a parent company of a diversified group of real estate service, investment, and development firms. Mr. Marcus is also the Co-Chairman of Marcus & Millichap, Inc. (“MMI”), and Mr. Marcus owns a controlling interest in MMI. MMI is a national brokerage firm listed on the NYSE that underwent its initial public offering in 2013. Fund II paid brokerage commissions totaling $0.6 million and $0.4 million, respectively, to an affiliate of MMI related to the sales of properties in 2013 and 2012, respectively, and there were no brokerage commissions paid during 2011. There were no brokerage commissions paid by the Company to MMI or its affiliates during 2013, 2012, and 2011. | |
As described in Note 3, the Company restructured the terms of a preferred equity investment in a property located in Anaheim, California, reducing the rate from 13% to 9%, while extending the maximum term by one year. The Company recorded $0.4 million of income related to the restructured investment. The entity that owns the property is an affiliate of MMC. Independent directors (other than Mr. Marcus) on the Company’s Board of Directors that serve on the Nominating and Corporate Governance and Audit Committees approved the restructuring of the investment in this entity. | |
In January 2013, the Company invested $8.6 million as a preferred equity interest investment in an entity affiliated with MMC that owns an apartment development in Redwood City, California. Independent directors (other than Mr. Marcus) on the Company’s Board of Directors that serve on the Nominating and Corporate Governance and Audit Committees approved the investment in this entity. | |
During the third quarter of 2012, the Company invested $14.0 million as a preferred equity interest investment in an entity affiliated with MMC that owns an apartment community in Cupertino, California. The investment has a preferred return of 9.5% and matures in May 2016. The Company expects to invest an additional $4.0 million in preferred equity to fund renovation costs. Independent directors (other than Mr. Marcus) on the Company’s Board of Directors approved the investment in this entity. | |
Also during the third quarter of 2012, the Company acquired Montebello, a 248 unit apartment community in Kirkland, Washington for $52.0 million from an entity affiliated with MMC, and Wesco I acquired Riley Square (formerly Waterstone Santa Clara), a 156 unit apartment community in Santa Clara, California for $38.3 million from an entity affiliated with MMC. Independent directors (other than Mr. Marcus) on the Company’s Board of Directors approved the acquisitions of Montebello and Riley Square. | |
An Executive Vice President of the Company invested $4.0 million for a 3% limited partnership interest in a partnership with the Company that owns Essex Skyline at MacArthur Place. The Executive Vice President’s investment is equal to a pro-rata share of the contributions to the limited partnership. The Executive Vice President’s investment also receives pro-rata distributions resulting from distributable cash generated by the property if and when distributions are made. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
(6) Discontinued Operations | |||||||||||||
The Company classifies real estate as “held for sale” when the sale is considered probable and expected to sell within a year. During 2013, the Company sold Linden Square, a 183 unit community located in Seattle, Washington for $25.3 million, resulting in a gain of $12.7 million. Also during 2013, the Company sold Cambridge, a 40 unit property located in Chula Vista, California for $4.7 million, resulting in a gain of $2.5 million, and Brentwood, a 140 unit property located in Santa Ana, California for $27.5 million, resulting in a gain of $14.0 million. As of December 31, 2013 and 2012, no communities were held for sale. | |||||||||||||
During 2012, the Company sold two communities, Tierra Del Sol/Norte and Alpine Country, for a total of $28.3 million resulting in gains totaling $10.9 million. | |||||||||||||
During 2011, the Company sold one apartment community, Woodlawn Colonial, and one office building, Clarendon, for a total of $23.4 million resulting in gains totaling $8.4 million. | |||||||||||||
The Company has recorded the gains on sales and operations for these various assets sold described above as part of discontinued operations in the accompanying consolidated statements of operations. The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets, as described above ($ in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | $ | 4,454 | $ | 5,848 | $ | 9,133 | |||||||
Property operating expenses | (1,406 | ) | (2,181 | ) | (3,584 | ) | |||||||
Depreciation and amortization | (1,098 | ) | (1,513 | ) | (2,534 | ) | |||||||
Expenses | (2,504 | ) | (3,694 | ) | (6,118 | ) | |||||||
Operating income from real estate sold | 1,950 | 2,154 | 3,015 | ||||||||||
Gain on sale of real estate | 29,223 | 10,870 | 8,382 | ||||||||||
Internal disposition costs | - | (1,087 | ) | (839 | ) | ||||||||
Income from discontinued operations | $ | 31,173 | $ | 11,937 | $ | 10,558 |
Mortgage_Notes_Payable
Mortgage Notes Payable | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Mortgage Notes Payable [Abstract] | ' | ||||||||
Mortgage Notes Payable | ' | ||||||||
(7) Mortgage Notes Payable | |||||||||
ESS does not have any indebtedness as all debt is incurred by the Operating Partnership. Mortgage notes payable consist of the following as of December 31, 2013 and 2012 ($ in thousands): | |||||||||
2013 | 2012 | ||||||||
Fixed rate mortgage notes payable | $ | 1,236,479 | $ | 1,363,731 | |||||
Variable rate mortgage notes payable(1) | 167,601 | 201,868 | |||||||
$ | 1,404,080 | $ | 1,565,599 | ||||||
Number of properties securing mortgage notes | 49 | 55 | |||||||
Remaining terms | 1-26 years | 1-27 years | |||||||
Weighted average interest rate | 5.6 | % | 5.4 | % | |||||
The aggregate scheduled principal payments of mortgage notes payable at December 31, 2013 are as follows ($ in thousands): | |||||||||
2014 | $ | - | |||||||
2015 | 67,461 | ||||||||
2016 | 12,390 | ||||||||
2017 | 182,731 | ||||||||
2018 | 271,156 | ||||||||
Thereafter | 870,342 | ||||||||
$ | 1,404,080 | ||||||||
-1 | Variable rate mortgage notes payable consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 1.6% at December 2013 and 1.9% at December 2012) plus credit enhancement and underwriting fees ranging from approximately 1.2% to 1.9%. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the units are subject to tenant income criteria. Principal balances are due in full at various maturity dates from May 2025 through December 2039. Of these bonds $156.9 million are subject to various interest rate cap agreements which limit the maximum interest rate to such bonds. | ||||||||
For the Company’s mortgage notes payable as of December 31, 2013, monthly interest expense and principal amortization, excluding balloon payments, totaled approximately $6.1 million and $1.9 million, respectively. Second deeds of trust accounted for $58.4 million of the $1.4 billion in mortgage notes payable as of December 31, 2013. Repayment of debt before the scheduled maturity date could result in prepayment penalties. The prepayment penalty on the majority of the Company’s mortgage notes payable are computed by the greater of (a) 1% of the amount of the principal being prepaid or (b) the present value of the mortgage note payable which is calculated by multiplying the principal being prepaid by the difference between the interest rate of the mortgage note and the stated yield rate on a specified U.S. treasury security as defined in the mortgage note agreement. | |||||||||
Unsecured_Debt_and_Lines_of_Cr
Unsecured Debt and Lines of Credit | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Unsecured Debt and Lines of Credit [Abstract] | ' | ||||||||||||||||
Unsecured Debt Lines of Credit | ' | ||||||||||||||||
(8) Unsecured Debt and Lines of Credit | |||||||||||||||||
ESS does not have any indebtedness as all debt is incurred by the Operating Partnership. ESS guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities up to the maximum amounts and for the full term of the facilities. | |||||||||||||||||
Unsecured debt and lines of credit consist of the following as of December 31, 2013 and 2012 ($ in thousands): | |||||||||||||||||
Weighted Average | |||||||||||||||||
Maturity | |||||||||||||||||
2013 | 2012 | In Years | |||||||||||||||
Bonds private placement - fixed rate | $ | 465,000 | $ | 465,000 | 5.2 | ||||||||||||
Term loan - variable rate | 350,000 | 350,000 | 3.2 | ||||||||||||||
Bonds public offering - fixed rate | 595,023 | 297,084 | 9 | ||||||||||||||
Unsecured debt | 1,410,023 | 1,112,084 | |||||||||||||||
Lines of credit | 219,421 | 141,000 | 4.3 | ||||||||||||||
Total unsecured debt | $ | 1,629,444 | $ | 1,253,084 | |||||||||||||
Weighted average interest rate on fixed rate unsecured bonds | 4 | % | 4.2 | % | |||||||||||||
Weighted average interest rate on variable rate term loan | 2.5 | % | 2.7 | % | |||||||||||||
Weighted average interest rate on line of credit | 2.2 | % | 2.3 | % | |||||||||||||
As of December 31 2013 and 2012, the Company had $465 million of unsecured bonds outstanding at an average effective interest rate of 4.5%. | |||||||||||||||||
The following is a summary of the Company’s unsecured private placement bonds as of December 31, 2013 and 2012 ($ in thousands): | |||||||||||||||||
Coupon | |||||||||||||||||
Maturity | 2013 | 2012 | Rate | ||||||||||||||
Senior unsecured private placement notes | Mar-16 | $ | 150,000 | $ | 150,000 | 4.36 | % | ||||||||||
Senior unsecured private placement notes | Sep-17 | 40,000 | 40,000 | 4.5 | % | ||||||||||||
Senior unsecured private placement notes | Dec-19 | 75,000 | 75,000 | 4.92 | % | ||||||||||||
Senior unsecured private placement notes | Apr-21 | 100,000 | 100,000 | 4.27 | % | ||||||||||||
Senior unsecured private placement notes | Jun-21 | 50,000 | 50,000 | 4.3 | % | ||||||||||||
Senior unsecured private placement notes | Aug-21 | 50,000 | 50,000 | 4.37 | % | ||||||||||||
$ | 465,000 | $ | 465,000 | ||||||||||||||
As of December 31, 2013 and 2012, the Company had a $350 million unsecured term loan outstanding at an average interest rate of 2.5%. The term loan has a variable interest rate of LIBOR plus 1.2%. During the fourth quarter of 2012, the Company increased the size of the term loan from $200 million to $350 million. The Company entered into interest rate swap contracts for a term of five years with a notional amount totaling $300 million, which effectively converted the interest rate on $300 million of the term loan to a fixed rate. | |||||||||||||||||
In April 2013, the Company issued $300.0 million of senior unsecured notes due on May 1, 2023 with a coupon rate of 3.25% per annum and are payable on May 1st and November 1st of each year, beginning November 1, 2013 (the 2023 Notes). The 2023 Notes were offered to investors at a price of 99.152% of par value. The 2023 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2013, the carrying value of the 2023 Notes, net of discount was $297.7 million. | |||||||||||||||||
During the third quarter 2012, the Company issued $300.0 million of senior unsecured notes due August 2022 with a coupon rate of 3.625% per annum and are payable on February 15th and August 15th of each year, beginning February 15, 2013 (the 2022 Notes). The 2022 Notes were offered to investors at a price of 98.99% of par value. The 2022 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. On August 15th, 2012, in connection with the 2022 Notes issuance, the Company entered into a registration rights agreement whereby the Operating Partnership agreed to conduct an offer to exchange the 2022 Notes for a new series of publicly registered notes with substantially identical terms. In May 2013, the Operating Partnership completed the exchange and these bonds are included in the line “Bonds public offering-fixed rate” in the table above. As of December 31, 2013 and 2012, the carrying value of the 2022 Notes, net of discount was $297.3 million and $297.1 million, respectively. | |||||||||||||||||
The Company has two lines of credit aggregating $625.0 million as of December 31, 2013. The Company has a $600 million credit facility with an underlying interest rate based on a tiered rate structure tied to Fitch and S&P ratings on the credit facility and the rate was LIBOR plus 1.075% as of December 31, 2013. As of December 31, 2013 and 2012, the balance of the $600 million credit facility was $199.0 million and $141.0 million, respectively. This facility matures in December 2015 with two one-year extensions, exercisable by the Company. The Company also has a working capital unsecured line of credit agreement for $25.0 million. This facility matures in January 2014, with a one year extension option. The underlying interest rate on the $25.0 million line is based on a tiered rate structure tied to Fitch and S&P ratings on the credit facility of LIBOR plus 1.075%. As of December 31, 2013 and 2012, there was a $20.4 million and zero balance, respectively outstanding on this unsecured line. | |||||||||||||||||
The Company’s unsecured line of credit and unsecured debt agreements contain debt covenants related to limitations on indebtedness and liabilities and maintenance of minimum levels of consolidated earnings before depreciation, interest and amortization. The Company was in compliance with the debt covenants as of December 31, 2013 and 2012. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities [Abstract] | ' |
Derivative Instruments and Hedging Activities | ' |
(9) Derivative Instruments and Hedging Activities | |
The Company uses interest rate swaps and interest rate cap contracts to manage certain interest rate risks. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. | |
The Company has entered into interest rate swap contracts with an aggregate notional amount of $300 million that effectively fixed the interest rate on $300 million of the $350 million unsecured term loan at 2.29% through November 2016. These derivatives qualify for hedge accounting. | |
As of December 31, 2013 the Company also had nine interest rate cap contracts totaling a notional amount of $156.9 million that qualify for hedge accounting as they effectively limit the Company’s exposure to interest rate risk by providing a ceiling on the underlying variable interest rate for $156.9 million of the Company’s tax exempt variable rate debt. | |
As of December 31, 2013 and 2012, the aggregate carrying value of the interest rate swap contracts was a liability of $2.7 million and $6.6 million, respectively. The aggregate carrying value of the interest rate cap contracts was zero on the balance sheet as of December 31, 2013 and December 31, 2012. | |
During the third quarter 2012, the Company terminated a swap transaction with respect to the $38.0 million of tax-exempt bonds for the 101 San Fernando apartment community with Citibank because the bonds were repurchased by the Company at par. | |
No hedge ineffectiveness on cash flow hedges occurred during the years ended December 31, 2013, 2012 and 2011. |
Lease_Agreements
Lease Agreements | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Lease Agreements [Abstract] | ' | ||||
Lease Agreements | ' | ||||
(10) Lease Agreements | |||||
As of December 31, 2013 the Company is a lessor for three commercial buildings and the commercial portions of 20 mixed use communities. The tenants’ lease terms expire at various times through 2028. The future minimum non-cancelable base rent to be received under these operating leases for each of the years ending after December 31 is summarized as follows ($ in thousands): | |||||
Future | |||||
Minimum | |||||
Rent | |||||
2014 | $ | 8,624 | |||
2015 | 7,104 | ||||
2016 | 4,908 | ||||
2017 | 4,158 | ||||
2018 | 3,613 | ||||
Thereafter | 15,271 | ||||
$ | 43,678 |
Equity_Transactions
Equity Transactions | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Equity Transactions [Abstract] | ' | ||||||||||||||
Equity Transactions | ' | ||||||||||||||
(11) Equity Transactions | |||||||||||||||
Preferred Securities Offerings | |||||||||||||||
As of December 31, 2013 and 2012, the Company has the following cumulative preferred securities outstanding: | |||||||||||||||
Shares | Shares | Liquidation | |||||||||||||
Description | Issue Date | Authorized | Outstanding | Preference | |||||||||||
4.875% Series G | Jul-06 | 5,980,000 | 178,249 | $ | 4,456 | ||||||||||
7.125% Series H | Apr-11 | 8,000,000 | 2,950,000 | $ | 73,750 | ||||||||||
During the third quarter of 2006, the Company sold 5,980,000 shares of 4.875% Series G Cumulative Convertible Preferred Stock (“Series G”) for gross proceeds of $149.5 million. Holders may convert Series G into shares of ESS common stock subject to certain conditions. The conversion rate was initially .1830 shares of common stock per the $25 share liquidation preference, which is equivalent to an initial conversion price of approximately $136.62 per share of common stock (the conversion rate will be subject to adjustment upon the occurrence of specified events). ESS may, under certain circumstances, cause some or all of the Series G to be converted into that number of shares of common stock at the then prevailing conversion rate. As of December 31, 2013 and 2012, shares of Series G with an aggregate liquidation value of $4.5 million were outstanding. | |||||||||||||||
During the second quarter of 2011, the Company issued 2,950,000 shares of 7.125% Series H Cumulative Redeemable Preferred Stock (“Series H”) at a price of $25.00 per share for net proceeds of $71.2 million, net of costs and original issuance discounts. The Series H has no maturity date and generally may not be called by the Company before April 13, 2016. Net proceeds from the Series H offering were used to redeem all of the 7.875% Series B Cumulative Redeemable Preferred Units of Essex Portfolio, L.P. (“Series B”) with a liquidation value of $80.0 million, which resulted in excess of cash paid of $1.0 million over the carrying value of Series B due to deferred offering costs and original issuance discounts. | |||||||||||||||
Also during the second quarter of 2011, ESS redeemed its 7.8125% Series F Preferred Stock (“Series F”) at liquidation value for $25.0 million which resulted in excess of cash paid of $0.9 million over the carrying value of Series F due to deferred offering costs and original issuance discounts. | |||||||||||||||
Common Stock Offerings | |||||||||||||||
During 2013, ESS sold 913,344 shares of common stock for proceeds of $138.4 million, net of fees and commissions, at an average price of $152.92. | |||||||||||||||
During 2012 and 2011, ESS issued 2.4 million shares of common stock in each period for proceeds of $357.7 million and $323.9 million, net of fees and commissions, respectively. | |||||||||||||||
Operating Partnership Units and Long Term Incentive Plan (“LTIP”) Units | |||||||||||||||
As of December 31, 2013, the Operating Partnership had outstanding 2,031,612 operating partnership units and 118,190 vested LTIP units. The Operating Partnership’s general partner, ESS, owned 94.6% of the partnership interests in the Operating Partnership at December 31, 2013, and ESS is responsible for the management of the Operating Partnership’s business. As the general partner of the Operating Partnership, ESS effectively controls the ability to issue common stock of ESS upon a limited partner’s notice of redemption. In addition, ESS has generally acquired OP units upon a limited partner’s notice of redemption in exchange for shares of its common stock. The redemption provisions of OP units owned by limited partners that permit ESS to settle in either cash or common stock at the option of ESS further evaluated in accordance with applicable accounting guidance to determine whether temporary or permanent equity classification on the balance sheet is appropriate. The Operating Partnership evaluated this guidance, including the requirement to settle in unregistered shares, and determined that these OP units meet the requirements to qualify for presentation as permanent equity. | |||||||||||||||
LTIP units represent an interest in the Operating Partnership for services rendered or to be rendered by the LTIP unit holder in its capacity as a partner, or in anticipation of becoming a partner, in the Operating Partnership. Upon the occurrence of specified events, LTIP units may over time achieve full parity with common units of the Operating Partnership for all purposes. Upon achieving full parity, LTIP units may be redeemed for an equal number of the ESS’s common stock. | |||||||||||||||
The redemption value of the OP units owned by the limited partners, not including ESS, had such units been redeemed at December 31, 2013, was approximately $308.5 million based on the closing price of ESS’s common stock as of December 31, 2013. |
Net_Income_Per_Common_Share_an
Net Income Per Common Share and Net Income Per Common Unit | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Net Income Per Common Share and Net Income Per Unit [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Net Income Per Common Share | ' | ||||||||||||||||||||||||||||||||||||
(12) Net Income Per Common Share and Net Income Per Common Unit | |||||||||||||||||||||||||||||||||||||
Essex Property Trust, Inc. | |||||||||||||||||||||||||||||||||||||
Basic and diluted income from continuing and discontinued operations per share is calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts): | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Weighted- | Per | Weighted- | Per | Weighted- | Per | ||||||||||||||||||||||||||||||||
average | Common | average | Common | average | Common | ||||||||||||||||||||||||||||||||
Common | Share | Common | Share | Common | Share | ||||||||||||||||||||||||||||||||
Income | Shares | Amount | Income | Shares | Amount | Income | Shares | Amount | |||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||||
Income from continuing operations available to common stockholders | $ | 121,324 | 37,248,960 | $ | 3.26 | $ | 108,532 | 35,032,491 | $ | 3.1 | $ | 30,570 | 32,541,792 | $ | 0.94 | ||||||||||||||||||||||
Income from discontinued operations available to common stockholders | 29,487 | 37,248,960 | 0.79 | 11,280 | 35,032,491 | 0.32 | 9,798 | 32,541,792 | 0.3 | ||||||||||||||||||||||||||||
$ | 150,811 | $ | 4.05 | $ | 119,812 | $ | 3.42 | $ | 40,368 | $ | 1.24 | ||||||||||||||||||||||||||
Effect of Dilutive Securities (1) | - | 86,335 | - | 92,430 | - | 86,922 | |||||||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||||
Income from continuing operations available to common stockholders (1) | $ | 121,324 | 37,335,295 | $ | 3.25 | $ | 108,532 | 35,124,921 | $ | 3.09 | $ | 30,570 | 32,628,714 | $ | 0.94 | ||||||||||||||||||||||
Income from discontinued operations available to common stockholders | 29,487 | 37,335,295 | 0.79 | 11,280 | 35,124,921 | 0.32 | 9,798 | 32,628,714 | 0.3 | ||||||||||||||||||||||||||||
$ | 150,811 | $ | 4.04 | $ | 119,812 | $ | 3.41 | $ | 40,368 | $ | 1.24 | ||||||||||||||||||||||||||
-1 | Weighted average convertible limited partnership units of 2,131,425, 2,219,046, and 2,231,807, which include vested Series Z and Series Z-1 incentive units, for the years ended December 31, 2013, 2012 and 2011, respectively, were not included in the determination of diluted earnings per share calculation because they were anti-dilutive. The Company has the ability to redeem DownREIT limited partnership units for cash and does not consider them to be potentially dilutive securities. | ||||||||||||||||||||||||||||||||||||
Stock options of 168,325; 263,613; and 175,500; for the years ended December 31, 2013, 2012, and 2011, respectively, were not included in the diluted earnings per share calculation because the exercise price of these options were greater than the average market price of the common shares for the years ended and, therefore, were anti-dilutive. | |||||||||||||||||||||||||||||||||||||
All shares of cumulative convertible Series G preferred stock have been excluded from diluted earnings per share for the years ended 2013, 2012, and 2011 respectively, as the effect was anti-dilutive. | |||||||||||||||||||||||||||||||||||||
Essex Portfolio, L.P. | |||||||||||||||||||||||||||||||||||||
Basic and diluted income from continuing and discontinued operations per unit is calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts): | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Weighted- | Per | Weighted- | Per | Weighted- | Per | ||||||||||||||||||||||||||||||||
average | Common | average | Common | average | Common | ||||||||||||||||||||||||||||||||
Common | Unit | Common | Unit | Common | Unit | ||||||||||||||||||||||||||||||||
Income | Units | Amount | Income | Units | Amount | Income | Units | Amount | |||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||||
Income from continuing operations available to common unitholders | $ | 128,576 | 39,380,385 | $ | 3.27 | $ | 115,834 | 37,251,537 | $ | 3.11 | $ | 33,035 | 34,773,599 | $ | 0.95 | ||||||||||||||||||||||
Income from discontinued operations | 31,173 | 39,380,385 | 0.79 | 11,937 | 37,251,537 | 0.32 | 10,558 | 34,773,599 | 0.3 | ||||||||||||||||||||||||||||
Income available to common unitholders | $ | 159,749 | $ | 4.06 | $ | 127,771 | $ | 3.43 | $ | 43,593 | $ | 1.25 | |||||||||||||||||||||||||
Effect of Dilutive Securities (1) | - | 86,335 | - | 92,430 | - | 67,319 | |||||||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||||
Income from continuing operations available to common unitholders (1) | $ | 128,576 | 39,466,720 | $ | 3.26 | $ | 115,834 | 37,343,967 | $ | 3.1 | $ | 33,035 | 34,860,521 | $ | 0.95 | ||||||||||||||||||||||
Income from discontinued operations | 31,173 | 39,466,720 | 0.79 | 11,937 | 37,343,967 | 0.32 | 10,558 | 34,860,521 | 0.3 | ||||||||||||||||||||||||||||
Income available to common unitholders | $ | 159,749 | $ | 4.05 | $ | 127,771 | $ | 3.42 | $ | 43,593 | $ | 1.25 | |||||||||||||||||||||||||
-1 | The Operating Partnership has the ability to redeem DownREIT limited partnership units for cash and does not consider them to be potentially dilutive securities. | ||||||||||||||||||||||||||||||||||||
Stock options of 168,325; 263,613; and 175,500; for the years ended December 31, 2013, 2012, and 2011, respectively, were not included in the diluted earnings per unit calculation because the exercise price of these units were greater than the average market price of the common units for the years ended and, therefore, were anti-dilutive. | |||||||||||||||||||||||||||||||||||||
All units of cumulative convertible Series G preferred interest have been excluded from diluted earnings per unit for the years ended 2013, 2012, and 2011 respectively, as the effect was anti-dilutive. |
Equity_Based_Compensation_Plan
Equity Based Compensation Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity Based Compensation Plans [Abstract] | ' | ||||||||||||||||||||||||
Equity Based Compensation Plans | ' | ||||||||||||||||||||||||
(13) Equity Based Compensation Plans | |||||||||||||||||||||||||
Stock Options and Restricted Stock | |||||||||||||||||||||||||
In May 2013, stockholders approved the Company’s 2013 Stock Award and Incentive Compensation Plan (“2013 Plan”). The 2013 Plan became effective on June 1, 2013 and serves as the successor to the Company’s 2004 Stock Incentive Plan (the “2004 Plan”), and no additional equity awards can be granted under the 2004 Plan after the date the 2013 Plan became effective. | |||||||||||||||||||||||||
The Company’s 2013 Plan provides incentives to attract and retain officers, directors and key employees. The 2013 Plan provides for the grants of options to purchase shares of common stock, grants of restricted stock and other award types. Under the 2013 Plan, the maximum aggregate number of shares that may be issued is 1,000,000, plus any shares that have not been issued under the 2004 Plan, including shares subject to outstanding awards under the 2004 Plan that are not issued or delivered to a participant for any reason. The 2013 Plan is administered by the Compensation Committee of the Board of Directors and is comprised of independent directors. The Compensation Committee is authorized to establish the exercise price; however, the exercise price cannot be less than 100% of the fair market value of the common stock on the grant date. The Company’s options have a life of five to ten years. Option grants for officers and employees fully vest between one year and five years after the grant date. | |||||||||||||||||||||||||
Stock-based compensation expense for options and restricted stock under the fair value method totaled $2.3 million, $2.0 million, and $1.5 million for years ended December 31, 2013, 2012 and 2011 respectively. Stock-based compensation capitalized for options and restricted stock totaled $0.4 million, $0.3 million, and $0.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. The intrinsic value of the options exercised totaled $3.0 million, $2.9 million, and $3.8 million, for the years ended December 31, 2013, 2012, and 2011 respectively. The intrinsic value of the options outstanding and fully vested totaled $7.6 million, $9.9 million, and $10.6 million, for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
Total unrecognized compensation cost related to unvested stock options totaled $5.1 million as of December 31, 2013 and the unrecognized compensation cost is expected to be recognized over a period of 1 to 5 years. | |||||||||||||||||||||||||
The average fair value of stock options granted for the years ended December 31, 2013, 2012 and 2011 was $15.80, $12.64 and $14.49, respectively. Certain stock options grated in 2013, 2012, and 2011 included a $75 cap or a $100 cap on the appreciation of the market price over the exercise price. The fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Stock price | $ | 153.54 | $ | 143.95 | $ | 131.87 | |||||||||||||||||||
Risk-free interest rates | 2.68 | % | 1.16 | % | 2.23 | % | |||||||||||||||||||
Expected lives | 10 years | 5 - 10 years | 10 years | ||||||||||||||||||||||
Volatility | 18.03 | % | 20.05 | % | 19.63 | % | |||||||||||||||||||
Dividend yield | 3.15 | % | 3.26 | % | 3.29 | % | |||||||||||||||||||
A summary of the status of the Company’s stock option plans as of December 31, 2013, 2012, and 2011 and changes during the years ended on those dates is presented below: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | |||||||||||||||||||||||
average | average | average | |||||||||||||||||||||||
exercise | exercise | exercise | |||||||||||||||||||||||
Shares | price | Shares | price | Shares | price | ||||||||||||||||||||
Outstanding at beginning of year | 623,434 | $ | 125.96 | 415,020 | $ | 109.71 | 300,642 | $ | 88.11 | ||||||||||||||||
Granted | 150,325 | 153.54 | 263,113 | 143.95 | 197,500 | 131.87 | |||||||||||||||||||
Exercised | (52,970 | ) | 102.43 | (41,603 | ) | 77.21 | (83,122 | ) | 84.24 | ||||||||||||||||
Forfeited and canceled | (25,301 | ) | 135.25 | (13,096 | ) | 128.36 | - | - | |||||||||||||||||
Outstanding at end of year | 695,488 | 133.37 | 623,434 | 125.96 | 415,020 | 109.71 | |||||||||||||||||||
Options exercisable at year end | 300,632 | 119.09 | 250,620 | 107.12 | 219,820 | 92.31 | |||||||||||||||||||
The following table summarizes information about stock options outstanding as of December 31, 2013: | |||||||||||||||||||||||||
Options outstanding | Options exercisable | ||||||||||||||||||||||||
Number | Weighted- | Number | |||||||||||||||||||||||
outstanding | average | Weighted- | exercisable | Weighted- | |||||||||||||||||||||
as of | remaining | average | as of | average | |||||||||||||||||||||
Range of | December 31, | contractual | exercise | December 31, | exercise | ||||||||||||||||||||
exercise prices | 2013 | life (years) | price | 2013 | price | ||||||||||||||||||||
$ | 62.34 - $101.01 | 74,261 | 2.7 | $ | 79.18 | 72,261 | $ | 79.02 | |||||||||||||||||
105.64 - 161.98 | 604,902 | 7.2 | 139.18 | 228,371 | 131.77 | ||||||||||||||||||||
164.76 - 164.76 | 16,325 | 9.4 | 164.76 | - | - | ||||||||||||||||||||
695,488 | 6.8 | 133.37 | 300,632 | 119.09 | |||||||||||||||||||||
During 2013, 2012, and 2011 the Company issued 1,556, 1,614 and 1,540 shares of restricted stock, respectively. The unrecognized compensation cost related to unvested restricted stock totaled $1.2 million as of December 31, 2013 and is expected to be recognized over a period of 1 to 7 years. | |||||||||||||||||||||||||
The following table summarizes information about restricted stock outstanding as of December 31, 2013, 2012 and 2011 and changes during the years ended: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | |||||||||||||||||||||||
average | average | average | |||||||||||||||||||||||
grant | grant | grant | |||||||||||||||||||||||
Shares | price | Shares | price | Shares | price | ||||||||||||||||||||
Unvested at beginning of year | 24,922 | $ | 104.52 | 35,219 | $ | 98.57 | 44,877 | $ | 102.46 | ||||||||||||||||
Granted | 1,556 | 158.75 | 1,614 | 149.68 | 1,540 | 134.44 | |||||||||||||||||||
Vested | (7,211 | ) | 109.86 | (8,641 | ) | 106.69 | (9,532 | ) | 104.91 | ||||||||||||||||
Forfeited and canceled | (3,091 | ) | 100.84 | (3,270 | ) | 102 | (1,666 | ) | 94.35 | ||||||||||||||||
Unvested at end of year | 16,176 | 108.06 | 24,922 | 104.52 | 35,219 | 98.57 | |||||||||||||||||||
Long Term Incentive Plans – Z Units and 2014 LTIP Units | |||||||||||||||||||||||||
On December 10, 2013, the Operating Partnership issued 50,500 units under the 2014 Long-Term Incentive Plan Award agreements to twelve senior executives of the Company. Pursuant to the 2014 Long-Term Incentive Plan Awards, each recipient was initially granted a number of 2014 Long-Term Incentive Plan Units (the “2014 LTIP Units”), 90% of which are subject to performance-based vesting, and 10% of which are subject to service-based vesting based on continued employment. One-third of the performance-based vesting of the 2014 LTIP Units initially granted will be eligible to be earned by recipients based on Essex’s absolute total stockholder return and two-thirds will be eligible to be earned based on Essex’s relative total stockholder return, in each case, during a one-year performance period beginning on the initial grant date of the awards. | |||||||||||||||||||||||||
Prior to 2013, the Company adopted an incentive program involving the issuance of 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 at the beginning of the year by the Board's Compensation Committee if the Committee deems that the plan's criterion is unachievable for any given year. The sale of Z Units is contractually prohibited. Z Units are convertible into Operating Partnership units which are exchangeable for shares of the Company’s common stock that have marketability restrictions. The estimated fair value of a Z Unit is determined on the grant date and considers the Company's current stock price, the dividends that are not paid on unvested units and a marketability discount for the 8 to 15 years of illiquidity. Compensation expense is calculated by multiplying estimated vesting increases for the period by the estimated fair value as of the grant date less its $1.00 per unit purchase price. Effective January 1 of each year for each participating executive who remains employed by the Company if the Company has met a specified “funds from operations” per share target, or such other target as the Compensation Committee deems appropriate, for the prior year, up to a maximum conversion ratchet of 100%. Z units issued in 2011 and 2010 are discussed below. | |||||||||||||||||||||||||
The issuance of Z Units and 2014 LTIP Units are administered by the Compensation Committee which has the authority to select participants and determine the awards to be made up to a maximum of 600,000 Z Units and 2014 LTIP Units. | |||||||||||||||||||||||||
Stock-based compensation expense for Z Units and 2014 LTIP Units under the fair value method totaled approximately $2.2 million, $2.1 million and $1.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. Stock-based compensation capitalized for Z Units and 2014 LTIP Units totaled approximately $0.5 million, $0.5 million, and $0.3 million, for the years ended December 31, 2013, 2012, and 2011, respectively. The intrinsic value of the unvested Z Units and 2014 LTIP Units totaled $21.4 million as of December 31, 2013. Total unrecognized compensation cost related to the unvested Z Units and 2014 LTIP Units under the Z Units and 2014 LTIP Units plans totaled $7.6 million as of December 31, 2013. The unamortized cost for the Z Units and LTIP Units is recognized up to 14 years and four years, respectively, subject to the achievement of the stated performance criteria. | |||||||||||||||||||||||||
During 2011, the Operating Partnership issued 46,500 Series Z-1 Incentive Units (the “2011 Z-1 Units”) of limited partner interest to fourteen executives of the Company in exchange for cash from eight executive officers of the Company, and a capital commitment from the remaining six executives of $1.00 per 2011 Z-1 Unit. The 2011 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 2011 Z-1 Units into common units, increased to 10 percent effective January 1, 2012 because the Company achieved the FFO minimum target of $5.65 per diluted share in 2011. Each year thereafter, vesting of the 2011 Z-1 Units will be consistent with the Company’s annual FFO growth, but is not to be less than zero or greater than 14 percent. The 2011 Z-1 Unit holders are entitled to receive distributions, on vested units, that are approximately the same as dividends distributed to common stockholders. | |||||||||||||||||||||||||
During 2010, the Operating Partnership issued 108,000 Series Z-1 Incentive Units (the “2010 Z-1 Units”) of limited partner interest to twenty executives of the Company. The conversion ratchet (accounted for as vesting) of the 2010 Z-1 Units into common units, increased to 20 percent effective January 1, 2011 because the Company achieved the FFO minimum target of $4.75 per diluted share in 2010. Once the units are vested, Z-1 Unit holders receive quarterly distributions of approximately the dividend rate paid on common shares. Each year thereafter, vesting of the 2010 Z-1 Units will be consistent with the Company’s annual FFO growth, but is not to be less than zero or greater than 14 percent. | |||||||||||||||||||||||||
The following table summarizes information about the Z Units and 2014 LTIP Units outstanding as of December 31, 2013 ($ in thousands): | |||||||||||||||||||||||||
Long Term Incentive Plan - Z Units and 2014 LTIP Units | |||||||||||||||||||||||||
Aggregate | Weighted- | ||||||||||||||||||||||||
Intrinsic | Weighted- | average | |||||||||||||||||||||||
Total | Total | Value | Total | average | Remaining | ||||||||||||||||||||
Vested | Unvested | of Unvested | Outstanding | Grant-date | Contractual | ||||||||||||||||||||
Units | Units | Units | Units | Fair Value | Life (years) | ||||||||||||||||||||
Balance, December 2010 | 326,280 | 171,902 | $ | 19,463 | 498,182 | $ | 54.15 | 11.2 | |||||||||||||||||
Granted | - | 46,500 | 46,500 | ||||||||||||||||||||||
Vested | 44,520 | (44,520 | ) | - | |||||||||||||||||||||
Converted | (191,718 | ) | - | (191,718 | ) | ||||||||||||||||||||
Cancelled | - | (3,863 | ) | (3,863 | ) | ||||||||||||||||||||
Balance, December 2011 | 179,082 | 170,019 | 23,719 | 349,101 | 58.17 | 12.3 | |||||||||||||||||||
Granted | - | - | - | ||||||||||||||||||||||
Vested | 28,163 | (28,163 | ) | - | |||||||||||||||||||||
Converted | (16,541 | ) | - | (16,541 | ) | ||||||||||||||||||||
Cancelled | - | (1,813 | ) | (1,813 | ) | ||||||||||||||||||||
Balance, December 2012 | 190,704 | 140,043 | 20,800 | 330,747 | 58.44 | 11.3 | |||||||||||||||||||
Granted | - | 50,500 | 50,500 | ||||||||||||||||||||||
Vested | 35,919 | (35,919 | ) | - | |||||||||||||||||||||
Converted | (108,433 | ) | - | (108,433 | ) | ||||||||||||||||||||
Cancelled | - | (5,243 | ) | (5,243 | ) | ||||||||||||||||||||
Balance, December 2013 | 118,190 | 149,381 | $ | 21,438 | 267,571 | $ | 63.53 | 9.3 |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Information [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
(14) Segment Information | |||||||||||||
The Company defines its reportable operating segments as the three geographical regions in which its communities are located: Southern California, Northern California and Seattle Metro. Excluded from segment revenues are communities classified in discontinued operations, management and other fees from affiliates, and interest and other income. Non-segment revenues and net operating income included in the following schedule also consist of revenue generated from commercial properties. Other non-segment assets include real estate under development, co-investments, cash and cash equivalents, marketable securities, notes and other receivables, prepaid expenses and other assets and deferred charges. | |||||||||||||
The revenues and net operating income for each of the reportable operating segments are summarized as follows for the years ended December 31, 2013, 2012, and 2011 ($ in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues: | |||||||||||||
Southern California | $ | 265,226 | $ | 246,534 | $ | 220,416 | |||||||
Northern California | 214,402 | 175,325 | 149,457 | ||||||||||
Seattle Metro | 107,553 | 92,489 | 79,832 | ||||||||||
Other real estate assets | 14,822 | 12,348 | 10,955 | ||||||||||
Total property revenues | $ | 602,003 | $ | 526,696 | $ | 460,660 | |||||||
Net operating income: | |||||||||||||
Southern California | $ | 176,675 | $ | 164,092 | $ | 145,353 | |||||||
Northern California | 148,204 | 120,540 | 99,047 | ||||||||||
Seattle Metro | 71,407 | 60,853 | 51,477 | ||||||||||
Other real estate assets | 9,705 | 9,044 | 7,273 | ||||||||||
Total net operating income | 405,991 | 354,529 | 303,150 | ||||||||||
Depreciation | (192,420 | ) | (169,173 | ) | (150,009 | ) | |||||||
Interest expense before amortization | (104,600 | ) | (100,244 | ) | (91,694 | ) | |||||||
Amortization expense | (11,924 | ) | (11,644 | ) | (11,474 | ) | |||||||
Management and other fees from affiliates | 11,700 | 11,489 | 6,780 | ||||||||||
General and administrative | (25,601 | ) | (23,307 | ) | (20,694 | ) | |||||||
Cost of management and other fees | (6,681 | ) | (6,513 | ) | (4,610 | ) | |||||||
Merger expenses | (4,284 | ) | - | - | |||||||||
Interest and other income | 11,633 | 13,833 | 17,139 | ||||||||||
Loss on early retirement of debt | (300 | ) | (5,009 | ) | (1,163 | ) | |||||||
Gain on sale of land | 1,503 | - | - | ||||||||||
Equity income (loss) income from co-investments | 55,865 | 41,745 | (467 | ) | |||||||||
Gain on remeasurement of co-investment | - | 21,947 | - | ||||||||||
Income before discontinued operations | $ | 140,882 | $ | 127,653 | $ | 46,958 | |||||||
Total assets for each of the reportable operating segments are summarized as follows as of December 31, 2013 and 2012 ($ in thousands): | |||||||||||||
As of December 31, | |||||||||||||
Assets: | 2013 | 2012 | |||||||||||
Southern California | $ | 1,746,434 | $ | 1,675,265 | |||||||||
Northern California | 1,614,159 | 1,489,095 | |||||||||||
Seattle Metro | 741,533 | 699,465 | |||||||||||
Other real estate assets | 86,745 | 88,330 | |||||||||||
Net reportable operating segments - real estate assets | 4,188,871 | 3,952,155 | |||||||||||
Real estate under development | 50,430 | 66,851 | |||||||||||
Co-investments | 677,133 | 571,345 | |||||||||||
Cash and cash equivalents, including restricted cash | 53,766 | 42,126 | |||||||||||
Marketable securities | 90,084 | 92,713 | |||||||||||
Notes and other receivables | 68,255 | 66,163 | |||||||||||
Other non-segment assets | 58,300 | 55,870 | |||||||||||
Total assets | $ | 5,186,839 | $ | 4,847,223 |
401k_Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2013 | |
401(k) Plan [Abstract] | ' |
401(k) Plan | ' |
(15) 401(k) Plan | |
The Company has a 401(k) benefit plan (the “Plan”) for all full-time employees who have completed six months of service. Employee contributions are limited by the maximum allowed under Section 401(k) of the Internal Revenue Code. The Company matches the employee contributions for non-highly compensated personnel, up to 50% of their contribution up to a specified maximum. Company contributions to the Plan were approximately $0.2 million, $0.2 million, and $0.3 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
(16) Commitments and Contingencies | |
As of December 31, 2013, the Company had five non-cancelable ground leases for certain apartment communities and buildings that expire between 2027 and 2082. Ground lease payments are typically the greater of a stated minimum or a percentage of gross rents generated by these apartment communities. Total minimum lease commitments, under ground leases and operating leases, are approximately $1.7 million per year for the next five years. | |
To the extent that an environmental matter arises or is identified in the future that has other than a remote risk of having a material impact on the financial statements, the Company will disclose the estimated range of possible outcomes, and, if an outcome is probable, accrue an appropriate liability for remediation and other potential liability. The Company will consider whether such occurrence results in an impairment of value on the affected property and, if so, impairment will be recognized. | |
Except with respect to three communities, the Company has no indemnification agreements from third parties for potential environmental clean-up costs at its communities. The Company has no way of determining at this time the magnitude of any potential liability to which it may be subject arising out of unknown environmental conditions or violations with respect to the communities formerly owned by the Company. No assurance can be given that existing environmental studies with respect to any of the communities reveal all environmental liabilities, that any prior owner or operator of a Property did not create any material environmental condition not known to the Company, or that a material environmental condition does not otherwise exist as to any one or more of the communities. The Company has limited insurance coverage for the types of environmental liabilities described above. | |
The Company has entered into transactions that may require the Company to pay the tax liabilities of the partners in the Operating Partnership or in the DownREIT entities. These transactions are within the Company’s control. Although the Company plans to hold the contributed assets or defer recognition of gain on their sale pursuant to like-kind exchange rules under Section 1031 of the Internal Revenue Code the Company can provide no assurance that it will be able to do so and if such tax liabilities were incurred they may to have a material impact on the Company’s financial position. | |
There have been an increasing number of lawsuits against owners and managers of apartment communities alleging personal injury and property damage caused by the presence of mold in residential real estate. Some of these lawsuits have resulted in substantial monetary judgments or settlements. The Company has been sued for mold related matters and has settled some, but not all, of such matters. Insurance carriers have reacted to mold related liability awards by excluding mold related claims from standard policies and pricing mold endorsements at prohibitively high rates. The Company has, however, purchased pollution liability insurance, which includes some coverage for mold. The Company has adopted policies to promptly address and resolve reports of mold when it is detected, and to minimize any impact mold might have on residents of the property. The Company believes its mold policies and proactive response to address any known existence, reduces its risk of loss from these cases. There can be no assurances that the Company has identified and responded to all mold occurrences, but the company promptly addresses all known reports of mold. Liabilities resulting from such mold related matters are not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. As of December 31, 2013, potential liabilities for mold and other environmental liabilities are not quantifiable and an estimate of possible loss cannot be made. | |
The Company carries comprehensive liability, fire, extended coverage and rental loss insurance for each of the communities. There are, however, certain types of extraordinary losses, such as, for example, losses from terrorism or earthquakes, for which the Company does not have insurance coverage. Substantially all of the communities are located in areas that are subject to earthquake activity. The Company has established a wholly owned insurance subsidiary, Pacific Western Insurance LLC (“PWI”). Through PWI, the Company is self-insured as it relates to earthquake related losses. Additionally, since January 2008, PWI has provided property and casualty insurance coverage for the first $5.0 million of the Company’s property level insurance claims per incident. As of December 31, 2013, PWI has cash and marketable securities of approximately $40 million. These assets are consolidated in the Company’s financial statements. Beginning in 2013, the Company has obtained limited third party seismic insurance on selected assets in which it holds an ownership interest in. | |
The Company provided a payment guarantee to the counterparties in relation to the total return swaps entered into by the joint venture responsible for the development of The Huxley and The Dylan communities. Further the Company has guaranteed completion of development and made certain debt service guarantees for The Huxley and The Dylan. The outstanding balance for the loans is included in the debt line item in the balance sheet of the co-investments included in Note 3. The payment guarantee is for the payment of the amounts due to the counterparty related total return swaps which are scheduled to mature in September and December 2016. The maximum exposure of the guarantee as of December 31, 2013 was $96.3 million based on the aggregate outstanding debt amount. | |
Since the announcement of the merger agreement on December 19, 2013, three putative class action and shareholder derivative actions have been filed on behalf of alleged BRE stockholders and/or BRE itself in the Circuit Court for Baltimore City, Maryland, under the following captions: Sutton v. BRE Properties, Inc., et al., No. 24-C-13-008425, filed December 23, 2013; Applegate v. BRE Properties, Inc., et al., No. 24-C-14-00002, filed December 30, 2013; and Lee v. BRE Properties, Inc., et al., No. 24-C-14-00046, filed January 3, 2014. | |
On February 7, 2014, Plaintiffs filed identical, amended complaints in the three pending actions. The amended complaints add allegations that disclosures regarding the proposed merger in the joint proxy statement/prospectus filed with the SEC on January 29, 2014 are inadequate. | |
All of these complaints name as defendants BRE, the BRE Board, Essex, and Merger Sub, and allege that the BRE Board breached its fiduciary duties to BRE’s stockholders and/or to BRE itself, and that the merger involves an unfair price, an inadequate sales process, and unreasonable deal protection devices that purportedly preclude competing offers. The complaints further allege that Essex, Merger Sub, and, in some cases, BRE aided and abetted those alleged breaches of duty. The complaints seek injunctive relief, including enjoining or rescinding the merger, and an award of other unspecified attorneys’ and other fees and costs, in addition to other relief. Essex management believes that the allegations in the complaints against them are without merit and intend to defend vigorously against them. | |
The Company is subject to various other lawsuits in the normal course of its business operations. Such lawsuits are not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
(17) Subsequent Events | |
In January 2014, the Company sold Vista Capri, a 106 unit apartment community located in San Diego, CA for $14.4 million. | |
In January 2014, the Company expanded its unsecured revolving credit facility to $1.0 billion from $600 million, and included an accordion feature pursuant to which the Company could expand to $1.5 billion. The facility matures in December 2017, with one 18-month extension option, subject to specified conditions and the payment of an extension fee. The new facility carries an interest rate of LIBOR plus 0.95% based on the Company’s current credit ratings. | |
In January 2014, the Company extended the $25.0 million working capital unsecured line of credit for two additional years and reduced the pricing which carries an interest rate of LIBOR plus 0.95% based on a tiered rate structure tied to the Company’s current credit ratings. | |
In January 2014, the Company’s $350 million unsecured term loan was amended and the underlying interest rate on the term loan, which is based on a tiered rate structure tied to the Company’s corporate ratings, was reduced from LIBOR plus 1.20% to LIBOR plus 1.05%. | |
During the first quarter of 2014 through February 24, 2014, the Company sold 462,555 shares of common stock for $74.9 million, net of fees and commissions at an average price of $162.97. |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Results of Operations (Unaudited) [Abstract] | ' | ||||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | ||||||||||||||||
(18) Quarterly Results of Operations (Unaudited) | |||||||||||||||||
Essex Property Trust, Inc. | |||||||||||||||||
The following is a summary of quarterly results of operations for 2013 and 2012 ($ in thousands, except per share and dividend amounts): | |||||||||||||||||
Quarter ended | Quarter ended | Quarter ended | Quarter ended | ||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | ||||||||||||||
2013:00:00 | |||||||||||||||||
Total property revenues | $ | 155,986 | $ | 152,177 | $ | 148,783 | $ | 145,057 | |||||||||
Income before discontinued operations | $ | 20,020 | $ | 62,718 | $ | 28,983 | $ | 29,161 | |||||||||
Net income | $ | 36,903 | $ | 75,875 | $ | 29,575 | $ | 29,702 | |||||||||
Net income available to common stockholders | $ | 31,874 | $ | 68,788 | $ | 24,946 | $ | 25,203 | |||||||||
Per share data: | |||||||||||||||||
Net income: | |||||||||||||||||
Basic | $ | 0.85 | $ | 1.84 | $ | 0.67 | $ | 0.68 | |||||||||
Diluted | $ | 0.85 | $ | 1.84 | $ | 0.67 | $ | 0.68 | |||||||||
Market price: | |||||||||||||||||
High | $ | 165.44 | $ | 172.16 | $ | 171.11 | $ | 156.36 | |||||||||
Low | $ | 137.53 | $ | 139.64 | $ | 147.56 | $ | 147.06 | |||||||||
Close | $ | 143.51 | $ | 147.7 | $ | 158.92 | $ | 150.58 | |||||||||
Dividends declared | $ | 1.21 | $ | 1.21 | $ | 1.21 | $ | 1.21 | |||||||||
2012:00:00 | |||||||||||||||||
Total property revenues | $ | 140,294 | $ | 133,760 | $ | 128,465 | $ | 124,177 | |||||||||
Income before discontinued operations | $ | 49,158 | $ | 19,731 | $ | 42,050 | $ | 16,714 | |||||||||
Net income | $ | 49,640 | $ | 20,221 | $ | 42,490 | $ | 27,239 | |||||||||
Net income available to common stockholders | $ | 43,793 | $ | 16,219 | $ | 37,078 | $ | 22,722 | |||||||||
Per share data: | |||||||||||||||||
Net income: | |||||||||||||||||
Basic | $ | 1.22 | $ | 0.46 | $ | 1.07 | $ | 0.67 | |||||||||
Diluted | $ | 1.22 | $ | 0.45 | $ | 1.07 | $ | 0.67 | |||||||||
Market price: | |||||||||||||||||
High | $ | 150.71 | $ | 160.64 | $ | 161.53 | $ | 151.54 | |||||||||
Low | $ | 136.38 | $ | 147.38 | $ | 146.05 | $ | 136.43 | |||||||||
Close | $ | 146.65 | $ | 148.24 | $ | 153.92 | $ | 151.51 | |||||||||
Dividends declared | $ | 1.1 | $ | 1.1 | $ | 1.1 | $ | 1.1 | |||||||||
Essex Portfolio, L.P. | |||||||||||||||||
The following is a summary of quarterly results of operations for 2013 and 2012 ($ in thousands, except per unit and distribution amounts): | |||||||||||||||||
Quarter ended | Quarter ended | Quarter ended | Quarter ended | ||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | ||||||||||||||
2013:00:00 | |||||||||||||||||
Total property revenues | $ | 155,986 | $ | 152,177 | $ | 148,783 | $ | 145,057 | |||||||||
Income before discontinued operations | $ | 20,020 | $ | 62,718 | $ | 28,983 | $ | 29,161 | |||||||||
Net income | $ | 36,903 | $ | 75,875 | $ | 29,575 | $ | 29,702 | |||||||||
Net income available to common unitholders | $ | 33,776 | $ | 72,777 | $ | 26,493 | $ | 26,703 | |||||||||
Per unit data: | |||||||||||||||||
Net income: | |||||||||||||||||
Basic | $ | 0.87 | $ | 1.84 | $ | 0.67 | $ | 0.68 | |||||||||
Diluted | $ | 0.86 | $ | 1.84 | $ | 0.67 | $ | 0.68 | |||||||||
Dividends declared | $ | 1.21 | $ | 1.21 | $ | 1.21 | $ | 1.21 | |||||||||
2012:00:00 | |||||||||||||||||
Total property revenues | $ | 140,294 | $ | 133,760 | $ | 128,465 | $ | 124,177 | |||||||||
Income before discontinued operations | $ | 49,158 | $ | 19,731 | $ | 42,050 | $ | 16,714 | |||||||||
Net income | $ | 49,640 | $ | 20,221 | $ | 42,490 | $ | 27,239 | |||||||||
Net income available to common unitholders | $ | 46,581 | $ | 17,296 | $ | 39,580 | $ | 24,314 | |||||||||
Per unit data: | |||||||||||||||||
Net income: | |||||||||||||||||
Basic | $ | 1.23 | $ | 0.46 | $ | 1.08 | $ | 0.67 | |||||||||
Diluted | $ | 1.23 | $ | 0.45 | $ | 1.07 | $ | 0.67 | |||||||||
Distributions declared | $ | 1.1 | $ | 1.1 | $ | 1.1 | $ | 1.1 | |||||||||
SCHEDULE_III_REAL_ESTATE_AND_A
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | ' | |||||||||||||||||||||||||||||||||||||||||||||||
ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||||||
ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL STATEMENT SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial cost | capitalized | Gross amount carried at close of period | ||||||||||||||||||||||||||||||||||||||||||||||
Buildings and | subsequent to | Land and | Buildings and | Accumulated | Date of | Date | Lives | |||||||||||||||||||||||||||||||||||||||||
Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total(1) | depreciation | construction | acquired | (years) | |||||||||||||||||||||||||||||||||||
Encumbered communities | ||||||||||||||||||||||||||||||||||||||||||||||||
The Elliot at Mukilteo | 301 | Mukilteo, WA | 10,750 | 2,498 | 10,595 | 13,805 | 2,824 | 24,075 | 26,898 | (11,185) | 1981 | 01/97 | 3-30 | |||||||||||||||||||||||||||||||||||
Avondale at Warner Center | 446 | Woodland Hills, CA | 46,077 | 10,536 | 24,522 | 15,162 | 10,601 | 39,619 | 50,220 | (21,737) | 1970 | 01/97 | 3-30 | |||||||||||||||||||||||||||||||||||
Bridgeport | 184 | Newark, CA | 21,374 | 1,608 | 7,582 | 6,595 | 1,525 | 14,260 | 15,785 | (10,670) | 1987 | 07/87 | 3-30 | |||||||||||||||||||||||||||||||||||
Barkley, The(2) | 161 | Anaheim, CA | 16,534 | - | 8,520 | 4,817 | 2,353 | 10,984 | 13,337 | (5,006) | 1984 | Apr-00 | 3-30 | |||||||||||||||||||||||||||||||||||
Bel Air | 462 | San Ramon, CA | 54,858 | 12,105 | 18,252 | 25,571 | 12,682 | 43,246 | 55,928 | (21,280) | 1988 | 01/97 | 3-30 | |||||||||||||||||||||||||||||||||||
Belmont Station | 275 | Los Angeles, CA | 30,045 | 8,100 | 66,666 | 3,262 | 8,267 | 69,760 | 78,027 | (16,096) | 2008 | 12/08 | 3-30 | |||||||||||||||||||||||||||||||||||
Bella Villagio | 231 | San Jose, CA | 36,992 | 17,247 | 40,343 | 1,735 | 17,247 | 42,079 | 59,325 | (4,849) | 2004 | 10-Sep | 3-30 | |||||||||||||||||||||||||||||||||||
Brookside Oaks | 170 | Sunnyvale, CA | 19,652 | 7,301 | 16,310 | 20,824 | 10,328 | 34,107 | 44,435 | (12,736) | 1973 | 06/00 | 3-30 | |||||||||||||||||||||||||||||||||||
Camino Ruiz Square | 160 | Camarillo, CA | 21,110 | 6,871 | 26,119 | 940 | 6,931 | 26,999 | 33,930 | (6,507) | 1990 | 12/06 | 3-30 | |||||||||||||||||||||||||||||||||||
Canyon Oaks | 250 | San Ramon, CA | 28,559 | 19,088 | 44,473 | 1,512 | 19,088 | 45,985 | 65,073 | (10,550) | 2005 | 7-May | 3-30 | |||||||||||||||||||||||||||||||||||
Carlyle, The | 132 | San Jose, CA | 18,274 | 3,954 | 15,277 | 9,956 | 5,801 | 23,387 | 29,187 | (10,159) | 2000 | 04/00 | 3-30 | |||||||||||||||||||||||||||||||||||
City View | 572 | Hayward, CA | 62,008 | 9,883 | 37,670 | 21,261 | 10,350 | 58,464 | 68,814 | (32,305) | 1975 | 03/98 | 3-30 | |||||||||||||||||||||||||||||||||||
Coldwater Canyon | 39 | Studio City, CA | 5,446 | 1,674 | 6,640 | 1,289 | 1,676 | 7,928 | 9,603 | (2,308) | 1979 | 7-May | 3-30 | |||||||||||||||||||||||||||||||||||
Courtyard off Main | 109 | Bellevue, WA | 16,016 | 7,465 | 21,405 | 2,718 | 7,465 | 24,123 | 31,588 | (2,752) | 2000 | 10-Oct | 3-30 | |||||||||||||||||||||||||||||||||||
Domaine | 92 | Seattle, WA | 16,336 | 9,059 | 27,177 | 375 | 9,059 | 27,552 | 36,611 | (1,191) | 2009 | 12-Sep | 3-30 | |||||||||||||||||||||||||||||||||||
Elevation | 157 | Redmond, WA | 11,579 | 4,758 | 14,285 | 5,498 | 4,757 | 19,784 | 24,541 | (3,054) | 1986 | 10-Jun | 3-30 | |||||||||||||||||||||||||||||||||||
Esplanade | 278 | San Jose, CA | 43,965 | 18,170 | 40,086 | 6,786 | 18,429 | 46,613 | 65,042 | (15,128) | 2002 | 11/04 | 3-30 | |||||||||||||||||||||||||||||||||||
Fairhaven | 164 | Santa Ana, CA | 16,954 | 2,626 | 10,485 | 5,561 | 2,957 | 15,715 | 18,672 | (5,989) | 1970 | 11/01 | 3-30 | |||||||||||||||||||||||||||||||||||
Fairwood Pond | 194 | Renton, WA | 13,024 | 5,296 | 15,564 | 2,111 | 5,297 | 17,674 | 22,971 | (5,979) | 1997 | 10/04 | 3-30 | |||||||||||||||||||||||||||||||||||
Fountain Park | 705 | Playa Vista, CA | 83,179 | 25,073 | 94,980 | 23,673 | 25,203 | 118,523 | 143,726 | (41,416) | 2002 | 02/04 | 3-30 | |||||||||||||||||||||||||||||||||||
Harvest Park | 104 | Santa Rosa, CA | 10,473 | 6,700 | 15,479 | 984 | 6,690 | 16,473 | 23,163 | (4,043) | 2004 | 7-Mar | 3-30 | |||||||||||||||||||||||||||||||||||
Hampton Place /Hampton Court | 215 | Glendale, CA | 20,967 | 6,695 | 16,753 | 5,574 | 6,733 | 22,289 | 29,022 | (10,899) | 1970 | 06/99 | 3-30 | |||||||||||||||||||||||||||||||||||
Hidden Valley | 324 | Simi Valley, CA | 30,027 | 14,174 | 34,065 | 1,535 | 9,674 | 40,101 | 49,774 | (12,830) | 2004 | 12/04 | 3-30 | |||||||||||||||||||||||||||||||||||
Highridge | 255 | Rancho Palos Verdes, CA | 44,807 | 5,419 | 18,347 | 26,326 | 6,073 | 44,019 | 50,092 | (19,916) | 1972 | 05/97 | 3-30 | |||||||||||||||||||||||||||||||||||
Highlands at Wynhaven | 333 | Issaquah, WA | 32,793 | 16,271 | 48,932 | 5,541 | 16,271 | 54,473 | 70,744 | (10,576) | 2000 | 08/08 | 3-30 | |||||||||||||||||||||||||||||||||||
Hillcrest Park | 608 | Newbury Park, CA | 68,339 | 15,318 | 40,601 | 15,868 | 15,755 | 56,031 | 71,787 | (27,474) | 1973 | 03/98 | 3-30 | |||||||||||||||||||||||||||||||||||
Hillsborough Park | 235 | La Habra, CA | 37,218 | 6,291 | 15,455 | 1,625 | 6,272 | 17,099 | 23,371 | (8,182) | 1999 | 09/99 | 3-30 | |||||||||||||||||||||||||||||||||||
Huntington Breakers | 342 | Huntington Beach, CA | 38,108 | 9,306 | 22,720 | 7,218 | 9,315 | 29,929 | 39,244 | (15,046) | 1984 | 10/97 | 3-30 | |||||||||||||||||||||||||||||||||||
Inglenook Court | 224 | Bothell, WA | 8,300 | 3,467 | 7,881 | 5,766 | 3,474 | 13,640 | 17,114 | (8,870) | 1985 | 10/94 | 3-30 | |||||||||||||||||||||||||||||||||||
Magnolia Square/Magnolia Lane(3) | 188 | Sunnyvale, CA | 18,017 | 8,190 | 24,736 | 12,716 | 8,191 | 37,451 | 45,642 | (8,282) | 1969 | 7-Sep | 3-30 | |||||||||||||||||||||||||||||||||||
Mirabella | 188 | Marina Del Rey, CA | 45,470 | 6,180 | 26,673 | 13,583 | 6,270 | 40,165 | 46,436 | (16,059) | 2000 | 05/00 | 3-30 | |||||||||||||||||||||||||||||||||||
Mill Creek at Windermere | 400 | San Ramon, CA | 49,212 | 29,551 | 69,032 | 1,975 | 29,551 | 71,008 | 100,558 | (15,298) | 2005 | 7-Sep | 3-30 | |||||||||||||||||||||||||||||||||||
Montclaire, The | 390 | Sunnyvale, CA | 46,580 | 4,842 | 19,776 | 20,091 | 4,997 | 39,712 | 44,709 | (29,766) | 1973 | 12/88 | 3-30 | |||||||||||||||||||||||||||||||||||
Montebello | 248 | Kirkland, WA | 29,300 | 13,857 | 41,575 | 2,707 | 13,858 | 44,281 | 58,139 | (2,351) | 1996 | 07/12 | 3-30 | |||||||||||||||||||||||||||||||||||
Montejo | 124 | Garden Grove, CA | 13,064 | 1,925 | 7,685 | 2,420 | 2,194 | 9,835 | 12,030 | (4,167) | 1974 | 11/01 | 3-30 | |||||||||||||||||||||||||||||||||||
Park Hill at Issaquah | 245 | Issaquah, WA | 28,966 | 7,284 | 21,937 | 2,317 | 7,284 | 24,254 | 31,538 | (7,853) | 1999 | 02/99 | 3-30 | |||||||||||||||||||||||||||||||||||
Palisades, The | 192 | Bellevue, WA | 20,935 | 1,560 | 6,242 | 10,733 | 1,565 | 16,971 | 18,535 | (11,333) | 1977 | 05/90 | 3-30 | |||||||||||||||||||||||||||||||||||
Pathways | 296 | Long Beach, CA | 37,651 | 4,083 | 16,757 | 18,730 | 6,239 | 33,332 | 39,570 | (22,575) | 1975 | 02/91 | 3-30 | |||||||||||||||||||||||||||||||||||
Stevenson Place | 200 | Fremont, CA | 21,724 | 996 | 5,582 | 7,076 | 1,001 | 12,653 | 13,654 | (9,216) | 1971 | 04/83 | 3-30 | |||||||||||||||||||||||||||||||||||
Stonehedge Village | 196 | Bothell, WA | 12,390 | 3,167 | 12,603 | 4,726 | 3,201 | 17,296 | 20,496 | (9,341) | 1986 | 10/97 | 3-30 | |||||||||||||||||||||||||||||||||||
Summerhill Park | 100 | Sunnyvale, CA | 13,554 | 2,654 | 4,918 | 1,287 | 2,656 | 6,202 | 8,859 | (4,814) | 1988 | 09/88 | 3-30 | |||||||||||||||||||||||||||||||||||
The Bernard | 63 | Seattle, WA | 9,776 | 3,699 | 11,345 | 95 | 3,689 | 11,451 | 15,139 | (887) | 2008 | 11-Sep | 3-30 | |||||||||||||||||||||||||||||||||||
The Huntington | 276 | Huntington Beach, CA | 33,121 | 10,374 | 41,495 | 2,026 | 10,374 | 43,522 | 53,895 | (2,301) | 1975 | 06/12 | 3-30 | |||||||||||||||||||||||||||||||||||
Tierra Vista | 404 | Oxnard, CA | 56,359 | 13,652 | 53,336 | 3,497 | 13,661 | 56,824 | 70,485 | (18,565) | 2001 | 01/01 | 3-30 | |||||||||||||||||||||||||||||||||||
Valley Park | 160 | Fountain Valley, CA | 22,180 | 3,361 | 13,420 | 3,319 | 3,761 | 16,339 | 20,100 | (6,817) | 1969 | 11/01 | 3-30 | |||||||||||||||||||||||||||||||||||
(Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial cost | capitalized | Gross amount carried at close of period | ||||||||||||||||||||||||||||||||||||||||||||||
Buildings and | subsequent to | Land and | Buildings and | Accumulated | Date of | Date | Lives | |||||||||||||||||||||||||||||||||||||||||
Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total(1) | depreciation | construction | acquired | (years) | |||||||||||||||||||||||||||||||||||
Encumbered communities (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||
Villa Angelina | 256 | Placentia, CA | 27,040 | 4,498 | 17,962 | 5,714 | 4,962 | 23,213 | 28,174 | (8,818) | 1970 | 11/01 | 3-30 | |||||||||||||||||||||||||||||||||||
Wandering Creek | 156 | Kent, WA | 5,300 | 1,285 | 4,980 | 3,569 | 1,296 | 8,538 | 9,834 | (5,395) | 1986 | 11/95 | 3-30 | |||||||||||||||||||||||||||||||||||
Waterford, The | 238 | San Jose, CA | 31,705 | 11,808 | 24,500 | 12,570 | 15,165 | 33,713 | 48,878 | (15,024) | 2000 | 06/00 | 3-30 | |||||||||||||||||||||||||||||||||||
Wilshire Promenade | 149 | Fullerton, CA | 17,975 | 3,118 | 7,385 | 7,245 | 3,797 | 13,951 | 17,748 | (6,745) | 1992 | 01/97 | 3-30 | |||||||||||||||||||||||||||||||||||
1,404,080 | 393,037 | 1,199,123 | 380,286 | 406,809 | 1,565,636 | 1,972,445 | -564,341 | |||||||||||||||||||||||||||||||||||||||||
Unencumbered communities | ||||||||||||||||||||||||||||||||||||||||||||||||
Allegro | 97 | Valley Village, CA | 5,869 | 23,977 | 1,144 | 5,869 | 25,121 | 30,990 | (3,944) | 2010 | 10-Oct | 3-30 | ||||||||||||||||||||||||||||||||||||
Alpine Village | 301 | Alpine, CA | 4,967 | 19,728 | 4,511 | 4,982 | 24,224 | 29,206 | (9,201) | 1971 | 12/02 | 3-30 | ||||||||||||||||||||||||||||||||||||
Anavia | 250 | Anaheim, CA | 15,925 | 63,712 | 5,633 | 15,925 | 69,345 | 85,270 | (7,077) | 2009 | 10-Dec | 3-30 | ||||||||||||||||||||||||||||||||||||
Annaliese | 56 | Seattle, WA | 4,727 | 14,229 | 67 | 4,726 | 14,297 | 19,023 | (459) | 2009 | 13-Jan | 3-30 | ||||||||||||||||||||||||||||||||||||
Ascent | 90 | Kirkland, WA | 3,924 | 11,862 | 1,344 | 3,924 | 13,206 | 17,130 | (582) | 1988 | 12-Oct | 3-30 | ||||||||||||||||||||||||||||||||||||
Axis 2300 | 115 | Irvine, CA | 5,405 | 33,585 | 780 | 5,405 | 34,365 | 39,770 | (5,348) | 2010 | 10-Aug | 3-30 | ||||||||||||||||||||||||||||||||||||
Bellerive | 63 | Los Angeles, CA | 5,401 | 21,803 | 568 | 5,401 | 22,370 | 27,772 | (2,378) | 2011 | 08/11 | 3-30 | ||||||||||||||||||||||||||||||||||||
Belmont Terrace | 71 | Belmont, CA | 4,446 | 10,290 | 2,454 | 4,473 | 12,717 | 17,190 | (4,187) | 1974 | 10/06 | 3-30 | ||||||||||||||||||||||||||||||||||||
Bennett Lofts | 147 | San Francisco, CA | 21,771 | 50,800 | 23,304 | 28,371 | 67,503 | 95,875 | (2,456) | 2004 | 12/12 | 3-30 | ||||||||||||||||||||||||||||||||||||
Bonita Cedars | 120 | Bonita, CA | 2,496 | 9,913 | 1,773 | 2,503 | 11,678 | 14,182 | (4,608) | 1983 | 12/02 | 3-30 | ||||||||||||||||||||||||||||||||||||
Boulevard | 172 | Fremont, CA | 3,520 | 8,182 | 10,606 | 3,580 | 18,729 | 22,308 | (11,311) | 1978 | 01/96 | 3-30 | ||||||||||||||||||||||||||||||||||||
Bridle Trails | 108 | Kirkland, WA | 1,500 | 5,930 | 5,388 | 1,531 | 11,287 | 12,818 | (5,860) | 1986 | 10/97 | 3-30 | ||||||||||||||||||||||||||||||||||||
Brighton Ridge | 264 | Renton, WA | 2,623 | 10,800 | 3,086 | 2,656 | 13,852 | 16,509 | (8,080) | 1986 | 12/96 | 3-30 | ||||||||||||||||||||||||||||||||||||
Bristol Commons | 188 | Sunnyvale, CA | 5,278 | 11,853 | 3,361 | 5,293 | 15,199 | 20,492 | (8,004) | 1989 | 01/97 | 3-30 | ||||||||||||||||||||||||||||||||||||
416 on Broadway | 115 | Glendale, CA | 8,557 | 34,235 | 992 | 8,557 | 35,226 | 43,784 | (3,750) | 2009 | 10-Dec | 3-30 | ||||||||||||||||||||||||||||||||||||
Bunker Hill | 456 | Los Angeles, CA | 11,498 | 27,871 | 9,067 | 11,639 | 36,798 | 48,436 | (17,548) | 1968 | 03/98 | 3-30 | ||||||||||||||||||||||||||||||||||||
Cairns, The | 100 | Seattle, WA | 6,937 | 20,679 | 443 | 6,939 | 21,121 | 28,059 | (4,694) | 2006 | 7-Jun | 3-30 | ||||||||||||||||||||||||||||||||||||
Camarillo Oaks | 564 | Camarillo, CA | 10,953 | 25,254 | 3,361 | 11,075 | 28,493 | 39,568 | (16,613) | 1985 | 07/96 | 3-30 | ||||||||||||||||||||||||||||||||||||
Canyon Pointe | 250 | Bothell, WA | 4,692 | 18,288 | 3,856 | 4,693 | 22,143 | 26,836 | (8,091) | 1990 | 10/03 | 3-30 | ||||||||||||||||||||||||||||||||||||
Capri at Sunny Hills | 100 | Fullerton, CA | 3,337 | 13,320 | 6,848 | 4,048 | 19,457 | 23,505 | (7,745) | 1961 | 09/01 | 3-30 | ||||||||||||||||||||||||||||||||||||
Castle Creek | 216 | Newcastle, WA | 4,149 | 16,028 | 2,240 | 4,833 | 17,584 | 22,417 | (10,037) | 1997 | 12/97 | 3-30 | ||||||||||||||||||||||||||||||||||||
CBC Apartments | 148 | Goleta, CA | 6,283 | 24,000 | 2,645 | 6,288 | 26,641 | 32,928 | (7,948) | 1962 | 01/06 | 3-30 | ||||||||||||||||||||||||||||||||||||
CentrePointe | 224 | San Diego, CA | 3,405 | 7,743 | 17,571 | 3,442 | 25,277 | 28,719 | (7,522) | 1974 | 06/97 | 3-30 | ||||||||||||||||||||||||||||||||||||
Cedar Terrace | 180 | Bellevue, WA | 5,543 | 16,442 | 4,065 | 5,652 | 20,397 | 26,050 | (6,996) | 1984 | 01/05 | 3-30 | ||||||||||||||||||||||||||||||||||||
Chestnut Street | 96 | Santa Cruz, CA | 6,582 | 15,689 | 1,029 | 6,582 | 16,718 | 23,300 | (3,249) | 2002 | 07/08 | 3-30 | ||||||||||||||||||||||||||||||||||||
Commons, The | 264 | Campbell, CA | 12,555 | 29,307 | 3,839 | 12,556 | 33,145 | 45,701 | (4,451) | 1973 | 10-Jul | 3-30 | ||||||||||||||||||||||||||||||||||||
Corbella at Juanita Bay | 169 | Kirkland, WA | 5,801 | 17,415 | 1,081 | 5,801 | 18,496 | 24,297 | (2,070) | 1978 | 10-Nov | 3-30 | ||||||||||||||||||||||||||||||||||||
Country Villas | 180 | Oceanside, CA | 4,174 | 16,583 | 2,650 | 4,187 | 19,220 | 23,407 | (7,669) | 1976 | 12/02 | 3-30 | ||||||||||||||||||||||||||||||||||||
Delano/Bon Terra | 126 | Redmond, WA | 7,470 | 22,511 | 834 | 7,470 | 23,345 | 30,815 | (1,585) | 2005/2011 | 12/11 | 3-30 | ||||||||||||||||||||||||||||||||||||
Devonshire | 276 | Hemet, CA | 3,470 | 13,786 | 2,400 | 3,482 | 16,174 | 19,656 | (6,481) | 1988 | 12/02 | 3-30 | ||||||||||||||||||||||||||||||||||||
Domain | 379 | San Diego, CA | 23,848 | 95,394 | 17 | 23,848 | 95,411 | 119,259 | (398) | 2013 | 11/13 | 3-30 | ||||||||||||||||||||||||||||||||||||
Emerald Ridge | 180 | Bellevue, WA | 3,449 | 7,801 | 2,992 | 3,449 | 10,793 | 14,242 | (7,244) | 1987 | 11/94 | 3-30 | ||||||||||||||||||||||||||||||||||||
Essex Skyline at MacArthur Place | 349 | Santa Ana, CA | 21,537 | 146,099 | 1,216 | 21,537 | 147,314 | 168,852 | (8,472) | 2008 | 12-Apr | 3-30 | ||||||||||||||||||||||||||||||||||||
Evergreen Heights | 200 | Kirkland, WA | 3,566 | 13,395 | 3,654 | 3,649 | 16,966 | 20,615 | (9,184) | 1990 | 06/97 | 3-30 | ||||||||||||||||||||||||||||||||||||
Fairways(4) | 74 | Newport Beach, CA | - | 7,850 | 5,290 | 9 | 13,131 | 13,140 | (5,354) | 1972 | 06/99 | 3-30 | ||||||||||||||||||||||||||||||||||||
Foothill Commons | 388 | Bellevue, WA | 2,435 | 9,821 | 33,746 | 2,440 | 43,562 | 46,002 | (22,333) | 1978 | 03/90 | 3-30 | ||||||||||||||||||||||||||||||||||||
Foothill Gardens/Twin Creeks | 176 | San Ramon, CA | 5,875 | 13,992 | 5,273 | 5,964 | 19,176 | 25,140 | (10,015) | 1985 | 02/97 | 3-30 | ||||||||||||||||||||||||||||||||||||
Forest View | 192 | Renton, WA | 3,731 | 14,530 | 1,361 | 3,731 | 15,891 | 19,622 | (5,742) | 1998 | 10/03 | 3-30 | ||||||||||||||||||||||||||||||||||||
Fountain Court | 320 | Seattle, WA | 6,702 | 27,306 | 7,607 | 6,985 | 34,631 | 41,615 | (15,071) | 2000 | 03/00 | 3-30 | ||||||||||||||||||||||||||||||||||||
Fourth & U | 171 | Berkeley, CA | 8,879 | 52,351 | 2,227 | 8,879 | 54,577 | 63,457 | (7,644) | 2010 | 10-Apr | 3-30 | ||||||||||||||||||||||||||||||||||||
Fox Plaza | 444 | San Francisco, CA | 39,731 | 92,706 | 2,627 | 39,731 | 95,333 | 135,064 | (2,771) | 1968 | 13-Feb | 3-30 | ||||||||||||||||||||||||||||||||||||
Hillsdale Garden | 697 | San Mateo, CA | 22,000 | 94,681 | 18,717 | 22,244 | 113,154 | 135,398 | (28,418) | 1948 | 09/06 | 3-30 | ||||||||||||||||||||||||||||||||||||
Hope Ranch Collection | 108 | Santa Barbara, CA | 4,078 | 16,877 | 2,394 | 4,208 | 19,141 | 23,349 | (4,108) | 1965 | 7-Mar | 3-30 | ||||||||||||||||||||||||||||||||||||
(Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial cost | capitalized | Gross amount carried at close of period | ||||||||||||||||||||||||||||||||||||||||||||||
Buildings and | subsequent to | Land and | Buildings and | Accumulated | Date of | Date | Lives | |||||||||||||||||||||||||||||||||||||||||
Property | Units | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total(1) | depreciation | construction | acquired | (years) | |||||||||||||||||||||||||||||||||||
Unencumbered communities (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||
Joule | 295 | Seattle, WA | 14,558 | 69,417 | 3,142 | 14,558 | 72,559 | 87,117 | (10,435) | 2010 | 10-Mar | 3-30 | ||||||||||||||||||||||||||||||||||||
1000 Kiely | 121 | Santa Clara, CA | 9,359 | 21,845 | 5,118 | 9,359 | 26,963 | 36,322 | (2,745) | 1971 | 11-Mar | 3-30 | ||||||||||||||||||||||||||||||||||||
Kings Road | 196 | Los Angeles, CA | 4,023 | 9,527 | 8,817 | 4,031 | 18,336 | 22,367 | (8,792) | 1979 | 06/97 | 3-30 | ||||||||||||||||||||||||||||||||||||
Laurels at Mill Creek | 164 | Mill Creek, WA | 1,559 | 6,430 | 5,107 | 1,595 | 11,501 | 13,096 | (6,330) | 1981 | 12/96 | 3-30 | ||||||||||||||||||||||||||||||||||||
Le Parc Luxury Apartments | 140 | Santa Clara, CA | 3,090 | 7,421 | 10,794 | 3,092 | 18,212 | 21,305 | (10,219) | 1975 | 02/94 | 3-30 | ||||||||||||||||||||||||||||||||||||
Lofts at Pinehurst, The | 118 | Ventura, CA | 1,570 | 3,912 | 4,346 | 1,618 | 8,210 | 9,828 | (3,824) | 1971 | 06/97 | 3-30 | ||||||||||||||||||||||||||||||||||||
Marbrisa | 202 | Long Beach, CA | 4,700 | 18,605 | 4,116 | 4,760 | 22,662 | 27,421 | (8,395) | 1987 | 09/02 | 3-30 | ||||||||||||||||||||||||||||||||||||
Marina City Club(5) | 101 | Marina Del Rey, CA | - | 28,167 | 17,390 | - | 45,557 | 45,557 | (12,066) | 1971 | 01/04 | 3-30 | ||||||||||||||||||||||||||||||||||||
Marina Cove(6) | 292 | Santa Clara, CA | 5,320 | 16,431 | 9,971 | 5,324 | 26,398 | 31,722 | (15,114) | 1974 | 06/94 | 3-30 | ||||||||||||||||||||||||||||||||||||
Mariners Place | 105 | Oxnard, CA | 1,555 | 6,103 | 1,813 | 1,562 | 7,909 | 9,471 | (3,847) | 1987 | 05/00 | 3-30 | ||||||||||||||||||||||||||||||||||||
Meadowood | 320 | Simi Valley, CA | 7,852 | 18,592 | 6,239 | 7,898 | 24,785 | 32,683 | (13,426) | 1986 | 11/96 | 3-30 | ||||||||||||||||||||||||||||||||||||
Mesa Village | 133 | Clairemont, CA | 1,888 | 7,498 | 1,099 | 1,894 | 8,592 | 10,485 | (3,253) | 1963 | 12/02 | 3-30 | ||||||||||||||||||||||||||||||||||||
Mira Monte | 355 | Mira Mesa, CA | 7,165 | 28,459 | 8,392 | 7,186 | 36,830 | 44,016 | (15,701) | 1982 | 12/02 | 3-30 | ||||||||||||||||||||||||||||||||||||
Miracle Mile/Marbella | 236 | Los Angeles, CA | 7,791 | 23,075 | 12,201 | 7,886 | 35,181 | 43,067 | (17,228) | 1988 | 08/97 | 3-30 | ||||||||||||||||||||||||||||||||||||
Mission Hills | 282 | Oceanside, CA | 10,099 | 38,778 | 4,009 | 10,167 | 42,719 | 52,886 | (13,413) | 1984 | 07/05 | 3-30 | ||||||||||||||||||||||||||||||||||||
Monterra del Mar/Rey/Sol | 292 | Pasadena, CA | 2,202 | 4,794 | 28,416 | 8,385 | 27,027 | 35,412 | (13,253) | 1972 | 04/99 | 3-30 | ||||||||||||||||||||||||||||||||||||
Monterey Villas | 122 | Oxnard, CA | 2,349 | 5,579 | 5,478 | 2,424 | 10,982 | 13,406 | (5,199) | 1974 | 07/97 | 3-30 | ||||||||||||||||||||||||||||||||||||
Mt. Sutro | 99 | San Francisco, CA | 2,334 | 8,507 | 3,450 | 2,809 | 11,482 | 14,291 | (5,435) | 1973 | 06/01 | 3-30 | ||||||||||||||||||||||||||||||||||||
Muse | 152 | North Hollywood, CA | 7,822 | 33,436 | 1,550 | 7,823 | 34,985 | 42,808 | (4,888) | 2011 | 11-Feb | 3-30 | ||||||||||||||||||||||||||||||||||||
Park Catalina | 90 | Los Angeles, CA | 4,710 | 18,839 | 876 | 4,710 | 19,716 | 24,425 | (1,051) | 2002 | 12-Jun | 3-30 | ||||||||||||||||||||||||||||||||||||
Park West | 126 | San Francisco, CA | 9,424 | 21,988 | 1,895 | 9,424 | 23,883 | 33,307 | (1,060) | 1958 | 12-Sep | 3-30 | ||||||||||||||||||||||||||||||||||||
Pinehurst(7) | 28 | Ventura, CA | 355 | 1,356 | 453 | 6 | 2,159 | 2,164 | (836) | 1973 | 12/04 | 3-30 | ||||||||||||||||||||||||||||||||||||
Pointe at Cupertino, The | 116 | Cupertino, CA | 4,505 | 17,605 | 10,179 | 4,505 | 27,784 | 32,289 | (8,131) | 1963 | 08/98 | 3-30 | ||||||||||||||||||||||||||||||||||||
Reed Square | 100 | Sunnyvale, CA | 6,873 | 16,037 | 6,377 | 6,873 | 22,414 | 29,287 | (1,490) | 1970 | 01/12 | 3-30 | ||||||||||||||||||||||||||||||||||||
Regency at Encino | 75 | Encino, CA | 3,184 | 12,737 | 1,754 | 3,184 | 14,490 | 17,675 | (2,407) | 1989 | 12/09 | 3-30 | ||||||||||||||||||||||||||||||||||||
Salmon Run at Perry Creek | 132 | Bothell, WA | 3,717 | 11,483 | 1,263 | 3,801 | 12,662 | 16,463 | (5,544) | 2000 | 10/00 | 3-30 | ||||||||||||||||||||||||||||||||||||
101 San Fernando | 323 | San Jose, CA | 4,173 | 58,961 | 5,425 | 4,173 | 64,386 | 68,559 | (7,966) | 2001 | 10-Jul | 3-30 | ||||||||||||||||||||||||||||||||||||
Sammamish View | 153 | Bellevue, WA | 3,324 | 7,501 | 5,868 | 3,331 | 13,361 | 16,693 | (8,810) | 1986 | 11/94 | 3-30 | ||||||||||||||||||||||||||||||||||||
San Marcos | 432 | Richmond, CA | 15,563 | 36,204 | 26,551 | 22,866 | 55,452 | 78,318 | (19,483) | 2003 | 11/03 | 3-30 | ||||||||||||||||||||||||||||||||||||
Santee Court/Santee Village | 238 | Los Angeles, CA | 9,581 | 40,317 | 2,967 | 9,582 | 43,283 | 52,865 | (4,811) | 2004 | 10-Oct | 3-30 | ||||||||||||||||||||||||||||||||||||
Shadow Point | 172 | Spring Valley, CA | 2,812 | 11,170 | 1,833 | 2,820 | 12,995 | 15,815 | (5,146) | 1983 | 12/02 | 3-30 | ||||||||||||||||||||||||||||||||||||
Slater 116 | 108 | Kirkland, WA | 7,379 | 22,138 | 158 | 7,379 | 22,296 | 29,675 | (220) | 2013 | 09/13 | 3-30 | ||||||||||||||||||||||||||||||||||||
Summit Park | 300 | San Diego, CA | 5,959 | 23,670 | 3,840 | 5,977 | 27,492 | 33,469 | (10,845) | 1972 | 12/02 | 3-30 | ||||||||||||||||||||||||||||||||||||
The Grand | 243 | Oakland, CA | 4,531 | 89,208 | 4,199 | 4,531 | 93,407 | 97,938 | (17,784) | 2009 | 9-Jan | 3-30 | ||||||||||||||||||||||||||||||||||||
The Sweeps | 91 | Goleta, CA | 5,558 | 21,320 | 1,947 | 5,618 | 23,206 | 28,825 | (7,273) | 1967 | 01/06 | 3-30 | ||||||||||||||||||||||||||||||||||||
Trabucco Villas | 132 | Lake Forest, CA | 3,638 | 8,640 | 2,177 | 3,890 | 10,565 | 14,455 | (5,485) | 1985 | 10/97 | 3-30 | ||||||||||||||||||||||||||||||||||||
Tuscana | 30 | Tracy, CA | 2,828 | 6,599 | 162 | 2,870 | 6,719 | 9,589 | (1,484) | 2007 | 7-Feb | 3-30 | ||||||||||||||||||||||||||||||||||||
Via | 284 | Sunnyvale, CA | 22,000 | 82,270 | 317 | 22,016 | 82,571 | 104,587 | (8,246) | 2011 | 11-Jul | 3-30 | ||||||||||||||||||||||||||||||||||||
Vista Belvedere | 76 | Tiburon, CA | 5,573 | 11,901 | 5,224 | 5,573 | 17,125 | 22,698 | (5,945) | 1963 | 08/04 | 3-30 | ||||||||||||||||||||||||||||||||||||
Vista Capri - North | 106 | San Diego, CA | 1,663 | 6,609 | 901 | 1,668 | 7,505 | 9,173 | (2,825) | 1975 | 12/02 | 3-30 | ||||||||||||||||||||||||||||||||||||
Vox | 58 | Seattle, WA | 5,545 | 16,635 | 22 | 5,545 | 16,657 | 22,202 | (116) | 2013 | 10/13 | 3-30 | ||||||||||||||||||||||||||||||||||||
Walnut Heights | 163 | Walnut, CA | 4,858 | 19,168 | 2,592 | 4,887 | 21,731 | 26,618 | (7,648) | 1964 | 10/03 | 3-30 | ||||||||||||||||||||||||||||||||||||
Wharfside Pointe | 142 | Seattle, WA | 2,245 | 7,020 | 7,537 | 2,258 | 14,545 | 16,802 | (7,773) | 1990 | 06/94 | 3-30 | ||||||||||||||||||||||||||||||||||||
Willow Lake | 508 | San Jose, CA | 43,194 | 101,030 | 3,887 | 43,194 | 104,917 | 148,111 | (4,365) | 1989 | 10/12 | 3-30 | ||||||||||||||||||||||||||||||||||||
Windsor Ridge | 216 | Sunnyvale, CA | 4,017 | 10,315 | 8,365 | 4,021 | 18,676 | 22,697 | (12,239) | 1989 | 03/89 | 3-30 | ||||||||||||||||||||||||||||||||||||
Woodland Commons | 302 | Bellevue, WA | 2,040 | 8,727 | 18,174 | 2,044 | 26,897 | 28,941 | (11,363) | 1978 | 03/90 | 3-30 | ||||||||||||||||||||||||||||||||||||
Woodside Village | 145 | Ventura, CA | 5,331 | 21,036 | 3,242 | 5,341 | 24,268 | 29,609 | (7,663) | 1987 | 12/04 | 3-30 | ||||||||||||||||||||||||||||||||||||
29,989 | 1,404,080 | 1,021,942 | 3,474,800 | 863,981 | 1,059,824 | 4,300,898 | 5,360,723 | -1,232,604 | ||||||||||||||||||||||||||||||||||||||||
(Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||||||
Rentable | Initial cost | capitalized | Gross amount carried at close of period | |||||||||||||||||||||||||||||||||||||||||||||
Square | Buildings and | subsequent to | Land and | Buildings and | Accumulated | Date of | Date | Lives | ||||||||||||||||||||||||||||||||||||||||
Property | Footage | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total(1) | depreciation | construction | acquired | (years) | |||||||||||||||||||||||||||||||||||
Other real estate assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Hollywood | 35,000 | Los Angeles, CA | 10,200 | 13,800 | 2,441 | 10,200 | 16,241 | 26,441 | (4,747 | ) | 1938 | 6-Jul | 30-Mar | |||||||||||||||||||||||||||||||||||
Santa Clara Retail | 139,000 | Santa Clara, CA | 6,472 | 11,704 | 3,616 | 6,472 | 15,320 | 21,792 | (2,687 | ) | 1970 | 11-Sep | 30-Mar | |||||||||||||||||||||||||||||||||||
925/935 East Meadow Drive | 31,900 | Palo Alto, CA | 1,401 | 3,172 | 8,006 | 3,147 | 9,433 | 12,579 | (4,561 | ) | 1988 | Nov-97 | 30-Mar | |||||||||||||||||||||||||||||||||||
17461 Derian Ave | 110,000 | Irvine, CA | 3,079 | 12,315 | 6,829 | 3,909 | 18,314 | 22,223 | (10,286 | ) | 1983 | Jul-00 | 30-Mar | |||||||||||||||||||||||||||||||||||
Consolidated Development Pipeline | 10,658 | - | 39,772 | 50,430 | - | 50,430 | - | |||||||||||||||||||||||||||||||||||||||||
Total apartment communities and other real estate assets | $ 1,404,080 | $ | 1,053,752 | $ | 3,515,791 | $ | 924,645 | $ | 1,133,982 | $ | 4,360,205 | $ | 5,494,188 | $ | (1,254,886 | ) | ||||||||||||||||||||||||||||||||
-1 | The aggregate cost for federal income tax purposes is approximately $4.6 billion (unaudited). | |||||||||||||||||||||||||||||||||||||||||||||||
-2 | The land is leased pursuant to a ground lease expiring 2082. | |||||||||||||||||||||||||||||||||||||||||||||||
-3 | The land is leased pursuant to a ground lease expiring 2070. | |||||||||||||||||||||||||||||||||||||||||||||||
-4 | The land is leased pursuant to a ground lease expiring 2027. | |||||||||||||||||||||||||||||||||||||||||||||||
-5 | The land is leased pursuant to a ground lease expiring 2067. | |||||||||||||||||||||||||||||||||||||||||||||||
-6 | A portion of land is leased pursuant to a ground lease expiring in 2028. | |||||||||||||||||||||||||||||||||||||||||||||||
-7 | The land is leased pursuant to a ground lease expiring in 2028. | |||||||||||||||||||||||||||||||||||||||||||||||
A summary of activity for rental properties and accumulated depreciation is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||
Rental properties: | Accumulated depreciation: | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 5,033,672 | $ | 4,313,064 | $ | 3,964,561 | Balance at beginning of year | $ | 1,081,517 | $ | 920,026 | $ | 775,553 | |||||||||||||||||||||||||||||||||||
Improvements | 92,016 | 97,947 | 219,692 | Depreciation expense - Acquisitions | 6,203 | 3,744 | 1,279 | |||||||||||||||||||||||||||||||||||||||||
Acquisition of real estate | 344,476 | 619,743 | 103,300 | Depreciation expense - Discontinued operations | 12,290 | 2,108 | 315 | |||||||||||||||||||||||||||||||||||||||||
Development of real estate | 14,111 | 25,545 | 44,280 | Depreciation expense - Rental properties | 168,092 | 161,492 | 148,337 | |||||||||||||||||||||||||||||||||||||||||
Disposition of real estate | (40,518 | ) | (22,627 | ) | (18,769 | ) | Dispositions | (13,216 | ) | (5,853 | ) | (5,458 | ) | |||||||||||||||||||||||||||||||||||
Balance at the end of year | $ | 5,443,757 | $ | 5,033,672 | $ | 4,313,064 | Balance at the end of year | $ | 1,254,886 | $ | 1,081,517 | $ | 920,026 | |||||||||||||||||||||||||||||||||||
Summary_of_Critical_and_Signif1
Summary of Critical and Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Critical and Significant Accounting Policies [Abstract] | ' | ||||||||||||
Principles of Consolidation | ' | ||||||||||||
(a) Principles of Consolidation | |||||||||||||
The accounts of the Company, its controlled subsidiaries and the variable interest entities (“VIEs”) in which it is the primary beneficiary are consolidated in the accompanying financial statements. All significant inter-company accounts and transactions have been eliminated. Certain reclassifications have been made to conform to the current year’s presentation. | |||||||||||||
Noncontrolling interest includes the 5.4% and 5.5% limited partner interests in the Operating Partnership not held by the Company at December 31, 2013 and 2012, respectively. These percentages include the Operating Partnership’s vested long term incentive plan units (see Note 13). | |||||||||||||
The Company consolidates 19 DownREIT limited partnerships (comprising eleven communities), since the Company is the primary beneficiary of these variable interest entities (“VIEs”). The consolidated total assets and liabilities related to these VIEs, net of intercompany eliminations, were approximately $194.9 million and $178.3 million, respectively, as of December 31, 2013, and $201.1 million and $178.6 million, respectively, as of December 31, 2012. | |||||||||||||
The DownREIT VIEs collectively own eleven apartment communities in which Essex Management Company (“EMC”) is the general partner, the Operating Partnership is a special limited partner, and the other limited partners were granted rights of redemption for their interests. Such limited partners can request to be redeemed and the Company can elect to redeem their rights for cash or by issuing shares of its common stock on a one share per unit basis. Conversion values will be based on the market value of the Company's common stock at the time of redemption multiplied by the number of units stipulated under the above arrangements. The other limited partners receive distributions based on the Company's current dividend rate times the number of units held. Total DownREIT units outstanding were 1,007,879 and 1,039,431 as of December 31, 2013 and 2012 respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled $144.6 million and $152.4 million, as of December 31, 2013 and 2012, respectively. As of December 31, 2013 and 2012, the carrying value of the other limited partners' interests is presented at their historical cost and is classified within noncontrolling interest in the accompanying consolidated balance sheets. | |||||||||||||
Interest holders in VIEs consolidated by the Company are allocated a priority of net income equal to the cash payments made to those interest holders or distributions from cash flow. The remaining results of operations are generally allocated to the Company. | |||||||||||||
As of December 31, 2013 and 2012, the Company did not have any VIE’s of which it was not deemed to be the primary beneficiary. | |||||||||||||
Real Estate Rental Properties | ' | ||||||||||||
(b) Real Estate Rental Properties | |||||||||||||
Significant expenditures, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized. Operating real estate assets are stated at cost and consist of land, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Expenditures for maintenance and repairs are charged to expense as incurred. | |||||||||||||
The depreciable life of various categories of fixed assets is as follows: | |||||||||||||
Computer software and equipment | 3 - 5 years | ||||||||||||
Interior unit improvements | 5 years | ||||||||||||
Land improvements and certain exterior components of real property | 10 years | ||||||||||||
Real estate structures | 30 years | ||||||||||||
The Company capitalizes all costs incurred with the predevelopment, development or redevelopment of real estate assets or are associated with the construction or expansion of real property. Such capitalized costs include land, land improvements, allocated costs of the Company’s project management staff, construction costs, as well as interest and related loan fees, property taxes and insurance. Capitalization begins for predevelopment, development, and redevelopment projects when activity commences. Capitalization ends when the apartment home is completed and the property is available for a new resident or if the development activities are put on hold. | |||||||||||||
The Company allocates the purchase price of real estate to land and building, and identifiable intangible assets, such as the value of above, below and in-place leases. The values of the above and below market leases are amortized and recorded as either a decrease (in the case of above market leases) or an increase (in the case of below market leases) to rental revenue over the remaining term of the associated leases acquired, which in the case of below market leases the Company assumes lessees will elect to renew their leases. The value of acquired in-place leases are amortized to expense over the term the Company expects to retain the acquired tenant, which is generally 20 months. | |||||||||||||
The Company performs the following evaluation for communities acquired: | |||||||||||||
-1 | adjust the purchase price for any fair value adjustments resulting from such things as assumed debt or contingencies; | ||||||||||||
-2 | estimate the value of the real estate “as if vacant” as of the acquisition date; | ||||||||||||
-3 | allocate that value among land and buildings; | ||||||||||||
-4 | compute the value of the difference between the “as if vacant” value and the adjusted purchase price, which will represent the total intangible assets; | ||||||||||||
-5 | compute the value of the above and below market leases and determine the associated life of the above market/ below market leases; | ||||||||||||
-6 | compute the value of the in-place leases and customer relationships, if any, and the associated lives of these assets. | ||||||||||||
Whenever events or changes in circumstances indicate that the carrying amount of a property held for investment or held for sale may not be fully recoverable, the carrying amount will be evaluated for impairment. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount (including intangible assets) of a property held for investment, then the Company will recognize an impairment loss equal to the excess of the carrying amount over the fair value of the property. Fair value of a property is determined using conventional real estate valuation methods, such as discounted cash flow, the property’s unleveraged yield in comparison to the unleveraged yields and sales prices of similar communities that have been recently sold, and other third party information, if available. Communities held for sale are carried at the lower of cost and fair value less estimated costs to sell. As of December 31, 2013 and 2012, no communities were classified as held for sale and no impairment charges were recorded in 2013, 2012 or 2011. | |||||||||||||
In the normal course of business, the Company will receive purchase offers for its communities, either solicited or unsolicited. For those offers that are accepted, the prospective buyer will usually require a due diligence period before consummation of the transaction. It is not unusual for matters to arise that result in the withdrawal or rejection of the offer during this process. The Company classifies real estate as "held for sale" when all criteria under the accounting standard for the disposals of long-lived assets have been met. In accordance with the standard, the Company presents income and gains/losses on communities sold or held for sale as discontinued operations. The Company’s equity in income or loss from real estate investments accounted for under the equity method of accounting remain classified in continuing operations upon disposition. (See Note 6 for a description of the Company’s discontinued operations for 2013, 2012, and 2011). | |||||||||||||
Co-investments | ' | ||||||||||||
(c) Co-investments | |||||||||||||
The Company owns investments in joint ventures (“co-investments”) in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with the accounting standards. Therefore, the Company accounts for these investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company’s equity in earnings less distributions received and the Company’s share of losses. | |||||||||||||
A majority of the co-investments, excluding the preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote distributions if certain financial return benchmarks are achieved. Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible. Any promote fees are reflected in equity income (loss) from co-investments. | |||||||||||||
Revenues and Gains on Sale of Real Estate | ' | ||||||||||||
(d) Revenues and Gains on Sale of Real Estate | |||||||||||||
Revenues from tenants renting or leasing apartment units are recorded when due from tenants and are recognized monthly as they are earned, which is not materially different than on a straight-line basis. Units are rented under short-term leases (generally, lease terms of 6 to 12 months) and may provide no rent for one or two months, depending on the market conditions and leasing practices of the Company’s competitors in each sub-market at the time the leases are executed. Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. | |||||||||||||
The Company recognizes gains on sales of real estate when a contract is in place, a closing has taken place, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property and the Company does not have a substantial continuing involvement in the property. | |||||||||||||
Cash Equivalents and Restricted Cash | ' | ||||||||||||
(e) Cash Equivalents and Restricted Cash | |||||||||||||
Highly liquid investments with original maturities of three months or less when purchased are classified as cash equivalents. Restricted cash balances relate primarily to reserve requirements for capital replacement at certain communities in connection with the Company’s mortgage debt. | |||||||||||||
Marketable Securities | ' | ||||||||||||
(f) Marketable Securities | |||||||||||||
The Company reports its available for sale securities at fair value, based on quoted market prices (Level 2 for the unsecured bonds and Level 1 for the common stock and investment funds, as defined by the Financial Accounting Standards Board (“FASB”) standard for fair value measurements as discussed later in Note 2), and any unrealized gain or loss is recorded as other comprehensive income (loss). There were no other than temporary impairment charges for the years ended December 31, 2013, 2012, and 2011. Realized gains and losses, interest income, and amortization of purchase discounts are included in interest and other income on the consolidated statement of operations. | |||||||||||||
As of December 31, 2013 and 2012, marketable securities consisted primarily of investment-grade unsecured bonds, common stock, investments in mortgage backed securities and investment funds that invest in U.S. treasury or agency securities. As of December 31, 2013 and 2012, the Company classified its investments in mortgage backed securities, which mature in November 2019 and September 2020, as held to maturity, and accordingly, these securities are stated at their amortized cost. The discount on the mortgage backed securities is being amortized to interest income based on an estimated yield and the maturity date of the securities. | |||||||||||||
As of December 31, 2013 and 2012 marketable securities consist of the following ($ in thousands): | |||||||||||||
31-Dec-13 | |||||||||||||
Gross | |||||||||||||
Amortized | Unrealized | Carrying | |||||||||||
Cost | Gain (Loss) | Value | |||||||||||
Available for sale: | |||||||||||||
Investment-grade unsecured bonds | $ | 15,466 | $ | 509 | $ | 15,955 | |||||||
Investment funds - US treasuries | 3,675 | 3 | 3,678 | ||||||||||
Common stock | 13,104 | (1,304 | ) | 11,800 | |||||||||
Held to maturity: | |||||||||||||
Mortgage backed securities | 58,651 | - | 58,651 | ||||||||||
Total | $ | 90,876 | $ | (792 | ) | $ | 90,084 | ||||||
31-Dec-12 | |||||||||||||
Gross | |||||||||||||
Amortized | Unrealized | Carrying | |||||||||||
Cost | Gain | Value | |||||||||||
Available for sale: | |||||||||||||
Investment-grade unsecured bonds | $ | 15,475 | $ | 826 | $ | 16,301 | |||||||
Investment funds - US treasuries | 3,788 | 1 | 3,789 | ||||||||||
Common stock | 18,917 | 1,704 | 20,621 | ||||||||||
Held to maturity: | |||||||||||||
Mortgage backed securities | 52,002 | - | 52,002 | ||||||||||
Total | $ | 90,182 | $ | 2,531 | $ | 92,713 | |||||||
The Company uses the specific identification method to determine the cost basis of a security sold and to reclassify amounts from accumulated other comprehensive income for securities sold. For the years ended December 31, 2013, 2012 and 2011, the proceeds from sales of available for sale securities totaled $24.2 million, $61.7 million and $33.0 million, respectively. These sales all resulted in gains, which totaled $1.8 million, $0.8 million and $5.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Notes Receivable | ' | ||||||||||||
(g) Notes Receivable | |||||||||||||
Notes receivable relate to real estate financing arrangements including mezzanine and bridge loans and are secured by real estate. Interest is recognized over the life of the note. | |||||||||||||
Each note is analyzed to determine if it is impaired. A note is impaired if it is probable that the Company will not collect all contractually due principal and interest. The Company does not accrue interest when a note is considered impaired and an allowance is recorded for any principal and previously accrued interest that are not believed to be collectable. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income. As of December 31, 2013 and 2012, no notes were impaired. | |||||||||||||
Capitalization Policy | ' | ||||||||||||
(h) Capitalization Policy | |||||||||||||
The Company capitalizes all direct and certain indirect costs, including interest, real estate taxes and insurance, incurred during development and redevelopment activities. Interest is capitalized on real estate assets that require a period of time to get them ready for their intended use. The amount of interest capitalized is based upon the average amount of accumulated development expenditures during the reporting period. Included in capitalized costs are management’s estimates of the direct and incremental personnel costs and indirect project costs associated with the Company's development and redevelopment activities. Indirect project costs consist primarily of personnel costs associated with construction administration and development, including accounting, legal fees, and various office costs that clearly relate to projects under development. The Company’s capitalized internal costs related to development and redevelopment projects totaled $7.5 million, $6.2 million and $4.3 million for the years ended December 31, 2013, 2012 and 2011, respectively, most of which relates to development projects. These totals include capitalized salaries of $2.6 million, $2.4 million and $2.2 million, for the years ended December 31, 2013, 2012 and 2011, respectively. The Company capitalizes leasing commissions 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 | ' | ||||||||||||
(i) Fair Value of Financial Instruments | |||||||||||||
The Company values its financial instruments based on the fair value hierarchy of valuation techniques described in the FASB’s accounting standard for fair value measurements. Level 1 inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability. The Company uses Level 1 inputs for the fair values of its cash equivalents and its marketable securities except for unsecured bonds and mortgage backed securities. The Company uses Level 2 inputs for its investments in unsecured bonds, notes receivable, notes payable, and derivative liabilities. These inputs include interest rates for similar financial instruments. The Company’s valuation methodology for derivatives is described in Note 9. The Company uses Level 3 inputs to estimate the fair value of its mortgage backed securities. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||||||||||||
Management believes that the carrying amounts of the outstanding balances under its lines of credit and notes and other receivables approximate fair value as of December 31, 2013 and 2012, because interest rates, yields and other terms for these instruments are consistent with yields and other terms currently available for similar instruments. Management has estimated that the fair value of the Company’s $2.30 billion and $2.13 billion of fixed rate debt at December 31, 2013 and 2012, respectively, to be $2.33 billion and $2.24 billion. Management has estimated the fair value of the Company’s $737.0 million and $692.9 million of variable rate debt at December 31, 2013 and 2012, respectively, is $719.4 million and $671.7 million based on the terms of the Company’s existing variable rate debt compared to those available in the marketplace. Management believes that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payable, other liabilities and dividends payable approximate fair value as of December 31, 2013 and 2012 due to the short-term maturity of these instruments. Marketable securities and derivative liabilities are carried at fair value as of December 31, 2013 and 2012. | |||||||||||||
At December 31, 2013, the Company’s investments in mortgage backed securities had a carrying value of $58.7 million and the Company estimated the fair value to be approximately $86.2 million. At December 31, 2012, the estimated fair values of the mortgage backed securities were approximately equal to the carrying values. The Company determines the fair value of the mortgage backed securities based on unobservable inputs (level 3 of the fair value hierarchy) considering the assumptions that market participants would make in valuing these securities. Assumptions such as estimated default rates and discount rates are used to determine expected, discounted cash flows to estimate the fair value. | |||||||||||||
Interest Rate Protection, Swap, and Forward Contracts | ' | ||||||||||||
(j) Interest Rate Protection, Swap, and Forward Contracts | |||||||||||||
The Company uses interest rate swaps, interest rate cap contracts, and forward starting swaps to manage interest rate risks. The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, the Company primarily used interest rate swaps and interest rate forward-starting swaps as part of its cash flow hedging strategy. The Company was hedging its exposure to the variability in future cash flows for a portion of its forecasted transactions. | |||||||||||||
As of December 31, 2013 and 2012, there were no outstanding forward starting swaps. The Company records all derivatives on its consolidated balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. | |||||||||||||
For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the initial and ongoing effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. | |||||||||||||
For derivatives not designated as cash flow hedges, changes in fair value are recognized in earnings. All of the Company’s interest rate swaps and interest rate caps are considered cash flow hedges except for the swap related to the multifamily revenue refunding bonds for the 101 San Fernando community that was terminated in 2012 as described in detail in Note 9. The Company did not have any fair value hedges during the years end December 31, 2013, 2012 and 2011. | |||||||||||||
Deferred Charges | ' | ||||||||||||
(k) Deferred Charges | |||||||||||||
Deferred charges are principally comprised of loan fees and related costs which are amortized over the terms of the related borrowing in a manner which approximates the effective interest method. | |||||||||||||
Income Taxes | ' | ||||||||||||
(l) Income Taxes | |||||||||||||
Generally in any year in which the Company 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, 2013 as the Company 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 the Company from paying federal income tax. | |||||||||||||
In order to maintain compliance with REIT tax rules, the Company utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Company. The activities and tax related provisions, assets and liabilities are not material. | |||||||||||||
As a partnership, the Operating Partnership is not subject to federal or state income taxes except that in order to maintain ESS's compliance with REIT tax rules that are applicable to ESS, the Operating Partnership utilizes taxable REIT subsidiaries for various revenue generating or investng activities. The taxable REIT subsidiaries are consolidated by the Operating Partnership. | |||||||||||||
The status of cash dividends distributed for the years ended December 31, 2013, 2012, and 2011 related to common stock, Series F, Series G, and Series H preferred stock are classified for tax purposes as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Common Stock | |||||||||||||
Ordinary income | 77.34 | % | 70.58 | % | 63.68 | % | |||||||
Capital gain | 17.64 | % | 8.75 | % | 11.16 | % | |||||||
Unrecaptured section 1250 capital gain | 5.02 | % | 7.97 | % | 0.74 | % | |||||||
Return of capital | 0 | % | 12.7 | % | 24.42 | % | |||||||
100 | % | 100 | % | 100 | % | ||||||||
2013 | 2012 | 2011 | |||||||||||
Series F, G, and H Preferred stock | |||||||||||||
Ordinary income | 77.34 | % | 80.85 | % | 100 | % | |||||||
Capital gains | 17.64 | % | 10.02 | % | 0 | % | |||||||
Unrecaptured section 1250 capital gain | 5.02 | % | 9.13 | % | 0 | % | |||||||
100 | % | 100 | % | 100 | % | ||||||||
Preferred Stock | ' | ||||||||||||
(m) Preferred Stock | |||||||||||||
The Company’s Series G Cumulative Convertible Preferred Stock (“Series G Preferred Stock”) contains fundamental change provisions that allow the holder to redeem the preferred stock for cash if certain events occur. The redemption under these provisions is not solely within the Company’s control, thus the Company has classified the Series G Preferred Stock as temporary equity in the accompanying consolidated balance sheets as of December 31, 2013 and 2012. | |||||||||||||
Equity-based Compensation | ' | ||||||||||||
(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 13) are being amortized over the expected service periods. | |||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss), Net by Component | ' | ||||||||||||
(o) Changes in Accumulated Other Comprehensive Loss Component | |||||||||||||
Essex Property Trust, Inc. | |||||||||||||
Unrealized | |||||||||||||
gains/(losses) on | |||||||||||||
Change in fair | available for sale | ||||||||||||
value and amortization | |||||||||||||
of derivatives | securities | Total | |||||||||||
Balance at December 31, 2012, net of noncontrolling interest | $ | (71,658 | ) | $ | 2,397 | $ | (69,261 | ) | |||||
Other comprehensive income (loss) before reclassification | 3,468 | (1,472 | ) | 1,996 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 8,466 | (1,673 | ) | 6,793 | |||||||||
Net other comprehensive income (loss) | 11,934 | (3,145 | ) | 8,789 | |||||||||
Balance at December 31, 2013 | $ | (59,724 | ) | $ | (748 | ) | $ | (60,472 | ) | ||||
Essex Portfolio, L.P. | |||||||||||||
Unrealized | |||||||||||||
gains/(losses) on | |||||||||||||
Change in fair | available for sale | ||||||||||||
value and amortization | |||||||||||||
of derivatives | securities | Total | |||||||||||
Balance at December 31, 2012, net of noncontrolling interest | $ | (70,762 | ) | $ | 2,531 | $ | (68,231 | ) | |||||
Other comprehensive income (loss) before reclassification | 4,148 | (1,556 | ) | 2,592 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 8,466 | (1,767 | ) | 6,699 | |||||||||
Net other comprehensive income (loss) | 12,614 | (3,323 | ) | 9,291 | |||||||||
Balance at December 31, 2013 | $ | (58,148 | ) | $ | (792 | ) | $ | (58,940 | ) | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net in connection with derivatives are recorded to interest expense before amortization on the consolidated statement of operations. Realized gains and losses on available for sale securities are included in interest and other income on the consolidated statement of operations. | |||||||||||||
Accounting Estimates | ' | ||||||||||||
(p) Accounting Estimates | |||||||||||||
The preparation of consolidated financial statements, in accordance with U.S. generally accepted accounting principles (“GAAP”), requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, its notes receivable and its qualification as a REIT. The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions. |
Summary_of_Critical_and_Signif2
Summary of Critical and Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Critical and Significant Accounting Policies [Abstract] | ' | ||||||||||||
Depreciable life of various categories of fixed assets | ' | ||||||||||||
The depreciable life of various categories of fixed assets is as follows: | |||||||||||||
Computer software and equipment | 3 - 5 years | ||||||||||||
Interior unit improvements | 5 years | ||||||||||||
Land improvements and certain exterior components of real property | 10 years | ||||||||||||
Real estate structures | 30 years | ||||||||||||
Components of Marketable Securities | ' | ||||||||||||
As of December 31, 2013 and 2012 marketable securities consist of the following ($ in thousands): | |||||||||||||
31-Dec-13 | |||||||||||||
Gross | |||||||||||||
Amortized | Unrealized | Carrying | |||||||||||
Cost | Gain (Loss) | Value | |||||||||||
Available for sale: | |||||||||||||
Investment-grade unsecured bonds | $ | 15,446 | $ | 509 | $ | 15,955 | |||||||
Investment funds - US treasuries | 3,675 | 3 | 3,678 | ||||||||||
Common stock | 13,104 | (1,304 | ) | 11,800 | |||||||||
Held to maturity: | |||||||||||||
Mortgage backed securities | 58,651 | - | 58,651 | ||||||||||
Total | $ | 90,876 | $ | (792 | ) | $ | 90,084 | ||||||
31-Dec-12 | |||||||||||||
Gross | |||||||||||||
Amortized | Unrealized | Carrying | |||||||||||
Cost | Gain | Value | |||||||||||
Available for sale: | |||||||||||||
Investment-grade unsecured bonds | $ | 15,475 | $ | 826 | $ | 16,301 | |||||||
Investment funds - US treasuries | 3,788 | 1 | 3,789 | ||||||||||
Common stock | 18,917 | 1,704 | 20,621 | ||||||||||
Held to maturity: | |||||||||||||
Mortgage backed securities | 52,002 | - | 52,002 | ||||||||||
Total | $ | 90,182 | $ | 2,531 | $ | 92,713 | |||||||
Status of cash dividends distributed | ' | ||||||||||||
The status of cash dividends distributed for the years ended December 31, 2013, 2012, and 2011 related to common stock, Series F, Series G, and Series H preferred stock are classified for tax purposes as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Common Stock | |||||||||||||
Ordinary income | 77.34 | % | 70.58 | % | 63.68 | % | |||||||
Capital gain | 17.64 | % | 8.75 | % | 11.16 | % | |||||||
Unrecaptured section 1250 capital gain | 5.02 | % | 7.97 | % | 0.74 | % | |||||||
Return of capital | 0 | % | 12.7 | % | 24.42 | % | |||||||
100 | % | 100 | % | 100 | % | ||||||||
2013 | 2012 | 2011 | |||||||||||
Series F, G, and H Preferred stock | |||||||||||||
Ordinary income | 77.34 | % | 80.85 | % | 100 | % | |||||||
Capital gains | 17.64 | % | 10.02 | % | 0 | % | |||||||
Unrecaptured section 1250 capital gain | 5.02 | % | 9.13 | % | 0 | % | |||||||
100 | % | 100 | % | 100 | % | ||||||||
Changes in Accumulated Other Comprehensive Income (Loss), Net by Component | ' | ||||||||||||
Essex Property Trust, Inc. | |||||||||||||
Unrealized | |||||||||||||
gains/(losses) on | |||||||||||||
Change in fair | available for sale | ||||||||||||
value and amortization | |||||||||||||
of derivatives | securities | Total | |||||||||||
Balance at December 31, 2012, net of noncontrolling interest | $ | (71,658 | ) | $ | 2,397 | $ | (69,261 | ) | |||||
Other comprehensive income (loss) before reclassification | 3,468 | (1,472 | ) | 1,996 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 8,466 | (1,673 | ) | 6,793 | |||||||||
Net other comprehensive income (loss) | 11,934 | (3,145 | ) | 8,789 | |||||||||
Balance at December 31, 2013, net of noncontrolling interest | $ | (59,724 | ) | $ | (748 | ) | $ | (60,472 | ) | ||||
Essex Portfolio, L.P. [Member] | ' | ||||||||||||
Summary of Critical and Significant Accounting Policies [Abstract] | ' | ||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss), Net by Component | ' | ||||||||||||
Essex Portfolio, L.P. | |||||||||||||
Unrealized | |||||||||||||
gains/(losses) on | |||||||||||||
Change in fair | available for sale | ||||||||||||
value and amortization | |||||||||||||
of derivatives | securities | Total | |||||||||||
Balance at December 31, 2012 | $ | (70,762 | ) | $ | 2,531 | $ | (68,231 | ) | |||||
Other comprehensive income (loss) before reclassification | 4,148 | (1,556 | ) | 2,592 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 8,466 | (1,767 | ) | 6,699 | |||||||||
Net other comprehensive income (loss) | 12,614 | (3,323 | ) | 9,291 | |||||||||
Balance at December 31, 2013 | $ | (58,148 | ) | $ | (792 | ) | $ | (58,940 | ) |
Real_Estate_Investments_Tables
Real Estate Investments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Real Estate Investments [Abstract] | ' | ||||||||||||
Summary of Co Investment | ' | ||||||||||||
The carrying values of the Company’s co-investments, all accounted for under the equity method of accounting as of December 31, 2013 and 2012 are as follows ($ in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Membership interest in Wesco I | $ | 142,025 | $ | 143,874 | |||||||||
Membership interest in Wesco III | 39,073 | 9,941 | |||||||||||
Partnership interest in Fund II | 4,166 | 53,601 | |||||||||||
Membership interest in a limited liability company that owns Expo | 12,041 | 18,752 | |||||||||||
Total operating co-investments | 197,305 | 226,168 | |||||||||||
Membership interests in limited liability companies with CPPIB that own and are developing Epic, Connolly Station, Mosso I & II, Park 20 (fka Elkhorn) and The Village | 301,538 | 186,362 | |||||||||||
Membership interests in limited liability companies that own and are developing The Huxley and The Dylan | 18,545 | 16,552 | |||||||||||
Membership interest in a limited liability company that owns and is developing One South Market | 17,115 | - | |||||||||||
Total development co-investments | 337,198 | 202,914 | |||||||||||
Membership interest in Wesco II that owns a preferred equity interest in Parkmerced with a preferred return of 10.1% | 94,711 | 91,843 | |||||||||||
Preferred interest in related party limited liability company that owns Sage at Cupertino with a preferred return of 9.5% | 15,775 | 14,438 | |||||||||||
Preferred interest in a related party limited liability company that owns Madison Park at Anaheim with a preferred return of 9% | 13,824 | 13,175 | |||||||||||
Preferred interest in related party limited liability company that owns an apartment development in Redwood City with a preferred return of 12% | 9,455 | - | |||||||||||
Preferred interest in a limited liability company that owns an apartment development in San Jose with a preferred return of 12% | 8,865 | - | |||||||||||
Preferred interests in limited liability companies that own apartment communities in downtown Los Angeles with preferred returns of 9% and 10% repaid in 2013 | - | 22,807 | |||||||||||
Total preferred interest investments | 142,630 | 142,263 | |||||||||||
Total co-investments | $ | 677,133 | $ | 571,345 | |||||||||
Summarized Financial Statement for Co Investment Accounted for Under the Equity Method | ' | ||||||||||||
The combined summarized financial information of co-investments, which are accounted for under the equity method, is as follows ($ in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Balance sheets: | |||||||||||||
Rental properties and real estate under development | $ | 1,953,328 | $ | 1,745,147 | |||||||||
Other assets | 61,578 | 168,061 | |||||||||||
Total assets | $ | 2,014,906 | $ | 1,913,208 | |||||||||
Debt | $ | 667,641 | $ | 820,895 | |||||||||
Other liabilities | 125,479 | 91,922 | |||||||||||
Equity | 1,221,786 | 1,000,391 | |||||||||||
Total liabilities and partners' equity | $ | 2,014,906 | $ | 1,913,208 | |||||||||
Company's share of equity | $ | 677,133 | $ | 571,345 | |||||||||
Years ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statements of operations: | |||||||||||||
Property revenues | $ | 100,402 | $ | 130,128 | $ | 106,386 | |||||||
Property operating expenses | (37,518 | ) | (55,990 | ) | (43,066 | ) | |||||||
Net operating income | 62,884 | 74,138 | 63,320 | ||||||||||
Gain on sale of real estate | 146,758 | 106,016 | - | ||||||||||
Interest expense | (24,155 | ) | (34,959 | ) | (27,843 | ) | |||||||
General and administrative | (5,344 | ) | (3,697 | ) | (1,748 | ) | |||||||
Depreciation and amortization | (36,831 | ) | (47,917 | ) | (44,412 | ) | |||||||
Net income (loss) | $ | 143,312 | $ | 93,581 | $ | (10,683 | ) | ||||||
Company's share of net income (loss) | $ | 55,865 | $ | 41,745 | $ | (467 | ) |
Notes_and_Other_Receivables_Ta
Notes and Other Receivables (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Notes and Other Receivables [Abstract] | ' | ||||||||
Notes and Other Receivables | ' | ||||||||
Notes receivables, secured by real estate, and other receivables consist of the following as December 31, 2013 and 2012 ($ in thousands): | |||||||||
2013 | 2012 | ||||||||
Note receivable, secured, bearing interest at 4.0%, due December 2014 (1) | $ | 3,212 | $ | 3,212 | |||||
Notes and other receivables from affiliates (2) | 60,968 | 28,896 | |||||||
Other receivables | 4,075 | 3,785 | |||||||
Note receivable, secured, bearing interest at 8.0%, paid in full May 2013 | - | 971 | |||||||
Note receivable, secured, bearing interest at 8.8%, paid in full March 2013 | - | 10,800 | |||||||
Note receivable, secured, effective interest at 9.6%, paid in full March 2013 | - | 18,499 | |||||||
$ | 68,255 | $ | 66,163 | ||||||
-1 | The borrower funds an impound account for capital replacement. | ||||||||
-2 | During the second quarter of 2013, the Company provided a short-term bridge loans to Fund II $42.4 million at a rate of LIBOR + 1.75%. In July 2013, Fund II repaid the Company for $42.4 million in short term loans. The Company has provided two bridge loans totaling $56.8 million to Wesco III at a rate of LIBOR + 2.50%, permanent financing is expected to be placed on the Gas Company Lofts and Regency at Mt. View by the end of Q1 2014. In January 2014, WESCO III repaid the loan on Gas Company Lofts. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations [Abstract] | ' | ||||||||||||
Schedule of Components from Discontinued Operations | ' | ||||||||||||
The Company has recorded the gains on sales and operations for these various assets sold described above as part of discontinued operations in the accompanying consolidated statements of operations. The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets, as described above ($ in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | $ | 4,454 | $ | 5,848 | $ | 9,133 | |||||||
Property operating expenses | (1,406 | ) | (2,181 | ) | (3,584 | ) | |||||||
Depreciation and amortization | (1,098 | ) | (1,513 | ) | (2,534 | ) | |||||||
Expenses | (2,504 | ) | (3,694 | ) | (6,118 | ) | |||||||
Operating income from real estate sold | 1,950 | 2,154 | 3,015 | ||||||||||
Gain on sale of real estate | 29,223 | 10,870 | 8,382 | ||||||||||
Internal disposition costs | - | (1,087 | ) | (839 | ) | ||||||||
Income from discontinued operations | $ | 31,173 | $ | 11,937 | $ | 10,558 |
Mortgage_Notes_Payable_Tables
Mortgage Notes Payable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Mortgage Notes Payable [Abstract] | ' | ||||||||
Mortgages notes payable | ' | ||||||||
ESS does not have any indebtedness as all debt is incurred by the Operating Partnership. Mortgage notes payable consist of the following as of December 31, 2013 and 2012 ($ in thousands): | |||||||||
2013 | 2012 | ||||||||
Fixed rate mortgage notes payable | $ | 1,236,479 | $ | 1,363,731 | |||||
Variable rate mortgage notes payable(1) | 167,601 | 201,868 | |||||||
$ | 1,404,080 | $ | 1,565,599 | ||||||
Number of properties securing mortgage notes | 49 | 55 | |||||||
Remaining terms | 1-26 years | 1-27 years | |||||||
Weighted average interest rate | 5.6 | % | 5.4 | % | |||||
-1 | Variable rate mortgage notes payable consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 1.6% at December 2013 and 1.9% at December 2012) plus credit enhancement and underwriting fees ranging from approximately 1.2% to 1.9%. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the units are subject to tenant income criteria. Principal balances are due in full at various maturity dates from May 2025 through December 2039. Of these bonds $156.9 million are subject to various interest rate cap agreements which limit the maximum interest rate to such bonds. | ||||||||
Aggregate scheduled principal payments of mortgage notes payable | ' | ||||||||
The aggregate scheduled principal payments of mortgage notes payable at December 31, 2013 are as follows ($ in thousands): | |||||||||
2014 | $ | - | |||||||
2015 | 67,461 | ||||||||
2016 | 12,390 | ||||||||
2017 | 182,731 | ||||||||
2018 | 271,156 | ||||||||
Thereafter | 870,342 | ||||||||
$ | 1,404,080 | ||||||||
-1 | Variable rate mortgage notes payable consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 1.6% at December 2013 and 1.9% at December 2012) plus credit enhancement and underwriting fees ranging from approximately 1.2% to 1.9%. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the units are subject to tenant income criteria. Principal balances are due in full at various maturity dates from May 2025 through December 2039. Of these bonds $156.9 million are subject to various interest rate cap agreements which limit the maximum interest rate to such bonds. |
Unsecured_Debt_and_Lines_of_Cr1
Unsecured Debt and Lines of Credit (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Unsecured Debt and Lines of Credit [Abstract] | ' | ||||||||||||||||
Schedule of unsecured debt and lines of credit | ' | ||||||||||||||||
Unsecured debt and lines of credit consist of the following as of December 31, 2013 and 2012 ($ in thousands): | |||||||||||||||||
Weighted Average | |||||||||||||||||
Maturity | |||||||||||||||||
2013 | 2012 | In Years | |||||||||||||||
Bonds private placement - fixed rate | $ | 465,000 | $ | 465,000 | 5.2 | ||||||||||||
Term loan - variable rate | 350,000 | 350,000 | 3.2 | ||||||||||||||
Bonds public offering - fixed rate | 595,023 | 297,084 | 9 | ||||||||||||||
Unsecured debt | 1,410,023 | 1,112,084 | |||||||||||||||
Lines of credit | 219,421 | 141,000 | 4.3 | ||||||||||||||
Total unsecured debt | $ | 1,629,444 | $ | 1,253,084 | |||||||||||||
Weighted average interest rate on fixed rate unsecured bonds | 4 | % | 4.2 | % | |||||||||||||
Weighted average interest rate on variable rate term loan | 2.5 | % | 2.7 | % | |||||||||||||
Weighted average interest rate on line of credit | 2.2 | % | 2.3 | % | |||||||||||||
Summary of unsecured private placement bonds | ' | ||||||||||||||||
The following is a summary of the Company’s unsecured private placement bonds as of December 31, 2013 and 2012 ($ in thousands): | |||||||||||||||||
Coupon | |||||||||||||||||
Maturity | 2013 | 2012 | Rate | ||||||||||||||
Senior unsecured private placement notes | Mar-16 | $ | 150,000 | $ | 150,000 | 4.36 | % | ||||||||||
Senior unsecured private placement notes | Sep-17 | 40,000 | 40,000 | 4.5 | % | ||||||||||||
Senior unsecured private placement notes | Dec-19 | 75,000 | 75,000 | 4.92 | % | ||||||||||||
Senior unsecured private placement notes | Apr-21 | 100,000 | 100,000 | 4.27 | % | ||||||||||||
Senior unsecured private placement notes | Jun-21 | 50,000 | 50,000 | 4.3 | % | ||||||||||||
Senior unsecured private placement notes | Aug-21 | 50,000 | 50,000 | 4.37 | % | ||||||||||||
$ | 465,000 | $ | 465,000 |
Lease_Agreements_Tables
Lease Agreements (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Lease Agreements [Abstract] | ' | ||||
Future minimum non-cancelable base rent under operating leases | ' | ||||
As of December 31, 2013 the Company is a lessor for three commercial buildings and the commercial portions of 20 mixed use communities. The tenants’ lease terms expire at various times through 2028. The future minimum non-cancelable base rent to be received under these operating leases for each of the years ending after December 31 is summarized as follows ($ in thousands): | |||||
Future | |||||
Minimum | |||||
Rent | |||||
2014 | $ | 8,624 | |||
2015 | 7,104 | ||||
2016 | 4,908 | ||||
2017 | 4,158 | ||||
2018 | 3,613 | ||||
Thereafter | 15,271 | ||||
$ | 43,678 |
Equity_Transactions_Tables
Equity Transactions (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Equity Transactions [Abstract] | ' | ||||||||||||||
Cumulative preferred securities outstanding | ' | ||||||||||||||
As of December 31, 2013 and 2012, the Company has the following cumulative preferred securities outstanding: | |||||||||||||||
Shares | Shares | Liquidation | |||||||||||||
Description | Issue Date | Authorized | Outstanding | Preference | |||||||||||
4.875% Series G | Jul-06 | 5,980,000 | 178,249 | $ | 4,456 | ||||||||||
7.125% Series H | Apr-11 | 8,000,000 | 2,950,000 | $ | 73,750 |
Net_Income_Per_Common_Share_an1
Net Income Per Common Share and Net Income Per Common Unit (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Net Income Per Share and Net Income Per Unit [Line Items] | ' | ||||||||||||||||||||||||||||||||||||
Net Income Per Common Share and Net Income Per Unit | ' | ||||||||||||||||||||||||||||||||||||
Essex Property Trust, Inc. | |||||||||||||||||||||||||||||||||||||
Basic and diluted income from continuing and discontinued operations per share is calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts): | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Weighted- | Per | Weighted- | Per | Weighted- | Per | ||||||||||||||||||||||||||||||||
average | Common | average | Common | average | Common | ||||||||||||||||||||||||||||||||
Common | Share | Common | Share | Common | Share | ||||||||||||||||||||||||||||||||
Income | Shares | Amount | Income | Shares | Amount | Income | Shares | Amount | |||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||||
Income from continuing operations available to common stockholders | $ | 121,324 | 37,248,960 | $ | 3.26 | $ | 108,532 | 35,032,491 | $ | 3.1 | $ | 30,570 | 32,541,792 | $ | 0.94 | ||||||||||||||||||||||
Income from discontinued operations available to common stockholders | 29,487 | 37,248,960 | 0.79 | 11,280 | 35,032,491 | 0.32 | 9,798 | 32,541,792 | 0.3 | ||||||||||||||||||||||||||||
$ | 150,811 | $ | 4.05 | $ | 119,812 | $ | 3.42 | $ | 40,368 | $ | 1.24 | ||||||||||||||||||||||||||
Effect of Dilutive Securities (1) | - | 86,335 | - | 92,430 | - | 86,922 | |||||||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||||
Income from continuing operations available to common stockholders (1) | $ | 121,324 | 37,335,295 | $ | 3.25 | $ | 108,532 | 35,124,921 | $ | 3.09 | $ | 30,570 | 32,628,714 | $ | 0.94 | ||||||||||||||||||||||
Income from discontinued operations available to common stockholders | 29,487 | 37,335,295 | 0.79 | 11,280 | 35,124,921 | 0.32 | 9,798 | 32,628,714 | 0.3 | ||||||||||||||||||||||||||||
$ | 150,811 | $ | 4.04 | $ | 119,812 | $ | 3.41 | $ | 40,368 | $ | 1.24 | ||||||||||||||||||||||||||
-1 | Weighted average convertible limited partnership units of 2,131,425, 2,219,046, and 2,231,807, which include vested Series Z and Series Z-1 incentive units, for the years ended December 31, 2013, 2012 and 2011, respectively, were not included in the determination of diluted earnings per share calculation because they were anti-dilutive. The Company has the ability to redeem DownREIT limited partnership units for cash and does not consider them to be potentially dilutive securities. | ||||||||||||||||||||||||||||||||||||
Stock options of 168,325; 263,613; and 175,500; for the years ended December 31, 2013, 2012, and 2011, respectively, were not included in the diluted earnings per share calculation because the exercise price of these options were greater than the average market price of the common shares for the years ended and, therefore, were anti-dilutive. | |||||||||||||||||||||||||||||||||||||
All shares of cumulative convertible Series G preferred stock have been excluded from diluted earnings per share for the years ended 2013, 2012, and 2011 respectively, as the effect was anti-dilutive. | |||||||||||||||||||||||||||||||||||||
Essex Portfolio, L.P. [Member] | ' | ||||||||||||||||||||||||||||||||||||
Net Income Per Share and Net Income Per Unit [Line Items] | ' | ||||||||||||||||||||||||||||||||||||
Net Income Per Common Share and Net Income Per Unit | ' | ||||||||||||||||||||||||||||||||||||
Essex Portfolio, L.P. | |||||||||||||||||||||||||||||||||||||
Basic and diluted income from continuing and discontinued operations per unit is calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts): | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Weighted- | Per | Weighted- | Per | Weighted- | Per | ||||||||||||||||||||||||||||||||
average | Common | average | Common | average | Common | ||||||||||||||||||||||||||||||||
Common | Unit | Common | Unit | Common | Unit | ||||||||||||||||||||||||||||||||
Income | Units | Amount | Income | Units | Amount | Income | Units | Amount | |||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||||
Income from continuing operations available to common unitholders | $ | 128,576 | 39,380,385 | $ | 3.27 | $ | 115,834 | 37,251,537 | $ | 3.11 | $ | 33,035 | 34,773,599 | $ | 0.95 | ||||||||||||||||||||||
Income from discontinued operations | 31,173 | 39,380,385 | 0.79 | 11,937 | 37,251,537 | 0.32 | 10,558 | 34,773,599 | 0.3 | ||||||||||||||||||||||||||||
Income available to common unitholders | $ | 159,749 | $ | 4.06 | $ | 127,771 | $ | 3.43 | $ | 43,593 | $ | 1.25 | |||||||||||||||||||||||||
Effect of Dilutive Securities (1) | - | 86,335 | - | 92,430 | - | 67,319 | |||||||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||||
Income from continuing operations available to common unitholders (1) | $ | 128,576 | 39,466,720 | $ | 3.26 | $ | 115,834 | 37,343,967 | $ | 3.1 | $ | 33,035 | 34,860,521 | $ | 0.95 | ||||||||||||||||||||||
Income from discontinued operations | 31,173 | 39,466,720 | 0.79 | 11,937 | 37,343,967 | 0.32 | 10,558 | 34,860,521 | 0.3 | ||||||||||||||||||||||||||||
Income available to common unitholders | $ | 159,749 | $ | 4.05 | $ | 127,771 | $ | 3.42 | $ | 43,593 | $ | 1.25 | |||||||||||||||||||||||||
-1 | The Operating Partnership has the ability to redeem DownREIT limited partnership units for cash and does not consider them to be potentially dilutive securities. | ||||||||||||||||||||||||||||||||||||
Stock options of 168,325; 263,613; and 175,500; for the years ended December 31, 2013, 2012, and 2011, respectively, were not included in the diluted earnings per unit calculation because the exercise price of these units were greater than the average market price of the common units for the years ended and, therefore, were anti-dilutive. | |||||||||||||||||||||||||||||||||||||
All units of cumulative convertible Series G preferred interest have been excluded from diluted earnings per unit for the years ended 2013, 2012, and 2011 respectively, as the effect was anti-dilutive. |
Equity_Based_Compensation_Plan1
Equity Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity Based Compensation Plans [Abstract] | ' | ||||||||||||||||||||||||
Weighted average assumptions used to estimate fair value of stock options | ' | ||||||||||||||||||||||||
The average fair value of stock options granted for the years ended December 31, 2013, 2012 and 2011 was $15.80, $12.64 and $14.49, respectively. Certain stock options grated in 2013, 2012, and 2011 included a $75 cap or a $100 cap on the appreciation of the market price over the exercise price. The fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Stock price | $ | 153.54 | $ | 143.95 | $ | 131.87 | |||||||||||||||||||
Risk-free interest rates | 2.68 | % | 1.16 | % | 2.23 | % | |||||||||||||||||||
Expected lives | 10 years | 5 - 10 years | 10 years | ||||||||||||||||||||||
Volatility | 18.03 | % | 20.05 | % | 19.63 | % | |||||||||||||||||||
Dividend yield | 3.15 | % | 3.26 | % | 3.29 | % | |||||||||||||||||||
Summary of stock options activity | ' | ||||||||||||||||||||||||
A summary of the status of the Company’s stock option plans as of December 31, 2013, 2012, and 2011 and changes during the years ended on those dates is presented below: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | |||||||||||||||||||||||
average | average | average | |||||||||||||||||||||||
exercise | exercise | exercise | |||||||||||||||||||||||
Shares | price | Shares | price | Shares | price | ||||||||||||||||||||
Outstanding at beginning of year | 623,434 | $ | 125.96 | 415,020 | $ | 109.71 | 300,642 | $ | 88.11 | ||||||||||||||||
Granted | 150,325 | 153.54 | 263,113 | 143.95 | 197,500 | 131.87 | |||||||||||||||||||
Exercised | (52,970 | ) | 102.43 | (41,603 | ) | 77.21 | (83,122 | ) | 84.24 | ||||||||||||||||
Forfeited and canceled | (25,301 | ) | 135.25 | (13,096 | ) | 128.36 | - | - | |||||||||||||||||
Outstanding at end of year | 695,488 | 133.37 | 623,434 | 125.96 | 415,020 | 109.71 | |||||||||||||||||||
Options exercisable at year end | 300,632 | 119.09 | 250,620 | 107.12 | 219,820 | 92.31 | |||||||||||||||||||
Summary information of stock options outstanding | ' | ||||||||||||||||||||||||
The following table summarizes information about stock options outstanding as of December 31, 2013: | |||||||||||||||||||||||||
Options outstanding | Options exercisable | ||||||||||||||||||||||||
Number | Weighted- | Number | |||||||||||||||||||||||
outstanding | average | Weighted- | exercisable | Weighted- | |||||||||||||||||||||
as of | remaining | average | as of | average | |||||||||||||||||||||
Range of | December 31, | contractual | exercise | December 31, | exercise | ||||||||||||||||||||
exercise prices | 2013 | life (years) | price | 2013 | price | ||||||||||||||||||||
$ | 62.34 - $101.01 | 74,261 | 2.7 | $ | 79.18 | 72,261 | $ | 79.02 | |||||||||||||||||
105.64 - 161.98 | 604,902 | 7.2 | 139.18 | 228,371 | 131.77 | ||||||||||||||||||||
164.76 - 164.76 | 16,325 | 9.4 | 164.76 | - | - | ||||||||||||||||||||
695,488 | 6.8 | 133.37 | 300,632 | 119.09 | |||||||||||||||||||||
Restricted stock activity | ' | ||||||||||||||||||||||||
The following table summarizes information about restricted stock outstanding as of December 31, 2013, 2012 and 2011 and changes during the years ended: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | |||||||||||||||||||||||
average | average | average | |||||||||||||||||||||||
grant | grant | grant | |||||||||||||||||||||||
Shares | price | Shares | price | Shares | price | ||||||||||||||||||||
Unvested at beginning of year | 24,922 | $ | 104.52 | 35,219 | $ | 98.57 | 44,877 | $ | 102.46 | ||||||||||||||||
Granted | 1,556 | 158.75 | 1,614 | 149.68 | 1,540 | 134.44 | |||||||||||||||||||
Vested | (7,211 | ) | 109.86 | (8,641 | ) | 106.69 | (9,532 | ) | 104.91 | ||||||||||||||||
Forfeited and canceled | (3,091 | ) | 100.84 | (3,270 | ) | 102 | (1,666 | ) | 94.35 | ||||||||||||||||
Unvested at end of year | 16,176 | 108.06 | 24,922 | 104.52 | 35,219 | 98.57 | |||||||||||||||||||
Summary of long term incentive plan - Z Units | ' | ||||||||||||||||||||||||
The following table summarizes information about the Z Units and 2014 LTIP Units outstanding as of December 31, 2013 ($ in thousands): | |||||||||||||||||||||||||
Long Term Incentive Plan - Z Units and 2014 LTIP Units | |||||||||||||||||||||||||
Aggregate | Weighted- | ||||||||||||||||||||||||
Intrinsic | Weighted- | average | |||||||||||||||||||||||
Total | Total | Value | Total | average | Remaining | ||||||||||||||||||||
Vested | Unvested | of Unvested | Outstanding | Grant-date | Contractual | ||||||||||||||||||||
Units | Units | Units | Units | Fair Value | Life (years) | ||||||||||||||||||||
Balance, December 2010 | 326,280 | 171,902 | $ | 19,463 | 498,182 | $ | 54.15 | 11.2 | |||||||||||||||||
Granted | - | 46,500 | 46,500 | ||||||||||||||||||||||
Vested | 44,520 | (44,520 | ) | - | |||||||||||||||||||||
Converted | (191,718 | ) | - | (191,718 | ) | ||||||||||||||||||||
Cancelled | - | (3,863 | ) | (3,863 | ) | ||||||||||||||||||||
Balance, December 2011 | 179,082 | 170,019 | 23,719 | 349,101 | 58.17 | 12.3 | |||||||||||||||||||
Granted | - | - | - | ||||||||||||||||||||||
Vested | 28,163 | (28,163 | ) | - | |||||||||||||||||||||
Converted | (16,541 | ) | - | (16,541 | ) | ||||||||||||||||||||
Cancelled | - | (1,813 | ) | (1,813 | ) | ||||||||||||||||||||
Balance, December 2012 | 190,704 | 140,043 | 20,800 | 330,747 | 58.44 | 11.3 | |||||||||||||||||||
Granted | - | 50,500 | 50,500 | ||||||||||||||||||||||
Vested | 35,919 | (35,919 | ) | - | |||||||||||||||||||||
Converted | (108,433 | ) | - | (108,433 | ) | ||||||||||||||||||||
Cancelled | - | (5,243 | ) | (5,243 | ) | ||||||||||||||||||||
Balance, December 2013 | 118,190 | 149,381 | $ | 21,438 | 267,571 | $ | 63.53 | 9.3 |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Information [Abstract] | ' | ||||||||||||
Reconciliation Of Revenues And Operating Profit Loss From Segments To Consolidated | ' | ||||||||||||
The revenues and net operating income for each of the reportable operating segments are summarized as follows for the years ended December 31, 2013, 2012, and 2011 ($ in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues: | |||||||||||||
Southern California | $ | 265,226 | $ | 246,534 | $ | 220,416 | |||||||
Northern California | 214,402 | 175,325 | 149,457 | ||||||||||
Seattle Metro | 107,553 | 92,489 | 79,832 | ||||||||||
Other real estate assets | 14,822 | 12,348 | 10,955 | ||||||||||
Total property revenues | $ | 602,003 | $ | 526,696 | $ | 460,660 | |||||||
Net operating income: | |||||||||||||
Southern California | $ | 176,675 | $ | 164,092 | $ | 145,353 | |||||||
Northern California | 148,204 | 120,540 | 99,047 | ||||||||||
Seattle Metro | 71,407 | 60,853 | 51,477 | ||||||||||
Other real estate assets | 9,705 | 9,044 | 7,273 | ||||||||||
Total net operating income | 405,991 | 354,529 | 303,150 | ||||||||||
Depreciation | (192,420 | ) | (169,173 | ) | (150,009 | ) | |||||||
Interest expense before amortization | (104,600 | ) | (100,244 | ) | (91,694 | ) | |||||||
Amortization expense | (11,924 | ) | (11,644 | ) | (11,474 | ) | |||||||
Management and other fees from affiliates | 11,700 | 11,489 | 6,780 | ||||||||||
General and administrative | (25,601 | ) | (23,307 | ) | (20,694 | ) | |||||||
Cost of management and other fees | (6,681 | ) | (6,513 | ) | (4,610 | ) | |||||||
Merger expenses | (4,284 | ) | - | - | |||||||||
Interest and other income | 11,633 | 13,833 | 17,139 | ||||||||||
Loss on early retirement of debt | (300 | ) | (5,009 | ) | (1,163 | ) | |||||||
Gain on sale of land | 1,503 | - | - | ||||||||||
Equity income (loss) income from co-investments | 55,865 | 41,745 | (467 | ) | |||||||||
Gain on remeasurement of co-investment | - | 21,947 | - | ||||||||||
Income before discontinued operations | $ | 140,882 | $ | 127,653 | $ | 46,958 | |||||||
Reconciliation of Assets from Segment to Consolidated | ' | ||||||||||||
Total assets for each of the reportable operating segments are summarized as follows as of December 31, 2013 and 2012 ($ in thousands): | |||||||||||||
As of December 31, | |||||||||||||
Assets: | 2013 | 2012 | |||||||||||
Southern California | $ | 1,746,434 | $ | 1,675,265 | |||||||||
Northern California | 1,614,159 | 1,489,095 | |||||||||||
Seattle Metro | 741,533 | 699,465 | |||||||||||
Other real estate assets | 86,745 | 88,330 | |||||||||||
Net reportable operating segments - real estate assets | 4,188,871 | 3,952,155 | |||||||||||
Real estate under development | 50,430 | 66,851 | |||||||||||
Co-investments | 677,133 | 571,345 | |||||||||||
Cash and cash equivalents, including restricted cash | 53,766 | 42,126 | |||||||||||
Marketable securities | 90,084 | 92,713 | |||||||||||
Notes and other receivables | 68,255 | 66,163 | |||||||||||
Other non-segment assets | 58,300 | 55,870 | |||||||||||
Total assets | $ | 5,186,839 | $ | 4,847,223 |
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Results of Operations (Unaudited) [Abstract] | ' | ||||||||||||||||
Summary of quarterly results of operations | ' | ||||||||||||||||
Essex Property Trust, Inc. | |||||||||||||||||
The following is a summary of quarterly results of operations for 2013 and 2012 ($ in thousands, except per share and dividend amounts): | |||||||||||||||||
Quarter ended | Quarter ended | Quarter ended | Quarter ended | ||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | ||||||||||||||
2013:00:00 | |||||||||||||||||
Total property revenues | $ | 155,986 | $ | 152,177 | $ | 148,783 | $ | 145,057 | |||||||||
Income before discontinued operations | $ | 20,020 | $ | 62,718 | $ | 28,983 | $ | 29,161 | |||||||||
Net income | $ | 36,903 | $ | 75,875 | $ | 29,575 | $ | 29,702 | |||||||||
Net income available to common Stockholders | $ | 31,874 | $ | 68,788 | $ | 24,946 | $ | 25,203 | |||||||||
Per share data: | |||||||||||||||||
Net income: | |||||||||||||||||
Basic | $ | 0.85 | $ | 1.84 | $ | 0.67 | $ | 0.68 | |||||||||
Diluted | $ | 0.85 | $ | 1.84 | $ | 0.67 | $ | 0.68 | |||||||||
Market price: | |||||||||||||||||
High | $ | 165.44 | $ | 172.16 | $ | 171.11 | $ | 156.36 | |||||||||
Low | $ | 137.53 | $ | 139.64 | $ | 147.56 | $ | 147.06 | |||||||||
Close | $ | 143.51 | $ | 147.7 | $ | 158.92 | $ | 150.58 | |||||||||
Dividends declared | $ | 1.21 | $ | 1.21 | $ | 1.21 | $ | 1.21 | |||||||||
2012:00:00 | |||||||||||||||||
Total property revenues | $ | 140,294 | $ | 133,760 | $ | 128,465 | $ | 124,177 | |||||||||
Income before discontinued operations | $ | 49,158 | $ | 19,731 | $ | 42,050 | $ | 16,714 | |||||||||
Net income | $ | 49,640 | $ | 20,221 | $ | 42,490 | $ | 27,239 | |||||||||
Net income available to common Stockholders | $ | 43,793 | $ | 16,219 | $ | 37,078 | $ | 22,722 | |||||||||
Per share data: | |||||||||||||||||
Net income: | |||||||||||||||||
Basic | $ | 1.22 | $ | 0.46 | $ | 1.07 | $ | 0.67 | |||||||||
Diluted | $ | 1.22 | $ | 0.45 | $ | 1.07 | $ | 0.67 | |||||||||
Market price: | |||||||||||||||||
High | $ | 150.71 | $ | 160.64 | $ | 161.53 | $ | 151.54 | |||||||||
Low | $ | 136.38 | $ | 147.38 | $ | 146.05 | $ | 136.43 | |||||||||
Close | $ | 146.65 | $ | 148.24 | $ | 153.92 | $ | 151.51 | |||||||||
Dividends declared | $ | 1.1 | $ | 1.1 | $ | 1.1 | $ | 1.1 | |||||||||
Essex Portfolio, L.P. [Member] | ' | ||||||||||||||||
Quarterly Results of Operations (Unaudited) [Abstract] | ' | ||||||||||||||||
Summary of quarterly results of operations | ' | ||||||||||||||||
Essex Portfolio, L.P. | |||||||||||||||||
The following is a summary of quarterly results of operations for 2013 and 2012 ($ in thousands, except per unit and distribution amounts): | |||||||||||||||||
Quarter ended | Quarter ended | Quarter ended | Quarter ended | ||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | ||||||||||||||
2013:00:00 | |||||||||||||||||
Total property revenues | $ | 155,986 | $ | 152,177 | $ | 148,783 | $ | 145,057 | |||||||||
Income before discontinued operations | $ | 20,020 | $ | 62,718 | $ | 28,983 | $ | 29,161 | |||||||||
Net income | $ | 36,903 | $ | 75,875 | $ | 29,575 | $ | 29,702 | |||||||||
Net income available to common Unitholders | $ | 33,776 | $ | 72,777 | $ | 26,493 | $ | 26,703 | |||||||||
Per unit data: | |||||||||||||||||
Net income: | |||||||||||||||||
Basic | $ | 0.87 | $ | 1.84 | $ | 0.67 | $ | 0.68 | |||||||||
Diluted | $ | 0.86 | $ | 1.84 | $ | 0.67 | $ | 0.68 | |||||||||
Dividends declared | $ | 1.21 | $ | 1.21 | $ | 1.21 | $ | 1.21 | |||||||||
2012:00:00 | |||||||||||||||||
Total property revenues | $ | 140,294 | $ | 133,760 | $ | 128,465 | $ | 124,177 | |||||||||
Income before discontinued operations | $ | 49,158 | $ | 19,731 | $ | 42,050 | $ | 16,714 | |||||||||
Net income | $ | 49,640 | $ | 20,221 | $ | 42,490 | $ | 27,239 | |||||||||
Net income available to common Unitholders | $ | 46,581 | $ | 17,296 | $ | 39,580 | $ | 24,314 | |||||||||
Per unit data: | |||||||||||||||||
Net income: | |||||||||||||||||
Basic | $ | 1.23 | $ | 0.46 | $ | 1.08 | $ | 0.67 | |||||||||
Diluted | $ | 1.23 | $ | 0.45 | $ | 1.07 | $ | 0.67 | |||||||||
Distributions declared | $ | 1.1 | $ | 1.1 | $ | 1.1 | $ | 1.1 |
Organization_Details
Organization (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Apartment | ||
Building | ||
Project | ||
Organization [Abstract] | ' | ' |
General partner ownership interest (in hundredths) | 94.60% | ' |
Limited partners ownership interest (in hundredths) | 5.40% | ' |
Operating Partnership units outstanding (in shares) | 2,149,802 | 2,122,381 |
Redemption value of Operating Partnership units outstanding | $308.50 | $311.20 |
Number of apartment communities owned | 164 | ' |
Apartment units owned (in units) | 34,079 | ' |
Ownership interests, number of commercial buildings | 4 | ' |
Ownership interests, number of active development projects | 11 | ' |
BRE Properties, Inc. [Member] | ' | ' |
Schedule of Mergers [Line Items] | ' | ' |
Common shares conversion ratio in connection with merger | 0.2971 | ' |
Share price (in dollars per share) | $12.33 | ' |
Bridge loan | $1,000 | ' |
Number of days bridge loan facility is structured | '364 days | ' |
Summary_of_Critical_and_Signif3
Summary of Critical and Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Community | |||
Partnership | |||
Principles of Consolidation [Abstract] | ' | ' | ' |
Noncontrolling interest in Operating Partnership (in hundredths) | 5.40% | 5.50% | ' |
Number of DownREIT limited partnerships the company consolidates | 19 | ' | ' |
Number of communities within the DownREIT partnership | 11 | ' | ' |
Assets related to variable interest entities, net intercompany eliminations | $194,900,000 | $201,100,000 | ' |
Liabilities related to variable interest entities, net of intercompany eliminations | 178,300,000 | 178,600,000 | ' |
Redemption rights of limited partners by issuance of common stock for partnership unit, conversion basis | 'one share per unit basis | ' | ' |
Total DownREIT units outstanding (in shares) | 1,007,879 | 1,039,431 | ' |
Redemption value of the variable interest entities | 144,600,000 | 152,400,000 | ' |
Real Estate Rental Properties [Abstract] | ' | ' | ' |
Threshold useful life of assets for capitalization | '1 year | ' | ' |
Depreciable life of various categories of fixed assets [Abstract] | ' | ' | ' |
Expected lease term of acquired tenant | '20 months | ' | ' |
Revenues and Gains on Sale of Real Estate [Abstract] | ' | ' | ' |
Lease terms, minimum | '6 months | ' | ' |
Lease terms, maximum | '12 months | ' | ' |
No rent time period, minimum | '1 month | ' | ' |
No rent time period, maximum | '2 months | ' | ' |
Cash Equivalents and Restricted Cash [Abstract] | ' | ' | ' |
Original maturities of highly liquid investments to be classified as cash equivalents, maximum | '3 months | ' | ' |
Marketable Securities [Abstract] | ' | ' | ' |
Maturity date of investments in mortgage backed securities, first | 'November 2019 | 'November 2019 | ' |
Maturity date of investments in mortgage backed securities, final | 'September 2020 | 'September 2020 | ' |
Proceeds from sales of available for sale securities | 24,200,000 | 61,700,000 | 33,000,000 |
Gain from sales of available-for-sale securities | 1,800,000 | 800,000 | 5,000,000 |
Capitalization Policy [Abstract] | ' | ' | ' |
Capitalized internal costs related to development and redevelopment projects | 7,500,000 | 6,200,000 | 4,300,000 |
Capitalized salaries | 2,600,000 | 2,400,000 | 2,200,000 |
Fair Value of Financial Instruments [Abstract] | ' | ' | ' |
Fixed rate debt carrying amount | 2,300,000,000 | 2,130,000,000 | ' |
Fixed rate debt fair value | 2,330,000,000 | 2,240,000,000 | ' |
Variable rate debt, carrying amount | 737,000,000 | 692,900,000 | ' |
Variable rate debt fair value | 719,400,000 | 671,700,000 | ' |
Mortgage backed securities carrying value | 58,700,000 | ' | ' |
Mortgage backed securities fair value | 83,800,000 | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Total Amortized Cost | 90,876,000 | 90,182,000 | ' |
Total Gross Unrealized Gain (Loss) | -792,000 | 2,531,000 | ' |
Total Fair Value | 90,084,000 | 92,713,000 | ' |
Interest income | 9,114,000 | 10,715,000 | 10,501,000 |
Co-investment promote fee | 0 | 2,299,000 | 0 |
Gains on sales of marketable securities | 2,519,000 | 819,000 | 4,956,000 |
Tax benefit - Taxable REIT Subsidiary | 0 | 0 | 1,682,000 |
Total interest and other income | 11,633,000 | 13,833,000 | 17,139,000 |
Statement [Line Items] | ' | ' | ' |
Balance at beginning | -71,658,000 | ' | ' |
Other comprehensive income (loss) before reclassification, derivative | 3,468,000 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | 8,466,000 | ' | ' |
Net other comprehensive income (loss) | 11,934,000 | ' | ' |
Balance at the end | -59,724,000 | -71,658,000 | ' |
Unrealized gains/(losses) on available for sale securities [Abstract] | ' | ' | ' |
Balance at beginning | 2,397,000 | ' | ' |
Other comprehensive income (loss) before reclassification, available for sale securities, total | -1,472,000 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | -1,673,000 | ' | ' |
Net other comprehensive income (loss) | -3,145,000 | ' | ' |
Balance at the end | -748,000 | 2,397,000 | ' |
Accumulated other comprehensive loss, net by component [Abstract] | ' | ' | ' |
Balance at beginning | -69,261,000 | ' | ' |
Other comprehensive income (loss) before reclassification | 1,996,000 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | 6,793,000 | ' | ' |
Net other comprehensive income (loss) | 8,789,000 | ' | ' |
Balance at the end | -60,472,000 | -69,261,000 | ' |
Essex Portfolio, L.P. [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Total interest and other income | 11,633,000 | 13,833,000 | 17,139,000 |
Statement [Line Items] | ' | ' | ' |
Balance at beginning | -70,762,000 | ' | ' |
Other comprehensive income (loss) before reclassification, derivative | 4,148,000 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | 8,466,000 | ' | ' |
Net other comprehensive income (loss) | 12,614,000 | ' | ' |
Balance at the end | -58,148,000 | -70,762,000 | ' |
Unrealized gains/(losses) on available for sale securities [Abstract] | ' | ' | ' |
Balance at beginning | 2,531,000 | ' | ' |
Other comprehensive income (loss) before reclassification, available for sale securities, total | -1,556,000 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | -1,767,000 | ' | ' |
Net other comprehensive income (loss) | -3,323,000 | ' | ' |
Balance at the end | -792,000 | 2,531,000 | ' |
Accumulated other comprehensive loss, net by component [Abstract] | ' | ' | ' |
Balance at beginning | -68,231,000 | ' | ' |
Other comprehensive income (loss) before reclassification | 2,592,000 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | 6,699,000 | ' | ' |
Net other comprehensive income (loss) | 9,291,000 | ' | ' |
Balance at the end | -58,940,000 | -68,231,000 | ' |
Investment-grade unsecured bonds [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost | 15,446,000 | 15,475,000 | ' |
Gross Unrealized Gain (Loss) | 509,000 | 826,000 | ' |
Carrying Value | 15,955,000 | 16,301,000 | ' |
Investment funds-US treasuries [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost | 3,675,000 | 3,788,000 | ' |
Gross Unrealized Gain (Loss) | 3,000 | 1,000 | ' |
Carrying Value | 3,678,000 | 3,789,000 | ' |
Common Stock [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost | 13,104,000 | 18,917,000 | ' |
Gross Unrealized Gain (Loss) | -1,304,000 | 1,704,000 | ' |
Carrying Value | 11,800,000 | 20,621,000 | ' |
Mortgage backed securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost | 58,651,000 | 52,002,000 | ' |
Gross Unrealized Gain (Loss) | 0 | 0 | ' |
Carrying Value | $58,651,000 | $52,002,000 | ' |
Common Stock [Member] | ' | ' | ' |
Status of cash dividends distributed [Abstract] | ' | ' | ' |
Ordinary income (in hundredths) | 77.34% | 70.58% | 63.68% |
Capital gains (in hundredths) | 17.64% | 8.75% | 11.16% |
Unrecaptured section 1250 capital gain (in hundredths) | 5.02% | 7.97% | 0.74% |
Return of capital (in hundredths) | 0.00% | 12.70% | 24.42% |
Total cash dividends distributed (in hundredths) | 100.00% | 100.00% | 100.00% |
Series F, G and H Preferred Stock [Member] | ' | ' | ' |
Status of cash dividends distributed [Abstract] | ' | ' | ' |
Ordinary income (in hundredths) | 77.34% | 80.85% | 100.00% |
Capital gains (in hundredths) | 17.64% | 10.02% | 0.00% |
Unrecaptured section 1250 capital gain (in hundredths) | 5.02% | 9.13% | 0.00% |
Total cash dividends distributed (in hundredths) | 100.00% | 100.00% | 100.00% |
Computer Software and Equipment [Member] | Minimum [Member] | ' | ' | ' |
Depreciable life of various categories of fixed assets [Abstract] | ' | ' | ' |
Depreciable life, average | '3 years | ' | ' |
Computer Software and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Depreciable life of various categories of fixed assets [Abstract] | ' | ' | ' |
Depreciable life, average | '5 years | ' | ' |
Interior Unit Improvements [Member] | ' | ' | ' |
Depreciable life of various categories of fixed assets [Abstract] | ' | ' | ' |
Depreciable life, average | '5 years | ' | ' |
Land Improvements and Certain Exterior Components of Real Property [Member] | ' | ' | ' |
Depreciable life of various categories of fixed assets [Abstract] | ' | ' | ' |
Depreciable life, average | '10 years | ' | ' |
Real Estate Structures [Member] | ' | ' | ' |
Depreciable life of various categories of fixed assets [Abstract] | ' | ' | ' |
Depreciable life, average | '30 years | ' | ' |
Real_Estate_Investments_Detail
Real Estate Investments (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2011 | Dec. 31, 2011 | 31-May-13 | Dec. 31, 2011 | Jun. 30, 2011 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Unit | Unit | Canada Pension Plan Investment Board (CPPIB) I [Member] | CPPIB Epic Phase I and II [Member] | Essex Apartment Value Fund II LP Fund II [Member] | Essex Apartment Value Fund II LP Fund II [Member] | Real Estate Under Development Activities [Member] | Real Estate predevelopment projects [Member] | Equity Method Investment [Member] | Equity Method Investment [Member] | Equity Method Investment [Member] | Equity Method Investment [Member] | Membership interest in Wesco I [Member] | Membership interest in Wesco I [Member] | Membership interest in Wesco III [Member] | Membership interest in Wesco III [Member] | Partnership interest in Fund II [Member] | Partnership interest in Fund II [Member] | Membership interest in a limited liability company that owns Expo [Member] | Membership interest in a limited liability company that owns Expo [Member] | Total operating co-investments [Member] | Total operating co-investments [Member] | Membership interests in limited liability companies with CPPIB that own and are developing Epic, Connolly Station, Mosso I & II, Park 20 and The Village [Member] | Membership interests in limited liability companies with CPPIB that own and are developing Epic, Connolly Station, Mosso I & II, Park 20 and The Village [Member] | Membership interests in limited liability companies that own and are developing The Huxley and The Dylan [Member] | Membership interests in limited liability companies that own and are developing The Huxley and The Dylan [Member] | Membership interests in limited liability companies that owns and is developing One South Market [Member] | Membership interests in limited liability companies that owns and is developing One South Market [Member] | Total development co-investments [Member] | Total development co-investments [Member] | Membership interest in Wesco II that owns a preferred equity interest in Park Merced with a preferred return of 10.1% [Member] | Membership interest in Wesco II that owns a preferred equity interest in Park Merced with a preferred return of 10.1% [Member] | Preferred interests in related party limited liability companies that owns Sage at Cupertino with a preferred return of 9.5% [Member] | Preferred interests in related party limited liability companies that owns Sage at Cupertino with a preferred return of 9.5% [Member] | Preferred interest in a related party limited liability company that owns Madison Park at Anaheim with a preferred return of 9% [Member] | Preferred interest in a related party limited liability company that owns Madison Park at Anaheim with a preferred return of 9% [Member] | Preferred interest in related party limited liability company that owns an apartment development in Redwood City with a preferred return of 12% [Member] | Preferred interest in related party limited liability company that owns an apartment development in Redwood City with a preferred return of 12% [Member] | Preferred interest in a limited liability company that owns an apartment development in San Jose with a preferred return of 12% [Member] | Preferred interest in a limited liability company that owns an apartment development in San Jose with a preferred return of 12% [Member] | Preferred interests in limited liability companies that own apartment communities in downtown Los Angeles with preferred returns of 9% and 10% repaid in 2013 [Member] | Preferred interests in limited liability companies that own apartment communities in downtown Los Angeles with preferred returns of 9% and 10% repaid in 2013 [Member] | Total preferred interest investments [Member] | Total preferred interest investments [Member] | Palo Alto, California [Member] | Wesco I LLC [Member] | Wesco I LLC [Member] | Wesco I LLC [Member] | Essex Apartment Value Fund II LP Fund II [Member] | Essex Apartment Value Fund II LP Fund II [Member] | Essex Apartment Value Fund II LP Fund II [Member] | Canada Pension Plan Investment Board (CPPIB) [Member] | Canada Pension Plan Investment Board (CPPIB) [Member] | Canada Pension Plan Investment Board (CPPIB) [Member] | Fountain at La Brea [Member] | Santa Monica at La Brea [Member] | Limited liability company that owns and is developing One South Market [Member] | Wesco II LLC [Member] | Los Angeles I [Member] | Los Angeles II [Member] | Los Angeles II [Member] | Redwood City, California [Member] | Anaheim [Member] | Anaheim [Member] | Anaheim [Member] | Wesco III [Member] | Wesco III [Member] | Cupertino California [Member] | Cupertino California [Member] | Total co investment [Member] | Total co investment [Member] | Total co investment [Member] | ||
Community | Community | Unit | Unit | Unit | Unit | Unit | Wesco I LLC [Member] | Apartment | Equity Method Investment [Member] | Equity Method Investment [Member] | Community | Community | Equity Method Investment [Member] | Apartment | Maximum [Member] | Minimum [Member] | Equity Method Investment [Member] | Equity Method Investment [Member] | Unit | Equity Method Investment [Member] | Equity Method Investment [Member] | Equity Method Investment [Member] | Equity Method Investment [Member] | Equity Method Investment [Member] | Maximum [Member] | Minimum [Member] | Apartment | Equity Method Investment [Member] | Equity Method Investment [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Apartment | Project | Project | Project | Unit | Property | Apartment | Unit | sqft | Apartment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Project | Investor | sqft | Unit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of communities acquired | 6 | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain from sale of real estate | $29,200,000 | $10,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,500,000 | ' | ' | ' | $146,700,000 | $106,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $146,758,000 | $106,016,000 | $0 |
Number of communities sold | 3 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of land held for future development | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units sold | 363 | 264 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in joint venture (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28.20% | ' | 55.00% | 50.00% | ' | ' | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment penalties on debt obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro rata gain on sale of property of joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,600,000 | 29,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties expected to be sold in 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of institutional investors in partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity investment contributions by institutional investors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 265,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity investment, contribution by Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | 75,000,000 | ' | ' | ' | 9,000,000 | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,400,000 | ' | ' | ' | ' | ' | ' |
Debt ratio as leverage (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' |
Number of apartment communities owned | 164 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | 2 | 6 | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' |
Ownership split in joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '50/50 | ' | ' | ' | ' | ' | ' | ' | '50/50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '50/50 | ' | ' | ' | ' | ' |
Total equity commitment from partners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,000,000 | ' | ' | ' | ' | ' |
Each partner's equity commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' | ' | ' | ' | ' |
Co-investment | 677,133,000 | 571,345,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | 142,025,000 | 143,874,000 | 39,073,000 | 9,941,000 | 4,166,000 | 53,601,000 | 12,041,000 | 18,752,000 | 197,305,000 | 226,168,000 | 301,538,000 | 186,362,000 | 18,545,000 | 16,552,000 | 17,115,000 | 0 | 337,198,000 | 202,914,000 | 94,711,000 | 91,843,000 | 15,775,000 | 14,438,000 | 13,824,000 | 13,175,000 | 9,455,000 | 0 | 8,865,000 | 0 | 0 | 22,807,000 | 142,630,000 | 142,263,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,000,000 | 13,000,000 | ' | 9,700,000 | 8,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred return on preferred equity investment (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.50% | ' | ' | ' |
Percentage debt in joint venture (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' |
Number of units to be developed by joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 187 | 184 | 312 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Square footage of real estate property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,200 | 12,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in joint venture by partner (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Equity Investment Additional funding, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000 | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated term of preferred equity investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption penalties due to the early redemption of preferred equity investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of preferred equity investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain from redemption penalties due to early redemption of preferred equity investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Term Extended (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income related to the restructured investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Returns Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jan-16 | ' | ' | ' | ' | ' | ' | 31-May-16 | ' | ' | ' |
Preferred return on preferred equity investment in first five years (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred return on preferred equity investment, thereafter (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% | 9.00% | ' | ' | 9.50% | ' | ' | ' | ' |
Balance sheets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental properties and real estate under development | 50,430,000 | 66,851,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,953,328,000 | 1,745,147,000 | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,578,000 | 168,061,000 | ' |
Total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,014,906,000 | 1,913,208,000 | ' |
Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 667,641,000 | 820,895,000 | ' |
Other liabilities | 22,189,000 | 22,167,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,479,000 | 91,922,000 | ' |
Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,221,786,000 | 1,000,391,000 | ' |
Total liabilities and partners' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,014,906,000 | 1,913,208,000 | ' |
Company's share of equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 677,133,000 | 571,345,000 | ' |
Statements of operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,402,000 | 130,128,000 | 106,386,000 |
Property operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -37,518,000 | -55,990,000 | -43,066,000 |
Net operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,884,000 | 74,138,000 | 63,320,000 |
Gain on sale of real estate | 29,200,000 | 10,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | 146,700,000 | 106,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 146,758,000 | 106,016,000 | 0 |
Interest expense | -104,600,000 | -100,244,000 | -91,694,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -24,155,000 | -34,959,000 | -27,843,000 |
General and administrative | -25,601,000 | -23,307,000 | -20,694,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,344,000 | -3,697,000 | -1,748,000 |
Depreciation and amortization | -11,924,000 | -11,644,000 | -11,474,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -36,831,000 | -47,917,000 | -44,412,000 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 143,312,000 | 93,581,000 | -10,683,000 |
Company's share of net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,865,000 | 41,745,000 | -467,000 |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of acquired entity | 349,100,000 | 551,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | 164,300,000 | ' | 670,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units acquired | 1,079 | 2,052 | ' | 1,507 | 280 | ' | ' | 2,501 | 200 | ' | 657 | ' | 2,713 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Price | 349,100,000 | 551,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | 164,300,000 | ' | 670,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units | 1,079 | 2,052 | ' | 1,507 | 280 | ' | ' | 2,501 | 200 | ' | 657 | ' | 2,713 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales price of real estate | 57,500,000 | 28,300,000 | ' | ' | ' | 320,400,000 | 413,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of active development projects | 11 | ' | ' | 6 | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of predevelopment projects Owned | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated cost of active development projects | 145,100,000 | ' | ' | 695,200,000 | ' | ' | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated costs to be expended | 114,200,000 | ' | ' | 216,200,000 | ' | ' | ' | 407,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining Estimated cost to be contributed by Company | $62,800,000 | ' | ' | $118,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_Investments_Debt_I
Real Estate Investments, Debt Instruments (Details) (USD $) | 3 Months Ended | 3 Months Ended | ||||
Sep. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2011 | |
Mortgages [Member] | Mortgages [Member] | |||||
Fountain at La Brea - bond financing [Member] | Santa Monica at La Brea - bond financing [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate (in hundredths) | ' | ' | 2.50% | ' | ' | ' |
Secured mortgage loans on real estate | ' | ' | ' | ' | $54,500 | $59,900 |
Mortgage loan on property acquired, maturity date | ' | ' | ' | ' | 31-Oct-46 | 31-Dec-46 |
Interest rate swap, termination date | 30-Sep-16 | ' | ' | ' | ' | ' |
Interest rate swap, description of variable interest rate basis | 'SIFMA | 'SIFMA | ' | ' | ' | ' |
Interest rate swap, basis spread on variable rate (in hundredths) | 1.50% | ' | ' | 1.50% | ' | ' |
Notes_and_Other_Receivables_De
Notes and Other Receivables (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |||||
Note | Secured Due December 2014 [Member] | Secured Due December 2014 [Member] | Secured Due May 2013 [Member] | Secured Due May 2013 [Member] | Secured Due March 2013 [Member] | Secured Due March 2013 [Member] | Secured Effective March 2013 [Member] | Secured Effective March 2013 [Member] | Wesco III [Member] | Wesco III [Member] | Fund II [Member] | Note and Other Receivables From Affiliates [Member] | Note and Other Receivables From Affiliates [Member] | Other Receivables [Member] | Other Receivables [Member] | ||||||
Loan | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Notes receivable | $68,255,000 | $66,163,000 | $3,212,000 | [1] | $3,212,000 | [1] | $0 | $971,000 | $0 | $10,800,000 | $0 | $18,499,000 | ' | ' | ' | $60,968,000 | [2] | $28,896,000 | [2] | $4,075,000 | $3,785,000 |
Stated interest rate (in hundredths) | ' | ' | 4.00% | ' | 8.00% | ' | 8.80% | ' | 9.60% | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Short term Bridge Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,800,000 | 42,400,000 | ' | ' | ' | ' | ||||
Variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ||||
Basis spread on rate (in hundredths) | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 1.75% | ' | ' | ' | ' | ||||
Number of bridge loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ||||
Number of notes for which payment was received | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Proceeds from notes receivable | 30,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,000,000 | ' | ' | ' | ' | ' | ' | ||||
Income related to acceleration | $800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | The borrower funds an impound account for capital replacement. | ||||||||||||||||||||
[2] | During the second quarter of 2013, the Company provided a short-term bridge loans to Fund II $42.4 million at a rate of LIBOR + 1.75%. In July 2013, Fund II repaid the Company for $42.4 million in short term loans. The Company has provided two bridge loans totaling $56.8 million to Wesco III at a rate of LIBOR + 2.50%, permanent financing is expected to be placed on the Gas Company Lofts and Regency at Mt. View by the end of Q1 2014. In January 2014, WESCO III repaid the loan on Gas Company Lofts. |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unit | Unit | ||
Related Party Transactions [Abstract] | ' | ' | ' |
Management and other fees from affiliates including management, property management, development and redevelopment fees from co-investments, net of intercompany amounts eliminated by company | $11.70 | $10.90 | $6.10 |
Related Party Transaction [Line Items] | ' | ' | ' |
Debt instrument, basis spread on variable rate (in hundredths) | ' | 2.50% | ' |
Number of units acquired | 1,079 | 2,052 | ' |
Cost of acquired entity | 349.1 | 551.1 | ' |
Executive Vice President of the Company invested | 4 | ' | ' |
Limited partnership interest in partnership investments (in hundredths) | 3.00% | ' | ' |
Marcus and Millichamp Company TMMC Affiliate [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Preferred equity interest investment in a related party entity | 8.6 | ' | ' |
Brokerage commissions revenue | 0.6 | 0.4 | 0 |
Wesco III [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Short term bridge loan | ' | 26 | ' |
Pacific Urban Residential [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Preferred equity interest investment in a related party entity | ' | 14 | ' |
Additional preferred equity interest investment related party entity | ' | 4 | ' |
Preferred return on investment in related party investee (in hundredths) | ' | 9.50% | ' |
Maturity date | ' | 31-May-16 | ' |
Montebello [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Number of units acquired | ' | 248 | ' |
Cost of acquired entity | ' | 52 | ' |
TMCC and Wesco I [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Units in the community | ' | 156 | ' |
Cost of acquired entity | ' | 38.3 | ' |
MMC [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Preferred return on preferred equity investment, thereafter, maximum (in hundredths) | 13.00% | ' | ' |
Preferred return on preferred equity investment, thereafter, minimum (in hundredths) | 9.00% | ' | ' |
Maximum Term Extended (in years) | '1 year | ' | ' |
Income related to the restructured investment | $0.40 | ' | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Community | Community | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of communities sold | 3 | 2 | ' |
Schedule of components from discontinued operations [Abstract] | ' | ' | ' |
Rrevenues | $4,454,000 | $5,848,000 | $9,133,000 |
Property operating expenses | -1,406,000 | -2,181,000 | -3,584,000 |
Depreciation and amortization | -1,098,000 | -1,513,000 | -2,534,000 |
Expenses | -2,504,000 | -3,694,000 | -6,118,000 |
Operating income from real estate sold | 1,950,000 | 2,154,000 | 3,015,000 |
Gain on sale of real estate | 29,223,000 | 10,870,000 | 8,382,000 |
Internal disposition costs | 0 | -1,087,000 | -839,000 |
Income from discontinued operations | 31,173,000 | 11,937,000 | 10,558,000 |
Woodlawn Colonial [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Sales price of communities sold | ' | ' | 23,400,000 |
Gain on sale of real estate | ' | ' | 8,400,000 |
Number of communities sold | ' | ' | 1 |
Number of office building sold | ' | ' | 1 |
Linden Square [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Units in the community | 183 | ' | ' |
Sales price of communities sold | 25,300,000 | ' | ' |
Gain on sale of real estate | 12,700,000 | ' | ' |
Cambridge [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Units in the community | 40 | ' | ' |
Sales price of communities sold | 4,700,000 | ' | ' |
Gain on sale of real estate | 2,500,000 | ' | ' |
Brentwood [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Units in the community | 140 | ' | ' |
Sales price of communities sold | 27,500,000 | ' | ' |
Gain on sale of real estate | 14,000,000 | ' | ' |
Tierra Del Sol/Norte and Alpine Country [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Sales price of communities sold | ' | 28,300,000 | ' |
Gain on sale of real estate | ' | $10,900,000 | ' |
Number of communities sold | ' | 2 | ' |
Mortgage_Notes_Payable_Details
Mortgage Notes Payable (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Property | Property | |||
Debt Instrument [Line Items] | ' | ' | ||
Mortgages notes payable | $1,404,080,000 | $1,565,599,000 | ||
Number of properties securing mortgage notes | 49 | 55 | ||
Weighted average interest rate (in hundredths) | 5.60% | 5.40% | ||
Monthly interest expense | 6,100,000 | ' | ||
Monthly principal amortization | 1,900,000 | ' | ||
Mortgages notes payable | 1,404,080,000 | 1,565,599,000 | ||
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 mortgage note payable which is calculated by multiplying the principal being prepaid by the difference between the interest rate of the mortgage note and the stated yield rate on a specified U.S. treasury security as defined in the mortgage note agreement. | ' | ||
Aggregate scheduled principal payments of mortgage notes payable [Abstract] | ' | ' | ||
2014 | 0 | ' | ||
2015 | 67,461,000 | ' | ||
2016 | 12,390,000 | ' | ||
2017 | 182,731,000 | ' | ||
2018 | 271,156,000 | ' | ||
Thereafter | 870,342,000 | ' | ||
Mortgage notes payable | 1,404,080,000 | 1,565,599,000 | ||
Minimum [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Remaining terms | '1 year | '1 year | ||
Maximum [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Remaining terms | '26 years | '27 years | ||
Mortgage Notes Payable [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Mortgages notes payable | 1,236,479,000 | 1,363,731,000 | ||
Aggregate scheduled principal payments of mortgage notes payable [Abstract] | ' | ' | ||
Mortgage notes payable | 1,236,479,000 | 1,363,731,000 | ||
Multifamily Housing Mortgage Revenue Bonds [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Mortgages notes payable | 167,601,000 | [1] | 201,868,000 | [1] |
Multifamily housing mortgage revenue bonds, variable interest rate (in hundredths) | 1.60% | 1.90% | ||
Multifamily housing mortgage revenue bonds credit enhancement and underwriting fees, minimum (in hundredths) | 1.20% | ' | ||
Multifamily housing mortgage revenue bonds credit enhancement and underwriting fees, maximum (in hundredths) | 1.90% | ' | ||
Percentage of units subject to tenant income criteria (in hundredths) | 20.00% | ' | ||
Bond subject to interest rate caps | 156,900,000 | ' | ||
Aggregate scheduled principal payments of mortgage notes payable [Abstract] | ' | ' | ||
Mortgage notes payable | 167,601,000 | [1] | 201,868,000 | [1] |
Secured Deeds of Trust [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Mortgages notes payable | $58,400,000 | ' | ||
[1] | Variable rate mortgage notes payable consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 1.6% at December 2013 and 1.9% at December 2012) plus credit enhancement and underwriting fees ranging from approximately 1.2% to 1.9%. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the units are subject to tenant income criteria. Principal balances are due in full at various maturity dates from May 2025 through December 2039. Of these bonds $156.9 million are subject to various interest rate cap agreements which limit the maximum interest rate to such bonds. |
Unsecured_Debt_and_Lines_of_Cr2
Unsecured Debt and Lines of Credit (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
LineofCredit | Unsecured Line of Credit [Member] | Unsecured Line of Credit [Member] | Line of Credit Working Capital [Member] | Line of Credit Working Capital [Member] | Bonds Private Placement - Fixed Rate [Member] | Bonds Private Placement - Fixed Rate [Member] | Term Loan - Variable Rate [Member] | Term Loan - Variable Rate [Member] | Term Loan - Variable Rate [Member] | Bonds Public Offering - Fixed Rate [Member] | Bonds Public Offering - Fixed Rate [Member] | Line of Credit [Member] | Line of Credit [Member] | Unsecured Bonds [Member] | Unsecured Bonds [Member] | Unsecured Bonds 4.36% [Member] | Unsecured Bonds 4.36% [Member] | Unsecured Bonds 4.5% [Member] | Unsecured Bonds 4.5% [Member] | Unsecured Bonds 4.92 % [Member] | Unsecured Bonds 4.92 % [Member] | Unsecured Bonds 4.27% [Member] | Unsecured Bonds 4.27% [Member] | Unsecured Bonds 4.30% [Member] | Unsecured Bonds 4.30% [Member] | Unsecured Bonds 4.37% [Member] | Unsecured Bonds 4.37% [Member] | Unsecured Bonds 3.25% [Member] | Unsecured Bonds 3.25% [Member] | Unsecured Bonds 3.625% [Member] | Unsecured Bonds 3.625% [Member] | Unsecured Bonds 3.625% [Member] | ||
Extension | ||||||||||||||||||||||||||||||||||
Unsecured debts and line of credit [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured debt | $1,410,023,000 | $1,112,084,000 | ' | ' | ' | ' | $465,000,000 | $465,000,000 | $350,000,000 | $350,000,000 | ' | $595,023,000 | $297,084,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lines of credit | 219,421,000 | 141,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unsecured debt | 1,629,444,000 | 1,253,084,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Maturity | ' | ' | ' | ' | ' | ' | '5 years 2 months 12 days | ' | '3 years 2 months 12 days | ' | ' | '9 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Maturity, Line of credit | '4 years 3 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 2.70% | ' | ' | ' | 2.20% | 2.30% | 4.00% | 4.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Mar-16 | ' | 30-Sep-17 | ' | 31-Dec-19 | ' | 30-Apr-21 | ' | 30-Jun-21 | ' | 31-Aug-21 | ' | 1-May-23 | ' | 15-Aug-22 | ' | ' |
Senior Notes | 465,000,000 | 465,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | 150,000,000 | 40,000,000 | 40,000,000 | 75,000,000 | 75,000,000 | 100,000,000 | 100,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ' | ' | ' | ' | ' |
Coupon Rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.36% | ' | 4.50% | ' | 4.92% | ' | 4.27% | ' | 4.30% | ' | 4.37% | 3.25% | ' | 3.63% | ' | ' |
Proceeds from issuance of unsecured bonds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | 300,000,000 | ' | ' |
Carrying value of bonds, net of discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 297,700,000 | ' | 297,300,000 | 297,100,000 |
Debt instrument, basis spread on variable rate (in hundredths) | ' | 2.50% | ' | ' | ' | ' | ' | ' | 1.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of loan | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument face amount | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | 350,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt offering price (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.15% | ' | 98.99% | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of outstanding lines of credit | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit maximum borrowing capacity | 625,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit with an accordion option | ' | ' | 600,000,000 | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured line of credit balance | ' | ' | $199,000,000 | $141,000,000 | $20,400,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, description of variable rate basis | ' | ' | 'LIBOR | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate, initial (in hundredths) | ' | ' | 1.08% | ' | 1.08% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of one year extensions available | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility expiration date | ' | ' | 31-Dec-15 | ' | 31-Jan-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | ||||
Interest Rate Cap [Member] | Interest Rate Cap [Member] | Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||||
Instrument | ||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of interest rate contracts | ' | ' | ' | $156.90 | ' | ' | $300 | ' |
Amount of unsecured loan that is effectively fixed with the interest rate swap | ' | ' | ' | ' | ' | ' | 300 | ' |
Total amount of unsecured loan | ' | ' | ' | ' | ' | ' | 350 | ' |
Interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | 2.29% | ' |
Number of derivative instruments held | ' | ' | ' | 9 | ' | ' | ' | ' |
Tax exempt variable rate debt | 156.9 | ' | ' | ' | ' | ' | ' | ' |
Aggregate carrying value of the interest rate swap contracts | ' | ' | ' | ' | ' | ' | 2.7 | 6.6 |
Aggregate carrying value of the interest rate cap contracts | ' | ' | ' | 0 | 0 | ' | ' | ' |
Derivative swap transaction terminated | ' | ' | ' | ' | ' | 38 | ' | ' |
Hedge ineffectiveness on cash flow hedges incurred | $0 | $0 | $0 | ' | ' | ' | ' | ' |
Lease_Agreements_Details
Lease Agreements (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Community | |
Building | |
Lease Agreements [Abstract] | ' |
Number of commercial buildings leased | 3 |
Number of commercial portions of mixed use communities leased | 20 |
Future minimum non-cancelable base rent under operating leases [Abstract] | ' |
2014 | $8,624 |
2015 | 7,104 |
2016 | 4,908 |
2017 | 4,158 |
2018 | 3,613 |
Thereafter | 15,271 |
Total future minimum rent | $43,678 |
Equity_Transactions_Details
Equity Transactions (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2011 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | |
7.125% Series H Cumulative Redeemable Preferred Stock [Member] | 7.125% Series H Cumulative Redeemable Preferred Stock [Member] | 7.125% Series H Cumulative Redeemable Preferred Stock [Member] | 4.875% Series G Cumulative Convertible Preferred Stock [Member] | 4.875% Series G Cumulative Convertible Preferred Stock [Member] | 4.875% Series G Cumulative Convertible Preferred Stock [Member] | 7.875% Series B Cumulative Redeemable Preferred Units [Member] | 7.8125% Series F Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Operating Partnership Units [Member] | Long Term Incentive Plan "LTIP" Units [Member] | ||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative dividend rate (in hundredths) | ' | ' | 7.13% | 7.13% | ' | 4.88% | 4.88% | 7.88% | 7.81% | ' | ' | ' | ' | ' |
Issue date | ' | ' | 30-Apr-11 | 30-Apr-11 | ' | 31-Jul-06 | 31-Jul-06 | ' | ' | ' | ' | ' | ' | ' |
Shares Authorized (in shares) | ' | ' | 8,000,000 | 8,000,000 | ' | 5,980,000 | 5,980,000 | ' | ' | ' | ' | ' | ' | ' |
Shares Outstanding (in shares) | ' | ' | 2,950,000 | 2,950,000 | ' | 178,249 | 178,249 | ' | ' | ' | ' | ' | 2,031,612 | 118,190 |
Liquidation Preference | ' | ' | $73,750,000 | $73,750,000 | ' | $4,456,000 | $4,456,000 | ' | ' | ' | ' | ' | ' | ' |
Shares issued (in shares) | ' | 2,950,000 | ' | ' | ' | ' | ' | ' | ' | 913,344 | 2,400,000 | 2,400,000 | ' | ' |
Issue price (in dollars per share) | ' | $25 | ' | ' | ' | ' | ' | ' | ' | $152.92 | ' | ' | ' | ' |
Net proceeds | ' | 71,200,000 | ' | ' | ' | ' | ' | ' | ' | 138,400,000 | 357,700,000 | 323,900,000 | ' | ' |
Beginning date of called period | ' | 13-Apr-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidation value | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | 25,000,000 | ' | ' | ' | 308,500,000 | ' |
Excess of cash paid over carrying value | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 900,000 | ' | ' | ' | ' | ' |
Number of shares sold (in shares) | ' | ' | ' | ' | 5,980,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds from sale of shares | ' | ' | ' | ' | $149,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion rate into shares of common stock (in shares) | ' | ' | ' | ' | 0.183 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidation preference per share (in dollars per share) | ' | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial conversion price per share of common stock (in dollars per share) | ' | ' | ' | ' | $136.62 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 94.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 94.60% | ' |
Net_Income_Per_Common_Share_an2
Net Income Per Common Share and Net Income Per Common Unit (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income from continuing operations available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $121,324 | $108,532 | $30,570 | |||
Income from continuing operations available to common stockholders (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 37,248,960 | 35,032,491 | 32,541,792 | |||
Income from continuing operations available to common stockholders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $3.26 | $3.10 | $0.94 | |||
Income from discontinued operations available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 29,487 | 11,280 | 9,798 | |||
Income from discontinued operations available to common stockholders (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 37,248,960 | 35,032,491 | 32,541,792 | |||
Income from discontinued operations available to common stockholders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.79 | $0.32 | $0.30 | |||
Income available to common stockholders | 31,874 | 68,788 | 24,946 | 25,203 | 43,793 | 16,219 | 37,078 | 22,722 | 150,811 | 119,812 | 40,368 | |||
Income available to common stockholders (in dollars per share) | $0.85 | $1.84 | $0.67 | $0.68 | $1.22 | $0.46 | $1.07 | $0.67 | $4.05 | $3.42 | $1.24 | |||
Effect of Dilutive Securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] |
Effect of Dilutive Securities (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 86,335 | [1] | 92,430 | [1] | 86,922 | [1] |
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income from continuing operations available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 121,324 | [1] | 108,532 | [1] | 30,570 | [1] |
Income from continuing operations available to common stockholders (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 37,335,295 | [1] | 35,124,921 | [1] | 32,628,714 | [1] |
Income from continuing operations available to common stockholders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $3.25 | [1] | $3.09 | [1] | $0.94 | [1] |
Income from discontinued operations available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 29,487 | 11,280 | 9,798 | |||
Income from discontinued operations available to common stockholders (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 37,335,295 | 35,124,921 | 32,628,714 | |||
Income from discontinued operations available to common stockholders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.79 | $0.32 | $0.30 | |||
Total income (Diluted) | ' | ' | ' | ' | ' | ' | ' | ' | 150,811 | 119,812 | 40,368 | |||
Total income per common share amount (in dollars per share) | $0.85 | $1.84 | $0.67 | $0.68 | $1.22 | $0.45 | $1.07 | $0.67 | $4.04 | $3.41 | $1.24 | |||
Convertible Limited Partnership Units [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Anti-dilutive securities (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 2,131,425 | 2,219,046 | 2,231,807 | |||
Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Anti-dilutive securities (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 168,325 | 263,613 | 175,500 | |||
Essex Portfolio, L.P. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income from continuing operations available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 128,576 | 115,834 | 33,035 | |||
Income from continuing operations available to common stockholders (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 39,380,385 | 37,251,537 | 34,773,599 | |||
Income from continuing operations available to common stockholders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $3.27 | $3.11 | $0.95 | |||
Income from discontinued operations available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 31,173 | 11,937 | 10,558 | |||
Income from discontinued operations available to common stockholders (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 39,380,385 | 37,251,537 | 34,773,599 | |||
Income from discontinued operations available to common stockholders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.79 | $0.32 | $0.30 | |||
Income available to common stockholders | 33,776 | 72,777 | 26,493 | 26,703 | 46,581 | 17,296 | 39,580 | 24,314 | 159,749 | 127,771 | 43,593 | |||
Income available to common stockholders (in dollars per share) | $0.87 | $1.84 | $0.67 | $0.68 | $1.23 | $0.46 | $1.08 | $0.67 | $4.06 | $3.43 | $1.25 | |||
Effect of Dilutive Securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 0 | [2] | 0 | [2] |
Effect of Dilutive Securities (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 86,335 | [2] | 92,430 | [2] | 67,319 | [2] |
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income from continuing operations available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 128,576 | 115,834 | 33,035 | |||
Income from continuing operations available to common stockholders (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 39,466,720 | 37,343,967 | 34,860,521 | |||
Income from continuing operations available to common stockholders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $3.26 | $3.10 | $0.95 | |||
Income from discontinued operations available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 31,173 | 11,937 | 10,558 | |||
Income from discontinued operations available to common stockholders (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 39,466,720 | 37,343,967 | 34,860,521 | |||
Income from discontinued operations available to common stockholders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.79 | $0.32 | $0.30 | |||
Total income (Diluted) | ' | ' | ' | ' | ' | ' | ' | ' | $159,749 | $127,771 | $43,593 | |||
Total income per common share amount (in dollars per share) | $0.86 | $1.84 | $0.67 | $0.68 | $1.23 | $0.45 | $1.07 | $0.67 | $4.05 | $3.42 | $1.25 | |||
Essex Portfolio, L.P. [Member] | Convertible Limited Partnership Units [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Anti-dilutive securities (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 168,325 | 175,500 | ' | |||
Essex Portfolio, L.P. [Member] | Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Anti-dilutive securities (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 263,613 | ' | ' | |||
[1] | Weighted average convertible limited partnership units of 2,131,425, 2,219,046, and 2,231,807, which include vested Series Z and Series Z-1 incentive units, for the years ended December 31, 2013, 2012 and 2011, respectively, were not included in the determination of diluted earnings per share calculation because they were anti-dilutive. The Company has the ability to redeem DownREIT limited partnership units for cash and does not consider them to be potentially dilutive securities. Stock options of 168,325; 263,613; and 175,500; for the years ended December 31, 2013, 2012, and 2011, respectively, were not included in the diluted earnings per share calculation because the exercise price of these options were greater than the average market price of the common shares for the years ended and, therefore, were anti-dilutive. All shares of cumulative convertible Series G preferred stock have been excluded from diluted earnings per share for the years ended 2013, 2012, and 2011 respectively, as the effect was anti-dilutive. | |||||||||||||
[2] | The Operating Partnership has the ability to redeem DownREIT limited partnership units for cash and does not consider them to be potentially dilutive securities. Stock options of 168,325; 263,613; and 175,500; for the years ended December 31, 2013, 2012, and 2011, respectively, were not included in the diluted earnings per unit calculation because the exercise price of these units were greater than the average market price of the common units for the years ended and, therefore, were anti-dilutive. All units of cumulative convertible Series G preferred interest have been excluded from diluted earnings per unit for the years ended 2013, 2012, and 2011 respectively, as the effect was anti-dilutive. |
Equity_Based_Compensation_Plan2
Equity Based Compensation Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity Based Compensation Plans [Abstract] | ' | ' | ' |
Number of shares available (in shares) | 1,000,000 | ' | ' |
Exercise price as a percentage of fair market value of common stock on grant date, minimum (in hundredths) | 100.00% | ' | ' |
Life of options, minimum | '5 years | ' | ' |
Life of options, maximum | '10 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | $4,508,000 | $4,141,000 | $2,927,000 |
Intrinsic value of the options outstanding and fully vested | 7,600,000 | 9,900,000 | 10,600,000 |
Average fair value of stock options granted (in dollars per share) | $15.80 | $12.64 | $14.49 |
Cap on the appreciation of the market price over the exercise price | 100 | 75 | ' |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Option grants to officers and employees vesting period | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Option grants to officers and employees vesting period | '5 years | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | 2,300,000 | 2,000,000 | 1,500,000 |
Stock-based compensation capitalized | 400,000 | 300,000 | 200,000 |
Intrinsic value of options exercised | 3,000,000 | 2,900,000 | 3,800,000 |
Unrecognized compensation cost | 5,100,000 | ' | ' |
Unrecognized compensation cost, weighted average recognition period, minimum | '1 year | ' | ' |
Unrecognized compensation cost, weighted average recognition period, maximum | '5 years | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | 2,300,000 | 2,000,000 | 1,500,000 |
Stock-based compensation capitalized | 400,000 | 300,000 | 200,000 |
Unrecognized compensation cost | 1,100,000 | ' | ' |
Long Term Incentive Plans - Z Units and 2014 LTIP Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | 2,200,000 | 2,100,000 | 1,500,000 |
Stock-based compensation capitalized | 500,000 | 600,000 | 300,000 |
Intrinsic value of options exercised | 21,400,000 | ' | ' |
Unrecognized compensation cost | $7,600,000 | ' | ' |
Unrecognized compensation cost, weighted average recognition period, maximum | '14 years | ' | ' |
Series Z Incentive Units [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Option grants to officers and employees vesting period | '8 years | ' | ' |
Series Z Incentive Units [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Option grants to officers and employees vesting period | '15 years | ' | ' |
Equity_Based_Compensation_Plan3
Equity Based Compensation Plans Weighted average assumptions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Weighted average assumptions used to estimate fair value of stock options [Abstract] | ' | ' | ' |
Stock price (in dollars per share) | $153.54 | $143.95 | $131.87 |
Risk-free interest rates (in hundredths) | 2.68% | 1.16% | 2.23% |
Expected lives | '10 years | ' | '10 years |
Volatility (in hundredths) | 18.03% | 20.05% | 19.63% |
Dividend yield (in hundredths) | 3.15% | 3.26% | 3.29% |
Minimum [Member] | ' | ' | ' |
Weighted average assumptions used to estimate fair value of stock options [Abstract] | ' | ' | ' |
Expected lives | ' | '5 years | ' |
Maximum [Member] | ' | ' | ' |
Weighted average assumptions used to estimate fair value of stock options [Abstract] | ' | ' | ' |
Expected lives | ' | '10 years | ' |
Equity_Based_Compensation_Plan4
Equity Based Compensation Plans Summary of stock options activity (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Shares [Roll Forward] | ' | ' | ' |
Beginning balance, outstanding (in shares) | 623,434 | 415,020 | 300,642 |
Granted (in shares) | 150,325 | 263,113 | 197,500 |
Exercised (in shares) | -52,970 | -41,603 | -83,122 |
Forfeited and canceled (in shares) | -25,301 | -13,096 | 0 |
Ending balance, outstanding (in shares) | 695,488 | 623,434 | 415,020 |
Options exercisable at year end (in shares) | 300,632 | 250,620 | 219,820 |
Weighted-average exercise price [Abstract] | ' | ' | ' |
Outstanding at beginning of year (in dollars per share) | $125.96 | $109.71 | $88.11 |
Granted (in dollars per share) | $153.54 | $143.95 | $131.87 |
Exercised (in dollars per share) | $102.43 | $77.21 | $84.24 |
Forfeited and canceled (in dollars per share) | $135.25 | $128.36 | $0 |
Outstanding at end of year (in dollars per share) | $133.37 | $125.96 | $109.71 |
Options exercisable at year end (in dollars per share) | $119.09 | $107.12 | $92.31 |
Equity_Based_Compensation_Plan5
Equity Based Compensation Plans, Summary information of stock options outstanding (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Number of options outstanding (in shares) | 695,488 | ' | ' |
Options outstanding, Weighted-average remaining contractual life (years) | '6 years 9 months 18 days | ' | ' |
Options outstanding, Weighted-average exercise price (in dollars per share) | 133.37 | ' | ' |
Number of options exercisable (in shares) | 300,632 | ' | ' |
Options exercisable, Weighted-average exercise price (in dollars per share) | 119.09 | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares issued (in shares) | 1,556 | 1,614 | 1,540 |
Unrecognized compensation cost, weighted average recognition period, minimum | '1 year | ' | ' |
Unrecognized compensation cost, weighted average recognition period, maximum | '7 years | ' | ' |
$62.34 - $101.01 [Member] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Exercise price range, lower range limit (in dollars per share) | 62.34 | ' | ' |
Exercise price range, upper range limit (in dollars per share) | 101.01 | ' | ' |
Number of options outstanding (in shares) | 74,261 | ' | ' |
Options outstanding, Weighted-average remaining contractual life (years) | '2 years 8 months 12 days | ' | ' |
Options outstanding, Weighted-average exercise price (in dollars per share) | 79.18 | ' | ' |
Number of options exercisable (in shares) | 72,261 | ' | ' |
Options exercisable, Weighted-average exercise price (in dollars per share) | 79.02 | ' | ' |
105.64 - 161.98 [Member] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Exercise price range, lower range limit (in dollars per share) | 105.64 | ' | ' |
Exercise price range, upper range limit (in dollars per share) | 161.98 | ' | ' |
Number of options outstanding (in shares) | 604,902 | ' | ' |
Options outstanding, Weighted-average remaining contractual life (years) | '7 years 2 months 12 days | ' | ' |
Options outstanding, Weighted-average exercise price (in dollars per share) | 139.18 | ' | ' |
Number of options exercisable (in shares) | 228,371 | ' | ' |
Options exercisable, Weighted-average exercise price (in dollars per share) | 131.77 | ' | ' |
164.76 - 164.76 [Member] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Exercise price range, lower range limit (in dollars per share) | 164.76 | ' | ' |
Exercise price range, upper range limit (in dollars per share) | 164.76 | ' | ' |
Number of options outstanding (in shares) | 16,325 | ' | ' |
Options outstanding, Weighted-average remaining contractual life (years) | '9 years 4 months 24 days | ' | ' |
Options outstanding, Weighted-average exercise price (in dollars per share) | 164.76 | ' | ' |
Number of options exercisable (in shares) | 0 | ' | ' |
Options exercisable, Weighted-average exercise price (in dollars per share) | 0 | ' | ' |
Equity_Based_Compensation_Plan6
Equity Based Compensation Plans, Restricted stock activity (Details) (USD $) | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Series Z Incentive Units [Member] | Series Z Incentive Units [Member] | Series Z Incentive Units [Member] | Long Term Incentive Plans - Z Units and 2014 LTIP Units [Member] | Long Term Incentive Plans - Z Units and 2014 LTIP Units [Member] | Long Term Incentive Plans - Z Units and 2014 LTIP Units [Member] | ||||
Shares [Roll forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested at beginning of year (in shares) | 24,922 | 35,219 | 44,877 | ' | ' | ' | 140,043 | 170,019 | 171,902 |
Granted (in shares) | 1,556 | 1,614 | 1,540 | 50,500 | 46,500 | 108,000 | 50,500 | 0 | 46,500 |
Vested (in shares) | -7,211 | -8,641 | -9,532 | ' | ' | ' | -35,919 | -28,163 | -44,520 |
Converted (in shares) | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Forfeited and canceled (in shares) | -3,091 | -3,270 | -1,666 | ' | ' | ' | -5,243 | -1,813 | -3,863 |
Unvested at end of year (in shares) | 16,176 | 24,922 | 35,219 | ' | ' | ' | 149,381 | 140,043 | 170,019 |
Weighted-average grant price [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested at beginning of year (in dollars per share) | $104.52 | $98.57 | $102.46 | ' | ' | ' | $58.44 | $58.17 | $54.15 |
Granted (in dollars per share) | $158.75 | $149.68 | $134.44 | ' | ' | ' | ' | ' | ' |
Vested (in dollars per share) | $109.86 | $106.69 | $104.91 | ' | ' | ' | ' | ' | ' |
Forfeited and canceled (in dollars per share) | $100.84 | $102 | $94.35 | ' | ' | ' | ' | ' | ' |
Unvested at end of year (in dollars per share) | $108.06 | $104.52 | $98.57 | ' | ' | ' | $63.53 | $58.44 | $58.17 |
Incentive units vested [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested, beginning balance (in shares) | ' | ' | ' | ' | ' | ' | 190,704 | 179,082 | 326,280 |
Vested, units granted (in shares) | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Vested, units vested (in shares) | ' | ' | ' | ' | ' | ' | 35,919 | 28,163 | 44,520 |
Converted (in shares) | ' | ' | ' | ' | ' | ' | -108,433 | -16,541 | -191,718 |
Cancelled (in shares) | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Vested, ending balance (in shares) | ' | ' | ' | ' | ' | ' | 118,190 | 190,704 | 179,082 |
Aggregate intrinsic value, unvested, beginning balance | ' | ' | ' | ' | ' | ' | $20,800 | $23,719 | $19,463 |
Aggregate intrinsic value, unvested, ending balance | ' | ' | ' | ' | ' | ' | $21,438 | $20,800 | $23,719 |
Total outstanding incentive units [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total outstanding units, beginning balance (in shares) | ' | ' | ' | ' | ' | ' | 330,747 | 349,101 | 498,182 |
Total outstanding units, granted (in shares) | ' | ' | ' | ' | ' | ' | 50,500 | 0 | 46,500 |
Total outstanding units, vested (in shares) | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total outstanding units, converted (in shares) | ' | ' | ' | ' | ' | ' | -108,433 | -16,541 | -191,718 |
Total outstanding units, cancelled (in shares) | ' | ' | ' | ' | ' | ' | -5,243 | -1,813 | -3,863 |
Total outstanding units, ending balance (in shares) | ' | ' | ' | ' | ' | ' | 267,571 | 330,747 | 349,101 |
Weighted-average remaining contractual life, beginning balance | ' | ' | ' | ' | ' | ' | '11 years 3 months 18 days | '12 years 3 months 18 days | '11 years 2 months 12 days |
Weighted-average remaining contractual life, ending balance | ' | ' | ' | ' | ' | ' | '9 years 3 months 18 days | '11 years 3 months 18 days | '12 years 3 months 18 days |
Equity_Based_Compensation_Plan7
Equity Based Compensation Plans, Long term incentive plans (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
ExecutiveOfficer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted (in shares) | 1,556 | 1,614 | 1,540 | ' |
2014 LTIP Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Percentage of performance based vesting of 2014 Ltip Units eligible to be earned on absolute total stockholders return | 0.33% | ' | ' | ' |
Percentage of performance based vesting of 2014 Ltip Units eligible to be earned on relative total stockholders return | 0.66% | ' | ' | ' |
Price per unit considered to calculate compensation expense | $1 | ' | ' | ' |
Percentage of maximum conversion ratchet | 100.00% | ' | ' | ' |
Number of senior executives receiving partnership units | 12 | ' | ' | ' |
Vesting percentage for 2011 Z 1 Units to be convertible | 100.00% | ' | ' | ' |
Percentage subject to performance based vesting (in hundredths) | 90.00% | ' | ' | ' |
Series Z Incentive Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted (in shares) | 50,500 | ' | 46,500 | 108,000 |
Number of senior executives receiving partnership units | ' | ' | 14 | ' |
Percentage subject to service-based vesting (in hundredths) | 10.00% | ' | ' | ' |
Performance period | '1 year | ' | ' | ' |
Basis for estimating fair value of a unit | 'The estimated fair value of a Z Unit is determined on the grant date and considers the company's current stock price, the dividends that are not paid on unvested units and a marketability discount for the 8 to 15 years of illiquidity. | ' | ' | ' |
Basis for calculating compensation expense | 'Compensation expense is calculated by multiplying estimated vesting increases for the period by the estimated fair value as of the grant date less its $1.00 per unit purchase price. | ' | ' | ' |
Decrease amount in estimated fair value (in dollars per share) | $1 | ' | ' | ' |
Conversion ratchet increase for shares issued prior to 2010 | 'Effective January 1 of each year for each participating executive who remains employed by the Company if the Company has met a specified "funds from operations" per share target, or such other target as the Compensation Committee deems appropriate, for the prior year, up to a maximum conversion ratchet of 100%. | ' | ' | ' |
Number of senior executives receiving partnership units in exchange for cash | ' | ' | 8 | ' |
Number of senior executives receiving partnership units in exchange for capital committment | ' | ' | 6 | ' |
Capital commitment per series of each incentive Unit received (in dollars per share) | ' | ' | $1 | ' |
Incentive units conversion ratio | ' | ' | 'one-for-one | ' |
Incentive units conversion threshold | ' | ' | 'Convertible into common stock of the Company upon the earlier to occur of 100 percent vesting of the units or the year 2026. | ' |
Conversion ratchet increase for shares issued in 2010 | ' | ' | 'The conversion ratchet (accounted for as vesting) of the 2011 Z-1 Units into common units, increased to 10 percent effective January 1, 2012 because the Company achieved the FFO minimum target of $5.65 per diluted share in 2011. Each year thereafter, vesting of the 2011 Z-1 Units will be consistent with the Company's annual FFO growth, but is not to be less than zero or greater than 14 percent. | ' |
Percentage unit holders entitlement to dividends distributed to common stockholders (in hundredths) | ' | 10.00% | ' | ' |
Funds from operations (FFO) target per diluted share (in dollars per share) | ' | $5.65 | ' | ' |
Series Z Incentive Units [Member] | Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting percentage of units per year | ' | ' | 0.00% | ' |
Series Z Incentive Units [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting percentage of units per year | ' | ' | 14.00% | ' |
Long Term Incentive Plans - Z Units and 2014 LTIP Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted (in shares) | 50,500 | 0 | 46,500 | ' |
Maximum number of shares (units) authorized for issuance (in shares) | 600,000 | ' | ' | ' |
2010 Series Z-1 Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of senior executives receiving partnership units | ' | ' | ' | 20 |
Conversion ratchet increase for shares issued in 2010 | ' | ' | ' | 'The conversion ratchet (accounted for as vesting) of the 2010 Z-1 Units into common units, increased to 20 percent effective January 1, 2011 because the Company achieved the FFO minimum target of $4.75 per diluted share in 2010.B Once the units are vested, Z-1 Unit holders receive quarterly distributions of approximately the dividend rate paid on common shares.B Each year thereafter, vesting of the 2010 Z-1 Units will be consistent with the Company's annual FFO growth, but is not to be less than zero or greater than 14 percent. |
Percentage unit holders entitlement to dividends distributed to common stockholders (in hundredths) | ' | ' | ' | 20.00% |
Funds from operations (FFO) target per diluted share (in dollars per share) | ' | ' | $4.75 | ' |
2010 Series Z-1 Units [Member] | Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting percentage of units per year | ' | ' | ' | 0.00% |
2010 Series Z-1 Units [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting percentage of units per year | ' | ' | ' | 14.00% |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment | ||||||||||||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of reportable operating segments defined by geographical regions | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property revenues | $155,986 | $152,177 | $148,783 | $145,057 | $140,294 | $133,760 | $128,465 | $124,177 | $602,003 | $526,696 | $460,660 | |
Net operating income | ' | ' | ' | ' | ' | ' | ' | ' | 405,991 | 354,529 | 303,150 | |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | -192,420 | -169,173 | -150,009 | |
Interest expense before amortization | ' | ' | ' | ' | ' | ' | ' | ' | -104,600 | -100,244 | -91,694 | |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | -11,924 | -11,644 | -11,474 | |
Management and other fees from affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 11,700 | 11,489 | 6,780 | |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | -25,601 | -23,307 | -20,694 | |
Cost of management and other fees | ' | ' | ' | ' | ' | ' | ' | ' | -6,681 | -6,513 | -4,610 | |
Merger expenses | ' | ' | ' | ' | ' | ' | ' | ' | -4,284 | 0 | 0 | |
Interest and other income | ' | ' | ' | ' | ' | ' | ' | ' | 11,633 | 13,833 | 17,139 | |
Loss on early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | -300 | -5,009 | -1,163 | |
Gain on sale of land | ' | ' | ' | ' | ' | ' | ' | ' | 1,503 | 0 | 0 | |
Equity income (loss) income from co-investments | ' | ' | ' | ' | ' | ' | ' | ' | 55,865 | 41,745 | -467 | |
Gain on remeasurement of co-investment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 21,947 | 0 | |
Income before discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 140,882 | [1] | 127,653 | 46,958 |
Net reportable operating segment - real estate assets | 4,188,871 | ' | ' | ' | 3,952,155 | ' | ' | ' | 4,188,871 | 3,952,155 | ' | |
Real estate under development | 50,430 | ' | ' | ' | 66,851 | ' | ' | ' | 50,430 | 66,851 | ' | |
Co-investments | 677,133 | ' | ' | ' | 571,345 | ' | ' | ' | 677,133 | 571,345 | ' | |
Cash and cash equivalents, including restricted cash | 53,766 | ' | ' | ' | 42,126 | ' | ' | ' | 53,766 | 42,126 | ' | |
Marketable securities | 90,084 | ' | ' | ' | 92,713 | ' | ' | ' | 90,084 | 92,713 | ' | |
Notes and other receivables | 68,255 | ' | ' | ' | 66,163 | ' | ' | ' | 68,255 | 66,163 | ' | |
Other non-segment assets | 58,300 | ' | ' | ' | 55,870 | ' | ' | ' | 58,300 | 55,870 | ' | |
Total assets | 5,186,839 | ' | ' | ' | 4,847,223 | ' | ' | ' | 5,186,839 | 4,847,223 | ' | |
Southern California [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property revenues | ' | ' | ' | ' | ' | ' | ' | ' | 265,226 | 246,534 | 220,416 | |
Net operating income | ' | ' | ' | ' | ' | ' | ' | ' | 176,675 | 164,092 | 145,353 | |
Net reportable operating segment - real estate assets | 1,746,434 | ' | ' | ' | 1,675,265 | ' | ' | ' | 1,746,434 | 1,675,265 | ' | |
Northern California [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property revenues | ' | ' | ' | ' | ' | ' | ' | ' | 214,402 | 175,325 | 149,457 | |
Net operating income | ' | ' | ' | ' | ' | ' | ' | ' | 148,204 | 120,540 | 99,047 | |
Net reportable operating segment - real estate assets | 1,614,159 | ' | ' | ' | 1,489,095 | ' | ' | ' | 1,614,159 | 1,489,095 | ' | |
Seattle Metro [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property revenues | ' | ' | ' | ' | ' | ' | ' | ' | 107,553 | 92,489 | 79,832 | |
Net operating income | ' | ' | ' | ' | ' | ' | ' | ' | 71,407 | 60,853 | 51,477 | |
Net reportable operating segment - real estate assets | 741,533 | ' | ' | ' | 699,465 | ' | ' | ' | 741,533 | 699,465 | ' | |
Other Real Estate Assets [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property revenues | ' | ' | ' | ' | ' | ' | ' | ' | 14,822 | 12,348 | 10,955 | |
Net operating income | ' | ' | ' | ' | ' | ' | ' | ' | 9,705 | 9,044 | 7,273 | |
Net reportable operating segment - real estate assets | $86,745 | ' | ' | ' | $88,330 | ' | ' | ' | $86,745 | $88,330 | ' | |
[1] | The land is leased pursuant to a ground lease expiring 2027. |
401k_Plan_Details
401(k) Plan (Details) (401(k) Benefit Plan [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
401(k) Benefit Plan [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Eligibility of benefit plan, minimum period of service (in months) | '6 months | ' | ' |
Maximum employer matching contribution percentage for non-highly compensated personnel (in hundredths) | 50.00% | ' | ' |
Company contributions to benefit plan | $0.20 | $0.20 | $0.30 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 |
Community | |
Lease | |
Commitments and Contingencies [Abstract] | ' |
Number of non cancelable ground leases | 5 |
Operating Leases, Future Minimum Payments Due [Abstract] | ' |
Due by December 31, 2014 | $1,700,000 |
31-Dec-15 | 1,700,000 |
31-Dec-16 | 1,700,000 |
31-Dec-17 | 1,700,000 |
31-Dec-18 | 1,700,000 |
Number of communities with indemnification agreements from third parties for potential environmental clean-up costs | 3 |
Comprehensive liabilities insurance deductible per incident | 100,000 |
Property casualty insurance, deductible per incident, maximum | 5,000,000 |
Payment Guarantee [Member] | Construction Contracts [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Maximum exposure of the guarantee | $97,700,000 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 2 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 20, 2014 | Feb. 24, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | |
Term Loan - Variable Rate [Member] | Term Loan - Variable Rate [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
Common Stock [Member] | Common Stock [Member] | Term Loan - Variable Rate [Member] | Term Loan - Variable Rate [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Line of Credit Working Capital [Member] | Vista Capri [Member] | ||||||
Unit | |||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units in the community | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106 |
Sales price of communities sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,400,000 |
Line of credit facility, current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | 1,000,000,000 | ' | ' |
Line of credit with an accordion option | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | 25,000,000 | ' |
Line of credit facility expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-17 | ' | ' | ' |
Line of credit facility extension period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 months | ' | '2 years | ' |
Debt instrument, description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | 'LIBOR | ' |
Basis spread on variable rate, initial (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 1.05% | 1.20% | 0.95% | ' | 0.95% | ' |
Unsecured debt | 1,410,023,000 | 1,112,084,000 | ' | 350,000,000 | 350,000,000 | ' | ' | ' | 350,000,000 | ' | ' | ' | ' |
Common stock, shares issued (in shares) | 37,421,219 | 36,442,994 | ' | ' | ' | ' | 462,555 | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of common stock | $138,366,000 | $357,720,000 | $323,931,000 | ' | ' | $74,900,000 | ' | ' | ' | ' | ' | ' | ' |
Average price of stock sold (in dollars per share) | ' | ' | ' | ' | ' | ' | $162.97 | ' | ' | ' | ' | ' | ' |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total property revenues | $155,986 | $152,177 | $148,783 | $145,057 | $140,294 | $133,760 | $128,465 | $124,177 | $602,003 | $526,696 | $460,660 |
Income before discontinued operations | 20,020 | 62,718 | 28,983 | 29,161 | 49,158 | 19,731 | 42,050 | 16,714 | 140,882 | 127,653 | 46,958 |
Net income | 36,903 | 75,875 | 29,575 | 29,702 | 49,640 | 20,221 | 42,490 | 27,239 | 172,055 | 139,590 | 57,516 |
Net income available to common stockholders | 31,874 | 68,788 | 24,946 | 25,203 | 43,793 | 16,219 | 37,078 | 22,722 | 150,811 | 119,812 | 40,368 |
Net income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.85 | $1.84 | $0.67 | $0.68 | $1.22 | $0.46 | $1.07 | $0.67 | $4.05 | $3.42 | $1.24 |
Diluted (in dollars per share) | $0.85 | $1.84 | $0.67 | $0.68 | $1.22 | $0.45 | $1.07 | $0.67 | $4.04 | $3.41 | $1.24 |
Market price: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
High (in dollars per share) | $165.44 | $172.16 | $171.11 | $156.36 | $150.71 | $160.64 | $161.53 | $151.54 | ' | ' | ' |
Low (in dollars per share) | $137.53 | $139.64 | $147.56 | $147.06 | $136.38 | $147.38 | $146.05 | $136.43 | ' | ' | ' |
Close (in dollars per share) | $143.51 | $147.70 | $158.92 | $150.58 | $146.65 | $148.24 | $153.92 | $151.51 | ' | ' | ' |
Dividends declared (in dollars per share) | $1.21 | $1.21 | $1.21 | $1.21 | $1.10 | $1.10 | $1.10 | $1.10 | ' | ' | ' |
Essex Portfolio, L.P. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total property revenues | 155,986 | 152,177 | 148,783 | 145,057 | 140,294 | 133,760 | 128,465 | 124,177 | 602,003 | 526,696 | 460,660 |
Income before discontinued operations | 20,020 | 62,718 | 28,983 | 29,161 | 49,158 | 19,731 | 42,050 | 16,714 | 140,882 | 127,653 | 46,958 |
Net income | 36,903 | 75,875 | 29,575 | 29,702 | 49,640 | 20,221 | 42,490 | 27,239 | 172,055 | 139,590 | 57,516 |
Net income available to common stockholders | $33,776 | $72,777 | $26,493 | $26,703 | $46,581 | $17,296 | $39,580 | $24,314 | $159,749 | $127,771 | $43,593 |
Net income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.87 | $1.84 | $0.67 | $0.68 | $1.23 | $0.46 | $1.08 | $0.67 | $4.06 | $3.43 | $1.25 |
Diluted (in dollars per share) | $0.86 | $1.84 | $0.67 | $0.68 | $1.23 | $0.45 | $1.07 | $0.67 | $4.05 | $3.42 | $1.25 |
Market price: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared (in dollars per share) | $1.21 | $1.21 | $1.21 | $1.21 | $1.10 | $1.10 | $1.10 | $1.10 | ' | ' | ' |
Recovered_Sheet1
Schedule III Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Initial cost [Abstract] | ' | ' | ' | |
Land | $1,053,752,000 | ' | ' | |
Buildings and improvements | 3,515,791,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 924,645,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 1,133,982,000 | ' | ' | |
Buildings and improvements | 4,360,205,000 | ' | ' | |
Total | 5,494,188,000 | [1] | ' | ' |
Accumulated depreciation | -1,254,886,000 | ' | ' | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ' | ' | ' | |
Balance at beginning of year | 5,033,672 | 4,313,064 | 3,964,561 | |
Improvements | 92,016 | 97,947 | 219,692 | |
Acquisition of real estate | 344,476 | 619,743 | 103,300 | |
Development of real estate | 14,111 | 25,545 | 44,280 | |
Disposition of real estate | -40,518 | -22,627 | -18,769 | |
Balance at the end of year | 5,443,757 | 5,033,672 | 4,313,064 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ' | ' | ' | |
Balance at beginning of year | 1,081,517 | 920,026 | 775,553 | |
Depreciation expense - Acquisitions | 6,203 | 3,744 | 1,279 | |
Depreciation expense - Discontinued operations | 12,290 | 2,108 | 315 | |
Depreciation expense - Rental properties | 168,092 | 161,492 | 148,337 | |
Dispositions | -13,216 | -5,853 | -5,458 | |
Balance at the end of year | 1,254,886 | 1,081,517 | 920,026 | |
Aggregate cost for federal income tax purpose | 4,600,000,000 | ' | ' | |
Encumbered Apartment Communities [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrance | 1,404,080,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 393,037,000 | ' | ' | |
Buildings and improvements | 1,199,123,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 380,286,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 406,809,000 | ' | ' | |
Buildings and improvements | 1,565,636,000 | ' | ' | |
Total | 1,972,445,000 | [1] | ' | ' |
Accumulated depreciation | -564,341,000 | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Sunnyvale [Member] | Brookside Oaks [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Brookside Oaks | ' | ' | |
Units | 170 | ' | ' | |
Location | 'Sunnyvale, CA | ' | ' | |
Encumbrance | 19,652,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 7,301,000 | ' | ' | |
Buildings and improvements | 16,310,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 20,824,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 10,328,000 | ' | ' | |
Buildings and improvements | 34,107,000 | ' | ' | |
Total | 44,435,000 | [1] | ' | ' |
Accumulated depreciation | -12,736,000 | ' | ' | |
Date of construction | '1973 | ' | ' | |
Date acquired | '06/00 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Sunnyvale [Member] | Montclaire, The [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Montclaire, The | ' | ' | |
Units | 390 | ' | ' | |
Location | 'Sunnyvale, CA | ' | ' | |
Encumbrance | 46,580,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 4,842,000 | ' | ' | |
Buildings and improvements | 19,776,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 20,091,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 4,997,000 | ' | ' | |
Buildings and improvements | 39,712,000 | ' | ' | |
Total | 44,709,000 | [1] | ' | ' |
Accumulated depreciation | -29,766,000 | ' | ' | |
Date of construction | '1973 | ' | ' | |
Date acquired | '12/88 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Sunnyvale [Member] | Summerhill Park [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Summerhill Park | ' | ' | |
Units | 100 | ' | ' | |
Location | 'Sunnyvale, CA | ' | ' | |
Encumbrance | 13,554,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 2,654,000 | ' | ' | |
Buildings and improvements | 4,918,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,287,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 2,656,000 | ' | ' | |
Buildings and improvements | 6,202,000 | ' | ' | |
Total | 8,859,000 | [1] | ' | ' |
Accumulated depreciation | -4,814,000 | ' | ' | |
Date of construction | '1988 | ' | ' | |
Date acquired | '09/88 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Sunnyvale [Member] | Magnolia Square [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Magnolia Square/Magnolia Lane | ' | ' | |
Units | 188 | ' | ' | |
Location | 'Sunnyvale, CA | ' | ' | |
Encumbrance | 18,017,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 8,190,000 | ' | ' | |
Buildings and improvements | 24,736,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 12,716,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 8,191,000 | ' | ' | |
Buildings and improvements | 37,451,000 | ' | ' | |
Total | 45,642,000 | [1] | ' | ' |
Accumulated depreciation | -8,282,000 | ' | ' | |
Date of construction | '1969 | ' | ' | |
Date acquired | '09/07 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Los Angeles [Member] | Belmont Station [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Belmont Station | ' | ' | |
Units | 275 | ' | ' | |
Location | 'Los Angeles, CA | ' | ' | |
Encumbrance | 30,045,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 8,100,000 | ' | ' | |
Buildings and improvements | 66,666,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 3,262,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 8,267,000 | ' | ' | |
Buildings and improvements | 69,760,000 | ' | ' | |
Total | 78,027,000 | [1] | ' | ' |
Accumulated depreciation | -16,096,000 | ' | ' | |
Date of construction | '2008 | ' | ' | |
Date acquired | '12/08 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Simi Valley [Member] | Hidden Valley [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Hidden Valley | ' | ' | |
Units | 324 | ' | ' | |
Location | 'Simi Valley, CA | ' | ' | |
Encumbrance | 30,027,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 14,174,000 | ' | ' | |
Buildings and improvements | 34,065,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,535,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 9,674,000 | ' | ' | |
Buildings and improvements | 40,101,000 | ' | ' | |
Total | 49,774,000 | [1] | ' | ' |
Accumulated depreciation | -12,830,000 | ' | ' | |
Date of construction | '2004 | ' | ' | |
Date acquired | '12/04 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | San Jose [Member] | Carlyle, The [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Carlyle, The | ' | ' | |
Units | 132 | ' | ' | |
Location | 'San Jose, CA | ' | ' | |
Encumbrance | 18,274,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 3,954,000 | ' | ' | |
Buildings and improvements | 15,277,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 9,956,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 5,801,000 | ' | ' | |
Buildings and improvements | 23,387,000 | ' | ' | |
Total | 29,187,000 | [1] | ' | ' |
Accumulated depreciation | -10,159,000 | ' | ' | |
Date of construction | '2000 | ' | ' | |
Date acquired | '04/00 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | San Jose [Member] | Bella Villagio [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Bella Villagio | ' | ' | |
Units | 231 | ' | ' | |
Location | 'San Jose, CA | ' | ' | |
Encumbrance | 36,992,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 17,247,000 | ' | ' | |
Buildings and improvements | 40,343,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,735,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 17,247,000 | ' | ' | |
Buildings and improvements | 42,079,000 | ' | ' | |
Total | 59,325,000 | [1] | ' | ' |
Accumulated depreciation | -4,849,000 | ' | ' | |
Date of construction | '2004 | ' | ' | |
Date acquired | '09/10 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | San Jose [Member] | Esplanade [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Esplanade | ' | ' | |
Units | 278 | ' | ' | |
Location | 'San Jose, CA | ' | ' | |
Encumbrance | 43,965,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 18,170,000 | ' | ' | |
Buildings and improvements | 40,086,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 6,786,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 18,429,000 | ' | ' | |
Buildings and improvements | 46,613,000 | ' | ' | |
Total | 65,042,000 | [1] | ' | ' |
Accumulated depreciation | -15,128,000 | ' | ' | |
Date of construction | '2002 | ' | ' | |
Date acquired | '11/04 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | San Jose [Member] | Waterford, The [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Waterford, The | ' | ' | |
Units | 238 | ' | ' | |
Location | 'San Jose, CA | ' | ' | |
Encumbrance | 31,705,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 11,808,000 | ' | ' | |
Buildings and improvements | 24,500,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 12,570,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 15,165,000 | ' | ' | |
Buildings and improvements | 33,713,000 | ' | ' | |
Total | 48,878,000 | [1] | ' | ' |
Accumulated depreciation | -15,024,000 | ' | ' | |
Date of construction | '2000 | ' | ' | |
Date acquired | '06/00 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Hayward [Member] | City View [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'City View | ' | ' | |
Units | 572 | ' | ' | |
Location | 'Hayward, CA | ' | ' | |
Encumbrance | 62,008,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 9,883,000 | ' | ' | |
Buildings and improvements | 37,670,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 21,261,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 10,350,000 | ' | ' | |
Buildings and improvements | 58,464,000 | ' | ' | |
Total | 68,814,000 | [1] | ' | ' |
Accumulated depreciation | -32,305,000 | ' | ' | |
Date of construction | '1975 | ' | ' | |
Date acquired | '03/98 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | La Habra [Member] | Hillsborough Park [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Hillsborough Park | ' | ' | |
Units | 235 | ' | ' | |
Location | 'La Habra, CA | ' | ' | |
Encumbrance | 37,218,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 6,291,000 | ' | ' | |
Buildings and improvements | 15,455,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,625,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 6,272,000 | ' | ' | |
Buildings and improvements | 17,099,000 | ' | ' | |
Total | 23,371,000 | [1] | ' | ' |
Accumulated depreciation | -8,182,000 | ' | ' | |
Date of construction | '1999 | ' | ' | |
Date acquired | '09/99 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Garden Grove [Member] | Montejo [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Montejo | ' | ' | |
Units | 124 | ' | ' | |
Location | 'Garden Grove, CA | ' | ' | |
Encumbrance | 13,064,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 1,925,000 | ' | ' | |
Buildings and improvements | 7,685,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 2,420,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 2,194,000 | ' | ' | |
Buildings and improvements | 9,835,000 | ' | ' | |
Total | 12,030,000 | [1] | ' | ' |
Accumulated depreciation | -4,167,000 | ' | ' | |
Date of construction | '1974 | ' | ' | |
Date acquired | '11/01 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Santa Ana [Member] | Fairhaven Treehouse [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Fairhaven | ' | ' | |
Units | 164 | ' | ' | |
Location | 'Santa Ana, CA | ' | ' | |
Encumbrance | 16,954,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 2,626,000 | ' | ' | |
Buildings and improvements | 10,485,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 5,561,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 2,957,000 | ' | ' | |
Buildings and improvements | 15,715,000 | ' | ' | |
Total | 18,672,000 | [1] | ' | ' |
Accumulated depreciation | -5,989,000 | ' | ' | |
Date of construction | '1970 | ' | ' | |
Date acquired | '11/01 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Fountain Valley [Member] | Valley Park [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Valley Park | ' | ' | |
Units | 160 | ' | ' | |
Location | 'Fountain Valley, CA | ' | ' | |
Encumbrance | 22,180,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 3,361,000 | ' | ' | |
Buildings and improvements | 13,420,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 3,319,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 3,761,000 | ' | ' | |
Buildings and improvements | 16,339,000 | ' | ' | |
Total | 20,100,000 | [1] | ' | ' |
Accumulated depreciation | -6,817,000 | ' | ' | |
Date of construction | '1969 | ' | ' | |
Date acquired | '11/01 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Placentia [Member] | Villa Angelina [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Villa Angelina | ' | ' | |
Units | 256 | ' | ' | |
Location | 'Placentia, CA | ' | ' | |
Encumbrance | 27,040,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 4,498,000 | ' | ' | |
Buildings and improvements | 17,962,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 5,714,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 4,962,000 | ' | ' | |
Buildings and improvements | 23,213,000 | ' | ' | |
Total | 28,174,000 | [1] | ' | ' |
Accumulated depreciation | -8,818,000 | ' | ' | |
Date of construction | '1970 | ' | ' | |
Date acquired | '11/01 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Woodland Hills [Member] | Avondale at Warner Center [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Avondale at Warner Center | ' | ' | |
Units | 446 | ' | ' | |
Location | 'Woodland Hills, CA | ' | ' | |
Encumbrance | 46,077,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 10,536,000 | ' | ' | |
Buildings and improvements | 24,522,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 15,162,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 10,601,000 | ' | ' | |
Buildings and improvements | 39,619,000 | ' | ' | |
Total | 50,220,000 | [1] | ' | ' |
Accumulated depreciation | -21,737,000 | ' | ' | |
Date of construction | '1970 | ' | ' | |
Date acquired | '01/97 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Newark [Member] | Bridgeport [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Bridgeport | ' | ' | |
Units | 184 | ' | ' | |
Location | 'Newark, CA | ' | ' | |
Encumbrance | 21,374,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 1,608,000 | ' | ' | |
Buildings and improvements | 7,582,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 6,595,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 1,525,000 | ' | ' | |
Buildings and improvements | 14,260,000 | ' | ' | |
Total | 15,785,000 | [1] | ' | ' |
Accumulated depreciation | -10,670,000 | ' | ' | |
Date of construction | '1987 | ' | ' | |
Date acquired | '07/87 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Anaheim [Member] | Barkley, The [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Barkley, The | [2] | ' | ' |
Units | 161 | [2] | ' | ' |
Location | 'Anaheim, CA | [2] | ' | ' |
Encumbrance | 16,534,000 | [2] | ' | ' |
Initial cost [Abstract] | ' | ' | ' | |
Land | 0 | [2] | ' | ' |
Buildings and improvements | 8,520,000 | [2] | ' | ' |
Costs capitalized subsequent to acquisition | 4,817,000 | [2] | ' | ' |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 2,353,000 | [2] | ' | ' |
Buildings and improvements | 10,984,000 | [2] | ' | ' |
Total | 13,337,000 | [1],[2] | ' | ' |
Accumulated depreciation | -5,006,000 | [2] | ' | ' |
Date of construction | '1984 | [2] | ' | ' |
Date acquired | '04/00 | [2] | ' | ' |
Lives, minimum | '3 years | [2] | ' | ' |
Lives , maximum | '30 years | [2] | ' | ' |
Encumbered Apartment Communities [Member] | CA [Member] | San Ramon [Member] | Bel Air [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Bel Air | ' | ' | |
Units | 462 | ' | ' | |
Location | 'San Ramon, CA | ' | ' | |
Encumbrance | 54,858,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 12,105,000 | ' | ' | |
Buildings and improvements | 18,252,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 25,571,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 12,682,000 | ' | ' | |
Buildings and improvements | 43,246,000 | ' | ' | |
Total | 55,928,000 | [1] | ' | ' |
Accumulated depreciation | -21,280,000 | ' | ' | |
Date of construction | '1988 | ' | ' | |
Date acquired | '01/97 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | San Ramon [Member] | Canyon Oaks [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Canyon Oaks | ' | ' | |
Units | 250 | ' | ' | |
Location | 'San Ramon, CA | ' | ' | |
Encumbrance | 28,559,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 19,088,000 | ' | ' | |
Buildings and improvements | 44,473,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,512,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 19,088,000 | ' | ' | |
Buildings and improvements | 45,985,000 | ' | ' | |
Total | 65,073,000 | [1] | ' | ' |
Accumulated depreciation | -10,550,000 | ' | ' | |
Date of construction | '2005 | ' | ' | |
Date acquired | '05/07 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | San Ramon [Member] | Mill Creek at Windermere [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Mill Creek at Windermere | ' | ' | |
Units | 400 | ' | ' | |
Location | 'San Ramon, CA | ' | ' | |
Encumbrance | 49,212,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 29,551,000 | ' | ' | |
Buildings and improvements | 69,032,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,975,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 29,551,000 | ' | ' | |
Buildings and improvements | 71,008,000 | ' | ' | |
Total | 100,558,000 | [1] | ' | ' |
Accumulated depreciation | -15,298,000 | ' | ' | |
Date of construction | '2005 | ' | ' | |
Date acquired | '09/07 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Seattle [Member] | The Bernard [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'The Bernard | ' | ' | |
Units | 63 | ' | ' | |
Location | 'Seattle, WA | ' | ' | |
Encumbrance | 9,776,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 3,699,000 | ' | ' | |
Buildings and improvements | 11,345,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 95,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 3,689,000 | ' | ' | |
Buildings and improvements | 11,451,000 | ' | ' | |
Total | 15,139,000 | [1] | ' | ' |
Accumulated depreciation | -887,000 | ' | ' | |
Date of construction | '2008 | ' | ' | |
Date acquired | '09/11 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Camarillo [Member] | Camino Ruiz Square [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Camino Ruiz Square | ' | ' | |
Units | 160 | ' | ' | |
Location | 'Camarillo, CA | ' | ' | |
Encumbrance | 21,110,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 6,871,000 | ' | ' | |
Buildings and improvements | 26,119,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 940,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 6,931,000 | ' | ' | |
Buildings and improvements | 26,999,000 | ' | ' | |
Total | 33,930,000 | [1] | ' | ' |
Accumulated depreciation | -6,507,000 | ' | ' | |
Date of construction | '1990 | ' | ' | |
Date acquired | '12/06 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Fullerton [Member] | Wilshire Promenade [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Wilshire Promenade | ' | ' | |
Units | 149 | ' | ' | |
Location | 'Fullerton, CA | ' | ' | |
Encumbrance | 17,975,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 3,118,000 | ' | ' | |
Buildings and improvements | 7,385,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 7,245,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 3,797,000 | ' | ' | |
Buildings and improvements | 13,951,000 | ' | ' | |
Total | 17,748,000 | [1] | ' | ' |
Accumulated depreciation | -6,745,000 | ' | ' | |
Date of construction | '1992 | ' | ' | |
Date acquired | '01/97 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Studio City [Member] | Coldwater Canyon [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Coldwater Canyon | ' | ' | |
Units | 39 | ' | ' | |
Location | 'Studio City, CA | ' | ' | |
Encumbrance | 5,446,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 1,674,000 | ' | ' | |
Buildings and improvements | 6,640,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,289,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 1,676,000 | ' | ' | |
Buildings and improvements | 7,928,000 | ' | ' | |
Total | 9,603,000 | [1] | ' | ' |
Accumulated depreciation | -2,308,000 | ' | ' | |
Date of construction | '1979 | ' | ' | |
Date acquired | '05/07 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Playa Vista [Member] | Fountain Park [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Fountain Park | ' | ' | |
Units | 705 | ' | ' | |
Location | 'Playa Vista, CA | ' | ' | |
Encumbrance | 83,179,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 25,073,000 | ' | ' | |
Buildings and improvements | 94,980,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 23,673,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 25,203,000 | ' | ' | |
Buildings and improvements | 118,523,000 | ' | ' | |
Total | 143,726,000 | [1] | ' | ' |
Accumulated depreciation | -41,416,000 | ' | ' | |
Date of construction | '2002 | ' | ' | |
Date acquired | '02/04 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Santa Rosa [Member] | Harvest Park [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Harvest Park | ' | ' | |
Units | 104 | ' | ' | |
Location | 'Santa Rosa, CA | ' | ' | |
Encumbrance | 10,473,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 6,700,000 | ' | ' | |
Buildings and improvements | 15,479,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 984,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 6,690,000 | ' | ' | |
Buildings and improvements | 16,473,000 | ' | ' | |
Total | 23,163,000 | [1] | ' | ' |
Accumulated depreciation | -4,043,000 | ' | ' | |
Date of construction | '2004 | ' | ' | |
Date acquired | '03/07 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Glendale [Member] | Hampton Place Hampton Court [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Hampton Place /Hampton Court | ' | ' | |
Units | 215 | ' | ' | |
Location | 'Glendale, CA | ' | ' | |
Encumbrance | 20,967,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 6,695,000 | ' | ' | |
Buildings and improvements | 16,753,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 5,574,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 6,733,000 | ' | ' | |
Buildings and improvements | 22,289,000 | ' | ' | |
Total | 29,022,000 | [1] | ' | ' |
Accumulated depreciation | -10,899,000 | ' | ' | |
Date of construction | '1970 | ' | ' | |
Date acquired | '06/99 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Rancho Palos Verdes [Member] | Highridge [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Highridge | ' | ' | |
Units | 255 | ' | ' | |
Location | 'Rancho Palos Verdes, CA | ' | ' | |
Encumbrance | 44,807,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 5,419,000 | ' | ' | |
Buildings and improvements | 18,347,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 26,326,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 6,073,000 | ' | ' | |
Buildings and improvements | 44,019,000 | ' | ' | |
Total | 50,092,000 | [1] | ' | ' |
Accumulated depreciation | -19,916,000 | ' | ' | |
Date of construction | '1972 | ' | ' | |
Date acquired | '05/97 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Issaquah [Member] | Park Hill at Issaquah [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Park Hill at Issaquah | ' | ' | |
Units | 245 | ' | ' | |
Location | 'Issaquah, WA | ' | ' | |
Encumbrance | 28,966,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 7,284,000 | ' | ' | |
Buildings and improvements | 21,937,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 2,317,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 7,284,000 | ' | ' | |
Buildings and improvements | 24,254,000 | ' | ' | |
Total | 31,538,000 | [1] | ' | ' |
Accumulated depreciation | -7,853,000 | ' | ' | |
Date of construction | '1999 | ' | ' | |
Date acquired | '02/99 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Newbury Park [Member] | Hillcrest Park [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Hillcrest Park | ' | ' | |
Units | 608 | ' | ' | |
Location | 'Newbury Park, CA | ' | ' | |
Encumbrance | 68,339,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 15,318,000 | ' | ' | |
Buildings and improvements | 40,601,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 15,868,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 15,755,000 | ' | ' | |
Buildings and improvements | 56,031,000 | ' | ' | |
Total | 71,787,000 | [1] | ' | ' |
Accumulated depreciation | -27,474,000 | ' | ' | |
Date of construction | '1973 | ' | ' | |
Date acquired | '03/98 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Huntington Beach [Member] | Huntington Breakers [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Huntington Breakers | ' | ' | |
Units | 342 | ' | ' | |
Location | 'Huntington Beach, CA | ' | ' | |
Encumbrance | 38,108,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 9,306,000 | ' | ' | |
Buildings and improvements | 22,720,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 7,218,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 9,315,000 | ' | ' | |
Buildings and improvements | 29,929,000 | ' | ' | |
Total | 39,244,000 | [1] | ' | ' |
Accumulated depreciation | -15,046,000 | ' | ' | |
Date of construction | '1984 | ' | ' | |
Date acquired | '10/97 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Huntington Beach [Member] | The Huntington [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'The Huntington | ' | ' | |
Units | 276 | ' | ' | |
Location | 'Huntington Beach, CA | ' | ' | |
Encumbrance | 33,121,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 10,374,000 | ' | ' | |
Buildings and improvements | 41,495,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 2,026,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 10,374,000 | ' | ' | |
Buildings and improvements | 43,522,000 | ' | ' | |
Total | 53,895,000 | [1] | ' | ' |
Accumulated depreciation | -2,301,000 | ' | ' | |
Date of construction | '1975 | ' | ' | |
Date acquired | '06/12 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Long Beach [Member] | Pathways [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Pathways | ' | ' | |
Units | 296 | ' | ' | |
Location | 'Long Beach, CA | ' | ' | |
Encumbrance | 37,651,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 4,083,000 | ' | ' | |
Buildings and improvements | 16,757,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 18,730,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 6,239,000 | ' | ' | |
Buildings and improvements | 33,332,000 | ' | ' | |
Total | 39,570,000 | [1] | ' | ' |
Accumulated depreciation | -22,575,000 | ' | ' | |
Date of construction | '1975 | ' | ' | |
Date acquired | '02/91 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Marina Del Rey [Member] | Mirabella [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Mirabella | ' | ' | |
Units | 188 | ' | ' | |
Location | 'Marina Del Rey, CA | ' | ' | |
Encumbrance | 45,470,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 6,180,000 | ' | ' | |
Buildings and improvements | 26,673,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 13,583,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 6,270,000 | ' | ' | |
Buildings and improvements | 40,165,000 | ' | ' | |
Total | 46,436,000 | [1] | ' | ' |
Accumulated depreciation | -16,059,000 | ' | ' | |
Date of construction | '2000 | ' | ' | |
Date acquired | '05/00 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Oxnard [Member] | Tierra Vista [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Tierra Vista | ' | ' | |
Units | 404 | ' | ' | |
Location | 'Oxnard, CA | ' | ' | |
Encumbrance | 56,359,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 13,652,000 | ' | ' | |
Buildings and improvements | 53,336,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 3,497,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 13,661,000 | ' | ' | |
Buildings and improvements | 56,824,000 | ' | ' | |
Total | 70,485,000 | [1] | ' | ' |
Accumulated depreciation | -18,565,000 | ' | ' | |
Date of construction | '2001 | ' | ' | |
Date acquired | '01/01 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | CA [Member] | Fremont [Member] | Stevenson Place [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Stevenson Place | ' | ' | |
Units | 200 | ' | ' | |
Location | 'Fremont, CA | ' | ' | |
Encumbrance | 21,724,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 996,000 | ' | ' | |
Buildings and improvements | 5,582,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 7,076,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 1,001,000 | ' | ' | |
Buildings and improvements | 12,653,000 | ' | ' | |
Total | 13,654,000 | [1] | ' | ' |
Accumulated depreciation | -9,216,000 | ' | ' | |
Date of construction | '1971 | ' | ' | |
Date acquired | '04/83 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | WA [Member] | Renton [Member] | Fairwood Pond [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Fairwood Pond | ' | ' | |
Units | 194 | ' | ' | |
Location | 'Renton, WA | ' | ' | |
Encumbrance | 13,024,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 5,296,000 | ' | ' | |
Buildings and improvements | 15,564,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 2,111,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 5,297,000 | ' | ' | |
Buildings and improvements | 17,674,000 | ' | ' | |
Total | 22,971,000 | [1] | ' | ' |
Accumulated depreciation | -5,979,000 | ' | ' | |
Date of construction | '1997 | ' | ' | |
Date acquired | '10/04 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | WA [Member] | Mukilteo [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'The Elliot at Mukilteo | ' | ' | |
Units | 301 | ' | ' | |
Location | 'Mukilteo, WA | ' | ' | |
Encumbrance | 10,750,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 2,498,000 | ' | ' | |
Buildings and improvements | 10,595,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 13,805,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 2,824,000 | ' | ' | |
Buildings and improvements | 24,075,000 | ' | ' | |
Total | 26,898,000 | [1] | ' | ' |
Accumulated depreciation | -11,185,000 | ' | ' | |
Date of construction | '1981 | ' | ' | |
Date acquired | '01/97 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | WA [Member] | Seattle [Member] | Domaine [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Domaine | ' | ' | |
Units | 92 | ' | ' | |
Location | 'Seattle, WA | ' | ' | |
Encumbrance | 16,336,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 9,059,000 | ' | ' | |
Buildings and improvements | 27,177,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 375,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 9,059,000 | ' | ' | |
Buildings and improvements | 27,552,000 | ' | ' | |
Total | 36,611,000 | [1] | ' | ' |
Accumulated depreciation | -1,191,000 | ' | ' | |
Date of construction | '2009 | ' | ' | |
Date acquired | '09/12 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | WA [Member] | Bothell [Member] | Inglenook Court [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Inglenook Court | ' | ' | |
Units | 224 | ' | ' | |
Location | 'Bothell, WA | ' | ' | |
Encumbrance | 8,300,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 3,467,000 | ' | ' | |
Buildings and improvements | 7,881,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 5,766,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 3,474,000 | ' | ' | |
Buildings and improvements | 13,640,000 | ' | ' | |
Total | 17,114,000 | [1] | ' | ' |
Accumulated depreciation | -8,870,000 | ' | ' | |
Date of construction | '1985 | ' | ' | |
Date acquired | '10/94 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | WA [Member] | Bothell [Member] | Stonehedge Village [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Stonehedge Village | ' | ' | |
Units | 196 | ' | ' | |
Location | 'Bothell, WA | ' | ' | |
Encumbrance | 12,390,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 3,167,000 | ' | ' | |
Buildings and improvements | 12,603,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 4,726,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 3,201,000 | ' | ' | |
Buildings and improvements | 17,296,000 | ' | ' | |
Total | 20,496,000 | [1] | ' | ' |
Accumulated depreciation | -9,341,000 | ' | ' | |
Date of construction | '1986 | ' | ' | |
Date acquired | '10/97 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | WA [Member] | Bellevue [Member] | Courtyard off Main [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Courtyard off Main | ' | ' | |
Units | 109 | ' | ' | |
Location | 'Bellevue, WA | ' | ' | |
Encumbrance | 16,016,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 7,465,000 | ' | ' | |
Buildings and improvements | 21,405,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 2,718,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 7,465,000 | ' | ' | |
Buildings and improvements | 24,123,000 | ' | ' | |
Total | 31,588,000 | [1] | ' | ' |
Accumulated depreciation | -2,752,000 | ' | ' | |
Date of construction | '2000 | ' | ' | |
Date acquired | '10/10 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | WA [Member] | Bellevue [Member] | Palisades, The [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Palisades, The | ' | ' | |
Units | 192 | ' | ' | |
Location | 'Bellevue, WA | ' | ' | |
Encumbrance | 20,935,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 1,560,000 | ' | ' | |
Buildings and improvements | 6,242,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 10,733,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 1,565,000 | ' | ' | |
Buildings and improvements | 16,971,000 | ' | ' | |
Total | 18,535,000 | [1] | ' | ' |
Accumulated depreciation | -11,333,000 | ' | ' | |
Date of construction | '1977 | ' | ' | |
Date acquired | '05/90 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | WA [Member] | Redmond [Member] | Elevation [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Elevation | ' | ' | |
Units | 157 | ' | ' | |
Location | 'Redmond, WA | ' | ' | |
Encumbrance | 11,579,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 4,758,000 | ' | ' | |
Buildings and improvements | 14,285,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 5,498,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 4,757,000 | ' | ' | |
Buildings and improvements | 19,784,000 | ' | ' | |
Total | 24,541,000 | [1] | ' | ' |
Accumulated depreciation | -3,054,000 | ' | ' | |
Date of construction | '1986 | ' | ' | |
Date acquired | '06/10 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | WA [Member] | Kirkland [Member] | Montebello [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Montebello | ' | ' | |
Units | 248 | ' | ' | |
Location | 'Kirkland, WA | ' | ' | |
Encumbrance | 29,300,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 13,857,000 | ' | ' | |
Buildings and improvements | 41,575,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 2,707,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 13,858,000 | ' | ' | |
Buildings and improvements | 44,281,000 | ' | ' | |
Total | 58,139,000 | [1] | ' | ' |
Accumulated depreciation | -2,351,000 | ' | ' | |
Date of construction | '1996 | ' | ' | |
Date acquired | '07/12 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | WA [Member] | Issaquah [Member] | Highlands at Wynhaven [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Highlands at Wynhaven | ' | ' | |
Units | 333 | ' | ' | |
Location | 'Issaquah, WA | ' | ' | |
Encumbrance | 32,793,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 16,271,000 | ' | ' | |
Buildings and improvements | 48,932,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 5,541,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 16,271,000 | ' | ' | |
Buildings and improvements | 54,473,000 | ' | ' | |
Total | 70,744,000 | [1] | ' | ' |
Accumulated depreciation | -10,576,000 | ' | ' | |
Date of construction | '2000 | ' | ' | |
Date acquired | '08/08 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Encumbered Apartment Communities [Member] | WA [Member] | Kent [Member] | Wandering Creek [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Wandering Creek | ' | ' | |
Units | 156 | ' | ' | |
Location | 'Kent, WA | ' | ' | |
Encumbrance | 5,300,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 1,285,000 | ' | ' | |
Buildings and improvements | 4,980,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 3,569,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 1,296,000 | ' | ' | |
Buildings and improvements | 8,538,000 | ' | ' | |
Total | 9,834,000 | [1] | ' | ' |
Accumulated depreciation | -5,395,000 | ' | ' | |
Date of construction | '1986 | ' | ' | |
Date acquired | '11/95 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Units | 29,989 | ' | ' | |
Encumbrance | 1,404,080,000 | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 1,021,942,000 | ' | ' | |
Buildings and improvements | 3,474,800,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 863,981,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 1,059,824,000 | ' | ' | |
Buildings and improvements | 4,300,898,000 | ' | ' | |
Total | 5,360,723,000 | [1] | ' | ' |
Accumulated depreciation | -1,232,604,000 | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Bonita [Member] | Bonita Cedars [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Bonita Cedars | ' | ' | |
Units | 120 | ' | ' | |
Location | 'Bonita, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 2,496,000 | ' | ' | |
Buildings and improvements | 9,913,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,773,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 2,503,000 | ' | ' | |
Buildings and improvements | 11,678,000 | ' | ' | |
Total | 14,182,000 | [1] | ' | ' |
Accumulated depreciation | -4,608,000 | ' | ' | |
Date of construction | '1983 | ' | ' | |
Date acquired | '12/02 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Sunnyvale [Member] | Reed Square [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Reed Square | ' | ' | |
Units | 100 | ' | ' | |
Location | 'Sunnyvale, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 6,873,000 | ' | ' | |
Buildings and improvements | 16,037,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 6,377,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 6,873,000 | ' | ' | |
Buildings and improvements | 22,414,000 | ' | ' | |
Total | 29,287,000 | [1] | ' | ' |
Accumulated depreciation | -1,490,000 | ' | ' | |
Date of construction | '1970 | ' | ' | |
Date acquired | '01/12 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Sunnyvale [Member] | Bristol Commons [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Bristol Commons | ' | ' | |
Units | 188 | ' | ' | |
Location | 'Sunnyvale, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 5,278,000 | ' | ' | |
Buildings and improvements | 11,853,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 3,361,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 5,293,000 | ' | ' | |
Buildings and improvements | 15,199,000 | ' | ' | |
Total | 20,492,000 | [1] | ' | ' |
Accumulated depreciation | -8,004,000 | ' | ' | |
Date of construction | '1989 | ' | ' | |
Date acquired | '01/97 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Sunnyvale [Member] | Windsor Ridge [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Windsor Ridge | ' | ' | |
Units | 216 | ' | ' | |
Location | 'Sunnyvale, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 4,017,000 | ' | ' | |
Buildings and improvements | 10,315,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 8,365,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 4,021,000 | ' | ' | |
Buildings and improvements | 18,676,000 | ' | ' | |
Total | 22,697,000 | [1] | ' | ' |
Accumulated depreciation | -12,239,000 | ' | ' | |
Date of construction | '1989 | ' | ' | |
Date acquired | '03/89 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Sunnyvale [Member] | Via [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Via | ' | ' | |
Units | 284 | ' | ' | |
Location | 'Sunnyvale, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 22,000,000 | ' | ' | |
Buildings and improvements | 82,270,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 317,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 22,016,000 | ' | ' | |
Buildings and improvements | 82,571,000 | ' | ' | |
Total | 104,587,000 | [1] | ' | ' |
Accumulated depreciation | -8,246,000 | ' | ' | |
Date of construction | '2011 | ' | ' | |
Date acquired | '07/11 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Los Angeles [Member] | Park Catalina [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Park Catalina | ' | ' | |
Units | 90 | ' | ' | |
Location | 'Los Angeles, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 4,710,000 | ' | ' | |
Buildings and improvements | 18,839,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 876,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 4,710,000 | ' | ' | |
Buildings and improvements | 19,716,000 | ' | ' | |
Total | 24,425,000 | [1] | ' | ' |
Accumulated depreciation | -1,051,000 | ' | ' | |
Date of construction | '2002 | ' | ' | |
Date acquired | '06/12 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Los Angeles [Member] | Miracle Mile Marbella [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Miracle Mile/Marbella | ' | ' | |
Units | 236 | ' | ' | |
Location | 'Los Angeles, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 7,791,000 | ' | ' | |
Buildings and improvements | 23,075,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 12,201,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 7,886,000 | ' | ' | |
Buildings and improvements | 35,181,000 | ' | ' | |
Total | 43,067,000 | [1] | ' | ' |
Accumulated depreciation | -17,228,000 | ' | ' | |
Date of construction | '1988 | ' | ' | |
Date acquired | '08/97 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Los Angeles [Member] | Bunker Hill [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Bunker Hill | ' | ' | |
Units | 456 | ' | ' | |
Location | 'Los Angeles, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 11,498,000 | ' | ' | |
Buildings and improvements | 27,871,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 9,067,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 11,639,000 | ' | ' | |
Buildings and improvements | 36,798,000 | ' | ' | |
Total | 48,436,000 | [1] | ' | ' |
Accumulated depreciation | -17,548,000 | ' | ' | |
Date of construction | '1968 | ' | ' | |
Date acquired | '03/98 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Los Angeles [Member] | Kings Road [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Kings Road | ' | ' | |
Units | 196 | ' | ' | |
Location | 'Los Angeles, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 4,023,000 | ' | ' | |
Buildings and improvements | 9,527,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 8,817,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 4,031,000 | ' | ' | |
Buildings and improvements | 18,336,000 | ' | ' | |
Total | 22,367,000 | [1] | ' | ' |
Accumulated depreciation | -8,792,000 | ' | ' | |
Date of construction | '1979 | ' | ' | |
Date acquired | '06/97 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Los Angeles [Member] | Santee Court [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Santee Court/Santee Village | ' | ' | |
Units | 238 | ' | ' | |
Location | 'Los Angeles, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 9,581,000 | ' | ' | |
Buildings and improvements | 40,317,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 2,967,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 9,582,000 | ' | ' | |
Buildings and improvements | 43,283,000 | ' | ' | |
Total | 52,865,000 | [1] | ' | ' |
Accumulated depreciation | -4,811,000 | ' | ' | |
Date of construction | '2004 | ' | ' | |
Date acquired | '10/10 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Los Angeles [Member] | Bellerive [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Bellerive | ' | ' | |
Units | 63 | ' | ' | |
Location | 'Los Angeles, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 5,401,000 | ' | ' | |
Buildings and improvements | 21,803,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 568,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 5,401,000 | ' | ' | |
Buildings and improvements | 22,370,000 | ' | ' | |
Total | 27,772,000 | [1] | ' | ' |
Accumulated depreciation | -2,378,000 | ' | ' | |
Date of construction | '2011 | ' | ' | |
Date acquired | '08/11 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Simi Valley [Member] | Meadoweood [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Meadowood | ' | ' | |
Units | 320 | ' | ' | |
Location | 'Simi Valley, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 7,852,000 | ' | ' | |
Buildings and improvements | 18,592,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 6,239,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 7,898,000 | ' | ' | |
Buildings and improvements | 24,785,000 | ' | ' | |
Total | 32,683,000 | [1] | ' | ' |
Accumulated depreciation | -13,426,000 | ' | ' | |
Date of construction | '1986 | ' | ' | |
Date acquired | '11/96 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Mira Mesa [Member] | Mira Monte [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Mira Monte | ' | ' | |
Units | 355 | ' | ' | |
Location | 'Mira Mesa, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 7,165,000 | ' | ' | |
Buildings and improvements | 28,459,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 8,392,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 7,186,000 | ' | ' | |
Buildings and improvements | 36,830,000 | ' | ' | |
Total | 44,016,000 | [1] | ' | ' |
Accumulated depreciation | -15,701,000 | ' | ' | |
Date of construction | '1982 | ' | ' | |
Date acquired | '12/02 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Oceanside [Member] | Mission Hills [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Mission Hills | ' | ' | |
Units | 282 | ' | ' | |
Location | 'Oceanside, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 10,099,000 | ' | ' | |
Buildings and improvements | 38,778,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 4,009,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 10,167,000 | ' | ' | |
Buildings and improvements | 42,719,000 | ' | ' | |
Total | 52,886,000 | [1] | ' | ' |
Accumulated depreciation | -13,413,000 | ' | ' | |
Date of construction | '1984 | ' | ' | |
Date acquired | '07/05 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Oceanside [Member] | Country Villas [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Country Villas | ' | ' | |
Units | 180 | ' | ' | |
Location | 'Oceanside, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 4,174,000 | ' | ' | |
Buildings and improvements | 16,583,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 2,650,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 4,187,000 | ' | ' | |
Buildings and improvements | 19,220,000 | ' | ' | |
Total | 23,407,000 | [1] | ' | ' |
Accumulated depreciation | -7,669,000 | ' | ' | |
Date of construction | '1976 | ' | ' | |
Date acquired | '12/02 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Lake Forest [Member] | Trabucco Villas [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Trabucco Villas | ' | ' | |
Units | 132 | ' | ' | |
Location | 'Lake Forest, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 3,638,000 | ' | ' | |
Buildings and improvements | 8,640,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 2,177,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 3,890,000 | ' | ' | |
Buildings and improvements | 10,565,000 | ' | ' | |
Total | 14,455,000 | [1] | ' | ' |
Accumulated depreciation | -5,485,000 | ' | ' | |
Date of construction | '1985 | ' | ' | |
Date acquired | '10/97 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Walnut [Member] | Walnut Heights [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Walnut Heights | ' | ' | |
Units | 163 | ' | ' | |
Location | 'Walnut, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 4,858,000 | ' | ' | |
Buildings and improvements | 19,168,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 2,592,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 4,887,000 | ' | ' | |
Buildings and improvements | 21,731,000 | ' | ' | |
Total | 26,618,000 | [1] | ' | ' |
Accumulated depreciation | -7,648,000 | ' | ' | |
Date of construction | '1964 | ' | ' | |
Date acquired | '10/03 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | San Jose [Member] | Willow Lake [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Willow Lake | ' | ' | |
Units | 508 | ' | ' | |
Location | 'San Jose, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 43,194,000 | ' | ' | |
Buildings and improvements | 101,030,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 3,887,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 43,194,000 | ' | ' | |
Buildings and improvements | 104,917,000 | ' | ' | |
Total | 148,111,000 | [1] | ' | ' |
Accumulated depreciation | -4,365,000 | ' | ' | |
Date of construction | '1989 | ' | ' | |
Date acquired | '10/12 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | San Jose [Member] | 101 San Fernando [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | '101 San Fernando | ' | ' | |
Units | 323 | ' | ' | |
Location | 'San Jose, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 4,173,000 | ' | ' | |
Buildings and improvements | 58,961,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 5,425,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 4,173,000 | ' | ' | |
Buildings and improvements | 64,386,000 | ' | ' | |
Total | 68,559,000 | [1] | ' | ' |
Accumulated depreciation | -7,966,000 | ' | ' | |
Date of construction | '2001 | ' | ' | |
Date acquired | '07/10 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Santa Ana [Member] | Essex Skyline at MacAuthur Place [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Essex Skyline at MacArthur Place | ' | ' | |
Units | 349 | ' | ' | |
Location | 'Santa Ana, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 21,537,000 | ' | ' | |
Buildings and improvements | 146,099,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,216,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 21,537,000 | ' | ' | |
Buildings and improvements | 147,314,000 | ' | ' | |
Total | 168,852,000 | [1] | ' | ' |
Accumulated depreciation | -8,472,000 | ' | ' | |
Date of construction | '2008 | ' | ' | |
Date acquired | '04/12 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Alpine [Member] | Alpine Village [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Alpine Village | ' | ' | |
Units | 301 | ' | ' | |
Location | 'Alpine, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 4,967,000 | ' | ' | |
Buildings and improvements | 19,728,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 4,511,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 4,982,000 | ' | ' | |
Buildings and improvements | 24,224,000 | ' | ' | |
Total | 29,206,000 | [1] | ' | ' |
Accumulated depreciation | -9,201,000 | ' | ' | |
Date of construction | '1971 | ' | ' | |
Date acquired | '12/02 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Anaheim [Member] | Anavia [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Anavia | ' | ' | |
Units | 250 | ' | ' | |
Location | 'Anaheim, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 15,925,000 | ' | ' | |
Buildings and improvements | 63,712,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 5,633,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 15,925,000 | ' | ' | |
Buildings and improvements | 69,345,000 | ' | ' | |
Total | 85,270,000 | [1] | ' | ' |
Accumulated depreciation | -7,077,000 | ' | ' | |
Date of construction | '2009 | ' | ' | |
Date acquired | '12/10 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | San Ramon [Member] | Foothill Gardens/Twin Creeks [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Foothill Gardens/Twin Creeks | ' | ' | |
Units | 176 | ' | ' | |
Location | 'San Ramon, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 5,875,000 | ' | ' | |
Buildings and improvements | 13,992,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 5,273,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 5,964,000 | ' | ' | |
Buildings and improvements | 19,176,000 | ' | ' | |
Total | 25,140,000 | [1] | ' | ' |
Accumulated depreciation | -10,015,000 | ' | ' | |
Date of construction | '1985 | ' | ' | |
Date acquired | '02/97 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Camarillo [Member] | Camarillo Oaks [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Camarillo Oaks | ' | ' | |
Units | 564 | ' | ' | |
Location | 'Camarillo, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 10,953,000 | ' | ' | |
Buildings and improvements | 25,254,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 3,361,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 11,075,000 | ' | ' | |
Buildings and improvements | 28,493,000 | ' | ' | |
Total | 39,568,000 | ' | ' | |
Accumulated depreciation | -16,613,000 | ' | ' | |
Date of construction | '1985 | ' | ' | |
Date acquired | '07/96 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Fullerton [Member] | Capri at Sunny Hills [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Capri at Sunny Hills | ' | ' | |
Units | 100 | ' | ' | |
Location | 'Fullerton, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 3,337,000 | ' | ' | |
Buildings and improvements | 13,320,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 6,848,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 4,048,000 | ' | ' | |
Buildings and improvements | 19,457,000 | ' | ' | |
Total | 23,505,000 | [1] | ' | ' |
Accumulated depreciation | -7,745,000 | ' | ' | |
Date of construction | '1961 | ' | ' | |
Date acquired | '09/01 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Hemet [Member] | Devonshire [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Devonshire | ' | ' | |
Units | 276 | ' | ' | |
Location | 'Hemet, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 3,470,000 | ' | ' | |
Buildings and improvements | 13,786,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 2,400,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 3,482,000 | ' | ' | |
Buildings and improvements | 16,174,000 | ' | ' | |
Total | 19,656,000 | [1] | ' | ' |
Accumulated depreciation | -6,481,000 | ' | ' | |
Date of construction | '1988 | ' | ' | |
Date acquired | '12/02 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Kirkland [Member] | Slater 116 [Member] | ' | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Kirkland [Member] | Ascent [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Ascent | ' | ' | |
Units | 90 | ' | ' | |
Location | 'Kirkland, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 3,924,000 | ' | ' | |
Buildings and improvements | 11,862,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,344,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 3,924,000 | ' | ' | |
Buildings and improvements | 13,206,000 | ' | ' | |
Total | 17,130,000 | [1] | ' | ' |
Accumulated depreciation | -582,000 | ' | ' | |
Date of construction | '1988 | ' | ' | |
Date acquired | '10/12 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Glendale [Member] | 416 on Broadway [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | '416 on Broadway | ' | ' | |
Units | 115 | ' | ' | |
Location | 'Glendale, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 8,557,000 | ' | ' | |
Buildings and improvements | 34,235,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 992,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 8,557,000 | ' | ' | |
Buildings and improvements | 35,226,000 | ' | ' | |
Total | 43,784,000 | [1] | ' | ' |
Accumulated depreciation | -3,750,000 | ' | ' | |
Date of construction | '2009 | ' | ' | |
Date acquired | '12/10 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Santa Clara [Member] | Le Parc Luxury Apartments [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Le Parc Luxury Apartments | ' | ' | |
Units | 140 | ' | ' | |
Location | 'Santa Clara, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 3,090,000 | ' | ' | |
Buildings and improvements | 7,421,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 10,794,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 3,092,000 | ' | ' | |
Buildings and improvements | 18,212,000 | ' | ' | |
Total | 21,305,000 | [1] | ' | ' |
Accumulated depreciation | -10,219,000 | ' | ' | |
Date of construction | '1975 | ' | ' | |
Date acquired | '02/94 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Santa Clara [Member] | Marina Cove [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Marina Cove | [3] | ' | ' |
Units | 292 | [3] | ' | ' |
Location | 'Santa Clara, CA | [3] | ' | ' |
Initial cost [Abstract] | ' | ' | ' | |
Land | 5,320,000 | [3] | ' | ' |
Buildings and improvements | 16,431,000 | [3] | ' | ' |
Costs capitalized subsequent to acquisition | 9,971,000 | [3] | ' | ' |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 5,324,000 | [3] | ' | ' |
Buildings and improvements | 26,398,000 | [3] | ' | ' |
Total | 31,722,000 | [1],[3] | ' | ' |
Accumulated depreciation | -15,114,000 | [3] | ' | ' |
Date of construction | '1974 | [3] | ' | ' |
Date acquired | '06/94 | [3] | ' | ' |
Lives, minimum | '3 years | [3] | ' | ' |
Lives , maximum | '30 years | [3] | ' | ' |
Unencumbered Apartment Communities [Member] | CA [Member] | Santa Clara [Member] | 1000 Kiely [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | '1000 Kiely | ' | ' | |
Units | 121 | ' | ' | |
Location | 'Santa Clara, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 9,359,000 | ' | ' | |
Buildings and improvements | 21,845,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 5,118,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 9,359,000 | ' | ' | |
Buildings and improvements | 26,963,000 | ' | ' | |
Total | 36,322,000 | [1] | ' | ' |
Accumulated depreciation | -2,745,000 | ' | ' | |
Date of construction | '1971 | ' | ' | |
Date acquired | '03/11 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Long Beach [Member] | Marbrisa [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Marbrisa | [4] | ' | ' |
Units | 202 | [4] | ' | ' |
Location | 'Long Beach, CA | [4] | ' | ' |
Initial cost [Abstract] | ' | ' | ' | |
Land | 4,700,000 | [4] | ' | ' |
Buildings and improvements | 18,605,000 | [4] | ' | ' |
Costs capitalized subsequent to acquisition | 4,116,000 | [4] | ' | ' |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 4,760,000 | [4] | ' | ' |
Buildings and improvements | 22,662,000 | [4] | ' | ' |
Total | 27,421,000 | [1],[4] | ' | ' |
Accumulated depreciation | -8,395,000 | [4] | ' | ' |
Date of construction | '1987 | [4] | ' | ' |
Date acquired | '09/02 | [4] | ' | ' |
Lives, minimum | '3 years | [4] | ' | ' |
Lives , maximum | '30 years | [4] | ' | ' |
Unencumbered Apartment Communities [Member] | CA [Member] | Marina Del Rey [Member] | Marina City Club [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Marina City Club | [5] | ' | ' |
Units | 101 | [5] | ' | ' |
Location | 'Marina Del Rey, CA | [5] | ' | ' |
Initial cost [Abstract] | ' | ' | ' | |
Land | 0 | [5] | ' | ' |
Buildings and improvements | 28,167,000 | [5] | ' | ' |
Costs capitalized subsequent to acquisition | 17,390,000 | [5] | ' | ' |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 0 | [5] | ' | ' |
Buildings and improvements | 45,557,000 | [5] | ' | ' |
Total | 45,557,000 | [1],[5] | ' | ' |
Accumulated depreciation | -12,066,000 | [5] | ' | ' |
Date of construction | '1971 | [5] | ' | ' |
Date acquired | '01/04 | [5] | ' | ' |
Lives, minimum | '3 years | [5] | ' | ' |
Lives , maximum | '30 years | [5] | ' | ' |
Unencumbered Apartment Communities [Member] | CA [Member] | Oxnard [Member] | Monterey Villas [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Monterey Villas | ' | ' | |
Units | 122 | ' | ' | |
Location | 'Oxnard, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 2,349,000 | ' | ' | |
Buildings and improvements | 5,579,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 5,478,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 2,424,000 | ' | ' | |
Buildings and improvements | 10,982,000 | ' | ' | |
Total | 13,406,000 | [1] | ' | ' |
Accumulated depreciation | -5,199,000 | ' | ' | |
Date of construction | '1974 | ' | ' | |
Date acquired | '07/97 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Oxnard [Member] | Mariners Place [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Mariners Place | ' | ' | |
Units | 105 | ' | ' | |
Location | 'Oxnard, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 1,555,000 | ' | ' | |
Buildings and improvements | 6,103,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,813,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 1,562,000 | ' | ' | |
Buildings and improvements | 7,909,000 | ' | ' | |
Total | 9,471,000 | [1] | ' | ' |
Accumulated depreciation | -3,847,000 | ' | ' | |
Date of construction | '1987 | ' | ' | |
Date acquired | '05/00 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Cupertino [Member] | Pointe at Cupertino, The [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Pointe at Cupertino, The | ' | ' | |
Units | 116 | ' | ' | |
Location | 'Cupertino, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 4,505,000 | ' | ' | |
Buildings and improvements | 17,605,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 10,179,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 4,505,000 | ' | ' | |
Buildings and improvements | 27,784,000 | ' | ' | |
Total | 32,289,000 | [1] | ' | ' |
Accumulated depreciation | -8,131,000 | ' | ' | |
Date of construction | '1963 | ' | ' | |
Date acquired | '08/98 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Richmond [Member] | San Marcos [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'San Marcos | ' | ' | |
Units | 432 | ' | ' | |
Location | 'Richmond, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 15,563,000 | ' | ' | |
Buildings and improvements | 36,204,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 26,551,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 22,866,000 | ' | ' | |
Buildings and improvements | 55,452,000 | ' | ' | |
Total | 78,318,000 | [1] | ' | ' |
Accumulated depreciation | -19,483,000 | ' | ' | |
Date of construction | '2003 | ' | ' | |
Date acquired | '11/03 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Fremont [Member] | Boulevard [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Boulevard | ' | ' | |
Units | 172 | ' | ' | |
Location | 'Fremont, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 3,520,000 | ' | ' | |
Buildings and improvements | 8,182,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 10,606,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 3,580,000 | ' | ' | |
Buildings and improvements | 18,729,000 | ' | ' | |
Total | 22,308,000 | [1] | ' | ' |
Accumulated depreciation | -11,311,000 | ' | ' | |
Date of construction | '1978 | ' | ' | |
Date acquired | '01/96 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | San Diego [Member] | CentrePointe [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'CentrePointe | ' | ' | |
Units | 224 | ' | ' | |
Location | 'San Diego, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 3,405,000 | ' | ' | |
Buildings and improvements | 7,743,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 17,571,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 3,442,000 | ' | ' | |
Buildings and improvements | 25,277,000 | ' | ' | |
Total | 28,719,000 | [1] | ' | ' |
Accumulated depreciation | -7,522,000 | ' | ' | |
Date of construction | '1974 | ' | ' | |
Date acquired | '06/97 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | San Diego [Member] | Summit Park [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Summit Park | ' | ' | |
Units | 300 | ' | ' | |
Location | 'San Diego, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 5,959,000 | ' | ' | |
Buildings and improvements | 23,670,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 3,840,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 5,977,000 | ' | ' | |
Buildings and improvements | 27,492,000 | ' | ' | |
Total | 33,469,000 | [1] | ' | ' |
Accumulated depreciation | -10,845,000 | ' | ' | |
Date of construction | '1972 | ' | ' | |
Date acquired | '12/02 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | San Diego [Member] | Vista Capri - North [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Vista Capri - North | ' | ' | |
Units | 106 | ' | ' | |
Location | 'San Diego, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 1,663,000 | ' | ' | |
Buildings and improvements | 6,609,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 901,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 1,668,000 | ' | ' | |
Buildings and improvements | 7,505,000 | ' | ' | |
Total | 9,173,000 | [1] | ' | ' |
Accumulated depreciation | -2,825,000 | ' | ' | |
Date of construction | '1975 | ' | ' | |
Date acquired | '12/02 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | San Diego [Member] | Domain [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Domain | ' | ' | |
Units | 379 | ' | ' | |
Location | 'San Diego, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 23,848,000 | ' | ' | |
Buildings and improvements | 95,394,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 17,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 23,848,000 | ' | ' | |
Buildings and improvements | 95,411,000 | ' | ' | |
Total | 119,259,000 | ' | ' | |
Accumulated depreciation | -398,000 | ' | ' | |
Date of construction | '2013 | ' | ' | |
Date acquired | '11/13 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Tiburon [Member] | Vista Belvedere [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Vista Belvedere | ' | ' | |
Units | 76 | ' | ' | |
Location | 'Tiburon, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 5,573,000 | ' | ' | |
Buildings and improvements | 11,901,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 5,224,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 5,573,000 | ' | ' | |
Buildings and improvements | 17,125,000 | ' | ' | |
Total | 22,698,000 | ' | ' | |
Accumulated depreciation | -5,945,000 | ' | ' | |
Date of construction | '1963 | ' | ' | |
Date acquired | '08/04 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Valley Village [Member] | Allegro [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Allegro | ' | ' | |
Units | 97 | ' | ' | |
Location | 'Valley Village, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 5,869,000 | ' | ' | |
Buildings and improvements | 23,977,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,144,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 5,869,000 | ' | ' | |
Buildings and improvements | 25,121,000 | ' | ' | |
Total | 30,990,000 | [1] | ' | ' |
Accumulated depreciation | -3,944,000 | ' | ' | |
Date of construction | '2010 | ' | ' | |
Date acquired | '10/10 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Irvine [Member] | Axis 2300 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Axis 2300 | ' | ' | |
Units | 115 | ' | ' | |
Location | 'Irvine, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 5,405,000 | ' | ' | |
Buildings and improvements | 33,585,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 780,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 5,405,000 | ' | ' | |
Buildings and improvements | 34,365,000 | ' | ' | |
Total | 39,770,000 | [1] | ' | ' |
Accumulated depreciation | -5,348,000 | ' | ' | |
Date of construction | '2010 | ' | ' | |
Date acquired | '08/10 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Belmont [Member] | Belmont Terrace [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Belmont Terrace | ' | ' | |
Units | 71 | ' | ' | |
Location | 'Belmont, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 4,446,000 | ' | ' | |
Buildings and improvements | 10,290,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 2,454,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 4,473,000 | ' | ' | |
Buildings and improvements | 12,717,000 | ' | ' | |
Total | 17,190,000 | [1] | ' | ' |
Accumulated depreciation | -4,187,000 | ' | ' | |
Date of construction | '1974 | ' | ' | |
Date acquired | '10/06 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Goleta [Member] | The Sweep Apartments [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'The Sweeps | ' | ' | |
Units | 91 | ' | ' | |
Location | 'Goleta, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 5,558,000 | ' | ' | |
Buildings and improvements | 21,320,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,947,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 5,618,000 | ' | ' | |
Buildings and improvements | 23,206,000 | ' | ' | |
Total | 28,825,000 | [1] | ' | ' |
Accumulated depreciation | -7,273,000 | ' | ' | |
Date of construction | '1967 | ' | ' | |
Date acquired | '01/06 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Goleta [Member] | CBC Apartments [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'CBC Apartments | ' | ' | |
Units | 148 | ' | ' | |
Location | 'Goleta, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 6,283,000 | ' | ' | |
Buildings and improvements | 24,000,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 2,645,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 6,288,000 | ' | ' | |
Buildings and improvements | 26,641,000 | ' | ' | |
Total | 32,928,000 | [1] | ' | ' |
Accumulated depreciation | -7,948,000 | ' | ' | |
Date of construction | '1962 | ' | ' | |
Date acquired | '01/06 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Santa Cruz [Member] | Chestnut Street [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Chestnut Street | ' | ' | |
Units | 96 | ' | ' | |
Location | 'Santa Cruz, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 6,582,000 | ' | ' | |
Buildings and improvements | 15,689,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,029,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 6,582,000 | ' | ' | |
Buildings and improvements | 16,718,000 | ' | ' | |
Total | 23,300,000 | [1] | ' | ' |
Accumulated depreciation | -3,249,000 | ' | ' | |
Date of construction | '2002 | ' | ' | |
Date acquired | '07/08 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Campbell [Member] | The Commons [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Commons, The | ' | ' | |
Units | 264 | ' | ' | |
Location | 'Campbell, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 12,555,000 | ' | ' | |
Buildings and improvements | 29,307,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 3,839,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 12,556,000 | ' | ' | |
Buildings and improvements | 33,145,000 | ' | ' | |
Total | 45,701,000 | [1] | ' | ' |
Accumulated depreciation | -4,451,000 | ' | ' | |
Date of construction | '1973 | ' | ' | |
Date acquired | '07/10 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Pasadena [Member] | Monterra del Mar/Rey/Sol [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Monterra del Mar/Rey/Sol | ' | ' | |
Units | 292 | ' | ' | |
Location | 'Pasadena, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 2,202,000 | ' | ' | |
Buildings and improvements | 4,794,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 28,416,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 8,385,000 | ' | ' | |
Buildings and improvements | 27,027,000 | ' | ' | |
Total | 35,412,000 | [1] | ' | ' |
Accumulated depreciation | -13,253,000 | ' | ' | |
Date of construction | '1972 | ' | ' | |
Date acquired | '04/99 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Newport Beach [Member] | Fairways [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Fairways | [6] | ' | ' |
Units | 74 | [6] | ' | ' |
Location | 'Newport Beach, CA | [6] | ' | ' |
Initial cost [Abstract] | ' | ' | ' | |
Land | 0 | [6] | ' | ' |
Buildings and improvements | 7,850,000 | [6] | ' | ' |
Costs capitalized subsequent to acquisition | 5,290,000 | [6] | ' | ' |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 9,000 | [6] | ' | ' |
Buildings and improvements | 13,131,000 | [6] | ' | ' |
Total | 13,140,000 | [1],[6] | ' | ' |
Accumulated depreciation | -5,354,000 | [6] | ' | ' |
Date of construction | '1972 | [6] | ' | ' |
Date acquired | '06/99 | [6] | ' | ' |
Lives, minimum | '3 years | [6] | ' | ' |
Lives , maximum | '30 years | [6] | ' | ' |
Unencumbered Apartment Communities [Member] | CA [Member] | Berkeley [Member] | Fourth & U [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Fourth & U | ' | ' | |
Units | 171 | ' | ' | |
Location | 'Berkeley, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 8,879,000 | ' | ' | |
Buildings and improvements | 52,351,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 2,227,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 8,879,000 | ' | ' | |
Buildings and improvements | 54,577,000 | ' | ' | |
Total | 63,457,000 | [1] | ' | ' |
Accumulated depreciation | -7,644,000 | ' | ' | |
Date of construction | '2010 | ' | ' | |
Date acquired | '04/10 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | San Mateo [Member] | Hillsdale Garden Apartments [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Hillsdale Garden | ' | ' | |
Units | 697 | ' | ' | |
Location | 'San Mateo, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 22,000,000 | ' | ' | |
Buildings and improvements | 94,681,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 18,717,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 22,244,000 | ' | ' | |
Buildings and improvements | 113,154,000 | ' | ' | |
Total | 135,398,000 | [1] | ' | ' |
Accumulated depreciation | -28,418,000 | ' | ' | |
Date of construction | '1948 | ' | ' | |
Date acquired | '09/06 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Santa Barbara [Member] | Hope Ranch Collection [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Hope Ranch Collection | ' | ' | |
Units | 108 | ' | ' | |
Location | 'Santa Barbara, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 4,078,000 | ' | ' | |
Buildings and improvements | 16,877,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 2,394,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 4,208,000 | ' | ' | |
Buildings and improvements | 19,141,000 | ' | ' | |
Total | 23,349,000 | [1] | ' | ' |
Accumulated depreciation | -4,108,000 | ' | ' | |
Date of construction | '1965 | ' | ' | |
Date acquired | '03/07 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Ventura [Member] | Lofts at Pinehurst, The [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Lofts at Pinehurst, The | ' | ' | |
Units | 118 | ' | ' | |
Location | 'Ventura, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 1,570,000 | ' | ' | |
Buildings and improvements | 3,912,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 4,346,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 1,618,000 | ' | ' | |
Buildings and improvements | 8,210,000 | ' | ' | |
Total | 9,828,000 | [1] | ' | ' |
Accumulated depreciation | -3,824,000 | ' | ' | |
Date of construction | '1971 | ' | ' | |
Date acquired | '06/97 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Ventura [Member] | Pinehurst [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Pinehurst | [7] | ' | ' |
Units | 28 | [7] | ' | ' |
Location | 'Ventura, CA | [7] | ' | ' |
Initial cost [Abstract] | ' | ' | ' | |
Land | 355,000 | [7] | ' | ' |
Buildings and improvements | 1,356,000 | [7] | ' | ' |
Costs capitalized subsequent to acquisition | 453,000 | [7] | ' | ' |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 6,000 | [7] | ' | ' |
Buildings and improvements | 2,159,000 | [7] | ' | ' |
Total | 2,164,000 | [1],[7] | ' | ' |
Accumulated depreciation | -836,000 | [7] | ' | ' |
Date of construction | '1973 | [7] | ' | ' |
Date acquired | '12/04 | [7] | ' | ' |
Lives, minimum | '3 years | [7] | ' | ' |
Lives , maximum | '30 years | [7] | ' | ' |
Unencumbered Apartment Communities [Member] | CA [Member] | Ventura [Member] | Woodside Village [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Woodside Village | ' | ' | |
Units | 145 | ' | ' | |
Location | 'Ventura, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 5,331,000 | ' | ' | |
Buildings and improvements | 21,036,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 3,242,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 5,341,000 | ' | ' | |
Buildings and improvements | 24,268,000 | ' | ' | |
Total | 29,609,000 | [1] | ' | ' |
Accumulated depreciation | -7,663,000 | ' | ' | |
Date of construction | '1987 | ' | ' | |
Date acquired | '12/04 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Clairemont [Member] | Mesa Village [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Mesa Village | ' | ' | |
Units | 133 | ' | ' | |
Location | 'Clairemont, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 1,888,000 | ' | ' | |
Buildings and improvements | 7,498,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,099,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 1,894,000 | ' | ' | |
Buildings and improvements | 8,592,000 | ' | ' | |
Total | 10,485,000 | [1] | ' | ' |
Accumulated depreciation | -3,253,000 | ' | ' | |
Date of construction | '1963 | ' | ' | |
Date acquired | '12/02 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | San Francisco [Member] | Park West [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Park West | ' | ' | |
Units | 126 | ' | ' | |
Location | 'San Francisco, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 9,424,000 | ' | ' | |
Buildings and improvements | 21,988,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,895,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 9,424,000 | ' | ' | |
Buildings and improvements | 23,883,000 | ' | ' | |
Total | 33,307,000 | [1] | ' | ' |
Accumulated depreciation | -1,060,000 | ' | ' | |
Date of construction | '1958 | ' | ' | |
Date acquired | '09/12 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | San Francisco [Member] | Bennett Lofts [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Bennett Lofts | ' | ' | |
Units | 147 | ' | ' | |
Location | 'San Francisco, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 21,771,000 | ' | ' | |
Buildings and improvements | 50,800,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 23,304,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 28,371,000 | ' | ' | |
Buildings and improvements | 67,503,000 | ' | ' | |
Total | 95,875,000 | [1] | ' | ' |
Accumulated depreciation | -2,456,000 | ' | ' | |
Date of construction | '2004 | ' | ' | |
Date acquired | '12/12 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | San Francisco [Member] | Mt. Sutro [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Mt. Sutro | ' | ' | |
Units | 99 | ' | ' | |
Location | 'San Francisco, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 2,334,000 | ' | ' | |
Buildings and improvements | 8,507,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 3,450,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 2,809,000 | ' | ' | |
Buildings and improvements | 11,482,000 | ' | ' | |
Total | 14,291,000 | [1] | ' | ' |
Accumulated depreciation | -5,435,000 | ' | ' | |
Date of construction | '1973 | ' | ' | |
Date acquired | '06/01 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | San Francisco [Member] | Fox Plaza [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Fox Plaza | ' | ' | |
Units | 444 | ' | ' | |
Location | 'San Francisco, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 39,731,000 | ' | ' | |
Buildings and improvements | 92,706,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 2,627,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 39,731,000 | ' | ' | |
Buildings and improvements | 95,333,000 | ' | ' | |
Total | 135,064,000 | ' | ' | |
Accumulated depreciation | -2,771,000 | ' | ' | |
Date of construction | '1968 | ' | ' | |
Date acquired | '02/13 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Encino [Member] | Regency at Encino [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Regency at Encino | ' | ' | |
Units | 75 | ' | ' | |
Location | 'Encino, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 3,184,000 | ' | ' | |
Buildings and improvements | 12,737,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,754,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 3,184,000 | ' | ' | |
Buildings and improvements | 14,490,000 | ' | ' | |
Total | 17,675,000 | [1] | ' | ' |
Accumulated depreciation | -2,407,000 | ' | ' | |
Date of construction | '1989 | ' | ' | |
Date acquired | '12/09 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Spring Valley [Member] | Shadow Point [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Shadow Point | ' | ' | |
Units | 172 | ' | ' | |
Location | 'Spring Valley, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 2,812,000 | ' | ' | |
Buildings and improvements | 11,170,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,833,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 2,820,000 | ' | ' | |
Buildings and improvements | 12,995,000 | ' | ' | |
Total | 15,815,000 | [1] | ' | ' |
Accumulated depreciation | -5,146,000 | ' | ' | |
Date of construction | '1983 | ' | ' | |
Date acquired | '12/02 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Oakland [Member] | The Grand [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'The Grand | ' | ' | |
Units | 243 | ' | ' | |
Location | 'Oakland, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 4,531,000 | ' | ' | |
Buildings and improvements | 89,208,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 4,199,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 4,531,000 | ' | ' | |
Buildings and improvements | 93,407,000 | ' | ' | |
Total | 97,938,000 | [1] | ' | ' |
Accumulated depreciation | -17,784,000 | ' | ' | |
Date of construction | '2009 | ' | ' | |
Date acquired | '01/09 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Tracy [Member] | Tuscana [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Tuscana | ' | ' | |
Units | 30 | ' | ' | |
Location | 'Tracy, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 2,828,000 | ' | ' | |
Buildings and improvements | 6,599,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 162,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 2,870,000 | ' | ' | |
Buildings and improvements | 6,719,000 | ' | ' | |
Total | 9,589,000 | [1] | ' | ' |
Accumulated depreciation | -1,484,000 | ' | ' | |
Date of construction | '2007 | ' | ' | |
Date acquired | '02/07 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | CA [Member] | Hollywood [Member] | Muse [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Muse | ' | ' | |
Units | 152 | ' | ' | |
Location | 'North Hollywood, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 7,822,000 | ' | ' | |
Buildings and improvements | 33,436,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,550,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 7,823,000 | ' | ' | |
Buildings and improvements | 34,985,000 | ' | ' | |
Total | 42,808,000 | [1] | ' | ' |
Accumulated depreciation | -4,888,000 | ' | ' | |
Date of construction | '2011 | ' | ' | |
Date acquired | '02/11 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Newcastle [Member] | Castle Creek [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Castle Creek | ' | ' | |
Units | 216 | ' | ' | |
Location | 'Newcastle, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 4,149,000 | ' | ' | |
Buildings and improvements | 16,028,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 2,240,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 4,833,000 | ' | ' | |
Buildings and improvements | 17,584,000 | ' | ' | |
Total | 22,417,000 | [1] | ' | ' |
Accumulated depreciation | -10,037,000 | ' | ' | |
Date of construction | '1997 | ' | ' | |
Date acquired | '12/97 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Renton [Member] | Forest View [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Forest View | ' | ' | |
Units | 192 | ' | ' | |
Location | 'Renton, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 3,731,000 | ' | ' | |
Buildings and improvements | 14,530,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,361,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 3,731,000 | ' | ' | |
Buildings and improvements | 15,891,000 | ' | ' | |
Total | 19,622,000 | [1] | ' | ' |
Accumulated depreciation | -5,742,000 | ' | ' | |
Date of construction | '1998 | ' | ' | |
Date acquired | '10/03 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Renton [Member] | Brighton Ridge [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Brighton Ridge | ' | ' | |
Units | 264 | ' | ' | |
Location | 'Renton, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 2,623,000 | ' | ' | |
Buildings and improvements | 10,800,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 3,086,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 2,656,000 | ' | ' | |
Buildings and improvements | 13,852,000 | ' | ' | |
Total | 16,509,000 | ' | ' | |
Accumulated depreciation | -8,080,000 | ' | ' | |
Date of construction | '1986 | ' | ' | |
Date acquired | '12/96 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Seattle [Member] | Cairns, The [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Cairns, The | ' | ' | |
Units | 100 | ' | ' | |
Location | 'Seattle, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 6,937,000 | ' | ' | |
Buildings and improvements | 20,679,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 443,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 6,939,000 | ' | ' | |
Buildings and improvements | 21,121,000 | ' | ' | |
Total | 28,059,000 | [1] | ' | ' |
Accumulated depreciation | -4,694,000 | ' | ' | |
Date of construction | '2006 | ' | ' | |
Date acquired | '06/07 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Seattle [Member] | Joule [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Joule | ' | ' | |
Units | 295 | ' | ' | |
Location | 'Seattle, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 14,558,000 | ' | ' | |
Buildings and improvements | 69,417,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 3,142,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 14,558,000 | ' | ' | |
Buildings and improvements | 72,559,000 | ' | ' | |
Total | 87,117,000 | [1] | ' | ' |
Accumulated depreciation | -10,435,000 | ' | ' | |
Date of construction | '2010 | ' | ' | |
Date acquired | '03/10 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Seattle [Member] | Wharfside Pointe [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Wharfside Pointe | ' | ' | |
Units | 142 | ' | ' | |
Location | 'Seattle, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 2,245,000 | ' | ' | |
Buildings and improvements | 7,020,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 7,537,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 2,258,000 | ' | ' | |
Buildings and improvements | 14,545,000 | ' | ' | |
Total | 16,802,000 | [1] | ' | ' |
Accumulated depreciation | -7,773,000 | ' | ' | |
Date of construction | '1990 | ' | ' | |
Date acquired | '06/94 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Seattle [Member] | Fountain Court [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Fountain Court | ' | ' | |
Units | 320 | ' | ' | |
Location | 'Seattle, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 6,702,000 | ' | ' | |
Buildings and improvements | 27,306,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 7,607,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 6,985,000 | ' | ' | |
Buildings and improvements | 34,631,000 | ' | ' | |
Total | 41,615,000 | [1] | ' | ' |
Accumulated depreciation | -15,071,000 | ' | ' | |
Date of construction | '2000 | ' | ' | |
Date acquired | '03/00 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Seattle [Member] | Vox Apartments [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Vox | ' | ' | |
Units | 58 | ' | ' | |
Location | 'Seattle, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 5,545,000 | ' | ' | |
Buildings and improvements | 16,635,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 22,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 5,545,000 | ' | ' | |
Buildings and improvements | 16,657,000 | ' | ' | |
Total | 22,202,000 | ' | ' | |
Accumulated depreciation | -116,000 | ' | ' | |
Date of construction | '2013 | ' | ' | |
Date acquired | '10/13 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Seattle [Member] | Annaliese [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Annaliese | ' | ' | |
Units | 56 | ' | ' | |
Location | 'Seattle, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 4,727,000 | ' | ' | |
Buildings and improvements | 14,229,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 67,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 4,726,000 | ' | ' | |
Buildings and improvements | 14,297,000 | ' | ' | |
Total | 19,023,000 | ' | ' | |
Accumulated depreciation | -459,000 | ' | ' | |
Date of construction | '2009 | ' | ' | |
Date acquired | '01/13 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Bothell [Member] | Canyon Pointe [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Canyon Pointe | ' | ' | |
Units | 250 | ' | ' | |
Location | 'Bothell, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 4,692,000 | ' | ' | |
Buildings and improvements | 18,288,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 3,856,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 4,693,000 | ' | ' | |
Buildings and improvements | 22,143,000 | ' | ' | |
Total | 26,836,000 | [1] | ' | ' |
Accumulated depreciation | -8,091,000 | ' | ' | |
Date of construction | '1990 | ' | ' | |
Date acquired | '10/03 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Bothell [Member] | Salmon Run at Perry Creek [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Salmon Run at Perry Creek | ' | ' | |
Units | 132 | ' | ' | |
Location | 'Bothell, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 3,717,000 | ' | ' | |
Buildings and improvements | 11,483,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,263,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 3,801,000 | ' | ' | |
Buildings and improvements | 12,662,000 | ' | ' | |
Total | 16,463,000 | [1] | ' | ' |
Accumulated depreciation | -5,544,000 | ' | ' | |
Date of construction | '2000 | ' | ' | |
Date acquired | '10/00 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Bellevue [Member] | Emerald Ridge [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Emerald Ridge | ' | ' | |
Units | 180 | ' | ' | |
Location | 'Bellevue, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 3,449,000 | ' | ' | |
Buildings and improvements | 7,801,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 2,992,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 3,449,000 | ' | ' | |
Buildings and improvements | 10,793,000 | ' | ' | |
Total | 14,242,000 | [1] | ' | ' |
Accumulated depreciation | -7,244,000 | ' | ' | |
Date of construction | '1987 | ' | ' | |
Date acquired | '11/94 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Bellevue [Member] | Sammamish View [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Sammamish View | ' | ' | |
Units | 153 | ' | ' | |
Location | 'Bellevue, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 3,324,000 | ' | ' | |
Buildings and improvements | 7,501,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 5,868,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 3,331,000 | ' | ' | |
Buildings and improvements | 13,361,000 | ' | ' | |
Total | 16,693,000 | [1] | ' | ' |
Accumulated depreciation | -8,810,000 | ' | ' | |
Date of construction | '1986 | ' | ' | |
Date acquired | '11/94 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Bellevue [Member] | Cedar Terrace [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Cedar Terrace | ' | ' | |
Units | 180 | ' | ' | |
Location | 'Bellevue, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 5,543,000 | ' | ' | |
Buildings and improvements | 16,442,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 4,065,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 5,652,000 | ' | ' | |
Buildings and improvements | 20,397,000 | ' | ' | |
Total | 26,050,000 | [1] | ' | ' |
Accumulated depreciation | -6,996,000 | ' | ' | |
Date of construction | '1984 | ' | ' | |
Date acquired | '01/05 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Bellevue [Member] | Foothill Commons [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Foothill Commons | ' | ' | |
Units | 388 | ' | ' | |
Location | 'Bellevue, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 2,435,000 | ' | ' | |
Buildings and improvements | 9,821,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 33,746,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 2,440,000 | ' | ' | |
Buildings and improvements | 43,562,000 | ' | ' | |
Total | 46,002,000 | [1] | ' | ' |
Accumulated depreciation | -22,333,000 | ' | ' | |
Date of construction | '1978 | ' | ' | |
Date acquired | '03/90 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Bellevue [Member] | Woodland Commons [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Woodland Commons | ' | ' | |
Units | 302 | ' | ' | |
Location | 'Bellevue, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 2,040,000 | ' | ' | |
Buildings and improvements | 8,727,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 18,174,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 2,044,000 | ' | ' | |
Buildings and improvements | 26,897,000 | ' | ' | |
Total | 28,941,000 | [1] | ' | ' |
Accumulated depreciation | -11,363,000 | ' | ' | |
Date of construction | '1978 | ' | ' | |
Date acquired | '03/90 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Redmond [Member] | Delano/Bon Terra [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Delano/Bon Terra | ' | ' | |
Units | 126 | ' | ' | |
Location | 'Redmond, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 7,470,000 | ' | ' | |
Buildings and improvements | 22,511,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 834,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 7,470,000 | ' | ' | |
Buildings and improvements | 23,345,000 | ' | ' | |
Total | 30,815,000 | [1] | ' | ' |
Accumulated depreciation | -1,585,000 | ' | ' | |
Date of construction | '2005/2011 | ' | ' | |
Date acquired | '12/11 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Kirkland [Member] | Slater 116 [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Slater 116 | ' | ' | |
Units | 108 | ' | ' | |
Location | 'Kirkland, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 7,379,000 | ' | ' | |
Buildings and improvements | 22,138,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 158,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 7,379,000 | ' | ' | |
Buildings and improvements | 22,296,000 | ' | ' | |
Total | 29,675,000 | ' | ' | |
Accumulated depreciation | -220,000 | ' | ' | |
Date of construction | '2013 | ' | ' | |
Date acquired | '09/13 | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Kirkland [Member] | Evergreen Heights [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Evergreen Heights | ' | ' | |
Units | 200 | ' | ' | |
Location | 'Kirkland, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 3,566,000 | ' | ' | |
Buildings and improvements | 13,395,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 3,654,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 3,649,000 | ' | ' | |
Buildings and improvements | 16,966,000 | ' | ' | |
Total | 20,615,000 | [1] | ' | ' |
Accumulated depreciation | -9,184,000 | ' | ' | |
Date of construction | '1990 | ' | ' | |
Date acquired | '06/97 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Kirkland [Member] | Bridle Trails [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Bridle Trails | ' | ' | |
Units | 108 | ' | ' | |
Location | 'Kirkland, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 1,500,000 | ' | ' | |
Buildings and improvements | 5,930,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 5,388,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 1,531,000 | ' | ' | |
Buildings and improvements | 11,287,000 | ' | ' | |
Total | 12,818,000 | [1] | ' | ' |
Accumulated depreciation | -5,860,000 | ' | ' | |
Date of construction | '1986 | ' | ' | |
Date acquired | '10/97 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Kirkland [Member] | Corbella at Juanita Bay [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Corbella at Juanita Bay | ' | ' | |
Units | 169 | ' | ' | |
Location | 'Kirkland, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 5,801,000 | ' | ' | |
Buildings and improvements | 17,415,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 1,081,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 5,801,000 | ' | ' | |
Buildings and improvements | 18,496,000 | ' | ' | |
Total | 24,297,000 | [1] | ' | ' |
Accumulated depreciation | -2,070,000 | ' | ' | |
Date of construction | '1978 | ' | ' | |
Date acquired | '11/10 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Unencumbered Apartment Communities [Member] | WA [Member] | Mill Creek [Member] | The Laurels at Mill Creek [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Laurels at Mill Creek | ' | ' | |
Units | 164 | ' | ' | |
Location | 'Mill Creek, WA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 1,559,000 | ' | ' | |
Buildings and improvements | 6,430,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 5,107,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 1,595,000 | ' | ' | |
Buildings and improvements | 11,501,000 | ' | ' | |
Total | 13,096,000 | ' | ' | |
Accumulated depreciation | -6,330,000 | ' | ' | |
Date of construction | '1981 | ' | ' | |
Date acquired | '12/96 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Office Buildings [Member] | CA [Member] | Los Angeles [Member] | Essex Hollywood [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Hollywood | ' | ' | |
Rentable Square Footage | 35,000 | ' | ' | |
Location | 'Los Angeles, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 10,200,000 | ' | ' | |
Buildings and improvements | 13,800,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 2,441,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 10,200,000 | ' | ' | |
Buildings and improvements | 16,241,000 | ' | ' | |
Total | 26,441,000 | [1] | ' | ' |
Accumulated depreciation | -4,747,000 | ' | ' | |
Date of construction | '1938 | ' | ' | |
Date acquired | '07/06 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Office Buildings [Member] | CA [Member] | Santa Clara [Member] | Santa Clara Square retail [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | 'Santa Clara Retail | ' | ' | |
Rentable Square Footage | 139,000 | ' | ' | |
Location | 'Santa Clara, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 6,472,000 | ' | ' | |
Buildings and improvements | 11,704,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 3,616,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 6,472,000 | ' | ' | |
Buildings and improvements | 15,320,000 | ' | ' | |
Total | 21,792,000 | [1] | ' | ' |
Accumulated depreciation | -2,687,000 | ' | ' | |
Date of construction | '1970 | ' | ' | |
Date acquired | '09/11 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Office Buildings [Member] | CA [Member] | Irvine [Member] | 17461 Derian [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | '17461 Derian Ave | ' | ' | |
Rentable Square Footage | 110,000 | ' | ' | |
Location | 'Irvine, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 3,079,000 | ' | ' | |
Buildings and improvements | 12,315,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 6,829,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 3,909,000 | ' | ' | |
Buildings and improvements | 18,314,000 | ' | ' | |
Total | 22,223,000 | [1] | ' | ' |
Accumulated depreciation | -10,286,000 | ' | ' | |
Date of construction | '1983 | ' | ' | |
Date acquired | '07/00 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Office Buildings [Member] | CA [Member] | Palo Alto [Member] | 925/935 East Meadow [Member] | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Property | '925/935 East Meadow Drive | ' | ' | |
Rentable Square Footage | 39,600 | ' | ' | |
Location | 'Palo Alto, CA | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 1,401,000 | ' | ' | |
Buildings and improvements | 3,172,000 | ' | ' | |
Costs capitalized subsequent to acquisition | 8,006,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 3,147,000 | ' | ' | |
Buildings and improvements | 9,433,000 | ' | ' | |
Total | 12,579,000 | [1] | ' | ' |
Accumulated depreciation | -4,561,000 | ' | ' | |
Date of construction | '1988 | ' | ' | |
Date acquired | '11/97 | ' | ' | |
Lives, minimum | '3 years | ' | ' | |
Lives , maximum | '30 years | ' | ' | |
Consolidated Development Pipeline [Member] | ' | ' | ' | |
Initial cost [Abstract] | ' | ' | ' | |
Land | 10,658,000 | ' | ' | |
Buildings and improvements | 0 | ' | ' | |
Costs capitalized subsequent to acquisition | 39,772,000 | ' | ' | |
Gross amount carried at close of period [Abstract] | ' | ' | ' | |
Land and improvements | 50,430,000 | ' | ' | |
Buildings and improvements | 0 | ' | ' | |
Total | 50,430,000 | [1] | ' | ' |
Accumulated depreciation | $0 | ' | ' | |
[1] | The aggregate cost for federal income tax purposes is approximately $4.6 billion (unaudited). | |||
[2] | The land is leased pursuant to a ground lease expiring 2082. | |||
[3] | A portion of land is leased pursuant to a ground lease expiring in 2028. | |||
[4] | The land is leased pursuant to a ground lease expiring 2027. | |||
[5] | The land is leased pursuant to a ground lease expiring 2067. | |||
[6] | The land is leased pursuant to a ground lease expiring 2070. | |||
[7] | The land is leased pursuant to a ground lease expiring in 2028. |