Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 10, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Registrant Name | EQUITY RESIDENTIAL | ||
Entity Central Index Key | 0000906107 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2022 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | EQR | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 26.8 | ||
Entity Common Stock, Shares Outstanding | 378,602,684 | ||
Entity File Number | 1-12252 | ||
Entity Tax Identification Number | 13-3675988 | ||
Entity Address, Address Line One | Two North Riverside Plaza | ||
Entity Address, City or Town | Chicago | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60606 | ||
City Area Code | 312 | ||
Local Phone Number | 474-1300 | ||
Entity Incorporation, State or Country Code | MD | ||
Title of 12(b) Security | Common Shares of Beneficial Interest, $0.01 Par Value (Equity Residential) | ||
Security Exchange Name | NYSE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | Ernst and Young LLP | ||
Auditor Location | Chicago, Illinois, USA | ||
Auditor Firm ID | 42 | ||
Documents Incorporated by Reference | Part III incorporates by reference certain information that will be contained in Equity Residential’s Proxy Statement relating to its 2023 Annual Meeting of Shareholders, which Equity Residential intends to file no later than 120 days after the end of its fiscal year ended December 31, 2022, and thus these items have been omitted in accordance with General Instruction G(3) to Form 10-K. Equity Residential is the general partner and 96.8% owner of ERP Operating Limited Partnership. | ||
ERPOP [Member] | |||
Document Information [Line Items] | |||
Entity Registrant Name | ERP OPERATING LIMITED PARTNERSHIP | ||
Entity Central Index Key | 0000931182 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2022 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
No Trading Symbol Flag | true | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity File Number | 0-24920 | ||
Entity Tax Identification Number | 36-3894853 | ||
Entity Address, Address Line One | Two North Riverside Plaza | ||
Entity Address, City or Town | Chicago | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60606 | ||
City Area Code | 312 | ||
Local Phone Number | 474-1300 | ||
Entity Incorporation, State or Country Code | IL | ||
Title of 12(b) Security | 7.57% Notes due August 15, 2026 (ERP Operating Limited Partnership) | ||
Security Exchange Name | NYSE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | Ernst and Young LLP | ||
Auditor Location | Chicago, Illinois, USA | ||
Auditor Firm ID | 42 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Land | $ 5,580,878 | $ 5,814,790 |
Depreciable property | 22,334,369 | 22,370,811 |
Projects under development | 112,940 | 24,307 |
Land held for development | 60,567 | 62,998 |
Investment in real estate | 28,088,754 | 28,272,906 |
Accumulated depreciation | (9,027,850) | (8,354,282) |
Investment in real estate, net | 19,060,904 | 19,918,624 |
Investments in unconsolidated entities | 279,024 | 127,448 |
Cash and cash equivalents | 53,869 | 123,832 |
Restricted deposits | 83,303 | 236,404 |
Right-of-use assets | 462,956 | 474,713 |
Other assets | 278,206 | 288,220 |
Total assets | 20,218,262 | 21,169,241 |
Liabilities: | ||
Mortgage notes payable, net | 1,953,438 | 2,191,201 |
Notes, net | 5,342,329 | 5,835,222 |
Line of credit and commercial paper | 129,955 | 315,030 |
Accounts payable and accrued expenses | 96,028 | 107,013 |
Accrued interest payable | 66,310 | 69,510 |
Lease liabilities | 308,748 | 312,335 |
Other liabilities | 306,941 | 353,102 |
Security deposits | 68,940 | 66,141 |
Distributions payable | 244,621 | 233,502 |
Total liabilities | 8,517,310 | 9,483,056 |
Commitments and contingencies | ||
Redeemable Noncontrolling Interests – Operating Partnership | 318,273 | 498,977 |
Shareholders' equity: | ||
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of December 31, 2022 and December 31, 2021 | 37,280 | 37,280 |
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 375,527,195 shares issued and outstanding as of December 31, 2022 and 372,302,000 shares issued and outstanding as of December 31, 2021 | 3,784 | 3,755 |
Paid in capital | 9,476,085 | 9,121,122 |
Retained earnings | 1,658,837 | 1,827,063 |
Accumulated other comprehensive income (loss) | (2,547) | (34,272) |
Total shareholders’ equity | 11,173,439 | 10,954,948 |
Noncontrolling Interests: | ||
Operating Partnership | 209,961 | 214,094 |
Partially Owned Properties | (721) | 18,166 |
Total Noncontrolling Interests | 209,240 | 232,260 |
Total equity | 11,382,679 | 11,187,208 |
Total liabilities and equity/capital | $ 20,218,262 | $ 21,169,241 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | 745,600 | 745,600 |
Preferred Stock, Shares Outstanding | 745,600 | 745,600 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 378,429,708 | 375,527,195 |
Common Stock, Shares, Outstanding | 378,429,708 | 375,527,195 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES | |||
Rental income | $ 2,735,180 | $ 2,463,997 | $ 2,571,705 |
EXPENSES | |||
Property and maintenance | 483,865 | 453,532 | 440,998 |
Real estate taxes and insurance | 388,412 | 397,105 | 381,562 |
Property management | 110,304 | 98,155 | 93,825 |
General and administrative | 58,710 | 56,506 | 48,305 |
Depreciation | 882,168 | 838,272 | 820,832 |
Total expenses | 1,923,459 | 1,843,570 | 1,785,522 |
Net gain (loss) on sales of real estate properties | 304,325 | 1,072,183 | 531,807 |
Impairment | (16,769) | ||
Operating income | 1,116,046 | 1,675,841 | 1,317,990 |
Interest and other income | 2,193 | 25,666 | 5,935 |
Other expenses | (13,664) | (19,275) | (17,510) |
Interest: | |||
Expense incurred, net | (282,920) | (272,473) | (365,073) |
Amortization of deferred financing costs | (8,729) | (8,737) | (8,939) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 812,926 | 1,401,022 | 932,403 |
Income and other tax (expense) benefit | (900) | (915) | (852) |
Income (loss) from investments in unconsolidated entities | (5,031) | (3,398) | (3,284) |
Net gain (loss) on sales of land parcels | 5 | 34,234 | |
Net income | 806,995 | 1,396,714 | 962,501 |
Net (income) loss attributable to Noncontrolling Interests: | |||
Operating Partnership | (26,310) | (45,900) | (34,010) |
Net (income) loss attributable to Noncontrolling Interests - Partially Owned Properties | (3,774) | (17,964) | (14,855) |
Net income attributable to controlling interests | 776,911 | 1,332,850 | 913,636 |
Preferred distributions | (3,090) | (3,090) | (3,090) |
Net income available to Common Shares | $ 773,821 | $ 1,329,760 | $ 910,546 |
Earnings per share – basic: | |||
Net income available to Common Shares | $ 2.06 | $ 3.56 | $ 2.45 |
Weighted average Common Shares outstanding | 376,209 | 373,833 | 371,791 |
Earnings per share – diluted: | |||
Net income available to Common Shares | $ 2.05 | $ 3.54 | $ 2.45 |
Weighted average Common Shares outstanding | 389,450 | 388,089 | 385,874 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Comprehensive income: | |||
Net income | $ 806,995 | $ 1,396,714 | $ 962,501 |
Other comprehensive income (loss) – derivative instruments: | |||
Unrealized holding gains (losses) arising during the year | 20,654 | (1,190) | |
Losses reclassified into earnings from other comprehensive income | 11,071 | 9,394 | 35,087 |
Other comprehensive income (loss) | 31,725 | 9,394 | 33,897 |
Comprehensive income | 838,720 | 1,406,108 | 996,398 |
Comprehensive (income) attributable to Noncontrolling Interests | (31,132) | (64,183) | (50,084) |
Comprehensive income attributable to controlling interests | $ 807,588 | $ 1,341,925 | $ 946,314 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 806,995 | $ 1,396,714 | $ 962,501 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 882,168 | 838,272 | 820,832 |
Amortization of deferred financing costs | 8,729 | 8,737 | 8,939 |
Amortization of above/below market lease intangibles | (154) | (71) | |
Amortization of discounts and premiums on debt | 5,004 | 5,302 | 5,231 |
Amortization of deferred settlements on derivative instruments | 11,059 | 9,382 | 35,075 |
Amortization of right-of-use assets | 12,157 | 13,266 | 11,682 |
Impairment | 16,769 | ||
Write-off of pursuit costs | 4,780 | 6,526 | 6,869 |
(Income) loss from investments in unconsolidated entities | 5,031 | 3,398 | 3,284 |
Distributions from unconsolidated entities – return on capital | 398 | 56 | 100 |
Net (gain) loss on sales of real estate properties | (304,325) | (1,072,183) | (531,807) |
Net (gain) loss on sales of land parcels | (5) | (34,234) | |
Net (gain) loss on debt extinguishment | 26,150 | ||
Realized/unrealized (gain) loss on derivative instruments | 50 | ||
Realized (gain) loss on sale of investment securities | (2,061) | (23,432) | |
Compensation paid with Company Common Shares | 29,513 | 27,810 | 23,174 |
Other operating activities, net | 1,805 | ||
Changes in assets and liabilities: | |||
(Increase) decrease in other assets | 10,893 | 5,906 | (53,021) |
Increase (decrease) in accounts payable and accrued expenses | (266) | 15,381 | 470 |
Increase (decrease) in accrued interest payable | (3,200) | 3,614 | (956) |
Increase (decrease) in lease liabilities | (1,524) | (5,122) | (2,204) |
Increase (decrease) in other liabilities | (13,394) | 4,286 | (8,751) |
Increase (decrease) in security deposits | 2,799 | 5,661 | (9,582) |
Net cash provided by operating activities | 1,454,756 | 1,260,184 | 1,265,536 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Investment in real estate – acquisitions | (113,046) | (1,712,131) | (48,898) |
Investment in real estate – development/other | (109,345) | (206,421) | (230,332) |
Capital expenditures to real estate | (221,086) | (151,019) | (135,979) |
Non-real estate capital additions | (4,050) | (1,696) | (20,100) |
Interest capitalized for real estate and unconsolidated entities under development | (7,105) | (15,932) | (10,165) |
Proceeds from disposition of real estate, net | 720,302 | 1,707,747 | 1,113,972 |
Investments in unconsolidated entities – acquisitions | (49,855) | (48,534) | |
Investments in unconsolidated entities - development/other | (109,846) | (31,257) | (5,775) |
Distributions from unconsolidated entities – return of capital | 300 | 1,516 | 1,636 |
Purchase of investment securities and other investments | (2,061) | (168,291) | (773) |
Proceeds from sale of investment securities | 3,584 | 191,398 | |
Net cash provided by (used for) investing activities | 107,792 | (434,620) | 663,586 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Debt financing costs | (9,894) | (6,446) | (2,923) |
Mortgage notes payable, net: | |||
Proceeds | 48,054 | 58,428 | 519,204 |
Lump sum payoffs | (286,461) | (156,815) | (160,522) |
Scheduled principal repayments | (3,392) | (7,465) | (7,759) |
Notes, net: | |||
Proceeds | 497,470 | ||
Lump sum payoffs | (500,000) | (750,000) | |
Line of credit and commercial paper: | |||
Line of credit proceeds | 10,000 | 1,870,000 | |
Line of credit repayments | (10,000) | (1,890,000) | |
Commercial paper proceeds | 6,036,083 | 7,590,200 | 7,450,997 |
Commercial paper repayments | (6,221,158) | (7,690,000) | (8,034,000) |
Proceeds from (payments on) settlement of derivative instruments | (1,240) | ||
Finance ground lease principal payments | (2,463) | (365) | |
Proceeds from sale of Common Shares | 139,623 | ||
Proceeds from Employee Share Purchase Plan (ESPP) | 4,178 | 4,265 | 4,508 |
Proceeds from exercise of options | 25,069 | 85,445 | 12,275 |
Payment of offering costs | (783) | (428) | |
Other financing activities, net | (63) | (63) | (63) |
Acquisition of Noncontrolling Interests - Partially Owned Properties | (32,178) | ||
Contributions – Noncontrolling Interests – Partially Owned Properties | 603 | 1,394 | 417 |
Contributions – Noncontrolling Interests – Operating Partnership | 1 | 13 | |
Distributions: | |||
Common Shares | (931,783) | (900,468) | (883,938) |
Preferred Shares | (2,318) | (3,090) | (3,090) |
Noncontrolling Interests – Operating Partnership | (30,324) | (31,316) | (32,403) |
Noncontrolling Interests – Partially Owned Properties | (18,406) | (5,802) | (11,719) |
Net cash provided by (used for) financing activities | (1,785,612) | (565,056) | (1,946,393) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | (223,064) | 260,508 | (17,271) |
Cash and cash equivalents and restricted deposits, beginning of year | 360,236 | 99,728 | 116,999 |
Cash and cash equivalents and restricted deposits, end of year | 137,172 | 360,236 | 99,728 |
Cash and cash equivalents | 53,869 | 123,832 | 42,591 |
Restricted deposits | 83,303 | 236,404 | 57,137 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 267,612 | 252,838 | 320,854 |
Net cash paid (received) for income and other taxes | 748 | 1,179 | (1,038) |
Amortization of deferred financing costs: | |||
Investment in real estate, net | (506) | (353) | (240) |
Other assets | 2,768 | 2,338 | 2,338 |
Mortgage notes payable, net | 2,080 | 2,743 | 1,815 |
Notes, net | 4,387 | 4,009 | 5,026 |
Amortization of discounts and premiums on debt: | |||
Mortgage notes payable, net | 2,184 | 2,764 | 2,234 |
Notes, net | 2,820 | 2,538 | 2,997 |
Amortization of deferred settlements on derivative instruments: | |||
Other liabilities | (12) | (12) | (12) |
Accumulated other comprehensive income | 11,071 | 9,394 | 35,087 |
Write-off of pursuit costs: | |||
Investment in real estate, net | 1,150 | 5,918 | 6,566 |
Investments in unconsolidated entities | 2,898 | ||
Other assets | 732 | 582 | 271 |
Accounts payable and accrued expenses | 26 | 32 | |
(Income) loss from investments in unconsolidated entities: | |||
Investments in unconsolidated entities | 3,778 | 2,122 | 1,995 |
Other liabilities | 1,253 | 1,276 | 1,289 |
Realized/unrealized (gain) loss on derivative instruments: | |||
Other assets | (21,865) | ||
Other liabilities | 1,211 | 1,240 | |
Accumulated other comprehensive income | 20,654 | (1,190) | |
Interest capitalized for real estate and unconsolidated entities under development: | |||
Investment in real estate, net | (2,365) | (15,318) | (10,165) |
Investments in unconsolidated entities | (4,740) | (614) | |
Investments in unconsolidated entities - development/other: | |||
Investment in real estate, net | 1,395 | ||
Investments in unconsolidated entities | (108,556) | (30,642) | (4,275) |
Other liabilities | (1,290) | (2,010) | (1,500) |
Debt financing costs: | |||
Other assets | (9,566) | 229 | (231) |
Mortgage notes payable, net | (228) | (2,344) | (2,692) |
Notes, net | (100) | (4,331) | |
Right-of-use assets and lease liabilities initial measurement and reclassifications: | |||
Right-of-use assets | (400) | 11,308 | |
Lease liabilities | 400 | (11,308) | |
Non-cash share distribution and other transfers from unconsolidated entities: | |||
Investments in unconsolidated entities | 4,201 | 1,430 | |
Other assets | $ (4,201) | $ (1,430) | |
Mortgage Notes Payable, Net [Member] | |||
Mortgage notes payable, net: | |||
Net gain (loss) on debt extinguishment | (327) | ||
Notes, net: | |||
Net gain (loss) on debt extinguishment | (327) | ||
Notes, Net [Member] | |||
Mortgage notes payable, net: | |||
Net gain (loss) on debt extinguishment | (25,823) | ||
Notes, net: | |||
Net gain (loss) on debt extinguishment | $ (25,823) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | PREFERRED SHARES | COMMON SHARES, $0.01 PAR VALUE | PAID IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | DISTRIBUTIONS | OPERATING PARTNERSHIP | PARTIALLY OWNED PROPERTIES |
Balance, beginning of year at Dec. 31, 2019 | $ 37,280 | $ 3,717 | $ 8,965,577 | $ 1,386,495 | $ (77,563) | ||||
Balance, beginning of year at Dec. 31, 2019 | $ 227,837 | $ 1,183 | |||||||
COMMON SHARES, $0.01 PAR VALUE | |||||||||
Conversion of OP Units into Common Shares | 1 | 4,695 | |||||||
Issuance of Common Shares | $ 1,743 | ||||||||
Exercise of share options | 2 | 12,273 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 4,507 | |||||||
Share-based employee compensation expense: | |||||||||
Issuance of restricted units/shares | 2 | 11,223 | 13 | ||||||
Share options | 2,349 | ||||||||
ESPP discount | 944 | ||||||||
Supplemental Executive Retirement Plan (SERP) | (395) | ||||||||
Change in market value of Redeemable Noncontrolling Interests –Operating Partnership | (125,224) | 125,224 | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 2,202 | (2,202) | |||||||
PAID IN CAPITAL | |||||||||
Conversion of OP Units into Common Shares | 1 | 4,695 | |||||||
Exercise of share options | 2 | 12,273 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 4,507 | |||||||
RETAINED EARNINGS | |||||||||
Net income attributable to controlling interests | 913,636 | 913,636 | |||||||
Common Share distributions | (897,326) | ||||||||
Preferred Share distributions | (3,090) | ||||||||
Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
Unrealized holding gains (losses) arising during the year | (1,190) | (1,190) | |||||||
Losses reclassified into earnings from other comprehensive income | 35,087 | 35,087 | |||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Common Share outstanding | $ 2.41 | ||||||||
NONCONTROLLING INTERESTS | |||||||||
Issuance of restricted units/shares | 2 | 11,223 | 13 | ||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (4,696) | ||||||||
Equity compensation associated with Noncontrolling Interests | 11,926 | ||||||||
Net income attributable to Noncontrolling Interests | 34,010 | 34,010 | 14,855 | ||||||
Distributions to Noncontrolling Interests | (32,951) | (11,782) | |||||||
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | 775 | (775) | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 2,202 | (2,202) | |||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 34,010 | 34,010 | 14,855 | ||||||
Contributions by Noncontrolling Interests | 417 | ||||||||
Distributions to Noncontrolling Interests | (32,951) | (11,782) | |||||||
Balance, end of year at Dec. 31, 2020 | 37,280 | 3,723 | 9,128,599 | 1,399,715 | (43,666) | ||||
Balance, end of year at Dec. 31, 2020 | 233,162 | 4,673 | |||||||
COMMON SHARES, $0.01 PAR VALUE | |||||||||
Conversion of OP Units into Common Shares | 13 | 74,050 | |||||||
Issuance of Common Shares | 1,038 | ||||||||
Exercise of share options | 17 | 85,428 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 4,264 | |||||||
Share-based employee compensation expense: | |||||||||
Issuance of restricted units/shares | 1 | 8,388 | |||||||
Share options | 3,101 | ||||||||
ESPP discount | 991 | ||||||||
Offering costs | 428 | ||||||||
Supplemental Executive Retirement Plan (SERP) | (1,335) | ||||||||
Change in market value of Redeemable Noncontrolling Interests –Operating Partnership | 158,598 | (158,598) | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | (23,338) | 23,338 | |||||||
PAID IN CAPITAL | |||||||||
Conversion of OP Units into Common Shares | 13 | 74,050 | |||||||
Exercise of share options | 17 | 85,428 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 4,264 | |||||||
RETAINED EARNINGS | |||||||||
Net income attributable to controlling interests | 1,332,850 | 1,332,850 | |||||||
Common Share distributions | (902,412) | ||||||||
Preferred Share distributions | (3,090) | ||||||||
Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
Losses reclassified into earnings from other comprehensive income | 9,394 | 9,394 | |||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Common Share outstanding | 2.41 | ||||||||
NONCONTROLLING INTERESTS | |||||||||
Issuance of restricted units/shares | 1 | 8,388 | |||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (74,063) | ||||||||
Equity compensation associated with Noncontrolling Interests | 17,797 | ||||||||
Net income attributable to Noncontrolling Interests | 45,900 | 45,900 | 17,964 | ||||||
Distributions to Noncontrolling Interests | (30,612) | (5,865) | |||||||
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | 1,428 | (1,428) | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | (23,338) | 23,338 | |||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 45,900 | 45,900 | 17,964 | ||||||
Contributions by Noncontrolling Interests | 1,394 | ||||||||
Distributions to Noncontrolling Interests | (30,612) | (5,865) | |||||||
Balance, end of year at Dec. 31, 2021 | 10,954,948 | 37,280 | 3,755 | 9,121,122 | 1,827,063 | (34,272) | |||
Balance, end of year at Dec. 31, 2021 | 232,260 | 214,094 | 18,166 | ||||||
COMMON SHARES, $0.01 PAR VALUE | |||||||||
Conversion of OP Units into Common Shares | 4 | 11,919 | |||||||
Issuance of Common Shares | 2,793 | 17 | 139,606 | ||||||
Exercise of share options | 5 | 25,064 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 4,177 | |||||||
Share-based employee compensation expense: | |||||||||
Issuance of restricted units/shares | 2 | 11,593 | 1 | ||||||
Share options | 2,321 | ||||||||
ESPP discount | 796 | ||||||||
Offering costs | 783 | ||||||||
Supplemental Executive Retirement Plan (SERP) | (269) | ||||||||
Acquisition of Noncontrolling Interests – Partially Owned Properties | (27,383) | (4,795) | |||||||
Change in market value of Redeemable Noncontrolling Interests –Operating Partnership | (176,490) | 176,490 | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 11,432 | (11,432) | |||||||
PAID IN CAPITAL | |||||||||
Conversion of OP Units into Common Shares | 4 | 11,919 | |||||||
Exercise of share options | 5 | 25,064 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 4,177 | |||||||
RETAINED EARNINGS | |||||||||
Net income attributable to controlling interests | 776,911 | 776,911 | |||||||
Common Share distributions | (942,047) | ||||||||
Preferred Share distributions | (3,090) | ||||||||
Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
Unrealized holding gains (losses) arising during the year | 20,654 | 20,654 | |||||||
Losses reclassified into earnings from other comprehensive income | 11,071 | 11,071 | |||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Common Share outstanding | $ 2.50 | ||||||||
NONCONTROLLING INTERESTS | |||||||||
Issuance of restricted units/shares | 2 | 11,593 | 1 | ||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (11,923) | ||||||||
Equity compensation associated with Noncontrolling Interests | 19,104 | ||||||||
Net income attributable to Noncontrolling Interests | 26,310 | 26,310 | 3,774 | ||||||
Distributions to Noncontrolling Interests | (30,407) | (18,469) | |||||||
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | (4,214) | 4,214 | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 11,432 | (11,432) | |||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 26,310 | 26,310 | 3,774 | ||||||
Contributions by Noncontrolling Interests | 603 | ||||||||
Distributions to Noncontrolling Interests | (30,407) | (18,469) | |||||||
Balance, end of year at Dec. 31, 2022 | 11,173,439 | $ 37,280 | $ 3,784 | $ 9,476,085 | $ 1,658,837 | $ (2,547) | |||
Balance, end of year at Dec. 31, 2022 | $ 209,240 | $ 209,961 | $ (721) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
CONSOLIDATED BALANCE SHEETS OF
CONSOLIDATED BALANCE SHEETS OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Land | $ 5,580,878 | $ 5,814,790 |
Depreciable property | 22,334,369 | 22,370,811 |
Projects under development | 112,940 | 24,307 |
Land held for development | 60,567 | 62,998 |
Investment in real estate | 28,088,754 | 28,272,906 |
Accumulated depreciation | (9,027,850) | (8,354,282) |
Investment in real estate, net | 19,060,904 | 19,918,624 |
Investments in unconsolidated entities | 279,024 | 127,448 |
Cash and cash equivalents | 53,869 | 123,832 |
Restricted deposits | 83,303 | 236,404 |
Right-of-use assets | 462,956 | 474,713 |
Other assets | 278,206 | 288,220 |
Total assets | 20,218,262 | 21,169,241 |
Liabilities: | ||
Mortgage notes payable, net | 1,953,438 | 2,191,201 |
Notes, net | 5,342,329 | 5,835,222 |
Line of credit and commercial paper | 129,955 | 315,030 |
Accounts payable and accrued expenses | 96,028 | 107,013 |
Accrued interest payable | 66,310 | 69,510 |
Lease liabilities | 308,748 | 312,335 |
Other liabilities | 306,941 | 353,102 |
Security deposits | 68,940 | 66,141 |
Distributions payable | 244,621 | 233,502 |
Total liabilities | 8,517,310 | 9,483,056 |
Commitments and contingencies | ||
Partners’ Capital: | ||
Accumulated other comprehensive income (loss) | (2,547) | (34,272) |
Noncontrolling Interests – Partially Owned Properties | (721) | 18,166 |
Total liabilities and equity/capital | 20,218,262 | 21,169,241 |
ERPOP [Member] | ||
ASSETS | ||
Land | 5,580,878 | 5,814,790 |
Depreciable property | 22,334,369 | 22,370,811 |
Projects under development | 112,940 | 24,307 |
Land held for development | 60,567 | 62,998 |
Investment in real estate | 28,088,754 | 28,272,906 |
Accumulated depreciation | (9,027,850) | (8,354,282) |
Investment in real estate, net | 19,060,904 | 19,918,624 |
Investments in unconsolidated entities | 279,024 | 127,448 |
Cash and cash equivalents | 53,869 | 123,832 |
Restricted deposits | 83,303 | 236,404 |
Right-of-use assets | 462,956 | 474,713 |
Other assets | 278,206 | 288,220 |
Total assets | 20,218,262 | 21,169,241 |
Liabilities: | ||
Mortgage notes payable, net | 1,953,438 | 2,191,201 |
Notes, net | 5,342,329 | 5,835,222 |
Line of credit and commercial paper | 129,955 | 315,030 |
Accounts payable and accrued expenses | 96,028 | 107,013 |
Accrued interest payable | 66,310 | 69,510 |
Lease liabilities | 308,748 | 312,335 |
Other liabilities | 306,941 | 353,102 |
Security deposits | 68,940 | 66,141 |
Distributions payable | 244,621 | 233,502 |
Total liabilities | 8,517,310 | 9,483,056 |
Commitments and contingencies | ||
Redeemable Limited Partners | 318,273 | 498,977 |
Partners’ Capital: | ||
Preference Units | 37,280 | 37,280 |
General Partner | 11,138,706 | 10,951,940 |
Limited Partners | 209,961 | 214,094 |
Accumulated other comprehensive income (loss) | (2,547) | (34,272) |
Total partners’ capital | 11,383,400 | 11,169,042 |
Noncontrolling Interests – Partially Owned Properties | (721) | 18,166 |
Total capital | 11,382,679 | 11,187,208 |
Total liabilities and equity/capital | $ 20,218,262 | $ 21,169,241 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES | |||
Rental income | $ 2,735,180 | $ 2,463,997 | $ 2,571,705 |
EXPENSES | |||
Property and maintenance | 483,865 | 453,532 | 440,998 |
Real estate taxes and insurance | 388,412 | 397,105 | 381,562 |
Property management | 110,304 | 98,155 | 93,825 |
General and administrative | 58,710 | 56,506 | 48,305 |
Depreciation | 882,168 | 838,272 | 820,832 |
Total expenses | 1,923,459 | 1,843,570 | 1,785,522 |
Net gain (loss) on sales of real estate properties | 304,325 | 1,072,183 | 531,807 |
Impairment | (16,769) | ||
Operating income | 1,116,046 | 1,675,841 | 1,317,990 |
Interest and other income | 2,193 | 25,666 | 5,935 |
Other expenses | (13,664) | (19,275) | (17,510) |
Interest: | |||
Expense incurred, net | (282,920) | (272,473) | (365,073) |
Amortization of deferred financing costs | (8,729) | (8,737) | (8,939) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 812,926 | 1,401,022 | 932,403 |
Income and other tax (expense) benefit | (900) | (915) | (852) |
Income (loss) from investments in unconsolidated entities | (5,031) | (3,398) | (3,284) |
Net gain (loss) on sales of land parcels | 5 | 34,234 | |
Net income | 806,995 | 1,396,714 | 962,501 |
Net (income) loss attributable to Noncontrolling Interests - Partially Owned Properties | (3,774) | (17,964) | (14,855) |
Net income attributable to controlling interests | $ 776,911 | $ 1,332,850 | $ 913,636 |
Earnings per Unit – basic: | |||
Net income available to Units | $ 2.06 | $ 3.56 | $ 2.45 |
Earnings per Unit – diluted: | |||
Net income available to Units | $ 2.05 | $ 3.54 | $ 2.45 |
Weighted average Units outstanding | 389,450 | 388,089 | 385,874 |
ERPOP [Member] | |||
REVENUES | |||
Rental income | $ 2,735,180 | $ 2,463,997 | $ 2,571,705 |
EXPENSES | |||
Property and maintenance | 483,865 | 453,532 | 440,998 |
Real estate taxes and insurance | 388,412 | 397,105 | 381,562 |
Property management | 110,304 | 98,155 | 93,825 |
General and administrative | 58,710 | 56,506 | 48,305 |
Depreciation | 882,168 | 838,272 | 820,832 |
Total expenses | 1,923,459 | 1,843,570 | 1,785,522 |
Net gain (loss) on sales of real estate properties | 304,325 | 1,072,183 | 531,807 |
Impairment | (16,769) | ||
Operating income | 1,116,046 | 1,675,841 | 1,317,990 |
Interest and other income | 2,193 | 25,666 | 5,935 |
Other expenses | (13,664) | (19,275) | (17,510) |
Interest: | |||
Expense incurred, net | (282,920) | (272,473) | (365,073) |
Amortization of deferred financing costs | (8,729) | (8,737) | (8,939) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 812,926 | 1,401,022 | 932,403 |
Income and other tax (expense) benefit | (900) | (915) | (852) |
Income (loss) from investments in unconsolidated entities | (5,031) | (3,398) | (3,284) |
Net gain (loss) on sales of land parcels | 5 | 34,234 | |
Net income | 806,995 | 1,396,714 | 962,501 |
Net (income) loss attributable to Noncontrolling Interests - Partially Owned Properties | (3,774) | (17,964) | (14,855) |
Net income attributable to controlling interests | 803,221 | 1,378,750 | 947,646 |
ALLOCATION OF NET INCOME: | |||
Preference Units | 3,090 | 3,090 | 3,090 |
General Partner | 773,821 | 1,329,760 | 910,546 |
Limited Partners | 26,310 | 45,900 | 34,010 |
Net income available to Units | $ 800,131 | $ 1,375,660 | $ 944,556 |
Earnings per Unit – basic: | |||
Net income available to Units | $ 2.06 | $ 3.56 | $ 2.45 |
Weighted average Units outstanding | 388,045 | 386,096 | 384,794 |
Earnings per Unit – diluted: | |||
Net income available to Units | $ 2.05 | $ 3.54 | $ 2.45 |
Weighted average Units outstanding | 389,450 | 388,089 | 385,874 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Comprehensive income: | |||
Net income | $ 806,995 | $ 1,396,714 | $ 962,501 |
Other comprehensive income (loss) – derivative instruments: | |||
Unrealized holding gains (losses) arising during the year | 20,654 | (1,190) | |
Losses reclassified into earnings from other comprehensive income | 11,071 | 9,394 | 35,087 |
Other comprehensive income (loss) | 31,725 | 9,394 | 33,897 |
Comprehensive income | 838,720 | 1,406,108 | 996,398 |
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties | (31,132) | (64,183) | (50,084) |
Comprehensive income attributable to controlling interests | 807,588 | 1,341,925 | 946,314 |
ERPOP [Member] | |||
Comprehensive income: | |||
Net income | 806,995 | 1,396,714 | 962,501 |
Other comprehensive income (loss) – derivative instruments: | |||
Unrealized holding gains (losses) arising during the year | 20,654 | (1,190) | |
Losses reclassified into earnings from other comprehensive income | 11,071 | 9,394 | 35,087 |
Other comprehensive income (loss) | 31,725 | 9,394 | 33,897 |
Comprehensive income | 838,720 | 1,406,108 | 996,398 |
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties | (3,774) | (17,964) | (14,855) |
Comprehensive income attributable to controlling interests | $ 834,946 | $ 1,388,144 | $ 981,543 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 806,995 | $ 1,396,714 | $ 962,501 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 882,168 | 838,272 | 820,832 |
Amortization of deferred financing costs | 8,729 | 8,737 | 8,939 |
Amortization of above/below market lease intangibles | (154) | (71) | |
Amortization of discounts and premiums on debt | 5,004 | 5,302 | 5,231 |
Amortization of deferred settlements on derivative instruments | 11,059 | 9,382 | 35,075 |
Amortization of right-of-use assets | 12,157 | 13,266 | 11,682 |
Impairment | 16,769 | ||
Write-off of pursuit costs | 4,780 | 6,526 | 6,869 |
(Income) loss from investments in unconsolidated entities | 5,031 | 3,398 | 3,284 |
Distributions from unconsolidated entities – return on capital | 398 | 56 | 100 |
Net (gain) loss on sales of real estate properties | (304,325) | (1,072,183) | (531,807) |
Net (gain) loss on sales of land parcels | (5) | (34,234) | |
Net (gain) loss on debt extinguishment | 26,150 | ||
Realized/unrealized (gain) loss on derivative instruments | 50 | ||
Realized (gain) loss on sale of investment securities | (2,061) | (23,432) | |
Compensation paid with Company Common Shares | 29,513 | 27,810 | 23,174 |
Other operating activities, net | 1,805 | ||
Changes in assets and liabilities: | |||
(Increase) decrease in other assets | 10,893 | 5,906 | (53,021) |
Increase (decrease) in accounts payable and accrued expenses | (266) | 15,381 | 470 |
Increase (decrease) in accrued interest payable | (3,200) | 3,614 | (956) |
Increase (decrease) in lease liabilities | (1,524) | (5,122) | (2,204) |
Increase (decrease) in other liabilities | (13,394) | 4,286 | (8,751) |
Increase (decrease) in security deposits | 2,799 | 5,661 | (9,582) |
Net cash provided by operating activities | 1,454,756 | 1,260,184 | 1,265,536 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Investment in real estate – acquisitions | (113,046) | (1,712,131) | (48,898) |
Investment in real estate – development/other | (109,345) | (206,421) | (230,332) |
Capital expenditures to real estate | (221,086) | (151,019) | (135,979) |
Non-real estate capital additions | (4,050) | (1,696) | (20,100) |
Interest capitalized for real estate and unconsolidated entities under development | (7,105) | (15,932) | (10,165) |
Proceeds from disposition of real estate, net | 720,302 | 1,707,747 | 1,113,972 |
Investments in unconsolidated entities – acquisitions | (49,855) | (48,534) | |
Investments in unconsolidated entities - development/other | (109,846) | (31,257) | (5,775) |
Distributions from unconsolidated entities – return of capital | 300 | 1,516 | 1,636 |
Purchase of investment securities and other investments | (2,061) | (168,291) | (773) |
Proceeds from sale of investment securities | 3,584 | 191,398 | |
Net cash provided by (used for) investing activities | 107,792 | (434,620) | 663,586 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Debt financing costs | (9,894) | (6,446) | (2,923) |
Mortgage notes payable, net: | |||
Proceeds | 48,054 | 58,428 | 519,204 |
Lump sum payoffs | (286,461) | (156,815) | (160,522) |
Scheduled principal repayments | (3,392) | (7,465) | (7,759) |
Notes, net: | |||
Proceeds | 497,470 | ||
Lump sum payoffs | (500,000) | (750,000) | |
Line of credit and commercial paper: | |||
Line of credit proceeds | 10,000 | 1,870,000 | |
Line of credit repayments | (10,000) | (1,890,000) | |
Commercial paper proceeds | 6,036,083 | 7,590,200 | 7,450,997 |
Commercial paper repayments | (6,221,158) | (7,690,000) | (8,034,000) |
Proceeds from (payments on) settlement of derivative instruments | (1,240) | ||
Finance ground lease principal payments | (2,463) | (365) | |
Proceeds from sale of OP Units | 139,623 | ||
Proceeds from Employee Share Purchase Plan (ESPP) | 4,178 | 4,265 | 4,508 |
Proceeds from exercise of EQR options | 25,069 | 85,445 | 12,275 |
Payment of offering costs | (783) | (428) | |
Other financing activities, net | (63) | (63) | (63) |
Acquisition of Noncontrolling Interests - Partially Owned Properties | (32,178) | ||
Contributions – Noncontrolling Interests – Partially Owned Properties | 603 | 1,394 | 417 |
Contributions – Limited Partners | 1 | 13 | |
Distributions: | |||
OP Units – General Partner | (931,783) | (900,468) | (883,938) |
Preference Units | (2,318) | (3,090) | (3,090) |
OP Units – Limited Partners | (30,324) | (31,316) | (32,403) |
Noncontrolling Interests – Partially Owned Properties | (18,406) | (5,802) | (11,719) |
Net cash provided by (used for) financing activities | (1,785,612) | (565,056) | (1,946,393) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | (223,064) | 260,508 | (17,271) |
Cash and cash equivalents and restricted deposits, beginning of year | 360,236 | 99,728 | 116,999 |
Cash and cash equivalents and restricted deposits, end of year | 137,172 | 360,236 | 99,728 |
Cash and cash equivalents | 53,869 | 123,832 | 42,591 |
Restricted deposits | 83,303 | 236,404 | 57,137 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 267,612 | 252,838 | 320,854 |
Net cash paid (received) for income and other taxes | 748 | 1,179 | (1,038) |
Amortization of deferred financing costs: | |||
Investment in real estate, net | (506) | (353) | (240) |
Other assets | 2,768 | 2,338 | 2,338 |
Mortgage notes payable, net | 2,080 | 2,743 | 1,815 |
Notes, net | 4,387 | 4,009 | 5,026 |
Amortization of discounts and premiums on debt: | |||
Mortgage notes payable, net | 2,184 | 2,764 | 2,234 |
Notes, net | 2,820 | 2,538 | 2,997 |
Amortization of deferred settlements on derivative instruments: | |||
Other liabilities | (12) | (12) | (12) |
Accumulated other comprehensive income | 11,071 | 9,394 | 35,087 |
Write-off of pursuit costs: | |||
Investment in real estate, net | 1,150 | 5,918 | 6,566 |
Investments in unconsolidated entities | 2,898 | ||
Other assets | 732 | 582 | 271 |
Accounts payable and accrued expenses | 26 | 32 | |
(Income) loss from investments in unconsolidated entities: | |||
Investments in unconsolidated entities | 3,778 | 2,122 | 1,995 |
Other liabilities | 1,253 | 1,276 | 1,289 |
Realized/unrealized (gain) loss on derivative instruments: | |||
Other assets | (21,865) | ||
Other liabilities | 1,211 | 1,240 | |
Accumulated other comprehensive income | 20,654 | (1,190) | |
Interest capitalized for real estate and unconsolidated entities under development: | |||
Investment in real estate, net | 2,365 | 15,318 | 10,165 |
Investments in unconsolidated entities | 4,740 | 614 | |
Investments in unconsolidated entities - development/other: | |||
Investments in unconsolidated entities | (108,556) | (30,642) | (4,275) |
Debt financing costs: | |||
Other assets | (9,566) | 229 | (231) |
Mortgage notes payable, net | (228) | (2,344) | (2,692) |
Notes, net | (100) | (4,331) | |
Right-of-use assets and lease liabilities initial measurement and reclassifications: | |||
Right-of-use assets | (400) | 11,308 | |
Lease liabilities | 400 | (11,308) | |
Non-cash share distribution and other transfers from unconsolidated entities: | |||
Investments in unconsolidated entities | 4,201 | 1,430 | |
Other assets | (4,201) | (1,430) | |
Mortgage Notes Payable, Net [Member] | |||
Mortgage notes payable, net: | |||
Net gain (loss) on debt extinguishment | (327) | ||
Notes, net: | |||
Net gain (loss) on debt extinguishment | (327) | ||
Notes, Net [Member] | |||
Mortgage notes payable, net: | |||
Net gain (loss) on debt extinguishment | (25,823) | ||
Notes, net: | |||
Net gain (loss) on debt extinguishment | (25,823) | ||
ERPOP [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | 806,995 | 1,396,714 | 962,501 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 882,168 | 838,272 | 820,832 |
Amortization of deferred financing costs | 8,729 | 8,737 | 8,939 |
Amortization of above/below market lease intangibles | (154) | (71) | |
Amortization of discounts and premiums on debt | 5,004 | 5,302 | 5,231 |
Amortization of deferred settlements on derivative instruments | 11,059 | 9,382 | 35,075 |
Amortization of right-of-use assets | 12,157 | 13,266 | 11,682 |
Impairment | 16,769 | ||
Write-off of pursuit costs | 4,780 | 6,526 | 6,869 |
(Income) loss from investments in unconsolidated entities | 5,031 | 3,398 | 3,284 |
Distributions from unconsolidated entities – return on capital | 398 | 56 | 100 |
Net (gain) loss on sales of real estate properties | (304,325) | (1,072,183) | (531,807) |
Net (gain) loss on sales of land parcels | (5) | (34,234) | |
Net (gain) loss on debt extinguishment | 26,150 | ||
Realized/unrealized (gain) loss on derivative instruments | 50 | ||
Realized (gain) loss on sale of investment securities | (2,061) | (23,432) | |
Compensation paid with Company Common Shares | 29,513 | 27,810 | 23,174 |
Other operating activities, net | 1,805 | ||
Changes in assets and liabilities: | |||
(Increase) decrease in other assets | 10,893 | 5,906 | (53,021) |
Increase (decrease) in accounts payable and accrued expenses | (266) | 15,381 | 470 |
Increase (decrease) in accrued interest payable | (3,200) | 3,614 | (956) |
Increase (decrease) in lease liabilities | (1,524) | (5,122) | (2,204) |
Increase (decrease) in other liabilities | (13,394) | 4,286 | (8,751) |
Increase (decrease) in security deposits | 2,799 | 5,661 | (9,582) |
Net cash provided by operating activities | 1,454,756 | 1,260,184 | 1,265,536 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Investment in real estate – acquisitions | (113,046) | (1,712,131) | (48,898) |
Investment in real estate – development/other | (109,345) | (206,421) | (230,332) |
Capital expenditures to real estate | (221,086) | (151,019) | (135,979) |
Non-real estate capital additions | (4,050) | (1,696) | (20,100) |
Interest capitalized for real estate and unconsolidated entities under development | (7,105) | (15,932) | (10,165) |
Proceeds from disposition of real estate, net | 720,302 | 1,707,747 | 1,113,972 |
Investments in unconsolidated entities – acquisitions | (49,855) | (48,534) | |
Investments in unconsolidated entities - development/other | (109,846) | (31,257) | (5,775) |
Distributions from unconsolidated entities – return of capital | 300 | 1,516 | 1,636 |
Purchase of investment securities and other investments | (2,061) | (168,291) | (773) |
Proceeds from sale of investment securities | 3,584 | 191,398 | |
Net cash provided by (used for) investing activities | 107,792 | (434,620) | 663,586 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Debt financing costs | (9,894) | (6,446) | (2,923) |
Mortgage notes payable, net: | |||
Proceeds | 48,054 | 58,428 | 519,204 |
Lump sum payoffs | (286,461) | (156,815) | (160,522) |
Scheduled principal repayments | (3,392) | (7,465) | (7,759) |
Notes, net: | |||
Proceeds | 497,470 | ||
Lump sum payoffs | (500,000) | (750,000) | |
Line of credit and commercial paper: | |||
Line of credit proceeds | 10,000 | 1,870,000 | |
Line of credit repayments | (10,000) | (1,890,000) | |
Commercial paper proceeds | 6,036,083 | 7,590,200 | 7,450,997 |
Commercial paper repayments | (6,221,158) | (7,690,000) | (8,034,000) |
Proceeds from (payments on) settlement of derivative instruments | (1,240) | ||
Finance ground lease principal payments | (2,463) | (365) | |
Proceeds from sale of OP Units | 139,623 | ||
Proceeds from Employee Share Purchase Plan (ESPP) | 4,178 | 4,265 | 4,508 |
Proceeds from exercise of EQR options | 25,069 | 85,445 | 12,275 |
Payment of offering costs | (783) | (428) | |
Other financing activities, net | (63) | (63) | (63) |
Acquisition of Noncontrolling Interests - Partially Owned Properties | (32,178) | ||
Contributions – Noncontrolling Interests – Partially Owned Properties | 603 | 1,394 | 417 |
Contributions – Limited Partners | 1 | 13 | |
Distributions: | |||
OP Units – General Partner | (931,783) | (900,468) | (883,938) |
Preference Units | (2,318) | (3,090) | (3,090) |
OP Units – Limited Partners | (30,324) | (31,316) | (32,403) |
Noncontrolling Interests – Partially Owned Properties | (18,406) | (5,802) | (11,719) |
Net cash provided by (used for) financing activities | (1,785,612) | (565,056) | (1,946,393) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | (223,064) | 260,508 | (17,271) |
Cash and cash equivalents and restricted deposits, beginning of year | 360,236 | 99,728 | 116,999 |
Cash and cash equivalents and restricted deposits, end of year | 137,172 | 360,236 | 99,728 |
Cash and cash equivalents | 53,869 | 123,832 | 42,591 |
Restricted deposits | 83,303 | 236,404 | 57,137 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 267,612 | 252,838 | 320,854 |
Net cash paid (received) for income and other taxes | 748 | 1,179 | (1,038) |
Amortization of deferred financing costs: | |||
Investment in real estate, net | (506) | (353) | (240) |
Other assets | 2,768 | 2,338 | 2,338 |
Mortgage notes payable, net | 2,080 | 2,743 | 1,815 |
Notes, net | 4,387 | 4,009 | 5,026 |
Amortization of discounts and premiums on debt: | |||
Mortgage notes payable, net | 2,184 | 2,764 | 2,234 |
Notes, net | 2,820 | 2,538 | 2,997 |
Amortization of deferred settlements on derivative instruments: | |||
Other liabilities | (12) | (12) | (12) |
Accumulated other comprehensive income | 11,071 | 9,394 | 35,087 |
Write-off of pursuit costs: | |||
Investment in real estate, net | 1,150 | 5,918 | 6,566 |
Investments in unconsolidated entities | 2,898 | ||
Other assets | 732 | 582 | 271 |
Accounts payable and accrued expenses | 26 | 32 | |
(Income) loss from investments in unconsolidated entities: | |||
Investments in unconsolidated entities | 3,778 | 2,122 | 1,995 |
Other liabilities | 1,253 | 1,276 | 1,289 |
Realized/unrealized (gain) loss on derivative instruments: | |||
Other assets | (21,865) | ||
Other liabilities | 1,211 | 1,240 | |
Accumulated other comprehensive income | 20,654 | (1,190) | |
Interest capitalized for real estate and unconsolidated entities under development: | |||
Investment in real estate, net | (2,365) | (15,318) | (10,165) |
Investments in unconsolidated entities | (4,740) | (614) | |
Investments in unconsolidated entities - development/other: | |||
Investment in real estate, net | 1,395 | ||
Investments in unconsolidated entities | (108,556) | (30,642) | (4,275) |
Other liabilities | (1,290) | (2,010) | (1,500) |
Debt financing costs: | |||
Other assets | (9,566) | 229 | (231) |
Mortgage notes payable, net | (228) | (2,344) | (2,692) |
Notes, net | (100) | (4,331) | |
Right-of-use assets and lease liabilities initial measurement and reclassifications: | |||
Right-of-use assets | 400 | (11,308) | |
Lease liabilities | 400 | (11,308) | |
Non-cash share distribution and other transfers from unconsolidated entities: | |||
Investments in unconsolidated entities | 4,201 | 1,430 | |
Other assets | $ (4,201) | $ (1,430) | |
ERPOP [Member] | Mortgage Notes Payable, Net [Member] | |||
Mortgage notes payable, net: | |||
Net gain (loss) on debt extinguishment | (327) | ||
Notes, net: | |||
Net gain (loss) on debt extinguishment | (327) | ||
ERPOP [Member] | Notes, Net [Member] | |||
Mortgage notes payable, net: | |||
Net gain (loss) on debt extinguishment | (25,823) | ||
Notes, net: | |||
Net gain (loss) on debt extinguishment | $ (25,823) |
CONSOLIDATED STATEMENTS OF CH_3
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands | Total | ERPOP [Member] | PREFERRED SHARES ERPOP [Member] | General Partner [Member] ERPOP [Member] | Limited Partner ERPOP [Member] | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ERPOP [Member] | DISTRIBUTIONS [Member] ERPOP [Member] | PARTIALLY OWNED PROPERTIES [Member] ERPOP [Member] |
Balance, beginning of year at Dec. 31, 2019 | $ 37,280 | $ 10,355,789 | $ 227,837 | $ (77,563) | ||||
Balance, beginning of year at Dec. 31, 2019 | $ 1,183 | |||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 4,696 | (4,696) | ||||||
Exercise of EQR share options | 12,275 | |||||||
EQR's Employee Share Purchase Plan (ESPP) | 4,508 | |||||||
EQR restricted shares | 11,225 | 13 | ||||||
EQR share options | 2,349 | |||||||
EQR ESPP discount | 944 | |||||||
Net income available to Units - General Partner | $ 910,546 | 910,546 | ||||||
OP Units - General Partner distributions | (897,326) | |||||||
Supplemental Executive Retirement Plan (SERP) | (395) | |||||||
Change in market value of Redeemable Limited Partners | 125,224 | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | 2,202 | (2,202) | ||||||
Equity compensation associated with Units - Limited Partners | 11,926 | |||||||
Net income available to Units - Limited Partners | 34,010 | 34,010 | ||||||
Units - Limited Partners distributions | (32,951) | |||||||
Change in carrying value of Redeemable Limited Partners | (775) | |||||||
Unrealized holding gains (losses) arising during the year | $ (1,190) | (1,190) | (1,190) | |||||
Losses reclassified into earnings from other comprehensive income | 35,087 | 35,087 | 35,087 | |||||
Distributions declared per Unit outstanding | $ 2.41 | |||||||
Net income attributable to Noncontrolling Interests | 962,501 | 962,501 | 14,855 | |||||
Contributions by Noncontrolling Interests | 417 | |||||||
Distributions to Noncontrolling Interests | (11,782) | |||||||
Balance, end of year at Dec. 31, 2020 | 37,280 | 10,532,037 | 233,162 | (43,666) | ||||
Balance, end of year at Dec. 31, 2020 | 4,673 | |||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 74,063 | (74,063) | ||||||
Exercise of EQR share options | 85,445 | |||||||
EQR's Employee Share Purchase Plan (ESPP) | 4,265 | |||||||
EQR restricted shares | 8,389 | |||||||
EQR share options | 3,101 | |||||||
EQR ESPP discount | 991 | |||||||
Net income available to Units - General Partner | 1,329,760 | 1,329,760 | ||||||
OP Units - General Partner distributions | (902,412) | |||||||
Offering costs | (428) | |||||||
Supplemental Executive Retirement Plan (SERP) | (1,335) | |||||||
Change in market value of Redeemable Limited Partners | (158,598) | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | (23,338) | 23,338 | ||||||
Equity compensation associated with Units - Limited Partners | 17,797 | |||||||
Net income available to Units - Limited Partners | 45,900 | 45,900 | ||||||
Units - Limited Partners distributions | (30,612) | |||||||
Change in carrying value of Redeemable Limited Partners | (1,428) | |||||||
Losses reclassified into earnings from other comprehensive income | 9,394 | 9,394 | 9,394 | |||||
Distributions declared per Unit outstanding | 2.41 | |||||||
Net income attributable to Noncontrolling Interests | 1,396,714 | 1,396,714 | 17,964 | |||||
Contributions by Noncontrolling Interests | 1,394 | |||||||
Distributions to Noncontrolling Interests | (5,865) | |||||||
Balance, end of year at Dec. 31, 2021 | 37,280 | 10,951,940 | 214,094 | (34,272) | ||||
Balance, end of year at Dec. 31, 2021 | 18,166 | |||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 11,923 | (11,923) | ||||||
Issuance of OP Units | 139,623 | |||||||
Exercise of EQR share options | 25,069 | |||||||
EQR's Employee Share Purchase Plan (ESPP) | 4,178 | |||||||
EQR restricted shares | 11,595 | 1 | ||||||
EQR share options | 2,321 | |||||||
EQR ESPP discount | 796 | |||||||
Net income available to Units - General Partner | 773,821 | 773,821 | ||||||
OP Units - General Partner distributions | (942,047) | |||||||
Offering costs | (783) | |||||||
Supplemental Executive Retirement Plan (SERP) | (269) | |||||||
Acquisition of Noncontrolling Interest - Partially Owned Properties | (27,383) | |||||||
Change in market value of Redeemable Limited Partners | 176,490 | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | 11,432 | (11,432) | ||||||
Equity compensation associated with Units - Limited Partners | 19,104 | |||||||
Net income available to Units - Limited Partners | 26,310 | 26,310 | ||||||
Units - Limited Partners distributions | (30,407) | |||||||
Change in carrying value of Redeemable Limited Partners | 4,214 | |||||||
Unrealized holding gains (losses) arising during the year | 20,654 | 20,654 | 20,654 | |||||
Losses reclassified into earnings from other comprehensive income | 11,071 | 11,071 | 11,071 | |||||
Distributions declared per Unit outstanding | $ 2.50 | |||||||
Net income attributable to Noncontrolling Interests | $ 806,995 | $ 806,995 | 3,774 | |||||
Contributions by Noncontrolling Interests | 603 | |||||||
Distributions to Noncontrolling Interests | (18,469) | |||||||
Acquisitions of Noncontrolling Interests - Partially Owned Properties | (4,795) | |||||||
Balance, end of year at Dec. 31, 2022 | $ 37,280 | $ 11,138,706 | $ 209,961 | $ (2,547) | ||||
Balance, end of year at Dec. 31, 2022 | $ (721) |
Business
Business | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | 1. Bus iness Equity Residential (“EQR”) is an S&P 500 company focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters, a business that is conducted on its behalf by ERP Operating Limited Partnership (“ERPOP”). EQR is a Maryland real estate investment trust (“REIT”) formed in March 1993 and ERPOP is an Illinois limited partnership formed in May 1993. References to the “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the “Operating Partnership” mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership. EQR is the general partner of, and as of December 31, 2022 owned an approximate 96.8 % ownership interest in, ERPOP. All of the Company’s property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR issues equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP, but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. As of December 31, 2022, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 308 properties located in 10 states and the District of Columbia consisting of 79,597 apartment units. The ownership breakdown includes (table does not include any uncompleted development properties): Properties Apartment Units Wholly Owned Properties 293 76,483 Partially Owned Properties – Consolidated 15 3,114 308 79,597 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation Due to the Company’s ability as general partner to control either through ownership or by contract the Operating Partnership and its subsidiaries, the Operating Partnership and each such subsidiary has been consolidated with the Company for financial reporting purposes, except for any unconsolidated properties/entities. Real Estate Assets and Depreciation of Investment in Real Estate The Company expects that substantially all of its acquisitions will be accounted for as asset acquisitions. In an asset acquisition, the Company is required to capitalize transaction costs and allocate the purchase price on a relative fair value basis (including any identified intangible assets). For the years ended December 31, 2022 and 2021, all acquisitions were considered asset acquisitions. In making estimates of relative fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired or developed and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible and intangible assets/liabilities acquired. The Company allocates the purchase price of acquired real estate to various components as follows: • Land – Based on actual purchase price adjusted to an allocation of the relative fair value (as necessary) if acquired separately or market research/comparables if acquired with an operating property. • Furniture, Fixtures and Equipment – Based on an estimate of the allocation of the relative fair value of the appliances and fixtures inside an apartment unit. The per-apartment unit amount applied depends on the economic age of the apartment units acquired. Depreciation is calculated on the straight-line method over an estimated useful life of five to ten years . • Lease Intangibles – The Company considers the value of acquired in-place leases and above/below market leases and the amortization period is the average remaining term of each respective acquired lease. • Other Intangible Assets – The Company considers whether it has acquired other intangible assets, including any customer relationship intangibles and the amortization period is the estimated useful life of the acquired intangible asset. • Building – Based on the allocation of the relative fair value determined on an “as-if vacant” basis. Depreciation is calculated on the straight-line method over an estimated useful life of thirty years . • Long-Term Debt – The Company calculates the allocation of the relative fair value by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings. Replacements inside an apartment unit such as appliances and carpeting are depreciated over an estimated useful life of five to ten years . Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and significant renovations and building improvements that improve and/or extend the useful life of the asset are capitalized over their estimated useful life, generally five to fifteen years . Initial direct leasing costs are expensed as incurred as such expense approximates the deferral and amortization of initial direct leasing costs over the lease terms. The Company classifies real estate assets as real estate held for sale when it is probable a property will be disposed of. The Company classifies properties under development and/or expansion and properties in the lease-up phase (including land) as construction-in-progress until construction has been completed and certificates of occupancy permits have been obtained. Impairment of Long-Lived Assets At least quarterly, the Company evaluates its long-lived assets, including its investment in real estate, for indicators of impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, legal, regulatory and environmental concerns, the Company’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted. If an impairment indicator exists, the Company performs the following: • For long-lived operating assets to be held and used, the Company compares the expected future undiscounted cash flows for the long-lived asset against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company would make an estimate of the fair value for the particular asset and would record an impairment loss for the difference between the estimated fair value and the carrying amount of the asset. In determining the future undiscounted cash flows or the estimated fair value of an asset there is judgment in estimating the expected future rental revenues, operating expenses and discount and capitalization rates. • For long-lived non-operating assets (projects under development and land held for development), management evaluates major cost overruns, market conditions that could affect lease-up projections, intent and ability to hold the asset, and any other indicators of impairment. If any of the indicators were to suggest impairment was present, a recoverability analysis would be performed and the carrying value of the asset would be adjusted accordingly to fair value. • For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset measured at the time that the Company has determined it will sell the asset. Long-lived assets held for sale and the related liabilities are separately reported, with the long-lived assets reported at the lower of their carrying amounts or their estimated fair values, less their costs to sell, and are not depreciated after reclassification to real estate held for sale. See Note 4 for further discussion of the Company’s impairment charge on a land parcel in 2021. Impairment of Investments in Unconsolidated Entities and Other Investments At least quarterly, the Company evaluates its investments in unconsolidated entities and other investments for indicators of other than temporary impairment, considering whether there has been a change to events or circumstances that would impact recoverability of the Company’s investment as well as any changes with regards to the Company's intent and ability to hold the investment to recover its carrying value. Cost Capitalization See the Real Estate Assets and Depreciation of Investment in Real Estate section for a discussion of the Company’s policy with respect to capitalization vs. expensing of fixed asset/repair and maintenance costs. For all development, capital and renovation projects, the Company uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Company capitalizes interest, real estate taxes and insurance, as well as payroll for those individuals directly responsible for and who spend their time on the execution and supervision of development activities. Additionally, the Company capitalizes payroll for those individuals directly responsible for and who spend their time on the execution and supervision of major capital and/or renovation projects. Capitalization ends when the asset, or a portion of the asset, is substantially completed and ready for its intended use. These costs are reflected on the balance sheets as increases to depreciable property and/or construction-in-progress. During the years ended December 31, 2022 and 2021, the Company capitalized $ 15.6 mil lion and $ 13.9 million, respectively, of payroll and associated costs of employees directly responsible for and who spend their time on the execution and supervision of development activities as well as major capital and/or renovation projects. Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and investments in certificates of deposit with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance. Fair Value of Financial Instruments The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments on listed market prices and third-party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company may seek to manage these risks by following established risk management policies and procedures, including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business. The Company has a policy of only entering into derivative contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from these instruments nor does it anticipate any material adverse effect on its net income or financial position in the future. The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. In addition, fair value adjustments will affect either shareholders’ equity/partners’ capital or net income depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. When the terms of an underlying transaction are modified, or when the underlying transaction is terminated or completed, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until the instrument matures. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market each period. The Company does not use derivatives for trading or speculative purposes. See Note 10 for additional derivatives discussion. Leases and Revenue Recognition Rental income attributable to residential leases is recorded on a straight-line basis over the term of the lease when reasonably assured they are collectible, which is not materially different than if it were recorded when due from residents and recognized monthly as it was earned. Residential apartment leases may include lease income related to such items as utility recoveries, parking rent, storage rent and pet rent that the Company treats as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. Leases entered into between a resident and a property for the rental of an apartment unit are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis. Rental income attributable to non-residential leases is also recorded on a straight-line basis over the term of the lease when reasonably assured they are collectible. Non-residential leases may include lease income related to such items as utility recoveries, parking rent and storage rent that the Company treats as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. Non-residential leases generally have five to ten year lease terms with market-based renewal options and consist of ground floor retail spaces and master-leased parking garages that serve as additional amenities for our residents. The majority of the Company’s revenue is derived from residential, non-residential and other lease income. Our revenue streams have the same timing and pattern of revenue recognition across our reportable segments, with consistent allocations between the lease and revenue recognition standards. The Company elected an accounting policy to account for both its lease and non-lease components (specifically common area maintenance charges) as a single lease component under the lease standard. The Company is a lessor for its residential and non-residential leases and is a lessee for its corporate headquarters and regional offices and ground leases for land underlying current operating properties or projects under development. If applicable, lease agreements must be evaluated to determine the accounting treatment as a finance or operating lease in accordance with the lease standard. The lease standard also requires lessees to recognize on the balance sheet: (a) a liability for the lease obligation (initially measured at the present value of the future lease payments not yet paid over the lease term); and (b) an asset for its right to use the underlying asset (initially equal to the lease liability). The Company uses estimates and judgments on the discount rate used to calculate the present value of the future lease payments. The Company uses its incremental borrowing rate as the discount rate because the Company typically cannot readily determine the rate implicit in the lease. Since the Company’s credit backs the corporate office lease obligations and the lease terms are generally ten years or less, the discount rate range was estimated by using the Company’s borrowing rates for actual pricing data. The discount rate range for ground leases takes into account various factors, including the longer life of the ground leases, and was estimated by using the Company’s borrowing rates for actual pricing data through 30 years and other long-term market rates. The Company’s revenue streams that are not accounted for under the lease standard include: • Parking revenue – The Company’s parking revenue, not related to leasing, is derived primarily from monthly and transient daily parking and is accounted for at the point in time when control of the goods or services transfers to the customer and our performance obligation is satisfied. • Other rental and non-rental related revenue – The Company receives other income, including, but not limited to: (a) ancillary income, such as laundry, renters insurance and cable income; (b) net settlement income; and (c) miscellaneous fee income. • Fee and asset management revenue and interest income – The Company’s fee and asset management revenue and interest income are recorded on an accrual basis. • Gains or losses on sales of real estate properties – The Company accounts for the sale of real estate properties and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions. The Company recognizes the sale and associated gain or loss from the disposition when control transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. See Note 8 for the Company’s rental income detail allocated between the lease and revenue recognition standards. The Company’s allowance for doubtful accounts (which offsets accounts receivable and is included within other assets on the consolidated balance sheets) and bad debts (which reduce rental income on the consolidated statements of operations and comprehensive income) have historically been very modest, particularly in our residential business, given the quality of our resident base and asset class. However, due to the impact of the novel coronavirus (“COVID-19”) pandemic and extended eviction moratoriums enacted during the pandemic, the allowance for doubtful accounts and bad debts became elevated during 2020 and remained elevated in 2021 and 2022. In accordance with the lease standard, if we determine the lease payments are not probable of collection (based on known troubled accounts, rent deferral plans granted, historical experience and other currently available evidence), we fully reserve for any unpaid amounts, deferred rent receivable, variable lease payments and straight-line receivable balances and recognize rental income only if cash is received. If the Company’s estimates of collectibility differ from the cash received, then the timing and amount of the Company’s reported revenue could be impacted. See Note 8 for additional details. Share-Based Compensation The Company expenses share-based compensation for employee and trustee grants of restricted shares, restricted units and share options. Any common share of beneficial interest, $ 0.01 par value per share (the “Common Shares”), issued pursuant to EQR’s incentive equity compensation and employee share purchase plans will result in ERPOP issuing units of partnership interest (“OP Units”) to EQR on a one-for-one basis, with ERPOP receiving the net cash proceeds of such issuances. See Note 12 for further discussion. Income and Other Taxes EQR has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners should recognize their allocable share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) included tax provisions which increased allowable interest expense deductions for 2020 (no increases for 2021 and 2022) and increased the ability for taxpayers to use net operating losses. These provisions did not result in a material impact to the Company’s taxable income or tax liabilities. The CARES Act also allowed corporations to request accelerated refunds of their alternative minimum tax (“AMT”) credit. Prior to enactment of this provision, the remaining credits would have been refunded in installments in 2020, 2021 and 2022. We received a refund of our remaining $ 1.6 million in AMT credits during the year ended December 31, 2020. The Company’s provision for income and other tax expense (benefit) was as follows for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands): Year Ended December 31, 2022 2021 2020 State and local income, franchise and excise tax (benefit) $ 900 $ 915 $ 852 Income and other tax expense (benefit) (1) $ 900 $ 915 $ 852 (1) All provisions for income tax amounts are current and none are deferred. During the years ended December 31, 2022, 2021 and 2020, the tax character of the Company’s dividends and distributions were as follows: Year Ended December 31, 2022 (1) 2021 (2) 2020 (3) Tax character of dividends and distributions: Ordinary dividends $ 1.75466 $ 1.40791 $ 1.34739 Long-term capital gain 0.42850 0.73687 0.77923 Unrecaptured section 1250 gain 0.29434 0.26522 0.24838 Dividends and distributions per Common Share/Unit outstanding $ 2.47750 $ 2.41000 $ 2.37500 (1) The Company’s fourth quarter 2022 dividends and distributions of $ 0.625 per Common Share/Unit outstanding will be included as taxable income in calendar year 2023. (2) The Company’s fourth quarter 2021 dividends and distributions of $ 0.6025 per Common Share/Unit outstanding was included as taxable income in calendar year 2022. (3) The Company’s fourth quarter 2020 dividends and distributions of $ 0.6025 per Common Share/Unit outstanding was included as taxable income in calendar year 2021. The Company issued Internal Revenue Service (“IRS”) Form 1099-DIV to shareholders to report the tax character of Company distributions consistent with these amounts. The Company provides additional information to assist shareholders in the preparation of their tax returns. For 2022, the Company reported an AMT preference adjustment equal to $( 0.01 ) per share a nd disclosed amounts defined under Treasury Regulation §1.1061-6(c) as “One Year Amounts Disclosure” and “Three Year Amounts Disclosure” equal to $ 0.00979 per share and $ 0.00000 per share, resp ectively. Principles of Consolidation The Company may hold an interest in subsidiaries, partnerships, joint ventures and other similar entities and accounts for these interests in accordance with the consolidation guidance. The Company first determines whether to consolidate the entity as a variable interest entity (“VIE”) or voting interest entity, or to account for the interest under the equity method of accounting as an unconsolidated entity. In situations in which we have concluded that an entity qualifies as a VIE, it is generally because the equity investors of VIEs do not have sufficient equity at risk to finance their activities without additional subordinated financial support or do not have substantive voting rights. The Company consolidates an entity when it is considered to be the primary beneficiary of the VIE or when it controls the entity through ownership of a majority voting interest. A primary beneficiary has the power to direct the activities that most significantly impact the VIE’s performance and has the obligation to absorb the expected losses or the right to receive the expected residual returns that could potentially be significant to the VIE. In evaluating whether the entity is a VIE and/or the Company is the primary beneficiary of the entity, the Company considers several factors, including, but not limited to, proportionate share or ownership of the VIE, funding and financing sources, the business purpose of the entity, related parties, developer and property management fees and agreement terms regarding major decisions, participating and voting rights, contributions and distributions. Investments in Unconsolidated Entities The Company accounts for investments in unconsolidated entities under the equity method of accounting and measures the investments initially at cost. The Company subsequently adjusts the carrying amount by additional cash and non-cash contributions and distributions and its proportionate share of the earnings and losses of such entities. The proportionate share of the earnings and losses are also recognized in the consolidated statements of operations and comprehensive income. In addition, we may earn fees for providing property management services or construction oversight. Noncontrolling Interests A noncontrolling interest in a subsidiary (minority interest) is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company’s equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the consolidated statements of operations and comprehensive income. See Note 3 for further discussion. Operating Partnership: Net income is allocated to noncontrolling interests based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the noncontrolling interests by the total OP Units held by the noncontrolling interests and EQR. Issuance of additional Common Shares and OP Units changes the ownership interests of both the noncontrolling interests and EQR. Such transactions and the related proceeds are treated as capital transactions. Partially Owned Properties: The Company reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Company that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are generally based on ownership percentage and are reflected as noncontrolling interests in partially owned properties in the consolidated statements of operations and comprehensive income. Partners’ Capital The “Limited Partners” of ERPOP include various individuals and entities that contributed their properties to ERPOP in exchange for OP Units. The “General Partner” of ERPOP is EQR. Net income is allocated to the Limited Partners based on their respective ownership percentage of ERPOP. The ownership percentage is calculated by dividing the number of OP Units held by the Limited Partners by the total OP Units held by the Limited Partners and the General Partner. Issuance of additional Common Shares and OP Units changes the ownership interests of both the Limited Partners and EQR. Such transactions and the related proceeds are treated as capital transactions. Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners The Company classifies Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners in the mezzanine section of the consolidated balance sheets for the portion of OP Units that EQR is required, either by contract or securities law, to deliver registered Common Shares to the exchanging OP Unit holder. The redeemable noncontrolling interest units / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. See Note 3 for further discussion. Use of Estimates In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued an amendment to the debt and equity financial instruments standards which simplifies the accounting for convertible instruments and accounting for contracts in an entity’s own equity. The Company adopted the standard when effective on January 1, 2022 and it had no impact on its consolidated results of operations and financial position. In March 2020, the FASB issued an amendment to the reference rate reform standard which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. The new standard was effective for the Company upon issuance and elections could be made through December 31, 2024. The Company elected to apply the hedge accounting expedients and application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In April 2020, a FASB staff question and answer document was issued which intended to reduce the challenges of evaluating the enforceable rights and obligations of leases for concessions granted to lessees in response to the COVID-19 pandemic. We elected not to evaluate whether qualifying concessions provided by the Company in response to the COVID-19 pandemic are a lease modification, subject to the criteria that the total payments under the amended lease cannot result in a substantial increase in the rights of the lessor or obligations of the lessee. We also elected to treat the concessions as though they were contemplated as part of the existing contracts and therefore will not apply lease modification rules to the qualifying lease concession amendments. As such, deferrals deemed collectible are recorded as rental receivables with no change to timing of rental revenues and deferrals deemed non-collectible and abatements reduce rental revenues in the deferral/abatement period and cause rental revenues to effectively follow a cash basis related to the changes. The accounting elections provided by the FASB mainly apply to the Company’s non-residential leases and the majority of the amendments will not require a straight-line adjustment. See Note 8 for additional discussion. In June 2016, the FASB issued a standard which requires companies to adopt a new approach for estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans. The standard requires entities to estimate a lifetime expected credit loss for most financial instruments, including trade receivables. In November 2018, the FASB issued an amendment excluding operating lease receivables accounted for under the lease standard from the scope of the credit losses standard. The Company adopted this standard as required effective January 1, 2020, and it did not have a material effect on its consolidated results of operations and financial position. Other The Company is the controlling partner in various consolidated partnerships ow ning 15 properties consisting of 3,114 ap artment units having a noncontrolling interest deficit balance of $ 0.7 million at December 31, 2022 . The Company is required to make certain disclosures regarding noncontrolling interests in consolidated limited-life subsidiaries. Of the consolidated entities described above, the Company is the controlling partner in limited-life partnerships owning two properties having a noncontrolling interest deficit balance of $ 4.9 million. These two partnership agreements contain provisions that require the partnerships to be liquidated through the sale of their assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute the proceeds of liquidation to the Noncontrolling Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of their assets warrant a distribution based on the partnership agreements. As of December 31, 2022, the Company estimates the value of Noncontrolling Interest distributions for these two properties would have been approximately $ 55.4 million (“Settlement Value”) had the partnerships been liquidated. This Settlement Value is based on estimated third-party consideration realized by the partnerships upon disposition of the two Partially Owned Properties and is net of all other assets and liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on December 31, 2022 had those mortgages been prepaid. Due to, among other things, the inherent uncertainty in the sale of real estate assets, the amount of any potential distribution to the Noncontrolling Interests in the Company’s Partially Owned Properties is subject to change. To the extent that the partnerships’ underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Noncontrolling Interests in these Partially Owned Properties. |
Equity, Capital and Other Inter
Equity, Capital and Other Interests | 12 Months Ended |
Dec. 31, 2022 | |
Equity Capital And Other Interests [Abstract] | |
Equity, Capital and Other Interests | 3. Equity, Capital and Other Interests The Company refers to “Common Shares” and “Units” (which refer to both OP Units and restricted units) as equity securities for EQR and “General Partner Units” and “Limited Partner Units” as equity securities for ERPOP. To provide a streamlined and more readable presentation of the disclosures for the Company and the Operating Partnership, several sections below refer to the respective terminology for each with the same financial information and separate sections are provided, where needed, to further distinguish any differences in financial information and terminology. The following table presents the changes in the Company’s issued and outstanding Common Shares and Units for the years ended December 31, 2022, 2021 and 2020: 2022 2021 2020 Common Shares Common Shares outstanding at January 1, 375,527,195 372,302,000 371,670,884 Common Shares Issued: Conversion of OP Units 452,532 1,354,208 122,505 Issuance of Common Shares 1,740,550 — — Exercise of share options 468,021 1,710,692 239,695 Employee Share Purchase Plan (ESPP) 66,835 70,702 90,196 Restricted share grants, net 174,575 89,593 178,720 Common Shares outstanding at December 31, 378,429,708 375,527,195 372,302,000 Units Units outstanding at January 1, 12,659,027 13,858,073 13,731,315 Restricted unit grants, net 223,242 155,162 249,263 Conversion of OP Units to Common Shares ( 452,532 ) ( 1,354,208 ) ( 122,505 ) Units outstanding at December 31, 12,429,737 12,659,027 13,858,073 Total Common Shares and Units outstanding at December 31, 390,859,445 388,186,222 386,160,073 Units Ownership Interest in Operating Partnership 3.2 % 3.3 % 3.6 % The following table presents the changes in the Operating Partnership’s issued and outstanding General Partner Units and Limited Partner Units for the years ended December 31, 2022, 2021 and 2020: 2022 2021 2020 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 388,186,222 386,160,073 385,402,199 Issued to General Partner: Issuance of OP Units 1,740,550 — — Exercise of EQR share options 468,021 1,710,692 239,695 EQR’s Employee Share Purchase Plan (ESPP) 66,835 70,702 90,196 EQR’s restricted share grants, net 174,575 89,593 178,720 Issued to Limited Partners: Restricted unit grants, net 223,242 155,162 249,263 General and Limited Partner Units outstanding at December 31, 390,859,445 388,186,222 386,160,073 Limited Partner Units Limited Partner Units outstanding at January 1, 12,659,027 13,858,073 13,731,315 Limited Partner restricted unit grants, net 223,242 155,162 249,263 Conversion of Limited Partner OP Units to EQR Common Shares ( 452,532 ) ( 1,354,208 ) ( 122,505 ) Limited Partner Units outstanding at December 31, 12,429,737 12,659,027 13,858,073 Limited Partner Units Ownership Interest in Operating Partnership 3.2 % 3.3 % 3.6 % The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of restricted units, are collectively referred to as the “Noncontrolling Interests – Operating Partnership” and “Limited Partners Capital,” respectively, for the Company and the Operating Partnership. Subject to certain exceptions (including the “book-up” requirements of restricted units), the Noncontrolling Interests – Operating Partnership/Limited Partners Capital may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital (including redeemable interests) is allocated based on the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total in proportion to the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total plus the total number of Common Shares/General Partner Units. Net income is allocated to the Noncontrolling Interests – Operating Partnership/Limited Partners Capital based on the weighted average ownership percentage during the period. The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Noncontrolling Interests – Operating Partnership/Limited Partners Capital requesting an exchange of their Noncontrolling Interests – Operating Partnership/Limited Partners Capital with EQR. Once the Operating Partnership elects not to redeem the Noncontrolling Interests – Operating Partnership/Limited Partners Capital for cash, EQR is obligated to deliver Common Shares to the exchanging holder of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital. The Noncontrolling Interests – Operating Partnership/Limited Partners Capital are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Noncontrolling Interests – Operating Partnership/Limited Partners Capital are differentiated and referred to as “Redeemable Noncontrolling Interests – Operating Partnership” and “Redeemable Limited Partners,” respectively. Instruments that require settlement in registered shares cannot be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital that are classified in permanent equity at December 31, 2022 and 2021. The carrying value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is allocated based on the number of Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners in proportion to the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total. Such percentage of the total carrying value of Units/Limited Partner Units which is ascribed to the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is then adjusted to the greater of carrying value or fair market value as described above. As of December 31, 2022 and 2021, the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners have a redemption value of approximately $ 318.3 million and $ 499.0 million, respectively, which represents the value of Common Shares that would be issued in exchange for the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners. T he following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners for the years ended December 31, 2022, 2021 and 2020, respectively (amounts in thousands): 2022 2021 2020 Balance at January 1, $ 498,977 $ 338,951 $ 463,400 Change in market value ( 176,490 ) 158,598 ( 125,224 ) Change in carrying value ( 4,214 ) 1,428 775 Balance at December 31, $ 318,273 $ 498,977 $ 338,951 Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings and proceeds from exercise of options for Common Shares are contributed by EQR to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the Preferred Shares issued in the equity offering). As a result, the net proceeds from Common Shares and Preferred Shares are allocated for the Company between shareholders’ equity and Noncontrolling Interests – Operating Partnership and for the Operating Partnership between General Partner’s Capital and Limited Partners Capital to account for the change in their respective percentage ownership of the underlying equity. The Company’s declaration of trust authorizes it to issue up to 100,000,000 preferred shares of beneficial interest, $ 0.01 par value per share (the “Preferred Shares”), with specific rights, preferences and other attributes as the Board of Trustees may determine, which may include preferences, powers and rights that are senior to the rights of holders of the Company’s Common Shares. The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as of December 31, 2022 and 2021: Amounts in thousands Annual Call Dividend Per December 31, December 31, Date (1) Share/Unit (2) 2022 2021 Preferred Shares/Preference Units of beneficial interest, $ 0.01 par value; 100,000,000 shares authorized: 8.29 % Series K Cumulative Redeemable Preferred Shares/Preference 50 per share/unit; 745,600 shares/units issued 12/10/26 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares/Preference Units are payable quarterly. Other EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC in May 2022 and expires in May 2025. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis). The Company has an At-The-Market (“ATM”) share offering program which allows EQR to issue Common Shares from time to time into the existing trading market at current market prices or through negotiated transactions, including under forward sale arrangements. In May 2022, the Company replaced the prior program with a new program which extended the maturity to May 2025 and gives us the authority to issue up to 13.0 million shares, all of which remain available for issuance as of December 31, 2022. Forward sale agreements under the ATM program allow the Company, at its election, to settle the agreements by issuing Common Shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreement or, alternatively, to settle the agreements in whole or in part through the delivery or receipt of Common Shares or cash. Issuances of shares under these forward sale agreements are classified as equity transactions. Accordingly, no amounts relating to the forward sale agreements are recorded in the consolidated financial statements until settlement occurs. Prior to any settlements, the only impact to the consolidated financial statements is the inclusion of incremental shares, if any, within the calculation of diluted net income per share using the treasury stock method (see Note 11 for additional discussion). The actual forward price per share to be received by the Company upon settlement will be determined on the applicable settlement date based on adjustments made to the initial forward price to reflect the then-current overnight federal funds rate and the amount of dividends paid to holders of the Company’s Common Shares over the term of the forward sale agreement. During the quarter ended September 30, 2021, the Company entered into forward sale agreements under the prior program for a total of approximately 1.7 million Common Shares at a weighted average initial forward price per share of $ 83.25 . During the quarter ended December 31, 2022, the Company settled all of the outstanding forward sale agreements, at a weighted average forward price per share of $ 80.22 , which is inclusive of adjustments made to reflect the then-current federal funds rate and the amount of dividends paid to holders of the Company's Common Shares, for net proceeds of approximately $ 139.6 million. Concurrent with this transaction, ERPOP issued the same amount of OP Units to EQR in exchange for the net proceeds. The Company may repurchase up to 13.0 million Common Shares under its share repurchase program. No open market repurchases have occurred since 2008. As of December 31, 2022 , EQR has remaining authorization to repurchase up to 13.0 million of its shares. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate | 4. Real Estate The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of December 31, 2022 and 2021 (amounts in thousands): 2022 2021 Land $ 5,580,878 $ 5,814,790 Depreciable property: Buildings and improvements 19,471,503 19,632,284 Furniture, fixtures and equipment 2,352,050 2,220,203 In-Place lease intangibles 510,816 518,324 Projects under development: Land 3,201 — Construction-in-progress 109,739 24,307 Land held for development: Land 46,160 46,160 Construction-in-progress 14,407 16,838 Investment in real estate 28,088,754 28,272,906 Accumulated depreciation ( 9,027,850 ) ( 8,354,282 ) Investment in real estate, net $ 19,060,904 $ 19,918,624 During the year ended December 31, 2022, the Company acquired the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated (1) 1 172 $ 113,000 Total 1 172 $ 113,000 (1) Purchase price includes an allocation of approximately $ 25.3 million to land and $ 87.7 million to depreciable property (inclusive of capitalized closing costs). During the year ended December 31, 2021, the Company acquired the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated (1) 17 4,747 $ 1,709,379 Total 17 4,747 $ 1,709,379 (1) Purchase price includes an allocation of approximately $ 226.3 million to land and $ 1.5 billion to depreciable property (inclusive of capitalized closing costs). During the year ended December 31, 2022, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 3 945 $ 746,150 Total 3 945 $ 746,150 The Company recognized a net gain on sales of real estate properties of approximately $ 304.3 million on the above sales. During the year ended December 31, 2021, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 14 3,053 $ 1,716,775 Total 14 3,053 $ 1,716,775 The Company recognized a net gain on sales of real estate properties of approximately $ 1.1 billion on the above sales. Impairment During the year ended December 31, 2021, the Company recorded an approximate $ 16.8 million non-cash asset impairment charge on a land parcel which is included in land held for development on the consolidated balance sheets and included in the non-same store/other segment discussed in Note 17. The charge was the result of an analysis of the parcel’s estimated fair value (determined using internally developed models based on market assumptions and potential sales data from the marketing process) compared to its current capitalized carrying value after reassessment of our expected hold period for the parcel. As of December 31, 2022, the land parcel's carrying value was $ 15.0 million and the Company has entered into an agreement to dispose of it for $ 16.0 million as of the date of filing. |
Commitments to Acquire_Dispose
Commitments to Acquire/Dispose of Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
Commitments To Acquire Dispose Of Real Estate [Abstract] | |
Commitments to Acquire/Dispose of Real Estate | 5. Commitments to Acquire/Dispose of Real Estate The Company has entered into an agreement to acquire the following (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated 1 262 $ 78,600 Total 1 262 $ 78,600 The Company has entered into separate agreements to dispose of the following (sales price and net book value in thousands): Properties Apartment Units Sales Price Net Book Value at Rental Properties – Consolidated 1 18 $ 10,750 $ 2,546 Land Parcels (one) — — 16,000 15,000 Total 1 18 $ 26,750 $ 17,546 The closing of pending transactions is subject to certain conditions and restrictions; therefore, there can be no assurance that the transactions will be consummated or that the final terms will not differ in material respects from any agreements summarized above. See Note 18 for discussion of the properties acquired or disposed of, if any, subsequent to December 31, 2022. |
Investments in Partially Owned
Investments in Partially Owned Entities | 12 Months Ended |
Dec. 31, 2022 | |
Investments In Partially Owned Entities [Abstract] | |
Investments in Partially Owned Entities | 6. Investments in Partially Owned Entities The Company has invested in various entities with unrelated third parties which are either consolidated or accounted for under the equity method of accounting (unconsolidated). Consolidated VIEs In accordance with accounting standards for consolidation of VIEs, the Company consolidates ERPOP on EQR’s financial statements. As the sole general partner of ERPOP, EQR has exclusive control of ERPOP’s day-to-day management. The limited partners are not able to exercise substantive kick-out or participating rights. As a result, ERPOP qualifies as a VIE. EQR has a controlling financial interest in ERPOP and, thus, is ERPOP’s primary beneficiary. EQR has the power to direct the activities of ERPOP that most significantly impact ERPOP’s economic performance as well as the obligation to absorb losses or the right to receive benefits from ERPOP that could potentially be significant to ERPOP. The Company has various equity interests in certain joint ventures that have been deemed to be VIEs, and the Company is the VIEs’ primary beneficiary. As a result, the joint ventures are required to be consolidated on the Company’s financial statements. The following table summarizes the Company’s consolidated joint ventures as of December 31, 2022 and 2021: Operating Properties (1) Project Under Development (2) Properties Apartment Units Project Apartment Units 2022 Consolidated Joint Ventures (VIE) 15 3,114 1 312 2021 Consolidated Joint Ventures (VIE) 16 3,546 1 312 (1) In 2022, the Company acquired its joint venture partner’s 25 % interest in a 432 -unit apartment property for $ 32.2 million, and the property is now wholly owned. In connection with the buyout, the carrying amount of the Noncontrolling Interests – Partially Owned Properties totaling $ 4.8 million was reduced to zero and the remaining $ 27.4 million was recorded to paid in capital/General Partner's Capital. (2) The land under this project is subject to a long-term ground lease. The following table provides consolidated assets and liabilities related to the VIEs discussed above as of December 31, 2022 and 2021 (amounts in thousands): December 31, 2022 December 31, 2021 Consolidated Assets $ 691,880 $ 912,955 Consolidated Liabilities $ 158,932 $ 251,424 Certain consolidated joint ventures in which we have investments obtained mortgage debt to finance a portion of their activities. The following table and information summarizes the variable rate construction mortgage debt that is non-recourse to the Company at December 31, 2022 and 2021 (aggregate and amounts borrowed under loan commitments in thousands): December 31, 2022 December 31, 2021 Recently Completed Operating Property (1) Project Under Development Recently Completed Operating Property (1) Number of joint ventures with debt financing 1 1 1 Aggregate loan commitments $ 67,589 $ 73,344 $ 67,589 Amounts borrowed under loan commitments (2) $ 64,776 $ 44,980 $ 61,783 Maturity dates 2023 2025 2022 (1) The maturity date of the construction loan was extended to June 25, 2023. (2) See Note 9 for the proceeds of secured conventional floating rate debt under Mortgage Notes Payable . Investments in Unconsolidated Entities The Company has various equity interests in certain joint ventures that are unconsolidated and accounted for using the equity method of accounting. Most of these have been deemed to be VIEs and the Company is not the VIEs' primary beneficiary. The remaining have been deemed not to be VIEs and the Company does not have a controlling voting interest. The following table and information summarizes the Company’s investments in unconsolidated entities as of December 31, 2022 and 2021 (amounts in thousands except for ownership percentage): December 31, 2022 December 31, 2021 Ownership Percentage Investments in Unconsolidated Entities: Various Real Estate Holdings (VIE) $ 35,974 $ 36,024 Varies Projects Under Development and Land Held for Development (VIE) 218,043 72,488 62 % - 95 % (1) Real Estate Technology Funds/Companies (VIE) 25,249 19,347 Varies Other ( 242 ) ( 411 ) Varies Investments in Unconsolidated Entities $ 279,024 $ 127,448 (1) In certain instances, the joint venture agreements contain provisions for promoted interests in favor of our joint venture partner. If the terms of the promoted interest are attained, then our share of the proceeds from a sale or other capital event of the unconsolidated entity may be less than the indicated ownership percentage. The following table summarizes the Company’s unconsolidated joint ventures that were deemed to be VIEs as of December 31, 2022 and 2021: Real Estate Holdings (1) Projects Under Development (2), (5) Projects Held for Development (2), (3) Entities Projects Apartment Units (4) Projects Apartment Units (4) 2022 Unconsolidated Joint Ventures (VIE) 2 6 1,982 3 966 2021 Unconsolidated Joint Ventures (VIE) 1 3 929 3 1,005 (1) Represents entities that hold various real estate investments. (2) Represents separate unconsolidated joint ventures for the purpose of developing multifamily rental properties. (3) Represents separate unconsolidated joint ventures that have not yet started. (4) Represents the intended number of apartment units to be developed. (5) The land parcel under one of the projects is subject to a long-term ground lease. New Development Joint Ventures The following table provides information on total unconsolidated development joint ventures entered into during the year ended December 31, 2022 (amounts in thousands except for number of unconsolidated joint ventures and apartment units): Number of unconsolidated joint ventures (1) 3 Apartment units (2) 1,019 Investments in unconsolidated entities – acquisitions $ 49,855 (1) The entities qualify as VIEs, but the Company is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact the VIE’s performance. Therefore, the entities are unconsolidated and recorded using the equity method of accounting. See Note 2 for additional discussion. (2) Represents the intended number of apartment units to be developed. In 2021, the Company entered into a strategic partnership with Toll Brothers, Inc. (“Toll”) to develop apartment communities in key markets. The Company and Toll have and expect to continue to enter into separate joint venture agreements for each property, and the Company has and expects to continue to account for these unconsolidated joint ventures under the equity method of accounting. Toll has and will continue to act as the managing member of each project and receive developer fees. The Company, in certain circumstances, may act as the property manager, receive property management fees and have the right, but not the obligation, to acquire each property at fair market value upon stabilization. As of December 31, 2022, the Company and Toll entered into four separate joint venture agreements under the strategic partnership. |
Restricted Deposits
Restricted Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Deposits Restricted [Abstract] | |
Restricted Deposits | 7. Restricted Deposits The following table presents the Company’s restricted deposits as of December 31, 2022 and 2021 (amounts in thousands): December 31, 2022 December 31, 2021 Mortgage escrow deposits: Replacement reserves $ 12,549 $ 11,156 Mortgage principal reserves/sinking funds 25,304 19,104 Mortgage escrow deposits 37,853 30,260 Restricted cash: Tax-deferred (1031) exchange proceeds — 166,362 Earnest money on pending acquisitions 4,500 2,000 Restricted deposits on real estate investments 229 284 Resident security and utility deposits 38,432 35,663 Other 2,289 1,835 Restricted cash 45,450 206,144 Restricted deposits $ 83,303 $ 236,404 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 8. Leases Lessor Accounting The Company is the lessor for its residential and non-residential leases and these leases are accounted for as operating leases under the lease standard. The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands): Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Income Type Residential Non-Residential Total Residential Non-Residential Total Residential Non-Residential Total Residential and non-residential rent $ 2,441,332 $ 63,995 $ 2,505,327 $ 2,199,986 $ 61,033 $ 2,261,019 $ 2,336,778 $ 51,663 $ 2,388,441 Utility recoveries (RUBS income) (1) 81,140 844 81,984 74,846 723 75,569 70,699 677 71,376 Parking rent 43,335 435 43,770 40,934 565 41,499 38,743 412 39,155 Other lease revenue (2) ( 12,637 ) ( 69 ) ( 12,706 ) ( 17,667 ) 4,027 ( 13,640 ) ( 28,663 ) ( 5,519 ) ( 34,182 ) Total lease revenue $ 2,553,170 $ 65,205 2,618,375 $ 2,298,099 $ 66,348 2,364,447 $ 2,417,557 $ 47,233 2,464,790 Parking revenue 37,338 26,789 22,210 Other revenue 79,467 72,761 84,705 Total other rental income (3) 116,805 99,550 106,915 Rental income $ 2,735,180 $ 2,463,997 $ 2,571,705 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other lease revenue consists of the revenue adjustment related to bad debt and other miscellaneous lease revenue. (3) Other rental income is accounted for under the revenue recognition standard. The following table presents residential and non-residential accounts receivable and straight-line receivable balances for the Company’s properties as of December 31, 2022 and 2021 (amounts in thousands): Residential Non-Residential Balance Sheet (Other assets): December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Resident/tenant accounts receivable balances $ 35,688 $ 37,959 $ 2,820 $ 3,218 Allowance for doubtful accounts ( 31,405 ) ( 33,121 ) ( 2,152 ) ( 2,365 ) Net receivable balances $ 4,283 $ 4,838 $ 668 $ 853 Straight-line receivable balances $ 4,398 $ 7,460 $ 13,795 $ 13,021 The following table presents residential bad debt for the Company’s properties for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands): Year Ended December 31, Income Statement (Rental income): 2022 2021 2020 Bad debt, net (1) $ 26,570 $ 31,485 $ 42,505 % of rental income 1.0 % 1.3 % 1.7 % (1) Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $ 34.1 million and $ 34.8 million for the years ended December 31, 2022 and 2021, respectively . Lessee Accounting The Company is the lessee under various corporate office and ground leases for which the Company recognizes right-of-use (“ROU”) assets and related lease liabilities. The following table presents the Company’s ROU assets and related lease liabilities as of December 31, 2022 and 2021 (amounts in thousands): 2022 2021 Right-of-use assets: Corporate office leases (operating) $ 34,767 $ 36,897 Ground leases (finance) 95,834 97,575 Ground leases (operating) 332,355 340,241 Right-of-use assets $ 462,956 $ 474,713 Lease liabilities: Corporate office leases (operating) $ 35,747 $ 37,760 Ground leases (finance) 68,919 69,479 Ground leases (operating) 204,082 205,096 Lease liabilities $ 308,748 $ 312,335 Corporate office leases The Company leases eight corporate offices with lease expiration dates ranging from 2024 through 2042 (inclusive of applicable extension options). See Note 15 for details on a corporate office lease with a related party. Ground leases The Company maintains consolidated long-term ground leases for 15 operating properties and one project under development with lease expiration dates ranging from 2042 through 2118 (inclusive of applicable purchase options). The Company owns the building and improvements. During the year ended December 31, 2021, the Company modified one ground lease that was previously classified as an operating lease. The Company now classifies this lease as a finance lease and reduced its lease liability and ROU asset due to remeasurement by approximately $ 11.3 million. Additional disclosures The following tables illustrate the quantitative disclosures for lessees as of and for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands): Year Ended Year Ended Year Ended Lease cost: Finance lease cost: Amortization of right-of-use assets (capitalized) $ 351 $ 351 $ — Amortization of right-of-use assets (expensed) 1,391 1,391 — Interest on lease liabilities (capitalized) — 452 1,029 Interest on lease liabilities (expensed) 1,904 1,464 — Operating lease cost: Corporate office leases 4,061 3,581 3,747 Ground leases 18,338 18,338 22,102 Variable lease cost: Corporate office leases 430 1,037 1,307 Ground leases 4,342 2,973 3,304 Total lease cost $ 30,817 $ 29,587 $ 31,489 December 31, 2022 December 31, 2021 December 31, 2020 Other information: Cash paid for amounts included in the measurement of Investing cash flows from finance leases $ — $ 383 $ 567 Financing cash flows from finance leases $ 2,463 $ 1,898 $ — Operating cash flows from operating leases: Corporate office leases $ 4,385 $ 5,016 $ 5,296 Ground leases $ 15,037 $ 14,682 $ 16,552 Weighted-average remaining lease term – finance leases 24.1 years 25.2 years 18.7 years Weighted-average remaining lease term – operating leases: Corporate office leases 16.1 years 16.8 years 17.4 years Ground leases 61.2 years 61.8 years 55.3 years Weighted-average discount rate – finance leases 2.8 % 2.8 % 3.0 % Weighted-average discount rate – operating leases: Corporate office leases 3.2 % 3.2 % 3.2 % Ground leases 5.1 % 5.1 % 5.0 % The following table summarizes the Company’s undiscounted cash flows for contractual obligations for minimum rent payments/receipts under operating and financing leases for the next five years and thereafter as of December 31, 2022: (Payments)/Receipts Due by Year (in thousands) 2023 2024 2025 2026 2027 Thereafter Total Finance Leases: Minimum Rent Payments (a) $ ( 2,662 ) $ ( 2,880 ) $ ( 2,946 ) $ ( 2,959 ) $ ( 2,971 ) $ ( 85,238 ) $ ( 99,656 ) Operating Leases: Minimum Rent Payments (a) $ ( 15,173 ) $ ( 15,255 ) $ ( 15,024 ) $ ( 14,849 ) $ ( 14,923 ) $ ( 816,532 ) $ ( 891,756 ) Minimum Rent Receipts (b) $ 58,776 $ 54,271 $ 48,333 $ 40,461 $ 35,808 $ 119,008 $ 356,657 (a) Minimum basic rent due for corporate office leases and base rent due on ground leases where the Company is the lessee. (b) Minimum basic rent receipts due for various non-residential space where the Company is the lessor. Excludes residential leases due to their short-term nature. The following table provides a reconciliation of lease liabilities from our undiscounted cash flows for minimum rent payments as of December 31, 2022 (amounts in thousands): 2022 Total minimum rent payments $ 991,412 Less: Lease discount ( 682,664 ) Lease liabilities $ 308,748 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. Weighted average interest rates noted below for the years ended December 31, 2022 and 2021 include the effect of any derivative instruments and amortization of premiums/discounts/OCI (other comprehensive income) on debt and derivatives. Mortgage Notes Payable The following tables summarize the Company’s mortgage notes payable activity for the years ended December 31, 2022 and 2021, respectively (amounts in thousands): Mortgage notes Proceeds Lump sum Scheduled Amortization Amortization Mortgage notes Fixed Rate Debt: Secured – Conventional $ 1,896,472 $ — $ ( 286,461 ) $ ( 3,311 ) $ 941 $ 1,197 $ 1,608,838 Floating Rate Debt: Secured – Conventional 59,890 48,054 (2) — ( 81 ) — 515 108,378 Secured – Tax Exempt 234,839 — — — 1,243 140 236,222 Floating Rate Debt 294,729 48,054 — ( 81 ) 1,243 655 344,600 Total $ 2,191,201 $ 48,054 $ ( 286,461 ) $ ( 3,392 ) $ 2,184 $ 1,852 $ 1,953,438 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) See Note 6 for additional discussion of the variable rate construction mortgage debt. Mortgage notes Proceeds Lump sum Scheduled Amortization Amortization Mortgage notes Fixed Rate Debt: Secured – Conventional $ 1,901,091 $ 28,500 (2) $ ( 28,200 ) $ ( 7,465 ) $ 1,522 $ 1,024 $ 1,896,472 Floating Rate Debt: Secured – Conventional 31,494 29,928 (3) — — — ( 1,532 ) 59,890 Secured – Tax Exempt 361,305 — ( 128,615 ) — 1,242 907 234,839 Floating Rate Debt 392,799 29,928 ( 128,615 ) — 1,242 ( 625 ) 294,729 Total $ 2,293,890 $ 58,428 $ ( 156,815 ) $ ( 7,465 ) $ 2,764 $ 399 $ 2,191,201 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) Obtained a 3.58 % fixed rate mortgage debt maturing on March 1, 2031 . (3) See Note 6 for additional discussion of the variable rate construction mortgage debt. The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2022 and 2021, respectively: December 31, 2022 December 31, 2021 Interest Rate Ranges 0.10 % - 7.10 % 0.06 % - 4.21 % Weighted Average Interest Rate 3.46 % 3.18 % Maturity Date Ranges 2023 - 2061 2022 - 2061 As of both December 31, 2022 and 2021, the Company had $ 250.0 million of secured debt (primarily tax-exempt bonds) subject to third-party credit enhancement. The historical cost, net of accumulated depreciation, of encumbered properties was $ 2.5 billion and $ 2.7 billion at December 31, 2022 and 2021, respectively. Notes The following tables summarize the Company’s notes activity for the years ended December 31, 2022 and 2021, respectively (amounts in thousands): Notes, net as of Proceeds Lump sum Amortization Amortization Notes, net as of Fixed Rate Debt: Unsecured – Public $ 5,835,222 $ — $ ( 500,000 ) $ 2,820 $ 4,287 $ 5,342,329 (1) Represents amortization of deferred financing costs, net of debt financing costs. Notes, net as of Proceeds Lump sum Amortization Amortization Notes, net as of Fixed Rate Debt: Unsecured – Public $ 5,335,536 $ 497,470 (2) $ — $ 2,538 $ ( 322 ) $ 5,835,222 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) Issued $ 500.0 million of ten-year 1.85 % unsecured notes, receiving net proceeds before underwriting fees and other expenses. The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2022 and 2021, respectively: December 31, 2022 December 31, 2021 Interest Rate Ranges 1.85 % - 7.57 % 1.85 % - 7.57 % Weighted Average Interest Rate 3.61 % 3.65 % Maturity Date Ranges 2025 - 2047 2023 - 2047 The Company’s unsecured public notes contain certain financial and operating covenants including, among other things, maintenance of certain financial ratios. The Company was in compliance with its unsecured public debt covenants for both the years ended December 31, 2022 and 2021. EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC in May 2022 and expires in May 2025 . Line of Credit and Commercial Paper On October 26, 2022, the Company replaced its existing $ 2.5 billion facility with a new $ 2.5 billion unsecured revolving credit facility maturing on October 26, 2027 . The Company has the ability to increase available borrowings by an additional $ 750.0 million by adding lenders to the facility, obtaining the agreement of existing lenders to increase their commitments or incurring one or more term loans. The interest rate on advances under the facility will generally be the Secured Overnight Financing Rate ("SOFR") plus a spread (currently 0.725 %), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 0.125 %). Both the spread and the facility fee are dependent on the Company’s senior unsecured credit rating. The Company did no t borrow any amounts under its revolving credit facility during the year ended December 31, 2022 and the weighted average interest rate was 0.88 % for the year ended December 31, 2021. The Company has an unsecured commercial paper note program under which it may borrow up to a maximum of $ 1.0 billion subject to market conditions. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the Company’s other unsecured senior indebtedness. The following table summarizes certain weighted average interest rate, maturity and amounts outstanding information for the commercial paper program as of and for the years ended December 31, 2022 and 2021, respectively: December 31, 2022 December 31, 2021 Weighted Average Interest Rate (1) 1.52 % 0.27 % Weighted Average Maturity (in days) 4 27 Weighted Average Amounts Outstanding $ 156.1 million $ 471.0 million (1) The notes bear interest at various floating rates. The Company limits its utilization of the revolving credit facility in order to maintain liquidity to support its $ 1.0 billion commercial paper program along with certain other obligations. The following table presents the availability on the Company’s unsecured revolving credit facility as of December 31, 2022 and 2021, respectively (amounts in thousands): December 31, 2022 December 31, 2021 Unsecured revolving credit facility commitment $ 2,500,000 $ 2,500,000 Commercial paper balance outstanding ( 130,000 ) ( 315,121 ) Unsecured revolving credit facility balance outstanding — — Other restricted amounts ( 3,463 ) ( 3,507 ) Unsecured revolving credit facility availability $ 2,366,537 $ 2,181,372 Other The following table summarizes the Company’s total debt extinguishment costs recorded as additional interest expense during the years ended December 31, 2022, 2021 and 2020, respectively (amounts in thousands): December 31, 2022 December 31, 2021 December 31, 2020 Prepayment premiums/penalties $ — $ — $ 26,150 Write-offs of unamortized deferred financing costs 717 744 634 Write-offs of unamortized (premiums)/discounts/OCI 3,947 — 12,508 Total $ 4,664 $ 744 $ 39,292 The following table provides a summary of the aggregate payments of principal on all debt for each of the next five years and thereafter as of December 31, 2022 (amounts in thousands): Year Total 2023 (1), (2) $ 998,275 2024 6,100 2025 503,180 2026 601,025 2027 409,800 Thereafter 4,975,870 Subtotal 7,494,250 Deferred Financing Costs and Unamortized (Discount) ( 68,528 ) Total $ 7,425,722 (1) Includes $ 130.0 million in principal outstanding on the Company’s commercial paper program. (2) During 2022, the Company entered into $ 450.0 million of ten-year forward starting SOFR swaps at a weighted average rate of 2.90 % (currently equivalent to a ten-year U.S. Treasury of approximately 3.23 %) to hedge the U.S. Treasury risk for the refinancing of 2023 maturities. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 10. Fair Value Measurements The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments on listed market prices and third-party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company may seek to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business. During the year ended December 31, 2021, the Company purchased and sold investment securities and recognized a net gain on sale of $ 23.4 million, which is included in interest and other income in the consolidated statements of operations. The Company did no t own any of these investment securities at December 31, 2021. A three-level valuation hierarchy exists for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company’s derivative positions are valued using models developed by the respective counterparty as well as models applied internally by the Company that use as their inputs readily observable market parameters (such as forward yield curves and credit default swap data). The following table summarizes the inputs to the valuations for each type of fair value measurement: Fair Value Measurement Type Valuation Inputs Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”) Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Quoted market price of Common Shares. Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable) Indicative rates provided by lenders of similar loans. Public unsecured notes Quoted market prices for each underlying issuance. The fair values of the Company’s financial instruments (other than mortgage notes payable, unsecured notes, commercial paper, line of credit and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract value. The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at December 31, 2022 and 2021, respectively (amounts in thousands): December 31, 2022 December 31, 2021 Carrying Value Estimated Fair Carrying Value Estimated Fair Mortgage notes payable, net $ 1,953,438 $ 1,803,525 $ 2,191,201 $ 2,193,689 Unsecured debt, net 5,472,284 4,874,490 6,150,252 6,798,309 Total debt, net $ 7,425,722 $ 6,678,015 $ 8,341,453 $ 8,991,998 The following table summarizes the Company’s consolidated derivative instruments at December 31, 2022 (dollar amounts are in thousands): Forward Starting Current Notional Balance $ 450,000 Lowest Interest Rate 2.4470 % Highest Interest Rate 3.6995 % Maturity Date 2033 (1) Forward Starting Swaps – Designed to partially fix interest rates in advance of planned future debt issuances. These swaps have mandatory counterparty terminations in 2024 and are targeted for certain 2023 debt issuances. The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at December 31, 2022 and 2021, respectively (amounts in thousands): Fair Value Measurements at Reporting Date Using Description Balance Sheet 12/31/2022 Quoted Prices in Significant Other Significant Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Assets $ 21,864 $ — $ 21,864 $ — Supplemental Executive Retirement Plan Other Assets 133,245 133,245 — — Total $ 155,109 $ 133,245 $ 21,864 $ — Liabilities Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Liabilities $ 1,210 $ — $ 1,210 $ — Supplemental Executive Retirement Plan Other Liabilities 133,245 133,245 — — Total $ 134,455 $ 133,245 $ 1,210 $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 318,273 $ — $ 318,273 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet 12/31/2021 Quoted Prices in Significant Other Significant Assets Supplemental Executive Retirement Plan Other Assets $ 164,650 $ 164,650 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 164,650 $ 164,650 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 498,977 $ — $ 498,977 $ — The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2022, 2021 and 2020, respectively (amounts in thousands): December 31, 2022 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ 20,654 Interest expense $ ( 11,071 ) Total $ 20,654 $ ( 11,071 ) December 31, 2021 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ — Interest expense $ ( 9,394 ) Total $ — $ ( 9,394 ) December 31, 2020 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ ( 1,190 ) Interest expense $ ( 35,087 ) Total $ ( 1,190 ) $ ( 35,087 ) As of December 31, 2022 and 2021, there were approximately $ 2.5 million and $ 34.3 million in deferred losses, net, included in accumulated other comprehensive income (loss), respectively, related to previously settled and unsettled derivative instruments, of which an estimated $ 3.5 million may be recognized as additional interest expense during the twelve months ending December 31, 2023. In April 2020, the Company paid approximately $ 1.2 million to settle two forward starting swaps in conjunction with the issuance of $ 495.0 million of ten-year secured conventional mortgage notes. The entire $ 1.2 million was initially deferred as a component of accumulated other comprehensive income (loss) and will be recognized as an increase to interest expense over the first five years of the mortgage notes. |
Earnings Per Share and Earnings
Earnings Per Share and Earnings Per Unit | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share And Earnings Per Unit | 11. Earnings Per Share and Earnings Per Unit Equity Residential The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts): Year Ended December 31, 2022 2021 2020 Numerator for net income per share – basic: Net income $ 806,995 $ 1,396,714 $ 962,501 Allocation to Noncontrolling Interests – Operating Partnership ( 26,310 ) ( 45,900 ) ( 34,010 ) Net (income) loss attributable to Noncontrolling ( 3,774 ) ( 17,964 ) ( 14,855 ) Preferred distributions ( 3,090 ) ( 3,090 ) ( 3,090 ) Numerator for net income per share – basic $ 773,821 $ 1,329,760 $ 910,546 Numerator for net income per share – diluted: Net income $ 806,995 $ 1,396,714 $ 962,501 Net (income) loss attributable to Noncontrolling ( 3,774 ) ( 17,964 ) ( 14,855 ) Preferred distributions ( 3,090 ) ( 3,090 ) ( 3,090 ) Numerator for net income per share – diluted $ 800,131 $ 1,375,660 $ 944,556 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 376,209 373,833 371,791 Effect of dilutive securities: OP Units 11,836 12,263 13,003 Long-term compensation shares/units 1,402 1,924 1,080 ATM forward sales 3 69 — Denominator for net income per share – diluted 389,450 388,089 385,874 Net income per share – basic $ 2.06 $ 3.56 $ 2.45 Net income per share – diluted $ 2.05 $ 3.54 $ 2.45 ERP Operating Limited Partnership The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): Year Ended December 31, 2022 2021 2020 Numerator for net income per Unit – basic and diluted: Net income $ 806,995 $ 1,396,714 $ 962,501 Net (income) loss attributable to Noncontrolling ( 3,774 ) ( 17,964 ) ( 14,855 ) Allocation to Preference Units ( 3,090 ) ( 3,090 ) ( 3,090 ) Numerator for net income per Unit – basic and diluted $ 800,131 $ 1,375,660 $ 944,556 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 388,045 386,096 384,794 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting 1,402 1,924 1,080 ATM forward sales 3 69 — Denominator for net income per Unit – diluted 389,450 388,089 385,874 Net income per Unit – basic $ 2.06 $ 3.56 $ 2.45 Net income per Unit – diluted $ 2.05 $ 3.54 $ 2.45 |
Share Incentive Plans
Share Incentive Plans | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Share Incentive Plans | 12. Share Incentive Plans Any Common Shares issued pursuant to EQR’s incentive equity compensation and employee share purchase plans will result in ERPOP issuing OP Units to EQR on a one-for-one basis with ERPOP receiving the net cash proceeds of such issuances. Overview of Share Incentive Plans The 2019 Share Incentive Plan (the “2019 Plan”), as approved by the Company’s shareholders on June 27, 2019, expires on June 27, 2029 and reserves 11,331,958 Common Shares for issuance. All future awards will be granted under the 2019 Plan. As of December 31, 2022, 8,920,638 shares were available for future issuance. Pursuant to the 2019 Plan and the 2011 Share Incentive Plan (the “2011 Plan”) (collectively the “Share Incentive Plans”), officers, trustees, key employees and consultants of the Company and its subsidiaries may be granted share options to acquire Common Shares (“Options”), including non-qualified share options (“NQSOs”), incentive share options (“ISOs”) and share appreciation rights (“SARs”), or may be granted restricted or non-restricted shares/units (including long-term incentive plan awards), subject to conditions and restrictions. Options, SARs, restricted shares and restricted units are sometimes collectively referred to herein as “Awards.” The 2011 Plan will terminate when all outstanding Awards have expired or have been exercised/vested. The Board of Trustees may at any time amend or terminate the Share Incentive Plans, but termination will not affect Awards previously granted, absent immediate vesting and cash settlement. Any Options which had vested prior to such a termination would remain exercisable by the holder. Employee Long-Term Compensation Awards The following table summarizes the terms of Awards generally granted to employees: Options Restricted Shares Restricted Units Overview Options exercised after vesting result in issuance of new Common Shares. Restricted shareholders generally have the same voting rights and receive quarterly dividend payments on their shares at the same rate and on the same date as any other Common Share holder (1). When certain conditions are met, restricted units convert into an equal number of OP Units, which the holder may exchange for Common Shares on a one-for-one basis or at the option of the Company the cash value of such shares. Restricted unitholders receive quarterly distribution payments on their restricted units at the same rate and on the same date as any other OP Unit holder (1). Grant/Exercise Granted at the fair market value of Common Shares as of the grant date using the Black-Scholes model as described below. Granted at the fair market value of Common Shares as of the grant date. Granted at varying discount rates to the fair market value of Common Shares as of the grant date (2). Vesting Period In three equal installments over a three-year period from the grant date. Three years from the grant date. Three years from the grant date. Expiration Ten years from the grant date. Not applicable. Ten years from the grant date (2). Upon Employee Unvested options are canceled. Unvested restricted shares are canceled. Unvested restricted units are canceled. (1) Dividends/distributions paid on unvested restricted shares and units are included as a component of retained earnings and Noncontrolling Interest – Operating Partnership/Limited Partners Capital, respectively, and have not been considered in reducing net income available to Common Shares/Units in a manner similar to the Company’s preferred share/preference unit dividends for the earnings per share/Unit calculation. (2) A restricted unit will automatically convert to an OP Unit when the capital account of each restricted unit increases (“books-up”) to a specified target. The probability of a book-up occurring within the ten-year contractual life along with the liquidity risk associated with various hold period restrictions are both reflected in the discount. If the capital target is not attained within ten years following the date of issuance, the restricted unit will automatically be canceled and no compensation will be payable to the holder of such canceled restricted unit. If the capital target is attained and the restricted unit is converted to an OP Unit, it will not expire. Valuation Method of Share Options The fair value of the Option grants is recognized over the requisite service/vesting period of the Options. The fair value for the Company’s Options was estimated at the time the Options were granted using the Black-Scholes option pricing model with the primary grant in each year having the following weighted average assumptions: 2022 2021 2020 Expected volatility (1) 21.7 % 21.3 % 15.2 % Expected life (2) 5 years 5 years 5 years Expected dividend yield (3) 3.26 % 3.23 % 3.04 % Risk-free interest rate (4) 1.66 % 0.50 % 1.32 % Exercise price per share (5) $ 91.59 $ 67.48 $ 83.08 Option valuation per share $ 12.57 $ 7.96 $ 7.23 (1) Expected volatility – Estimated based on the historical five-year volatility (the period matching the expected life) of EQR’s share price measured on a monthly basis. (2) Expected life – Approximates the actual weighted average life of all Options granted since the Company went public in 1993. (3) Expected dividend yield – Calculated by averaging the historical annual yield on EQR shares for a period matching the expected life of each grant, with the annual yield calculated by dividing actual regular dividends (excluding any special dividends) by the average price of EQR’s shares in a given year. (4) Risk-free interest rate – The most current U.S. Treasury rate available at the grant date for a period matching the expected life of each grant. (5) Exercise price per share – The closing share price of the Common Shares on the grant date. The valuation method and assumptions are the same as those the Company used in accounting for Option expense in its consolidated financial statements. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. This model is only one method of valuing options. Because the Company’s Options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, the actual value of the Options to the recipient may be significantly different. Long-Term Incentive Plan The Company’s executive compensation program allows the Chairman, Chief Executive Officer and certain other executive officers to earn from 0 % to 200 % of the target number of long-term incentive (“LTI”) awards, payable in the form of restricted shares and/or restricted units. No payout would be made for any result below 50 % of the target performance metric. The Company’s Total Shareholder Return (“TSR”), Normalized Funds from Operations (“FFO”) and Net Debt to Normalized EBITDAre (Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate) results over a forward-looking three-year performance period determine the restricted shares and/or restricted units awarded and are compared to pre-established quantitative performance metrics. The grant date fair value of the awards is estimated using a Monte Carlo model for the TSR portion of the awards, and the resulting expense is recorded over the service period regardless of whether the TSR performance measures are achieved, while the Normalized FFO and Net Debt to Normalized EBITDAre portions of the awards are adjusted based on the final achievement obtained. If the executive is retirement-eligible, the grant date fair value is amortized into expense over the first year. All other awards are amortized into expense over the three-year performance and vesting period. If employment is terminated prior to vesting, the restricted shares and restricted units are generally canceled. The LTI participants receive distributions only on restricted units awarded equal to 10 % of the quarterly distributions paid on OP Units during the performance period. At the end of the performance period, LTI participants receive dividends/distributions actually earned on restricted shares or restricted units awarded during the performance period, less any distributions already paid on the restricted units. The grant date fair value of the TSR portion of the LTI awards is estimated using a multifactor Monte Carlo model to determine share prices for a set of relative awards for which the payout of the award depends on the spread of EQR’s TSR to the TSR of two indices: (a) the FTSE Nareit Apartment Index; and (b) the FTSE Nareit Equity Index. The absolute Company TSR metric previously included in the TSR portion of the LTI awards for which the payout of the award only depended on EQR’s TSR was replaced with a Net Debt to Normalized EBITDAre metric for the 2022 LTI plan, covering the three-year performance period from January 1, 2022 through December 31, 2024. The grant date fair value of the Normalized FFO and Net Debt to Normalized EBITDAre portions of the LTI awards are estimated using the closing price of EQR Common Shares on the grant date for the restricted shares and a discounted closing price of EQR Common Shares on the grant date for the restricted units to reflect the “book-up” and liquidity risk inherent in the units. The individual prices determined above are then weighted to arrive at the final values for each restricted share/unit as follows: 2022 2021 2020 Weighted average fair value per restricted share $ 96.84 $ 61.73 $ 75.89 Weighted average fair value per restricted unit $ 93.32 $ 59.82 $ 72.69 The valuation method and assumptions are the same as those the Company used in accounting for the LTI award expense in its consolidated financial statements. The Monte Carlo valuation model is only one method of valuing awards. Because the Company’s restricted shares/units have characteristics significantly different from those of traded shares/units, and because changes in the subjective input assumptions can materially affect the fair value estimate, the actual value of the restricted shares/units to the recipient may be significantly different. Trustees All non-employee Trustees, with the exception of the Company’s Chairman, are granted Options, restricted shares and/or restricted units that vest one year from the grant date that corresponds to the term for which he or she has been elected to serve. Since 2016, the Chairman has only received awards under the LTI plan (see further discussion above). Retirement Benefits The Company’s Share Incentive Plans provide for certain benefits upon retirement. The following table summarizes the terms of each retirement eligibility category. Age 62 for Employees Rule of 70 for Employees Age 72 for Trustees Eligibility For employees hired prior to January 1, 2009 and who were age 59 or older as of February 1, 2019. All employees (1). All non-employee Trustees. Effect on unvested restricted shares, Awards immediately vest, Options continue to be exercisable for the balance of the applicable ten-year option period and restricted units are still subject to the book-up provisions. Awards continue to vest per the original vesting schedule, subject to certain conditions, Options continue to be exercisable for the balance of the applicable ten-year option period and restricted units are still subject to the book-up provisions. Awards immediately vest, Options continue to be exercisable for the balance of the applicable ten-year option period and restricted units are still subject to the book-up provisions. Effect on LTI Plan Awards are prorated in proportion to the number of days worked in the first year of the three-year performance period and the individual does not receive any payout of shares or units until the final payout is determined at the end of the three-year performance period. (1) The Rule of 70 is met when an employee’s years of service with the Company (which must be at least 15 years) plus his or her age (which must be at least 55 years) on the date of termination equals or exceeds 70 years. In addition, the employee must give the Company at least six months’ advance written notice of his or her intention to retire along with agreeing to certain other conditions. Under the Company’s definitions of retirement, some of its executive officers, including its Chief Executive Officer, and its Chairman are retirement eligible. Compensation Expense and Award Activity The following tables summarize compensation information regarding the restricted shares, restricted units, Options and Employee Share Purchase Plan (“ESPP”) for the three years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 Compensation Compensation Restricted Units/Options Compensation Dividends Restricted shares (2) $ 10,419 $ 1,176 $ — $ 11,595 $ 1,120 Restricted units (2) 16,487 87 2,530 19,104 1,039 Options 1,889 169 263 2,321 — ESPP discount 718 78 — 796 — Total $ 29,513 $ 1,510 $ 2,793 $ 33,816 $ 2,159 Year Ended December 31, 2021 Compensation Compensation Restricted Units/Options Compensation Dividends Restricted shares (2) $ 7,258 $ 1,131 $ — $ 8,389 $ 761 Restricted units (2) 16,689 70 1,038 17,797 1,254 Options 2,980 121 — 3,101 — ESPP discount 883 108 — 991 — Total $ 27,810 $ 1,430 $ 1,038 $ 30,278 $ 2,015 Year Ended December 31, 2020 Compensation Compensation Restricted Units/Options Compensation Dividends Restricted shares (2) $ 10,053 $ 1,172 $ — $ 11,225 $ 1,172 Restricted units (2) 10,103 80 1,743 11,926 1,855 Options 2,156 193 — 2,349 — ESPP discount 862 82 — 944 — Total $ 23,174 $ 1,527 $ 1,743 $ 26,444 $ 3,027 (1) The Company allows eligible officers the ability to receive immediately vested restricted units (subject to the book-up provisions described above and a two-year hold restriction) or immediately vested Options in-lieu of any percentage of their annual cash bonus. (2) Includes LTI plan awards granted under the executive compensation program. Compensation expense is generally recognized for Awards as follows: • Restricted shares, restricted units and Options – Straight-line method over the vesting period of the Options, shares or units regardless of cliff or ratable vesting distinctions. • LTI plan awards – Target amount is recognized under the straight-line method over the vesting period of the shares or units. • ESPP discount – Immediately upon the purchase of Common Shares each quarter. The Company accelerates the recognition of compensation expense for all Awards for those individuals approaching or meeting the retirement age criteria discussed above. The total compensation expense related to Awards not yet vested at December 31, 2022 is $ 9.5 million (including the accelerated expenses for individuals approaching or meeting the retirement age criteria discussed above), which is expected to be recognized over a weighted average term of 1.38 yea rs. The table below summarizes the Award activity of the Share Incentive Plans for the three years ended December 31, 2022, 2021 and 2020: Common Weighted Restricted Weighted Restricted Weighted Balance at December 31, 2019 5,567,544 $ 55.52 306,706 $ 66.15 858,284 $ 64.95 Awards granted (1) 317,731 $ 76.26 179,911 $ 77.44 249,263 $ 72.00 Awards exercised/vested ( 239,695 ) $ 50.31 ( 131,792 ) $ 66.32 ( 227,747 ) $ 68.47 Awards forfeited ( 1,344 ) $ 72.69 ( 1,191 ) $ 73.45 — $ — Awards expired ( 1,484 ) $ 47.18 — $ — — $ — Balance at December 31, 2020 5,642,752 $ 56.91 353,634 $ 71.81 879,800 $ 66.78 Awards granted (1) 489,853 $ 67.58 96,224 $ 70.46 190,742 $ 60.71 Awards exercised/vested ( 1,710,692 ) $ 50.09 ( 133,351 ) $ 62.89 ( 181,531 ) $ 62.01 Awards forfeited ( 23,317 ) $ 73.33 ( 6,631 ) $ 74.31 ( 35,580 ) $ 59.82 Awards expired ( 10,763 ) $ 68.00 — $ — — $ — Balance at December 31, 2021 4,387,833 $ 60.65 309,876 $ 75.17 853,431 $ 66.11 Awards granted (1) 164,199 $ 88.22 182,801 $ 80.52 223,242 $ 86.47 Awards exercised/vested ( 468,021 ) $ 52.87 ( 194,533 ) $ 70.91 ( 122,999 ) $ 66.10 Awards forfeited ( 12,968 ) $ 77.29 ( 8,226 ) $ 82.02 — $ — Awards expired ( 9,683 ) $ 60.02 — $ — — $ — Balance at December 31, 2022 4,061,360 $ 62.60 289,918 $ 81.21 953,674 $ 73.57 (1) Includes LTI plan awards granted under the executive compensation program. Amounts in thousands except per share amounts Year Ended December 31, 2022 2021 2020 Weighted average grant date fair value per share for Options granted $ 12.45 $ 7.98 $ 6.74 Aggregate intrinsic value of Options exercised (1) $ 14,511 $ 47,413 $ 7,569 Fair value of restricted shares vested $ 17,353 $ 9,222 $ 10,559 Fair value of restricted units vested $ 10,662 $ 12,468 $ 18,711 (1) These values were calculated as the difference between the strike price of the underlying awards and the per share price at which each respective award was exercised. T he following table summarizes information regarding Options outstanding and exercisable at December 31, 2022 (aggregate intrinsic value is in thousands): Options Weighted Weighted Aggregate Options Outstanding 4,061,360 4.85 $ 62.60 $ 6,303 Options Exercisable 3,549,325 4.36 $ 60.80 $ 6,303 Vested and expected to vest 506,883 8.26 $ 75.07 $ — (1) The aggregate intrinsic values were calculated as the excess, if any, between the Company’s closing share price of $ 59.00 per share on December 31, 2022 and the strike price of the underlying awards. As of December 31, 2021 and 2020, 3,710,888 Options (with a weighted average exercise price of $ 58.70 ) and 4,985,668 Options (with a weighted average exercise price of $ 55.12 ) were exercisable, respectively. |
Employee Plans
Employee Plans | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement, Additional Disclosure [Abstract] | |
Employee Plans | 13. Employee Plans The Company established an Employee Share Purchase Plan to provide each employee and trustee the ability to annually acquire up to $ 100,000 of Common Shares of EQR. The Company registered 7,000,000 Common Shares under the ESPP, of which 2,486,599 Common Shares remained available for purchase at December 31, 2022 . The Common Shares may be purchased quarterly at a price equal to 85 % of the lesser of: (a) the closing price for a share on the last day of such quarter; and (b) the greater of: (i) the closing price for a share on the first day of such quarter, and (ii) the average closing price for a share for all the business days in the quarter. The following table summarizes information regarding the Common Shares issued under the ESPP with the net proceeds noted below being contributed to ERPOP in exchange for OP Units (amounts in thousands except share and per share amounts): Year Ended December 31, 2022 2021 2020 Shares issued 66,835 70,702 90,196 Issuance price ranges $ 52.33 – $ 72.51 $ 53.13 – $ 71.04 $ 46.23 – $ 63.84 Issuance proceeds $ 4,178 $ 4,265 $ 4,508 The Company established a defined contribution plan (the “401(k) Plan”) to provide retirement benefits for employees that meet minimum employment criteria. The Company matches dollar for dollar up to the first 4 % of eligible compensation that a participant contributes to the 401(k) Plan for all employees except those defined as highly compensated employees, whose match is 3 %. Participants are vested in the Company’s contributions over five years . The Company recognized an expense in the amount of $ 4.8 million, $ 4.9 million and $ 5.2 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Company established the SERP to provide certain officers and trustees an opportunity to defer a portion of their eligible compensation in order to save for retirement. The SERP is restricted to investments in Common Shares, certain marketable securities that have been specifically approved and cash equivalents. The deferred compensation liability represented in the SERP and the securities issued to fund such deferred compensation liability are consolidated by the Company and carried on the Company’s balance sheets, and the Company’s Common Shares held in the SERP are accounted for as a reduction to paid in capital (included in general partner’s capital in the Operating Partnership’s financial statements). |
Distribution Reinvestment Plan
Distribution Reinvestment Plan | 12 Months Ended |
Dec. 31, 2022 | |
Distribution Reinvestment And Share Purchase Plan [Abstract] | |
Distribution Reinvestment Plan | 14. Distribution Reinvestment Plan On September 30, 2014, the Company filed with the SEC a Form S-3 Registration Statement to register 4,790,000 Common Shares pursuant to a Distribution Reinvestment Plan (the “2014 DRIP”), which included the remaining shares available for issuance under a previous registration. The registration was automatically declared effective the same day and will expire when all 4,790,000 shares have been issued. The Company has 4,631,362 Common Shares available for issuance under the 2014 DRIP at December 31, 2022. The 2014 DRIP provides holders of record and beneficial owners of Common Shares and Preferred Shares with a simple and convenient method of reinvesting cash dividends/distributions in additional Common Shares. Common Shares purchased under the 2014 DRIP may, at the option of EQR, be directly issued by EQR or purchased by EQR’s transfer agent in the open market using participants’ funds. The net proceeds from any Common Share issuances are contributed to ERPOP in exchange for OP Units. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 15. Transactions with Related Parties The Company leases its corporate headquarters from an entity affiliated with EQR’s Chairman of the Board of Trustees. The lease term expires on November 30, 2032 and contains two five-year extension options. The amount incurred for such office space for the years ended December 31, 2022, 2021 and 2020 were approximately $ 1.7 million , $ 1.7 million and $ 2.1 million, respectively. The Company believes these amounts approximate market rates for such rental space. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies Commitments Real Estate Development Commitments As of December 31, 2022 , the Company has both consolidated and unconsolidated real estate projects under development. The following table summarizes the gross remaining total project costs for the Company’s projects under development at December 31, 2022 (total project costs remaining in thousands): Projects Apartment Units Total Project Costs Remaining (1) Projects Under Development Consolidated 2 537 $ 147,708 Unconsolidated 6 1,982 358,277 Total Projects Under Development 8 2,519 $ 505,985 (1) The Company's share of the $ 506.0 million in total project costs remaining approximate s $ 146.4 million, with the balance funded by the Company's joint venture partners (approximately $ 11.2 million) and/or applicable construction loans (approximately $ 348.4 million). We have entered into, and may continue in the future to enter into, joint venture agreements with third-party partners for the development of multifamily rental properties. The joint venture agreements with each development partner include buy-sell provisions that provide the right, but not the obligation, for the Company to acquire each respective partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events described in the joint venture agreements. See Note 6 for additional discussion. In 2021, the Company entered into a commitment agreement (the “Commitment Agreement”) with Toll to pursue the joint development of multifamily rental properties with an initial term of three years . The Company intends to invest 75 % of the equity for each selected project and Toll intends to invest 25 %. It is expected that each project will also be financed with approximately 60 % non-recourse construction debt. The parties have targeted an initial minimum co-investment of approximately $ 750.0 million in combined equity. The Company and Toll have and expect to continue to enter into separate joint venture agreements for each property, and the Company has and expects to continue to account for these unconsolidated joint ventures under the equity method of accounting. As of December 31, 2022, the Company and Toll have entered into four separate joint venture agreements under the Commitment Agreement, with three projects currently under development. Other Commitments We have entered into, and may continue in the future to enter into, real estate technology and other real estate fund investments. At December 31, 2022 , the Company has invested in eight real estate technology funds and one other real estate investment fund with aggregate remaining commitments of approximately $ 19.9 million . Employment Agreements The Company has entered into a retirement benefits agreement with its Chairman and a deferred compensation agreement with one former executive officer. During the years ended December 31, 2022, 2021 and 2020 , the Company recognized compensation expense of $( 0.2 ) million, $ 0.1 million and $ 0.5 million, respectively, related to these agreements. The following table summarizes the Company’s contractual obligations for deferred compensation for the next five years and thereafter as of December 31, 2022: (Payments) Due by Year (in thousands) 2023 2024 2025 2026 2027 Thereafter Total Other Long-Term Liabilities: Deferred Compensation (1) $ ( 666 ) $ ( 767 ) $ ( 767 ) $ ( 767 ) $ ( 767 ) $ ( 4,220 ) $ ( 7,954 ) (1) Estimated payments to the Company’s Chairman and one former executive officer based on actual and estimated retirement dates. Contingencies Litigation and Legal Matters The Company, as an owner of real estate, is subject to various federal, state and local laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or changed laws or regulations on its current properties or on properties that it may acquire in the future. The Company does not believe there is any litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company. |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Reportable Segments | 17. Reportable Segments Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker decides how resources are allocated and assesses performance on a recurring basis at least quarterly. The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The chief operating decision maker evaluates the Company’s operating performance geographically by market and both on a same store and non-same store basis. While the Company does maintain a non-residential presence, it accounts for approximately 3.7 % of total revenues for the year ended December 31, 2022 and is designed as an amenity for our residential residents. The chief operating decision maker evaluates the performance of each property on a consolidated residential and non-residential basis. The Company’s geographic consolidated same store operating segments represent its reportable segments. The Company’s development activities are other business activities that do not constitute an operating segment and as such, have been aggregated in the “Other” category in the tables presented below. All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the three years ended December 31, 2022, 2021 and 2020, respectively. The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense and 2) real estate taxes and insurance expense (all as reflected in the accompanying consolidated statements of operations and comprehensive income). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment properties. Revenues for all leases are reflected on a straight-line basis in accordance with GAAP for the current and comparable periods. The following table presents a reconciliation of NOI from our rental real estate for the years ended December 31, 2022, 2021 and 2020, respectively (amounts in thousands): Year Ended December 31, 2022 2021 2020 Rental income $ 2,735,180 $ 2,463,997 $ 2,571,705 Property and maintenance expense ( 483,865 ) ( 453,532 ) ( 440,998 ) Real estate taxes and insurance expense ( 388,412 ) ( 397,105 ) ( 381,562 ) Total operating expenses ( 872,277 ) ( 850,637 ) ( 822,560 ) Net operating income $ 1,862,903 $ 1,613,360 $ 1,749,145 The following tables present NOI from our rental real estate for each segment for the years ended December 31, 2022, 2021 and 2020, respectively, as well as total assets and capital expenditures at December 31, 2022 and 2021, respectively (amounts in thousands): Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Rental Operating NOI Rental Operating NOI Rental Operating NOI Same store (1) Los Angeles $ 469,180 $ 137,078 $ 332,102 $ 431,954 $ 132,274 $ 299,680 $ 444,129 $ 140,469 $ 303,660 Orange County 122,660 26,338 96,322 109,427 24,986 84,441 105,236 24,545 80,691 San Diego 86,728 19,395 67,333 78,709 18,395 60,314 74,737 18,176 56,561 Subtotal - Southern California 678,568 182,811 495,757 620,090 175,655 444,435 624,102 183,190 440,912 San Francisco 418,941 124,952 293,989 383,817 118,795 265,022 435,371 117,085 318,286 Washington, D.C. 411,975 136,130 275,845 389,205 129,065 260,140 405,571 125,353 280,218 New York 434,820 186,896 247,924 367,370 182,631 184,739 424,534 197,740 226,794 Seattle 282,902 79,101 203,801 256,988 80,775 176,213 257,372 74,362 183,010 Boston 262,604 79,979 182,625 235,050 76,374 158,676 240,158 71,611 168,547 Denver 43,767 12,422 31,345 39,084 11,209 27,875 37,917 11,040 26,877 Total same store 2,533,577 802,291 1,731,286 2,291,604 774,504 1,517,100 2,425,025 780,381 1,644,644 Non-same store/other Non-same store (2) 179,707 70,654 109,053 59,629 27,691 31,938 11,791 2,706 9,085 Other (3) 21,896 ( 668 ) 22,564 112,764 48,442 64,322 134,889 39,473 95,416 Total non-same store/other 201,603 69,986 131,617 172,393 76,133 96,260 146,680 42,179 104,501 Totals $ 2,735,180 $ 872,277 $ 1,862,903 $ 2,463,997 $ 850,637 $ 1,613,360 $ 2,571,705 $ 822,560 $ 1,749,145 (1) For the years ended December 31, 2022 and 2021 , same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2021, less properties subsequently sold, which represented 72,872 apartment units. For the year ended December 31, 2020, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2020, less properties subsequently sold, which represented 74,077 apartment units. (2) For the years ended December 31, 2022 and 2021, non-same store primarily includes properties acquired after January 1, 2021, plus any properties in lease-up and not stabilized as of January 1, 2021, and any properties undergoing major renovations. For the year ended December 31, 2020, non-same store primarily includes properties acquired after January 1, 2020, plus any properties in lease-up and not stabilized as of January 1, 2020, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Year Ended December 31, 2022 Year Ended December 31, 2021 Total Assets Capital Expenditures Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,590,661 $ 35,481 $ 2,668,136 $ 20,917 Orange County 356,396 7,885 371,063 5,647 San Diego 228,471 8,798 232,345 2,899 Subtotal - Southern California 3,175,528 52,164 3,271,544 29,463 San Francisco 3,068,951 33,854 3,165,347 20,021 Washington, D.C. 3,027,549 34,174 3,134,677 27,061 New York 3,421,373 21,636 3,513,047 28,742 Seattle 2,076,320 28,086 2,140,925 15,203 Boston 1,676,783 23,057 1,739,184 21,129 Denver 473,127 2,139 492,454 2,015 Total same store 16,919,631 195,110 17,457,178 143,634 Non-same store/other Non-same store (2) 2,501,008 25,429 2,439,634 4,491 Other (3) 797,623 547 1,272,429 2,894 Total non-same store/other 3,298,631 25,976 3,712,063 7,385 Totals $ 20,218,262 $ 221,086 $ 21,169,241 $ 151,019 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2021, less properties subsequently sold, which represented 72,872 apartment units. (2) Non-same store primarily includes properties acquired after January 1, 2021, plus any properties in lease-up and not stabilized as of January 1, 2021, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and capital expenditures for properties sold. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events T here have been no material subsequent events occurring since December 31, 2022. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III-Real Estate and Accumulated Depreciation | EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate a nd Accumulated Depreciation Overall Summary December 31, 2022 Properties Apartment Investment Accumulated Investment Encumbrances (1) Wholly Owned Unencumbered 256 67,542 $ 23,810,329,470 $ ( 7,664,733,730 ) $ 16,145,595,740 $ — Wholly Owned Encumbered 37 8,941 3,376,901,549 ( 1,095,745,422 ) 2,281,156,127 1,816,819,525 Wholly Owned Properties 293 76,483 27,187,231,019 ( 8,760,479,152 ) 18,426,751,867 1,816,819,525 Partially Owned Unencumbered 13 2,646 666,489,021 ( 239,628,682 ) 426,860,339 — Partially Owned Encumbered 2 468 235,033,453 ( 27,742,015 ) 207,291,438 136,618,560 Partially Owned Properties 15 3,114 901,522,474 ( 267,370,697 ) 634,151,777 136,618,560 Total Unencumbered Properties 269 70,188 24,476,818,491 ( 7,904,362,412 ) 16,572,456,079 — Total Encumbered Properties 39 9,409 3,611,935,002 ( 1,123,487,437 ) 2,488,447,565 1,953,438,085 Total Consolidated Investment in Real Estate 308 79,597 $ 28,088,753,493 $ ( 9,027,849,849 ) $ 19,060,903,644 $ 1,953,438,085 (1) See attached Encumbrances Reconciliation. EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation Encumbrances Reconciliation December 31, 2022 Portfolio/Entity Encumbrances Number of See Properties Amount Archstone Master Property Holdings LLC 13 H $ 799,609,043 Portfolio/Entity Encumbrances 13 799,609,043 Individual Property Encumbrances 1,153,829,042 Total Encumbrances per Financial Statements $ 1,953,438,085 EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III – Real Estate and Accumulated Depreciation (Amounts in thousands) The changes in total real estate for the years ended December 31, 2022, 2021 and 2020 are as follows: 2022 2021 2020 Balance, beginning of year $ 28,272,906 $ 27,203,325 $ 27,533,607 Acquisitions and development 214,903 1,912,579 298,847 Improvements 225,136 152,715 154,433 Dispositions and other ( 624,191 ) ( 995,713 ) ( 783,562 ) Balance, end of year $ 28,088,754 $ 28,272,906 $ 27,203,325 The changes in accumulated depreciation for the years ended December 31, 2022, 2021 and 2020 are as follows: 2022 2021 2020 Balance, beginning of year $ 8,354,282 $ 7,859,657 $ 7,276,786 Depreciation 882,168 838,272 820,832 Dispositions and other ( 208,600 ) ( 343,647 ) ( 237,961 ) Balance, end of year $ 9,027,850 $ 8,354,282 $ 7,859,657 EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2022 Description Initial Cost to Cost Gross Amount Carried at Apartment Name Location Non-Residential Date of Apartment Land Building & Building & Land Building & Total (B) Accumulated Investment Encumbrances Wholly Owned Unencumbered: 100 K Apartments (fka 100K Street) Washington, D.C. — 2018 222 $ 15,600,000 $ 70,296,069 $ 118,357 $ 15,600,000 $ 70,414,426 $ 86,014,426 $ ( 11,947,067 ) $ 74,067,359 $ — 170 Amsterdam New York, NY G 2015 236 — 112,096,955 873,284 — 112,970,239 112,970,239 ( 34,043,879 ) 78,926,360 — 175 Kent Brooklyn, NY G 2011 113 22,037,831 53,962,169 2,748,393 22,037,831 56,710,562 78,748,393 ( 24,154,395 ) 54,593,998 — 180 Montague (fka Brooklyn Heights) Brooklyn, NY G 2000 193 32,400,000 92,675,228 5,887,763 32,400,000 98,562,991 130,962,991 ( 37,808,894 ) 93,154,097 — 180 Riverside Boulevard New York, NY G 1998 516 144,968,250 138,346,681 21,777,910 144,968,250 160,124,591 305,092,841 ( 95,800,315 ) 209,292,526 — 1210 Mass Washington, D.C. G 2004 144 9,213,512 36,559,189 5,206,790 9,213,512 41,765,979 50,979,491 ( 24,625,028 ) 26,354,463 — 1401 Joyce on Pentagon Row Arlington, VA — 2004 326 9,780,000 89,668,165 8,362,559 9,780,000 98,030,724 107,810,724 ( 48,077,244 ) 59,733,480 — 1500 Mass Ave Washington, D.C. G 1951 556 54,638,298 40,361,702 17,314,785 54,638,298 57,676,487 112,314,785 ( 36,090,603 ) 76,224,182 — 1800 Oak (fka Rosslyn) Arlington, VA G 2003 314 31,400,000 109,005,734 12,374,587 31,400,000 121,380,321 152,780,321 ( 47,084,778 ) 105,695,543 — 2201 Pershing Drive Arlington, VA G 2012 188 11,321,198 49,674,175 3,334,541 11,321,198 53,008,716 64,329,914 ( 21,108,327 ) 43,221,587 — 2201 Wilson Arlington, VA G 2000 219 21,900,000 78,724,663 8,420,498 21,900,000 87,145,161 109,045,161 ( 32,851,672 ) 76,193,489 — 2400 M St Washington, D.C. G 2006 359 30,006,593 114,013,785 5,316,469 30,006,593 119,330,254 149,336,847 ( 69,768,932 ) 79,567,915 — 315 on A Boston, MA G 2013 202 14,450,070 115,824,930 1,849,886 14,450,070 117,674,816 132,124,886 ( 35,660,011 ) 96,464,875 — 340 Fremont (fka Rincon Hill) San Francisco, CA — 2016 348 42,000,000 248,607,902 845,648 42,000,000 249,453,550 291,453,550 ( 62,382,935 ) 229,070,615 — 341 Nevins Brooklyn, NY — (F) — 3,621,717 308,661 — 3,621,717 308,661 3,930,378 — 3,930,378 — 3003 Van Ness (fka Van Ness) Washington, D.C. — 1970 625 56,300,000 141,191,580 11,966,163 56,300,000 153,157,743 209,457,743 ( 59,966,206 ) 149,491,537 — 425 Mass Washington, D.C. G 2009 559 28,150,000 138,600,000 7,678,062 28,150,000 146,278,062 174,428,062 ( 68,166,012 ) 106,262,050 — 455 Eye Street Washington, D.C. G 2017 174 11,941,407 61,418,689 220,558 11,941,407 61,639,247 73,580,654 ( 13,446,641 ) 60,134,013 — 4th and Hill Los Angeles, CA — (F) — 13,131,456 1,868,544 — 13,131,456 1,868,544 15,000,000 — 15,000,000 — 55 West Fifth I & II (fka Townhouse Plaza and Gardens) San Mateo, CA — 1964/1972 241 21,041,710 71,931,323 16,597,875 21,041,710 88,529,198 109,570,908 ( 39,856,719 ) 69,714,189 — 600 Washington New York, NY G 2004 135 32,852,000 43,140,551 4,393,943 32,852,000 47,534,494 80,386,494 ( 27,305,832 ) 53,080,662 — 660 Washington (fka Boston Common) Boston, MA G 2006 420 106,100,000 166,311,679 16,424,115 106,100,000 182,735,794 288,835,794 ( 66,003,911 ) 222,831,883 — 70 Greene Jersey City, NJ G 2010 480 28,108,899 236,763,553 5,882,189 28,108,899 242,645,742 270,754,641 ( 106,757,715 ) 163,996,926 — 71 Broadway New York, NY G 1997 238 22,611,600 77,492,171 21,574,386 22,611,600 99,066,557 121,678,157 ( 63,873,265 ) 57,804,892 — 77 Bluxome San Francisco, CA — 2007 102 5,249,124 18,609,876 701,746 5,249,124 19,311,622 24,560,746 ( 8,233,756 ) 16,326,990 — 77 Park Avenue (fka Hoboken) Hoboken, NJ G 2000 301 27,900,000 168,992,440 10,981,777 27,900,000 179,974,217 207,874,217 ( 67,423,156 ) 140,451,061 — 777 Sixth New York, NY G 2002 294 65,352,706 65,747,294 7,342,095 65,352,706 73,089,389 138,442,095 ( 37,935,617 ) 100,506,478 — 88 Hillside Daly City, CA G 2011 95 7,786,800 31,587,325 4,090,905 7,786,800 35,678,230 43,465,030 ( 15,507,323 ) 27,957,707 — 855 Brannan San Francisco, CA G 2018 449 41,363,921 282,730,067 791,530 41,363,921 283,521,597 324,885,518 ( 57,385,586 ) 267,499,932 — 929 Mass (fka 929 House) Cambridge, MA G 1975 127 3,252,993 21,745,595 9,408,793 3,252,993 31,154,388 34,407,381 ( 23,489,575 ) 10,917,806 — Academy Village North Hollywood, CA — 1989 248 25,000,000 23,593,194 12,730,206 25,000,000 36,323,400 61,323,400 ( 24,155,942 ) 37,167,458 — Acappella Pasadena, CA — 2002 143 5,839,548 29,360,452 2,564,708 5,839,548 31,925,160 37,764,708 ( 15,642,799 ) 22,121,909 — Alban Towers Washington, D.C. — 1934 229 18,900,000 89,794,201 7,663,308 18,900,000 97,457,509 116,357,509 ( 36,633,733 ) 79,723,776 — Alborada Fremont, CA — 1999 442 24,310,000 59,214,129 10,322,001 24,310,000 69,536,130 93,846,130 ( 52,639,765 ) 41,206,365 — Alcott Apartments (fka West End Tower) Boston, MA G 2021 470 10,424,000 397,689,562 153,059 10,424,000 397,842,621 408,266,621 ( 17,988,355 ) 390,278,266 — Alcyone Seattle, WA G 2004 162 11,379,497 49,360,503 2,335,387 11,379,497 51,695,890 63,075,387 ( 17,135,294 ) 45,940,093 — Altitude (fka Village at Howard Hughes, The (Lots 1 & 2)) Los Angeles, CA — 2016 545 43,783,485 150,234,305 768,468 43,783,485 151,002,773 194,786,258 ( 39,032,515 ) 155,753,743 — Alton, The (fka Millikan) Irvine, CA — 2017 344 11,049,027 96,523,927 444,288 11,049,027 96,968,215 108,017,242 ( 23,284,909 ) 84,732,333 — Arbor Terrace Sunnyvale, CA — 1979 177 9,057,300 18,483,642 12,974,052 9,057,300 31,457,694 40,514,994 ( 22,871,546 ) 17,643,448 — Arches, The Sunnyvale, CA — 1974 410 26,650,000 62,850,000 8,667,397 26,650,000 71,517,397 98,167,397 ( 31,720,951 ) 66,446,446 — Artisan on Second Los Angeles, CA — 2008 118 8,000,400 36,074,600 1,773,555 8,000,400 37,848,155 45,848,555 ( 16,682,625 ) 29,165,930 — EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2022 Description Initial Cost to Cost Gross Amount Carried at Apartment Name Location Non-Residential Date of Apartment Land Building & Building & Land Building & Total (B) Accumulated Investment Encumbrances Artistry Emeryville (fka Emeryville) Emeryville, CA — 1994 267 12,300,000 61,466,267 9,277,700 12,300,000 70,743,967 83,043,967 ( 29,468,973 ) 53,574,994 — Atelier Brooklyn, NY G 2015 120 32,401,680 47,135,432 864,452 32,401,680 47,999,884 80,401,564 ( 13,864,493 ) 66,537,071 — Avenue Two Redwood City, CA — 1972 123 7,995,000 18,005,000 3,218,915 7,995,000 21,223,915 29,218,915 ( 10,054,846 ) 19,164,069 — Axis at Shady Grove Rockville, MD — 2016 366 14,745,774 90,503,831 470,604 14,745,774 90,974,435 105,720,209 ( 20,048,451 ) 85,671,758 — Azure (fka Mission Bay-Block 13) San Francisco, CA — 2015 273 32,855,115 153,566,841 1,614,260 32,855,115 155,181,101 188,036,216 ( 42,622,898 ) 145,413,318 — Bay Hill Long Beach, CA — 2002 160 7,600,000 27,437,239 4,626,774 7,600,000 32,064,013 39,664,013 ( 20,533,563 ) 19,130,450 — Beatrice, The New York, NY — 2010 302 114,351,405 165,648,595 3,361,487 114,351,405 169,010,082 283,361,487 ( 67,992,813 ) 215,368,674 — Bella Vista I, II, III Combined Woodland Hills, CA — 2003-2007 579 31,682,754 121,095,786 12,495,872 31,682,754 133,591,658 165,274,412 ( 78,584,749 ) 86,689,663 — Belle Arts Condominium Homes, LLC Bellevue, WA — 2000 1 63,158 236,157 2,098 63,158 238,255 301,413 ( 116,241 ) 185,172 — Belle Fontaine Marina Del Rey, CA — 2003 102 9,098,808 28,701,192 2,883,835 9,098,808 31,585,027 40,683,835 ( 13,248,942 ) 27,434,893 — Breakwater at Marina Del Rey Marina Del Rey, CA — 1964-1969 224 — 73,189,262 2,754,554 — 75,943,816 75,943,816 ( 30,159,723 ) 45,784,093 — Briarwood (CA) Sunnyvale, CA — 1985 192 9,991,500 22,247,278 5,601,488 9,991,500 27,848,766 37,840,266 ( 22,206,373 ) 15,633,893 — Brodie, The Westminster, CO — 2016 312 8,639,904 79,256,940 1,143,901 8,639,904 80,400,841 89,040,745 ( 16,788,446 ) 72,252,299 — Brooklyner, The (fka 111 Lawrence) Brooklyn, NY G 2010 490 40,099,922 221,438,631 5,865,063 40,099,922 227,303,694 267,403,616 ( 93,897,222 ) 173,506,394 — C on Pico Los Angeles, CA — 2014 94 17,125,766 28,074,234 674,098 17,125,766 28,748,332 45,874,098 ( 8,307,453 ) 37,566,645 — Carlyle Mill Alexandria, VA — 2002 317 10,000,000 51,367,913 11,079,514 10,000,000 62,447,427 72,447,427 ( 42,035,228 ) 30,412,199 — Carmel Terrace San Diego, CA — 1988-1989 384 2,288,300 20,596,281 14,843,791 2,288,300 35,440,072 37,728,372 ( 31,639,776 ) 6,088,596 — Cascade Seattle, WA G 2017 477 23,751,564 149,406,957 575,259 23,751,564 149,982,216 173,733,780 ( 32,505,847 ) 141,227,933 — Centennial (fka Centennial Court & Centennial Tower) Seattle, WA G 1991/2001 408 9,700,000 70,080,378 16,430,466 9,700,000 86,510,844 96,210,844 ( 54,699,023 ) 41,511,821 — Centre Club Combined Ontario, CA — 1994 & 2002 412 7,436,000 33,014,789 10,995,514 7,436,000 44,010,303 51,446,303 ( 32,105,510 ) 19,340,793 — Chelsea Square Redmond, WA — 1991 113 3,397,100 9,289,074 3,299,009 3,397,100 12,588,083 15,985,183 ( 10,213,447 ) 5,771,736 — Chloe on Madison (fka 1401 E. Madison) Seattle, WA G 2019 137 10,401,958 53,807,106 43,467 10,401,958 53,850,573 64,252,531 ( 7,027,468 ) 57,225,063 — Chloe on Union (fka Chloe) Seattle, WA G 2010 117 14,835,571 39,359,650 3,081,197 14,835,571 42,440,847 57,276,418 ( 10,171,551 ) 47,104,867 — Church Corner Cambridge, MA G 1987 85 5,220,000 16,744,643 3,600,746 5,220,000 20,345,389 25,565,389 ( 13,313,791 ) 12,251,598 — Circa Fitzsimons Denver, CO — 2020 280 9,241,400 86,070,796 474,244 9,241,400 86,545,040 95,786,440 ( 7,763,471 ) 88,022,969 — City Gate at Cupertino (fka Cupertino) Cupertino, CA — 1998 311 40,400,000 95,937,046 8,167,032 40,400,000 104,104,078 144,504,078 ( 41,009,589 ) 103,494,489 — City Square Bellevue (fka Bellevue) Bellevue, WA G 1998 191 15,100,000 41,876,257 4,334,618 15,100,000 46,210,875 61,310,875 ( 18,516,662 ) 42,794,213 — Clarendon, The Arlington, VA G 2005 292 30,400,340 103,824,660 3,166,324 30,400,340 106,990,984 137,391,324 ( 47,350,954 ) 90,040,370 — Cleo, The Los Angeles, CA — 1989 92 6,615,467 14,829,335 4,575,938 6,615,467 19,405,273 26,020,740 ( 11,563,408 ) 14,457,332 — Connecticut Heights Washington, D.C. — 1974 518 27,600,000 114,002,295 11,472,554 27,600,000 125,474,849 153,074,849 ( 48,629,875 ) 104,444,974 — Corcoran House at DuPont Circle (fka DuPont Circle) Washington, D.C. G 1961 138 13,500,000 26,913,113 4,899,921 13,500,000 31,813,034 45,313,034 ( 12,714,363 ) 32,598,671 — Courthouse Plaza Arlington, VA G 1990 396 — 87,386,024 8,488,969 — 95,874,993 95,874,993 ( 39,049,234 ) 56,825,759 — Creekside (San Mateo) San Mateo, CA — 1985 192 9,606,600 21,193,232 5,960,684 9,606,600 27,153,916 36,760,516 ( 22,033,090 ) 14,727,426 — Cronins Landing Waltham, MA G 1998 281 32,300,000 85,119,324 15,325,293 32,300,000 100,444,617 132,744,617 ( 39,790,380 ) 92,954,237 — Crystal Place Arlington, VA — 1986 181 17,200,000 47,918,975 4,699,279 17,200,000 52,618,254 69,818,254 ( 21,346,735 ) 48,471,519 — Dalton, The Alexandria, VA G 2018 270 22,947,777 95,334,754 454,380 22,947,777 95,789,134 118,736,911 ( 14,548,074 ) 104,188,837 — Deerwood (SD) San Diego, CA — 1990 316 2,082,095 18,739,815 17,949,500 2,082,095 36,689,315 38,771,410 ( 33,440,329 ) 5,331,081 — Del Mar Ridge San Diego, CA — 1998 181 7,801,824 36,948,176 5,974,943 7,801,824 42,923,119 50,724,943 ( 21,861,664 ) 28,863,279 — Eagle Canyon Chino Hills, CA — 1985 252 1,808,900 16,274,361 12,390,469 1,808,900 28,664,830 30,473,730 ( 24,294,152 ) 6,179,578 — Edge, The (fka 4885 Edgemoor Lane) Bethesda, MD — 2021 154 — 72,788,808 13,063 — 72,801,871 72,801,871 ( 4,378,237 ) 68,423,634 — Edgemont at Bethesda Metro Bethesda, MD — 1989 123 13,092,552 43,907,448 4,482,432 13,092,552 48,389,880 61,482,432 ( 20,248,395 ) 41,234,037 — Emerson Place Boston, MA G 1962 444 14,855,000 57,566,636 38,628,593 14,855,000 96,195,229 111,050,229 ( 76,597,956 ) 34,452,273 — Encore at Sherman Oaks, The Sherman Oaks, CA — 1988 174 8,700,000 25,446,003 4,809,250 8,700,000 30,255,253 38,955,253 ( 14,274,387 ) 24,680,866 — Eviva on Cherokee Denver, CO — 2017 274 10,507,626 100,037,204 1,860,527 10,507,626 101,897,731 112,405,357 ( 18,556,701 ) 93,848,656 — EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2022 Description Initial Cost to Cost Gross Amount Carried at Apartment Name Location Non-Residential Date of Apartment Land Building & Building & Land Building & Total (B) Accumulated Investment Encumbrances Flora Austin, TX — 2019 194 5,733,088 32,343,349 192,360 5,733,088 32,535,709 38,268,797 ( 4,201,809 ) 34,066,988 — Fremont Center Fremont, CA G 2002 322 25,800,000 78,753,114 7,285,452 25,800,000 86,038,566 111,838,566 ( 33,761,134 ) 78,077,432 — Gaithersburg Station Gaithersburg, MD G 2013 400 17,500,000 74,678,917 5,224,502 17,500,000 79,903,419 97,403,419 ( 29,469,619 ) 67,933,800 — Gateway at Malden Center Malden, MA G 1988 203 9,209,780 25,722,666 18,846,091 9,209,780 44,568,757 53,778,537 ( 32,286,012 ) 21,492,525 — Geary Court Yard San Francisco, CA — 1990 165 1,722,400 15,471,429 6,540,464 1,722,400 22,011,893 23,734,293 ( 18,375,315 ) 5,358,978 — Girard Boston, MA G 2016 160 — 102,450,328 1,158,171 — 103,608,499 103,608,499 ( 22,398,155 ) 81,210,344 — Hampshire Place Los Angeles, CA — 1989 259 10,806,000 30,335,330 11,225,496 10,806,000 41,560,826 52,366,826 ( 24,997,884 ) 27,368,942 — Harbor Steps Seattle, WA G 2000 761 59,403,601 158,829,432 49,422,576 59,403,601 208,252,008 267,655,609 ( 124,036,014 ) 143,619,595 — Hathaway Long Beach, CA — 1987 385 2,512,500 22,611,912 15,679,986 2,512,500 38,291,898 40,804,398 ( 31,724,680 ) 9,079,718 — Helios (fka 2nd+Pine) Seattle, WA G 2017 398 18,061,674 206,762,591 958,328 18,061,674 207,720,919 225,782,593 ( 44,822,360 ) 180,960,233 — Heritage at Stone Ridge Burlington, MA — 2005 180 10,800,000 31,808,335 4,835,568 10,800,000 36,643,903 47,443,903 ( 21,603,853 ) 25,840,050 — Heritage Ridge Lynwood, WA — 1999 197 6,895,000 18,983,597 5,406,272 6,895,000 24,389,869 31,284,869 ( 14,983,556 ) 16,301,313 — Hesby North Hollywood, CA — 2013 308 23,299,892 102,700,108 2,889,705 23,299,892 105,589,813 128,889,705 ( 35,650,223 ) 93,239,482 — Highlands at South Plainfield South Plainfield, NJ — 2000 252 10,080,000 37,526,912 3,417,910 10,080,000 40,944,822 51,024,822 ( 24,715,819 ) 26,309,003 — Hikari Los Angeles, CA G 2007 128 9,435,760 32,564,240 1,840,553 9,435,760 34,404,793 43,840,553 ( 14,977,251 ) 28,863,302 — Hudson Crossing New York, NY G 2003 259 23,420,000 69,977,699 4,057,602 23,420,000 74,035,301 97,455,301 ( 46,188,890 ) 51,266,411 — Hudson Pointe Jersey City, NJ — 2003 182 5,350,000 41,114,074 8,519,647 5,350,000 49,633,721 54,983,721 ( 32,045,583 ) 22,938,138 — Huxley, The Redwood City, CA — 2018 137 18,775,028 89,336,651 302,791 18,775,028 89,639,442 108,414,470 ( 13,549,420 ) 94,865,050 — Indie Deep Ellum Dallas, TX G 2020 231 12,253,503 63,853,704 333,872 12,253,503 64,187,576 76,441,079 ( 6,111,055 ) 70,330,024 — Ivory Wood Bothell, WA — 2000 144 2,732,800 13,888,282 4,232,149 2,732,800 18,120,431 20,853,231 ( 10,518,766 ) 10,334,465 — Jia (fka Chinatown Gateway) Los Angeles, CA G 2014 280 14,791,831 78,286,423 2,131,858 14,791,831 80,418,281 95,210,112 ( 30,341,299 ) 64,868,813 — Junction 47 (fka West Seattle) Seattle, WA G 2015 206 11,726,305 56,581,665 986,404 11,726,305 57,568,069 69,294,374 ( 16,946,678 ) 52,347,696 — Juniper Sandy Springs Sandy Springs, GA — 2017 230 8,668,700 64,989,813 241,832 8,668,700 65,231,645 73,900,345 ( 5,646,809 ) 68,253,536 — Kelvin, The (fka Modera) Irvine, CA — 2015 194 15,521,552 64,853,448 1,173,016 15,521,552 66,026,464 81,548,016 ( 20,199,995 ) 61,348,021 — Kilby Frisco, TX — 2020 258 6,431,940 64,187,474 139,395 6,431,940 64,326,869 70,758,809 ( 6,440,466 ) 64,318,343 — Laguna Clara Santa Clara, CA — 1972 222 10,441,994 22,572,843 17,692,369 10,441,994 40,265,212 50,707,206 ( 20,593,789 ) 30,113,417 — Laguna Clara II Santa Clara, CA — (F) — 3,200,426 21,360,769 — 3,200,426 21,360,769 24,561,195 — 24,561,195 — Landings at Port Imperial W. New York, NJ — 1999 276 27,246,045 37,741,049 17,699,560 27,246,045 55,440,609 82,686,654 ( 39,896,355 ) 42,790,299 — Lane Seattle, WA G 2019 217 13,142,946 71,940,276 330,375 13,142,946 72,270,651 85,413,597 ( 10,315,294 ) 75,098,303 — Lex, The San Jose, CA — 2017 387 21,817,512 158,778,598 1,334,350 21,817,512 160,112,948 181,930,460 ( 27,171,976 ) 154,758,484 — Liberty Park Braintree, MA — 2000 202 5,977,504 26,749,110 8,761,439 5,977,504 35,510,549 41,488,053 ( 24,345,405 ) 17,142,648 — Liberty Tower Arlington, VA G 2008 235 16,382,822 83,817,078 7,907,595 16,382,822 91,724,673 108,107,495 ( 41,539,645 ) 66,567,850 — Lincoln Heights Quincy, MA — 1991 336 5,928,400 33,595,262 16,724,209 5,928,400 50,319,471 56,247,871 ( 42,708,830 ) 13,539,041 — Lofts at Kendall Square (fka Kendall Square) Cambridge, MA — 1998 186 18,696,674 78,445,657 8,134,204 18,696,674 86,579,861 105,276,535 ( 34,435,985 ) 70,840,550 — Lofts at Kendall Square ll (fka 249 Third Street) Cambridge, MA G 2019 84 4,603,326 44,187,266 51,779 4,603,326 44,239,045 48,842,371 ( 5,641,481 ) 43,200,890 — Longacre House New York, NY G 2000 293 73,170,045 53,962,510 7,138,240 73,170,045 61,100,750 134,270,795 ( 32,498,890 ) 101,771,905 — Longfellow Place Boston, MA G 1975 710 38,264,917 132,175,915 102,674,772 38,264,917 234,850,687 273,115,604 ( 182,527,965 ) 90,587,639 — Luna Upper Westside Atlanta, GA — 2020 345 14,847,420 108,325,394 286,230 14,847,420 108,611,624 123,459,044 ( 8,732,860 ) 114,726,184 — Madox Jersey City, NJ G 2013 131 9,679,635 64,594,205 1,526,495 9,679,635 66,120,700 75,800,335 ( 12,710,345 ) 63,089,990 — Mantena New York, NY G 2012 98 22,346,513 61,501,158 1,952,525 22,346,513 63,453,683 85,800,196 ( 24,407,861 ) 61,392,335 — Mara Pacific Beach San Diego, CA G 2020 172 25,360,682 87,755,429 402,658 25,360,682 88,158,087 113,518,769 ( 5,771,661 ) 107,747,108 — Marina 41 (fka Marina Del Rey) Marina Del Rey, CA — 1973 623 — 168,842,442 11,795,707 — 180,638,149 180,638,149 ( 72,019,685 ) 108,618,464 — Mariposa at Playa Del Rey (fka Playa Del Rey) Playa Del Rey, CA — 2004 354 60,900,000 89,311,482 8,681,246 60,900,000 97,992,728 158,892,728 ( 38,697,798 ) 120,194,930 — EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2022 Description Initial Cost to Cost Gross Amount Carried at Apartment Name Location Non-Residential Date of Apartment Land Building & Building & Land Building & Total (B) Accumulated Investment Encumbrances Market Street Village San Diego, CA — 2006 229 13,740,000 40,757,301 3,086,270 13,740,000 43,843,571 57,583,571 ( 25,501,351 ) 32,082,220 — Marlowe (fka Oakwood Crystal City) Arlington, VA — 1987 162 15,400,000 35,474,336 5,248,421 15,400,000 40,722,757 56,122,757 ( 16,520,673 ) 39,602,084 — Milano Lofts Los Angeles, CA G 1925/2006 99 8,125,216 27,378,784 4,867,971 8,125,216 32,246,755 40,371,971 ( 13,222,232 ) 27,149,739 — Mill Creek Milpitas, CA — 1991 516 12,858,693 57,168,503 19,425,365 12,858,693 76,593,868 89,452,561 ( 50,263,493 ) 39,189,068 — Milo Denver, CO — 2020 319 15,957,975 153,331,358 1,032,312 15,957,975 154,363,670 170,321,645 ( 9,704,486 ) 160,617,159 — Mosaic at Metro Hyattsville, MD — 2008 260 — 59,580,898 2,012,533 — 61,593,431 61,593,431 ( 30,003,658 ) 31,589,773 — Mountain View Redevelopment Mountain View, CA — (F) — — 2,589,543 — — 2,589,543 2,589,543 — 2,589,543 — Mozaic at Union Station Los Angeles, CA — 2007 272 8,500,000 52,529,446 3,490,903 8,500,000 56,020,349 64,520,349 ( 31,748,137 ) 32,772,212 — Murray Hill Tower (fka Murray Hill) New York, NY G 1974 270 75,800,000 102,705,401 14,991,455 75,800,000 117,696,856 193,496,856 ( 48,050,917 ) 145,445,939 — Next on Sixth Los Angeles, CA G 2017 398 52,509,906 136,635,650 717,015 52,509,906 137,352,665 189,862,571 ( 24,161,125 ) 165,701,446 — North Pier at Harborside Jersey City, NJ — 2003 297 4,000,159 94,290,590 12,335,354 4,000,159 106,625,944 110,626,103 ( 65,149,768 ) 45,476,335 — Northglen Valencia, CA — 1988 234 9,360,000 20,778,553 7,684,511 9,360,000 28,463,064 37,823,064 ( 20,322,900 ) 17,500,164 — Northpark Burlingame, CA — 1972 510 38,607,000 77,472,217 18,243,943 38,607,000 95,716,160 134,323,160 ( 51,062,231 ) 83,260,929 — Oak Park Combined Agoura Hills, CA — 1989 & 1990 444 3,390,700 30,517,274 12,750,164 3,390,700 43,267,438 46,658,138 ( 38,437,510 ) 8,220,628 — Oaks Santa Clarita, CA — 2000 520 23,400,000 61,020,438 14,204,778 23,400,000 75,225,216 98,625,216 ( 46,957,294 ) 51,667,922 — Ocean Crest Solana Beach, CA — 1986 146 5,111,200 11,910,438 5,469,025 5,111,200 17,379,463 22,490,663 ( 13,994,857 ) 8,495,806 — Odin (fka Tallman) Seattle, WA — 2015 301 16,807,519 64,519,515 690,891 16,807,519 65,210,406 82,017,925 ( 18,952,155 ) 63,065,770 — Olivian at the Realm Lewisville, TX — 2021 421 14,854,564 109,310,039 154,217 14,854,564 109,464,256 124,318,820 ( 7,519,616 ) 116,799,204 — One Henry Adams San Francisco, CA G 2016 241 30,224,393 139,654,146 941,609 30,224,393 140,595,755 170,820,148 ( 33,716,718 ) 137,103,430 — One India Street (fka Oakwood Boston) Boston, MA G 1901 94 22,200,000 28,672,979 7,157,116 22,200,000 35,830,095 58,030,095 ( 14,916,926 ) 43,113,169 — Osprey Atlanta, GA G 2020 320 18,121,932 116,950,910 172,416 18,121,932 117,123,326 135,245,258 ( 8,948,571 ) 126,296,687 — Pacific Place Los Angeles, CA — 2008 430 32,250,000 110,750,000 4,111,677 32,250,000 114,861,677 147,111,677 ( 42,362,494 ) 104,749,183 — Packard Building Seattle, WA G 2010 61 5,911,041 19,954,959 1,469,814 5,911,041 21,424,773 27,335,814 ( 6,446,067 ) 20,889,747 — Parc 77 New York, NY G 1903 137 40,504,000 18,025,679 7,676,398 40,504,000 25,702,077 66,206,077 ( 16,735,945 ) 49,470,132 — Parc Cameron New York, NY G 1927 166 37,600,000 9,855,597 8,276,153 37,600,000 18,131,750 55,731,750 ( 13,345,490 ) 42,386,260 — Parc Coliseum New York, NY G 1910 177 52,654,000 23,045,751 10,565,103 52,654,000 33,610,854 86,264,854 ( 22,366,482 ) 63,898,372 — Parc East Towers New York, NY G 1977 324 102,163,000 108,989,402 14,803,968 102,163,000 123,793,370 225,956,370 ( 69,894,282 ) 156,062,088 — Parc on Powell (fka Parkside at Emeryville) Emeryville, CA G 2015 173 16,667,059 65,473,337 1,021,766 16,667,059 66,495,103 83,162,162 ( 20,020,764 ) 63,141,398 — Park Connecticut Washington, D.C. — 2000 142 13,700,000 59,087,519 3,885,983 13,700,000 62,973,502 76,673,502 ( 23,160,708 ) 53,512,794 — Park West (CA) Los Angeles, CA — 1987/1990 444 3,033,500 27,302,383 14,094,687 3,033,500 41,397,070 44,430,570 ( 36,021,598 ) 8,408,972 — Parkside Union City, CA — 1979 208 6,246,700 11,827,453 8,737,771 6,246,700 20,565,224 26,811,924 ( 16,030,621 ) 10,781,303 — Pearl, The (WA) Seattle, WA G 2008 80 6,972,585 26,527,415 1,403,758 6,972,585 27,931,173 34,903,758 ( 8,660,957 ) 26,242,801 — Pearl MDR (fka Oakwood Marina Del Rey) Marina Del Rey, CA G 1969 597 — 120,795,359 13,477,577 — 134,272,936 134,272,936 ( 53,218,370 ) 81,054,566 — Pegasus Los Angeles, CA G 1949/2003 322 18,094,052 81,905,948 10,224,057 18,094,052 92,130,005 110,224,057 ( 42,331,513 ) 67,892,544 — Portofino Chino Hills, CA — 1989 176 3,572,400 14,660,994 4,818,688 3,572,400 19,479,682 23,052,082 ( 16,141,591 ) 6,910,491 — Portofino (Val) Valencia, CA — 1989 216 8,640,000 21,487,126 6,883,676 8,640,000 28,370,802 37,010,802 ( 20,895,885 ) 16,114,917 — Portside Towers Jersey City, NJ G 1992-1997 527 22,487,006 96,842,913 30,111,517 22,487,006 126,954,430 149,441,436 ( 103,497,789 ) 45,943,647 — Potrero 1010 San Francisco, CA G 2016 453 40,830,011 181,924,463 1,837,147 40,830,011 183,761,610 224,591,621 ( 48,837,157 ) 175,754,464 — Prado (fka Glendale) Glendale, CA — 1988 264 — 67,977,313 7,080,681 — 75,057,994 75,057,994 ( 29,571,046 ) 45,486,948 — Prime, The Arlington, VA — 2002 281 34,625,000 77,879,740 8,041,396 34,625,000 85,921,136 120,546,136 ( 41,828,588 ) 78,717,548 — Prism at Park Avenue South (fka 400 Park Avenue South) New York, NY G 2015 269 76,292,169 171,812,112 403,354 76,292,169 172,215,466 248,507,635 ( 52,304,125 ) 196,203,510 — Promenade at Town Center I & II Valencia, CA — 2001 564 28,200,000 69,795,915 16,878,188 28,200,000 86,674,103 114,874,103 ( 54,285,113 ) 60,588,990 — Providence Bothell, WA — 2000 200 3,573,621 19,055,505 6,546,316 3,573,621 25,601,821 29,175,442 ( 15,360,712 ) 13,814,730 — EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2022 Description Initial Cost to Cost Gross Amount Carried at Apartment Name Location Non-Residential Date of Apartment Land Building & Building & Land Building & Total (B) Accumulated Investment Encumbrances Quarry Hills Quincy, MA — 2006 316 26,900,000 84,411,162 5,919,777 26,900,000 90,330,939 117,230,939 ( 35,205,398 ) 82,025,541 — Radiant Fairfax Ridge Fairfax, VA — 2016 213 7,352,547 63,018,744 599,521 7,352,547 63,618,265 70,970,812 ( 6,560,278 ) 64,410,534 — Radius Uptown Denver, CO — 2017 372 13,644,960 121,899,084 2,496,966 13,644,960 124,396,050 138,041,010 ( 24,982,459 ) 113,058,551 — Redmond Court Bellevue, WA — 1977 206 10,300,000 33,488,745 5,065,385 10,300,000 38,554,130 48,854,130 ( 15,412,602 ) 33,441,528 — Regency Palms Huntington Beach, CA — 1969 310 1,857,400 16,713,254 9,273,705 1,857,400 25,986,959 27,844,359 ( 21,987,950 ) 5,856,409 — Reserve at Burlington, The Burlington, MA — 2019 270 20,250,000 114,476,423 999,016 20,250,000 115,475,439 135,725,439 ( 10,286,168 ) 125,439,271 — Reserve at Clarendon Centre, The Arlington, VA G 2003 252 10,500,000 52,812,935 5,641,747 10,500,000 58,454,682 68,954,682 ( 38,910,541 ) 30,044,141 — Reserve at Eisenhower, The Alexandria, VA — 2002 226 6,500,000 34,585,059 5,968,046 6,500,000 40,553,105 47,053,105 ( 26,987,506 ) 20,065,599 — Reserve at Empire Lakes Rancho Cucamonga, CA — 2005 467 16,345,000 73,080,670 10,689,811 16,345,000 83,770,481 100,115,481 ( 47,908,127 ) 52,207,354 — Reserve at Fairfax Corner Fairfax, VA — 2001 652 15,804,057 63,129,050 14,579,441 15,804,057 77,708,491 93,512,548 ( 53,894,121 ) 39,618,427 — Reserve at Mountain View (fka Mountain View) Mountain View, CA — 1965 180 27,000,000 33,029,605 9,378,941 27,000,000 42,408,546 69,408,546 ( 18,449,986 ) 50,958,560 — Reserve at Potomac Yard Alexandria, VA — 2002 588 11,918,917 68,862,641 20,648,643 11,918,917 89,511,284 101,430,201 ( 57,505,652 ) 43,924,549 — Reserve at Town Center I-III (WA) Mill Creek, WA G 2001, 2009, 2014 584 16,768,705 77,623,664 13,119,148 16,768,705 90,742,812 107,511,517 ( 46,947,259 ) 60,564,258 — Rianna I & II Seattle, WA G 2000/2002 156 4,430,000 29,298,096 3,312,507 4,430,000 32,610,603 37,040,603 ( 15,749,206 ) 21,291,397 — Ridgewood Village I&II San Diego, CA — 1997 408 11,809,500 34,004,048 7,923,377 11,809,500 41,927,425 53,736,925 ( 32,573,463 ) 21,163,462 — Riva Terra I (fka Redwood Shores) Redwood City, CA — 1986 304 34,963,355 84,587,658 9,098,327 34,963,355 93,685,985 128,649,340 ( 38,559,988 ) 90,089,352 — Riva Terra II (fka Harborside) Redwood City, CA — 1986 149 17,136,645 40,536,531 4,332,667 17,136,645 44,869,198 62,005,843 ( 17,412,318 ) 44,593,525 — Riverpark Redmond, WA G 2009 321 14,355,000 80,894,049 6,065,713 14,355,000 86,959,762 101,314,762 ( 36,678,117 ) 64,636,645 — Rivington, The Hoboken, NJ — 1999 240 34,340,640 112,112,152 4,792,489 34,340,640 116,904,641 151,245,281 ( 24,887,916 ) 126,357,365 — Rivington II, The Hoboken, NJ — (F) — — 850,870 — — 850,870 850,870 — 850,870 — Rosecliff II Quincy, MA — 2005 130 4,922,840 30,202,160 2,681,231 4,922,840 32,883,391 37,806,231 ( 14,457,252 ) 23,348,979 — Sakura Crossing Los Angeles, CA G 2009 230 14,641,990 42,858,010 2,000,425 14,641,990 44,858,435 59,500,425 ( 20,432,415 ) 39,068,010 — Saxton Seattle, WA G 2019 325 38,805,400 128,652,023 812,621 38,805,400 129,464,644 168,270,044 ( 19,446,350 ) 148,823,694 — Seventh & James Seattle, WA G 1992 96 663,800 5,974,803 4,722,895 663,800 10,697,698 11,361,498 ( 9,353,898 ) 2,007,600 — Sheffield Court Arlington, VA — 1986 597 3,342,381 31,337,332 25,857,292 3,342,381 57,194,624 60,537,005 ( 46,325,259 ) 14,211,746 — Siena Terrace Lake Forest, CA — 1988 356 8,900,000 24,083,024 9,292,173 8,900,000 33,375,197 42,275,197 ( 26,789,841 ) 15,485,356 — Skycrest Valencia, CA — 1999 264 10,560,000 25,574,457 7,087,323 10,560,000 32,661,780 43,221,780 ( 23,685,443 ) 19,536,337 — Skyhouse South Atlanta, GA G 2014 320 14,182,277 101,911,177 560,298 14,182,277 102,471,475 116,653,752 ( 10,186,010 ) 106,467,742 — Skylark Union City, CA — 1986 174 1,781,600 16,731,916 5,933,120 1,781,600 22,665,036 24,446,636 ( 18,283,892 ) 6,162,744 — Skyview Rancho Santa Margarita, CA — 1999 260 3,380,000 21,952,863 7,296,364 3,380,000 29,249,227 32,629,227 ( 22,568,433 ) 10,060,794 — SoMa II San Francisco, CA — (F) — 29,406,606 5,921,781 — 29,406,606 5,921,781 35,328,387 — 35,328,387 — Sonterra at Foothill Ranch Foothill Ranch, CA — 1997 300 7,503,400 24,048,507 6,847,223 7,503,400 30,895,730 38,399,130 ( 25,101,574 ) 13,297,556 — South City Station (fka South San Francisco) San Francisco, CA G 2007 368 68,900,000 79,476,861 8,971,334 68,900,000 88,448,195 157,348,195 ( 34,002,945 ) 123,345,250 — Southwood Palo Alto, CA — 1985 100 6,936,600 14,324,069 7,931,945 6,936,600 22,256,014 29,192,614 ( 16,836,599 ) 12,356,015 — Springline Seattle, WA G 2016 136 9,163,667 47,910,981 838,294 9,163,667 48,749,275 57,912,942 ( 11,855,973 ) 46,056,969 — Square One Seattle, WA — 2014 112 7,222,544 26,277,456 325,303 7,222,544 26,602,759 33,825,303 ( 8,950,176 ) 24,875,127 — STOA Los Angeles, CA G 2017 237 25,326,048 79,976,031 588,847 25,326,048 80,564,878 105,890,926 ( 14,520,667 ) 91,370,259 — Summerset Village Chatsworth, CA — 1985 280 2,890,450 23,670,889 9,290,561 2,890,450 32,961,450 35,851,900 ( 28,997,875 ) 6,854,025 — Ten23 (fka 500 West 23rd Street) New York, NY G 2011 111 — 58,881,873 1,746,694 — 60,628,567 60,628,567 ( 22,633,385 ) 37,995,182 — Terraces, The San Francisco |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Due to the Company’s ability as general partner to control either through ownership or by contract the Operating Partnership and its subsidiaries, the Operating Partnership and each such subsidiary has been consolidated with the Company for financial reporting purposes, except for any unconsolidated properties/entities. |
Real Estate Assets And Depreciation Of Investment In Real Estate | Real Estate Assets and Depreciation of Investment in Real Estate The Company expects that substantially all of its acquisitions will be accounted for as asset acquisitions. In an asset acquisition, the Company is required to capitalize transaction costs and allocate the purchase price on a relative fair value basis (including any identified intangible assets). For the years ended December 31, 2022 and 2021, all acquisitions were considered asset acquisitions. In making estimates of relative fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired or developed and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible and intangible assets/liabilities acquired. The Company allocates the purchase price of acquired real estate to various components as follows: • Land – Based on actual purchase price adjusted to an allocation of the relative fair value (as necessary) if acquired separately or market research/comparables if acquired with an operating property. • Furniture, Fixtures and Equipment – Based on an estimate of the allocation of the relative fair value of the appliances and fixtures inside an apartment unit. The per-apartment unit amount applied depends on the economic age of the apartment units acquired. Depreciation is calculated on the straight-line method over an estimated useful life of five to ten years . • Lease Intangibles – The Company considers the value of acquired in-place leases and above/below market leases and the amortization period is the average remaining term of each respective acquired lease. • Other Intangible Assets – The Company considers whether it has acquired other intangible assets, including any customer relationship intangibles and the amortization period is the estimated useful life of the acquired intangible asset. • Building – Based on the allocation of the relative fair value determined on an “as-if vacant” basis. Depreciation is calculated on the straight-line method over an estimated useful life of thirty years . • Long-Term Debt – The Company calculates the allocation of the relative fair value by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings. Replacements inside an apartment unit such as appliances and carpeting are depreciated over an estimated useful life of five to ten years . Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and significant renovations and building improvements that improve and/or extend the useful life of the asset are capitalized over their estimated useful life, generally five to fifteen years . Initial direct leasing costs are expensed as incurred as such expense approximates the deferral and amortization of initial direct leasing costs over the lease terms. The Company classifies real estate assets as real estate held for sale when it is probable a property will be disposed of. The Company classifies properties under development and/or expansion and properties in the lease-up phase (including land) as construction-in-progress until construction has been completed and certificates of occupancy permits have been obtained. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets At least quarterly, the Company evaluates its long-lived assets, including its investment in real estate, for indicators of impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, legal, regulatory and environmental concerns, the Company’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted. If an impairment indicator exists, the Company performs the following: • For long-lived operating assets to be held and used, the Company compares the expected future undiscounted cash flows for the long-lived asset against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company would make an estimate of the fair value for the particular asset and would record an impairment loss for the difference between the estimated fair value and the carrying amount of the asset. In determining the future undiscounted cash flows or the estimated fair value of an asset there is judgment in estimating the expected future rental revenues, operating expenses and discount and capitalization rates. • For long-lived non-operating assets (projects under development and land held for development), management evaluates major cost overruns, market conditions that could affect lease-up projections, intent and ability to hold the asset, and any other indicators of impairment. If any of the indicators were to suggest impairment was present, a recoverability analysis would be performed and the carrying value of the asset would be adjusted accordingly to fair value. • For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset measured at the time that the Company has determined it will sell the asset. Long-lived assets held for sale and the related liabilities are separately reported, with the long-lived assets reported at the lower of their carrying amounts or their estimated fair values, less their costs to sell, and are not depreciated after reclassification to real estate held for sale. See Note 4 for further discussion of the Company’s impairment charge on a land parcel in 2021. |
Impairment of Investments in Unconsolidated Entities and Other Investments | Impairment of Investments in Unconsolidated Entities and Other Investments At least quarterly, the Company evaluates its investments in unconsolidated entities and other investments for indicators of other than temporary impairment, considering whether there has been a change to events or circumstances that would impact recoverability of the Company’s investment as well as any changes with regards to the Company's intent and ability to hold the investment to recover its carrying value. |
Cost Capitalization | Cost Capitalization See the Real Estate Assets and Depreciation of Investment in Real Estate section for a discussion of the Company’s policy with respect to capitalization vs. expensing of fixed asset/repair and maintenance costs. For all development, capital and renovation projects, the Company uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Company capitalizes interest, real estate taxes and insurance, as well as payroll for those individuals directly responsible for and who spend their time on the execution and supervision of development activities. Additionally, the Company capitalizes payroll for those individuals directly responsible for and who spend their time on the execution and supervision of major capital and/or renovation projects. Capitalization ends when the asset, or a portion of the asset, is substantially completed and ready for its intended use. These costs are reflected on the balance sheets as increases to depreciable property and/or construction-in-progress. During the years ended December 31, 2022 and 2021, the Company capitalized $ 15.6 mil lion and $ 13.9 million, respectively, of payroll and associated costs of employees directly responsible for and who spend their time on the execution and supervision of development activities as well as major capital and/or renovation projects. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and investments in certificates of deposit with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments on listed market prices and third-party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company may seek to manage these risks by following established risk management policies and procedures, including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business. The Company has a policy of only entering into derivative contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from these instruments nor does it anticipate any material adverse effect on its net income or financial position in the future. The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. In addition, fair value adjustments will affect either shareholders’ equity/partners’ capital or net income depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. When the terms of an underlying transaction are modified, or when the underlying transaction is terminated or completed, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until the instrument matures. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market each period. The Company does not use derivatives for trading or speculative purposes. See Note 10 for additional derivatives discussion. |
Leases and Revenue Recognition | Leases and Revenue Recognition Rental income attributable to residential leases is recorded on a straight-line basis over the term of the lease when reasonably assured they are collectible, which is not materially different than if it were recorded when due from residents and recognized monthly as it was earned. Residential apartment leases may include lease income related to such items as utility recoveries, parking rent, storage rent and pet rent that the Company treats as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. Leases entered into between a resident and a property for the rental of an apartment unit are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis. Rental income attributable to non-residential leases is also recorded on a straight-line basis over the term of the lease when reasonably assured they are collectible. Non-residential leases may include lease income related to such items as utility recoveries, parking rent and storage rent that the Company treats as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. Non-residential leases generally have five to ten year lease terms with market-based renewal options and consist of ground floor retail spaces and master-leased parking garages that serve as additional amenities for our residents. The majority of the Company’s revenue is derived from residential, non-residential and other lease income. Our revenue streams have the same timing and pattern of revenue recognition across our reportable segments, with consistent allocations between the lease and revenue recognition standards. The Company elected an accounting policy to account for both its lease and non-lease components (specifically common area maintenance charges) as a single lease component under the lease standard. The Company is a lessor for its residential and non-residential leases and is a lessee for its corporate headquarters and regional offices and ground leases for land underlying current operating properties or projects under development. If applicable, lease agreements must be evaluated to determine the accounting treatment as a finance or operating lease in accordance with the lease standard. The lease standard also requires lessees to recognize on the balance sheet: (a) a liability for the lease obligation (initially measured at the present value of the future lease payments not yet paid over the lease term); and (b) an asset for its right to use the underlying asset (initially equal to the lease liability). The Company uses estimates and judgments on the discount rate used to calculate the present value of the future lease payments. The Company uses its incremental borrowing rate as the discount rate because the Company typically cannot readily determine the rate implicit in the lease. Since the Company’s credit backs the corporate office lease obligations and the lease terms are generally ten years or less, the discount rate range was estimated by using the Company’s borrowing rates for actual pricing data. The discount rate range for ground leases takes into account various factors, including the longer life of the ground leases, and was estimated by using the Company’s borrowing rates for actual pricing data through 30 years and other long-term market rates. The Company’s revenue streams that are not accounted for under the lease standard include: • Parking revenue – The Company’s parking revenue, not related to leasing, is derived primarily from monthly and transient daily parking and is accounted for at the point in time when control of the goods or services transfers to the customer and our performance obligation is satisfied. • Other rental and non-rental related revenue – The Company receives other income, including, but not limited to: (a) ancillary income, such as laundry, renters insurance and cable income; (b) net settlement income; and (c) miscellaneous fee income. • Fee and asset management revenue and interest income – The Company’s fee and asset management revenue and interest income are recorded on an accrual basis. • Gains or losses on sales of real estate properties – The Company accounts for the sale of real estate properties and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions. The Company recognizes the sale and associated gain or loss from the disposition when control transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. See Note 8 for the Company’s rental income detail allocated between the lease and revenue recognition standards. The Company’s allowance for doubtful accounts (which offsets accounts receivable and is included within other assets on the consolidated balance sheets) and bad debts (which reduce rental income on the consolidated statements of operations and comprehensive income) have historically been very modest, particularly in our residential business, given the quality of our resident base and asset class. However, due to the impact of the novel coronavirus (“COVID-19”) pandemic and extended eviction moratoriums enacted during the pandemic, the allowance for doubtful accounts and bad debts became elevated during 2020 and remained elevated in 2021 and 2022. In accordance with the lease standard, if we determine the lease payments are not probable of collection (based on known troubled accounts, rent deferral plans granted, historical experience and other currently available evidence), we fully reserve for any unpaid amounts, deferred rent receivable, variable lease payments and straight-line receivable balances and recognize rental income only if cash is received. If the Company’s estimates of collectibility differ from the cash received, then the timing and amount of the Company’s reported revenue could be impacted. See Note 8 for additional details. |
Share-Based Compensation | Share-Based Compensation The Company expenses share-based compensation for employee and trustee grants of restricted shares, restricted units and share options. Any common share of beneficial interest, $ 0.01 par value per share (the “Common Shares”), issued pursuant to EQR’s incentive equity compensation and employee share purchase plans will result in ERPOP issuing units of partnership interest (“OP Units”) to EQR on a one-for-one basis, with ERPOP receiving the net cash proceeds of such issuances. See Note 12 for further discussion. |
Income and Other Taxes | Income and Other Taxes EQR has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners should recognize their allocable share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) included tax provisions which increased allowable interest expense deductions for 2020 (no increases for 2021 and 2022) and increased the ability for taxpayers to use net operating losses. These provisions did not result in a material impact to the Company’s taxable income or tax liabilities. The CARES Act also allowed corporations to request accelerated refunds of their alternative minimum tax (“AMT”) credit. Prior to enactment of this provision, the remaining credits would have been refunded in installments in 2020, 2021 and 2022. We received a refund of our remaining $ 1.6 million in AMT credits during the year ended December 31, 2020. The Company’s provision for income and other tax expense (benefit) was as follows for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands): Year Ended December 31, 2022 2021 2020 State and local income, franchise and excise tax (benefit) $ 900 $ 915 $ 852 Income and other tax expense (benefit) (1) $ 900 $ 915 $ 852 (1) All provisions for income tax amounts are current and none are deferred. During the years ended December 31, 2022, 2021 and 2020, the tax character of the Company’s dividends and distributions were as follows: Year Ended December 31, 2022 (1) 2021 (2) 2020 (3) Tax character of dividends and distributions: Ordinary dividends $ 1.75466 $ 1.40791 $ 1.34739 Long-term capital gain 0.42850 0.73687 0.77923 Unrecaptured section 1250 gain 0.29434 0.26522 0.24838 Dividends and distributions per Common Share/Unit outstanding $ 2.47750 $ 2.41000 $ 2.37500 (1) The Company’s fourth quarter 2022 dividends and distributions of $ 0.625 per Common Share/Unit outstanding will be included as taxable income in calendar year 2023. (2) The Company’s fourth quarter 2021 dividends and distributions of $ 0.6025 per Common Share/Unit outstanding was included as taxable income in calendar year 2022. (3) The Company’s fourth quarter 2020 dividends and distributions of $ 0.6025 per Common Share/Unit outstanding was included as taxable income in calendar year 2021. The Company issued Internal Revenue Service (“IRS”) Form 1099-DIV to shareholders to report the tax character of Company distributions consistent with these amounts. The Company provides additional information to assist shareholders in the preparation of their tax returns. For 2022, the Company reported an AMT preference adjustment equal to $( 0.01 ) per share a nd disclosed amounts defined under Treasury Regulation §1.1061-6(c) as “One Year Amounts Disclosure” and “Three Year Amounts Disclosure” equal to $ 0.00979 per share and $ 0.00000 per share, resp ectively. |
Principals of Consolidation | Principles of Consolidation The Company may hold an interest in subsidiaries, partnerships, joint ventures and other similar entities and accounts for these interests in accordance with the consolidation guidance. The Company first determines whether to consolidate the entity as a variable interest entity (“VIE”) or voting interest entity, or to account for the interest under the equity method of accounting as an unconsolidated entity. In situations in which we have concluded that an entity qualifies as a VIE, it is generally because the equity investors of VIEs do not have sufficient equity at risk to finance their activities without additional subordinated financial support or do not have substantive voting rights. The Company consolidates an entity when it is considered to be the primary beneficiary of the VIE or when it controls the entity through ownership of a majority voting interest. A primary beneficiary has the power to direct the activities that most significantly impact the VIE’s performance and has the obligation to absorb the expected losses or the right to receive the expected residual returns that could potentially be significant to the VIE. In evaluating whether the entity is a VIE and/or the Company is the primary beneficiary of the entity, the Company considers several factors, including, but not limited to, proportionate share or ownership of the VIE, funding and financing sources, the business purpose of the entity, related parties, developer and property management fees and agreement terms regarding major decisions, participating and voting rights, contributions and distributions. |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities The Company accounts for investments in unconsolidated entities under the equity method of accounting and measures the investments initially at cost. The Company subsequently adjusts the carrying amount by additional cash and non-cash contributions and distributions and its proportionate share of the earnings and losses of such entities. The proportionate share of the earnings and losses are also recognized in the consolidated statements of operations and comprehensive income. In addition, we may earn fees for providing property management services or construction oversight. |
Noncontrolling Interests | Noncontrolling Interests A noncontrolling interest in a subsidiary (minority interest) is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company’s equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the consolidated statements of operations and comprehensive income. See Note 3 for further discussion. Operating Partnership: Net income is allocated to noncontrolling interests based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the noncontrolling interests by the total OP Units held by the noncontrolling interests and EQR. Issuance of additional Common Shares and OP Units changes the ownership interests of both the noncontrolling interests and EQR. Such transactions and the related proceeds are treated as capital transactions. Partially Owned Properties: The Company reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Company that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are generally based on ownership percentage and are reflected as noncontrolling interests in partially owned properties in the consolidated statements of operations and comprehensive income. Partners’ Capital The “Limited Partners” of ERPOP include various individuals and entities that contributed their properties to ERPOP in exchange for OP Units. The “General Partner” of ERPOP is EQR. Net income is allocated to the Limited Partners based on their respective ownership percentage of ERPOP. The ownership percentage is calculated by dividing the number of OP Units held by the Limited Partners by the total OP Units held by the Limited Partners and the General Partner. Issuance of additional Common Shares and OP Units changes the ownership interests of both the Limited Partners and EQR. Such transactions and the related proceeds are treated as capital transactions. Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners The Company classifies Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners in the mezzanine section of the consolidated balance sheets for the portion of OP Units that EQR is required, either by contract or securities law, to deliver registered Common Shares to the exchanging OP Unit holder. The redeemable noncontrolling interest units / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. See Note 3 for further discussion. |
Use of Estimates | Use of Estimates In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued an amendment to the debt and equity financial instruments standards which simplifies the accounting for convertible instruments and accounting for contracts in an entity’s own equity. The Company adopted the standard when effective on January 1, 2022 and it had no impact on its consolidated results of operations and financial position. In March 2020, the FASB issued an amendment to the reference rate reform standard which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. The new standard was effective for the Company upon issuance and elections could be made through December 31, 2024. The Company elected to apply the hedge accounting expedients and application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In April 2020, a FASB staff question and answer document was issued which intended to reduce the challenges of evaluating the enforceable rights and obligations of leases for concessions granted to lessees in response to the COVID-19 pandemic. We elected not to evaluate whether qualifying concessions provided by the Company in response to the COVID-19 pandemic are a lease modification, subject to the criteria that the total payments under the amended lease cannot result in a substantial increase in the rights of the lessor or obligations of the lessee. We also elected to treat the concessions as though they were contemplated as part of the existing contracts and therefore will not apply lease modification rules to the qualifying lease concession amendments. As such, deferrals deemed collectible are recorded as rental receivables with no change to timing of rental revenues and deferrals deemed non-collectible and abatements reduce rental revenues in the deferral/abatement period and cause rental revenues to effectively follow a cash basis related to the changes. The accounting elections provided by the FASB mainly apply to the Company’s non-residential leases and the majority of the amendments will not require a straight-line adjustment. See Note 8 for additional discussion. In June 2016, the FASB issued a standard which requires companies to adopt a new approach for estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans. The standard requires entities to estimate a lifetime expected credit loss for most financial instruments, including trade receivables. In November 2018, the FASB issued an amendment excluding operating lease receivables accounted for under the lease standard from the scope of the credit losses standard. The Company adopted this standard as required effective January 1, 2020, and it did not have a material effect on its consolidated results of operations and financial position. |
Other | Other The Company is the controlling partner in various consolidated partnerships ow ning 15 properties consisting of 3,114 ap artment units having a noncontrolling interest deficit balance of $ 0.7 million at December 31, 2022 . The Company is required to make certain disclosures regarding noncontrolling interests in consolidated limited-life subsidiaries. Of the consolidated entities described above, the Company is the controlling partner in limited-life partnerships owning two properties having a noncontrolling interest deficit balance of $ 4.9 million. These two partnership agreements contain provisions that require the partnerships to be liquidated through the sale of their assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute the proceeds of liquidation to the Noncontrolling Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of their assets warrant a distribution based on the partnership agreements. As of December 31, 2022, the Company estimates the value of Noncontrolling Interest distributions for these two properties would have been approximately $ 55.4 million (“Settlement Value”) had the partnerships been liquidated. This Settlement Value is based on estimated third-party consideration realized by the partnerships upon disposition of the two Partially Owned Properties and is net of all other assets and liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on December 31, 2022 had those mortgages been prepaid. Due to, among other things, the inherent uncertainty in the sale of real estate assets, the amount of any potential distribution to the Noncontrolling Interests in the Company’s Partially Owned Properties is subject to change. To the extent that the partnerships’ underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Noncontrolling Interests in these Partially Owned Properties. |
Business (Tables)
Business (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Ownership Breakdown | The ownership breakdown includes (table does not include any uncompleted development properties): Properties Apartment Units Wholly Owned Properties 293 76,483 Partially Owned Properties – Consolidated 15 3,114 308 79,597 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
Allocation Of Income Franchise And Excise Taxes In Consolidated Statements Of Operations | The Company’s provision for income and other tax expense (benefit) was as follows for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands): Year Ended December 31, 2022 2021 2020 State and local income, franchise and excise tax (benefit) $ 900 $ 915 $ 852 Income and other tax expense (benefit) (1) $ 900 $ 915 $ 852 (1) All provisions for income tax amounts are current and none are deferred. |
Tax Treatment Of Dividends And Distributions | During the years ended December 31, 2022, 2021 and 2020, the tax character of the Company’s dividends and distributions were as follows: Year Ended December 31, 2022 (1) 2021 (2) 2020 (3) Tax character of dividends and distributions: Ordinary dividends $ 1.75466 $ 1.40791 $ 1.34739 Long-term capital gain 0.42850 0.73687 0.77923 Unrecaptured section 1250 gain 0.29434 0.26522 0.24838 Dividends and distributions per Common Share/Unit outstanding $ 2.47750 $ 2.41000 $ 2.37500 (1) The Company’s fourth quarter 2022 dividends and distributions of $ 0.625 per Common Share/Unit outstanding will be included as taxable income in calendar year 2023. (2) The Company’s fourth quarter 2021 dividends and distributions of $ 0.6025 per Common Share/Unit outstanding was included as taxable income in calendar year 2022. (3) The Company’s fourth quarter 2020 dividends and distributions of $ 0.6025 per Common Share/Unit outstanding was included as taxable income in calendar year 2021. |
Equity, Capital and Other Int_2
Equity, Capital and Other Interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Class Of Stock [Line Items] | |
Changes in Issued and Outstanding Common Shares and Units | The following table presents the changes in the Company’s issued and outstanding Common Shares and Units for the years ended December 31, 2022, 2021 and 2020: 2022 2021 2020 Common Shares Common Shares outstanding at January 1, 375,527,195 372,302,000 371,670,884 Common Shares Issued: Conversion of OP Units 452,532 1,354,208 122,505 Issuance of Common Shares 1,740,550 — — Exercise of share options 468,021 1,710,692 239,695 Employee Share Purchase Plan (ESPP) 66,835 70,702 90,196 Restricted share grants, net 174,575 89,593 178,720 Common Shares outstanding at December 31, 378,429,708 375,527,195 372,302,000 Units Units outstanding at January 1, 12,659,027 13,858,073 13,731,315 Restricted unit grants, net 223,242 155,162 249,263 Conversion of OP Units to Common Shares ( 452,532 ) ( 1,354,208 ) ( 122,505 ) Units outstanding at December 31, 12,429,737 12,659,027 13,858,073 Total Common Shares and Units outstanding at December 31, 390,859,445 388,186,222 386,160,073 Units Ownership Interest in Operating Partnership 3.2 % 3.3 % 3.6 % |
Changes in Redemption Value of Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | he following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners for the years ended December 31, 2022, 2021 and 2020, respectively (amounts in thousands): 2022 2021 2020 Balance at January 1, $ 498,977 $ 338,951 $ 463,400 Change in market value ( 176,490 ) 158,598 ( 125,224 ) Change in carrying value ( 4,214 ) 1,428 775 Balance at December 31, $ 318,273 $ 498,977 $ 338,951 |
Issued and Outstanding Preferred Shares and Preference Units | The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as of December 31, 2022 and 2021: Amounts in thousands Annual Call Dividend Per December 31, December 31, Date (1) Share/Unit (2) 2022 2021 Preferred Shares/Preference Units of beneficial interest, $ 0.01 par value; 100,000,000 shares authorized: 8.29 % Series K Cumulative Redeemable Preferred Shares/Preference 50 per share/unit; 745,600 shares/units issued 12/10/26 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares/Preference Units are payable quarterly. |
ERPOP [Member] | |
Class Of Stock [Line Items] | |
Changes in Issued and Outstanding Common Shares and Units | The following table presents the changes in the Operating Partnership’s issued and outstanding General Partner Units and Limited Partner Units for the years ended December 31, 2022, 2021 and 2020: 2022 2021 2020 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 388,186,222 386,160,073 385,402,199 Issued to General Partner: Issuance of OP Units 1,740,550 — — Exercise of EQR share options 468,021 1,710,692 239,695 EQR’s Employee Share Purchase Plan (ESPP) 66,835 70,702 90,196 EQR’s restricted share grants, net 174,575 89,593 178,720 Issued to Limited Partners: Restricted unit grants, net 223,242 155,162 249,263 General and Limited Partner Units outstanding at December 31, 390,859,445 388,186,222 386,160,073 Limited Partner Units Limited Partner Units outstanding at January 1, 12,659,027 13,858,073 13,731,315 Limited Partner restricted unit grants, net 223,242 155,162 249,263 Conversion of Limited Partner OP Units to EQR Common Shares ( 452,532 ) ( 1,354,208 ) ( 122,505 ) Limited Partner Units outstanding at December 31, 12,429,737 12,659,027 13,858,073 Limited Partner Units Ownership Interest in Operating Partnership 3.2 % 3.3 % 3.6 % |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Summary of Carrying Amounts of Investment in Real Estate | The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of December 31, 2022 and 2021 (amounts in thousands): 2022 2021 Land $ 5,580,878 $ 5,814,790 Depreciable property: Buildings and improvements 19,471,503 19,632,284 Furniture, fixtures and equipment 2,352,050 2,220,203 In-Place lease intangibles 510,816 518,324 Projects under development: Land 3,201 — Construction-in-progress 109,739 24,307 Land held for development: Land 46,160 46,160 Construction-in-progress 14,407 16,838 Investment in real estate 28,088,754 28,272,906 Accumulated depreciation ( 9,027,850 ) ( 8,354,282 ) Investment in real estate, net $ 19,060,904 $ 19,918,624 |
Acquired Properties From Unaffiliated Parties | During the year ended December 31, 2022, the Company acquired the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated (1) 1 172 $ 113,000 Total 1 172 $ 113,000 (1) Purchase price includes an allocation of approximately $ 25.3 million to land and $ 87.7 million to depreciable property (inclusive of capitalized closing costs). During the year ended December 31, 2021, the Company acquired the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated (1) 17 4,747 $ 1,709,379 Total 17 4,747 $ 1,709,379 (1) Purchase price includes an allocation of approximately $ 226.3 million to land and $ 1.5 billion to depreciable property (inclusive of capitalized closing costs). |
Disposed Properties to Unaffiliated Parties | During the year ended December 31, 2022, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 3 945 $ 746,150 Total 3 945 $ 746,150 During the year ended December 31, 2021, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 14 3,053 $ 1,716,775 Total 14 3,053 $ 1,716,775 |
Commitments to Acquire_Dispos_2
Commitments to Acquire/Dispose of Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments To Acquire Dispose Of Real Estate [Abstract] | |
Summary of Agreement to Acquire | The Company has entered into an agreement to acquire the following (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated 1 262 $ 78,600 Total 1 262 $ 78,600 |
Summary of Separate Agreements to Dispose | The Company has entered into separate agreements to dispose of the following (sales price and net book value in thousands): Properties Apartment Units Sales Price Net Book Value at Rental Properties – Consolidated 1 18 $ 10,750 $ 2,546 Land Parcels (one) — — 16,000 15,000 Total 1 18 $ 26,750 $ 17,546 |
Investments in Partially Owne_2
Investments in Partially Owned Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments In Partially Owned Entities [Abstract] | |
Summary of Company's Consolidated Joint Ventures | The following table summarizes the Company’s consolidated joint ventures as of December 31, 2022 and 2021: Operating Properties (1) Project Under Development (2) Properties Apartment Units Project Apartment Units 2022 Consolidated Joint Ventures (VIE) 15 3,114 1 312 2021 Consolidated Joint Ventures (VIE) 16 3,546 1 312 (1) In 2022, the Company acquired its joint venture partner’s 25 % interest in a 432 -unit apartment property for $ 32.2 million, and the property is now wholly owned. In connection with the buyout, the carrying amount of the Noncontrolling Interests – Partially Owned Properties totaling $ 4.8 million was reduced to zero and the remaining $ 27.4 million was recorded to paid in capital/General Partner's Capital. (2) The land under this project is subject to a long-term ground lease. |
Summary of Consolidated Assets and Liabilities Related to the VIEs | The following table provides consolidated assets and liabilities related to the VIEs discussed above as of December 31, 2022 and 2021 (amounts in thousands): December 31, 2022 December 31, 2021 Consolidated Assets $ 691,880 $ 912,955 Consolidated Liabilities $ 158,932 $ 251,424 |
Summary of Variable Rate Construction Mortgage Debt | The following table and information summarizes the variable rate construction mortgage debt that is non-recourse to the Company at December 31, 2022 and 2021 (aggregate and amounts borrowed under loan commitments in thousands): December 31, 2022 December 31, 2021 Recently Completed Operating Property (1) Project Under Development Recently Completed Operating Property (1) Number of joint ventures with debt financing 1 1 1 Aggregate loan commitments $ 67,589 $ 73,344 $ 67,589 Amounts borrowed under loan commitments (2) $ 64,776 $ 44,980 $ 61,783 Maturity dates 2023 2025 2022 (1) The maturity date of the construction loan was extended to June 25, 2023. (2) See Note 9 for the proceeds of secured conventional floating rate debt under Mortgage Notes Payable . |
Summary of Company's Investment in Unconsolidated Entities | The following table and information summarizes the Company’s investments in unconsolidated entities as of December 31, 2022 and 2021 (amounts in thousands except for ownership percentage): December 31, 2022 December 31, 2021 Ownership Percentage Investments in Unconsolidated Entities: Various Real Estate Holdings (VIE) $ 35,974 $ 36,024 Varies Projects Under Development and Land Held for Development (VIE) 218,043 72,488 62 % - 95 % (1) Real Estate Technology Funds/Companies (VIE) 25,249 19,347 Varies Other ( 242 ) ( 411 ) Varies Investments in Unconsolidated Entities $ 279,024 $ 127,448 (1) In certain instances, the joint venture agreements contain provisions for promoted interests in favor of our joint venture partner. If the terms of the promoted interest are attained, then our share of the proceeds from a sale or other capital event of the unconsolidated entity may be less than the indicated ownership percentage. |
Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs | The following table summarizes the Company’s unconsolidated joint ventures that were deemed to be VIEs as of December 31, 2022 and 2021: Real Estate Holdings (1) Projects Under Development (2), (5) Projects Held for Development (2), (3) Entities Projects Apartment Units (4) Projects Apartment Units (4) 2022 Unconsolidated Joint Ventures (VIE) 2 6 1,982 3 966 2021 Unconsolidated Joint Ventures (VIE) 1 3 929 3 1,005 (1) Represents entities that hold various real estate investments. (2) Represents separate unconsolidated joint ventures for the purpose of developing multifamily rental properties. (3) Represents separate unconsolidated joint ventures that have not yet started. (4) Represents the intended number of apartment units to be developed. (5) The land parcel under one of the projects is subject to a long-term ground lease. |
Summary of Information on Total Unconsolidated Development Joint Ventures | The following table provides information on total unconsolidated development joint ventures entered into during the year ended December 31, 2022 (amounts in thousands except for number of unconsolidated joint ventures and apartment units): Number of unconsolidated joint ventures (1) 3 Apartment units (2) 1,019 Investments in unconsolidated entities – acquisitions $ 49,855 (1) The entities qualify as VIEs, but the Company is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact the VIE’s performance. Therefore, the entities are unconsolidated and recorded using the equity method of accounting. See Note 2 for additional discussion. (2) Represents the intended number of apartment units to be developed. |
Restricted Deposits (Tables)
Restricted Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits Restricted [Abstract] | |
Restricted Deposits | The following table presents the Company’s restricted deposits as of December 31, 2022 and 2021 (amounts in thousands): December 31, 2022 December 31, 2021 Mortgage escrow deposits: Replacement reserves $ 12,549 $ 11,156 Mortgage principal reserves/sinking funds 25,304 19,104 Mortgage escrow deposits 37,853 30,260 Restricted cash: Tax-deferred (1031) exchange proceeds — 166,362 Earnest money on pending acquisitions 4,500 2,000 Restricted deposits on real estate investments 229 284 Resident security and utility deposits 38,432 35,663 Other 2,289 1,835 Restricted cash 45,450 206,144 Restricted deposits $ 83,303 $ 236,404 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Summary of Lease Income Types Relating to Lease Payments Along With the Total Other Rental Income | The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands): Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Income Type Residential Non-Residential Total Residential Non-Residential Total Residential Non-Residential Total Residential and non-residential rent $ 2,441,332 $ 63,995 $ 2,505,327 $ 2,199,986 $ 61,033 $ 2,261,019 $ 2,336,778 $ 51,663 $ 2,388,441 Utility recoveries (RUBS income) (1) 81,140 844 81,984 74,846 723 75,569 70,699 677 71,376 Parking rent 43,335 435 43,770 40,934 565 41,499 38,743 412 39,155 Other lease revenue (2) ( 12,637 ) ( 69 ) ( 12,706 ) ( 17,667 ) 4,027 ( 13,640 ) ( 28,663 ) ( 5,519 ) ( 34,182 ) Total lease revenue $ 2,553,170 $ 65,205 2,618,375 $ 2,298,099 $ 66,348 2,364,447 $ 2,417,557 $ 47,233 2,464,790 Parking revenue 37,338 26,789 22,210 Other revenue 79,467 72,761 84,705 Total other rental income (3) 116,805 99,550 106,915 Rental income $ 2,735,180 $ 2,463,997 $ 2,571,705 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other lease revenue consists of the revenue adjustment related to bad debt and other miscellaneous lease revenue. (3) Other rental income is accounted for under the revenue recognition standard. |
Summary of Residential and Non-Residential Accounts Receivable and Straight-Line Receivable Balances | The following table presents residential and non-residential accounts receivable and straight-line receivable balances for the Company’s properties as of December 31, 2022 and 2021 (amounts in thousands): Residential Non-Residential Balance Sheet (Other assets): December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Resident/tenant accounts receivable balances $ 35,688 $ 37,959 $ 2,820 $ 3,218 Allowance for doubtful accounts ( 31,405 ) ( 33,121 ) ( 2,152 ) ( 2,365 ) Net receivable balances $ 4,283 $ 4,838 $ 668 $ 853 Straight-line receivable balances $ 4,398 $ 7,460 $ 13,795 $ 13,021 |
Summary of Residential Bad Debt for Company's Properties | The following table presents residential bad debt for the Company’s properties for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands): Year Ended December 31, Income Statement (Rental income): 2022 2021 2020 Bad debt, net (1) $ 26,570 $ 31,485 $ 42,505 % of rental income 1.0 % 1.3 % 1.7 % (1) Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $ 34.1 million and $ 34.8 million for the years ended December 31, 2022 and 2021, respectively . |
Summary of Right-of-Use Assets and Related Lease Liabilities | The following table presents the Company’s ROU assets and related lease liabilities as of December 31, 2022 and 2021 (amounts in thousands): 2022 2021 Right-of-use assets: Corporate office leases (operating) $ 34,767 $ 36,897 Ground leases (finance) 95,834 97,575 Ground leases (operating) 332,355 340,241 Right-of-use assets $ 462,956 $ 474,713 Lease liabilities: Corporate office leases (operating) $ 35,747 $ 37,760 Ground leases (finance) 68,919 69,479 Ground leases (operating) 204,082 205,096 Lease liabilities $ 308,748 $ 312,335 |
Summary of Quantitative Disclosures for Lessees | The following tables illustrate the quantitative disclosures for lessees as of and for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands): Year Ended Year Ended Year Ended Lease cost: Finance lease cost: Amortization of right-of-use assets (capitalized) $ 351 $ 351 $ — Amortization of right-of-use assets (expensed) 1,391 1,391 — Interest on lease liabilities (capitalized) — 452 1,029 Interest on lease liabilities (expensed) 1,904 1,464 — Operating lease cost: Corporate office leases 4,061 3,581 3,747 Ground leases 18,338 18,338 22,102 Variable lease cost: Corporate office leases 430 1,037 1,307 Ground leases 4,342 2,973 3,304 Total lease cost $ 30,817 $ 29,587 $ 31,489 December 31, 2022 December 31, 2021 December 31, 2020 Other information: Cash paid for amounts included in the measurement of Investing cash flows from finance leases $ — $ 383 $ 567 Financing cash flows from finance leases $ 2,463 $ 1,898 $ — Operating cash flows from operating leases: Corporate office leases $ 4,385 $ 5,016 $ 5,296 Ground leases $ 15,037 $ 14,682 $ 16,552 Weighted-average remaining lease term – finance leases 24.1 years 25.2 years 18.7 years Weighted-average remaining lease term – operating leases: Corporate office leases 16.1 years 16.8 years 17.4 years Ground leases 61.2 years 61.8 years 55.3 years Weighted-average discount rate – finance leases 2.8 % 2.8 % 3.0 % Weighted-average discount rate – operating leases: Corporate office leases 3.2 % 3.2 % 3.2 % Ground leases 5.1 % 5.1 % 5.0 % |
Summary of Undiscounted Cash Flows for Contractual Obligations for Minimum Rent Payments/Receipts | The following table summarizes the Company’s undiscounted cash flows for contractual obligations for minimum rent payments/receipts under operating and financing leases for the next five years and thereafter as of December 31, 2022: (Payments)/Receipts Due by Year (in thousands) 2023 2024 2025 2026 2027 Thereafter Total Finance Leases: Minimum Rent Payments (a) $ ( 2,662 ) $ ( 2,880 ) $ ( 2,946 ) $ ( 2,959 ) $ ( 2,971 ) $ ( 85,238 ) $ ( 99,656 ) Operating Leases: Minimum Rent Payments (a) $ ( 15,173 ) $ ( 15,255 ) $ ( 15,024 ) $ ( 14,849 ) $ ( 14,923 ) $ ( 816,532 ) $ ( 891,756 ) Minimum Rent Receipts (b) $ 58,776 $ 54,271 $ 48,333 $ 40,461 $ 35,808 $ 119,008 $ 356,657 (a) Minimum basic rent due for corporate office leases and base rent due on ground leases where the Company is the lessee. (b) Minimum basic rent receipts due for various non-residential space where the Company is the lessor. Excludes residential leases due to their short-term nature. |
Summary of Reconciliation of Lease Liabilities | The following table provides a reconciliation of lease liabilities from our undiscounted cash flows for minimum rent payments as of December 31, 2022 (amounts in thousands): 2022 Total minimum rent payments $ 991,412 Less: Lease discount ( 682,664 ) Lease liabilities $ 308,748 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Instrument [Line Items] | |
Summary of Mortgage Notes Payable Activity | The following tables summarize the Company’s mortgage notes payable activity for the years ended December 31, 2022 and 2021, respectively (amounts in thousands): Mortgage notes Proceeds Lump sum Scheduled Amortization Amortization Mortgage notes Fixed Rate Debt: Secured – Conventional $ 1,896,472 $ — $ ( 286,461 ) $ ( 3,311 ) $ 941 $ 1,197 $ 1,608,838 Floating Rate Debt: Secured – Conventional 59,890 48,054 (2) — ( 81 ) — 515 108,378 Secured – Tax Exempt 234,839 — — — 1,243 140 236,222 Floating Rate Debt 294,729 48,054 — ( 81 ) 1,243 655 344,600 Total $ 2,191,201 $ 48,054 $ ( 286,461 ) $ ( 3,392 ) $ 2,184 $ 1,852 $ 1,953,438 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) See Note 6 for additional discussion of the variable rate construction mortgage debt. Mortgage notes Proceeds Lump sum Scheduled Amortization Amortization Mortgage notes Fixed Rate Debt: Secured – Conventional $ 1,901,091 $ 28,500 (2) $ ( 28,200 ) $ ( 7,465 ) $ 1,522 $ 1,024 $ 1,896,472 Floating Rate Debt: Secured – Conventional 31,494 29,928 (3) — — — ( 1,532 ) 59,890 Secured – Tax Exempt 361,305 — ( 128,615 ) — 1,242 907 234,839 Floating Rate Debt 392,799 29,928 ( 128,615 ) — 1,242 ( 625 ) 294,729 Total $ 2,293,890 $ 58,428 $ ( 156,815 ) $ ( 7,465 ) $ 2,764 $ 399 $ 2,191,201 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) Obtained a 3.58 % fixed rate mortgage debt maturing on March 1, 2031 . (3) See Note 6 for additional discussion of the variable rate construction mortgage debt. |
Summary of Certain Interest Rate, Maturity Days and Amount Outstanding | The following table summarizes certain weighted average interest rate, maturity and amounts outstanding information for the commercial paper program as of and for the years ended December 31, 2022 and 2021, respectively: December 31, 2022 December 31, 2021 Weighted Average Interest Rate (1) 1.52 % 0.27 % Weighted Average Maturity (in days) 4 27 Weighted Average Amounts Outstanding $ 156.1 million $ 471.0 million (1) The notes bear interest at various floating rates. |
Schedule of Unsecured Revolving Credit Facility | The following table presents the availability on the Company’s unsecured revolving credit facility as of December 31, 2022 and 2021, respectively (amounts in thousands): December 31, 2022 December 31, 2021 Unsecured revolving credit facility commitment $ 2,500,000 $ 2,500,000 Commercial paper balance outstanding ( 130,000 ) ( 315,121 ) Unsecured revolving credit facility balance outstanding — — Other restricted amounts ( 3,463 ) ( 3,507 ) Unsecured revolving credit facility availability $ 2,366,537 $ 2,181,372 |
Summary of Debt Extinguishment Costs Recorded as Additional Interest Expense | The following table summarizes the Company’s total debt extinguishment costs recorded as additional interest expense during the years ended December 31, 2022, 2021 and 2020, respectively (amounts in thousands): December 31, 2022 December 31, 2021 December 31, 2020 Prepayment premiums/penalties $ — $ — $ 26,150 Write-offs of unamortized deferred financing costs 717 744 634 Write-offs of unamortized (premiums)/discounts/OCI 3,947 — 12,508 Total $ 4,664 $ 744 $ 39,292 |
Summary of Aggregate Payments of Principal on All Debt | The following table provides a summary of the aggregate payments of principal on all debt for each of the next five years and thereafter as of December 31, 2022 (amounts in thousands): Year Total 2023 (1), (2) $ 998,275 2024 6,100 2025 503,180 2026 601,025 2027 409,800 Thereafter 4,975,870 Subtotal 7,494,250 Deferred Financing Costs and Unamortized (Discount) ( 68,528 ) Total $ 7,425,722 (1) Includes $ 130.0 million in principal outstanding on the Company’s commercial paper program. (2) During 2022, the Company entered into $ 450.0 million of ten-year forward starting SOFR swaps at a weighted average rate of 2.90 % (currently equivalent to a ten-year U.S. Treasury of approximately 3.23 %) to hedge the U.S. Treasury risk for the refinancing of 2023 maturities. |
Mortgages [Member] | |
Debt Instrument [Line Items] | |
Summary of Certain Interest Rate and Maturity Date Information | The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2022 and 2021, respectively: December 31, 2022 December 31, 2021 Interest Rate Ranges 0.10 % - 7.10 % 0.06 % - 4.21 % Weighted Average Interest Rate 3.46 % 3.18 % Maturity Date Ranges 2023 - 2061 2022 - 2061 |
Notes [Member] | |
Debt Instrument [Line Items] | |
Summary of Certain Interest Rate and Maturity Date Information | The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2022 and 2021, respectively: December 31, 2022 December 31, 2021 Interest Rate Ranges 1.85 % - 7.57 % 1.85 % - 7.57 % Weighted Average Interest Rate 3.61 % 3.65 % Maturity Date Ranges 2025 - 2047 2023 - 2047 |
Summary of Notes Activity | The following tables summarize the Company’s notes activity for the years ended December 31, 2022 and 2021, respectively (amounts in thousands): Notes, net as of Proceeds Lump sum Amortization Amortization Notes, net as of Fixed Rate Debt: Unsecured – Public $ 5,835,222 $ — $ ( 500,000 ) $ 2,820 $ 4,287 $ 5,342,329 (1) Represents amortization of deferred financing costs, net of debt financing costs. Notes, net as of Proceeds Lump sum Amortization Amortization Notes, net as of Fixed Rate Debt: Unsecured – Public $ 5,335,536 $ 497,470 (2) $ — $ 2,538 $ ( 322 ) $ 5,835,222 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) Issued $ 500.0 million of ten-year 1.85 % unsecured notes, receiving net proceeds before underwriting fees and other expenses. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Valuations for Each Type of Fair Value Measurement | The following table summarizes the inputs to the valuations for each type of fair value measurement: Fair Value Measurement Type Valuation Inputs Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”) Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Quoted market price of Common Shares. Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable) Indicative rates provided by lenders of similar loans. Public unsecured notes Quoted market prices for each underlying issuance. |
Summary of Carrying and Fair Values of Financial Instruments | The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at December 31, 2022 and 2021, respectively (amounts in thousands): December 31, 2022 December 31, 2021 Carrying Value Estimated Fair Carrying Value Estimated Fair Mortgage notes payable, net $ 1,953,438 $ 1,803,525 $ 2,191,201 $ 2,193,689 Unsecured debt, net 5,472,284 4,874,490 6,150,252 6,798,309 Total debt, net $ 7,425,722 $ 6,678,015 $ 8,341,453 $ 8,991,998 |
Summarizes Company's Consolidated Derivative Instruments | The following table summarizes the Company’s consolidated derivative instruments at December 31, 2022 (dollar amounts are in thousands): Forward Starting Current Notional Balance $ 450,000 Lowest Interest Rate 2.4470 % Highest Interest Rate 3.6995 % Maturity Date 2033 (1) Forward Starting Swaps – Designed to partially fix interest rates in advance of planned future debt issuances. These swaps have mandatory counterparty terminations in 2024 and are targeted for certain 2023 debt issuances. |
Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at December 31, 2022 and 2021, respectively (amounts in thousands): Fair Value Measurements at Reporting Date Using Description Balance Sheet 12/31/2022 Quoted Prices in Significant Other Significant Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Assets $ 21,864 $ — $ 21,864 $ — Supplemental Executive Retirement Plan Other Assets 133,245 133,245 — — Total $ 155,109 $ 133,245 $ 21,864 $ — Liabilities Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Liabilities $ 1,210 $ — $ 1,210 $ — Supplemental Executive Retirement Plan Other Liabilities 133,245 133,245 — — Total $ 134,455 $ 133,245 $ 1,210 $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 318,273 $ — $ 318,273 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet 12/31/2021 Quoted Prices in Significant Other Significant Assets Supplemental Executive Retirement Plan Other Assets $ 164,650 $ 164,650 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 164,650 $ 164,650 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 498,977 $ — $ 498,977 $ — |
Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income | The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2022, 2021 and 2020, respectively (amounts in thousands): December 31, 2022 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ 20,654 Interest expense $ ( 11,071 ) Total $ 20,654 $ ( 11,071 ) December 31, 2021 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ — Interest expense $ ( 9,394 ) Total $ — $ ( 9,394 ) December 31, 2020 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ ( 1,190 ) Interest expense $ ( 35,087 ) Total $ ( 1,190 ) $ ( 35,087 ) |
Earnings Per Share and Earnin_2
Earnings Per Share and Earnings Per Unit (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit | The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts): Year Ended December 31, 2022 2021 2020 Numerator for net income per share – basic: Net income $ 806,995 $ 1,396,714 $ 962,501 Allocation to Noncontrolling Interests – Operating Partnership ( 26,310 ) ( 45,900 ) ( 34,010 ) Net (income) loss attributable to Noncontrolling ( 3,774 ) ( 17,964 ) ( 14,855 ) Preferred distributions ( 3,090 ) ( 3,090 ) ( 3,090 ) Numerator for net income per share – basic $ 773,821 $ 1,329,760 $ 910,546 Numerator for net income per share – diluted: Net income $ 806,995 $ 1,396,714 $ 962,501 Net (income) loss attributable to Noncontrolling ( 3,774 ) ( 17,964 ) ( 14,855 ) Preferred distributions ( 3,090 ) ( 3,090 ) ( 3,090 ) Numerator for net income per share – diluted $ 800,131 $ 1,375,660 $ 944,556 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 376,209 373,833 371,791 Effect of dilutive securities: OP Units 11,836 12,263 13,003 Long-term compensation shares/units 1,402 1,924 1,080 ATM forward sales 3 69 — Denominator for net income per share – diluted 389,450 388,089 385,874 Net income per share – basic $ 2.06 $ 3.56 $ 2.45 Net income per share – diluted $ 2.05 $ 3.54 $ 2.45 |
ERPOP [Member] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit | The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): Year Ended December 31, 2022 2021 2020 Numerator for net income per Unit – basic and diluted: Net income $ 806,995 $ 1,396,714 $ 962,501 Net (income) loss attributable to Noncontrolling ( 3,774 ) ( 17,964 ) ( 14,855 ) Allocation to Preference Units ( 3,090 ) ( 3,090 ) ( 3,090 ) Numerator for net income per Unit – basic and diluted $ 800,131 $ 1,375,660 $ 944,556 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 388,045 386,096 384,794 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting 1,402 1,924 1,080 ATM forward sales 3 69 — Denominator for net income per Unit – diluted 389,450 388,089 385,874 Net income per Unit – basic $ 2.06 $ 3.56 $ 2.45 Net income per Unit – diluted $ 2.05 $ 3.54 $ 2.45 |
Share Incentive Plans (Tables)
Share Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Terms of Awards Generally Granted to Employees | The following table summarizes the terms of Awards generally granted to employees: Options Restricted Shares Restricted Units Overview Options exercised after vesting result in issuance of new Common Shares. Restricted shareholders generally have the same voting rights and receive quarterly dividend payments on their shares at the same rate and on the same date as any other Common Share holder (1). When certain conditions are met, restricted units convert into an equal number of OP Units, which the holder may exchange for Common Shares on a one-for-one basis or at the option of the Company the cash value of such shares. Restricted unitholders receive quarterly distribution payments on their restricted units at the same rate and on the same date as any other OP Unit holder (1). Grant/Exercise Granted at the fair market value of Common Shares as of the grant date using the Black-Scholes model as described below. Granted at the fair market value of Common Shares as of the grant date. Granted at varying discount rates to the fair market value of Common Shares as of the grant date (2). Vesting Period In three equal installments over a three-year period from the grant date. Three years from the grant date. Three years from the grant date. Expiration Ten years from the grant date. Not applicable. Ten years from the grant date (2). Upon Employee Unvested options are canceled. Unvested restricted shares are canceled. Unvested restricted units are canceled. (1) Dividends/distributions paid on unvested restricted shares and units are included as a component of retained earnings and Noncontrolling Interest – Operating Partnership/Limited Partners Capital, respectively, and have not been considered in reducing net income available to Common Shares/Units in a manner similar to the Company’s preferred share/preference unit dividends for the earnings per share/Unit calculation. (2) A restricted unit will automatically convert to an OP Unit when the capital account of each restricted unit increases (“books-up”) to a specified target. The probability of a book-up occurring within the ten-year contractual life along with the liquidity risk associated with various hold period restrictions are both reflected in the discount. If the capital target is not attained within ten years following the date of issuance, the restricted unit will automatically be canceled and no compensation will be payable to the holder of such canceled restricted unit. If the capital target is attained and the restricted unit is converted to an OP Unit, it will not expire. |
Summary of Valuation Method of Share Options | The fair value of the Option grants is recognized over the requisite service/vesting period of the Options. The fair value for the Company’s Options was estimated at the time the Options were granted using the Black-Scholes option pricing model with the primary grant in each year having the following weighted average assumptions: 2022 2021 2020 Expected volatility (1) 21.7 % 21.3 % 15.2 % Expected life (2) 5 years 5 years 5 years Expected dividend yield (3) 3.26 % 3.23 % 3.04 % Risk-free interest rate (4) 1.66 % 0.50 % 1.32 % Exercise price per share (5) $ 91.59 $ 67.48 $ 83.08 Option valuation per share $ 12.57 $ 7.96 $ 7.23 (1) Expected volatility – Estimated based on the historical five-year volatility (the period matching the expected life) of EQR’s share price measured on a monthly basis. (2) Expected life – Approximates the actual weighted average life of all Options granted since the Company went public in 1993. (3) Expected dividend yield – Calculated by averaging the historical annual yield on EQR shares for a period matching the expected life of each grant, with the annual yield calculated by dividing actual regular dividends (excluding any special dividends) by the average price of EQR’s shares in a given year. (4) Risk-free interest rate – The most current U.S. Treasury rate available at the grant date for a period matching the expected life of each grant. (5) Exercise price per share – The closing share price of the Common Shares on the grant date. |
Summary of Weighted Average Fair Value for Each Restricted Share/Unit | The individual prices determined above are then weighted to arrive at the final values for each restricted share/unit as follows: 2022 2021 2020 Weighted average fair value per restricted share $ 96.84 $ 61.73 $ 75.89 Weighted average fair value per restricted unit $ 93.32 $ 59.82 $ 72.69 |
Summary of Terms of Each Retirement Eligibility Category | The following table summarizes the terms of each retirement eligibility category. Age 62 for Employees Rule of 70 for Employees Age 72 for Trustees Eligibility For employees hired prior to January 1, 2009 and who were age 59 or older as of February 1, 2019. All employees (1). All non-employee Trustees. Effect on unvested restricted shares, Awards immediately vest, Options continue to be exercisable for the balance of the applicable ten-year option period and restricted units are still subject to the book-up provisions. Awards continue to vest per the original vesting schedule, subject to certain conditions, Options continue to be exercisable for the balance of the applicable ten-year option period and restricted units are still subject to the book-up provisions. Awards immediately vest, Options continue to be exercisable for the balance of the applicable ten-year option period and restricted units are still subject to the book-up provisions. Effect on LTI Plan Awards are prorated in proportion to the number of days worked in the first year of the three-year performance period and the individual does not receive any payout of shares or units until the final payout is determined at the end of the three-year performance period. (1) The Rule of 70 is met when an employee’s years of service with the Company (which must be at least 15 years) plus his or her age (which must be at least 55 years) on the date of termination equals or exceeds 70 years. In addition, the employee must give the Company at least six months’ advance written notice of his or her intention to retire along with agreeing to certain other conditions. |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following tables summarize compensation information regarding the restricted shares, restricted units, Options and Employee Share Purchase Plan (“ESPP”) for the three years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 Compensation Compensation Restricted Units/Options Compensation Dividends Restricted shares (2) $ 10,419 $ 1,176 $ — $ 11,595 $ 1,120 Restricted units (2) 16,487 87 2,530 19,104 1,039 Options 1,889 169 263 2,321 — ESPP discount 718 78 — 796 — Total $ 29,513 $ 1,510 $ 2,793 $ 33,816 $ 2,159 Year Ended December 31, 2021 Compensation Compensation Restricted Units/Options Compensation Dividends Restricted shares (2) $ 7,258 $ 1,131 $ — $ 8,389 $ 761 Restricted units (2) 16,689 70 1,038 17,797 1,254 Options 2,980 121 — 3,101 — ESPP discount 883 108 — 991 — Total $ 27,810 $ 1,430 $ 1,038 $ 30,278 $ 2,015 Year Ended December 31, 2020 Compensation Compensation Restricted Units/Options Compensation Dividends Restricted shares (2) $ 10,053 $ 1,172 $ — $ 11,225 $ 1,172 Restricted units (2) 10,103 80 1,743 11,926 1,855 Options 2,156 193 — 2,349 — ESPP discount 862 82 — 944 — Total $ 23,174 $ 1,527 $ 1,743 $ 26,444 $ 3,027 (1) The Company allows eligible officers the ability to receive immediately vested restricted units (subject to the book-up provisions described above and a two-year hold restriction) or immediately vested Options in-lieu of any percentage of their annual cash bonus. (2) Includes LTI plan awards granted under the executive compensation program. |
Award Activity of the Share Incentive Plans | The table below summarizes the Award activity of the Share Incentive Plans for the three years ended December 31, 2022, 2021 and 2020: Common Weighted Restricted Weighted Restricted Weighted Balance at December 31, 2019 5,567,544 $ 55.52 306,706 $ 66.15 858,284 $ 64.95 Awards granted (1) 317,731 $ 76.26 179,911 $ 77.44 249,263 $ 72.00 Awards exercised/vested ( 239,695 ) $ 50.31 ( 131,792 ) $ 66.32 ( 227,747 ) $ 68.47 Awards forfeited ( 1,344 ) $ 72.69 ( 1,191 ) $ 73.45 — $ — Awards expired ( 1,484 ) $ 47.18 — $ — — $ — Balance at December 31, 2020 5,642,752 $ 56.91 353,634 $ 71.81 879,800 $ 66.78 Awards granted (1) 489,853 $ 67.58 96,224 $ 70.46 190,742 $ 60.71 Awards exercised/vested ( 1,710,692 ) $ 50.09 ( 133,351 ) $ 62.89 ( 181,531 ) $ 62.01 Awards forfeited ( 23,317 ) $ 73.33 ( 6,631 ) $ 74.31 ( 35,580 ) $ 59.82 Awards expired ( 10,763 ) $ 68.00 — $ — — $ — Balance at December 31, 2021 4,387,833 $ 60.65 309,876 $ 75.17 853,431 $ 66.11 Awards granted (1) 164,199 $ 88.22 182,801 $ 80.52 223,242 $ 86.47 Awards exercised/vested ( 468,021 ) $ 52.87 ( 194,533 ) $ 70.91 ( 122,999 ) $ 66.10 Awards forfeited ( 12,968 ) $ 77.29 ( 8,226 ) $ 82.02 — $ — Awards expired ( 9,683 ) $ 60.02 — $ — — $ — Balance at December 31, 2022 4,061,360 $ 62.60 289,918 $ 81.21 953,674 $ 73.57 (1) Includes LTI plan awards granted under the executive compensation program. Amounts in thousands except per share amounts Year Ended December 31, 2022 2021 2020 Weighted average grant date fair value per share for Options granted $ 12.45 $ 7.98 $ 6.74 Aggregate intrinsic value of Options exercised (1) $ 14,511 $ 47,413 $ 7,569 Fair value of restricted shares vested $ 17,353 $ 9,222 $ 10,559 Fair value of restricted units vested $ 10,662 $ 12,468 $ 18,711 (1) These values were calculated as the difference between the strike price of the underlying awards and the per share price at which each respective award was exercised. |
Information Regarding Options Outstanding and Exercisable | he following table summarizes information regarding Options outstanding and exercisable at December 31, 2022 (aggregate intrinsic value is in thousands): Options Weighted Weighted Aggregate Options Outstanding 4,061,360 4.85 $ 62.60 $ 6,303 Options Exercisable 3,549,325 4.36 $ 60.80 $ 6,303 Vested and expected to vest 506,883 8.26 $ 75.07 $ — (1) The aggregate intrinsic values were calculated as the excess, if any, between the Company’s closing share price of $ 59.00 per share on December 31, 2022 and the strike price of the underlying awards. |
Employee Plans (Tables)
Employee Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement, Additional Disclosure [Abstract] | |
Summary of Information Regarding the Common Shares Issued Under the ESPP | The following table summarizes information regarding the Common Shares issued under the ESPP with the net proceeds noted below being contributed to ERPOP in exchange for OP Units (amounts in thousands except share and per share amounts): Year Ended December 31, 2022 2021 2020 Shares issued 66,835 70,702 90,196 Issuance price ranges $ 52.33 – $ 72.51 $ 53.13 – $ 71.04 $ 46.23 – $ 63.84 Issuance proceeds $ 4,178 $ 4,265 $ 4,508 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Real Estate Development Commitments | The following table summarizes the gross remaining total project costs for the Company’s projects under development at December 31, 2022 (total project costs remaining in thousands): Projects Apartment Units Total Project Costs Remaining (1) Projects Under Development Consolidated 2 537 $ 147,708 Unconsolidated 6 1,982 358,277 Total Projects Under Development 8 2,519 $ 505,985 (1) The Company's share of the $ 506.0 million in total project costs remaining approximate s $ 146.4 million, with the balance funded by the Company's joint venture partners (approximately $ 11.2 million) and/or applicable construction loans (approximately $ 348.4 million). |
Schedule of Contractual Obligations | The following table summarizes the Company’s contractual obligations for deferred compensation for the next five years and thereafter as of December 31, 2022: (Payments) Due by Year (in thousands) 2023 2024 2025 2026 2027 Thereafter Total Other Long-Term Liabilities: Deferred Compensation (1) $ ( 666 ) $ ( 767 ) $ ( 767 ) $ ( 767 ) $ ( 767 ) $ ( 4,220 ) $ ( 7,954 ) (1) Estimated payments to the Company’s Chairman and one former executive officer based on actual and estimated retirement dates. |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations | The following table presents a reconciliation of NOI from our rental real estate for the years ended December 31, 2022, 2021 and 2020, respectively (amounts in thousands): Year Ended December 31, 2022 2021 2020 Rental income $ 2,735,180 $ 2,463,997 $ 2,571,705 Property and maintenance expense ( 483,865 ) ( 453,532 ) ( 440,998 ) Real estate taxes and insurance expense ( 388,412 ) ( 397,105 ) ( 381,562 ) Total operating expenses ( 872,277 ) ( 850,637 ) ( 822,560 ) Net operating income $ 1,862,903 $ 1,613,360 $ 1,749,145 |
Schedule of NOI from Rental Real Estate for Each Segment Specific to Continuing Operations | The following tables present NOI from our rental real estate for each segment for the years ended December 31, 2022, 2021 and 2020, respectively, as well as total assets and capital expenditures at December 31, 2022 and 2021, respectively (amounts in thousands): Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Rental Operating NOI Rental Operating NOI Rental Operating NOI Same store (1) Los Angeles $ 469,180 $ 137,078 $ 332,102 $ 431,954 $ 132,274 $ 299,680 $ 444,129 $ 140,469 $ 303,660 Orange County 122,660 26,338 96,322 109,427 24,986 84,441 105,236 24,545 80,691 San Diego 86,728 19,395 67,333 78,709 18,395 60,314 74,737 18,176 56,561 Subtotal - Southern California 678,568 182,811 495,757 620,090 175,655 444,435 624,102 183,190 440,912 San Francisco 418,941 124,952 293,989 383,817 118,795 265,022 435,371 117,085 318,286 Washington, D.C. 411,975 136,130 275,845 389,205 129,065 260,140 405,571 125,353 280,218 New York 434,820 186,896 247,924 367,370 182,631 184,739 424,534 197,740 226,794 Seattle 282,902 79,101 203,801 256,988 80,775 176,213 257,372 74,362 183,010 Boston 262,604 79,979 182,625 235,050 76,374 158,676 240,158 71,611 168,547 Denver 43,767 12,422 31,345 39,084 11,209 27,875 37,917 11,040 26,877 Total same store 2,533,577 802,291 1,731,286 2,291,604 774,504 1,517,100 2,425,025 780,381 1,644,644 Non-same store/other Non-same store (2) 179,707 70,654 109,053 59,629 27,691 31,938 11,791 2,706 9,085 Other (3) 21,896 ( 668 ) 22,564 112,764 48,442 64,322 134,889 39,473 95,416 Total non-same store/other 201,603 69,986 131,617 172,393 76,133 96,260 146,680 42,179 104,501 Totals $ 2,735,180 $ 872,277 $ 1,862,903 $ 2,463,997 $ 850,637 $ 1,613,360 $ 2,571,705 $ 822,560 $ 1,749,145 (1) For the years ended December 31, 2022 and 2021 , same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2021, less properties subsequently sold, which represented 72,872 apartment units. For the year ended December 31, 2020, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2020, less properties subsequently sold, which represented 74,077 apartment units. (2) For the years ended December 31, 2022 and 2021, non-same store primarily includes properties acquired after January 1, 2021, plus any properties in lease-up and not stabilized as of January 1, 2021, and any properties undergoing major renovations. For the year ended December 31, 2020, non-same store primarily includes properties acquired after January 1, 2020, plus any properties in lease-up and not stabilized as of January 1, 2020, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Year Ended December 31, 2022 Year Ended December 31, 2021 Total Assets Capital Expenditures Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,590,661 $ 35,481 $ 2,668,136 $ 20,917 Orange County 356,396 7,885 371,063 5,647 San Diego 228,471 8,798 232,345 2,899 Subtotal - Southern California 3,175,528 52,164 3,271,544 29,463 San Francisco 3,068,951 33,854 3,165,347 20,021 Washington, D.C. 3,027,549 34,174 3,134,677 27,061 New York 3,421,373 21,636 3,513,047 28,742 Seattle 2,076,320 28,086 2,140,925 15,203 Boston 1,676,783 23,057 1,739,184 21,129 Denver 473,127 2,139 492,454 2,015 Total same store 16,919,631 195,110 17,457,178 143,634 Non-same store/other Non-same store (2) 2,501,008 25,429 2,439,634 4,491 Other (3) 797,623 547 1,272,429 2,894 Total non-same store/other 3,298,631 25,976 3,712,063 7,385 Totals $ 20,218,262 $ 221,086 $ 21,169,241 $ 151,019 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2021, less properties subsequently sold, which represented 72,872 apartment units. (2) Non-same store primarily includes properties acquired after January 1, 2021, plus any properties in lease-up and not stabilized as of January 1, 2021, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and capital expenditures for properties sold. |
Business - Ownership Breakdown
Business - Ownership Breakdown (Details) | Dec. 31, 2022 ApartmentUnit Property |
Property/Unit schedule | |
Properties | Property | 308 |
Apartment Units | ApartmentUnit | 79,597 |
Wholly Owned Properties | |
Property/Unit schedule | |
Properties | Property | 293 |
Apartment Units | ApartmentUnit | 76,483 |
Partially Owned Properties – Consolidated | |
Property/Unit schedule | |
Properties | Property | 15 |
Apartment Units | ApartmentUnit | 3,114 |
Business - Additional Informati
Business - Additional Information (Details) | Dec. 31, 2022 State ApartmentUnit Property |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Number of states in which entity operates | State | 10 |
Properties | Property | 308 |
Apartment units | ApartmentUnit | 79,597 |
ERPOP [Member] | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Noncontrolling interest, ownership percentage by parent | 96.80% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) ApartmentUnit Property $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares | |
Capitalized costs development and renovation | $ 15,600,000 | $ 13,900,000 | |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Provision for income tax | $ 900,000 | $ 915,000 | $ 852,000 |
Remaining AMT refund received | $ 1,600,000 | ||
Alternative minimum tax preference adjustment per share | $ / shares | $ (0.01) | ||
Alternative minimum tax preference adjustment disclosed under treasury regulation one year amounts disclosure per share | $ / shares | 0.00979 | ||
Alternative minimum tax preference adjustment disclosed under treasury regulation year three amounts disclosure per share | $ / shares | $ 0 | ||
Properties | Property | 308 | ||
Noncontrolling Interests – Partially Owned Properties | $ (721,000) | $ 18,166,000 | |
Apartment units | ApartmentUnit | 79,597 | ||
Partially Owned Properties – Consolidated | |||
Properties | Property | 15 | ||
Apartment units | ApartmentUnit | 3,114 | ||
Noncontrolling Interests – Partially Owned Properties | $ (700,000) | ||
Limited Life Partnership Properties [Member] | |||
Properties | Property | 2 | ||
Noncontrolling Interests – Partially Owned Properties | $ (4,900,000) | ||
Noncontrolling interests settlement value | 55,400,000 | ||
Federal [Member] | |||
Provision for income tax | $ 0 | ||
Minimum [Member] | Retail Commercial Leases [Member] | |||
Retail leases term | 5 years | ||
Maximum [Member] | Retail Commercial Leases [Member] | |||
Retail leases term | 10 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, plant and equipment, estimated useful lives | 5 years | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, plant and equipment, estimated useful lives | 10 years | ||
Building [Member] | |||
Property, plant and equipment, estimated useful lives | 30 years | ||
Replacements [Member] | Minimum [Member] | |||
Property, plant and equipment, estimated useful lives | 5 years | ||
Replacements [Member] | Maximum [Member] | |||
Property, plant and equipment, estimated useful lives | 10 years | ||
Renovations and building Improvements [Member] | Minimum [Member] | |||
Property, plant and equipment, estimated useful lives | 5 years | ||
Renovations and building Improvements [Member] | Maximum [Member] | |||
Property, plant and equipment, estimated useful lives | 15 years | ||
Corporate Office Leases [Member] | Maximum [Member] | |||
Remaining lease terms | 10 years | ||
Ground Leases [Member] | |||
Unsecured borrowing rates for actual pricing period used for calculating discount rate | 30 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Tax (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | |||
State and local income, franchise and excise tax (benefit) | $ 900 | $ 915 | $ 852 |
Income and other tax expense (benefit) | $ 900 | $ 915 | $ 852 |
Tax Treatment Of Dividends And Distributions Ordinary Dividends | $ 1.75466 | $ 1.40791 | $ 1.34739 |
Tax Treatment Of Dividends And Distributions Long Term Capital Gain | 0.42850 | 0.73687 | 0.77923 |
Tax Treatment Of Dividends And Distributions Unrecaptured Section Twelve Hundred And Fifty Gain | 0.29434 | 0.26522 | 0.24838 |
Dividends and distributions declared per Common Share outstanding | $ 2.47750 | $ 2.41000 | $ 2.37500 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Tax (Parenthetical) (Details) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Summary Of Significant Accounting Policies Tax Parenthetical Details [Abstract] | |||
Dividend payable common share/unit, per share | $ 0.625 | $ 0.6025 | $ 0.6025 |
Equity, Capital and Other Int_3
Equity, Capital and Other Interests - Changes in the Company's Issued and Outstanding Common Shares and Units (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity Capital And Other Interests [Abstract] | |||
Common Stock, Shares, Outstanding | 375,527,195 | 372,302,000 | 371,670,884 |
Common Shares Issued: | |||
Conversion of OP Units | 452,532 | 1,354,208 | 122,505 |
Issuance of Common Shares | 1,740,550 | ||
Exercise of share options | 468,021 | 1,710,692 | 239,695 |
Employee Share Purchase Plan (ESPP) | 66,835 | 70,702 | 90,196 |
Restricted share grants, net | 174,575 | 89,593 | 178,720 |
Common Stock, Shares, Outstanding | 378,429,708 | 375,527,195 | 372,302,000 |
Units | |||
Total Units Outstanding | 12,659,027 | 13,858,073 | 13,731,315 |
Restricted unit grants, net | 223,242 | 155,162 | 249,263 |
Conversion of OP Units to Common Shares | (452,532) | (1,354,208) | (122,505) |
Total Units Outstanding | 12,429,737 | 12,659,027 | 13,858,073 |
Common Shares And Units Outstanding | 390,859,445 | 388,186,222 | 386,160,073 |
Units Ownership Interest in Operating Partnership | 3.20% | 3.30% | 3.60% |
Equity, Capital and Other Int_4
Equity, Capital and Other Interests - Changes in Operating Partnership's Issued and Outstanding General Partner Units and Limited Partner Units (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
General and Limited Partner Units | |||
Common Shares And Units Outstanding | 388,186,222 | 386,160,073 | |
Issuance of OP Units | 1,740,550 | ||
Exercise of share options | 468,021 | 1,710,692 | 239,695 |
Employee Share Purchase Plan (ESPP) | 66,835 | 70,702 | 90,196 |
Restricted share grants, net | 174,575 | 89,593 | 178,720 |
Restricted unit grants, net | 223,242 | 155,162 | 249,263 |
Common Shares And Units Outstanding | 390,859,445 | 388,186,222 | 386,160,073 |
Limited Partner Units | |||
Total Units Outstanding | 12,659,027 | 13,858,073 | 13,731,315 |
Restricted unit grants, net | 223,242 | 155,162 | 249,263 |
Conversion of Limited Partner OP Units to EQR Common Shares | (452,532) | (1,354,208) | (122,505) |
Total Units Outstanding | 12,429,737 | 12,659,027 | 13,858,073 |
Units Ownership Interest in Operating Partnership | 3.20% | 3.30% | 3.60% |
ERPOP [Member] | |||
General and Limited Partner Units | |||
Common Shares And Units Outstanding | 388,186,222 | 386,160,073 | 385,402,199 |
Issuance of OP Units | 1,740,550 | ||
Exercise of share options | 468,021 | 1,710,692 | 239,695 |
Employee Share Purchase Plan (ESPP) | 66,835 | 70,702 | 90,196 |
Restricted share grants, net | 174,575 | 89,593 | 178,720 |
Restricted unit grants, net | 223,242 | 155,162 | 249,263 |
Common Shares And Units Outstanding | 390,859,445 | 388,186,222 | 386,160,073 |
Limited Partner Units | |||
Total Units Outstanding | 12,659,027 | 13,858,073 | 13,731,315 |
Restricted unit grants, net | 223,242 | 155,162 | 249,263 |
Conversion of Limited Partner OP Units to EQR Common Shares | (452,532) | (1,354,208) | (122,505) |
Total Units Outstanding | 12,429,737 | 12,659,027 | 13,858,073 |
Units Ownership Interest in Operating Partnership | 3.20% | 3.30% | 3.60% |
Equity, Capital and Other Int_5
Equity, Capital and Other Interests - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Equity Capital And Other Interests [Abstract] | ||||
Redeemable noncontrolling interests - operating partnership | $ 318,273 | $ 498,977 | $ 338,951 | $ 463,400 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | ||
Preferred stock, par or stated value per share | $ 0.01 | $ 0.01 |
Equity, Capital and Other Int_6
Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Noncontrolling Interests - Operating Partnership (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity Capital And Other Interests [Abstract] | |||
Redeemable noncontrolling interests - operating partnership | $ 498,977 | $ 338,951 | $ 463,400 |
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership | (176,490) | 158,598 | (125,224) |
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | (4,214) | 1,428 | 775 |
Redeemable noncontrolling interests - operating partnership | $ 318,273 | $ 498,977 | $ 338,951 |
Equity, Capital and Other Int_7
Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Details) - EQR and ERPOP [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Class Of Stock [Line Items] | ||
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share/unit; 745,600 shares/units issued and outstanding as of December 31, 2022 and 2021 | $ 37,280 | $ 37,280 |
Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Preferred Stocks Preference Units Call Date | Dec. 10, 2026 | |
Annual Dividend Per Preferred Share Preference Unit | $ 4.145 | |
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share/unit; 745,600 shares/units issued and outstanding as of December 31, 2022 and 2021 | $ 37,280 | $ 37,280 |
Equity, Capital and Other Int_8
Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Parenthetical) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Class Of Stock [Line Items] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Preferred Stock Preference Units Issued | 745,600 | 745,600 |
Preferred Stock Preference Units Outstanding | 745,600 | 745,600 |
Preferred Stock Preference Units Redemption Price Per Share | $ 50 | $ 50 |
Preferred Stock Preference Units Dividend Rate Percentage | 8.29% | 8.29% |
Equity, Capital and Other Int_9
Equity, Capital and Other Interests - Other - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | 180 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Class Of Stock [Line Items] | |||||
Number of shares available for issuance | 4,631,362 | 4,631,362 | 4,631,362 | ||
Common Stock, Shares, Issued | 378,429,708 | 378,429,708 | 378,429,708 | 375,527,195 | |
Stock repurchase program, number of shares authorized to be repurchased | 13,000,000 | 13,000,000 | 13,000,000 | ||
Stock open market repurchased and retired during period, shares | 0 | ||||
Stock repurchase program, remaining number of shares authorized to be repurchased | 13,000,000 | 13,000,000 | 13,000,000 | ||
Forward Sales Agreements [Member] | |||||
Class Of Stock [Line Items] | |||||
Number of shares available for issuance | 13,000,000 | 13,000,000 | 13,000,000 | ||
Amount of share issuance | $ 0 | ||||
ATM Share Offering [Member] | Prior Program [Member] | Forward Sales Agreements [Member] | |||||
Class Of Stock [Line Items] | |||||
Common Stock, Shares, Issued | 1,700,000 | ||||
Weighted average initial forward price per share | $ 83.25 | ||||
Shares settled, per share | $ 80.22 | $ 80.22 | $ 80.22 | ||
Proceeds from settlement of shares | $ 139,600,000 |
Real Estate - Summary of Carryi
Real Estate - Summary of Carrying Amounts of Investment in Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Land | $ 5,580,878 | $ 5,814,790 |
Depreciable property: | ||
Buildings and improvements | 19,471,503 | 19,632,284 |
Furniture, fixtures and equipment | 2,352,050 | 2,220,203 |
In-Place lease intangibles | 510,816 | 518,324 |
Projects under development: | ||
Projects under development | 112,940 | 24,307 |
Land held for development: | ||
Land held for development | 60,567 | 62,998 |
Investment in real estate | 28,088,754 | 28,272,906 |
Accumulated depreciation | (9,027,850) | (8,354,282) |
Investment in real estate, net | 19,060,904 | 19,918,624 |
Land [Member] | ||
Land | 15,000 | |
Projects under development: | ||
Projects under development | 3,201 | |
Land held for development: | ||
Land held for development | 46,160 | 46,160 |
Construction-in-progress [Member] | ||
Projects under development: | ||
Projects under development | 109,739 | 24,307 |
Land held for development: | ||
Land held for development | $ 14,407 | $ 16,838 |
Real Estate - Acquired Properti
Real Estate - Acquired Properties From Unaffiliated Parties (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) ApartmentUnit Property | Dec. 31, 2021 USD ($) Property ApartmentUnit | |
Properties | Property | 1 | 17 |
Apartment Units | ApartmentUnit | 172 | 4,747 |
Purchase Price | $ | $ 113,000 | $ 1,709,379 |
Rental Properties – Consolidated [Member] | ||
Properties | Property | 1 | 17 |
Apartment Units | ApartmentUnit | 172 | 4,747 |
Purchase Price | $ | $ 113,000 | $ 1,709,379 |
Real Estate - Acquired Proper_2
Real Estate - Acquired Properties From Unaffiliated Parties (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Purchase Price | $ 113,000 | $ 1,709,379 |
Land [Member] | ||
Purchase Price | 25,300 | 226,300 |
Depreciable Property [Member] | ||
Purchase Price | $ 87,700 | $ 1,500,000 |
Real Estate - Disposed Properti
Real Estate - Disposed Properties to Unaffiliated Parties (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) Property ApartmentUnit | Dec. 31, 2021 USD ($) Property ApartmentUnit | |
Properties disposed | Property | 3 | 14 |
Property Units disposed | ApartmentUnit | 945 | 3,053 |
Sales Price | $ | $ 746,150 | $ 1,716,775 |
Rental Properties – Consolidated [Member] | ||
Properties disposed | Property | 3 | 14 |
Property Units disposed | ApartmentUnit | 945 | 3,053 |
Sales Price | $ | $ 746,150 | $ 1,716,775 |
Real Estate - Additional Inform
Real Estate - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 16, 2023 | |
Net gain on sales of real estate properties | $ 304,325 | $ 1,072,183 | $ 531,807 | |
Net (gain) loss on sales of land parcels | (5) | $ (34,234) | ||
Non-cash asset impairment charge | 16,769 | |||
Carrying value | 5,580,878 | 5,814,790 | ||
Sales Price | 26,750 | |||
Land [Member] | ||||
Non-cash asset impairment charge | $ 16,800 | |||
Carrying value | $ 15,000 | |||
Land [Member] | Subsequent Event [Member] | ||||
Sales Price | $ 16,000 |
Commitments to Acquire_Dispos_3
Commitments to Acquire/Dispose of Real Estate - Summary of Agreement to Acquire (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) Property Apartment | |
Properties | Property | 1 |
Apartment Units | Apartment | 262 |
Purchase Price | $ | $ 78,600 |
Rental Properties – Consolidated [Member] | |
Properties | Property | 1 |
Apartment Units | Apartment | 262 |
Purchase Price | $ | $ 78,600 |
Commitments to Acquire_Dispos_4
Commitments to Acquire/Dispose of Real Estate - Summary of Separate Agreements to Dispose (Details) $ in Thousands | Dec. 31, 2022 USD ($) ApartmentUnit Property |
Property/Unit schedule | |
Properties | Property | 1 |
Apartment Units | ApartmentUnit | 18 |
Sales Price | $ 26,750 |
Net Book Value at December 31, 2022 | $ 17,546 |
Rental Properties – Consolidated [Member] | |
Property/Unit schedule | |
Properties | Property | 1 |
Apartment Units | ApartmentUnit | 18 |
Sales Price | $ 10,750 |
Net Book Value at December 31, 2022 | 2,546 |
Land [Member] | |
Property/Unit schedule | |
Sales Price | 16,000 |
Net Book Value at December 31, 2022 | $ 15,000 |
Investments in Partially Owne_3
Investments in Partially Owned Entities - Summary of Company's Consolidated Joint Ventures (Details) | Dec. 31, 2022 Project ApartmentUnit Property | Dec. 31, 2021 Property ApartmentUnit Project |
Variable Interest Entity [Line Items] | ||
Properties | Property | 308 | |
Apartment units | 79,597 | |
Consolidated VIE [Member] | Operating Properties [Member] | ||
Variable Interest Entity [Line Items] | ||
Properties | Property | 15 | 16 |
Apartment units | 3,114 | 3,546 |
Consolidated VIE [Member] | Project Under Development [Member] | ||
Variable Interest Entity [Line Items] | ||
Project | Project | 1 | 1 |
Apartment units | 312 | 312 |
Investments in Partially Owne_4
Investments in Partially Owned Entities - Summary of Company's Consolidated Joint Ventures (Parenthetical) (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) ApartmentUnit | Dec. 31, 2021 ApartmentUnit | |
Variable Interest Entity [Line Items] | ||
Property Units Acquired | ApartmentUnit | 172 | 4,747 |
Operating Properties [Member] | ||
Variable Interest Entity [Line Items] | ||
Percentage interest in consolidated operating property | 25% | |
Property Units Acquired | ApartmentUnit | 432 | |
Payments to acquired interest in consolidated operating property | $ 32,200,000 | |
Operating Properties [Member] | Noncontrolling Interest [Member] | ||
Variable Interest Entity [Line Items] | ||
Partially owned property reduced amount | 0 | |
Payments to acquired interest in consolidated operating property | 4,800,000 | |
Operating Properties [Member] | Paid in Capital/General Partner Capital [Member] | ||
Variable Interest Entity [Line Items] | ||
Payments to acquired interest in consolidated operating property | $ 27,400,000 |
Investments in Partially Owne_5
Investments in Partially Owned Entities - Summary of Consolidated Assets and Liabilities Related to the VIEs (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Consolidated Assets | $ 20,218,262 | $ 21,169,241 |
Consolidated Liabilities | 8,517,310 | 9,483,056 |
Consolidated VIE [Member] | ||
Variable Interest Entity [Line Items] | ||
Consolidated Assets | 691,880 | 912,955 |
Consolidated Liabilities | $ 158,932 | $ 251,424 |
Investments in Partially Owne_6
Investments in Partially Owned Entities - Summary of Variable Rate Construction Mortgage Debt (Details) - Consolidated VIE [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) JointVenture | Dec. 31, 2021 USD ($) JointVenture | |
Recently Completed Operating Property [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of joint ventures with debt financing | JointVenture | 1 | 1 |
Aggregate loan commitments | $ 67,589 | $ 67,589 |
Amounts borrowed under loan commitments | $ 64,776 | $ 61,783 |
Maturity dates | 2023 | 2022 |
Project Under Development [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of joint ventures with debt financing | JointVenture | 1 | |
Aggregate loan commitments | $ 73,344 | |
Amounts borrowed under loan commitments | $ 44,980 | |
Maturity dates | 2025 |
Investments in Partially Owne_7
Investments in Partially Owned Entities - Summary of Company's Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 279,024 | $ 127,448 |
Various Real Estate Holdings [Member] | Unconsolidated VIE [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | 35,974 | 36,024 |
Projects Under Development and Land Held for Development (VIE) [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 218,043 | 72,488 |
Projects Under Development and Land Held for Development (VIE) [Member] | Unconsolidated VIE [Member] | Minimum [Member] | ||
Variable Interest Entity [Line Items] | ||
Ownership Percentage | 62% | |
Projects Under Development and Land Held for Development (VIE) [Member] | Unconsolidated VIE [Member] | Maximum [Member] | ||
Variable Interest Entity [Line Items] | ||
Ownership Percentage | 95% | |
Real Estate Technology Funds/Companies (VIE) [Member] | Unconsolidated VIE [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 25,249 | 19,347 |
Other [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ (242) | $ (411) |
Investments in Partially Owne_8
Investments in Partially Owned Entities - Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs (Details) | Dec. 31, 2022 ApartmentUnit Project Entity | Dec. 31, 2021 Project ApartmentUnit Entity |
Variable Interest Entity [Line Items] | ||
Apartment units | 79,597 | |
Variable Interest Entity, Not Primary Beneficiary | Real Estate Holdings [Member] | ||
Variable Interest Entity [Line Items] | ||
Entity | Entity | 2 | 1 |
Variable Interest Entity, Not Primary Beneficiary | Projects Under Development [Member] | ||
Variable Interest Entity [Line Items] | ||
Project | Project | 6 | 3 |
Apartment units | 1,982 | 929 |
Variable Interest Entity, Not Primary Beneficiary | Projects Held For Development [Member] | ||
Variable Interest Entity [Line Items] | ||
Project | Project | 3 | 3 |
Apartment units | 966 | 1,005 |
Investments in Partially Owne_9
Investments in Partially Owned Entities - Summary of Information on Total Unconsolidated Development Joint Ventures (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) JointVenture Apartment | Dec. 31, 2021 USD ($) | |
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated entities - acquisitions | $ 49,855 | $ 48,534 |
Unconsolidated VIE [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of unconsolidated joint ventures | JointVenture | 3 | |
Apartment units | Apartment | 1,019 | |
Unconsolidated VIE [Member] | Equity Residential [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in unconsolidated entities - acquisitions | $ 49,855 |
Restricted Deposits - Restricte
Restricted Deposits - Restricted Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Mortgage escrow deposits: | |||
Replacement reserves | $ 12,549 | $ 11,156 | |
Mortgage principal reserves/sinking funds | 25,304 | 19,104 | |
Mortgage escrow deposits | 37,853 | 30,260 | |
Restricted cash: | |||
Tax-deferred (1031) exchange proceeds | 166,362 | ||
Earnest money on pending acquisitions | 4,500 | 2,000 | |
Restricted deposits on real estate investments | 229 | 284 | |
Resident security and utility deposits | 38,432 | 35,663 | |
Other | 2,289 | 1,835 | |
Restricted cash | 45,450 | 206,144 | |
Restricted deposits | $ 83,303 | $ 236,404 | $ 57,137 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 CorporateOfficeLease Property | Dec. 31, 2021 USD ($) | |
Operating Leased Assets [Line Items] | ||
Increase (decrease) in lease liabilities | $ | $ 11.3 | |
Increase (decrease) in ROU assets | $ | $ 11.3 | |
Corporate Office Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Number of operating leases | CorporateOfficeLease | 8 | |
Ground Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Number of operating properties | Property | 15 | |
Number of operating properties under development | Property | 1 | |
Maximum [Member] | Corporate Office Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Lease expiration dates (inclusive of applicable extension options) | 2042 | |
Maximum [Member] | Ground Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease expiration year | 2118 | |
Minimum [Member] | Corporate Office Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Lease expiration dates (inclusive of applicable extension options) | 2024 | |
Minimum [Member] | Ground Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease expiration year | 2042 |
Leases - Summary of Lease Incom
Leases - Summary of Lease Income Types Relating to Lease Payments Along With the Total Other Rental Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Leased Assets [Line Items] | |||
Total lease revenue | $ 2,618,375 | $ 2,364,447 | $ 2,464,790 |
Rental income | 2,735,180 | 2,463,997 | 2,571,705 |
Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 2,553,170 | 2,298,099 | 2,417,557 |
Non-Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 65,205 | 66,348 | 47,233 |
Residential and Non-Residential Rent [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 2,505,327 | 2,261,019 | 2,388,441 |
Residential and Non-Residential Rent [Member] | Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 2,441,332 | 2,199,986 | 2,336,778 |
Residential and Non-Residential Rent [Member] | Non-Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 63,995 | 61,033 | 51,663 |
Utility Recoveries (RUBS Income) [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 81,984 | 75,569 | 71,376 |
Utility Recoveries (RUBS Income) [Member] | Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 81,140 | 74,846 | 70,699 |
Utility Recoveries (RUBS Income) [Member] | Non-Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 844 | 723 | 677 |
Parking Rent [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 43,770 | 41,499 | 39,155 |
Parking Rent [Member] | Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 43,335 | 40,934 | 38,743 |
Parking Rent [Member] | Non-Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 435 | 565 | 412 |
Other Lease Revenue [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | (12,706) | (13,640) | (34,182) |
Other Lease Revenue [Member] | Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | (12,637) | (17,667) | (28,663) |
Other Lease Revenue [Member] | Non-Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | (69) | 4,027 | (5,519) |
Parking Revenue [Member] | |||
Operating Leased Assets [Line Items] | |||
Rental income | 37,338 | 26,789 | 22,210 |
Other Revenue [Member] | |||
Operating Leased Assets [Line Items] | |||
Rental income | 79,467 | 72,761 | 84,705 |
Other Rental Income [Member] | |||
Operating Leased Assets [Line Items] | |||
Rental income | $ 116,805 | $ 99,550 | $ 106,915 |
Leases - Summary of Residential
Leases - Summary of Residential and Non-Residential Accounts Receivable and Straight-Line Receivable Balances (Details) - Other Assets [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Resident/tenant accounts receivable balances | $ 35,688 | $ 37,959 |
Allowance for doubtful accounts | (31,405) | (33,121) |
Net receivable balances | 4,283 | 4,838 |
Straight-line receivable balances | 4,398 | 7,460 |
Non-residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Resident/tenant accounts receivable balances | 2,820 | 3,218 |
Allowance for doubtful accounts | (2,152) | (2,365) |
Net receivable balances | 668 | 853 |
Straight-line receivable balances | $ 13,795 | $ 13,021 |
Leases - Summary of Residenti_2
Leases - Summary of Residential Bad Debt for Company's Properties (Details) - Residential Leases [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessor Lease Description [Line Items] | |||
Bad debt, net | $ 26,570 | $ 31,485 | $ 42,505 |
% of rental income | 1% | 1.30% | 1.70% |
Leases - Summary of Residenti_3
Leases - Summary of Residential Bad Debt for Company's Properties (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Bad debt, net from resident payments | $ 34.1 | $ 34.8 |
Leases - Summary of Right-of-Us
Leases - Summary of Right-of-Use Assets and Related Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Leased Assets [Line Items] | ||
Right-of-use assets | $ 462,956 | $ 474,713 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Right-of-use assets | Right-of-use assets |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Right-of-use assets | Right-of-use assets |
Lease liabilities | $ 308,748 | $ 312,335 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Lease liabilities | Lease liabilities |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Lease liabilities | Lease liabilities |
Corporate Office Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Right-of-use assets | $ 34,767 | $ 36,897 |
Lease liabilities | 35,747 | 37,760 |
Ground Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Right-of-use assets | 332,355 | 340,241 |
Finance lease, right-of-use asset | 95,834 | 97,575 |
Lease liabilities | 204,082 | 205,096 |
Finance lease, liabilities | $ 68,919 | $ 69,479 |
Leases - Summary of Quantitativ
Leases - Summary of Quantitative Disclosures for Lessees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lease cost: | |||
Amortization of right-of-use assets (capitalized) | $ 351 | $ 351 | |
Amortization of right-of-use assets (expensed) | 1,391 | 1,391 | |
Interest on lease liabilities (capitalized) | 452 | $ 1,029 | |
Interest on lease liabilities (expensed) | 1,904 | 1,464 | |
Total lease cost | 30,817 | 29,587 | 31,489 |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Investing cash flows from finance leases | 383 | $ 567 | |
Financing cash flows from finance leases | $ 2,463 | $ 1,898 | |
Weighted-average remaining lease term – finance leases | 24 years 1 month 6 days | 25 years 2 months 12 days | 18 years 8 months 12 days |
Weighted-average discount rate – finance leases | 2.80% | 2.80% | 3% |
Corporate Office Leases [Member] | |||
Lease cost: | |||
Operating lease cost | $ 4,061 | $ 3,581 | $ 3,747 |
Variable lease cost | 430 | 1,037 | 1,307 |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Corporate office leases | $ 4,385 | $ 5,016 | $ 5,296 |
Weighted-average remaining lease term – operating leases | 16 years 1 month 6 days | 16 years 9 months 18 days | 17 years 4 months 24 days |
Weighted-average discount rate – operating leases: | 3.20% | 3.20% | 3.20% |
Ground Leases [Member] | |||
Lease cost: | |||
Operating lease cost | $ 18,338 | $ 18,338 | $ 22,102 |
Variable lease cost | 4,342 | 2,973 | 3,304 |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Corporate office leases | $ 15,037 | $ 14,682 | $ 16,552 |
Weighted-average remaining lease term – operating leases | 61 years 2 months 12 days | 61 years 9 months 18 days | 55 years 3 months 18 days |
Weighted-average discount rate – operating leases: | 5.10% | 5.10% | 5% |
Leases - Summary of Undiscounte
Leases - Summary of Undiscounted Cash Flows for Contractual Obligations for Minimum Rent Payments/Receipts (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ (2,662) |
2024 | (2,880) |
2025 | (2,946) |
2026 | (2,959) |
2027 | (2,971) |
Thereafter | (85,238) |
Total | (99,656) |
2023 | (15,173) |
2024 | (15,255) |
2025 | (15,024) |
2026 | (14,849) |
2027 | (14,923) |
Thereafter | (816,532) |
Total | (891,756) |
2023 | 58,776 |
2024 | 54,271 |
2025 | 48,333 |
2026 | 40,461 |
2027 | 35,808 |
Thereafter | 119,008 |
Total | $ 356,657 |
Leases - Summary of Reconciliat
Leases - Summary of Reconciliation of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
Total minimum rent payments | $ 991,412 |
Less: Lease discount | (682,664) |
Lease liabilities | $ 308,748 |
Debt - Mortgage Notes Payable -
Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | $ 2,191,201 | $ 2,293,890 | |
Proceeds | 48,054 | 58,428 | $ 519,204 |
Lump sum payoffs | (286,461) | (156,815) | (160,522) |
Scheduled principal repayments | (3,392) | (7,465) | |
Amortization of premiums/ discounts | 2,184 | 2,764 | 2,234 |
Amortization of deferred financing costs, net | 1,852 | 399 | |
Mortgage notes payable, net | 1,953,438 | 2,191,201 | 2,293,890 |
Fixed Rate Debt [Member] | Secured Conventional [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | 1,896,472 | 1,901,091 | |
Proceeds | 28,500 | ||
Lump sum payoffs | (286,461) | (28,200) | |
Scheduled principal repayments | (3,311) | (7,465) | |
Amortization of premiums/ discounts | 941 | 1,522 | |
Amortization of deferred financing costs, net | 1,197 | 1,024 | |
Mortgage notes payable, net | 1,608,838 | 1,896,472 | 1,901,091 |
Floating Rate Debt [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | 294,729 | 392,799 | |
Proceeds | 48,054 | 29,928 | |
Lump sum payoffs | (128,615) | ||
Scheduled principal repayments | (81) | ||
Amortization of premiums/ discounts | 1,243 | 1,242 | |
Amortization of deferred financing costs, net | 655 | (625) | |
Mortgage notes payable, net | 344,600 | 294,729 | 392,799 |
Floating Rate Debt [Member] | Secured Conventional [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | 59,890 | 31,494 | |
Proceeds | 48,054 | 29,928 | |
Scheduled principal repayments | (81) | ||
Amortization of deferred financing costs, net | 515 | (1,532) | |
Mortgage notes payable, net | 108,378 | 59,890 | 31,494 |
Floating Rate Debt [Member] | Secured Tax Exempt [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | 234,839 | 361,305 | |
Lump sum payoffs | (128,615) | ||
Amortization of premiums/ discounts | 1,243 | 1,242 | |
Amortization of deferred financing costs, net | 140 | 907 | |
Mortgage notes payable, net | $ 236,222 | $ 234,839 | $ 361,305 |
Debt - Mortgage Notes Payable_2
Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Parenthetical) (Details) - Mortgages [Member] | 12 Months Ended |
Dec. 31, 2021 | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate, stated percentage | 3.58% |
Debt instrument, maturity date | Mar. 01, 2031 |
Debt - Mortgage Notes Payable_3
Debt - Mortgage Notes Payable - Summary of Certain Interest Rate and Maturity Date Information (Details) - Mortgages [Member] | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Interest Rate Ranges | 3.58% | |
Weighted Average Interest Rate | 3.46% | 3.18% |
Maturity Date Ranges, Start | 2023 | 2022 |
Maturity Date Ranges, End | 2061 | 2061 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Ranges | 0.10% | 0.06% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Ranges | 7.10% | 4.21% |
Debt - Mortgage Notes Payable_4
Debt - Mortgage Notes Payable - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | $ 1,953,438 | $ 2,191,201 | $ 2,293,890 |
Historical cost, net of accumulated depreciation, of encumbered properties | 2,500,000 | 2,700,000 | |
Credit Enhanced Debt [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | $ 250,000 | $ 250,000 |
Debt - Notes - Summary of Notes
Debt - Notes - Summary of Notes Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Notes, net beginning balance | $ 5,835,222 | ||
Proceeds | $ 497,470 | ||
Lump sum payoffs | (500,000) | $ (750,000) | |
Amortization of premiums/ discounts | 2,820 | 2,538 | 2,997 |
Notes, net ending balance | 5,342,329 | 5,835,222 | |
Fixed Rate Debt [Member] | Unsecured Public [Member] | |||
Debt Instrument [Line Items] | |||
Notes, net beginning balance | 5,835,222 | 5,335,536 | |
Proceeds | 497,470 | ||
Lump sum payoffs | (500,000) | ||
Amortization of premiums/ discounts | 2,820 | 2,538 | |
Amortization of deferred financing costs, net | 4,287 | (322) | |
Notes, net ending balance | $ 5,342,329 | $ 5,835,222 | $ 5,335,536 |
Debt - Notes - Summary of Not_2
Debt - Notes - Summary of Notes Activity (Parenthetical) (Details) - 1.85% Notes [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |
Proceeds from issuance of unsecured debt | $ 500 |
Debt instrument, interest rate, stated percentage | 1.85% |
Debt - Notes - Summary of Certa
Debt - Notes - Summary of Certain Interest Rate and Maturity Date Information (Details) - Notes [Member] | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.61% | 3.65% |
Maturity Date Ranges, Start | 2025 | 2023 |
Maturity Date Ranges, End | 2047 | 2047 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Ranges | 1.85% | 1.85% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Ranges | 7.57% | 7.57% |
Debt - Notes - Additional Infor
Debt - Notes - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Shelf registration statement effective date | 2022-05 |
Shelf registration statement expiry date | 2025-05 |
Debt - Line of Credit and Comme
Debt - Line of Credit and Commercial Paper - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Oct. 26, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | |||
Unsecured revolving credit facility | $ 2,500,000,000 | ||
Commercial paper | $ 130,000,000 | $ 1,000,000,000 | |
Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Commercial paper | $ 1,000,000,000 | ||
Commercial Paper [Member] | |||
Line of Credit Facility [Line Items] | |||
Weighted average interest rates | 1.52% | 0.27% | |
Weighted average amount outstanding | $ 156,100,000 | $ 471,000,000 | |
Unsecured Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Unsecured revolving credit facility | $ 2,500,000,000 | 2,500,000,000 | |
Debt instrument, maturity date | Oct. 26, 2027 | ||
Ability to increase LOC facility | $ 750,000,000 | ||
Debt instrument, basis spread on variable rate | 0.725% | ||
Percentage points of line of credit facility commitment fee | 0.125% | ||
Commercial paper | $ 130,000,000 | $ 315,121,000 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility | $ 0 | ||
Weighted average interest rates | 0.88% |
Debt - Line of Credit and Com_2
Debt - Line of Credit and Commercial Paper - Summary of Certain Interest Rate, Maturity Days and Amount Outstanding (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | ||
Weighted Average Maturity (in days) | 10 years | |
Commercial Paper [Member] | ||
Line of Credit Facility [Line Items] | ||
Weighted Average Interest Rate | 1.52% | 0.27% |
Weighted Average Maturity (in days) | 4 days | 27 days |
Weighted Average Amounts Outstanding | $ 156.1 | $ 471 |
Debt - Line of Credit and Com_3
Debt - Line of Credit and Commercial Paper - Schedule of Unsecured Revolving Credit Facility (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Oct. 26, 2022 | |
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000,000 | ||
Commercial paper balance outstanding | $ (130,000,000) | $ (1,000,000,000) | |
Unsecured Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 2,500,000,000 | 2,500,000,000 | |
Commercial paper balance outstanding | (130,000,000) | (315,121,000) | |
Other restricted amounts | (3,463,000) | (3,507,000) | |
Unsecured revolving credit facility availability | $ 2,366,537,000 | $ 2,181,372,000 |
Debt - Other - Summary of Debt
Debt - Other - Summary of Debt Extinguishment Costs Recorded as Additional Interest Expense (Details) - Other [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Extinguishment Of Debt [Line Items] | |||
Prepayment premiums/penalties | $ 26,150 | ||
Write-offs of unamortized deferred financing costs | $ 717 | $ 744 | 634 |
Write-offs of unamortized (premiums)/discounts/OCI | 3,947 | 12,508 | |
Total | $ 4,664 | $ 744 | $ 39,292 |
Debt - Summary of Aggregate Pay
Debt - Summary of Aggregate Payments of Principal on All Debt (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 998,275 |
2024 | 6,100 |
2025 | 503,180 |
2026 | 601,025 |
2027 | 409,800 |
Thereafter | 4,975,870 |
Subtotal | 7,494,250 |
Deferred Financing Costs and Unamortized (Discount) | (68,528) |
Total | $ 7,425,722 |
Debt - Summary of Aggregate P_2
Debt - Summary of Aggregate Payments of Principal on All Debt (Parenthetical) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Commercial paper balance outstanding | $ 130,000,000 | $ 1,000,000,000 |
Forward starting swaps to hedge changes in interest rates | $ 450,000,000 | |
Debt Instrument, Term | 10 years | |
SOFR Swaps [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rates | 2.90% | |
U.S. Treasury [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rates | 3.23% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2020 USD ($) DerivativeInstrument | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Derivative [Line Items] | |||
Net gain on sale of investments | $ 23,400,000 | ||
Investment securities outstanding | 0 | ||
Unrealized gain (loss) on interest rate cash flow hedges, pretax, accumulated other comprehensive income (loss) | $ (2,500,000) | $ (34,300,000) | |
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | $ 3,500,000 | ||
Forward Starting Swaps [Member] | |||
Derivative [Line Items] | |||
Payments for settlement of derivative instruments | $ 1,200,000 | ||
Forward starting swaps settled | DerivativeInstrument | 2 | ||
Increase (decrease) in charges hedge termination activities | $ 1,200,000 | ||
Mortgage notes period | 5 years | ||
Mortgages [Member] | Forward Starting Swaps [Member] | |||
Derivative [Line Items] | |||
Debt instrument face amount | $ 495,000,000 | ||
Secured conventional mortgage notes period | 10 years |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Valuations for Each Type of Fair Value Measurement (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Employee Holdings Within The Supplemental Executive Retirement Plan | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value Measurement Type | Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”) |
Valuation Inputs | Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets. |
Redeemable Noncontrolling Interests Operating Partnership Redeemable Limited Partners | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value Measurement Type | Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners |
Valuation Inputs | Quoted market price of Common Shares. |
Mortgage Notes Payable And Private Unsecured Debt | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value Measurement Type | Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable) |
Valuation Inputs | Indicative rates provided by lenders of similar loans. |
Public Unsecured Notes | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value Measurement Type | Public unsecured notes |
Valuation Inputs | Quoted market prices for each underlying issuance. |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | $ 7,425,722 | $ 8,341,453 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 6,678,015 | 8,991,998 |
Mortgage Notes Payable, Net [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 1,953,438 | 2,191,201 |
Mortgage Notes Payable, Net [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 1,803,525 | 2,193,689 |
Unsecured Debt [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 5,472,284 | 6,150,252 |
Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | $ 4,874,490 | $ 6,798,309 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summarizes Company's Consolidated Derivative Instruments (Details) - Forward Starting Swaps [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Derivatives, Fair Value [Line Items] | |
Current Notional Balance | $ 450,000 |
Maturity Date | 2033 |
Minimum [Member] | |
Derivatives, Fair Value [Line Items] | |
Interest rate | 2.447% |
Maximum [Member] | |
Derivatives, Fair Value [Line Items] | |
Interest rate | 3.6995% |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | $ 155,109 | |||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | |||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | |||
Other Liabilities, Fair Value Disclosure | $ 134,455 | |||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 318,273 | $ 498,977 | $ 338,951 | $ 463,400 |
Forward Starting Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 21,864 | |||
Other Liabilities, Fair Value Disclosure | 1,210 | |||
SERP [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 133,245 | 164,650 | ||
Other Liabilities, Fair Value Disclosure | 133,245 | 164,650 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 133,245 | |||
Other Liabilities, Fair Value Disclosure | 133,245 | |||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Forward Starting Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 0 | |||
Other Liabilities, Fair Value Disclosure | 0 | |||
Fair Value, Inputs, Level 1 [Member] | SERP [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 133,245 | 164,650 | ||
Other Liabilities, Fair Value Disclosure | 133,245 | 164,650 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 21,864 | |||
Other Liabilities, Fair Value Disclosure | 1,210 | |||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 318,273 | 498,977 | ||
Fair Value, Inputs, Level 2 [Member] | Forward Starting Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 21,864 | |||
Other Liabilities, Fair Value Disclosure | 1,210 | |||
Fair Value, Inputs, Level 2 [Member] | SERP [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 0 | 0 | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 0 | |||
Other Liabilities, Fair Value Disclosure | 0 | |||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Forward Starting Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 0 | |||
Other Liabilities, Fair Value Disclosure | 0 | |||
Fair Value, Inputs, Level 3 [Member] | SERP [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 0 | 0 | ||
Other Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value Measurements - Sum_5
Fair Value Measurements - Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain/(Loss) Recognized in OCI on Derivative | $ 20,654 | $ (1,190) | |
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | $ (11,071) | $ (9,394) | $ (35,087) |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense, Debt | Interest Expense, Debt | Interest Expense, Debt |
Forward Starting Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain/(Loss) Recognized in OCI on Derivative | $ 20,654 | $ (1,190) | |
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | $ (11,071) | $ (9,394) | $ (35,087) |
Earnings Per Share and Earnin_3
Earnings Per Share and Earnings Per Unit - Computation of Net Income per Share Basic and Net Income per Share Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Net income | $ 806,995 | $ 1,396,714 | $ 962,501 |
Allocation to Noncontrolling Interests – Operating Partnership | (26,310) | (45,900) | (34,010) |
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | (3,774) | (17,964) | (14,855) |
Preferred distributions | (3,090) | (3,090) | (3,090) |
Net income available to Common Shares | 773,821 | 1,329,760 | 910,546 |
Numerator for net income per share – diluted | $ 800,131 | $ 1,375,660 | $ 944,556 |
Weighted average Common Shares outstanding | 376,209 | 373,833 | 371,791 |
OP Units | 11,836 | 12,263 | 13,003 |
Dilutive Securities Options | 1,402 | 1,924 | 1,080 |
ATM forward sales | 3 | 69 | |
Denominator for net income per share – diluted | 389,450 | 388,089 | 385,874 |
Earnings Per Share, Basic | $ 2.06 | $ 3.56 | $ 2.45 |
Earnings Per Share, Diluted | $ 2.05 | $ 3.54 | $ 2.45 |
Earnings Per Share and Earnin_4
Earnings Per Share and Earnings Per Unit - Computation of Net Income per Unit Basic and Net Income per Unit Diluted for Operating Partnership (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 806,995 | $ 1,396,714 | $ 962,501 |
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | $ (3,774) | $ (17,964) | $ (14,855) |
Dilutive Securities Options | 1,402 | 1,924 | 1,080 |
ATM forward sales | 3 | 69 | |
Denominator for net income per share – diluted | 389,450 | 388,089 | 385,874 |
Earnings Per Share, Basic | $ 2.06 | $ 3.56 | $ 2.45 |
Earnings Per Share, Diluted | $ 2.05 | $ 3.54 | $ 2.45 |
ERPOP [Member] | |||
Net income | $ 806,995 | $ 1,396,714 | $ 962,501 |
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | (3,774) | (17,964) | (14,855) |
Allocation to Preference Units | (3,090) | (3,090) | (3,090) |
Numerator for net income per Unit – basic and diluted | $ 800,131 | $ 1,375,660 | $ 944,556 |
Denominator for net income per Unit – basic | 388,045 | 386,096 | 384,794 |
Dilutive Securities Options | 1,402 | 1,924 | 1,080 |
ATM forward sales | 3 | 69 | |
Denominator for net income per share – diluted | 389,450 | 388,089 | 385,874 |
Earnings Per Share, Basic | $ 2.06 | $ 3.56 | $ 2.45 |
Earnings Per Share, Diluted | $ 2.05 | $ 3.54 | $ 2.45 |
Share Incentive Plans - Additio
Share Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 8,920,638 | ||
Individual potential target award minimum | 0% | ||
Individual potential target award maximum | 200% | ||
Percent of award target performance metric | 50% | ||
Percentage of distribution payments | 10% | ||
Compensation information | |||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized | $ 9.5 | ||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 4 months 17 days | ||
Share-based compensation arrangement by share-based payment award, options, exercisable, number | 3,710,888 | 4,985,668 | |
Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average exercise price | $ 58.70 | $ 55.12 | |
Stock Compensation Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 11,331,958 |
Share Incentive Plans - Summary
Share Incentive Plans - Summary of Terms of Awards Generally Granted to Employees (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Options [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Overview | Options exercised after vesting result in issuance of new Common Shares. |
Grant/Exercise Price | Granted at the fair market value of Common Shares as of the grant date using the Black-Scholes model as described below. |
Vesting Period | 3 years |
Expiration | 10 years |
Upon Employee Termination | Unvested options are canceled. |
Restricted Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Overview | Restricted shareholders generally have the same voting rights and receive quarterly dividend payments on their shares at the same rate and on the same date as any other Common Share holder (1). |
Grant/Exercise Price | Granted at the fair market value of Common Shares as of the grant date. |
Vesting Period | 3 years |
Upon Employee Termination | Unvested restricted shares are canceled. |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Overview | When certain conditions are met, restricted units convert into an equal number of OP Units, which the holder may exchange for Common Shares on a one-for-one basis or at the option of the Company the cash value of such shares. Restricted unitholders receive quarterly distribution payments on their restricted units at the same rate and on the same date as any other OP Unit holder (1). |
Grant/Exercise Price | Granted at varying discount rates to the fair market value of Common Shares as of the grant date (2). |
Vesting Period | 3 years |
Expiration | 10 years |
Upon Employee Termination | Unvested restricted units are canceled. |
Share Incentive Plans - Summa_2
Share Incentive Plans - Summary of Valuation Method of Share Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 21.70% | 21.30% | 15.20% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | 5 years | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.26% | 3.23% | 3.04% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.66% | 0.50% | 1.32% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 91.59 | $ 67.48 | $ 83.08 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 12.57 | $ 7.96 | $ 7.23 |
Share Incentive Plans - Summa_3
Share Incentive Plans - Summary of Valuation Method of Share Options (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Historical period of estimated volatility | 5 years |
Share Incentive Plans - Summa_4
Share Incentive Plans - Summary of Weighted Average Fair Value for Each Restricted Share/Unit (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average fair value per restricted share | $ 80.52 | $ 70.46 | $ 77.44 |
LTI Awards [Member] | Restricted Shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average fair value per restricted share | 96.84 | 61.73 | 75.89 |
LTI Awards [Member] | Restricted Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average fair value per restricted share | $ 93.32 | $ 59.82 | $ 72.69 |
Share Incentive Plans - Summa_5
Share Incentive Plans - Summary of Terms of Each Retirement Eligibility Category (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Age 62 for Employees [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Eligibility | For employees hired prior to January 1, 2009 and who were age 59 or older as of February 1, 2019. |
Effect on unvested restricted shares, restricted units and Options | Awards immediately vest, Options continue to be exercisable for the balance of the applicable ten-year option period and restricted units are still subject to the book-up provisions. |
Effect on LTI Plan | Awards are prorated in proportion to the number of days worked in the first year of the three-year performance period and the individual does not receive any payout of shares or units until the final payout is determined at the end of the three-year performance period. |
Rule of 70 for Employees [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Eligibility | All employees (1). |
Effect on unvested restricted shares, restricted units and Options | Awards continue to vest per the original vesting schedule, subject to certain conditions, Options continue to be exercisable for the balance of the applicable ten-year option period and restricted units are still subject to the book-up provisions. |
Effect on LTI Plan | Awards are prorated in proportion to the number of days worked in the first year of the three-year performance period and the individual does not receive any payout of shares or units until the final payout is determined at the end of the three-year performance period. |
Age 72 for Trustees [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Eligibility | All non-employee Trustees. |
Effect on unvested restricted shares, restricted units and Options | Awards immediately vest, Options continue to be exercisable for the balance of the applicable ten-year option period and restricted units are still subject to the book-up provisions. |
Effect on LTI Plan | Awards are prorated in proportion to the number of days worked in the first year of the three-year performance period and the individual does not receive any payout of shares or units until the final payout is determined at the end of the three-year performance period. |
Share Incentive Plans - Schedul
Share Incentive Plans - Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Compensation information | |||
Compensation Expense | $ 29,513 | $ 27,810 | $ 23,174 |
Compensation Capitalized | 1,510 | 1,430 | 1,527 |
Restricted Units In-Lieu of Bonus | 2,793 | 1,038 | 1,743 |
Compensation Equity | 33,816 | 30,278 | 26,444 |
Dividends Incurred | 2,159 | 2,015 | 3,027 |
Restricted Shares [Member] | |||
Compensation information | |||
Compensation Expense | 10,419 | 7,258 | 10,053 |
Compensation Capitalized | 1,176 | 1,131 | 1,172 |
Restricted Units In-Lieu of Bonus | 0 | 0 | 0 |
Compensation Equity | 11,595 | 8,389 | 11,225 |
Dividends Incurred | 1,120 | 761 | 1,172 |
Restricted Stock Units (RSUs) [Member] | |||
Compensation information | |||
Compensation Expense | 16,487 | 16,689 | 10,103 |
Compensation Capitalized | 87 | 70 | 80 |
Restricted Units In-Lieu of Bonus | 2,530 | 1,038 | 1,743 |
Compensation Equity | 19,104 | 17,797 | 11,926 |
Dividends Incurred | 1,039 | 1,254 | 1,855 |
Options [Member] | |||
Compensation information | |||
Compensation Expense | 1,889 | 2,980 | 2,156 |
Compensation Capitalized | 169 | 121 | 193 |
Restricted Units In-Lieu of Bonus | 263 | 0 | 0 |
Compensation Equity | 2,321 | 3,101 | 2,349 |
Dividends Incurred | 0 | 0 | 0 |
Employee Share Purchase Plan Discount [Member] | |||
Compensation information | |||
Compensation Expense | 718 | 883 | 862 |
Compensation Capitalized | 78 | 108 | 82 |
Restricted Units In-Lieu of Bonus | 0 | 0 | 0 |
Compensation Equity | 796 | 991 | 944 |
Dividends Incurred | $ 0 | $ 0 | $ 0 |
Share Incentive Plans - Award A
Share Incentive Plans - Award Activity of the Share Incentive Plans (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Common Shares Subject to Options, Awards exercised/vested | (468,021) | (1,710,692) | (239,695) |
Employee Stock Option [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Common Shares Subject to Options, Beginning Balance | 4,387,833 | 5,642,752 | 5,567,544 |
Common Shares Subject to Options, Awards granted | 164,199 | 489,853 | 317,731 |
Common Shares Subject to Options, Awards exercised/vested | (468,021) | (1,710,692) | (239,695) |
Common Shares Subject to Options, Awards forfeited | (12,968) | (23,317) | (1,344) |
Common Shares Subject to Options, Awards expired | (9,683) | (10,763) | (1,484) |
Common Shares Subject to Options, Ending Balance | 4,061,360 | 4,387,833 | 5,642,752 |
Weighted Average Exercise Price per Option, Beginning Balance | $ 60.65 | $ 56.91 | $ 55.52 |
Weighted Average Exercise Price per Option, Awards granted | 88.22 | 67.58 | 76.26 |
Weighted Average Exercise Price per Option, Awards exercised/vested | 52.87 | 50.09 | 50.31 |
Weighted Average Exercise Price per Option, Awards forfeited | 77.29 | 73.33 | 72.69 |
Weighted Average Exercise Price per Option, Awards expired | 60.02 | 68 | 47.18 |
Weighted Average Exercise Price per Option, Ending Balance | $ 62.60 | $ 60.65 | $ 56.91 |
Restricted Shares [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Restricted Shares, Beginning Balance | 309,876 | 353,634 | 306,706 |
Restricted Shares, Awards granted | 182,801 | 96,224 | 179,911 |
Restricted Shares, Awards exercised/vested | (194,533) | (133,351) | (131,792) |
Restricted Shares, Awards forfeited | (8,226) | (6,631) | (1,191) |
Restricted Shares, Awards Expired | 0 | 0 | 0 |
Restricted Shares, Ending Balance | 289,918 | 309,876 | 353,634 |
Weighted Average Fair Value per Restricted Share, Beginning Balance | $ 75.17 | $ 71.81 | $ 66.15 |
Weighted Average Fair Value per Restricted Share, Awards granted | 80.52 | 70.46 | 77.44 |
Weighted Average Fair Value per Restricted Share, Awards exercised/vested | 70.91 | 62.89 | 66.32 |
Weighted Average Fair Value per Restricted Share, Awards forfeited | 82.02 | 74.31 | 73.45 |
Weighted Average Fair Value per Restricted Share, Awards Expired | 0 | 0 | 0 |
Weighted Average Fair Value per Restricted Share, Ending Balance | $ 81.21 | $ 75.17 | $ 71.81 |
Restricted Units [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Restricted Units, Beginning Balance | 853,431 | 879,800 | 858,284 |
Restricted Units, Awards Granted | 223,242 | 190,742 | 249,263 |
Restricted Units, Awards exercised/vested | (122,999) | (181,531) | (227,747) |
Restricted Units, Awards forfeited | 0 | (35,580) | 0 |
Restricted Units, Awards Expired | 0 | 0 | 0 |
Restricted Units, Ending Balance | 953,674 | 853,431 | 879,800 |
Weighted Average Fair Value per Restricted Unit, Beginning Balance | $ 66.11 | $ 66.78 | $ 64.95 |
Weighted Average Fair Value per Restricted Unit, Awards granted | 86.47 | 60.71 | 72 |
Weighted Average Fair Value per Restricted Unit, Awards exercised/vested | 66.10 | 62.01 | 68.47 |
Weighted Average Fair Value per Restricted Unit, Awards forfeited | 0 | 59.82 | 0 |
Weighted Average Fair Value per Restricted Unit, Awards Expired | 0 | 0 | 0 |
Weighted Average Fair Value per Restricted Unit, Ending Balance | $ 73.57 | $ 66.11 | $ 66.78 |
Share Incentive Plans - Award_2
Share Incentive Plans - Award Activity of Stock Options, Restricted Shares and Restricted Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Weighted average grant date fair value per share for Options granted | $ 12.57 | $ 7.96 | $ 7.23 |
Employee Stock Option [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Weighted average grant date fair value per share for Options granted | $ 12.45 | $ 7.98 | $ 6.74 |
Aggregate intrinsic value of Options exercised | $ 14,511 | $ 47,413 | $ 7,569 |
Restricted Shares [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 17,353 | 9,222 | 10,559 |
Restricted Units [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 10,662 | $ 12,468 | $ 18,711 |
Share Incentive Plans - Informa
Share Incentive Plans - Information Regarding Options Outstanding and Exercisable (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Options Outstanding, Options | shares | 4,061,360 |
Options Exercisable, Options | shares | 3,549,325 |
Options, Vested and expected to vest | shares | 506,883 |
Options Outstanding, Weighted Average Remaining Contractual Life in Years | 4 years 10 months 6 days |
Options Exercisable, Weighted Average Remaining Contractual Life in Years | 4 years 4 months 9 days |
Options Vested and expected to vest, Weighted Average Remaining Contractual Life in Years | 8 years 3 months 3 days |
Options Outstanding, Weighted Average Exercise Price | $ / shares | $ 62.60 |
Options Exercisable, Weighted Average Exercise Price | $ / shares | 60.80 |
Vested and expected to vest, Weighted Average Exercise Price | $ / shares | $ 75.07 |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 6,303 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 6,303 |
Share Incentive Plans - Infor_2
Share Incentive Plans - Information Regarding Options Outstanding and Exercisable (Parenthetical) (Details) | Dec. 31, 2022 $ / shares |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Market value of common shares | $ 59 |
Employee Plans - Additional Inf
Employee Plans - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Value of common shares that can be acquired by the employee and trustees under employees share purchase plan | $ 100,000 | ||
Number of common shares authorized after amendment | 7,000,000 | ||
Common Shares available for purchase under the ESPP | 2,486,599 | ||
Purchase price of common stock | 85% | ||
Maximum eligible compensation percentage for the defined contribution plan (the 401(k) Plan) | 4% | ||
Defined contribution plan vesting period | 5 years | ||
Defined contribution plan, compensation expense | $ 4,800,000 | $ 4,900,000 | $ 5,200,000 |
Highly Compensated Employees [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Maximum eligible compensation percentage for the defined contribution plan (the 401(k) Plan) | 3% |
Employee Plans - Summary of Inf
Employee Plans - Summary of Information Regarding the Common Shares Issued Under the ESPP (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement, Additional Disclosure [Abstract] | |||
Shares issued | 66,835 | 70,702 | 90,196 |
Issuance price ranges, Minimum | $ 52.33 | $ 53.13 | $ 46.23 |
Issuance price ranges, Maximum | $ 72.51 | $ 71.04 | $ 63.84 |
Issuance proceeds | $ 4,178 | $ 4,265 | $ 4,508 |
Distribution Reinvestment Plan
Distribution Reinvestment Plan - Additional Information (Details) - shares | Dec. 31, 2022 | Sep. 30, 2014 |
Distribution Reinvestment And Share Purchase Plan [Abstract] | ||
Common shares registered with distribution reinvestment and share purchase Plan (2014 DRIP) | 4,790,000 | |
Number of shares available for issuance | 4,631,362 |
Transactions with Related Par_2
Transactions with Related Parties - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |||
Lease expiration date | Nov. 30, 2032 | ||
Lease extension options | two five-year | ||
Amount incurred for leased office space | $ 1.7 | $ 1.7 | $ 2.1 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Real Estate Development Commitments (Details) $ in Thousands | Dec. 31, 2022 USD ($) Apartment Project |
Projects Under Development Consolidated [Member] | |
Projects/Investments/Units/Remaining Commitments schedule | |
Number of consolidated projects in various stages of development | Project | 2 |
Apartment Units | Apartment | 537 |
Consolidated project under development commitment fund | $ | $ 147,708 |
Projects Under Development Unconsolidated [Member] | |
Projects/Investments/Units/Remaining Commitments schedule | |
Number of unconsolidated projects in various stages of development | Project | 6 |
Apartment Units | Apartment | 1,982 |
Unconsolidated project under development commitment fund | $ | $ 358,277 |
Projects Under Development [Member] | |
Projects/Investments/Units/Remaining Commitments schedule | |
Number of projects in various stages of development | Project | 8 |
Apartment Units | Apartment | 2,519 |
Project under development commitment fund | $ | $ 505,985 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Real Estate Development Commitments (Parenthetical) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Real Estate Properties [Line Items] | |
Total project costs remaining under development commitment fund | $ 506 |
Parent [Member] | |
Real Estate Properties [Line Items] | |
Total project costs remaining under development commitment fund | 146.4 |
Corporate Joint Venture [Member] | |
Real Estate Properties [Line Items] | |
Total project costs remaining under development commitment fund | 11.2 |
Construction Loans [Member] | |
Real Estate Properties [Line Items] | |
Total project costs remaining under development commitment fund | $ 348.4 |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Agreement Investment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Commitments And Contingencies [Line Items] | |||
Number of real estate technology investment funds | Investment | 8 | ||
Number of other real estate investment funds | Investment | 1 | ||
Real estate technology and other real estate investments commitment funds | $ 19.9 | ||
Equity method investment period | 3 years | ||
Percentage of expected non-recourse construction debt | 60% | ||
Initial minimum co-investment of combined equity | $ 750 | ||
Number of joint venture agreements | Agreement | 4 | ||
Compensation expense, recognized | $ (0.2) | $ 0.1 | $ 0.5 |
Number of deferred compensation agreement with former executive officer | Agreement | 1 | ||
Equity Residential [Member] | |||
Commitments And Contingencies [Line Items] | |||
Ownership Percentage | 75% | ||
Toll Brothers Inc. [Member] | |||
Commitments And Contingencies [Line Items] | |||
Ownership Percentage | 25% |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Contractual Obligations (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Other Long-Term Liabilities: | |
Deferred Compensation Due, Year 1 | $ (666) |
Deferred Compensation Due, Year 2 | (767) |
Deferred Compensation Due, Year 3 | (767) |
Deferred Compensation Due, Year 4 | (767) |
Deferred Compensation Due, Year 5 | (767) |
Deferred Compensation Due, Thereafter | (4,220) |
Deferred Compensation Due, Total | $ (7,954) |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Details) - Customer | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Number of customer contributed 10% or more of total revenue | 0 | 0 | 0 |
Non-residential Leases [Member] | Revenue [Member] | Revenue Concentration Risk [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 3.70% |
Reportable Segments - Reconcili
Reportable Segments - Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | |||
Rental income | $ 2,735,180 | $ 2,463,997 | $ 2,571,705 |
Property and maintenance expense | (483,865) | (453,532) | (440,998) |
Real estate taxes and insurance expense | (388,412) | (397,105) | (381,562) |
Operating income | 1,116,046 | 1,675,841 | 1,317,990 |
Same Store, Non-same Store and Other | |||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | |||
Rental income | 2,735,180 | 2,463,997 | 2,571,705 |
Property and maintenance expense | (483,865) | (453,532) | (440,998) |
Real estate taxes and insurance expense | (388,412) | (397,105) | (381,562) |
Total operating expenses | (872,277) | (850,637) | (822,560) |
Operating income | $ 1,862,903 | $ 1,613,360 | $ 1,749,145 |
Reportable Segments - NOI from
Reportable Segments - NOI from Our Rental Real Estate for Each Segment Specific to Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Rental income | $ 2,735,180 | $ 2,463,997 | $ 2,571,705 |
Operating income | 1,116,046 | 1,675,841 | 1,317,990 |
Total Assets | 20,218,262 | 21,169,241 | |
Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 2,533,577 | 2,291,604 | 2,425,025 |
Operating expenses | 802,291 | 774,504 | 780,381 |
Operating income | 1,731,286 | 1,517,100 | 1,644,644 |
Total Assets | 16,919,631 | 17,457,178 | |
Capital Expenditures | 195,110 | 143,634 | |
Non-same store/other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 201,603 | 172,393 | 146,680 |
Operating expenses | 69,986 | 76,133 | 42,179 |
Operating income | 131,617 | 96,260 | 104,501 |
Total Assets | 3,298,631 | 3,712,063 | |
Capital Expenditures | 25,976 | 7,385 | |
Same Store, Non-same Store and Other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 2,735,180 | 2,463,997 | 2,571,705 |
Operating expenses | 872,277 | 850,637 | 822,560 |
Operating income | 1,862,903 | 1,613,360 | 1,749,145 |
Total Assets | 20,218,262 | 21,169,241 | |
Capital Expenditures | 221,086 | 151,019 | |
Los Angeles | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 469,180 | 431,954 | 444,129 |
Operating expenses | 137,078 | 132,274 | 140,469 |
Operating income | 332,102 | 299,680 | 303,660 |
Total Assets | 2,590,661 | 2,668,136 | |
Capital Expenditures | 35,481 | 20,917 | |
Orange County | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 122,660 | 109,427 | 105,236 |
Operating expenses | 26,338 | 24,986 | 24,545 |
Operating income | 96,322 | 84,441 | 80,691 |
Total Assets | 356,396 | 371,063 | |
Capital Expenditures | 7,885 | 5,647 | |
San Diego | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 86,728 | 78,709 | 74,737 |
Operating expenses | 19,395 | 18,395 | 18,176 |
Operating income | 67,333 | 60,314 | 56,561 |
Total Assets | 228,471 | 232,345 | |
Capital Expenditures | 8,798 | 2,899 | |
Subtotal - Southern California | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 678,568 | 620,090 | 624,102 |
Operating expenses | 182,811 | 175,655 | 183,190 |
Operating income | 495,757 | 444,435 | 440,912 |
Total Assets | 3,175,528 | 3,271,544 | |
Capital Expenditures | 52,164 | 29,463 | |
San Francisco | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 418,941 | 383,817 | 435,371 |
Operating expenses | 124,952 | 118,795 | 117,085 |
Operating income | 293,989 | 265,022 | 318,286 |
Total Assets | 3,068,951 | 3,165,347 | |
Capital Expenditures | 33,854 | 20,021 | |
Washington D.C. | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 411,975 | 389,205 | 405,571 |
Operating expenses | 136,130 | 129,065 | 125,353 |
Operating income | 275,845 | 260,140 | 280,218 |
Total Assets | 3,027,549 | 3,134,677 | |
Capital Expenditures | 34,174 | 27,061 | |
New York | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 434,820 | 367,370 | 424,534 |
Operating expenses | 186,896 | 182,631 | 197,740 |
Operating income | 247,924 | 184,739 | 226,794 |
Total Assets | 3,421,373 | 3,513,047 | |
Capital Expenditures | 21,636 | 28,742 | |
Seattle | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 282,902 | 256,988 | 257,372 |
Operating expenses | 79,101 | 80,775 | 74,362 |
Operating income | 203,801 | 176,213 | 183,010 |
Total Assets | 2,076,320 | 2,140,925 | |
Capital Expenditures | 28,086 | 15,203 | |
Boston | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 262,604 | 235,050 | 240,158 |
Operating expenses | 79,979 | 76,374 | 71,611 |
Operating income | 182,625 | 158,676 | 168,547 |
Total Assets | 1,676,783 | 1,739,184 | |
Capital Expenditures | 23,057 | 21,129 | |
Denver | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 43,767 | 39,084 | 37,917 |
Operating expenses | 12,422 | 11,209 | 11,040 |
Operating income | 31,345 | 27,875 | 26,877 |
Total Assets | 473,127 | 492,454 | |
Capital Expenditures | 2,139 | 2,015 | |
Non-same store | Non-same store/other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 179,707 | 59,629 | 11,791 |
Operating expenses | 70,654 | 27,691 | 2,706 |
Operating income | 109,053 | 31,938 | 9,085 |
Total Assets | 2,501,008 | 2,439,634 | |
Capital Expenditures | 25,429 | 4,491 | |
Other | Non-same store/other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 21,896 | 112,764 | 134,889 |
Operating expenses | (668) | 48,442 | 39,473 |
Operating income | 22,564 | 64,322 | $ 95,416 |
Total Assets | 797,623 | 1,272,429 | |
Capital Expenditures | $ 547 | $ 2,894 |
Reportable Segments - NOI fro_2
Reportable Segments - NOI from Our Rental Real Estate for Each Segment Specific to Continuing Operations (Parenthetical) (Details) - Property | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |||
Units in same store properties | 72,872 | 72,872 | 74,077 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation-Overall Summary (Details) | Dec. 31, 2022 USD ($) Property ApartmentUnit | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) |
Overall summary of real estate and accumulated depreciation | ||||
Investment in Real Estate, Gross | $ 28,088,754,000 | $ 28,272,906,000 | $ 27,203,325,000 | $ 27,533,607,000 |
Accumulated Depreciation | $ (9,027,850,000) | $ (8,354,282,000) | $ (7,859,657,000) | $ (7,276,786,000) |
Investment in Real Estate - Wholly Owned Unencumbered [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 256 | |||
Units | ApartmentUnit | 67,542 | |||
Investment in Real Estate, Gross | $ 23,810,329,470 | |||
Accumulated Depreciation | (7,664,733,730) | |||
Investment in Real Estate, Net | 16,145,595,740 | |||
Encumbrances | $ 0 | |||
Investment in Real Estate - Wholly Owned Encumbered [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 37 | |||
Units | ApartmentUnit | 8,941 | |||
Investment in Real Estate, Gross | $ 3,376,901,549 | |||
Accumulated Depreciation | (1,095,745,422) | |||
Investment in Real Estate, Net | 2,281,156,127 | |||
Encumbrances | $ 1,816,819,525 | |||
Wholly Owned Properties | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 293 | |||
Units | ApartmentUnit | 76,483 | |||
Investment in Real Estate, Gross | $ 27,187,231,019 | |||
Accumulated Depreciation | (8,760,479,152) | |||
Investment in Real Estate, Net | 18,426,751,867 | |||
Encumbrances | $ 1,816,819,525 | |||
Investment in Real Estate - Partially Owned Unencumbered [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 13 | |||
Units | ApartmentUnit | 2,646 | |||
Investment in Real Estate, Gross | $ 666,489,021 | |||
Accumulated Depreciation | (239,628,682) | |||
Investment in Real Estate, Net | 426,860,339 | |||
Encumbrances | $ 0 | |||
Investment in Real Estate - Partially Owned Encumbered [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 2 | |||
Units | ApartmentUnit | 468 | |||
Investment in Real Estate, Gross | $ 235,033,453 | |||
Accumulated Depreciation | (27,742,015) | |||
Investment in Real Estate, Net | 207,291,438 | |||
Encumbrances | $ 136,618,560 | |||
NONCONTROLLING INTERESTS - PARTIALLY OWNED PROPERTIES | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 15 | |||
Units | ApartmentUnit | 3,114 | |||
Investment in Real Estate, Gross | $ 901,522,474 | |||
Accumulated Depreciation | (267,370,697) | |||
Investment in Real Estate, Net | 634,151,777 | |||
Encumbrances | $ 136,618,560 | |||
Unencumbered Properties [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 269 | |||
Units | ApartmentUnit | 70,188 | |||
Investment in Real Estate, Gross | $ 24,476,818,491 | |||
Accumulated Depreciation | (7,904,362,412) | |||
Investment in Real Estate, Net | 16,572,456,079 | |||
Encumbrances | $ 0 | |||
Encumbered Properties [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 39 | |||
Units | ApartmentUnit | 9,409 | |||
Investment in Real Estate, Gross | $ 3,611,935,002 | |||
Accumulated Depreciation | (1,123,487,437) | |||
Investment in Real Estate, Net | 2,488,447,565 | |||
Encumbrances | $ 1,953,438,085 | |||
Total Consolidated Investment in Real Estate [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 308 | |||
Units | ApartmentUnit | 79,597 | |||
Investment in Real Estate, Gross | $ 28,088,753,493 | |||
Accumulated Depreciation | (9,027,849,849) | |||
Investment in Real Estate, Net | 19,060,903,644 | |||
Encumbrances | $ 1,953,438,085 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation-Encumbrances Reconciliation (Details) | Dec. 31, 2022 USD ($) Property |
Total Consolidated Investment in Real Estate [Member] | |
Overall summary of real estate and accumulated depreciation | |
Encumbrances | $ 1,953,438,085 |
Archstone Master Property [Member] | |
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract] | |
Number of Properties Encumbered | Property | 13 |
Overall summary of real estate and accumulated depreciation | |
Encumbrances | $ 799,609,043 |
Portfolio Entity Encumbrances [Member] | |
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract] | |
Number of Properties Encumbered | Property | 13 |
Overall summary of real estate and accumulated depreciation | |
Encumbrances | $ 799,609,043 |
Individual Property Encumbrances [Member] | |
Overall summary of real estate and accumulated depreciation | |
Encumbrances | $ 1,153,829,042 |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation - Summary of Changes in Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in total real estate | |||
Balance, beginning of year | $ 28,272,906 | $ 27,203,325 | $ 27,533,607 |
Acquisitions and development | 214,903 | 1,912,579 | 298,847 |
Improvements | 225,136 | 152,715 | 154,433 |
Dispositions and other | (624,191) | (995,713) | (783,562) |
Balance, end of year | $ 28,088,754 | $ 28,272,906 | $ 27,203,325 |
Schedule III - Real Estate an_5
Schedule III - Real Estate and Accumulated Depreciation - Summary of Changes in Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in accumulated depreciation | |||
Balance, beginning of year | $ 8,354,282 | $ 7,859,657 | $ 7,276,786 |
Depreciation | 882,168 | 838,272 | 820,832 |
Dispositions and other | (208,600) | (343,647) | (237,961) |
Balance, end of year | $ 9,027,850 | $ 8,354,282 | $ 7,859,657 |
Schedule III - Real Estate an_6
Schedule III - Real Estate and Accumulated Depreciation (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) ApartmentUnit | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Real Estate And Accumulated Depreciation Abstract | ||||
Accumulated Depreciation | $ (9,027,850,000) | $ (8,354,282,000) | $ (7,859,657,000) | $ (7,276,786,000) |
100 K Apartments (fka 100K Street) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 222 | |||
Initial Cost to Company, Land | $ 15,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 70,296,069 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 118,357 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 15,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 70,414,426 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 86,014,426 | |||
Accumulated Depreciation | (11,947,067) | |||
Investment in Real Estate, Net | 74,067,359 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
170 Amsterdam [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 236 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 112,096,955 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 873,284 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 112,970,239 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 112,970,239 | |||
Accumulated Depreciation | (34,043,879) | |||
Investment in Real Estate, Net | 78,926,360 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
175 Kent [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Brooklyn, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 113 | |||
Initial Cost to Company, Land | $ 22,037,831 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 53,962,169 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,748,393 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 22,037,831 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 56,710,562 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 78,748,393 | |||
Accumulated Depreciation | (24,154,395) | |||
Investment in Real Estate, Net | 54,593,998 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
180 Montague (fka Brooklyn Heights) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Brooklyn, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 193 | |||
Initial Cost to Company, Land | $ 32,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 92,675,228 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,887,763 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 32,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 98,562,991 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 130,962,991 | |||
Accumulated Depreciation | (37,808,894) | |||
Investment in Real Estate, Net | 93,154,097 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
180 Riverside Boulevard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 516 | |||
Initial Cost to Company, Land | $ 144,968,250 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 138,346,681 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 21,777,910 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 144,968,250 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 160,124,591 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 305,092,841 | |||
Accumulated Depreciation | (95,800,315) | |||
Investment in Real Estate, Net | 209,292,526 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1210 Mass [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 144 | |||
Initial Cost to Company, Land | $ 9,213,512 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,559,189 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,206,790 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 9,213,512 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 41,765,979 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 50,979,491 | |||
Accumulated Depreciation | (24,625,028) | |||
Investment in Real Estate, Net | 26,354,463 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1401 Joyce on Pentagon Row [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 326 | |||
Initial Cost to Company, Land | $ 9,780,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 89,668,165 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,362,559 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 9,780,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 98,030,724 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 107,810,724 | |||
Accumulated Depreciation | (48,077,244) | |||
Investment in Real Estate, Net | 59,733,480 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1500 Mass Ave [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 556 | |||
Initial Cost to Company, Land | $ 54,638,298 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,361,702 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 17,314,785 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 54,638,298 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 57,676,487 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 112,314,785 | |||
Accumulated Depreciation | (36,090,603) | |||
Investment in Real Estate, Net | 76,224,182 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1800 Oak (fka Rosslyn) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 314 | |||
Initial Cost to Company, Land | $ 31,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 109,005,734 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,374,587 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 31,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 121,380,321 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 152,780,321 | |||
Accumulated Depreciation | (47,084,778) | |||
Investment in Real Estate, Net | 105,695,543 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
2201 Pershing Drive [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 188 | |||
Initial Cost to Company, Land | $ 11,321,198 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 49,674,175 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,334,541 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 11,321,198 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 53,008,716 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 64,329,914 | |||
Accumulated Depreciation | (21,108,327) | |||
Investment in Real Estate, Net | 43,221,587 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
2201 Wilson [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 219 | |||
Initial Cost to Company, Land | $ 21,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 78,724,663 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,420,498 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 21,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 87,145,161 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 109,045,161 | |||
Accumulated Depreciation | (32,851,672) | |||
Investment in Real Estate, Net | 76,193,489 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
2400 M St [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 359 | |||
Initial Cost to Company, Land | $ 30,006,593 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 114,013,785 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,316,469 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 30,006,593 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 119,330,254 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 149,336,847 | |||
Accumulated Depreciation | (69,768,932) | |||
Investment in Real Estate, Net | 79,567,915 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
315 on A [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 202 | |||
Initial Cost to Company, Land | $ 14,450,070 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 115,824,930 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,849,886 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 14,450,070 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 117,674,816 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 132,124,886 | |||
Accumulated Depreciation | (35,660,011) | |||
Investment in Real Estate, Net | 96,464,875 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
340 Fremont (fka Rincon Hill) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 348 | |||
Initial Cost to Company, Land | $ 42,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 248,607,902 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 845,648 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 42,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 249,453,550 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 291,453,550 | |||
Accumulated Depreciation | (62,382,935) | |||
Investment in Real Estate, Net | 229,070,615 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
341 Nevins [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Brooklyn, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 3,621,717 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 308,661 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 3,621,717 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 308,661 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 3,930,378 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 3,930,378 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
3003 Van Ness (fka Van Ness) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 625 | |||
Initial Cost to Company, Land | $ 56,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 141,191,580 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,966,163 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 56,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 153,157,743 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 209,457,743 | |||
Accumulated Depreciation | (59,966,206) | |||
Investment in Real Estate, Net | 149,491,537 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
425 Mass [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 559 | |||
Initial Cost to Company, Land | $ 28,150,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 138,600,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,678,062 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 28,150,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 146,278,062 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 174,428,062 | |||
Accumulated Depreciation | (68,166,012) | |||
Investment in Real Estate, Net | 106,262,050 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
455 Eye Street [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 174 | |||
Initial Cost to Company, Land | $ 11,941,407 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,418,689 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 220,558 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 11,941,407 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 61,639,247 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 73,580,654 | |||
Accumulated Depreciation | (13,446,641) | |||
Investment in Real Estate, Net | 60,134,013 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
4th and Hill [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 13,131,456 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,868,544 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 13,131,456 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 1,868,544 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 15,000,000 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 15,000,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
55 West Fifth I & II (fka Townhouse Plaza and Gardens) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Mateo, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 241 | |||
Initial Cost to Company, Land | $ 21,041,710 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 71,931,323 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 16,597,875 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 21,041,710 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 88,529,198 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 109,570,908 | |||
Accumulated Depreciation | (39,856,719) | |||
Investment in Real Estate, Net | 69,714,189 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
600 Washington [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 135 | |||
Initial Cost to Company, Land | $ 32,852,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,140,551 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,393,943 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 32,852,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 47,534,494 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 80,386,494 | |||
Accumulated Depreciation | (27,305,832) | |||
Investment in Real Estate, Net | 53,080,662 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
660 Washington (fka Boston Common) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 420 | |||
Initial Cost to Company, Land | $ 106,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 166,311,679 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 16,424,115 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 106,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 182,735,794 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 288,835,794 | |||
Accumulated Depreciation | (66,003,911) | |||
Investment in Real Estate, Net | 222,831,883 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
70 Greene [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Jersey City, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 480 | |||
Initial Cost to Company, Land | $ 28,108,899 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 236,763,553 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,882,189 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 28,108,899 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 242,645,742 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 270,754,641 | |||
Accumulated Depreciation | (106,757,715) | |||
Investment in Real Estate, Net | 163,996,926 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
71 Broadway [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 238 | |||
Initial Cost to Company, Land | $ 22,611,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 77,492,171 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 21,574,386 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 22,611,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 99,066,557 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 121,678,157 | |||
Accumulated Depreciation | (63,873,265) | |||
Investment in Real Estate, Net | 57,804,892 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
77 Bluxome [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 102 | |||
Initial Cost to Company, Land | $ 5,249,124 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,609,876 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 701,746 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 5,249,124 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,311,622 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,560,746 | |||
Accumulated Depreciation | (8,233,756) | |||
Investment in Real Estate, Net | 16,326,990 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
77 Park Avenue (fka Hoboken) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Hoboken, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 301 | |||
Initial Cost to Company, Land | $ 27,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 168,992,440 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,981,777 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 27,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 179,974,217 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 207,874,217 | |||
Accumulated Depreciation | (67,423,156) | |||
Investment in Real Estate, Net | 140,451,061 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
777 Sixth [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 294 | |||
Initial Cost to Company, Land | $ 65,352,706 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 65,747,294 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,342,095 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 65,352,706 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 73,089,389 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 138,442,095 | |||
Accumulated Depreciation | (37,935,617) | |||
Investment in Real Estate, Net | 100,506,478 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
88 Hillside [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Daly City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 95 | |||
Initial Cost to Company, Land | $ 7,786,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,587,325 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,090,905 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 7,786,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 35,678,230 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 43,465,030 | |||
Accumulated Depreciation | (15,507,323) | |||
Investment in Real Estate, Net | 27,957,707 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
855 Brannan [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 449 | |||
Initial Cost to Company, Land | $ 41,363,921 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 282,730,067 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 791,530 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 41,363,921 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 283,521,597 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 324,885,518 | |||
Accumulated Depreciation | (57,385,586) | |||
Investment in Real Estate, Net | 267,499,932 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
929 Mass (fka 929 House) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 127 | |||
Initial Cost to Company, Land | $ 3,252,993 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,745,595 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,408,793 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 3,252,993 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,154,388 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 34,407,381 | |||
Accumulated Depreciation | (23,489,575) | |||
Investment in Real Estate, Net | 10,917,806 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Academy Village [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | North Hollywood, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 248 | |||
Initial Cost to Company, Land | $ 25,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,593,194 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,730,206 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 25,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 36,323,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 61,323,400 | |||
Accumulated Depreciation | (24,155,942) | |||
Investment in Real Estate, Net | 37,167,458 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Acappella [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Pasadena, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 143 | |||
Initial Cost to Company, Land | $ 5,839,548 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,360,452 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,564,708 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 5,839,548 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,925,160 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,764,708 | |||
Accumulated Depreciation | (15,642,799) | |||
Investment in Real Estate, Net | 22,121,909 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Alban Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 229 | |||
Initial Cost to Company, Land | $ 18,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 89,794,201 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,663,308 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 18,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 97,457,509 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 116,357,509 | |||
Accumulated Depreciation | (36,633,733) | |||
Investment in Real Estate, Net | 79,723,776 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Alborada [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fremont, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 442 | |||
Initial Cost to Company, Land | $ 24,310,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 59,214,129 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,322,001 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 24,310,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 69,536,130 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 93,846,130 | |||
Accumulated Depreciation | (52,639,765) | |||
Investment in Real Estate, Net | 41,206,365 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Alcott Apartments (fka West End Tower) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 470 | |||
Initial Cost to Company, Land | $ 10,424,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 397,689,562 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 153,059 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 10,424,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 397,842,621 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 408,266,621 | |||
Accumulated Depreciation | (17,988,355) | |||
Investment in Real Estate, Net | 390,278,266 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Alcyone [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 162 | |||
Initial Cost to Company, Land | $ 11,379,497 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 49,360,503 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,335,387 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 11,379,497 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 51,695,890 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 63,075,387 | |||
Accumulated Depreciation | (17,135,294) | |||
Investment in Real Estate, Net | 45,940,093 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Altitude (fka Village at Howard Hughes, The (Lots 1 & 2)) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 545 | |||
Initial Cost to Company, Land | $ 43,783,485 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 150,234,305 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 768,468 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 43,783,485 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 151,002,773 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 194,786,258 | |||
Accumulated Depreciation | (39,032,515) | |||
Investment in Real Estate, Net | 155,753,743 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Alton, The (fka Millikan) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Irvine, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 344 | |||
Initial Cost to Company, Land | $ 11,049,027 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 96,523,927 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 444,288 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 11,049,027 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 96,968,215 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 108,017,242 | |||
Accumulated Depreciation | (23,284,909) | |||
Investment in Real Estate, Net | 84,732,333 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Arbor Terrace [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Sunnyvale, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 177 | |||
Initial Cost to Company, Land | $ 9,057,300 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,483,642 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,974,052 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 9,057,300 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,457,694 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 40,514,994 | |||
Accumulated Depreciation | (22,871,546) | |||
Investment in Real Estate, Net | 17,643,448 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Arches,The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Sunnyvale, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 410 | |||
Initial Cost to Company, Land | $ 26,650,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 62,850,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,667,397 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 26,650,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 71,517,397 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 98,167,397 | |||
Accumulated Depreciation | (31,720,951) | |||
Investment in Real Estate, Net | 66,446,446 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Artisan on Second [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 118 | |||
Initial Cost to Company, Land | $ 8,000,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,074,600 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,773,555 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 8,000,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 37,848,155 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,848,555 | |||
Accumulated Depreciation | (16,682,625) | |||
Investment in Real Estate, Net | 29,165,930 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Artistry Emeryville (fka Emeryville) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Emeryville, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 267 | |||
Initial Cost to Company, Land | $ 12,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,466,267 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,277,700 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 12,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 70,743,967 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 83,043,967 | |||
Accumulated Depreciation | (29,468,973) | |||
Investment in Real Estate, Net | 53,574,994 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Atelier [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Brooklyn, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 120 | |||
Initial Cost to Company, Land | $ 32,401,680 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,135,432 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 864,452 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 32,401,680 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 47,999,884 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 80,401,564 | |||
Accumulated Depreciation | (13,864,493) | |||
Investment in Real Estate, Net | 66,537,071 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Avenue Two [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redwood City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 123 | |||
Initial Cost to Company, Land | $ 7,995,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,005,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,218,915 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 7,995,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 21,223,915 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 29,218,915 | |||
Accumulated Depreciation | (10,054,846) | |||
Investment in Real Estate, Net | 19,164,069 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Axis at Shady Grove [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Rockville, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 366 | |||
Initial Cost to Company, Land | $ 14,745,774 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 90,503,831 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 470,604 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 14,745,774 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 90,974,435 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 105,720,209 | |||
Accumulated Depreciation | (20,048,451) | |||
Investment in Real Estate, Net | 85,671,758 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Azure (fka Mission Bay-Block 13) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 273 | |||
Initial Cost to Company, Land | $ 32,855,115 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 153,566,841 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,614,260 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 32,855,115 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 155,181,101 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 188,036,216 | |||
Accumulated Depreciation | (42,622,898) | |||
Investment in Real Estate, Net | 145,413,318 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Bay Hill [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Long Beach, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 160 | |||
Initial Cost to Company, Land | $ 7,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 27,437,239 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,626,774 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 7,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,064,013 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 39,664,013 | |||
Accumulated Depreciation | (20,533,563) | |||
Investment in Real Estate, Net | 19,130,450 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Beatrice, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 302 | |||
Initial Cost to Company, Land | $ 114,351,405 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 165,648,595 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,361,487 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 114,351,405 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 169,010,082 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 283,361,487 | |||
Accumulated Depreciation | (67,992,813) | |||
Investment in Real Estate, Net | 215,368,674 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Bella Vista I, II, III Combined [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Woodland Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 579 | |||
Initial Cost to Company, Land | $ 31,682,754 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 121,095,786 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,495,872 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 31,682,754 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 133,591,658 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 165,274,412 | |||
Accumulated Depreciation | (78,584,749) | |||
Investment in Real Estate, Net | 86,689,663 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Belle Arts Condominium Homes, LLC [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 1 | |||
Initial Cost to Company, Land | $ 63,158 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 236,157 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,098 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 63,158 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 238,255 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 301,413 | |||
Accumulated Depreciation | (116,241) | |||
Investment in Real Estate, Net | 185,172 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Bella Fontaine [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Marina Del Rey, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 102 | |||
Initial Cost to Company, Land | $ 9,098,808 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,701,192 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,883,835 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 9,098,808 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,585,027 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 40,683,835 | |||
Accumulated Depreciation | (13,248,942) | |||
Investment in Real Estate, Net | 27,434,893 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Breakwater at Marina Del Rey [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Marina Del Rey, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 224 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 73,189,262 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,754,554 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 75,943,816 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 75,943,816 | |||
Accumulated Depreciation | (30,159,723) | |||
Investment in Real Estate, Net | 45,784,093 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Briarwood (CA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Sunnyvale, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 192 | |||
Initial Cost to Company, Land | $ 9,991,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,247,278 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,601,488 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 9,991,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,848,766 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,840,266 | |||
Accumulated Depreciation | (22,206,373) | |||
Investment in Real Estate, Net | 15,633,893 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Brodie, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Westminster, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 312 | |||
Initial Cost to Company, Land | $ 8,639,904 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 79,256,940 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,143,901 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 8,639,904 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 80,400,841 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 89,040,745 | |||
Accumulated Depreciation | (16,788,446) | |||
Investment in Real Estate, Net | 72,252,299 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Brooklyner, The (fka 111 Lawrence). [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Brooklyn, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 490 | |||
Initial Cost to Company, Land | $ 40,099,922 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 221,438,631 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,865,063 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 40,099,922 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 227,303,694 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 267,403,616 | |||
Accumulated Depreciation | (93,897,222) | |||
Investment in Real Estate, Net | 173,506,394 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
C on Pico [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 94 | |||
Initial Cost to Company, Land | $ 17,125,766 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,074,234 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 674,098 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 17,125,766 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,748,332 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,874,098 | |||
Accumulated Depreciation | (8,307,453) | |||
Investment in Real Estate, Net | 37,566,645 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Carlyle Mill [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 317 | |||
Initial Cost to Company, Land | $ 10,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 51,367,913 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,079,514 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 10,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 62,447,427 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 72,447,427 | |||
Accumulated Depreciation | (42,035,228) | |||
Investment in Real Estate, Net | 30,412,199 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Carmel Terrace [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 384 | |||
Initial Cost to Company, Land | $ 2,288,300 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,596,281 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,843,791 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 2,288,300 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 35,440,072 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,728,372 | |||
Accumulated Depreciation | (31,639,776) | |||
Investment in Real Estate, Net | 6,088,596 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Cascade [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 477 | |||
Initial Cost to Company, Land | $ 23,751,564 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 149,406,957 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 575,259 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 23,751,564 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 149,982,216 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 173,733,780 | |||
Accumulated Depreciation | (32,505,847) | |||
Investment in Real Estate, Net | 141,227,933 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Centennial (fka Centennial Court & Centennial Tower) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 408 | |||
Initial Cost to Company, Land | $ 9,700,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 70,080,378 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 16,430,466 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 9,700,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 86,510,844 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 96,210,844 | |||
Accumulated Depreciation | (54,699,023) | |||
Investment in Real Estate, Net | 41,511,821 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Centre Club Combined [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Ontario, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 412 | |||
Initial Cost to Company, Land | $ 7,436,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,014,789 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,995,514 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 7,436,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 44,010,303 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 51,446,303 | |||
Accumulated Depreciation | (32,105,510) | |||
Investment in Real Estate, Net | 19,340,793 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Chelsea Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 113 | |||
Initial Cost to Company, Land | $ 3,397,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,289,074 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,299,009 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 3,397,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 12,588,083 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 15,985,183 | |||
Accumulated Depreciation | (10,213,447) | |||
Investment in Real Estate, Net | 5,771,736 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Chloe on Madison (fka 1401 E. Madison) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 137 | |||
Initial Cost to Company, Land | $ 10,401,958 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 53,807,106 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 43,467 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 10,401,958 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 53,850,573 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 64,252,531 | |||
Accumulated Depreciation | (7,027,468) | |||
Investment in Real Estate, Net | 57,225,063 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Chloe on Union (fka Chloe) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 117 | |||
Initial Cost to Company, Land | $ 14,835,571 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 39,359,650 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,081,197 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 14,835,571 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,440,847 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 57,276,418 | |||
Accumulated Depreciation | (10,171,551) | |||
Investment in Real Estate, Net | 47,104,867 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Church Corner [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 85 | |||
Initial Cost to Company, Land | $ 5,220,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,744,643 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,600,746 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 5,220,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 20,345,389 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 25,565,389 | |||
Accumulated Depreciation | (13,313,791) | |||
Investment in Real Estate, Net | 12,251,598 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Circa Fitzsimons [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Denver, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 280 | |||
Initial Cost to Company, Land | $ 9,241,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 86,070,796 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 474,244 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 9,241,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 86,545,040 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 95,786,440 | |||
Accumulated Depreciation | (7,763,471) | |||
Investment in Real Estate, Net | 88,022,969 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
City Gate at Cupertino (fka Cupertino) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cupertino, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 311 | |||
Initial Cost to Company, Land | $ 40,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 95,937,046 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,167,032 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 40,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 104,104,078 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 144,504,078 | |||
Accumulated Depreciation | (41,009,589) | |||
Investment in Real Estate, Net | 103,494,489 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
City Square Bellevue (fka Bellevue) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 191 | |||
Initial Cost to Company, Land | $ 15,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 41,876,257 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,334,618 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 15,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 46,210,875 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 61,310,875 | |||
Accumulated Depreciation | (18,516,662) | |||
Investment in Real Estate, Net | 42,794,213 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Clarendon, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 292 | |||
Initial Cost to Company, Land | $ 30,400,340 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 103,824,660 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,166,324 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 30,400,340 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 106,990,984 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 137,391,324 | |||
Accumulated Depreciation | (47,350,954) | |||
Investment in Real Estate, Net | 90,040,370 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Cleo, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 92 | |||
Initial Cost to Company, Land | $ 6,615,467 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,829,335 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,575,938 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 6,615,467 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,405,273 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 26,020,740 | |||
Accumulated Depreciation | (11,563,408) | |||
Investment in Real Estate, Net | 14,457,332 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Connecticut Heights [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 518 | |||
Initial Cost to Company, Land | $ 27,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 114,002,295 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,472,554 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 27,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 125,474,849 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 153,074,849 | |||
Accumulated Depreciation | (48,629,875) | |||
Investment in Real Estate, Net | 104,444,974 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Corcoran House at DuPont Circle (fka DuPont Circle) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 138 | |||
Initial Cost to Company, Land | $ 13,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,913,113 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,899,921 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 13,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,813,034 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,313,034 | |||
Accumulated Depreciation | (12,714,363) | |||
Investment in Real Estate, Net | 32,598,671 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Courthouse Plaza [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 396 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 87,386,024 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,488,969 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 95,874,993 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 95,874,993 | |||
Accumulated Depreciation | (39,049,234) | |||
Investment in Real Estate, Net | 56,825,759 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Creekside (San Mateo) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Mateo, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 192 | |||
Initial Cost to Company, Land | $ 9,606,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,193,232 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,960,684 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 9,606,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,153,916 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 36,760,516 | |||
Accumulated Depreciation | (22,033,090) | |||
Investment in Real Estate, Net | 14,727,426 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Cronins Landing [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Waltham, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 281 | |||
Initial Cost to Company, Land | $ 32,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 85,119,324 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,325,293 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 32,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 100,444,617 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 132,744,617 | |||
Accumulated Depreciation | (39,790,380) | |||
Investment in Real Estate, Net | 92,954,237 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Crystal Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 181 | |||
Initial Cost to Company, Land | $ 17,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,918,975 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,699,279 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 17,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 52,618,254 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 69,818,254 | |||
Accumulated Depreciation | (21,346,735) | |||
Investment in Real Estate, Net | 48,471,519 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Dalton, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 270 | |||
Initial Cost to Company, Land | $ 22,947,777 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 95,334,754 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 454,380 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 22,947,777 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 95,789,134 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 118,736,911 | |||
Accumulated Depreciation | (14,548,074) | |||
Investment in Real Estate, Net | 104,188,837 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Deerwood (SD) | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 316 | |||
Initial Cost to Company, Land | $ 2,082,095 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,739,815 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 17,949,500 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 2,082,095 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 36,689,315 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 38,771,410 | |||
Accumulated Depreciation | (33,440,329) | |||
Investment in Real Estate, Net | 5,331,081 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Del Mar Ridge [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 181 | |||
Initial Cost to Company, Land | $ 7,801,824 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,948,176 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,974,943 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 7,801,824 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,923,119 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 50,724,943 | |||
Accumulated Depreciation | (21,861,664) | |||
Investment in Real Estate, Net | 28,863,279 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Eagle Canyon [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chino Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 252 | |||
Initial Cost to Company, Land | $ 1,808,900 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,274,361 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,390,469 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 1,808,900 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,664,830 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 30,473,730 | |||
Accumulated Depreciation | (24,294,152) | |||
Investment in Real Estate, Net | 6,179,578 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Edge, The (fka 4885 Edgemoor Lane) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bethesda, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 154 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 72,788,808 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 13,063 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 72,801,871 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 72,801,871 | |||
Accumulated Depreciation | (4,378,237) | |||
Investment in Real Estate, Net | 68,423,634 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Edgemont at Bethesda Metro [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bethesda, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 123 | |||
Initial Cost to Company, Land | $ 13,092,552 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,907,448 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,482,432 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 13,092,552 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 48,389,880 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 61,482,432 | |||
Accumulated Depreciation | (20,248,395) | |||
Investment in Real Estate, Net | 41,234,037 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Emerson Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 444 | |||
Initial Cost to Company, Land | $ 14,855,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 57,566,636 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 38,628,593 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 14,855,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 96,195,229 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 111,050,229 | |||
Accumulated Depreciation | (76,597,956) | |||
Investment in Real Estate, Net | 34,452,273 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Encore at Sherman Oaks, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Sherman Oaks, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 174 | |||
Initial Cost to Company, Land | $ 8,700,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,446,003 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,809,250 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 8,700,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 30,255,253 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 38,955,253 | |||
Accumulated Depreciation | (14,274,387) | |||
Investment in Real Estate, Net | 24,680,866 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Eviva on Cherokee [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Denver, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 274 | |||
Initial Cost to Company, Land | $ 10,507,626 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 100,037,204 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,860,527 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 10,507,626 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 101,897,731 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 112,405,357 | |||
Accumulated Depreciation | (18,556,701) | |||
Investment in Real Estate, Net | 93,848,656 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Flora [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Austin, TX | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 194 | |||
Initial Cost to Company, Land | $ 5,733,088 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 32,343,349 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 192,360 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 5,733,088 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,535,709 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 38,268,797 | |||
Accumulated Depreciation | (4,201,809) | |||
Investment in Real Estate, Net | 34,066,988 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Fremont Center [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fremont, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 322 | |||
Initial Cost to Company, Land | $ 25,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 78,753,114 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,285,452 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 25,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 86,038,566 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 111,838,566 | |||
Accumulated Depreciation | (33,761,134) | |||
Investment in Real Estate, Net | 78,077,432 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Gaithersburg Station [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Gaithersburg, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 400 | |||
Initial Cost to Company, Land | $ 17,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 74,678,917 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,224,502 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 17,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 79,903,419 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 97,403,419 | |||
Accumulated Depreciation | (29,469,619) | |||
Investment in Real Estate, Net | 67,933,800 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Gateway at Malden Center [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Malden, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 203 | |||
Initial Cost to Company, Land | $ 9,209,780 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,722,666 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 18,846,091 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 9,209,780 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 44,568,757 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 53,778,537 | |||
Accumulated Depreciation | (32,286,012) | |||
Investment in Real Estate, Net | 21,492,525 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Geary Court Yard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 165 | |||
Initial Cost to Company, Land | $ 1,722,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,471,429 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,540,464 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 1,722,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,011,893 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 23,734,293 | |||
Accumulated Depreciation | (18,375,315) | |||
Investment in Real Estate, Net | 5,358,978 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Girard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 160 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 102,450,328 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,158,171 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 103,608,499 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 103,608,499 | |||
Accumulated Depreciation | (22,398,155) | |||
Investment in Real Estate, Net | 81,210,344 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hampshire Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 259 | |||
Initial Cost to Company, Land | $ 10,806,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 30,335,330 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,225,496 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 10,806,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 41,560,826 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 52,366,826 | |||
Accumulated Depreciation | (24,997,884) | |||
Investment in Real Estate, Net | 27,368,942 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Harbor Steps [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 761 | |||
Initial Cost to Company, Land | $ 59,403,601 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 158,829,432 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 49,422,576 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 59,403,601 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 208,252,008 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 267,655,609 | |||
Accumulated Depreciation | (124,036,014) | |||
Investment in Real Estate, Net | 143,619,595 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hathaway [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Long Beach, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 385 | |||
Initial Cost to Company, Land | $ 2,512,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,611,912 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,679,986 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 2,512,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,291,898 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 40,804,398 | |||
Accumulated Depreciation | (31,724,680) | |||
Investment in Real Estate, Net | 9,079,718 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Helios (fka 2nd+Pine) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 398 | |||
Initial Cost to Company, Land | $ 18,061,674 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 206,762,591 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 958,328 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 18,061,674 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 207,720,919 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 225,782,593 | |||
Accumulated Depreciation | (44,822,360) | |||
Investment in Real Estate, Net | 180,960,233 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Heritage at Stone Ridge [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Burlington, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 180 | |||
Initial Cost to Company, Land | $ 10,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,808,335 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,835,568 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 10,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 36,643,903 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 47,443,903 | |||
Accumulated Depreciation | (21,603,853) | |||
Investment in Real Estate, Net | 25,840,050 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Heritage Ridge [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Lynwood, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 197 | |||
Initial Cost to Company, Land | $ 6,895,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,983,597 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,406,272 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 6,895,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 24,389,869 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 31,284,869 | |||
Accumulated Depreciation | (14,983,556) | |||
Investment in Real Estate, Net | 16,301,313 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hesby [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | North Hollywood, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 308 | |||
Initial Cost to Company, Land | $ 23,299,892 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 102,700,108 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,889,705 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 23,299,892 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 105,589,813 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 128,889,705 | |||
Accumulated Depreciation | (35,650,223) | |||
Investment in Real Estate, Net | 93,239,482 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Highlands at South Plainfield [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | South Plainfield, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 252 | |||
Initial Cost to Company, Land | $ 10,080,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 37,526,912 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,417,910 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 10,080,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,944,822 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 51,024,822 | |||
Accumulated Depreciation | (24,715,819) | |||
Investment in Real Estate, Net | 26,309,003 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hikari [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 128 | |||
Initial Cost to Company, Land | $ 9,435,760 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 32,564,240 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,840,553 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 9,435,760 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 34,404,793 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 43,840,553 | |||
Accumulated Depreciation | (14,977,251) | |||
Investment in Real Estate, Net | 28,863,302 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hudson Crossing [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 259 | |||
Initial Cost to Company, Land | $ 23,420,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 69,977,699 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,057,602 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 23,420,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 74,035,301 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 97,455,301 | |||
Accumulated Depreciation | (46,188,890) | |||
Investment in Real Estate, Net | 51,266,411 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hudson Pointe [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Jersey City, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 182 | |||
Initial Cost to Company, Land | $ 5,350,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 41,114,074 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,519,647 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 5,350,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 49,633,721 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 54,983,721 | |||
Accumulated Depreciation | (32,045,583) | |||
Investment in Real Estate, Net | 22,938,138 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Huxley, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redwood City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 137 | |||
Initial Cost to Company, Land | $ 18,775,028 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 89,336,651 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 302,791 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 18,775,028 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 89,639,442 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 108,414,470 | |||
Accumulated Depreciation | (13,549,420) | |||
Investment in Real Estate, Net | 94,865,050 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Indie Deep Ellum [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Dallas, TX | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 231 | |||
Initial Cost to Company, Land | $ 12,253,503 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 63,853,704 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 333,872 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 12,253,503 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 64,187,576 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 76,441,079 | |||
Accumulated Depreciation | (6,111,055) | |||
Investment in Real Estate, Net | 70,330,024 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Ivory Wood [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bothell, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 144 | |||
Initial Cost to Company, Land | $ 2,732,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 13,888,282 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,232,149 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 2,732,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 18,120,431 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 20,853,231 | |||
Accumulated Depreciation | (10,518,766) | |||
Investment in Real Estate, Net | 10,334,465 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Jia (fka Chinatown Gateway) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 280 | |||
Initial Cost to Company, Land | $ 14,791,831 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 78,286,423 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,131,858 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 14,791,831 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 80,418,281 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 95,210,112 | |||
Accumulated Depreciation | (30,341,299) | |||
Investment in Real Estate, Net | 64,868,813 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Junction 47 (fka West Seattle) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 206 | |||
Initial Cost to Company, Land | $ 11,726,305 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 56,581,665 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 986,404 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 11,726,305 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 57,568,069 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 69,294,374 | |||
Accumulated Depreciation | (16,946,678) | |||
Investment in Real Estate, Net | 52,347,696 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Juniper Sandy Springs [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Sandy Springs, GA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 230 | |||
Initial Cost to Company, Land | $ 8,668,700 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 64,989,813 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 241,832 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 8,668,700 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 65,231,645 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 73,900,345 | |||
Accumulated Depreciation | (5,646,809) | |||
Investment in Real Estate, Net | 68,253,536 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Kelvin, The (fka Modera) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Irvine, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 194 | |||
Initial Cost to Company, Land | $ 15,521,552 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 64,853,448 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,173,016 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 15,521,552 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 66,026,464 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 81,548,016 | |||
Accumulated Depreciation | (20,199,995) | |||
Investment in Real Estate, Net | 61,348,021 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Kilby [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Frisco, TX | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 258 | |||
Initial Cost to Company, Land | $ 6,431,940 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 64,187,474 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 139,395 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 6,431,940 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 64,326,869 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 70,758,809 | |||
Accumulated Depreciation | (6,440,466) | |||
Investment in Real Estate, Net | 64,318,343 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Laguna Clara [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Clara, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 222 | |||
Initial Cost to Company, Land | $ 10,441,994 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,572,843 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 17,692,369 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 10,441,994 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,265,212 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 50,707,206 | |||
Accumulated Depreciation | (20,593,789) | |||
Investment in Real Estate, Net | 30,113,417 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Laguna Clara II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Clara, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 3,200,426 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,360,769 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 3,200,426 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 21,360,769 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,561,195 | |||
Accumulated Depreciation | ||||
Investment in Real Estate, Net | 24,561,195 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Landings at Port Imperial [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | W. New York, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 276 | |||
Initial Cost to Company, Land | $ 27,246,045 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 37,741,049 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 17,699,560 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 27,246,045 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 55,440,609 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 82,686,654 | |||
Accumulated Depreciation | (39,896,355) | |||
Investment in Real Estate, Net | 42,790,299 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lane [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 217 | |||
Initial Cost to Company, Land | $ 13,142,946 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 71,940,276 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 330,375 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 13,142,946 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 72,270,651 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 85,413,597 | |||
Accumulated Depreciation | (10,315,294) | |||
Investment in Real Estate, Net | 75,098,303 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lex, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Jose, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 387 | |||
Initial Cost to Company, Land | $ 21,817,512 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 158,778,598 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,334,350 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 21,817,512 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 160,112,948 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 181,930,460 | |||
Accumulated Depreciation | (27,171,976) | |||
Investment in Real Estate, Net | 154,758,484 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Liberty Park [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Braintree, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 202 | |||
Initial Cost to Company, Land | $ 5,977,504 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,749,110 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,761,439 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 5,977,504 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 35,510,549 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 41,488,053 | |||
Accumulated Depreciation | (24,345,405) | |||
Investment in Real Estate, Net | 17,142,648 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Liberty Tower [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 235 | |||
Initial Cost to Company, Land | $ 16,382,822 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 83,817,078 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,907,595 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 16,382,822 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 91,724,673 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 108,107,495 | |||
Accumulated Depreciation | (41,539,645) | |||
Investment in Real Estate, Net | 66,567,850 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lincoln Heights [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Quincy, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 336 | |||
Initial Cost to Company, Land | $ 5,928,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,595,262 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 16,724,209 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 5,928,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 50,319,471 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 56,247,871 | |||
Accumulated Depreciation | (42,708,830) | |||
Investment in Real Estate, Net | 13,539,041 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lofts at Kendall Square (fka Kendall Square) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 186 | |||
Initial Cost to Company, Land | $ 18,696,674 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 78,445,657 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,134,204 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 18,696,674 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 86,579,861 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 105,276,535 | |||
Accumulated Depreciation | (34,435,985) | |||
Investment in Real Estate, Net | 70,840,550 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lofts at Kendall Square ll (fka 249 Third Street) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 84 | |||
Initial Cost to Company, Land | $ 4,603,326 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,187,266 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 51,779 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 4,603,326 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 44,239,045 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 48,842,371 | |||
Accumulated Depreciation | (5,641,481) | |||
Investment in Real Estate, Net | 43,200,890 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Longacre House [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 293 | |||
Initial Cost to Company, Land | $ 73,170,045 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 53,962,510 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,138,240 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 73,170,045 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 61,100,750 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 134,270,795 | |||
Accumulated Depreciation | (32,498,890) | |||
Investment in Real Estate, Net | 101,771,905 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Longfellow Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 710 | |||
Initial Cost to Company, Land | $ 38,264,917 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 132,175,915 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 102,674,772 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 38,264,917 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 234,850,687 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 273,115,604 | |||
Accumulated Depreciation | (182,527,965) | |||
Investment in Real Estate, Net | 90,587,639 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Luna Upper Westside [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Atlanta, GA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 345 | |||
Initial Cost to Company, Land | $ 14,847,420 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 108,325,394 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 286,230 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 14,847,420 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 108,611,624 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 123,459,044 | |||
Accumulated Depreciation | (8,732,860) | |||
Investment in Real Estate, Net | 114,726,184 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Madox [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Jersey City, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 131 | |||
Initial Cost to Company, Land | $ 9,679,635 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 64,594,205 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,526,495 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 9,679,635 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 66,120,700 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 75,800,335 | |||
Accumulated Depreciation | (12,710,345) | |||
Investment in Real Estate, Net | 63,089,990 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mantena [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 98 | |||
Initial Cost to Company, Land | $ 22,346,513 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,501,158 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,952,525 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 22,346,513 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 63,453,683 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 85,800,196 | |||
Accumulated Depreciation | (24,407,861) | |||
Investment in Real Estate, Net | 61,392,335 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mara Pacific Beach [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 172 | |||
Initial Cost to Company, Land | $ 25,360,682 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 87,755,429 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 402,658 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 25,360,682 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 88,158,087 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 113,518,769 | |||
Accumulated Depreciation | (5,771,661) | |||
Investment in Real Estate, Net | 107,747,108 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Marina 41 (fka Marina Del Rey) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Marina Del Rey, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 623 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 168,842,442 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,795,707 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 180,638,149 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 180,638,149 | |||
Accumulated Depreciation | (72,019,685) | |||
Investment in Real Estate, Net | 108,618,464 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mariposa at Playa Del Rey (fka Playa Del Rey) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Playa Del Rey, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 354 | |||
Initial Cost to Company, Land | $ 60,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 89,311,482 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,681,246 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 60,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 97,992,728 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 158,892,728 | |||
Accumulated Depreciation | (38,697,798) | |||
Investment in Real Estate, Net | 120,194,930 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Market Street Village [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 229 | |||
Initial Cost to Company, Land | $ 13,740,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,757,301 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,086,270 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 13,740,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 43,843,571 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 57,583,571 | |||
Accumulated Depreciation | (25,501,351) | |||
Investment in Real Estate, Net | 32,082,220 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Marlowe (fka Oakwood Crystal City) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 162 | |||
Initial Cost to Company, Land | $ 15,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,474,336 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,248,421 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 15,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,722,757 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 56,122,757 | |||
Accumulated Depreciation | (16,520,673) | |||
Investment in Real Estate, Net | 39,602,084 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Milano Lofts [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 99 | |||
Initial Cost to Company, Land | $ 8,125,216 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 27,378,784 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,867,971 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 8,125,216 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,246,755 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 40,371,971 | |||
Accumulated Depreciation | (13,222,232) | |||
Investment in Real Estate, Net | 27,149,739 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mill Creek [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Milpitas, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 516 | |||
Initial Cost to Company, Land | $ 12,858,693 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 57,168,503 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 19,425,365 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 12,858,693 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 76,593,868 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 89,452,561 | |||
Accumulated Depreciation | (50,263,493) | |||
Investment in Real Estate, Net | 39,189,068 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Milo [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Denver, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 319 | |||
Initial Cost to Company, Land | $ 15,957,975 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 153,331,358 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,032,312 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 15,957,975 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 154,363,670 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 170,321,645 | |||
Accumulated Depreciation | (9,704,486) | |||
Investment in Real Estate, Net | 160,617,159 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mosaic at Metro [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Hyattsville, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 260 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 59,580,898 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,012,533 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 61,593,431 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 61,593,431 | |||
Accumulated Depreciation | (30,003,658) | |||
Investment in Real Estate, Net | 31,589,773 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mountain View Redevelopment [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Mountain View, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,589,543 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 2,589,543 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 2,589,543 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 2,589,543 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mozaic at Union Station [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 272 | |||
Initial Cost to Company, Land | $ 8,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 52,529,446 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,490,903 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 8,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 56,020,349 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 64,520,349 | |||
Accumulated Depreciation | (31,748,137) | |||
Investment in Real Estate, Net | 32,772,212 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Murray Hill Tower (fka Murray Hill) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 270 | |||
Initial Cost to Company, Land | $ 75,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 102,705,401 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,991,455 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 75,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 117,696,856 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 193,496,856 | |||
Accumulated Depreciation | (48,050,917) | |||
Investment in Real Estate, Net | 145,445,939 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Next on Sixth [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 398 | |||
Initial Cost to Company, Land | $ 52,509,906 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 136,635,650 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 717,015 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 52,509,906 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 137,352,665 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 189,862,571 | |||
Accumulated Depreciation | (24,161,125) | |||
Investment in Real Estate, Net | 165,701,446 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
North Pier at Harborside [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Jersey City, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 297 | |||
Initial Cost to Company, Land | $ 4,000,159 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 94,290,590 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,335,354 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 4,000,159 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 106,625,944 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 110,626,103 | |||
Accumulated Depreciation | (65,149,768) | |||
Investment in Real Estate, Net | 45,476,335 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Northglen [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Valencia, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 234 | |||
Initial Cost to Company, Land | $ 9,360,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,778,553 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,684,511 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 9,360,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,463,064 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,823,064 | |||
Accumulated Depreciation | (20,322,900) | |||
Investment in Real Estate, Net | 17,500,164 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Northpark [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Burlingame, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 510 | |||
Initial Cost to Company, Land | $ 38,607,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 77,472,217 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 18,243,943 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 38,607,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 95,716,160 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 134,323,160 | |||
Accumulated Depreciation | (51,062,231) | |||
Investment in Real Estate, Net | 83,260,929 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Oak Park Combined [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Agoura Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 444 | |||
Initial Cost to Company, Land | $ 3,390,700 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 30,517,274 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,750,164 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 3,390,700 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 43,267,438 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 46,658,138 | |||
Accumulated Depreciation | (38,437,510) | |||
Investment in Real Estate, Net | 8,220,628 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Oaks [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Clarita, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 520 | |||
Initial Cost to Company, Land | $ 23,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,020,438 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,204,778 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 23,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 75,225,216 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 98,625,216 | |||
Accumulated Depreciation | (46,957,294) | |||
Investment in Real Estate, Net | 51,667,922 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Ocean Crest [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Solana Beach, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 146 | |||
Initial Cost to Company, Land | $ 5,111,200 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 11,910,438 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,469,025 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 5,111,200 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 17,379,463 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 22,490,663 | |||
Accumulated Depreciation | (13,994,857) | |||
Investment in Real Estate, Net | 8,495,806 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Odin (fka Tallman) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 301 | |||
Initial Cost to Company, Land | $ 16,807,519 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 64,519,515 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 690,891 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 16,807,519 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 65,210,406 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 82,017,925 | |||
Accumulated Depreciation | (18,952,155) | |||
Investment in Real Estate, Net | 63,065,770 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Olivian at the Realm [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Lewisville, TX | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 421 | |||
Initial Cost to Company, Land | $ 14,854,564 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 109,310,039 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 154,217 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 14,854,564 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 109,464,256 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 124,318,820 | |||
Accumulated Depreciation | (7,519,616) | |||
Investment in Real Estate, Net | 116,799,204 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
One Henry Adams [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 241 | |||
Initial Cost to Company, Land | $ 30,224,393 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 139,654,146 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 941,609 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 30,224,393 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 140,595,755 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 170,820,148 | |||
Accumulated Depreciation | (33,716,718) | |||
Investment in Real Estate, Net | 137,103,430 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
One India Street (fka Oakwood Boston) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 94 | |||
Initial Cost to Company, Land | $ 22,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,672,979 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,157,116 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 22,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 35,830,095 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 58,030,095 | |||
Accumulated Depreciation | (14,916,926) | |||
Investment in Real Estate, Net | 43,113,169 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Osprey [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Atlanta, GA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 320 | |||
Initial Cost to Company, Land | $ 18,121,932 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 116,950,910 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 172,416 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 18,121,932 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 117,123,326 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 135,245,258 | |||
Accumulated Depreciation | (8,948,571) | |||
Investment in Real Estate, Net | 126,296,687 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Pacific Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 430 | |||
Initial Cost to Company, Land | $ 32,250,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 110,750,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,111,677 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 32,250,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 114,861,677 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 147,111,677 | |||
Accumulated Depreciation | (42,362,494) | |||
Investment in Real Estate, Net | 104,749,183 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Packard Building [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 61 | |||
Initial Cost to Company, Land | $ 5,911,041 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 19,954,959 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,469,814 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 5,911,041 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 21,424,773 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 27,335,814 | |||
Accumulated Depreciation | (6,446,067) | |||
Investment in Real Estate, Net | 20,889,747 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parc 77 [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 137 | |||
Initial Cost to Company, Land | $ 40,504,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,025,679 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,676,398 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 40,504,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 25,702,077 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 66,206,077 | |||
Accumulated Depreciation | (16,735,945) | |||
Investment in Real Estate, Net | 49,470,132 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parc Cameron [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 166 | |||
Initial Cost to Company, Land | $ 37,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,855,597 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,276,153 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 37,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 18,131,750 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 55,731,750 | |||
Accumulated Depreciation | (13,345,490) | |||
Investment in Real Estate, Net | 42,386,260 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parc Coliseum [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 177 | |||
Initial Cost to Company, Land | $ 52,654,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,045,751 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,565,103 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 52,654,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 33,610,854 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 86,264,854 | |||
Accumulated Depreciation | (22,366,482) | |||
Investment in Real Estate, Net | 63,898,372 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parc East Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 324 | |||
Initial Cost to Company, Land | $ 102,163,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 108,989,402 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,803,968 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 102,163,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 123,793,370 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 225,956,370 | |||
Accumulated Depreciation | (69,894,282) | |||
Investment in Real Estate, Net | 156,062,088 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parc on Powell (fka Parkside at Emeryville) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Emeryville, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 173 | |||
Initial Cost to Company, Land | $ 16,667,059 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 65,473,337 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,021,766 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 16,667,059 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 66,495,103 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 83,162,162 | |||
Accumulated Depreciation | (20,020,764) | |||
Investment in Real Estate, Net | 63,141,398 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Park Connecticut [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 142 | |||
Initial Cost to Company, Land | $ 13,700,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 59,087,519 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,885,983 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 13,700,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 62,973,502 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 76,673,502 | |||
Accumulated Depreciation | (23,160,708) | |||
Investment in Real Estate, Net | 53,512,794 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Park West (CA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 444 | |||
Initial Cost to Company, Land | $ 3,033,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 27,302,383 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,094,687 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 3,033,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 41,397,070 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 44,430,570 | |||
Accumulated Depreciation | (36,021,598) | |||
Investment in Real Estate, Net | 8,408,972 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parkside [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Union City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 208 | |||
Initial Cost to Company, Land | $ 6,246,700 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 11,827,453 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,737,771 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 6,246,700 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 20,565,224 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 26,811,924 | |||
Accumulated Depreciation | (16,030,621) | |||
Investment in Real Estate, Net | 10,781,303 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Pearl, The (WA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 80 | |||
Initial Cost to Company, Land | $ 6,972,585 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,527,415 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,403,758 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 6,972,585 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,931,173 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 34,903,758 | |||
Accumulated Depreciation | (8,660,957) | |||
Investment in Real Estate, Net | 26,242,801 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Pearl MDR (fka Oakwood Marina Del Rey) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Marina Del Rey, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 597 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 120,795,359 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 13,477,577 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 134,272,936 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 134,272,936 | |||
Accumulated Depreciation | (53,218,370) | |||
Investment in Real Estate, Net | 81,054,566 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Pegasus [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 322 | |||
Initial Cost to Company, Land | $ 18,094,052 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 81,905,948 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,224,057 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 18,094,052 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 92,130,005 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 110,224,057 | |||
Accumulated Depreciation | (42,331,513) | |||
Investment in Real Estate, Net | 67,892,544 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Portofino [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chino Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 176 | |||
Initial Cost to Company, Land | $ 3,572,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,660,994 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,818,688 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 3,572,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,479,682 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 23,052,082 | |||
Accumulated Depreciation | (16,141,591) | |||
Investment in Real Estate, Net | 6,910,491 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Portofino (Val) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Valencia, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 216 | |||
Initial Cost to Company, Land | $ 8,640,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,487,126 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,883,676 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 8,640,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,370,802 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,010,802 | |||
Accumulated Depreciation | (20,895,885) | |||
Investment in Real Estate, Net | 16,114,917 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Portside Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Jersey City, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 527 | |||
Initial Cost to Company, Land | $ 22,487,006 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 96,842,913 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 30,111,517 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 22,487,006 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 126,954,430 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 149,441,436 | |||
Accumulated Depreciation | (103,497,789) | |||
Investment in Real Estate, Net | 45,943,647 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Potrero 1010 [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 453 | |||
Initial Cost to Company, Land | $ 40,830,011 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 181,924,463 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,837,147 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 40,830,011 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 183,761,610 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 224,591,621 | |||
Accumulated Depreciation | (48,837,157) | |||
Investment in Real Estate, Net | 175,754,464 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Prado (fka Glendale) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Glendale, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 264 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 67,977,313 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,080,681 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 75,057,994 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 75,057,994 | |||
Accumulated Depreciation | (29,571,046) | |||
Investment in Real Estate, Net | 45,486,948 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Prime, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 281 | |||
Initial Cost to Company, Land | $ 34,625,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 77,879,740 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,041,396 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 34,625,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 85,921,136 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 120,546,136 | |||
Accumulated Depreciation | (41,828,588) | |||
Investment in Real Estate, Net | 78,717,548 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Prism at Park Avenue South (fka 400 Park Aveue South (EQR)) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 269 | |||
Initial Cost to Company, Land | $ 76,292,169 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 171,812,112 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 403,354 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 76,292,169 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 172,215,466 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 248,507,635 | |||
Accumulated Depreciation | (52,304,125) | |||
Investment in Real Estate, Net | 196,203,510 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Promenade at Town Center I & II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Valencia, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 564 | |||
Initial Cost to Company, Land | $ 28,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 69,795,915 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 16,878,188 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 28,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 86,674,103 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 114,874,103 | |||
Accumulated Depreciation | (54,285,113) | |||
Investment in Real Estate, Net | 60,588,990 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Providence [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bothell, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 200 | |||
Initial Cost to Company, Land | $ 3,573,621 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 19,055,505 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,546,316 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 3,573,621 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 25,601,821 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 29,175,442 | |||
Accumulated Depreciation | (15,360,712) | |||
Investment in Real Estate, Net | 13,814,730 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Quarry Hills [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Quincy, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 316 | |||
Initial Cost to Company, Land | $ 26,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 84,411,162 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,919,777 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 26,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 90,330,939 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 117,230,939 | |||
Accumulated Depreciation | (35,205,398) | |||
Investment in Real Estate, Net | 82,025,541 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Radiant Fairfax Ridge [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fairfax, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 213 | |||
Initial Cost to Company, Land | $ 7,352,547 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 63,018,744 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 599,521 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 7,352,547 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 63,618,265 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 70,970,812 | |||
Accumulated Depreciation | (6,560,278) | |||
Investment in Real Estate, Net | 64,410,534 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Radius Uptown [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Denver, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 372 | |||
Initial Cost to Company, Land | $ 13,644,960 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 121,899,084 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,496,966 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 13,644,960 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 124,396,050 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 138,041,010 | |||
Accumulated Depreciation | (24,982,459) | |||
Investment in Real Estate, Net | 113,058,551 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Redmond Court [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 206 | |||
Initial Cost to Company, Land | $ 10,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,488,745 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,065,385 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 10,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,554,130 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 48,854,130 | |||
Accumulated Depreciation | (15,412,602) | |||
Investment in Real Estate, Net | 33,441,528 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Regency Palms [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Huntington Beach, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 310 | |||
Initial Cost to Company, Land | $ 1,857,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,713,254 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,273,705 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 1,857,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 25,986,959 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 27,844,359 | |||
Accumulated Depreciation | (21,987,950) | |||
Investment in Real Estate, Net | 5,856,409 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Burlington, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Burlington, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 270 | |||
Initial Cost to Company, Land | $ 20,250,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 114,476,423 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 999,016 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 20,250,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 115,475,439 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 135,725,439 | |||
Accumulated Depreciation | (10,286,168) | |||
Investment in Real Estate, Net | 125,439,271 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Clarendon Centre, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 252 | |||
Initial Cost to Company, Land | $ 10,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 52,812,935 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,641,747 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 10,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 58,454,682 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 68,954,682 | |||
Accumulated Depreciation | (38,910,541) | |||
Investment in Real Estate, Net | 30,044,141 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Eisenhower, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 226 | |||
Initial Cost to Company, Land | $ 6,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,585,059 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,968,046 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 6,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,553,105 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 47,053,105 | |||
Accumulated Depreciation | (26,987,506) | |||
Investment in Real Estate, Net | 20,065,599 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Empire Lakes [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Rancho Cucamonga, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 467 | |||
Initial Cost to Company, Land | $ 16,345,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 73,080,670 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,689,811 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 16,345,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 83,770,481 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 100,115,481 | |||
Accumulated Depreciation | (47,908,127) | |||
Investment in Real Estate, Net | 52,207,354 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Fairfax Corner [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fairfax, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 652 | |||
Initial Cost to Company, Land | $ 15,804,057 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 63,129,050 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,579,441 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 15,804,057 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 77,708,491 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 93,512,548 | |||
Accumulated Depreciation | (53,894,121) | |||
Investment in Real Estate, Net | 39,618,427 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Mountain View (fka Mountain View) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Mountain View, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 180 | |||
Initial Cost to Company, Land | $ 27,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,029,605 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,378,941 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 27,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,408,546 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 69,408,546 | |||
Accumulated Depreciation | (18,449,986) | |||
Investment in Real Estate, Net | 50,958,560 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Potomac Yard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 588 | |||
Initial Cost to Company, Land | $ 11,918,917 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 68,862,641 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 20,648,643 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 11,918,917 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 89,511,284 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 101,430,201 | |||
Accumulated Depreciation | (57,505,652) | |||
Investment in Real Estate, Net | 43,924,549 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Town Center I-III (WA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Mill Creek, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 584 | |||
Initial Cost to Company, Land | $ 16,768,705 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 77,623,664 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 13,119,148 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 16,768,705 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 90,742,812 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 107,511,517 | |||
Accumulated Depreciation | (46,947,259) | |||
Investment in Real Estate, Net | 60,564,258 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Rianna I & II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 156 | |||
Initial Cost to Company, Land | $ 4,430,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,298,096 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,312,507 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 4,430,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,610,603 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,040,603 | |||
Accumulated Depreciation | (15,749,206) | |||
Investment in Real Estate, Net | 21,291,397 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Ridgewood Village I&II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 408 | |||
Initial Cost to Company, Land | $ 11,809,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,004,048 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,923,377 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 11,809,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 41,927,425 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 53,736,925 | |||
Accumulated Depreciation | (32,573,463) | |||
Investment in Real Estate, Net | 21,163,462 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Riva Terra I (fka Redwood Shores) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redwood City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 304 | |||
Initial Cost to Company, Land | $ 34,963,355 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 84,587,658 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,098,327 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 34,963,355 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 93,685,985 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 128,649,340 | |||
Accumulated Depreciation | (38,559,988) | |||
Investment in Real Estate, Net | 90,089,352 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Riva Terra II (fka Harborside) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redwood City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 149 | |||
Initial Cost to Company, Land | $ 17,136,645 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,536,531 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,332,667 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 17,136,645 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 44,869,198 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 62,005,843 | |||
Accumulated Depreciation | (17,412,318) | |||
Investment in Real Estate, Net | 44,593,525 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Riverpark [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 321 | |||
Initial Cost to Company, Land | $ 14,355,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 80,894,049 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,065,713 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 14,355,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 86,959,762 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 101,314,762 | |||
Accumulated Depreciation | (36,678,117) | |||
Investment in Real Estate, Net | 64,636,645 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Rivington, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Hoboken, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 240 | |||
Initial Cost to Company, Land | $ 34,340,640 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 112,112,152 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,792,489 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 34,340,640 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 116,904,641 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 151,245,281 | |||
Accumulated Depreciation | (24,887,916) | |||
Investment in Real Estate, Net | 126,357,365 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Rivington II, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Hoboken, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 850,870 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 850,870 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 850,870 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 850,870 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Rosecliff II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Quincy, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 130 | |||
Initial Cost to Company, Land | $ 4,922,840 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 30,202,160 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,681,231 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 4,922,840 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,883,391 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,806,231 | |||
Accumulated Depreciation | (14,457,252) | |||
Investment in Real Estate, Net | 23,348,979 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Sakura Crossing [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 230 | |||
Initial Cost to Company, Land | $ 14,641,990 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 42,858,010 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,000,425 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 14,641,990 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 44,858,435 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 59,500,425 | |||
Accumulated Depreciation | (20,432,415) | |||
Investment in Real Estate, Net | 39,068,010 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Saxton [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 325 | |||
Initial Cost to Company, Land | $ 38,805,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 128,652,023 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 812,621 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 38,805,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 129,464,644 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 168,270,044 | |||
Accumulated Depreciation | (19,446,350) | |||
Investment in Real Estate, Net | 148,823,694 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Seventh & James [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 96 | |||
Initial Cost to Company, Land | $ 663,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,974,803 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,722,895 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 663,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 10,697,698 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 11,361,498 | |||
Accumulated Depreciation | (9,353,898) | |||
Investment in Real Estate, Net | 2,007,600 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Sheffield Court [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 597 | |||
Initial Cost to Company, Land | $ 3,342,381 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,337,332 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 25,857,292 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 3,342,381 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 57,194,624 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 60,537,005 | |||
Accumulated Depreciation | (46,325,259) | |||
Investment in Real Estate, Net | 14,211,746 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Siena Terrace [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Lake Forest, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 356 | |||
Initial Cost to Company, Land | $ 8,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,083,024 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,292,173 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 8,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 33,375,197 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 42,275,197 | |||
Accumulated Depreciation | (26,789,841) | |||
Investment in Real Estate, Net | 15,485,356 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Skycrest [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Valencia, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 264 | |||
Initial Cost to Company, Land | $ 10,560,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,574,457 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,087,323 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 10,560,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,661,780 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 43,221,780 | |||
Accumulated Depreciation | (23,685,443) | |||
Investment in Real Estate, Net | 19,536,337 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Skyhouse South [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Atlanta, GA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 320 | |||
Initial Cost to Company, Land | $ 14,182,277 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 101,911,177 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 560,298 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 14,182,277 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 102,471,475 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 116,653,752 | |||
Accumulated Depreciation | (10,186,010) | |||
Investment in Real Estate, Net | 106,467,742 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Skylark [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Union City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 174 | |||
Initial Cost to Company, Land | $ 1,781,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,731,916 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,933,120 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 1,781,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,665,036 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,446,636 | |||
Accumulated Depreciation | (18,283,892) | |||
Investment in Real Estate, Net | 6,162,744 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Skyview [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Rancho Santa Margarita, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 260 | |||
Initial Cost to Company, Land | $ 3,380,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,952,863 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,296,364 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 3,380,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,249,227 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 32,629,227 | |||
Accumulated Depreciation | (22,568,433) | |||
Investment in Real Estate, Net | 10,060,794 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
SoMa II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 29,406,606 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,921,781 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 29,406,606 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 5,921,781 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,328,387 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 35,328,387 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Sonterra at Foothill Ranch [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Foothill Ranch, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 300 | |||
Initial Cost to Company, Land | $ 7,503,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,048,507 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,847,223 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 7,503,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 30,895,730 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 38,399,130 | |||
Accumulated Depreciation | (25,101,574) | |||
Investment in Real Estate, Net | 13,297,556 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
South City Station (fka South San Francisco) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 368 | |||
Initial Cost to Company, Land | $ 68,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 79,476,861 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,971,334 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 68,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 88,448,195 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 157,348,195 | |||
Accumulated Depreciation | (34,002,945) | |||
Investment in Real Estate, Net | 123,345,250 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Southwood [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Palo Alto, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 100 | |||
Initial Cost to Company, Land | $ 6,936,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,324,069 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,931,945 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 6,936,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,256,014 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 29,192,614 | |||
Accumulated Depreciation | (16,836,599) | |||
Investment in Real Estate, Net | 12,356,015 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Springline [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 136 | |||
Initial Cost to Company, Land | $ 9,163,667 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,910,981 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 838,294 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 9,163,667 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 48,749,275 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 57,912,942 | |||
Accumulated Depreciation | (11,855,973) | |||
Investment in Real Estate, Net | 46,056,969 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
STOA [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 237 | |||
Initial Cost to Company, Land | $ 25,326,048 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 79,976,031 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 588,847 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 25,326,048 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 80,564,878 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 105,890,926 | |||
Accumulated Depreciation | (14,520,667) | |||
Investment in Real Estate, Net | 91,370,259 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Summerset Village [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chatsworth, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 280 | |||
Initial Cost to Company, Land | $ 2,890,450 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,670,889 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,290,561 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 2,890,450 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,961,450 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,851,900 | |||
Accumulated Depreciation | (28,997,875) | |||
Investment in Real Estate, Net | 6,854,025 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Ten23 (fka 500 West 23rd Street) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 111 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 58,881,873 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,746,694 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 60,628,567 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 60,628,567 | |||
Accumulated Depreciation | (22,633,385) | |||
Investment in Real Estate, Net | 37,995,182 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Terraces, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 117 | |||
Initial Cost to Company, Land | $ 14,087,610 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,314,151 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,018,966 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 14,087,610 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,333,117 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 33,420,727 | |||
Accumulated Depreciation | (9,495,519) | |||
Investment in Real Estate, Net | 23,925,208 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Square One [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 112 | |||
Initial Cost to Company, Land | $ 7,222,544 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,277,456 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 325,303 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 7,222,544 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,602,759 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 33,825,303 | |||
Accumulated Depreciation | (8,950,176) | |||
Investment in Real Estate, Net | 24,875,127 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Theo [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Denver, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 275 | |||
Initial Cost to Company, Land | $ 15,322,049 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 122,105,822 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,254,700 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 15,322,049 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 127,360,522 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 142,682,571 | |||
Accumulated Depreciation | (8,502,526) | |||
Investment in Real Estate, Net | 134,180,045 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Third Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 471 | |||
Initial Cost to Company, Land | $ 26,767,171 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 218,822,728 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,776,005 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 26,767,171 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 229,598,733 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 256,365,904 | |||
Accumulated Depreciation | (111,180,199) | |||
Investment in Real Estate, Net | 145,185,705 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Three20 [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 134 | |||
Initial Cost to Company, Land | $ 7,030,766 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,005,762 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,087,210 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 7,030,766 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 30,092,972 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,123,738 | |||
Accumulated Depreciation | (10,939,955) | |||
Investment in Real Estate, Net | 26,183,783 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Toscana [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Irvine, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 563 | |||
Initial Cost to Company, Land | $ 39,410,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 50,806,072 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 27,932,212 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 39,410,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 78,738,284 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 118,148,284 | |||
Accumulated Depreciation | (55,741,592) | |||
Investment in Real Estate, Net | 62,406,692 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Town Square at Mark Center I&II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 678 | |||
Initial Cost to Company, Land | $ 39,928,464 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 141,208,321 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 16,912,775 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 39,928,464 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 158,121,096 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 198,049,560 | |||
Accumulated Depreciation | (87,827,875) | |||
Investment in Real Estate, Net | 110,221,685 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Troy Boston [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 378 | |||
Initial Cost to Company, Land | $ 34,641,051 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 181,607,331 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,073,444 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 34,641,051 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 184,680,775 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 219,321,826 | |||
Accumulated Depreciation | (39,487,683) | |||
Investment in Real Estate, Net | 179,834,143 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Urbana (fka Market Street Landing) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 289 | |||
Initial Cost to Company, Land | $ 12,542,418 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 75,800,090 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,686,862 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 12,542,418 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 79,486,952 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 92,029,370 | |||
Accumulated Depreciation | (28,693,210) | |||
Investment in Real Estate, Net | 63,336,160 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Uwajimaya Village [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 176 | |||
Initial Cost to Company, Land | $ 8,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,188,288 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,342,363 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 8,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,530,651 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 38,330,651 | |||
Accumulated Depreciation | (16,380,454) | |||
Investment in Real Estate, Net | 21,950,197 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Vantage Hollywood [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 298 | |||
Initial Cost to Company, Land | $ 42,580,326 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 56,014,674 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,125,563 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 42,580,326 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 60,140,237 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 102,720,563 | |||
Accumulated Depreciation | (20,441,762) | |||
Investment in Real Estate, Net | 82,278,801 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Veloce [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 322 | |||
Initial Cost to Company, Land | $ 15,322,724 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 76,176,594 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,461,903 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 15,322,724 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 80,638,497 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 95,961,221 | |||
Accumulated Depreciation | (30,895,677) | |||
Investment in Real Estate, Net | 65,065,544 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Venue at the Promenade [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Castle Rock, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 312 | |||
Initial Cost to Company, Land | $ 8,355,048 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 83,752,689 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 470,811 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 8,355,048 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 84,223,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 92,578,548 | |||
Accumulated Depreciation | (14,700,491) | |||
Investment in Real Estate, Net | 77,878,057 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Verde Condominium Homes (fka Mission Verde, LLC) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Jose, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 108 | |||
Initial Cost to Company, Land | $ 5,190,700 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,679,109 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,573,142 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 5,190,700 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 15,252,251 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 20,442,951 | |||
Accumulated Depreciation | (12,283,530) | |||
Investment in Real Estate, Net | 8,159,421 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Veridian (fka Silver Spring) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Silver Spring, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 457 | |||
Initial Cost to Company, Land | $ 18,539,817 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 130,407,365 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,763,254 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 18,539,817 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 136,170,619 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 154,710,436 | |||
Accumulated Depreciation | (62,907,818) | |||
Investment in Real Estate, Net | 91,802,618 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Versailles [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Woodland Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 253 | |||
Initial Cost to Company, Land | $ 12,650,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,656,292 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,094,333 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 12,650,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,750,625 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 55,400,625 | |||
Accumulated Depreciation | (29,209,935) | |||
Investment in Real Estate, Net | 26,190,690 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Versailles (K-Town) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 225 | |||
Initial Cost to Company, Land | $ 10,590,975 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,409,025 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,593,220 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 10,590,975 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 47,002,245 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 57,593,220 | |||
Accumulated Depreciation | (23,132,781) | |||
Investment in Real Estate, Net | 34,460,439 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Victor on Venice [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 115 | |||
Initial Cost to Company, Land | $ 10,350,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,433,437 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,209,804 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 10,350,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 39,643,241 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 49,993,241 | |||
Accumulated Depreciation | (21,183,520) | |||
Investment in Real Estate, Net | 28,809,721 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Villa Solana [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Laguna Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 272 | |||
Initial Cost to Company, Land | $ 1,665,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,985,677 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 13,685,294 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 1,665,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,670,971 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 30,336,071 | |||
Accumulated Depreciation | (25,421,545) | |||
Investment in Real Estate, Net | 4,914,526 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Village at Del Mar Heights, The (fka Del Mar Heights) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 168 | |||
Initial Cost to Company, Land | $ 15,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,859,396 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,208,000 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 15,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,067,396 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 60,167,396 | |||
Accumulated Depreciation | (18,327,660) | |||
Investment in Real Estate, Net | 41,839,736 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Virginia Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 231 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 85,940,003 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,529,565 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 92,469,568 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 92,469,568 | |||
Accumulated Depreciation | (36,782,306) | |||
Investment in Real Estate, Net | 55,687,262 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Vista 99 (fka Tasman) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Jose, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 554 | |||
Initial Cost to Company, Land | $ 27,709,329 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 177,556,948 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,423,476 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 27,709,329 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 179,980,424 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 207,689,753 | |||
Accumulated Depreciation | (48,405,518) | |||
Investment in Real Estate, Net | 159,284,235 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Vista Del Lago [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Mission Viejo, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 608 | |||
Initial Cost to Company, Land | $ 4,525,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,736,293 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 24,220,628 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 4,525,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 64,956,921 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 69,482,721 | |||
Accumulated Depreciation | (57,478,601) | |||
Investment in Real Estate, Net | 12,004,120 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Walden Park [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 232 | |||
Initial Cost to Company, Land | $ 12,448,888 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 52,044,448 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,522,419 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 12,448,888 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 57,566,867 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 70,015,755 | |||
Accumulated Depreciation | (27,224,023) | |||
Investment in Real Estate, Net | 42,791,732 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Water Park Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 362 | |||
Initial Cost to Company, Land | $ 34,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 108,485,859 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,359,832 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 34,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 122,845,691 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 157,245,691 | |||
Accumulated Depreciation | (49,167,584) | |||
Investment in Real Estate, Net | 108,078,107 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Watertown Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Watertown, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 134 | |||
Initial Cost to Company, Land | $ 16,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,074,056 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,755,801 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 16,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 36,829,857 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 53,629,857 | |||
Accumulated Depreciation | (14,197,322) | |||
Investment in Real Estate, Net | 39,432,535 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Weaver, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Austin, TX | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 250 | |||
Initial Cost to Company, Land | $ 25,405,232 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 69,552,640 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 80,225 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 25,405,232 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 69,632,865 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 95,038,097 | |||
Accumulated Depreciation | (5,864,080) | |||
Investment in Real Estate, Net | 89,174,017 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
West 96th [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 209 | |||
Initial Cost to Company, Land | $ 84,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 67,055,501 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,473,061 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 84,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 75,528,562 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 160,328,562 | |||
Accumulated Depreciation | (31,695,180) | |||
Investment in Real Estate, Net | 128,633,382 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
West End Apartments (fka Emerson Place/CRP II) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 310 | |||
Initial Cost to Company, Land | $ 469,546 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 163,123,022 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,993,520 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 469,546 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 169,116,542 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 169,586,088 | |||
Accumulated Depreciation | (84,958,233) | |||
Investment in Real Estate, Net | 84,627,855 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westchester at Rockville [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Rockville, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 192 | |||
Initial Cost to Company, Land | $ 10,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,135,207 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,692,757 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 10,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,827,964 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 56,427,964 | |||
Accumulated Depreciation | (17,362,650) | |||
Investment in Real Estate, Net | 39,065,314 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westerly [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Dallas, TX | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 331 | |||
Initial Cost to Company, Land | $ 11,958,829 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 79,169,818 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 335,530 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 11,958,829 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 79,505,348 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 91,464,177 | |||
Accumulated Depreciation | (7,278,523) | |||
Investment in Real Estate, Net | 84,185,654 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westmont [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 163 | |||
Initial Cost to Company, Land | $ 64,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,143,259 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,661,767 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 64,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 68,805,026 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 133,705,026 | |||
Accumulated Depreciation | (27,260,798) | |||
Investment in Real Estate, Net | 106,444,228 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 204 | |||
Initial Cost to Company, Land | $ 34,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 56,962,630 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,948,110 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 34,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 60,910,740 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 95,110,740 | |||
Accumulated Depreciation | (23,529,443) | |||
Investment in Real Estate, Net | 71,581,297 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside Barrington (fka Westside Villas III) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 36 | |||
Initial Cost to Company, Land | $ 3,060,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,538,871 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,243,160 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 3,060,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 6,782,031 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 9,842,031 | |||
Accumulated Depreciation | (5,023,466) | |||
Investment in Real Estate, Net | 4,818,565 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside Barry (fka Westside Villas VI) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 18 | |||
Initial Cost to Company, Land | $ 1,530,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,023,523 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 811,372 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 1,530,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 3,834,895 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 5,364,895 | |||
Accumulated Depreciation | (2,819,131) | |||
Investment in Real Estate, Net | 2,545,764 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside Beloit (fka Westside Villas I) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 21 | |||
Initial Cost to Company, Land | $ 1,785,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,233,254 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 836,921 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 1,785,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 4,070,175 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 5,855,175 | |||
Accumulated Depreciation | (3,041,406) | |||
Investment in Real Estate, Net | 2,813,769 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside Bundy (fka Westside Villas II) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 23 | |||
Initial Cost to Company, Land | $ 1,955,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,541,435 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 824,134 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 1,955,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 4,365,569 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 6,320,569 | |||
Accumulated Depreciation | (3,237,578) | |||
Investment in Real Estate, Net | 3,082,991 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside Butler (fka Westside Villas IV) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 36 | |||
Initial Cost to Company, Land | $ 3,060,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,539,390 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,347,078 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 3,060,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 6,886,468 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 9,946,468 | |||
Accumulated Depreciation | (5,076,540) | |||
Investment in Real Estate, Net | 4,869,928 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside Villas (fka Westside Villas V &VII) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 113 | |||
Initial Cost to Company, Land | $ 9,605,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 19,983,385 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,194,844 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 9,605,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,178,229 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 32,783,229 | |||
Accumulated Depreciation | (16,789,962) | |||
Investment in Real Estate, Net | 15,993,267 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Windridge (CA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Laguna Niguel, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 344 | |||
Initial Cost to Company, Land | $ 2,662,900 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,985,497 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 13,661,399 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 2,662,900 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 37,646,896 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 40,309,796 | |||
Accumulated Depreciation | (33,906,750) | |||
Investment in Real Estate, Net | 6,403,046 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Wisconsin Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chevy Chase, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 432 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 172,089,355 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,076,371 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 174,165,726 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 174,165,726 | |||
Accumulated Depreciation | (65,458,283) | |||
Investment in Real Estate, Net | 108,707,443 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Woodleaf [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Campbell, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 178 | |||
Initial Cost to Company, Land | $ 8,550,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,988,183 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,575,252 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 8,550,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 24,563,435 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 33,114,035 | |||
Accumulated Depreciation | (19,366,947) | |||
Investment in Real Estate, Net | 13,747,088 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Zephyr on the Park [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 193 | |||
Initial Cost to Company, Land | $ 15,637,106 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 89,964,029 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 245,884 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 15,637,106 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 90,209,913 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 105,847,019 | |||
Accumulated Depreciation | (6,844,304) | |||
Investment in Real Estate, Net | 99,002,715 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Management Business [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chicago, IL | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 144,428,737 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 144,428,737 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 144,428,737 | |||
Accumulated Depreciation | (113,190,150) | |||
Investment in Real Estate, Net | 31,238,587 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Operating Partnership [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chicago, IL | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,867,660 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 2,867,660 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 2,867,660 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 2,867,660 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Other [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | N/A | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 111,362 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 111,362 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 111,362 | |||
Accumulated Depreciation | (95,482) | |||
Investment in Real Estate, Net | 15,880 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Wholly Owned Unencumbered [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 67,542 | |||
Initial Cost to Company, Land | $ 4,740,181,596 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 17,196,859,828 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,873,288,046 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 4,740,181,596 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,070,147,874 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 23,810,329,470 | |||
Accumulated Depreciation | (7,664,733,730) | |||
Investment in Real Estate, Net | 16,145,595,740 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1111 Belle Pre (fka The Madison) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 360 | |||
Initial Cost to Company, Land | $ 18,937,702 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 94,758,679 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,301,957 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 18,937,702 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 96,060,636 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 114,998,338 | |||
Accumulated Depreciation | (34,860,500) | |||
Investment in Real Estate, Net | 80,137,838 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 86,361,102 | |||
2501 Porter [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 202 | |||
Initial Cost to Company, Land | $ 13,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 75,271,179 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,884,211 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 13,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 83,155,390 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 96,155,390 | |||
Accumulated Depreciation | (34,040,743) | |||
Investment in Real Estate, Net | $ 62,114,647 | |||
300 East 39th (fka East 39th) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 254 | |||
Initial Cost to Company, Land | $ 48,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 96,174,639 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,769,517 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 48,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 103,944,156 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 152,844,156 | |||
Accumulated Depreciation | (40,193,465) | |||
Investment in Real Estate, Net | 112,650,691 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 63,893,638 | |||
303 East 83rd (fka Camargue) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 261 | |||
Initial Cost to Company, Land | $ 79,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 79,122,624 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 13,844,760 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 79,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 92,967,384 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 172,367,384 | |||
Accumulated Depreciation | (38,462,652) | |||
Investment in Real Estate, Net | $ 133,904,732 | |||
425 Broadway [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Monica, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 101 | |||
Initial Cost to Company, Land | $ 12,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,394,772 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,097,606 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 12,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,492,378 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 51,092,378 | |||
Accumulated Depreciation | (15,477,611) | |||
Investment in Real Estate, Net | $ 35,614,767 | |||
Artisan Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Northridge, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 140 | |||
Initial Cost to Company, Land | $ 7,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,537,359 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,895,523 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 7,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,432,882 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 30,432,882 | |||
Accumulated Depreciation | (15,715,350) | |||
Investment in Real Estate, Net | 14,717,532 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 35,644,779 | |||
Avanti [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Anaheim, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 162 | |||
Initial Cost to Company, Land | $ 12,960,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,497,682 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,388,146 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 12,960,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,885,828 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,845,828 | |||
Accumulated Depreciation | (13,934,940) | |||
Investment in Real Estate, Net | 21,910,888 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 28,058,907 | |||
Avenir Apartments [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 241 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 114,321,619 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,751,473 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 122,073,092 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 122,073,092 | |||
Accumulated Depreciation | (46,061,694) | |||
Investment in Real Estate, Net | 76,011,398 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 850,000 | |||
City Pointe [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fullerton, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 183 | |||
Initial Cost to Company, Land | $ 6,863,792 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,476,208 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,576,589 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 6,863,792 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,052,797 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 48,916,589 | |||
Accumulated Depreciation | (20,067,743) | |||
Investment in Real Estate, Net | 28,848,846 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 39,644,941 | |||
Cleveland House [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 214 | |||
Initial Cost to Company, Land | $ 18,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 66,392,414 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,798,160 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 18,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 74,190,574 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 92,490,574 | |||
Accumulated Depreciation | (28,821,216) | |||
Investment in Real Estate, Net | $ 63,669,358 | |||
Elevé [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Glendale, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 208 | |||
Initial Cost to Company, Land | $ 14,080,560 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 56,419,440 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,584,949 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 14,080,560 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 58,004,389 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 72,084,949 | |||
Accumulated Depreciation | (20,141,393) | |||
Investment in Real Estate, Net | 51,943,556 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 38,417,797 | |||
Estancia at Santa Clara (fka Santa Clara) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Clara, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 450 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 123,759,804 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,477,555 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 130,237,359 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 130,237,359 | |||
Accumulated Depreciation | (49,544,280) | |||
Investment in Real Estate, Net | $ 80,693,079 | |||
Fairchase [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fairfax, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 392 | |||
Initial Cost to Company, Land | $ 23,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 87,722,321 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,935,251 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 23,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 90,657,572 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 114,157,572 | |||
Accumulated Depreciation | (33,752,961) | |||
Investment in Real Estate, Net | $ 80,404,611 | |||
Flats at DuPont Circle [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 306 | |||
Initial Cost to Company, Land | $ 35,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 108,768,198 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,979,171 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 35,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 113,747,369 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 148,947,369 | |||
Accumulated Depreciation | (41,675,966) | |||
Investment in Real Estate, Net | $ 107,271,403 | |||
Glo [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 201 | |||
Initial Cost to Company, Land | $ 16,047,023 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 48,650,963 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,244,622 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 16,047,023 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 52,895,585 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 68,942,608 | |||
Accumulated Depreciation | (23,712,129) | |||
Investment in Real Estate, Net | 45,230,479 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 32,872,538 | |||
Heights on Capitol Hill [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 104 | |||
Initial Cost to Company, Land | $ 5,425,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,138,028 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,318,311 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 5,425,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,456,339 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 28,881,339 | |||
Accumulated Depreciation | (13,336,645) | |||
Investment in Real Estate, Net | 15,544,694 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 22,598,847 | |||
Kelvin Court (fka Alta Pacific) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Irvine, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 132 | |||
Initial Cost to Company, Land | $ 10,752,145 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,846,856 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,280,833 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 10,752,145 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 36,127,689 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 46,879,834 | |||
Accumulated Depreciation | (18,179,103) | |||
Investment in Real Estate, Net | 28,700,731 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 26,266,190 | |||
Kenwood Mews [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Burbank, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 141 | |||
Initial Cost to Company, Land | $ 14,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,662,883 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,497,673 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 14,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,160,556 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 43,260,556 | |||
Accumulated Depreciation | (17,987,698) | |||
Investment in Real Estate, Net | 25,272,858 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 37,645,358 | |||
La Terrazza at Colma Station [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Colma, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 155 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 41,251,044 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,821,270 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 46,072,314 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 46,072,314 | |||
Accumulated Depreciation | (24,784,283) | |||
Investment in Real Estate, Net | 21,288,031 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 25,039,995 | |||
Lindley Apartments [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Encino, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 129 | |||
Initial Cost to Company, Land | $ 5,805,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,705,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,047,415 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 5,805,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,752,415 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 34,557,415 | |||
Accumulated Depreciation | (13,227,135) | |||
Investment in Real Estate, Net | 21,330,280 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 28,056,926 | |||
Lofts 590 [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 212 | |||
Initial Cost to Company, Land | $ 20,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 67,909,023 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,634,837 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 20,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 69,543,860 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 89,643,860 | |||
Accumulated Depreciation | (25,270,231) | |||
Investment in Real Estate, Net | 64,373,629 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 43,047,692 | |||
Longview Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Waltham, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 348 | |||
Initial Cost to Company, Land | $ 20,880,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 90,255,509 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,729,499 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 20,880,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 104,985,008 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 125,865,008 | |||
Accumulated Depreciation | (61,621,009) | |||
Investment in Real Estate, Net | 64,243,999 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 84,324,510 | |||
Mark On 8th [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 174 | |||
Initial Cost to Company, Land | $ 23,004,387 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 51,116,647 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 631,037 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 23,004,387 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 51,747,684 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 74,752,071 | |||
Accumulated Depreciation | (11,613,846) | |||
Investment in Real Estate, Net | $ 63,138,225 | |||
Metro on First [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 102 | |||
Initial Cost to Company, Land | $ 8,540,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,209,981 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,050,272 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 8,540,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 16,260,253 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,800,253 | |||
Accumulated Depreciation | (9,137,232) | |||
Investment in Real Estate, Net | 15,663,021 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 21,503,008 | |||
Moda [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 251 | |||
Initial Cost to Company, Land | $ 12,649,228 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,842,012 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,688,215 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 12,649,228 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 39,530,227 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 52,179,455 | |||
Accumulated Depreciation | (18,867,144) | |||
Investment in Real Estate, Net | $ 33,312,311 | |||
Montierra (CA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 272 | |||
Initial Cost to Company, Land | $ 8,160,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,360,938 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,542,219 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 8,160,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,903,157 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 49,063,157 | |||
Accumulated Depreciation | (30,150,419) | |||
Investment in Real Estate, Net | 18,912,738 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 61,056,297 | |||
Notch [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Newcastle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 158 | |||
Initial Cost to Company, Land | $ 5,463,324 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,490,989 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 209,022 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 5,463,324 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 43,700,011 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 49,163,335 | |||
Accumulated Depreciation | (5,297,358) | |||
Investment in Real Estate, Net | $ 43,865,977 | |||
Old Town Lofts [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 149 | |||
Initial Cost to Company, Land | $ 7,740,467 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,146,181 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,323,622 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 7,740,467 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,469,803 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 53,210,270 | |||
Accumulated Depreciation | (14,024,622) | |||
Investment in Real Estate, Net | 39,185,648 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 35,588,915 | |||
Olympus Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 328 | |||
Initial Cost to Company, Land | $ 14,752,034 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 73,335,425 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,449,983 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 14,752,034 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 87,785,408 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 102,537,442 | |||
Accumulated Depreciation | (56,949,584) | |||
Investment in Real Estate, Net | 45,587,858 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 94,800,450 | |||
Park Place at San Mateo (fka San Mateo) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Mateo, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 575 | |||
Initial Cost to Company, Land | $ 71,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 211,907,141 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 18,068,811 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 71,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 229,975,952 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 301,875,952 | |||
Accumulated Depreciation | (89,508,506) | |||
Investment in Real Estate, Net | $ 212,367,446 | |||
Red 160 (fka Redmond Way) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 250 | |||
Initial Cost to Company, Land | $ 15,546,376 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 65,320,010 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,100,845 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 15,546,376 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 68,420,855 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 83,967,231 | |||
Accumulated Depreciation | (27,642,178) | |||
Investment in Real Estate, Net | $ 56,325,053 | |||
Skyhouse Denver [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Denver, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 354 | |||
Initial Cost to Company, Land | $ 13,562,331 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 126,360,318 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,503,996 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 13,562,331 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 127,864,314 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 141,426,645 | |||
Accumulated Depreciation | (25,694,150) | |||
Investment in Real Estate, Net | 115,732,495 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 74,226,664 | |||
SoMa Square Apartments (fka South Market) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 410 | |||
Initial Cost to Company, Land | $ 79,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 177,316,977 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 21,165,844 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 79,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 198,482,821 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 278,382,821 | |||
Accumulated Depreciation | (76,177,456) | |||
Investment in Real Estate, Net | $ 202,205,365 | |||
Teresina [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chula Vista, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 440 | |||
Initial Cost to Company, Land | $ 28,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,916,670 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,132,262 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 28,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 71,048,932 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 99,648,932 | |||
Accumulated Depreciation | (41,706,770) | |||
Investment in Real Estate, Net | 57,942,162 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 37,940,000 | |||
Vintage [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Ontario, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 300 | |||
Initial Cost to Company, Land | $ 7,059,230 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,677,762 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,044,823 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 7,059,230 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 52,722,585 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 59,781,815 | |||
Accumulated Depreciation | (28,688,384) | |||
Investment in Real Estate, Net | 31,093,431 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 49,162,360 | |||
Vintage at 425 Broadway (fka Promenade) [Memebr] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Monica, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 60 | |||
Initial Cost to Company, Land | $ 9,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 13,961,523 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,017,699 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 9,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 15,979,222 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,979,222 | |||
Accumulated Depreciation | (6,698,223) | |||
Investment in Real Estate, Net | $ 18,280,999 | |||
West 54th [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 222 | |||
Initial Cost to Company, Land | $ 60,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 48,193,837 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,292,317 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 60,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 53,486,154 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 114,386,154 | |||
Accumulated Depreciation | (22,720,803) | |||
Investment in Real Estate, Net | 91,665,351 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 50,209,568 | |||
Portfolio/Entity Encumbrances [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 799,609,043 | |||
Investment in Real Estate - Wholly Owned Encumbered [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 8,941 | |||
Initial Cost to Company, Land | $ 750,628,599 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,410,192,655 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 216,080,295 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 750,628,599 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 2,626,272,950 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 3,376,901,549 | |||
Accumulated Depreciation | (1,095,745,422) | |||
Investment in Real Estate, Net | 2,281,156,127 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,816,819,525 | |||
2300 Elliott [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 92 | |||
Initial Cost to Company, Land | $ 796,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 7,173,725 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,079,953 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 796,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 15,253,678 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 16,050,478 | |||
Accumulated Depreciation | (13,410,704) | |||
Investment in Real Estate, Net | 2,639,774 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Bellevue Meadows [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 180 | |||
Initial Cost to Company, Land | $ 4,507,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,574,814 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,996,090 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 4,507,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,570,904 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,078,004 | |||
Accumulated Depreciation | (15,908,888) | |||
Investment in Real Estate, Net | 8,169,116 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Canyon Ridge [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 162 | |||
Initial Cost to Company, Land | $ 4,869,448 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 11,955,064 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,630,428 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 4,869,448 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 16,585,492 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 21,454,940 | |||
Accumulated Depreciation | (13,766,694) | |||
Investment in Real Estate, Net | 7,688,246 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Country Oaks [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Agoura Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 256 | |||
Initial Cost to Company, Land | $ 6,105,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,561,865 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,216,848 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 6,105,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 37,778,713 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 43,883,713 | |||
Accumulated Depreciation | (26,756,533) | |||
Investment in Real Estate, Net | 17,127,180 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Harrison Square (fka Elliot Bay) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 166 | |||
Initial Cost to Company, Land | $ 7,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,844,345 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,509,034 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 7,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,353,379 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 49,953,379 | |||
Accumulated Depreciation | (17,983,188) | |||
Investment in Real Estate, Net | 31,970,191 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lantern Cove [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Foster City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 232 | |||
Initial Cost to Company, Land | $ 6,945,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,064,976 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,119,269 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 6,945,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,184,245 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 39,129,245 | |||
Accumulated Depreciation | (23,642,181) | |||
Investment in Real Estate, Net | 15,487,064 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Radius Koreatown [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 301 | |||
Initial Cost to Company, Land | $ 32,494,154 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 84,645,203 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 871,171 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 32,494,154 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 85,516,374 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 118,010,528 | |||
Accumulated Depreciation | (22,022,979) | |||
Investment in Real Estate, Net | 95,987,549 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Rosecliff [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Quincy, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 156 | |||
Initial Cost to Company, Land | $ 5,460,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,721,570 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,467,734 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 5,460,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 21,189,304 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 26,649,304 | |||
Accumulated Depreciation | (16,448,847) | |||
Investment in Real Estate, Net | 10,200,457 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Schooner Bay I [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Foster City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 168 | |||
Initial Cost to Company, Land | $ 5,345,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,390,618 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,671,731 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 5,345,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,062,349 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 34,407,349 | |||
Accumulated Depreciation | (20,233,539) | |||
Investment in Real Estate, Net | 14,173,810 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Schooner Bay II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Foster City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 144 | |||
Initial Cost to Company, Land | $ 4,550,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,064,764 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,729,384 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 4,550,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 25,794,148 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 30,344,148 | |||
Accumulated Depreciation | (17,946,115) | |||
Investment in Real Estate, Net | 12,398,033 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
St Johns West [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Austin, TX | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 297 | |||
Initial Cost to Company, Land | $ 10,097,109 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,928,229 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 162,483 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 10,097,109 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 48,090,712 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 58,187,821 | |||
Accumulated Depreciation | (6,385,716) | |||
Investment in Real Estate, Net | 51,802,105 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Venn at Main [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 350 | |||
Initial Cost to Company, Land | $ 26,626,497 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 151,520,448 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,204,708 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 26,626,497 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 152,725,156 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 179,351,653 | |||
Accumulated Depreciation | (32,823,149) | |||
Investment in Real Estate, Net | 146,528,504 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Virgil Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 142 | |||
Initial Cost to Company, Land | $ 5,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,216,613 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,271,846 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 5,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,488,459 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,988,459 | |||
Accumulated Depreciation | (12,300,149) | |||
Investment in Real Estate, Net | 12,688,310 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Partially Owned Unencumbered [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 2,646 | |||
Initial Cost to Company, Land | $ 120,896,108 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 473,662,234 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 71,930,679 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 120,896,108 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 545,592,913 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 666,489,021 | |||
Accumulated Depreciation | (239,628,682) | |||
Investment in Real Estate, Net | 426,860,339 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Aero Apartments [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alameda, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 200 | |||
Initial Cost to Company, Land | $ 13,107,242 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 100,503,088 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 82,614 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 13,107,242 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 100,585,702 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 113,692,944 | |||
Accumulated Depreciation | (6,598,126) | |||
Investment in Real Estate, Net | 107,094,818 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 64,664,406 | |||
Canyon Creek (CA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Ramon, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 268 | |||
Initial Cost to Company, Land | $ 5,425,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,812,120 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,724,976 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 5,425,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,537,096 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 32,962,096 | |||
Accumulated Depreciation | (21,143,889) | |||
Investment in Real Estate, Net | 11,818,207 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 28,240,084 | |||
Reverb Fka 9th And W [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 88,378,413 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 88,378,413 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 88,378,413 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 88,378,413 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 43,714,070 | |||
Partially Owned Encumbered [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 468 | |||
Initial Cost to Company, Land | $ 18,532,242 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 207,693,621 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,807,590 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 18,532,242 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 216,501,211 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 235,033,453 | |||
Accumulated Depreciation | (27,742,015) | |||
Investment in Real Estate, Net | 207,291,438 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 136,618,560 | |||
Total Consolidated Investment in Real Estate [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 79,597 | |||
Initial Cost to Company, Land | $ 5,630,238,545 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,288,408,338 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,170,106,610 | |||
Gross Amount Carried at close of period 12/31/2022, Land | 5,630,238,545 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,458,514,948 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 28,088,753,493 | |||
Accumulated Depreciation | (9,027,849,849) | |||
Investment in Real Estate, Net | 19,060,903,644 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,953,438,085 |
Schedule III - Real Estate an_7
Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate And Accumulated Depreciation [Line Items] | ||
Furniture, fixtures and equipment | $ 2,352,050,000 | $ 2,220,203,000 |
Land and depreciable property net | 12,900,000,000 | |
Depreciable Property [Member] | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Furniture, fixtures and equipment | $ 2,352,049,700 | |
Building [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 30 years | |
Renovations and Improvements Minimum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 5 years | |
Renovations and Improvements Maximum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 15 years | |
Replacements Minimum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 5 years | |
Replacements Maximum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 10 years | |
Management Business Renovations and Improvements Minimum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 3 years | |
Management Business Renovations and Improvements Maximum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 7 years |