Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 11, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Registrant Name | EQUITY RESIDENTIAL | ||
Entity Central Index Key | 0000906107 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2021 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
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 | $ 28.5 | ||
Entity Common Stock, Shares Outstanding | 375,917,242 | ||
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 2022 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, 2021, 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 96.7% 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, 2021 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
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, 2021 | Dec. 31, 2020 |
ASSETS | ||
Land | $ 5,814,790 | $ 5,785,367 |
Depreciable property | 22,370,811 | 20,920,654 |
Projects under development | 24,307 | 411,134 |
Land held for development | 62,998 | 86,170 |
Investment in real estate | 28,272,906 | 27,203,325 |
Accumulated depreciation | (8,354,282) | (7,859,657) |
Investment in real estate, net | 19,918,624 | 19,343,668 |
Investments in unconsolidated entities | 127,448 | 52,782 |
Cash and cash equivalents | 123,832 | 42,591 |
Restricted deposits | 236,404 | 57,137 |
Right-of-use assets | 474,713 | 499,287 |
Other assets | 288,220 | 291,426 |
Total assets | 21,169,241 | 20,286,891 |
Liabilities: | ||
Mortgage notes payable, net | 2,191,201 | 2,293,890 |
Notes, net | 5,835,222 | 5,335,536 |
Line of credit and commercial paper | 315,030 | 414,830 |
Accounts payable and accrued expenses | 107,013 | 107,366 |
Accrued interest payable | 69,510 | 65,896 |
Lease liabilities | 312,335 | 329,130 |
Other liabilities | 353,102 | 345,064 |
Security deposits | 66,141 | 60,480 |
Distributions payable | 233,502 | 232,262 |
Total liabilities | 9,483,056 | 9,184,454 |
Commitments and contingencies | ||
Redeemable Noncontrolling Interests – Operating Partnership | 498,977 | 338,951 |
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, 2021 and December 31, 2020 | 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, 2021 and 372,302,000 shares issued and outstanding as of December 31, 2020 | 3,755 | 3,723 |
Paid in capital | 9,121,122 | 9,128,599 |
Retained earnings | 1,827,063 | 1,399,715 |
Accumulated other comprehensive income (loss) | (34,272) | (43,666) |
Total shareholders’ equity | 10,954,948 | 10,525,651 |
Noncontrolling Interests: | ||
Operating Partnership | 214,094 | 233,162 |
Partially Owned Properties | 18,166 | 4,673 |
Total Noncontrolling Interests | 232,260 | 237,835 |
Total equity | 11,187,208 | 10,763,486 |
Total liabilities and equity/capital | $ 21,169,241 | $ 20,286,891 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
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 | 375,527,195 | 372,302,000 |
Common Stock, Shares, Outstanding | 375,527,195 | 372,302,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
REVENUES | |||
Rental income | $ 2,463,997 | $ 2,571,705 | $ 2,700,691 |
EXPENSES | |||
Property and maintenance | 453,532 | 440,998 | 446,845 |
Real estate taxes and insurance | 397,105 | 381,562 | 366,139 |
Property management | 98,155 | 93,825 | 95,344 |
General and administrative | 56,506 | 48,305 | 52,757 |
Depreciation | 838,272 | 820,832 | 831,083 |
Total expenses | 1,843,570 | 1,785,522 | 1,792,168 |
Net gain (loss) on sales of real estate properties | 1,072,183 | 531,807 | 447,637 |
Impairment | (16,769) | ||
Operating income | 1,675,841 | 1,317,990 | 1,356,160 |
Interest and other income | 25,666 | 5,935 | 3,201 |
Other expenses | (19,275) | (17,510) | (18,177) |
Interest: | |||
Expense incurred, net | (272,473) | (365,073) | (390,076) |
Amortization of deferred financing costs | (8,737) | (8,939) | (11,670) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 1,401,022 | 932,403 | 939,438 |
Income and other tax (expense) benefit | (915) | (852) | 2,281 |
Income (loss) from investments in unconsolidated entities | (3,398) | (3,284) | 65,945 |
Net gain (loss) on sales of land parcels | 5 | 34,234 | 2,044 |
Net income | 1,396,714 | 962,501 | 1,009,708 |
Net (income) loss attributable to Noncontrolling Interests: | |||
Operating Partnership | (45,900) | (34,010) | (36,034) |
Partially Owned Properties | (17,964) | (14,855) | (3,297) |
Net income attributable to controlling interests | 1,332,850 | 913,636 | 970,377 |
Preferred distributions | (3,090) | (3,090) | (3,090) |
Net income available to Common Shares | $ 1,329,760 | $ 910,546 | $ 967,287 |
Earnings per share – basic: | |||
Net income available to Common Shares | $ 3.56 | $ 2.45 | $ 2.61 |
Weighted average Common Shares outstanding | 373,833 | 371,791 | 370,461 |
Earnings per share – diluted: | |||
Net income available to Common Shares | $ 3.54 | $ 2.45 | $ 2.60 |
Weighted average Common Shares outstanding | 388,089 | 385,874 | 386,333 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Comprehensive income: | |||
Net income | $ 1,396,714 | $ 962,501 | $ 1,009,708 |
Other comprehensive income (loss) – derivative instruments: | |||
Unrealized holding gains (losses) arising during the year | (1,190) | (33,765) | |
Losses reclassified into earnings from other comprehensive income | 9,394 | 35,087 | 21,188 |
Other comprehensive income (loss) | 9,394 | 33,897 | (12,577) |
Comprehensive income | 1,406,108 | 996,398 | 997,131 |
Comprehensive (income) attributable to Noncontrolling Interests | (64,183) | (50,084) | (38,872) |
Comprehensive income attributable to controlling interests | $ 1,341,925 | $ 946,314 | $ 958,259 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 1,396,714 | $ 962,501 | $ 1,009,708 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 838,272 | 820,832 | 831,083 |
Amortization of deferred financing costs | 8,737 | 8,939 | 11,670 |
Amortization of above/below market lease intangibles | (154) | (71) | (71) |
Amortization of discounts and premiums on debt | 5,302 | 5,231 | 11,780 |
Amortization of deferred settlements on derivative instruments | 9,382 | 35,075 | 21,176 |
Amortization of right-of-use assets | 13,266 | 11,682 | 11,764 |
Impairment | 16,769 | ||
Write-off of pursuit costs | 6,526 | 6,869 | 5,529 |
(Income) loss from investments in unconsolidated entities | 3,398 | 3,284 | (65,945) |
Distributions from unconsolidated entities – return on capital | 56 | 100 | 2,621 |
Net (gain) loss on sales of real estate properties | (1,072,183) | (531,807) | (447,637) |
Net (gain) loss on sales of land parcels | (5) | (34,234) | (2,044) |
Net (gain) loss on debt extinguishment | 26,150 | 13,647 | |
Realized/unrealized (gain) loss on derivative instruments | 50 | ||
Realized (gain) loss on sale of investment securities | (23,432) | ||
Compensation paid with Company Common Shares | 27,810 | 23,174 | 24,449 |
Other operating activities, net | 1,805 | (287) | |
Changes in assets and liabilities: | |||
(Increase) decrease in other assets | 5,906 | (53,021) | 6,278 |
Increase (decrease) in accounts payable and accrued expenses | 15,381 | 470 | 5,116 |
Increase (decrease) in accrued interest payable | 3,614 | (956) | 4,230 |
Increase (decrease) in lease liabilities | (5,122) | (2,204) | (2,269) |
Increase (decrease) in other liabilities | 4,286 | (8,751) | 13,382 |
Increase (decrease) in security deposits | 5,661 | (9,582) | 2,804 |
Net cash provided by operating activities | 1,260,184 | 1,265,536 | 1,456,984 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Investment in real estate – acquisitions | (1,712,131) | (48,898) | (1,518,878) |
Investment in real estate – development/other | (206,421) | (230,332) | (195,692) |
Capital expenditures to real estate | (151,019) | (135,979) | (178,423) |
Non-real estate capital additions | (1,696) | (20,100) | (4,955) |
Interest capitalized for real estate and unconsolidated entities under development | (15,932) | (10,165) | (6,884) |
Proceeds from disposition of real estate, net | 1,707,747 | 1,113,972 | 1,064,619 |
Investments in unconsolidated entities – acquisitions | (48,534) | ||
Investments in unconsolidated entities – other | (31,257) | (5,775) | (9,604) |
Distributions from unconsolidated entities – return of capital | 1,516 | 1,636 | 78,262 |
Purchase of investment securities and other investments | (168,291) | (773) | (269) |
Proceeds from sale of investment securities | 191,398 | ||
Net cash provided by (used for) investing activities | (434,620) | 663,586 | (771,824) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Debt financing costs | (6,446) | (2,923) | (19,812) |
Mortgage notes payable, net: | |||
Proceeds | 58,428 | 519,204 | 295,771 |
Lump sum payoffs | (156,815) | (160,522) | (743,021) |
Scheduled principal repayments | (7,465) | (7,759) | (6,808) |
Notes, net: | |||
Proceeds | 497,470 | 1,194,468 | |
Lump sum payoffs | (750,000) | (1,050,000) | |
Line of credit and commercial paper: | |||
Line of credit proceeds | 10,000 | 1,870,000 | 6,010,000 |
Line of credit repayments | (10,000) | (1,890,000) | (5,990,000) |
Commercial paper proceeds | 7,590,200 | 7,450,997 | 15,944,800 |
Commercial paper repayments | (7,690,000) | (8,034,000) | (15,446,150) |
Proceeds from (payments on) settlement of derivative instruments | (1,240) | (41,616) | |
Prepaid finance ground lease | (34,734) | ||
Finance ground lease principal payments | (365) | ||
Proceeds from Employee Share Purchase Plan (ESPP) | 4,265 | 4,508 | 3,116 |
Proceeds from exercise of options | 85,445 | 12,275 | 77,785 |
Payment of offering costs | (428) | (991) | |
Other financing activities, net | (63) | (63) | (80) |
Contributions – Noncontrolling Interests – Partially Owned Properties | 1,394 | 417 | 7,337 |
Contributions – Noncontrolling Interests – Operating Partnership | 13 | 2 | |
Distributions: | |||
Common Shares | (900,468) | (883,938) | (831,111) |
Preferred Shares | (3,090) | (3,090) | (3,090) |
Noncontrolling Interests – Operating Partnership | (31,316) | (32,403) | (29,615) |
Noncontrolling Interests – Partially Owned Properties | (5,802) | (11,719) | (7,078) |
Net cash provided by (used for) financing activities | (565,056) | (1,946,393) | (684,474) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 260,508 | (17,271) | 686 |
Cash and cash equivalents and restricted deposits, beginning of year | 99,728 | 116,999 | 116,313 |
Cash and cash equivalents and restricted deposits, end of year | 360,236 | 99,728 | 116,999 |
Cash and cash equivalents | 123,832 | 42,591 | 45,753 |
Restricted deposits | 236,404 | 57,137 | 71,246 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 252,838 | 320,854 | 342,048 |
Net cash paid (received) for income and other taxes | 1,179 | (1,038) | (585) |
Amortization of deferred financing costs: | |||
Investment in real estate, net | (353) | (240) | (120) |
Other assets | 2,338 | 2,338 | 2,987 |
Mortgage notes payable, net | 2,743 | 1,815 | 3,934 |
Notes, net | 4,009 | 5,026 | 4,869 |
Amortization of discounts and premiums on debt: | |||
Mortgage notes payable, net | 2,764 | 2,234 | 8,618 |
Notes, net | 2,538 | 2,997 | 3,162 |
Amortization of deferred settlements on derivative instruments: | |||
Other liabilities | (12) | (12) | (12) |
Accumulated other comprehensive income | 9,394 | 35,087 | 21,188 |
Write-off of pursuit costs: | |||
Investment in real estate, net | 5,918 | 6,566 | 5,451 |
Other assets | 582 | 271 | 62 |
Accounts payable and accrued expenses | 26 | 32 | 16 |
(Income) loss from investments in unconsolidated entities: | |||
Investments in unconsolidated entities | 2,122 | 1,995 | (67,268) |
Other liabilities | 1,276 | 1,289 | 1,323 |
Realized/unrealized (gain) loss on derivative instruments: | |||
Other assets | 2,002 | ||
Notes, net | 2,277 | ||
Other liabilities | 1,240 | 29,486 | |
Accumulated other comprehensive income | (1,190) | (33,765) | |
Interest capitalized for real estate and unconsolidated entities under development: | |||
Investment in real estate, net | (15,318) | (10,165) | (6,884) |
Investments in unconsolidated entities | (614) | ||
Investments in unconsolidated entities – other: | |||
Investment in real estate, net | 1,395 | ||
Investments in unconsolidated entities | (30,642) | (4,275) | (7,504) |
Other liabilities | (2,010) | (1,500) | (2,100) |
Debt financing costs: | |||
Other assets | 229 | (231) | (6,909) |
Mortgage notes payable, net | (2,344) | (2,692) | (2,354) |
Notes, net | (4,331) | (10,549) | |
Right-of-use assets and lease liabilities initial measurement and reclassifications: | |||
Right-of-use assets | 11,308 | (489,517) | |
Other assets | 184,116 | ||
Lease liabilities | (11,308) | 333,603 | |
Other liabilities | (28,202) | ||
Non-cash share distribution from unconsolidated entities: | |||
Investments in unconsolidated entities | 1,430 | ||
Other assets | $ (1,430) | ||
Mortgage Notes Payable, Net [Member] | |||
Mortgage notes payable, net: | |||
Net gain (loss) on debt extinguishment | (327) | (3,381) | |
Notes, net: | |||
Net gain (loss) on debt extinguishment | (327) | (3,381) | |
Notes, Net [Member] | |||
Mortgage notes payable, net: | |||
Net gain (loss) on debt extinguishment | (25,823) | (10,266) | |
Notes, net: | |||
Net gain (loss) on debt extinguishment | $ (25,823) | $ (10,266) |
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, 2018 | $ 37,280 | $ 3,694 | $ 8,935,453 | $ 1,261,763 | $ (64,986) | ||||
Balance, beginning of year at Dec. 31, 2018 | $ 228,738 | $ (2,293) | |||||||
COMMON SHARES, $0.01 PAR VALUE | |||||||||
Conversion of OP Units into Common Shares | 3 | 10,407 | |||||||
Exercise of share options | 17 | 77,768 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 3,115 | |||||||
Share-based employee compensation expense: | |||||||||
Issuance of restricted units/shares | 2 | 12,436 | 2 | ||||||
Share options | 2,675 | ||||||||
ESPP discount | 642 | ||||||||
Offering costs | (991) | ||||||||
Supplemental Executive Retirement Plan (SERP) | (1,675) | ||||||||
Change in market value of Redeemable Noncontrolling Interests –Operating Partnership | $ 82,283 | (82,283) | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 8,030 | (8,030) | |||||||
PAID IN CAPITAL | |||||||||
Conversion of OP Units into Common Shares | 3 | 10,407 | |||||||
Exercise of share options | 17 | 77,768 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 3,115 | |||||||
RETAINED EARNINGS | |||||||||
Net income attributable to controlling interests | 970,377 | 970,377 | |||||||
Common Share distributions | (842,555) | ||||||||
Preferred Share distributions | (3,090) | ||||||||
Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
Unrealized holding gains (losses) arising during the year | (33,765) | (33,765) | |||||||
Losses reclassified into earnings from other comprehensive income | (21,188) | 21,188 | |||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Common Share outstanding | $ 2.27 | ||||||||
NONCONTROLLING INTERESTS | |||||||||
Issuance of restricted units/shares | 2 | 12,436 | 2 | ||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (10,410) | ||||||||
Equity compensation associated with Noncontrolling Interests | 13,410 | ||||||||
Net income attributable to Noncontrolling Interests | 36,034 | 36,034 | 3,297 | ||||||
Distributions to Noncontrolling Interests | (29,896) | (7,158) | |||||||
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | 2,011 | (2,011) | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 8,030 | (8,030) | |||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 36,034 | 36,034 | 3,297 | ||||||
Contributions by Noncontrolling Interests | 7,337 | ||||||||
Distributions to Noncontrolling Interests | (29,896) | (7,158) | |||||||
Balance, end of year at Dec. 31, 2019 | 37,280 | 3,717 | 8,965,577 | 1,386,495 | (77,563) | ||||
Balance, end 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 | |||||||
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 | 10,525,651 | 37,280 | 3,723 | 9,128,599 | 1,399,715 | (43,666) | |||
Balance, end of year at Dec. 31, 2020 | 237,835 | 233,162 | 4,673 | ||||||
COMMON SHARES, $0.01 PAR VALUE | |||||||||
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 | |||||||
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 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
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, 2021 | Dec. 31, 2020 |
ASSETS | ||
Land | $ 5,814,790 | $ 5,785,367 |
Depreciable property | 22,370,811 | 20,920,654 |
Projects under development | 24,307 | 411,134 |
Land held for development | 62,998 | 86,170 |
Investment in real estate | 28,272,906 | 27,203,325 |
Accumulated depreciation | (8,354,282) | (7,859,657) |
Investment in real estate, net | 19,918,624 | 19,343,668 |
Investments in unconsolidated entities | 127,448 | 52,782 |
Cash and cash equivalents | 123,832 | 42,591 |
Restricted deposits | 236,404 | 57,137 |
Right-of-use assets | 474,713 | 499,287 |
Other assets | 288,220 | 291,426 |
Total assets | 21,169,241 | 20,286,891 |
Liabilities: | ||
Mortgage notes payable, net | 2,191,201 | 2,293,890 |
Notes, net | 5,835,222 | 5,335,536 |
Line of credit and commercial paper | 315,030 | 414,830 |
Accounts payable and accrued expenses | 107,013 | 107,366 |
Accrued interest payable | 69,510 | 65,896 |
Lease liabilities | 312,335 | 329,130 |
Other liabilities | 353,102 | 345,064 |
Security deposits | 66,141 | 60,480 |
Distributions payable | 233,502 | 232,262 |
Total liabilities | 9,483,056 | 9,184,454 |
Commitments and contingencies | ||
Redeemable Limited Partners | 498,977 | 338,951 |
Partners’ Capital: | ||
Accumulated other comprehensive income (loss) | (34,272) | (43,666) |
Noncontrolling Interests – Partially Owned Properties | 18,166 | 4,673 |
Total liabilities and equity/capital | 21,169,241 | 20,286,891 |
ERPOP [Member] | ||
ASSETS | ||
Land | 5,814,790 | 5,785,367 |
Depreciable property | 22,370,811 | 20,920,654 |
Projects under development | 24,307 | 411,134 |
Land held for development | 62,998 | 86,170 |
Investment in real estate | 28,272,906 | 27,203,325 |
Accumulated depreciation | (8,354,282) | (7,859,657) |
Investment in real estate, net | 19,918,624 | 19,343,668 |
Investments in unconsolidated entities | 127,448 | 52,782 |
Cash and cash equivalents | 123,832 | 42,591 |
Restricted deposits | 236,404 | 57,137 |
Right-of-use assets | 474,713 | 499,287 |
Other assets | 288,220 | 291,426 |
Total assets | 21,169,241 | 20,286,891 |
Liabilities: | ||
Mortgage notes payable, net | 2,191,201 | 2,293,890 |
Notes, net | 5,835,222 | 5,335,536 |
Line of credit and commercial paper | 315,030 | 414,830 |
Accounts payable and accrued expenses | 107,013 | 107,366 |
Accrued interest payable | 69,510 | 65,896 |
Lease liabilities | 312,335 | 329,130 |
Other liabilities | 353,102 | 345,064 |
Security deposits | 66,141 | 60,480 |
Distributions payable | 233,502 | 232,262 |
Total liabilities | 9,483,056 | 9,184,454 |
Commitments and contingencies | ||
Redeemable Limited Partners | 498,977 | 338,951 |
Partners’ Capital: | ||
Preference Units | 37,280 | 37,280 |
General Partner | 10,951,940 | 10,532,037 |
Limited Partners | 214,094 | 233,162 |
Accumulated other comprehensive income (loss) | (34,272) | (43,666) |
Total partners’ capital | 11,169,042 | 10,758,813 |
Noncontrolling Interests – Partially Owned Properties | 18,166 | 4,673 |
Total capital | 11,187,208 | 10,763,486 |
Total liabilities and equity/capital | $ 21,169,241 | $ 20,286,891 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
REVENUES | |||
Rental income | $ 2,463,997 | $ 2,571,705 | $ 2,700,691 |
EXPENSES | |||
Property and maintenance | 453,532 | 440,998 | 446,845 |
Real estate taxes and insurance | 397,105 | 381,562 | 366,139 |
Property management | 98,155 | 93,825 | 95,344 |
General and administrative | 56,506 | 48,305 | 52,757 |
Depreciation | 838,272 | 820,832 | 831,083 |
Total expenses | 1,843,570 | 1,785,522 | 1,792,168 |
Net gain (loss) on sales of real estate properties | 1,072,183 | 531,807 | 447,637 |
Impairment | (16,769) | ||
Operating income | 1,675,841 | 1,317,990 | 1,356,160 |
Interest and other income | 25,666 | 5,935 | 3,201 |
Other expenses | (19,275) | (17,510) | (18,177) |
Interest: | |||
Expense incurred, net | (272,473) | (365,073) | (390,076) |
Amortization of deferred financing costs | (8,737) | (8,939) | (11,670) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 1,401,022 | 932,403 | 939,438 |
Income and other tax (expense) benefit | (915) | (852) | 2,281 |
Income (loss) from investments in unconsolidated entities | (3,398) | (3,284) | 65,945 |
Net gain (loss) on sales of land parcels | 5 | 34,234 | 2,044 |
Net income | 1,396,714 | 962,501 | 1,009,708 |
Partially Owned Properties | (17,964) | (14,855) | (3,297) |
Net income attributable to controlling interests | $ 1,332,850 | $ 913,636 | $ 970,377 |
Earnings per Unit – basic: | |||
Net income available to Units | $ 3.56 | $ 2.45 | $ 2.61 |
Earnings per Unit – diluted: | |||
Net income available to Units | $ 3.54 | $ 2.45 | $ 2.60 |
Weighted average Units outstanding | 388,089 | 385,874 | 386,333 |
ERPOP [Member] | |||
REVENUES | |||
Rental income | $ 2,463,997 | $ 2,571,705 | $ 2,700,691 |
EXPENSES | |||
Property and maintenance | 453,532 | 440,998 | 446,845 |
Real estate taxes and insurance | 397,105 | 381,562 | 366,139 |
Property management | 98,155 | 93,825 | 95,344 |
General and administrative | 56,506 | 48,305 | 52,757 |
Depreciation | 838,272 | 820,832 | 831,083 |
Total expenses | 1,843,570 | 1,785,522 | 1,792,168 |
Net gain (loss) on sales of real estate properties | 1,072,183 | 531,807 | 447,637 |
Impairment | (16,769) | ||
Operating income | 1,675,841 | 1,317,990 | 1,356,160 |
Interest and other income | 25,666 | 5,935 | 3,201 |
Other expenses | (19,275) | (17,510) | (18,177) |
Interest: | |||
Expense incurred, net | (272,473) | (365,073) | (390,076) |
Amortization of deferred financing costs | (8,737) | (8,939) | (11,670) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 1,401,022 | 932,403 | 939,438 |
Income and other tax (expense) benefit | (915) | (852) | 2,281 |
Income (loss) from investments in unconsolidated entities | (3,398) | (3,284) | 65,945 |
Net gain (loss) on sales of land parcels | 5 | 34,234 | 2,044 |
Net income | 1,396,714 | 962,501 | 1,009,708 |
Partially Owned Properties | (17,964) | (14,855) | (3,297) |
Net income attributable to controlling interests | 1,378,750 | 947,646 | 1,006,411 |
ALLOCATION OF NET INCOME: | |||
Preference Units | 3,090 | 3,090 | 3,090 |
General Partner | 1,329,760 | 910,546 | 967,287 |
Limited Partners | 45,900 | 34,010 | 36,034 |
Net income available to Units | $ 1,375,660 | $ 944,556 | $ 1,003,321 |
Earnings per Unit – basic: | |||
Net income available to Units | $ 3.56 | $ 2.45 | $ 2.61 |
Weighted average Units outstanding | 386,096 | 384,794 | 383,368 |
Earnings per Unit – diluted: | |||
Net income available to Units | $ 3.54 | $ 2.45 | $ 2.60 |
Weighted average Units outstanding | 388,089 | 385,874 | 386,333 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Comprehensive income: | |||
Net income | $ 1,396,714 | $ 962,501 | $ 1,009,708 |
Other comprehensive income (loss) – derivative instruments: | |||
Unrealized holding gains (losses) arising during the year | (1,190) | (33,765) | |
Losses reclassified into earnings from other comprehensive income | 9,394 | 35,087 | 21,188 |
Other comprehensive income (loss) | 9,394 | 33,897 | (12,577) |
Comprehensive income | 1,406,108 | 996,398 | 997,131 |
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties | (64,183) | (50,084) | (38,872) |
Comprehensive income attributable to controlling interests | 1,341,925 | 946,314 | 958,259 |
ERPOP [Member] | |||
Comprehensive income: | |||
Net income | 1,396,714 | 962,501 | 1,009,708 |
Other comprehensive income (loss) – derivative instruments: | |||
Unrealized holding gains (losses) arising during the year | (1,190) | (33,765) | |
Losses reclassified into earnings from other comprehensive income | 9,394 | 35,087 | 21,188 |
Other comprehensive income (loss) | 9,394 | 33,897 | (12,577) |
Comprehensive income | 1,406,108 | 996,398 | 997,131 |
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties | (17,964) | (14,855) | (3,297) |
Comprehensive income attributable to controlling interests | $ 1,388,144 | $ 981,543 | $ 993,834 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 1,396,714 | $ 962,501 | $ 1,009,708 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 838,272 | 820,832 | 831,083 |
Amortization of deferred financing costs | 8,737 | 8,939 | 11,670 |
Amortization of above/below market lease intangibles | (154) | (71) | (71) |
Amortization of discounts and premiums on debt | 5,302 | 5,231 | 11,780 |
Amortization of deferred settlements on derivative instruments | 9,382 | 35,075 | 21,176 |
Amortization of right-of-use assets | 13,266 | 11,682 | 11,764 |
Impairment | 16,769 | ||
Write-off of pursuit costs | 6,526 | 6,869 | 5,529 |
(Income) loss from investments in unconsolidated entities | 3,398 | 3,284 | (65,945) |
Distributions from unconsolidated entities – return on capital | 56 | 100 | 2,621 |
Net (gain) loss on sales of real estate properties | (1,072,183) | (531,807) | (447,637) |
Net (gain) loss on sales of land parcels | (5) | (34,234) | (2,044) |
Net (gain) loss on debt extinguishment | 26,150 | 13,647 | |
Realized/unrealized (gain) loss on derivative instruments | 50 | ||
Realized (gain) loss on sale of investment securities | (23,432) | ||
Compensation paid with Company Common Shares | 27,810 | 23,174 | 24,449 |
Other operating activities, net | 1,805 | (287) | |
Changes in assets and liabilities: | |||
(Increase) decrease in other assets | 5,906 | (53,021) | 6,278 |
Increase (decrease) in accounts payable and accrued expenses | 15,381 | 470 | 5,116 |
Increase (decrease) in accrued interest payable | 3,614 | (956) | 4,230 |
Increase (decrease) in lease liabilities | (5,122) | (2,204) | (2,269) |
Increase (decrease) in other liabilities | 4,286 | (8,751) | 13,382 |
Increase (decrease) in security deposits | 5,661 | (9,582) | 2,804 |
Net cash provided by operating activities | 1,260,184 | 1,265,536 | 1,456,984 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Investment in real estate – acquisitions | (1,712,131) | (48,898) | (1,518,878) |
Investment in real estate – development/other | (206,421) | (230,332) | (195,692) |
Capital expenditures to real estate | (151,019) | (135,979) | (178,423) |
Non-real estate capital additions | (1,696) | (20,100) | (4,955) |
Interest capitalized for real estate and unconsolidated entities under development | (15,932) | (10,165) | (6,884) |
Proceeds from disposition of real estate, net | 1,707,747 | 1,113,972 | 1,064,619 |
Investments in unconsolidated entities – acquisitions | (48,534) | ||
Investments in unconsolidated entities – other | (31,257) | (5,775) | (9,604) |
Distributions from unconsolidated entities – return of capital | 1,516 | 1,636 | 78,262 |
Purchase of investment securities and other investments | (168,291) | (773) | (269) |
Proceeds from sale of investment securities | 191,398 | ||
Net cash provided by (used for) investing activities | (434,620) | 663,586 | (771,824) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Debt financing costs | (6,446) | (2,923) | (19,812) |
Mortgage notes payable, net: | |||
Proceeds | 58,428 | 519,204 | 295,771 |
Lump sum payoffs | (156,815) | (160,522) | (743,021) |
Scheduled principal repayments | (7,465) | (7,759) | (6,808) |
Notes, net: | |||
Proceeds | 497,470 | 1,194,468 | |
Lump sum payoffs | (750,000) | (1,050,000) | |
Line of credit and commercial paper: | |||
Line of credit proceeds | 10,000 | 1,870,000 | 6,010,000 |
Line of credit repayments | (10,000) | (1,890,000) | (5,990,000) |
Commercial paper proceeds | 7,590,200 | 7,450,997 | 15,944,800 |
Commercial paper repayments | (7,690,000) | (8,034,000) | (15,446,150) |
Proceeds from (payments on) settlement of derivative instruments | (1,240) | (41,616) | |
Prepaid finance ground lease | (34,734) | ||
Finance ground lease principal payments | (365) | ||
Proceeds from Employee Share Purchase Plan (ESPP) | 4,265 | 4,508 | 3,116 |
Proceeds from exercise of EQR options | 85,445 | 12,275 | 77,785 |
Payment of offering costs | (428) | (991) | |
Other financing activities, net | (63) | (63) | (80) |
Contributions – Noncontrolling Interests – Partially Owned Properties | 1,394 | 417 | 7,337 |
Contributions – Limited Partners | 13 | 2 | |
Distributions: | |||
OP Units – General Partner | (900,468) | (883,938) | (831,111) |
Preference Units | (3,090) | (3,090) | (3,090) |
OP Units – Limited Partners | (31,316) | (32,403) | (29,615) |
Noncontrolling Interests – Partially Owned Properties | (5,802) | (11,719) | (7,078) |
Net cash provided by (used for) financing activities | (565,056) | (1,946,393) | (684,474) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 260,508 | (17,271) | 686 |
Cash and cash equivalents and restricted deposits, beginning of year | 99,728 | 116,999 | 116,313 |
Cash and cash equivalents and restricted deposits, end of year | 360,236 | 99,728 | 116,999 |
Cash and cash equivalents | 123,832 | 42,591 | 45,753 |
Restricted deposits | 236,404 | 57,137 | 71,246 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 252,838 | 320,854 | 342,048 |
Net cash paid (received) for income and other taxes | 1,179 | (1,038) | (585) |
Amortization of deferred financing costs: | |||
Investment in real estate, net | (353) | (240) | (120) |
Other assets | 2,338 | 2,338 | 2,987 |
Mortgage notes payable, net | 2,743 | 1,815 | 3,934 |
Notes, net | 4,009 | 5,026 | 4,869 |
Amortization of discounts and premiums on debt: | |||
Mortgage notes payable, net | 2,764 | 2,234 | 8,618 |
Notes, net | 2,538 | 2,997 | 3,162 |
Amortization of deferred settlements on derivative instruments: | |||
Other liabilities | (12) | (12) | (12) |
Accumulated other comprehensive income | 9,394 | 35,087 | 21,188 |
Write-off of pursuit costs: | |||
Investment in real estate, net | 5,918 | 6,566 | 5,451 |
Other assets | 582 | 271 | 62 |
Accounts payable and accrued expenses | 26 | 32 | 16 |
(Income) loss from investments in unconsolidated entities: | |||
Investments in unconsolidated entities | 2,122 | 1,995 | (67,268) |
Other liabilities | 1,276 | 1,289 | 1,323 |
Realized/unrealized (gain) loss on derivative instruments: | |||
Other assets | 2,002 | ||
Notes, net | 2,277 | ||
Other liabilities | 1,240 | 29,486 | |
Accumulated other comprehensive income | (1,190) | (33,765) | |
Interest capitalized for real estate and unconsolidated entities under development: | |||
Investment in real estate, net | 15,318 | 10,165 | 6,884 |
Investments in unconsolidated entities | (614) | ||
Investments in unconsolidated entities – other: | |||
Investment in real estate, net | 1,395 | ||
Investments in unconsolidated entities | (30,642) | (4,275) | (7,504) |
Other liabilities | (2,010) | (1,500) | (2,100) |
Debt financing costs: | |||
Other assets | 229 | (231) | (6,909) |
Mortgage notes payable, net | (2,344) | (2,692) | (2,354) |
Notes, net | (4,331) | (10,549) | |
Right-of-use assets and lease liabilities initial measurement and reclassifications: | |||
Right-of-use assets | 11,308 | (489,517) | |
Other assets | 184,116 | ||
Lease liabilities | (11,308) | 333,603 | |
Other liabilities | (28,202) | ||
Non-cash share distribution from unconsolidated entities: | |||
Investments in unconsolidated entities | 1,430 | ||
Other assets | (1,430) | ||
Mortgage Notes Payable, Net [Member] | |||
Mortgage notes payable, net: | |||
Net gain (loss) on debt extinguishment | (327) | (3,381) | |
Notes, net: | |||
Net gain (loss) on debt extinguishment | (327) | (3,381) | |
Notes, Net [Member] | |||
Mortgage notes payable, net: | |||
Net gain (loss) on debt extinguishment | (25,823) | (10,266) | |
Notes, net: | |||
Net gain (loss) on debt extinguishment | (25,823) | (10,266) | |
ERPOP [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | 1,396,714 | 962,501 | 1,009,708 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 838,272 | 820,832 | 831,083 |
Amortization of deferred financing costs | 8,737 | 8,939 | 11,670 |
Amortization of above/below market lease intangibles | (154) | (71) | (71) |
Amortization of discounts and premiums on debt | 5,302 | 5,231 | 11,780 |
Amortization of deferred settlements on derivative instruments | 9,382 | 35,075 | 21,176 |
Amortization of right-of-use assets | 13,266 | 11,682 | 11,764 |
Impairment | 16,769 | ||
Write-off of pursuit costs | 6,526 | 6,869 | 5,529 |
(Income) loss from investments in unconsolidated entities | 3,398 | 3,284 | (65,945) |
Distributions from unconsolidated entities – return on capital | 56 | 100 | 2,621 |
Net (gain) loss on sales of real estate properties | (1,072,183) | (531,807) | (447,637) |
Net (gain) loss on sales of land parcels | (5) | (34,234) | (2,044) |
Net (gain) loss on debt extinguishment | 26,150 | 13,647 | |
Realized/unrealized (gain) loss on derivative instruments | 50 | ||
Realized (gain) loss on sale of investment securities | (23,432) | ||
Compensation paid with Company Common Shares | 27,810 | 23,174 | 24,449 |
Other operating activities, net | 1,805 | (287) | |
Changes in assets and liabilities: | |||
(Increase) decrease in other assets | 5,906 | (53,021) | 6,278 |
Increase (decrease) in accounts payable and accrued expenses | 15,381 | 470 | 5,116 |
Increase (decrease) in accrued interest payable | 3,614 | (956) | 4,230 |
Increase (decrease) in lease liabilities | (5,122) | (2,204) | (2,269) |
Increase (decrease) in other liabilities | 4,286 | (8,751) | 13,382 |
Increase (decrease) in security deposits | 5,661 | (9,582) | 2,804 |
Net cash provided by operating activities | 1,260,184 | 1,265,536 | 1,456,984 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Investment in real estate – acquisitions | (1,712,131) | (48,898) | (1,518,878) |
Investment in real estate – development/other | (206,421) | (230,332) | (195,692) |
Capital expenditures to real estate | (151,019) | (135,979) | (178,423) |
Non-real estate capital additions | (1,696) | (20,100) | (4,955) |
Interest capitalized for real estate and unconsolidated entities under development | (15,932) | (10,165) | (6,884) |
Proceeds from disposition of real estate, net | 1,707,747 | 1,113,972 | 1,064,619 |
Investments in unconsolidated entities – acquisitions | (48,534) | ||
Investments in unconsolidated entities – other | (31,257) | (5,775) | (9,604) |
Distributions from unconsolidated entities – return of capital | 1,516 | 1,636 | 78,262 |
Purchase of investment securities and other investments | (168,291) | (773) | (269) |
Proceeds from sale of investment securities | 191,398 | ||
Net cash provided by (used for) investing activities | (434,620) | 663,586 | (771,824) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Debt financing costs | (6,446) | (2,923) | (19,812) |
Mortgage notes payable, net: | |||
Proceeds | 58,428 | 519,204 | 295,771 |
Lump sum payoffs | (156,815) | (160,522) | (743,021) |
Scheduled principal repayments | (7,465) | (7,759) | (6,808) |
Notes, net: | |||
Proceeds | 497,470 | 1,194,468 | |
Lump sum payoffs | (750,000) | (1,050,000) | |
Line of credit and commercial paper: | |||
Line of credit proceeds | 10,000 | 1,870,000 | 6,010,000 |
Line of credit repayments | (10,000) | (1,890,000) | (5,990,000) |
Commercial paper proceeds | 7,590,200 | 7,450,997 | 15,944,800 |
Commercial paper repayments | (7,690,000) | (8,034,000) | (15,446,150) |
Proceeds from (payments on) settlement of derivative instruments | (1,240) | (41,616) | |
Prepaid finance ground lease | (34,734) | ||
Finance ground lease principal payments | (365) | ||
Proceeds from Employee Share Purchase Plan (ESPP) | 4,265 | 4,508 | 3,116 |
Proceeds from exercise of EQR options | 85,445 | 12,275 | 77,785 |
Payment of offering costs | (428) | (991) | |
Other financing activities, net | (63) | (63) | (80) |
Contributions – Noncontrolling Interests – Partially Owned Properties | 1,394 | 417 | 7,337 |
Contributions – Limited Partners | 13 | 2 | |
Distributions: | |||
OP Units – General Partner | (900,468) | (883,938) | (831,111) |
Preference Units | (3,090) | (3,090) | (3,090) |
OP Units – Limited Partners | (31,316) | (32,403) | (29,615) |
Noncontrolling Interests – Partially Owned Properties | (5,802) | (11,719) | (7,078) |
Net cash provided by (used for) financing activities | (565,056) | (1,946,393) | (684,474) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 260,508 | (17,271) | 686 |
Cash and cash equivalents and restricted deposits, beginning of year | 99,728 | 116,999 | 116,313 |
Cash and cash equivalents and restricted deposits, end of year | 360,236 | 99,728 | 116,999 |
Cash and cash equivalents | 123,832 | 42,591 | 45,753 |
Restricted deposits | 236,404 | 57,137 | 71,246 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 252,838 | 320,854 | 342,048 |
Net cash paid (received) for income and other taxes | 1,179 | (1,038) | (585) |
Amortization of deferred financing costs: | |||
Investment in real estate, net | (353) | (240) | (120) |
Other assets | 2,338 | 2,338 | 2,987 |
Mortgage notes payable, net | 2,743 | 1,815 | 3,934 |
Notes, net | 4,009 | 5,026 | 4,869 |
Amortization of discounts and premiums on debt: | |||
Mortgage notes payable, net | 2,764 | 2,234 | 8,618 |
Notes, net | 2,538 | 2,997 | 3,162 |
Amortization of deferred settlements on derivative instruments: | |||
Other liabilities | (12) | (12) | (12) |
Accumulated other comprehensive income | 9,394 | 35,087 | 21,188 |
Write-off of pursuit costs: | |||
Investment in real estate, net | 5,918 | 6,566 | 5,451 |
Other assets | 582 | 271 | 62 |
Accounts payable and accrued expenses | 26 | 32 | 16 |
(Income) loss from investments in unconsolidated entities: | |||
Investments in unconsolidated entities | 2,122 | 1,995 | (67,268) |
Other liabilities | 1,276 | 1,289 | 1,323 |
Realized/unrealized (gain) loss on derivative instruments: | |||
Other assets | 2,002 | ||
Notes, net | 2,277 | ||
Other liabilities | 1,240 | 29,486 | |
Accumulated other comprehensive income | (1,190) | (33,765) | |
Interest capitalized for real estate and unconsolidated entities under development: | |||
Investment in real estate, net | (15,318) | (10,165) | (6,884) |
Investments in unconsolidated entities | (614) | ||
Investments in unconsolidated entities – other: | |||
Investment in real estate, net | 1,395 | ||
Investments in unconsolidated entities | (30,642) | (4,275) | (7,504) |
Other liabilities | (2,010) | (1,500) | (2,100) |
Debt financing costs: | |||
Other assets | 229 | (231) | (6,909) |
Mortgage notes payable, net | (2,344) | (2,692) | (2,354) |
Notes, net | (4,331) | (10,549) | |
Right-of-use assets and lease liabilities initial measurement and reclassifications: | |||
Right-of-use assets | 11,308 | (489,517) | |
Other assets | 184,116 | ||
Lease liabilities | (11,308) | 333,603 | |
Other liabilities | (28,202) | ||
Non-cash share distribution from unconsolidated entities: | |||
Investments in unconsolidated entities | 1,430 | ||
Other assets | $ (1,430) | ||
ERPOP [Member] | Mortgage Notes Payable, Net [Member] | |||
Mortgage notes payable, net: | |||
Net gain (loss) on debt extinguishment | (327) | (3,381) | |
Notes, net: | |||
Net gain (loss) on debt extinguishment | (327) | (3,381) | |
ERPOP [Member] | Notes, Net [Member] | |||
Mortgage notes payable, net: | |||
Net gain (loss) on debt extinguishment | (25,823) | (10,266) | |
Notes, net: | |||
Net gain (loss) on debt extinguishment | $ (25,823) | $ (10,266) |
CONSOLIDATED STATEMENTS OF CH_3
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands | Total | ERPOP [Member] | PREFERRED SHARESERPOP [Member] | General Partner [Member]ERPOP [Member] | Limited PartnerERPOP [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, 2018 | $ 37,280 | $ 10,200,910 | $ 228,738 | $ (64,986) | ||||
Balance, beginning of year at Dec. 31, 2018 | $ (2,293) | |||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 10,410 | (10,410) | ||||||
Exercise of EQR share options | 77,785 | |||||||
EQR's Employee Share Purchase Plan (ESPP) | 3,116 | |||||||
EQR restricted shares | 12,438 | 2 | ||||||
EQR share options | 2,675 | |||||||
EQR ESPP discount | 642 | |||||||
Net income available to Units - General Partner | $ 967,287 | 967,287 | ||||||
OP Units - General Partner distributions | (842,555) | |||||||
Offering costs | (991) | |||||||
Supplemental Executive Retirement Plan (SERP) | (1,675) | |||||||
Change in market value of Redeemable Limited Partners | (82,283) | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | 8,030 | (8,030) | ||||||
Equity compensation associated with Units - Limited Partners | 13,410 | |||||||
Net income available to Units - Limited Partners | 36,034 | 36,034 | ||||||
Units - Limited Partners distributions | (29,896) | |||||||
Change in carrying value of Redeemable Limited Partners | (2,011) | |||||||
Unrealized holding gains (losses) arising during the year | $ 3,297 | 3,297 | (33,765) | |||||
Losses reclassified into earnings from other comprehensive income | (21,188) | (21,188) | 21,188 | |||||
Distributions declared per Unit outstanding | $ 2.27 | |||||||
Net income attributable to Noncontrolling Interests | 1,009,708 | 1,009,708 | 3,297 | |||||
Contributions by Noncontrolling Interests | 7,337 | |||||||
Distributions to Noncontrolling Interests | (7,158) | |||||||
Balance, end of year at Dec. 31, 2019 | 37,280 | 10,355,789 | 227,837 | (77,563) | ||||
Balance, end 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 | 14,855 | 14,855 | (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) | |||||||
Unrealized holding gains (losses) arising during the year | 17,964 | 17,964 | ||||||
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 |
Business
Business | 12 Months Ended |
Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Business | 1. Business 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, 2021 owned an approximate 96.7% 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, 2021, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 310 properties located in 10 states and the District of Columbia consisting of 80,407 apartment units. The ownership breakdown includes (table does not include various uncompleted development properties): Properties Apartment Units Wholly Owned Properties 294 76,861 Partially Owned Properties – Consolidated 16 3,546 310 80,407 COVID-19 Pandemic The Company continues to monitor and respond to the ongoing effects of the novel coronavirus (“COVID-19”) pandemic. Its duration, severity and the extent of its adverse health impact on the general population, our residents and employees, along with the distribution, effectiveness and acceptance of vaccines and testing and pace and degree of recovery from the pandemic are among the many unknowns that have had or could continue to have a significant impact on the Company. These, among other items, have impacted the economy, the unemployment rate and our operations and could materially affect our future consolidated results of operations, financial condition, liquidity, investments and overall performance. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020, 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. In-place residential leases’ average term at acquisition approximates six months. In-place non-residential leases’ term at acquisition approximates the average remaining term of all acquired non-residential leases. • 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 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. Property dispositions are recorded when control transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with accounting principles generally accepted in the United States. 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 At least quarterly, the Company evaluates its investments in unconsolidated entities, including any multifamily real estate assets held by a joint venture, 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 During the years ended December 31, 2021 and 2020, the Company capitalized $13.9 million and $12.1 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. 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. 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 generally have five to ten year lease terms with market-based renewal options. Fee and asset management revenue and interest income are recorded on an accrual basis. The majority of the Company’s revenue is derived from residential, non-residential and other lease income, which are accounted for under the lease standard effective January 1, 2019. 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 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. A lease is classified as a finance lease if it meets any of the following criteria: (a) Ownership of the underlying asset is transferred to the lessee by the end of the lease term; (b) the lessee has and is reasonably certain to exercise an option to purchase the underlying asset; (c) the lease term is for the major part of the remaining economic life of the underlying asset; (d) the present value of future minimum lease payments is equal to substantially all of the fair value of the underlying asset; and (e) the underlying asset is expected to have no alternative use to the lessor at the end of the lease term due to its specialized nature. 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 discount rate for the lease is the rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. As the Company does not know the amount of the lessors’ initial direct costs, it cannot readily determine the rate implicit in the lease and instead must apply the incremental borrowing rate. The Company uses estimates and judgments on the incremental borrowing rate used to calculate the present value of the future lease payments. 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. • 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, provided that the earnings process is complete and the Company does not have significant continuing involvement. A gain or loss is recognized when the criteria for an asset to be derecognized are met, which include when a contract exists and the buyer obtained control of the nonfinancial asset that was sold. 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 COVID-19 pandemic, the allowance for doubtful accounts and bad debts became elevated during 2020 and remained elevated in 2021. 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 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 (“TRS”) 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 2019 and 2020 (no increases for 2021) 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, 2021, 2020 and 2019 (amounts in thousands): Year Ended December 31, 2021 2020 2019 State and local income, franchise and excise tax (benefit) $ 915 $ 852 $ 963 Alternative minimum tax credit (benefit) (1) — — (3,244 ) Income and other tax expense (benefit) (2) $ 915 $ 852 $ (2,281 ) (1) As provided in recent tax legislation which repealed the AMT credit on corporations, in 2019 the Company claimed/received $1.6 million of refunds of various AMT credit carryovers generated in prior tax years. The provision originally allowed for carryover amounts to be refunded over four years, with 50% available in the first year. The remaining $1.6 million was received in 2020 as noted above. (2) All provisions for income tax amounts are current and none are deferred. During the years ended December 31, 2021, 2020 and 2019, the tax character of the Company’s dividends and distributions were as follows (unaudited): Year Ended December 31, 2021 (1) 2020 (2) 2019 (3) Tax character of dividends and distributions: Ordinary dividends $ 1.40791 $ 1.34739 $ 1.39604 Long-term capital gain 0.73687 0.77923 0.61243 Unrecaptured section 1250 gain 0.26522 0.24838 0.23403 Dividends and distributions per Common Share/Unit outstanding $ 2.41000 $ 2.37500 $ 2.24250 (1) The Company’s fourth quarter 2021 dividends and distributions of $0.6025 per Common Share/Unit outstanding will be included as taxable income in calendar year 2022. (2) 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. (3 ) The Company’s fourth quarter 2019 dividends and distributions of $0.5675 per Common Share/Unit outstanding was included as taxable income in calendar year 2020. 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 2021, the Company reported an AMT preference adjustment equal to $0.06 per share and disclosed amounts defined under Treasury Regulation §1.1061-6(c) of the Internal Revenue Code as “One Year” and “Three Year” amounts equal to $0.02650 per share and $0.00584 per share, respectively. The unaudited cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes as of December 31, 2021 and 2020 was approximately $13.2 billion and $13.8 billion, respectively. 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. Reclassifications Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations or equity/capital. Recently Issued 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. Instead of being required to assess whether an equity contract permits settlement in unregistered shares, which may require a legal analysis under the securities laws, entities will only analyze whether cash settlements are explicitly required when registered shares are unavailable. As a result, such contracts may potentially be classified in permanent rather than mezzanine equity, which may affect the way the Company’s OP Units are presented on its financial statements. The update is effective for the Company beginning on January 1, 2022, as the Company did not early adopt the standard as allowed on January 1, 2021. The Company is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position. Recently Adopted Accounting Pronouncements In August 2021, the FASB issued an amendment to the presentation of financial statements standard which aligns the financial statements and disclosure requirements with those of the final rules released by the SEC in May 2020. The amendment changes the significance tests that determine what disclosures about significant business acquisitions are required, the periods the financial statements must cover and the pro forma financial information that must be included in certain reports. The amendment was effective for the Company upon issuance on August 9, 2021. The Company has not yet acquired businesses that exceed the threshold as defined by the standard, therefore, the amendment did not have a material effect 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. An example of such reform is the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. Entities that make this optional expedient election would not have to remeasure the contracts at the modification date or reassess the accounting treatment if certain criteria are met and would continue applying hedge accounting for relationships affected by reference rate reform. The new standard was effective for the Company upon issuance and elections can be made through December 31, 2022. The Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. 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 receivabl |
Equity, Capital and Other Inter
Equity, Capital and Other Interests | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, 2020 and 2019: 2021 2020 2019 Common Shares Common Shares outstanding at January 1, 372,302,000 371,670,884 369,405,161 Common Shares Issued: Conversion of OP Units 1,354,208 122,505 313,940 Exercise of share options 1,710,692 239,695 1,745,050 Employee Share Purchase Plan (ESPP) 70,702 90,196 48,131 Restricted share grants, net 89,593 178,720 158,602 Common Shares outstanding at December 31, 375,527,195 372,302,000 371,670,884 Units Units outstanding at January 1, 13,858,073 13,731,315 13,904,035 Restricted unit grants, net 155,162 249,263 141,220 Conversion of OP Units to Common Shares (1,354,208 ) (122,505 ) (313,940 ) Units outstanding at December 31, 12,659,027 13,858,073 13,731,315 Total Common Shares and Units outstanding at December 31, 388,186,222 386,160,073 385,402,199 Units Ownership Interest in Operating Partnership 3.3 % 3.6 % 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, 2021, 2020 and 2019: 2021 2020 2019 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 386,160,073 385,402,199 383,309,196 Issued to General Partner: Exercise of EQR share options 1,710,692 239,695 1,745,050 EQR’s Employee Share Purchase Plan (ESPP) 70,702 90,196 48,131 EQR’s restricted share grants, net 89,593 178,720 158,602 Issued to Limited Partners: Restricted unit grants, net 155,162 249,263 141,220 General and Limited Partner Units outstanding at December 31, 388,186,222 386,160,073 385,402,199 Limited Partner Units Limited Partner Units outstanding at January 1, 13,858,073 13,731,315 13,904,035 Limited Partner restricted unit grants, net 155,162 249,263 141,220 Conversion of Limited Partner OP Units to EQR Common Shares (1,354,208 ) (122,505 ) (313,940 ) Limited Partner Units outstanding at December 31, 12,659,027 13,858,073 13,731,315 Limited Partner Units Ownership Interest in Operating Partnership 3.3 % 3.6 % 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, 2021 and 2020. 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, 2021 and 2020, the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners have a redemption value of approximately $499.0 million and $339.0 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. The 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, 2021, 2020 and 2019, respectively (amounts in thousands): 2021 2020 2019 Balance at January 1, $ 338,951 $ 463,400 $ 379,106 Change in market value 158,598 (125,224 ) 82,283 Change in carrying value 1,428 775 2,011 Balance at December 31, $ 498,977 $ 338,951 $ 463,400 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, 2021 and 2020: Amounts in thousands Annual Call Dividend Per December 31, December 31, Date (1) Share/Unit (2) 2021 2020 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 Units; liquidation value $50 per share/unit; 745,600 shares/units issued and outstanding as of December 31, 2021 and 2020 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 June 2019 and expires in June 2022. 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. The current program matures in June 2022 and gives EQR the authority to issue up to 13.0 million shares, all of which remain outstanding as of December 31, 2021, pending the settlement of the outstanding forward sale agreements. These forward sale agreements 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. As of December 31, 2021, the Company had entered into such forward sale agreements under this program for a total of approximately 1.7 million Common Shares at a weighted average initial forward price per share of $83.25. All of these forward sale agreements were entered into during the quarter ended September 30, 2021. As of December 31, 2021, no shares under the forward sale agreements had been settled. These forward sale agreements must be settled by March 2023. The Company may repurchase up to 13.0 million Common Shares under its share repurchase program. No open market repurchases have occurred since 2008 and no repurchases of any kind have occurred since February 2014. As of December 31, 2021, EQR has remaining authorization to repurchase up to 13.0 million of its shares. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 (amounts in thousands): 2021 2020 Land $ 5,814,790 $ 5,785,367 Depreciable property: Buildings and improvements 19,632,284 18,464,484 Furniture, fixtures and equipment 2,220,203 1,970,033 In-Place lease intangibles 518,324 486,137 Projects under development: Land — 23,531 Construction-in-progress 24,307 387,603 Land held for development: Land 46,160 46,160 Construction-in-progress 16,838 40,010 Investment in real estate 28,272,906 27,203,325 Accumulated depreciation (8,354,282 ) (7,859,657 ) Investment in real estate, net $ 19,918,624 $ 19,343,668 Acquisitions and Dispositions 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, 2020, the Company acquired the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated (1) 1 158 $ 48,860 Total 1 158 $ 48,860 (1) Purchase price includes an allocation of approximately $5.5 million to land and $43.4 million to depreciable property (inclusive of capitalized closing costs). 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. During the year ended December 31, 2020, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 6 2,231 $ 1,066,861 Land Parcels (two) — — 55,510 Total 6 2,231 $ 1,122,371 The Company recognized a net gain on sales of real estate properties of approximately $531.8 million and a net gain on sales of land parcels of approximately $34.2 million 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. The parcel now has a carrying value of $15.0 million. |
Commitments to Acquire_Dispose
Commitments to Acquire/Dispose of Real Estate | 12 Months Ended |
Dec. 31, 2021 | |
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 not entered into any agreements to acquire rental properties or land parcels as of the date of filing. 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 December 31, 2021 Rental Properties – Consolidated 2 490 $ 331,150 $ 191,196 Total 2 490 $ 331,150 $ 191,196 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, 2021. |
Investments in Partially Owned
Investments in Partially Owned Entities | 12 Months Ended |
Dec. 31, 2021 | |
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 venture s as of December 31, 2021 : Operating Properties Project Under Development (1) Properties Apartment Units Project Apartment Units Consolidated Joint Ventures (VIE) 16 3,546 1 312 (1) 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, 2021 2020 December 31, 2021 December 31, 2020 Consolidated Assets $ 912,955 $ 784,066 Consolidated Liabilities $ 251,424 $ 223,989 Investments in Unconsolidated Entities The following table and information summarizes the Company’s investments in unconsolidated entities, which are accounted for under the equity method of accounting as the requirements for consolidation are not met, as of December 31, 2021 December 31, 2021 December 31, 2020 Ownership Percentage Investments in Unconsolidated Entities: Operating Property (VIE) (1) $ 36,024 $ 38,288 33.3% Unconsolidated Development Joint Ventures (VIE) (2) 72,488 — 62% - 90% (4) Real Estate Technology (3) 19,347 14,866 Varies Other (411 ) (372 ) Varies Investments in Unconsolidated Entities $ 127,448 $ 52,782 (1) Represents an unconsolidated interest in an entity that owns the land underlying one of the consolidated joint venture properties noted above and owns and operates a related parking facility. The consolidated joint venture (2) Represents unconsolidated interests in projects under development and land held for development. (3) Represents unconsolidated investments in real estate technology funds/companies. (4) 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, 2021 Operating Property (1) Projects Under Development (2) Land Held for Development (2), (3) Entity Projects Apartment Units (4) Projects Apartment Units (4) Unconsolidated Joint Ventures (VIE) 1 3 929 3 1,005 (1) Represents the (2) Represents separate unconsolidated joint ventures for the purpose of developing multifamily rental properties. ( 3 ) Represents separate unconsolidated joint ventures that are expected to start construction in 2022. One parcel is subject to a long-term ground lease. ( 4 ) Represents the intended number of apartment units. New Joint Ventures In August 2021, the Company entered into a strategic partnership with Toll Brothers, Inc. (“Toll”) to develop apartment communities in key markets. The Company and Toll will enter into separate joint venture agreements for each property, and the Company will account for these unconsolidated joint ventures under the equity method of accounting. Toll will 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, 2021, the Company and Toll entered into three separate joint venture agreements under the strategic partnership (included in the table below). The following table provides information on total unconsolidated development joint ventures entered into during the year ended December 31, 2021 Number of unconsolidated joint ventures (1) (2) 6 EQR's investments in unconsolidated entities – acquisitions $ 48,534 ( 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, these entities are unconsolidated and recorded using the equity method of accounting. ( 2 ) One parcel is subject to a long-term ground lease. |
Restricted Deposits
Restricted Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Deposits Restricted [Abstract] | |
Restricted Deposits | 7. Restricted Deposits The following table presents the Company’s restricted deposits as of December 31, 2021 and 2020 (amounts in thousands): December 31, 2021 December 31, 2020 Mortgage escrow deposits: Replacement reserves $ 11,156 $ 9,877 Mortgage principal reserves/sinking funds 19,104 14,168 Mortgage escrow deposits 30,260 24,045 Restricted cash: Tax-deferred (1031) exchange proceeds 166,362 — Earnest money on pending acquisitions 2,000 — Restricted deposits on real estate investments 284 307 Resident security and utility deposits 35,663 31,412 Other 1,835 1,373 Restricted cash 206,144 33,092 Restricted deposits $ 236,404 $ 57,137 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
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. For the years ended December 31, 2021, 2020 and 2019, approximately 97%, 98% and 97%, respectively, of the Company’s total lease revenue is generated from residential apartment leases that are generally twelve months or less in length. The 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. The collection of lease payments at lease commencement is probable and therefore the Company subsequently recognizes lease income over the lease term on a straight-line basis. Residential leases are renewable upon consent of both parties on an annual or monthly basis. For the years ended December 31, 2021, 2020 and 2019, approximately 3%, 2% and 3%, respectively, of the Company’s total lease revenue is generated by non-residential leases that are generally for terms ranging between five to ten years. The non-residential leases generally consist of ground floor retail spaces and master-leased parking garages that serve as additional amenities for our residents. The 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. The collection of lease payments at lease commencement is probable and therefore the Company subsequently recognizes lease income over the lease term on a straight-line basis. Non-residential leases are renewable with market-based renewal options. The Company elected the practical expedient 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 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, 2021, 2020 and 2019 (amounts in thousands): Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Income Type Residential Leases Non-Residential Leases Total Residential Leases Non-Residential Leases Total Residential Leases Non-Residential Leases Total Residential and non-residential rent $ 2,199,986 $ 61,033 $ 2,261,019 $ 2,336,778 $ 51,663 $ 2,388,441 $ 2,414,201 $ 71,988 $ 2,486,189 Utility recoveries (RUBS income) (1) 74,846 723 75,569 70,699 677 71,376 67,659 917 68,576 Parking rent 40,934 565 41,499 38,743 412 39,155 37,557 348 37,905 Other lease revenue (2) (17,667 ) 4,027 (13,640 ) (28,663 ) (5,519 ) (34,182 ) 1,979 (820 ) 1,159 Total lease revenue $ 2,298,099 $ 66,348 2,364,447 $ 2,417,557 $ 47,233 2,464,790 $ 2,521,396 $ 72,433 2,593,829 Parking revenue 26,789 22,210 28,272 Other revenue 72,761 84,705 78,590 Total other rental income (3) 99,550 106,915 106,862 Rental income $ 2,463,997 $ 2,571,705 $ 2,700,691 (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 economic impact of the pandemic on a subset of our residents and tenants has led to elevated levels of bad debt, which was reduced, in part, by governmental rental assistance payments paid on their behalf. We continue to work with our residents and tenants on payment plans and collections and our bad debt allowance policies remain consistent from those existing prior to the pandemic. The following table presents residential and non-residential accounts receivable and straight-line receivable balances for the Company’s properties as of December 31, 2021 and 2020 (amounts in thousands): Residential Non-Residential Balance Sheet (Other assets): December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Resident/tenant accounts receivable balances $ 37,959 $ 30,856 $ 3,218 $ 7,598 Allowance for doubtful accounts (33,121 ) (24,021 ) (2,365 ) (6,527 ) Net receivable balances $ 4,838 (1) $ 6,835 $ 853 $ 1,071 Straight-line receivable balances $ 7,460 $ 19,992 $ 13,021 $ 13,413 (1) The Company held residential security deposits approximating 48.2% of the net receivable balance at December 31, 2021 The following table presents residential bad debt for the Company’s properties for the years ended December 31, 2021, 2020 and 2019 (amounts in thousands): Year Ended December 31, Income Statement (Rental income): 2021 2020 2019 Bad debt, net (1) $ 31,485 $ 42,505 $ 12,067 % of rental income 1.3 % 1.7 % 0.5 % (1) Bad debt, net benefited from additional resident payments due to governmental rental assistance programs Due to the impact of COVID-19 and the resulting economic impact on our non-residential tenants, we recognized a non-cash write-off of non-residential straight-line lease receivables of approximately $0.8 million and $13.2 million during the years ended December 31, 2021 December 31, 2021 and 2020, 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, 2021 and 2020 (amounts in thousands): 2021 2020 Right-of-use assets: Corporate office leases (operating) $ 36,897 $ 39,203 Ground leases (finance) 97,575 57,584 Ground leases (operating) 340,241 402,500 Right-of-use assets $ 474,713 $ 499,287 Lease liabilities: Corporate office leases (operating) $ 37,760 $ 40,470 Ground leases (finance) 69,479 23,350 Ground leases (operating) 205,096 265,310 Lease liabilities $ 312,335 $ 329,130 Corporate office leases The Company leases eight corporate offices with lease expiration dates ranging from 2022 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 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, 2021, 2020 and 2019 (amounts in thousands): Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Lease cost: Finance lease cost: Amortization of right-of-use assets (capitalized) $ 351 $ — $ — Amortization of right-of-use assets (expensed) 1,391 — — Interest on lease liabilities (capitalized) 452 1,029 225 Interest on lease liabilities (expensed) 1,464 — — Operating lease cost: Corporate office leases 3,581 3,747 3,937 Ground leases 18,338 22,102 22,198 Variable lease cost: Corporate office leases 1,037 1,307 1,489 Ground leases 2,973 3,304 3,700 Total lease cost $ 29,587 $ 31,489 $ 31,549 December 31, 2021 December 31, 2020 December 31, 2019 Other information: Cash paid for amounts included in the measurement of lease liabilities: Investing cash flows from finance leases $ 383 $ 567 $ 188 Financing cash flows from finance leases $ 1,898 $ — $ 34,734 Operating cash flows from operating leases: Corporate office leases $ 5,016 $ 5,296 $ 5,494 Ground leases $ 14,682 $ 16,552 $ 16,837 ROU assets obtained in exchange for new finance lease liabilities $ — $ — $ 23,201 ROU assets obtained in exchange for new operating lease liabilities: Corporate office leases $ — $ — $ 44,298 Ground leases $ — $ — $ 422,018 Weighted-average remaining lease term – finance leases 25.2 years 18.7 years 19.7 years Weighted-average remaining lease term – operating leases: Corporate office leases 16.8 years 17.4 years 18.1 years Ground leases 61.8 years 55.3 years 56.2 years Weighted-average discount rate – finance leases 2.8 % 3.0 % 3.0 % Weighted-average discount rate – operating leases: Corporate office leases 3.2 % 3.2 % 3.2 % Ground leases 5.1 % 5.0 % 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, 2021: (Payments)/Receipts Due by Year (in thousands) 2022 2023 2024 2025 2026 Thereafter Total Finance Leases: Minimum Rent Payments (a) $ (2,463 ) $ (2,662 ) $ (2,880 ) $ (2,946 ) $ (2,959 ) $ (88,209 ) $ (102,119 ) Operating Leases: Minimum Rent Payments (a) $ (15,090 ) $ (14,998 ) $ (15,131 ) $ (14,957 ) $ (14,843 ) $ (831,456 ) $ (906,475 ) Minimum Rent Receipts (b) $ 58,561 $ 56,754 $ 51,295 $ 45,091 $ 37,283 $ 135,922 $ 384,906 (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, 2021 (amounts in thousands): 2021 Total minimum rent payments $ 1,008,594 Less: Lease discount (696,259 ) Lease liabilities $ 312,335 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 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, 2021 and 2020, respectively (amounts in thousands): Mortgage notes payable, net as of December 31, 2020 Proceeds Lump sum payoffs Scheduled principal repayments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Mortgage notes payable, net as of December 31, 2021 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 3.58% fixed rate mortgage debt maturing on March 1, 2031. ( 3 ) Variable rate construction mortgage debt that is non-recourse to the Company maturing on June 25, 2022 (total commitment of $67.6 million). Mortgage notes payable, net as of December 31, 2019 Proceeds Lump sum payoffs Scheduled principal repayments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Mortgage notes payable, net as of December 31, 2020 Fixed Rate Debt: Secured – Conventional $ 1,574,699 $ 495,000 (2) $ (160,522 ) $ (7,759 ) $ 988 $ (1,315 ) $ 1,901,091 Floating Rate Debt: Secured – Conventional 7,050 24,204 (3) — — — 240 31,494 Secured – Tax Exempt 359,861 — — — 1,246 198 361,305 Floating Rate Debt 366,911 24,204 — — 1,246 438 392,799 Total $ 1,941,610 $ 519,204 $ (160,522 ) $ (7,759 ) $ 2,234 $ (877 ) $ 2,293,890 (1 ) Represents amortization of deferred financing costs, net of debt financing costs. (2) Obtained a 2.60% fixed rate mortgage loan pool maturing on May 1, 2030. ( 3 ) Variable rate construction mortgage debt that is non-recourse to the Company maturing on June 25, 2022 (total commitment of $67.6 million). The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2021 and 2020, respectively: December 31, 2021 December 31, 2020 Interest Rate Ranges 0.06% - 4.21% 0.06% - 4.71% Weighted Average Interest Rate 3.18% 3.33% Maturity Date Ranges 2022-2061 2021-2061 As of December 31, 2021 and 2020, the Company had $250.0 million and $281.7 million, respectively, of secured debt (primarily tax-exempt bonds) subject to third-party credit enhancement. The historical cost, net of accumulated depreciation, of encumbered properties was $2.7 billion and $2.9 billion at December 31, 2021 and 2020, respectively. Notes The following tables summarize the Company’s notes activity for the years ended December 31, 2021 and 2020, respectively (amounts in thousands): Notes, net as of December 31, 2020 Proceeds Lump sum payoffs Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Notes, net as of December 31, 2021 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. Notes, net as of December 31, 2019 Proceeds Lump sum payoffs Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Notes, net as of December 31, 2020 Fixed Rate Debt: Unsecured – Public $ 6,077,513 $ — $ (750,000 ) $ 2,997 $ 5,026 $ 5,335,536 (1) Represents amortization of deferred financing costs, net of debt financing costs. The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2021 and 2020, respectively: December 31, 2021 December 31, 2020 Interest Rate Ranges 1.85% - 7.57% 2.50% - 7.57% Weighted Average Interest Rate 3.65% 4.03% Maturity Date Ranges 2023-2047 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, 2021 and 2020. 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 June 2019 and expires in June 2022. Line of Credit and Commercial Paper The Company has a $2.5 billion unsecured revolving credit facility maturing November 1, 2024. 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 LIBOR plus a spread (currently 0.775%), 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 weighted average interest rates on the revolving credit facility were 0.88% and 1.47% for the years ended December 31, 2021 and 2020, respectively. 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 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, 2021 and 2020 (amounts in thousands): December 31, 2021 December 31, 2020 Unsecured revolving credit facility commitment $ 2,500,000 $ 2,500,000 Commercial paper balance outstanding (315,121 ) (415,000 ) Unsecured revolving credit facility balance outstanding — — Other restricted amounts (3,507 ) (100,949 ) Unsecured revolving credit facility availability $ 2,181,372 $ 1,984,051 Other The following table summarizes the Company’s total debt extinguishment costs recorded as additional interest expense during the years ended December 31, 2021, 2020 and 2019, respectively (amounts in thousands): December 31, 2021 December 31, 2020 December 31, 2019 Prepayment premiums/penalties $ — $ 26,150 $ 13,647 Write-offs of unamortized deferred financing costs 744 634 3,148 Write-offs of unamortized (premiums)/discounts/OCI — 12,508 7,196 Total $ 744 $ 39,292 $ 23,991 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, 2021 (amounts in thousands): Year Total 2022 (1) $ 641,089 2023 1,329,088 2024 6,100 2025 458,200 2026 601,025 Thereafter 5,385,670 Subtotal 8,421,172 Deferred Financing Costs and Unamortized (Discount) (79,719 ) Total $ 8,341,453 (1) Includes $315.1 million in principal outstanding on the Company’s commercial paper program. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
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 not 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, 2021 and 2020, respectively (amounts in thousands): December 31, 2021 December 31, 2020 Carrying Value Estimated Fair Value (Level 2) Carrying Value Estimated Fair Value (Level 2) Mortgage notes payable, net $ 2,191,201 $ 2,193,689 $ 2,293,890 $ 2,313,263 Unsecured debt, net 6,150,252 6,798,309 5,750,366 6,686,612 Total debt, net $ 8,341,453 $ 8,991,998 $ 8,044,256 $ 8,999,875 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, 2021 and 2020, respectively (amounts in thousands): Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2021 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2020 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Supplemental Executive Retirement Plan Other Assets $ 160,293 $ 160,293 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 160,293 $ 160,293 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 338,951 $ — $ 338,951 $ — The following tables provide a summary of the effect of fair value hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2021, 2020 and 2019, respectively (amounts in thousands): December 31, 2021 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps N/A $ — N/A N/A $ — Total $ — $ — December 31, 2020 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps N/A $ — N/A N/A $ — Total $ — $ — December 31, 2019 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ 2,277 Fixed rate debt Interest expense $ (2,277 ) Total $ 2,277 $ (2,277 ) 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, 2021, 2020 and 2019, respectively (amounts in thousands): December 31, 2021 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ — Interest expense $ (9,394 ) Total $ — $ (9,394 ) December 31, 2020 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (1,190 ) Interest expense $ (35,087 ) Total $ (1,190 ) $ (35,087 ) December 31, 2019 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (33,765 ) Interest expense $ (21,188 ) Total $ (33,765 ) $ (21,188 ) As of December 31, 2021 and 2020, there were approximately $34.3 million and $43.7 million in deferred losses, net, included in accumulated other comprehensive income (loss), respectively, related to derivative instruments, of which an estimated $10.6 million may be recognized as additional interest expense during the twelve months ending December 31, 2022. 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 In July 2019, six fair value interest rate swaps matured in conjunction with the maturity of $450.0 million of 2.375% unsecured notes. In June 2019, the Company paid approximately $41.8 million to settle ten forward starting swaps in conjunction with the issuance of $600.0 million of ten-year |
Earnings Per Share and Earnings
Earnings Per Share and Earnings Per Unit | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share And Earnings Per Unit | 1 1 . 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, 2021 2020 2019 Numerator for net income per share – basic: Net income $ 1,396,714 $ 962,501 $ 1,009,708 Allocation to Noncontrolling Interests – Operating Partnership (45,900 ) (34,010 ) (36,034 ) Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (17,964 ) (14,855 ) (3,297 ) Preferred distributions (3,090 ) (3,090 ) (3,090 ) Numerator for net income per share – basic $ 1,329,760 $ 910,546 $ 967,287 Numerator for net income per share – diluted: Net income $ 1,396,714 $ 962,501 $ 1,009,708 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (17,964 ) (14,855 ) (3,297 ) Preferred distributions (3,090 ) (3,090 ) (3,090 ) Numerator for net income per share – diluted $ 1,375,660 $ 944,556 $ 1,003,321 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 373,833 371,791 370,461 Effect of dilutive securities: OP Units 12,263 13,003 12,907 Long-term compensation shares/units 1,924 1,080 2,965 ATM forward sales 69 — — Denominator for net income per share – diluted 388,089 385,874 386,333 Net income per share – basic $ 3.56 $ 2.45 $ 2.61 Net income per share – diluted $ 3.54 $ 2.45 $ 2.60 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, 2021 2020 2019 Numerator for net income per Unit – basic and diluted: Net income $ 1,396,714 $ 962,501 $ 1,009,708 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (17,964 ) (14,855 ) (3,297 ) Allocation to Preference Units (3,090 ) (3,090 ) (3,090 ) Numerator for net income per Unit – basic and diluted $ 1,375,660 $ 944,556 $ 1,003,321 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 386,096 384,794 383,368 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units 1,924 1,080 2,965 ATM forward sales 69 — — Denominator for net income per Unit – diluted 388,089 385,874 386,333 Net income per Unit – basic $ 3.56 $ 2.45 $ 2.61 Net income per Unit – diluted $ 3.54 $ 2.45 $ 2.60 |
Share Incentive Plans
Share Incentive Plans | 12 Months Ended |
Dec. 31, 2021 | |
Share Based Compensation [Abstract] | |
Share Incentive Plans | 1 2 . 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, 2021, 9,539,478 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 Price Granted at the fair market value of Common Shares as of the grant date. 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 Termination 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: 2021 2020 2019 Expected volatility (1) 21.3 % 15.2 % 16.3 % Expected life (2) 5 years 5 years 5 years Expected dividend yield (3) 3.23 % 3.04 % 3.10 % Risk-free interest rate (4) 0.50 % 1.32 % 2.43 % Exercise price per share (5) $ 67.48 $ 83.08 $ 72.02 Option valuation per share $ 7.96 $ 7.23 $ 8.06 (1) Expected volatility – Estimated based on the historical five-year (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 return below 50% of the target performance metric. The Company’s Total Shareholder Return (“TSR”) and Normalized Funds from Operations (“FFO”) 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 portion of the awards is 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 an absolute award for which the payout of the award only depends on EQR’s TSR and 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 grant date fair value of the Normalized FFO portion of the LTI awards is 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: 2021 2020 2019 Weighted average fair value per restricted share $ 61.73 $ 75.89 $ 65.36 Weighted average fair value per restricted unit $ 59.82 $ 72.69 $ 63.12 The valuation method and assumptions are the same as those the Company used in accounting for restricted share/unit 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 Trustees, with the exception of the Company’s Chairman and employee Trustees, 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, restricted units and Options Awards immediately vest and Options continue to be exercisable for the balance of the applicable ten-year option period. Awards continue to vest per the original vesting schedule, subject to certain conditions, and Options continue to be exercisable for the balance of the applicable ten-year option period. Awards immediately vest and Options continue to be exercisable for the balance of the applicable ten-year option period. 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, 2021, 2020 and 2019. Year Ended December 31, 2021 Compensation Expense Compensation Capitalized Restricted Units/Options In-Lieu of Bonus (1) Compensation Equity Dividends Incurred 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 Expense Compensation Capitalized Restricted Units/Options In-Lieu of Bonus (1) Compensation Equity Dividends Incurred 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 Year Ended December 31, 2019 Compensation Expense Compensation Capitalized Restricted Units/Options In-Lieu of Bonus (1) Compensation Equity Dividends Incurred Restricted shares (2) $ 11,522 $ 916 $ — $ 12,438 $ 979 Restricted units (2) 9,905 240 3,265 13,410 825 Options 2,420 254 1 2,675 — ESPP discount 602 40 — 642 — Total $ 24,449 $ 1,450 $ 3,266 $ 29,165 $ 1,804 (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, 2021 is $8.6 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 1.37 years. The table below summarizes the Award activity of the Share Incentive Plans for the three years ended December 31, 2021, 2020 and 2019: Common Shares Subject to Options Weighted Average Exercise Price per Option Restricted Shares Weighted Average Fair Value per Restricted Share Restricted Units Weighted Average Fair Value per Restricted Unit Balance at December 31, 2018 7,112,235 $ 52.35 299,425 $ 66.52 1,139,848 $ 71.07 Awards granted (1) 234,147 $ 72.10 163,799 $ 73.96 141,772 $ 67.22 Awards exercised/vested (1,745,050 ) $ 44.72 (151,321 ) $ 75.41 (422,784 ) $ 70.77 Awards forfeited (30,489 ) $ 61.92 (5,197 ) $ 65.35 (552 ) $ 69.43 Awards expired (3,299 ) $ 40.39 — $ — — $ — 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 (1) Includes LTI plan awards granted under the executive compensation program. Amounts in thousands except per share amounts Year Ended December 31, 2021 2020 2019 Weighted average grant date fair value per share for Options granted $ 7.98 $ 6.74 $ 8.05 Aggregate intrinsic value of Options exercised (1) $ 47,413 $ 7,569 $ 58,066 Fair value of restricted shares vested $ 9,222 $ 10,559 $ 11,133 Fair value of restricted units vested $ 12,468 $ 18,711 $ 29,149 (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. The following table summarizes information regarding Options outstanding and exercisable at December 31, 2021 (aggregate intrinsic value is in thousands): Options Weighted Average Remaining Contractual Life in Years Weighted Average Exercise Price Aggregate Intrinsic Value (1) Options Outstanding 4,387,833 5.37 $ 60.65 $ 130,999 Options Exercisable 3,710,888 4.76 $ 58.70 $ 118,015 Vested and expected to vest 666,334 8.71 $ 71.33 $ 12,775 (1) The aggregate intrinsic values were calculated as the excess, if any, between the Company’s closing share price of $90.50 per share on December 31, 2021 and the strike price of the underlying awards. As of December 31, 2020 and 2019, 4,985,668 Options (with a weighted average exercise price of $55.12) and 4,750,481 Options (with a weighted average exercise price of $54.13) were exercisable, respectively. |
Employee Plans
Employee Plans | 12 Months Ended |
Dec. 31, 2021 | |
Employee Service Share Based Compensation Aggregate Disclosures [Abstract] | |
Employee Plans | 1 3 . 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 2,553,434 Common Shares remained available for purchase at December 31, 2021. 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, 2021 2020 2019 Shares issued 70,702 90,196 48,131 Issuance price ranges $53.13 – $71.04 $46.23 – $63.84 $59.56 – $72.91 Issuance proceeds $ 4,265 $ 4,508 $ 3,116 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 $4.9 million, $5.2 million and $5.0 million for the years ended December 31, 2021, 2020 and 2019, 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, 2021 | |
Distribution Reinvestment And Share Purchase Plan [Abstract] | |
Distribution Reinvestment Plan | 1 4 . 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 4,640,684 Common Shares available for issuance under the 2014 DRIP at December 31, 2021. 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, 2021 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 1 5 . 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, 2021, 2020 and 2019 were approximately $ million, $ million and $ million , respectively . The Company believes these amount s approximate market rates for such rental space . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 6 . Commitments and Contingencies Commitments Joint Venture and Real Estate Technology Fund Commitments We have entered into, and may continue in the future to enter into, joint ventures agreements with third-party partners for the development of multifamily rental properties, as well as real estate technology fund investments. 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. The following table summarizes the Company’s approximate real estate commitments at December 31, 2021 (amounts in thousands for remaining commitments): Remaining Projects/Investments Apartment Units Commitments Projects Under Development Consolidated 1 312 $ 83,720 Unconsolidated 3 929 264,290 Total Projects Under Development (1) 4 1,241 $ 348,010 Real Estate Technology Investments 9 — $ 30,947 (1) Remaining commitments for total projects under development represent the gross amounts, with funds to be provided by the Company, its joint venture partners and/or applicable construction loans. As of December 31, 2021, the Company entered into a commitment agreement (the “Commitment Agreement”) with Toll to pursue the joint development of multifamily rental properties. Over the next 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 will enter into separate joint venture agreements for each property, and the Company will account for these unconsolidated joint ventures under the equity method of accounting. As of December 31, 2021, the Company and Toll have entered into three separate joint venture agreements under the Commitment Agreement, with all three projects expected to start development in 2022. 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, 2021, 2020 and 2019, the Company recognized compensation expense of $0.1 million, $0.5 million and $0.4 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, 2021: (Payments) Due by Year (in thousands) 2022 2023 2024 2025 2026 Thereafter Total Other Long-Term Liabilities: Deferred Compensation (1) $ (773 ) $ (1,013 ) $ (732 ) $ (732 ) $ (732 ) $ (4,023 ) $ (8,005 ) (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, including, but not limited to, rent regulations and environmental 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 , whether related to COVID-19 or otherwise, 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, 2021 | |
Segment Reporting [Abstract] | |
Reportable Segments | 1 7 . 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 3.9% of total revenues for the year ended December 31, 2021 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, 2021, 2020 and 2019, 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, 2021, 2020 and 2019, respectively (amounts in thousands): Year Ended December 31, 2021 2020 2019 Rental income $ 2,463,997 $ 2,571,705 $ 2,700,691 Property and maintenance expense (453,532 ) (440,998 ) (446,845 ) Real estate taxes and insurance expense (397,105 ) (381,562 ) (366,139 ) Total operating expenses (850,637 ) (822,560 ) (812,984 ) Net operating income $ 1,613,360 $ 1,749,145 $ 1,887,707 The following tables present NOI from our rental real estate for each segment for the years ended December 31, 2021, 2020 and 2019, respectively, as well as total assets and capital expenditures at December 31, 2021 and 2020, respectively (amounts in thousands): Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 447,094 $ 141,636 $ 305,458 $ 444,129 $ 140,469 $ 303,660 $ 485,084 $ 144,314 $ 340,770 Orange County 109,427 24,986 84,441 105,236 24,545 80,691 105,087 24,359 80,728 San Diego 78,709 18,396 60,313 74,737 18,176 56,561 73,698 17,889 55,809 Subtotal - Southern California 635,230 185,018 450,212 624,102 183,190 440,912 663,869 186,562 477,307 San Francisco 391,022 121,134 269,888 435,371 117,085 318,286 473,102 115,702 357,400 Washington D.C. 393,374 130,445 262,929 405,571 125,353 280,218 394,171 119,419 274,752 New York 405,830 202,954 202,876 424,534 197,740 226,794 464,270 191,514 272,756 Seattle 245,484 77,537 167,947 257,372 74,362 183,010 252,311 68,717 183,594 Boston 232,233 75,698 156,535 240,158 71,611 168,547 253,297 70,875 182,422 Other Markets 39,084 11,209 27,875 37,917 11,040 26,877 18,215 4,713 13,502 Total same store 2,342,257 803,995 1,538,262 2,425,025 780,381 1,644,644 2,519,235 757,502 1,761,733 Non-same store/other (2) (3) Non-same store 51,604 21,296 30,308 11,791 2,706 9,085 58,751 17,702 41,049 Other (3) 70,136 25,346 44,790 134,889 39,473 95,416 122,705 37,780 84,925 Total non-same store/other 121,740 46,642 75,098 146,680 42,179 104,501 181,456 55,482 125,974 Totals $ 2,463,997 $ 850,637 $ 1,613,360 $ 2,571,705 $ 822,560 $ 1,749,145 $ 2,700,691 $ 812,984 $ 1,887,707 (1 ) For the years ended December 31, 2021 and 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. For the year ended December 31, 2019, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2019, less properties subsequently sold, which represented 73,585 apartment units. (2) For the years ended December 31, 2021 and 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. For the year ended December 31, 2019, non-same store primarily includes properties acquired after January 1, 2019, plus any properties in lease-up and not stabilized as of January 1, 2019. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Year Ended December 31, 2021 Year Ended December 31, 2020 Total Assets Capital Expenditures Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,792,948 $ 21,507 $ 2,905,404 $ 21,537 Orange County 371,063 5,647 389,007 7,260 San Diego 232,345 2,899 242,429 3,430 Subtotal - Southern California 3,396,356 30,053 3,536,840 32,227 San Francisco 3,195,089 22,416 3,310,083 18,091 Washington D.C. 3,177,162 27,148 3,291,760 23,637 New York 3,897,202 29,623 4,000,355 25,716 Seattle 1,958,145 15,038 2,023,183 11,621 Boston 1,694,432 21,095 1,758,665 18,367 Denver 492,454 2,015 512,131 1,579 Total same store 17,810,840 147,388 18,433,017 131,238 Non-same store/other (2) (3) Non-same store 2,512,611 1,704 671,216 73 Other (3) 845,790 1,927 1,182,658 4,668 Total non-same store/other 3,358,401 3,631 1,853,874 4,741 Totals $ 21,169,241 $ 151,019 $ 20,286,891 $ 135,979 (1) 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) 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. (3) Other includes development, other corporate operations and capital expenditures for properties sold. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 1 8 . Subsequent Events Subsequent to December 31, 2021, the Company: • Acquired one property consisting of 172 apartment units for $113.0 million. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Schedule III-Real Estate and Accumulated Depreciation | EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation Overall Summary December 31, 2021 Properties Apartment Units Investment in Real Estate, Gross Accumulated Depreciation Investment in Real Estate, Net Encumbrances (1) Wholly Owned Unencumbered 256 67,748 $ 23,852,899,270 $ (7,039,743,046 ) $ 16,813,156,224 $ — Wholly Owned Encumbered 38 9,113 3,414,236,833 (1,014,105,838 ) 2,400,130,995 1,959,052,708 Wholly Owned Properties 294 76,861 27,267,136,103 (8,053,848,884 ) 19,213,287,219 1,959,052,708 Partially Owned Unencumbered 13 2,646 661,445,674 (217,880,998 ) 443,564,676 — Partially Owned Encumbered 3 900 344,324,608 (82,552,319 ) 261,772,289 232,148,309 Partially Owned Properties 16 3,546 1,005,770,282 (300,433,317 ) 705,336,965 232,148,309 Total Unencumbered Properties 269 70,394 24,514,344,944 (7,257,624,044 ) 17,256,720,900 — Total Encumbered Properties 41 10,013 3,758,561,441 (1,096,658,157 ) 2,661,903,284 2,191,201,017 Total Consolidated Investment in Real Estate 310 80,407 $ 28,272,906,385 $ (8,354,282,201 ) $ 19,918,624,184 $ 2,191,201,017 (1) See attached Encumbrances Reconciliation. EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation Encumbrances Reconciliation December 31, 2021 Portfolio/Entity Encumbrances Number of Properties Encumbered by See Properties With Note: Amount Archstone Master Property Holdings LLC (1) 12 H $ 799,153,560 Portfolio/Entity Encumbrances 12 799,153,560 Individual Property Encumbrances 1,392,047,457 Total Encumbrances per Financial Statements $ 2,191,201,017 (1) 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, 2021, 2020 and 2019 are as follows: 2021 2020 2019 Balance, beginning of year $ 27,203,325 $ 27,533,607 $ 26,511,022 Acquisitions and development 1,912,579 298,847 1,704,320 Improvements 152,715 154,433 180,944 Dispositions and other (995,713 ) (783,562 ) (862,679 ) Balance, end of year $ 28,272,906 $ 27,203,325 $ 27,533,607 The changes in accumulated depreciation for the years ended December 31, 2021, 2020 and 2019 are as follows: 2021 2020 2019 Balance, beginning of year $ 7,859,657 $ 7,276,786 $ 6,696,281 Depreciation 838,272 820,832 831,083 Dispositions and other (343,647 ) (237,961 ) (250,578 ) Balance, end of year $ 8,354,282 $ 7,859,657 $ 7,276,786 EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2021 Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (Improvements, net) (E) Gross Amount Carried at Close of Period 12/31/21 Apartment Name Location Non-Residential Components Date of Construction Apartment Units Land Building & Fixtures Building & Fixtures Land Building & Fixtures (A) Total (B) Accumulated Depreciation (C) Investment in Real Estate, Net at 12/31/21 Encumbrances Wholly Owned Unencumbered: 100 K Apartments (fka 100K Street) Washington, D.C. — 2018 222 $ 15,600,000 $ 70,296,069 $ 80,503 $ 15,600,000 $ 70,376,572 $ 85,976,572 $ (9,006,912 ) $ 76,969,660 $ — 140 Riverside Boulevard New York, NY G 2003 354 103,539,100 94,082,725 11,259,577 103,539,100 105,342,302 208,881,402 (60,169,233 ) 148,712,169 — 160 Riverside Boulevard New York, NY G 2001 455 139,933,500 190,964,745 18,648,569 139,933,500 209,613,314 349,546,814 (119,792,673 ) 229,754,141 — 170 Amsterdam New York, NY G 2015 236 — 112,096,955 758,783 — 112,855,738 112,855,738 (29,560,885 ) 83,294,853 — 175 Kent Brooklyn, NY G 2011 113 22,037,831 53,962,169 2,645,841 22,037,831 56,608,010 78,645,841 (22,155,198 ) 56,490,643 — 180 Montague (fka Brooklyn Heights) Brooklyn, NY G 2000 193 32,400,000 92,675,228 5,658,812 32,400,000 98,334,040 130,734,040 (34,293,888 ) 96,440,152 — 180 Riverside Boulevard New York, NY G 1998 516 144,968,250 138,346,681 19,787,240 144,968,250 158,133,921 303,102,171 (89,675,680 ) 213,426,491 — 1210 Mass Washington, D.C. G 2004 144 9,213,512 36,559,189 4,143,076 9,213,512 40,702,265 49,915,777 (23,095,902 ) 26,819,875 — 1401 Joyce on Pentagon Row Arlington, VA — 2004 326 9,780,000 89,668,165 5,800,708 9,780,000 95,468,873 105,248,873 (44,718,792 ) 60,530,081 — 1500 Mass Ave Washington, D.C. G 1951 556 54,638,298 40,361,702 17,093,200 54,638,298 57,454,902 112,093,200 (33,979,290 ) 78,113,910 — 1800 Oak (fka Rosslyn) Arlington, VA G 2003 314 31,400,000 109,005,734 10,759,712 31,400,000 119,765,446 151,165,446 (42,105,522 ) 109,059,924 — 2201 Pershing Drive Arlington, VA G 2012 188 11,321,198 49,674,175 3,031,770 11,321,198 52,705,945 64,027,143 (19,161,188 ) 44,865,955 — 2201 Wilson Arlington, VA G 2000 219 21,900,000 78,724,663 6,665,866 21,900,000 85,390,529 107,290,529 (29,690,417 ) 77,600,112 — 2400 M St Washington, D.C. G 2006 359 30,006,593 114,013,785 4,972,552 30,006,593 118,986,337 148,992,930 (65,723,407 ) 83,269,523 — 315 on A Boston, MA G 2013 202 14,450,070 115,824,930 1,553,517 14,450,070 117,378,447 131,828,517 (31,402,367 ) 100,426,150 — 340 Fremont (fka Rincon Hill) San Francisco, CA — 2016 348 42,000,000 248,607,902 501,737 42,000,000 249,109,639 291,109,639 (52,713,886 ) 238,395,753 — 341 Nevins Brooklyn, NY — (F) — 3,621,717 299,143 — 3,621,717 299,143 3,920,860 — 3,920,860 — 3003 Van Ness (fka Van Ness) Washington, D.C. — 1970 625 56,300,000 141,191,580 9,574,525 56,300,000 150,766,105 207,066,105 (54,530,411 ) 152,535,694 — 425 Mass Washington, D.C. G 2009 559 28,150,000 138,600,000 6,876,074 28,150,000 145,476,074 173,626,074 (63,089,507 ) 110,536,567 — 455 Eye Street Washington, D.C. G 2017 174 11,941,407 61,418,689 133,247 11,941,407 61,551,936 73,493,343 (10,963,269 ) 62,530,074 — 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 15,165,469 21,041,710 87,096,792 108,138,502 (36,196,476 ) 71,942,026 — 600 Washington New York, NY G 2004 135 32,852,000 43,140,551 3,632,257 32,852,000 46,772,808 79,624,808 (25,544,371 ) 54,080,437 — 660 Washington (fka Boston Common) Boston, MA G 2006 420 106,100,000 166,311,679 11,878,053 106,100,000 178,189,732 284,289,732 (59,198,371 ) 225,091,361 — 70 Greene Jersey City, NJ G 2010 480 28,108,899 236,763,553 4,657,362 28,108,899 241,420,915 269,529,814 (98,364,599 ) 171,165,215 — 71 Broadway New York, NY G 1997 238 22,611,600 77,492,171 20,626,142 22,611,600 98,118,313 120,729,913 (59,615,389 ) 61,114,524 — 77 Bluxome San Francisco, CA — 2007 102 5,249,124 18,609,876 604,943 5,249,124 19,214,819 24,463,943 (7,624,709 ) 16,839,234 — 77 Park Avenue (fka Hoboken) Hoboken, NJ G 2000 301 27,900,000 168,992,440 10,369,855 27,900,000 179,362,295 207,262,295 (60,865,749 ) 146,396,546 — 777 Sixth New York, NY G 2002 294 65,352,706 65,747,294 6,035,138 65,352,706 71,782,432 137,135,138 (35,483,508 ) 101,651,630 — 88 Hillside Daly City, CA G 2011 95 7,786,800 31,587,325 3,723,049 7,786,800 35,310,374 43,097,174 (14,208,098 ) 28,889,076 — 855 Brannan San Francisco, CA G 2018 449 41,363,921 282,738,324 420,418 41,363,921 283,158,742 324,522,663 (46,006,671 ) 278,515,992 — 929 Mass (fka 929 House) Cambridge, MA G 1975 127 3,252,993 21,745,595 8,984,103 3,252,993 30,729,698 33,982,691 (22,259,777 ) 11,722,914 — Academy Village North Hollywood, CA — 1989 248 25,000,000 23,593,194 11,983,148 25,000,000 35,576,342 60,576,342 (22,857,050 ) 37,719,292 — Acappella Pasadena, CA — 2002 143 5,839,548 29,360,452 2,459,547 5,839,548 31,819,999 37,659,547 (14,549,362 ) 23,110,185 — Alban Towers Washington, D.C. — 1934 229 18,900,000 89,794,201 7,420,013 18,900,000 97,214,214 116,114,214 (33,052,284 ) 83,061,930 — Alborada Fremont, CA — 1999 442 24,310,000 59,214,129 9,938,962 24,310,000 69,153,091 93,463,091 (49,918,901 ) 43,544,190 — Alcott Apartments (fka West End Tower) Boston, MA G 2021 470 10,424,000 387,714,090 36,889 10,424,000 387,750,979 398,174,979 (2,677,353 ) 395,497,626 — Altitude (fka Village at Howard Hughes, The (Lots 1 & 2)) Los Angeles, CA — 2016 545 43,783,485 150,234,305 678,439 43,783,485 150,912,744 194,696,229 (32,898,128 ) 161,798,101 — Alton, The (fka Millikan) Irvine, CA — 2017 344 11,049,027 96,523,928 322,646 11,049,027 96,846,574 107,895,601 (19,309,890 ) 88,585,711 — Arbor Terrace Sunnyvale, CA — 1979 175 9,057,300 18,483,642 12,379,831 9,057,300 30,863,473 39,920,773 (21,254,285 ) 18,666,488 — Arches, The Sunnyvale, CA — 1974 410 26,650,000 62,850,000 4,419,103 26,650,000 67,269,103 93,919,103 (29,273,217 ) 64,645,886 — Artisan on Second Los Angeles, CA — 2008 118 8,000,400 36,074,600 1,450,981 8,000,400 37,525,581 45,525,981 (15,416,946 ) 30,109,035 — EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2021 Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (Improvements, net) (E) Gross Amount Carried at Close of Period 12/31/21 Apartment Name Location Non-Residential Components Date of Construction Apartment Units Land Building & Fixtures Building & Fixtures Land Building & Fixtures (A) Total (B) Accumulated Depreciation (C) Investment in Real Estate, Net at 12/31/21 Encumbrances Artistry Emeryville (fka Emeryville) Emeryville, CA — 1994 267 12,300,000 61,466,267 8,257,635 12,300,000 69,723,902 82,023,902 (26,696,773 ) 55,327,129 — Atelier Brooklyn, NY G 2015 120 32,401,680 47,135,432 681,890 32,401,680 47,817,322 80,219,002 (12,033,060 ) 68,185,942 — Avenue Two Redwood City, CA — 1972 123 7,995,000 18,005,000 2,841,937 7,995,000 20,846,937 28,841,937 (9,223,132 ) 19,618,805 — Axis at Shady Grove Rockville, MD — 2016 366 14,745,774 90,503,831 376,262 14,745,774 90,880,093 105,625,867 (15,555,350 ) 90,070,517 — Azure (fka Mission Bay-Block 13) San Francisco, CA — 2015 273 32,855,115 153,566,841 893,636 32,855,115 154,460,477 187,315,592 (36,744,242 ) 150,571,350 — Bay Hill Long Beach, CA — 2002 160 7,600,000 27,437,239 4,499,065 7,600,000 31,936,304 39,536,304 (19,233,962 ) 20,302,342 — Beatrice, The New York, NY — 2010 302 114,351,405 165,648,595 3,092,110 114,351,405 168,740,705 283,092,110 (62,467,433 ) 220,624,677 — Bella Vista I, II, III Combined Woodland Hills, CA — 2003-2007 579 31,682,754 121,095,786 11,565,891 31,682,754 132,661,677 164,344,431 (73,507,308 ) 90,837,123 — Belle Arts Condominium Homes, LLC Bellevue, WA — 2000 1 63,158 236,157 2,098 63,158 238,255 301,413 (108,223 ) 193,190 — Belle Fontaine Marina Del Rey, CA — 2003 102 9,098,808 28,701,192 2,487,041 9,098,808 31,188,233 40,287,041 (12,139,945 ) 28,147,096 — Breakwater at Marina Del Rey Marina Del Rey, CA — 1964-1969 224 — 73,189,262 2,593,029 — 75,782,291 75,782,291 (27,700,597 ) 48,081,694 — Briarwood (CA) Sunnyvale, CA — 1985 192 9,991,500 22,247,278 4,532,523 9,991,500 26,779,801 36,771,301 (21,134,083 ) 15,637,218 — Brodie, The Westminster, CO — 2016 312 8,639,904 79,256,940 947,949 8,639,904 80,204,889 88,844,793 (12,775,088 ) 76,069,705 — Brooklyner, The (fka 111 Lawrence) Brooklyn, NY G 2010 490 40,099,922 221,438,631 5,655,023 40,099,922 227,093,654 267,193,576 (85,848,149 ) 181,345,427 — C on Pico Los Angeles, CA — 2014 94 17,125,766 28,074,234 661,321 17,125,766 28,735,555 45,861,321 (7,175,224 ) 38,686,097 — Carlyle Mill Alexandria, VA — 2002 317 10,000,000 51,367,913 9,986,014 10,000,000 61,353,927 71,353,927 (39,619,406 ) 31,734,521 — Carmel Terrace San Diego, CA — 1988-1989 384 2,288,300 20,596,281 13,182,734 2,288,300 33,779,015 36,067,315 (30,571,076 ) 5,496,239 — Cascade Seattle, WA G 2017 477 23,751,564 149,456,311 145,743 23,751,564 149,602,054 173,353,618 (26,437,276 ) 146,916,342 — Centennial (fka Centennial Court & Centennial Tower) Seattle, WA G 1991/2001 408 9,700,000 70,080,378 15,453,455 9,700,000 85,533,833 95,233,833 (51,055,366 ) 44,178,467 — Centre Club Combined Ontario, CA — 1994 & 2002 412 7,436,000 33,014,789 10,252,175 7,436,000 43,266,964 50,702,964 (30,268,211 ) 20,434,753 — Chelsea Square Redmond, WA — 1991 113 3,397,100 9,289,074 3,146,126 3,397,100 12,435,200 15,832,300 (9,742,785 ) 6,089,515 — Chloe on Madison (fka 1401 E. Madison) Seattle, WA G 2019 137 10,401,958 53,807,106 32,014 10,401,958 53,839,120 64,241,078 (4,838,864 ) 59,402,214 — Chloe on Union (fka Chloe) Seattle, WA G 2010 117 14,835,571 39,359,650 2,970,001 14,835,571 42,329,651 57,165,222 (8,287,738 ) 48,877,484 — Church Corner Cambridge, MA G 1987 85 5,220,000 16,744,643 3,484,815 5,220,000 20,229,458 25,449,458 (12,559,847 ) 12,889,611 — Circa Fitzsimons Denver, CO — 2020 280 9,241,400 86,070,796 319,011 9,241,400 86,389,807 95,631,207 (4,153,312 ) 91,477,895 — City Gate at Cupertino (fka Cupertino) Cupertino, CA — 1998 311 40,400,000 95,937,046 7,939,273 40,400,000 103,876,319 144,276,319 (37,159,709 ) 107,116,610 — City Square Bellevue (fka Bellevue) Bellevue, WA G 1998 191 15,100,000 41,876,257 4,017,150 15,100,000 45,893,407 60,993,407 (16,856,049 ) 44,137,358 — Clarendon, The Arlington, VA G 2005 292 30,400,340 103,824,660 2,937,604 30,400,340 106,762,264 137,162,604 (43,908,001 ) 93,254,603 — Cleo, The Los Angeles, CA — 1989 92 6,615,467 14,829,335 4,392,656 6,615,467 19,221,991 25,837,458 (10,957,338 ) 14,880,120 — Connecticut Heights Washington, D.C. — 1974 518 27,600,000 114,002,295 11,168,810 27,600,000 125,171,105 152,771,105 (43,749,160 ) 109,021,945 — Corcoran House at DuPont Circle (fka DuPont Circle) Washington, D.C. G 1961 138 13,500,000 26,913,113 4,679,308 13,500,000 31,592,421 45,092,421 (11,417,114 ) 33,675,307 — Courthouse Plaza Arlington, VA G 1990 396 — 87,386,024 7,944,020 — 95,330,044 95,330,044 (35,422,571 ) 59,907,473 — Creekside (San Mateo) San Mateo, CA — 1985 192 9,606,600 21,193,232 5,859,790 9,606,600 27,053,022 36,659,622 (21,045,859 ) 15,613,763 — Cronins Landing Waltham, MA G 1998 281 32,300,000 85,119,324 14,041,974 32,300,000 99,161,298 131,461,298 (35,545,036 ) 95,916,262 — Crystal Place Arlington, VA — 1986 181 17,200,000 47,918,975 4,182,311 17,200,000 52,101,286 69,301,286 (19,499,819 ) 49,801,467 — Dalton, The Alexandria, VA G 2018 270 22,947,777 95,334,754 144,951 22,947,777 95,479,705 118,427,482 (10,821,659 ) 107,605,823 — Deerwood (SD) San Diego, CA — 1990 316 2,082,095 18,739,815 17,201,750 2,082,095 35,941,565 38,023,660 (32,390,313 ) 5,633,347 — Del Mar Ridge San Diego, CA — 1998 181 7,801,824 36,948,176 4,673,335 7,801,824 41,621,511 49,423,335 (20,504,751 ) 28,918,584 — Eagle Canyon Chino Hills, CA — 1985 252 1,808,900 16,274,361 11,895,689 1,808,900 28,170,050 29,978,950 (23,146,239 ) 6,832,711 — Edge, The (fka 4885 Edgemoor Lane) Bethesda, MD — 2021 154 — 73,090,698 — — 73,090,698 73,090,698 (1,337,668 ) 71,753,030 — Edgemont at Bethesda Metro Bethesda, MD — 1989 122 13,092,552 43,907,448 3,598,672 13,092,552 47,506,120 60,598,672 (18,431,823 ) 42,166,849 — Emerson Place Boston, MA G 1962 444 14,855,000 57,566,636 37,319,848 14,855,000 94,886,484 109,741,484 (72,262,761 ) 37,478,723 — Encore at Sherman Oaks, The Sherman Oaks, CA — 1988 174 8,700,000 25,446,003 4,699,461 8,700,000 30,145,464 38,845,464 (13,117,331 ) 25,728,133 — Eviva on Cherokee Denver, CO — 2017 274 10,507,626 100,037,204 928,435 10,507,626 100,965,639 111,473,265 (14,488,506 ) 96,984,759 — EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2021 Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (Improvements, net) (E) Gross Amount Carried at Close of Period 12/31/21 Apartment Name Location Non-Residential Components Date of Construction Apartment Units Land Building & Fixtures Building & Fixtures Land Building & Fixtures (A) Total (B) Accumulated Depreciation (C) Investment in Real Estate, Net at 12/31/21 Encumbrances Flora Austin, TX — 2019 194 5,733,088 32,341,897 33,274 5,733,088 32,375,171 38,108,259 (2,351,033 ) 35,757,226 — Fremont Center Fremont, CA G 2002 322 25,800,000 78,753,114 5,432,484 25,800,000 84,185,598 109,985,598 (30,713,571 ) 79,272,027 — Gaithersburg Station Gaithersburg, MD G 2013 400 17,500,000 74,678,917 4,910,339 17,500,000 79,589,256 97,089,256 (26,550,891 ) 70,538,365 — Gateway at Malden Center Malden, MA G 1988 203 9,209,780 25,722,666 18,179,307 9,209,780 43,901,973 53,111,753 (30,509,820 ) 22,601,933 — Geary Court Yard San Francisco, CA — 1990 165 1,722,400 15,471,429 6,418,695 1,722,400 21,890,124 23,612,524 (17,437,666 ) 6,174,858 — Girard Boston, MA G 2016 160 — 102,450,328 987,940 — 103,438,268 103,438,268 (18,672,977 ) 84,765,291 — Hampshire Place Los Angeles, CA — 1989 259 10,806,000 30,335,330 9,226,550 10,806,000 39,561,880 50,367,880 (23,198,296 ) 27,169,584 — Harbor Steps Seattle, WA G 2000 761 59,403,601 158,829,432 44,513,593 59,403,601 203,343,025 262,746,626 (114,985,651 ) 147,760,975 — Hathaway Long Beach, CA — 1987 385 2,512,500 22,611,912 15,153,674 2,512,500 37,765,586 40,278,086 (30,134,333 ) 10,143,753 — Helios (fka 2nd+Pine) Seattle, WA G 2017 398 18,061,674 206,766,901 312,408 18,061,674 207,079,309 225,140,983 (36,567,089 ) 188,573,894 — Heritage at Stone Ridge Burlington, MA — 2005 180 10,800,000 31,808,335 3,752,471 10,800,000 35,560,806 46,360,806 (20,282,031 ) 26,078,775 — Heritage Ridge Lynwood, WA — 1999 197 6,895,000 18,983,597 4,870,503 6,895,000 23,854,100 30,749,100 (13,956,897 ) 16,792,203 — Hesby North Hollywood, CA — 2013 308 23,299,892 102,700,108 2,729,069 23,299,892 105,429,177 128,729,069 (32,170,802 ) 96,558,267 — Highlands at South Plainfield South Plainfield, NJ — 2000 252 10,080,000 37,526,912 3,230,733 10,080,000 40,757,645 50,837,645 (23,217,224 ) 27,620,421 — Hikari Los Angeles, CA G 2007 128 9,435,760 32,564,240 1,453,552 9,435,760 34,017,792 43,453,552 (13,835,502 ) 29,618,050 — Hudson Crossing New York, NY G 2003 259 23,420,000 69,977,699 3,571,165 23,420,000 73,548,864 96,968,864 (43,605,553 ) 53,363,311 — Hudson Pointe Jersey City, NJ — 2003 182 5,350,000 41,114,074 8,229,014 5,350,000 49,343,088 54,693,088 (30,026,653 ) 24,666,435 — Huxley, The Redwood City, CA — 2018 137 18,775,028 89,336,651 105,265 18,775,028 89,441,916 108,216,944 (10,326,938 ) 97,890,006 — Indie Deep Ellum Dallas, TX G 2020 231 12,253,503 63,844,734 35,414 12,253,503 63,880,148 76,133,651 (2,577,427 ) 73,556,224 — Ivory Wood Bothell, WA — 2000 144 2,732,800 13,888,282 2,742,943 2,732,800 16,631,225 19,364,025 (9,766,422 ) 9,597,603 — Jia (fka Chinatown Gateway) Los Angeles, CA G 2014 280 14,791,831 78,286,423 1,142,453 14,791,831 79,428,876 94,220,707 (27,653,136 ) 66,567,571 — Junction 47 (fka West Seattle) Seattle, WA G 2015 206 11,726,305 56,584,312 376,513 11,726,305 56,960,825 68,687,130 (14,552,334 ) 54,134,796 — Juniper Sandy Springs Sandy Springs, GA — 2017 230 8,668,700 64,965,193 17,829 8,668,700 64,983,022 73,651,722 (622,903 ) 73,028,819 — Kelvin, The (fka Modera) Irvine, CA — 2015 194 15,521,552 64,853,448 908,796 15,521,552 65,762,244 81,283,796 (17,678,084 ) 63,605,712 — Kilby Frisco, TX — 2020 258 6,431,940 64,175,461 19,960 6,431,940 64,195,421 70,627,361 (3,264,959 ) 67,362,402 — Laguna Clara Santa Clara, CA — 1972 264 13,642,420 28,684,902 9,733,754 13,642,420 38,418,656 52,061,076 (22,548,251 ) 29,512,825 — Laguna Clara II Santa Clara, CA — (F) — — 4,399,463 — — 4,399,463 4,399,463 — 4,399,463 — Landings at Port Imperial W. New York, NJ — 1999 276 27,246,045 37,741,050 16,597,064 27,246,045 54,338,114 81,584,159 (37,633,786 ) 43,950,373 — Lane Seattle, WA G 2019 217 13,142,946 71,939,706 125,613 13,142,946 72,065,319 85,208,265 (7,428,489 ) 77,779,776 — Lex, The San Jose, CA — 2017 387 21,817,512 158,778,598 664,071 21,817,512 159,442,669 181,260,181 (21,065,903 ) 160,194,278 — Liberty Park Braintree, MA — 2000 202 5,977,504 26,749,111 8,235,368 5,977,504 34,984,479 40,961,983 (22,906,485 ) 18,055,498 — Liberty Tower Arlington, VA G 2008 235 16,382,822 83,817,078 6,030,560 16,382,822 89,847,638 106,230,460 (38,101,851 ) 68,128,609 — Lincoln Heights Quincy, MA — 1991 336 5,928,400 33,595,262 16,212,156 5,928,400 49,807,418 55,735,818 (41,040,115 ) 14,695,703 — Lofts at Kendall Square (fka Kendall Square) Cambridge, MA — 1998 186 18,696,674 78,445,657 7,812,849 18,696,674 86,258,506 104,955,180 (31,085,417 ) 73,869,763 — Lofts at Kendall Square ll (fka 249 Third Street) Cambridge, MA G 2019 84 4,603,326 44,012,266 33,164 4,603,326 44,045,430 48,648,756 (3,879,191 ) 44,769,565 — Longacre House New York, NY G 2000 293 73,170,045 53,962,510 6,230,046 73,170,045 60,192,556 133,362,601 (30,329,437 ) 103,033,164 — Longfellow Place Boston, MA G 1975 710 38,264,917 132,175,915 94,971,924 38,264,917 227,147,839 265,412,756 (173,153,336 ) 92,259,420 — Luna Upper Westside Atlanta, GA — 2020 345 14,847,420 108,292,639 21,884 14,847,420 108,314,523 123,161,943 (3,339,114 ) 119,822,829 — Madox Jersey City, NJ G 2013 131 9,679,635 64,594,205 1,254,672 9,679,635 65,848,877 75,528,512 (10,085,214 ) 65,443,298 — Mantena New York, NY G 2012 98 22,346,513 61,501,158 1,761,788 22,346,513 63,262,946 85,609,459 (22,271,078 ) 63,338,381 — Marina 41 (fka Marina Del Rey) Marina Del Rey, CA — 1973 623 — 168,842,442 10,015,523 — 178,857,965 178,857,965 (65,825,369 ) 113,032,596 — Mariposa at Playa Del Rey (fka Playa Del Rey) Playa Del Rey, CA — 2004 354 60,900,000 89,311,482 7,365,735 60,900,000 96,677,217 157,577,217 (35,254,658 ) 122,322,559 — Mark on 8th Seattle, WA G 2016 174 23,004,387 51,116,647 342,085 23,004,387 51,458,732 74,463,119 (9,185,494 ) 65,277,625 — EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2021 Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (Improvements, net) (E) Gross Amount Carried at Close of Period 12/31/21 Apartment Name Location Non-Residential Components Date of Construction Apartment Units Land Building & Fixtures Building & Fixtures Land Building & Fixtures (A) Total (B) Accumulated Depreciation (C) Investment in Real Estate, Net at 12/31/21 Encumbrances Market Street Village San Diego, CA — 2006 229 13,740,000 40,757,301 2,797,175 13,740,000 43,554,476 57,294,476 (24,031,830 ) 33,262,646 — Marlowe (fka Oakwood Crystal City) Arlington, VA — 1987 162 15,400,000 35,474,336 4,757,690 15,400,000 40,232,026 55,632,026 (14,954,232 ) 40,677,794 — Milano Lofts Los Angeles, CA G 1925/2006 99 8,125,216 27,378,784 4,530,389 8,125,216 31,909,173 40,034,389 (11,851,749 ) 28,182,640 — Mill Creek Milpitas, CA — 1991 516 12,858,693 57,168,503 18,798,964 12,858,693 75,967,467 88,826,160 (46,782,863 ) 42,043,297 — Milo Denver, CO — 2020 319 15,957,975 153,099,656 — 15,957,975 153,099,656 169,057,631 — 169,057,631 — Mosaic at Metro Hyattsville, MD — 2008 260 — 59,580,898 1,837,346 — 61,418,244 61,418,244 (27,876,865 ) 33,541,379 — Mountain View Redevelopment Mountain View, CA — (F) — — 2,166,909 — — 2,166,909 2,166,909 — 2,166,909 — Mozaic at Union Station Los Angeles, CA — 2007 272 8,500,000 52,529,446 2,930,062 8,500,000 55,459,508 63,959,508 (29,803,888 ) 34,155,620 — Murray Hill Tower (fka Murray Hill) New York, NY G 1974 270 75,800,000 102,705,401 13,129,682 75,800,000 115,835,083 191,635,083 (43,363,080 ) 148,272,003 — Next on Sixth Los Angeles, CA G 2017 398 52,509,906 136,635,650 605,836 52,509,906 137,241,486 189,751,392 (18,715,038 ) 171,036,354 — North Pier at Harborside Jersey City, NJ — 2003 297 4,000,159 94,290,590 10,474,470 4,000,159 104,765,060 108,765,219 (61,029,617 ) 47,735,602 — Northglen Valencia, CA — 1988 234 9,360,000 20,778,553 7,516,774 9,360,000 28,295,327 37,655,327 (19,023,647 ) 18,631,680 — Northpark Burlingame, CA — 1972 510 38,607,000 77,472,217 16,819,921 38,607,000 94,292,138 132,899,138 (47,487,541 ) 85,411,597 — Oak Park Combined Agoura Hills, CA — 1989 & 1990 444 3,390,700 30,517,274 12,111,379 3,390,700 42,628,653 46,019,353 (36,862,704 ) 9,156,649 — Oaks Santa Clarita, CA — 2000 520 23,400,000 61,020,438 10,122,280 23,400,000 71,142,718 94,542,718 (44,090,629 ) 50,452,089 — Ocean Crest Solana Beach, CA — 1986 146 5,111,200 11,910,438 5,268,993 5,111,200 17,179,431 22,290,631 (13,263,918 ) 9,026,713 — Odin (fka Tallman) Seattle, WA — 2015 301 16,807,519 64,519,515 170,392 16,807,519 64,689,907 81,497,426 (16,311,212 ) 65,186,214 — Olivian at the Realm Lewisville, TX — 2021 421 14,854,564 109,261,221 — 14,854,564 109,261,221 124,115,785 — 124,115,785 — One Henry Adams San Francisco, CA G 2016 241 30,224,393 139,604,146 242,340 30,224,393 139,846,486 170,070,879 (28,006,849 ) 142,064,030 — One India Street (fka Oakwood Boston) Boston, MA G 1901 94 22,200,000 28,672,979 7,088,089 22,200,000 35,761,068 57,961,068 (13,161,555 ) 44,799,513 — Osprey Atlanta, GA G 2020 320 18,121,932 116,942,248 9,397 18,121,932 116,951,645 135,073,577 (4,243,648 ) 130,829,929 — Pacific Place Los Angeles, CA — 2008 430 32,250,000 110,750,000 2,377,323 32,250,000 113,127,323 145,377,323 (38,719,361 ) 106,657,962 — Packard Building Seattle, WA G 2010 61 5,911,041 19,954,959 1,289,877 5,911,041 21,244,836 27,155,877 (5,677,314 ) 21,478,563 — Parc 77 New York, NY G 1903 137 40,504,000 18,025,679 7,360,941 40,504,000 25,386,620 65,890,620 (15,823,387 ) 50,067,233 — Parc Cameron New York, NY G 1927 166 37,600,000 9,855,597 7,969,567 37,600,000 17,825,164 55,425,164 (12,804,109 ) 42,621,055 — Parc Coliseum New York, NY G 1910 177 52,654,000 23,045,751 10,151,472 52,654,000 33,197,223 85,851,223 (21,315,552 ) 64,535,671 — Parc East Towers New York, NY G 1977 324 102,163,000 108,989,402 13,975,990 102,163,000 122,965,392 225,128,392 (65,431,630 ) 159,696,762 — Parc on Powell (fka Parkside at Emeryville) Emeryville, CA G 2015 173 16,667,059 65,468,571 894,344 16,667,059 66,362,915 83,029,974 (17,329,432 ) 65,700,542 — Park Connecticut Washington, D.C. — 2000 142 13,700,000 59,087,519 2,901,025 13,700,000 61,988,544 75,688,544 (20,895,182 ) 54,793,362 — Park West (CA) Los Angeles, CA — 1987/1990 444 3,033,500 27,302,383 13,432,822 3,033,500 40,735,205 43,768,705 (34,282,511 ) 9,486,194 — Parkside Union City, CA — 1979 208 6,246,700 11,827,453 8,549,823 6,246,700 20,377,276 26,623,976 (15,097,028 ) 11,526,948 — Pearl, The (WA) Seattle, WA G 2008 80 6,972,585 26,527,415 1,256,823 6,972,585 27,784,238 34,756,823 (7,499,036 ) 27,257,787 — Pearl MDR (fka Oakwood Marina Del Rey) Marina Del Rey, CA G 1969 597 — 120,795,359 7,187,274 — 127,982,633 127,982,633 (48,509,088 ) 79,473,545 — Pegasus Los Angeles, CA G 1949/2003 322 18,094,052 81,905,948 8,565,146 18,094,052 90,471,094 108,565,146 (38,970,462 ) 69,594,684 — Portofino Chino Hills, CA — 1989 176 3,572,400 14,660,994 4,142,052 3,572,400 18,803,046 22,375,446 (15,501,829 ) 6,873,617 — Portofino (Val) Valencia, CA — 1989 216 8,640,000 21,487,126 6,691,443 8,640,000 28,178,569 36,818,569 (19,742,885 ) 17,075,684 — Portside Towers Jersey City, NJ G 1992-1997 527 22,487,006 96,842,913 28,946,965 22,487,006 125,789,878 148,276,884 (98,609,366 ) 49,667,518 — Potrero 1010 San Francisco, CA G 2016 453 40,830,011 181,924,463 1,453,552 40,830,011 183,378,015 224,208,026 (41,306,612 ) 182,901,414 — Prado (fka Glendale) Glendale, CA — 1988 264 — 67,977,313 6,891,346 — 74,868,659 74,868,659 (26,817,073 ) 48,051,586 — Prime, The Arlington, VA — 2002 281 34,625,000 77,879,740 6,109,136 34,625,000 83,988,876 118,613,876 (38,545,149 ) 80,068,727 — Prism at Park Avenue South (fka 400 Park Avenue South) New York, NY G 2015 269 76,292,169 171,771,886 247,225 76,292,169 172,019,111 248,311,280 (45,640,216 ) 202,671,064 — Promenade at Town Center I & II Valencia, CA — 2001 564 28,200,000 69,795,915 15,138,641 28,200,000 84,934,556 113,134,556 (50,812,260 ) 62,322,296 — Providence Bothell, WA — 2000 200 3,573,621 19,055,505 5,727,670 3,573,621 24,783,175 28,356,796 (14,191,409 ) 14,165,387 — EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2021 Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (Improvements, net) (E) Gross Amount Carried at Close of Period 12/31/21 Apartment Name Location Non-Residential Components Date of Construction Apartment Units Land Building & Fixtures Building & Fixtures Land Building & Fixtures (A) Total (B) Accumulated Depreciation (C) Investment in Real Estate, Net at 12/31/21 Encumbrances Quarry Hills Quincy, MA — 2006 316 26,900,000 84,411,162 5,214,690 26,900,000 89,625,852 116,525,852 (32,044,955 ) 84,480,897 — Radiant Fairfax Ridge Fairfax, VA — 2016 213 7,352,547 63,018,744 130,731 7,352,547 63,149,475 70,502,022 (3,775,097 ) 66,726,925 — Radius Uptown Denver, CO — 2017 372 13,644,960 121,899,084 1,896,784 13,644,960 123,795,868 137,440,828 (19,855,000 ) 117,585,828 — Red 160 (fka Redmond Way) Redmond, WA G 2011 250 15,546,376 65,320,010 1,795,106 15,546,376 67,115,116 82,661,492 (25,272,790 ) 57,388,702 — Redmond Court Bellevue, WA — 1977 206 10,300,000 33,488,745 3,730,013 10,300,000 37,218,758 47,518,758 (14,009,343 ) 33,509,415 — Regency Palms Huntington Beach, CA — 1969 310 1,857,400 16,713,254 8,707,710 1,857,400 25,420,964 27,278,364 (20,984,954 ) 6,293,410 — Reserve at Burlington, The Burlington, MA — 2019 270 20,250,000 114,475,523 101,854 20,250,000 114,577,377 134,827,377 (5,817,645 ) 129,009,732 — Reserve at Clarendon Centre, The Arlington, VA G 2003 252 10,500,000 52,812,935 5,327,794 10,500,000 58,140,729 68,640,729 (36,876,197 ) 31,764,532 — Reserve at Eisenhower, The Alexandria, VA — 2002 226 6,500,000 34,585,059 5,515,216 6,500,000 40,100,275 46,600,275 (25,376,674 ) 21,223,601 — Reserve at Empire Lakes Rancho Cucamonga, CA — 2005 467 16,345,000 73,080,670 8,210,962 16,345,000 81,291,632 97,636,632 (44,759,994 ) 52,876,638 — Reserve at Fairfax Corner Fairfax, VA — 2001 652 15,804,057 63,129,050 13,867,418 15,804,057 76,996,468 92,800,525 (50,742,107 ) 42,058,418 — Reserve at Mountain View (fka Mountain View) Mountain View, CA — 1965 180 27,000,000 33,029,605 8,523,900 27,000,000 41,553,505 68,553,505 (16,598,937 ) 51,954,568 — Reserve at Potomac Yard Alexandria, VA — 2002 588 11,918,917 68,862,641 19,250,823 11,918,917 88,113,464 100,032,381 (53,684,381 ) 46,348,000 — Reserve at Town Center I-III (WA) Mill Creek, WA G 2001, 2009, 2014 584 16,768,705 77,623,664 11,315,691 16,768,705 88,939,355 105,708,060 (43,366,666 ) 62,341,394 — Rianna I & II Seattle, WA G 2000/2002 156 4,430,000 29,298,096 1,975,735 4,430,000 31,273,831 35,703,831 (14,608,457 ) 21,095,374 — Ridgewood Village I&II San Diego, CA — 1997 408 11,809,500 34,004,048 7,140,439 11,809,500 41,144,487 52,953,987 (30,998,875 ) 21,955,112 — Riva Terra I (fka Redwood Shores) Redwood City, CA — 1986 304 34,963,355 84,587,658 8,421,032 34,963,355 93,008,690 127,972,045 (35,095,846 ) 92,876,199 — Riva Terra II (fka Harborside) Redwood City, CA — 1986 149 17,136,645 40,536,531 4,141,820 17,136,645 44,678,351 61,814,996 (15,663,545 ) 46,151,451 — Riverpark Redmond, WA G 2009 321 14,355,000 80,894,049 5,143,443 14,355,000 86,037,492 100,392,492 (33,609,905 ) 66,782,587 — Rivington, The Hoboken, NJ — 1999 240 34,340,640 112,112,152 4,260,470 34,340,640 116,372,622 150,713,262 (20,226,305 ) 130,486,957 — Rivington II, The Hoboken, NJ — (F) — — 736,622 — — 736,622 736,622 — 736,622 — Rosecliff II Quincy, MA — 2005 130 4,922,840 30,202,160 2,042,877 4,922,840 32,245,037 37,167,877 (13,320,307 ) 23,847,570 — Sakura Crossing Los Angeles, CA G 2009 230 14,641,990 42,858,010 1,646,714 14,641,990 44,504,724 59,146,714 (19,007,871 ) 40,138,843 — Saxton Seattle, WA G 2019 325 38,805,400 128,652,023 474,368 38,805,400 129,126,391 167,931,791 (14,473,592 ) 153,458,199 — Seventh & James Seattle, WA G 1992 96 663,800 5,974,803 4,681,230 663,800 10,656,033 11,319,833 (8,984,088 ) 2,335,745 — Sheffield Court Arlington, VA — 1986 597 3,342,381 31,337,332 21,942,021 3,342,381 53,279,353 56,621,734 (43,912,782 ) 12,708,952 — Siena Terrace Lake Forest, CA — 1988 356 8,900,000 24,083,024 8,984,059 8,900,000 33,067,083 41,967,083 (25,390,768 ) 16,576,315 — Skycrest Valencia, CA — 1999 264 10,560,000 25,574,457 6,723,207 10,560,000 32,297,664 42,857,664 (22,365,804 ) 20,491,860 — Skyhouse South Atlanta, GA G 2014 320 14,182,277 101,913,422 158,435 14,182,277 102,071,857 116,254,134 (5,725,734 ) 110,528,400 — Skylark Union City, CA — 1986 174 1,781,600 16,731,916 5,805,074 1,781,600 22,536,990 24,318,590 (17,322,154 ) 6,996,436 — Skyview Rancho Santa Margarita, CA — 1999 260 3,380,000 21,952,863 6,350,413 3,380,000 28,303,276 31,683,276 (21,352,684 ) 10,330,592 — SoMa II San Francisco, CA — (F) — 29,406,606 5,919,806 — 29,406,606 5,919,806 35,326,412 — 3 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020, 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. In-place residential leases’ average term at acquisition approximates six months. In-place non-residential leases’ term at acquisition approximates the average remaining term of all acquired non-residential leases. • 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 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. Property dispositions are recorded when control transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with accounting principles generally accepted in the United States. 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 | Impairment of Investments in Unconsolidated Entities At least quarterly, the Company evaluates its investments in unconsolidated entities, including any multifamily real estate assets held by a joint venture, 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 During the years ended December 31, 2021 and 2020, the Company capitalized $13.9 million and $12.1 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. |
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. 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 generally have five to ten year lease terms with market-based renewal options. Fee and asset management revenue and interest income are recorded on an accrual basis. The majority of the Company’s revenue is derived from residential, non-residential and other lease income, which are accounted for under the lease standard effective January 1, 2019. 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 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. A lease is classified as a finance lease if it meets any of the following criteria: (a) Ownership of the underlying asset is transferred to the lessee by the end of the lease term; (b) the lessee has and is reasonably certain to exercise an option to purchase the underlying asset; (c) the lease term is for the major part of the remaining economic life of the underlying asset; (d) the present value of future minimum lease payments is equal to substantially all of the fair value of the underlying asset; and (e) the underlying asset is expected to have no alternative use to the lessor at the end of the lease term due to its specialized nature. 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 discount rate for the lease is the rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. As the Company does not know the amount of the lessors’ initial direct costs, it cannot readily determine the rate implicit in the lease and instead must apply the incremental borrowing rate. The Company uses estimates and judgments on the incremental borrowing rate used to calculate the present value of the future lease payments. 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. • 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, provided that the earnings process is complete and the Company does not have significant continuing involvement. A gain or loss is recognized when the criteria for an asset to be derecognized are met, which include when a contract exists and the buyer obtained control of the nonfinancial asset that was sold. 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 COVID-19 pandemic, the allowance for doubtful accounts and bad debts became elevated during 2020 and remained elevated in 2021. 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 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 (“TRS”) 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 2019 and 2020 (no increases for 2021) 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, 2021, 2020 and 2019 (amounts in thousands): Year Ended December 31, 2021 2020 2019 State and local income, franchise and excise tax (benefit) $ 915 $ 852 $ 963 Alternative minimum tax credit (benefit) (1) — — (3,244 ) Income and other tax expense (benefit) (2) $ 915 $ 852 $ (2,281 ) (1) As provided in recent tax legislation which repealed the AMT credit on corporations, in 2019 the Company claimed/received $1.6 million of refunds of various AMT credit carryovers generated in prior tax years. The provision originally allowed for carryover amounts to be refunded over four years, with 50% available in the first year. The remaining $1.6 million was received in 2020 as noted above. (2) All provisions for income tax amounts are current and none are deferred. During the years ended December 31, 2021, 2020 and 2019, the tax character of the Company’s dividends and distributions were as follows (unaudited): Year Ended December 31, 2021 (1) 2020 (2) 2019 (3) Tax character of dividends and distributions: Ordinary dividends $ 1.40791 $ 1.34739 $ 1.39604 Long-term capital gain 0.73687 0.77923 0.61243 Unrecaptured section 1250 gain 0.26522 0.24838 0.23403 Dividends and distributions per Common Share/Unit outstanding $ 2.41000 $ 2.37500 $ 2.24250 (1) The Company’s fourth quarter 2021 dividends and distributions of $0.6025 per Common Share/Unit outstanding will be included as taxable income in calendar year 2022. (2) 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. (3 ) The Company’s fourth quarter 2019 dividends and distributions of $0.5675 per Common Share/Unit outstanding was included as taxable income in calendar year 2020. 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 2021, the Company reported an AMT preference adjustment equal to $0.06 per share and disclosed amounts defined under Treasury Regulation §1.1061-6(c) of the Internal Revenue Code as “One Year” and “Three Year” amounts equal to $0.02650 per share and $0.00584 per share, respectively. The unaudited cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes as of December 31, 2021 and 2020 was approximately $13.2 billion and $13.8 billion, respectively. |
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. |
Reclassifications | Reclassifications Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations or equity/capital. |
Recently Issued Accounting Pronouncements | Recently Issued 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. Instead of being required to assess whether an equity contract permits settlement in unregistered shares, which may require a legal analysis under the securities laws, entities will only analyze whether cash settlements are explicitly required when registered shares are unavailable. As a result, such contracts may potentially be classified in permanent rather than mezzanine equity, which may affect the way the Company’s OP Units are presented on its financial statements. The update is effective for the Company beginning on January 1, 2022, as the Company did not early adopt the standard as allowed on January 1, 2021. The Company is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position. Recently Adopted Accounting Pronouncements In August 2021, the FASB issued an amendment to the presentation of financial statements standard which aligns the financial statements and disclosure requirements with those of the final rules released by the SEC in May 2020. The amendment changes the significance tests that determine what disclosures about significant business acquisitions are required, the periods the financial statements must cover and the pro forma financial information that must be included in certain reports. The amendment was effective for the Company upon issuance on August 9, 2021. The Company has not yet acquired businesses that exceed the threshold as defined by the standard, therefore, the amendment did not have a material effect 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. An example of such reform is the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. Entities that make this optional expedient election would not have to remeasure the contracts at the modification date or reassess the accounting treatment if certain criteria are met and would continue applying hedge accounting for relationships affected by reference rate reform. The new standard was effective for the Company upon issuance and elections can be made through December 31, 2022. The Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. 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 owning 16 properties consisting of 3,546 apartment units having a noncontrolling interest balance of $18.2 million at December 31, 2021. 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 $4.8 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, 2021, the Company estimates the value of Noncontrolling Interest distributions for these two properties would have been approximately $70.8 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, 2021 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, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Ownership Breakdown | The ownership breakdown includes (table does not include various uncompleted development properties): Properties Apartment Units Wholly Owned Properties 294 76,861 Partially Owned Properties – Consolidated 16 3,546 310 80,407 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, 2020 and 2019 (amounts in thousands): Year Ended December 31, 2021 2020 2019 State and local income, franchise and excise tax (benefit) $ 915 $ 852 $ 963 Alternative minimum tax credit (benefit) (1) — — (3,244 ) Income and other tax expense (benefit) (2) $ 915 $ 852 $ (2,281 ) (1) As provided in recent tax legislation which repealed the AMT credit on corporations, in 2019 the Company claimed/received $1.6 million of refunds of various AMT credit carryovers generated in prior tax years. The provision originally allowed for carryover amounts to be refunded over four years, with 50% available in the first year. The remaining $1.6 million was received in 2020 as noted above. (2) All provisions for income tax amounts are current and none are deferred. |
Tax Treatment Of Dividends And Distributions | During the years ended December 31, 2021, 2020 and 2019, the tax character of the Company’s dividends and distributions were as follows (unaudited): Year Ended December 31, 2021 (1) 2020 (2) 2019 (3) Tax character of dividends and distributions: Ordinary dividends $ 1.40791 $ 1.34739 $ 1.39604 Long-term capital gain 0.73687 0.77923 0.61243 Unrecaptured section 1250 gain 0.26522 0.24838 0.23403 Dividends and distributions per Common Share/Unit outstanding $ 2.41000 $ 2.37500 $ 2.24250 (1) The Company’s fourth quarter 2021 dividends and distributions of $0.6025 per Common Share/Unit outstanding will be included as taxable income in calendar year 2022. (2) 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. (3 ) The Company’s fourth quarter 2019 dividends and distributions of $0.5675 per Common Share/Unit outstanding was included as taxable income in calendar year 2020. |
Equity, Capital and Other Int_2
Equity, Capital and Other Interests (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, 2020 and 2019: 2021 2020 2019 Common Shares Common Shares outstanding at January 1, 372,302,000 371,670,884 369,405,161 Common Shares Issued: Conversion of OP Units 1,354,208 122,505 313,940 Exercise of share options 1,710,692 239,695 1,745,050 Employee Share Purchase Plan (ESPP) 70,702 90,196 48,131 Restricted share grants, net 89,593 178,720 158,602 Common Shares outstanding at December 31, 375,527,195 372,302,000 371,670,884 Units Units outstanding at January 1, 13,858,073 13,731,315 13,904,035 Restricted unit grants, net 155,162 249,263 141,220 Conversion of OP Units to Common Shares (1,354,208 ) (122,505 ) (313,940 ) Units outstanding at December 31, 12,659,027 13,858,073 13,731,315 Total Common Shares and Units outstanding at December 31, 388,186,222 386,160,073 385,402,199 Units Ownership Interest in Operating Partnership 3.3 % 3.6 % 3.6 % |
Changes in Redemption Value of Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | The 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, 2021, 2020 and 2019, respectively (amounts in thousands): 2021 2020 2019 Balance at January 1, $ 338,951 $ 463,400 $ 379,106 Change in market value 158,598 (125,224 ) 82,283 Change in carrying value 1,428 775 2,011 Balance at December 31, $ 498,977 $ 338,951 $ 463,400 |
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, 2021 and 2020: Amounts in thousands Annual Call Dividend Per December 31, December 31, Date (1) Share/Unit (2) 2021 2020 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 Units; liquidation value $50 per share/unit; 745,600 shares/units issued and outstanding as of December 31, 2021 and 2020 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, 2021, 2020 and 2019: 2021 2020 2019 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 386,160,073 385,402,199 383,309,196 Issued to General Partner: Exercise of EQR share options 1,710,692 239,695 1,745,050 EQR’s Employee Share Purchase Plan (ESPP) 70,702 90,196 48,131 EQR’s restricted share grants, net 89,593 178,720 158,602 Issued to Limited Partners: Restricted unit grants, net 155,162 249,263 141,220 General and Limited Partner Units outstanding at December 31, 388,186,222 386,160,073 385,402,199 Limited Partner Units Limited Partner Units outstanding at January 1, 13,858,073 13,731,315 13,904,035 Limited Partner restricted unit grants, net 155,162 249,263 141,220 Conversion of Limited Partner OP Units to EQR Common Shares (1,354,208 ) (122,505 ) (313,940 ) Limited Partner Units outstanding at December 31, 12,659,027 13,858,073 13,731,315 Limited Partner Units Ownership Interest in Operating Partnership 3.3 % 3.6 % 3.6 % |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 (amounts in thousands): 2021 2020 Land $ 5,814,790 $ 5,785,367 Depreciable property: Buildings and improvements 19,632,284 18,464,484 Furniture, fixtures and equipment 2,220,203 1,970,033 In-Place lease intangibles 518,324 486,137 Projects under development: Land — 23,531 Construction-in-progress 24,307 387,603 Land held for development: Land 46,160 46,160 Construction-in-progress 16,838 40,010 Investment in real estate 28,272,906 27,203,325 Accumulated depreciation (8,354,282 ) (7,859,657 ) Investment in real estate, net $ 19,918,624 $ 19,343,668 |
Acquired Properties From Unaffiliated Parties | 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, 2020, the Company acquired the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated (1) 1 158 $ 48,860 Total 1 158 $ 48,860 (1) Purchase price includes an allocation of approximately $5.5 million to land and $43.4 million to depreciable property (inclusive of capitalized closing costs). |
Disposed Properties to Unaffiliated Parties | 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 During the year ended December 31, 2020, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 6 2,231 $ 1,066,861 Land Parcels (two) — — 55,510 Total 6 2,231 $ 1,122,371 |
Commitments to Acquire_Dispos_2
Commitments to Acquire/Dispose of Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments To Acquire Dispose Of Real Estate [Abstract] | |
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 December 31, 2021 Rental Properties – Consolidated 2 490 $ 331,150 $ 191,196 Total 2 490 $ 331,150 $ 191,196 |
Investments in Partially Owne_2
Investments in Partially Owned Entities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments In Partially Owned Entities [Abstract] | |
Summary of Company's Consolidated Joint Ventures | The following table summarizes the Company’s consolidated joint venture s as of December 31, 2021 : Operating Properties Project Under Development (1) Properties Apartment Units Project Apartment Units Consolidated Joint Ventures (VIE) 16 3,546 1 312 (1) 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, 2021 2020 December 31, 2021 December 31, 2020 Consolidated Assets $ 912,955 $ 784,066 Consolidated Liabilities $ 251,424 $ 223,989 |
Summary of Company's Investment in Unconsolidated Entities | The following table and information summarizes the Company’s investments in unconsolidated entities, which are accounted for under the equity method of accounting as the requirements for consolidation are not met, as of December 31, 2021 December 31, 2021 December 31, 2020 Ownership Percentage Investments in Unconsolidated Entities: Operating Property (VIE) (1) $ 36,024 $ 38,288 33.3% Unconsolidated Development Joint Ventures (VIE) (2) 72,488 — 62% - 90% (4) Real Estate Technology (3) 19,347 14,866 Varies Other (411 ) (372 ) Varies Investments in Unconsolidated Entities $ 127,448 $ 52,782 (1) Represents an unconsolidated interest in an entity that owns the land underlying one of the consolidated joint venture properties noted above and owns and operates a related parking facility. The consolidated joint venture (2) Represents unconsolidated interests in projects under development and land held for development. (3) Represents unconsolidated investments in real estate technology funds/companies. (4) 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, 2021 Operating Property (1) Projects Under Development (2) Land Held for Development (2), (3) Entity Projects Apartment Units (4) Projects Apartment Units (4) Unconsolidated Joint Ventures (VIE) 1 3 929 3 1,005 (1) Represents the (2) Represents separate unconsolidated joint ventures for the purpose of developing multifamily rental properties. ( 3 ) Represents separate unconsolidated joint ventures that are expected to start construction in 2022. One parcel is subject to a long-term ground lease. ( 4 ) Represents the intended number of apartment units. |
Summary of Information on Total Unconsolidated Development Joint Ventures Entered | The following table provides information on total unconsolidated development joint ventures entered into during the year ended December 31, 2021 Number of unconsolidated joint ventures (1) (2) 6 EQR's investments in unconsolidated entities – acquisitions $ 48,534 ( 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, these entities are unconsolidated and recorded using the equity method of accounting. ( 2 ) One parcel is subject to a long-term ground lease. |
Restricted Deposits (Tables)
Restricted Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits Restricted [Abstract] | |
Restricted Deposits | The following table presents the Company’s restricted deposits as of December 31, 2021 and 2020 (amounts in thousands): December 31, 2021 December 31, 2020 Mortgage escrow deposits: Replacement reserves $ 11,156 $ 9,877 Mortgage principal reserves/sinking funds 19,104 14,168 Mortgage escrow deposits 30,260 24,045 Restricted cash: Tax-deferred (1031) exchange proceeds 166,362 — Earnest money on pending acquisitions 2,000 — Restricted deposits on real estate investments 284 307 Resident security and utility deposits 35,663 31,412 Other 1,835 1,373 Restricted cash 206,144 33,092 Restricted deposits $ 236,404 $ 57,137 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, 2020 and 2019 (amounts in thousands): Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Income Type Residential Leases Non-Residential Leases Total Residential Leases Non-Residential Leases Total Residential Leases Non-Residential Leases Total Residential and non-residential rent $ 2,199,986 $ 61,033 $ 2,261,019 $ 2,336,778 $ 51,663 $ 2,388,441 $ 2,414,201 $ 71,988 $ 2,486,189 Utility recoveries (RUBS income) (1) 74,846 723 75,569 70,699 677 71,376 67,659 917 68,576 Parking rent 40,934 565 41,499 38,743 412 39,155 37,557 348 37,905 Other lease revenue (2) (17,667 ) 4,027 (13,640 ) (28,663 ) (5,519 ) (34,182 ) 1,979 (820 ) 1,159 Total lease revenue $ 2,298,099 $ 66,348 2,364,447 $ 2,417,557 $ 47,233 2,464,790 $ 2,521,396 $ 72,433 2,593,829 Parking revenue 26,789 22,210 28,272 Other revenue 72,761 84,705 78,590 Total other rental income (3) 99,550 106,915 106,862 Rental income $ 2,463,997 $ 2,571,705 $ 2,700,691 (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, 2021 and 2020 (amounts in thousands): Residential Non-Residential Balance Sheet (Other assets): December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Resident/tenant accounts receivable balances $ 37,959 $ 30,856 $ 3,218 $ 7,598 Allowance for doubtful accounts (33,121 ) (24,021 ) (2,365 ) (6,527 ) Net receivable balances $ 4,838 (1) $ 6,835 $ 853 $ 1,071 Straight-line receivable balances $ 7,460 $ 19,992 $ 13,021 $ 13,413 (1) The Company held residential security deposits approximating 48.2% of the net receivable balance at December 31, 2021 |
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, 2021, 2020 and 2019 (amounts in thousands): Year Ended December 31, Income Statement (Rental income): 2021 2020 2019 Bad debt, net (1) $ 31,485 $ 42,505 $ 12,067 % of rental income 1.3 % 1.7 % 0.5 % (1) Bad debt, net benefited from additional resident payments due to governmental rental assistance programs |
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, 2021 and 2020 (amounts in thousands): 2021 2020 Right-of-use assets: Corporate office leases (operating) $ 36,897 $ 39,203 Ground leases (finance) 97,575 57,584 Ground leases (operating) 340,241 402,500 Right-of-use assets $ 474,713 $ 499,287 Lease liabilities: Corporate office leases (operating) $ 37,760 $ 40,470 Ground leases (finance) 69,479 23,350 Ground leases (operating) 205,096 265,310 Lease liabilities $ 312,335 $ 329,130 |
Summary of Quantitative Disclosures for Lessees | The following tables illustrate the quantitative disclosures for lessees as of and for the years ended December 31, 2021, 2020 and 2019 (amounts in thousands): Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Lease cost: Finance lease cost: Amortization of right-of-use assets (capitalized) $ 351 $ — $ — Amortization of right-of-use assets (expensed) 1,391 — — Interest on lease liabilities (capitalized) 452 1,029 225 Interest on lease liabilities (expensed) 1,464 — — Operating lease cost: Corporate office leases 3,581 3,747 3,937 Ground leases 18,338 22,102 22,198 Variable lease cost: Corporate office leases 1,037 1,307 1,489 Ground leases 2,973 3,304 3,700 Total lease cost $ 29,587 $ 31,489 $ 31,549 December 31, 2021 December 31, 2020 December 31, 2019 Other information: Cash paid for amounts included in the measurement of lease liabilities: Investing cash flows from finance leases $ 383 $ 567 $ 188 Financing cash flows from finance leases $ 1,898 $ — $ 34,734 Operating cash flows from operating leases: Corporate office leases $ 5,016 $ 5,296 $ 5,494 Ground leases $ 14,682 $ 16,552 $ 16,837 ROU assets obtained in exchange for new finance lease liabilities $ — $ — $ 23,201 ROU assets obtained in exchange for new operating lease liabilities: Corporate office leases $ — $ — $ 44,298 Ground leases $ — $ — $ 422,018 Weighted-average remaining lease term – finance leases 25.2 years 18.7 years 19.7 years Weighted-average remaining lease term – operating leases: Corporate office leases 16.8 years 17.4 years 18.1 years Ground leases 61.8 years 55.3 years 56.2 years Weighted-average discount rate – finance leases 2.8 % 3.0 % 3.0 % Weighted-average discount rate – operating leases: Corporate office leases 3.2 % 3.2 % 3.2 % Ground leases 5.1 % 5.0 % 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, 2021: (Payments)/Receipts Due by Year (in thousands) 2022 2023 2024 2025 2026 Thereafter Total Finance Leases: Minimum Rent Payments (a) $ (2,463 ) $ (2,662 ) $ (2,880 ) $ (2,946 ) $ (2,959 ) $ (88,209 ) $ (102,119 ) Operating Leases: Minimum Rent Payments (a) $ (15,090 ) $ (14,998 ) $ (15,131 ) $ (14,957 ) $ (14,843 ) $ (831,456 ) $ (906,475 ) Minimum Rent Receipts (b) $ 58,561 $ 56,754 $ 51,295 $ 45,091 $ 37,283 $ 135,922 $ 384,906 (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, 2021 (amounts in thousands): 2021 Total minimum rent payments $ 1,008,594 Less: Lease discount (696,259 ) Lease liabilities $ 312,335 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020, respectively (amounts in thousands): Mortgage notes payable, net as of December 31, 2020 Proceeds Lump sum payoffs Scheduled principal repayments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Mortgage notes payable, net as of December 31, 2021 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 3.58% fixed rate mortgage debt maturing on March 1, 2031. ( 3 ) Variable rate construction mortgage debt that is non-recourse to the Company maturing on June 25, 2022 (total commitment of $67.6 million). Mortgage notes payable, net as of December 31, 2019 Proceeds Lump sum payoffs Scheduled principal repayments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Mortgage notes payable, net as of December 31, 2020 Fixed Rate Debt: Secured – Conventional $ 1,574,699 $ 495,000 (2) $ (160,522 ) $ (7,759 ) $ 988 $ (1,315 ) $ 1,901,091 Floating Rate Debt: Secured – Conventional 7,050 24,204 (3) — — — 240 31,494 Secured – Tax Exempt 359,861 — — — 1,246 198 361,305 Floating Rate Debt 366,911 24,204 — — 1,246 438 392,799 Total $ 1,941,610 $ 519,204 $ (160,522 ) $ (7,759 ) $ 2,234 $ (877 ) $ 2,293,890 (1 ) Represents amortization of deferred financing costs, net of debt financing costs. (2) Obtained a 2.60% fixed rate mortgage loan pool maturing on May 1, 2030. ( 3 ) Variable rate construction mortgage debt that is non-recourse to the Company maturing on June 25, 2022 (total commitment of $67.6 million). |
Schedule of Unsecured Revolving Credit Facility | The following table presents the availability on the Company’s unsecured revolving credit facility as of December 31, 2021 and 2020 (amounts in thousands): December 31, 2021 December 31, 2020 Unsecured revolving credit facility commitment $ 2,500,000 $ 2,500,000 Commercial paper balance outstanding (315,121 ) (415,000 ) Unsecured revolving credit facility balance outstanding — — Other restricted amounts (3,507 ) (100,949 ) Unsecured revolving credit facility availability $ 2,181,372 $ 1,984,051 |
Summary of Debt Extinguishment Costs Recorded as Additional Interest Expense | Other The following table summarizes the Company’s total debt extinguishment costs recorded as additional interest expense during the years ended December 31, 2021, 2020 and 2019, respectively (amounts in thousands): December 31, 2021 December 31, 2020 December 31, 2019 Prepayment premiums/penalties $ — $ 26,150 $ 13,647 Write-offs of unamortized deferred financing costs 744 634 3,148 Write-offs of unamortized (premiums)/discounts/OCI — 12,508 7,196 Total $ 744 $ 39,292 $ 23,991 |
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, 2021 (amounts in thousands): Year Total 2022 (1) $ 641,089 2023 1,329,088 2024 6,100 2025 458,200 2026 601,025 Thereafter 5,385,670 Subtotal 8,421,172 Deferred Financing Costs and Unamortized (Discount) (79,719 ) Total $ 8,341,453 (1) Includes $315.1 million in principal outstanding on the Company’s commercial paper program. |
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, 2021 and 2020, respectively: December 31, 2021 December 31, 2020 Interest Rate Ranges 0.06% - 4.21% 0.06% - 4.71% Weighted Average Interest Rate 3.18% 3.33% Maturity Date Ranges 2022-2061 2021-2061 |
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, 2021 and 2020, respectively: December 31, 2021 December 31, 2020 Interest Rate Ranges 1.85% - 7.57% 2.50% - 7.57% Weighted Average Interest Rate 3.65% 4.03% Maturity Date Ranges 2023-2047 2023-2047 |
Summary of Notes Activity | The following tables summarize the Company’s notes activity for the years ended December 31, 2021 and 2020, respectively (amounts in thousands): Notes, net as of December 31, 2020 Proceeds Lump sum payoffs Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Notes, net as of December 31, 2021 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. Notes, net as of December 31, 2019 Proceeds Lump sum payoffs Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Notes, net as of December 31, 2020 Fixed Rate Debt: Unsecured – Public $ 6,077,513 $ — $ (750,000 ) $ 2,997 $ 5,026 $ 5,335,536 (1) Represents amortization of deferred financing costs, net of debt financing costs. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020, respectively (amounts in thousands): December 31, 2021 December 31, 2020 Carrying Value Estimated Fair Value (Level 2) Carrying Value Estimated Fair Value (Level 2) Mortgage notes payable, net $ 2,191,201 $ 2,193,689 $ 2,293,890 $ 2,313,263 Unsecured debt, net 6,150,252 6,798,309 5,750,366 6,686,612 Total debt, net $ 8,341,453 $ 8,991,998 $ 8,044,256 $ 8,999,875 |
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, 2021 and 2020, respectively (amounts in thousands): Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2021 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2020 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Supplemental Executive Retirement Plan Other Assets $ 160,293 $ 160,293 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 160,293 $ 160,293 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 338,951 $ — $ 338,951 $ — |
Summary of Effect of Fair Value Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income | The following tables provide a summary of the effect of fair value hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2021, 2020 and 2019, respectively (amounts in thousands): December 31, 2021 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps N/A $ — N/A N/A $ — Total $ — $ — December 31, 2020 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps N/A $ — N/A N/A $ — Total $ — $ — December 31, 2019 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ 2,277 Fixed rate debt Interest expense $ (2,277 ) Total $ 2,277 $ (2,277 ) |
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, 2021, 2020 and 2019, respectively (amounts in thousands): December 31, 2021 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ — Interest expense $ (9,394 ) Total $ — $ (9,394 ) December 31, 2020 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (1,190 ) Interest expense $ (35,087 ) Total $ (1,190 ) $ (35,087 ) December 31, 2019 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (33,765 ) Interest expense $ (21,188 ) Total $ (33,765 ) $ (21,188 ) |
Earnings Per Share and Earnin_2
Earnings Per Share and Earnings Per Unit (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 Numerator for net income per share – basic: Net income $ 1,396,714 $ 962,501 $ 1,009,708 Allocation to Noncontrolling Interests – Operating Partnership (45,900 ) (34,010 ) (36,034 ) Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (17,964 ) (14,855 ) (3,297 ) Preferred distributions (3,090 ) (3,090 ) (3,090 ) Numerator for net income per share – basic $ 1,329,760 $ 910,546 $ 967,287 Numerator for net income per share – diluted: Net income $ 1,396,714 $ 962,501 $ 1,009,708 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (17,964 ) (14,855 ) (3,297 ) Preferred distributions (3,090 ) (3,090 ) (3,090 ) Numerator for net income per share – diluted $ 1,375,660 $ 944,556 $ 1,003,321 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 373,833 371,791 370,461 Effect of dilutive securities: OP Units 12,263 13,003 12,907 Long-term compensation shares/units 1,924 1,080 2,965 ATM forward sales 69 — — Denominator for net income per share – diluted 388,089 385,874 386,333 Net income per share – basic $ 3.56 $ 2.45 $ 2.61 Net income per share – diluted $ 3.54 $ 2.45 $ 2.60 |
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, 2021 2020 2019 Numerator for net income per Unit – basic and diluted: Net income $ 1,396,714 $ 962,501 $ 1,009,708 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (17,964 ) (14,855 ) (3,297 ) Allocation to Preference Units (3,090 ) (3,090 ) (3,090 ) Numerator for net income per Unit – basic and diluted $ 1,375,660 $ 944,556 $ 1,003,321 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 386,096 384,794 383,368 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units 1,924 1,080 2,965 ATM forward sales 69 — — Denominator for net income per Unit – diluted 388,089 385,874 386,333 Net income per Unit – basic $ 3.56 $ 2.45 $ 2.61 Net income per Unit – diluted $ 3.54 $ 2.45 $ 2.60 |
Share Incentive Plans (Tables)
Share Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 Price Granted at the fair market value of Common Shares as of the grant date. 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 Termination 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: 2021 2020 2019 Expected volatility (1) 21.3 % 15.2 % 16.3 % Expected life (2) 5 years 5 years 5 years Expected dividend yield (3) 3.23 % 3.04 % 3.10 % Risk-free interest rate (4) 0.50 % 1.32 % 2.43 % Exercise price per share (5) $ 67.48 $ 83.08 $ 72.02 Option valuation per share $ 7.96 $ 7.23 $ 8.06 (1) Expected volatility – Estimated based on the historical five-year (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 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, restricted units and Options Awards immediately vest and Options continue to be exercisable for the balance of the applicable ten-year option period. Awards continue to vest per the original vesting schedule, subject to certain conditions, and Options continue to be exercisable for the balance of the applicable ten-year option period. Awards immediately vest and Options continue to be exercisable for the balance of the applicable ten-year option period. 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, 2021, 2020 and 2019. Year Ended December 31, 2021 Compensation Expense Compensation Capitalized Restricted Units/Options In-Lieu of Bonus (1) Compensation Equity Dividends Incurred 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 Expense Compensation Capitalized Restricted Units/Options In-Lieu of Bonus (1) Compensation Equity Dividends Incurred 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 Year Ended December 31, 2019 Compensation Expense Compensation Capitalized Restricted Units/Options In-Lieu of Bonus (1) Compensation Equity Dividends Incurred Restricted shares (2) $ 11,522 $ 916 $ — $ 12,438 $ 979 Restricted units (2) 9,905 240 3,265 13,410 825 Options 2,420 254 1 2,675 — ESPP discount 602 40 — 642 — Total $ 24,449 $ 1,450 $ 3,266 $ 29,165 $ 1,804 (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, 2021, 2020 and 2019: Common Shares Subject to Options Weighted Average Exercise Price per Option Restricted Shares Weighted Average Fair Value per Restricted Share Restricted Units Weighted Average Fair Value per Restricted Unit Balance at December 31, 2018 7,112,235 $ 52.35 299,425 $ 66.52 1,139,848 $ 71.07 Awards granted (1) 234,147 $ 72.10 163,799 $ 73.96 141,772 $ 67.22 Awards exercised/vested (1,745,050 ) $ 44.72 (151,321 ) $ 75.41 (422,784 ) $ 70.77 Awards forfeited (30,489 ) $ 61.92 (5,197 ) $ 65.35 (552 ) $ 69.43 Awards expired (3,299 ) $ 40.39 — $ — — $ — 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 (1) Includes LTI plan awards granted under the executive compensation program. Amounts in thousands except per share amounts Year Ended December 31, 2021 2020 2019 Weighted average grant date fair value per share for Options granted $ 7.98 $ 6.74 $ 8.05 Aggregate intrinsic value of Options exercised (1) $ 47,413 $ 7,569 $ 58,066 Fair value of restricted shares vested $ 9,222 $ 10,559 $ 11,133 Fair value of restricted units vested $ 12,468 $ 18,711 $ 29,149 (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 | The following table summarizes information regarding Options outstanding and exercisable at December 31, 2021 (aggregate intrinsic value is in thousands): Options Weighted Average Remaining Contractual Life in Years Weighted Average Exercise Price Aggregate Intrinsic Value (1) Options Outstanding 4,387,833 5.37 $ 60.65 $ 130,999 Options Exercisable 3,710,888 4.76 $ 58.70 $ 118,015 Vested and expected to vest 666,334 8.71 $ 71.33 $ 12,775 (1) The aggregate intrinsic values were calculated as the excess, if any, between the Company’s closing share price of $90.50 per share on December 31, 2021 and the strike price of the underlying awards. |
LTI Awards [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Weighted Average Fair Value for Each Restricted Share/Unit | 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 an absolute award for which the payout of the award only depends on EQR’s TSR and 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 grant date fair value of the Normalized FFO portion of the LTI awards is 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: 2021 2020 2019 Weighted average fair value per restricted share $ 61.73 $ 75.89 $ 65.36 Weighted average fair value per restricted unit $ 59.82 $ 72.69 $ 63.12 |
Employee Plans (Tables)
Employee Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Employee Service Share Based Compensation Aggregate Disclosures [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, 2021 2020 2019 Shares issued 70,702 90,196 48,131 Issuance price ranges $53.13 – $71.04 $46.23 – $63.84 $59.56 – $72.91 Issuance proceeds $ 4,265 $ 4,508 $ 3,116 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Joint Venture and Real Estate Technology Fund Commitments | The following table summarizes the Company’s approximate real estate commitments at December 31, 2021 (amounts in thousands for remaining commitments): Remaining Projects/Investments Apartment Units Commitments Projects Under Development Consolidated 1 312 $ 83,720 Unconsolidated 3 929 264,290 Total Projects Under Development (1) 4 1,241 $ 348,010 Real Estate Technology Investments 9 — $ 30,947 (1) Remaining commitments for total projects under development represent the gross amounts, with funds to be provided by the Company, its joint venture partners and/or applicable construction loans. |
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, 2021: (Payments) Due by Year (in thousands) 2022 2023 2024 2025 2026 Thereafter Total Other Long-Term Liabilities: Deferred Compensation (1) $ (773 ) $ (1,013 ) $ (732 ) $ (732 ) $ (732 ) $ (4,023 ) $ (8,005 ) (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, 2021 | |
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, 2021, 2020 and 2019, respectively (amounts in thousands): Year Ended December 31, 2021 2020 2019 Rental income $ 2,463,997 $ 2,571,705 $ 2,700,691 Property and maintenance expense (453,532 ) (440,998 ) (446,845 ) Real estate taxes and insurance expense (397,105 ) (381,562 ) (366,139 ) Total operating expenses (850,637 ) (822,560 ) (812,984 ) Net operating income $ 1,613,360 $ 1,749,145 $ 1,887,707 |
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, 2021, 2020 and 2019, respectively, as well as total assets and capital expenditures at December 31, 2021 and 2020, respectively (amounts in thousands): Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 447,094 $ 141,636 $ 305,458 $ 444,129 $ 140,469 $ 303,660 $ 485,084 $ 144,314 $ 340,770 Orange County 109,427 24,986 84,441 105,236 24,545 80,691 105,087 24,359 80,728 San Diego 78,709 18,396 60,313 74,737 18,176 56,561 73,698 17,889 55,809 Subtotal - Southern California 635,230 185,018 450,212 624,102 183,190 440,912 663,869 186,562 477,307 San Francisco 391,022 121,134 269,888 435,371 117,085 318,286 473,102 115,702 357,400 Washington D.C. 393,374 130,445 262,929 405,571 125,353 280,218 394,171 119,419 274,752 New York 405,830 202,954 202,876 424,534 197,740 226,794 464,270 191,514 272,756 Seattle 245,484 77,537 167,947 257,372 74,362 183,010 252,311 68,717 183,594 Boston 232,233 75,698 156,535 240,158 71,611 168,547 253,297 70,875 182,422 Other Markets 39,084 11,209 27,875 37,917 11,040 26,877 18,215 4,713 13,502 Total same store 2,342,257 803,995 1,538,262 2,425,025 780,381 1,644,644 2,519,235 757,502 1,761,733 Non-same store/other (2) (3) Non-same store 51,604 21,296 30,308 11,791 2,706 9,085 58,751 17,702 41,049 Other (3) 70,136 25,346 44,790 134,889 39,473 95,416 122,705 37,780 84,925 Total non-same store/other 121,740 46,642 75,098 146,680 42,179 104,501 181,456 55,482 125,974 Totals $ 2,463,997 $ 850,637 $ 1,613,360 $ 2,571,705 $ 822,560 $ 1,749,145 $ 2,700,691 $ 812,984 $ 1,887,707 (1 ) For the years ended December 31, 2021 and 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. For the year ended December 31, 2019, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2019, less properties subsequently sold, which represented 73,585 apartment units. (2) For the years ended December 31, 2021 and 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. For the year ended December 31, 2019, non-same store primarily includes properties acquired after January 1, 2019, plus any properties in lease-up and not stabilized as of January 1, 2019. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Year Ended December 31, 2021 Year Ended December 31, 2020 Total Assets Capital Expenditures Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,792,948 $ 21,507 $ 2,905,404 $ 21,537 Orange County 371,063 5,647 389,007 7,260 San Diego 232,345 2,899 242,429 3,430 Subtotal - Southern California 3,396,356 30,053 3,536,840 32,227 San Francisco 3,195,089 22,416 3,310,083 18,091 Washington D.C. 3,177,162 27,148 3,291,760 23,637 New York 3,897,202 29,623 4,000,355 25,716 Seattle 1,958,145 15,038 2,023,183 11,621 Boston 1,694,432 21,095 1,758,665 18,367 Denver 492,454 2,015 512,131 1,579 Total same store 17,810,840 147,388 18,433,017 131,238 Non-same store/other (2) (3) Non-same store 2,512,611 1,704 671,216 73 Other (3) 845,790 1,927 1,182,658 4,668 Total non-same store/other 3,358,401 3,631 1,853,874 4,741 Totals $ 21,169,241 $ 151,019 $ 20,286,891 $ 135,979 (1) 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) 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. (3) Other includes development, other corporate operations and capital expenditures for properties sold. |
Business - Ownership Breakdown
Business - Ownership Breakdown (Details) | Dec. 31, 2021PropertyApartmentUnit |
Property/Unit schedule | |
Properties | Property | 310 |
Apartment Units | ApartmentUnit | 80,407 |
Wholly Owned Properties | |
Property/Unit schedule | |
Properties | Property | 294 |
Apartment Units | ApartmentUnit | 76,861 |
Partially Owned Properties – Consolidated | |
Property/Unit schedule | |
Properties | Property | 16 |
Apartment Units | ApartmentUnit | 3,546 |
Business - Additional Informati
Business - Additional Information (Details) | Dec. 31, 2021PropertyApartmentUnitState |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Number of states in which entity operates | State | 10 |
Properties | Property | 310 |
Apartment units | ApartmentUnit | 80,407 |
ERPOP [Member] | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Noncontrolling interest, ownership percentage by parent | 96.70% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)PropertyApartmentUnit$ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | |
Lease intangibles, average term | 6 months | ||
Capitalized costs development and renovation | $ 13,900,000 | $ 12,100,000 | |
Lessee, finance lease, description | 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. A lease is classified as a finance lease if it meets any of the following criteria: (a) Ownership of the underlying asset is transferred to the lessee by the end of the lease term; (b) the lessee has and is reasonably certain to exercise an option to purchase the underlying asset; (c) the lease term is for the major part of the remaining economic life of the underlying asset; (d) the present value of future minimum lease payments is equal to substantially all of the fair value of the underlying asset; and (e) the underlying asset is expected to have no alternative use to the lessor at the end of the lease term due to its specialized nature. | ||
Lessee, finance lease residual value guarantee, description | the present value of future minimum lease payments is equal to substantially all of the fair value of the underlying asset | ||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Provision for income tax | $ 915,000 | $ 852,000 | $ (2,281,000) |
Remaining AMT refund received | 1,600,000 | ||
Land and depreciable property net | $ 13,200,000,000 | 13,800,000,000 | |
Alternative minimum tax preference adjustment per share | $ / shares | $ 0.06 | ||
Alternative minimum tax preference adjustment disclosed under treasury regulation year one per share | $ / shares | 0.02650 | ||
Alternative minimum tax preference adjustment disclosed under treasury regulation year three per share | $ / shares | $ 0.00584 | ||
Properties | Property | 310 | ||
Noncontrolling Interests – Partially Owned Properties | $ 18,166,000 | $ 4,673,000 | |
Apartment units | ApartmentUnit | 80,407 | ||
Partially Owned Properties – Consolidated | |||
Properties | Property | 16 | ||
Noncontrolling Interests – Partially Owned Properties | $ 18,200,000 | ||
Apartment units | ApartmentUnit | 3,546 | ||
Limited Life Partnership Properties [Member] | |||
Properties | Property | 2 | ||
Noncontrolling Interests – Partially Owned Properties | $ (4,800,000) | ||
Noncontrolling interests settlement value | 70,800,000 | ||
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 Improvements Minimum [Member] | Minimum [Member] | |||
Property, plant and equipment, estimated useful lives | 5 years | ||
Renovations and Improvements Minimum [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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |||
State and local income, franchise and excise tax (benefit) | $ 915 | $ 852 | $ 963 |
Alternative minimum tax credit (benefit) | (3,244) | ||
Income and other tax expense (benefit) | $ 915 | $ 852 | $ (2,281) |
Tax Treatment Of Dividends And Distributions Ordinary Dividends | $ 1.40791 | $ 1.34739 | $ 1.39604 |
Tax Treatment Of Dividends And Distributions Long Term Capital Gain | 0.73687 | 0.77923 | 0.61243 |
Tax Treatment Of Dividends And Distributions Unrecaptured Section Twelve Hundred And Fifty Gain | 0.26522 | 0.24838 | 0.23403 |
Dividends and distributions declared per Common Share outstanding | $ 2.41000 | $ 2.37500 | $ 2.24250 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Tax (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Summary Of Significant Accounting Policies Tax Parenthetical Details [Abstract] | |||
Income tax refund claims or receives | $ 1.6 | ||
Term to refund carryover amount | 4 years | ||
Refund percentage available in first year | 50.00% | ||
Remaining Tax Carryover Amount | $ 1.6 | ||
Dividend payable common share/unit, per share | $ 0.5675 | $ 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity Capital And Other Interests [Abstract] | |||
Common Stock, Shares, Outstanding | 372,302,000 | 371,670,884 | 369,405,161 |
Common Shares Issued: | |||
Conversion of OP Units | 1,354,208 | 122,505 | 313,940 |
Exercise of share options | 1,710,692 | 239,695 | 1,745,050 |
Employee Share Purchase Plan (ESPP) | 70,702 | 90,196 | 48,131 |
Restricted share grants, net | 89,593 | 178,720 | 158,602 |
Common Stock, Shares, Outstanding | 375,527,195 | 372,302,000 | 371,670,884 |
Units | |||
Total Units Outstanding | 13,858,073 | 13,731,315 | 13,904,035 |
Restricted unit grants, net | 155,162 | 249,263 | 141,220 |
Conversion of OP Units to Common Shares | (1,354,208) | (122,505) | (313,940) |
Total Units Outstanding | 12,659,027 | 13,858,073 | 13,731,315 |
Common Shares And Units Outstanding | 388,186,222 | 386,160,073 | 385,402,199 |
Units Ownership Interest in Operating Partnership | 3.30% | 3.60% | 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
General and Limited Partner Units | |||
Common Shares And Units Outstanding | 386,160,073 | 385,402,199 | |
Exercise of share options | 1,710,692 | 239,695 | 1,745,050 |
Employee Share Purchase Plan (ESPP) | 70,702 | 90,196 | 48,131 |
Restricted share grants, net | 89,593 | 178,720 | 158,602 |
Restricted unit grants, net | 155,162 | 249,263 | 141,220 |
Common Shares And Units Outstanding | 388,186,222 | 386,160,073 | 385,402,199 |
Limited Partner Units | |||
Total Units Outstanding | 13,858,073 | 13,731,315 | 13,904,035 |
Restricted unit grants, net | 155,162 | 249,263 | 141,220 |
Conversion of Limited Partner OP Units to EQR Common Shares | (1,354,208) | (122,505) | (313,940) |
Total Units Outstanding | 12,659,027 | 13,858,073 | 13,731,315 |
Units Ownership Interest in Operating Partnership | 3.30% | 3.60% | 3.60% |
ERPOP [Member] | |||
General and Limited Partner Units | |||
Common Shares And Units Outstanding | 386,160,073 | 385,402,199 | 383,309,196 |
Exercise of share options | 1,710,692 | 239,695 | 1,745,050 |
Employee Share Purchase Plan (ESPP) | 70,702 | 90,196 | 48,131 |
Restricted share grants, net | 89,593 | 178,720 | 158,602 |
Restricted unit grants, net | 155,162 | 249,263 | 141,220 |
Common Shares And Units Outstanding | 388,186,222 | 386,160,073 | 385,402,199 |
Limited Partner Units | |||
Total Units Outstanding | 13,858,073 | 13,731,315 | 13,904,035 |
Restricted unit grants, net | 155,162 | 249,263 | 141,220 |
Conversion of Limited Partner OP Units to EQR Common Shares | (1,354,208) | (122,505) | (313,940) |
Total Units Outstanding | 12,659,027 | 13,858,073 | 13,731,315 |
Units Ownership Interest in Operating Partnership | 3.30% | 3.60% | 3.60% |
Equity, Capital and Other Int_5
Equity, Capital and Other Interests - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Equity Capital And Other Interests [Abstract] | ||||
Redeemable noncontrolling interests - operating partnership | $ 498,977 | $ 338,951 | $ 463,400 | $ 379,106 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity Capital And Other Interests [Abstract] | |||
Redeemable noncontrolling interests - operating partnership | $ 338,951 | $ 463,400 | $ 379,106 |
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership | 158,598 | (125,224) | 82,283 |
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | 1,428 | 775 | 2,011 |
Redeemable noncontrolling interests - operating partnership | $ 498,977 | $ 338,951 | $ 463,400 |
Equity, Capital and Other Int_7
Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Limited Partners Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity Capital And Other Interests [Abstract] | |||
Redeemable Limited Partners | $ 338,951 | $ 463,400 | $ 379,106 |
Limited Partners Change In Redemption Value | 158,598 | (125,224) | 82,283 |
Limited Partners Change In Carrying Value | 1,428 | 775 | 2,011 |
Redeemable Limited Partners | $ 498,977 | $ 338,951 | $ 463,400 |
Equity, Capital and Other Int_8
Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Details) - ERPOP [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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, 2021 and 2020 | $ 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, 2021 and 2020 | $ 37,280 | $ 37,280 |
Equity, Capital and Other Int_9
Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Parenthetical) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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 In_10
Equity, Capital and Other Interests - Other - Additional Information (Details) - USD ($) | 12 Months Ended | 95 Months Ended | 168 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class Of Stock [Line Items] | ||||
Common Stock, Shares, Issued | 375,527,195 | 375,527,195 | 375,527,195 | 372,302,000 |
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 | 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] | ||||
Additional common shares authorized | 13,000,000 | 13,000,000 | 13,000,000 | |
Amount of share issuance | $ 0 | |||
Settlement of shares under forward sales agreement | 0 | 0 | 0 | |
ATM Share Offering [Member] | Forward Sales Agreements [Member] | ||||
Class Of Stock [Line Items] | ||||
Common Stock, Shares, Issued | 1,700,000 | 1,700,000 | 1,700,000 | |
Weighted average initial forward price per share | $ 83.25 | $ 83.25 | $ 83.25 |
Real Estate - Summary of Carryi
Real Estate - Summary of Carrying Amounts of Investment in Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Land | $ 5,814,790 | $ 5,785,367 |
Depreciable property: | ||
Buildings and improvements | 19,632,284 | 18,464,484 |
Furniture, fixtures and equipment | 2,220,203 | 1,970,033 |
In-Place lease intangibles | 518,324 | 486,137 |
Projects under development: | ||
Projects under development | 24,307 | 411,134 |
Land held for development: | ||
Land held for development | 62,998 | 86,170 |
Investment in real estate | 28,272,906 | 27,203,325 |
Accumulated depreciation | (8,354,282) | (7,859,657) |
Investment in real estate, net | 19,918,624 | 19,343,668 |
Land [Member] | ||
Land | 15,000 | |
Projects under development: | ||
Projects under development | 23,531 | |
Land held for development: | ||
Land held for development | 46,160 | 46,160 |
Construction-in-progress [Member] | ||
Projects under development: | ||
Projects under development | 24,307 | 387,603 |
Land held for development: | ||
Land held for development | $ 16,838 | $ 40,010 |
Real Estate - Acquired Properti
Real Estate - Acquired Properties From Unaffiliated Parties (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)PropertyApartmentUnit | Dec. 31, 2020USD ($)PropertyApartmentUnit | |
Properties acquired | Property | 17 | 1 |
Property Units acquired | ApartmentUnit | 4,747 | 158 |
Purchase Price | $ | $ 1,709,379 | $ 48,860 |
Rental Properties – Consolidated [Member] | ||
Properties acquired | Property | 17 | 1 |
Property Units acquired | ApartmentUnit | 4,747 | 158 |
Purchase Price | $ | $ 1,709,379 | $ 48,860 |
Real Estate - Acquired Proper_2
Real Estate - Acquired Properties From Unaffiliated Parties (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Purchase price | $ 1,709,379 | $ 48,860 |
Land [Member] | ||
Purchase price | 226,300 | 5,500 |
Depreciable Property [Member] | ||
Purchase price | $ 1,500,000 | $ 43,400 |
Real Estate - Disposed Properti
Real Estate - Disposed Properties to Unaffiliated Parties (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)PropertyApartmentUnit | Dec. 31, 2020USD ($)PropertyApartmentUnit | |
Properties disposed | Property | 14 | 6 |
Property Units disposed | ApartmentUnit | 3,053 | 2,231 |
Sales Price | $ 1,716,775 | $ 1,122,371 |
Rental Properties – Consolidated [Member] | ||
Properties disposed | Property | 14 | 6 |
Property Units disposed | ApartmentUnit | 3,053 | 2,231 |
Sales Price | $ 1,716,775 | $ 1,066,861 |
Land Parcels [Member] | ||
Sales Price | $ 55,510 |
Real Estate - Additional Inform
Real Estate - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net gain on sales of real estate properties | $ 1,072,183 | $ 531,807 | $ 447,637 |
Net gain on sales of land parcels | 5 | 34,234 | $ 2,044 |
Non-cash asset impairment charge | 16,769 | ||
Carrying value | 5,814,790 | $ 5,785,367 | |
Land [Member] | |||
Non-cash asset impairment charge | 16,800 | ||
Carrying value | $ 15,000 |
Commitments to Acquire_Dispos_3
Commitments to Acquire/Dispose of Real Estate - Summary of Separate Agreements to Dispose (Details) $ in Thousands | Dec. 31, 2021USD ($)PropertyApartmentUnit |
Property/Unit schedule | |
Properties | Property | 2 |
Apartment Units | ApartmentUnit | 490 |
Sales Price | $ 331,150 |
Net Book Value at December 31, 2021 | $ 191,196 |
Rental Properties – Consolidated [Member] | Wholly Owned Properties [Member] | |
Property/Unit schedule | |
Properties | Property | 2 |
Apartment Units | ApartmentUnit | 490 |
Sales Price | $ 331,150 |
Net Book Value at December 31, 2021 | $ 191,196 |
Investments in Partially Owne_3
Investments in Partially Owned Entities - Summary of Company's Consolidated Joint Ventures (Details) | Dec. 31, 2021PropertyApartmentUnitProject |
Variable Interest Entity [Line Items] | |
Properties | Property | 310 |
Apartment units | 80,407 |
Consolidated VIE [Member] | Operating Properties [Member] | |
Variable Interest Entity [Line Items] | |
Properties | Property | 16 |
Apartment units | 3,546 |
Consolidated VIE [Member] | Project Under Development [Member] | |
Variable Interest Entity [Line Items] | |
Project | Project | 1 |
Apartment units | 312 |
Investments in Partially Owne_4
Investments in Partially Owned Entities - Summary of Consolidated Assets and Liabilities Related to the VIEs (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Consolidated Assets | $ 21,169,241 | $ 20,286,891 |
Consolidated Liabilities | 9,483,056 | 9,184,454 |
Consolidated VIE [Member] | ||
Variable Interest Entity [Line Items] | ||
Consolidated Assets | 912,955 | 784,066 |
Consolidated Liabilities | $ 251,424 | $ 223,989 |
Investments in Partially Owne_5
Investments in Partially Owned Entities - Summary of Company's Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 127,448 | $ 52,782 |
Unconsolidated Development Joint Ventures [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 72,488 | |
Unconsolidated Development Joint Ventures [Member] | Minimum [Member] | ||
Variable Interest Entity [Line Items] | ||
Ownership Percentage | 62.00% | |
Unconsolidated Development Joint Ventures [Member] | Maximum [Member] | ||
Variable Interest Entity [Line Items] | ||
Ownership Percentage | 90.00% | |
Real Estate Technology [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 19,347 | 14,866 |
Other [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | (411) | (372) |
Unconsolidated VIE [Member] | Operating Property [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 36,024 | $ 38,288 |
Ownership Percentage | 33.30% |
Investments in Partially Owne_6
Investments in Partially Owned Entities - Summary of Company's Investment in Unconsolidated Entities (Parenthetical) (Details) - Entity | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Property [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of unconsolidated interest in entity owns land on consolidated joint venture properties owns and operates a related parking facility | 1 | 1 |
Investments in Partially Owne_7
Investments in Partially Owned Entities - Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs (Details) | Dec. 31, 2021ApartmentUnitProjectEntity |
Variable Interest Entity [Line Items] | |
Apartment units | 80,407 |
Unconsolidated VIE [Member] | Operating Property [Member] | |
Variable Interest Entity [Line Items] | |
Entity | Entity | 1 |
Unconsolidated VIE [Member] | Projects Under Development [Member] | |
Variable Interest Entity [Line Items] | |
Project | Project | 3 |
Apartment units | 929 |
Unconsolidated VIE [Member] | Land Held For Development [Member] | |
Variable Interest Entity [Line Items] | |
Project | Project | 3 |
Apartment units | 1,005 |
Investments in Partially Owne_8
Investments in Partially Owned Entities - Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs (Parenthetical) (Details) | Dec. 31, 2021Land |
Land Held For Development [Member] | |
Variable Interest Entity [Line Items] | |
Number of land parcel subject to long-term ground lease | 1 |
Investments in Partially Owne_9
Investments in Partially Owned Entities - Consolidated Variable Interest Entities ("VIEs") - Additional Information (Details) | Dec. 31, 2021JointVenture |
Toll Brothers, Inc. (“Toll”) | |
Variable Interest Entity [Line Items] | |
Number of separate joint venture agreements under the commitment agreement | 3 |
Investments in Partially Own_10
Investments in Partially Owned Entities - Summary of Information on Total Unconsolidated Development Joint Ventures Entered (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)JointVenture | |
Variable Interest Entity [Line Items] | |
EQR's investments in unconsolidated entities – acquisitions | $ 48,534 |
Unconsolidated VIE [Member] | |
Variable Interest Entity [Line Items] | |
Number of unconsolidated joint ventures | JointVenture | 6 |
Unconsolidated VIE [Member] | Equity Residential [Member] | |
Variable Interest Entity [Line Items] | |
EQR's investments in unconsolidated entities – acquisitions | $ 48,534 |
Investments in Partially Own_11
Investments in Partially Owned Entities - Summary of Information on Total Unconsolidated Development Joint Ventures Entered (Parenthetical) (Details) | Dec. 31, 2021Land |
Unconsolidated VIE [Member] | |
Variable Interest Entity [Line Items] | |
Number of land parcel subject to long-term ground lease | 1 |
Restricted Deposits - Restricte
Restricted Deposits - Restricted Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Mortgage escrow deposits: | |||
Replacement reserves | $ 11,156 | $ 9,877 | |
Mortgage principal reserves/sinking funds | 19,104 | 14,168 | |
Mortgage escrow deposits | 30,260 | 24,045 | |
Restricted cash: | |||
Tax-deferred (1031) exchange proceeds | 166,362 | ||
Earnest money on pending acquisitions | 2,000 | ||
Restricted deposits on real estate investments | 284 | 307 | |
Resident security and utility deposits | 35,663 | 31,412 | |
Other | 1,835 | 1,373 | |
Restricted cash | 206,144 | 33,092 | |
Restricted deposits | $ 236,404 | $ 57,137 | $ 71,246 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)PropertyCorporateOfficeLease | Dec. 31, 2020USD ($) | Dec. 31, 2019 | |
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 | ||
COVID-19 [Member] | |||
Operating Leased Assets [Line Items] | |||
Write-off of straight-line rent receivables | $ 0.8 | $ 13.2 | |
Decrease in rental revenues | $ 7.5 | $ 7.3 | |
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) | 2022 | ||
Minimum [Member] | Ground Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating lease expiration year | 2042 | ||
Residential Apartment Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Percentage of rental income | 97.00% | 98.00% | 97.00% |
Residential Apartment Leases [Member] | Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Retail leases term | 12 months | ||
Non-residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Percentage of rental income | 3.00% | 2.00% | 3.00% |
Non-residential Leases [Member] | Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Retail leases term | 10 years | ||
Non-residential Leases [Member] | Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Retail leases term | 5 years |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Leased Assets [Line Items] | |||
Total lease revenue | $ 2,364,447 | $ 2,464,790 | $ 2,593,829 |
Rental income | 2,463,997 | 2,571,705 | 2,700,691 |
Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 2,298,099 | 2,417,557 | 2,521,396 |
Non-Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 66,348 | 47,233 | 72,433 |
Residential and Non-Residential Rent [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 2,261,019 | 2,388,441 | 2,486,189 |
Residential and Non-Residential Rent [Member] | Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 2,199,986 | 2,336,778 | 2,414,201 |
Residential and Non-Residential Rent [Member] | Non-Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 61,033 | 51,663 | 71,988 |
Utility Recoveries (RUBS Income) [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 75,569 | 71,376 | 68,576 |
Utility Recoveries (RUBS Income) [Member] | Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 74,846 | 70,699 | 67,659 |
Utility Recoveries (RUBS Income) [Member] | Non-Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 723 | 677 | 917 |
Parking Rent [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 41,499 | 39,155 | 37,905 |
Parking Rent [Member] | Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 40,934 | 38,743 | 37,557 |
Parking Rent [Member] | Non-Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 565 | 412 | 348 |
Other Lease Revenue [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | (13,640) | (34,182) | 1,159 |
Other Lease Revenue [Member] | Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | (17,667) | (28,663) | 1,979 |
Other Lease Revenue [Member] | Non-Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 4,027 | (5,519) | (820) |
Parking Revenue [Member] | |||
Operating Leased Assets [Line Items] | |||
Rental income | 26,789 | 22,210 | 28,272 |
Other Revenue [Member] | |||
Operating Leased Assets [Line Items] | |||
Rental income | 72,761 | 84,705 | 78,590 |
Other Rental Income [Member] | |||
Operating Leased Assets [Line Items] | |||
Rental income | $ 99,550 | $ 106,915 | $ 106,862 |
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, 2021 | Dec. 31, 2020 |
Residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Resident/tenant accounts receivable balances | $ 37,959 | $ 30,856 |
Allowance for doubtful accounts | (33,121) | (24,021) |
Net receivable balances | 4,838 | 6,835 |
Straight-line receivable balances | 7,460 | 19,992 |
Non-residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Resident/tenant accounts receivable balances | 3,218 | 7,598 |
Allowance for doubtful accounts | (2,365) | (6,527) |
Net receivable balances | 853 | 1,071 |
Straight-line receivable balances | $ 13,021 | $ 13,413 |
Leases - Summary of Residenti_2
Leases - Summary of Residential and Non-Residential Accounts Receivable and Straight-Line Receivable Balances (Parenthetical) (Details) | Dec. 31, 2021 |
Leases [Abstract] | |
Holding percentage of residential security deposits of net receivable | 48.20% |
Leases - Summary of Residenti_3
Leases - Summary of Residential Bad Debt for Company's Properties (Details) - Residential Leases [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessor Lease Description [Line Items] | |||
Bad debt, net | $ 31,485 | $ 42,505 | $ 12,067 |
% of rental income | 1.30% | 1.70% | 0.50% |
Leases - Summary of Residenti_4
Leases - Summary of Residential Bad Debt for Company's Properties (Parenthetical) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Leases [Abstract] | |
Bad debt, net from resident payments | $ 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, 2021 | Dec. 31, 2020 |
Operating Leased Assets [Line Items] | ||
Right-of-use assets | $ 474,713 | $ 499,287 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets [Member] | Other Assets [Member] |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets [Member] | Other Assets [Member] |
Lease liabilities | $ 312,335 | $ 329,130 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherLiabilitiesMember | us-gaap:OtherLiabilitiesMember |
Corporate Office Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Right-of-use assets | $ 36,897 | $ 39,203 |
Lease liabilities | 37,760 | 40,470 |
Ground Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Right-of-use assets | 340,241 | 402,500 |
Finance lease, right-of-use asset | 97,575 | 57,584 |
Lease liabilities | 205,096 | 265,310 |
Finance lease, liabilities | $ 69,479 | $ 23,350 |
Leases - Summary of Quantitativ
Leases - Summary of Quantitative Disclosures for Lessees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease cost: | |||
Amortization of right-of-use assets (capitalized) | $ 351 | ||
Amortization of right-of-use assets (expensed) | 1,391 | ||
Interest on lease liabilities (capitalized) | 452 | $ 1,029 | $ 225 |
Interest on lease liabilities (expensed) | 1,464 | ||
Total lease cost | 29,587 | 31,489 | 31,549 |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Investing cash flows from finance leases | 383 | $ 567 | 188 |
Financing cash flows from finance leases | $ 1,898 | 34,734 | |
ROU assets obtained in exchange for new finance lease liabilities | $ 23,201 | ||
Weighted-average remaining lease term – finance leases | 25 years 2 months 12 days | 18 years 8 months 12 days | 19 years 8 months 12 days |
Weighted-average discount rate – finance leases | 2.80% | 3.00% | 3.00% |
Corporate Office Leases [Member] | |||
Lease cost: | |||
Operating lease cost | $ 3,581 | $ 3,747 | $ 3,937 |
Variable lease cost | 1,037 | 1,307 | 1,489 |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Corporate office leases | $ 5,016 | $ 5,296 | 5,494 |
ROU assets obtained in exchange for new operating lease liabilities: | $ 44,298 | ||
Weighted-average remaining lease term – operating leases | 16 years 9 months 18 days | 17 years 4 months 24 days | 18 years 1 month 6 days |
Weighted-average discount rate – operating leases: | 3.20% | 3.20% | 3.20% |
Ground Leases [Member] | |||
Lease cost: | |||
Operating lease cost | $ 18,338 | $ 22,102 | $ 22,198 |
Variable lease cost | 2,973 | 3,304 | 3,700 |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Corporate office leases | $ 14,682 | $ 16,552 | 16,837 |
ROU assets obtained in exchange for new operating lease liabilities: | $ 422,018 | ||
Weighted-average remaining lease term – operating leases | 61 years 9 months 18 days | 55 years 3 months 18 days | 56 years 2 months 12 days |
Weighted-average discount rate – operating leases: | 5.10% | 5.00% | 5.00% |
Leases - Summary of Undiscounte
Leases - Summary of Undiscounted Cash Flows for Contractual Obligations for Minimum Rent Payments/Receipts (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ (2,463) |
2023 | (2,662) |
2024 | (2,880) |
2025 | (2,946) |
2026 | (2,959) |
Thereafter | (88,209) |
Total | (102,119) |
2022 | (15,090) |
2023 | (14,998) |
2024 | (15,131) |
2025 | (14,957) |
2026 | (14,843) |
Thereafter | (831,456) |
Total | (906,475) |
2022 | 58,561 |
2023 | 56,754 |
2024 | 51,295 |
2025 | 45,091 |
2026 | 37,283 |
Thereafter | 135,922 |
Total | $ 384,906 |
Leases - Summary of Reconciliat
Leases - Summary of Reconciliation of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
Total minimum rent payments | $ 1,008,594 |
Less: Lease discount | (696,259) |
Lease liabilities | $ 312,335 |
Debt - Mortgage Notes Payable -
Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | $ 2,293,890 | $ 1,941,610 | |
Proceeds | 58,428 | 519,204 | $ 295,771 |
Lump sum payoffs | (156,815) | (160,522) | (743,021) |
Scheduled principal repayments | (7,465) | (7,759) | |
Amortization of premiums/ discounts | 2,764 | 2,234 | 8,618 |
Amortization of deferred financing costs, net | 399 | (877) | |
Mortgage notes payable, net | 2,191,201 | 2,293,890 | 1,941,610 |
Fixed Rate Debt [Member] | Secured Conventional [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | 1,901,091 | 1,574,699 | |
Proceeds | 28,500 | 495,000 | |
Lump sum payoffs | (28,200) | (160,522) | |
Scheduled principal repayments | (7,465) | (7,759) | |
Amortization of premiums/ discounts | 1,522 | 988 | |
Amortization of deferred financing costs, net | 1,024 | (1,315) | |
Mortgage notes payable, net | 1,896,472 | 1,901,091 | 1,574,699 |
Floating Rate Debt [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | 392,799 | 366,911 | |
Proceeds | 29,928 | 24,204 | |
Lump sum payoffs | (128,615) | ||
Amortization of premiums/ discounts | 1,242 | 1,246 | |
Amortization of deferred financing costs, net | (625) | 438 | |
Mortgage notes payable, net | 294,729 | 392,799 | 366,911 |
Floating Rate Debt [Member] | Secured Conventional [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | 31,494 | 7,050 | |
Proceeds | 29,928 | 24,204 | |
Amortization of deferred financing costs, net | (1,532) | 240 | |
Mortgage notes payable, net | 59,890 | 31,494 | 7,050 |
Floating Rate Debt [Member] | Secured Tax Exempt [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | 361,305 | 359,861 | |
Lump sum payoffs | (128,615) | ||
Amortization of premiums/ discounts | 1,242 | 1,246 | |
Amortization of deferred financing costs, net | 907 | 198 | |
Mortgage notes payable, net | $ 234,839 | $ 361,305 | $ 359,861 |
Debt - Mortgage Notes Payable_2
Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Parenthetical) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Nov. 1, 2024 | |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 3.58% | |
Debt instrument, maturity date | Mar. 1, 2031 | |
Variable Rate Construction Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Jun. 25, 2022 | Jun. 25, 2022 |
Debt instrument face amount | $ 67,600,000 | $ 67,600,000 |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 2.60% | |
Debt instrument, maturity date | May 1, 2030 |
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, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Interest Rate Ranges | 3.58% | |
Weighted Average Interest Rate | 3.18% | 3.33% |
Maturity Date Ranges, Start | 2022 | 2021 |
Maturity Date Ranges, End | 2061 | 2061 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Ranges | 0.06% | 0.06% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Ranges | 4.21% | 4.71% |
Debt - Mortgage Notes Payable_4
Debt - Mortgage Notes Payable - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | $ 2,191,201 | $ 2,293,890 | $ 1,941,610 |
Historical cost, net of accumulated depreciation, of encumbered properties | 2,700,000 | 2,900,000 | |
Credit Enhanced Debt [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | $ 250,000 | $ 281,700 |
Debt - Notes - Summary of Notes
Debt - Notes - Summary of Notes Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Notes, net beginning balance | $ 5,335,536 | ||
Proceeds | 497,470 | $ 1,194,468 | |
Lump sum payoffs | $ (750,000) | (1,050,000) | |
Amortization of premiums/ discounts | 2,538 | 2,997 | 3,162 |
Notes, net ending balance | 5,835,222 | 5,335,536 | |
Fixed Rate Debt [Member] | Unsecured Public [Member] | |||
Debt Instrument [Line Items] | |||
Notes, net beginning balance | 5,335,536 | 6,077,513 | |
Proceeds | 497,470 | ||
Lump sum payoffs | (750,000) | ||
Amortization of premiums/ discounts | 2,538 | 2,997 | |
Amortization of deferred financing costs, net | (322) | 5,026 | |
Notes, net ending balance | $ 5,835,222 | $ 5,335,536 | $ 6,077,513 |
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, 2021USD ($) | |
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, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.65% | 4.03% |
Maturity Date Ranges, Start | 2023 | |
Maturity Date Ranges, End | 2047 | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Ranges | 1.85% | 2.50% |
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, 2021 | |
Debt Disclosure [Abstract] | |
Shelf registration statement effective date | 2019-06 |
Shelf registration statement expiry date | 2022-06 |
Debt - Line of Credit and Comme
Debt - Line of Credit and Commercial Paper - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Nov. 03, 2019 | |
Line of Credit Facility [Line Items] | |||
Debt instrument, maturity date | Nov. 1, 2024 | ||
Commercial paper maximum available | $ 1,000,000,000 | $ 1,000,000,000 | |
Commercial Paper [Member] | |||
Line of Credit Facility [Line Items] | |||
Weighted average interest rates | 0.27% | 1.72% | |
Weighted average amount outstanding | $ 471,000,000 | $ 276,600,000 | |
Commercial paper weighted average days outstanding | 27 days | 45 days | |
Unsecured Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Unsecured revolving credit facility | $ 2,500,000,000 | $ 2,500,000,000 | |
Ability to increase LOC facility | $ 750,000,000 | ||
Debt instrument, basis spread on variable rate | 0.775% | ||
Percentage points of line of credit facility commitment fee | 0.125% | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Weighted average interest rates | 0.88% | 1.47% |
Debt - Line of Credit and Com_2
Debt - Line of Credit and Commercial Paper - Schedule of Unsecured Revolving Credit Facility (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Line of Credit Facility [Line Items] | ||
Commercial paper balance outstanding | $ (315,100,000) | |
Unsecured Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured revolving credit facility commitment | 2,500,000,000 | $ 2,500,000,000 |
Commercial paper balance outstanding | (315,121,000) | (415,000,000) |
Other restricted amounts | (3,507,000) | (100,949,000) |
Unsecured revolving credit facility availability | $ 2,181,372,000 | $ 1,984,051,000 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Extinguishment Of Debt [Line Items] | |||
Prepayment premiums/penalties | $ 26,150 | $ 13,647 | |
Write-offs of unamortized deferred financing costs | $ 744 | 634 | 3,148 |
Write-offs of unamortized (premiums)/discounts/OCI | 12,508 | 7,196 | |
Total | $ 744 | $ 39,292 | $ 23,991 |
Debt - Summary of Aggregate Pay
Debt - Summary of Aggregate Payments of Principal on All Debt (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 641,089 |
2023 | 1,329,088 |
2024 | 6,100 |
2025 | 458,200 |
2026 | 601,025 |
Thereafter | 5,385,670 |
Subtotal | 8,421,172 |
Deferred Financing Costs and Unamortized (Discount) | (79,719) |
Total | $ 8,341,453 |
Debt - Summary of Aggregate P_2
Debt - Summary of Aggregate Payments of Principal on All Debt (Parenthetical) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
Commercial paper balance outstanding | $ 315.1 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2020USD ($)DerivativeInstrument | Jul. 31, 2019USD ($)DerivativeInstrument | Jun. 30, 2019USD ($)DerivativeInstrument | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
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) | 34,300,000 | $ 43,700,000 | ||||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | $ 10,600,000 | |||||
Number of interest rate swaps matured | DerivativeInstrument | 6 | |||||
Repayments of unsecured debt | $ 750,000,000 | $ 1,050,000,000 | ||||
Forward Starting Swaps [Member] | ||||||
Derivative [Line Items] | ||||||
Payments for settlement of derivative instruments | $ 1,200,000 | |||||
Forward starting swaps settled | DerivativeInstrument | 2 | 10 | ||||
Debt instrument face amount | $ 600,000,000 | |||||
Increase (decrease) in charges hedge termination activities | $ 1,200,000 | 41,600,000 | ||||
Mortgage notes period | 5 years | |||||
Proceeds from settlement of derivative instruments | 41,800,000 | |||||
Interest expense | $ 200,000 | |||||
Debt instrument, term | 10 years | |||||
2.375% Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Repayments of unsecured debt | $ 450,000,000 | |||||
Debt instrument, interest rate, stated percentage | 2.375% | |||||
Mortgages [Member] | ||||||
Derivative [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 3.58% | |||||
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, 2021 | |
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, 2021 | Dec. 31, 2020 |
Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | $ 8,341,453 | $ 8,044,256 |
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 | 8,991,998 | 8,999,875 |
Mortgage Notes Payable, Net [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 2,191,201 | 2,293,890 |
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 | 2,193,689 | 2,313,263 |
Unsecured Debt [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 6,150,252 | 5,750,366 |
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 | $ 6,798,309 | $ 6,686,612 |
Fair Value Measurements - Sum_3
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||||
Fair Value Of SERP Investments | $ 164,650 | $ 160,293 | ||
Other Liabilities, Fair Value Disclosure | 164,650 | 160,293 | ||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 498,977 | 338,951 | $ 463,400 | $ 379,106 |
Fair Value, Inputs, Level 1 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value Of SERP Investments | 164,650 | 160,293 | ||
Other Liabilities, Fair Value Disclosure | 164,650 | 160,293 | ||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value Of SERP Investments | 0 | 0 | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 | ||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 498,977 | 338,951 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value Of SERP Investments | 0 | 0 | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 | ||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | $ 0 | $ 0 |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Effect of Fair Value Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of Gain/(Loss) Recognized in Income on Derivative | $ 2,277 |
Amount of Gain/(Loss) Recognized in Income on Hedged Item | (2,277) |
Interest Rate Swap [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of Gain/(Loss) Recognized in Income on Derivative | 2,277 |
Amount of Gain/(Loss) Recognized in Income on Hedged Item | $ (2,277) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain/(Loss) Recognized in OCI on Derivative | $ (1,190) | $ (33,765) | |
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | $ (9,394) | (35,087) | (21,188) |
Forward Starting Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain/(Loss) Recognized in OCI on Derivative | (1,190) | (33,765) | |
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | $ (9,394) | $ (35,087) | $ (21,188) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net income | $ 1,396,714 | $ 962,501 | $ 1,009,708 |
Allocation to Noncontrolling Interests – Operating Partnership | (45,900) | (34,010) | (36,034) |
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | (17,964) | (14,855) | (3,297) |
Preferred distributions | (3,090) | (3,090) | (3,090) |
Net income available to Common Shares | 1,329,760 | 910,546 | 967,287 |
Numerator for net income per share – diluted | $ 1,375,660 | $ 944,556 | $ 1,003,321 |
Weighted average Common Shares outstanding | 373,833 | 371,791 | 370,461 |
OP Units | 12,263 | 13,003 | 12,907 |
Dilutive Securities Options | 1,924 | 1,080 | 2,965 |
ATM forward sales | 69 | ||
Denominator for net income per share – diluted | 388,089 | 385,874 | 386,333 |
Net income per share – basic | $ 3.56 | $ 2.45 | $ 2.61 |
Net income per share – diluted | $ 3.54 | $ 2.45 | $ 2.60 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 1,396,714 | $ 962,501 | $ 1,009,708 |
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | $ (17,964) | $ (14,855) | $ (3,297) |
Dilutive Securities Options | 1,924 | 1,080 | 2,965 |
ATM forward sales | 69 | ||
Denominator for net income per share – diluted | 388,089 | 385,874 | 386,333 |
Net income per Unit – basic | $ 3.56 | $ 2.45 | $ 2.61 |
Net income per Unit – diluted | $ 3.54 | $ 2.45 | $ 2.60 |
ERPOP [Member] | |||
Net income | $ 1,396,714 | $ 962,501 | $ 1,009,708 |
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | (17,964) | (14,855) | (3,297) |
Allocation to Preference Units | (3,090) | (3,090) | (3,090) |
Numerator for net income per Unit – basic and diluted | $ 1,375,660 | $ 944,556 | $ 1,003,321 |
Denominator for net income per Unit – basic | 386,096 | 384,794 | 383,368 |
Dilutive Securities Options | 1,924 | 1,080 | 2,965 |
ATM forward sales | 69 | ||
Denominator for net income per share – diluted | 388,089 | 385,874 | 386,333 |
Net income per Unit – basic | $ 3.56 | $ 2.45 | $ 2.61 |
Net income per Unit – diluted | $ 3.54 | $ 2.45 | $ 2.60 |
Share Incentive Plans - Additio
Share Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | 9,539,478 | ||
Individual potential target award minimum | 0.00% | ||
Individual potential target award maximum | 200.00% | ||
Percent of award target performance metric | 50.00% | ||
Percentage of distribution payments | 10.00% | ||
Compensation information | |||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized | $ 8.6 | ||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 4 months 13 days | ||
Share-based compensation arrangement by share-based payment award, options, exercisable, number | 4,985,668 | 4,750,481 | |
Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average exercise price | $ 55.12 | $ 54.13 | |
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, 2021 | |
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. |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | 21.30% | 15.20% | 16.30% |
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 | 3.23% | 3.04% | 3.10% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.50% | 1.32% | 2.43% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 67.48 | $ 83.08 | $ 72.02 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 7.96 | $ 7.23 | $ 8.06 |
Share Incentive Plans - Summa_3
Share Incentive Plans - Summary of Valuation Method of Share Options (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average fair value per restricted share | $ 70.46 | $ 77.44 | $ 73.96 |
LTI Awards [Member] | Restricted Shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average fair value per restricted share | 61.73 | 75.89 | 65.36 |
LTI Awards [Member] | Restricted Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average fair value per restricted share | $ 59.82 | $ 72.69 | $ 63.12 |
Share Incentive Plans - Summa_5
Share Incentive Plans - Summary of Terms of Each Retirement Eligibility Category (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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 and Options continue to be exercisable for the balance of the applicable ten-year option period. |
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, and Options continue to be exercisable for the balance of the applicable ten-year option period. |
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 and Options continue to be exercisable for the balance of the applicable ten-year option period. |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Compensation information | |||
Compensation Expense | $ 27,810 | $ 23,174 | $ 24,449 |
Compensation Capitalized | 1,430 | 1,527 | 1,450 |
Restricted Units In-Lieu of Bonus | 1,038 | 1,743 | 3,266 |
Compensation Equity | 30,278 | 26,444 | 29,165 |
Dividends Incurred | 2,015 | 3,027 | 1,804 |
Restricted Shares [Member] | |||
Compensation information | |||
Compensation Expense | 7,258 | 10,053 | 11,522 |
Compensation Capitalized | 1,131 | 1,172 | 916 |
Restricted Units In-Lieu of Bonus | 0 | 0 | 0 |
Compensation Equity | 8,389 | 11,225 | 12,438 |
Dividends Incurred | 761 | 1,172 | 979 |
Restricted Stock Units (RSUs) [Member] | |||
Compensation information | |||
Compensation Expense | 16,689 | 10,103 | 9,905 |
Compensation Capitalized | 70 | 80 | 240 |
Restricted Units In-Lieu of Bonus | 1,038 | 1,743 | 3,265 |
Compensation Equity | 17,797 | 11,926 | 13,410 |
Dividends Incurred | 1,254 | 1,855 | 825 |
Options [Member] | |||
Compensation information | |||
Compensation Expense | 2,980 | 2,156 | 2,420 |
Compensation Capitalized | 121 | 193 | 254 |
Restricted Units In-Lieu of Bonus | 0 | 0 | 1 |
Compensation Equity | 3,101 | 2,349 | 2,675 |
Dividends Incurred | 0 | 0 | 0 |
Employee Share Purchase Plan Discount [Member] | |||
Compensation information | |||
Compensation Expense | 883 | 862 | 602 |
Compensation Capitalized | 108 | 82 | 40 |
Restricted Units In-Lieu of Bonus | 0 | 0 | 0 |
Compensation Equity | 991 | 944 | 642 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Common Shares Subject to Options, Awards exercised/vested | (1,710,692) | (239,695) | (1,745,050) |
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 | 5,642,752 | 5,567,544 | 7,112,235 |
Common Shares Subject to Options, Awards granted | 489,853 | 317,731 | 234,147 |
Common Shares Subject to Options, Awards exercised/vested | (1,710,692) | (239,695) | (1,745,050) |
Common Shares Subject to Options, Awards forfeited | (23,317) | (1,344) | (30,489) |
Common Shares Subject to Options, Awards expired | (10,763) | (1,484) | (3,299) |
Common Shares Subject to Options, Ending Balance | 4,387,833 | 5,642,752 | 5,567,544 |
Weighted Average Exercise Price per Option, Beginning Balance | $ 56.91 | $ 55.52 | $ 52.35 |
Weighted Average Exercise Price per Option, Awards granted | 67.58 | 76.26 | 72.10 |
Weighted Average Exercise Price per Option, Awards exercised/vested | 50.09 | 50.31 | 44.72 |
Weighted Average Exercise Price per Option, Awards forfeited | 73.33 | 72.69 | 61.92 |
Weighted Average Exercise Price per Option, Awards expired | 68 | 47.18 | 40.39 |
Weighted Average Exercise Price per Option, Ending Balance | $ 60.65 | $ 56.91 | $ 55.52 |
Restricted Shares [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Restricted Shares, Beginning Balance | 353,634 | 306,706 | 299,425 |
Restricted Shares, Awards granted | 96,224 | 179,911 | 163,799 |
Restricted Shares, Awards exercised/vested | (133,351) | (131,792) | (151,321) |
Restricted Shares, Awards forfeited | (6,631) | (1,191) | (5,197) |
Restricted Shares, Awards Expired | 0 | 0 | 0 |
Restricted Shares, Ending Balance | 309,876 | 353,634 | 306,706 |
Weighted Average Fair Value per Restricted Share, Beginning Balance | $ 71.81 | $ 66.15 | $ 66.52 |
Weighted Average Fair Value per Restricted Share, Awards granted | 70.46 | 77.44 | 73.96 |
Weighted Average Fair Value per Restricted Share, Awards exercised/vested | 62.89 | 66.32 | 75.41 |
Weighted Average Fair Value per Restricted Share, Awards forfeited | 74.31 | 73.45 | 65.35 |
Weighted Average Fair Value per Restricted Share, Awards Expired | 0 | 0 | 0 |
Weighted Average Fair Value per Restricted Share, Ending Balance | $ 75.17 | $ 71.81 | $ 66.15 |
Restricted Units [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Restricted Units, Beginning Balance | 879,800 | 858,284 | 1,139,848 |
Restricted Units, Awards Granted | 190,742 | 249,263 | 141,772 |
Restricted Units, Awards exercised/vested | (181,531) | (227,747) | (422,784) |
Restricted Units, Awards forfeited | (35,580) | 0 | (552) |
Restricted Units, Awards Expired | 0 | 0 | 0 |
Restricted Units, Ending Balance | 853,431 | 879,800 | 858,284 |
Weighted Average Fair Value per Restricted Unit, Beginning Balance | $ 66.78 | $ 64.95 | $ 71.07 |
Weighted Average Fair Value per Restricted Unit, Awards granted | 60.71 | 72 | 67.22 |
Weighted Average Fair Value per Restricted Unit, Awards exercised/vested | 62.01 | 68.47 | 70.77 |
Weighted Average Fair Value per Restricted Unit, Awards forfeited | 59.82 | 0 | 69.43 |
Weighted Average Fair Value per Restricted Unit, Awards Expired | 0 | 0 | 0 |
Weighted Average Fair Value per Restricted Unit, Ending Balance | $ 66.11 | $ 66.78 | $ 64.95 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | $ 7.96 | $ 7.23 | $ 8.06 |
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 | $ 7.98 | $ 6.74 | $ 8.05 |
Aggregate intrinsic value of Options exercised | $ 47,413 | $ 7,569 | $ 58,066 |
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 | 9,222 | 10,559 | 11,133 |
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 | $ 12,468 | $ 18,711 | $ 29,149 |
Share Incentive Plans - Informa
Share Incentive Plans - Information Regarding Options Outstanding and Exercisable (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Share Based Compensation [Abstract] | |
Options Outstanding, Options | shares | 4,387,833 |
Options Exercisable, Options | shares | 3,710,888 |
Options, Vested and expected to vest | shares | 666,334 |
Options Outstanding, Weighted Average Remaining Contractual Life in Years | 5 years 4 months 13 days |
Options Exercisable, Weighted Average Remaining Contractual Life in Years | 4 years 9 months 3 days |
Options Vested and expected to vest, Weighted Average Remaining Contractual Life in Years | 8 years 8 months 15 days |
Options Outstanding, Weighted Average Exercise Price | $ / shares | $ 60.65 |
Options Exercisable, Weighted Average Exercise Price | $ / shares | 58.70 |
Vested and expected to vest, Weighted Average Exercise Price | $ / shares | $ 71.33 |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 130,999 |
Options Exercisable, Aggregate Intrinsic Value | $ | 118,015 |
Vested and expected to vest, Aggregate Intrinsic Value | $ | $ 12,775 |
Share Incentive Plans - Infor_2
Share Incentive Plans - Information Regarding Options Outstanding and Exercisable (Parenthetical) (Details) | Dec. 31, 2021$ / shares |
Share Based Compensation [Abstract] | |
Market value of common shares | $ 90.50 |
Employee Plans - Additional Inf
Employee Plans - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | 2,553,434 | ||
Purchase price of common stock | 85.00% | ||
Maximum eligible compensation percentage for the defined contribution plan (the 401(k) Plan) | 4.00% | ||
Defined contribution plan vesting period | 5 years | ||
Defined contribution plan, compensation expense | $ 4,900,000 | $ 5,200,000 | $ 5,000,000 |
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) | 3.00% |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Service Share Based Compensation Aggregate Disclosures [Abstract] | |||
Shares issued | 70,702 | 90,196 | 48,131 |
Issuance price ranges, Minimum | $ 53.13 | $ 46.23 | $ 59.56 |
Issuance price ranges, Maximum | $ 71.04 | $ 63.84 | $ 72.91 |
Issuance proceeds | $ 4,265 | $ 4,508 | $ 3,116 |
Distribution Reinvestment Plan
Distribution Reinvestment Plan - Additional Information (Details) - shares | Dec. 31, 2021 | 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 | 4,640,684 |
Transactions with Related Par_2
Transactions with Related Parties - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |||
Lease expiration date | Nov. 30, 2032 | ||
Lease extension options | two five-year | ||
Amount incurred for leased office space | $ 1.7 | $ 2.1 | $ 2.6 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Joint Venture and Real Estate Technology Fund Commitments (Details) $ in Thousands | Dec. 31, 2021USD ($)ProjectApartment |
Projects Under Development Consolidated [Member] | |
Projects/Investments/Units/Remaining Commitments schedule | |
Number of consolidated projects in various stages of development | Project | 1 |
Apartment Units | Apartment | 312 |
Consolidated project under development commitment fund | $ | $ 83,720 |
Projects Under Development Unconsolidated [Member] | |
Projects/Investments/Units/Remaining Commitments schedule | |
Number of unconsolidated projects in various stages of development | Project | 3 |
Apartment Units | Apartment | 929 |
Unconsolidated project under development commitment fund | $ | $ 264,290 |
Projects Under Development [Member] | |
Projects/Investments/Units/Remaining Commitments schedule | |
Number of projects in various stages of development | Project | 4 |
Apartment Units | Apartment | 1,241 |
Project under development commitment fund | $ | $ 348,010 |
Real Estate Technology Investments | |
Projects/Investments/Units/Remaining Commitments schedule | |
Number of real estate technology investments | Project | 9 |
Real estate technology investments commitment fund | $ | $ 30,947 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)Agreement | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Commitments And Contingencies [Line Items] | |||
Equity method investment period | 3 years | ||
Percentage of expected non-recourse construction debt | 60.00% | ||
Initial minimum co-investment of combined equity | $ | $ 750 | ||
Number of joint venture agreements | Agreement | 3 | ||
Compensation expense, recognized | $ | $ 0.1 | $ 0.5 | $ 0.4 |
Number of deferred compensation agreement with former executive officer | Agreement | 1 | ||
Equity Residential [Member] | |||
Commitments And Contingencies [Line Items] | |||
Ownership Percentage | 75.00% | ||
Toll Brothers Inc. [Member] | |||
Commitments And Contingencies [Line Items] | |||
Ownership Percentage | 25.00% |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Contractual Obligations (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Other Long-Term Liabilities: | |
Deferred Compensation Due, Year 1 | $ (773) |
Deferred Compensation Due, Year 2 | (1,013) |
Deferred Compensation Due, Year 3 | (732) |
Deferred Compensation Due, Year 4 | (732) |
Deferred Compensation Due, Year 5 | (732) |
Deferred Compensation Due, Thereafter | (4,023) |
Deferred Compensation Due, Total | $ (8,005) |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Details) - Customer | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | 3.90% |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | |||
Rental income | $ 2,463,997 | $ 2,571,705 | $ 2,700,691 |
Property and maintenance expense | (453,532) | (440,998) | (446,845) |
Real estate taxes and insurance expense | (397,105) | (381,562) | (366,139) |
Operating income | 1,675,841 | 1,317,990 | 1,356,160 |
Same Store, Non-same Store and Other | |||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | |||
Rental income | 2,463,997 | 2,571,705 | 2,700,691 |
Property and maintenance expense | (453,532) | (440,998) | (446,845) |
Real estate taxes and insurance expense | (397,105) | (381,562) | (366,139) |
Total operating expenses | (850,637) | (822,560) | (812,984) |
Operating income | $ 1,613,360 | $ 1,749,145 | $ 1,887,707 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Rental income | $ 2,463,997 | $ 2,571,705 | $ 2,700,691 |
Operating income | 1,675,841 | 1,317,990 | 1,356,160 |
Total Assets | 21,169,241 | 20,286,891 | |
Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 2,342,257 | 2,425,025 | 2,519,235 |
Operating expenses | 803,995 | 780,381 | 757,502 |
Operating income | 1,538,262 | 1,644,644 | 1,761,733 |
Total Assets | 17,810,840 | 18,433,017 | |
Capital Expenditures | 147,388 | 131,238 | |
Non-same store/other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 121,740 | 146,680 | 181,456 |
Operating expenses | 46,642 | 42,179 | 55,482 |
Operating income | 75,098 | 104,501 | 125,974 |
Total Assets | 3,358,401 | 1,853,874 | |
Capital Expenditures | 3,631 | 4,741 | |
Same Store, Non-same Store and Other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 2,463,997 | 2,571,705 | 2,700,691 |
Operating expenses | 850,637 | 822,560 | 812,984 |
Operating income | 1,613,360 | 1,749,145 | 1,887,707 |
Total Assets | 21,169,241 | 20,286,891 | |
Capital Expenditures | 151,019 | 135,979 | |
Other markets | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 39,084 | 37,917 | 18,215 |
Operating expenses | 11,209 | 11,040 | 4,713 |
Operating income | 27,875 | 26,877 | 13,502 |
Los Angeles | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 447,094 | 444,129 | 485,084 |
Operating expenses | 141,636 | 140,469 | 144,314 |
Operating income | 305,458 | 303,660 | 340,770 |
Total Assets | 2,792,948 | 2,905,404 | |
Capital Expenditures | 21,507 | 21,537 | |
Subtotal - Southern California | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 635,230 | 624,102 | 663,869 |
Operating expenses | 185,018 | 183,190 | 186,562 |
Operating income | 450,212 | 440,912 | 477,307 |
Total Assets | 3,396,356 | 3,536,840 | |
Capital Expenditures | 30,053 | 32,227 | |
Orange County | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 109,427 | 105,236 | 105,087 |
Operating expenses | 24,986 | 24,545 | 24,359 |
Operating income | 84,441 | 80,691 | 80,728 |
Total Assets | 371,063 | 389,007 | |
Capital Expenditures | 5,647 | 7,260 | |
San Diego | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 78,709 | 74,737 | 73,698 |
Operating expenses | 18,396 | 18,176 | 17,889 |
Operating income | 60,313 | 56,561 | 55,809 |
Total Assets | 232,345 | 242,429 | |
Capital Expenditures | 2,899 | 3,430 | |
Washington D.C. | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 393,374 | 405,571 | 394,171 |
Operating expenses | 130,445 | 125,353 | 119,419 |
Operating income | 262,929 | 280,218 | 274,752 |
Total Assets | 3,177,162 | 3,291,760 | |
Capital Expenditures | 27,148 | 23,637 | |
New York | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 405,830 | 424,534 | 464,270 |
Operating expenses | 202,954 | 197,740 | 191,514 |
Operating income | 202,876 | 226,794 | 272,756 |
Total Assets | 3,897,202 | 4,000,355 | |
Capital Expenditures | 29,623 | 25,716 | |
San Francisco | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 391,022 | 435,371 | 473,102 |
Operating expenses | 121,134 | 117,085 | 115,702 |
Operating income | 269,888 | 318,286 | 357,400 |
Total Assets | 3,195,089 | 3,310,083 | |
Capital Expenditures | 22,416 | 18,091 | |
Boston | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 232,233 | 240,158 | 253,297 |
Operating expenses | 75,698 | 71,611 | 70,875 |
Operating income | 156,535 | 168,547 | 182,422 |
Total Assets | 1,694,432 | 1,758,665 | |
Capital Expenditures | 21,095 | 18,367 | |
Seattle | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 245,484 | 257,372 | 252,311 |
Operating expenses | 77,537 | 74,362 | 68,717 |
Operating income | 167,947 | 183,010 | 183,594 |
Total Assets | 1,958,145 | 2,023,183 | |
Capital Expenditures | 15,038 | 11,621 | |
Non-same store | Non-same store/other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 51,604 | 11,791 | 58,751 |
Operating expenses | 21,296 | 2,706 | 17,702 |
Operating income | 30,308 | 9,085 | 41,049 |
Total Assets | 2,512,611 | 671,216 | |
Capital Expenditures | 1,704 | 73 | |
Other [Member] | Non-same store/other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 70,136 | 134,889 | 122,705 |
Operating expenses | 25,346 | 39,473 | 37,780 |
Operating income | 44,790 | 95,416 | $ 84,925 |
Total Assets | 845,790 | 1,182,658 | |
Capital Expenditures | 1,927 | 4,668 | |
Denver | Same Store | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 492,454 | 512,131 | |
Capital Expenditures | $ 2,015 | $ 1,579 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract] | |||
Units in same store properties | 74,077 | 74,077 | 73,585 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Millions | Jan. 01, 2022USD ($)PropertyApartmentUnit | Dec. 31, 2021PropertyApartmentUnit | Dec. 31, 2020PropertyApartmentUnit |
Subsequent Event [Line Items] | |||
Properties acquired | Property | 17 | 1 | |
Property Units acquired | ApartmentUnit | 4,747 | 158 | |
Subsequent Events [Member] | |||
Subsequent Event [Line Items] | |||
Properties acquired | Property | 1 | ||
Property Units acquired | ApartmentUnit | 172 | ||
Purchase Price | $ | $ 113 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation-Overall Summary (Details) | Dec. 31, 2021USD ($)PropertyApartmentUnit | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Overall summary of real estate and accumulated depreciation | ||||
Investment in Real Estate, Gross | $ 28,272,906,000 | $ 27,203,325,000 | $ 27,533,607,000 | $ 26,511,022,000 |
Accumulated Depreciation | $ (8,354,282,000) | $ (7,859,657,000) | $ (7,276,786,000) | $ (6,696,281,000) |
Investment in Real Estate - Wholly Owned Unencumbered [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 256 | |||
Units | ApartmentUnit | 67,748 | |||
Investment in Real Estate, Gross | $ 23,852,899,270 | |||
Accumulated Depreciation | (7,039,743,046) | |||
Investment in Real Estate, Net | 16,813,156,224 | |||
Encumbrances | $ 0 | |||
Investment in Real Estate - Wholly Owned Encumbered [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 38 | |||
Units | ApartmentUnit | 9,113 | |||
Investment in Real Estate, Gross | $ 3,414,236,833 | |||
Accumulated Depreciation | (1,014,105,838) | |||
Investment in Real Estate, Net | 2,400,130,995 | |||
Encumbrances | $ 1,959,052,708 | |||
Wholly Owned Properties | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 294 | |||
Units | ApartmentUnit | 76,861 | |||
Investment in Real Estate, Gross | $ 27,267,136,103 | |||
Accumulated Depreciation | (8,053,848,884) | |||
Investment in Real Estate, Net | 19,213,287,219 | |||
Encumbrances | $ 1,959,052,708 | |||
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 | $ 661,445,674 | |||
Accumulated Depreciation | (217,880,998) | |||
Investment in Real Estate, Net | 443,564,676 | |||
Encumbrances | $ 0 | |||
Investment in Real Estate - Partially Owned Encumbered [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 3 | |||
Units | ApartmentUnit | 900 | |||
Investment in Real Estate, Gross | $ 344,324,608 | |||
Accumulated Depreciation | (82,552,319) | |||
Investment in Real Estate, Net | 261,772,289 | |||
Encumbrances | $ 232,148,309 | |||
NONCONTROLLING INTERESTS - PARTIALLY OWNED PROPERTIES | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 16 | |||
Units | ApartmentUnit | 3,546 | |||
Investment in Real Estate, Gross | $ 1,005,770,282 | |||
Accumulated Depreciation | (300,433,317) | |||
Investment in Real Estate, Net | 705,336,965 | |||
Encumbrances | $ 232,148,309 | |||
Unencumbered Properties [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 269 | |||
Units | ApartmentUnit | 70,394 | |||
Investment in Real Estate, Gross | $ 24,514,344,944 | |||
Accumulated Depreciation | (7,257,624,044) | |||
Investment in Real Estate, Net | 17,256,720,900 | |||
Encumbrances | $ 0 | |||
Encumbered Properties [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 41 | |||
Units | ApartmentUnit | 10,013 | |||
Investment in Real Estate, Gross | $ 3,758,561,441 | |||
Accumulated Depreciation | (1,096,658,157) | |||
Investment in Real Estate, Net | 2,661,903,284 | |||
Encumbrances | $ 2,191,201,017 | |||
Total Consolidated Investment in Real Estate [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 310 | |||
Units | ApartmentUnit | 80,407 | |||
Investment in Real Estate, Gross | $ 28,272,906,385 | |||
Accumulated Depreciation | (8,354,282,201) | |||
Investment in Real Estate, Net | 19,918,624,184 | |||
Encumbrances | $ 2,191,201,017 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation-Encumbrances Reconciliation (Details) | Dec. 31, 2021USD ($)Property |
Total Consolidated Investment in Real Estate [Member] | |
Overall summary of real estate and accumulated depreciation | |
Encumbrances | $ 2,191,201,017 |
Archstone Master Property [Member] | |
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract] | |
Number of Properties Encumbered | Property | 12 |
Overall summary of real estate and accumulated depreciation | |
Encumbrances | $ 799,153,560 |
Portfolio Entity Encumbrances [Member] | |
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract] | |
Number of Properties Encumbered | Property | 12 |
Portfolio Entity Encumbrances [Member] | |
Overall summary of real estate and accumulated depreciation | |
Encumbrances | $ 799,153,560 |
Individual Property Encumbrances [Member] | |
Overall summary of real estate and accumulated depreciation | |
Encumbrances | $ 1,392,047,457 |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation-Encumbrances Reconciliation (Parenthetical) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Archstone Master Property [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Temporary letter of credit | $ 60 |
Schedule III - Real Estate an_5
Schedule III - Real Estate and Accumulated Depreciation - Summary of Changes in Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in total real estate | |||
Balance, beginning of year | $ 27,203,325 | $ 27,533,607 | $ 26,511,022 |
Acquisitions and development | 1,912,579 | 298,847 | 1,704,320 |
Improvements | 152,715 | 154,433 | 180,944 |
Dispositions and other | (995,713) | (783,562) | (862,679) |
Balance, end of year | $ 28,272,906 | $ 27,203,325 | $ 27,533,607 |
Schedule III - Real Estate an_6
Schedule III - Real Estate and Accumulated Depreciation - Summary of Changes in Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in accumulated depreciation | |||
Balance, beginning of year | $ 7,859,657 | $ 7,276,786 | $ 6,696,281 |
Depreciation | 838,272 | 820,832 | 831,083 |
Dispositions and other | (343,647) | (237,961) | (250,578) |
Balance, end of year | $ 8,354,282 | $ 7,859,657 | $ 7,276,786 |
Schedule III - Real Estate an_7
Schedule III - Real Estate and Accumulated Depreciation (Details) | 12 Months Ended | |||
Dec. 31, 2021USD ($)ApartmentUnit | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Real Estate And Accumulated Depreciation Abstract | ||||
Accumulated Depreciation | $ (8,354,282,000) | $ (7,859,657,000) | $ (7,276,786,000) | $ (6,696,281,000) |
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 | 80,503 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 15,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 70,376,572 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 85,976,572 | |||
Accumulated Depreciation | (9,006,912) | |||
Investment in Real Estate, Net | 76,969,660 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
140 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 | 354 | |||
Initial Cost to Company, Land | $ 103,539,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 94,082,725 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,259,577 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 103,539,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 105,342,302 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 208,881,402 | |||
Accumulated Depreciation | (60,169,233) | |||
Investment in Real Estate, Net | 148,712,169 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
160 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 | 455 | |||
Initial Cost to Company, Land | $ 139,933,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 190,964,745 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 18,648,569 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 139,933,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 209,613,314 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 349,546,814 | |||
Accumulated Depreciation | (119,792,673) | |||
Investment in Real Estate, Net | 229,754,141 | |||
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 | 758,783 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 112,855,738 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 112,855,738 | |||
Accumulated Depreciation | (29,560,885) | |||
Investment in Real Estate, Net | 83,294,853 | |||
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 | 2,645,841 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 22,037,831 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 56,608,010 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 78,645,841 | |||
Accumulated Depreciation | (22,155,198) | |||
Investment in Real Estate, Net | 56,490,643 | |||
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 | 5,658,812 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 32,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 98,334,040 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 130,734,040 | |||
Accumulated Depreciation | (34,293,888) | |||
Investment in Real Estate, Net | 96,440,152 | |||
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 | 19,787,240 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 144,968,250 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 158,133,921 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 303,102,171 | |||
Accumulated Depreciation | (89,675,680) | |||
Investment in Real Estate, Net | 213,426,491 | |||
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 | 4,143,076 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 9,213,512 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,702,265 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 49,915,777 | |||
Accumulated Depreciation | (23,095,902) | |||
Investment in Real Estate, Net | 26,819,875 | |||
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 | 5,800,708 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 9,780,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 95,468,873 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 105,248,873 | |||
Accumulated Depreciation | (44,718,792) | |||
Investment in Real Estate, Net | 60,530,081 | |||
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 | 17,093,200 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 54,638,298 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 57,454,902 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 112,093,200 | |||
Accumulated Depreciation | (33,979,290) | |||
Investment in Real Estate, Net | 78,113,910 | |||
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 | 10,759,712 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 31,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 119,765,446 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 151,165,446 | |||
Accumulated Depreciation | (42,105,522) | |||
Investment in Real Estate, Net | 109,059,924 | |||
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 | 3,031,770 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 11,321,198 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 52,705,945 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 64,027,143 | |||
Accumulated Depreciation | (19,161,188) | |||
Investment in Real Estate, Net | 44,865,955 | |||
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 | 6,665,866 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 21,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 85,390,529 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 107,290,529 | |||
Accumulated Depreciation | (29,690,417) | |||
Investment in Real Estate, Net | 77,600,112 | |||
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 | 4,972,552 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 30,006,593 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 118,986,337 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 148,992,930 | |||
Accumulated Depreciation | (65,723,407) | |||
Investment in Real Estate, Net | 83,269,523 | |||
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 | 1,553,517 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 14,450,070 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 117,378,447 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 131,828,517 | |||
Accumulated Depreciation | (31,402,367) | |||
Investment in Real Estate, Net | 100,426,150 | |||
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 | 501,737 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 42,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 249,109,639 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 291,109,639 | |||
Accumulated Depreciation | (52,713,886) | |||
Investment in Real Estate, Net | 238,395,753 | |||
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 | 299,143 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 3,621,717 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 299,143 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 3,920,860 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 3,920,860 | |||
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 | 9,574,525 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 56,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 150,766,105 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 207,066,105 | |||
Accumulated Depreciation | (54,530,411) | |||
Investment in Real Estate, Net | 152,535,694 | |||
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 | 6,876,074 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 28,150,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 145,476,074 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 173,626,074 | |||
Accumulated Depreciation | (63,089,507) | |||
Investment in Real Estate, Net | 110,536,567 | |||
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 | 133,247 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 11,941,407 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 61,551,936 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 73,493,343 | |||
Accumulated Depreciation | (10,963,269) | |||
Investment in Real Estate, Net | 62,530,074 | |||
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 12/31/2021, 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 | 15,165,469 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 21,041,710 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 87,096,792 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 108,138,502 | |||
Accumulated Depreciation | (36,196,476) | |||
Investment in Real Estate, Net | 71,942,026 | |||
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 | 3,632,257 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 32,852,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 46,772,808 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 79,624,808 | |||
Accumulated Depreciation | (25,544,371) | |||
Investment in Real Estate, Net | 54,080,437 | |||
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 | 11,878,053 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 106,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 178,189,732 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 284,289,732 | |||
Accumulated Depreciation | (59,198,371) | |||
Investment in Real Estate, Net | 225,091,361 | |||
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 | 4,657,362 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 28,108,899 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 241,420,915 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 269,529,814 | |||
Accumulated Depreciation | (98,364,599) | |||
Investment in Real Estate, Net | 171,165,215 | |||
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 | 20,626,142 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 22,611,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 98,118,313 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 120,729,913 | |||
Accumulated Depreciation | (59,615,389) | |||
Investment in Real Estate, Net | 61,114,524 | |||
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 | 604,943 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 5,249,124 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,214,819 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,463,943 | |||
Accumulated Depreciation | (7,624,709) | |||
Investment in Real Estate, Net | 16,839,234 | |||
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 | 10,369,855 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 27,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 179,362,295 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 207,262,295 | |||
Accumulated Depreciation | (60,865,749) | |||
Investment in Real Estate, Net | 146,396,546 | |||
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 | 6,035,138 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 65,352,706 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 71,782,432 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 137,135,138 | |||
Accumulated Depreciation | (35,483,508) | |||
Investment in Real Estate, Net | 101,651,630 | |||
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 | 3,723,049 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 7,786,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 35,310,374 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 43,097,174 | |||
Accumulated Depreciation | (14,208,098) | |||
Investment in Real Estate, Net | 28,889,076 | |||
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 | 282,738,324 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 420,418 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 41,363,921 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 283,158,742 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 324,522,663 | |||
Accumulated Depreciation | (46,006,671) | |||
Investment in Real Estate, Net | 278,515,992 | |||
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 | 8,984,103 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 3,252,993 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 30,729,698 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 33,982,691 | |||
Accumulated Depreciation | (22,259,777) | |||
Investment in Real Estate, Net | 11,722,914 | |||
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 | 11,983,148 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 25,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 35,576,342 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 60,576,342 | |||
Accumulated Depreciation | (22,857,050) | |||
Investment in Real Estate, Net | 37,719,292 | |||
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 | 2,459,547 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 5,839,548 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,819,999 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,659,547 | |||
Accumulated Depreciation | (14,549,362) | |||
Investment in Real Estate, Net | 23,110,185 | |||
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 | 7,420,013 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 18,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 97,214,214 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 116,114,214 | |||
Accumulated Depreciation | (33,052,284) | |||
Investment in Real Estate, Net | 83,061,930 | |||
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 | 9,938,962 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 24,310,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 69,153,091 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 93,463,091 | |||
Accumulated Depreciation | (49,918,901) | |||
Investment in Real Estate, Net | 43,544,190 | |||
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 | 387,714,090 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 36,889 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 10,424,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 387,750,979 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 398,174,979 | |||
Accumulated Depreciation | (2,677,353) | |||
Investment in Real Estate, Net | 395,497,626 | |||
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 | 678,439 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 43,783,485 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 150,912,744 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 194,696,229 | |||
Accumulated Depreciation | (32,898,128) | |||
Investment in Real Estate, Net | 161,798,101 | |||
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 | 96,523,928 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 322,646 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 11,049,027 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 96,846,574 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 107,895,601 | |||
Accumulated Depreciation | (19,309,890) | |||
Investment in Real Estate, Net | 88,585,711 | |||
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 | 175 | |||
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 | 12,379,831 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 9,057,300 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 30,863,473 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 39,920,773 | |||
Accumulated Depreciation | (21,254,285) | |||
Investment in Real Estate, Net | 18,666,488 | |||
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 | 4,419,103 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 26,650,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 67,269,103 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 93,919,103 | |||
Accumulated Depreciation | (29,273,217) | |||
Investment in Real Estate, Net | 64,645,886 | |||
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 | 1,450,981 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 8,000,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 37,525,581 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,525,981 | |||
Accumulated Depreciation | (15,416,946) | |||
Investment in Real Estate, Net | 30,109,035 | |||
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 | 8,257,635 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 12,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 69,723,902 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 82,023,902 | |||
Accumulated Depreciation | (26,696,773) | |||
Investment in Real Estate, Net | 55,327,129 | |||
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 | 681,890 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 32,401,680 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 47,817,322 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 80,219,002 | |||
Accumulated Depreciation | (12,033,060) | |||
Investment in Real Estate, Net | 68,185,942 | |||
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 | 2,841,937 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 7,995,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 20,846,937 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 28,841,937 | |||
Accumulated Depreciation | (9,223,132) | |||
Investment in Real Estate, Net | 19,618,805 | |||
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 | 376,262 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 14,745,774 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 90,880,093 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 105,625,867 | |||
Accumulated Depreciation | (15,555,350) | |||
Investment in Real Estate, Net | 90,070,517 | |||
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 | 893,636 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 32,855,115 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 154,460,477 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 187,315,592 | |||
Accumulated Depreciation | (36,744,242) | |||
Investment in Real Estate, Net | 150,571,350 | |||
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 | 4,499,065 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 7,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,936,304 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 39,536,304 | |||
Accumulated Depreciation | (19,233,962) | |||
Investment in Real Estate, Net | 20,302,342 | |||
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 | 3,092,110 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 114,351,405 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 168,740,705 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 283,092,110 | |||
Accumulated Depreciation | (62,467,433) | |||
Investment in Real Estate, Net | 220,624,677 | |||
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 | 11,565,891 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 31,682,754 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 132,661,677 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 164,344,431 | |||
Accumulated Depreciation | (73,507,308) | |||
Investment in Real Estate, Net | 90,837,123 | |||
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 12/31/2021, 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 | (108,223) | |||
Investment in Real Estate, Net | 193,190 | |||
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 | 2,487,041 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 9,098,808 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,188,233 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 40,287,041 | |||
Accumulated Depreciation | (12,139,945) | |||
Investment in Real Estate, Net | 28,147,096 | |||
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 | 2,593,029 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 75,782,291 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 75,782,291 | |||
Accumulated Depreciation | (27,700,597) | |||
Investment in Real Estate, Net | 48,081,694 | |||
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 | 4,532,523 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 9,991,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,779,801 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 36,771,301 | |||
Accumulated Depreciation | (21,134,083) | |||
Investment in Real Estate, Net | 15,637,218 | |||
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 | 947,949 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 8,639,904 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 80,204,889 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 88,844,793 | |||
Accumulated Depreciation | (12,775,088) | |||
Investment in Real Estate, Net | 76,069,705 | |||
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 | 5,655,023 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 40,099,922 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 227,093,654 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 267,193,576 | |||
Accumulated Depreciation | (85,848,149) | |||
Investment in Real Estate, Net | 181,345,427 | |||
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 | 661,321 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 17,125,766 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,735,555 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,861,321 | |||
Accumulated Depreciation | (7,175,224) | |||
Investment in Real Estate, Net | 38,686,097 | |||
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 | 9,986,014 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 10,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 61,353,927 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 71,353,927 | |||
Accumulated Depreciation | (39,619,406) | |||
Investment in Real Estate, Net | 31,734,521 | |||
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 | 13,182,734 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 2,288,300 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 33,779,015 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 36,067,315 | |||
Accumulated Depreciation | (30,571,076) | |||
Investment in Real Estate, Net | 5,496,239 | |||
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 | 149,456,311 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 145,743 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 23,751,564 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 149,602,054 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 173,353,618 | |||
Accumulated Depreciation | (26,437,276) | |||
Investment in Real Estate, Net | 146,916,342 | |||
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 | 15,453,455 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 9,700,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 85,533,833 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 95,233,833 | |||
Accumulated Depreciation | (51,055,366) | |||
Investment in Real Estate, Net | 44,178,467 | |||
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 | 10,252,175 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 7,436,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 43,266,964 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 50,702,964 | |||
Accumulated Depreciation | (30,268,211) | |||
Investment in Real Estate, Net | 20,434,753 | |||
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 | 3,146,126 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 3,397,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 12,435,200 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 15,832,300 | |||
Accumulated Depreciation | (9,742,785) | |||
Investment in Real Estate, Net | 6,089,515 | |||
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 | 32,014 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 10,401,958 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 53,839,120 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 64,241,078 | |||
Accumulated Depreciation | (4,838,864) | |||
Investment in Real Estate, Net | 59,402,214 | |||
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 | 2,970,001 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 14,835,571 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,329,651 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 57,165,222 | |||
Accumulated Depreciation | (8,287,738) | |||
Investment in Real Estate, Net | 48,877,484 | |||
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 | 3,484,815 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 5,220,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 20,229,458 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 25,449,458 | |||
Accumulated Depreciation | (12,559,847) | |||
Investment in Real Estate, Net | 12,889,611 | |||
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 | 319,011 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 9,241,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 86,389,807 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 95,631,207 | |||
Accumulated Depreciation | (4,153,312) | |||
Investment in Real Estate, Net | 91,477,895 | |||
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 | 7,939,273 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 40,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 103,876,319 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 144,276,319 | |||
Accumulated Depreciation | (37,159,709) | |||
Investment in Real Estate, Net | 107,116,610 | |||
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 | 4,017,150 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 15,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,893,407 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 60,993,407 | |||
Accumulated Depreciation | (16,856,049) | |||
Investment in Real Estate, Net | 44,137,358 | |||
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 | 2,937,604 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 30,400,340 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 106,762,264 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 137,162,604 | |||
Accumulated Depreciation | (43,908,001) | |||
Investment in Real Estate, Net | 93,254,603 | |||
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 | 4,392,656 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 6,615,467 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,221,991 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 25,837,458 | |||
Accumulated Depreciation | (10,957,338) | |||
Investment in Real Estate, Net | 14,880,120 | |||
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 | 11,168,810 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 27,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 125,171,105 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 152,771,105 | |||
Accumulated Depreciation | (43,749,160) | |||
Investment in Real Estate, Net | 109,021,945 | |||
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 | 4,679,308 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 13,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,592,421 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,092,421 | |||
Accumulated Depreciation | (11,417,114) | |||
Investment in Real Estate, Net | 33,675,307 | |||
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 | 7,944,020 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 95,330,044 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 95,330,044 | |||
Accumulated Depreciation | (35,422,571) | |||
Investment in Real Estate, Net | 59,907,473 | |||
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 | 5,859,790 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 9,606,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,053,022 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 36,659,622 | |||
Accumulated Depreciation | (21,045,859) | |||
Investment in Real Estate, Net | 15,613,763 | |||
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 | 14,041,974 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 32,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 99,161,298 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 131,461,298 | |||
Accumulated Depreciation | (35,545,036) | |||
Investment in Real Estate, Net | 95,916,262 | |||
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 | 4,182,311 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 17,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 52,101,286 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 69,301,286 | |||
Accumulated Depreciation | (19,499,819) | |||
Investment in Real Estate, Net | 49,801,467 | |||
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 | 144,951 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 22,947,777 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 95,479,705 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 118,427,482 | |||
Accumulated Depreciation | (10,821,659) | |||
Investment in Real Estate, Net | 107,605,823 | |||
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 | 17,201,750 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 2,082,095 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 35,941,565 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 38,023,660 | |||
Accumulated Depreciation | (32,390,313) | |||
Investment in Real Estate, Net | 5,633,347 | |||
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 | 4,673,335 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 7,801,824 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 41,621,511 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 49,423,335 | |||
Accumulated Depreciation | (20,504,751) | |||
Investment in Real Estate, Net | 28,918,584 | |||
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 | 11,895,689 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 1,808,900 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,170,050 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 29,978,950 | |||
Accumulated Depreciation | (23,146,239) | |||
Investment in Real Estate, Net | 6,832,711 | |||
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 | 73,090,698 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 73,090,698 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 73,090,698 | |||
Accumulated Depreciation | (1,337,668) | |||
Investment in Real Estate, Net | 71,753,030 | |||
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 | 122 | |||
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 | 3,598,672 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 13,092,552 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 47,506,120 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 60,598,672 | |||
Accumulated Depreciation | (18,431,823) | |||
Investment in Real Estate, Net | 42,166,849 | |||
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 | 37,319,848 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 14,855,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 94,886,484 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 109,741,484 | |||
Accumulated Depreciation | (72,262,761) | |||
Investment in Real Estate, Net | 37,478,723 | |||
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 | 4,699,461 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 8,700,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 30,145,464 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 38,845,464 | |||
Accumulated Depreciation | (13,117,331) | |||
Investment in Real Estate, Net | 25,728,133 | |||
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 | 928,435 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 10,507,626 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 100,965,639 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 111,473,265 | |||
Accumulated Depreciation | (14,488,506) | |||
Investment in Real Estate, Net | 96,984,759 | |||
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 | 32,341,897 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 33,274 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 5,733,088 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,375,171 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 38,108,259 | |||
Accumulated Depreciation | (2,351,033) | |||
Investment in Real Estate, Net | 35,757,226 | |||
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 | 5,432,484 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 25,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 84,185,598 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 109,985,598 | |||
Accumulated Depreciation | (30,713,571) | |||
Investment in Real Estate, Net | 79,272,027 | |||
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 | 4,910,339 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 17,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 79,589,256 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 97,089,256 | |||
Accumulated Depreciation | (26,550,891) | |||
Investment in Real Estate, Net | 70,538,365 | |||
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 | 18,179,307 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 9,209,780 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 43,901,973 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 53,111,753 | |||
Accumulated Depreciation | (30,509,820) | |||
Investment in Real Estate, Net | 22,601,933 | |||
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 | 6,418,695 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 1,722,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 21,890,124 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 23,612,524 | |||
Accumulated Depreciation | (17,437,666) | |||
Investment in Real Estate, Net | 6,174,858 | |||
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 | 987,940 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 103,438,268 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 103,438,268 | |||
Accumulated Depreciation | (18,672,977) | |||
Investment in Real Estate, Net | 84,765,291 | |||
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 | 9,226,550 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 10,806,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 39,561,880 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 50,367,880 | |||
Accumulated Depreciation | (23,198,296) | |||
Investment in Real Estate, Net | 27,169,584 | |||
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 | 44,513,593 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 59,403,601 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 203,343,025 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 262,746,626 | |||
Accumulated Depreciation | (114,985,651) | |||
Investment in Real Estate, Net | 147,760,975 | |||
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 | 15,153,674 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 2,512,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 37,765,586 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 40,278,086 | |||
Accumulated Depreciation | (30,134,333) | |||
Investment in Real Estate, Net | 10,143,753 | |||
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 | 206,766,901 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 312,408 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 18,061,674 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 207,079,309 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 225,140,983 | |||
Accumulated Depreciation | (36,567,089) | |||
Investment in Real Estate, Net | 188,573,894 | |||
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 | 3,752,471 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 10,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 35,560,806 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 46,360,806 | |||
Accumulated Depreciation | (20,282,031) | |||
Investment in Real Estate, Net | 26,078,775 | |||
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 | 4,870,503 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 6,895,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,854,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 30,749,100 | |||
Accumulated Depreciation | (13,956,897) | |||
Investment in Real Estate, Net | 16,792,203 | |||
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 | 2,729,069 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 23,299,892 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 105,429,177 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 128,729,069 | |||
Accumulated Depreciation | (32,170,802) | |||
Investment in Real Estate, Net | 96,558,267 | |||
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 | 3,230,733 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 10,080,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,757,645 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 50,837,645 | |||
Accumulated Depreciation | (23,217,224) | |||
Investment in Real Estate, Net | 27,620,421 | |||
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 | 1,453,552 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 9,435,760 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 34,017,792 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 43,453,552 | |||
Accumulated Depreciation | (13,835,502) | |||
Investment in Real Estate, Net | 29,618,050 | |||
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 | 3,571,165 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 23,420,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 73,548,864 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 96,968,864 | |||
Accumulated Depreciation | (43,605,553) | |||
Investment in Real Estate, Net | 53,363,311 | |||
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 | 8,229,014 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 5,350,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 49,343,088 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 54,693,088 | |||
Accumulated Depreciation | (30,026,653) | |||
Investment in Real Estate, Net | 24,666,435 | |||
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 | 105,265 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 18,775,028 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 89,441,916 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 108,216,944 | |||
Accumulated Depreciation | (10,326,938) | |||
Investment in Real Estate, Net | 97,890,006 | |||
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 | 63,844,734 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 35,414 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 12,253,503 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 63,880,148 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 76,133,651 | |||
Accumulated Depreciation | (2,577,427) | |||
Investment in Real Estate, Net | 73,556,224 | |||
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 | 2,742,943 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 2,732,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 16,631,225 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 19,364,025 | |||
Accumulated Depreciation | (9,766,422) | |||
Investment in Real Estate, Net | 9,597,603 | |||
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 | 1,142,453 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 14,791,831 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 79,428,876 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 94,220,707 | |||
Accumulated Depreciation | (27,653,136) | |||
Investment in Real Estate, Net | 66,567,571 | |||
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 | 56,584,312 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 376,513 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 11,726,305 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 56,960,825 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 68,687,130 | |||
Accumulated Depreciation | (14,552,334) | |||
Investment in Real Estate, Net | 54,134,796 | |||
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 | 64,965,193 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 17,829 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 8,668,700 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 64,983,022 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 73,651,722 | |||
Accumulated Depreciation | (622,903) | |||
Investment in Real Estate, Net | 73,028,819 | |||
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 | 908,796 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 15,521,552 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 65,762,244 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 81,283,796 | |||
Accumulated Depreciation | (17,678,084) | |||
Investment in Real Estate, Net | 63,605,712 | |||
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 | 64,175,461 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 19,960 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 6,431,940 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 64,195,421 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 70,627,361 | |||
Accumulated Depreciation | (3,264,959) | |||
Investment in Real Estate, Net | 67,362,402 | |||
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 | 264 | |||
Initial Cost to Company, Land | $ 13,642,420 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,684,902 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,733,754 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 13,642,420 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,418,656 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 52,061,076 | |||
Accumulated Depreciation | (22,548,251) | |||
Investment in Real Estate, Net | 29,512,825 | |||
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 | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 4,399,463 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 4,399,463 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 4,399,463 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 4,399,463 | |||
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 | 37,741,050 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 16,597,064 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 27,246,045 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 54,338,114 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 81,584,159 | |||
Accumulated Depreciation | (37,633,786) | |||
Investment in Real Estate, Net | 43,950,373 | |||
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 | 71,939,706 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 125,613 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 13,142,946 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 72,065,319 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 85,208,265 | |||
Accumulated Depreciation | (7,428,489) | |||
Investment in Real Estate, Net | 77,779,776 | |||
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 | 664,071 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 21,817,512 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 159,442,669 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 181,260,181 | |||
Accumulated Depreciation | (21,065,903) | |||
Investment in Real Estate, Net | 160,194,278 | |||
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 | 26,749,111 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,235,368 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 5,977,504 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 34,984,479 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 40,961,983 | |||
Accumulated Depreciation | (22,906,485) | |||
Investment in Real Estate, Net | 18,055,498 | |||
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 | 6,030,560 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 16,382,822 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 89,847,638 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 106,230,460 | |||
Accumulated Depreciation | (38,101,851) | |||
Investment in Real Estate, Net | 68,128,609 | |||
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 | 16,212,156 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 5,928,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 49,807,418 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 55,735,818 | |||
Accumulated Depreciation | (41,040,115) | |||
Investment in Real Estate, Net | 14,695,703 | |||
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 | 7,812,849 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 18,696,674 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 86,258,506 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 104,955,180 | |||
Accumulated Depreciation | (31,085,417) | |||
Investment in Real Estate, Net | 73,869,763 | |||
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 | 44,012,266 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 33,164 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 4,603,326 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 44,045,430 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 48,648,756 | |||
Accumulated Depreciation | (3,879,191) | |||
Investment in Real Estate, Net | 44,769,565 | |||
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 | 6,230,046 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 73,170,045 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 60,192,556 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 133,362,601 | |||
Accumulated Depreciation | (30,329,437) | |||
Investment in Real Estate, Net | 103,033,164 | |||
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 | 94,971,924 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 38,264,917 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 227,147,839 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 265,412,756 | |||
Accumulated Depreciation | (173,153,336) | |||
Investment in Real Estate, Net | 92,259,420 | |||
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 | 108,292,639 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 21,884 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 14,847,420 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 108,314,523 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 123,161,943 | |||
Accumulated Depreciation | (3,339,114) | |||
Investment in Real Estate, Net | 119,822,829 | |||
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 | 1,254,672 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 9,679,635 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 65,848,877 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 75,528,512 | |||
Accumulated Depreciation | (10,085,214) | |||
Investment in Real Estate, Net | 65,443,298 | |||
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 | 1,761,788 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 22,346,513 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 63,262,946 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 85,609,459 | |||
Accumulated Depreciation | (22,271,078) | |||
Investment in Real Estate, Net | 63,338,381 | |||
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 | 10,015,523 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 178,857,965 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 178,857,965 | |||
Accumulated Depreciation | (65,825,369) | |||
Investment in Real Estate, Net | 113,032,596 | |||
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 | 7,365,735 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 60,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 96,677,217 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 157,577,217 | |||
Accumulated Depreciation | (35,254,658) | |||
Investment in Real Estate, Net | 122,322,559 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
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 | 342,085 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 23,004,387 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 51,458,732 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 74,463,119 | |||
Accumulated Depreciation | (9,185,494) | |||
Investment in Real Estate, Net | 65,277,625 | |||
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 | 2,797,175 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 13,740,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 43,554,476 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 57,294,476 | |||
Accumulated Depreciation | (24,031,830) | |||
Investment in Real Estate, Net | 33,262,646 | |||
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 | 4,757,690 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 15,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,232,026 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 55,632,026 | |||
Accumulated Depreciation | (14,954,232) | |||
Investment in Real Estate, Net | 40,677,794 | |||
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 | 4,530,389 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 8,125,216 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,909,173 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 40,034,389 | |||
Accumulated Depreciation | (11,851,749) | |||
Investment in Real Estate, Net | 28,182,640 | |||
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 | 18,798,964 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 12,858,693 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 75,967,467 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 88,826,160 | |||
Accumulated Depreciation | (46,782,863) | |||
Investment in Real Estate, Net | 42,043,297 | |||
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 | 153,099,656 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 15,957,975 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 153,099,656 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 169,057,631 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 169,057,631 | |||
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 | 1,837,346 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 61,418,244 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 61,418,244 | |||
Accumulated Depreciation | (27,876,865) | |||
Investment in Real Estate, Net | 33,541,379 | |||
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 | 2,166,909 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 2,166,909 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 2,166,909 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 2,166,909 | |||
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 | 2,930,062 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 8,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 55,459,508 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 63,959,508 | |||
Accumulated Depreciation | (29,803,888) | |||
Investment in Real Estate, Net | 34,155,620 | |||
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 | 13,129,682 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 75,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 115,835,083 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 191,635,083 | |||
Accumulated Depreciation | (43,363,080) | |||
Investment in Real Estate, Net | 148,272,003 | |||
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 | 605,836 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 52,509,906 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 137,241,486 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 189,751,392 | |||
Accumulated Depreciation | (18,715,038) | |||
Investment in Real Estate, Net | 171,036,354 | |||
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 | 10,474,470 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 4,000,159 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 104,765,060 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 108,765,219 | |||
Accumulated Depreciation | (61,029,617) | |||
Investment in Real Estate, Net | 47,735,602 | |||
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 | 7,516,774 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 9,360,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,295,327 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,655,327 | |||
Accumulated Depreciation | (19,023,647) | |||
Investment in Real Estate, Net | 18,631,680 | |||
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 | 16,819,921 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 38,607,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 94,292,138 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 132,899,138 | |||
Accumulated Depreciation | (47,487,541) | |||
Investment in Real Estate, Net | 85,411,597 | |||
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 | 12,111,379 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 3,390,700 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,628,653 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 46,019,353 | |||
Accumulated Depreciation | (36,862,704) | |||
Investment in Real Estate, Net | 9,156,649 | |||
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 | 10,122,280 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 23,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 71,142,718 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 94,542,718 | |||
Accumulated Depreciation | (44,090,629) | |||
Investment in Real Estate, Net | 50,452,089 | |||
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 | 5,268,993 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 5,111,200 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 17,179,431 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 22,290,631 | |||
Accumulated Depreciation | (13,263,918) | |||
Investment in Real Estate, Net | 9,026,713 | |||
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 | 170,392 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 16,807,519 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 64,689,907 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 81,497,426 | |||
Accumulated Depreciation | (16,311,212) | |||
Investment in Real Estate, Net | 65,186,214 | |||
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 | 109,261,221 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 14,854,564 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 109,261,221 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 124,115,785 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 124,115,785 | |||
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 | 139,604,146 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 242,340 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 30,224,393 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 139,846,486 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 170,070,879 | |||
Accumulated Depreciation | (28,006,849) | |||
Investment in Real Estate, Net | 142,064,030 | |||
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 | 7,088,089 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 22,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 35,761,068 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 57,961,068 | |||
Accumulated Depreciation | (13,161,555) | |||
Investment in Real Estate, Net | 44,799,513 | |||
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 | 116,942,248 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,397 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 18,121,932 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 116,951,645 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 135,073,577 | |||
Accumulated Depreciation | (4,243,648) | |||
Investment in Real Estate, Net | 130,829,929 | |||
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 | 2,377,323 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 32,250,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 113,127,323 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 145,377,323 | |||
Accumulated Depreciation | (38,719,361) | |||
Investment in Real Estate, Net | 106,657,962 | |||
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 | 1,289,877 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 5,911,041 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 21,244,836 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 27,155,877 | |||
Accumulated Depreciation | (5,677,314) | |||
Investment in Real Estate, Net | 21,478,563 | |||
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 | 7,360,941 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 40,504,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 25,386,620 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 65,890,620 | |||
Accumulated Depreciation | (15,823,387) | |||
Investment in Real Estate, Net | 50,067,233 | |||
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 | 7,969,567 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 37,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 17,825,164 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 55,425,164 | |||
Accumulated Depreciation | (12,804,109) | |||
Investment in Real Estate, Net | 42,621,055 | |||
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 | 10,151,472 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 52,654,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 33,197,223 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 85,851,223 | |||
Accumulated Depreciation | (21,315,552) | |||
Investment in Real Estate, Net | 64,535,671 | |||
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 | 13,975,990 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 102,163,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 122,965,392 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 225,128,392 | |||
Accumulated Depreciation | (65,431,630) | |||
Investment in Real Estate, Net | 159,696,762 | |||
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 | 65,468,571 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 894,344 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 16,667,059 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 66,362,915 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 83,029,974 | |||
Accumulated Depreciation | (17,329,432) | |||
Investment in Real Estate, Net | 65,700,542 | |||
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 | 2,901,025 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 13,700,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 61,988,544 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 75,688,544 | |||
Accumulated Depreciation | (20,895,182) | |||
Investment in Real Estate, Net | 54,793,362 | |||
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 | 13,432,822 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 3,033,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,735,205 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 43,768,705 | |||
Accumulated Depreciation | (34,282,511) | |||
Investment in Real Estate, Net | 9,486,194 | |||
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 | 8,549,823 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 6,246,700 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 20,377,276 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 26,623,976 | |||
Accumulated Depreciation | (15,097,028) | |||
Investment in Real Estate, Net | 11,526,948 | |||
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 | 1,256,823 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 6,972,585 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,784,238 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 34,756,823 | |||
Accumulated Depreciation | (7,499,036) | |||
Investment in Real Estate, Net | 27,257,787 | |||
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 | 7,187,274 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 127,982,633 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 127,982,633 | |||
Accumulated Depreciation | (48,509,088) | |||
Investment in Real Estate, Net | 79,473,545 | |||
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 | 8,565,146 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 18,094,052 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 90,471,094 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 108,565,146 | |||
Accumulated Depreciation | (38,970,462) | |||
Investment in Real Estate, Net | 69,594,684 | |||
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 | 4,142,052 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 3,572,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 18,803,046 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 22,375,446 | |||
Accumulated Depreciation | (15,501,829) | |||
Investment in Real Estate, Net | 6,873,617 | |||
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 | 6,691,443 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 8,640,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,178,569 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 36,818,569 | |||
Accumulated Depreciation | (19,742,885) | |||
Investment in Real Estate, Net | 17,075,684 | |||
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 | 28,946,965 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 22,487,006 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 125,789,878 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 148,276,884 | |||
Accumulated Depreciation | (98,609,366) | |||
Investment in Real Estate, Net | 49,667,518 | |||
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 | 1,453,552 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 40,830,011 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 183,378,015 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 224,208,026 | |||
Accumulated Depreciation | (41,306,612) | |||
Investment in Real Estate, Net | 182,901,414 | |||
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 | 6,891,346 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 74,868,659 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 74,868,659 | |||
Accumulated Depreciation | (26,817,073) | |||
Investment in Real Estate, Net | 48,051,586 | |||
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 | 6,109,136 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 34,625,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 83,988,876 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 118,613,876 | |||
Accumulated Depreciation | (38,545,149) | |||
Investment in Real Estate, Net | 80,068,727 | |||
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 | 171,771,886 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 247,225 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 76,292,169 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 172,019,111 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 248,311,280 | |||
Accumulated Depreciation | (45,640,216) | |||
Investment in Real Estate, Net | 202,671,064 | |||
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 | 15,138,641 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 28,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 84,934,556 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 113,134,556 | |||
Accumulated Depreciation | (50,812,260) | |||
Investment in Real Estate, Net | 62,322,296 | |||
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 | 5,727,670 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 3,573,621 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 24,783,175 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 28,356,796 | |||
Accumulated Depreciation | (14,191,409) | |||
Investment in Real Estate, Net | 14,165,387 | |||
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 | 5,214,690 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 26,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 89,625,852 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 116,525,852 | |||
Accumulated Depreciation | (32,044,955) | |||
Investment in Real Estate, Net | 84,480,897 | |||
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 | 130,731 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 7,352,547 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 63,149,475 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 70,502,022 | |||
Accumulated Depreciation | (3,775,097) | |||
Investment in Real Estate, Net | 66,726,925 | |||
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 | 1,896,784 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 13,644,960 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 123,795,868 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 137,440,828 | |||
Accumulated Depreciation | (19,855,000) | |||
Investment in Real Estate, Net | 117,585,828 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
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 | 1,795,106 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 15,546,376 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 67,115,116 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 82,661,492 | |||
Accumulated Depreciation | (25,272,790) | |||
Investment in Real Estate, Net | 57,388,702 | |||
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 | 3,730,013 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 10,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 37,218,758 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 47,518,758 | |||
Accumulated Depreciation | (14,009,343) | |||
Investment in Real Estate, Net | 33,509,415 | |||
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 | 8,707,710 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 1,857,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 25,420,964 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 27,278,364 | |||
Accumulated Depreciation | (20,984,954) | |||
Investment in Real Estate, Net | 6,293,410 | |||
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 | 114,475,523 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 101,854 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 20,250,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 114,577,377 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 134,827,377 | |||
Accumulated Depreciation | (5,817,645) | |||
Investment in Real Estate, Net | 129,009,732 | |||
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 | 5,327,794 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 10,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 58,140,729 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 68,640,729 | |||
Accumulated Depreciation | (36,876,197) | |||
Investment in Real Estate, Net | 31,764,532 | |||
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 | 5,515,216 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 6,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,100,275 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 46,600,275 | |||
Accumulated Depreciation | (25,376,674) | |||
Investment in Real Estate, Net | 21,223,601 | |||
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 | 8,210,962 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 16,345,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 81,291,632 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 97,636,632 | |||
Accumulated Depreciation | (44,759,994) | |||
Investment in Real Estate, Net | 52,876,638 | |||
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 | 13,867,418 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 15,804,057 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 76,996,468 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 92,800,525 | |||
Accumulated Depreciation | (50,742,107) | |||
Investment in Real Estate, Net | 42,058,418 | |||
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 | 8,523,900 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 27,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 41,553,505 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 68,553,505 | |||
Accumulated Depreciation | (16,598,937) | |||
Investment in Real Estate, Net | 51,954,568 | |||
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 | 19,250,823 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 11,918,917 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 88,113,464 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 100,032,381 | |||
Accumulated Depreciation | (53,684,381) | |||
Investment in Real Estate, Net | 46,348,000 | |||
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 | 11,315,691 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 16,768,705 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 88,939,355 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 105,708,060 | |||
Accumulated Depreciation | (43,366,666) | |||
Investment in Real Estate, Net | 62,341,394 | |||
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 | 1,975,735 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 4,430,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,273,831 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,703,831 | |||
Accumulated Depreciation | (14,608,457) | |||
Investment in Real Estate, Net | 21,095,374 | |||
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 | 7,140,439 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 11,809,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 41,144,487 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 52,953,987 | |||
Accumulated Depreciation | (30,998,875) | |||
Investment in Real Estate, Net | 21,955,112 | |||
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 | 8,421,032 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 34,963,355 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 93,008,690 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 127,972,045 | |||
Accumulated Depreciation | (35,095,846) | |||
Investment in Real Estate, Net | 92,876,199 | |||
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 | 4,141,820 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 17,136,645 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 44,678,351 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 61,814,996 | |||
Accumulated Depreciation | (15,663,545) | |||
Investment in Real Estate, Net | 46,151,451 | |||
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 | 5,143,443 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 14,355,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 86,037,492 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 100,392,492 | |||
Accumulated Depreciation | (33,609,905) | |||
Investment in Real Estate, Net | 66,782,587 | |||
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 | 4,260,470 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 34,340,640 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 116,372,622 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 150,713,262 | |||
Accumulated Depreciation | (20,226,305) | |||
Investment in Real Estate, Net | 130,486,957 | |||
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 | 736,622 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 736,622 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 736,622 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 736,622 | |||
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 | 2,042,877 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 4,922,840 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,245,037 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,167,877 | |||
Accumulated Depreciation | (13,320,307) | |||
Investment in Real Estate, Net | 23,847,570 | |||
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 | 1,646,714 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 14,641,990 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 44,504,724 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 59,146,714 | |||
Accumulated Depreciation | (19,007,871) | |||
Investment in Real Estate, Net | 40,138,843 | |||
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 | 474,368 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 38,805,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 129,126,391 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 167,931,791 | |||
Accumulated Depreciation | (14,473,592) | |||
Investment in Real Estate, Net | 153,458,199 | |||
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 | 4,681,230 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 663,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 10,656,033 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 11,319,833 | |||
Accumulated Depreciation | (8,984,088) | |||
Investment in Real Estate, Net | 2,335,745 | |||
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 | 21,942,021 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 3,342,381 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 53,279,353 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 56,621,734 | |||
Accumulated Depreciation | (43,912,782) | |||
Investment in Real Estate, Net | 12,708,952 | |||
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 | 8,984,059 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 8,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 33,067,083 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 41,967,083 | |||
Accumulated Depreciation | (25,390,768) | |||
Investment in Real Estate, Net | 16,576,315 | |||
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 | 6,723,207 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 10,560,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,297,664 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 42,857,664 | |||
Accumulated Depreciation | (22,365,804) | |||
Investment in Real Estate, Net | 20,491,860 | |||
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 | 101,913,422 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 158,435 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 14,182,277 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 102,071,857 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 116,254,134 | |||
Accumulated Depreciation | (5,725,734) | |||
Investment in Real Estate, Net | 110,528,400 | |||
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 | 5,805,074 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 1,781,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,536,990 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,318,590 | |||
Accumulated Depreciation | (17,322,154) | |||
Investment in Real Estate, Net | 6,996,436 | |||
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 | 6,350,413 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 3,380,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,303,276 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 31,683,276 | |||
Accumulated Depreciation | (21,352,684) | |||
Investment in Real Estate, Net | 10,330,592 | |||
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 | 5,919,806 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 29,406,606 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 5,919,806 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,326,412 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 35,326,412 | |||
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 | 6,366,303 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 7,503,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 30,414,810 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,918,210 | |||
Accumulated Depreciation | (23,842,813) | |||
Investment in Real Estate, Net | 14,075,397 | |||
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 | 7,779,557 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 68,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 87,256,418 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 156,156,418 | |||
Accumulated Depreciation | (30,685,655) | |||
Investment in Real Estate, Net | 125,470,763 | |||
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 | 7,081,692 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 6,936,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 21,405,761 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 28,342,361 | |||
Accumulated Depreciation | (15,883,455) | |||
Investment in Real Estate, Net | 12,458,906 | |||
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 | 549,328 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 9,163,667 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 48,460,309 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 57,623,976 | |||
Accumulated Depreciation | (9,997,909) | |||
Investment in Real Estate, Net | 47,626,067 | |||
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 | 496,107 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 25,326,048 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 80,472,138 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 105,798,186 | |||
Accumulated Depreciation | (11,336,753) | |||
Investment in Real Estate, Net | 94,461,433 | |||
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 | 9,118,095 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 2,890,450 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,788,984 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,679,434 | |||
Accumulated Depreciation | (27,722,137) | |||
Investment in Real Estate, Net | 7,957,297 | |||
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 | 1,671,777 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 60,553,650 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 60,553,650 | |||
Accumulated Depreciation | (20,445,713) | |||
Investment in Real Estate, Net | 40,107,937 | |||
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 | 2,658,613 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 14,087,610 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 18,972,764 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 33,060,374 | |||
Accumulated Depreciation | (8,712,774) | |||
Investment in Real Estate, Net | 24,347,600 | |||
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 | 163,775 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 7,222,544 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,441,231 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 33,663,775 | |||
Accumulated Depreciation | (8,120,956) | |||
Investment in Real Estate, Net | 25,542,819 | |||
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 | 121,885,750 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 15,322,049 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 121,885,750 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 137,207,799 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 137,207,799 | |||
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 | 9,976,614 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 26,767,171 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 228,799,342 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 255,566,513 | |||
Accumulated Depreciation | (103,039,548) | |||
Investment in Real Estate, Net | 152,526,965 | |||
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 | 1,019,864 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 7,030,766 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 30,025,626 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,056,392 | |||
Accumulated Depreciation | (9,965,271) | |||
Investment in Real Estate, Net | 27,091,121 | |||
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 | 26,804,440 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 39,410,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 77,610,512 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 117,020,512 | |||
Accumulated Depreciation | (51,851,771) | |||
Investment in Real Estate, Net | 65,168,741 | |||
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 | 15,585,249 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 39,928,464 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 156,793,570 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 196,722,034 | |||
Accumulated Depreciation | (82,156,391) | |||
Investment in Real Estate, Net | 114,565,643 | |||
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 | 2,570,737 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 34,641,051 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 184,178,068 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 218,819,119 | |||
Accumulated Depreciation | (31,608,549) | |||
Investment in Real Estate, Net | 187,210,570 | |||
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 | 3,025,940 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 12,542,418 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 78,826,030 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 91,368,448 | |||
Accumulated Depreciation | (25,974,224) | |||
Investment in Real Estate, Net | 65,394,224 | |||
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 | 6,003,692 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 8,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,191,980 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 36,991,980 | |||
Accumulated Depreciation | (15,062,661) | |||
Investment in Real Estate, Net | 21,929,319 | |||
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 | 2,403,261 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 15,322,724 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 78,579,855 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 93,902,579 | |||
Accumulated Depreciation | (28,242,511) | |||
Investment in Real Estate, Net | 65,660,068 | |||
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 | 343,056 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 8,355,048 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 84,095,745 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 92,450,793 | |||
Accumulated Depreciation | (11,195,864) | |||
Investment in Real Estate, Net | 81,254,929 | |||
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 | 4,846,760 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 5,190,700 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 14,525,869 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 19,716,569 | |||
Accumulated Depreciation | (11,767,298) | |||
Investment in Real Estate, Net | 7,949,271 | |||
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 | 4,769,828 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 18,539,817 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 135,177,193 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 153,717,010 | |||
Accumulated Depreciation | (58,024,618) | |||
Investment in Real Estate, Net | 95,692,392 | |||
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 | 8,731,475 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 12,650,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,387,767 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 55,037,767 | |||
Accumulated Depreciation | (27,656,992) | |||
Investment in Real Estate, Net | 27,380,775 | |||
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 | 1,985,889 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 10,590,975 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 46,394,914 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 56,985,889 | |||
Accumulated Depreciation | (21,643,771) | |||
Investment in Real Estate, Net | 35,342,118 | |||
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 | 2,802,294 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 10,350,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,235,731 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 48,585,731 | |||
Accumulated Depreciation | (19,744,025) | |||
Investment in Real Estate, Net | 28,841,706 | |||
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 | 13,409,554 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 1,665,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,395,231 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 30,060,331 | |||
Accumulated Depreciation | (24,244,498) | |||
Investment in Real Estate, Net | 5,815,833 | |||
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 | 3,812,705 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 15,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 44,672,101 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 59,772,101 | |||
Accumulated Depreciation | (16,691,542) | |||
Investment in Real Estate, Net | 43,080,559 | |||
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 | 6,245,382 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 92,185,385 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 92,185,385 | |||
Accumulated Depreciation | (33,233,676) | |||
Investment in Real Estate, Net | 58,951,709 | |||
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 | 1,080,962 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 27,709,329 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 178,637,910 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 206,347,239 | |||
Accumulated Depreciation | (41,109,307) | |||
Investment in Real Estate, Net | 165,237,932 | |||
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 | 21,903,738 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 4,525,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 62,640,031 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 67,165,831 | |||
Accumulated Depreciation | (55,190,613) | |||
Investment in Real Estate, Net | 11,975,218 | |||
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 | 5,341,555 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 12,448,888 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 57,386,003 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 69,834,891 | |||
Accumulated Depreciation | (25,275,403) | |||
Investment in Real Estate, Net | 44,559,488 | |||
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 | 12,902,949 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 34,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 121,388,808 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 155,788,808 | |||
Accumulated Depreciation | (44,465,434) | |||
Investment in Real Estate, Net | 111,323,374 | |||
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 | 2,350,073 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 16,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 36,424,129 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 53,224,129 | |||
Accumulated Depreciation | (12,910,211) | |||
Investment in Real Estate, Net | 40,313,918 | |||
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 | 69,462,470 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 25,405,232 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 69,462,470 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 94,867,702 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 94,867,702 | |||
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 | 207 | |||
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 | 7,730,725 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 84,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 74,786,226 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 159,586,226 | |||
Accumulated Depreciation | (28,904,295) | |||
Investment in Real Estate, Net | 130,681,931 | |||
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 | 5,795,801 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 469,546 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 168,918,823 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 169,388,369 | |||
Accumulated Depreciation | (79,030,892) | |||
Investment in Real Estate, Net | 90,357,477 | |||
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 | 1,445,723 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 10,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,580,930 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 56,180,930 | |||
Accumulated Depreciation | (15,808,954) | |||
Investment in Real Estate, Net | 40,371,976 | |||
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 | 79,131,722 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 11,958,829 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 79,131,722 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 91,090,551 | |||
Accumulated Depreciation | (1,663,331) | |||
Investment in Real Estate, Net | 89,427,220 | |||
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 | 7,045,674 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 64,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 68,188,933 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 133,088,933 | |||
Accumulated Depreciation | (24,572,551) | |||
Investment in Real Estate, Net | 108,516,382 | |||
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 | 3,519,987 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 34,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 60,482,617 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 94,682,617 | |||
Accumulated Depreciation | (21,371,770) | |||
Investment in Real Estate, Net | 73,310,847 | |||
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 | 1,215,009 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 3,060,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 6,753,880 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 9,813,880 | |||
Accumulated Depreciation | (4,739,695) | |||
Investment in Real Estate, Net | 5,074,185 | |||
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 | 788,195 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 1,530,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 3,811,718 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 5,341,718 | |||
Accumulated Depreciation | (2,659,355) | |||
Investment in Real Estate, Net | 2,682,363 | |||
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 | 828,098 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 1,785,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 4,061,352 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 5,846,352 | |||
Accumulated Depreciation | (2,875,530) | |||
Investment in Real Estate, Net | 2,970,822 | |||
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 | 819,978 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 1,955,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 4,361,413 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 6,316,413 | |||
Accumulated Depreciation | (3,052,276) | |||
Investment in Real Estate, Net | 3,264,137 | |||
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 | 1,250,519 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 3,060,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 6,789,909 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 9,849,909 | |||
Accumulated Depreciation | (4,771,162) | |||
Investment in Real Estate, Net | 5,078,747 | |||
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 | 3,074,521 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 9,605,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,057,906 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 32,662,906 | |||
Accumulated Depreciation | (15,896,472) | |||
Investment in Real Estate, Net | 16,766,434 | |||
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 | 13,392,574 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 2,662,900 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 37,378,071 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 40,040,971 | |||
Accumulated Depreciation | (32,468,218) | |||
Investment in Real Estate, Net | 7,572,753 | |||
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 | 16,988,182 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,239,245 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 8,550,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 24,227,427 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 32,778,027 | |||
Accumulated Depreciation | (18,367,471) | |||
Investment in Real Estate, Net | 14,410,556 | |||
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 | 89,960,836 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 47,523 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 15,637,106 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 90,008,359 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 105,645,465 | |||
Accumulated Depreciation | (3,050,772) | |||
Investment in Real Estate, Net | 102,594,693 | |||
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 | 139,672,539 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 139,672,539 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 139,672,539 | |||
Accumulated Depreciation | (108,884,370) | |||
Investment in Real Estate, Net | 30,788,169 | |||
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 | 1,447,587 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 1,447,587 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 1,447,587 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 1,447,587 | |||
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 | 109,837 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 109,837 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 109,837 | |||
Accumulated Depreciation | (85,278) | |||
Investment in Real Estate, Net | 24,559 | |||
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 | 67,748 | |||
Initial Cost to Company, Land | $ 4,942,884,454 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 17,209,707,547 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,700,307,269 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 4,942,884,454 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 18,910,014,816 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 23,852,899,270 | |||
Accumulated Depreciation | (7,039,743,046) | |||
Investment in Real Estate, Net | 16,813,156,224 | |||
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 | 817,533 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 18,937,702 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 95,576,212 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 114,513,914 | |||
Accumulated Depreciation | (31,780,060) | |||
Investment in Real Estate, Net | 82,733,854 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 86,298,662 | |||
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 | 7,260,524 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 13,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 82,531,703 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 95,531,703 | |||
Accumulated Depreciation | (30,707,382) | |||
Investment in Real Estate, Net | $ 64,824,321 | |||
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 | 6,988,547 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 48,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 103,163,186 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 152,063,186 | |||
Accumulated Depreciation | (36,436,305) | |||
Investment in Real Estate, Net | 115,626,881 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 63,205,738 | |||
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 | 12,346,139 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 79,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 91,468,763 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 170,868,763 | |||
Accumulated Depreciation | (34,205,778) | |||
Investment in Real Estate, Net | $ 136,662,985 | |||
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 | 3,952,205 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 12,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,346,977 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 50,946,977 | |||
Accumulated Depreciation | (14,054,927) | |||
Investment in Real Estate, Net | $ 36,892,050 | |||
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 | 1,913,197 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 11,379,497 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 51,273,700 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 62,653,197 | |||
Accumulated Depreciation | (15,405,573) | |||
Investment in Real Estate, Net | 47,247,624 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 26,163,830 | |||
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 | 2,774,707 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 7,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,312,066 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 30,312,066 | |||
Accumulated Depreciation | (14,819,685) | |||
Investment in Real Estate, Net | 15,492,381 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 35,626,749 | |||
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 | 18,497,683 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,270,611 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 12,960,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,768,294 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,728,294 | |||
Accumulated Depreciation | (13,049,192) | |||
Investment in Real Estate, Net | 22,679,102 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 28,044,297 | |||
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 | 7,568,840 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 121,890,459 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 121,890,459 | |||
Accumulated Depreciation | (41,528,064) | |||
Investment in Real Estate, Net | 80,362,395 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 81,652,924 | |||
Calvert Woodley [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 | 136 | |||
Initial Cost to Company, Land | $ 12,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,527,379 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,920,318 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 12,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 46,447,697 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 59,047,697 | |||
Accumulated Depreciation | (16,564,329) | |||
Investment in Real Estate, Net | $ 42,483,368 | |||
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 | 4,386,136 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 6,863,792 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,862,344 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 47,726,136 | |||
Accumulated Depreciation | (18,504,841) | |||
Investment in Real Estate, Net | 29,221,295 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 39,624,887 | |||
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 | 7,599,298 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 18,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 73,991,712 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 92,291,712 | |||
Accumulated Depreciation | (25,944,969) | |||
Investment in Real Estate, Net | $ 66,346,743 | |||
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 | 1,363,125 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 14,080,560 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 57,782,565 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 71,863,125 | |||
Accumulated Depreciation | (18,219,994) | |||
Investment in Real Estate, Net | 53,643,131 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 38,397,494 | |||
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 | 3,394,578 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 127,154,382 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 127,154,382 | |||
Accumulated Depreciation | (45,289,007) | |||
Investment in Real Estate, Net | $ 81,865,375 | |||
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 | 2,216,170 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 23,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 89,938,491 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 113,438,491 | |||
Accumulated Depreciation | (30,699,514) | |||
Investment in Real Estate, Net | $ 82,738,977 | |||
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 | 4,462,784 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 35,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 113,230,982 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 148,430,982 | |||
Accumulated Depreciation | (37,753,595) | |||
Investment in Real Estate, Net | $ 110,677,387 | |||
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 | 4,090,835 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 16,047,023 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 52,741,798 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 68,788,821 | |||
Accumulated Depreciation | (21,760,967) | |||
Investment in Real Estate, Net | 47,027,854 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 32,704,395 | |||
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 | 2,124,990 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 5,425,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,263,018 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 28,688,018 | |||
Accumulated Depreciation | (12,467,148) | |||
Investment in Real Estate, Net | 16,220,870 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 22,586,660 | |||
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 | 1,083,930 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 10,752,145 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 35,930,786 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 46,682,931 | |||
Accumulated Depreciation | (16,927,083) | |||
Investment in Real Estate, Net | 29,755,848 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 26,258,149 | |||
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 | 4,383,683 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 14,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,046,566 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 43,146,566 | |||
Accumulated Depreciation | (17,007,785) | |||
Investment in Real Estate, Net | 26,138,781 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 37,626,316 | |||
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 | 4,175,723 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,426,767 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,426,767 | |||
Accumulated Depreciation | (23,081,823) | |||
Investment in Real Estate, Net | 22,344,944 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 25,029,507 | |||
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 | 2,288,945 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 5,805,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,993,945 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 33,798,945 | |||
Accumulated Depreciation | (12,248,777) | |||
Investment in Real Estate, Net | 21,550,168 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 28,042,734 | |||
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 | 1,125,639 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 20,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 69,034,662 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 89,134,662 | |||
Accumulated Depreciation | (22,984,204) | |||
Investment in Real Estate, Net | 66,150,458 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 43,012,615 | |||
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 | 13,702,122 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 20,880,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 103,957,631 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 124,837,631 | |||
Accumulated Depreciation | (57,354,859) | |||
Investment in Real Estate, Net | 67,482,772 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 84,280,484 | |||
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 | 2,804,678 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 8,540,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 15,014,659 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 23,554,659 | |||
Accumulated Depreciation | (8,458,788) | |||
Investment in Real Estate, Net | 15,095,871 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 21,491,495 | |||
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 | 2,379,781 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 12,649,228 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 39,221,793 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 51,871,021 | |||
Accumulated Depreciation | (17,514,997) | |||
Investment in Real Estate, Net | $ 34,356,024 | |||
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 | 8,961,784 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 8,160,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,322,722 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 46,482,722 | |||
Accumulated Depreciation | (28,873,699) | |||
Investment in Real Estate, Net | 17,609,023 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 61,025,383 | |||
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 | 85,422 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 5,463,324 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 43,576,411 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 49,039,735 | |||
Accumulated Depreciation | (3,437,360) | |||
Investment in Real Estate, Net | 45,602,375 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
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 | 1,094,490 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 7,740,467 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,240,671 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 52,981,138 | |||
Accumulated Depreciation | (12,234,825) | |||
Investment in Real Estate, Net | 40,746,313 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 35,570,767 | |||
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 | 13,511,615 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 14,752,034 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 86,847,040 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 101,599,074 | |||
Accumulated Depreciation | (53,348,127) | |||
Investment in Real Estate, Net | 48,250,947 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 94,751,556 | |||
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 | 16,378,744 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 71,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 228,285,885 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 300,185,885 | |||
Accumulated Depreciation | (81,177,243) | |||
Investment in Real Estate, Net | $ 219,008,642 | |||
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 | 1,107,660 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 13,562,331 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 127,467,978 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 141,030,309 | |||
Accumulated Depreciation | (20,582,877) | |||
Investment in Real Estate, Net | 120,447,432 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 74,189,118 | |||
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 | 18,046,831 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 79,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 195,363,808 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 275,263,808 | |||
Accumulated Depreciation | (68,367,690) | |||
Investment in Real Estate, Net | $ 206,896,118 | |||
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 | 8,465,472 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 28,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 70,382,142 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 98,982,142 | |||
Accumulated Depreciation | (39,200,260) | |||
Investment in Real Estate, Net | 59,781,882 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 37,940,000 | |||
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 | 3,728,870 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 42,580,326 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 59,743,544 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 102,323,870 | |||
Accumulated Depreciation | (18,335,134) | |||
Investment in Real Estate, Net | 83,988,736 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 37,537,003 | |||
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 | 2,278,751 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 7,059,230 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 49,956,513 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 57,015,743 | |||
Accumulated Depreciation | (26,867,509) | |||
Investment in Real Estate, Net | 30,148,234 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 49,136,797 | |||
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 | 1,985,863 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 9,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 15,947,386 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,947,386 | |||
Accumulated Depreciation | (6,073,401) | |||
Investment in Real Estate, Net | $ 18,873,985 | |||
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 | 4,900,079 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 60,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 53,093,916 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 113,993,916 | |||
Accumulated Depreciation | (20,838,067) | |||
Investment in Real Estate, Net | 93,155,849 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 49,701,588 | |||
Portfolio/Entity Encumbrances [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
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 | 0 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 0 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 799,153,560 | |||
Investment in Real Estate - Wholly Owned Encumbered [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 9,113 | |||
Initial Cost to Company, Land | $ 778,637,659 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,442,658,555 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 192,940,619 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 778,637,659 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 2,635,599,174 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 3,414,236,833 | |||
Accumulated Depreciation | (1,014,105,838) | |||
Investment in Real Estate, Net | 2,400,130,995 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,959,052,708 | |||
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 | 7,998,442 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 796,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 15,172,167 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 15,968,967 | |||
Accumulated Depreciation | (12,907,247) | |||
Investment in Real Estate, Net | 3,061,720 | |||
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 | 6,405,508 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 4,507,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 18,980,322 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 23,487,422 | |||
Accumulated Depreciation | (15,232,652) | |||
Investment in Real Estate, Net | 8,254,770 | |||
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 | 11,955,063 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,338,392 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 4,869,448 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 16,293,455 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 21,162,903 | |||
Accumulated Depreciation | (13,111,514) | |||
Investment in Real Estate, Net | 8,051,389 | |||
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 | 7,744,470 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 6,105,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 37,306,335 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 43,411,335 | |||
Accumulated Depreciation | (25,320,149) | |||
Investment in Real Estate, Net | 18,091,186 | |||
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 | 6,184,547 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 7,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,028,892 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 49,628,892 | |||
Accumulated Depreciation | (16,285,713) | |||
Investment in Real Estate, Net | 33,343,179 | |||
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 | 8,636,723 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 6,945,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,701,699 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 38,646,699 | |||
Accumulated Depreciation | (22,406,448) | |||
Investment in Real Estate, Net | 16,240,251 | |||
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 | 84,645,202 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 640,890 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 32,494,154 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 85,286,092 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 117,780,246 | |||
Accumulated Depreciation | (18,649,423) | |||
Investment in Real Estate, Net | 99,130,823 | |||
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 | 5,177,947 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 5,460,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 20,899,517 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 26,359,517 | |||
Accumulated Depreciation | (15,599,076) | |||
Investment in Real Estate, Net | 10,760,441 | |||
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 | 7,976,491 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 5,345,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,367,109 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 33,712,109 | |||
Accumulated Depreciation | (19,122,126) | |||
Investment in Real Estate, Net | 14,589,983 | |||
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 | 7,043,955 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 4,550,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 25,108,719 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 29,658,719 | |||
Accumulated Depreciation | (16,966,296) | |||
Investment in Real Estate, Net | 12,692,423 | |||
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 | 47,926,778 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 23,181 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 10,097,109 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 47,949,959 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 58,047,068 | |||
Accumulated Depreciation | (3,613,948) | |||
Investment in Real Estate, Net | 54,433,120 | |||
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 | 722,931 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 26,626,497 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 152,243,379 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 178,869,876 | |||
Accumulated Depreciation | (27,128,523) | |||
Investment in Real Estate, Net | 151,741,353 | |||
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 | 3,995,308 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 5,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,211,921 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,711,921 | |||
Accumulated Depreciation | (11,537,883) | |||
Investment in Real Estate, Net | 13,174,038 | |||
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 | 473,660,781 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 66,888,785 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 120,896,108 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 540,549,566 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 661,445,674 | |||
Accumulated Depreciation | (217,880,998) | |||
Investment in Real Estate, Net | 443,564,676 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
9th & W [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, DC | |||
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 | 24,306,736 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 24,306,736 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,306,736 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 24,306,736 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,772,313 | |||
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 | 100,253,427 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 33,272 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 13,107,242 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 100,286,699 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 113,393,941 | |||
Accumulated Depreciation | (2,386,616) | |||
Investment in Real Estate, Net | 111,007,325 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 61,662,484 | |||
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 | 8,423,666 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 5,425,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,235,786 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 32,660,786 | |||
Accumulated Depreciation | (20,255,679) | |||
Investment in Real Estate, Net | 12,405,107 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 28,208,225 | |||
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 | 1,873,790 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 173,963,145 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 173,963,145 | |||
Accumulated Depreciation | (59,910,024) | |||
Investment in Real Estate, Net | 114,053,121 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 144,049,913 | |||
Partially Owned Encumbered [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 900 | |||
Initial Cost to Company, Land | $ 18,532,242 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 315,461,638 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,330,728 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 18,532,242 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 325,792,366 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 344,324,608 | |||
Accumulated Depreciation | (82,552,319) | |||
Investment in Real Estate, Net | 261,772,289 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 232,148,309 | |||
Total Consolidated Investment in Real Estate [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 80,407 | |||
Initial Cost to Company, Land | $ 5,860,950,463 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,441,488,521 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,970,467,401 | |||
Gross Amount Carried at close of period 12/31/2021, Land | 5,860,950,463 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,411,955,922 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 28,272,906,385 | |||
Accumulated Depreciation | (8,354,282,201) | |||
Investment in Real Estate, Net | 19,918,624,184 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 2,191,201,017 |
Schedule III - Real Estate an_8
Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate And Accumulated Depreciation [Line Items] | ||
Furniture, fixtures and equipment | $ 2,220,203,000 | $ 1,970,033,000 |
Land and depreciable property net | 13,200,000,000 | $ 13,800,000,000 |
Depreciable Property [Member] | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Furniture, fixtures and equipment | $ 2,220,203,083 | |
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 |