Maryland | 77-0369576 | |||||||
California | 77-0369575 | |||||||
(Essex Portfolio, L.P.) | (Essex Portfolio, L.P.) | |||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $.0001 par value (Essex Property Trust, Inc.) | ESS | New York Stock Exchange |
Essex Property Trust, Inc. | Yes | ☒ | No | ☐ | Essex Portfolio, L.P. | Yes | ☐ | No | ☒ |
Essex Property Trust, Inc. | Yes | ☐ | No | ☒ | Essex Portfolio, L.P. | Yes | ☐ | No | ☒ |
Essex Property Trust, Inc. | Yes | ☒ | No | ☐ | Essex Portfolio, L.P. | Yes | ☒ | No | ☐ |
Essex Property Trust, Inc. | Yes | ☒ | No | ☐ | Essex Portfolio, L.P. | Yes | ☒ | No | ☐ |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||
Emerging growth company | ☐ |
Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ | ||||||||||||||||
Emerging growth company | |||||||||||||||||||||||
Essex Property Trust, Inc. | ☐ | Essex Portfolio, L.P. | ☐ |
Essex Property Trust, Inc. | ☒ | Essex Portfolio, L.P. | ☐ |
Essex Property Trust, Inc. | Yes | ☐ | No | ☒ | Essex Portfolio, L.P. | Yes | ☐ | No | ☒ |
Part I. | Page | |||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1B. | ||||||||
Item | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Item 7. | ||||||||
Item 7A. | ||||||||
Item 8. | ||||||||
Item 9. | ||||||||
Item 9A. | ||||||||
Item 9B. | ||||||||
Part III. | ||||||||
Item 10. | ||||||||
Item 11. | ||||||||
Item 12. | ||||||||
Item 13. | ||||||||
Item 14. | ||||||||
Part IV. | ||||||||
Item 15. | ||||||||
Item 16. | ||||||||
Property Name | Location | Apartment Homes | Essex Ownership Percentage | Ownership | Quarter in 2023 | Purchase Price | ||||||||||||||||||||||||||||||||
Hacienda at Camarillo Oaks | Camarillo, CA | 73 | 100 | % | EPLP | Q2 | $ | 23.1 | ||||||||||||||||||||||||||||||
Total 2023 | 73 | $ | 23.1 |
Property Name | Location | Apartment Homes | Essex Ownership Percentage | Ownership | Quarter in 2017 | Purchase Price | |||||||||||
Palm Valley(1) | San Jose, CA | 1,098 | 100 | % | EPLP | Q1 | $ | 183.0 | |||||||||
Sage at Cupertino(2) | San Jose, CA | 230 | 41 | % | EPLP | Q1 | 90.0 | ||||||||||
8th & Republican | Seattle, WA | 211 | 50 | % | Wesco V | Q3 | 101.3 | (3) | |||||||||
360 Residences | San Jose, CA | 213 | 50 | % | Wesco V | Q3 | 133.5 | (3) | |||||||||
Village at Toluca Lake | Burbank, CA | 145 | 50 | % | BEX III | Q4 | 59.0 | (3) | |||||||||
Total 2017 | 1,897 | $ | 566.8 |
Property Name (1) | Location | Apartment Homes | Ownership | Quarter in 2023 | Sales Price | ||||||||||||||||||||||||||||||
CBC and The Sweeps | Goleta, CA | 239 | EPLP | Q1 | $ | 91.7 | (2) | ||||||||||||||||||||||||||||
Total 2023 | 239 | $ | 91.7 |
As of | ||||||||||||||||||||||||||||||||
12/31/2023 | ||||||||||||||||||||||||||||||||
Essex | Estimated | Incurred | Estimated | |||||||||||||||||||||||||||||
Development Pipeline | Location | Ownership% | Apartment Homes | Project Cost (1) | Project Cost(1) | |||||||||||||||||||||||||||
Development Projects - Joint Venture | ||||||||||||||||||||||||||||||||
LIVIA at Scripps Ranch (2) | San Diego, CA | 51% | 264 | $ | 90 | $ | 102 | |||||||||||||||||||||||||
Total Development Projects - Joint Venture | 264 | 90 | 102 | |||||||||||||||||||||||||||||
Predevelopment Projects - Consolidated | ||||||||||||||||||||||||||||||||
Other Projects | Various | 100% | — | 24 | 24 | |||||||||||||||||||||||||||
Total - Consolidated Predevelopment Projects | — | 24 | 24 | |||||||||||||||||||||||||||||
Grand Total - Development and Predevelopment Pipeline | 264 | $ | 114 | $ | 126 |
As of | ||||||||||||||||
12/31/2017 | ||||||||||||||||
Essex | Incurred | Estimated | ||||||||||||||
Development Pipeline | Location | Ownership% | Apartment Homes | Project Cost (1) | Project Cost(1) | |||||||||||
Development Projects - Consolidated | ||||||||||||||||
Station Park Green - Phase I | San Mateo, CA | 100 | % | 121 | $ | 95 | $ | 98 | ||||||||
Station Park Green - Phase II | San Mateo, CA | 100 | % | 199 | 57 | 141 | ||||||||||
Station Park Green - Phase III | San Mateo, CA | 100 | % | 172 | 43 | 124 | ||||||||||
Gateway Village | Santa Clara, CA | 100 | % | 476 | 81 | 226 | ||||||||||
Hollywood | Hollywood, CA | 100 | % | 200 | 27 | 105 | ||||||||||
Total - Consolidated Development Projects | 1,168 | 303 | 694 | |||||||||||||
Development Projects - Joint Venture | ||||||||||||||||
Ohlone | San Jose, CA | 50 | % | 269 | 30 | 136 | ||||||||||
500 Folsom (2) | San Francisco, CA | 50 | % | 545 | 160 | 415 | ||||||||||
Total - Joint Venture Development Projects | 814 | 190 | 551 | |||||||||||||
Predevelopment Projects - Consolidated | ||||||||||||||||
Other Projects | Various | 100 | % | — | 64 | 64 | ||||||||||
Total - Predevelopment Projects | — | 64 | 64 | |||||||||||||
Grand Total - Development and Predevelopment Pipeline | 1,982 | $ | 557 | $ | 1,309 |
Apartment | Year | Year | ||||||||||||||||||||||||||||||||||||
Communities (1) | Location | Type | Homes | Built | Acquired (20) | Occupancy(2) | ||||||||||||||||||||||||||||||||
Southern California | ||||||||||||||||||||||||||||||||||||||
Alpine Village | Alpine, CA | Garden | 301 | 1971 | 2002 | 96% | ||||||||||||||||||||||||||||||||
Barkley, The (3)(4) | Anaheim, CA | Garden | 161 | 1984 | 2000 | 96% | ||||||||||||||||||||||||||||||||
Park Viridian | Anaheim, CA | Mid-rise | 320 | 2008 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Bonita Cedars | Bonita, CA | Garden | 120 | 1983 | 2002 | 96% | ||||||||||||||||||||||||||||||||
The Village at Toluca Lake | Burbank, CA | Mid-rise | 145 | 1974 | 2017 | 97% | ||||||||||||||||||||||||||||||||
Camarillo Oaks | Camarillo, CA | Garden | 564 | 1985 | 1996 | 97% | ||||||||||||||||||||||||||||||||
Camino Ruiz Square | Camarillo, CA | Garden | 160 | 1990 | 2006 | 97% | ||||||||||||||||||||||||||||||||
Hacienda at Camarillo Oaks | Camarillo, CA | Garden | 73 | 1984 | 2023 | 86% | ||||||||||||||||||||||||||||||||
Pinnacle at Otay Ranch I & II | Chula Vista, CA | Mid-rise | 364 | 2001 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Mesa Village | Clairemont, CA | Garden | 133 | 1963 | 2002 | 97% | ||||||||||||||||||||||||||||||||
Villa Siena | Costa Mesa, CA | Garden | 272 | 1974 | 2014 | 95% | ||||||||||||||||||||||||||||||||
Emerald Pointe | Diamond Bar, CA | Garden | 160 | 1989 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Regency at Encino | Encino, CA | Mid-rise | 75 | 1989 | 2009 | 97% | ||||||||||||||||||||||||||||||||
The Havens (5) | Fountain Valley, CA | Garden | 440 | 1969 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Valley Park | Fountain Valley, CA | Garden | 160 | 1969 | 2001 | 96% | ||||||||||||||||||||||||||||||||
Capri at Sunny Hills (4) | Fullerton, CA | Garden | 102 | 1961 | 2001 | 96% | ||||||||||||||||||||||||||||||||
Haver Hill (6) | Fullerton, CA | Garden | 264 | 1973 | 2012 | 96% | ||||||||||||||||||||||||||||||||
Pinnacle at Fullerton | Fullerton, CA | Mid-rise | 192 | 2004 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Wilshire Promenade | Fullerton, CA | Mid-rise | 149 | 1992 | 1997 | 97% | ||||||||||||||||||||||||||||||||
Montejo Apartments | Garden Grove, CA | Garden | 124 | 1974 | 2001 | 97% | ||||||||||||||||||||||||||||||||
The Henley I | Glendale, CA | Mid-rise | 83 | 1974 | 1999 | 97% | ||||||||||||||||||||||||||||||||
The Henley II | Glendale, CA | Mid-rise | 132 | 1970 | 1999 | 97% | ||||||||||||||||||||||||||||||||
Huntington Breakers | Huntington Beach, CA | Mid-rise | 342 | 1984 | 1997 | 97% | ||||||||||||||||||||||||||||||||
The Huntington | Huntington Beach, CA | Garden | 276 | 1975 | 2012 | 96% | ||||||||||||||||||||||||||||||||
Hillsborough Park (7) | La Habra, CA | Garden | 235 | 1999 | 1999 | 97% | ||||||||||||||||||||||||||||||||
Village Green | La Habra, CA | Garden | 272 | 1971 | 2014 | 97% | ||||||||||||||||||||||||||||||||
The Palms at Laguna Niguel | Laguna Niguel, CA | Garden | 460 | 1988 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Trabuco Villas | Lake Forest, CA | Mid-rise | 132 | 1985 | 1997 | 96% | ||||||||||||||||||||||||||||||||
Marbrisa | Long Beach, CA | Mid-rise | 202 | 1987 | 2002 | 97% | ||||||||||||||||||||||||||||||||
Pathways at Bixby Village | Long Beach, CA | Garden | 296 | 1975 | 1991 | 98% | ||||||||||||||||||||||||||||||||
5600 Wilshire | Los Angeles, CA | Mid-rise | 284 | 2008 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Alessio | Los Angeles, CA | Mid-rise | 624 | 2001 | 2014 | 96% | ||||||||||||||||||||||||||||||||
Ashton Sherman Village | Los Angeles, CA | Mid-rise | 264 | 2014 | 2016 | 98% | ||||||||||||||||||||||||||||||||
Avant | Los Angeles, CA | Mid-rise | 440 | 2014 | 2015 | 93% | ||||||||||||||||||||||||||||||||
The Avery | Los Angeles, CA | Mid-rise | 121 | 2014 | 2014 | 98% | ||||||||||||||||||||||||||||||||
Bellerive | Los Angeles, CA | Mid-rise | 63 | 2011 | 2011 | 96% | ||||||||||||||||||||||||||||||||
Belmont Station | Los Angeles, CA | Mid-rise | 275 | 2009 | 2009 | 95% | ||||||||||||||||||||||||||||||||
Bunker Hill | Los Angeles, CA | High-rise | 456 | 1968 | 1998 | 96% | ||||||||||||||||||||||||||||||||
Catalina Gardens | Los Angeles, CA | Mid-rise | 128 | 1987 | 2014 | 93% | ||||||||||||||||||||||||||||||||
Cochran Apartments | Los Angeles, CA | Mid-rise | 58 | 1989 | 1998 | 97% | ||||||||||||||||||||||||||||||||
Emerson Valley Village | Los Angeles, CA | Mid-rise | 144 | 2012 | 2016 | 97% |
Apartment | Rentable | Year | Year | |||||||||||||
Communities (1) | Location | Type | Homes | Square Footage | Built | Acquired | Occupancy(2) | |||||||||
Southern California | ||||||||||||||||
Alpine Village | Alpine, CA | Garden | 301 | 254,400 | 1971 | 2002 | 97% | |||||||||
Anavia | Anaheim, CA | Mid-rise | 250 | 312,343 | 2009 | 2010 | 96% | |||||||||
Barkley, The (3)(4) | Anaheim, CA | Garden | 161 | 139,800 | 1984 | 2000 | 97% | |||||||||
Park Viridian | Anaheim, CA | Mid-rise | 320 | 254,600 | 2008 | 2014 | 97% | |||||||||
Bonita Cedars | Bonita, CA | Garden | 120 | 120,800 | 1983 | 2002 | 97% | |||||||||
Village at Toluca Lake (5) | Burbank, CA | Mid-rise | 145 | 132,144 | 1974 | 2017 | 95% | |||||||||
Camarillo Oaks | Camarillo, CA | Garden | 564 | 459,000 | 1985 | 1996 | 97% | |||||||||
Camino Ruiz Square | Camarillo, CA | Garden | 159 | 105,448 | 1990 | 2006 | 98% | |||||||||
Enclave at Town Square (6) | Chino Hills, CA | Garden | 124 | 89,948 | 1987 | 2014 | 97% | |||||||||
The Summit (7) | Chino Hills, CA | Garden | 125 | 98,420 | 1989 | 2014 | 98% | |||||||||
Pinnacle at Otay Ranch I & II | Chula Vista, CA | Mid-rise | 364 | 384,192 | 2001 | 2014 | 96% | |||||||||
Mesa Village | Clairemont, CA | Garden | 133 | 43,600 | 1963 | 2002 | 97% | |||||||||
Villa Siena | Costa Mesa, CA | Garden | 272 | 262,842 | 1974 | 2014 | 96% | |||||||||
Emerald Pointe | Diamond Bar, CA | Garden | 160 | 134,816 | 1989 | 2014 | 97% | |||||||||
Regency at Encino | Encino, CA | Mid-rise | 75 | 78,487 | 1989 | 2009 | 96% | |||||||||
The Havens (6) | Fountain Valley, CA | Garden | 440 | 414,040 | 1969 | 2014 | 96% | |||||||||
Valley Park | Fountain Valley, CA | Garden | 160 | 169,700 | 1969 | 2001 | 98% | |||||||||
Capri at Sunny Hills (4) | Fullerton, CA | Garden | 102 | 128,100 | 1961 | 2001 | 96% | |||||||||
Haver Hill (7) | Fullerton, CA | Garden | 264 | 224,130 | 1973 | 2012 | 97% | |||||||||
Pinnacle at Fullerton | Fullerton, CA | Mid-rise | 192 | 174,336 | 2004 | 2014 | 96% | |||||||||
Wilshire Promenade | Fullerton, CA | Mid-rise | 149 | 128,000 | 1992 | 1997 | 98% | |||||||||
Montejo Apartments | Garden Grove, CA | Garden | 124 | 103,200 | 1974 | 2001 | 98% | |||||||||
CBC Apartments & The Sweeps | Goleta, CA | Garden | 239 | 179,908 | 1962 | 2006 | 96% | |||||||||
416 on Broadway | Glendale, CA | Mid-rise | 115 | 126,782 | 2009 | 2010 | 97% | |||||||||
Hampton Court | Glendale, CA | Mid-rise | 83 | 71,500 | 1974 | 1999 | 95% | |||||||||
Hampton Place | Glendale, CA | Mid-rise | 132 | 141,500 | 1970 | 1999 | 95% | |||||||||
Devonshire | Hemet, CA | Garden | 276 | 207,200 | 1988 | 2002 | 97% | |||||||||
Huntington Breakers | Huntington Beach, CA | Mid-rise | 342 | 241,700 | 1984 | 1997 | 97% | |||||||||
The Huntington | Huntington Beach, CA | Garden | 276 | 202,256 | 1975 | 2012 | 96% | |||||||||
Axis 2300 | Irvine, CA | Mid-rise | 115 | 170,714 | 2010 | 2010 | 98% | |||||||||
Hillsborough Park (8) | La Habra, CA | Garden | 235 | 215,500 | 1999 | 1999 | 97% | |||||||||
Village Green | La Habra, CA | Garden | 272 | 175,762 | 1971 | 2014 | 96% | |||||||||
The Palms at Laguna Niguel | Laguna Niguel, CA | Garden | 460 | 362,136 | 1988 | 2014 | 96% | |||||||||
Trabuco Villas | Lake Forest, CA | Mid-rise | 132 | 131,000 | 1985 | 1997 | 98% | |||||||||
Marbrisa | Long Beach, CA | Mid-rise | 202 | 122,800 | 1987 | 2002 | 97% | |||||||||
Pathways at Bixby Village | Long Beach, CA | Garden | 296 | 197,700 | 1975 | 1991 | 96% | |||||||||
8th & Hope | Los Angeles, CA | High-rise | 290 | 298,437 | 2014 | 2015 | 96% | |||||||||
5600 Wilshire | Los Angeles, CA | Mid-rise | 284 | 243,910 | 2008 | 2014 | 96% | |||||||||
Alessio | Los Angeles, CA | Mid-rise | 624 | 552,716 | 2001 | 2014 | 96% | |||||||||
Ashton Sherman Village | Los Angeles, CA | Mid-rise | 264 | 296,186 | 2014 | 2016 | 95% | |||||||||
Avant | Los Angeles, CA | Mid-rise | 440 | 305,989 | 2014 | 2015 | 96% | |||||||||
The Avery | Los Angeles, CA | Mid-rise | 121 | 129,393 | 2014 | 2014 | 98% | |||||||||
Bellerive | Los Angeles, CA | Mid-rise | 63 | 79,296 | 2011 | 2011 | 98% |
Apartment | Year | Year | ||||||||||||||||||||||||||||||||||||
Communities (1) | Location | Type | Homes | Built | Acquired (20) | Occupancy(2) | ||||||||||||||||||||||||||||||||
Gas Company Lofts (6) | Los Angeles, CA | High-rise | 251 | 2004 | 2013 | 95% | ||||||||||||||||||||||||||||||||
The Blake LA | Los Angeles, CA | Mid-rise | 196 | 1979 | 1997 | 98% | ||||||||||||||||||||||||||||||||
Marbella | Los Angeles, CA | Mid-rise | 60 | 1991 | 2005 | 97% | ||||||||||||||||||||||||||||||||
Pacific Electric Lofts (8) | Los Angeles, CA | High-rise | 314 | 2006 | 2012 | 94% | ||||||||||||||||||||||||||||||||
Park Catalina | Los Angeles, CA | Mid-rise | 90 | 2002 | 2012 | 93% | ||||||||||||||||||||||||||||||||
Park Place | Los Angeles, CA | Mid-rise | 60 | 1988 | 1997 | 97% | ||||||||||||||||||||||||||||||||
Regency Palm Court | Los Angeles, CA | Mid-rise | 116 | 1987 | 2014 | 94% | ||||||||||||||||||||||||||||||||
Santee Court | Los Angeles, CA | High-rise | 165 | 2004 | 2010 | 92% | ||||||||||||||||||||||||||||||||
Santee Village | Los Angeles, CA | High-rise | 73 | 2011 | 2011 | 92% | ||||||||||||||||||||||||||||||||
Tiffany Court | Los Angeles, CA | Mid-rise | 101 | 1987 | 2014 | 95% | ||||||||||||||||||||||||||||||||
Wallace on Sunset | Los Angeles, CA | Mid-rise | 200 | 2021 | 2021 | 95% | ||||||||||||||||||||||||||||||||
Wilshire La Brea | Los Angeles, CA | Mid-rise | 478 | 2014 | 2014 | 96% | ||||||||||||||||||||||||||||||||
Windsor Court | Los Angeles, CA | Mid-rise | 95 | 1987 | 2014 | 94% | ||||||||||||||||||||||||||||||||
Windsor Court | Los Angeles, CA | Mid-rise | 58 | 1988 | 1997 | 97% | ||||||||||||||||||||||||||||||||
Aqua at Marina Del Rey | Marina Del Rey, CA | Mid-rise | 500 | 2001 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Marina City Club (9) | Marina Del Rey, CA | Mid-rise | 101 | 1971 | 2004 | 97% | ||||||||||||||||||||||||||||||||
Mirabella | Marina Del Rey, CA | Mid-rise | 188 | 2000 | 2000 | 96% | ||||||||||||||||||||||||||||||||
Mira Monte | Mira Mesa, CA | Garden | 354 | 1982 | 2002 | 96% | ||||||||||||||||||||||||||||||||
Hillcrest Park | Newbury Park, CA | Garden | 608 | 1973 | 1998 | 97% | ||||||||||||||||||||||||||||||||
Fairway Apartments at Big Canyon (10) | Newport Beach, CA | Mid-rise | 74 | 1972 | 1999 | 98% | ||||||||||||||||||||||||||||||||
Muse | North Hollywood, CA | Mid-rise | 152 | 2011 | 2011 | 97% | ||||||||||||||||||||||||||||||||
Country Villas | Oceanside, CA | Garden | 180 | 1976 | 2002 | 96% | ||||||||||||||||||||||||||||||||
Mission Hills | Oceanside, CA | Garden | 282 | 1984 | 2005 | 97% | ||||||||||||||||||||||||||||||||
Renaissance at Uptown Orange | Orange, CA | Mid-rise | 460 | 2007 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Mariner's Place | Oxnard, CA | Garden | 105 | 1987 | 2000 | 96% | ||||||||||||||||||||||||||||||||
Monterey Villas | Oxnard, CA | Garden | 122 | 1974 | 1997 | 96% | ||||||||||||||||||||||||||||||||
Tierra Vista | Oxnard, CA | Mid-rise | 404 | 2001 | 2001 | 97% | ||||||||||||||||||||||||||||||||
Arbors at Parc Rose (8) | Oxnard, CA | Mid-rise | 373 | 2001 | 2011 | 97% | ||||||||||||||||||||||||||||||||
The Hallie | Pasadena, CA | Mid-rise | 292 | 1972 | 1997 | 97% | ||||||||||||||||||||||||||||||||
The Stuart | Pasadena, CA | Mid-rise | 188 | 2007 | 2014 | 98% | ||||||||||||||||||||||||||||||||
Villa Angelina | Placentia, CA | Garden | 256 | 1970 | 2001 | 95% | ||||||||||||||||||||||||||||||||
Fountain Park | Playa Vista, CA | Mid-rise | 705 | 2002 | 2004 | 95% | ||||||||||||||||||||||||||||||||
Highridge (4) | Rancho Palos Verdes, CA | Mid-rise | 255 | 1972 | 1997 | 97% | ||||||||||||||||||||||||||||||||
Cortesia | Rancho Santa Margarita, CA | Garden | 308 | 1999 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Pinnacle at Talega | San Clemente, CA | Mid-rise | 362 | 2002 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Allure at Scripps Ranch | San Diego, CA | Mid-rise | 194 | 2002 | 2014 | 98% | ||||||||||||||||||||||||||||||||
Bernardo Crest | San Diego, CA | Garden | 216 | 1988 | 2014 | 98% | ||||||||||||||||||||||||||||||||
Cambridge Park | San Diego, CA | Mid-rise | 320 | 1998 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Carmel Creek | San Diego, CA | Garden | 348 | 2000 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Carmel Landing | San Diego, CA | Garden | 356 | 1989 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Carmel Summit | San Diego, CA | Mid-rise | 246 | 1989 | 2014 | 96% | ||||||||||||||||||||||||||||||||
CentrePointe | San Diego, CA | Garden | 224 | 1974 | 1997 | 95% | ||||||||||||||||||||||||||||||||
Esplanade (5) | San Diego, CA | Garden | 616 | 1986 | 2014 | 96% | ||||||||||||||||||||||||||||||||
Form 15 | San Diego, CA | Mid-rise | 242 | 2014 | 2016 | 97% | ||||||||||||||||||||||||||||||||
Montanosa | San Diego, CA | Garden | 472 | 1990 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Summit Park | San Diego, CA | Garden | 300 | 1972 | 2002 | 97% |
Apartment | Rentable | Year | Year | |||||||||||||
Communities (1) | Location | Type | Homes | Square Footage | Built | Acquired | Occupancy(2) | |||||||||
Belmont Station | Los Angeles, CA | Mid-rise | 275 | 225,000 | 2009 | 2009 | 97% | |||||||||
Bunker Hill | Los Angeles, CA | High-rise | 456 | 346,600 | 1968 | 1998 | 93% | |||||||||
Catalina Gardens | Los Angeles, CA | Mid-rise | 128 | 117,585 | 1987 | 2014 | 96% | |||||||||
Cochran Apartments | Los Angeles, CA | Mid-rise | 58 | 51,400 | 1989 | 1998 | 97% | |||||||||
Emerson Valley Village | Los Angeles, CA | Mid-rise | 144 | 179,060 | 2012 | 2016 | 96% | |||||||||
Gas Company Lofts (7) | Los Angeles, CA | High-rise | 251 | 226,666 | 2004 | 2013 | 96% | |||||||||
Kings Road | Los Angeles, CA | Mid-rise | 196 | 132,100 | 1979 | 1997 | 97% | |||||||||
Marbella | Los Angeles, CA | Mid-rise | 60 | 50,108 | 1991 | 2005 | 97% | |||||||||
Pacific Electric Lofts (9) | Los Angeles, CA | High-rise | 314 | 277,980 | 2006 | 2012 | 95% | |||||||||
Park Catalina | Los Angeles, CA | Mid-rise | 90 | 72,864 | 2002 | 2012 | 96% | |||||||||
Park Place | Los Angeles, CA | Mid-rise | 60 | 48,000 | 1988 | 1997 | 97% | |||||||||
Regency Palm Court (7) | Los Angeles, CA | Mid-rise | 116 | 54,844 | 1987 | 2014 | 96% | |||||||||
Santee Court | Los Angeles, CA | High-rise | 165 | 132,040 | 2004 | 2010 | 96% | |||||||||
Santee Village | Los Angeles, CA | High-rise | 73 | 69,817 | 2011 | 2011 | 96% | |||||||||
Tiffany Court | Los Angeles, CA | Mid-rise | 101 | 74,538 | 1987 | 2014 | 98% | |||||||||
Wilshire La Brea | Los Angeles, CA | Mid-rise | 478 | 354,972 | 2014 | 2014 | 96% | |||||||||
Windsor Court (7) | Los Angeles, CA | Mid-rise | 95 | 51,266 | 1987 | 2014 | 96% | |||||||||
Windsor Court | Los Angeles, CA | Mid-rise | 58 | 46,600 | 1988 | 1997 | 97% | |||||||||
Aqua Marina Del Rey | Marina Del Rey, CA | Mid-rise | 500 | 479,312 | 2001 | 2014 | 96% | |||||||||
Marina City Club (10) | Marina Del Rey, CA | Mid-rise | 101 | 127,200 | 1971 | 2004 | 98% | |||||||||
Mirabella | Marina Del Rey, CA | Mid-rise | 188 | 176,800 | 2000 | 2000 | 96% | |||||||||
Mira Monte | Mira Mesa, CA | Garden | 354 | 262,600 | 1982 | 2002 | 97% | |||||||||
Hillcrest Park | Newbury Park, CA | Garden | 608 | 521,900 | 1973 | 1998 | 97% | |||||||||
Fairway Apartments at Big Canyon (11) | Newport Beach, CA | Mid-rise | 74 | 107,100 | 1972 | 1999 | 97% | |||||||||
Muse | North Hollywood, CA | Mid-rise | 152 | 135,292 | 2011 | 2011 | 97% | |||||||||
Country Villas | Oceanside, CA | Garden | 180 | 179,700 | 1976 | 2002 | 97% | |||||||||
Mission Hills | Oceanside, CA | Garden | 282 | 244,000 | 1984 | 2005 | 97% | |||||||||
Renaissance at Uptown Orange | Orange, CA | Mid-rise | 460 | 432,836 | 2007 | 2014 | 97% | |||||||||
Mariner's Place | Oxnard, CA | Garden | 105 | 77,200 | 1987 | 2000 | 98% | |||||||||
Monterey Villas | Oxnard, CA | Garden | 122 | 122,100 | 1974 | 1997 | 98% | |||||||||
Tierra Vista | Oxnard, CA | Mid-rise | 404 | 387,100 | 2001 | 2001 | 97% | |||||||||
Arbors at Parc Rose (9) | Oxnard, CA | Mid-rise | 373 | 503,196 | 2001 | 2011 | 97% | |||||||||
The Hallie | Pasadena, CA | Mid-rise | 292 | 216,700 | 1972 | 1997 | 95% | |||||||||
The Stuart | Pasadena, CA | Mid-rise | 188 | 168,630 | 2007 | 2014 | 96% | |||||||||
Villa Angelina | Placentia, CA | Garden | 256 | 217,600 | 1970 | 2001 | 98% | |||||||||
Fountain Park | Playa Vista, CA | Mid-rise | 705 | 608,900 | 2002 | 2004 | 97% | |||||||||
Highridge (4) | Rancho Palos Verdes, CA | Mid-rise | 255 | 290,200 | 1972 | 1997 | 97% | |||||||||
Cortesia | Rancho Santa Margarita, CA | Garden | 308 | 277,580 | 1999 | 2014 | 97% | |||||||||
Pinnacle at Talega | San Clemente, CA | Mid-rise | 362 | 355,764 | 2002 | 2014 | 96% | |||||||||
Allure at Scripps Ranch | San Diego, CA | Mid-rise | 194 | 207,052 | 2002 | 2014 | 98% | |||||||||
Bernardo Crest | San Diego, CA | Garden | 216 | 205,548 | 1988 | 2014 | 97% | |||||||||
Cambridge Park | San Diego, CA | Mid-rise | 320 | 317,958 | 1998 | 2014 | 97% |
Apartment | Year | Year | ||||||||||||||||||||||||||||||||||||
Communities (1) | Location | Type | Homes | Built | Acquired (20) | Occupancy(2) | ||||||||||||||||||||||||||||||||
Essex Skyline (11) | Santa Ana, CA | High-rise | 350 | 2008 | 2010 | 93% | ||||||||||||||||||||||||||||||||
Fairhaven Apartments (4) | Santa Ana, CA | Garden | 164 | 1970 | 2001 | 96% | ||||||||||||||||||||||||||||||||
Parkside Court (5) | Santa Ana, CA | Mid-rise | 210 | 1986 | 2014 | 96% | ||||||||||||||||||||||||||||||||
Pinnacle at MacArthur Place | Santa Ana, CA | Mid-rise | 253 | 2002 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Hope Ranch | Santa Barbara, CA | Garden | 108 | 1965 | 2007 | 98% | ||||||||||||||||||||||||||||||||
Bridgeport Coast (12) | Santa Clarita, CA | Mid-rise | 188 | 2006 | 2014 | 98% | ||||||||||||||||||||||||||||||||
Meadowood (7) | Simi Valley, CA | Garden | 320 | 1986 | 1996 | 97% | ||||||||||||||||||||||||||||||||
Shadow Point | Spring Valley, CA | Garden | 172 | 1983 | 2002 | 95% | ||||||||||||||||||||||||||||||||
The Fairways at Westridge (12) | Valencia, CA | Mid-rise | 234 | 2004 | 2014 | 98% | ||||||||||||||||||||||||||||||||
The Vistas of West Hills (12) | Valencia, CA | Mid-rise | 220 | 2009 | 2014 | 98% | ||||||||||||||||||||||||||||||||
Allegro | Valley Village, CA | Mid-rise | 97 | 2010 | 2010 | 98% | ||||||||||||||||||||||||||||||||
Lofts at Pinehurst, The | Ventura, CA | Garden | 118 | 1971 | 1997 | 97% | ||||||||||||||||||||||||||||||||
Pinehurst (13) | Ventura, CA | Garden | 28 | 1973 | 2004 | 97% | ||||||||||||||||||||||||||||||||
Woodside Village | Ventura, CA | Garden | 145 | 1987 | 2004 | 97% | ||||||||||||||||||||||||||||||||
Passage Buena Vista (14) | Vista, CA | Garden | 179 | 2020 | 2021 | 97% | ||||||||||||||||||||||||||||||||
Walnut Heights | Walnut, CA | Garden | 163 | 1964 | 2003 | 96% | ||||||||||||||||||||||||||||||||
The Dylan | West Hollywood, CA | Mid-rise | 184 | 2014 | 2014 | 95% | ||||||||||||||||||||||||||||||||
The Huxley | West Hollywood, CA | Mid-rise | 187 | 2014 | 2014 | 95% | ||||||||||||||||||||||||||||||||
Reveal | Woodland Hills, CA | Mid-rise | 438 | 2010 | 2011 | 96% | ||||||||||||||||||||||||||||||||
Avondale at Warner Center | Woodland Hills, CA | Mid-rise | 446 | 1970 | 1999 | 97% | ||||||||||||||||||||||||||||||||
Vela (16) | Woodland Hills, CA | Mid-rise | 379 | 2018 | 2022 | 96% | ||||||||||||||||||||||||||||||||
26,209 | 96% | |||||||||||||||||||||||||||||||||||||
Northern California | ||||||||||||||||||||||||||||||||||||||
Belmont Terrace | Belmont, CA | Mid-rise | 71 | 1974 | 2006 | 96% | ||||||||||||||||||||||||||||||||
Fourth & U | Berkeley, CA | Mid-rise | 171 | 2010 | 2010 | 96% | ||||||||||||||||||||||||||||||||
The Commons | Campbell, CA | Garden | 264 | 1973 | 2010 | 97% | ||||||||||||||||||||||||||||||||
Pointe at Cupertino | Cupertino, CA | Garden | 116 | 1963 | 1998 | 97% | ||||||||||||||||||||||||||||||||
Connolly Station | Dublin, CA | Mid-rise | 309 | 2014 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Avenue 64 | Emeryville, CA | Mid-rise | 224 | 2007 | 2014 | 95% | ||||||||||||||||||||||||||||||||
The Courtyards at 65th Street (15) | Emeryville, CA | Mid-rise | 331 | 2004 | 2019 | 94% | ||||||||||||||||||||||||||||||||
Emme | Emeryville, CA | Mid-rise | 190 | 2015 | 2015 | 97% | ||||||||||||||||||||||||||||||||
Foster's Landing | Foster City, CA | Garden | 490 | 1987 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Stevenson Place | Fremont, CA | Garden | 200 | 1975 | 2000 | 97% | ||||||||||||||||||||||||||||||||
Mission Peaks | Fremont, CA | Mid-rise | 453 | 1995 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Mission Peaks II | Fremont, CA | Garden | 336 | 1989 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Paragon Apartments | Fremont, CA | Mid-rise | 301 | 2013 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Boulevard | Fremont, CA | Garden | 172 | 1978 | 1996 | 97% | ||||||||||||||||||||||||||||||||
Briarwood (8) | Fremont, CA | Garden | 160 | 1978 | 2011 | 96% | ||||||||||||||||||||||||||||||||
The Woods (8) | Fremont, CA | Garden | 160 | 1978 | 2011 | 97% | ||||||||||||||||||||||||||||||||
The Rexford (16) | Fremont, CA | Garden | 203 | 1973 | 2021 | 97% | ||||||||||||||||||||||||||||||||
City Centre (12) | Hayward, CA | Mid-rise | 192 | 2000 | 2014 | 96% | ||||||||||||||||||||||||||||||||
City View | Hayward, CA | Garden | 572 | 1975 | 1998 | 95% | ||||||||||||||||||||||||||||||||
Lafayette Highlands | Lafayette, CA | Garden | 150 | 1973 | 2014 | 97% | ||||||||||||||||||||||||||||||||
777 Hamilton (17) | Menlo Park, CA | Mid-rise | 195 | 2017 | 2019 | 95% | ||||||||||||||||||||||||||||||||
Apex | Milpitas, CA | Mid-rise | 367 | 2014 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Regency at Mountain View (6) | Mountain View, CA | Mid-rise | 142 | 1970 | 2013 | 96% | ||||||||||||||||||||||||||||||||
Bridgeport (7) | Newark, CA | Garden | 184 | 1987 | 1987 | 98% |
Apartment | Rentable | Year | Year | |||||||||||||
Communities (1) | Location | Type | Homes | Square Footage | Built | Acquired | Occupancy(2) | |||||||||
Carmel Creek | San Diego, CA | Garden | 348 | 384,216 | 2000 | 2014 | 96% | |||||||||
Carmel Landing | San Diego, CA | Garden | 356 | 283,426 | 1989 | 2014 | 95% | |||||||||
Carmel Summit | San Diego, CA | Mid-rise | 246 | 225,880 | 1989 | 2014 | 97% | |||||||||
CentrePointe | San Diego, CA | Garden | 224 | 126,700 | 1974 | 1997 | 97% | |||||||||
Domain | San Diego, CA | Mid-rise | 379 | 345,044 | 2013 | 2013 | 96% | |||||||||
Esplanade (6) | San Diego, CA | Garden | 616 | 479,600 | 1986 | 2014 | 96% | |||||||||
Form 15 | San Diego, CA | Mid-rise | 242 | 184,190 | 2014 | 2016 | 96% | |||||||||
Montanosa | San Diego, CA | Garden | 472 | 414,968 | 1990 | 2014 | 97% | |||||||||
Summit Park | San Diego, CA | Garden | 300 | 229,400 | 1972 | 2002 | 96% | |||||||||
Essex Skyline (12) | Santa Ana, CA | High-rise | 349 | 512,791 | 2008 | 2010 | 97% | |||||||||
Fairhaven Apartments (4) | Santa Ana, CA | Garden | 164 | 135,700 | 1970 | 2001 | 96% | |||||||||
Parkside Court (6) | Santa Ana, CA | Mid-rise | 210 | 152,400 | 1986 | 2014 | 98% | |||||||||
Pinnacle at MacArthur Place | Santa Ana, CA | Mid-rise | 253 | 262,867 | 2002 | 2014 | 97% | |||||||||
Hope Ranch | Santa Barbara, CA | Garden | 108 | 126,700 | 1965 | 2007 | 98% | |||||||||
Bridgeport Coast (13) | Santa Clarita, CA | Mid-rise | 188 | 168,198 | 2006 | 2014 | 96% | |||||||||
Hidden Valley (14) | Simi Valley, CA | Garden | 324 | 310,900 | 2004 | 2004 | 98% | |||||||||
Meadowood (8) | Simi Valley, CA | Garden | 320 | 264,500 | 1986 | 1996 | 96% | |||||||||
Shadow Point | Spring Valley, CA | Garden | 172 | 131,200 | 1983 | 2002 | 97% | |||||||||
The Fairways at Westridge (13) | Valencia, CA | Mid-rise | 234 | 223,330 | 2004 | 2014 | 96% | |||||||||
The Vistas of West Hills (13) | Valencia, CA | Mid-rise | 220 | 221,119 | 2009 | 2014 | 96% | |||||||||
Allegro | Valley Village, CA | Mid-rise | 97 | 127,812 | 2010 | 2010 | 97% | |||||||||
Lofts at Pinehurst, The | Ventura, CA | Garden | 118 | 71,100 | 1971 | 1997 | 98% | |||||||||
Pinehurst (15) | Ventura, CA | Garden | 28 | 21,200 | 1973 | 2004 | 97% | |||||||||
Woodside Village | Ventura, CA | Garden | 145 | 136,500 | 1987 | 2004 | 98% | |||||||||
Walnut Heights | Walnut, CA | Garden | 163 | 146,700 | 1964 | 2003 | 96% | |||||||||
The Dylan | West Hollywood, CA | Mid-rise | 184 | 150,678 | 2014 | 2014 | 96% | |||||||||
The Huxley | West Hollywood, CA | Mid-rise | 187 | 154,776 | 2014 | 2014 | 96% | |||||||||
Reveal | Woodland Hills, CA | Mid-rise | 438 | 414,892 | 2010 | 2011 | 96% | |||||||||
Avondale at Warner Center | Woodland Hills, CA | Mid-rise | 446 | 331,000 | 1970 | 1999 | 96% | |||||||||
27,613 | 24,536,226 | 96% | ||||||||||||||
Northern California | ||||||||||||||||
Belmont Terrace | Belmont, CA | Mid-rise | 71 | 72,951 | 1974 | 2006 | 98% | |||||||||
Fourth & U | Berkeley, CA | Mid-rise | 171 | 146,255 | 2010 | 2010 | 97% | |||||||||
The Commons | Campbell, CA | Garden | 264 | 153,168 | 1973 | 2010 | 96% | |||||||||
Pointe at Cupertino | Cupertino, CA | Garden | 116 | 135,200 | 1963 | 1998 | 97% | |||||||||
Connolly Station (16) | Dublin, CA | Mid-rise | 309 | 286,348 | 2014 | 2014 | 97% | |||||||||
Avenue 64 | Emeryville, CA | Mid-rise | 224 | 196,896 | 2007 | 2014 | 97% | |||||||||
Emme (16) | Emeryville, CA | Mid-rise | 190 | 148,935 | 2015 | 2015 | 97% | |||||||||
Foster's Landing | Foster City, CA | Garden | 490 | 415,130 | 1987 | 2014 | 97% | |||||||||
Stevenson Place | Fremont, CA | Garden | 200 | 146,200 | 1975 | 2000 | 94% | |||||||||
Mission Peaks | Fremont, CA | Mid-rise | 453 | 404,034 | 1995 | 2014 | 94% | |||||||||
Mission Peaks II | Fremont, CA | Garden | 336 | 294,720 | 1989 | 2014 | 95% | |||||||||
Paragon Apartments | Fremont, CA | Mid-rise | 301 | 267,047 | 2013 | 2014 | 97% | |||||||||
Boulevard | Fremont, CA | Garden | 172 | 131,200 | 1978 | 1996 | 95% | |||||||||
Briarwood (9) | Fremont, CA | Garden | 160 | 111,160 | 1978 | 2011 | 95% |
Apartment | Year | Year | ||||||||||||||||||||||||||||||||||||
Communities (1) | Location | Type | Homes | Built | Acquired (20) | Occupancy(2) | ||||||||||||||||||||||||||||||||
The Landing at Jack London Square | Oakland, CA | Mid-rise | 282 | 2001 | 2014 | 95% | ||||||||||||||||||||||||||||||||
The Grand | Oakland, CA | High-rise | 243 | 2009 | 2009 | 95% | ||||||||||||||||||||||||||||||||
The Galloway | Pleasanton, CA | Mid-rise | 506 | 2016 | 2016 | 97% | ||||||||||||||||||||||||||||||||
Radius | Redwood City, CA | Mid-rise | 264 | 2015 | 2015 | 97% | ||||||||||||||||||||||||||||||||
Township | Redwood City, CA | Mid-rise | 132 | 2014 | 2019 | 95% | ||||||||||||||||||||||||||||||||
San Marcos | Richmond, CA | Mid-rise | 432 | 2003 | 2003 | 96% | ||||||||||||||||||||||||||||||||
500 Folsom (14) | San Francisco, CA | High-rise | 537 | 2021 | 2021 | 94% | ||||||||||||||||||||||||||||||||
Bennett Lofts | San Francisco, CA | Mid-rise | 179 | 2004 | 2012 | 91% | ||||||||||||||||||||||||||||||||
Fox Plaza | San Francisco, CA | High-rise | 445 | 1968 | 2013 | 95% | ||||||||||||||||||||||||||||||||
MB 360 | San Francisco, CA | Mid-rise | 360 | 2014 | 2014 | 95% | ||||||||||||||||||||||||||||||||
Park West | San Francisco, CA | Mid-rise | 126 | 1958 | 2012 | 96% | ||||||||||||||||||||||||||||||||
101 San Fernando | San Jose, CA | Mid-rise | 323 | 2001 | 2010 | 96% | ||||||||||||||||||||||||||||||||
360 Residences (15) | San Jose, CA | Mid-rise | 213 | 2010 | 2017 | 94% | ||||||||||||||||||||||||||||||||
Bella Villagio | San Jose, CA | Mid-rise | 231 | 2004 | 2010 | 95% | ||||||||||||||||||||||||||||||||
Century Towers (14) | San Jose, CA | High-rise | 376 | 2017 | 2017 | 96% | ||||||||||||||||||||||||||||||||
Enso | San Jose, CA | Mid-rise | 183 | 2014 | 2015 | 97% | ||||||||||||||||||||||||||||||||
Epic | San Jose, CA | Mid-rise | 769 | 2013 | 2013 | 97% | ||||||||||||||||||||||||||||||||
Esplanade | San Jose, CA | Mid-rise | 278 | 2002 | 2004 | 97% | ||||||||||||||||||||||||||||||||
Fountains at River Oaks | San Jose, CA | Mid-rise | 226 | 1990 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Marquis | San Jose, CA | Mid-rise | 166 | 2015 | 2016 | 97% | ||||||||||||||||||||||||||||||||
Meridian at Midtown (15) | San Jose, CA | Mid-rise | 218 | 2015 | 2018 | 96% | ||||||||||||||||||||||||||||||||
Mio | San Jose, CA | Mid-rise | 103 | 2015 | 2016 | 97% | ||||||||||||||||||||||||||||||||
Palm Valley | San Jose, CA | Mid-rise | 1,100 | 2008 | 2014 | 96% | ||||||||||||||||||||||||||||||||
Patina at Midtown (14) | San Jose, CA | Mid-rise | 269 | 2021 | 2021 | 96% | ||||||||||||||||||||||||||||||||
Sage at Cupertino (4) | San Jose, CA | Garden | 230 | 1971 | 2017 | 97% | ||||||||||||||||||||||||||||||||
Silver (14) | San Jose, CA | Mid-rise | 268 | 2019 | 2021 | 95% | ||||||||||||||||||||||||||||||||
The Carlyle (7) | San Jose, CA | Garden | 132 | 2000 | 2000 | 96% | ||||||||||||||||||||||||||||||||
The Waterford | San Jose, CA | Mid-rise | 238 | 2000 | 2000 | 97% | ||||||||||||||||||||||||||||||||
Willow Lake | San Jose, CA | Mid-rise | 508 | 1989 | 2012 | 97% | ||||||||||||||||||||||||||||||||
Lakeshore Landing | San Mateo, CA | Mid-rise | 308 | 1988 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Hillsdale Garden (14) | San Mateo, CA | Garden | 697 | 1948 | 2006 | 95% | ||||||||||||||||||||||||||||||||
Station Park Green | San Mateo, CA | Mid-rise | 599 | 2018 | 2018 | 97% | ||||||||||||||||||||||||||||||||
Deer Valley | San Rafael, CA | Garden | 171 | 1996 | 2014 | 96% | ||||||||||||||||||||||||||||||||
Bel Air | San Ramon, CA | Garden | 462 | 1988 | 1995 | 97% | ||||||||||||||||||||||||||||||||
Canyon Oaks | San Ramon, CA | Mid-rise | 250 | 2005 | 2007 | 97% | ||||||||||||||||||||||||||||||||
Crow Canyon | San Ramon, CA | Mid-rise | 400 | 1992 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Foothill Gardens | San Ramon, CA | Garden | 132 | 1985 | 1997 | 97% | ||||||||||||||||||||||||||||||||
Mill Creek at Windermere | San Ramon, CA | Mid-rise | 400 | 2005 | 2007 | 96% | ||||||||||||||||||||||||||||||||
Twin Creeks | San Ramon, CA | Garden | 44 | 1985 | 1997 | 97% | ||||||||||||||||||||||||||||||||
1000 Kiely | Santa Clara, CA | Garden | 121 | 1971 | 2011 | 97% | ||||||||||||||||||||||||||||||||
Le Parc | Santa Clara, CA | Garden | 140 | 1975 | 1994 | 97% | ||||||||||||||||||||||||||||||||
Marina Cove (18) | Santa Clara, CA | Garden | 292 | 1974 | 1994 | 97% | ||||||||||||||||||||||||||||||||
Mylo | Santa Clara, CA | Mid-rise | 476 | 2021 | 2021 | 96% | ||||||||||||||||||||||||||||||||
Riley Square (8) | Santa Clara, CA | Garden | 156 | 1972 | 2012 | 96% | ||||||||||||||||||||||||||||||||
Villa Granada | Santa Clara, CA | Mid-rise | 270 | 2010 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Chestnut Street Apartments | Santa Cruz, CA | Garden | 96 | 2002 | 2008 | 91% | ||||||||||||||||||||||||||||||||
Bristol Commons | Sunnyvale, CA | Garden | 188 | 1989 | 1995 | 97% |
Apartment | Rentable | Year | Year | |||||||||||||
Communities (1) | Location | Type | Homes | Square Footage | Built | Acquired | Occupancy(2) | |||||||||
The Woods (9) | Fremont, CA | Garden | 160 | 105,280 | 1978 | 2011 | 96% | |||||||||
City Centre (13) | Hayward, CA | Mid-rise | 192 | 175,420 | 2000 | 2014 | 98% | |||||||||
City View | Hayward, CA | Garden | 572 | 462,400 | 1975 | 1998 | 97% | |||||||||
Lafayette Highlands | Lafayette, CA | Garden | 150 | 151,790 | 1973 | 2014 | 98% | |||||||||
Apex | Milpitas, CA | Mid-rise | 366 | 350,961 | 2014 | 2014 | 96% | |||||||||
Regency at Mountain View (7) | Mountain View, CA | Mid-rise | 142 | 127,600 | 1970 | 2013 | 91% | |||||||||
Bridgeport (8) | Newark, CA | Garden | 184 | 139,000 | 1987 | 1987 | 97% | |||||||||
The Landing at Jack London Square | Oakland, CA | Mid-rise | 282 | 257,796 | 2001 | 2014 | 97% | |||||||||
The Grand | Oakland, CA | High-rise | 243 | 205,026 | 2009 | 2009 | 98% | |||||||||
The Galloway (16) | Pleasanton, CA | Mid-rise | 506 | 470,550 | 2016 | 2016 | 73% | |||||||||
Radius | Redwood City, CA | Mid-rise | 264 | 245,862 | 2015 | 2015 | 96% | |||||||||
San Marcos | Richmond, CA | Mid-rise | 432 | 407,600 | 2003 | 2003 | 96% | |||||||||
Bennett Lofts | San Francisco, CA | Mid-rise | 165 | 184,713 | 2004 | 2012 | 95% | |||||||||
Fox Plaza | San Francisco, CA | High-rise | 444 | 230,017 | 1968 | 2013 | 96% | |||||||||
MB 360 | San Francisco, CA | Mid-rise | 360 | 441,489 | 2014 | 2014 | 97% | |||||||||
Mosso (16) | San Francisco, CA | High-rise | 463 | 607,549 | 2014 | 2014 | 97% | |||||||||
Park West | San Francisco, CA | Mid-rise | 126 | 90,060 | 1958 | 2012 | 95% | |||||||||
101 San Fernando | San Jose, CA | Mid-rise | 323 | 296,078 | 2001 | 2010 | 96% | |||||||||
360 Residences (17) | San Jose, CA | Mid-rise | 213 | 281,108 | 2010 | 2017 | 95% | |||||||||
Bella Villagio | San Jose, CA | Mid-rise | 231 | 227,511 | 2004 | 2010 | 98% | |||||||||
Century Towers (18) | San Jose, CA | High-rise | 376 | 330,178 | 2017 | 2017 | 54% | |||||||||
Enso | San Jose, CA | Mid-rise | 183 | 179,562 | 2014 | 2015 | 97% | |||||||||
Epic (16) | San Jose, CA | Mid-rise | 769 | 660,030 | 2013 | 2013 | 96% | |||||||||
Esplanade | San Jose, CA | Mid-rise | 278 | 279,000 | 2002 | 2004 | 97% | |||||||||
Fountains at River Oaks | San Jose, CA | Mid-rise | 226 | 209,954 | 1990 | 2014 | 98% | |||||||||
Marquis (18) | San Jose, CA | Mid-rise | 166 | 136,467 | 2015 | 2016 | 96% | |||||||||
Mio | San Jose, CA | Mid-rise | 103 | 92,405 | 2015 | 2016 | 98% | |||||||||
Museum Park | San Jose, CA | Mid-rise | 117 | 121,329 | 2002 | 2014 | 96% | |||||||||
One South Market (19) | San Jose, CA | High-rise | 312 | 283,268 | 2015 | 2015 | 96% | |||||||||
Palm Valley (27) | San Jose, CA | Mid-rise | 1,098 | 1,132,284 | 2008 | 2014 | 97% | |||||||||
Sage at Cupertino (20) | San Jose, CA | Garden | 230 | 178,961 | 1971 | 2017 | 96% | |||||||||
The Carlyle (8) | San Jose, CA | Garden | 132 | 129,200 | 2000 | 2000 | 97% | |||||||||
The Waterford | San Jose, CA | Mid-rise | 238 | 219,600 | 2000 | 2000 | 96% | |||||||||
Willow Lake | San Jose, CA | Mid-rise | 508 | 471,744 | 1989 | 2012 | 97% | |||||||||
Lakeshore Landing | San Mateo, CA | Mid-rise | 308 | 223,972 | 1988 | 2014 | 97% | |||||||||
Hillsdale Garden | San Mateo, CA | Garden | 697 | 611,505 | 1948 | 2006 | 97% | |||||||||
Park 20 (16) | San Mateo, CA | Mid-rise | 197 | 140,547 | 2015 | 2015 | 97% | |||||||||
Deer Valley | San Rafael, CA | Garden | 171 | 167,238 | 1996 | 2014 | 97% | |||||||||
Bel Air | San Ramon, CA | Garden | 462 | 391,000 | 1988 | 1995 | 98% | |||||||||
Canyon Oaks | San Ramon, CA | Mid-rise | 250 | 237,894 | 2005 | 2007 | 99% | |||||||||
Crow Canyon | San Ramon, CA | Mid-rise | 400 | 337,064 | 1992 | 2014 | 97% | |||||||||
Foothill Gardens | San Ramon, CA | Garden | 132 | 155,100 | 1985 | 1997 | 97% | |||||||||
Mill Creek at Windermere | San Ramon, CA | Mid-rise | 400 | 381,060 | 2005 | 2007 | 98% | |||||||||
Twin Creeks | San Ramon, CA | Garden | 44 | 51,700 | 1985 | 1997 | 97% | |||||||||
1000 Kiely | Santa Clara, CA | Garden | 121 | 128,486 | 1971 | 2011 | 95% | |||||||||
Le Parc | Santa Clara, CA | Garden | 140 | 113,200 | 1975 | 1994 | 98% |
Apartment | Year | Year | ||||||||||||||||||||||||||||||||||||
Communities (1) | Location | Type | Homes | Built | Acquired (20) | Occupancy(2) | ||||||||||||||||||||||||||||||||
Brookside Oaks (4) | Sunnyvale, CA | Garden | 170 | 1973 | 2000 | 97% | ||||||||||||||||||||||||||||||||
Lawrence Station | Sunnyvale, CA | Mid-rise | 336 | 2012 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Magnolia Lane (19) | Sunnyvale, CA | Garden | 32 | 2001 | 2007 | 97% | ||||||||||||||||||||||||||||||||
Magnolia Square (4) | Sunnyvale, CA | Garden | 156 | 1963 | 2007 | 97% | ||||||||||||||||||||||||||||||||
Montclaire | Sunnyvale, CA | Mid-rise | 390 | 1973 | 1988 | 97% | ||||||||||||||||||||||||||||||||
Reed Square | Sunnyvale, CA | Garden | 100 | 1970 | 2011 | 97% | ||||||||||||||||||||||||||||||||
Solstice | Sunnyvale, CA | Mid-rise | 280 | 2014 | 2014 | 96% | ||||||||||||||||||||||||||||||||
Summerhill Park | Sunnyvale, CA | Garden | 100 | 1988 | 1988 | 97% | ||||||||||||||||||||||||||||||||
Via | Sunnyvale, CA | Mid-rise | 284 | 2011 | 2011 | 97% | ||||||||||||||||||||||||||||||||
Windsor Ridge | Sunnyvale, CA | Mid-rise | 216 | 1989 | 1989 | 97% | ||||||||||||||||||||||||||||||||
Vista Belvedere | Tiburon, CA | Mid-rise | 76 | 1963 | 2004 | 95% | ||||||||||||||||||||||||||||||||
Verandas (12) | Union City, CA | Mid-rise | 282 | 1989 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Agora | Walnut Creek, CA | Mid-rise | 49 | 2016 | 2016 | 96% | ||||||||||||||||||||||||||||||||
Brio (4) | Walnut Creek, CA | Mid-rise | 300 | 2015 | 2019 | 97% | ||||||||||||||||||||||||||||||||
23,263 | 96% | |||||||||||||||||||||||||||||||||||||
Seattle, Washington Metropolitan Area | ||||||||||||||||||||||||||||||||||||||
Belcarra | Bellevue, WA | Mid-rise | 296 | 2009 | 2014 | 97% | ||||||||||||||||||||||||||||||||
BellCentre | Bellevue, WA | Mid-rise | 249 | 2001 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Cedar Terrace | Bellevue, WA | Garden | 180 | 1984 | 2005 | 96% | ||||||||||||||||||||||||||||||||
Courtyard off Main | Bellevue, WA | Mid-rise | 110 | 2000 | 2010 | 96% | ||||||||||||||||||||||||||||||||
Ellington | Bellevue, WA | Mid-rise | 220 | 1994 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Emerald Ridge | Bellevue, WA | Garden | 180 | 1987 | 1994 | 96% | ||||||||||||||||||||||||||||||||
Foothill Commons | Bellevue, WA | Mid-rise | 394 | 1978 | 1990 | 97% | ||||||||||||||||||||||||||||||||
Palisades, The | Bellevue, WA | Garden | 192 | 1977 | 1990 | 96% | ||||||||||||||||||||||||||||||||
Park Highland | Bellevue, WA | Mid-rise | 250 | 1993 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Piedmont | Bellevue, WA | Garden | 396 | 1969 | 2014 | 96% | ||||||||||||||||||||||||||||||||
Sammamish View | Bellevue, WA | Garden | 153 | 1986 | 1994 | 97% | ||||||||||||||||||||||||||||||||
Woodland Commons | Bellevue, WA | Garden | 302 | 1978 | 1990 | 96% | ||||||||||||||||||||||||||||||||
Bothell Ridge (5) | Bothell, WA | Garden | 214 | 1988 | 2014 | 96% | ||||||||||||||||||||||||||||||||
Canyon Pointe | Bothell, WA | Garden | 250 | 1990 | 2003 | 96% | ||||||||||||||||||||||||||||||||
Inglenook Court | Bothell, WA | Garden | 224 | 1985 | 1994 | 97% | ||||||||||||||||||||||||||||||||
Pinnacle Sonata | Bothell, WA | Mid-rise | 268 | 2000 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Salmon Run at Perry Creek | Bothell, WA | Garden | 132 | 2000 | 2000 | 97% | ||||||||||||||||||||||||||||||||
Stonehedge Village | Bothell, WA | Garden | 196 | 1986 | 1997 | 96% | ||||||||||||||||||||||||||||||||
Highlands at Wynhaven | Issaquah, WA | Mid-rise | 333 | 2000 | 2008 | 98% | ||||||||||||||||||||||||||||||||
Park Hill at Issaquah | Issaquah, WA | Garden | 245 | 1999 | 1999 | 96% | ||||||||||||||||||||||||||||||||
Wandering Creek | Kent, WA | Garden | 156 | 1986 | 1995 | 97% | ||||||||||||||||||||||||||||||||
Ascent | Kirkland, WA | Garden | 90 | 1988 | 2012 | 97% | ||||||||||||||||||||||||||||||||
Bridle Trails | Kirkland, WA | Garden | 108 | 1986 | 1997 | 96% | ||||||||||||||||||||||||||||||||
Corbella at Juanita Bay | Kirkland, WA | Garden | 169 | 1978 | 2010 | 96% | ||||||||||||||||||||||||||||||||
Evergreen Heights | Kirkland, WA | Garden | 200 | 1990 | 1997 | 97% | ||||||||||||||||||||||||||||||||
Slater 116 | Kirkland, WA | Mid-rise | 108 | 2013 | 2013 | 97% | ||||||||||||||||||||||||||||||||
Montebello | Kirkland, WA | Garden | 248 | 1996 | 2012 | 97% | ||||||||||||||||||||||||||||||||
Martha Lake Apartments (16) | Lynwood, WA | Mid-rise | 155 | 1991 | 2021 | 96% | ||||||||||||||||||||||||||||||||
Aviara (19) | Mercer Island, WA | Mid-rise | 166 | 2013 | 2014 | 97% | ||||||||||||||||||||||||||||||||
Laurels at Mill Creek | Mill Creek, WA | Garden | 164 | 1981 | 1996 | 97% | ||||||||||||||||||||||||||||||||
Monterra in Mill Creek (16) | Mill Creek, WA | Garden | 139 | 2003 | 2021 | 96% |
Apartment | Rentable | Year | Year | |||||||||||||
Communities (1) | Location | Type | Homes | Square Footage | Built | Acquired | Occupancy(2) | |||||||||
Marina Cove (21) | Santa Clara, CA | Garden | 292 | 250,200 | 1974 | 1994 | 97% | |||||||||
Riley Square (9) | Santa Clara, CA | Garden | 156 | 126,900 | 1972 | 2012 | 96% | |||||||||
Villa Granada | Santa Clara, CA | Mid-rise | 270 | 238,841 | 2010 | 2014 | 97% | |||||||||
Chestnut Street Apartments | Santa Cruz, CA | Garden | 96 | 87,640 | 2002 | 2008 | 98% | |||||||||
Bristol Commons | Sunnyvale, CA | Garden | 188 | 142,600 | 1989 | 1995 | 98% | |||||||||
Brookside Oaks (4) | Sunnyvale, CA | Garden | 170 | 119,900 | 1973 | 2000 | 97% | |||||||||
Lawrence Station | Sunnyvale, CA | Mid-rise | 336 | 297,188 | 2012 | 2014 | 97% | |||||||||
Magnolia Lane (22) | Sunnyvale, CA | Garden | 32 | 31,541 | 2001 | 2007 | 98% | |||||||||
Magnolia Square (4) | Sunnyvale, CA | Garden | 156 | 110,824 | 1963 | 2007 | 98% | |||||||||
Montclaire | Sunnyvale, CA | Mid-rise | 390 | 294,100 | 1973 | 1988 | 98% | |||||||||
Reed Square | Sunnyvale, CA | Garden | 100 | 95,440 | 1970 | 2011 | 98% | |||||||||
Solstice | Sunnyvale, CA | Mid-rise | 280 | 257,659 | 2014 | 2014 | 97% | |||||||||
Summerhill Park | Sunnyvale, CA | Garden | 100 | 78,500 | 1988 | 1988 | 98% | |||||||||
Via | Sunnyvale, CA | Mid-rise | 284 | 309,421 | 2011 | 2011 | 98% | |||||||||
Windsor Ridge | Sunnyvale, CA | Mid-rise | 216 | 161,800 | 1989 | 1989 | 97% | |||||||||
Vista Belvedere | Tiburon, CA | Mid-rise | 76 | 78,300 | 1963 | 2004 | 95% | |||||||||
Verandas (13) | Union City, CA | Mid-rise | 282 | 199,092 | 1989 | 2014 | 97% | |||||||||
Agora (23) | Walnut Creek, CA | Mid-rise | 49 | 106,228 | 2016 | 2016 | 99% | |||||||||
20,806 | 18,715,976 | 95% | ||||||||||||||
Seattle, Washington Metropolitan Area | ||||||||||||||||
Belcarra | Bellevue, WA | Mid-rise | 296 | 241,567 | 2009 | 2014 | 96% | |||||||||
BellCentre | Bellevue, WA | Mid-rise | 248 | 181,288 | 2001 | 2014 | 96% | |||||||||
Cedar Terrace | Bellevue, WA | Garden | 180 | 174,200 | 1984 | 2005 | 96% | |||||||||
Courtyard off Main | Bellevue, WA | Mid-rise | 110 | 108,388 | 2000 | 2010 | 96% | |||||||||
Ellington | Bellevue, WA | Mid-rise | 220 | 165,794 | 1994 | 2014 | 96% | |||||||||
Emerald Ridge | Bellevue, WA | Garden | 180 | 144,000 | 1987 | 1994 | 96% | |||||||||
Foothill Commons | Bellevue, WA | Mid-rise | 394 | 288,300 | 1978 | 1990 | 96% | |||||||||
Palisades, The | Bellevue, WA | Garden | 192 | 159,700 | 1977 | 1990 | 97% | |||||||||
Park Highland | Bellevue, WA | Mid-rise | 250 | 224,750 | 1993 | 2014 | 96% | |||||||||
Piedmont | Bellevue, WA | Garden | 396 | 348,969 | 1969 | 2014 | 96% | |||||||||
Sammamish View | Bellevue, WA | Garden | 153 | 133,500 | 1986 | 1994 | 98% | |||||||||
Woodland Commons | Bellevue, WA | Garden | 302 | 217,878 | 1978 | 1990 | 97% | |||||||||
Bothell Ridge (6) | Bothell, WA | Garden | 214 | 167,370 | 1988 | 2014 | 96% | |||||||||
Canyon Pointe | Bothell, WA | Garden | 250 | 210,400 | 1990 | 2003 | 97% | |||||||||
Inglenook Court | Bothell, WA | Garden | 224 | 183,600 | 1985 | 1994 | 97% | |||||||||
Pinnacle Sonata | Bothell, WA | Mid-rise | 268 | 343,095 | 2000 | 2014 | 96% | |||||||||
Salmon Run at Perry Creek | Bothell, WA | Garden | 132 | 117,100 | 2000 | 2000 | 97% | |||||||||
Stonehedge Village | Bothell, WA | Garden | 196 | 214,800 | 1986 | 1997 | 96% | |||||||||
Highlands at Wynhaven | Issaquah, WA | Mid-rise | 333 | 424,674 | 2000 | 2008 | 96% | |||||||||
Park Hill at Issaquah | Issaquah, WA | Garden | 245 | 277,700 | 1999 | 1999 | 96% | |||||||||
Wandering Creek | Kent, WA | Garden | 156 | 124,300 | 1986 | 1995 | 98% | |||||||||
Ascent | Kirkland, WA | Garden | 90 | 75,840 | 1988 | 2012 | 97% | |||||||||
Bridle Trails | Kirkland, WA | Garden | 108 | 99,700 | 1986 | 1997 | 97% | |||||||||
Corbella at Juanita Bay | Kirkland, WA | Garden | 169 | 103,339 | 1978 | 2010 | 97% | |||||||||
Evergreen Heights | Kirkland, WA | Garden | 200 | 188,300 | 1990 | 1997 | 95% | |||||||||
Slater 116 | Kirkland, WA | Mid-rise | 108 | 81,415 | 2013 | 2013 | 97% | |||||||||
Montebello | Kirkland, WA | Garden | 248 | 272,734 | 1996 | 2012 | 96% |
Apartment | Year | Year | ||||||||||||||||||||||||||||||||||||
Communities (1) | Location | Type | Homes | Built | Acquired (20) | Occupancy(2) | ||||||||||||||||||||||||||||||||
Parkwood at Mill Creek | Mill Creek, WA | Garden | 240 | 1989 | 2014 | 97% | ||||||||||||||||||||||||||||||||
The Elliot at Mukilteo (4) | Mukilteo, WA | Garden | 301 | 1981 | 1997 | 97% | ||||||||||||||||||||||||||||||||
Castle Creek | Newcastle, WA | Garden | 216 | 1998 | 1998 | 97% | ||||||||||||||||||||||||||||||||
Elevation | Redmond, WA | Garden | 158 | 1986 | 2010 | 97% | ||||||||||||||||||||||||||||||||
Pure Redmond | Redmond, WA | Mid-rise | 105 | 2016 | 2019 | 97% | ||||||||||||||||||||||||||||||||
Redmond Hill (8) | Redmond, WA | Garden | 442 | 1985 | 2011 | 97% | ||||||||||||||||||||||||||||||||
Shadowbrook | Redmond, WA | Garden | 418 | 1986 | 2014 | 95% | ||||||||||||||||||||||||||||||||
The Trails of Redmond | Redmond, WA | Garden | 423 | 1985 | 2014 | 96% | ||||||||||||||||||||||||||||||||
Vesta (8) | Redmond, WA | Garden | 440 | 1998 | 2011 | 97% | ||||||||||||||||||||||||||||||||
Brighton Ridge | Renton, WA | Garden | 264 | 1986 | 1996 | 96% | ||||||||||||||||||||||||||||||||
Fairwood Pond | Renton, WA | Garden | 194 | 1997 | 2004 | 97% | ||||||||||||||||||||||||||||||||
Forest View | Renton, WA | Garden | 192 | 1998 | 2003 | 97% | ||||||||||||||||||||||||||||||||
Pinnacle on Lake Washington | Renton, WA | Mid-rise | 180 | 2001 | 2014 | 97% | ||||||||||||||||||||||||||||||||
8th & Republican (15) | Seattle, WA | Mid-rise | 211 | 2016 | 2017 | 96% | ||||||||||||||||||||||||||||||||
Annaliese | Seattle, WA | Mid-rise | 56 | 2009 | 2013 | 97% | ||||||||||||||||||||||||||||||||
The Audrey at Belltown | Seattle, WA | Mid-rise | 137 | 1992 | 2014 | 96% | ||||||||||||||||||||||||||||||||
The Bernard | Seattle, WA | Mid-rise | 63 | 2008 | 2011 | 96% | ||||||||||||||||||||||||||||||||
Cairns, The | Seattle, WA | Mid-rise | 99 | 2006 | 2007 | 96% | ||||||||||||||||||||||||||||||||
Collins on Pine | Seattle, WA | Mid-rise | 76 | 2013 | 2014 | 98% | ||||||||||||||||||||||||||||||||
Canvas | Seattle, WA | Mid-rise | 123 | 2014 | 2021 | 96% | ||||||||||||||||||||||||||||||||
Domaine | Seattle, WA | Mid-rise | 92 | 2009 | 2012 | 96% | ||||||||||||||||||||||||||||||||
Expo (14) | Seattle, WA | Mid-rise | 275 | 2012 | 2012 | 96% | ||||||||||||||||||||||||||||||||
Fountain Court | Seattle, WA | Mid-rise | 320 | 2000 | 2000 | 97% | ||||||||||||||||||||||||||||||||
Patent 523 | Seattle, WA | Mid-rise | 295 | 2010 | 2010 | 96% | ||||||||||||||||||||||||||||||||
Taylor 28 | Seattle, WA | Mid-rise | 197 | 2008 | 2014 | 96% | ||||||||||||||||||||||||||||||||
Velo and Ray (15) | Seattle, WA | Mid-rise | 308 | 2014 | 2019 | 96% | ||||||||||||||||||||||||||||||||
Vox Apartments | Seattle, WA | Mid-rise | 58 | 2013 | 2013 | 97% | ||||||||||||||||||||||||||||||||
Wharfside Pointe | Seattle, WA | Mid-rise | 155 | 1990 | 1994 | 96% | ||||||||||||||||||||||||||||||||
12,525 | 97% | |||||||||||||||||||||||||||||||||||||
Total/Weighted Average | 61,997 | 96% |
Apartment | Rentable | Year | Year | |||||||||||||
Communities (1) | Location | Type | Homes | Square Footage | Built | Acquired | Occupancy(2) | |||||||||
Aviara (24) | Mercer Island, WA | Mid-rise | 166 | 147,033 | 2013 | 2014 | 96% | |||||||||
Laurels at Mill Creek | Mill Creek, WA | Garden | 164 | 134,300 | 1981 | 1996 | 96% | |||||||||
Parkwood at Mill Creek | Mill Creek, WA | Garden | 240 | 257,160 | 1989 | 2014 | 96% | |||||||||
The Elliot at Mukilteo (4) | Mukilteo, WA | Garden | 301 | 245,900 | 1981 | 1997 | 96% | |||||||||
Castle Creek | Newcastle, WA | Garden | 216 | 191,900 | 1998 | 1998 | 97% | |||||||||
Delano | Redmond, WA | Mid-rise | 126 | 116,340 | 2005 | 2011 | 98% | |||||||||
Elevation | Redmond, WA | Garden | 158 | 138,916 | 1986 | 2010 | 97% | |||||||||
Redmond Hill (9) | Redmond, WA | Garden | 442 | 350,275 | 1985 | 2011 | 97% | |||||||||
Shadowbrook | Redmond, WA | Garden | 418 | 338,880 | 1986 | 2014 | 96% | |||||||||
The Trails of Redmond | Redmond, WA | Garden | 423 | 376,000 | 1985 | 2014 | 97% | |||||||||
Vesta (9) | Redmond, WA | Garden | 440 | 381,675 | 1998 | 2011 | 97% | |||||||||
Brighton Ridge | Renton, WA | Garden | 264 | 201,300 | 1986 | 1996 | 96% | |||||||||
Fairwood Pond | Renton, WA | Garden | 194 | 189,200 | 1997 | 2004 | 97% | |||||||||
Forest View | Renton, WA | Garden | 192 | 182,500 | 1998 | 2003 | 98% | |||||||||
Pinnacle on Lake Washington | Renton, WA | Mid-rise | 180 | 190,908 | 2001 | 2014 | 95% | |||||||||
8th & Republican (17) | Seattle, WA | High-rise | 211 | 161,371 | 2016 | 2017 | 95% | |||||||||
Annaliese | Seattle, WA | High-rise | 56 | 48,216 | 2009 | 2013 | 97% | |||||||||
The Audrey at Belltown | Seattle, WA | Mid-rise | 137 | 94,119 | 1992 | 2014 | 96% | |||||||||
The Bernard | Seattle, WA | Mid-rise | 63 | 43,151 | 2008 | 2011 | 96% | |||||||||
Cairns, The | Seattle, WA | Mid-rise | 99 | 70,806 | 2006 | 2007 | 96% | |||||||||
Collins on Pine | Seattle, WA | Mid-rise | 76 | 48,733 | 2013 | 2014 | 97% | |||||||||
Domaine | Seattle, WA | Mid-rise | 92 | 79,421 | 2009 | 2012 | 96% | |||||||||
Expo (18) | Seattle, WA | Mid-rise | 275 | 190,176 | 2012 | 2012 | 97% | |||||||||
Fountain Court | Seattle, WA | Mid-rise | 320 | 207,000 | 2000 | 2000 | 96% | |||||||||
Joule (25) | Seattle, WA | Mid-rise | 295 | 191,109 | 2010 | 2010 | 97% | |||||||||
Taylor 28 | Seattle, WA | Mid-rise | 197 | 155,630 | 2008 | 2014 | 96% | |||||||||
Vox Apartments | Seattle, WA | Mid-rise | 58 | 42,173 | 2013 | 2013 | 96% | |||||||||
Wharfside Pointe | Seattle, WA | Mid-rise | 155 | 119,200 | 1990 | 1994 | 96% | |||||||||
11,820 | 10,166,093 | 96% | ||||||||||||||
Total/Weighted Average | 60,239 | 53,418,295 | 96% |
Square | Year | Year | |||||||||||
Other real estate assets (1) | Location | Tenants | Footage | Built | Acquired | Occupancy (2) | |||||||
Derian Office Building (26) | Irvine, CA | 6 | 106,564 | 1983 | 2000 | 74% | |||||||
6 | 106,564 | 74% |
Quarter Ended | High | Low | ||||||
December 31, 2017 | $ | 264.07 | $ | 237.33 | ||||
September 30, 2017 | $ | 270.04 | $ | 249.46 | ||||
June 30, 2017 | $ | 268.97 | $ | 229.14 | ||||
March 31, 2017 | $ | 238.57 | $ | 218.41 | ||||
December 31, 2016 | $ | 234.07 | $ | 200.01 | ||||
September 30, 2016 | $ | 236.56 | $ | 217.16 | ||||
June 30, 2016 | $ | 237.50 | $ | 207.20 | ||||
March 31, 2016 | $ | 240.55 | $ | 191.25 |
2023 | 2022 | 2021 | ||||||||||||||||||
Common Stock | ||||||||||||||||||||
Ordinary income | 88.46 | % | 80.17 | % | 70.92 | % | ||||||||||||||
Capital gain | 8.32 | % | 16.78 | % | 22.07 | % | ||||||||||||||
Unrecaptured section 1250 capital gain | 3.22 | % | 3.05 | % | 7.01 | % | ||||||||||||||
100.00 | % | 100.00 | % | 100.00 | % | |||||||||||||||
2017 | 2016 | 2015 | |||||||
Common Stock | |||||||||
Ordinary income | 84.04 | % | 86.68 | % | 99.28 | % | |||
Capital gain | 13.20 | % | 7.11 | % | 0.72 | % | |||
Unrecaptured section 1250 capital gain | 2.76 | % | 6.21 | % | — | % | |||
100.00 | % | 100.00 | % | 100.00 | % | ||||
2017 | 2016 | 2015 | |||||||
Series H Preferred stock | |||||||||
Ordinary income | — | % | 86.68 | % | 99.28 | % | |||
Capital gains | — | % | 7.11 | % | 0.72 | % | |||
Unrecaptured section 1250 capital gain | — | % | 6.21 | % | — | % | |||
— | % | 100.00 | % | 100.00 | % |
Year Ended | Annual Dividend/Distribution | Quarter Ended | 2017 | 2016 | 2015 | |||||||
1995 | $ | 1.69 | March 31, | $1.75 | $1.60 | $1.44 | ||||||
1996 | $ | 1.72 | June 30, | $1.75 | $1.60 | $1.44 | ||||||
1997 | $ | 1.77 | September 30, | $1.75 | $1.60 | $1.44 | ||||||
1998 | $ | 1.95 | December 31, | $1.75 | $1.60 | $1.44 | ||||||
1999 | $ | 2.15 | ||||||||||
2000 | $ | 2.38 | Annual Dividend/Distribution | $7.00 | $6.40 | $5.76 | ||||||
2001 | $ | 2.80 | ||||||||||
2002 | $ | 3.08 | ||||||||||
2003 | $ | 3.12 | ||||||||||
2004 | $ | 3.16 | ||||||||||
2005 | $ | 3.24 | ||||||||||
2006 | $ | 3.36 | ||||||||||
2007 | $ | 3.72 | ||||||||||
2008 | $ | 4.08 | ||||||||||
2009 | $ | 4.12 | ||||||||||
2010 | $ | 4.13 | ||||||||||
2011 | $ | 4.16 | ||||||||||
2012 | $ | 4.40 | ||||||||||
2013 | $ | 4.84 | ||||||||||
2014 | $ | 5.11 |
Period Ending | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ending | Period Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Index | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | 12/31/2017 | Index | 12/31/2018 | 12/31/2019 | 12/31/2020 | 12/31/2021 | 12/31/2022 | 12/31/2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Essex Property Trust, Inc. | 100.00 | 101.06 | 149.57 | 177.79 | 177.56 | 189.63 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAREIT All Equity REIT Index | 100.00 | 102.86 | 131.68 | 135.40 | 147.09 | 159.85 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FTSE NAREIT Equity Apartments Index | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
S&P 500 Index | 100.00 | 132.39 | 150.51 | 152.59 | 170.84 | 208.14 |
Years Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
($ in thousands, except per share amounts) | ||||||||||||||||||||
OPERATING DATA: | ||||||||||||||||||||
Rental and other property | $ | 1,354,325 | $ | 1,285,723 | $ | 1,185,498 | $ | 961,591 | $ | 603,327 | ||||||||||
Management and other fees from affiliates | 9,574 | 8,278 | 8,909 | 9,347 | 7,263 | |||||||||||||||
Income before discontinued operations | $ | 458,043 | $ | 438,410 | $ | 248,239 | $ | 134,438 | $ | 140,882 | ||||||||||
Income from discontinued operations | — | — | — | — | 31,173 | |||||||||||||||
Net income | 458,043 | 438,410 | 248,239 | 134,438 | 172,055 | |||||||||||||||
Net income available to common stockholders | $ | 433,059 | $ | 411,124 | $ | 226,865 | $ | 116,859 | $ | 150,811 | ||||||||||
Per share data: | ||||||||||||||||||||
Basic: | ||||||||||||||||||||
Income before discontinued operations available to common stockholders | $ | 6.58 | $ | 6.28 | $ | 3.50 | $ | 2.07 | $ | 3.26 | ||||||||||
Net income available to common stockholders | $ | 6.58 | $ | 6.28 | $ | 3.50 | $ | 2.07 | $ | 4.05 | ||||||||||
Weighted average common stock outstanding | 65,829 | 65,472 | 64,872 | 56,547 | 37,249 | |||||||||||||||
Diluted: | ||||||||||||||||||||
Income before discontinued operations available to common stockholders | $ | 6.57 | $ | 6.27 | $ | 3.49 | $ | 2.06 | $ | 3.25 | ||||||||||
Net income available to common stockholders | $ | 6.57 | $ | 6.27 | $ | 3.49 | $ | 2.06 | $ | 4.04 | ||||||||||
Weighted average common stock outstanding | 65,898 | 65,588 | 65,062 | 56,697 | 37,335 | |||||||||||||||
Cash dividend per common share | $ | 7.00 | $ | 6.40 | $ | 5.76 | $ | 5.11 | $ | 4.84 |
As of December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
BALANCE SHEET DATA: | ||||||||||||||||||||
Investment in rental properties (before accumulated depreciation) | $ | 13,348,831 | $ | 12,676,306 | $ | 12,331,469 | $ | 11,244,681 | $ | 5,443,757 | ||||||||||
Net investment in rental properties | 10,579,534 | 10,364,760 | 10,381,577 | 9,679,875 | 4,188,871 | |||||||||||||||
Real estate under development | 355,735 | 190,505 | 242,326 | 429,096 | 50,430 | |||||||||||||||
Co-investments | 1,155,984 | 1,161,275 | 1,036,047 | 1,042,423 | 677,133 | |||||||||||||||
Total assets | 12,495,706 | 12,217,408 | 12,008,384 | 11,530,299 | 5,164,171 | |||||||||||||||
Total indebtedness | 5,689,126 | 5,563,260 | 5,318,757 | 5,084,256 | 3,010,856 | |||||||||||||||
Redeemable noncontrolling interest | 39,206 | 44,684 | 45,452 | 23,256 | — | |||||||||||||||
Cumulative convertible preferred stock | — | — | — | — | 4,349 | |||||||||||||||
Cumulative redeemable preferred stock | — | — | 73,750 | 73,750 | 73,750 | |||||||||||||||
Stockholders' equity | 6,277,406 | 6,192,178 | 6,237,733 | 6,022,672 | 1,884,619 |
As of and for the years ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
($ in thousands, except per share amounts) | ||||||||||||||||||||
OTHER DATA: | ||||||||||||||||||||
Funds from operations (FFO)(1) attributable to common stockholders and unitholders: | ||||||||||||||||||||
Net income available to common stockholders | $ | 433,059 | $ | 411,124 | $ | 226,865 | $ | 116,859 | $ | 150,811 | ||||||||||
Adjustments: | ||||||||||||||||||||
Depreciation and amortization | 468,881 | 441,682 | 453,423 | 360,592 | 193,518 | |||||||||||||||
Gains not included in FFO attributable to common stockholders and unitholders | (159,901 | ) | (167,607 | ) | (81,347 | ) | (50,064 | ) | (67,975 | ) | ||||||||||
Deferred tax expense on sale of real estate and land - taxable REIT subsidiary activity | — | 4,410 | — | — | — | |||||||||||||||
Depreciation and amortization add back from unconsolidated co-investments | 55,531 | 50,956 | 49,826 | 33,975 | 15,748 | |||||||||||||||
Noncontrolling interest related to Operating Partnership units | 14,825 | 14,089 | 7,824 | 4,911 | 8,938 | |||||||||||||||
Insurance reimbursements | — | — | (1,751 | ) | — | — | ||||||||||||||
Depreciation attributable to third party ownership and other | (286 | ) | (9 | ) | (781 | ) | (1,331 | ) | (1,309 | ) | ||||||||||
Funds from operations attributable to common stockholders and unitholders | $ | 812,109 | $ | 754,645 | $ | 654,059 | $ | 464,942 | $ | 299,731 | ||||||||||
Non-core items: | ||||||||||||||||||||
Merger and integration expenses | — | — | 3,798 | 53,530 | 4,284 | |||||||||||||||
Acquisition and investment related costs | 1,569 | 1,841 | 2,414 | 1,878 | 1,161 | |||||||||||||||
Gain on sale of marketable securities, note prepayment, and other investments | (1,909 | ) | (5,719 | ) | (598 | ) | (886 | ) | (2,519 | ) | ||||||||||
Gain on sale of land | — | — | — | (2,533 | ) | (1,503 | ) | |||||||||||||
Interest rate hedge ineffectiveness (2) | (78 | ) | (250 | ) | — | — | — | |||||||||||||
Loss on early retirement of debt | 1,796 | 606 | 6,114 | 268 | 300 | |||||||||||||||
Co-investment promote income | — | — | (192 | ) | (10,640 | ) | — | |||||||||||||
Income from early redemption of preferred equity investments | (356 | ) | — | (1,954 | ) | (5,250 | ) | (1,358 | ) | |||||||||||
Excess of redemption value of preferred stock over carrying value | — | 2,541 | — | — | — | |||||||||||||||
Insurance reimbursements, legal settlements, and other, net | (1,108 | ) | (4,470 | ) | (2,970 | ) | 1,852 | — | ||||||||||||
Core funds from operations (Core FFO) attributable to common stockholders and unitholders | $ | 812,023 | $ | 749,194 | $ | 660,671 | $ | 503,161 | $ | 300,096 | ||||||||||
Weighted average number of shares outstanding, diluted (FFO)(3) | 68,194 | 67,890 | 67,310 | 58,921 | 39,501 | |||||||||||||||
Funds from operations attributable to common stockholders and unitholders per share - diluted | $ | 11.91 | $ | 11.12 | $ | 9.72 | $ | 7.89 | $ | 7.59 | ||||||||||
Core funds from operations attributable to common stockholders and unitholders per share - diluted | $ | 11.91 | $ | 11.04 | $ | 9.82 | $ | 8.54 | $ | 7.60 |
Years Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
($ in thousands, except per unit amounts) | ||||||||||||||||||||
OPERATING DATA: | ||||||||||||||||||||
Rental and other property | $ | 1,354,325 | $ | 1,285,723 | $ | 1,185,498 | $ | 961,591 | $ | 603,327 | ||||||||||
Management and other fees from affiliates | 9,574 | 8,278 | 8,909 | 9,347 | 7,263 | |||||||||||||||
Income before discontinued operations | $ | 458,043 | $ | 438,410 | $ | 248,239 | $ | 134,438 | $ | 140,882 | ||||||||||
Income from discontinued operations | — | — | — | — | 31,173 | |||||||||||||||
Net income | 458,043 | 438,410 | 248,239 | 134,438 | 172,055 | |||||||||||||||
Net income available to common unitholders | $ | 447,884 | $ | 425,213 | $ | 234,689 | $ | 121,726 | $ | 159,749 | ||||||||||
Per unit data: | ||||||||||||||||||||
Basic: | ||||||||||||||||||||
Income before discontinued operations available to common unitholders | $ | 6.58 | $ | 6.28 | $ | 3.50 | $ | 2.07 | $ | 3.27 | ||||||||||
Net income available to common unitholders | $ | 6.58 | $ | 6.28 | $ | 3.50 | $ | 2.07 | $ | 4.06 | ||||||||||
Weighted average common units outstanding | 68,082 | 67,696 | 67,054 | 58,772 | 39,380 | |||||||||||||||
Diluted: | ||||||||||||||||||||
Income before discontinued operations available to common unitholders | $ | 6.57 | $ | 6.27 | $ | 3.49 | $ | 2.07 | $ | 3.26 | ||||||||||
Net income available to common unitholders | $ | 6.57 | $ | 6.27 | $ | 3.49 | $ | 2.07 | $ | 4.05 | ||||||||||
Weighted average common units outstanding | 68,151 | 67,812 | 67,244 | 58,921 | 39,467 | |||||||||||||||
Cash distributions per common unit | $ | 7.00 | $ | 6.40 | $ | 5.76 | $ | 5.11 | $ | 4.84 |
As of December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
BALANCE SHEET DATA: | ||||||||||||||||||||
Investment in rental properties (before accumulated depreciation) | $ | 13,348,831 | $ | 12,676,306 | $ | 12,331,469 | $ | 11,244,681 | $ | 5,443,757 | ||||||||||
Net investment in rental properties | 10,579,534 | 10,364,760 | 10,381,577 | 9,679,875 | 4,188,871 | |||||||||||||||
Real estate under development | 355,735 | 190,505 | 242,326 | 429,096 | 50,430 | |||||||||||||||
Co-investments | 1,155,984 | 1,161,275 | 1,036,047 | 1,042,423 | 677,133 | |||||||||||||||
Total assets | 12,495,706 | 12,217,408 | 12,008,384 | 11,530,299 | 5,164,171 | |||||||||||||||
Total indebtedness | 5,689,126 | 5,563,260 | 5,318,757 | 5,084,256 | 3,010,856 | |||||||||||||||
Redeemable noncontrolling interest | 39,206 | 44,684 | 45,452 | 23,256 | — | |||||||||||||||
Cumulative convertible preferred interest | — | — | — | — | 4,349 | |||||||||||||||
Cumulative redeemable preferred interest | — | — | 71,209 | 71,209 | 71,209 | |||||||||||||||
Partners' capital | 6,330,415 | 6,244,364 | 6,287,381 | 6,073,433 | 1,932,108 |
As of | As of | ||||||||||||||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Apartment Homes | % | Apartment Homes | % | ||||||||||||||||||||
Southern California | 21,986 | 43 | % | 22,151 | 43 | % | |||||||||||||||||
Northern California | 19,245 | 37 | % | 19,230 | 37 | % | |||||||||||||||||
Seattle Metro | 10,341 | 20 | % | 10,341 | 20 | % | |||||||||||||||||
Total | 51,572 | 100 | % | 51,722 | 100 | % |
As of | As of | ||||||||||
December 31, 2017 | December 31, 2016 | ||||||||||
Apartment Homes | % | Apartment Homes | % | ||||||||
Southern California | 23,343 | 47 | % | 23,613 | 49 | % | |||||
Northern California | 15,848 | 32 | % | 14,519 | 30 | % | |||||
Seattle Metro | 10,238 | 21 | % | 10,239 | 21 | % | |||||
Total | 49,429 | 100 | % | 48,371 | 100 | % |
Years ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Southern California | 96.3 | % | 96.2 | % | |||||||
Northern California | 96.5 | % | 96.1 | % | |||||||
Seattle Metro | 96.6 | % | 95.8 | % |
Years ended December 31, | |||||
2017 | 2016 | ||||
Southern California | 96.6 | % | 96.3 | % | |
Northern California | 96.8 | % | 96.3 | % | |
Seattle Metro | 96.4 | % | 96.1 | % |
Number of Apartment | Years Ended December 31, | Dollar | Percentage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Apartment | Number of Apartment | Years Ended December 31, | Dollar | Percentage | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Revenues ($ in thousands) | Homes | 2017 | 2016 | Change | Change | Property Revenues ($ in thousands) | Homes | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 Same-Properties: (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 Same-Properties: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Southern California | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Southern California | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Southern California | 21,998 | $ | 559,113 | $ | 538,738 | $ | 20,375 | 3.8 | % | 21,352 | $ | $ | 666,062 | $ | $ | 634,996 | $ | $ | 31,066 | 4.9 | 4.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Northern California | 13,892 | 436,876 | 425,823 | 11,053 | 2.6 | % | Northern California | 18,371 | 633,736 | 633,736 | 609,261 | 609,261 | 24,475 | 24,475 | 4.0 | 4.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Seattle Metro | 10,238 | 229,871 | 217,259 | 12,612 | 5.8 | % | Seattle Metro | 10,341 | 282,092 | 282,092 | 271,248 | 271,248 | 10,844 | 10,844 | 4.0 | 4.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total 2017 Same-Property revenues | 46,128 | 1,225,860 | 1,181,820 | 44,040 | 3.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 Non-Same Property Revenues | 128,465 | 103,903 | 24,562 | 23.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total property revenues | $ | 1,354,325 | $ | 1,285,723 | $ | 68,602 | 5.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total 2023 Same-Property Revenues | Total 2023 Same-Property Revenues | 50,064 | 1,581,890 | 1,515,505 | 66,385 | 4.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 Non-Same Property Revenues | 2023 Non-Same Property Revenues | 76,374 | 80,170 | (3,796) | (4.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Property Revenues | Total Property Revenues | $ | 1,658,264 | $ | 1,595,675 | $ | 62,589 | 3.9 | % |
Years ended December 31, | |||||
2016 | 2015 | ||||
Southern California | 96.4 | % | 95.9 | % | |
Northern California | 96.3 | % | 96.1 | % | |
Seattle Metro | 96.1 | % | 96.1 | % |
Number of Apartment | Years Ended December 31, | Dollar | Percentage | |||||||||||||||
Property Revenues ($ in thousands) | Homes | 2016 | 2015 | Change | Change | |||||||||||||
2016 Same-Properties: (1) | ||||||||||||||||||
Southern California | 20,698 | $ | 497,448 | $ | 468,614 | $ | 28,834 | 6.2 | % | |||||||||
Northern California | 13,220 | 401,642 | 376,019 | 25,623 | 6.8 | % | ||||||||||||
Seattle Metro | 10,239 | 217,259 | 201,417 | 15,842 | 7.9 | % | ||||||||||||
Total 2016/2015 Same-Property revenues | 44,157 | 1,116,349 | 1,046,050 | 70,299 | 6.7 | % | ||||||||||||
2016 Non-Same Property Revenues | 169,374 | 139,448 | 29,926 | 21.5 | % | |||||||||||||
Total property revenues | $ | 1,285,723 | $ | 1,185,498 | $ | 100,225 | 8.5 | % |
For the year ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Cash flow provided by (used in): | ||||||||||||||||||||
Operating activities | $ | 980,064 | $ | 975,649 | $ | 905,259 | ||||||||||||||
Investing activities | $ | (145,140) | $ | 145,958 | $ | (397,397) | ||||||||||||||
Financing activities | $ | (477,271) | $ | (1,137,564) | $ | (533,265) |
For the year ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Cash flow provided by (used in): | ||||||||||||
Operating activities | $ | 766,151 | $ | 711,821 | $ | 618,168 | ||||||
Investing activities | $ | (477,239 | ) | $ | (420,324 | ) | $ | (725,556 | ) | |||
Financing activities | $ | (309,213 | ) | $ | (256,259 | ) | $ | 107,456 |
Number of Properties | Investment | Remaining Commitment | ||||||||||||||||||
Joint ventures (1): | ||||||||||||||||||||
Preferred equity investments | 2 | $ | 98,000 | $ | 38,000 | |||||||||||||||
Non-core co-investments | — | 86,000 | 37,715 | |||||||||||||||||
Consolidated: | ||||||||||||||||||||
Mezzanine loans | 1 | 50,000 | 4,305 | |||||||||||||||||
$ | 234,000 | $ | 80,020 |
For the Fiscal Years Ending | ||||||||||||||||||||
2018 | 2019 and 2020 | 2021 and 2022 | Thereafter | Total | ||||||||||||||||
Mortgage notes payable | $ | 202,131 | $ | 1,255,310 | $ | 87,312 | $ | 435,808 | $ | 1,980,561 | ||||||||||
Unsecured debt | — | 75,000 | 1,150,000 | 2,300,000 | 3,525,000 | |||||||||||||||
Lines of credit | — | — | 179,000 | — | 179,000 | |||||||||||||||
Interest on indebtedness (1) | 222,057 | 366,826 | 223,740 | 272,432 | 1,085,055 | |||||||||||||||
Ground leases | 2,916 | 5,832 | 5,832 | 104,054 | 118,634 | |||||||||||||||
Operating leases | 1,807 | 3,792 | 4,043 | 8,307 | 17,949 | |||||||||||||||
Development commitments (including co-investments) (2) | 294,098 | 277,402 | — | — | 571,500 | |||||||||||||||
$ | 723,009 | $ | 1,984,162 | $ | 1,649,927 | $ | 3,120,601 | $ | 7,477,699 |
As of and for the years ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
($ in thousands, except per share amounts) | ||||||||||||||||||||
OTHER DATA: | ||||||||||||||||||||
Funds from operations attributable to common stockholders and unitholders: | ||||||||||||||||||||
Net income available to common stockholders | $ | 405,825 | $ | 408,315 | $ | 488,554 | ||||||||||||||
Adjustments: | ||||||||||||||||||||
Depreciation and amortization | 548,438 | 539,319 | 520,066 | |||||||||||||||||
Gains not included in FFO | (59,238) | (111,839) | (145,253) | |||||||||||||||||
Casualty loss | 433 | — | — | |||||||||||||||||
Impairment loss from unconsolidated co-investments | 33,700 | 2,105 | — | |||||||||||||||||
Depreciation and amortization from unconsolidated co-investments | 71,745 | 72,585 | 61,059 | |||||||||||||||||
Noncontrolling interest related to Operating Partnership units | 14,284 | 14,297 | 17,191 | |||||||||||||||||
Depreciation attributable to third party ownership and other (1) | (1,474) | (1,421) | (571) | |||||||||||||||||
Funds from operations attributable to common stockholders and unitholders | $ | 1,013,713 | $ | 923,361 | $ | 941,046 | ||||||||||||||
Non-core items: | ||||||||||||||||||||
Expensed acquisition and investment related costs | 595 | 2,132 | 203 | |||||||||||||||||
Tax expense (benefit) on unconsolidated co-investments (2) | 697 | (10,236) | 15,668 | |||||||||||||||||
Realized and unrealized (gains) losses on marketable securities, net | (10,006) | 45,547 | (36,504) | |||||||||||||||||
Provision for credit losses | 70 | (381) | 141 | |||||||||||||||||
Equity (income) loss from non-core co-investments (3) | (1,685) | 38,045 | (55,602) | |||||||||||||||||
Loss on early retirement of debt, net | — | 2 | 19,010 | |||||||||||||||||
Loss on early retirement of debt from unconsolidated co-investment | — | 988 | 25 | |||||||||||||||||
Co-investment promote income | — | (17,076) | — | |||||||||||||||||
Income from early redemption of preferred equity investments and notes receivable | (285) | (1,669) | (8,469) | |||||||||||||||||
General and administrative and other, net | 6,629 | 2,536 | 1,026 | |||||||||||||||||
Insurance reimbursements, legal settlements, and other, net | (9,821) | (5,392) | (35,234) | |||||||||||||||||
Core funds from operations attributable to common stockholders and unitholders | $ | 999,907 | $ | 977,857 | $ | 841,310 | ||||||||||||||
Weighted average number of shares outstanding, diluted (FFO) (4) | 66,514 | 67,375 | 67,335 | |||||||||||||||||
Funds from operations attributable to common stockholders and unitholders per share - diluted | $ | 15.24 | $ | 13.70 | $ | 13.98 | ||||||||||||||
Core funds from operations attributable to common stockholders and unitholders per share - diluted | $ | 15.03 | $ | 14.51 | $ | 12.49 |
2023 | 2022 | 2021 | |||||||||||||||
Earnings from operations | $ | 584,342 | $ | 595,229 | $ | 529,995 | |||||||||||
Adjustments: | |||||||||||||||||
Corporate-level property management expenses | 45,872 | 40,704 | 36,211 | ||||||||||||||
Depreciation and amortization | 548,438 | 539,319 | 520,066 | ||||||||||||||
Management and other fees from affiliates | (11,131) | (11,139) | (9,138) | ||||||||||||||
General and administrative | 63,474 | 56,577 | 51,838 | ||||||||||||||
Expensed acquisition and investment related costs | 595 | 2,132 | 203 | ||||||||||||||
Casualty Loss | 433 | — | — | ||||||||||||||
Gain on sale of real estate and land | (59,238) | (94,416) | (142,993) | ||||||||||||||
NOI | 1,172,785 | 1,128,406 | 986,182 | ||||||||||||||
Less: Non Same-Property NOI | (54,179) | (56,058) | (45,149) | ||||||||||||||
Same-Property NOI | $ | 1,118,606 | $ | 1,072,348 | $ | 941,033 |
2017 | 2016 | 2015 | |||||||||
Earnings from operations | $ | 446,522 | $ | 420,800 | $ | 331,174 | |||||
Adjustments: | |||||||||||
Depreciation and amortization | 468,881 | 441,682 | 453,423 | ||||||||
Management and other fees from affiliates | (9,574 | ) | (8,278 | ) | (8,909 | ) | |||||
General and administrative | 41,385 | 40,751 | 40,090 | ||||||||
Merger and integration expenses | — | — | 3,798 | ||||||||
Acquisition and investment related costs | 1,569 | 1,841 | 2,414 | ||||||||
NOI | 948,783 | 896,796 | 821,990 | ||||||||
Less: Non Same-Property NOI | (91,096 | ) | (73,549 | ) | (71,589 | ) | |||||
Same-Property NOI | $ | 857,687 | $ | 823,247 | $ | 750,401 |
Notional Amount | Maturity Date Range | Carrying and Estimated Fair Value | Estimated Carrying Value | ||||||||||||||||||||||||||
+50 | -50 | ||||||||||||||||||||||||||||
($ in thousands) | Basis Points | Basis Points | |||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Interest rate swaps | $ | 300,000 | 2026 | $ | 4,274 | $ | 7,961 | $ | 502 | ||||||||||||||||||||
Total cash flow hedges | $ | 300,000 | 2026 | $ | 4,274 | $ | 7,961 | $ | 502 |
Carrying and | Estimated Carrying Value | |||||||||||||||||
Maturity | Estimated | + 50 | - 50 | |||||||||||||||
($ in thousands) | Notional Amount | Date Range | Fair Value | Basis Points | Basis Points | |||||||||||||
Cash flow hedges: | ||||||||||||||||||
Interest rate swaps | $ | 175,000 | 2022 | $ | 5,363 | $ | 8,702 | $ | 2,009 | |||||||||
Interest rate caps | 20,674 | 2018-2019 | — | — | — | |||||||||||||
Total cash flow hedges | $ | 195,674 | 2017-2022 | $ | 5,363 | $ | 8,702 | $ | 2,009 |
For the Years Ended December 31, | ||||||||||||||||||||||||||||||
($ in thousands, except for interest rates) | 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | Fair value | ||||||||||||||||||||||
Fixed rate debt | $201,589 | $634,797 | $694,273 | $544,138 | $341,692 | $ | 2,468,860 | $ | 4,885,349 | $ | 4,969,682 | |||||||||||||||||||
Average interest rate | 5.5 | % | 4.1 | % | 4.8 | % | 4.3 | % | 3.7 | % | 3.5 | % | ||||||||||||||||||
Variable rate debt (1) | $ | 542 | $ | 592 | $ | 179,648 | $ | 708 | $ | 350,774 | $ | 266,948 | $ | 799,212 | $ | 793,866 | ||||||||||||||
Average interest rate | 2.1 | % | 2.1 | % | 2.3 | % | 2.1 | % | 2.4 | % | 2.0 | % |
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||
($ in thousands, except for interest rates) | 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | Fair value | ||||||||||||||||||||||||||||||||||||
Fixed rate debt | $ | 402,177 | $ | 632,035 | $ | 548,291 | $ | 419,558 | $ | 517,000 | $ | 3,198,000 | $ | 5,717,061 | $ | 5,299,805 | ||||||||||||||||||||||||||||
Average interest rate | 4.0 | % | 3.5 | % | 3.5 | % | 3.8 | % | 2.2 | % | 3.3 | % | ||||||||||||||||||||||||||||||||
Variable rate debt (1) | $ | 932 | $ | 1,019 | $ | 1,114 | $ | 384,397 | $ | 1,332 | $ | 133,937 | $ | 522,731 | $ | 519,003 | ||||||||||||||||||||||||||||
Average interest rate | 4.7 | % | 4.7 | % | 4.7 | % | 4.2 | % | 4.7 | % | 4.6 | % |
(1) Consolidated Financial Statements of Essex Property Trust, Inc. | Page | ||||
Reports of Independent Registered Public Accounting Firm (PCAOB ID: 185) | |||||
Consolidated Balance Sheets: As of December 31, | |||||
Consolidated Statements of Income: Years ended December 31, | |||||
Consolidated Statements of Comprehensive Income: Years ended December 31, | |||||
Consolidated Statements of Equity: Years ended December 31, | |||||
Consolidated Statements of Cash Flows: Years ended December 31, | |||||
Notes to Consolidated Financial Statements | |||||
(2) Consolidated Financial Statements of Essex Portfolio, L.P. | |||||
Report of Independent Registered Public Accounting Firm | |||||
Consolidated Balance Sheets: As of December 31, | |||||
Consolidated Statements of Income: Years ended December 31, | |||||
Consolidated Statements of Comprehensive Income: Years ended December 31, | |||||
Consolidated Statements of Capital: Years ended December 31, | |||||
Consolidated Statements of Cash Flows: Years ended December 31, | |||||
Notes to Consolidated Financial Statements | |||||
(3) Financial Statement Schedule – Schedule III – Real Estate and Accumulated Depreciation as of December 31, | |||||
(4) See the Exhibit Index immediately |
/ | ||
s/ KPMG LLP |
/ | ||
s/ KPMG LLP |
/ | ||
s/ KPMG LLP |
2023 | 2022 | ||||||||||
ASSETS | |||||||||||
Real estate: | |||||||||||
Rental properties: | |||||||||||
Land and land improvements | $ | 3,036,912 | $ | 3,043,321 | |||||||
Buildings and improvements | 13,098,311 | 12,922,906 | |||||||||
16,135,223 | 15,966,227 | ||||||||||
Less: accumulated depreciation | (5,664,931) | (5,152,133) | |||||||||
10,470,292 | 10,814,094 | ||||||||||
Real estate under development | 23,724 | 24,857 | |||||||||
Co-investments | 1,061,733 | 1,127,491 | |||||||||
11,555,749 | 11,966,442 | ||||||||||
Cash and cash equivalents-unrestricted | 391,749 | 33,295 | |||||||||
Cash and cash equivalents-restricted | 8,585 | 9,386 | |||||||||
Marketable securities, net of allowance for credit losses of zero as of both December 31, 2023 and December 31, 2022 | 87,795 | 112,743 | |||||||||
Notes and other receivables, net of allowance for credit losses of $0.7 million and $0.3 million as of December 31, 2023 and December 31, 2022 (includes related party receivables of $6.1 million and $7.0 million as of December 31, 2023 and December 31, 2022, respectively) | 174,621 | 103,045 | |||||||||
Operating lease right-of-use assets | 63,757 | 67,239 | |||||||||
Prepaid expenses and other assets | 79,171 | 80,755 | |||||||||
Total assets | $ | 12,361,427 | $ | 12,372,905 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Unsecured debt, net | $ | 5,318,531 | $ | 5,312,168 | |||||||
Mortgage notes payable, net | 887,204 | 593,943 | |||||||||
Lines of credit | — | 52,073 | |||||||||
Accounts payable and accrued liabilities | 176,401 | 165,461 | |||||||||
Construction payable | 20,659 | 23,159 | |||||||||
Dividends payable | 155,695 | 149,166 | |||||||||
Distributions in excess of investments in co-investments | 65,488 | 42,532 | |||||||||
Operating lease liabilities | 65,091 | 68,696 | |||||||||
Other liabilities | 46,175 | 43,441 | |||||||||
Total liabilities | 6,735,244 | 6,450,639 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interest | 32,205 | 27,150 | |||||||||
Equity: | |||||||||||
Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,203,497 and 64,604,603 shares issued and outstanding, respectively | 6 | 6 | |||||||||
Additional paid-in capital | 6,656,720 | 6,750,076 | |||||||||
Distributions in excess of accumulated earnings | (1,267,536) | (1,080,176) | |||||||||
Accumulated other comprehensive income, net | 33,556 | 46,466 | |||||||||
Total stockholders' equity | 5,422,746 | 5,716,372 | |||||||||
Noncontrolling interest | 171,232 | 178,744 | |||||||||
Total equity | 5,593,978 | 5,895,116 | |||||||||
Total liabilities and equity | $ | 12,361,427 | $ | 12,372,905 |
2017 | 2016 | ||||||
ASSETS | |||||||
Real estate: | |||||||
Rental properties: | |||||||
Land and land improvements | $ | 2,719,064 | $ | 2,559,743 | |||
Buildings and improvements | 10,629,767 | 10,116,563 | |||||
13,348,831 | 12,676,306 | ||||||
Less: accumulated depreciation | (2,769,297 | ) | (2,311,546 | ) | |||
10,579,534 | 10,364,760 | ||||||
Real estate under development | 355,735 | 190,505 | |||||
Co-investments | 1,155,984 | 1,161,275 | |||||
Real estate held for sale, net | — | 101,957 | |||||
12,091,253 | 11,818,497 | ||||||
Cash and cash equivalents-unrestricted | 44,620 | 64,921 | |||||
Cash and cash equivalents-restricted | 16,506 | 105,381 | |||||
Marketable securities | 190,004 | 139,189 | |||||
Notes and other receivables (includes related party receivables of $41.2 million and $11.3 million as of December 31, 2017 and December 31, 2016, respectively) | 100,926 | 40,970 | |||||
Prepaid expenses and other assets | 52,397 | 48,450 | |||||
Total assets | $ | 12,495,706 | $ | 12,217,408 | |||
LIABILITIES AND EQUITY | |||||||
Unsecured debt, net | $ | 3,501,709 | $ | 3,246,779 | |||
Mortgage notes payable, net | 2,008,417 | 2,191,481 | |||||
Lines of credit | 179,000 | 125,000 | |||||
Accounts payable and accrued liabilities | 127,501 | 138,226 | |||||
Construction payable | 51,770 | 35,909 | |||||
Dividends payable | 121,420 | 110,170 | |||||
Distributions in excess of investments in co-investments | 36,726 | — | |||||
Other liabilities | 33,132 | 32,922 | |||||
Total liabilities | 6,059,675 | 5,880,487 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interest | 39,206 | 44,684 | |||||
Equity: | |||||||
Common stock; $0.0001 par value, 670,000,000 shares authorized; 66,054,399 and 65,527,993 shares issued and outstanding, respectively | 7 | 6 | |||||
Additional paid-in capital | 7,129,571 | 7,029,679 | |||||
Distributions in excess of accumulated earnings | (833,726 | ) | (805,409 | ) | |||
Accumulated other comprehensive loss, net | (18,446 | ) | (32,098 | ) | |||
Total stockholders' equity | 6,277,406 | 6,192,178 | |||||
Noncontrolling interest | 119,419 | 100,059 | |||||
Total equity | 6,396,825 | 6,292,237 | |||||
Total liabilities and equity | $ | 12,495,706 | $ | 12,217,408 |
2023 | 2022 | 2021 | |||||||||||||||
Revenues: | |||||||||||||||||
Rental and other property | $ | 1,658,264 | $ | 1,595,675 | $ | 1,431,418 | |||||||||||
Management and other fees from affiliates | 11,131 | 11,139 | 9,138 | ||||||||||||||
1,669,395 | 1,606,814 | 1,440,556 | |||||||||||||||
Expenses: | |||||||||||||||||
Property operating, excluding real estate taxes | 299,672 | 283,351 | 264,869 | ||||||||||||||
Real estate taxes | 185,807 | 183,918 | 180,367 | ||||||||||||||
Corporate-level property management expenses | 45,872 | 40,704 | 36,211 | ||||||||||||||
Depreciation and amortization | 548,438 | 539,319 | 520,066 | ||||||||||||||
General and administrative | 63,474 | 56,577 | 51,838 | ||||||||||||||
Expensed acquisition and investment related costs | 595 | 2,132 | 203 | ||||||||||||||
Casualty loss | 433 | — | — | ||||||||||||||
1,144,291 | 1,106,001 | 1,053,554 | |||||||||||||||
Gain on sale of real estate and land | 59,238 | 94,416 | 142,993 | ||||||||||||||
Earnings from operations | 584,342 | 595,229 | 529,995 | ||||||||||||||
Interest expense | (212,905) | (204,798) | (203,125) | ||||||||||||||
Total return swap income | 3,148 | 7,907 | 10,774 | ||||||||||||||
Interest and other income (loss) | 46,259 | (19,040) | 98,744 | ||||||||||||||
Equity income from co-investments | 10,561 | 26,030 | 111,721 | ||||||||||||||
Tax (expense) benefit on unconsolidated co-investments | (697) | 10,236 | (15,668) | ||||||||||||||
Loss on early retirement of debt, net | — | (2) | (19,010) | ||||||||||||||
Gain on remeasurement of co-investment | — | 17,423 | 2,260 | ||||||||||||||
Net income | 430,708 | 432,985 | 515,691 | ||||||||||||||
Net income attributable to noncontrolling interest | (24,883) | (24,670) | (27,137) | ||||||||||||||
Net income available to common stockholders | $ | 405,825 | $ | 408,315 | $ | 488,554 | |||||||||||
Per share data: | |||||||||||||||||
Basic: | |||||||||||||||||
Net income available to common stockholders | $ | 6.32 | $ | 6.27 | $ | 7.51 | |||||||||||
Weighted average number of shares outstanding during the year | 64,252,232 | 65,079,764 | 65,051,465 | ||||||||||||||
Diluted: | |||||||||||||||||
Net income available to common stockholders | $ | 6.32 | $ | 6.27 | $ | 7.51 | |||||||||||
Weighted average number of shares outstanding during the year | 64,253,385 | 65,098,186 | 65,088,874 |
2017 | 2016 | 2015 | |||||||||
Revenues: | |||||||||||
Rental and other property | $ | 1,354,325 | $ | 1,285,723 | $ | 1,185,498 | |||||
Management and other fees from affiliates | 9,574 | 8,278 | 8,909 | ||||||||
1,363,899 | 1,294,001 | 1,194,407 | |||||||||
Expenses: | |||||||||||
Property operating, excluding real estate taxes | 259,232 | 249,765 | 234,953 | ||||||||
Real estate taxes | 146,310 | 139,162 | 128,555 | ||||||||
Depreciation and amortization | 468,881 | 441,682 | 453,423 | ||||||||
General and administrative | 41,385 | 40,751 | 40,090 | ||||||||
Merger and integration expenses | — | — | 3,798 | ||||||||
Acquisition and investment related costs | 1,569 | 1,841 | 2,414 | ||||||||
917,377 | 873,201 | 863,233 | |||||||||
Earnings from operations | 446,522 | 420,800 | 331,174 | ||||||||
Interest expense | (222,894 | ) | (219,654 | ) | (204,827 | ) | |||||
Total return swap income | 10,098 | 11,716 | 5,655 | ||||||||
Interest and other income | 24,604 | 27,305 | 19,143 | ||||||||
Equity income from co-investments | 86,445 | 48,698 | 21,861 | ||||||||
Loss on early retirement of debt | (1,796 | ) | (606 | ) | (6,114 | ) | |||||
Gain on sale of real estate and land | 26,423 | 154,561 | 47,333 | ||||||||
Deferred tax expense on gain on sale of real estate and land | — | (4,410 | ) | — | |||||||
Gain on remeasurement of co-investment | 88,641 | — | 34,014 | ||||||||
Net income | 458,043 | 438,410 | 248,239 | ||||||||
Net income attributable to noncontrolling interest | (24,984 | ) | (23,431 | ) | (16,119 | ) | |||||
Net income attributable to controlling interest | 433,059 | 414,979 | 232,120 | ||||||||
Dividends to preferred stockholders | — | (1,314 | ) | (5,255 | ) | ||||||
Excess of redemption value of preferred stock over the carrying value | — | (2,541 | ) | — | |||||||
Net income available to common stockholders | $ | 433,059 | $ | 411,124 | $ | 226,865 | |||||
Per share data: | |||||||||||
Basic: | |||||||||||
Net income available to common stockholders | $ | 6.58 | $ | 6.28 | $ | 3.50 | |||||
Weighted average number of shares outstanding during the year | 65,829,155 | 65,471,540 | 64,871,717 | ||||||||
Diluted: | |||||||||||
Net income available to common stockholders | $ | 6.57 | $ | 6.27 | $ | 3.49 | |||||
Weighted average number of shares outstanding during the year | 65,898,255 | 65,587,816 | 65,061,685 |
2023 | 2022 | 2021 | |||||||||||||||
Net income | $ | 430,708 | $ | 432,985 | $ | 515,691 | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | (13,364) | 54,158 | 9,170 | ||||||||||||||
Change in fair value of marketable debt securities, net | — | 233 | 329 | ||||||||||||||
Reversal of unrealized gains upon the sale of marketable debt securities | — | (577) | — | ||||||||||||||
Total other comprehensive (loss) income | (13,364) | 53,814 | 9,499 | ||||||||||||||
Comprehensive income | 417,344 | 486,799 | 525,190 | ||||||||||||||
Comprehensive income attributable to noncontrolling interest | (24,429) | (26,466) | (27,459) | ||||||||||||||
Comprehensive income attributable to controlling interest | $ | 392,915 | $ | 460,333 | $ | 497,731 |
2017 | 2016 | 2015 | |||||||||
Net income | $ | 458,043 | $ | 438,410 | $ | 248,239 | |||||
Other comprehensive income (loss): | |||||||||||
Change in fair value of derivatives and amortization of swap settlements | 12,744 | 15,926 | 7,893 | ||||||||
Changes in fair value of marketable securities, net | 3,284 | (828 | ) | 1,865 | |||||||
Reversal of unrealized gains upon the sale of marketable securities | (1,909 | ) | (4,848 | ) | — | ||||||
Total other comprehensive income | 14,119 | 10,250 | 9,758 | ||||||||
Comprehensive income | 472,162 | 448,660 | 257,997 | ||||||||
Comprehensive income attributable to noncontrolling interest | (25,451 | ) | (23,768 | ) | (16,436 | ) | |||||
Comprehensive income attributable to controlling interest | $ | 446,711 | $ | 424,892 | $ | 241,561 |
Common stock | Additional paid-in capital | Distributions in excess of accumulated earnings | Accumulated other comprehensive income (loss), net | Noncontrolling interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | 64,999 | $ | 6 | $ | 6,876,326 | $ | (861,193) | $ | (14,729) | $ | 182,782 | $ | 6,183,192 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 488,554 | — | 27,137 | 515,691 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 8,859 | 311 | 9,170 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | 318 | 11 | 329 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock plans, net | 279 | 1 | 53,051 | — | — | — | 53,052 | ||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, net | — | — | (455) | — | — | — | (455) | ||||||||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | — | 11,286 | — | — | 397 | 11,683 | ||||||||||||||||||||||||||||||||||||||||||||||
Retirement of common stock, net | (40) | — | (9,172) | — | — | — | (9,172) | ||||||||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | — | (7,489) | — | — | 599 | (6,890) | ||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | 1,900 | 1,900 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (29,341) | (29,341) | ||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of noncontrolling interest | 10 | — | (7,566) | — | — | (891) | (8,457) | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($8.36 per share) | — | — | — | (544,194) | — | — | (544,194) | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | 65,248 | $ | 7 | $ | 6,915,981 | $ | (916,833) | $ | (5,552) | $ | 182,905 | $ | 6,176,508 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 408,315 | — | 24,670 | 432,985 | ||||||||||||||||||||||||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable debt securities | — | — | — | — | (557) | (20) | (577) | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 52,351 | 1,807 | 54,158 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | 224 | 9 | 233 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock plans, net | 89 | — | 17,309 | — | — | — | 17,309 | ||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, net | — | — | (314) | — | — | — | (314) | ||||||||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | — | 11,059 | — | — | 387 | 11,446 | ||||||||||||||||||||||||||||||||||||||||||||||
Retirement of common stock, net | (740) | (1) | (189,725) | — | — | — | (189,726) |
Changes in the redemption value of redeemable noncontrolling interest | |||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | |||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | |||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | |||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | |||||||||||||||||||||||||||||||||||
Redemptions of noncontrolling interest | |||||||||||||||||||||||||||||||||||
Common stock dividends ($8.80 per share) | |||||||||||||||||||||||||||||||||||
Balances at December 31, 2022 | |||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Series H Preferred stock | Common stock | Additional paid-in | Distributions in excess of accumulated | Accumulated other comprehensive | Noncontrolling | ||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | capital | earnings | loss, net | Interest | Total | |||||||||||||||||||||||||||
Balances at December 31, 2014 | 2,950 | $ | 73,750 | 63,683 | $ | 6 | $ | 6,651,165 | $ | (650,797 | ) | $ | (51,452 | ) | $ | 113,396 | $ | 6,136,068 | |||||||||||||||||
Net income | — | — | — | — | — | 232,120 | — | 16,119 | 248,239 | ||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | — | — | 7,637 | 256 | 7,893 | ||||||||||||||||||||||||||
Change in fair value of marketable securities, net | — | — | — | — | — | — | 1,804 | 61 | 1,865 | ||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | |||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | |||||||||||||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||||
Stock option and restricted stock plans, net | |||||||||||||||||||||||||||||||||||
Stock option and restricted stock plans, net | |||||||||||||||||||||||||||||||||||
Stock option and restricted stock plans, net | — | — | 207 | — | 26,540 | — | — | — | 26,540 | ||||||||||||||||||||||||||
Sale of common stock, net | — | — | 1,482 | — | 332,137 | — | — | — | 332,137 | ||||||||||||||||||||||||||
Equity based compensation costs | — | — | — | — | 5,946 | — | — | 3,700 | 9,646 | ||||||||||||||||||||||||||
Reclassification of noncontrolling interest to redeemable noncontrolling interest | — | — | — | — | (7,657 | ) | — | — | (12,115 | ) | (19,772 | ) | |||||||||||||||||||||||
Retirement of common stock, net | |||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | — | — | — | (2,615 | ) | — | — | — | (2,615 | ) | ||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (21,705 | ) | (21,705 | ) | ||||||||||||||||||||||||
Redemptions of noncontrolling interest | — | — | 7 | — | (2,199 | ) | — | — | (422 | ) | (2,621 | ) | |||||||||||||||||||||||
Common and preferred stock dividends | — | — | — | — | — | (378,652 | ) | — | — | (378,652 | ) | ||||||||||||||||||||||||
Balances at December 31, 2015 | 2,950 | $ | 73,750 | 65,379 | $ | 6 | $ | 7,003,317 | $ | (797,329 | ) | $ | (42,011 | ) | $ | 99,290 | $ | 6,337,023 | |||||||||||||||||
Net income | — | — | — | — | — | 414,979 | — | 23,431 | 438,410 | ||||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable securities | — | — | — | — | — | — | (4,689 | ) | (159 | ) | (4,848 | ) | |||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | — | — | 15,403 | 523 | 15,926 | ||||||||||||||||||||||||||
Change in fair value of marketable securities, net | — | — | — | — | — | — | (801 | ) | (27 | ) | (828 | ) | |||||||||||||||||||||||
Common stock dividends ($9.24 per share) | |||||||||||||||||||||||||||||||||||
Balances at December 31, 2023 |
Issuance of common stock under: | |||||||||||||||||||||||||||||||||
Stock option and restricted stock plans, net | — | — | 140 | — | 18,949 | — | — | — | 18,949 | ||||||||||||||||||||||||
Sale of common stock, net | — | — | — | — | (384 | ) | — | — | — | (384 | ) | ||||||||||||||||||||||
Equity based compensation costs | — | — | — | — | 8,246 | — | — | 2,653 | 10,899 | ||||||||||||||||||||||||
Redemption of Series H preferred stock | (2,950 | ) | (73,750 | ) | — | — | 2,541 | (2,541 | ) | — | — | (73,750 | ) | ||||||||||||||||||||
Retirement of common stock, net | — | — | (5 | ) | — | (1,045 | ) | — | — | — | (1,045 | ) | |||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | — | — | — | 172 | — | — | 596 | 768 | ||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (25,854 | ) | (25,854 | ) | ||||||||||||||||||||||
Redemptions of noncontrolling interest | — | — | 14 | — | (2,117 | ) | — | — | (394 | ) | (2,511 | ) | |||||||||||||||||||||
Common and preferred stock dividends | — | — | — | — | — | (420,518 | ) | — | — | (420,518 | ) | ||||||||||||||||||||||
Balances at December 31, 2016 | — | $ | — | 65,528 | $ | 6 | $ | 7,029,679 | $ | (805,409 | ) | $ | (32,098 | ) | $ | 100,059 | $ | 6,292,237 | |||||||||||||||
Net income | — | — | — | — | — | 433,059 | — | 24,984 | 458,043 | ||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable securities | — | — | — | — | — | — | (1,846 | ) | (63 | ) | (1,909 | ) | |||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | — | — | 12,322 | 422 | 12,744 | ||||||||||||||||||||||||
Change in fair value of marketable securities, net | — | — | — | — | — | — | 3,176 | 108 | 3,284 | ||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||
Stock option and restricted stock plans, net | — | — | 179 | — | 26,635 | — | — | — | 26,635 | ||||||||||||||||||||||||
Sale of common stock, net | — | — | 345 | 1 | 89,054 | — | — | — | 89,055 | ||||||||||||||||||||||||
Equity based compensation costs | — | — | — | — | 9,529 | — | — | 1,773 | 11,302 | ||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | — | — | — | (136 | ) | — | — | 71 | (65 | ) | ||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | — | — | 22,506 | 22,506 | ||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (27,051 | ) | (27,051 | ) | ||||||||||||||||||||||
Redemptions of noncontrolling interest | — | — | 2 | — | (25,190 | ) | — | — | (3,390 | ) | (28,580 | ) | |||||||||||||||||||||
Common stock dividends | — | — | — | — | — | (461,376 | ) | — | — | (461,376 | ) |
Balances at December 31, 2017 | — | $ | — | 66,054 | $ | 7 | $ | 7,129,571 | $ | (833,726 | ) | $ | (18,446 | ) | $ | 119,419 | $ | 6,396,825 |
2023 | 2022 | 2021 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | 430,708 | $ | 432,985 | $ | 515,691 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Straight-lined rents | 2,773 | 3,330 | 9,672 | ||||||||||||||
Depreciation and amortization | 548,438 | 539,319 | 520,066 | ||||||||||||||
Amortization of discount and debt financing costs, net | 6,911 | 6,712 | 9,538 | ||||||||||||||
Realized and unrealized (gains) losses on marketable securities, net | (10,006) | 45,547 | (36,504) | ||||||||||||||
Income from early redemption of notes receivable | — | (811) | (4,939) | ||||||||||||||
Provision for credit losses | 70 | 381 | 141 | ||||||||||||||
Equity income from co-investments | (10,561) | (26,030) | (111,721) | ||||||||||||||
Operating distributions from co-investments | 76,787 | 95,256 | 104,833 | ||||||||||||||
Accrued interest from notes and other receivables | (12,631) | (13,953) | (15,902) | ||||||||||||||
Casualty loss | 433 | — | — | ||||||||||||||
Gain on the sale of real estate and land | (59,238) | (94,416) | (142,993) | ||||||||||||||
Equity-based compensation | 8,031 | 7,206 | 7,308 | ||||||||||||||
Loss on early retirement of debt, net | — | 2 | 19,010 | ||||||||||||||
Gain on remeasurement of co-investment | — | (17,423) | (2,260) | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets | (9,721) | 5,183 | 4,878 | ||||||||||||||
Accounts payable, accrued liabilities, and operating lease liabilities | 5,335 | (17,266) | 22,298 | ||||||||||||||
Other liabilities | 2,735 | 9,627 | 6,143 | ||||||||||||||
Net cash provided by operating activities | 980,064 | 975,649 | 905,259 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Additions to real estate: | |||||||||||||||||
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired | (25,098) | (21,870) | (153,481) | ||||||||||||||
Redevelopment | (72,577) | (96,718) | (61,671) | ||||||||||||||
Development acquisitions of and additions to development real estate | (7,872) | (27,713) | (49,784) | ||||||||||||||
Capital expenditures on rental properties | (140,371) | (163,193) | (121,195) | ||||||||||||||
Investments in notes receivable | (58,127) | (168,095) | (245,144) | ||||||||||||||
Collections of notes and other receivables | — | 412,006 | 104,405 | ||||||||||||||
Proceeds from insurance for property losses | 3,431 | 4,325 | 879 | ||||||||||||||
Proceeds from dispositions of real estate | 99,388 | 157,985 | 297,454 | ||||||||||||||
Contributions to co-investments | (37,405) | (163,188) | (306,266) | ||||||||||||||
Changes in refundable deposits | 10,200 | (16,318) | (9,486) | ||||||||||||||
Purchases of marketable securities | (20,780) | (18,109) | (23,805) | ||||||||||||||
Sales and maturities of marketable securities | 64,320 | 71,222 | 16,577 | ||||||||||||||
Non-operating distributions from co-investments | 39,751 | 175,624 | 154,120 | ||||||||||||||
Net cash (used in) provided by investing activities | (145,140) | 145,958 | (397,397) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from unsecured debt and mortgage notes | 598,000 | — | 745,505 |
2017 | 2016 | 2015 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 458,043 | $ | 438,410 | $ | 248,239 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 468,881 | 441,682 | 453,423 | ||||||||
Amortization of discount on marketable securities and other investments | (15,119 | ) | (14,211 | ) | (12,389 | ) | |||||
Amortization of (premium) discount and financing costs, net | (5,948 | ) | (15,234 | ) | (19,361 | ) | |||||
Gain on sale of marketable securities and other investments | (1,909 | ) | (5,719 | ) | (598 | ) | |||||
Company's share of gain on the sales of co-investments | (44,837 | ) | (13,046 | ) | — | ||||||
Earnings from co-investments | (41,608 | ) | (35,652 | ) | (21,861 | ) | |||||
Operating distributions from co-investments | 76,764 | 60,472 | 46,608 | ||||||||
Gain on the sale of real estate and land | (26,423 | ) | (154,561 | ) | (47,333 | ) | |||||
Equity-based compensation | 9,286 | 9,811 | 6,061 | ||||||||
Loss on early retirement of debt, net | 1,796 | 606 | 6,114 | ||||||||
Gain on remeasurement of co-investment | (88,641 | ) | — | (34,014 | ) | ||||||
Changes in operating assets and liabilities: | |||||||||||
Prepaid expenses, receivables and other assets | (8,860 | ) | (2,328 | ) | 267 | ||||||
Accounts payable and accrued liabilities | (15,104 | ) | 2,087 | (8,875 | ) | ||||||
Other liabilities | (170 | ) | (496 | ) | 1,887 | ||||||
Net cash provided by operating activities | 766,151 | 711,821 | 618,168 | ||||||||
Cash flows from investing activities: | |||||||||||
Additions to real estate: | |||||||||||
Acquisitions of real estate and acquisition related capital expenditures | (206,194 | ) | (315,632 | ) | (515,726 | ) | |||||
Redevelopment | (69,928 | ) | (83,927 | ) | (99,346 | ) | |||||
Development acquisitions of and additions to real estate under development | (137,733 | ) | (75,367 | ) | (157,900 | ) | |||||
Capital expenditures on rental properties | (70,986 | ) | (60,013 | ) | (57,277 | ) | |||||
Acquisition of membership interest in co-investments | — | — | (115,724 | ) | |||||||
Collections of notes and other receivables | 55,000 | 4,070 | — | ||||||||
Investments in notes receivable | (106,461 | ) | (24,070 | ) | — | ||||||
Proceeds from insurance for property losses | 648 | 5,543 | 16,811 | ||||||||
Proceeds from dispositions of real estate | 132,039 | 239,289 | 319,008 | ||||||||
Contributions to co-investments | (293,363 | ) | (183,989 | ) | (127,879 | ) | |||||
Changes in restricted cash and refundable deposits | 89,712 | (14,138 | ) | (14,068 | ) | ||||||
Purchases of marketable securities | (67,893 | ) | (18,779 | ) | (14,300 | ) | |||||
Sales and maturities of marketable securities and other investments | 35,481 | 30,458 | 8,907 | ||||||||
Non-operating distributions from co-investments | 162,439 | 76,231 | 31,938 | ||||||||
Net cash used in investing activities | (477,239 | ) | (420,324 | ) | (725,556 | ) | |||||
Cash flows from financing activities: | |||||||||||
Proceeds from unsecured debt and mortgage notes | 597,981 | 669,282 | 641,816 | ||||||||
Payments on unsecured debt and mortgage notes | (561,160 | ) | (532,020 | ) | (261,734 | ) |
Payments on unsecured debt and mortgage notes | (302,429) | (64,542) | (1,053,501) | ||||||||||||||
Proceeds from lines of credit | 844,046 | 1,376,452 | 1,050,589 | ||||||||||||||
Repayments of lines of credit | (896,119) | (1,665,636) | (709,332) | ||||||||||||||
Retirement of common stock | (95,657) | (189,726) | (9,172) | ||||||||||||||
Additions to deferred charges | (1,736) | (2,638) | (8,350) | ||||||||||||||
Payments related to debt prepayment penalties | — | — | (18,342) | ||||||||||||||
Net proceeds from issuance of common stock | (347) | (314) | (455) | ||||||||||||||
Net proceeds from stock options exercised | — | 19,525 | 58,497 | ||||||||||||||
Payments related to tax withholding for share-based compensation | (3,825) | (2,216) | (5,445) | ||||||||||||||
Contributions from noncontrolling interest | — | 125 | 1,900 | ||||||||||||||
Distributions to noncontrolling interest | (31,619) | (30,740) | (29,379) | ||||||||||||||
Redemption of noncontrolling interest | (609) | (11,452) | (8,457) | ||||||||||||||
Redemption of redeemable noncontrolling interest | — | (478) | (4,463) | ||||||||||||||
Common stock dividends paid | (586,976) | (565,924) | (542,860) | ||||||||||||||
Net cash used in financing activities | (477,271) | (1,137,564) | (533,265) | ||||||||||||||
Net increase (decrease) in unrestricted and restricted cash and cash equivalents | 357,653 | (15,957) | (25,403) | ||||||||||||||
Unrestricted and restricted cash and cash equivalents at beginning of period | 42,681 | 58,638 | 84,041 | ||||||||||||||
Unrestricted and restricted cash and cash equivalents at end of period | $ | 400,334 | $ | 42,681 | $ | 58,638 | |||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||
Cash paid for interest, net of capitalized interest | $ | 207,038 | $ | 198,323 | $ | 194,203 | |||||||||||
Interest capitalized | $ | 823 | $ | 2,272 | $ | 6,153 | |||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
Operating cash flows from operating leases | $ | 6,962 | $ | 6,987 | $ | 6,963 | |||||||||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||||||||
Transfers between real estate under development and rental properties, net | $ | 1,497 | $ | 100,737 | $ | 328,393 | |||||||||||
Transfer from real estate under development to co-investments | $ | 1,732 | $ | 2,276 | $ | 3,068 | |||||||||||
Reclassifications to (from) redeemable noncontrolling interest from additional paid in capital and noncontrolling interest | $ | 5,055 | $ | (7,038) | $ | 6,890 | |||||||||||
Debt assumed in connection with acquisition | $ | — | $ | 21,303 | $ | — | |||||||||||
Proceeds from lines of credit | 982,246 | 596,106 | 704,039 | ||||||||
Repayments of lines of credit | (928,246 | ) | (486,106 | ) | (935,617 | ) | |||||
Repayment of cumulative redeemable preferred stock | — | (73,750 | ) | — | |||||||
Retirement of common stock | — | (1,045 | ) | — | |||||||
Additions to deferred charges | (4,108 | ) | (7,926 | ) | (8,034 | ) | |||||
Net proceeds from issuance of common stock | 89,055 | (384 | ) | 332,137 | |||||||
Net proceeds from stock options exercised | 26,635 | 18,949 | 26,540 | ||||||||
Payments related to tax withholding for share-based compensation | (316 | ) | (386 | ) | (758 | ) | |||||
Distributions to noncontrolling interest | (26,552 | ) | (25,334 | ) | (21,055 | ) | |||||
Redemption of noncontrolling interest | (28,580 | ) | (2,511 | ) | (2,621 | ) | |||||
Redemption of redeemable noncontrolling interest | (5,543 | ) | — | — | |||||||
Common and preferred stock dividends paid | (450,625 | ) | (411,134 | ) | (367,257 | ) | |||||
Net cash (used in) provided by financing activities | (309,213 | ) | (256,259 | ) | 107,456 | ||||||
Cash acquired from consolidation of co-investment | — | — | 4,005 | ||||||||
Net increase in cash and cash equivalents | (20,301 | ) | 35,238 | 4,073 | |||||||
Cash and cash equivalents at beginning of year | 64,921 | 29,683 | 25,610 | ||||||||
Cash and cash equivalents at end of year | $ | 44,620 | $ | 64,921 | $ | 29,683 | |||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest, net of capitalized interest | $ | 212,163 | $ | 203,743 | $ | 181,106 | |||||
Interest capitalized | $ | 13,860 | $ | 12,486 | $ | 15,571 | |||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||
Issuance of DownREIT limited partnership units in connection with acquisition of real estate | $ | 22,506 | $ | — | $ | — | |||||
Transfers between real estate under development to rental properties, net | $ | 2,413 | $ | 104,159 | $ | 308,704 | |||||
Transfer from real estate under development to co-investments | $ | 5,075 | $ | 9,919 | $ | 6,234 | |||||
Reclassifications to (from) redeemable noncontrolling interest to or from additional paid in capital and noncontrolling interest | $ | 65 | $ | (768 | ) | $ | 22,387 | ||||
Debt assumed in connection with acquisition | $ | 51,882 | $ | 48,832 | $ | 114,435 | |||||
Debt deconsolidated in connection with BEX II transaction | $ | — | $ | 20,195 | $ | — |
2023 | 2022 | ||||||||||
ASSETS | |||||||||||
Real estate: | |||||||||||
Rental properties: | |||||||||||
Land and land improvements | $ | 3,036,912 | $ | 3,043,321 | |||||||
Buildings and improvements | 13,098,311 | 12,922,906 | |||||||||
16,135,223 | 15,966,227 | ||||||||||
Less: accumulated depreciation | (5,664,931) | (5,152,133) | |||||||||
10,470,292 | 10,814,094 | ||||||||||
Real estate under development | 23,724 | 24,857 | |||||||||
Co-investments | 1,061,733 | 1,127,491 | |||||||||
11,555,749 | 11,966,442 | ||||||||||
Cash and cash equivalents-unrestricted | 391,749 | 33,295 | |||||||||
Cash and cash equivalents-restricted | 8,585 | 9,386 | |||||||||
Marketable securities, net of allowance for credit losses of zero as of both December 31, 2023 and December 31, 2022 | 87,795 | 112,743 | |||||||||
Notes and other receivables, net of allowance for credit losses of $0.7 million and $0.3 million as of December 31, 2023 and December 31, 2022 (includes related party receivables of $6.1 million and $7.0 million as of December 31, 2023 and December 31, 2022, respectively) | 174,621 | 103,045 | |||||||||
Operating lease right-of-use assets | 63,757 | 67,239 | |||||||||
Prepaid expenses and other assets | 79,171 | 80,755 | |||||||||
Total assets | $ | 12,361,427 | $ | 12,372,905 | |||||||
LIABILITIES AND CAPITAL | |||||||||||
Unsecured debt, net | $ | 5,318,531 | $ | 5,312,168 | |||||||
Mortgage notes payable, net | 887,204 | 593,943 | |||||||||
Lines of credit | — | 52,073 | |||||||||
Accounts payable and accrued liabilities | 176,401 | 165,461 | |||||||||
Construction payable | 20,659 | 23,159 | |||||||||
Distributions payable | 155,695 | 149,166 | |||||||||
Distributions in excess of investments in co-investments | 65,488 | 42,532 | |||||||||
Operating lease liabilities | 65,091 | 68,696 | |||||||||
Other liabilities | 46,175 | 43,441 | |||||||||
Total liabilities | 6,735,244 | 6,450,639 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interest | 32,205 | 27,150 | |||||||||
Capital: | |||||||||||
General Partner: | |||||||||||
Common equity (64,203,497 and 64,604,603 units issued and outstanding, respectively) | 5,389,190 | 5,669,906 | |||||||||
5,389,190 | 5,669,906 | ||||||||||
Limited Partners: | |||||||||||
Common equity (2,258,812 and 2,272,496 units issued and outstanding, respectively) | 44,991 | 51,454 | |||||||||
Accumulated other comprehensive income | 38,646 | 52,010 | |||||||||
Total partners' capital | 5,472,827 | 5,773,370 | |||||||||
Noncontrolling interest | 121,151 | 121,746 | |||||||||
Total capital | 5,593,978 | 5,895,116 | |||||||||
Total liabilities and capital | $ | 12,361,427 | $ | 12,372,905 |
2017 | 2016 | ||||||
ASSETS | |||||||
Real estate: | |||||||
Rental properties: | |||||||
Land and land improvements | $ | 2,719,064 | $ | 2,559,743 | |||
Buildings and improvements | 10,629,767 | 10,116,563 | |||||
13,348,831 | 12,676,306 | ||||||
Less: accumulated depreciation | (2,769,297 | ) | (2,311,546 | ) | |||
10,579,534 | 10,364,760 | ||||||
Real estate under development | 355,735 | 190,505 | |||||
Co-investments | 1,155,984 | 1,161,275 | |||||
Real estate held for sale, net | — | 101,957 | |||||
12,091,253 | 11,818,497 | ||||||
Cash and cash equivalents-unrestricted | 44,620 | 64,921 | |||||
Cash and cash equivalents-restricted | 16,506 | 105,381 | |||||
Marketable securities | 190,004 | 139,189 | |||||
Notes and other receivables (related party receivables of $41.2 million and $11.3 million as of December 31, 2017 and December 31, 2016, respectively) | 100,926 | 40,970 | |||||
Prepaid expenses and other assets | 52,397 | 48,450 | |||||
Total assets | $ | 12,495,706 | $ | 12,217,408 | |||
LIABILITIES AND CAPITAL | |||||||
Unsecured debt, net | $ | 3,501,709 | $ | 3,246,779 | |||
Mortgage notes payable, net | 2,008,417 | 2,191,481 | |||||
Lines of credit | 179,000 | 125,000 | |||||
Accounts payable and accrued liabilities | 127,501 | 138,226 | |||||
Construction payable | 51,770 | 35,909 | |||||
Distributions payable | 121,420 | 110,170 | |||||
Distributions in excess of investments in co-investments | 36,726 | — | |||||
Other liabilities | 33,132 | 32,922 | |||||
Total liabilities | 6,059,675 | 5,880,487 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interest | 39,206 | 44,684 | |||||
Capital: | |||||||
General Partner: | |||||||
Common equity (66,054,399 and 65,527,993 units issued and outstanding, respectively) | 6,295,852 | 6,224,276 | |||||
6,295,852 | 6,224,276 | ||||||
Limited Partners: | |||||||
Common equity (2,268,114 and 2,237,290 units issued and outstanding, respectively) | 49,792 | 49,436 | |||||
Accumulated other comprehensive loss | (15,229 | ) | (29,348 | ) | |||
Total partners' capital | 6,330,415 | 6,244,364 | |||||
Noncontrolling interest | 66,410 | 47,873 | |||||
Total capital | 6,396,825 | 6,292,237 | |||||
Total liabilities and capital | $ | 12,495,706 | $ | 12,217,408 |
2023 | 2022 | 2021 | |||||||||||||||
Revenues: | |||||||||||||||||
Rental and other property | $ | 1,658,264 | $ | 1,595,675 | $ | 1,431,418 | |||||||||||
Management and other fees from affiliates | 11,131 | 11,139 | 9,138 | ||||||||||||||
1,669,395 | 1,606,814 | 1,440,556 | |||||||||||||||
Expenses: | |||||||||||||||||
Property operating, excluding real estate taxes | 299,672 | 283,351 | 264,869 | ||||||||||||||
Real estate taxes | 185,807 | 183,918 | 180,367 | ||||||||||||||
Corporate-level property management expenses | 45,872 | 40,704 | 36,211 | ||||||||||||||
Depreciation and amortization | 548,438 | 539,319 | 520,066 | ||||||||||||||
General and administrative | 63,474 | 56,577 | 51,838 | ||||||||||||||
Expensed acquisition and investment related costs | 595 | 2,132 | 203 | ||||||||||||||
Casualty loss | 433 | — | — | ||||||||||||||
1,144,291 | 1,106,001 | 1,053,554 | |||||||||||||||
Gain on sale of real estate and land | 59,238 | 94,416 | 142,993 | ||||||||||||||
Earnings from operations | 584,342 | 595,229 | 529,995 | ||||||||||||||
Interest expense | (212,905) | (204,798) | (203,125) | ||||||||||||||
Total return swap income | 3,148 | 7,907 | 10,774 | ||||||||||||||
Interest and other income (loss) | 46,259 | (19,040) | 98,744 | ||||||||||||||
Equity income from co-investments | 10,561 | 26,030 | 111,721 | ||||||||||||||
Tax (expense) benefit on unconsolidated co-investments | (697) | 10,236 | (15,668) | ||||||||||||||
Loss on early retirement of debt, net | — | (2) | (19,010) | ||||||||||||||
Gain on remeasurement of co-investment | — | 17,423 | 2,260 | ||||||||||||||
Net income | 430,708 | 432,985 | 515,691 | ||||||||||||||
Net income attributable to noncontrolling interest | (10,599) | (10,373) | (9,946) | ||||||||||||||
Net income available to common unitholders | $ | 420,109 | $ | 422,612 | $ | 505,745 | |||||||||||
Per unit data: | |||||||||||||||||
Basic: | |||||||||||||||||
Net income available to common unitholders | $ | 6.32 | $ | 6.27 | $ | 7.51 | |||||||||||
Weighted average number of common units outstanding during the year | 66,513,303 | 67,356,105 | 67,340,856 | ||||||||||||||
Diluted: | |||||||||||||||||
Net income available to common unitholders | $ | 6.32 | $ | 6.27 | $ | 7.51 | |||||||||||
Weighted average number of common units outstanding during the year | 66,514,456 | 67,374,527 | 67,378,265 |
2017 | 2016 | 2015 | |||||||||
Revenues: | |||||||||||
Rental and other property | $ | 1,354,325 | $ | 1,285,723 | $ | 1,185,498 | |||||
Management and other fees from affiliates | 9,574 | 8,278 | 8,909 | ||||||||
1,363,899 | 1,294,001 | 1,194,407 | |||||||||
Expenses: | |||||||||||
Property operating, excluding real estate taxes | 259,232 | 249,765 | 234,953 | ||||||||
Real estate taxes | 146,310 | 139,162 | 128,555 | ||||||||
Depreciation and amortization | 468,881 | 441,682 | 453,423 | ||||||||
General and administrative | 41,385 | 40,751 | 40,090 | ||||||||
Merger and integration expenses | — | — | 3,798 | ||||||||
Acquisition and investment related costs | 1,569 | 1,841 | 2,414 | ||||||||
917,377 | 873,201 | 863,233 | |||||||||
Earnings from operations | 446,522 | 420,800 | 331,174 | ||||||||
Interest expense | (222,894 | ) | (219,654 | ) | (204,827 | ) | |||||
Total return swap income | 10,098 | 11,716 | 5,655 | ||||||||
Interest and other income | 24,604 | 27,305 | 19,143 | ||||||||
Equity income from co-investments | 86,445 | 48,698 | 21,861 | ||||||||
Loss on early retirement of debt, net | (1,796 | ) | (606 | ) | (6,114 | ) | |||||
Gain on sale of real estate and land | 26,423 | 154,561 | 47,333 | ||||||||
Deferred tax expense on gain on sale of real estate and land | — | (4,410 | ) | — | |||||||
Gain on remeasurement of co-investment | 88,641 | — | 34,014 | ||||||||
Net income | 458,043 | 438,410 | 248,239 | ||||||||
Net income attributable to noncontrolling interest | (10,159 | ) | (9,342 | ) | (8,295 | ) | |||||
Net income attributable to controlling interest | 447,884 | 429,068 | 239,944 | ||||||||
Preferred interest distributions | — | (1,314 | ) | (5,255 | ) | ||||||
Excess of redemption value of preferred units over the carrying value | — | (2,541 | ) | — | |||||||
Net income available to common unitholders | $ | 447,884 | $ | 425,213 | $ | 234,689 | |||||
Per unit data: | |||||||||||
Basic: | |||||||||||
Net income available to common unitholders | $ | 6.58 | $ | 6.28 | $ | 3.50 | |||||
Weighted average number of common units outstanding during the year | 68,081,730 | 67,695,640 | 67,054,184 | ||||||||
Diluted: | |||||||||||
Net income available to common unitholders | $ | 6.57 | $ | 6.27 | $ | 3.49 | |||||
Weighted average number of common units outstanding during the year | 68,150,830 | 67,811,916 | 67,244,152 |
2023 | 2022 | 2021 | |||||||||||||||
Net income | $ | 430,708 | $ | 432,985 | $ | 515,691 | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | (13,364) | 54,158 | 9,170 | ||||||||||||||
Change in fair value of marketable debt securities, net | — | 233 | 329 | ||||||||||||||
Reversal of unrealized gains upon the sale of marketable debt securities | — | (577) | — | ||||||||||||||
Total other comprehensive (loss) income | (13,364) | 53,814 | 9,499 | ||||||||||||||
Comprehensive income | 417,344 | 486,799 | 525,190 | ||||||||||||||
Comprehensive income attributable to noncontrolling interest | (10,599) | (10,373) | (9,946) | ||||||||||||||
Comprehensive income attributable to controlling interest | $ | 406,745 | $ | 476,426 | $ | 515,244 |
2017 | 2016 | 2015 | |||||||||
Net income | $ | 458,043 | $ | 438,410 | $ | 248,239 | |||||
Other comprehensive income (loss): | |||||||||||
Change in fair value of derivatives and amortization of swap settlements | 12,744 | 15,926 | 7,893 | ||||||||
Changes in fair value of marketable securities, net | 3,284 | (828 | ) | 1,865 | |||||||
Reversal of unrealized gains upon the sale of marketable securities | (1,909 | ) | (4,848 | ) | — | ||||||
Total other comprehensive income | 14,119 | 10,250 | 9,758 | ||||||||
Comprehensive income | 472,162 | 448,660 | 257,997 | ||||||||
Comprehensive income attributable to noncontrolling interest | (10,159 | ) | (9,342 | ) | (8,295 | ) | |||||
Comprehensive income attributable to controlling interest | $ | 462,003 | $ | 439,318 | $ | 249,702 |
Accumulated other comprehensive income (loss), net | ||||||||||||||||||||||||||||||||||||||||||||||||||
General Partner | Limited Partners | Noncontrolling interest | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Common Equity | Common Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | 64,999 | $ | 6,015,139 | 2,295 | $ | 58,184 | $ | (11,303) | $ | 121,172 | $ | 6,183,192 | ||||||||||||||||||||||||||||||||||||||
Net income | — | 488,554 | — | 17,191 | — | 9,946 | 515,691 | |||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 9,170 | — | 9,170 | |||||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | 329 | — | 329 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of common units under: | ||||||||||||||||||||||||||||||||||||||||||||||||||
General partner's stock based compensation, net | 279 | 53,052 | — | — | — | — | 53,052 | |||||||||||||||||||||||||||||||||||||||||||
Sale of common stock by general partner, net | — | (455) | — | — | — | — | (455) | |||||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | 11,286 | — | 397 | — | — | 11,683 | |||||||||||||||||||||||||||||||||||||||||||
Retirement of common units, net | (40) | (9,172) | — | — | — | — | (9,172) | |||||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | (7,489) | — | 152 | — | 447 | (6,890) | |||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | 1,900 | 1,900 | |||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (10,215) | (10,215) | |||||||||||||||||||||||||||||||||||||||||||
Redemptions | 10 | (7,566) | (13) | (296) | — | (595) | (8,457) | |||||||||||||||||||||||||||||||||||||||||||
Distributions declared ($8.36 per unit) | — | (544,194) | — | (19,126) | — | — | (563,320) | |||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | 65,248 | $ | 5,999,155 | 2,282 | $ | 56,502 | $ | (1,804) | $ | 122,655 | $ | 6,176,508 | ||||||||||||||||||||||||||||||||||||||
Net income | — | 408,315 | — | 14,297 | — | 10,373 | 432,985 | |||||||||||||||||||||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable debt securities | — | — | — | — | (577) | — | (577) | |||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 54,158 | — | 54,158 | |||||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | 233 | — | 233 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | ||||||||||||||||||||||||||||||||||||||||||||||||||
General partner's stock based compensation, net | 89 | 17,309 | — | — | — | — | 17,309 | |||||||||||||||||||||||||||||||||||||||||||
Sale of common stock by general partner, net | — | (314) | — | — | — | — | (314) | |||||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | 11,059 | — | 387 | — | — | 11,446 | |||||||||||||||||||||||||||||||||||||||||||
Retirement of common units, net | (740) | (189,726) | — | — | — | — | (189,726) |
General Partner | Limited Partners | Accumulated | |||||||||||||||||||||||||||
Preferred | other | ||||||||||||||||||||||||||||
Common Equity | Equity | Common Equity | comprehensive | Noncontrolling | |||||||||||||||||||||||||
Units | Amount | Amount | Units | Amount | loss, net | Interest | Total | ||||||||||||||||||||||
Balances at December 31, 2014 | 63,683 | $ | 6,002,915 | $ | 71,209 | 2,168 | $ | 48,665 | $ | (49,356 | ) | $ | 62,635 | $ | 6,136,068 | ||||||||||||||
Net income | — | 226,865 | 5,255 | — | 7,824 | — | 8,295 | 248,239 | |||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | — | 7,893 | — | 7,893 | |||||||||||||||||||||
Changes in fair value of marketable securities, net | — | — | — | — | — | 1,865 | — | 1,865 | |||||||||||||||||||||
Issuance of common units under: | |||||||||||||||||||||||||||||
General partner's stock based compensation, net | 207 | 26,540 | — | — | — | — | — | 26,540 | |||||||||||||||||||||
Sale of common stock by the general partner, net | 1,482 | 332,137 | — | — | — | — | — | 332,137 | |||||||||||||||||||||
Equity based compensation costs | — | 5,946 | — | 54 | 3,700 | — | — | 9,646 | |||||||||||||||||||||
Changes in redemption value of redeemable noncontrolling interest | — | (2,615 | ) | — | — | — | — | — | (2,615 | ) | |||||||||||||||||||
Reclassification of noncontrolling interest to redeemable noncontrolling interest | — | (7,657 | ) | — | — | — | — | (12,115 | ) | (19,772 | ) | ||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (8,751 | ) | (8,751 | ) | |||||||||||||||||||
Redemptions | 7 | (2,199 | ) | — | (7 | ) | — | — | (422 | ) | (2,621 | ) | |||||||||||||||||
Distributions declared | — | (373,397 | ) | (5,255 | ) | — | (12,954 | ) | — | — | (391,606 | ) | |||||||||||||||||
Balances at December 31, 2015 | 65,379 | $ | 6,208,535 | $ | 71,209 | 2,215 | $ | 47,235 | $ | (39,598 | ) | $ | 49,642 | $ | 6,337,023 | ||||||||||||||
Net income | — | 411,124 | 3,855 | — | 14,089 | — | 9,342 | 438,410 | |||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable securities | — | — | — | — | — | (4,848 | ) | — | (4,848 | ) | |||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | — | 15,926 | — | 15,926 | |||||||||||||||||||||
Change in fair value of marketable securities, net | — | — | — | — | — | (828 | ) | — | (828 | ) | |||||||||||||||||||
Issuance of common stock under: |
Changes in redemption value of redeemable noncontrolling interest | — | 6,230 | — | 386 | — | 422 | 7,038 | |||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | 125 | 125 | |||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (10,935) | (10,935) | |||||||||||||||||||||||||||||||||||||||||||
Redemptions | 8 | (10,464) | (10) | (94) | — | (894) | (11,452) | |||||||||||||||||||||||||||||||||||||||||||
Distributions declared ($8.80 per unit) | — | (571,658) | — | (20,024) | — | — | (591,682) | |||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2022 | 64,605 | $ | 5,669,906 | 2,272 | $ | 51,454 | $ | 52,010 | $ | 121,746 | $ | 5,895,116 | ||||||||||||||||||||||||||||||||||||||
Net income | — | 405,825 | — | 14,284 | — | 10,599 | 430,708 | |||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | (13,364) | — | (13,364) | |||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | ||||||||||||||||||||||||||||||||||||||||||||||||||
General partner's stock based compensation, net | 21 | (3,825) | — | — | — | — | (3,825) | |||||||||||||||||||||||||||||||||||||||||||
Sale of common stock by general partner, net | — | (347) | — | — | — | — | (347) | |||||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | 11,723 | — | 412 | — | — | 12,135 | |||||||||||||||||||||||||||||||||||||||||||
Retirement of common units, net | (437) | (95,657) | — | — | — | — | (95,657) | |||||||||||||||||||||||||||||||||||||||||||
Changes in redemption value of redeemable noncontrolling interest | — | (5,150) | — | 75 | — | 20 | (5,055) | |||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (11,060) | (11,060) | |||||||||||||||||||||||||||||||||||||||||||
Redemptions | 14 | (100) | (13) | (355) | — | (154) | (609) | |||||||||||||||||||||||||||||||||||||||||||
Distributions declared ($9.24 per unit) | — | (593,185) | — | (20,879) | — | — | (614,064) | |||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2023 | 64,203 | $ | 5,389,190 | 2,259 | $ | 44,991 | $ | 38,646 | $ | 121,151 | $ | 5,593,978 |
General partner's stock based compensation, net | 140 | 18,949 | — | — | — | — | — | 18,949 | |||||||||||||||||||||
Sale of common stock by general partner, net | — | (384 | ) | — | — | — | — | — | (384 | ) | |||||||||||||||||||
Equity based compensation costs | — | 8,246 | — | 37 | 2,653 | — | — | 10,899 | |||||||||||||||||||||
Redemption of Series H preferred units | — | — | (73,750 | ) | — | — | — | — | (73,750 | ) | |||||||||||||||||||
Retirement of common units, net | (5 | ) | (1,045 | ) | — | — | — | — | — | (1,045 | ) | ||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | 172 | — | — | — | — | 596 | 768 | |||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | (11,296 | ) | (11,296 | ) | |||||||||||||||||||
Redemptions | 14 | (2,117 | ) | — | (15 | ) | 17 | — | (411 | ) | (2,511 | ) | |||||||||||||||||
Distributions declared | — | (419,204 | ) | (1,314 | ) | — | (14,558 | ) | — | — | (435,076 | ) | |||||||||||||||||
Balances at December 31, 2016 | 65,528 | $ | 6,224,276 | $ | — | 2,237 | $ | 49,436 | $ | (29,348 | ) | $ | 47,873 | $ | 6,292,237 | ||||||||||||||
Net income | — | 433,059 | — | — | 14,825 | — | 10,159 | 458,043 | |||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable securities | — | — | — | — | — | (1,909 | ) | — | (1,909 | ) | |||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | — | 12,744 | — | 12,744 | |||||||||||||||||||||
Change in fair value of marketable securities, net | — | — | — | — | — | 3,284 | — | 3,284 | |||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||
General partner's stock based compensation, net | 179 | 26,635 | — | — | — | — | — | 26,635 | |||||||||||||||||||||
Sale of common stock by general partner, net | 345 | 89,055 | — | — | — | — | — | 89,055 | |||||||||||||||||||||
Equity based compensation costs | — | 9,529 | — | 33 | 1,773 | — | — | 11,302 | |||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | (136 | ) | — | — | 136 | — | (65 | ) | (65 | ) | ||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | — | 22,506 | 22,506 | |||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | (11,078 | ) | (11,078 | ) | |||||||||||||||||||
Redemptions | 2 | (25,190 | ) | — | (2 | ) | (405 | ) | — | (2,985 | ) | (28,580 | ) | ||||||||||||||||
Distributions declared | — | (461,376 | ) | — | — | (15,973 | ) | — | — | (477,349 | ) | ||||||||||||||||||
Balances at December 31, 2017 | 66,054 | $ | 6,295,852 | $ | — | 2,268 | $ | 49,792 | $ | (15,229 | ) | $ | 66,410 | $ | 6,396,825 |
2023 | 2022 | 2021 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | 430,708 | $ | 432,985 | $ | 515,691 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Straight-lined rents | 2,773 | 3,330 | 9,672 | ||||||||||||||
Depreciation and amortization | 548,438 | 539,319 | 520,066 | ||||||||||||||
Amortization of discount and debt financing costs, net | 6,911 | 6,712 | 9,538 | ||||||||||||||
Realized and unrealized (gains) losses on marketable securities, net | (10,006) | 45,547 | (36,504) | ||||||||||||||
Income from early redemption of notes receivable | — | (811) | (4,939) | ||||||||||||||
Provision for credit losses | 70 | 381 | 141 | ||||||||||||||
Equity income from co-investments | (10,561) | (26,030) | (111,721) | ||||||||||||||
Operating distributions from co-investments | 76,787 | 95,256 | 104,833 | ||||||||||||||
Accrued interest from notes and other receivables | (12,631) | (13,953) | (15,902) | ||||||||||||||
Casualty loss | 433 | — | — | ||||||||||||||
Gain on the sale of real estate and land | (59,238) | (94,416) | (142,993) | ||||||||||||||
Equity-based compensation | 8,031 | 7,206 | 7,308 | ||||||||||||||
Loss on early retirement of debt, net | — | 2 | 19,010 | ||||||||||||||
Gain on remeasurement of co-investment | — | (17,423) | (2,260) | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets | (9,721) | 5,183 | 4,878 | ||||||||||||||
Accounts payable, accrued liabilities, and operating lease liabilities | 5,335 | (17,266) | 22,298 | ||||||||||||||
Other liabilities | 2,735 | 9,627 | 6,143 | ||||||||||||||
Net cash provided by operating activities | 980,064 | 975,649 | 905,259 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Additions to real estate: | |||||||||||||||||
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired | (25,098) | (21,870) | (153,481) | ||||||||||||||
Redevelopment | (72,577) | (96,718) | (61,671) | ||||||||||||||
Development acquisitions of and additions to development real estate | (7,872) | (27,713) | (49,784) | ||||||||||||||
Capital expenditures on rental properties | (140,371) | (163,193) | (121,195) | ||||||||||||||
Investments in notes receivable | (58,127) | (168,095) | (245,144) | ||||||||||||||
Collections of notes and other receivables | — | 412,006 | 104,405 | ||||||||||||||
Proceeds from insurance for property losses | 3,431 | 4,325 | 879 | ||||||||||||||
Proceeds from dispositions of real estate | 99,388 | 157,985 | 297,454 | ||||||||||||||
Contributions to co-investments | (37,405) | (163,188) | (306,266) | ||||||||||||||
Changes in refundable deposits | 10,200 | (16,318) | (9,486) | ||||||||||||||
Purchases of marketable securities | (20,780) | (18,109) | (23,805) | ||||||||||||||
Sales and maturities of marketable securities | 64,320 | 71,222 | 16,577 | ||||||||||||||
Non-operating distributions from co-investments | 39,751 | 175,624 | 154,120 | ||||||||||||||
Net cash (used in) provided by investing activities | (145,140) | 145,958 | (397,397) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from unsecured debt and mortgage notes | 598,000 | — | 745,505 |
2017 | 2016 | 2015 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 458,043 | $ | 438,410 | $ | 248,239 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 468,881 | 441,682 | 453,423 | ||||||||
Amortization of discount on marketable securities and other investments | (15,119 | ) | (14,211 | ) | (12,389 | ) | |||||
Amortization of (premium) discount and debt financing costs, net | (5,948 | ) | (15,234 | ) | (19,361 | ) | |||||
Gain on sale of marketable securities and other investments | (1,909 | ) | (5,719 | ) | (598 | ) | |||||
Company's share of gain on the sales of co-investments | (44,837 | ) | (13,046 | ) | — | ||||||
Earnings from co-investments | (41,608 | ) | (35,652 | ) | (21,861 | ) | |||||
Operating distributions from co-investments | 76,764 | 60,472 | 46,608 | ||||||||
Gain on the sale of real estate and land | (26,423 | ) | (154,561 | ) | (47,333 | ) | |||||
Equity-based compensation | 9,286 | 9,811 | 6,061 | ||||||||
Loss on early retirement of debt, net | 1,796 | 606 | 6,114 | ||||||||
Gain on remeasurement of co-investment | (88,641 | ) | — | (34,014 | ) | ||||||
Changes in operating assets and liabilities: | |||||||||||
Prepaid expenses, receivables and other assets | (8,860 | ) | (2,328 | ) | 267 | ||||||
Accounts payable and accrued liabilities | (15,104 | ) | 2,087 | (8,875 | ) | ||||||
Other liabilities | (170 | ) | (496 | ) | 1,887 | ||||||
Net cash provided by operating activities | 766,151 | 711,821 | 618,168 | ||||||||
Cash flows from investing activities: | |||||||||||
Additions to real estate: | |||||||||||
Acquisitions of real estate and acquisition related capital expenditures | (206,194 | ) | (315,632 | ) | (515,726 | ) | |||||
Redevelopment | (69,928 | ) | (83,927 | ) | (99,346 | ) | |||||
Development acquisitions of and additions to real estate under development | (137,733 | ) | (75,367 | ) | (157,900 | ) | |||||
Capital expenditures on rental properties | (70,986 | ) | (60,013 | ) | (57,277 | ) | |||||
Acquisition of membership interest in co-investments | — | — | (115,724 | ) | |||||||
Collections of notes and other receivables | 55,000 | 4,070 | — | ||||||||
Investments in notes receivable | (106,461 | ) | (24,070 | ) | — | ||||||
Proceeds from insurance for property losses | 648 | 5,543 | 16,811 | ||||||||
Proceeds from dispositions of real estate | 132,039 | 239,289 | 319,008 | ||||||||
Contributions to co-investments | (293,363 | ) | (183,989 | ) | (127,879 | ) | |||||
Changes in restricted cash and refundable deposits | 89,712 | (14,138 | ) | (14,068 | ) | ||||||
Purchases of marketable securities | (67,893 | ) | (18,779 | ) | (14,300 | ) | |||||
Sales and maturities of marketable securities and other investments | 35,481 | 30,458 | 8,907 | ||||||||
Non-operating distributions from co-investments | 162,439 | 76,231 | 31,938 | ||||||||
Net cash used in investing activities | (477,239 | ) | (420,324 | ) | (725,556 | ) | |||||
Cash flows from financing activities: | |||||||||||
Proceeds from unsecured debt and mortgage notes | 597,981 | 669,282 | 641,816 | ||||||||
Payments on unsecured debt and mortgage notes | (561,160 | ) | (532,020 | ) | (261,734 | ) |
Payments on unsecured debt and mortgage notes | (302,429) | (64,542) | (1,053,501) | ||||||||||||||
Proceeds from lines of credit | 844,046 | 1,376,452 | 1,050,589 | ||||||||||||||
Repayments of lines of credit | (896,119) | (1,665,636) | (709,332) | ||||||||||||||
Retirement of common units | (95,657) | (189,726) | (9,172) | ||||||||||||||
Additions to deferred charges | (1,736) | (2,638) | (8,350) | ||||||||||||||
Payments related to debt prepayment penalties | — | — | (18,342) | ||||||||||||||
Net proceeds from issuance of common units | (347) | (314) | (455) | ||||||||||||||
Net proceeds from stock options exercised | — | 19,525 | 58,497 | ||||||||||||||
Payments related to tax withholding for share-based compensation | (3,825) | (2,216) | (5,445) | ||||||||||||||
Contributions from noncontrolling interest | — | 125 | 1,900 | ||||||||||||||
Distributions to noncontrolling interest | (8,558) | (8,450) | (8,369) | ||||||||||||||
Redemption of noncontrolling interests | (609) | (11,452) | (8,457) | ||||||||||||||
Redemption of redeemable noncontrolling interests | — | (478) | (4,463) | ||||||||||||||
Common units distributions paid | (610,037) | (588,214) | (563,870) | ||||||||||||||
Net cash used in financing activities | (477,271) | (1,137,564) | (533,265) | ||||||||||||||
Net increase (decrease) in unrestricted and restricted cash and cash equivalents | 357,653 | (15,957) | (25,403) | ||||||||||||||
Unrestricted and restricted cash and cash equivalents at beginning of period | 42,681 | 58,638 | 84,041 | ||||||||||||||
Unrestricted and restricted cash and cash equivalents at end of period | $ | 400,334 | $ | 42,681 | $ | 58,638 | |||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||
Cash paid for interest, net of capitalized interest | $ | 207,038 | $ | 198,323 | $ | 194,203 | |||||||||||
Interest capitalized | $ | 823 | $ | 2,272 | $ | 6,153 | |||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
Operating cash flows from operating leases | $ | 6,962 | $ | 6,987 | $ | 6,963 | |||||||||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||||||||
Transfers between real estate under development and rental properties, net | $ | 1,497 | $ | 100,737 | $ | 328,393 | |||||||||||
Transfer from real estate under development to co-investments | $ | 1,732 | $ | 2,276 | $ | 3,068 | |||||||||||
Reclassifications to (from) redeemable noncontrolling interest from general and limited partner capital and noncontrolling interest | $ | 5,055 | $ | (7,038) | $ | 6,890 | |||||||||||
Debt assumed in connection with acquisition | $ | — | $ | 21,303 | $ | — | |||||||||||
Proceeds from lines of credit | 982,246 | 596,106 | 704,039 | ||||||||
Repayments of lines of credit | (928,246 | ) | (486,106 | ) | (935,617 | ) | |||||
Repayment of cumulative redeemable preferred stock | — | (73,750 | ) | — | |||||||
Retirement of common stock | — | (1,045 | ) | — | |||||||
Additions to deferred charges | (4,108 | ) | (7,926 | ) | (8,034 | ) | |||||
Net proceeds from issuance of common units | 89,055 | (384 | ) | 332,137 | |||||||
Net proceeds from stock options exercised | 26,635 | 18,949 | 26,540 | ||||||||
Payments related to tax withholding for share-based compensation | (316 | ) | (386 | ) | (758 | ) | |||||
Distributions to noncontrolling interest | (7,752 | ) | (6,960 | ) | (7,615 | ) | |||||
Redemption of noncontrolling interests | (28,580 | ) | (2,511 | ) | (2,621 | ) | |||||
Redemption of redeemable noncontrolling interests | (5,543 | ) | — | — | |||||||
Common and preferred units and preferred interests distributions paid | (469,425 | ) | (429,508 | ) | (380,697 | ) | |||||
Net cash (used in) provided by financing activities | (309,213 | ) | (256,259 | ) | 107,456 | ||||||
Cash acquired from consolidation of co-investment | — | — | 4,005 | ||||||||
Net increase in cash and cash equivalents | (20,301 | ) | 35,238 | 4,073 | |||||||
Cash and cash equivalents at beginning of year | 64,921 | 29,683 | 25,610 | ||||||||
Cash and cash equivalents at end of year | $ | 44,620 | $ | 64,921 | �� | $ | 29,683 | ||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest, net of capitalized interest | $ | 212,163 | $ | 203,743 | $ | 181,106 | |||||
Interest capitalized | $ | 13,860 | $ | 12,486 | $ | 15,571 | |||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||
Issuance of DownREIT limited partnership units in connection with acquisition of real estate | $ | 22,506 | $ | — | $ | — | |||||
Transfers between real estate under development to rental properties, net | $ | 2,413 | $ | 104,159 | $ | 308,704 | |||||
Transfer from real estate under development to co-investments | $ | 5,075 | $ | 9,919 | $ | 6,234 | |||||
Reclassifications (from) to redeemable noncontrolling interest to or from additional paid in capital and noncontrolling interest | $ | 65 | $ | (768 | ) | $ | 22,387 | ||||
Debt assumed in connection with acquisition (excluding BRE merger) | $ | 51,882 | $ | 48,832 | $ | 114,435 | |||||
Debt deconsolidated in connection with BEX II transaction | $ | — | $ | 20,195 | $ | — |
Computer software and equipment | 3 - 5 years | ||||
Interior apartment home improvements | 5 years | ||||
Furniture, fixtures and equipment | 5 - 10 years | ||||
Land improvements and certain exterior components of real property | 10 years | ||||
Real estate structures | 30 years |
2023 | 2022 | 2021 | |||||||||||||||
Cash and cash equivalents - unrestricted | $ | 391,749 | $ | 33,295 | $ | 48,420 | |||||||||||
Cash and cash equivalents - restricted | 8,585 | 9,386 | 10,218 | ||||||||||||||
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows | $ | 400,334 | $ | 42,681 | $ | 58,638 |
December 31, 2023 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gain (loss) | Carrying Value | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Investment funds - debt securities | $ | 26,460 | $ | (1,584) | $ | 24,876 | |||||||||||||||||
Common stock, preferred stock, and stock funds | 51,328 | 11,591 | 62,919 | ||||||||||||||||||||
Total - Marketable securities | $ | 77,788 | $ | 10,007 | $ | 87,795 |
December 31, 2017 | |||||||||||
Amortized Cost | Gross Unrealized Gain (Loss) | Carrying Value | |||||||||
Available for sale: | |||||||||||
Investment-grade unsecured bonds | $ | 4,365 | $ | (40 | ) | $ | 4,325 | ||||
Investment funds - debt securities | 27,914 | (29 | ) | 27,885 | |||||||
Investment funds - U.S. treasuries | 10,999 | (55 | ) | 10,944 | |||||||
Common stock and stock funds | 34,329 | 2,973 | 37,302 | ||||||||
Held to maturity: | |||||||||||
Mortgage backed securities | 109,548 | — | 109,548 | ||||||||
Total - Marketable securities | $ | 187,155 | $ | 2,849 | $ | 190,004 |
December 31, 2022 | |||||||||||||||||
Amortized Cost | Gross Unrealized Loss | Carrying Value | |||||||||||||||
Equity securities: | |||||||||||||||||
Investment funds - debt securities | $ | 43,155 | $ | (6,771) | $ | 36,384 | |||||||||||
Common stock, preferred stock, and stock funds | 78,481 | (2,122) | 76,359 | ||||||||||||||
Total - Marketable securities | $ | 121,636 | $ | (8,893) | $ | 112,743 |
December 31, 2016 | |||||||||||
Amortized Cost | Gross Unrealized Gain (Loss) | Carrying Value | |||||||||
Available for sale: | |||||||||||
Investment funds - debt securities | $ | 19,604 | $ | (73 | ) | $ | 19,531 | ||||
Investment funds - U.S. treasuries | 10,022 | (22 | ) | 10,000 | |||||||
Common stock and stock funds | 13,696 | 1,569 | 15,265 | ||||||||
Held to maturity: | |||||||||||
Mortgage backed securities | 94,393 | — | 94,393 | ||||||||
Total - Marketable securities | $ | 137,715 | $ | 1,474 | $ | 139,189 |
2023 | 2022 | 2021 | |||||||||||||||
Common Stock | |||||||||||||||||
Ordinary income | 88.46 | % | 80.17 | % | 70.92 | % | |||||||||||
Capital gain | 8.32 | % | 16.78 | % | 22.07 | % | |||||||||||
Unrecaptured section 1250 capital gain | 3.22 | % | 3.05 | % | 7.01 | % | |||||||||||
100.00 | % | 100.00 | % | 100.00 | % |
2017 | 2016 | 2015 | ||||||
Common Stock | ||||||||
Ordinary income | 84.04 | % | 86.68 | % | 99.28 | % | ||
Capital gain | 13.20 | % | 7.11 | % | 0.72 | % | ||
Unrecaptured section 1250 capital gain | 2.76 | % | 6.21 | % | — | % | ||
100.00 | % | 100.00 | % | 100.00 | % |
2017 | 2016 | 2015 | ||||||
Series H Preferred stock | ||||||||
Ordinary income | — | % | 86.68 | % | 99.28 | % | ||
Capital gains | — | % | 7.11 | % | 0.72 | % | ||
Unrecaptured section 1250 capital gain | — | % | 6.21 | % | — | % | ||
— | % | 100.00 | % | 100.00 | % |
Change in fair value and amortization of swap settlements | Unrealized gains on available for sale securities | Total | |||||||||
Balance at December 31, 2016 | $ | (32,963 | ) | $ | 865 | $ | (32,098 | ) | |||
Other comprehensive income before reclassification | 24,634 | 3,176 | 27,810 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | (12,312 | ) | (1,846 | ) | (14,158 | ) | |||||
Other comprehensive income | 12,322 | 1,330 | 13,652 | ||||||||
Balance at December 31, 2017 | $ | (20,641 | ) | $ | 2,195 | $ | (18,446 | ) |
Change in fair value and amortization of swap settlements | |||||||||||||||||
Balance at December 31, 2022 | $ | 46,466 | |||||||||||||||
Other comprehensive loss before reclassification | (12,930) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 20 | ||||||||||||||||
Other comprehensive loss | (12,910) | ||||||||||||||||
Balance at December 31, 2023 | $ | 33,556 |
Change in fair value and amortization of swap settlements | |||||||||||||||||
Balance at December 31, 2022 | $ | 52,010 | |||||||||||||||
Other comprehensive loss before reclassification | (13,384) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 20 | ||||||||||||||||
Other comprehensive loss | (13,364) | ||||||||||||||||
Balance at December 31, 2023 | $ | 38,646 |
Change in fair value and amortization of swap settlements | Unrealized gains on available for sale securities | Total | |||||||||
Balance at December 31, 2016 | $ | (30,161 | ) | $ | 813 | $ | (29,348 | ) | |||
Other comprehensive income before reclassification | 25,477 | 3,284 | 28,761 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | (12,733 | ) | (1,909 | ) | (14,642 | ) | |||||
Other comprehensive income | 12,744 | 1,375 | 14,119 | ||||||||
Balance at December 31, 2017 | $ | (17,417 | ) | $ | 2,188 | $ | (15,229 | ) |
2023 | 2022 | 2021 | |||||||||||||||
Balance at January 1, | $ | 27,150 | $ | 34,666 | $ | 32,239 | |||||||||||
Reclassifications due to change in redemption value and other | 5,055 | (7,038) | 6,890 | ||||||||||||||
Redemptions | — | (478) | (4,463) | ||||||||||||||
Balance at December 31, | $ | 32,205 | $ | 27,150 | $ | 34,666 |
2017 | 2016 | 2015 | |||||||||
Balance at January 1, | $ | 44,684 | $ | 45,452 | $ | 23,256 | |||||
Reclassifications due to change in redemption value and other | 65 | (768 | ) | 22,196 | |||||||
Redemptions | (5,543 | ) | — | — | |||||||
Balance at December 31, | $ | 39,206 | $ | 44,684 | $ | 45,452 |
Property Name | Location | Apartment Homes | Essex Ownership Percentage | Quarter in 2017 | Purchase Price | ||||
Palm Valley(1) | San Jose, CA | 1,098 | 100 | % | Q1 | $ | 183.0 | ||
Sage at Cupertino(2) | San Jose, CA | 230 | 41 | % | Q1 | 90.0 | |||
Total 2017 | 1,328 | $ | 273.0 |
Property Name | Location | Apartment Homes | Essex Ownership Percentage | Quarter in 2023 | Purchase Price | |||||||||||||||||||||||||||
Hacienda at Camarillo Oaks | Camarillo, CA | 73 | 100 | % | Q2 | $ | 23.1 | |||||||||||||||||||||||||
Total 2023 | 73 | $ | 23.1 |
Property Name (1) | Location | Apartment Homes | Ownership | Quarter in 2023 | Sales Price | ||||||||||||||||||||||||||||||
CBC and The Sweeps | Goleta, CA | 239 | EPLP | Q1 | $ | 91.7 | (2) | ||||||||||||||||||||||||||||
Total 2023 | 239 | $ | 91.7 |
Property Name | Location | Apartment Homes | Essex Ownership Percentage | Ownership | Quarter in 2017 | Sales Price | Gains | ||||||
Jefferson at Hollywood | Hollywood, CA | 270 | 100 | % | EPLP | Q1 | $ | 132.5 | $ | 26.2 | |||
Total 2017 | 270 | $ | 132.5 | $ | 26.2 |
Weighted Average Essex Ownership Percentage (1) | December 31, | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Ownership interest in: | |||||||||||||||||
Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI (2) | 54 | % | $ | 144,766 | $ | 178,552 | |||||||||||
BEXAEW, BEX II, BEX IV and 500 Folsom | 50 | % | 224,119 | 238,537 | |||||||||||||
Other (3) | 52 | % | 68,493 | 74,742 | |||||||||||||
Total operating and other co-investments, net | 437,378 | 491,831 | |||||||||||||||
Total development co-investments | 51 | % | 14,605 | 12,994 | |||||||||||||
Total preferred interest co-investments (includes related party investments of $42.7 million and $87.1 million as of December 31, 2023 and 2022, respectively - Note 6 - Related Party Transactions for further discussion) | 544,262 | 580,134 | |||||||||||||||
Total co-investments, net | $ | 996,245 | $ | 1,084,959 |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
Combined balance sheets: (1) | |||||||||||
Rental properties and real estate under development | $ | 5,123,164 | $ | 4,955,051 | |||||||
Other assets | 279,237 | 294,663 | |||||||||
Total assets | $ | 5,402,401 | $ | 5,249,714 | |||||||
Debt | $ | 3,622,609 | $ | 3,397,113 | |||||||
Other liabilities | 317,208 | 264,872 | |||||||||
Equity | 1,462,584 | 1,587,729 | |||||||||
Total liabilities and equity | $ | 5,402,401 | $ | 5,249,714 | |||||||
Company's share of equity | $ | 996,245 | $ | 1,084,959 |
Years ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Combined statements of income: (1) | |||||||||||||||||
Property revenues | $ | 409,910 | $ | 373,074 | $ | 289,680 | |||||||||||
Property operating expenses | (158,520) | (140,175) | (115,023) | ||||||||||||||
Net operating income | 251,390 | 232,899 | 174,657 | ||||||||||||||
Interest expense | (154,038) | (100,913) | (65,172) | ||||||||||||||
General and administrative | (20,594) | (20,579) | (17,885) | ||||||||||||||
Depreciation and amortization | (174,028) | (164,186) | (133,787) | ||||||||||||||
Net income | $ | (97,270) | $ | (52,779) | $ | (42,187) | |||||||||||
Company's share of net income (2) | $ | 10,561 | $ | 26,030 | $ | 111,721 |
Weighted Average Essex Ownership | December 31, | |||||||||
Percentage (1) | 2017 | 2016 | ||||||||
Membership interest/Partnership interest in: | ||||||||||
CPPIB | 54 | % | $ | 500,287 | $ | 422,068 | ||||
Wesco I, III and IV, and V | 53 | % | 214,408 | 180,687 | ||||||
Palm Valley (2) | 50 | % | — | 68,396 | ||||||
BEXAEW, BEX II and BEX III (3) | 50 | % | 13,827 | 67,041 | ||||||
Other | 52 | % | 51,810 | 43,713 | ||||||
Total operating and other co-investments, net | 780,332 | 781,905 | ||||||||
Total development co-investments, net | 50 | % | 73,770 | 157,317 | ||||||
Total preferred interest co-investments (includes related party investments of $15.7 million and $35.9 million as of December 31, 2017 and December 31, 2016, respectively - FN 5 - Related Party Transactions for further discussion) | 265,156 | 222,053 | ||||||||
Total co-investments | $ | 1,119,258 | $ | 1,161,275 |
December 31, | |||||||
2017 | 2016 | ||||||
Combined balance sheets: (1) | |||||||
Rental properties and real estate under development | $ | 3,722,778 | $ | 3,807,245 | |||
Other assets | 110,333 | 121,505 | |||||
Total assets | $ | 3,833,111 | $ | 3,928,750 | |||
Debt | $ | 1,705,051 | $ | 1,617,639 | |||
Other liabilities | 45,515 | 74,607 | |||||
Equity | 2,082,545 | 2,236,504 | |||||
Total liabilities and equity | $ | 3,833,111 | $ | 3,928,750 | |||
Company's share of equity | $ | 1,155,984 | $ | 1,161,275 |
Years ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Combined statements of income: (1) | |||||||||||
Property revenues | $ | 312,841 | $ | 289,011 | $ | 260,175 | |||||
Property operating expenses | (110,583 | ) | (99,637 | ) | (93,067 | ) | |||||
Net operating income | 202,258 | 189,374 | 167,108 | ||||||||
Gain on sale of real estate | 90,663 | 28,291 | 14 | ||||||||
Interest expense | (62,844 | ) | (46,894 | ) | (44,834 | ) | |||||
General and administrative | (9,091 | ) | (7,448 | ) | (5,879 | ) | |||||
Depreciation and amortization | (118,048 | ) | (103,986 | ) | (103,613 | ) | |||||
Net income | $ | 102,938 | $ | 59,337 | $ | 12,796 | |||||
Company's share of net income (2) | $ | 86,445 | $ | 48,698 | $ | 21,861 |
2023 | 2022 | 2021 | |||||||||||||||
Rental income | $ | 1,636,070 | $ | 1,573,368 | $ | 1,410,197 | |||||||||||
Other property | 22,194 | 22,307 | 21,221 | ||||||||||||||
Management and other fees from affiliates | 11,131 | 11,139 | 9,138 | ||||||||||||||
Total revenues | $ | 1,669,395 | $ | 1,606,814 | $ | 1,440,556 |
2023 | 2022 | 2021 | |||||||||||||||
Southern California | $ | 682,116 | $ | 646,252 | $ | 574,129 | |||||||||||
Northern California | 666,836 | 639,306 | 584,034 | ||||||||||||||
Seattle Metro | 282,092 | 271,248 | 239,839 | ||||||||||||||
Other real estate assets (1) | 27,220 | 38,869 | 33,416 | ||||||||||||||
Total rental and other property revenues | $ | 1,658,264 | $ | 1,595,675 | $ | 1,431,418 |
2023 | 2022 | 2021 | |||||||||||||||
Same-property (1) | $ | 1,581,890 | $ | 1,515,505 | $ | 1,364,379 | |||||||||||
Acquisitions (2) | 5,449 | 1,561 | — | ||||||||||||||
Development (3) | 22,883 | 20,425 | 15,807 | ||||||||||||||
Redevelopment | 6,232 | 5,766 | 6,170 | ||||||||||||||
Non-residential/other, net (4) | 44,353 | 57,976 | 56,377 | ||||||||||||||
Straight line rent concession (5) | (2,543) | (5,558) | (11,315) | ||||||||||||||
Total rental and other property revenues | $ | 1,658,264 | $ | 1,595,675 | $ | 1,431,418 |
2023 | 2022 | ||||||||||
Note receivable, secured, bearing interest at 10.00%, due November 2024 (Originated November 2020) | $ | 37,582 | $ | 33,477 | |||||||
Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021) | 50,146 | 21,452 | |||||||||
Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022) | 11,743 | 10,350 | |||||||||
Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022) | 34,929 | — | |||||||||
Notes and other receivables from affiliates (1) | 6,111 | 6,975 | |||||||||
Straight line rent receivables (2) | 9,353 | 12,164 | |||||||||
Other receivables | 25,444 | 18,961 | |||||||||
Allowance for credit losses | (687) | (334) | |||||||||
Total notes and other receivables | $ | 174,621 | $ | 103,045 |
2017 | 2016 | ||||||
Notes receivable, secured, bearing interest at 10.00%, due May 2021 | $ | 13,762 | $ | — | |||
Note receivable, secured, bearing interest at 10.75%, due September 2020 | 29,318 | 17,685 | |||||
Related party note receivable, secured, bearing interest at 9.50%, due October 2019 (1) | 6,656 | 6,593 | |||||
Related party note receivable, secured, bearing interest at 3.50%, due March 2018 (1) | 29,500 | — | |||||
Notes and other receivables from affiliates (2) | 5,061 | 4,695 | |||||
Other receivables | 16,629 | 11,997 | |||||
Total notes and receivables | $ | 100,926 | $ | 40,970 |
(1)These amounts consist of short-term loans outstanding and due from various joint ventures as of December 31, 2023 and 2022, respectively. See Note 6, Related Party Transactions, for additional details. (2) These amounts are receivables from lease concessions recorded on a straight-line basis for the Company's operating properties. The following table presents the activity in the allowance for credit losses for notes and other receivables by loan type ($ in thousands):
F- 35 ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, 2022, and 2021 (6) Related Party Transactions The Company has adopted written related party transaction guidelines that are intended to cover transactions in which the Company (including entities it controls) is a party and in which any or (ii) otherwise, through one or more entities or arrangements, has an indirect financial interest in or personal benefit from the transaction. The related person transaction review and approval process is intended to determine, among any other relevant issues, the dollar amount involved in the transaction; the nature and value of any related person’s direct or indirect interest (if any) in the transaction; and whether or not (i) a related person’s interest is material, (ii) the transaction is fair, reasonable, and serves the best interest of the Company and its shareholders, and (iii) whether the transaction or relationship should be entered into, continued or ended. The Company’s Chairman and founder, Mr. George Marcus, is the Chairman of the Marcus & Millichap Company The Company charges certain fees relating to its co-investments for asset management, property management, development and redevelopment services. These fees from affiliates As described in Note In In In January 2022, the Company provided a $100.7 million related party bridge loan to Wesco In November In November 2021, the Company provided a $61.9 million related party bridge loan to F- ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, In In September 2021, the Company provided a $29.2 million related party bridge loan to Wesco VI in connection with the acquisition of Martha Lake Apartments. The note receivable accrued interest at 2.15% and was scheduled to mature in December 2021. In December 2021, the maturity date of the note receivable was extended to March 2022, and in January 2022, the note receivable was paid off. In March 2021, the Company In February 2019, the Company funded a $24.5 million preferred equity investment in an entity whose sponsor is an affiliate of MMC, which owns a multifamily development community located in Mountain View, CA. The investment initially accrued interest based on an 11.0% preferred return which was reduced to 9.0% upon completion and lease-up of the project. The investment was scheduled to mature in February 2024, but was paid off in December 2023. In October 2018, the Company funded an $18.6 million preferred equity investment in an entity whose sponsor is an affiliate of MMC. The entity wholly owns a 268-unit apartment home community development located in Burlingame, CA. The investment initially accrued interest based on a 12.0% preferred return which was reduced to 9.0% upon completion and lease-up of the project. In April 2023, the investment's maturity date was extended from April 2024 to May 2026 with the investment accruing interest based on an 11.0% preferred return. In April 2023, the Company received cash of $11.2 million for the partial redemption of this preferred equity investment. In May 2018, the Company made a Essex does not have any indebtedness as all debt is incurred by the Operating Partnership. Essex guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities up to the maximum amounts and for the full term of the facilities.
F- ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, Unsecured debt consists of the following as of December 31, 2023 and 2022 ($ in thousands):
(1)In October 2022, the Operating Partnership obtained a $300.0 million (2)Includes unamortized discount, net of premiums, of $6.1 million and $7.9 million and unamortized debt issuance costs of $25.3 million and $29.9 million as of December 31, 2023 and 2022, respectively. (3)Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion, excludes unamortized debt issuance costs of $3.8 million and $5.1 million as of December 31, 2023 and 2022, respectively. These debt issuance costs are included in prepaid expenses and other assets on the consolidated balance sheets. As of December 31, 2023, the Company's $1.2 billion credit facility had an interest rate at the Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company's credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity of January 2027 with two six-month extension options, exercisable at the Company's option. As of December 31, 2023, the Company's $35.0 million working capital unsecured line of credit had an interest rate of Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company's credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity of July 2024. In March 2021, the Operating Partnership issued $450.0 million of senior unsecured notes due on March 1, 2028 with a coupon rate of 1.700% per annum (the "2028 Notes"), which are payable on March 1 and September 1 of each year, beginning on September 1, 2021. The 2028 Notes were offered to investors at a price of 99.423% of par value. The 2028 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex. The Company In June 2021, the Operating Partnership issued $300.0 million of senior unsecured notes due on June 15, 2031 with a F- 38 ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, 2022, and 2021 These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2023, and 2022, the carrying value of the June 2031 Notes, net of discount and debt issuance costs, was $296.7 million and $296.2 million, respectively. In February 2020, the Operating Partnership issued $500.0 million of senior unsecured notes due on March 15, 2032, with a coupon rate of 2.650% (the "2032 Notes"), which In August 2020, the Operating Partnership issued $600.0 million of senior unsecured notes, consisting of $300.0 million aggregate principal amount due on January 15, 2031 with a In August 2019, the Operating Partnership issued $400.0 million of senior unsecured notes due on January 15, 2030, with a coupon rate In February 2019, the Operating Partnership issued $350.0 million of senior unsecured notes due on March 1, 2029, with a coupon rate of 4.000% per annum (the "2029 Notes"), which are payable on March 1 and September 1 of each year, beginning on September 1, 2019. The 2029 Notes were offered to investors at a price of 99.188% of the principal amount thereof. The 2029 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex Property Trust, Inc. In March 2019, the Operating Partnership issued an additional $150.0 million of the 2029 Notes at a price of 100.717% of the principal amount thereof. F- 39 ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, 2022, and 2021 These additional notes have substantially identical terms as the 2029 Notes issued in February 2019. The Company used the net proceeds of these offerings to repay indebtedness under its unsecured lines of credit and for other general corporate and working capital purposes. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2023, and 2022, the carrying value of the 2029 Notes, net of discount and debt issuance costs was $496.7 million and $496.0 million, respectively. In March 2018, the Operating Partnership issued $300.0 million of senior unsecured notes due on March 15, 2048 with a coupon rate of 4.500% per annum and are payable on March 15 and September 15 of each year, beginning on September 15, 2018 (the "2048 Notes"). The 2048 Notes were offered to investors at a price of 99.591% of par value. The 2048 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2023 and 2022, the carrying value of the 2048 Notes, net of discount and debt issuance costs was $296.2 million and $296.1 million, respectively. In April 2017, the In April 2016, the In March 2015, the In April 2014, the In April 2013, the F- ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, The following is a summary of the Company’s senior unsecured notes as of December 31,
The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31,
As of December 31, As of December 31, As of December 31, 2023 and 2022, there was no amount and $12.1 million outstanding on the Company's $35.0 million working capital unsecured line of credit, respectively. As of December 31, 2023 and 2022, the line of credit facility had a scheduled maturity date of July 2024. The underlying interest rate on this line is based on a tiered rate structure tied to the Company's corporate ratings, adjusted for the Company's sustainability metric grid, and is at the Adjusted SOFR plus 0.75%. The Company’s unsecured lines of credit and unsecured debt agreements contain debt covenants related to limitations on indebtedness and liabilities, and maintenance of minimum levels of consolidated earnings before depreciation, interest and amortization. The Company was in compliance with the debt covenants as of December 31, F- ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, Essex does not have any indebtedness as all debt is incurred by the Operating Partnership. Mortgage notes payable consist of the following as of December 31,
The aggregate scheduled principal payments of mortgage notes payable at December 31,
(2)In July 2023, the Company closed $298.0 million in 10-year secured loans priced at a 5.08% fixed interest rate. Includes total unamortized premium, net of discounts, of $0.5 million and $1.2 million and reduced by unamortized debt issuance costs of $3.1 million and $2.0 million as of December 31, 2023 and 2022, respectively. For the Company’s mortgage notes payable as of December 31, The Company uses interest rate swaps, interest rate caps, and total return swap contracts to manage certain interest rate risks. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps and total return swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate F- ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In As of December 31, As of December 31, Hedge ineffectiveness related to cash flow hedges, which is As of December 31, Although the majority of the Company’s apartment home and commercial leasing income is derived from fixed lease payments, some lease agreements also allow for variable payments. The primary driver of variable leasing income comes from utility reimbursements from apartment home leases and common area maintenance reimbursements from commercial leases. A small number of commercial leases contain provisions for lease payments based on a percentage of gross retail sales over set hurdles. At the end of the term of apartment home leases, unless the lessee decides to renew the lease with the Company at The Company’s apartment home and commercial lease agreements do not contain residual value guarantees. As the Company is the lessor of real estate assets which tend to either hold their value or appreciate, residual value risk is not deemed to be
F- ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31,
The Company accounts for operating lease (e.g., fixed payments including rent) and non-lease components (e.g., utility reimbursements and common-area maintenance costs) as a single combined lease component under ASC 842 "Leases" as the lease components are the predominant elements of the combined components. (11) Lease Agreements - Company as Lessee As of December 31, 2023, the Company is a lessee of corporate office space, ground leases and a parking lease associated with various consolidated properties, and equipment. Lease terms for the Company's office leases, in general, range between 5 to 10 years while ground leases and the parking lease have terms typically ranging from 20 to 85 years. The corporate office leases occasionally contain renewal options of approximately five years while certain ground leases contain renewal options that can extend the lease term from approximately 10 to 39 years. A majority of the Company’s ground leases and the parking lease are subject to changes in the Consumer Price Index ("CPI"). Furthermore, certain of the Company’s ground leases include rental payments based on a percentage of gross or net income. While lease liabilities are not remeasured as a result of changes in the CPI or percentage of gross or net income, such changes are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. The Company’s lease agreements do not contain any residual value guarantees or restrictive covenants. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Because most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. As of December 31, 2023 and 2022, the Company had no material finance leases. Supplemental consolidated balance sheet information related to leases as of December 31, 2023 and 2022 is as follows ($ in thousands):
F- 44 ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, 2022, and 2021 The components of lease expense for the years ended December 31, 2023 and 2022 were as follows ($ in thousands):
A maturity analysis of lease liabilities as of December 31, 2023 is as follows ($ in thousands):
Lease term and discount rate information for leases at December 31, 2023 and 2022 are as follows:
Practical Expedients Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes the lease expense for such leases on a straight-line basis over the lease term. The Company has elected to account for lease components (e.g., fixed payments including rent) and non-lease components (e.g., common-area maintenance costs) as a single combined lease component as the lease components are the predominant elements of the combined components. (12) Equity Transactions Common Stock Offerings F- 45 ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, 2022, and For the years ended December 31, 2023 and 2022, the Company did not the 2021 ATM Program. Operating Partnership Units and As of December 31, LTIP units represent an interest in the Operating Partnership for services rendered or to be rendered by the LTIP The collective redemption value of OP Units and LTIP units owned by the limited partners, not including Essex, was approximately F- ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, Essex Property Trust, Inc. Basic and diluted income per share is calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts):
The table above excludes from the calculations of diluted earnings per share weighted average convertible OP Units of Stock options of Essex Portfolio, L.P. Basic and diluted income per unit is calculated as follows for the years ended December 31 ($ in thousands, except unit and per unit amounts):
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ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, 2022, and 2021 Stock options of F- 48 ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, Stock Options and Restricted Stock In May . The Company’s cost of real estate and land sold, respectively. Stock-based compensation for options and restricted stock related to recipients who are direct and incremental to projects under development were capitalized and totaled Total unrecognized compensation cost related to unvested stock options totaled The average fair value of stock options granted for the years ended December 31,
A summary of the status of the Company’s stock option plans as of December 31,
F- ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31,
The following table summarizes information about restricted stock outstanding as of December 31, 2023, 2022 and 2021 and changes during the years ended:
The unrecognized compensation cost related to unvested restricted stock totaled On December 9, 2014, the Operating Partnership issued 44,750 LTIP units under the 2015 Long-Term Incentive Plan Award agreements to executives of the Company. The 2015 Long-Term Incentive Plan Units (the In December 2013, the Operating Partnership issued 50,500 LTIP units under the 2014 Long-Term Incentive Plan Award agreements to executives of the Company. The 2014 Long-Term Incentive Plan Units (the The estimated fair value of the 2015 LTIP Units and 2014 LTIP Units were determined on the grant date using Monte Carlo simulations under a risk-neutral premise and considered Essex’s stock price on the date of grant, the unpaid dividends on unvested units and the discount factor for F- ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, Equity-based compensation costs and total unrecognized compensation costs for LTIP units under the fair value method totaled approximately zero for the years ended December 31, 2023, 2022 and 2021. The intrinsic value of the vested and unvested LTIP Units totaled $24.2 million as of December 31, 2023. The following table summarizes information about the LTIP Units outstanding as of December 31,
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ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES December 31, 2023, 2022, and 2021 (15) Segment Information The Company's segment disclosures present the measure used by the chief operating decision makers for purposes of assessing each segment's performance. The executive management team generally evaluates the Company's operating performance geographically. The Company defines its reportable operating segments as the three geographical regions in which its communities are located: Southern California, Northern California and Seattle Metro. Excluded from segment revenues and F- ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, The revenues and
F- ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, Total assets for each of the reportable operating segments are summarized as follows as of December 31,
The Company has a 401(k) benefit plan (the
To the extent that an environmental matter arises or is identified in the future that has other than a remote risk of having a material impact on the financial statements, the Company will disclose the estimated range of possible outcomes associated with it and, if an outcome is probable, accrue an appropriate liability for that matter. The Company will consider whether any such matter results in an impairment of value on the affected property and, if so, the impairment will be recognized. The Company The Company has entered into transactions that may require the Company to pay the tax liabilities of the partners or members in the Operating Partnership or in the DownREIT entities. These transactions are within the Company’s control. Although the Company F- 54 ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, 2022, and 2021 There continue to be lawsuits against owners and managers of certain of the Company's apartment communities alleging personal injury and property damage caused by the presence of mold in the residential units and common areas of those communities. Some of these lawsuits have resulted in substantial monetary judgments or The Company carries comprehensive liability, fire, extended coverage and rental loss insurance for each of the communities. There are, however, certain types of extraordinary losses, such as, for example, losses from terrorism or earthquakes, for which the Company has limited insurance coverage. Substantially all of the communities are located in areas that are subject to earthquake activity. The Company has established a wholly-owned insurance subsidiary, Pacific Western Insurance LLC In late 2022 and early 2023, a number of purported class actions were filed against RealPage, Inc., a seller of revenue management software, and various lessors of multifamily housing which utilize this software, including the Company. The complaints allege collusion among defendants to artificially increase rents of multifamily residential real estate above competitive levels. The Company intends to vigorously defend against these lawsuits. Given their early stage, the Company is unable to predict the outcome or estimate the amount of loss, if any, that may result from such matters. The Company is also subject to various other legal and/or regulatory proceedings arising in the normal course of its business operations. F-
ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES FINANCIAL STATEMENT SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, (Dollars in thousands)
F- ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES FINANCIAL STATEMENT SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, (Dollars in thousands)
F- ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES FINANCIAL STATEMENT SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, (Dollars in thousands)
F- ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES FINANCIAL STATEMENT SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, (Dollars in thousands)
F- ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES FINANCIAL STATEMENT SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, (Dollars in thousands)
F- ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES FINANCIAL STATEMENT SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, (Dollars in thousands)
F- ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES FINANCIAL STATEMENT SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, (Dollars in thousands)
(1)The aggregate cost for federal income tax purposes is approximately (2) A portion of land is leased pursuant to a ground lease expiring 2070. (3) The land is leased pursuant to a ground lease expiring (4) The land is leased pursuant to a ground lease expiring 2070. (5)The land is leased pursuant to a ground lease expiring 2027. (6) The land is leased pursuant to a ground lease expiring 2067. (7)A portion of land is leased pursuant to a ground lease expiring in 2028. F- ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES FINANCIAL STATEMENT SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, (Dollars in thousands) (8) The land is leased pursuant to a ground lease expiring in 2028. A summary of activity for rental properties and accumulated depreciation is as follows:
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* Management contract or compensatory plan or arrangement. † The schedules and certain exhibits to this agreement, as set forth in the agreement, have not been filed herewith. The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the Securities and Exchange Commission upon request. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of San Mateo, State of California, on February
S-1 KNOWN ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of each Registrant and in the capacities and on the dates indicated.
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