Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 08, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Registrant Name | EQUITY RESIDENTIAL | ||
Entity Central Index Key | 0000906107 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2023 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | EQR | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 25 | ||
Entity Common Stock, Shares Outstanding | 379,553,591 | ||
Entity File Number | 1-12252 | ||
Entity Tax Identification Number | 13-3675988 | ||
Entity Address, Address Line One | Two North Riverside Plaza | ||
Entity Address, City or Town | Chicago | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60606 | ||
City Area Code | 312 | ||
Local Phone Number | 474-1300 | ||
Entity Incorporation, State or Country Code | MD | ||
Title of 12(b) Security | Common Shares of Beneficial Interest,$0.01 Par Value (Equity Residential) | ||
Security Exchange Name | NYSE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | Ernst and Young LLP | ||
Auditor Location | Chicago, Illinois, USA | ||
Auditor Firm ID | 42 | ||
Documents Incorporated by Reference | Part III incorporates by reference certain information that will be contained in Equity Residential’s Proxy Statement relating to its 2024 Annual Meeting of Shareholders, which Equity Residential intends to file no later than 120 days after the end of its fiscal year ended December 31, 2023, and thus these items have been omitted in accordance with General Instruction G(3) to Form 10-K. Equity Residential is the general partner and 97.0% o wner of ERP Operating Limited Partnership. | ||
ERPOP [Member] | |||
Document Information [Line Items] | |||
Entity Registrant Name | ERP OPERATING LIMITED PARTNERSHIP | ||
Entity Central Index Key | 0000931182 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2023 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
No Trading Symbol Flag | true | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity File Number | 0-24920 | ||
Entity Tax Identification Number | 36-3894853 | ||
Entity Address, Address Line One | Two North Riverside Plaza | ||
Entity Address, City or Town | Chicago | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60606 | ||
City Area Code | 312 | ||
Local Phone Number | 474-1300 | ||
Entity Incorporation, State or Country Code | IL | ||
Title of 12(b) Security | 7.57% Notes due August 15, 2026(ERP Operating Limited Partnership) | ||
Security Exchange Name | NYSE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | Ernst and Young LLP | ||
Auditor Location | Chicago, Illinois, USA | ||
Auditor Firm ID | 42 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Land | $ 5,581,876 | $ 5,580,878 |
Depreciable property | 22,938,426 | 22,334,369 |
Projects under development | 78,036 | 112,940 |
Land held for development | 114,300 | 60,567 |
Investment in real estate | 28,712,638 | 28,088,754 |
Accumulated depreciation | (9,810,337) | (9,027,850) |
Investment in real estate, net | 18,902,301 | 19,060,904 |
Investments in unconsolidated entities | 282,049 | 279,024 |
Cash and cash equivalents | 50,743 | 53,869 |
Restricted deposits | 89,252 | 83,303 |
Right-of-use assets | 457,266 | 462,956 |
Other assets | 252,953 | 278,206 |
Total assets | 20,034,564 | 20,218,262 |
Liabilities: | ||
Mortgage notes payable, net | 1,632,902 | 1,953,438 |
Notes, net | 5,348,417 | 5,342,329 |
Line of credit and commercial paper | 409,131 | 129,955 |
Accounts payable and accrued expenses | 104,430 | 96,028 |
Accrued interest payable | 65,716 | 66,310 |
Lease liabilities | 311,640 | 308,748 |
Other liabilities | 255,543 | 306,941 |
Security deposits | 69,178 | 68,940 |
Distributions payable | 259,231 | 244,621 |
Total liabilities | 8,456,188 | 8,517,310 |
Commitments and contingencies | ||
Redeemable Noncontrolling Interests – Operating Partnership | 289,248 | 318,273 |
Shareholders' equity: | ||
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of December 31, 2023 and December 31, 2022 | 37,280 | 37,280 |
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 379,291,417 shares issued and outstanding as of December 31, 2023 and 378,429,708 shares issued and outstanding as of December 31, 2022 | 3,793 | 3,784 |
Paid in capital | 9,601,866 | 9,476,085 |
Retained earnings | 1,437,185 | 1,658,837 |
Accumulated other comprehensive income (loss) | 5,704 | (2,547) |
Total shareholders’ equity | 11,085,828 | 11,173,439 |
Noncontrolling Interests: | ||
Operating Partnership | 202,306 | 209,961 |
Partially Owned Properties | 994 | (721) |
Total Noncontrolling Interests | 203,300 | 209,240 |
Total equity | 11,289,128 | 11,382,679 |
Total liabilities and equity/capital | $ 20,034,564 | $ 20,218,262 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | 745,600 | 745,600 |
Preferred Stock, Shares Outstanding | 745,600 | 745,600 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 379,291,417 | 378,429,708 |
Common Stock, Shares, Outstanding | 379,291,417 | 378,429,708 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUES | |||
Rental income | $ 2,873,964 | $ 2,735,180 | $ 2,463,997 |
EXPENSES | |||
Property and maintenance | 514,575 | 483,865 | 453,532 |
Real estate taxes and insurance | 412,114 | 388,412 | 397,105 |
Property management | 119,804 | 110,304 | 98,155 |
General and administrative | 60,716 | 58,710 | 56,506 |
Depreciation | 888,709 | 882,168 | 838,272 |
Total expenses | 1,995,918 | 1,923,459 | 1,843,570 |
Net gain (loss) on sales of real estate properties | 282,539 | 304,325 | 1,072,183 |
Impairment | (16,769) | ||
Operating income | 1,160,585 | 1,116,046 | 1,675,841 |
Interest and other income | 22,345 | 2,193 | 25,666 |
Other expenses | (29,419) | (13,664) | (19,275) |
Interest: | |||
Expense incurred, net | (269,556) | (282,920) | (272,473) |
Amortization of deferred financing costs | (8,941) | (8,729) | (8,737) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 875,014 | 812,926 | 1,401,022 |
Income and other tax (expense) benefit | (1,148) | (900) | (915) |
Income (loss) from investments in unconsolidated entities | (5,378) | (5,031) | (3,398) |
Net gain (loss) on sales of land parcels | 5 | ||
Net income | 868,488 | 806,995 | 1,396,714 |
Net (income) loss attributable to Noncontrolling Interests: | |||
Operating Partnership | (26,710) | (26,310) | (45,900) |
Partially Owned Properties | (6,340) | (3,774) | (17,964) |
Net income attributable to controlling interests | 835,438 | 776,911 | 1,332,850 |
Preferred distributions | (3,090) | (3,090) | (3,090) |
Net income available to Common Shares | $ 832,348 | $ 773,821 | $ 1,329,760 |
Earnings per share – basic: | |||
Net income available to Common Shares | $ 2.2 | $ 2.06 | $ 3.56 |
Weighted average Common Shares outstanding | 378,773 | 376,209 | 373,833 |
Earnings per share – diluted: | |||
Net income available to Common Shares | $ 2.2 | $ 2.05 | $ 3.54 |
Weighted average Common Shares outstanding | 390,897 | 389,450 | 388,089 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Comprehensive income: | |||
Net income | $ 868,488 | $ 806,995 | $ 1,396,714 |
Other comprehensive income (loss) – derivative instruments: | |||
Unrealized holding gains (losses) arising during the year | 4,514 | 20,654 | |
Losses reclassified into earnings from other comprehensive income | 3,737 | 11,071 | 9,394 |
Other comprehensive income (loss) | 8,251 | 31,725 | 9,394 |
Comprehensive income | 876,739 | 838,720 | 1,406,108 |
Comprehensive (income) attributable to Noncontrolling Interests | (33,307) | (31,132) | (64,183) |
Comprehensive income attributable to controlling interests | $ 843,432 | $ 807,588 | $ 1,341,925 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
Net income | $ 868,488 |
Adjustments to reconcile net income to net cash provided by operating activities: | |
Depreciation | 888,709 |
Amortization of deferred financing costs | 8,941 |
Amortization of discounts and premiums on debt | 4,091 |
Amortization of deferred settlements on derivative instruments | 3,725 |
Amortization of right-of-use assets | 12,795 |
Write-off of pursuit costs | 3,647 |
(Income) loss from investments in unconsolidated entities | 5,378 |
Distributions from unconsolidated entities – return on capital | 559 |
Net (gain) loss on sales of real estate properties | (282,539) |
Realized (gain) loss on investment securities | (1,504) |
Unrealized (gain) loss on investment securities | (13,466) |
Compensation paid with Company Common Shares | 31,815 |
Changes in assets and liabilities: | |
(Increase) decrease in other assets | (10,203) |
Increase (decrease) in accounts payable and accrued expenses | 8,911 |
Increase (decrease) in accrued interest payable | (594) |
Increase (decrease) in lease liabilities | (1,551) |
Increase (decrease) in other liabilities | 5,358 |
Increase (decrease) in security deposits | 238 |
Net cash provided by operating activities | 1,532,798 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
Investment in real estate – acquisitions | (324,497) |
Investment in real estate – development/other | (78,197) |
Capital expenditures to real estate | (319,342) |
Non-real estate capital additions | (1,851) |
Interest capitalized for real estate and unconsolidated entities under development | (12,347) |
Proceeds from disposition of real estate, net | 374,018 |
Investments in unconsolidated entities – acquisitions | (2,800) |
Investments in unconsolidated entities - development/other | (47,180) |
Distributions from unconsolidated entities – return of capital | 42 |
Purchase of investment securities and other investments | (2,500) |
Proceeds from sale of investment securities | 3,042 |
Consolidation of previously unconsolidated entities | 2,108 |
Net cash provided by (used for) investing activities | (409,504) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
Debt financing costs | (4,106) |
Mortgage notes payable, net: | |
Proceeds | 572,896 |
Lump sum payoffs | (932,598) |
Scheduled principal repayments | (3,354) |
Line of credit and commercial paper: | |
Commercial paper proceeds | 6,124,068 |
Commercial paper repayments | (5,844,892) |
Proceeds from (payments on) settlement of derivative instruments | 25,169 |
Finance ground lease principal payments | (2,662) |
Proceeds from Employee Share Purchase Plan (ESPP) | 3,517 |
Proceeds from exercise of options | 23,632 |
Common Shares repurchased and retired | (49,105) |
Other financing activities, net | (75) |
Acquisition of Noncontrolling Interests - Partially Owned Properties | (3,737) |
Contributions – Noncontrolling Interests – Partially Owned Properties | 9 |
Contributions – Noncontrolling Interests – Operating Partnership | 1 |
Distributions: | |
Common Shares | (990,148) |
Preferred Shares | (3,090) |
Noncontrolling Interests – Operating Partnership | (30,253) |
Noncontrolling Interests – Partially Owned Properties | (5,743) |
Net cash provided by (used for) financing activities | (1,120,471) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 2,823 |
Cash and cash equivalents and restricted deposits, beginning of year | 137,172 |
Cash and cash equivalents and restricted deposits, end of year | 139,995 |
Cash and cash equivalents | 50,743 |
Restricted deposits | 89,252 |
SUPPLEMENTAL INFORMATION: | |
Cash paid for interest, net of amounts capitalized | 248,990 |
Net cash paid (received) for income and other taxes | 1,091 |
Real estate acquisitions/dispositions/other: | |
Mortgage loans assumed | 42,256 |
Amortization of deferred financing costs: | |
Investment in real estate, net | (211) |
Other assets | 2,785 |
Mortgage notes payable, net | 2,527 |
Notes, net | 3,840 |
Amortization of discounts and premiums on debt: | |
Mortgage notes payable, net | 1,843 |
Notes, net | 2,248 |
Amortization of deferred settlements on derivative instruments: | |
Other liabilities | (12) |
Accumulated other comprehensive income | 3,737 |
Write-off of pursuit costs: | |
Investment in real estate, net | 527 |
Investments in unconsolidated entities | 2,186 |
Other assets | 934 |
(Income) loss from investments in unconsolidated entities: | |
Investments in unconsolidated entities | 4,132 |
Other liabilities | 1,246 |
Realized/unrealized (gain) loss on derivative instruments: | |
Other assets | (3,749) |
Other liabilities | (765) |
Accumulated other comprehensive income | 4,514 |
Interest capitalized for real estate and unconsolidated entities under development: | |
Investment in real estate, net | (4,010) |
Investments in unconsolidated entities | (8,337) |
Investments in unconsolidated entities - development/other: | |
Investments in unconsolidated entities | (45,770) |
Other liabilities | (1,410) |
Consolidation of previously unconsolidated entities: | |
Investment in real estate, net | (50,315) |
Investments in unconsolidated entities | 46,327 |
Accounts payable and accrued expenses | 75 |
Other liabilities | 2,000 |
Noncontrolling Interests - Partially Owned Properties | 4,021 |
Debt financing costs: | |
Mortgage notes payable, net | (4,106) |
Proceeds from (payments on) settlement of derivative instruments: | |
Other assets | 25,613 |
Other liabilities | (444) |
Right-of-use assets and lease liabilities initial measurement and reclassifications: | |
Right-of-use assets | (7,105) |
Lease liabilities | 7,105 |
Non-cash share distribution and other transfers from unconsolidated entities: | |
Investments in unconsolidated entities | 636 |
Other assets | $ (636) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | PREFERRED SHARES | COMMON SHARES, $0.01 PAR VALUE | PAID IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | DISTRIBUTIONS | OPERATING PARTNERSHIP | PARTIALLY OWNED PROPERTIES |
Balance, beginning of year at Dec. 31, 2020 | $ 37,280 | $ 3,723 | $ 9,128,599 | $ 1,399,715 | $ (43,666) | ||||
Balance, beginning of year at Dec. 31, 2020 | $ 233,162 | $ 4,673 | |||||||
COMMON SHARES, $0.01 PAR VALUE | |||||||||
Conversion of OP Units into Common Shares | 13 | 74,050 | |||||||
Issuance of Common Shares | $ 1,038 | ||||||||
Exercise of share options | 17 | 85,428 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 4,264 | |||||||
Share-based employee compensation expense: | |||||||||
Issuance of restricted units/shares | 1 | 8,388 | |||||||
Share options | 3,101 | ||||||||
ESPP discount | 991 | ||||||||
Offering costs | (428) | ||||||||
Supplemental Executive Retirement Plan (SERP) | (1,335) | ||||||||
Change in market value of Redeemable Noncontrolling Interests –Operating Partnership | 158,598 | (158,598) | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | (23,338) | 23,338 | |||||||
PAID IN CAPITAL | |||||||||
Conversion of OP Units into Common Shares | 13 | 74,050 | |||||||
Exercise of share options | 17 | 85,428 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 4,264 | |||||||
RETAINED EARNINGS | |||||||||
Net income attributable to controlling interests | 1,332,850 | 1,332,850 | |||||||
Common Share distributions | (902,412) | ||||||||
Preferred Share distributions | (3,090) | ||||||||
Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
Losses reclassified into earnings from other comprehensive income | 9,394 | 9,394 | |||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Common Share outstanding | $ 2.41 | ||||||||
NONCONTROLLING INTERESTS | |||||||||
Issuance of restricted units/shares | 1 | 8,388 | |||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (74,063) | ||||||||
Equity compensation associated with Noncontrolling Interests | 17,797 | ||||||||
Net income attributable to Noncontrolling Interests | 45,900 | 45,900 | 17,964 | ||||||
Distributions to Noncontrolling Interests | (30,612) | (5,865) | |||||||
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | 1,428 | (1,428) | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | (23,338) | 23,338 | |||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 45,900 | 45,900 | 17,964 | ||||||
Contributions by Noncontrolling Interests | 1,394 | ||||||||
Distributions to Noncontrolling Interests | (30,612) | (5,865) | |||||||
Balance, end of year at Dec. 31, 2021 | 37,280 | 3,755 | 9,121,122 | 1,827,063 | (34,272) | ||||
Balance, end of year at Dec. 31, 2021 | 214,094 | 18,166 | |||||||
COMMON SHARES, $0.01 PAR VALUE | |||||||||
Conversion of OP Units into Common Shares | 4 | 11,919 | |||||||
Issuance of Common Shares | 2,793 | 17 | 139,606 | ||||||
Exercise of share options | 5 | 25,064 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 4,177 | |||||||
Share-based employee compensation expense: | |||||||||
Issuance of restricted units/shares | 2 | 11,593 | 1 | ||||||
Share options | 2,321 | ||||||||
ESPP discount | 796 | ||||||||
Offering costs | (783) | ||||||||
Supplemental Executive Retirement Plan (SERP) | (269) | ||||||||
Acquisition of Noncontrolling Interests – Partially Owned Properties | (27,383) | (4,795) | |||||||
Change in market value of Redeemable Noncontrolling Interests –Operating Partnership | (176,490) | 176,490 | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 11,432 | (11,432) | |||||||
PAID IN CAPITAL | |||||||||
Conversion of OP Units into Common Shares | 4 | 11,919 | |||||||
Exercise of share options | 5 | 25,064 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 4,177 | |||||||
RETAINED EARNINGS | |||||||||
Net income attributable to controlling interests | 776,911 | 776,911 | |||||||
Common Share distributions | (942,047) | ||||||||
Preferred Share distributions | (3,090) | ||||||||
Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
Unrealized holding gains (losses) arising during the year | 20,654 | 20,654 | |||||||
Losses reclassified into earnings from other comprehensive income | 11,071 | 11,071 | |||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Common Share outstanding | 2.50 | ||||||||
NONCONTROLLING INTERESTS | |||||||||
Issuance of restricted units/shares | 2 | 11,593 | 1 | ||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (11,923) | ||||||||
Equity compensation associated with Noncontrolling Interests | 19,104 | ||||||||
Net income attributable to Noncontrolling Interests | 26,310 | 26,310 | 3,774 | ||||||
Distributions to Noncontrolling Interests | (30,407) | (18,469) | |||||||
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | (4,214) | 4,214 | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 11,432 | (11,432) | |||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 26,310 | 26,310 | 3,774 | ||||||
Contributions by Noncontrolling Interests | 603 | ||||||||
Distributions to Noncontrolling Interests | (30,407) | (18,469) | |||||||
Balance, end of year at Dec. 31, 2022 | 11,173,439 | 37,280 | 3,784 | 9,476,085 | 1,658,837 | (2,547) | |||
Balance, end of year at Dec. 31, 2022 | 209,240 | 209,961 | (721) | ||||||
COMMON SHARES, $0.01 PAR VALUE | |||||||||
Conversion of OP Units into Common Shares | 10 | 23,938 | |||||||
Issuance of Common Shares | 525 | ||||||||
Exercise of share options | 5 | 23,627 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 3,516 | |||||||
Share-based employee compensation expense: | |||||||||
Issuance of restricted units/shares | 2 | 12,484 | 1 | ||||||
Share options | 4,628 | ||||||||
ESPP discount | 644 | ||||||||
Supplemental Executive Retirement Plan (SERP) | 32,078 | ||||||||
Acquisition of Noncontrolling Interests – Partially Owned Properties | (900) | (2,837) | |||||||
Change in market value of Redeemable Noncontrolling Interests –Operating Partnership | (7,667) | 7,667 | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 18,099 | (18,099) | |||||||
PAID IN CAPITAL | |||||||||
Conversion of OP Units into Common Shares | 10 | 23,938 | |||||||
Exercise of share options | 5 | 23,627 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 3,516 | |||||||
Common Shares repurchased and retired | 49,100 | (9) | (49,096) | ||||||
RETAINED EARNINGS | |||||||||
Net income attributable to controlling interests | 835,438 | 835,438 | |||||||
Common Share distributions | (1,004,904) | ||||||||
Preferred Share distributions | (3,090) | ||||||||
Accumulated other comprehensive income (loss) - derivative instruments: | |||||||||
Unrealized holding gains (losses) arising during the year | 4,514 | 4,514 | |||||||
Losses reclassified into earnings from other comprehensive income | 3,737 | 3,737 | |||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Common Share outstanding | $ 2.65 | ||||||||
NONCONTROLLING INTERESTS | |||||||||
Issuance of restricted units/shares | 2 | 12,484 | 1 | ||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (23,948) | ||||||||
Equity compensation associated with Noncontrolling Interests | 16,430 | ||||||||
Net income attributable to Noncontrolling Interests | 26,710 | 26,710 | 6,340 | ||||||
Distributions to Noncontrolling Interests | (30,107) | (5,818) | |||||||
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | (21,358) | 21,358 | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 18,099 | (18,099) | |||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 26,710 | 26,710 | 6,340 | ||||||
Contributions by Noncontrolling Interests | 9 | ||||||||
Distributions to Noncontrolling Interests | (30,107) | (5,818) | |||||||
Consolidation of previously unconsolidated entities | 4,021 | ||||||||
Balance, end of year at Dec. 31, 2023 | 11,085,828 | $ 37,280 | $ 3,793 | $ 9,601,866 | $ 1,437,185 | $ 5,704 | |||
Balance, end of year at Dec. 31, 2023 | $ 203,300 | $ 202,306 | $ 994 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
CONSOLIDATED BALANCE SHEETS OF
CONSOLIDATED BALANCE SHEETS OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Land | $ 5,581,876 | $ 5,580,878 |
Depreciable property | 22,938,426 | 22,334,369 |
Projects under development | 78,036 | 112,940 |
Land held for development | 114,300 | 60,567 |
Investment in real estate | 28,712,638 | 28,088,754 |
Accumulated depreciation | (9,810,337) | (9,027,850) |
Investment in real estate, net | 18,902,301 | 19,060,904 |
Investments in unconsolidated entities | 282,049 | 279,024 |
Cash and cash equivalents | 50,743 | 53,869 |
Restricted deposits | 89,252 | 83,303 |
Right-of-use assets | 457,266 | 462,956 |
Other assets | 252,953 | 278,206 |
Total assets | 20,034,564 | 20,218,262 |
Liabilities: | ||
Mortgage notes payable, net | 1,632,902 | 1,953,438 |
Notes, net | 5,348,417 | 5,342,329 |
Line of credit and commercial paper | 409,131 | 129,955 |
Accounts payable and accrued expenses | 104,430 | 96,028 |
Accrued interest payable | 65,716 | 66,310 |
Lease liabilities | 311,640 | 308,748 |
Other liabilities | 255,543 | 306,941 |
Security deposits | 69,178 | 68,940 |
Distributions payable | 259,231 | 244,621 |
Total liabilities | 8,456,188 | 8,517,310 |
Commitments and contingencies | ||
Redeemable Limited Partners | 289,248 | 318,273 |
Partners’ Capital: | ||
Accumulated other comprehensive income (loss) | 5,704 | (2,547) |
Noncontrolling Interests – Partially Owned Properties | 994 | (721) |
Total liabilities and equity/capital | 20,034,564 | 20,218,262 |
ERPOP [Member] | ||
ASSETS | ||
Land | 5,581,876 | 5,580,878 |
Depreciable property | 22,938,426 | 22,334,369 |
Projects under development | 78,036 | 112,940 |
Land held for development | 114,300 | 60,567 |
Investment in real estate | 28,712,638 | 28,088,754 |
Accumulated depreciation | (9,810,337) | (9,027,850) |
Investment in real estate, net | 18,902,301 | 19,060,904 |
Investments in unconsolidated entities | 282,049 | 279,024 |
Cash and cash equivalents | 50,743 | 53,869 |
Restricted deposits | 89,252 | 83,303 |
Right-of-use assets | 457,266 | 462,956 |
Other assets | 252,953 | 278,206 |
Total assets | 20,034,564 | 20,218,262 |
Liabilities: | ||
Mortgage notes payable, net | 1,632,902 | 1,953,438 |
Notes, net | 5,348,417 | 5,342,329 |
Line of credit and commercial paper | 409,131 | 129,955 |
Accounts payable and accrued expenses | 104,430 | 96,028 |
Accrued interest payable | 65,716 | 66,310 |
Lease liabilities | 311,640 | 308,748 |
Other liabilities | 255,543 | 306,941 |
Security deposits | 69,178 | 68,940 |
Distributions payable | 259,231 | 244,621 |
Total liabilities | 8,456,188 | 8,517,310 |
Commitments and contingencies | ||
Redeemable Limited Partners | 289,248 | 318,273 |
Partners’ Capital: | ||
Preference Units | 37,280 | 37,280 |
General Partner | 11,042,844 | 11,138,706 |
Limited Partners | 202,306 | 209,961 |
Accumulated other comprehensive income (loss) | 5,704 | (2,547) |
Total partners’ capital | 11,288,134 | 11,383,400 |
Noncontrolling Interests – Partially Owned Properties | 994 | (721) |
Total capital | 11,289,128 | 11,382,679 |
Total liabilities and equity/capital | $ 20,034,564 | $ 20,218,262 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUES | |||
Rental income | $ 2,873,964 | $ 2,735,180 | $ 2,463,997 |
EXPENSES | |||
Property and maintenance | 514,575 | 483,865 | 453,532 |
Real estate taxes and insurance | 412,114 | 388,412 | 397,105 |
Property management | 119,804 | 110,304 | 98,155 |
General and administrative | 60,716 | 58,710 | 56,506 |
Depreciation | 888,709 | 882,168 | 838,272 |
Total expenses | 1,995,918 | 1,923,459 | 1,843,570 |
Net gain (loss) on sales of real estate properties | 282,539 | 304,325 | 1,072,183 |
Impairment | (16,769) | ||
Operating income | 1,160,585 | 1,116,046 | 1,675,841 |
Interest and other income | 22,345 | 2,193 | 25,666 |
Other expenses | (29,419) | (13,664) | (19,275) |
Interest: | |||
Expense incurred, net | (269,556) | (282,920) | (272,473) |
Amortization of deferred financing costs | (8,941) | (8,729) | (8,737) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 875,014 | 812,926 | 1,401,022 |
Income and other tax (expense) benefit | (1,148) | (900) | (915) |
Income (loss) from investments in unconsolidated entities | (5,378) | (5,031) | (3,398) |
Net gain (loss) on sales of land parcels | 5 | ||
Net income | 868,488 | 806,995 | 1,396,714 |
Partially Owned Properties | (6,340) | (3,774) | (17,964) |
Net income attributable to controlling interests | $ 835,438 | $ 776,911 | $ 1,332,850 |
Earnings per Unit – basic: | |||
Net income available to Units | $ 2.2 | $ 2.06 | $ 3.56 |
Earnings per Unit – diluted: | |||
Net income available to Units | $ 2.2 | $ 2.05 | $ 3.54 |
Weighted average Units outstanding | 390,897 | 389,450 | 388,089 |
ERPOP [Member] | |||
REVENUES | |||
Rental income | $ 2,873,964 | $ 2,735,180 | $ 2,463,997 |
EXPENSES | |||
Property and maintenance | 514,575 | 483,865 | 453,532 |
Real estate taxes and insurance | 412,114 | 388,412 | 397,105 |
Property management | 119,804 | 110,304 | 98,155 |
General and administrative | 60,716 | 58,710 | 56,506 |
Depreciation | 888,709 | 882,168 | 838,272 |
Total expenses | 1,995,918 | 1,923,459 | 1,843,570 |
Net gain (loss) on sales of real estate properties | 282,539 | 304,325 | 1,072,183 |
Impairment | (16,769) | ||
Operating income | 1,160,585 | 1,116,046 | 1,675,841 |
Interest and other income | 22,345 | 2,193 | 25,666 |
Other expenses | (29,419) | (13,664) | (19,275) |
Interest: | |||
Expense incurred, net | (269,556) | (282,920) | (272,473) |
Amortization of deferred financing costs | (8,941) | (8,729) | (8,737) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 875,014 | 812,926 | 1,401,022 |
Income and other tax (expense) benefit | (1,148) | (900) | (915) |
Income (loss) from investments in unconsolidated entities | (5,378) | (5,031) | (3,398) |
Net gain (loss) on sales of land parcels | 5 | ||
Net income | 868,488 | 806,995 | 1,396,714 |
Partially Owned Properties | (6,340) | (3,774) | (17,964) |
Net income attributable to controlling interests | 862,148 | 803,221 | 1,378,750 |
ALLOCATION OF NET INCOME: | |||
Preference Units | 3,090 | 3,090 | 3,090 |
General Partner | 832,348 | 773,821 | 1,329,760 |
Limited Partners | 26,710 | 26,310 | 45,900 |
Net income available to Units | $ 859,058 | $ 800,131 | $ 1,375,660 |
Earnings per Unit – basic: | |||
Net income available to Units | $ 2.2 | $ 2.06 | $ 3.56 |
Weighted average Units outstanding | 389,954 | 388,045 | 386,096 |
Earnings per Unit – diluted: | |||
Net income available to Units | $ 2.2 | $ 2.05 | $ 3.54 |
Weighted average Units outstanding | 390,897 | 389,450 | 388,089 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Comprehensive income: | |||
Net income | $ 868,488 | $ 806,995 | $ 1,396,714 |
Other comprehensive income (loss) – derivative instruments: | |||
Unrealized holding gains (losses) arising during the year | 4,514 | 20,654 | |
Losses reclassified into earnings from other comprehensive income | 3,737 | 11,071 | 9,394 |
Other comprehensive income (loss) | 8,251 | 31,725 | 9,394 |
Comprehensive income | 876,739 | 838,720 | 1,406,108 |
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties | (33,307) | (31,132) | (64,183) |
Comprehensive income attributable to controlling interests | 843,432 | 807,588 | 1,341,925 |
ERPOP [Member] | |||
Comprehensive income: | |||
Net income | 868,488 | 806,995 | 1,396,714 |
Other comprehensive income (loss) – derivative instruments: | |||
Unrealized holding gains (losses) arising during the year | 4,514 | 20,654 | |
Losses reclassified into earnings from other comprehensive income | 3,737 | 11,071 | 9,394 |
Other comprehensive income (loss) | 8,251 | 31,725 | 9,394 |
Comprehensive income | 876,739 | 838,720 | 1,406,108 |
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties | (6,340) | (3,774) | (17,964) |
Comprehensive income attributable to controlling interests | $ 870,399 | $ 834,946 | $ 1,388,144 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 868,488 | $ 806,995 | $ 1,396,714 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 888,709 | 882,168 | 838,272 |
Amortization of deferred financing costs | 8,941 | 8,729 | 8,737 |
Amortization of above/below market lease intangibles | (154) | ||
Amortization of discounts and premiums on debt | 4,091 | 5,004 | 5,302 |
Amortization of deferred settlements on derivative instruments | 3,725 | 11,059 | 9,382 |
Amortization of right-of-use assets | 12,795 | 12,157 | 13,266 |
Impairment | 16,769 | ||
Write-off of pursuit costs | 3,647 | 4,780 | 6,526 |
(Income) loss from investments in unconsolidated entities | 5,378 | 5,031 | 3,398 |
Distributions from unconsolidated entities – return on capital | 559 | 398 | 56 |
Net (gain) loss on sales of real estate properties | (282,539) | (304,325) | (1,072,183) |
Net (gain) loss on sales of land parcels | (5) | ||
Realized (gain) loss on investment securities | (1,504) | (2,061) | (23,432) |
Unrealized (gain) loss on investment securities | (13,466) | ||
Compensation paid with Company Common Shares | 31,815 | 29,513 | 27,810 |
Changes in assets and liabilities: | |||
(Increase) decrease in other assets | (10,203) | 10,893 | 5,906 |
Increase (decrease) in accounts payable and accrued expenses | 8,911 | (266) | 15,381 |
Increase (decrease) in accrued interest payable | (594) | (3,200) | 3,614 |
Increase (decrease) in lease liabilities | (1,551) | (1,524) | (5,122) |
Increase (decrease) in other liabilities | 5,358 | (13,394) | 4,286 |
Increase (decrease) in security deposits | 238 | 2,799 | 5,661 |
Net cash provided by operating activities | 1,532,798 | 1,454,756 | 1,260,184 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Investment in real estate – acquisitions | (324,497) | (113,046) | (1,712,131) |
Investment in real estate – development/other | (78,197) | (109,345) | (206,421) |
Capital expenditures to real estate | (319,342) | (221,086) | (151,019) |
Non-real estate capital additions | (1,851) | (4,050) | (1,696) |
Interest capitalized for real estate and unconsolidated entities under development | (12,347) | (7,105) | (15,932) |
Proceeds from disposition of real estate, net | 374,018 | 720,302 | 1,707,747 |
Investments in unconsolidated entities – acquisitions | (2,800) | (49,855) | (48,534) |
Investments in unconsolidated entities - development/other | (47,180) | (109,846) | (31,257) |
Distributions from unconsolidated entities – return of capital | 42 | 300 | 1,516 |
Purchase of investment securities and other investments | (2,500) | (2,061) | (168,291) |
Proceeds from sale of investment securities | 3,042 | 3,584 | 191,398 |
Consolidation of previously unconsolidated entities | 2,108 | ||
Net cash provided by (used for) investing activities | (409,504) | 107,792 | (434,620) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Debt financing costs | (4,106) | (9,894) | (6,446) |
Mortgage notes payable, net: | |||
Proceeds | 572,896 | 48,054 | 58,428 |
Lump sum payoffs | (932,598) | (286,461) | (156,815) |
Scheduled principal repayments | (3,354) | (3,392) | (7,465) |
Notes, net: | |||
Proceeds | 497,470 | ||
Lump sum payoffs | (500,000) | ||
Line of credit and commercial paper: | |||
Line of credit proceeds | 10,000 | ||
Line of credit repayments | (10,000) | ||
Commercial paper proceeds | 6,124,068 | 6,036,083 | 7,590,200 |
Commercial paper repayments | (5,844,892) | (6,221,158) | (7,690,000) |
Proceeds from (payments on) settlement of derivative instruments | 25,169 | ||
Finance ground lease principal payments | (2,662) | (2,463) | (365) |
Proceeds from sale of OP Units | 139,623 | ||
Proceeds from Employee Share Purchase Plan (ESPP) | 3,517 | 4,178 | 4,265 |
Proceeds from exercise of EQR options | 23,632 | 25,069 | 85,445 |
Payment of offering costs | (783) | (428) | |
Other financing activities, net | (75) | (63) | (63) |
Acquisition of Noncontrolling Interests - Partially Owned Properties | (3,737) | (32,178) | |
Contributions – Noncontrolling Interests – Partially Owned Properties | 9 | 603 | 1,394 |
Contributions – Limited Partners | 1 | 1 | |
Distributions: | |||
OP Units – General Partner | (990,148) | (931,783) | (900,468) |
Preference Units | (3,090) | (2,318) | (3,090) |
OP Units – Limited Partners | (30,253) | (30,324) | (31,316) |
Noncontrolling Interests – Partially Owned Properties | (5,743) | (18,406) | (5,802) |
Net cash provided by (used for) financing activities | (1,120,471) | (1,785,612) | (565,056) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 2,823 | (223,064) | 260,508 |
Cash and cash equivalents and restricted deposits, beginning of year | 137,172 | 360,236 | 99,728 |
Cash and cash equivalents and restricted deposits, end of year | 139,995 | 137,172 | 360,236 |
Cash and cash equivalents | 50,743 | 53,869 | 123,832 |
Restricted deposits | 89,252 | 83,303 | 236,404 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 248,990 | 267,612 | 252,838 |
Net cash paid (received) for income and other taxes | 1,091 | 748 | 1,179 |
Real estate acquisitions/dispositions/other: | |||
Mortgage loans assumed | 42,256 | ||
Amortization of deferred financing costs: | |||
Investment in real estate, net | (211) | (506) | (353) |
Other assets | 2,785 | 2,768 | 2,338 |
Mortgage notes payable, net | 2,527 | 2,080 | 2,743 |
Notes, net | 3,840 | 4,387 | 4,009 |
Amortization of discounts and premiums on debt: | |||
Mortgage notes payable, net | 1,843 | 2,184 | 2,764 |
Notes, net | 2,248 | 2,820 | 2,538 |
Amortization of deferred settlements on derivative instruments: | |||
Other liabilities | (12) | (12) | (12) |
Accumulated other comprehensive income | 3,737 | 11,071 | 9,394 |
Write-off of pursuit costs: | |||
Investment in real estate, net | 527 | 1,150 | 5,918 |
Investments in unconsolidated entities | 2,186 | 2,898 | |
Other assets | 934 | 732 | 582 |
Accounts payable and accrued expenses | 26 | ||
(Income) loss from investments in unconsolidated entities: | |||
Investments in unconsolidated entities | 4,132 | 3,778 | 2,122 |
Other liabilities | 1,246 | 1,253 | 1,276 |
Realized/unrealized (gain) loss on derivative instruments: | |||
Other assets | (3,749) | (21,865) | |
Other liabilities | (765) | 1,211 | |
Accumulated other comprehensive income | 4,514 | 20,654 | |
Interest capitalized for real estate and unconsolidated entities under development: | |||
Investment in real estate, net | 4,010 | 2,365 | 15,318 |
Investments in unconsolidated entities | (8,337) | (4,740) | (614) |
Investments in unconsolidated entities - development/other: | |||
Investment in real estate, net | 1,395 | ||
Investments in unconsolidated entities | (45,770) | (108,556) | (30,642) |
Other liabilities | (1,410) | (1,290) | (2,010) |
Consolidation of previously unconsolidated entities: | |||
Investment in real estate, net | (50,315) | ||
Investments in unconsolidated entities | 46,327 | ||
Accounts payable and accrued expenses | 75 | ||
Other liabilities | 2,000 | ||
Noncontrolling Interests - Partially Owned Properties | 4,021 | ||
Debt financing costs: | |||
Other assets | (9,566) | 229 | |
Mortgage notes payable, net | (4,106) | (228) | (2,344) |
Notes, net | (100) | (4,331) | |
Proceeds from (payments on) settlement of derivative instruments: | |||
Other assets | 25,613 | ||
Other liabilities | (444) | ||
Right-of-use assets and lease liabilities initial measurement and reclassifications: | |||
Right-of-use assets | (7,105) | (400) | 11,308 |
Lease liabilities | 7,105 | 400 | (11,308) |
Non-cash share distribution and other transfers from unconsolidated entities: | |||
Investments in unconsolidated entities | 636 | 4,201 | 1,430 |
Other assets | (636) | (4,201) | (1,430) |
ERPOP [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | 868,488 | 806,995 | 1,396,714 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 888,709 | 882,168 | 838,272 |
Amortization of deferred financing costs | 8,941 | 8,729 | 8,737 |
Amortization of above/below market lease intangibles | (154) | ||
Amortization of discounts and premiums on debt | 4,091 | 5,004 | 5,302 |
Amortization of deferred settlements on derivative instruments | 3,725 | 11,059 | 9,382 |
Amortization of right-of-use assets | 12,795 | 12,157 | 13,266 |
Impairment | 16,769 | ||
Write-off of pursuit costs | 3,647 | 4,780 | 6,526 |
(Income) loss from investments in unconsolidated entities | 5,378 | 5,031 | 3,398 |
Distributions from unconsolidated entities – return on capital | 559 | 398 | 56 |
Net (gain) loss on sales of real estate properties | (282,539) | (304,325) | (1,072,183) |
Net (gain) loss on sales of land parcels | (5) | ||
Realized (gain) loss on investment securities | (1,504) | (2,061) | (23,432) |
Unrealized (gain) loss on investment securities | (13,466) | ||
Compensation paid with Company Common Shares | 31,815 | 29,513 | 27,810 |
Changes in assets and liabilities: | |||
(Increase) decrease in other assets | (10,203) | 10,893 | 5,906 |
Increase (decrease) in accounts payable and accrued expenses | 8,911 | (266) | 15,381 |
Increase (decrease) in accrued interest payable | (594) | (3,200) | 3,614 |
Increase (decrease) in lease liabilities | (1,551) | (1,524) | (5,122) |
Increase (decrease) in other liabilities | 5,358 | (13,394) | 4,286 |
Increase (decrease) in security deposits | 238 | 2,799 | 5,661 |
Net cash provided by operating activities | 1,532,798 | 1,454,756 | 1,260,184 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Investment in real estate – acquisitions | (324,497) | (113,046) | (1,712,131) |
Investment in real estate – development/other | (78,197) | (109,345) | (206,421) |
Capital expenditures to real estate | (319,342) | (221,086) | (151,019) |
Non-real estate capital additions | (1,851) | (4,050) | (1,696) |
Interest capitalized for real estate and unconsolidated entities under development | (12,347) | (7,105) | (15,932) |
Proceeds from disposition of real estate, net | 374,018 | 720,302 | 1,707,747 |
Investments in unconsolidated entities – acquisitions | (2,800) | (49,855) | (48,534) |
Investments in unconsolidated entities - development/other | (47,180) | (109,846) | (31,257) |
Distributions from unconsolidated entities – return of capital | 42 | 300 | 1,516 |
Purchase of investment securities and other investments | (2,500) | (2,061) | (168,291) |
Proceeds from sale of investment securities | 3,042 | 3,584 | 191,398 |
Consolidation of previously unconsolidated entities | 2,108 | ||
Net cash provided by (used for) investing activities | (409,504) | 107,792 | (434,620) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Debt financing costs | (4,106) | (9,894) | (6,446) |
Mortgage notes payable, net: | |||
Proceeds | 572,896 | 48,054 | 58,428 |
Lump sum payoffs | (932,598) | (286,461) | (156,815) |
Scheduled principal repayments | (3,354) | (3,392) | (7,465) |
Notes, net: | |||
Proceeds | 497,470 | ||
Lump sum payoffs | (500,000) | ||
Line of credit and commercial paper: | |||
Line of credit proceeds | 10,000 | ||
Line of credit repayments | (10,000) | ||
Commercial paper proceeds | 6,124,068 | 6,036,083 | 7,590,200 |
Commercial paper repayments | (5,844,892) | (6,221,158) | (7,690,000) |
Proceeds from (payments on) settlement of derivative instruments | 25,169 | ||
Finance ground lease principal payments | (2,662) | (2,463) | (365) |
Proceeds from sale of OP Units | 139,623 | ||
Proceeds from Employee Share Purchase Plan (ESPP) | 3,517 | 4,178 | 4,265 |
Proceeds from exercise of EQR options | 23,632 | 25,069 | 85,445 |
OP Units repurchased and retired | (49,105) | ||
Payment of offering costs | (783) | (428) | |
Other financing activities, net | (75) | (63) | (63) |
Acquisition of Noncontrolling Interests - Partially Owned Properties | (3,737) | (32,178) | |
Contributions – Noncontrolling Interests – Partially Owned Properties | 9 | 603 | 1,394 |
Contributions – Limited Partners | 1 | 1 | |
Distributions: | |||
OP Units – General Partner | (990,148) | (931,783) | (900,468) |
Preference Units | (3,090) | (2,318) | (3,090) |
OP Units – Limited Partners | (30,253) | (30,324) | (31,316) |
Noncontrolling Interests – Partially Owned Properties | (5,743) | (18,406) | (5,802) |
Net cash provided by (used for) financing activities | (1,120,471) | (1,785,612) | (565,056) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 2,823 | (223,064) | 260,508 |
Cash and cash equivalents and restricted deposits, beginning of year | 137,172 | 360,236 | 99,728 |
Cash and cash equivalents and restricted deposits, end of year | 139,995 | 137,172 | 360,236 |
Cash and cash equivalents | 50,743 | 53,869 | 123,832 |
Restricted deposits | 89,252 | 83,303 | 236,404 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 248,990 | 267,612 | 252,838 |
Net cash paid (received) for income and other taxes | 1,091 | 748 | 1,179 |
Real estate acquisitions/dispositions/other: | |||
Mortgage loans assumed | 42,256 | ||
Amortization of deferred financing costs: | |||
Investment in real estate, net | (211) | (506) | (353) |
Other assets | 2,785 | 2,768 | 2,338 |
Mortgage notes payable, net | 2,527 | 2,080 | 2,743 |
Notes, net | 3,840 | 4,387 | 4,009 |
Amortization of discounts and premiums on debt: | |||
Mortgage notes payable, net | 1,843 | 2,184 | 2,764 |
Notes, net | 2,248 | 2,820 | 2,538 |
Amortization of deferred settlements on derivative instruments: | |||
Other liabilities | (12) | (12) | (12) |
Accumulated other comprehensive income | 3,737 | 11,071 | 9,394 |
Write-off of pursuit costs: | |||
Investment in real estate, net | 527 | 1,150 | 5,918 |
Investments in unconsolidated entities | 2,186 | 2,898 | |
Other assets | 934 | 732 | 582 |
Accounts payable and accrued expenses | 26 | ||
(Income) loss from investments in unconsolidated entities: | |||
Investments in unconsolidated entities | 4,132 | 3,778 | 2,122 |
Other liabilities | 1,246 | 1,253 | 1,276 |
Realized/unrealized (gain) loss on derivative instruments: | |||
Other assets | (3,749) | (21,865) | |
Other liabilities | (765) | 1,211 | |
Accumulated other comprehensive income | 4,514 | 20,654 | |
Interest capitalized for real estate and unconsolidated entities under development: | |||
Investment in real estate, net | (4,010) | (2,365) | (15,318) |
Investments in unconsolidated entities | (8,337) | (4,740) | (614) |
Investments in unconsolidated entities - development/other: | |||
Investment in real estate, net | 1,395 | ||
Investments in unconsolidated entities | (45,770) | (108,556) | (30,642) |
Other liabilities | (1,410) | (1,290) | (2,010) |
Consolidation of previously unconsolidated entities: | |||
Investment in real estate, net | (50,315) | ||
Investments in unconsolidated entities | 46,327 | ||
Accounts payable and accrued expenses | 75 | ||
Other liabilities | 2,000 | ||
Noncontrolling Interests - Partially Owned Properties | 4,021 | ||
Debt financing costs: | |||
Other assets | (9,566) | 229 | |
Mortgage notes payable, net | (4,106) | (228) | (2,344) |
Notes, net | (100) | (4,331) | |
Proceeds from (payments on) settlement of derivative instruments: | |||
Other assets | 25,613 | ||
Other liabilities | (444) | ||
Right-of-use assets and lease liabilities initial measurement and reclassifications: | |||
Right-of-use assets | (7,105) | (400) | 11,308 |
Lease liabilities | 7,105 | 400 | (11,308) |
Non-cash share distribution and other transfers from unconsolidated entities: | |||
Investments in unconsolidated entities | 636 | 4,201 | 1,430 |
Other assets | $ (636) | $ (4,201) | $ (1,430) |
CONSOLIDATED STATEMENTS OF CH_3
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands | Total | ERPOP [Member] | PREFERRED SHARES ERPOP [Member] | General Partner [Member] ERPOP [Member] | Limited Partner ERPOP [Member] | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ERPOP [Member] | DISTRIBUTIONS [Member] ERPOP [Member] | PARTIALLY OWNED PROPERTIES [Member] ERPOP [Member] |
Balance, beginning of year at Dec. 31, 2020 | $ 37,280 | $ 10,532,037 | $ 233,162 | $ (43,666) | ||||
Balance, beginning of year at Dec. 31, 2020 | $ 4,673 | |||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 74,063 | (74,063) | ||||||
Exercise of EQR share options | 85,445 | |||||||
EQR's Employee Share Purchase Plan (ESPP) | 4,265 | |||||||
EQR restricted shares | 8,389 | |||||||
EQR share options | 3,101 | |||||||
EQR ESPP discount | 991 | |||||||
Net income available to Units - General Partner | $ 1,329,760 | 1,329,760 | ||||||
OP Units - General Partner distributions | (902,412) | |||||||
Offering costs | (428) | |||||||
Supplemental Executive Retirement Plan (SERP) | (1,335) | |||||||
Change in market value of Redeemable Limited Partners | (158,598) | |||||||
Losses reclassified into earnings from other comprehensive income | $ 9,394 | 9,394 | 9,394 | |||||
Equity compensation associated with Units - Limited Partners | 17,797 | |||||||
Net income available to Units - Limited Partners | 45,900 | 45,900 | ||||||
Units - Limited Partners distributions | (30,612) | |||||||
Change in carrying value of Redeemable Limited Partners | (1,428) | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | (23,338) | 23,338 | ||||||
Distributions declared per Unit outstanding | $ 2.41 | |||||||
Net income attributable to Noncontrolling Interests | 1,396,714 | 1,396,714 | 17,964 | |||||
Contributions by Noncontrolling Interests | 1,394 | |||||||
Distributions to Noncontrolling Interests | (5,865) | |||||||
Balance, end of year at Dec. 31, 2021 | 37,280 | 10,951,940 | 214,094 | (34,272) | ||||
Balance, end of year at Dec. 31, 2021 | 18,166 | |||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 11,923 | (11,923) | ||||||
Issuance of OP Units | 139,623 | |||||||
Exercise of EQR share options | 25,069 | |||||||
EQR's Employee Share Purchase Plan (ESPP) | 4,178 | |||||||
EQR restricted shares | 11,595 | 1 | ||||||
EQR share options | 2,321 | |||||||
EQR ESPP discount | 796 | |||||||
Net income available to Units - General Partner | 773,821 | 773,821 | ||||||
OP Units - General Partner distributions | (942,047) | |||||||
Offering costs | (783) | |||||||
Supplemental Executive Retirement Plan (SERP) | (269) | |||||||
Acquisition of Noncontrolling Interest - Partially Owned Properties | (27,383) | |||||||
Change in market value of Redeemable Limited Partners | 176,490 | |||||||
Unrealized holding gains (losses) arising during the year | 20,654 | 20,654 | 20,654 | |||||
Losses reclassified into earnings from other comprehensive income | 11,071 | 11,071 | 11,071 | |||||
Equity compensation associated with Units - Limited Partners | 19,104 | |||||||
Net income available to Units - Limited Partners | 26,310 | 26,310 | ||||||
Units - Limited Partners distributions | (30,407) | |||||||
Change in carrying value of Redeemable Limited Partners | 4,214 | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | 11,432 | (11,432) | ||||||
Distributions declared per Unit outstanding | 2.50 | |||||||
Net income attributable to Noncontrolling Interests | 806,995 | 806,995 | 3,774 | |||||
Contributions by Noncontrolling Interests | 603 | |||||||
Distributions to Noncontrolling Interests | (18,469) | |||||||
Acquisitions of Noncontrolling Interests - Partially Owned Properties | (4,795) | |||||||
Balance, end of year at Dec. 31, 2022 | 37,280 | 11,138,706 | 209,961 | (2,547) | ||||
Balance, end of year at Dec. 31, 2022 | (721) | |||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 23,948 | (23,948) | ||||||
Exercise of EQR share options | 23,632 | |||||||
EQR's Employee Share Purchase Plan (ESPP) | 3,517 | |||||||
EQR restricted shares | 12,486 | 1 | ||||||
EQR share options | 4,628 | |||||||
EQR ESPP discount | 644 | |||||||
OP Units repurchased and retired | (49,105) | |||||||
Net income available to Units - General Partner | 832,348 | 832,348 | ||||||
OP Units - General Partner distributions | (1,004,904) | |||||||
Supplemental Executive Retirement Plan (SERP) | 32,078 | |||||||
Acquisition of Noncontrolling Interest - Partially Owned Properties | (900) | |||||||
Change in market value of Redeemable Limited Partners | 7,667 | |||||||
Unrealized holding gains (losses) arising during the year | 4,514 | 4,514 | 4,514 | |||||
Losses reclassified into earnings from other comprehensive income | 3,737 | 3,737 | 3,737 | |||||
Equity compensation associated with Units - Limited Partners | 16,430 | |||||||
Net income available to Units - Limited Partners | 26,710 | 26,710 | ||||||
Units - Limited Partners distributions | (30,107) | |||||||
Change in carrying value of Redeemable Limited Partners | 21,358 | |||||||
Adjustment for Limited Partners ownership in Operating Partnership | 18,099 | (18,099) | ||||||
Distributions declared per Unit outstanding | $ 2.65 | |||||||
Net income attributable to Noncontrolling Interests | $ 868,488 | $ 868,488 | 6,340 | |||||
Contributions by Noncontrolling Interests | 9 | |||||||
Distributions to Noncontrolling Interests | (5,818) | |||||||
Acquisitions of Noncontrolling Interests - Partially Owned Properties | (2,837) | |||||||
Consolidation of previously unconsolidated entities | 4,021 | |||||||
Balance, end of year at Dec. 31, 2023 | $ 37,280 | $ 11,042,844 | $ 202,306 | $ 5,704 | ||||
Balance, end of year at Dec. 31, 2023 | $ 994 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 835,438 | $ 776,911 | $ 1,332,850 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Business
Business | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | 1. Bus iness Equity Residential (“EQR”) is an S&P 500 company focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters, a business that is conducted on its behalf by ERP Operating Limited Partnership (“ERPOP”). EQR is a Maryland real estate investment trust (“REIT”) formed in March 1993 and ERPOP is an Illinois limited partnership formed in May 1993. References to the “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the “Operating Partnership” mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership. EQR is the general partner of, and as of December 31, 2023 owned an approximate 97.0 % ownership interest in, ERPOP. All of the Company’s property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR issues equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP, but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. As of December 31, 2023, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 302 properties located in 10 states and the District of Columbia consisting of 80,191 apartment units. The ownership breakdown includes (table does not include any uncompleted development properties): Properties Apartment Units Wholly Owned Properties 288 77,131 Partially Owned Properties – Consolidated 14 3,060 302 80,191 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation Due to the Company’s ability as general partner to control either through ownership or by contract the Operating Partnership and its subsidiaries, the Operating Partnership and each such subsidiary has been consolidated with the Company for financial reporting purposes, except for any unconsolidated properties/entities. Real Estate Assets and Depreciation of Investment in Real Estate The Company expects that substantially all of its acquisitions will be accounted for as asset acquisitions. In an asset acquisition, the Company is required to capitalize transaction costs and allocate the purchase price on a relative fair value basis (including any identified intangible assets). For the years ended December 31, 2023 and 2022, all acquisitions were considered asset acquisitions. In making estimates of relative fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired or developed and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible and intangible assets/liabilities acquired. The Company allocates the purchase price of acquired real estate to various components as follows: • Land – Based on actual purchase price adjusted to an allocation of the relative fair value (as necessary) if acquired separately or market research/comparables if acquired with an operating property. • Furniture, Fixtures and Equipment – Based on an estimate of the allocation of the relative fair value of the appliances and fixtures inside an apartment unit. The per-apartment unit amount applied depends on the economic age of the apartment units acquired. Depreciation is calculated on the straight-line method over an estimated useful life of five to ten years . • Lease Intangibles – The Company considers the value of acquired in-place leases and above/below market leases and the amortization period is the average remaining term of each respective acquired lease. • Other Intangible Assets – The Company considers whether it has acquired other intangible assets, including any customer relationship intangibles and the amortization period is the estimated useful life of the acquired intangible asset. • Building – Based on the allocation of the relative fair value determined on an “as-if vacant” basis. Depreciation is calculated on the straight-line method over an estimated useful life of thirty years . • Long-Term Debt – The Company calculates the allocation of the relative fair value by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings. Replacements inside an apartment unit such as appliances and carpeting are depreciated over an estimated useful life of five to ten years . Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and significant renovations and building improvements that improve and/or extend the useful life of the asset are capitalized over their estimated useful life, generally five to fifteen years . Initial direct leasing costs are expensed as incurred as such expense approximates the deferral and amortization of initial direct leasing costs over the lease terms. The Company classifies real estate assets as real estate held for sale when it is probable a property will be disposed of. The Company classifies properties under development and/or expansion and properties in the lease-up phase (including land) as construction-in-progress until construction has been completed and certificates of occupancy permits have been obtained. Impairment of Long-Lived Assets At least quarterly, the Company evaluates its long-lived assets, including its investment in real estate, for indicators of impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, legal, regulatory and environmental concerns, the Company’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted. If an impairment indicator exists, the Company performs the following: • For long-lived operating assets to be held and used, the Company compares the expected future undiscounted cash flows for the long-lived asset against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company would make an estimate of the fair value for the particular asset and would record an impairment loss for the difference between the estimated fair value and the carrying amount of the asset. In determining the future undiscounted cash flows or the estimated fair value of an asset there is judgment in estimating the expected future rental revenues, operating expenses and discount and capitalization rates. • For long-lived non-operating assets (projects under development and land held for development), management evaluates major cost overruns, market conditions that could affect lease-up projections, intent and ability to hold the asset, and any other indicators of impairment. If any of the indicators were to suggest impairment was present, a recoverability analysis would be performed and the carrying value of the asset would be adjusted accordingly to fair value. • For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset measured at the time that the Company has determined it is probable that the asset will be disposed of. Long-lived assets held for sale and the related liabilities are separately reported, with the long-lived assets reported at the lower of their carrying amounts or their estimated fair values, less their costs to sell, and are not depreciated after reclassification to real estate held for sale. See Note 4 for further discussion of the Company’s impairment charge on a land parcel in 2021. Impairment of Investments in Unconsolidated Entities and Other Investments At least quarterly, the Company evaluates its investments in unconsolidated entities and other investments for indicators of other than temporary impairment, considering whether there has been a change to events or circumstances that would impact recoverability of the Company’s investment as well as any changes with regards to the Company's intent and ability to hold the investment to recover its carrying value. Cost Capitalization See the Real Estate Assets and Depreciation of Investment in Real Estate section for a discussion of the Company’s policy with respect to capitalization vs. expensing of fixed asset/repair and maintenance costs. For all development, capital and renovation projects, the Company uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Company capitalizes interest, real estate taxes and insurance, as well as payroll for those individuals directly responsible for and who spend their time on the execution and supervision of development activities. Additionally, the Company capitalizes payroll for those individuals directly responsible for and who spend their time on the execution and supervision of major capital and/or renovation projects. Capitalization ends when the asset, or a portion of the asset, is substantially completed and ready for its intended use. These costs are reflected on the balance sheets as increases to depreciable property and/or construction-in-progress. During the years ended December 31, 2023 and 2022, the Company capitalized $ 15.4 mil lion and $ 15.6 million, respectively, of payroll and associated costs of employees directly responsible for and who spend their time on the execution and supervision of development activities as well as major capital and/or renovation projects. Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and investments in certificates of deposit with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance. Fair Value of Financial Instruments The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments on listed market prices and third-party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company may seek to manage these risks by following established risk management policies and procedures, including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business. The Company has a policy of only entering into derivative contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from these instruments nor does it anticipate any material adverse effect on its net income or financial position in the future. The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. In addition, fair value adjustments will affect either shareholders’ equity/partners’ capital or net income depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. When the terms of an underlying transaction are modified, or when the underlying transaction is terminated or completed, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until the instrument matures. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market each period. The Company does not use derivatives for trading or speculative purposes. See Note 10 for additional derivatives discussion. Leases and Revenue Recognition Rental income attributable to residential leases is recorded on a straight-line basis over the term of the lease when reasonably assured they are collectible, which is not materially different than if it were recorded when due from residents and recognized monthly as it was earned. Residential apartment leases may include lease income related to such items as utility recoveries, parking rent, storage rent and pet rent that the Company treats as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. Leases entered into between a resident and a property for the rental of an apartment unit are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis. Rental income attributable to non-residential leases is also recorded on a straight-line basis over the term of the lease when reasonably assured they are collectible. Non-residential leases may include lease income related to such items as utility recoveries, parking rent and storage rent that the Company treats as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. Non-residential leases generally have five to ten year lease terms with market-based renewal options and consist of ground floor retail spaces and master-leased parking garages that serve as additional amenities for our residents. The majority of the Company’s revenue is derived from residential, non-residential and other lease income. Our revenue streams have the same timing and pattern of revenue recognition across our reportable segments, with consistent allocations between the lease and revenue recognition standards. The Company elected an accounting policy to account for both its lease and non-lease components (specifically common area maintenance charges) as a single lease component under the lease standard. The Company is a lessor for its residential and non-residential leases and is a lessee for its corporate headquarters and regional offices and ground leases for land underlying current operating properties or projects under development. If applicable, lease agreements must be evaluated to determine the accounting treatment as a finance or operating lease in accordance with the lease standard. The lease standard also requires lessees to recognize on the balance sheet: (a) a liability for the lease obligation (initially measured at the present value of the future lease payments not yet paid over the lease term); and (b) an asset for its right to use the underlying asset (initially equal to the lease liability). The Company uses estimates and judgments on the discount rate used to calculate the present value of the future lease payments. The Company uses its incremental borrowing rate as the discount rate because the Company typically cannot readily determine the rate implicit in the lease. Since the Company’s credit backs the corporate office lease obligations and the lease terms are generally ten years or less, the discount rate range was estimated by using the Company’s borrowing rates for actual pricing data. The discount rate range for ground leases takes into account various factors, including the longer life of the ground leases, and was estimated by using the Company’s borrowing rates for actual pricing data through 30 years and other long-term market rates. The Company’s income streams that are not accounted for under the lease standard include: • Parking revenue – The Company’s parking revenue, not related to leasing, is derived primarily from monthly and transient daily parking and is accounted for at the point in time when control of the goods or services transfers to the customer and our performance obligation is satisfied. • Other rental and non-rental related revenue – The Company receives other income, including, but not limited to: (a) ancillary income, such as laundry, renters insurance and cable income; and (b) miscellaneous fee income. • Fee and asset management revenue and interest income – The Company’s fee and asset management revenue and interest income are recorded on an accrual basis. • Gains or losses on sales of real estate properties – The Company accounts for the sale of real estate properties and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions. The Company recognizes the sale and associated gain or loss from the disposition when control transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. See Note 8 for the Company’s rental income detail allocated between the lease and revenue recognition standards. The Company’s allowance for doubtful accounts (which offsets accounts receivable and is included within other assets on the consolidated balance sheets) and bad debts (which reduce rental income on the consolidated statements of operations and comprehensive income) have historically been very modest, particularly in our residential business, given the quality of our resident base and asset class. However, due to the impact of the novel coronavirus (“COVID-19”) pandemic and extended eviction moratoriums enacted during the pandemic, the allowance for doubtful accounts and bad debts were elevated in 2021, 2022 and 2023, though gradually declined throughout 2023. In accordance with the lease standard, if we determine the lease payments are not probable of collection (based on known troubled accounts, rent deferral plans granted, historical experience and other currently available evidence), we fully reserve for any unpaid amounts, deferred rent receivable, variable lease payments and straight-line receivable balances and recognize rental income only if cash is received. If we later determine that these lease payments are probable of collection (based on sustained clean payment history, no deferral plans granted and other currently available evidence), we will no longer fully reserve for the respective current receivable balances, we will reinstate the straight-line balances for the respective leases and we will no longer recognize rental income only if cash is received. If the Company’s estimates of collectibility differ from the cash received, then the timing and amount of the Company’s reported revenue could be impacted. See Note 8 for additional details. Share-Based Compensation The Company expenses share-based compensation for employee and trustee grants of restricted shares, restricted units and share options. Any common share of beneficial interest, $ 0.01 par value per share (the “Common Shares”), issued pursuant to EQR’s incentive equity compensation and employee share purchase plans will result in ERPOP issuing units of partnership interest (“OP Units”) to EQR on a one-for-one basis, with ERPOP receiving the net cash proceeds of such issuances. See Note 12 for further discussion. Income and Other Taxes EQR has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their allocable share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. The Company’s provision for income and other tax expense (benefit) was as follows for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands): Year Ended December 31, 2023 2022 2021 State and local income, franchise and excise tax (benefit) $ 1,148 $ 900 $ 915 Income and other tax expense (benefit) (1) $ 1,148 $ 900 $ 915 (1) All provisions for income tax amounts are current and none are deferred. During the years ended December 31, 2023, 2022 and 2021, the tax character of the Company’s dividends and distributions were as follows: Year Ended December 31, 2023 (1) 2022 (2) 2021 (3) Tax character of dividends and distributions: Ordinary dividends $ 1.85676 $ 1.75466 $ 1.40791 Long-term capital gain 0.57857 0.42850 0.73687 Unrecaptured section 1250 gain 0.17717 0.29434 0.26522 Dividends and distributions per Common Share/Unit outstanding $ 2.61250 $ 2.47750 $ 2.41000 (1) The Company’s fourth quarter 2023 dividends and distributions of $ 0.6625 per Common Share/Unit outstanding will be included as taxable income in calendar year 2024. (2) The Company’s fourth quarter 2022 dividends and distributions of $ 0.625 per Common Share/Unit outstanding was included as taxable income in calendar year 2023. (3) The Company’s fourth quarter 2021 dividends and distributions of $ 0.6025 per Common Share/Unit outstanding was included as taxable income in calendar year 2022. The Company issued Internal Revenue Service (“IRS”) Form 1099-DIV to shareholders to report the tax character of Company distributions consistent with these amounts. The Company provides additional information to assist shareholders in the preparation of their tax returns. For 2023, the Company reported an Alternative Minimum Tax ("AMT") preference adjustment equal to $ 0.01 per share a nd disclosed amounts defined under Treasury Regulation §1.1061-6(c) as “One Year Amounts Disclosure” and “Three Year Amounts Disclosure” equal to $ 0.04101 per share and $ 0.04071 per share, resp ectively. Principles of Consolidation The Company may hold an interest in subsidiaries, partnerships, joint ventures and other similar entities and accounts for these interests in accordance with the consolidation guidance. The Company first determines whether to consolidate the entity as a variable interest entity (“VIE”) or voting interest entity, or to account for the interest under the equity method of accounting as an unconsolidated entity. In situations in which we have concluded that an entity qualifies as a VIE, it is generally because the equity investors of VIEs do not have sufficient equity at risk to finance their activities without additional subordinated financial support or do not have substantive voting rights. The Company consolidates an entity when it is considered to be the primary beneficiary of the VIE or when it controls the entity through ownership of a majority voting interest. A primary beneficiary has the power to direct the activities that most significantly impact the VIE’s performance and has the obligation to absorb the expected losses or the right to receive the expected residual returns that could potentially be significant to the VIE. In evaluating whether the entity is a VIE and/or the Company is the primary beneficiary of the entity, the Company considers several factors, including, but not limited to, proportionate share or ownership of the VIE, funding and financing sources, the business purpose of the entity, related parties, developer and property management fees and agreement terms regarding major decisions, participating and voting rights, contributions and distributions. Investments in Unconsolidated Entities The Company accounts for investments in unconsolidated entities under the equity method of accounting and measures the investments initially at cost. The Company subsequently adjusts the carrying amount by additional cash and non-cash contributions and distributions and its proportionate share of the earnings and losses of such entities. The proportionate share of the earnings and losses are also recognized in the consolidated statements of operations and comprehensive income. In addition, we may earn fees for providing property management services or construction oversight. Noncontrolling Interests A noncontrolling interest in a subsidiary (minority interest) is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company’s equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the consolidated statements of operations and comprehensive income. See Note 3 for further discussion. Operating Partnership: Net income is allocated to noncontrolling interests based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the noncontrolling interests by the total OP Units held by the noncontrolling interests and EQR. Issuances and retirements of Common Shares and OP Units changes the ownership interests of both the noncontrolling interests and EQR. Such transactions and the related proceeds/payments are treated as capital transactions. Partially Owned Properties: The Company reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Company that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are generally based on ownership percentage and are reflected as noncontrolling interests in partially owned properties in the consolidated statements of operations and comprehensive income. Partners’ Capital The “Limited Partners” of ERPOP include various individuals and entities that contributed their properties to ERPOP in exchange for OP Units. The “General Partner” of ERPOP is EQR. Net income is allocated to the Limited Partners based on their respective ownership percentage of ERPOP. The ownership percentage is calculated by dividing the number of OP Units held by the Limited Partners by the total OP Units held by the Limited Partners and the General Partner. Issuances and retirements of Common Shares and OP Units changes the ownership interests of both the Limited Partners and EQR. Such transactions and the related proceeds/payments are treated as capital transactions. Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners The Company classifies Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners in the mezzanine section of the consolidated balance sheets for the portion of OP Units that EQR is required, either by contract or securities law, to deliver registered Common Shares to the exchanging OP Unit holder. The redeemable noncontrolling interest units / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. See Note 3 for further discussion. Use of Estimates In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued an amendment to the income tax standards which requires disclosure enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The new standard will be effective for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the impact of adopting the standard on its consolidated results of operations and financial position. In November 2023, the FASB issued an amendment to the segment reporting standards which requires disclosure for each reportable segment, on an interim and annual basis, the significant expense categories and amounts that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s profit or loss. Additionally, it requires a disclosure of the title and position of the individual or the name of the group or committee identified as the chief operating decision maker. The new standard will be effective for annual periods beginning on January 1, 2024 and interim periods beginning on January 1, 2025 on a retrospective basis. The Company is currently evaluating the impact of adopting the standard on its consolidated results of operations and financial position. In August 2020, the FASB issued an amendment to the debt and equity financial instruments standards which simplifies the accounting for convertible instruments and accounting for contracts in an entity’s own equity. The Company adopted the standard when effective on January 1, 2022 and it had no impact on its consolidated results of operations and financial position. In March 2020, the FASB issued an amendment to the reference rate reform standard which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. The new standard was effective for the Company upon issuance and elections could be made through December 31, 2024. The Company elected to apply the hedge accounting expedients and application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. Other The Company is the controlling partner in various consolidated partnerships ow ning 14 properties consisting of 3,060 ap artment units having a noncontrolling interest balance of $ 1.0 million at December 31, 2023 . The Company is required to make certain disclosures regarding noncontrolling interests in consolidated limited-life subsidiaries. Of the consolidated entities described above, the Company is the controlling partner in limited-life partnerships owning two properties having a noncontrolling interest deficit balance of $ 3.5 million. These two partnership agreements contain provisions that require the partnerships to be liquidated through the sale of their assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute the proceeds of liquidation to the Noncontrolling Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of their assets warrant a distribution based on the partnership agreements. As of December 31, 2023, the Company estimates the value of Noncontrolling Interest distributions for these two properties would have been approximately $ 49.1 million (“Settlement Value”) had the partnerships been liquidated. This Settlement Value is based on estimated third-party consideration realized by the partnerships upon disposition of the two Partially Owned Properties and is net of all other assets and liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on December 31, 2023 had those mortgages been prepaid. Due to, among other things, the inherent uncertainty in the sale of real estate assets, the amount of any potential distribution to the Noncontrolling Interests in the Company’s Partially Owned Properties is subject to change. To the extent that the partnerships’ underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Noncontrolling Interests in these Partially Owned Properties. |
Equity, Capital and Other Inter
Equity, Capital and Other Interests | 12 Months Ended |
Dec. 31, 2023 | |
Equity Capital And Other Interests [Abstract] | |
Equity, Capital and Other Interests | 3. Equity, Capital and Other Interests The Company refers to “Common Shares” and “Units” (which refer to both OP Units and restricted units) as equity securities for EQR and “General Partner Units” and “Limited Partner Units” as equity securities for ERPOP. To provide a streamlined and more readable presentation of the disclosures for the Company and the Operating Partnership, several sections below refer to the respective terminology for each with the same financial information and separate sections are provided, where needed, to further distinguish any differences in financial information and terminology. The following table presents the changes in the Company’s issued and outstanding Common Shares and Units for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Common Shares Common Shares outstanding at January 1, 378,429,708 375,527,195 372,302,000 Common Shares Issued: Conversion of OP Units 1,013,795 452,532 1,354,208 Issuance of Common Shares — 1,740,550 — Exercise of share options 495,690 468,021 1,710,692 Employee Share Purchase Plan (ESPP) 68,136 66,835 70,702 Restricted share grants, net 148,474 174,575 89,593 Common Shares Other: Repurchased and retired ( 864,386 ) — — Common Shares outstanding at December 31, 379,291,417 378,429,708 375,527,195 Units Units outstanding at January 1, 12,429,737 12,659,027 13,858,073 Restricted unit grants, net 165,364 223,242 155,162 Conversion of OP Units to Common Shares ( 1,013,795 ) ( 452,532 ) ( 1,354,208 ) Units outstanding at December 31, 11,581,306 12,429,737 12,659,027 Total Common Shares and Units outstanding at December 31, 390,872,723 390,859,445 388,186,222 Units Ownership Interest in Operating Partnership 3.0 % 3.2 % 3.3 % The following table presents the changes in the Operating Partnership’s issued and outstanding General Partner Units and Limited Partner Units for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 390,859,445 388,186,222 386,160,073 Issued to General Partner: Issuance of OP Units — 1,740,550 — Exercise of EQR share options 495,690 468,021 1,710,692 EQR’s Employee Share Purchase Plan (ESPP) 68,136 66,835 70,702 EQR’s restricted share grants, net 148,474 174,575 89,593 Issued to Limited Partners: Restricted unit grants, net 165,364 223,242 155,162 General Partner Other: OP Units repurchased and retired ( 864,386 ) — — General and Limited Partner Units outstanding at December 31, 390,872,723 390,859,445 388,186,222 Limited Partner Units Limited Partner Units outstanding at January 1, 12,429,737 12,659,027 13,858,073 Limited Partner restricted unit grants, net 165,364 223,242 155,162 Conversion of Limited Partner OP Units to EQR Common Shares ( 1,013,795 ) ( 452,532 ) ( 1,354,208 ) Limited Partner Units outstanding at December 31, 11,581,306 12,429,737 12,659,027 Limited Partner Units Ownership Interest in Operating Partnership 3.0 % 3.2 % 3.3 % The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of restricted units, are collectively referred to as the “Noncontrolling Interests – Operating Partnership” and “Limited Partners Capital,” respectively, for the Company and the Operating Partnership. Subject to certain exceptions (including the “book-up” requirements of restricted units), the Noncontrolling Interests – Operating Partnership/Limited Partners Capital may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital (including redeemable interests) is allocated based on the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total in proportion to the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total plus the total number of Common Shares/General Partner Units. Net income is allocated to the Noncontrolling Interests – Operating Partnership/Limited Partners Capital based on the weighted average ownership percentage during the period. The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Noncontrolling Interests – Operating Partnership/Limited Partners Capital requesting an exchange of their Noncontrolling Interests – Operating Partnership/Limited Partners Capital with EQR. Once the Operating Partnership elects not to redeem the Noncontrolling Interests – Operating Partnership/Limited Partners Capital for cash, EQR is obligated to deliver Common Shares to the exchanging holder of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital. The Noncontrolling Interests – Operating Partnership/Limited Partners Capital are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Noncontrolling Interests – Operating Partnership/Limited Partners Capital are differentiated and referred to as “Redeemable Noncontrolling Interests – Operating Partnership” and “Redeemable Limited Partners,” respectively. Instruments that require settlement in registered shares cannot be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital that are classified in permanent equity at December 31, 2023 and 2022. The carrying value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is allocated based on the number of Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners in proportion to the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total. Such percentage of the total carrying value of Units/Limited Partner Units which is ascribed to the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is then adjusted to the greater of carrying value or fair market value as described above. As of December 31, 2023 and 2022, the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners have a redemption value of approximately $ 289.2 million and $ 318.3 million, respectively, which represents the value of Common Shares that would be issued in exchange for the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners. T he following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners for the years ended December 31, 2023, 2022 and 2021, respectively (amounts in thousands): 2023 2022 2021 Balance at January 1, $ 318,273 $ 498,977 $ 338,951 Change in market value ( 7,667 ) ( 176,490 ) 158,598 Change in carrying value ( 21,358 ) ( 4,214 ) 1,428 Balance at December 31, $ 289,248 $ 318,273 $ 498,977 Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings and proceeds from exercise of options for Common Shares are contributed by EQR to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the Preferred Shares issued in the equity offering). As a result, the net proceeds from Common Shares and Preferred Shares are allocated for the Company between shareholders’ equity and Noncontrolling Interests – Operating Partnership and for the Operating Partnership between General Partner’s Capital and Limited Partners Capital to account for the change in their respective percentage ownership of the underlying equity. The Company’s declaration of trust authorizes it to issue up to 100,000,000 preferred shares of beneficial interest, $ 0.01 par value per share (the “Preferred Shares”), with specific rights, preferences and other attributes as the Board of Trustees may determine, which may include preferences, powers and rights that are senior to the rights of holders of the Company’s Common Shares. The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as of December 31, 2023 and 2022: Amounts in thousands Annual Call Dividend Per December 31, December 31, Date (1) Share/Unit (2) 2023 2022 Preferred Shares/Preference Units of beneficial interest, $ 0.01 par value; 100,000,000 shares authorized: 8.29 % Series K Cumulative Redeemable Preferred Shares/Preference 50 per share/unit; 745,600 shares/units issued 12/10/2026 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares/Preference Units are payable quarterly. Other EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC in May 2022 and expires in May 2025. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis). The Company has an At-The-Market (“ATM”) share offering program which allows EQR to issue Common Shares from time to time into the existing trading market at current market prices or through negotiated transactions, including under forward sale arrangements. The current program matures in May 2025 and gives us the authority to issue up to 13.0 million shares, all of which remain available for issuance as of December 31, 2023. Forward sale agreements under the ATM program allow the Company, at its election, to settle the agreements by issuing Common Shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreement or, alternatively, to settle the agreements in whole or in part through the delivery or receipt of Common Shares or cash. Issuances of shares under these forward sale agreements are classified as equity transactions. Accordingly, no amounts relating to the forward sale agreements are recorded in the consolidated financial statements until settlement occurs. Prior to any settlements, the only impact to the consolidated financial statements is the inclusion of incremental shares, if any, within the calculation of diluted net income per share using the treasury stock method (see Note 11 for additional discussion). The actual forward price per share to be received by the Company upon settlement will be determined on the applicable settlement date based on adjustments made to the initial forward price to reflect the then-current overnight federal funds rate and the amount of dividends paid to holders of the Company’s Common Shares over the term of the forward sale agreement. During the year ended December 31, 2021 and part of the year ended December 31, 2022, the Company had forward sale agreements outstanding for approximately 1.7 million Common Shares at a weighted average initial forward price per share of $ 83.25 . During the quarter ended December 31, 2022, the Company settled all of the outstanding forward sale agreements, at a weighted average forward price per share of $ 80.22 , which is inclusive of adjustments made to reflect the then-current federal funds rate and the amount of dividends paid to holders of the Company's Common Shares, for net proceeds of approximately $ 139.6 million. Concurrent with this transaction, ERPOP issued the same amount of OP Units to EQR in exchange for the net proceeds. During the year ended December 31, 2023 , the Company repurchased and subsequently retired approximately $ 49.1 million ( 864,386 shares at a weighted average price per share of $ 56.79 ) of its Common Shares in the open market under its share repurchase program. Concurrent with these transactions, ERPOP repurchased and retired the same amount of OP Units previously issued to EQR. As of December 31, 2023 , EQR had remaining authorization to repurchase up to 12,135,614 of its shares. See Note 18 for further discussion. During the year ended December 31, 2023 , ERPOP issued $ 0.9 million of 3.00 % Series Q Cumulative Redeemable Preference Units (the "Series Q Preference Units") in connection with the buyout of the noncontrolling interest in a consolidated operating property. The 933,454 Series Q Preference Units have a liquidation value of $ 1.00 per unit and pay distributions quarterly at the annual rate of $ 0.03 per unit. The Series Q Preference Units can be redeemed for, at EQR's/ERPOP's option, Common Shares, OP Units and/or cash upon the occurrence of specific events laid out in the agreement. If redeemed for Common Shares or OP Units, the number of shares/units issued is based on the Common Share price. The Series Q Preference Units increased the balance of Noncontrolling Interests - Partially Owned Properties in the consolidated balance sheets. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
Real Estate | 4. Real Estate The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of December 31, 2023 and 2022 (amounts in thousands): 2023 2022 Land $ 5,581,876 $ 5,580,878 Depreciable property: Buildings and improvements 19,809,432 19,471,503 Furniture, fixtures and equipment 2,609,600 2,352,050 In-Place lease intangibles 519,394 510,816 Projects under development: Land 3,201 3,201 Construction-in-progress 74,835 109,739 Land held for development: Land 82,026 46,160 Construction-in-progress 32,274 14,407 Investment in real estate 28,712,638 28,088,754 Accumulated depreciation ( 9,810,337 ) ( 9,027,850 ) Investment in real estate, net $ 18,902,301 $ 19,060,904 During the year ended December 31, 2023, the Company acquired the following from unaffiliated parties (purchase price and purchase price allocation in thousands): Purchase Price Allocation (1), (2) Properties Apartment Units Purchase Price (1) Land Depreciable Property Rental Properties – Consolidated 4 1,183 $ 366,334 $ 41,142 $ 325,611 Total 4 1,183 $ 366,334 $ 41,142 $ 325,611 (1) Purchase price and purchase price allocation are both net of a mark-to-market discount of approximately $ 11.2 million on a mortgage assumed (2) Purchase price allocation includes capitalized closing costs. During the year ended December 31, 2022, the Company acquired the following from unaffiliated parties (purchase price and purchase price allocation in thousands): Purchase Price Allocation (1) Properties Apartment Units Purchase Price Land Depreciable Property Rental Properties – Consolidated 1 172 $ 113,000 $ 25,361 $ 87,685 Total 1 172 $ 113,000 $ 25,361 $ 87,685 (1) Purchase price allocation includes capitalized closing costs. During the year ended December 31, 2023, the Company disposed of the following to unaffiliated parties (sales price and net gain in thousands): Properties Apartment Units Sales Price Net Gain Rental Properties – Consolidated 11 912 $ 379,893 $ 282,539 Total 11 912 $ 379,893 $ 282,539 During the year ended December 31, 2022, the Company disposed of the following to unaffiliated parties (sales price and net gain in thousands): Properties Apartment Units Sales Price Net Gain Rental Properties – Consolidated 3 945 $ 746,150 $ 304,325 Total 3 945 $ 746,150 $ 304,325 Impairment During the year ended December 31, 2021, the Company recorded an approximate $ 16.8 million non-cash asset impairment charge on a land parcel which is included in land held for development on the consolidated balance sheets and included in the non-same store/other segment discussed in Note 17. The charge was the result of an analysis of the parcel’s estimated fair value (determined using internally developed models based on market assumptions and potential sales data from the marketing process) compared to its current capitalized carrying value after reassessment of our expected hold period for the parcel. As of December 31, 2023 and 2022 , the land parcel's carrying value was $ 15.0 million. |
Commitments to Acquire_Dispose
Commitments to Acquire/Dispose of Real Estate | 12 Months Ended |
Dec. 31, 2023 | |
Commitments To Acquire Dispose Of Real Estate [Abstract] | |
Commitments to Acquire/Dispose of Real Estate | 5. Commitments to Acquire/Dispose of Real Estate The Company has not entered into any agreements to acquire rental properties or land parcels as of the date of filing. The Company has entered into an agreement to dispose of the following (sales price and net book value in thousands): Properties Apartment Units Sales Price Net Book Value at December 31, 2023 Rental Properties – Consolidated 2 300 $ 80,000 $ 70,533 Total 2 300 $ 80,000 $ 70,533 The closing of pending transactions is subject to certain conditions and restrictions; therefore there can be no assurance that the transactions will be consummated or that the final terms will not differ in material respects from any agreements summarized above. See Note 18 for discussion of the properties acquired or disposed of, if any, subsequent to December 31, 2023 . |
Investments in Partially Owned
Investments in Partially Owned Entities | 12 Months Ended |
Dec. 31, 2023 | |
Investments In Partially Owned Entities [Abstract] | |
Investments in Partially Owned Entities | 6. Investments in Partially Owned Entities The Company has invested in various entities with unrelated third parties which are either consolidated or accounted for under the equity method of accounting (unconsolidated). Consolidated VIEs In accordance with accounting standards for consolidation of VIEs, the Company consolidates ERPOP on EQR’s financial statements. As the sole general partner of ERPOP, EQR has exclusive control of ERPOP’s day-to-day management. The limited partners are not able to exercise substantive kick-out or participating rights. As a result, ERPOP qualifies as a VIE. EQR has a controlling financial interest in ERPOP and, thus, is ERPOP’s primary beneficiary. EQR has the power to direct the activities of ERPOP that most significantly impact ERPOP’s economic performance as well as the obligation to absorb losses or the right to receive benefits from ERPOP that could potentially be significant to ERPOP. The Company has various equity interests in certain joint ventures that have been deemed to be VIEs, and the Company is the VIEs’ primary beneficiary. As a result, the joint ventures are required to be consolidated on the Company’s financial statements. The following table summarizes the Company’s consolidated joint ventures as of December 31, 2023 and 2022: Operating Properties (1) Projects Under Development (2), (3) Projects Held for Development (3), (4) Properties Apartment Units Projects Apartment Units (5) Projects Apartment Units (5) 2023 Consolidated Joint Ventures (VIE) 14 3,060 — — 1 440 2022 Consolidated Joint Ventures (VIE) 15 3,114 1 312 — — (1) The land parcel under one of the properties in 2023 is subject to a long-term ground lease. (2) The land parcel under this project is subject to a long-term ground lease. (3) Represents separate consolidated joint ventures for the purpose of developing multifamily rental properties. (4) Represents separate consolidated joint ventures that have not yet started. (5) Represents the intended number of apartment units to be developed. The following table provides consolidated assets and liabilities related to the Company's VIEs as of December 31, 2023 and 2022 (amounts in thousands): December 31, 2023 December 31, 2022 Consolidated Assets $ 599,788 $ 691,880 Consolidated Liabilities $ 41,153 $ 158,932 During the years ended December 31, 2023 and 2022, the Company completed the following transactions: 2023 • Acquired its joint venture partner's 10 % interest in a 200 -unit apartment property for $ 4.6 million, of which the Company paid $ 3.7 million in cash and ERPOP issued $ 0.9 million of 3.00 % Series Q Preference Units (see Note 3 for additional discussion). The property is now wholly owned. In connection with the buyout, the carrying amount of the Noncontrolling Interests – Partially Owned Properties totaling $ 3.7 million was reduced to zero and the remaining $ 0.9 million was recorded to paid in capital/General Partner's Capital. The Company also repaid $ 64.7 million of mortgage debt at par prior to maturity in conjunction with the buyout; • Repaid the $ 67.9 million outstanding principal balance of the variable rate construction mortgage for one of its consolidated development joint ventures; • Sold one partially owned property consisting of 166 apartment units for approximately $ 60.1 million; and • Entered into an amended joint venture agreement for one of the unconsolidated projects held for development for the purpose of making the Company the joint venture manager and responsible for funding any further budgeted project costs up to a $ 139.0 million commitment as preferred and mezzanine contributions. The project is now consolidated. There was no funding at the closing of the amended joint venture. See the supplemental information in the consolidated statements of cash flows for disclosure of the consolidated amounts. 2022 • Acquired its joint venture partner’s 25 % interest in a 432 -unit apartment property for $ 32.2 million, and the property is now wholly owned. In connection with the buyout, the carrying amount of the Noncontrolling Interests – Partially Owned Properties totaling $ 4.8 million was reduced to zero and the remaining $ 27.4 million was recorded to paid in capital/General Partner's Capital. The following table and information summarizes the variable rate construction mortgage debt that was non-recourse to the Company at December 31, 2022 (there was no outstanding consolidated construction mortgage debt at December 31, 2023) (aggregate and amounts borrowed under loan commitments in thousands): December 31, 2022 Recently Completed Operating Property Project Under Development Number of joint ventures with debt financing 1 1 Aggregate loan commitments $ 67,589 $ 73,344 Amounts borrowed under loan commitments (1) $ 64,776 $ 44,980 (1) See Note 9 for the proceeds of secured conventional floating rate debt under Mortgage Notes Payable . Investments in Unconsolidated Entities The Company has various equity interests in certain joint ventures that are unconsolidated and accounted for using the equity method of accounting. Most of these have been deemed to be VIEs and the Company is not the VIEs' primary beneficiary. The remaining have been deemed not to be VIEs and the Company does not have a controlling voting interest. The following table and information summarizes the Company’s investments in unconsolidated entities as of December 31, 2023 and 2022 (amounts in thousands except for ownership percentage): December 31, 2023 December 31, 2022 Ownership Percentage Investments in Unconsolidated Entities: Various Real Estate Holdings (VIE) $ 35,421 $ 35,974 Varies Projects Under Development and Land Held for Development (VIE) 220,192 218,043 62 % - 95 % (1) Real Estate Technology Funds/Companies (VIE) 26,691 25,249 Varies Other ( 255 ) ( 242 ) Varies Investments in Unconsolidated Entities $ 282,049 $ 279,024 (1) In certain instances, the joint venture agreements contain provisions for promoted interests in favor of our joint venture partner. If the terms of the promoted interest are attained, then our share of the proceeds from a sale or other capital event of the unconsolidated entity may be less than the indicated ownership percentage. The following table summarizes the Company’s unconsolidated joint ventures that were deemed to be VIEs as of December 31, 2023 and 2022: Real Estate Holdings (1) Projects Under Development (2), (5) Projects Held for Development (2), (3) Entities Projects Apartment Units (4) Projects Apartment Units (4) 2023 Unconsolidated Joint Ventures (VIE) 3 6 1,982 4 1,164 2022 Unconsolidated Joint Ventures (VIE) 2 6 1,982 3 966 (1) Represents entities that hold various real estate investments. (2) Represents separate unconsolidated joint ventures for the purpose of developing multifamily rental properties. (3) Represents separate unconsolidated joint ventures that have not yet started. (4) Represents the intended number of apartment units to be developed. (5) The land parcel under one of the projects is subject to a long-term ground lease. New Development Joint Ventures The following table provides information on total unconsolidated development joint ventures entered into during the years ended December 31, 2023 and 2022 (amounts in thousands except for number of unconsolidated joint ventures and apartment units): December 31, 2023 December 31, 2022 Number of unconsolidated joint ventures (1) 2 3 Apartment units (2) 638 1,019 Investments in unconsolidated entities – acquisitions $ 2,800 $ 49,855 (1) The entities qualify as VIEs, but the Company is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact the VIE’s performance. Therefore, the entities are unconsolidated and recorded using the equity method of accounting. See Note 2 for additional discussion. (2) Represents the intended number of apartment units to be developed. |
Restricted Deposits
Restricted Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Deposits Restricted [Abstract] | |
Restricted Deposits | 7. Restricted Deposits The following table presents the Company’s restricted deposits as of December 31, 2023 and 2022 (amounts in thousands): December 31, 2023 December 31, 2022 Mortgage escrow deposits: Real estate taxes and insurance $ 307 $ — Mortgage principal reserves/sinking funds 29,270 25,304 Mortgage escrow deposits 29,577 25,304 Restricted cash: Earnest money on pending acquisitions 524 4,500 Restricted deposits on real estate investments 2,181 229 Resident security and utility deposits 40,149 38,432 Replacement reserves 15,571 12,549 Other 1,250 2,289 Restricted cash 59,675 57,999 Restricted deposits $ 89,252 $ 83,303 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 8. Leases Lessor Accounting The Company is the lessor for its residential and non-residential leases and these leases are accounted for as operating leases under the lease standard. The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands): Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 Income Type Residential Non-Residential Total Residential Non-Residential Total Residential Non-Residential Total Residential and non-residential rent $ 2,578,565 $ 62,193 $ 2,640,758 $ 2,446,516 $ 63,995 $ 2,510,511 $ 2,202,133 $ 61,033 $ 2,263,166 Utility recoveries (RUBS income) (1) 86,628 906 87,534 81,140 844 81,984 74,846 723 75,569 Parking rent 44,081 449 44,530 43,335 435 43,770 40,934 565 41,499 Other lease revenue (2) ( 25,095 ) ( 142 ) ( 25,237 ) ( 12,637 ) ( 69 ) ( 12,706 ) ( 17,667 ) 4,027 ( 13,640 ) Total lease revenue $ 2,684,179 $ 63,406 2,747,585 $ 2,558,354 $ 65,205 2,623,559 $ 2,300,246 $ 66,348 2,366,594 Parking revenue 40,836 37,338 26,789 Other revenue 85,543 74,283 70,614 Total other rental income (3) 126,379 111,621 97,403 Rental income $ 2,873,964 $ 2,735,180 $ 2,463,997 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other lease revenue consists of the revenue adjustment related to bad debt (see below for further discussion) and other miscellaneous lease revenue. (3) Other rental income is accounted for under the revenue recognition standard and primarily consists of third-party transient parking revenue and ancillary income such as cable and laundry revenue. The following table presents residential and non-residential accounts receivable and straight-line receivable balances for the Company’s properties as of December 31, 2023 and 2022 (amounts in thousands): Residential Non-Residential Balance Sheet (Other assets): December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Resident/tenant accounts receivable balances $ 21,477 $ 35,688 $ 2,822 $ 2,820 Allowance for doubtful accounts ( 15,846 ) ( 31,405 ) ( 1,849 ) ( 2,152 ) Net receivable balances $ 5,631 $ 4,283 $ 973 $ 668 Straight-line receivable balances $ 9,183 $ 4,398 $ 11,915 (1) $ 13,795 (1) During the year ended December 31, 2023, the Company recorded a non-cash write-off of approximately $ 1.5 million in straight-line receivables due to the bankruptcy of Rite Aid. The following table presents residential bad debt for the Company’s properties for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands): Year Ended December 31, Income Statement (Rental income): 2023 2022 2021 Bad debt, net (1) $ 38,117 $ 26,570 $ 31,485 % of residential rental income 1.4 % 1.0 % 1.3 % (1) Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $ 2.8 million , $ 34.7 million and $ 34.8 million for the years ended December 31, 2023, 2022 and 2021, respectively . Lessee Accounting The Company is the lessee under various corporate office and ground leases for which the Company recognizes right-of-use (“ROU”) assets and related lease liabilities. The following table presents the Company’s ROU assets and related lease liabilities as of December 31, 2023 and 2022 (amounts in thousands): 2023 2022 Right-of-use assets: Corporate office leases (operating) $ 38,745 $ 34,767 Ground leases (finance) 94,091 95,834 Ground leases (operating) 324,430 332,355 Right-of-use assets $ 457,266 $ 462,956 Lease liabilities: Corporate office leases (operating) $ 40,485 $ 35,747 Ground leases (finance) 68,143 68,919 Ground leases (operating) 203,012 204,082 Lease liabilities $ 311,640 $ 308,748 Corporate office leases The Company leases ten corporate offices with lease expiration dates ranging from 2024 through 2042 (inclusive of applicable extension options). During the year ended December 31, 2023 , the Company entered into two new corporate office leases which are being accounted for as operating leases and recorded initial lease liabilities and ROU assets of approximately $ 7.1 million. Ground leases The Company maintains consolidated long-term ground leases for 16 operating properties with lease expiration dates ranging from 2042 through 2118 (inclusive of applicable purchase options). The Company owns the building and improvements. Additional disclosures The following tables illustrate the quantitative disclosures for lessees as of and for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands): Year Ended Year Ended Year Ended Lease cost: Finance lease cost: Amortization of right-of-use assets (capitalized) $ 146 $ 351 $ 351 Amortization of right-of-use assets (expensed) 1,781 1,391 1,391 Interest on lease liabilities (capitalized) — — 452 Interest on lease liabilities (expensed) 1,886 1,904 1,464 Operating lease cost: Corporate office leases 4,738 4,061 3,581 Ground leases 18,338 18,338 18,338 Variable lease cost: Corporate office leases 599 430 1,037 Ground leases 4,338 4,342 2,973 Total lease cost $ 31,826 $ 30,817 $ 29,587 December 31, 2023 December 31, 2022 December 31, 2021 Other information: Cash paid for amounts included in the measurement of Investing cash flows from finance leases $ — $ — $ 383 Financing cash flows from finance leases $ 2,847 $ 2,463 $ 1,898 Operating cash flows from operating leases: Corporate office leases $ 4,576 $ 4,385 $ 5,016 Ground leases $ 15,911 $ 15,037 $ 14,682 Weighted-average remaining lease term – finance leases 23.1 years 24.1 years 25.2 years Weighted-average remaining lease term – operating leases: Corporate office leases 17.7 years 16.1 years 16.8 years Ground leases 60.7 years 61.2 years 61.8 years Weighted-average discount rate – finance leases 2.8 % 2.8 % 2.8 % Weighted-average discount rate – operating leases: Corporate office leases 4.3 % 3.2 % 3.2 % Ground leases 5.1 % 5.1 % 5.1 % The following table summarizes the Company’s undiscounted cash flows for contractual obligations for minimum rent payments/receipts under operating and financing leases for the next five years and thereafter as of December 31, 2023: (Payments)/Receipts Due by Year (in thousands) 2024 2025 2026 2027 2028 Thereafter Total Finance Leases: Minimum Rent Payments (a) $ ( 2,881 ) $ ( 2,946 ) $ ( 2,959 ) $ ( 2,971 ) $ ( 2,984 ) $ ( 82,253 ) $ ( 96,994 ) Operating Leases: Minimum Rent Payments (a) $ ( 15,797 ) $ ( 16,028 ) $ ( 15,881 ) $ ( 15,984 ) $ ( 16,132 ) $ ( 806,155 ) $ ( 885,977 ) Minimum Rent Receipts (b) $ 53,000 $ 48,410 $ 44,582 $ 40,771 $ 34,709 $ 112,720 $ 334,192 (a) Minimum basic rent due for corporate office leases and base rent due on ground leases where the Company is the lessee. (b) Minimum basic rent receipts due for various non-residential space where the Company is the lessor. Excludes residential leases due to their short-term nature. The following table provides a reconciliation of lease liabilities from our undiscounted cash flows for minimum rent payments as of December 31, 2023 (amounts in thousands): 2023 Total minimum rent payments $ 982,971 Less: Lease discount ( 671,331 ) Lease liabilities $ 311,640 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. Weighted average interest rates noted below for the years ended December 31, 2023 and 2022 include the effect of any derivative instruments and amortization of premiums/discounts/OCI (other comprehensive income) on debt and derivatives. Mortgage Notes Payable The following tables summarize the Company’s mortgage notes payable activity for the years ended December 31, 2023 and 2022, respectively (amounts in thousands): Mortgage notes Proceeds Assumptions Lump sum Scheduled Amortization Amortization Mortgage notes Fixed Rate Debt: Secured – Conventional $ 1,608,838 $ 550,000 (2) $ 42,256 (3) $ ( 800,000 ) (2) $ — $ 601 $ ( 3,097 ) $ 1,398,598 Floating Rate Debt: Secured – Conventional 108,378 22,896 — ( 132,598 ) ( 54 ) — 1,378 — Secured – Tax Exempt 236,222 — — — ( 3,300 ) 1,242 140 234,304 Floating Rate Debt 344,600 22,896 — ( 132,598 ) ( 3,354 ) 1,242 1,518 234,304 Total $ 1,953,438 $ 572,896 $ 42,256 $ ( 932,598 ) $ ( 3,354 ) $ 1,843 $ ( 1,579 ) $ 1,632,902 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) Obtained $ 200.0 million of 5.18 % fixed rate mortgage debt maturing in September 2033 and $ 350.0 million of 5.25 % fixed rate mortgage debt maturing in September 2033 . The secured notes totaling $ 550.0 million have an all-in effective interest rate of approximately 4.7 %. The proceeds from these loans were used, along with funding from the Company’s commercial paper note program, to repay $ 800.0 million of 4.21 % fixed rate mortgage debt that was due to mature in November 2023 . (3) Assumed $ 53.5 million of 2.24 % fixed rate mortgage debt maturing in September 2030 on one acquired property and recorded an initial discount of approximately $ 11.2 million. Mortgage notes Proceeds Lump sum Scheduled Amortization Amortization Mortgage notes Fixed Rate Debt: Secured – Conventional $ 1,896,472 $ — $ ( 286,461 ) $ ( 3,311 ) $ 941 $ 1,197 $ 1,608,838 Floating Rate Debt: Secured – Conventional 59,890 48,054 (2) — ( 81 ) — 515 108,378 Secured – Tax Exempt 234,839 — — — 1,243 140 236,222 Floating Rate Debt 294,729 48,054 — ( 81 ) 1,243 655 344,600 Total $ 2,191,201 $ 48,054 $ ( 286,461 ) $ ( 3,392 ) $ 2,184 $ 1,852 $ 1,953,438 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) See Note 6 for additional discussion of the variable rate construction mortgage debt. The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2023 and 2022, respectively: December 31, 2023 December 31, 2022 Interest Rate Ranges (ending) 0.10 % - 5.25 % 0.10 % - 7.10 % Weighted Average Interest Rate 3.68 % 3.46 % Maturity Date Ranges 2029 - 2061 2023 - 2061 As of December 31, 2023 and 2022 , the Company had $ 246.7 million and $ 250.0 million, respectively, of secured tax-exempt bonds subject to third-party credit enhancement. The historical cost, net of accumulated depreciation, of encumbered properties was $ 2.1 billion and $ 2.5 billion at December 31, 2023 and 2022, respectively. Notes The following tables summarize the Company’s notes activity for the years ended December 31, 2023 and 2022, respectively (amounts in thousands): Notes, net as of Proceeds Lump sum Amortization Amortization Notes, net as of Fixed Rate Debt: Unsecured – Public $ 5,342,329 $ — $ — $ 2,248 $ 3,840 $ 5,348,417 (1) Represents amortization of deferred financing costs, net of debt financing costs. Notes, net as of Proceeds Lump sum Amortization Amortization Notes, net as of Fixed Rate Debt: Unsecured – Public $ 5,835,222 $ — $ ( 500,000 ) $ 2,820 $ 4,287 $ 5,342,329 (1) Represents amortization of deferred financing costs, net of debt financing costs. The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2023 and 2022, respectively: December 31, 2023 December 31, 2022 Interest Rate Ranges (ending) 1.85 % - 7.57 % 1.85 % - 7.57 % Weighted Average Interest Rate 3.51 % 3.61 % Maturity Date Ranges 2025 - 2047 2025 - 2047 The Company’s unsecured public notes contain certain financial and operating covenants including, among other things, maintenance of certain financial ratios. The Company was in compliance with its unsecured public debt covenants for both the years ended December 31, 2023 and 2022. EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC in May 2022 and expires in May 2025 . Line of Credit and Commercial Paper The Company has a $ 2.5 billion unsecured revolving credit facility maturing on October 26, 2027 . The Company has the ability to increase available borrowings by an additional $ 750.0 million by adding lenders to the facility, obtaining the agreement of existing lenders to increase their commitments or incurring one or more term loans. The interest rate on advances under the facility will generally be the Secured Overnight Financing Rate ("SOFR") plus a spread (currently 0.725 %), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 0.125 %). Both the spread and the facility fee are dependent on the Company’s senior unsecured credit rating. The Company did no t borrow any amounts under its revolving credit facility during the years ended December 31, 2023 and 2022. The Company has an unsecured commercial paper note program under which it may borrow up to a maximum of $ 1.0 billion subject to market conditions. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the Company’s other unsecured senior indebtedness. The following table summarizes certain weighted average interest rate, maturity and amounts outstanding information for the commercial paper program as of and for the years ended December 31, 2023 and 2022, respectively: December 31, 2023 December 31, 2022 Weighted Average Interest Rate (1) 5.47 % 1.52 % Weighted Average Maturity (in days) 14 4 Weighted Average Amounts Outstanding $ 276.0 million $ 156.1 million (1) The notes bear interest at various floating rates. The Company limits its utilization of the revolving credit facility in order to maintain liquidity to support its $ 1.0 billion commercial paper program along with certain other obligations. The following table presents the availability on the Company’s unsecured revolving credit facility as of December 31, 2023 and 2022, respectively (amounts in thousands): December 31, 2023 December 31, 2022 Unsecured revolving credit facility commitment $ 2,500,000 $ 2,500,000 Commercial paper balance outstanding ( 410,000 ) ( 130,000 ) Unsecured revolving credit facility balance outstanding — — Other restricted amounts ( 3,415 ) ( 3,463 ) Unsecured revolving credit facility availability $ 2,086,585 $ 2,366,537 Other The following table summarizes the Company’s total debt extinguishment costs recorded as additional expense for the years ended December 31, 2023, 2022 and 2021, respectively (amounts in thousands): December 31, 2023 December 31, 2022 December 31, 2021 Write-offs of unamortized deferred financing costs $ 1,143 $ 717 $ 744 Write-offs of unamortized (premiums)/discounts/OCI — 3,947 — Total $ 1,143 $ 4,664 $ 744 The following table provides a summary of the aggregate payments of principal on all debt for each of the next five years and thereafter as of December 31, 2023 (amounts in thousands): Year Total 2024 (1) $ 416,200 2025 458,100 2026 601,025 2027 409,800 2028 910,700 Thereafter 4,668,832 Subtotal 7,464,657 Deferred Financing Costs and Unamortized (Discount) ( 74,207 ) Total $ 7,390,450 (1) Includes $ 410.0 million in principal outstanding on the Company’s commercial paper program. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 10. Fair Value Measurements The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments on listed market prices and third-party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company may seek to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business. A three-level valuation hierarchy exists for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following table summarizes the inputs to the valuations for each type of fair value measurement: Fair Value Measurement Type Valuation Inputs Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”) Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Quoted market price of Common Shares. Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable) Indicative rates provided by lenders of similar loans. Public unsecured notes Quoted market prices for each underlying issuance. Derivatives Readily observable market parameters such as forward yield curves and credit default swap data. The fair values of the Company’s financial instruments (other than mortgage notes payable, unsecured notes, commercial paper, line of credit and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract value. The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at December 31, 2023 and 2022, respectively (amounts in thousands): December 31, 2023 December 31, 2022 Carrying Value Estimated Fair Carrying Value Estimated Fair Mortgage notes payable, net $ 1,632,902 $ 1,509,706 $ 1,953,438 $ 1,803,525 Unsecured debt, net 5,757,548 5,346,488 5,472,284 4,874,490 Total debt, net $ 7,390,450 $ 6,856,194 $ 7,425,722 $ 6,678,015 The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at December 31, 2023 and 2022, respectively (amounts in thousands): Fair Value Measurements at Reporting Date Using Description Balance Sheet 12/31/2023 Quoted Prices in Significant Other Significant Assets Supplemental Executive Retirement Plan Other Assets $ 108,478 $ 108,478 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 108,478 $ 108,478 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 289,248 $ — $ 289,248 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet 12/31/2022 Quoted Prices in Significant Other Significant Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Assets $ 21,864 $ — $ 21,864 $ — Supplemental Executive Retirement Plan Other Assets 133,245 133,245 — — Total $ 155,109 $ 133,245 $ 21,864 $ — Liabilities Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Liabilities $ 1,210 $ — $ 1,210 $ — Supplemental Executive Retirement Plan Other Liabilities 133,245 133,245 — — Total $ 134,455 $ 133,245 $ 1,210 $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 318,273 $ — $ 318,273 $ — The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2023, 2022 and 2021, respectively (amounts in thousands): December 31, 2023 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ 4,514 Interest expense $ ( 3,737 ) Total $ 4,514 $ ( 3,737 ) December 31, 2022 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ 20,654 Interest expense $ ( 11,071 ) Total $ 20,654 $ ( 11,071 ) December 31, 2021 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ — Interest expense $ ( 9,394 ) Total $ — $ ( 9,394 ) As of December 31, 2023 and 2022, there were approximate ly $ 5.7 million in deferred gains, net, and $ 2.5 mil lion in deferred losses, net, included in accumulated other comprehensive income (loss), respectively, related to previously settled and unsettled derivative instruments, of which an estimated $ 2.3 million may be recognized as additional interest expense during the twelve months ending December 31, 2024. During the year ended December 31, 2023 , the Company received a net $ 27.1 million to settle nine forward starting swaps in conjunction with the interest rate lock on $ 530.0 million of ten-year secured conventional mortgage notes. The Company ultimately closed on $ 550.0 million of secured notes. The accrued interest of approximately $ 1.9 million was recorded as a decrease to interest expense. The remaining $ 25.2 million was initially deferred as a component of accumulated other comprehensive income (loss) and will be recognized as a decrease to interest expense over the first nine years and eight months of the mortgage notes. Other The Company has invested in various equity securities without readily determinable fair values and has elected to measure them using the measurement alternative in accordance with the applicable accounting standards for equity securities. These investments are carried at cost less any impairment and adjusted to fair value if there are observable price changes for an identical or similar investment of the same issuer. The following table summarizes the Company’s real estate technology investment securities included in other assets as of December 31, 2023 and 2022 (amounts in thousands): December 31, 2023 December 31, 2022 Real Estate Technology Investments $ 19,312 $ 4,312 During the year ended December 31, 2023 , the Company sold a portion of one of these investment securities for proceeds of approximately $ 2.5 million and realized a gain on sale of approximately $ 1.6 million, which is included in interest and other income in the consolidated statements of operations. During the year ended December 31, 2023 , the Company adjusted certain of these investment securities to observable market prices and recorded an unrealized gain of approximately $ 13.5 million, which is included in interest and other income in the consolidated statements of operations. During the year ended December 31, 2021, the Company purchased and sold investment securities with readily determinable fair values and recognized a net gain on sale of $ 23.4 million, which is included in interest and other income in the consolidated statements of operations. The Company did not own any of these investment securities at December 31, 2023, 2022 and 2021. |
Earnings Per Share and Earnings
Earnings Per Share and Earnings Per Unit | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share And Earnings Per Unit | 11. Earnings Per Share and Earnings Per Unit Equity Residential The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts): Year Ended December 31, 2023 2022 2021 Numerator for net income per share – basic: Net income $ 868,488 $ 806,995 $ 1,396,714 Allocation to Noncontrolling Interests – Operating Partnership ( 26,710 ) ( 26,310 ) ( 45,900 ) Net (income) loss attributable to Noncontrolling ( 6,340 ) ( 3,774 ) ( 17,964 ) Preferred distributions ( 3,090 ) ( 3,090 ) ( 3,090 ) Numerator for net income per share – basic $ 832,348 $ 773,821 $ 1,329,760 Numerator for net income per share – diluted: Net income $ 868,488 $ 806,995 $ 1,396,714 Net (income) loss attributable to Noncontrolling ( 6,340 ) ( 3,774 ) ( 17,964 ) Preferred distributions ( 3,090 ) ( 3,090 ) ( 3,090 ) Numerator for net income per share – diluted $ 859,058 $ 800,131 $ 1,375,660 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 378,773 376,209 373,833 Effect of dilutive securities: OP Units 11,181 11,836 12,263 Long-term compensation shares/units 943 1,402 1,924 ATM forward sales — 3 69 Denominator for net income per share – diluted 390,897 389,450 388,089 Net income per share – basic $ 2.20 $ 2.06 $ 3.56 Net income per share – diluted $ 2.20 $ 2.05 $ 3.54 ERP Operating Limited Partnership The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): Year Ended December 31, 2023 2022 2021 Numerator for net income per Unit – basic and diluted: Net income $ 868,488 $ 806,995 $ 1,396,714 Net (income) loss attributable to Noncontrolling ( 6,340 ) ( 3,774 ) ( 17,964 ) Allocation to Preference Units ( 3,090 ) ( 3,090 ) ( 3,090 ) Numerator for net income per Unit – basic and diluted $ 859,058 $ 800,131 $ 1,375,660 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 389,954 388,045 386,096 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting 943 1,402 1,924 ATM forward sales — 3 69 Denominator for net income per Unit – diluted 390,897 389,450 388,089 Net income per Unit – basic $ 2.20 $ 2.06 $ 3.56 Net income per Unit – diluted $ 2.20 $ 2.05 $ 3.54 |
Share Incentive Plans
Share Incentive Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Share Incentive Plans | 12. Share Incentive Plans Any Common Shares issued pursuant to EQR’s incentive equity compensation and employee share purchase plans will result in ERPOP issuing OP Units to EQR on a one-for-one basis with ERPOP receiving the net cash proceeds of such issuances. Overview of Share Incentive Plans The 2019 Share Incentive Plan (the “2019 Plan”), as approved by the Company’s shareholders on June 27, 2019, expires on June 27, 2029 and reserves 11,331,958 Common Shares for issuance. All future awards will be granted under the 2019 Plan. As of December 31, 2023, 8,213,508 shares were available for future issuance. Pursuant to the 2019 Plan and the 2011 Share Incentive Plan (the “2011 Plan”) (collectively the “Share Incentive Plans”), officers, trustees, key employees and consultants of the Company and its subsidiaries may be granted share options to acquire Common Shares (“Options”), including non-qualified share options (“NQSOs”), incentive share options (“ISOs”) and share appreciation rights (“SARs”), or may be granted restricted or non-restricted shares/units (including long-term incentive plan awards), subject to conditions and restrictions. Options, SARs, restricted shares and restricted units are sometimes collectively referred to herein as “Awards.” The 2011 Plan will terminate when all outstanding Awards have expired or have been exercised/vested. The Board of Trustees may at any time amend or terminate the Share Incentive Plans, but termination will not affect Awards previously granted, absent immediate vesting and cash settlement. Any Options which had vested prior to such a termination would remain exercisable by the holder. Employee Long-Term Compensation Awards The following table summarizes the terms of Awards generally granted to employees: Options Restricted Shares Restricted Units Overview Options exercised after vesting result in issuance of new Common Shares. Restricted shareholders generally have the same voting rights and receive quarterly dividend payments on their shares at the same rate and on the same date as any other Common Share holder (1). When certain conditions are met, restricted units convert into an equal number of OP Units, which the holder may exchange for Common Shares on a one-for-one basis or at the option of the Company the cash value of such shares. Restricted unitholders receive quarterly distribution payments on their restricted units at the same rate and on the same date as any other OP Unit holder (1). Grant/Exercise Granted at the fair market value of Common Shares as of the grant date using the Black-Scholes model as described below. Granted at the fair market value of Common Shares as of the grant date. Granted at varying discount rates to the fair market value of Common Shares as of the grant date (2). Vesting Period In three equal installments over a three-year period from the grant date. Three years from the grant date. Three years from the grant date. Expiration Ten years from the grant date. Not applicable. Ten years from the grant date (2). Upon Employee Unvested options are canceled. Unvested restricted shares are canceled. Unvested restricted units are canceled. (1) Dividends/distributions paid on unvested restricted shares and units are included as a component of retained earnings and Noncontrolling Interest – Operating Partnership/Limited Partners Capital, respectively, and have not been considered in reducing net income available to Common Shares/Units in a manner similar to the Company’s preferred share/preference unit dividends for the earnings per share/Unit calculation. (2) A restricted unit will automatically convert to an OP Unit when the capital account of each restricted unit increases (“books-up”) to a specified target. The probability of a book-up occurring within the ten-year contractual life along with the liquidity risk associated with various hold period restrictions are both reflected in the discount. If the capital target is not attained within ten years following the date of issuance, the restricted unit will automatically be canceled and no compensation will be payable to the holder of such canceled restricted unit. If the capital target is attained and the restricted unit is converted to an OP Unit, it will not expire. Valuation Method of Share Options The fair value of the Option grants is recognized over the requisite service/vesting period of the Options. The fair value for the Company’s Options was estimated at the time the Options were granted using the Black-Scholes option pricing model with the primary grant in each year having the following weighted average assumptions: 2023 2022 2021 Expected volatility (1) 23.8 % 21.7 % 21.3 % Expected life (2) 5 years 5 years 5 years Expected dividend yield (3) 3.30 % 3.26 % 3.23 % Risk-free interest rate (4) 4.04 % 1.66 % 0.50 % Exercise price per share (5) $ 66.59 $ 91.59 $ 67.48 Option valuation per share $ 12.67 $ 12.57 $ 7.96 (1) Expected volatility – Estimated based on the historical five-year volatility (the period matching the expected life) of EQR’s share price measured on a monthly basis. (2) Expected life – Approximates the actual weighted average life of all Options granted since the Company went public in 1993. (3) Expected dividend yield – Calculated by averaging the historical annual yield on EQR shares for a period matching the expected life of each grant, with the annual yield calculated by dividing actual regular dividends (excluding any special dividends) by the average price of EQR’s shares in a given year. (4) Risk-free interest rate – The most current U.S. Treasury rate available at the grant date for a period matching the expected life of each grant. (5) Exercise price per share – The closing share price of the Common Shares on the grant date. The valuation method and assumptions are the same as those the Company used in accounting for Option expense in its consolidated financial statements. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. This model is only one method of valuing options. Because the Company’s Options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, the actual value of the Options to the recipient may be significantly different. Long-Term Incentive Plan The Company’s executive compensation program allows the Chief Executive Officer and certain other executive officers to earn from 0 % to 200 % of the target number of long-term incentive (“LTI”) awards, payable in the form of restricted shares and/or restricted units. Additionally, the program allowed participation of Samuel Zell, the Company's former Chairman of the Board of Trustees, prior to his death. No payout would be made for any result below 50 % of the target performance metric. The Company’s Total Shareholder Return (“TSR”), Normalized Funds from Operations (“FFO”) and Net Debt to Normalized EBITDAre (Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate) results over a forward-looking three-year performance period determine the restricted shares and/or restricted units awarded and are compared to pre-established quantitative performance metrics. The grant date fair value of the awards is estimated using a Monte Carlo model for the TSR portion of the awards, and the resulting expense is recorded over the service period regardless of whether the TSR performance measures are achieved, while the Normalized FFO and Net Debt to Normalized EBITDAre portions of the awards are adjusted based on the final achievement obtained. If the executive is retirement-eligible, the grant date fair value is amortized into expense over the first year. All other awards are amortized into expense over the three-year performance and vesting period. If employment is terminated prior to vesting, the restricted shares and restricted units are generally canceled, subject to the retirement benefit provisions discussed below as well as the death and disability provisions of the plan. The LTI participants receive distributions only on restricted units awarded equal to 10 % of the quarterly distributions paid on OP Units during the performance period. At the end of the performance period, LTI participants receive dividends/distributions actually earned on restricted shares or restricted units awarded during the performance period, less any distributions already paid on the restricted units. The grant date fair value of the TSR portion of the LTI awards is estimated using a multifactor Monte Carlo model to determine share prices for a set of relative awards for which the payout of the award depends on the spread of EQR’s TSR to the TSR of two indices: (a) the FTSE Nareit Apartment Index; and (b) the FTSE Nareit Equity Index. The absolute Company TSR metric previously included in the TSR portion of the LTI awards for which the payout of the award only depended on EQR’s TSR was replaced with a Net Debt to Normalized EBITDAre metric for the 2022 LTI plan and onward, covering a forward-looking three-year performance period. The grant date fair value of the Normalized FFO and Net Debt to Normalized EBITDAre portions of the LTI awards are estimated using the closing price of EQR Common Shares on the grant date for the restricted shares and a discounted closing price of EQR Common Shares on the grant date for the restricted units to reflect the “book-up” and liquidity risk inherent in the units. The individual prices determined above are then weighted to arrive at the final values for each restricted share/unit as follows: 2023 2022 2021 Weighted average fair value per restricted share $ 61.18 $ 96.84 $ 61.73 Weighted average fair value per restricted unit $ 58.78 $ 93.32 $ 59.82 The valuation method and assumptions are the same as those the Company used in accounting for the LTI award expense in its consolidated financial statements. The Monte Carlo valuation model is only one method of valuing awards. Because the Company’s restricted shares/units have characteristics significantly different from those of traded shares/units, and because changes in the subjective input assumptions can materially affect the fair value estimate, the actual value of the restricted shares/units to the recipient may be significantly different. Trustees All non-employee Trustees, including the Company’s current Chairman, are granted Options, restricted shares and/or restricted units that vest one year from the grant date that corresponds to the term for which he or she has been elected to serve. The Company's former Chairman of the Board of Trustees, Samuel Zell, did not receive these awards. Since 2016, he only received awards under the LTI plan (see further discussion above). Retirement Benefits The Company’s Share Incentive Plans provide for certain benefits upon retirement. The following table summarizes the terms of each retirement eligibility category. Age 62 for Employees Rule of 70 for Employees Age 72 for Trustees Eligibility For employees hired prior to January 1, 2009 and who were age 59 or older as of February 1, 2019. All employees (1). All non-employee Trustees. Effect on unvested restricted shares, restricted units and Options Awards immediately vest, Options continue to be exercisable for the balance of the applicable ten-year option period and restricted units are still subject to the book-up provisions. Awards continue to vest per the original vesting schedule, subject to certain conditions, Options continue to be exercisable for the balance of the applicable ten-year option period and restricted units are still subject to the book-up provisions. Awards immediately vest, Options continue to be exercisable for the balance of the applicable ten-year option period and restricted units are still subject to the book-up provisions. Effect on LTI Plan Awards are prorated in proportion to the number of days worked in the first year of the three-year performance period and the individual does not receive any payout of shares or units until the final payout is determined at the end of the three-year performance period. (1) The Rule of 70 is met when an employee’s years of service with the Company (which must be at least 15 years) plus his or her age (which must be at least 55 years) on the date of termination equals or exceeds 70 years. In addition, the employee must give the Company at least six months’ advance written notice of his or her intention to retire along with agreeing to certain other conditions. Under the Company’s definitions of retirement, some of its executive officers, including its Chief Executive Officer, are retirement eligible. Compensation Expense and Award Activity The following tables summarize compensation information regarding the restricted shares, restricted units, Options and Employee Share Purchase Plan (“ESPP”) for the three years ended December 31, 2023, 2022 and 2021. Year Ended December 31, 2023 Compensation Compensation Restricted Units/Options Compensation Dividends Restricted shares $ 11,006 $ 1,480 $ — $ 12,486 $ 889 Restricted units 15,809 96 525 16,430 904 Options 4,436 192 — 4,628 — ESPP discount 564 80 — 644 — Total $ 31,815 $ 1,848 $ 525 $ 34,188 $ 1,793 Year Ended December 31, 2022 Compensation Compensation Restricted Units/Options Compensation Dividends Restricted shares $ 10,419 $ 1,176 $ — $ 11,595 $ 1,120 Restricted units 16,487 87 2,530 19,104 1,039 Options 1,889 169 263 2,321 — ESPP discount 718 78 — 796 — Total $ 29,513 $ 1,510 $ 2,793 $ 33,816 $ 2,159 Year Ended December 31, 2021 Compensation Compensation Restricted Units/Options Compensation Dividends Restricted shares $ 7,258 $ 1,131 $ — $ 8,389 $ 761 Restricted units 16,689 70 1,038 17,797 1,254 Options 2,980 121 — 3,101 — ESPP discount 883 108 — 991 — Total $ 27,810 $ 1,430 $ 1,038 $ 30,278 $ 2,015 (1) The Company allows eligible officers the ability to receive immediately vested restricted units (subject to the book-up provisions described above and a two-year hold restriction) or immediately vested Options in-lieu of any percentage of their annual cash bonus. Compensation expense is generally recognized for Awards as follows: • Restricted shares, restricted units and Options – Straight-line method over the vesting period of the Options, shares or units regardless of cliff or ratable vesting distinctions. • LTI plan awards – Target amount is recognized under the straight-line method over the vesting period of the shares or units. • ESPP discount – Immediately upon the purchase of Common Shares each quarter. The Company accelerates the recognition of compensation expense for all Awards for those individuals approaching or meeting the retirement age criteria discussed above. The total compensation expense related to Awards not yet vested at December 31, 2023 is $ 10.7 million (including the accelerated expenses for individuals approaching or meeting the retirement age criteria discussed above), which is expected to be recognized over a weighted average term of 1.34 yea rs. The table below summarizes the Award activity of the Share Incentive Plans for the three years ended December 31, 2023, 2022 and 2021: Common Weighted Restricted Weighted Restricted Weighted Balance at December 31, 2020 5,642,752 $ 56.91 353,634 $ 71.81 879,800 $ 66.78 Awards granted 489,853 $ 67.58 96,224 $ 70.46 190,742 $ 60.71 Awards exercised/vested ( 1,710,692 ) $ 50.09 ( 133,351 ) $ 62.89 ( 181,531 ) $ 62.01 Awards forfeited ( 23,317 ) $ 73.33 ( 6,631 ) $ 74.31 ( 35,580 ) $ 59.82 Awards expired ( 10,763 ) $ 68.00 — $ — — $ — Balance at December 31, 2021 4,387,833 $ 60.65 309,876 $ 75.17 853,431 $ 66.11 Awards granted 164,199 $ 88.22 182,801 $ 80.52 223,242 $ 86.47 Awards exercised/vested ( 468,021 ) $ 52.87 ( 194,533 ) $ 70.91 ( 122,999 ) $ 66.10 Awards forfeited ( 12,968 ) $ 77.29 ( 8,226 ) $ 82.02 — $ — Awards expired ( 9,683 ) $ 60.02 — $ — — $ — Balance at December 31, 2022 4,061,360 $ 62.60 289,918 $ 81.21 953,674 $ 73.57 Awards granted 395,280 $ 66.56 152,217 $ 66.93 236,031 $ 60.38 Awards exercised/vested ( 495,690 ) $ 48.52 ( 118,322 ) $ 80.76 ( 75,105 ) $ 76.38 Awards forfeited ( 1,717 ) $ 66.73 ( 3,743 ) $ 76.43 ( 70,667 ) $ 59.14 Awards expired ( 981 ) $ 67.50 — $ — — $ — Balance at December 31, 2023 3,958,252 $ 64.76 320,070 $ 74.64 1,043,933 $ 68.56 Amounts in thousands except per share amounts Year Ended December 31, 2023 2022 2021 Weighted average grant date fair value per share for Options granted $ 12.61 $ 12.45 $ 7.98 Aggregate intrinsic value of Options exercised (1) $ 6,023 $ 14,511 $ 47,413 Fair value of restricted shares vested $ 7,783 $ 17,353 $ 9,222 Fair value of restricted units vested $ 4,965 $ 10,662 $ 12,468 (1) These values were calculated as the difference between the strike price of the underlying awards and the per share price at which each respective award was exercised. T he following table summarizes information regarding Options outstanding and exercisable at December 31, 2023 (aggregate intrinsic value is in thousands): Options Weighted Weighted Aggregate Options Outstanding 3,958,252 4.81 $ 64.76 $ 2,889 Options Exercisable 3,342,785 4.12 $ 63.83 $ 2,889 Vested and expected to vest 611,238 8.54 $ 69.80 $ — (1) The aggregate intrinsic values were calculated as the excess, if any, between the Company’s closing share price of $ 61.16 per share on December 31, 2023 and the strike price of the underlying awards. As of December 31, 2022 and 2021 , 3,549,325 Options (with a weighted average exercise price of $ 60.80 ) and 3,710,888 Options (with a weighted average exercise price of $ 58.70 ) were exercisable, respectively. |
Employee Plans
Employee Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Additional Disclosure [Abstract] | |
Employee Plans | 13. Employee Plans The Company established an Employee Share Purchase Plan to provide each employee and trustee the ability to annually acquire up to $ 100,000 of Common Shares of EQR. The Company registered 7,000,000 Common Shares under the ESPP, of which 2,418,463 Common Shares remained available for purchase at December 31, 2023 . The Common Shares may be purchased quarterly at a price equal to 85 % of the lesser of: (a) the closing price for a share on the last day of such quarter; and (b) the greater of: (i) the closing price for a share on the first day of such quarter, and (ii) the average closing price for a share for all the business days in the quarter. The following table summarizes information regarding the Common Shares issued under the ESPP with the net proceeds noted below being contributed to ERPOP in exchange for OP Units (amounts in thousands except share and per share amounts): Year Ended December 31, 2023 2022 2021 Shares issued 68,136 66,835 70,702 Issuance price ranges $ 47.97 – $ 55.11 $ 52.33 – $ 72.51 $ 53.13 – $ 71.04 Issuance proceeds $ 3,517 $ 4,178 $ 4,265 The Company established a defined contribution plan (the “401(k) Plan”) to provide retirement benefits for employees that meet minimum employment criteria. The Company matches dollar for dollar up to the first 4 % of eligible compensation that a participant contributes to the 401(k) Plan for all employees except those defined as highly compensated employees, whose match is 3 %. Participants are vested in the Company’s contributions over five years . The Company recognized an expense in the amount of $ 5.2 million, $ 4.8 million and $ 4.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company established the SERP to provide certain officers and trustees an opportunity to defer a portion of their eligible compensation in order to save for retirement. The SERP is restricted to investments in Common Shares, certain marketable securities that have been specifically approved and cash equivalents. The deferred compensation liability represented in the SERP and the securities issued to fund such deferred compensation liability are consolidated by the Company and carried on the Company’s balance sheets, and the Company’s Common Shares held in the SERP are accounted for as a reduction to paid in capital (included in general partner’s capital in the Operating Partnership’s financial statements). |
Distribution Reinvestment Plan
Distribution Reinvestment Plan | 12 Months Ended |
Dec. 31, 2023 | |
Distribution Reinvestment And Share Purchase Plan [Abstract] | |
Distribution Reinvestment Plan | 14. Distribution Reinvestment Plan On September 30, 2014, the Company filed with the SEC a Form S-3 Registration Statement to register 4,790,000 Common Shares pursuant to a Distribution Reinvestment Plan (the “2014 DRIP”), which included the remaining shares available for issuance under a previous registration. The registration was automatically declared effective the same day and will expire when all 4,790,000 shares have been issued. The Company ha s 4,619,250 Common Shares available for issuance under the 2014 DRIP at December 31, 2023. The 2014 DRIP provides holders of record and beneficial owners of Common Shares and Preferred Shares with a simple and convenient method of reinvesting cash dividends/distributions in additional Common Shares. Common Shares purchased under the 2014 DRIP may, at the option of EQR, be directly issued by EQR or purchased by EQR’s transfer agent in the open market using participants’ funds. The net proceeds from any Common Share issuances are contributed to ERPOP in exchange for OP Units. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 15. Transactions with Related Parties The Company leases its corporate headquarters from an entity affiliated with Samuel Zell, who was EQR's Chairman of the Board of Trustees until his death in May 2023. This lease is no longer a related party lease as of December 31, 2023. The lease term expires on November 30, 2032 and contains two five-year extension options. The amount incurred for such office space for the years ended December 31, 2023, 2022 and 2021 were approximately $ 1.9 million , $ 1.7 million and $ 1.7 million, respectively. The Company believes these amounts approximate market rates for such rental space. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies Commitments Real Estate Development Commitments As of December 31, 2023 , the Company has both consolidated and unconsolidated real estate projects under development. The following table summarizes the gross remaining total project costs for the Company’s projects under development at December 31, 2023 (total project costs remaining in thousands): Projects Apartment Units Total Project Costs Remaining (1) Projects Under Development Consolidated 1 225 $ 74,585 Unconsolidated 6 1,982 144,928 Total Projects Under Development 7 2,207 $ 219,513 (1) The Company's share of the $ 219.5 million in total project costs remaining approximates $ 76.6 million, with the balance funded by the Company's joint venture partners (approximately $ 0.7 million) and/or applicable construction loans (approximately $ 142.2 million). We have entered into, and may continue in the future to enter into, joint venture agreements with third-party partners for the development of multifamily rental properties. The joint venture agreements with each development partner include buy-sell provisions that provide the right, but not the obligation, for the Company to acquire each respective partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events described in the joint venture agreements. See Note 6 for additional discussion. Other Commitments We have entered into, and may continue in the future to enter into, real estate technology and other real estate fund investments. As of December 31, 2023, the Company has invested in ten separate such investments totaling $ 38.8 million with aggregate remaining commitments of approximatel y $ 19.2 million. Employment Agreements The Company entered into a retirement benefits agreement with its former Chairman and a deferred compensation agreement with one former executive officer. During the years ended December 31, 2023, 2022 and 2021 , the Company recognized compensation expense of $ 0.6 million, $( 0.2 ) million and $ 0.1 million, respectively, related to these agreements. The following table summarizes the Company’s contractual obligations for deferred compensation for the next five years and thereafter as of December 31, 2023: (Payments) Due by Year (in thousands) 2024 2025 2026 2027 2028 Thereafter Total Other Long-Term Liabilities: Deferred Compensation (1) $ ( 840 ) $ ( 840 ) $ ( 840 ) $ ( 840 ) $ ( 840 ) $ ( 3,778 ) $ ( 7,978 ) (1) Includes payments due to the estate of the Company’s former Chairman. As of December 31, 2023, no payments remain due to the Company's former executive officer. Contingencies Litigation and Legal Matters The Company, as an owner of real estate, is subject to various federal, state and local laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or changed laws or regulations on its current properties or on properties that it may acquire in the future. The Company has been named as a defendant in a number of cases filed in late 2022 and 2023 alleging antitrust violations by RealPage, Inc., a seller of revenue management software products, and various owners and/or operators of multifamily housing, including us, that have utilized these products. The complaints allege collusion among the defendants to illegally fix and inflate the pricing of multifamily rents and seek monetary damages, injunctive relief, fees and costs. All of the cases except for one have been consolidated into a single putative class action in the United States District Court for the Middle District of Tennessee. On December 28, 2023, motions to dismiss this consolidated action, filed by RealPage, Inc. as well as us and our multifamily co-defendants, were denied by the Court and the case is proceeding. Another case with similar allegations has been filed by the District of Columbia against RealPage, Inc. and a number of multifamily owners and/or operators, including us. We believe these various lawsuits are without merit and we intend to vigorously defend against them. As these proceedings are in the early stages, it is not possible for the Company to predict the outcome nor is it possible to estimate the amount of loss, if any, which may be associated with an adverse decision in any of these cases. The Company does not believe there is any litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company. |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Reportable Segments | 17. Reportable Segments Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker decides how resources are allocated and assesses performance on a recurring basis at least quarterly. The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The chief operating decision maker evaluates the Company’s operating performance geographically by market and both on a same store and non-same store basis. While the Company does maintain a non-residential presence, it accounts for less than 4.0 % of total revenues for the year ended December 31, 2023 and is designed as an amenity for our residential residents. The chief operating decision maker evaluates the performance of each property on a consolidated residential and non-residential basis. The Company’s geographic consolidated same store operating segments represent its reportable segments. The Company’s development activities are other business activities that do not constitute an operating segment and as such, have been aggregated in the “Other” category in the tables presented below. All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the years ended December 31, 2023, 2022 and 2021, respectively. The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense and 2) real estate taxes and insurance expense (all as reflected in the accompanying consolidated statements of operations and comprehensive income). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment properties. Revenues for all leases are reflected on a straight-line basis in accordance with GAAP for the current and comparable periods. The following table presents a reconciliation of NOI from our rental real estate for the years ended December 31, 2023, 2022 and 2021, respectively (amounts in thousands): Year Ended December 31, 2023 2022 2021 Rental income $ 2,873,964 $ 2,735,180 $ 2,463,997 Property and maintenance expense ( 514,575 ) ( 483,865 ) ( 453,532 ) Real estate taxes and insurance expense ( 412,114 ) ( 388,412 ) ( 397,105 ) Total operating expenses ( 926,689 ) ( 872,277 ) ( 850,637 ) Net operating income $ 1,947,275 $ 1,862,903 $ 1,613,360 The following tables present NOI from our rental real estate for each segment for the years ended December 31, 2023, 2022 and 2021, respectively, as well as total assets and capital expenditures at December 31, 2023 and 2022, respectively (amounts in thousands): Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 Rental Operating NOI Rental Operating NOI Rental Operating NOI Same store (1) Los Angeles $ 466,980 $ 143,983 $ 322,997 $ 450,635 $ 132,858 $ 317,777 $ 431,954 $ 132,274 $ 299,680 Orange County 130,343 28,699 101,644 122,660 26,511 96,149 109,427 24,986 84,441 San Diego 92,691 20,602 72,089 86,728 19,506 67,222 78,709 18,395 60,314 Subtotal - Southern California 690,014 193,284 496,730 660,023 178,875 481,148 620,090 175,655 444,435 Washington, D.C. 441,676 140,696 300,980 417,210 138,570 278,640 389,205 129,065 260,140 San Francisco 430,390 129,480 300,910 415,173 124,192 290,981 383,817 118,795 265,022 New York 476,319 193,311 283,008 434,820 187,218 247,602 367,370 182,631 184,739 Seattle 290,894 81,787 209,107 281,959 79,037 202,922 256,988 80,775 176,213 Boston 289,423 85,579 203,844 270,899 82,523 188,376 235,050 76,374 158,676 Denver 71,067 21,328 49,739 67,785 19,569 48,216 39,084 11,209 27,875 Other Expansion Markets 64,928 27,983 36,945 61,897 27,618 34,279 — — — Total same store 2,754,711 873,448 1,881,263 2,609,766 837,602 1,772,164 2,291,604 774,504 1,517,100 Non-same store/other Non-same store (2) 100,970 36,836 64,134 74,379 29,758 44,621 59,629 27,691 31,938 Other (3) 18,283 16,405 1,878 51,035 4,917 46,118 112,764 48,442 64,322 Total non-same store/other 119,253 53,241 66,012 125,414 34,675 90,739 172,393 76,133 96,260 Totals $ 2,873,964 $ 926,689 $ 1,947,275 $ 2,735,180 $ 872,277 $ 1,862,903 $ 2,463,997 $ 850,637 $ 1,613,360 (1) For the years ended December 31, 2023 and 2022 , same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2022, less properties subsequently sold, which represented 76,297 apartment units. For the year ended December 31, 2021, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2021, less properties subsequently sold, which represented 72,872 apartment units. (2) For the years ended December 31, 2023 and 2022, non-same store primarily includes properties acquired after January 1, 2022, plus any properties in lease-up and not stabilized as of January 1, 2022, and any properties undergoing major renovations. For the year ended December 31, 2021, non-same store primarily includes properties acquired after January 1, 2021, plus any properties in lease-up and not stabilized as of January 1, 2021, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Year Ended December 31, 2023 Year Ended December 31, 2022 Total Assets Capital Expenditures Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,489,180 $ 54,688 $ 2,549,606 $ 35,057 Orange County 343,219 9,888 356,396 7,885 San Diego 231,549 17,137 228,471 8,798 Subtotal - Southern California 3,063,948 81,713 3,134,473 51,740 Washington, D.C. 2,995,509 50,504 3,091,996 34,640 San Francisco 2,972,476 53,963 3,049,771 33,497 New York 3,326,831 21,908 3,421,373 21,636 Seattle 2,075,966 34,011 2,141,346 27,935 Boston 1,748,887 30,852 1,807,629 23,951 Denver 824,264 4,220 857,021 8,561 Other Expansion Markets 782,977 5,674 811,130 2,175 Total same store 17,790,858 282,845 18,314,739 204,135 Non-same store/other Non-same store (2) 1,493,139 35,615 1,134,000 15,277 Other (3) 750,567 882 769,523 1,674 Total non-same store/other 2,243,706 36,497 1,903,523 16,951 Totals $ 20,034,564 $ 319,342 $ 20,218,262 $ 221,086 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2022, less properties subsequently sold, which represented 76,297 apartment units. (2) Non-same store primarily includes properties acquired after January 1, 2022, plus any properties in lease-up and not stabilized as of January 1, 2022, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and capital expenditures for properties sold. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events Subsequent to December 31, 2023, the Company: • Disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 3 504 $ 248,500 Total 3 504 $ 248,500 • Following the Company's share repurchase activity in 2023, its Board of Trustees approved replenishing the Company's share repurchase program authorization back to its original 13.0 million shares . |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III-Real Estate and Accumulated Depreciation | EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate a nd Accumulated Depreciation Overall Summary December 31, 2023 Properties Apartment Investment Accumulated Investment Encumbrances (1) Wholly Owned Unencumbered 255 68,916 $ 24,800,990,957 $ ( 8,491,300,503 ) $ 16,309,690,454 $ — Wholly Owned Encumbered 33 8,215 3,097,180,778 ( 1,052,189,478 ) 2,044,991,300 1,604,630,478 Wholly Owned Properties 288 77,131 27,898,171,735 ( 9,543,489,981 ) 18,354,681,754 1,604,630,478 Partially Owned Unencumbered 13 2,792 779,454,558 ( 244,736,257 ) 534,718,301 — Partially Owned Encumbered 1 268 35,011,634 ( 22,111,181 ) 12,900,453 28,271,943 Partially Owned Properties 14 3,060 814,466,192 ( 266,847,438 ) 547,618,754 28,271,943 Total Unencumbered Properties 268 71,708 25,580,445,515 ( 8,736,036,760 ) 16,844,408,755 — Total Encumbered Properties 34 8,483 3,132,192,412 ( 1,074,300,659 ) 2,057,891,753 1,632,902,421 Total Consolidated Investment in Real Estate 302 80,191 $ 28,712,637,927 $ ( 9,810,337,419 ) $ 18,902,300,508 $ 1,632,902,421 (1) See attached Encumbrances Reconciliation. EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation Encumbrances Reconciliation December 31, 2023 Portfolio/Entity Encumbrances Number of See Properties Amount Archstone Master Property Holdings LLC 8 H $ 546,784,016 Portfolio/Entity Encumbrances 8 546,784,016 Individual Property Encumbrances 1,086,118,405 Total Encumbrances per Financial Statements $ 1,632,902,421 EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III – Real Estate and Accumulated Depreciation (Amounts in thousands) The changes in total real estate for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 Balance, beginning of year $ 28,088,754 $ 28,272,906 $ 27,203,325 Acquisitions and development 500,221 214,903 1,912,579 Improvements 321,082 225,136 152,715 Dispositions and other ( 197,419 ) ( 624,191 ) ( 995,713 ) Balance, end of year $ 28,712,638 $ 28,088,754 $ 28,272,906 The changes in accumulated depreciation for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 Balance, beginning of year $ 9,027,850 $ 8,354,282 $ 7,859,657 Depreciation 888,709 882,168 838,272 Dispositions and other ( 106,222 ) ( 208,600 ) ( 343,647 ) Balance, end of year $ 9,810,337 $ 9,027,850 $ 8,354,282 EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2023 Description Initial Cost to Cost Gross Amount Carried at Apartment Name Location Non-Residential Date of Apartment Land Building & Building & Land Building & Total (B) Accumulated Investment Encumbrances Wholly Owned Unencumbered: 100 K Apartments (fka 100K Street) Washington, D.C. — 2018 222 $ 15,600,000 $ 70,296,069 $ 300,905 $ 15,600,000 $ 70,596,974 $ 86,196,974 $ ( 14,897,778 ) $ 71,299,196 $ — 170 Amsterdam New York, NY G 2015 236 — 112,096,955 1,076,420 — 113,173,375 113,173,375 ( 38,535,035 ) 74,638,340 — 175 Kent Brooklyn, NY G 2011 113 22,037,831 53,962,169 2,841,342 22,037,831 56,803,511 78,841,342 ( 26,115,759 ) 52,725,583 — 180 Montague (fka Brooklyn Heights) Brooklyn, NY G 2000 193 32,400,000 92,675,228 6,202,414 32,400,000 98,877,642 131,277,642 ( 41,299,986 ) 89,977,656 — 180 Riverside Boulevard New York, NY G 1998 516 144,968,250 138,346,681 23,000,194 144,968,250 161,346,875 306,315,125 ( 102,045,821 ) 204,269,304 — 1210 Mass Washington, D.C. G 2004 144 9,213,512 36,559,189 6,031,243 9,213,512 42,590,432 51,803,944 ( 26,263,816 ) 25,540,128 — 1401 Joyce on Pentagon Row Arlington, VA — 2004 326 9,780,000 89,668,165 9,670,778 9,780,000 99,338,943 109,118,943 ( 51,888,815 ) 57,230,128 — 1500 Mass Ave Washington, D.C. G 1951 556 54,638,298 40,361,702 18,275,942 54,638,298 58,637,644 113,275,942 ( 37,775,345 ) 75,500,597 — 1800 Oak (fka Rosslyn) Arlington, VA G 2003 314 31,400,000 109,005,734 13,922,635 31,400,000 122,928,369 154,328,369 ( 52,103,605 ) 102,224,764 — 2201 Pershing Drive Arlington, VA G 2012 188 11,321,198 49,674,175 3,542,317 11,321,198 53,216,492 64,537,690 ( 23,077,524 ) 41,460,166 — 2201 Wilson Arlington, VA G 2000 219 21,900,000 78,724,663 9,735,230 21,900,000 88,459,893 110,359,893 ( 36,122,649 ) 74,237,244 — 2400 M St Washington, D.C. G 2006 359 30,006,593 114,013,785 6,040,872 30,006,593 120,054,657 150,061,250 ( 73,845,252 ) 76,215,998 — 2501 Porter Washington, D.C. — 1988 202 13,000,000 75,271,179 8,579,027 13,000,000 83,850,206 96,850,206 ( 37,053,984 ) 59,796,222 — 315 on A Boston, MA G 2013 202 14,450,070 115,824,930 2,728,746 14,450,070 118,553,676 133,003,746 ( 39,985,661 ) 93,018,085 — 340 Fremont (fka Rincon Hill) San Francisco, CA — 2016 348 42,000,000 248,607,902 1,455,245 42,000,000 250,063,147 292,063,147 ( 72,136,881 ) 219,926,266 — 341 Nevins Brooklyn, NY — (F) — 3,621,717 308,661 — 3,621,717 308,661 3,930,378 — 3,930,378 — 3003 Van Ness (fka Van Ness) Washington, D.C. — 1970 625 56,300,000 141,191,580 13,398,348 56,300,000 154,589,928 210,889,928 ( 65,522,660 ) 145,367,268 — 425 Broadway Santa Monica, CA G 2001 101 12,600,000 34,394,772 4,177,489 12,600,000 38,572,261 51,172,261 ( 16,909,293 ) 34,262,968 — 425 Mass Washington, D.C. G 2009 559 28,150,000 138,600,000 11,286,087 28,150,000 149,886,087 178,036,087 ( 73,476,449 ) 104,559,638 — 455 Eye Street Washington, D.C. G 2017 174 11,941,407 61,418,689 474,032 11,941,407 61,892,721 73,834,128 ( 15,925,044 ) 57,909,084 — 4th and Hill Los Angeles, CA — (F) — 13,131,456 1,868,544 — 13,131,456 1,868,544 15,000,000 — 15,000,000 — 55 West Fifth I & II (fka Townhouse Plaza and Gardens) San Mateo, CA — 1964/1972 241 21,041,710 71,931,323 18,881,207 21,041,710 90,812,530 111,854,240 ( 43,587,776 ) 68,266,464 — 600 Washington New York, NY G 2004 135 32,852,000 43,140,551 4,880,600 32,852,000 48,021,151 80,873,151 ( 29,111,793 ) 51,761,358 — 660 Washington (fka Boston Common) Boston, MA G 2006 420 106,100,000 166,311,679 19,921,287 106,100,000 186,232,966 292,332,966 ( 73,269,964 ) 219,063,002 — 70 Greene Jersey City, NJ G 2010 480 28,108,899 236,763,553 7,822,777 28,108,899 244,586,330 272,695,229 ( 115,268,366 ) 157,426,863 — 71 Broadway New York, NY G 1997 238 22,611,600 77,492,171 22,156,834 22,611,600 99,649,005 122,260,605 ( 68,010,311 ) 54,250,294 — 77 Bluxome San Francisco, CA — 2007 102 5,249,124 18,609,876 808,565 5,249,124 19,418,441 24,667,565 ( 8,843,983 ) 15,823,582 — 77 Park Avenue (fka Hoboken) Hoboken, NJ G 2000 301 27,900,000 168,992,440 11,758,976 27,900,000 180,751,416 208,651,416 ( 74,020,489 ) 134,630,927 — 777 Sixth New York, NY G 2002 294 65,352,706 65,747,294 8,483,965 65,352,706 74,231,259 139,583,965 ( 40,561,987 ) 99,021,978 — 88 Hillside Daly City, CA G 2011 95 7,786,800 31,587,325 4,738,464 7,786,800 36,325,789 44,112,589 ( 16,832,809 ) 27,279,780 — 855 Brannan San Francisco, CA G 2018 449 41,363,921 282,730,067 1,666,205 41,363,921 284,396,272 325,760,193 ( 68,753,861 ) 257,006,332 — 929 Mass (fka 929 House) Cambridge, MA G 1975 127 3,252,993 21,745,595 9,890,575 3,252,993 31,636,170 34,889,163 ( 24,748,862 ) 10,140,301 — Academy Village North Hollywood, CA — 1989 248 25,000,000 23,593,194 14,095,146 25,000,000 37,688,340 62,688,340 ( 25,487,214 ) 37,201,126 — Acappella Pasadena, CA — 2002 143 5,839,548 29,360,452 2,853,851 5,839,548 32,214,303 38,053,851 ( 16,729,407 ) 21,324,444 — Aero Apartments Alameda, CA G 2021 200 13,107,242 100,519,872 104,683 13,107,242 100,624,555 113,731,797 ( 10,818,873 ) 102,912,924 — Alban Towers Washington, D.C. — 1934 229 18,900,000 89,794,201 8,117,051 18,900,000 97,911,252 116,811,252 ( 40,243,353 ) 76,567,899 — Alborada Fremont, CA — 1999 442 24,310,000 59,214,129 11,057,491 24,310,000 70,271,620 94,581,620 ( 55,425,390 ) 39,156,230 — Alcott Apartments (fka West End Tower) Boston, MA G 2021 470 10,424,000 398,024,518 707,600 10,424,000 398,732,118 409,156,118 ( 33,508,942 ) 375,647,176 — Alcyone Seattle, WA G 2004 162 11,379,497 49,360,503 2,564,761 11,379,497 51,925,264 63,304,761 ( 18,898,816 ) 44,405,945 — Altitude (fka Village at Howard Hughes, The (Lots 1 & 2)) Los Angeles, CA — 2016 545 43,783,485 150,234,305 2,130,013 43,783,485 152,364,318 196,147,803 ( 45,260,093 ) 150,887,710 — Alton, The (fka Millikan) Irvine, CA — 2017 344 11,049,027 96,523,927 896,714 11,049,027 97,420,641 108,469,668 ( 27,304,190 ) 81,165,478 — EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2023 Description Initial Cost to Cost Gross Amount Carried at Apartment Name Location Non-Residential Date of Apartment Land Building & Building & Land Building & Total (B) Accumulated Investment Encumbrances Arbor Terrace Sunnyvale, CA — 1979 177 9,057,300 18,483,642 13,187,247 9,057,300 31,670,889 40,728,189 ( 24,481,933 ) 16,246,256 — Arches, The Sunnyvale, CA — 1974 410 26,650,000 62,850,000 15,685,977 26,650,000 78,535,977 105,185,977 ( 34,669,178 ) 70,516,799 — Artisan on Second Los Angeles, CA — 2008 118 8,000,400 36,074,600 2,805,294 8,000,400 38,879,894 46,880,294 ( 18,009,181 ) 28,871,113 — Artistry Emeryville (fka Emeryville) Emeryville, CA — 1994 267 12,300,000 61,466,267 9,843,817 12,300,000 71,310,084 83,610,084 ( 32,323,930 ) 51,286,154 — Atelier Brooklyn, NY G 2015 120 32,401,680 47,135,432 1,091,757 32,401,680 48,227,189 80,628,869 ( 15,712,454 ) 64,916,415 — Axis at Shady Grove Rockville, MD — 2016 366 14,745,774 90,503,831 917,567 14,745,774 91,421,398 106,167,172 ( 24,584,449 ) 81,582,723 — Azure (fka Mission Bay-Block 13) San Francisco, CA — 2015 273 32,855,115 153,566,841 2,170,015 32,855,115 155,736,856 188,591,971 ( 48,623,946 ) 139,968,025 — Bay Hill Long Beach, CA — 2002 160 7,600,000 27,437,239 4,964,954 7,600,000 32,402,193 40,002,193 ( 21,835,777 ) 18,166,416 — Beatrice, The New York, NY — 2010 302 114,351,405 165,648,595 3,995,875 114,351,405 169,644,470 283,995,875 ( 73,548,689 ) 210,447,186 — Bella Vista I, II, III Combined Woodland Hills, CA — 2003-2007 579 31,682,754 121,095,786 15,188,788 31,682,754 136,284,574 167,967,328 ( 83,555,036 ) 84,412,292 — Belle Arts Condominium Homes, LLC Bellevue, WA — 2000 1 63,158 236,157 2,098 63,158 238,255 301,413 ( 124,113 ) 177,300 — Belle Fontaine Marina Del Rey, CA — 2003 102 9,098,808 28,701,192 3,444,563 9,098,808 32,145,755 41,244,563 ( 14,408,672 ) 26,835,891 — Breakwater at Marina Del Rey Marina Del Rey, CA — 1964-1969 224 — 73,189,262 3,136,929 — 76,326,191 76,326,191 ( 32,636,843 ) 43,689,348 — Briarwood (CA) Sunnyvale, CA — 1985 192 9,991,500 22,247,278 13,063,331 9,991,500 35,310,609 45,302,109 ( 23,585,266 ) 21,716,843 — Brodie, The Westminster, CO — 2016 312 8,639,904 79,257,130 1,753,507 8,639,904 81,010,637 89,650,541 ( 20,858,102 ) 68,792,439 — Brooklyner, The (fka 111 Lawrence) Brooklyn, NY G 2010 490 40,099,922 221,438,631 6,118,634 40,099,922 227,557,265 267,657,187 ( 101,708,858 ) 165,948,329 — C on Pico Los Angeles, CA — 2014 94 17,125,766 28,074,234 704,768 17,125,766 28,779,002 45,904,768 ( 9,424,001 ) 36,480,767 — Carlyle Mill Alexandria, VA — 2002 317 10,000,000 51,367,913 12,565,532 10,000,000 63,933,445 73,933,445 ( 44,576,313 ) 29,357,132 — Carmel Terrace San Diego, CA — 1988-1989 384 2,288,300 20,596,281 21,048,610 2,288,300 41,644,891 43,933,191 ( 33,112,960 ) 10,820,231 — Cascade Seattle, WA G 2017 477 23,751,564 149,406,957 1,129,025 23,751,564 150,535,982 174,287,546 ( 38,651,067 ) 135,636,479 — Centennial (fka Centennial Court & Centennial Tower) Seattle, WA G 1991/2001 408 9,700,000 70,080,378 17,577,904 9,700,000 87,658,282 97,358,282 ( 58,180,900 ) 39,177,382 — Centre Club Combined Ontario, CA — 1994 & 2002 412 7,436,000 33,014,789 12,451,304 7,436,000 45,466,093 52,902,093 ( 34,033,011 ) 18,869,082 — Chelsea Square Redmond, WA — 1991 113 3,397,100 9,289,074 3,370,676 3,397,100 12,659,750 16,056,850 ( 10,679,531 ) 5,377,319 — Chloe on Madison (fka 1401 E. Madison) Seattle, WA G 2019 137 10,401,958 53,913,565 109,171 10,401,958 54,022,736 64,424,694 ( 9,225,790 ) 55,198,904 — Chloe on Union (fka Chloe) Seattle, WA G 2010 117 14,835,571 39,359,650 3,301,073 14,835,571 42,660,723 57,496,294 ( 11,890,890 ) 45,605,404 — Church Corner Cambridge, MA G 1987 85 5,220,000 16,744,643 3,816,835 5,220,000 20,561,478 25,781,478 ( 14,047,556 ) 11,733,922 — Circa Fitzsimons Denver, CO — 2020 280 9,241,400 86,070,796 625,672 9,241,400 86,696,468 95,937,868 ( 11,403,217 ) 84,534,651 — City Gate at Cupertino (fka Cupertino) Cupertino, CA — 1998 311 40,400,000 95,937,046 8,960,917 40,400,000 104,897,963 145,297,963 ( 44,848,845 ) 100,449,118 — City Square Bellevue (fka Bellevue) Bellevue, WA G 1998 191 15,100,000 41,876,257 5,710,373 15,100,000 47,586,630 62,686,630 ( 20,232,213 ) 42,454,417 — Clarendon, The Arlington, VA G 2005 292 30,400,340 103,824,660 5,885,173 30,400,340 109,709,833 140,110,173 ( 51,014,797 ) 89,095,376 — Cleo, The Los Angeles, CA — 1989 92 6,615,467 14,829,335 4,785,294 6,615,467 19,614,629 26,230,096 ( 12,188,753 ) 14,041,343 — Cleveland House Washington, D.C. — 1953 214 18,300,000 66,392,414 9,164,220 18,300,000 75,556,634 93,856,634 ( 31,747,411 ) 62,109,223 — Connecticut Heights Washington, D.C. — 1974 518 27,600,000 114,002,295 12,080,368 27,600,000 126,082,663 153,682,663 ( 53,418,758 ) 100,263,905 — Corcoran House at DuPont Circle (fka DuPont Circle) Washington, D.C. G 1961 138 13,500,000 26,913,113 5,223,942 13,500,000 32,137,055 45,637,055 ( 14,041,548 ) 31,595,507 — Courthouse Plaza Arlington, VA G 1990 396 — 87,386,024 9,408,049 — 96,794,073 96,794,073 ( 42,702,367 ) 54,091,706 — Creekside (San Mateo) San Mateo, CA — 1985 192 9,606,600 21,193,232 6,417,124 9,606,600 27,610,356 37,216,956 ( 23,016,852 ) 14,200,104 — Cronins Landing Waltham, MA G 1998 281 32,300,000 85,119,324 16,618,711 32,300,000 101,738,035 134,038,035 ( 44,049,990 ) 89,988,045 — Crystal Place Arlington, VA — 1986 181 17,200,000 47,918,975 6,465,464 17,200,000 54,384,439 71,584,439 ( 23,323,848 ) 48,260,591 — Dalton, The Alexandria, VA G 2018 270 22,947,777 95,334,754 520,384 22,947,777 95,855,138 118,802,915 ( 18,310,220 ) 100,492,695 — Deerwood (SD) San Diego, CA — 1990 316 2,082,095 18,739,815 18,736,371 2,082,095 37,476,186 39,558,281 ( 34,569,639 ) 4,988,642 — Del Mar Ridge San Diego, CA — 1998 181 7,801,824 36,948,176 9,128,679 7,801,824 46,076,855 53,878,679 ( 23,465,530 ) 30,413,149 — Eagle Canyon Chino Hills, CA — 1985 252 1,808,900 16,274,361 13,396,931 1,808,900 29,671,292 31,480,192 ( 25,455,777 ) 6,024,415 — Edge, The (fka 4885 Edgemoor Lane) Bethesda, MD — 2021 154 — 72,836,851 47,591 — 72,884,442 72,884,442 ( 7,419,177 ) 65,465,265 — Edgemont at Bethesda Metro Bethesda, MD — 1989 123 13,092,552 43,907,448 5,501,637 13,092,552 49,409,085 62,501,637 ( 22,196,226 ) 40,305,411 — EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2023 Description Initial Cost to Cost Gross Amount Carried at Apartment Name Location Non-Residential Date of Apartment Land Building & Building & Land Building & Total (B) Accumulated Investment Encumbrances Emerson Place Boston, MA G 1962 444 14,855,000 57,566,636 39,564,184 14,855,000 97,130,820 111,985,820 ( 80,591,213 ) 31,394,607 — Encore at Sherman Oaks, The Sherman Oaks, CA — 1988 174 8,700,000 25,446,003 5,534,741 8,700,000 30,980,744 39,680,744 ( 15,446,990 ) 24,233,754 — Estancia at Santa Clara (fka Santa Clara) Santa Clara, CA — 2000 450 — 123,759,804 10,018,382 — 133,778,186 133,778,186 ( 54,209,519 ) 79,568,667 — Eviva on Cherokee Denver, CO — 2017 274 10,507,626 100,037,204 2,351,489 10,507,626 102,388,693 112,896,319 ( 22,757,962 ) 90,138,357 — Flora Austin, TX — 2019 194 5,733,088 32,343,349 709,561 5,733,088 33,052,910 38,785,998 ( 6,108,471 ) 32,677,527 — Fremont Center Fremont, CA G 2002 322 25,800,000 78,753,114 9,001,771 25,800,000 87,754,885 113,554,885 ( 37,054,339 ) 76,500,546 — Gaithersburg Station Gaithersburg, MD G 2013 400 17,500,000 74,678,917 6,895,451 17,500,000 81,574,368 99,074,368 ( 32,497,818 ) 66,576,550 — Gateway at Malden Center Malden, MA G 1988 203 9,209,780 25,722,666 19,657,330 9,209,780 45,379,996 54,589,776 ( 34,108,785 ) 20,480,991 — Geary Court Yard San Francisco, CA — 1990 165 1,722,400 15,471,429 6,820,508 1,722,400 22,291,937 24,014,337 ( 19,281,906 ) 4,732,431 — Girard Boston, MA G 2016 160 — 102,450,328 1,322,917 — 103,773,245 103,773,245 ( 26,132,043 ) 77,641,202 — Hampshire Place Los Angeles, CA — 1989 259 10,806,000 30,335,330 12,691,799 10,806,000 43,027,129 53,833,129 ( 26,984,424 ) 26,848,705 — Harbor Steps Seattle, WA G 2000 761 59,403,601 158,829,432 60,387,650 59,403,601 219,217,082 278,620,683 ( 133,704,499 ) 144,916,184 — Hathaway Long Beach, CA — 1987 385 2,512,500 22,611,912 16,834,416 2,512,500 39,446,328 41,958,828 ( 33,365,015 ) 8,593,813 — Helios (fka 2nd+Pine) Seattle, WA G 2017 398 18,061,674 206,762,591 1,391,969 18,061,674 208,154,560 226,216,234 ( 53,149,822 ) 173,066,412 — Heritage at Stone Ridge Burlington, MA — 2005 180 10,800,000 31,808,335 6,898,871 10,800,000 38,707,206 49,507,206 ( 23,082,304 ) 26,424,902 — Heritage Ridge Lynwood, WA — 1999 197 6,895,000 18,983,597 5,865,406 6,895,000 24,849,003 31,744,003 ( 16,027,471 ) 15,716,532 — Hesby North Hollywood, CA — 2013 308 23,299,892 102,700,108 3,620,381 23,299,892 106,320,489 129,620,381 ( 39,156,702 ) 90,463,679 — Highlands at South Plainfield South Plainfield, NJ — 2000 252 10,080,000 37,526,912 4,075,515 10,080,000 41,602,427 51,682,427 ( 26,247,074 ) 25,435,353 — Hikari Los Angeles, CA G 2007 128 9,435,760 32,564,240 2,625,378 9,435,760 35,189,618 44,625,378 ( 16,167,679 ) 28,457,699 — Hudson Crossing New York, NY G 2003 259 23,420,000 69,977,699 5,378,863 23,420,000 75,356,562 98,776,562 ( 48,829,162 ) 49,947,400 — Hudson Pointe Jersey City, NJ G 2003 182 5,350,000 41,114,074 8,918,277 5,350,000 50,032,351 55,382,351 ( 34,040,770 ) 21,341,581 — Huxley, The Redwood City, CA — 2018 137 18,775,028 89,336,651 555,115 18,775,028 89,891,766 108,666,794 ( 16,805,781 ) 91,861,013 — Indie Deep Ellum Dallas, TX G 2020 231 12,253,503 63,853,833 901,501 12,253,503 64,755,334 77,008,837 ( 8,878,139 ) 68,130,698 — Ivory Wood Bothell, WA — 2000 144 2,732,800 13,888,282 5,558,625 2,732,800 19,446,907 22,179,707 ( 11,427,052 ) 10,752,655 — Jia (fka Chinatown Gateway) Los Angeles, CA G 2014 280 14,791,831 78,286,423 2,962,875 14,791,831 81,249,298 96,041,129 ( 33,138,562 ) 62,902,567 — Junction 47 (fka West Seattle) Seattle, WA G 2015 206 11,726,305 56,581,665 1,152,881 11,726,305 57,734,546 69,460,851 ( 19,405,411 ) 50,055,440 — Juniper Sandy Springs Sandy Springs, GA — 2017 230 8,668,700 64,989,813 716,375 8,668,700 65,706,188 74,374,888 ( 8,984,522 ) 65,390,366 — Kelvin, The (fka Modera) Irvine, CA — 2015 194 15,521,552 64,853,448 1,566,632 15,521,552 66,420,080 81,941,632 ( 22,771,191 ) 59,170,441 — Kilby Frisco, TX — 2020 258 6,431,940 64,187,474 617,387 6,431,940 64,804,861 71,236,801 ( 9,248,837 ) 61,987,964 — Laguna Clara Santa Clara, CA — 1972 222 10,441,994 22,572,843 37,440,159 10,441,994 60,013,002 70,454,996 ( 23,986,326 ) 46,468,670 — Laguna Clara II Santa Clara, CA — (F) — 3,200,426 74,835,894 — 3,200,426 74,835,894 78,036,320 — 78,036,320 — Landings at Port Imperial W. New York, NJ — 1999 276 27,246,045 37,741,049 18,166,959 27,246,045 55,908,008 83,154,053 ( 42,240,676 ) 40,913,377 — Lane Seattle, WA G 2019 217 13,142,946 71,942,751 433,093 13,142,946 72,375,844 85,518,790 ( 13,223,818 ) 72,294,972 — Lex, The San Jose, CA — 2017 387 21,817,512 158,778,598 2,422,042 21,817,512 161,200,640 183,018,152 ( 33,432,604 ) 149,585,548 — Liberty Park Braintree, MA — 2000 202 5,977,504 26,749,111 9,311,443 5,977,504 36,060,554 42,038,058 ( 25,793,896 ) 16,244,162 — Liberty Tower Arlington, VA G 2008 235 16,382,822 83,817,078 9,377,043 16,382,822 93,194,121 109,576,943 ( 45,138,808 ) 64,438,135 — Lincoln Heights Quincy, MA — 1991 336 5,928,400 33,595,262 17,591,688 5,928,400 51,186,950 57,115,350 ( 44,339,403 ) 12,775,947 — Lofts at Kendall Square (fka Kendall Square) Cambridge, MA — 1998 186 18,696,674 78,445,657 8,634,537 18,696,674 87,080,194 105,776,868 ( 37,626,154 ) 68,150,714 — Lofts at Kendall Square ll (fka 249 Third Street) Cambridge, MA G 2019 84 4,603,326 44,187,266 318,540 4,603,326 44,505,806 49,109,132 ( 7,430,067 ) 41,679,065 — Longacre House New York, NY G 2000 293 73,170,045 53,962,510 7,667,753 73,170,045 61,630,263 134,800,308 ( 34,732,681 ) 100,067,627 — Longfellow Place Boston, MA G 1975 710 38,264,917 132,175,915 109,245,678 38,264,917 241,421,593 279,686,510 ( 191,850,552 ) 87,835,958 — Luna Upper Westside Atlanta, GA — 2020 345 14,847,420 108,325,394 593,390 14,847,420 108,918,784 123,766,204 ( 13,248,308 ) 110,517,896 — Madox Jersey City, NJ G 2013 131 9,679,635 64,594,205 1,645,456 9,679,635 66,239,661 75,919,296 ( 15,369,145 ) 60,550,151 — EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2023 Description Initial Cost to Cost Gross Amount Carried at Apartment Name Location Non-Residential Date of Apartment Land Building & Building & Land Building & Total (B) Accumulated Investment Encumbrances Mantena New York, NY G 2012 98 22,346,513 61,501,158 2,188,992 22,346,513 63,690,150 86,036,663 ( 26,550,412 ) 59,486,251 — Mara Pacific Beach San Diego, CA G 2020 172 25,360,682 87,755,429 1,410,014 25,360,682 89,165,443 114,526,125 ( 9,204,461 ) 105,321,664 — Marina 41 (fka Marina Del Rey) Marina Del Rey, CA — 1973 623 — 168,842,442 12,614,637 — 181,457,079 181,457,079 ( 78,411,305 ) 103,045,774 — Mariposa at Playa Del Rey (fka Playa Del Rey) Playa Del Rey, CA — 2004 354 60,900,000 89,311,482 14,223,579 60,900,000 103,535,061 164,435,061 ( 42,508,058 ) 121,927,003 — Market Street Village San Diego, CA — 2006 229 13,740,000 40,757,301 3,472,332 13,740,000 44,229,633 57,969,633 ( 26,991,272 ) 30,978,361 — Marlowe (fka Oakwood Crystal City) Arlington, VA — 1987 162 15,400,000 35,474,336 6,261,340 15,400,000 41,735,676 57,135,676 ( 18,198,660 ) 38,937,016 — Milano Lofts Los Angeles, CA G 1925/2006 99 8,125,216 27,378,784 5,530,316 8,125,216 32,909,100 41,034,316 ( 14,623,666 ) 26,410,650 — Mill Creek Milpitas, CA — 1991 516 12,858,693 57,168,503 20,302,965 12,858,693 77,471,468 90,330,161 ( 53,791,805 ) 36,538,356 — Milo Denver, CO — 2020 319 15,957,975 153,331,358 1,631,738 15,957,975 154,963,096 170,921,071 ( 15,719,277 ) 155,201,794 — Mosaic at Metro Hyattsville, MD — 2008 260 — 59,580,898 2,376,256 — 61,957,154 61,957,154 ( 32,149,923 ) 29,807,231 — Mountain View Redevelopment Mountain View, CA — (F) — — 2,690,285 — — 2,690,285 2,690,285 — 2,690,285 — Mozaic at Union Station Los Angeles, CA — 2007 272 8,500,000 52,529,446 5,360,565 8,500,000 57,890,011 66,390,011 ( 33,745,465 ) 32,644,546 — Murray Hill Tower (fka Murray Hill) New York, NY G 1974 270 75,800,000 102,705,401 15,903,328 75,800,000 118,608,729 194,408,729 ( 52,828,918 ) 141,579,811 — Next on Sixth Los Angeles, CA G 2017 398 52,509,906 136,635,650 1,404,646 52,509,906 138,040,296 190,550,202 ( 29,659,205 ) 160,890,997 — North Pier at Harborside Jersey City, NJ — 2003 297 4,000,159 94,290,590 14,655,270 4,000,159 108,945,860 112,946,019 ( 69,398,688 ) 43,547,331 — Northglen Valencia, CA — 1988 234 9,360,000 20,778,553 8,016,329 9,360,000 28,794,882 38,154,882 ( 21,634,092 ) 16,520,790 — Northpark Burlingame, CA — 1972 510 38,607,000 77,472,217 20,077,277 38,607,000 97,549,494 136,156,494 ( 54,387,642 ) 81,768,852 — Oak Park Combined Agoura Hills, CA — 1989 & 1990 444 3,390,700 30,517,274 13,167,882 3,390,700 43,685,156 47,075,856 ( 39,986,282 ) 7,089,574 — Oaks Santa Clarita, CA — 2000 520 23,400,000 61,020,438 18,187,526 23,400,000 79,207,964 102,607,964 ( 50,232,040 ) 52,375,924 — Ocean Crest Solana Beach, CA — 1986 146 5,111,200 11,910,438 5,778,689 5,111,200 17,689,127 22,800,327 ( 14,730,437 ) 8,069,890 — Odin (fka Tallman) Seattle, WA — 2015 301 16,807,519 64,519,515 827,649 16,807,519 65,347,164 82,154,683 ( 21,646,607 ) 60,508,076 — Olivian at the Realm Lewisville, TX — 2021 421 14,854,564 109,313,571 1,162,940 14,854,564 110,476,511 125,331,075 ( 12,312,825 ) 113,018,250 — One Henry Adams San Francisco, CA G 2016 241 30,224,393 139,704,146 1,286,618 30,224,393 140,990,764 171,215,157 ( 39,511,777 ) 131,703,380 — One India Street (fka Oakwood Boston) Boston, MA G 1901 94 22,200,000 28,672,979 7,294,988 22,200,000 35,967,967 58,167,967 ( 16,671,590 ) 41,496,377 — Osprey Atlanta, GA G 2020 320 18,121,932 116,950,910 795,010 18,121,932 117,745,920 135,867,852 ( 13,708,059 ) 122,159,793 — Pacific Place Los Angeles, CA — 2008 430 32,250,000 110,750,000 9,450,100 32,250,000 120,200,100 152,450,100 ( 46,424,357 ) 106,025,743 — Packard Building Seattle, WA G 2010 61 5,911,041 19,954,959 1,559,243 5,911,041 21,514,202 27,425,243 ( 7,229,644 ) 20,195,599 — Parc 77 New York, NY G 1903 137 40,504,000 18,025,679 7,970,358 40,504,000 25,996,037 66,500,037 ( 17,581,457 ) 48,918,580 — Parc Cameron New York, NY G 1927 166 37,600,000 9,855,597 8,449,294 37,600,000 18,304,891 55,904,891 ( 13,879,196 ) 42,025,695 — Parc Coliseum New York, NY G 1910 177 52,654,000 23,045,751 10,770,843 52,654,000 33,816,594 86,470,594 ( 23,394,106 ) 63,076,488 — Parc East Towers New York, NY G 1977 324 102,163,000 108,989,402 15,586,244 102,163,000 124,575,646 226,738,646 ( 74,316,340 ) 152,422,306 — Parc on Powell (fka Parkside at Emeryville) Emeryville, CA G 2015 173 16,667,059 65,473,337 3,310,713 16,667,059 68,784,050 85,451,109 ( 22,819,414 ) 62,631,695 — Park Connecticut Washington, D.C. — 2000 142 13,700,000 59,087,519 5,912,747 13,700,000 65,000,266 78,700,266 ( 25,595,262 ) 53,105,004 — Park West (CA) Los Angeles, CA — 1987/1990 444 3,033,500 27,302,383 15,665,950 3,033,500 42,968,333 46,001,833 ( 37,830,238 ) 8,171,595 — Parkside Union City, CA — 1979 208 6,246,700 11,827,453 9,034,696 6,246,700 20,862,149 27,108,849 ( 16,929,525 ) 10,179,324 — Pearl, The (WA) Seattle, WA G 2008 80 6,972,585 26,527,415 1,496,143 6,972,585 28,023,558 34,996,143 ( 9,753,976 ) 25,242,167 — Pearl MDR (fka Oakwood Marina Del Rey) Marina Del Rey, CA G 1969 597 — 120,795,359 25,387,707 — 146,183,066 146,183,066 ( 58,974,843 ) 87,208,223 — Pegasus Los Angeles, CA G 1949/2003 322 18,094,052 81,905,948 11,486,175 18,094,052 93,392,123 111,486,175 ( 45,871,998 ) 65,614,177 — Penman, The Atlanta, GA G 2023 262 9,942,043 68,917,572 413,300 9,942,043 69,330,872 79,272,915 ( 3,261,263 ) 76,011,652 — Portofino Chino Hills, CA — 1989 176 3,572,400 14,660,994 5,368,196 3,572,400 20,029,190 23,601,590 ( 16,858,559 ) 6,743,031 — Portofino (Val) Valencia, CA — 1989 216 8,640,000 21,487,126 7,133,484 8,640,000 28,620,610 37,260,610 ( 22,054,016 ) 15,206,594 — Portside Towers Jersey City, NJ G 1992-1997 527 22,487,006 96,842,913 31,772,570 22,487,006 128,615,483 151,102,489 ( 108,369,349 ) 42,733,140 — Potrero 1010 San Francisco, CA G 2016 453 40,830,011 181,924,463 2,633,921 40,830,011 184,558,384 225,388,395 ( 56,411,881 ) 168,976,514 — EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2023 Description Initial Cost to Cost Gross Amount Carried at Apartment Name Location Non-Residential Date of Apartment Land Building & Building & Land Building & Total (B) Accumulated Investment Encumbrances Prado (fka Glendale) Glendale, CA — 1988 264 — 67,977,313 7,812,571 — 75,789,884 75,789,884 ( 32,306,839 ) 43,483,045 — Prime, The Arlington, VA — 2002 281 34,625,000 77,879,740 11,451,378 34,625,000 89,331,118 123,956,118 ( 45,403,647 ) 78,552,471 — Prism at Park Avenue South (fka 400 Park Avenue South) New York, NY G 2015 269 76,292,169 171,812,112 480,769 76,292,169 172,292,881 248,585,050 ( 58,984,500 ) 189,600,550 — Promenade at Town Center I & II Valencia, CA — 2001 564 28,200,000 69,795,915 19,178,549 28,200,000 88,974,464 117,174,464 ( 57,965,755 ) 59,208,709 — Providence Bothell, WA — 2000 200 3,573,621 19,055,505 6,956,842 3,573,621 26,012,347 29,585,968 ( 16,594,365 ) 12,991,603 — Quarry Hills Quincy, MA — 2006 316 26,900,000 84,411,162 7,884,801 26,900,000 92,295,963 119,195,963 ( 38,628,384 ) 80,567,579 — Radiant Fairfax Ridge Fairfax, VA — 2016 213 7,352,547 63,018,744 763,336 7,352,547 63,782,080 71,134,627 ( 9,407,562 ) 61,727,065 — Radius Uptown Denver, CO — 2017 372 13,644,960 121,899,084 2,684,835 13,644,960 124,583,919 138,228,879 ( 30,154,484 ) 108,074,395 — Redmond Court Bellevue, WA — 1977 206 10,300,000 33,488,745 5,757,284 10,300,000 39,246,029 49,546,029 ( 16,909,272 ) 32,636,757 — Regency Palms Huntington Beach, CA — 1969 310 1,857,400 16,713,254 9,768,897 1,857,400 26,482,151 28,339,551 ( 23,045,040 ) 5,294,511 — Reserve at Burlington, The Burlington, MA — 2019 270 20,250,000 114,476,933 1,192,804 20,250,000 115,669,737 135,919,737 ( 14,832,668 ) 121,087,069 — Reserve at Clarendon Centre, The Arlington, VA G 2003 252 10,500,000 52,812,935 7,497,244 10,500,000 60,310,179 70,810,179 ( 41,008,914 ) 29,801,265 — Reserve at Eisenhower, The Alexandria, VA — 2002 226 6,500,000 34,585,059 6,366,435 6,500,000 40,951,494 47,451,494 ( 28,643,944 ) 18,807,550 — Reserve at Empire Lakes Rancho Cucamonga, CA — 2005 467 16,345,000 73,080,670 14,209,264 16,345,000 87,289,934 103,634,934 ( 51,335,751 ) 52,299,183 — Reserve at Fairfax Corner Fairfax, VA — 2001 652 15,804,057 63,129,050 16,050,762 15,804,057 79,179,812 94,983,869 ( 57,156,000 ) 37,827,869 — Reserve at Mountain View (fka Mountain View) Mountain View, CA — 1965 180 27,000,000 33,029,605 9,940,765 27,000,000 42,970,370 69,970,370 ( 20,306,708 ) 49,663,662 — Reserve at Potomac Yard Alexandria, VA — 2002 588 11,918,917 68,862,641 22,487,722 11,918,917 91,350,363 103,269,280 ( 61,488,868 ) 41,780,412 — Reserve at Town Center I-III (WA) Mill Creek, WA G 2001, 2009, 2014 584 16,768,705 77,623,664 14,491,401 16,768,705 92,115,065 108,883,770 ( 50,723,769 ) 58,160,001 — Rianna I & II Seattle, WA G 2000/2002 156 4,430,000 29,298,096 4,922,304 4,430,000 34,220,400 38,650,400 ( 17,048,020 ) 21,602,380 — Richmond Row Suwanee, GA — 2023 344 10,030,008 88,340,263 7,075 10,030,008 88,347,338 98,377,346 ( 2,992,401 ) 95,384,945 — Ridgewood Village I&II San Diego, CA — 1997 408 11,809,500 34,004,048 8,600,913 11,809,500 42,604,961 54,414,461 ( 34,187,275 ) 20,227,186 — Riva Terra I (fka Redwood Shores) Redwood City, CA — 1986 304 34,963,355 84,587,658 10,990,949 34,963,355 95,578,607 130,541,962 ( 42,139,194 ) 88,402,768 — Riva Terra II (fka Harborside) Redwood City, CA — 1986 149 17,136,645 40,536,531 5,308,292 17,136,645 45,844,823 62,981,468 ( 19,195,628 ) 43,785,840 — Riverpark Redmond, WA G 2009 321 14,355,000 80,894,049 6,478,677 14,355,000 87,372,726 101,727,726 ( 39,802,428 ) 61,925,298 — Rivington, The Hoboken, NJ — 1999 240 34,340,640 112,112,152 6,247,025 34,340,640 118,359,177 152,699,817 ( 29,568,763 ) 123,131,054 — Rivington II, The Hoboken, NJ — (F) — — 882,999 — — 882,999 882,999 — 882,999 — Rosecliff II Quincy, MA — 2005 130 4,922,840 30,202,160 3,144,895 4,922,840 33,347,055 38,269,895 ( 15,693,941 ) 22,575,954 — Sakura Crossing Los Angeles, CA G 2009 230 14,641,990 42,858,010 2,295,778 14,641,990 45,153,788 59,795,778 ( 21,869,195 ) 37,926,583 — Savanna Nine Mile Erie, CO — 2022 287 9,386,048 98,792,001 327,082 9,386,048 99,119,083 108,505,131 ( 6,144,916 ) 102,360,215 — Saxton Seattle, WA G 2019 325 38,805,400 128,652,023 1,017,507 38,805,400 129,669,530 168,474,930 ( 24,464,893 ) 144,010,037 — Sheffield Court Arlington, VA — 1986 597 3,342,381 31,337,332 28,451,637 3,342,381 59,788,969 63,131,350 ( 49,017,026 ) 14,114,324 — Siena Terrace Lake Forest, CA — 1988 356 8,900,000 24,083,024 10,161,947 8,900,000 34,244,971 43,144,971 ( 28,124,403 ) 15,020,568 — Skycrest Valencia, CA — 1999 264 10,560,000 25,574,457 7,261,508 10,560,000 32,835,965 43,395,965 ( 25,008,353 ) 18,387,612 — Skyhouse South Atlanta, GA G 2014 320 14,182,277 101,911,477 865,625 14,182,277 102,777,102 116,959,379 ( 14,711,876 ) 102,247,503 — Skylark Union City, CA — 1986 174 1,781,600 16,731,916 6,385,765 1,781,600 23,117,681 24,899,281 ( 19,266,032 ) 5,633,249 — Skyview Rancho Santa Margarita, CA — 1999 260 3,380,000 21,952,863 7,822,233 3,380,000 29,775,096 33,155,096 ( 23,882,860 ) 9,272,236 — SoMa II San Francisco, CA — (F) — 29,406,606 5,946,220 — 29,406,606 5,946,220 35,352,826 — 35,352,826 — Sonterra at Foothill Ranch Foothill Ranch, CA — 1997 300 7,503,400 24,048,507 7,306,241 7,503,400 31,354,748 38,858,148 ( 26,411,678 ) 12,446,470 — South City Station (fka South San Francisco) San Francisco, CA G 2007 368 68,900,000 79,476,861 11,170,173 6 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Due to the Company’s ability as general partner to control either through ownership or by contract the Operating Partnership and its subsidiaries, the Operating Partnership and each such subsidiary has been consolidated with the Company for financial reporting purposes, except for any unconsolidated properties/entities. |
Real Estate Assets And Depreciation Of Investment In Real Estate | Real Estate Assets and Depreciation of Investment in Real Estate The Company expects that substantially all of its acquisitions will be accounted for as asset acquisitions. In an asset acquisition, the Company is required to capitalize transaction costs and allocate the purchase price on a relative fair value basis (including any identified intangible assets). For the years ended December 31, 2023 and 2022, all acquisitions were considered asset acquisitions. In making estimates of relative fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired or developed and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible and intangible assets/liabilities acquired. The Company allocates the purchase price of acquired real estate to various components as follows: • Land – Based on actual purchase price adjusted to an allocation of the relative fair value (as necessary) if acquired separately or market research/comparables if acquired with an operating property. • Furniture, Fixtures and Equipment – Based on an estimate of the allocation of the relative fair value of the appliances and fixtures inside an apartment unit. The per-apartment unit amount applied depends on the economic age of the apartment units acquired. Depreciation is calculated on the straight-line method over an estimated useful life of five to ten years . • Lease Intangibles – The Company considers the value of acquired in-place leases and above/below market leases and the amortization period is the average remaining term of each respective acquired lease. • Other Intangible Assets – The Company considers whether it has acquired other intangible assets, including any customer relationship intangibles and the amortization period is the estimated useful life of the acquired intangible asset. • Building – Based on the allocation of the relative fair value determined on an “as-if vacant” basis. Depreciation is calculated on the straight-line method over an estimated useful life of thirty years . • Long-Term Debt – The Company calculates the allocation of the relative fair value by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings. Replacements inside an apartment unit such as appliances and carpeting are depreciated over an estimated useful life of five to ten years . Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and significant renovations and building improvements that improve and/or extend the useful life of the asset are capitalized over their estimated useful life, generally five to fifteen years . Initial direct leasing costs are expensed as incurred as such expense approximates the deferral and amortization of initial direct leasing costs over the lease terms. The Company classifies real estate assets as real estate held for sale when it is probable a property will be disposed of. The Company classifies properties under development and/or expansion and properties in the lease-up phase (including land) as construction-in-progress until construction has been completed and certificates of occupancy permits have been obtained. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets At least quarterly, the Company evaluates its long-lived assets, including its investment in real estate, for indicators of impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, legal, regulatory and environmental concerns, the Company’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted. If an impairment indicator exists, the Company performs the following: • For long-lived operating assets to be held and used, the Company compares the expected future undiscounted cash flows for the long-lived asset against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company would make an estimate of the fair value for the particular asset and would record an impairment loss for the difference between the estimated fair value and the carrying amount of the asset. In determining the future undiscounted cash flows or the estimated fair value of an asset there is judgment in estimating the expected future rental revenues, operating expenses and discount and capitalization rates. • For long-lived non-operating assets (projects under development and land held for development), management evaluates major cost overruns, market conditions that could affect lease-up projections, intent and ability to hold the asset, and any other indicators of impairment. If any of the indicators were to suggest impairment was present, a recoverability analysis would be performed and the carrying value of the asset would be adjusted accordingly to fair value. • For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset measured at the time that the Company has determined it is probable that the asset will be disposed of. Long-lived assets held for sale and the related liabilities are separately reported, with the long-lived assets reported at the lower of their carrying amounts or their estimated fair values, less their costs to sell, and are not depreciated after reclassification to real estate held for sale. See Note 4 for further discussion of the Company’s impairment charge on a land parcel in 2021. |
Impairment of Investments in Unconsolidated Entities and Other Investments | Impairment of Investments in Unconsolidated Entities and Other Investments At least quarterly, the Company evaluates its investments in unconsolidated entities and other investments for indicators of other than temporary impairment, considering whether there has been a change to events or circumstances that would impact recoverability of the Company’s investment as well as any changes with regards to the Company's intent and ability to hold the investment to recover its carrying value. |
Cost Capitalization | Cost Capitalization See the Real Estate Assets and Depreciation of Investment in Real Estate section for a discussion of the Company’s policy with respect to capitalization vs. expensing of fixed asset/repair and maintenance costs. For all development, capital and renovation projects, the Company uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Company capitalizes interest, real estate taxes and insurance, as well as payroll for those individuals directly responsible for and who spend their time on the execution and supervision of development activities. Additionally, the Company capitalizes payroll for those individuals directly responsible for and who spend their time on the execution and supervision of major capital and/or renovation projects. Capitalization ends when the asset, or a portion of the asset, is substantially completed and ready for its intended use. These costs are reflected on the balance sheets as increases to depreciable property and/or construction-in-progress. During the years ended December 31, 2023 and 2022, the Company capitalized $ 15.4 mil lion and $ 15.6 million, respectively, of payroll and associated costs of employees directly responsible for and who spend their time on the execution and supervision of development activities as well as major capital and/or renovation projects. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and investments in certificates of deposit with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments on listed market prices and third-party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company may seek to manage these risks by following established risk management policies and procedures, including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business. The Company has a policy of only entering into derivative contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from these instruments nor does it anticipate any material adverse effect on its net income or financial position in the future. The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. In addition, fair value adjustments will affect either shareholders’ equity/partners’ capital or net income depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. When the terms of an underlying transaction are modified, or when the underlying transaction is terminated or completed, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until the instrument matures. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market each period. The Company does not use derivatives for trading or speculative purposes. See Note 10 for additional derivatives discussion. |
Leases and Revenue Recognition | Leases and Revenue Recognition Rental income attributable to residential leases is recorded on a straight-line basis over the term of the lease when reasonably assured they are collectible, which is not materially different than if it were recorded when due from residents and recognized monthly as it was earned. Residential apartment leases may include lease income related to such items as utility recoveries, parking rent, storage rent and pet rent that the Company treats as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. Leases entered into between a resident and a property for the rental of an apartment unit are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis. Rental income attributable to non-residential leases is also recorded on a straight-line basis over the term of the lease when reasonably assured they are collectible. Non-residential leases may include lease income related to such items as utility recoveries, parking rent and storage rent that the Company treats as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. Non-residential leases generally have five to ten year lease terms with market-based renewal options and consist of ground floor retail spaces and master-leased parking garages that serve as additional amenities for our residents. The majority of the Company’s revenue is derived from residential, non-residential and other lease income. Our revenue streams have the same timing and pattern of revenue recognition across our reportable segments, with consistent allocations between the lease and revenue recognition standards. The Company elected an accounting policy to account for both its lease and non-lease components (specifically common area maintenance charges) as a single lease component under the lease standard. The Company is a lessor for its residential and non-residential leases and is a lessee for its corporate headquarters and regional offices and ground leases for land underlying current operating properties or projects under development. If applicable, lease agreements must be evaluated to determine the accounting treatment as a finance or operating lease in accordance with the lease standard. The lease standard also requires lessees to recognize on the balance sheet: (a) a liability for the lease obligation (initially measured at the present value of the future lease payments not yet paid over the lease term); and (b) an asset for its right to use the underlying asset (initially equal to the lease liability). The Company uses estimates and judgments on the discount rate used to calculate the present value of the future lease payments. The Company uses its incremental borrowing rate as the discount rate because the Company typically cannot readily determine the rate implicit in the lease. Since the Company’s credit backs the corporate office lease obligations and the lease terms are generally ten years or less, the discount rate range was estimated by using the Company’s borrowing rates for actual pricing data. The discount rate range for ground leases takes into account various factors, including the longer life of the ground leases, and was estimated by using the Company’s borrowing rates for actual pricing data through 30 years and other long-term market rates. The Company’s income streams that are not accounted for under the lease standard include: • Parking revenue – The Company’s parking revenue, not related to leasing, is derived primarily from monthly and transient daily parking and is accounted for at the point in time when control of the goods or services transfers to the customer and our performance obligation is satisfied. • Other rental and non-rental related revenue – The Company receives other income, including, but not limited to: (a) ancillary income, such as laundry, renters insurance and cable income; and (b) miscellaneous fee income. • Fee and asset management revenue and interest income – The Company’s fee and asset management revenue and interest income are recorded on an accrual basis. • Gains or losses on sales of real estate properties – The Company accounts for the sale of real estate properties and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions. The Company recognizes the sale and associated gain or loss from the disposition when control transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. See Note 8 for the Company’s rental income detail allocated between the lease and revenue recognition standards. The Company’s allowance for doubtful accounts (which offsets accounts receivable and is included within other assets on the consolidated balance sheets) and bad debts (which reduce rental income on the consolidated statements of operations and comprehensive income) have historically been very modest, particularly in our residential business, given the quality of our resident base and asset class. However, due to the impact of the novel coronavirus (“COVID-19”) pandemic and extended eviction moratoriums enacted during the pandemic, the allowance for doubtful accounts and bad debts were elevated in 2021, 2022 and 2023, though gradually declined throughout 2023. In accordance with the lease standard, if we determine the lease payments are not probable of collection (based on known troubled accounts, rent deferral plans granted, historical experience and other currently available evidence), we fully reserve for any unpaid amounts, deferred rent receivable, variable lease payments and straight-line receivable balances and recognize rental income only if cash is received. If we later determine that these lease payments are probable of collection (based on sustained clean payment history, no deferral plans granted and other currently available evidence), we will no longer fully reserve for the respective current receivable balances, we will reinstate the straight-line balances for the respective leases and we will no longer recognize rental income only if cash is received. If the Company’s estimates of collectibility differ from the cash received, then the timing and amount of the Company’s reported revenue could be impacted. See Note 8 for additional details. |
Share-Based Compensation | Share-Based Compensation The Company expenses share-based compensation for employee and trustee grants of restricted shares, restricted units and share options. Any common share of beneficial interest, $ 0.01 par value per share (the “Common Shares”), issued pursuant to EQR’s incentive equity compensation and employee share purchase plans will result in ERPOP issuing units of partnership interest (“OP Units”) to EQR on a one-for-one basis, with ERPOP receiving the net cash proceeds of such issuances. See Note 12 for further discussion. |
Income and Other Taxes | Income and Other Taxes EQR has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their allocable share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary status for certain of its corporate subsidiaries and, as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. The Company’s provision for income and other tax expense (benefit) was as follows for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands): Year Ended December 31, 2023 2022 2021 State and local income, franchise and excise tax (benefit) $ 1,148 $ 900 $ 915 Income and other tax expense (benefit) (1) $ 1,148 $ 900 $ 915 (1) All provisions for income tax amounts are current and none are deferred. During the years ended December 31, 2023, 2022 and 2021, the tax character of the Company’s dividends and distributions were as follows: Year Ended December 31, 2023 (1) 2022 (2) 2021 (3) Tax character of dividends and distributions: Ordinary dividends $ 1.85676 $ 1.75466 $ 1.40791 Long-term capital gain 0.57857 0.42850 0.73687 Unrecaptured section 1250 gain 0.17717 0.29434 0.26522 Dividends and distributions per Common Share/Unit outstanding $ 2.61250 $ 2.47750 $ 2.41000 (1) The Company’s fourth quarter 2023 dividends and distributions of $ 0.6625 per Common Share/Unit outstanding will be included as taxable income in calendar year 2024. (2) The Company’s fourth quarter 2022 dividends and distributions of $ 0.625 per Common Share/Unit outstanding was included as taxable income in calendar year 2023. (3) The Company’s fourth quarter 2021 dividends and distributions of $ 0.6025 per Common Share/Unit outstanding was included as taxable income in calendar year 2022. The Company issued Internal Revenue Service (“IRS”) Form 1099-DIV to shareholders to report the tax character of Company distributions consistent with these amounts. The Company provides additional information to assist shareholders in the preparation of their tax returns. For 2023, the Company reported an Alternative Minimum Tax ("AMT") preference adjustment equal to $ 0.01 per share a nd disclosed amounts defined under Treasury Regulation §1.1061-6(c) as “One Year Amounts Disclosure” and “Three Year Amounts Disclosure” equal to $ 0.04101 per share and $ 0.04071 per share, resp ectively. |
Principals of Consolidation | Principles of Consolidation The Company may hold an interest in subsidiaries, partnerships, joint ventures and other similar entities and accounts for these interests in accordance with the consolidation guidance. The Company first determines whether to consolidate the entity as a variable interest entity (“VIE”) or voting interest entity, or to account for the interest under the equity method of accounting as an unconsolidated entity. In situations in which we have concluded that an entity qualifies as a VIE, it is generally because the equity investors of VIEs do not have sufficient equity at risk to finance their activities without additional subordinated financial support or do not have substantive voting rights. The Company consolidates an entity when it is considered to be the primary beneficiary of the VIE or when it controls the entity through ownership of a majority voting interest. A primary beneficiary has the power to direct the activities that most significantly impact the VIE’s performance and has the obligation to absorb the expected losses or the right to receive the expected residual returns that could potentially be significant to the VIE. In evaluating whether the entity is a VIE and/or the Company is the primary beneficiary of the entity, the Company considers several factors, including, but not limited to, proportionate share or ownership of the VIE, funding and financing sources, the business purpose of the entity, related parties, developer and property management fees and agreement terms regarding major decisions, participating and voting rights, contributions and distributions. |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities The Company accounts for investments in unconsolidated entities under the equity method of accounting and measures the investments initially at cost. The Company subsequently adjusts the carrying amount by additional cash and non-cash contributions and distributions and its proportionate share of the earnings and losses of such entities. The proportionate share of the earnings and losses are also recognized in the consolidated statements of operations and comprehensive income. In addition, we may earn fees for providing property management services or construction oversight. |
Noncontrolling Interests | Noncontrolling Interests A noncontrolling interest in a subsidiary (minority interest) is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company’s equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the consolidated statements of operations and comprehensive income. See Note 3 for further discussion. Operating Partnership: Net income is allocated to noncontrolling interests based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the noncontrolling interests by the total OP Units held by the noncontrolling interests and EQR. Issuances and retirements of Common Shares and OP Units changes the ownership interests of both the noncontrolling interests and EQR. Such transactions and the related proceeds/payments are treated as capital transactions. Partially Owned Properties: The Company reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Company that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are generally based on ownership percentage and are reflected as noncontrolling interests in partially owned properties in the consolidated statements of operations and comprehensive income. Partners’ Capital The “Limited Partners” of ERPOP include various individuals and entities that contributed their properties to ERPOP in exchange for OP Units. The “General Partner” of ERPOP is EQR. Net income is allocated to the Limited Partners based on their respective ownership percentage of ERPOP. The ownership percentage is calculated by dividing the number of OP Units held by the Limited Partners by the total OP Units held by the Limited Partners and the General Partner. Issuances and retirements of Common Shares and OP Units changes the ownership interests of both the Limited Partners and EQR. Such transactions and the related proceeds/payments are treated as capital transactions. Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners The Company classifies Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners in the mezzanine section of the consolidated balance sheets for the portion of OP Units that EQR is required, either by contract or securities law, to deliver registered Common Shares to the exchanging OP Unit holder. The redeemable noncontrolling interest units / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. See Note 3 for further discussion. |
Use of Estimates | Use of Estimates In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued an amendment to the income tax standards which requires disclosure enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The new standard will be effective for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the impact of adopting the standard on its consolidated results of operations and financial position. In November 2023, the FASB issued an amendment to the segment reporting standards which requires disclosure for each reportable segment, on an interim and annual basis, the significant expense categories and amounts that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s profit or loss. Additionally, it requires a disclosure of the title and position of the individual or the name of the group or committee identified as the chief operating decision maker. The new standard will be effective for annual periods beginning on January 1, 2024 and interim periods beginning on January 1, 2025 on a retrospective basis. The Company is currently evaluating the impact of adopting the standard on its consolidated results of operations and financial position. In August 2020, the FASB issued an amendment to the debt and equity financial instruments standards which simplifies the accounting for convertible instruments and accounting for contracts in an entity’s own equity. The Company adopted the standard when effective on January 1, 2022 and it had no impact on its consolidated results of operations and financial position. In March 2020, the FASB issued an amendment to the reference rate reform standard which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. The new standard was effective for the Company upon issuance and elections could be made through December 31, 2024. The Company elected to apply the hedge accounting expedients and application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. |
Other | Other The Company is the controlling partner in various consolidated partnerships ow ning 14 properties consisting of 3,060 ap artment units having a noncontrolling interest balance of $ 1.0 million at December 31, 2023 . The Company is required to make certain disclosures regarding noncontrolling interests in consolidated limited-life subsidiaries. Of the consolidated entities described above, the Company is the controlling partner in limited-life partnerships owning two properties having a noncontrolling interest deficit balance of $ 3.5 million. These two partnership agreements contain provisions that require the partnerships to be liquidated through the sale of their assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute the proceeds of liquidation to the Noncontrolling Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of their assets warrant a distribution based on the partnership agreements. As of December 31, 2023, the Company estimates the value of Noncontrolling Interest distributions for these two properties would have been approximately $ 49.1 million (“Settlement Value”) had the partnerships been liquidated. This Settlement Value is based on estimated third-party consideration realized by the partnerships upon disposition of the two Partially Owned Properties and is net of all other assets and liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on December 31, 2023 had those mortgages been prepaid. Due to, among other things, the inherent uncertainty in the sale of real estate assets, the amount of any potential distribution to the Noncontrolling Interests in the Company’s Partially Owned Properties is subject to change. To the extent that the partnerships’ underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Noncontrolling Interests in these Partially Owned Properties. |
Business (Tables)
Business (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Ownership Breakdown | The ownership breakdown includes (table does not include any uncompleted development properties): Properties Apartment Units Wholly Owned Properties 288 77,131 Partially Owned Properties – Consolidated 14 3,060 302 80,191 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Significant Accounting Policies [Abstract] | |
Allocation Of Income Franchise And Excise Taxes In Consolidated Statements Of Operations | The Company’s provision for income and other tax expense (benefit) was as follows for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands): Year Ended December 31, 2023 2022 2021 State and local income, franchise and excise tax (benefit) $ 1,148 $ 900 $ 915 Income and other tax expense (benefit) (1) $ 1,148 $ 900 $ 915 (1) All provisions for income tax amounts are current and none are deferred. |
Tax Treatment Of Dividends And Distributions | During the years ended December 31, 2023, 2022 and 2021, the tax character of the Company’s dividends and distributions were as follows: Year Ended December 31, 2023 (1) 2022 (2) 2021 (3) Tax character of dividends and distributions: Ordinary dividends $ 1.85676 $ 1.75466 $ 1.40791 Long-term capital gain 0.57857 0.42850 0.73687 Unrecaptured section 1250 gain 0.17717 0.29434 0.26522 Dividends and distributions per Common Share/Unit outstanding $ 2.61250 $ 2.47750 $ 2.41000 (1) The Company’s fourth quarter 2023 dividends and distributions of $ 0.6625 per Common Share/Unit outstanding will be included as taxable income in calendar year 2024. (2) The Company’s fourth quarter 2022 dividends and distributions of $ 0.625 per Common Share/Unit outstanding was included as taxable income in calendar year 2023. (3) The Company’s fourth quarter 2021 dividends and distributions of $ 0.6025 per Common Share/Unit outstanding was included as taxable income in calendar year 2022. |
Equity, Capital and Other Int_2
Equity, Capital and Other Interests (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Class Of Stock [Line Items] | |
Changes in Issued and Outstanding Common Shares and Units | The following table presents the changes in the Company’s issued and outstanding Common Shares and Units for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Common Shares Common Shares outstanding at January 1, 378,429,708 375,527,195 372,302,000 Common Shares Issued: Conversion of OP Units 1,013,795 452,532 1,354,208 Issuance of Common Shares — 1,740,550 — Exercise of share options 495,690 468,021 1,710,692 Employee Share Purchase Plan (ESPP) 68,136 66,835 70,702 Restricted share grants, net 148,474 174,575 89,593 Common Shares Other: Repurchased and retired ( 864,386 ) — — Common Shares outstanding at December 31, 379,291,417 378,429,708 375,527,195 Units Units outstanding at January 1, 12,429,737 12,659,027 13,858,073 Restricted unit grants, net 165,364 223,242 155,162 Conversion of OP Units to Common Shares ( 1,013,795 ) ( 452,532 ) ( 1,354,208 ) Units outstanding at December 31, 11,581,306 12,429,737 12,659,027 Total Common Shares and Units outstanding at December 31, 390,872,723 390,859,445 388,186,222 Units Ownership Interest in Operating Partnership 3.0 % 3.2 % 3.3 % |
Changes in Redemption Value of Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | he following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners for the years ended December 31, 2023, 2022 and 2021, respectively (amounts in thousands): 2023 2022 2021 Balance at January 1, $ 318,273 $ 498,977 $ 338,951 Change in market value ( 7,667 ) ( 176,490 ) 158,598 Change in carrying value ( 21,358 ) ( 4,214 ) 1,428 Balance at December 31, $ 289,248 $ 318,273 $ 498,977 |
Issued and Outstanding Preferred Shares and Preference Units | The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as of December 31, 2023 and 2022: Amounts in thousands Annual Call Dividend Per December 31, December 31, Date (1) Share/Unit (2) 2023 2022 Preferred Shares/Preference Units of beneficial interest, $ 0.01 par value; 100,000,000 shares authorized: 8.29 % Series K Cumulative Redeemable Preferred Shares/Preference 50 per share/unit; 745,600 shares/units issued 12/10/2026 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares/Preference Units are payable quarterly. |
ERPOP [Member] | |
Class Of Stock [Line Items] | |
Changes in Issued and Outstanding Common Shares and Units | The following table presents the changes in the Operating Partnership’s issued and outstanding General Partner Units and Limited Partner Units for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 390,859,445 388,186,222 386,160,073 Issued to General Partner: Issuance of OP Units — 1,740,550 — Exercise of EQR share options 495,690 468,021 1,710,692 EQR’s Employee Share Purchase Plan (ESPP) 68,136 66,835 70,702 EQR’s restricted share grants, net 148,474 174,575 89,593 Issued to Limited Partners: Restricted unit grants, net 165,364 223,242 155,162 General Partner Other: OP Units repurchased and retired ( 864,386 ) — — General and Limited Partner Units outstanding at December 31, 390,872,723 390,859,445 388,186,222 Limited Partner Units Limited Partner Units outstanding at January 1, 12,429,737 12,659,027 13,858,073 Limited Partner restricted unit grants, net 165,364 223,242 155,162 Conversion of Limited Partner OP Units to EQR Common Shares ( 1,013,795 ) ( 452,532 ) ( 1,354,208 ) Limited Partner Units outstanding at December 31, 11,581,306 12,429,737 12,659,027 Limited Partner Units Ownership Interest in Operating Partnership 3.0 % 3.2 % 3.3 % |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
Summary of Carrying Amounts of Investment in Real Estate | The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of December 31, 2023 and 2022 (amounts in thousands): 2023 2022 Land $ 5,581,876 $ 5,580,878 Depreciable property: Buildings and improvements 19,809,432 19,471,503 Furniture, fixtures and equipment 2,609,600 2,352,050 In-Place lease intangibles 519,394 510,816 Projects under development: Land 3,201 3,201 Construction-in-progress 74,835 109,739 Land held for development: Land 82,026 46,160 Construction-in-progress 32,274 14,407 Investment in real estate 28,712,638 28,088,754 Accumulated depreciation ( 9,810,337 ) ( 9,027,850 ) Investment in real estate, net $ 18,902,301 $ 19,060,904 |
Acquired Properties From Unaffiliated Parties | During the year ended December 31, 2023, the Company acquired the following from unaffiliated parties (purchase price and purchase price allocation in thousands): Purchase Price Allocation (1), (2) Properties Apartment Units Purchase Price (1) Land Depreciable Property Rental Properties – Consolidated 4 1,183 $ 366,334 $ 41,142 $ 325,611 Total 4 1,183 $ 366,334 $ 41,142 $ 325,611 (1) Purchase price and purchase price allocation are both net of a mark-to-market discount of approximately $ 11.2 million on a mortgage assumed (2) Purchase price allocation includes capitalized closing costs. During the year ended December 31, 2022, the Company acquired the following from unaffiliated parties (purchase price and purchase price allocation in thousands): Purchase Price Allocation (1) Properties Apartment Units Purchase Price Land Depreciable Property Rental Properties – Consolidated 1 172 $ 113,000 $ 25,361 $ 87,685 Total 1 172 $ 113,000 $ 25,361 $ 87,685 (1) Purchase price allocation includes capitalized closing costs. |
Disposed Properties to Unaffiliated Parties | During the year ended December 31, 2023, the Company disposed of the following to unaffiliated parties (sales price and net gain in thousands): Properties Apartment Units Sales Price Net Gain Rental Properties – Consolidated 11 912 $ 379,893 $ 282,539 Total 11 912 $ 379,893 $ 282,539 During the year ended December 31, 2022, the Company disposed of the following to unaffiliated parties (sales price and net gain in thousands): Properties Apartment Units Sales Price Net Gain Rental Properties – Consolidated 3 945 $ 746,150 $ 304,325 Total 3 945 $ 746,150 $ 304,325 |
Commitments to Acquire_Dispos_2
Commitments to Acquire/Dispose of Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments To Acquire Dispose Of Real Estate [Abstract] | |
Summary of Agreement to Dispose | The Company has entered into an agreement to dispose of the following (sales price and net book value in thousands): Properties Apartment Units Sales Price Net Book Value at December 31, 2023 Rental Properties – Consolidated 2 300 $ 80,000 $ 70,533 Total 2 300 $ 80,000 $ 70,533 |
Investments in Partially Owne_2
Investments in Partially Owned Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments In Partially Owned Entities [Abstract] | |
Summary of Company's Consolidated Joint Ventures | The following table summarizes the Company’s consolidated joint ventures as of December 31, 2023 and 2022: Operating Properties (1) Projects Under Development (2), (3) Projects Held for Development (3), (4) Properties Apartment Units Projects Apartment Units (5) Projects Apartment Units (5) 2023 Consolidated Joint Ventures (VIE) 14 3,060 — — 1 440 2022 Consolidated Joint Ventures (VIE) 15 3,114 1 312 — — (1) The land parcel under one of the properties in 2023 is subject to a long-term ground lease. (2) The land parcel under this project is subject to a long-term ground lease. (3) Represents separate consolidated joint ventures for the purpose of developing multifamily rental properties. (4) Represents separate consolidated joint ventures that have not yet started. (5) Represents the intended number of apartment units to be developed. |
Summary of Consolidated Assets and Liabilities Related to the Company's VIEs | The following table provides consolidated assets and liabilities related to the Company's VIEs as of December 31, 2023 and 2022 (amounts in thousands): December 31, 2023 December 31, 2022 Consolidated Assets $ 599,788 $ 691,880 Consolidated Liabilities $ 41,153 $ 158,932 |
Summary of Variable Rate Construction Mortgage Debt | The following table and information summarizes the variable rate construction mortgage debt that was non-recourse to the Company at December 31, 2022 (there was no outstanding consolidated construction mortgage debt at December 31, 2023) (aggregate and amounts borrowed under loan commitments in thousands): December 31, 2022 Recently Completed Operating Property Project Under Development Number of joint ventures with debt financing 1 1 Aggregate loan commitments $ 67,589 $ 73,344 Amounts borrowed under loan commitments (1) $ 64,776 $ 44,980 (1) See Note 9 for the proceeds of secured conventional floating rate debt under Mortgage Notes Payable . |
Summary of Company's Investment in Unconsolidated Entities | The following table and information summarizes the Company’s investments in unconsolidated entities as of December 31, 2023 and 2022 (amounts in thousands except for ownership percentage): December 31, 2023 December 31, 2022 Ownership Percentage Investments in Unconsolidated Entities: Various Real Estate Holdings (VIE) $ 35,421 $ 35,974 Varies Projects Under Development and Land Held for Development (VIE) 220,192 218,043 62 % - 95 % (1) Real Estate Technology Funds/Companies (VIE) 26,691 25,249 Varies Other ( 255 ) ( 242 ) Varies Investments in Unconsolidated Entities $ 282,049 $ 279,024 (1) In certain instances, the joint venture agreements contain provisions for promoted interests in favor of our joint venture partner. If the terms of the promoted interest are attained, then our share of the proceeds from a sale or other capital event of the unconsolidated entity may be less than the indicated ownership percentage. |
Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs | The following table summarizes the Company’s unconsolidated joint ventures that were deemed to be VIEs as of December 31, 2023 and 2022: Real Estate Holdings (1) Projects Under Development (2), (5) Projects Held for Development (2), (3) Entities Projects Apartment Units (4) Projects Apartment Units (4) 2023 Unconsolidated Joint Ventures (VIE) 3 6 1,982 4 1,164 2022 Unconsolidated Joint Ventures (VIE) 2 6 1,982 3 966 (1) Represents entities that hold various real estate investments. (2) Represents separate unconsolidated joint ventures for the purpose of developing multifamily rental properties. (3) Represents separate unconsolidated joint ventures that have not yet started. (4) Represents the intended number of apartment units to be developed. (5) The land parcel under one of the projects is subject to a long-term ground lease. |
Summary of Information on Total Unconsolidated Development Joint Ventures | The following table provides information on total unconsolidated development joint ventures entered into during the years ended December 31, 2023 and 2022 (amounts in thousands except for number of unconsolidated joint ventures and apartment units): December 31, 2023 December 31, 2022 Number of unconsolidated joint ventures (1) 2 3 Apartment units (2) 638 1,019 Investments in unconsolidated entities – acquisitions $ 2,800 $ 49,855 (1) The entities qualify as VIEs, but the Company is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact the VIE’s performance. Therefore, the entities are unconsolidated and recorded using the equity method of accounting. See Note 2 for additional discussion. (2) Represents the intended number of apartment units to be developed. |
Restricted Deposits (Tables)
Restricted Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits Restricted [Abstract] | |
Restricted Deposits | The following table presents the Company’s restricted deposits as of December 31, 2023 and 2022 (amounts in thousands): December 31, 2023 December 31, 2022 Mortgage escrow deposits: Real estate taxes and insurance $ 307 $ — Mortgage principal reserves/sinking funds 29,270 25,304 Mortgage escrow deposits 29,577 25,304 Restricted cash: Earnest money on pending acquisitions 524 4,500 Restricted deposits on real estate investments 2,181 229 Resident security and utility deposits 40,149 38,432 Replacement reserves 15,571 12,549 Other 1,250 2,289 Restricted cash 59,675 57,999 Restricted deposits $ 89,252 $ 83,303 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Summary of Lease Income Types Relating to Lease Payments Along With the Total Other Rental Income | The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands): Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 Income Type Residential Non-Residential Total Residential Non-Residential Total Residential Non-Residential Total Residential and non-residential rent $ 2,578,565 $ 62,193 $ 2,640,758 $ 2,446,516 $ 63,995 $ 2,510,511 $ 2,202,133 $ 61,033 $ 2,263,166 Utility recoveries (RUBS income) (1) 86,628 906 87,534 81,140 844 81,984 74,846 723 75,569 Parking rent 44,081 449 44,530 43,335 435 43,770 40,934 565 41,499 Other lease revenue (2) ( 25,095 ) ( 142 ) ( 25,237 ) ( 12,637 ) ( 69 ) ( 12,706 ) ( 17,667 ) 4,027 ( 13,640 ) Total lease revenue $ 2,684,179 $ 63,406 2,747,585 $ 2,558,354 $ 65,205 2,623,559 $ 2,300,246 $ 66,348 2,366,594 Parking revenue 40,836 37,338 26,789 Other revenue 85,543 74,283 70,614 Total other rental income (3) 126,379 111,621 97,403 Rental income $ 2,873,964 $ 2,735,180 $ 2,463,997 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2) Other lease revenue consists of the revenue adjustment related to bad debt (see below for further discussion) and other miscellaneous lease revenue. (3) Other rental income is accounted for under the revenue recognition standard and primarily consists of third-party transient parking revenue and ancillary income such as cable and laundry revenue. |
Summary of Residential and Non-Residential Accounts Receivable and Straight-Line Receivable Balances | The following table presents residential and non-residential accounts receivable and straight-line receivable balances for the Company’s properties as of December 31, 2023 and 2022 (amounts in thousands): Residential Non-Residential Balance Sheet (Other assets): December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Resident/tenant accounts receivable balances $ 21,477 $ 35,688 $ 2,822 $ 2,820 Allowance for doubtful accounts ( 15,846 ) ( 31,405 ) ( 1,849 ) ( 2,152 ) Net receivable balances $ 5,631 $ 4,283 $ 973 $ 668 Straight-line receivable balances $ 9,183 $ 4,398 $ 11,915 (1) $ 13,795 (1) During the year ended December 31, 2023, the Company recorded a non-cash write-off of approximately $ 1.5 million in straight-line receivables due to the bankruptcy of Rite Aid. |
Summary of Residential Bad Debt for Company's Properties | The following table presents residential bad debt for the Company’s properties for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands): Year Ended December 31, Income Statement (Rental income): 2023 2022 2021 Bad debt, net (1) $ 38,117 $ 26,570 $ 31,485 % of residential rental income 1.4 % 1.0 % 1.3 % (1) Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $ 2.8 million , $ 34.7 million and $ 34.8 million for the years ended December 31, 2023, 2022 and 2021, respectively . |
Summary of Right-of-Use Assets and Related Lease Liabilities | The following table presents the Company’s ROU assets and related lease liabilities as of December 31, 2023 and 2022 (amounts in thousands): 2023 2022 Right-of-use assets: Corporate office leases (operating) $ 38,745 $ 34,767 Ground leases (finance) 94,091 95,834 Ground leases (operating) 324,430 332,355 Right-of-use assets $ 457,266 $ 462,956 Lease liabilities: Corporate office leases (operating) $ 40,485 $ 35,747 Ground leases (finance) 68,143 68,919 Ground leases (operating) 203,012 204,082 Lease liabilities $ 311,640 $ 308,748 |
Summary of Quantitative Disclosures for Lessees | The following tables illustrate the quantitative disclosures for lessees as of and for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands): Year Ended Year Ended Year Ended Lease cost: Finance lease cost: Amortization of right-of-use assets (capitalized) $ 146 $ 351 $ 351 Amortization of right-of-use assets (expensed) 1,781 1,391 1,391 Interest on lease liabilities (capitalized) — — 452 Interest on lease liabilities (expensed) 1,886 1,904 1,464 Operating lease cost: Corporate office leases 4,738 4,061 3,581 Ground leases 18,338 18,338 18,338 Variable lease cost: Corporate office leases 599 430 1,037 Ground leases 4,338 4,342 2,973 Total lease cost $ 31,826 $ 30,817 $ 29,587 December 31, 2023 December 31, 2022 December 31, 2021 Other information: Cash paid for amounts included in the measurement of Investing cash flows from finance leases $ — $ — $ 383 Financing cash flows from finance leases $ 2,847 $ 2,463 $ 1,898 Operating cash flows from operating leases: Corporate office leases $ 4,576 $ 4,385 $ 5,016 Ground leases $ 15,911 $ 15,037 $ 14,682 Weighted-average remaining lease term – finance leases 23.1 years 24.1 years 25.2 years Weighted-average remaining lease term – operating leases: Corporate office leases 17.7 years 16.1 years 16.8 years Ground leases 60.7 years 61.2 years 61.8 years Weighted-average discount rate – finance leases 2.8 % 2.8 % 2.8 % Weighted-average discount rate – operating leases: Corporate office leases 4.3 % 3.2 % 3.2 % Ground leases 5.1 % 5.1 % 5.1 % |
Summary of Undiscounted Cash Flows for Contractual Obligations for Minimum Rent Payments/Receipts | The following table summarizes the Company’s undiscounted cash flows for contractual obligations for minimum rent payments/receipts under operating and financing leases for the next five years and thereafter as of December 31, 2023: (Payments)/Receipts Due by Year (in thousands) 2024 2025 2026 2027 2028 Thereafter Total Finance Leases: Minimum Rent Payments (a) $ ( 2,881 ) $ ( 2,946 ) $ ( 2,959 ) $ ( 2,971 ) $ ( 2,984 ) $ ( 82,253 ) $ ( 96,994 ) Operating Leases: Minimum Rent Payments (a) $ ( 15,797 ) $ ( 16,028 ) $ ( 15,881 ) $ ( 15,984 ) $ ( 16,132 ) $ ( 806,155 ) $ ( 885,977 ) Minimum Rent Receipts (b) $ 53,000 $ 48,410 $ 44,582 $ 40,771 $ 34,709 $ 112,720 $ 334,192 (a) Minimum basic rent due for corporate office leases and base rent due on ground leases where the Company is the lessee. (b) Minimum basic rent receipts due for various non-residential space where the Company is the lessor. Excludes residential leases due to their short-term nature. |
Summary of Reconciliation of Lease Liabilities | The following table provides a reconciliation of lease liabilities from our undiscounted cash flows for minimum rent payments as of December 31, 2023 (amounts in thousands): 2023 Total minimum rent payments $ 982,971 Less: Lease discount ( 671,331 ) Lease liabilities $ 311,640 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Instrument [Line Items] | |
Summary of Mortgage Notes Payable Activity | The following tables summarize the Company’s mortgage notes payable activity for the years ended December 31, 2023 and 2022, respectively (amounts in thousands): Mortgage notes Proceeds Assumptions Lump sum Scheduled Amortization Amortization Mortgage notes Fixed Rate Debt: Secured – Conventional $ 1,608,838 $ 550,000 (2) $ 42,256 (3) $ ( 800,000 ) (2) $ — $ 601 $ ( 3,097 ) $ 1,398,598 Floating Rate Debt: Secured – Conventional 108,378 22,896 — ( 132,598 ) ( 54 ) — 1,378 — Secured – Tax Exempt 236,222 — — — ( 3,300 ) 1,242 140 234,304 Floating Rate Debt 344,600 22,896 — ( 132,598 ) ( 3,354 ) 1,242 1,518 234,304 Total $ 1,953,438 $ 572,896 $ 42,256 $ ( 932,598 ) $ ( 3,354 ) $ 1,843 $ ( 1,579 ) $ 1,632,902 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) Obtained $ 200.0 million of 5.18 % fixed rate mortgage debt maturing in September 2033 and $ 350.0 million of 5.25 % fixed rate mortgage debt maturing in September 2033 . The secured notes totaling $ 550.0 million have an all-in effective interest rate of approximately 4.7 %. The proceeds from these loans were used, along with funding from the Company’s commercial paper note program, to repay $ 800.0 million of 4.21 % fixed rate mortgage debt that was due to mature in November 2023 . (3) Assumed $ 53.5 million of 2.24 % fixed rate mortgage debt maturing in September 2030 on one acquired property and recorded an initial discount of approximately $ 11.2 million. Mortgage notes Proceeds Lump sum Scheduled Amortization Amortization Mortgage notes Fixed Rate Debt: Secured – Conventional $ 1,896,472 $ — $ ( 286,461 ) $ ( 3,311 ) $ 941 $ 1,197 $ 1,608,838 Floating Rate Debt: Secured – Conventional 59,890 48,054 (2) — ( 81 ) — 515 108,378 Secured – Tax Exempt 234,839 — — — 1,243 140 236,222 Floating Rate Debt 294,729 48,054 — ( 81 ) 1,243 655 344,600 Total $ 2,191,201 $ 48,054 $ ( 286,461 ) $ ( 3,392 ) $ 2,184 $ 1,852 $ 1,953,438 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2) See Note 6 for additional discussion of the variable rate construction mortgage debt. |
Summary of Notes Activity | The following tables summarize the Company’s notes activity for the years ended December 31, 2023 and 2022, respectively (amounts in thousands): Notes, net as of Proceeds Lump sum Amortization Amortization Notes, net as of Fixed Rate Debt: Unsecured – Public $ 5,342,329 $ — $ — $ 2,248 $ 3,840 $ 5,348,417 (1) Represents amortization of deferred financing costs, net of debt financing costs. Notes, net as of Proceeds Lump sum Amortization Amortization Notes, net as of Fixed Rate Debt: Unsecured – Public $ 5,835,222 $ — $ ( 500,000 ) $ 2,820 $ 4,287 $ 5,342,329 (1) Represents amortization of deferred financing costs, net of debt financing costs. |
Schedule of Unsecured Revolving Credit Facility | The following table presents the availability on the Company’s unsecured revolving credit facility as of December 31, 2023 and 2022, respectively (amounts in thousands): December 31, 2023 December 31, 2022 Unsecured revolving credit facility commitment $ 2,500,000 $ 2,500,000 Commercial paper balance outstanding ( 410,000 ) ( 130,000 ) Unsecured revolving credit facility balance outstanding — — Other restricted amounts ( 3,415 ) ( 3,463 ) Unsecured revolving credit facility availability $ 2,086,585 $ 2,366,537 |
Summary of Debt Extinguishment Costs Recorded as Additional Expense | The following table summarizes the Company’s total debt extinguishment costs recorded as additional expense for the years ended December 31, 2023, 2022 and 2021, respectively (amounts in thousands): December 31, 2023 December 31, 2022 December 31, 2021 Write-offs of unamortized deferred financing costs $ 1,143 $ 717 $ 744 Write-offs of unamortized (premiums)/discounts/OCI — 3,947 — Total $ 1,143 $ 4,664 $ 744 |
Summary of Aggregate Payments of Principal on All Debt | The following table provides a summary of the aggregate payments of principal on all debt for each of the next five years and thereafter as of December 31, 2023 (amounts in thousands): Year Total 2024 (1) $ 416,200 2025 458,100 2026 601,025 2027 409,800 2028 910,700 Thereafter 4,668,832 Subtotal 7,464,657 Deferred Financing Costs and Unamortized (Discount) ( 74,207 ) Total $ 7,390,450 (1) Includes $ 410.0 million in principal outstanding on the Company’s commercial paper program. |
Mortgages [Member] | |
Debt Instrument [Line Items] | |
Summary of Certain Interest Rate and Maturity Date Information | The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2023 and 2022, respectively: December 31, 2023 December 31, 2022 Interest Rate Ranges (ending) 0.10 % - 5.25 % 0.10 % - 7.10 % Weighted Average Interest Rate 3.68 % 3.46 % Maturity Date Ranges 2029 - 2061 2023 - 2061 |
Notes [Member] | |
Debt Instrument [Line Items] | |
Summary of Certain Interest Rate and Maturity Date Information | The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2023 and 2022, respectively: December 31, 2023 December 31, 2022 Interest Rate Ranges (ending) 1.85 % - 7.57 % 1.85 % - 7.57 % Weighted Average Interest Rate 3.51 % 3.61 % Maturity Date Ranges 2025 - 2047 2025 - 2047 |
Commercial Paper [Member] | |
Debt Instrument [Line Items] | |
Summary of Certain Interest Rate and Maturity Date Information | The following table summarizes certain weighted average interest rate, maturity and amounts outstanding information for the commercial paper program as of and for the years ended December 31, 2023 and 2022, respectively: December 31, 2023 December 31, 2022 Weighted Average Interest Rate (1) 5.47 % 1.52 % Weighted Average Maturity (in days) 14 4 Weighted Average Amounts Outstanding $ 276.0 million $ 156.1 million (1) The notes bear interest at various floating rates. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Valuations for Each Type of Fair Value Measurement | The following table summarizes the inputs to the valuations for each type of fair value measurement: Fair Value Measurement Type Valuation Inputs Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”) Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Quoted market price of Common Shares. Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable) Indicative rates provided by lenders of similar loans. Public unsecured notes Quoted market prices for each underlying issuance. Derivatives Readily observable market parameters such as forward yield curves and credit default swap data. |
Summary of Carrying and Fair Values of Financial Instruments | The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at December 31, 2023 and 2022, respectively (amounts in thousands): December 31, 2023 December 31, 2022 Carrying Value Estimated Fair Carrying Value Estimated Fair Mortgage notes payable, net $ 1,632,902 $ 1,509,706 $ 1,953,438 $ 1,803,525 Unsecured debt, net 5,757,548 5,346,488 5,472,284 4,874,490 Total debt, net $ 7,390,450 $ 6,856,194 $ 7,425,722 $ 6,678,015 |
Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at December 31, 2023 and 2022, respectively (amounts in thousands): Fair Value Measurements at Reporting Date Using Description Balance Sheet 12/31/2023 Quoted Prices in Significant Other Significant Assets Supplemental Executive Retirement Plan Other Assets $ 108,478 $ 108,478 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 108,478 $ 108,478 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 289,248 $ — $ 289,248 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet 12/31/2022 Quoted Prices in Significant Other Significant Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Assets $ 21,864 $ — $ 21,864 $ — Supplemental Executive Retirement Plan Other Assets 133,245 133,245 — — Total $ 155,109 $ 133,245 $ 21,864 $ — Liabilities Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Liabilities $ 1,210 $ — $ 1,210 $ — Supplemental Executive Retirement Plan Other Liabilities 133,245 133,245 — — Total $ 134,455 $ 133,245 $ 1,210 $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 318,273 $ — $ 318,273 $ — |
Summary of Real Estate Technology Investment Securities included in Other Assets | The following table summarizes the Company’s real estate technology investment securities included in other assets as of December 31, 2023 and 2022 (amounts in thousands): December 31, 2023 December 31, 2022 Real Estate Technology Investments $ 19,312 $ 4,312 |
Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income | The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2023, 2022 and 2021, respectively (amounts in thousands): December 31, 2023 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ 4,514 Interest expense $ ( 3,737 ) Total $ 4,514 $ ( 3,737 ) December 31, 2022 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ 20,654 Interest expense $ ( 11,071 ) Total $ 20,654 $ ( 11,071 ) December 31, 2021 Amount of Location of Amount of Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ — Interest expense $ ( 9,394 ) Total $ — $ ( 9,394 ) |
Earnings Per Share and Earnin_2
Earnings Per Share and Earnings Per Unit (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit | The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts): Year Ended December 31, 2023 2022 2021 Numerator for net income per share – basic: Net income $ 868,488 $ 806,995 $ 1,396,714 Allocation to Noncontrolling Interests – Operating Partnership ( 26,710 ) ( 26,310 ) ( 45,900 ) Net (income) loss attributable to Noncontrolling ( 6,340 ) ( 3,774 ) ( 17,964 ) Preferred distributions ( 3,090 ) ( 3,090 ) ( 3,090 ) Numerator for net income per share – basic $ 832,348 $ 773,821 $ 1,329,760 Numerator for net income per share – diluted: Net income $ 868,488 $ 806,995 $ 1,396,714 Net (income) loss attributable to Noncontrolling ( 6,340 ) ( 3,774 ) ( 17,964 ) Preferred distributions ( 3,090 ) ( 3,090 ) ( 3,090 ) Numerator for net income per share – diluted $ 859,058 $ 800,131 $ 1,375,660 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 378,773 376,209 373,833 Effect of dilutive securities: OP Units 11,181 11,836 12,263 Long-term compensation shares/units 943 1,402 1,924 ATM forward sales — 3 69 Denominator for net income per share – diluted 390,897 389,450 388,089 Net income per share – basic $ 2.20 $ 2.06 $ 3.56 Net income per share – diluted $ 2.20 $ 2.05 $ 3.54 |
ERPOP [Member] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit | The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): Year Ended December 31, 2023 2022 2021 Numerator for net income per Unit – basic and diluted: Net income $ 868,488 $ 806,995 $ 1,396,714 Net (income) loss attributable to Noncontrolling ( 6,340 ) ( 3,774 ) ( 17,964 ) Allocation to Preference Units ( 3,090 ) ( 3,090 ) ( 3,090 ) Numerator for net income per Unit – basic and diluted $ 859,058 $ 800,131 $ 1,375,660 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 389,954 388,045 386,096 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting 943 1,402 1,924 ATM forward sales — 3 69 Denominator for net income per Unit – diluted 390,897 389,450 388,089 Net income per Unit – basic $ 2.20 $ 2.06 $ 3.56 Net income per Unit – diluted $ 2.20 $ 2.05 $ 3.54 |
Share Incentive Plans (Tables)
Share Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Terms of Awards Generally Granted to Employees | The following table summarizes the terms of Awards generally granted to employees: Options Restricted Shares Restricted Units Overview Options exercised after vesting result in issuance of new Common Shares. Restricted shareholders generally have the same voting rights and receive quarterly dividend payments on their shares at the same rate and on the same date as any other Common Share holder (1). When certain conditions are met, restricted units convert into an equal number of OP Units, which the holder may exchange for Common Shares on a one-for-one basis or at the option of the Company the cash value of such shares. Restricted unitholders receive quarterly distribution payments on their restricted units at the same rate and on the same date as any other OP Unit holder (1). Grant/Exercise Granted at the fair market value of Common Shares as of the grant date using the Black-Scholes model as described below. Granted at the fair market value of Common Shares as of the grant date. Granted at varying discount rates to the fair market value of Common Shares as of the grant date (2). Vesting Period In three equal installments over a three-year period from the grant date. Three years from the grant date. Three years from the grant date. Expiration Ten years from the grant date. Not applicable. Ten years from the grant date (2). Upon Employee Unvested options are canceled. Unvested restricted shares are canceled. Unvested restricted units are canceled. (1) Dividends/distributions paid on unvested restricted shares and units are included as a component of retained earnings and Noncontrolling Interest – Operating Partnership/Limited Partners Capital, respectively, and have not been considered in reducing net income available to Common Shares/Units in a manner similar to the Company’s preferred share/preference unit dividends for the earnings per share/Unit calculation. (2) A restricted unit will automatically convert to an OP Unit when the capital account of each restricted unit increases (“books-up”) to a specified target. The probability of a book-up occurring within the ten-year contractual life along with the liquidity risk associated with various hold period restrictions are both reflected in the discount. If the capital target is not attained within ten years following the date of issuance, the restricted unit will automatically be canceled and no compensation will be payable to the holder of such canceled restricted unit. If the capital target is attained and the restricted unit is converted to an OP Unit, it will not expire. |
Summary of Valuation Method of Share Options | The fair value of the Option grants is recognized over the requisite service/vesting period of the Options. The fair value for the Company’s Options was estimated at the time the Options were granted using the Black-Scholes option pricing model with the primary grant in each year having the following weighted average assumptions: 2023 2022 2021 Expected volatility (1) 23.8 % 21.7 % 21.3 % Expected life (2) 5 years 5 years 5 years Expected dividend yield (3) 3.30 % 3.26 % 3.23 % Risk-free interest rate (4) 4.04 % 1.66 % 0.50 % Exercise price per share (5) $ 66.59 $ 91.59 $ 67.48 Option valuation per share $ 12.67 $ 12.57 $ 7.96 (1) Expected volatility – Estimated based on the historical five-year volatility (the period matching the expected life) of EQR’s share price measured on a monthly basis. (2) Expected life – Approximates the actual weighted average life of all Options granted since the Company went public in 1993. (3) Expected dividend yield – Calculated by averaging the historical annual yield on EQR shares for a period matching the expected life of each grant, with the annual yield calculated by dividing actual regular dividends (excluding any special dividends) by the average price of EQR’s shares in a given year. (4) Risk-free interest rate – The most current U.S. Treasury rate available at the grant date for a period matching the expected life of each grant. (5) Exercise price per share – The closing share price of the Common Shares on the grant date. |
Summary of Weighted Average Fair Value for Each Restricted Share/Unit | The individual prices determined above are then weighted to arrive at the final values for each restricted share/unit as follows: 2023 2022 2021 Weighted average fair value per restricted share $ 61.18 $ 96.84 $ 61.73 Weighted average fair value per restricted unit $ 58.78 $ 93.32 $ 59.82 |
Summary of Terms of Each Retirement Eligibility Category | The following table summarizes the terms of each retirement eligibility category. Age 62 for Employees Rule of 70 for Employees Age 72 for Trustees Eligibility For employees hired prior to January 1, 2009 and who were age 59 or older as of February 1, 2019. All employees (1). All non-employee Trustees. Effect on unvested restricted shares, restricted units and Options Awards immediately vest, Options continue to be exercisable for the balance of the applicable ten-year option period and restricted units are still subject to the book-up provisions. Awards continue to vest per the original vesting schedule, subject to certain conditions, Options continue to be exercisable for the balance of the applicable ten-year option period and restricted units are still subject to the book-up provisions. Awards immediately vest, Options continue to be exercisable for the balance of the applicable ten-year option period and restricted units are still subject to the book-up provisions. Effect on LTI Plan Awards are prorated in proportion to the number of days worked in the first year of the three-year performance period and the individual does not receive any payout of shares or units until the final payout is determined at the end of the three-year performance period. (1) The Rule of 70 is met when an employee’s years of service with the Company (which must be at least 15 years) plus his or her age (which must be at least 55 years) on the date of termination equals or exceeds 70 years. In addition, the employee must give the Company at least six months’ advance written notice of his or her intention to retire along with agreeing to certain other conditions. |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following tables summarize compensation information regarding the restricted shares, restricted units, Options and Employee Share Purchase Plan (“ESPP”) for the three years ended December 31, 2023, 2022 and 2021. Year Ended December 31, 2023 Compensation Compensation Restricted Units/Options Compensation Dividends Restricted shares $ 11,006 $ 1,480 $ — $ 12,486 $ 889 Restricted units 15,809 96 525 16,430 904 Options 4,436 192 — 4,628 — ESPP discount 564 80 — 644 — Total $ 31,815 $ 1,848 $ 525 $ 34,188 $ 1,793 Year Ended December 31, 2022 Compensation Compensation Restricted Units/Options Compensation Dividends Restricted shares $ 10,419 $ 1,176 $ — $ 11,595 $ 1,120 Restricted units 16,487 87 2,530 19,104 1,039 Options 1,889 169 263 2,321 — ESPP discount 718 78 — 796 — Total $ 29,513 $ 1,510 $ 2,793 $ 33,816 $ 2,159 Year Ended December 31, 2021 Compensation Compensation Restricted Units/Options Compensation Dividends Restricted shares $ 7,258 $ 1,131 $ — $ 8,389 $ 761 Restricted units 16,689 70 1,038 17,797 1,254 Options 2,980 121 — 3,101 — ESPP discount 883 108 — 991 — Total $ 27,810 $ 1,430 $ 1,038 $ 30,278 $ 2,015 (1) The Company allows eligible officers the ability to receive immediately vested restricted units (subject to the book-up provisions described above and a two-year hold restriction) or immediately vested Options in-lieu of any percentage of their annual cash bonus. |
Award Activity of the Share Incentive Plans | The table below summarizes the Award activity of the Share Incentive Plans for the three years ended December 31, 2023, 2022 and 2021: Common Weighted Restricted Weighted Restricted Weighted Balance at December 31, 2020 5,642,752 $ 56.91 353,634 $ 71.81 879,800 $ 66.78 Awards granted 489,853 $ 67.58 96,224 $ 70.46 190,742 $ 60.71 Awards exercised/vested ( 1,710,692 ) $ 50.09 ( 133,351 ) $ 62.89 ( 181,531 ) $ 62.01 Awards forfeited ( 23,317 ) $ 73.33 ( 6,631 ) $ 74.31 ( 35,580 ) $ 59.82 Awards expired ( 10,763 ) $ 68.00 — $ — — $ — Balance at December 31, 2021 4,387,833 $ 60.65 309,876 $ 75.17 853,431 $ 66.11 Awards granted 164,199 $ 88.22 182,801 $ 80.52 223,242 $ 86.47 Awards exercised/vested ( 468,021 ) $ 52.87 ( 194,533 ) $ 70.91 ( 122,999 ) $ 66.10 Awards forfeited ( 12,968 ) $ 77.29 ( 8,226 ) $ 82.02 — $ — Awards expired ( 9,683 ) $ 60.02 — $ — — $ — Balance at December 31, 2022 4,061,360 $ 62.60 289,918 $ 81.21 953,674 $ 73.57 Awards granted 395,280 $ 66.56 152,217 $ 66.93 236,031 $ 60.38 Awards exercised/vested ( 495,690 ) $ 48.52 ( 118,322 ) $ 80.76 ( 75,105 ) $ 76.38 Awards forfeited ( 1,717 ) $ 66.73 ( 3,743 ) $ 76.43 ( 70,667 ) $ 59.14 Awards expired ( 981 ) $ 67.50 — $ — — $ — Balance at December 31, 2023 3,958,252 $ 64.76 320,070 $ 74.64 1,043,933 $ 68.56 Amounts in thousands except per share amounts Year Ended December 31, 2023 2022 2021 Weighted average grant date fair value per share for Options granted $ 12.61 $ 12.45 $ 7.98 Aggregate intrinsic value of Options exercised (1) $ 6,023 $ 14,511 $ 47,413 Fair value of restricted shares vested $ 7,783 $ 17,353 $ 9,222 Fair value of restricted units vested $ 4,965 $ 10,662 $ 12,468 (1) These values were calculated as the difference between the strike price of the underlying awards and the per share price at which each respective award was exercised. |
Information Regarding Options Outstanding and Exercisable | he following table summarizes information regarding Options outstanding and exercisable at December 31, 2023 (aggregate intrinsic value is in thousands): Options Weighted Weighted Aggregate Options Outstanding 3,958,252 4.81 $ 64.76 $ 2,889 Options Exercisable 3,342,785 4.12 $ 63.83 $ 2,889 Vested and expected to vest 611,238 8.54 $ 69.80 $ — (1) The aggregate intrinsic values were calculated as the excess, if any, between the Company’s closing share price of $ 61.16 per share on December 31, 2023 and the strike price of the underlying awards. |
Employee Plans (Tables)
Employee Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Additional Disclosure [Abstract] | |
Summary of Information Regarding the Common Shares Issued Under the ESPP | The following table summarizes information regarding the Common Shares issued under the ESPP with the net proceeds noted below being contributed to ERPOP in exchange for OP Units (amounts in thousands except share and per share amounts): Year Ended December 31, 2023 2022 2021 Shares issued 68,136 66,835 70,702 Issuance price ranges $ 47.97 – $ 55.11 $ 52.33 – $ 72.51 $ 53.13 – $ 71.04 Issuance proceeds $ 3,517 $ 4,178 $ 4,265 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Real Estate Development Commitments | The following table summarizes the gross remaining total project costs for the Company’s projects under development at December 31, 2023 (total project costs remaining in thousands): Projects Apartment Units Total Project Costs Remaining (1) Projects Under Development Consolidated 1 225 $ 74,585 Unconsolidated 6 1,982 144,928 Total Projects Under Development 7 2,207 $ 219,513 (1) The Company's share of the $ 219.5 million in total project costs remaining approximates $ 76.6 million, with the balance funded by the Company's joint venture partners (approximately $ 0.7 million) and/or applicable construction loans (approximately $ 142.2 million). |
Schedule of Contractual Obligations | The following table summarizes the Company’s contractual obligations for deferred compensation for the next five years and thereafter as of December 31, 2023: (Payments) Due by Year (in thousands) 2024 2025 2026 2027 2028 Thereafter Total Other Long-Term Liabilities: Deferred Compensation (1) $ ( 840 ) $ ( 840 ) $ ( 840 ) $ ( 840 ) $ ( 840 ) $ ( 3,778 ) $ ( 7,978 ) (1) Includes payments due to the estate of the Company’s former Chairman. As of December 31, 2023, no payments remain due to the Company's former executive officer. |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations | The following table presents a reconciliation of NOI from our rental real estate for the years ended December 31, 2023, 2022 and 2021, respectively (amounts in thousands): Year Ended December 31, 2023 2022 2021 Rental income $ 2,873,964 $ 2,735,180 $ 2,463,997 Property and maintenance expense ( 514,575 ) ( 483,865 ) ( 453,532 ) Real estate taxes and insurance expense ( 412,114 ) ( 388,412 ) ( 397,105 ) Total operating expenses ( 926,689 ) ( 872,277 ) ( 850,637 ) Net operating income $ 1,947,275 $ 1,862,903 $ 1,613,360 |
Schedule of NOI from Rental Real Estate for Each Segment Specific to Continuing Operations | The following tables present NOI from our rental real estate for each segment for the years ended December 31, 2023, 2022 and 2021, respectively, as well as total assets and capital expenditures at December 31, 2023 and 2022, respectively (amounts in thousands): Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 Rental Operating NOI Rental Operating NOI Rental Operating NOI Same store (1) Los Angeles $ 466,980 $ 143,983 $ 322,997 $ 450,635 $ 132,858 $ 317,777 $ 431,954 $ 132,274 $ 299,680 Orange County 130,343 28,699 101,644 122,660 26,511 96,149 109,427 24,986 84,441 San Diego 92,691 20,602 72,089 86,728 19,506 67,222 78,709 18,395 60,314 Subtotal - Southern California 690,014 193,284 496,730 660,023 178,875 481,148 620,090 175,655 444,435 Washington, D.C. 441,676 140,696 300,980 417,210 138,570 278,640 389,205 129,065 260,140 San Francisco 430,390 129,480 300,910 415,173 124,192 290,981 383,817 118,795 265,022 New York 476,319 193,311 283,008 434,820 187,218 247,602 367,370 182,631 184,739 Seattle 290,894 81,787 209,107 281,959 79,037 202,922 256,988 80,775 176,213 Boston 289,423 85,579 203,844 270,899 82,523 188,376 235,050 76,374 158,676 Denver 71,067 21,328 49,739 67,785 19,569 48,216 39,084 11,209 27,875 Other Expansion Markets 64,928 27,983 36,945 61,897 27,618 34,279 — — — Total same store 2,754,711 873,448 1,881,263 2,609,766 837,602 1,772,164 2,291,604 774,504 1,517,100 Non-same store/other Non-same store (2) 100,970 36,836 64,134 74,379 29,758 44,621 59,629 27,691 31,938 Other (3) 18,283 16,405 1,878 51,035 4,917 46,118 112,764 48,442 64,322 Total non-same store/other 119,253 53,241 66,012 125,414 34,675 90,739 172,393 76,133 96,260 Totals $ 2,873,964 $ 926,689 $ 1,947,275 $ 2,735,180 $ 872,277 $ 1,862,903 $ 2,463,997 $ 850,637 $ 1,613,360 (1) For the years ended December 31, 2023 and 2022 , same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2022, less properties subsequently sold, which represented 76,297 apartment units. For the year ended December 31, 2021, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2021, less properties subsequently sold, which represented 72,872 apartment units. (2) For the years ended December 31, 2023 and 2022, non-same store primarily includes properties acquired after January 1, 2022, plus any properties in lease-up and not stabilized as of January 1, 2022, and any properties undergoing major renovations. For the year ended December 31, 2021, non-same store primarily includes properties acquired after January 1, 2021, plus any properties in lease-up and not stabilized as of January 1, 2021, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Year Ended December 31, 2023 Year Ended December 31, 2022 Total Assets Capital Expenditures Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,489,180 $ 54,688 $ 2,549,606 $ 35,057 Orange County 343,219 9,888 356,396 7,885 San Diego 231,549 17,137 228,471 8,798 Subtotal - Southern California 3,063,948 81,713 3,134,473 51,740 Washington, D.C. 2,995,509 50,504 3,091,996 34,640 San Francisco 2,972,476 53,963 3,049,771 33,497 New York 3,326,831 21,908 3,421,373 21,636 Seattle 2,075,966 34,011 2,141,346 27,935 Boston 1,748,887 30,852 1,807,629 23,951 Denver 824,264 4,220 857,021 8,561 Other Expansion Markets 782,977 5,674 811,130 2,175 Total same store 17,790,858 282,845 18,314,739 204,135 Non-same store/other Non-same store (2) 1,493,139 35,615 1,134,000 15,277 Other (3) 750,567 882 769,523 1,674 Total non-same store/other 2,243,706 36,497 1,903,523 16,951 Totals $ 20,034,564 $ 319,342 $ 20,218,262 $ 221,086 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2022, less properties subsequently sold, which represented 76,297 apartment units. (2) Non-same store primarily includes properties acquired after January 1, 2022, plus any properties in lease-up and not stabilized as of January 1, 2022, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and capital expenditures for properties sold. |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Disposed Properties to Unaffiliated Parties | • Disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 3 504 $ 248,500 Total 3 504 $ 248,500 |
Business - Ownership Breakdown
Business - Ownership Breakdown (Details) | Dec. 31, 2023 ApartmentUnit Property |
Property/Unit schedule | |
Properties | Property | 302 |
Apartment Units | ApartmentUnit | 80,191 |
Wholly Owned Properties | |
Property/Unit schedule | |
Properties | Property | 288 |
Apartment Units | ApartmentUnit | 77,131 |
Partially Owned Properties – Consolidated | |
Property/Unit schedule | |
Properties | Property | 14 |
Apartment Units | ApartmentUnit | 3,060 |
Business - Additional Informati
Business - Additional Information (Details) | Dec. 31, 2023 Property ApartmentUnit State |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Number of states in which entity operates | State | 10 |
Properties | Property | 302 |
Apartment units | ApartmentUnit | 80,191 |
ERPOP [Member] | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Noncontrolling interest, ownership percentage by parent | 97% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) ApartmentUnit Property $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | |
Capitalized costs development and renovation | $ 15,400,000 | $ 15,600,000 | |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Provision for income tax | $ 1,148,000 | $ 900,000 | $ 915,000 |
Alternative minimum tax preference adjustment per share | $ / shares | $ 0.01 | ||
Alternative minimum tax preference adjustment disclosed under treasury regulation one year amounts disclosure per share | $ / shares | 0.04101 | ||
Alternative minimum tax preference adjustment disclosed under treasury regulation year three amounts disclosure per share | $ / shares | $ 0.04071 | ||
Properties | Property | 302 | ||
Noncontrolling Interests – Partially Owned Properties | $ 994,000 | $ (721,000) | |
Apartment units | ApartmentUnit | 80,191 | ||
Limited Life Partnership Properties [Member] | |||
Properties | Property | 2 | ||
Noncontrolling Interests deficit - Partially Owned Properties | $ (3,500,000) | ||
Noncontrolling interests settlement value | $ 49,100,000 | ||
Consolidated Properties [Member] | |||
Properties | Property | 14 | ||
Noncontrolling Interests – Partially Owned Properties | $ 1,000,000 | ||
Apartment units | ApartmentUnit | 3,060 | ||
Federal [Member] | |||
Provision for income tax | $ 0 | ||
Minimum [Member] | Retail Commercial Leases [Member] | |||
Retail leases term | 5 years | ||
Maximum [Member] | Retail Commercial Leases [Member] | |||
Retail leases term | 10 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, plant and equipment, estimated useful lives | 5 years | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, plant and equipment, estimated useful lives | 10 years | ||
Building [Member] | |||
Property, plant and equipment, estimated useful lives | 30 years | ||
Replacements [Member] | Minimum [Member] | |||
Property, plant and equipment, estimated useful lives | 5 years | ||
Replacements [Member] | Maximum [Member] | |||
Property, plant and equipment, estimated useful lives | 10 years | ||
Renovations and building Improvements [Member] | Minimum [Member] | |||
Property, plant and equipment, estimated useful lives | 5 years | ||
Renovations and building Improvements [Member] | Maximum [Member] | |||
Property, plant and equipment, estimated useful lives | 15 years | ||
Corporate Office Leases [Member] | Maximum [Member] | |||
Remaining lease terms | 10 years | ||
Ground Leases [Member] | |||
Unsecured borrowing rates for actual pricing period used for calculating discount rate | 30 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Tax (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |||
State and local income, franchise and excise tax (benefit) | $ 1,148 | $ 900 | $ 915 |
Income and other tax expense (benefit) | $ 1,148 | $ 900 | $ 915 |
Tax Treatment Of Dividends And Distributions Ordinary Dividends | $ 1.85676 | $ 1.75466 | $ 1.40791 |
Tax Treatment Of Dividends And Distributions Long Term Capital Gain | 0.57857 | 0.4285 | 0.73687 |
Tax Treatment Of Dividends And Distributions Unrecaptured Section Twelve Hundred And Fifty Gain | 0.17717 | 0.29434 | 0.26522 |
Dividends and distributions declared per Common Share outstanding | $ 2.61250 | $ 2.47750 | $ 2.41000 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Tax (Parenthetical) (Details) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Summary Of Significant Accounting Policies Tax Parenthetical Details [Abstract] | |||
Dividend payable common share/unit, per share | $ 0.6625 | $ 0.625 | $ 0.6025 |
Equity, Capital and Other Int_3
Equity, Capital and Other Interests - Changes in Company's Issued and Outstanding Common Shares and Units (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity Capital And Other Interests [Abstract] | |||
Common Stock, Shares, Outstanding | 378,429,708 | 375,527,195 | 372,302,000 |
Common Shares Issued: | |||
Conversion of OP Units | 1,013,795 | 452,532 | 1,354,208 |
Issuance of Common Shares | 1,740,550 | ||
Exercise of share options | 495,690 | 468,021 | 1,710,692 |
Employee Share Purchase Plan (ESPP) | 68,136 | 66,835 | 70,702 |
Restricted share grants, net | 148,474 | 174,575 | 89,593 |
Common Shares Other: | |||
Repurchased and retired | (864,386) | ||
Common Stock, Shares, Outstanding | 379,291,417 | 378,429,708 | 375,527,195 |
Units | |||
Total Units Outstanding | 12,429,737 | 12,659,027 | 13,858,073 |
Restricted unit grants, net | 165,364 | 223,242 | 155,162 |
Conversion of OP Units to Common Shares | (1,013,795) | (452,532) | (1,354,208) |
Total Units Outstanding | 11,581,306 | 12,429,737 | 12,659,027 |
Common Shares And Units Outstanding | 390,872,723 | 390,859,445 | 388,186,222 |
Units Ownership Interest in Operating Partnership | 3% | 3.20% | 3.30% |
Equity, Capital and Other Int_4
Equity, Capital and Other Interests - Changes in Operating Partnership's Issued and Outstanding General Partner Units and Limited Partner Units (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
General and Limited Partner Units | |||
Common Shares And Units Outstanding | 390,859,445 | 388,186,222 | |
Issuance of OP Units | 1,740,550 | ||
Exercise of share options | 495,690 | 468,021 | 1,710,692 |
Employee Share Purchase Plan (ESPP) | 68,136 | 66,835 | 70,702 |
Restricted share grants, net | 148,474 | 174,575 | 89,593 |
Restricted unit grants, net | 165,364 | 223,242 | 155,162 |
Common Shares And Units Outstanding | 390,872,723 | 390,859,445 | 388,186,222 |
Limited Partner Units | |||
Total Units Outstanding | 12,429,737 | 12,659,027 | 13,858,073 |
Restricted unit grants, net | 165,364 | 223,242 | 155,162 |
Conversion of Limited Partner OP Units to EQR Common Shares | (1,013,795) | (452,532) | (1,354,208) |
Total Units Outstanding | 11,581,306 | 12,429,737 | 12,659,027 |
Units Ownership Interest in Operating Partnership | 3% | 3.20% | 3.30% |
ERPOP [Member] | |||
General and Limited Partner Units | |||
Common Shares And Units Outstanding | 390,859,445 | 388,186,222 | 386,160,073 |
Issuance of OP Units | 1,740,550 | ||
Exercise of share options | 495,690 | 468,021 | 1,710,692 |
Employee Share Purchase Plan (ESPP) | 68,136 | 66,835 | 70,702 |
Restricted share grants, net | 148,474 | 174,575 | 89,593 |
Restricted unit grants, net | 165,364 | 223,242 | 155,162 |
Common Shares And Units Outstanding | 390,872,723 | 390,859,445 | 388,186,222 |
OP Units repurchased and retired | (864,386) | ||
Limited Partner Units | |||
Total Units Outstanding | 12,429,737 | 12,659,027 | 13,858,073 |
Restricted unit grants, net | 165,364 | 223,242 | 155,162 |
Conversion of Limited Partner OP Units to EQR Common Shares | (1,013,795) | (452,532) | (1,354,208) |
Total Units Outstanding | 11,581,306 | 12,429,737 | 12,659,027 |
Units Ownership Interest in Operating Partnership | 3% | 3.20% | 3.30% |
Equity, Capital and Other Int_5
Equity, Capital and Other Interests - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Equity Capital And Other Interests [Abstract] | ||||
Redeemable noncontrolling interests - operating partnership | $ 289,248 | $ 318,273 | $ 498,977 | $ 338,951 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | ||
Preferred stock, par or stated value per share | $ 0.01 | $ 0.01 |
Equity, Capital and Other Int_6
Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Noncontrolling Interests - Operating Partnership (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Redeemable Noncontrolling Interests - Operating Partnership Units | $ 318,273 | $ 498,977 | $ 338,951 |
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership | (7,667) | (176,490) | 158,598 |
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | (21,358) | (4,214) | 1,428 |
Redeemable Noncontrolling Interests - Operating Partnership Units | 289,248 | 318,273 | 498,977 |
E R P O P [Member] | |||
Class of Stock [Line Items] | |||
Redeemable Noncontrolling Interests - Operating Partnership Units | 318,273 | 498,977 | 338,951 |
Change in market value of Redeemable Noncontrolling Interests - Operating Partnership | (7,667) | (176,490) | 158,598 |
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | (21,358) | (4,214) | 1,428 |
Redeemable Noncontrolling Interests - Operating Partnership Units | $ 289,248 | $ 318,273 | $ 498,977 |
Equity, Capital and Other Int_7
Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Limited Partners Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Redeemable Limited Partners | $ 318,273 | $ 498,977 | $ 338,951 |
Limited Partners Change In Redemption Value | (7,667) | (176,490) | 158,598 |
Limited Partners Change In Carrying Value | (21,358) | (4,214) | 1,428 |
Redeemable Limited Partners | 289,248 | 318,273 | 498,977 |
E R P O P [Member] | |||
Class of Stock [Line Items] | |||
Redeemable Limited Partners | 318,273 | 498,977 | 338,951 |
Limited Partners Change In Redemption Value | (7,667) | (176,490) | 158,598 |
Limited Partners Change In Carrying Value | (21,358) | (4,214) | 1,428 |
Redeemable Limited Partners | $ 289,248 | $ 318,273 | $ 498,977 |
Equity, Capital and Other Int_8
Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Details) - EQR and ERPOP [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Class Of Stock [Line Items] | ||
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share/unit; 745,600 shares/units issued and outstanding as of December 31, 2023 and 2022 | $ 37,280 | $ 37,280 |
Preferred Stock | ||
Class Of Stock [Line Items] | ||
Preferred Stocks Preference Units Call Date | Dec. 10, 2026 | |
Annual Dividend Per Preferred Share Preference Unit | $ 4.145 | |
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share/unit; 745,600 shares/units issued and outstanding as of December 31, 2023 and 2022 | $ 37,280 | $ 37,280 |
Equity, Capital and Other Int_9
Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Parenthetical) (Details) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Class Of Stock [Line Items] | ||
Preferred stock, par or stated value per share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock | ||
Class Of Stock [Line Items] | ||
Preferred Stock Preference Units Issued | 745,600 | 745,600 |
Preferred Stock Preference Units Outstanding | 745,600 | 745,600 |
Preferred Stock Preference Units Redemption Price Per Share | $ 50 | $ 50 |
Preferred Stock Preference Units Dividend Rate Percentage | 8.29% | 8.29% |
Equity, Capital and Other In_10
Equity, Capital and Other Interests - Other - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2021 | |
Class Of Stock [Line Items] | |||
Common shares available for issuance | 4,619,250 | ||
Common Stock, Shares, Issued | 378,429,708 | 379,291,417 | |
Repurchase of stock, weighted average price per share | $ 56.79 | ||
Common shares repurchased and retired | $ 49,100,000 | ||
Repurchased and retired | 864,386 | ||
Stock repurchase program, remaining number of shares authorized to be repurchased | 12,135,614 | ||
Preferred stock, pay distributions | $ 0.03 | ||
ERPOP Member | |||
Class Of Stock [Line Items] | |||
OP Units repurchased and retired | 864,386 | ||
Forward Sales Agreements [Member] | |||
Class Of Stock [Line Items] | |||
Common shares available for issuance | 13,000,000 | ||
Amount of share issuance | $ 0 | ||
Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Redeemable preference shares issued related to buyout of non controlling interest | 900,000 | ||
Redeemable preference shares issued related to buyout of non controlling interest | 933,454 | ||
Preferred stock preference units dividend rate percentage | 3% | ||
Preferred unit liquidation value | $ 1 | ||
ATM Share Offering [Member] | Prior Program [Member] | Forward Sales Agreements [Member] | |||
Class Of Stock [Line Items] | |||
Common Stock, Shares, Issued | 1,700,000 | ||
Weighted average initial forward price per share | $ 83.25 | ||
Shares settled, per share | $ 80.22 | ||
Proceeds from settlement of shares | $ 139,600,000 |
Real Estate - Summary of Carryi
Real Estate - Summary of Carrying Amounts of Investment in Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Land | $ 5,581,876 | $ 5,580,878 |
Depreciable property: | ||
Buildings and improvements | 19,809,432 | 19,471,503 |
Furniture, fixtures and equipment | 2,609,600 | 2,352,050 |
In-Place lease intangibles | 519,394 | 510,816 |
Projects under development: | ||
Projects under development | 78,036 | 112,940 |
Land held for development: | ||
Land held for development | 114,300 | 60,567 |
Investment in real estate | 28,712,638 | 28,088,754 |
Accumulated depreciation | (9,810,337) | (9,027,850) |
Investment in real estate, net | 18,902,301 | 19,060,904 |
Land [Member] | ||
Land | 15,000 | 15,000 |
Projects under development: | ||
Projects under development | 3,201 | 3,201 |
Land held for development: | ||
Land held for development | 82,026 | 46,160 |
Construction-in-progress [Member] | ||
Projects under development: | ||
Projects under development | 74,835 | 109,739 |
Land held for development: | ||
Land held for development | $ 32,274 | $ 14,407 |
Real Estate - Acquired Properti
Real Estate - Acquired Properties From Unaffiliated Parties (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) Property ApartmentUnit | Dec. 31, 2022 USD ($) Property ApartmentUnit | |
Properties | Property | 4 | 1 |
Apartment Units | ApartmentUnit | 1,183 | 172 |
Purchase Price | $ 366,334 | $ 113,000 |
Land | 41,142 | 25,361 |
Depreciable Property | $ 325,611 | $ 87,685 |
Rental Properties – Consolidated [Member] | ||
Properties | Property | 4 | 1 |
Apartment Units | ApartmentUnit | 1,183 | 172 |
Purchase Price | $ 366,334 | $ 113,000 |
Land | 41,142 | 25,361 |
Depreciable Property | $ 325,611 | $ 87,685 |
Real Estate - Acquired Proper_2
Real Estate - Acquired Properties From Unaffiliated Parties (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Purchase Price | $ 366,334 | $ 113,000 |
2.24% Fixed Rate Mortgage Debt Maturing in September 2030 [Member] | ||
Initial discount | $ 11,200 |
Real Estate - Disposed Properti
Real Estate - Disposed Properties to Unaffiliated Parties (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) ApartmentUnit Property | Dec. 31, 2022 USD ($) Property ApartmentUnit | Dec. 31, 2021 USD ($) | |
Properties disposed | Property | 11 | 3 | |
Property Units disposed | ApartmentUnit | 912 | 945 | |
Sales Price | $ 379,893 | $ 746,150 | |
Net Gain | $ 282,539 | $ 304,325 | $ 1,072,183 |
Rental Properties – Consolidated [Member] | |||
Properties disposed | Property | 11 | 3 | |
Property Units disposed | ApartmentUnit | 912 | 945 | |
Sales Price | $ 379,893 | $ 746,150 | |
Net Gain | $ 282,539 | $ 304,325 |
Real Estate - Additional Inform
Real Estate - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Non-cash asset impairment charge | $ 16,769 | ||
Carrying value | $ 5,581,876 | $ 5,580,878 | |
Land [Member] | |||
Non-cash asset impairment charge | $ 16,800 | ||
Carrying value | $ 15,000 | $ 15,000 |
Commitments to Acquire_Dispos_3
Commitments to Acquire/Dispose of Real Estate - Summary of Agreement to dispose (Details) $ in Thousands | Dec. 31, 2023 USD ($) ApartmentUnit Property |
Property/Unit schedule | |
Properties | Property | 2 |
Apartment Units | ApartmentUnit | 300 |
Sales Price | $ 80,000 |
Net Book Value at December 31, 2023 | $ 70,533 |
Rental Properties – Consolidated [Member] | |
Property/Unit schedule | |
Properties | Property | 2 |
Apartment Units | ApartmentUnit | 300 |
Sales Price | $ 80,000 |
Net Book Value at December 31, 2023 | $ 70,533 |
Investments in Partially Owne_3
Investments in Partially Owned Entities - Summary of Company's Consolidated Joint Ventures (Details) | Dec. 31, 2023 ApartmentUnit Project Property | Dec. 31, 2022 ApartmentUnit Property Project |
Variable Interest Entity [Line Items] | ||
Properties | Property | 302 | |
Project | Project | 1 | |
Apartment units | 80,191 | |
Consolidated VIE [Member] | Operating Properties [Member] | ||
Variable Interest Entity [Line Items] | ||
Properties | Property | 14 | 15 |
Apartment units | 3,060 | 3,114 |
Consolidated VIE [Member] | Projects Under Development [Member] | ||
Variable Interest Entity [Line Items] | ||
Project | Project | 1 | |
Apartment units | 312 | |
Consolidated VIE [Member] | Projects Held for Development [Member] | ||
Variable Interest Entity [Line Items] | ||
Project | Project | 1 | |
Apartment units | 440 |
Investments in Partially Owne_4
Investments in Partially Owned Entities - Summary of Consolidated Assets and Liabilities Related to the Company's VIEs (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Consolidated Assets | $ 20,034,564 | $ 20,218,262 |
Consolidated Liabilities | 8,456,188 | 8,517,310 |
Consolidated VIE [Member] | ||
Variable Interest Entity [Line Items] | ||
Consolidated Assets | 599,788 | 691,880 |
Consolidated Liabilities | $ 41,153 | $ 158,932 |
Investments in Partially Owne_5
Investments in Partially Owned Entities - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) ApartmentUnit JointVenture Property Project | Dec. 31, 2022 USD ($) ApartmentUnit Project | |
Variable Interest Entity [Line Items] | ||
Property units acquired | ApartmentUnit | 1,183 | 172 |
Repayment of debt | $ 3,354,000 | $ 3,392,000 |
Payments to acquired interest in consolidated operating property | $ 4,600,000 | $ 32,200,000 |
Apartment units | ApartmentUnit | 80,191 | |
Number of unconsolidated projects | Project | 1 | |
Closure funding amount | $ 0 | |
Maximum [Member] | ||
Variable Interest Entity [Line Items] | ||
Funding for budgeted project costs | $ 139,000,000 | |
Partially Owned Properties [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of partially owned properties sold | Property | 1 | |
Apartment units | ApartmentUnit | 166 | |
Proceeds from sale of real estate | $ 60,100,000 | |
Variable Rate Construction Mortgage [Member] | ||
Variable Interest Entity [Line Items] | ||
Repayment of debt | $ 67,900,000 | |
Number of consolidated development joint ventures | JointVenture | 1 | |
Cash [Member] | ||
Variable Interest Entity [Line Items] | ||
Payments to acquired interest in consolidated operating property | $ 3,700 | |
Preferred Stock [Member] | ||
Variable Interest Entity [Line Items] | ||
Preferred stock preference units dividend rate percentage | 3% | |
Payments to acquired interest in consolidated operating property | $ 900,000 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Percentage interest in consolidated operating property | 10% | 25% |
Property units acquired | ApartmentUnit | 200 | 432 |
Repayment of debt | $ 64,700,000 | |
Variable Interest Entity, Primary Beneficiary [Member] | Noncontrolling Interest [Member] | ||
Variable Interest Entity [Line Items] | ||
Partially owned property reduced amount | 0 | $ 0 |
Payments to acquired interest in consolidated operating property | 3,700,000 | 4,800,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Paid in Capital/General Partner Capital [Member] | ||
Variable Interest Entity [Line Items] | ||
Payments to acquired interest in consolidated operating property | $ 900,000 | $ 27,400,000 |
Operating Properties [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Apartment units | ApartmentUnit | 3,060 | 3,114 |
Project Under Development [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Apartment units | ApartmentUnit | 312 | |
Number of unconsolidated projects | Project | 1 |
Investments in Partially Owne_6
Investments in Partially Owned Entities - Summary of Variable Rate Construction Mortgage Debt (Details) - Consolidated VIE [Member] $ in Thousands | Dec. 31, 2022 USD ($) JointVenture |
Recently Completed Operating Property [Member] | |
Variable Interest Entity [Line Items] | |
Number of joint ventures with debt financing | JointVenture | 1 |
Aggregate loan commitments | $ 67,589 |
Amounts borrowed under loan commitments | $ 64,776 |
Projects Under Development [Member] | |
Variable Interest Entity [Line Items] | |
Number of joint ventures with debt financing | JointVenture | 1 |
Aggregate loan commitments | $ 73,344 |
Amounts borrowed under loan commitments | $ 44,980 |
Investments in Partially Owne_7
Investments in Partially Owned Entities - Summary of Company's Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 282,049 | $ 279,024 |
Various Real Estate Holdings [Member] | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | 35,421 | 35,974 |
Projects Under Development and Land Held for Development (VIE) [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 220,192 | 218,043 |
Projects Under Development and Land Held for Development (VIE) [Member] | Variable Interest Entity, Not Primary Beneficiary | Minimum [Member] | ||
Variable Interest Entity [Line Items] | ||
Ownership Percentage | 62% | |
Projects Under Development and Land Held for Development (VIE) [Member] | Variable Interest Entity, Not Primary Beneficiary | Maximum [Member] | ||
Variable Interest Entity [Line Items] | ||
Ownership Percentage | 95% | |
Real Estate Technology Funds/Companies (VIE) [Member] | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 26,691 | 25,249 |
Other [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ (255) | $ (242) |
Investments in Partially Owne_8
Investments in Partially Owned Entities - Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs (Details) | Dec. 31, 2023 ApartmentUnit Project Entity | Dec. 31, 2022 Entity Project ApartmentUnit |
Variable Interest Entity [Line Items] | ||
Project | Project | 1 | |
Apartment units | ApartmentUnit | 80,191 | |
Variable Interest Entity, Not Primary Beneficiary | Real Estate Holdings [Member] | ||
Variable Interest Entity [Line Items] | ||
Entities | Entity | 3 | 2 |
Variable Interest Entity, Not Primary Beneficiary | Projects Under Development [Member] | ||
Variable Interest Entity [Line Items] | ||
Project | Project | 6 | 6 |
Apartment units | ApartmentUnit | 1,982 | 1,982 |
Variable Interest Entity, Not Primary Beneficiary | Projects Held for Development [Member] | ||
Variable Interest Entity [Line Items] | ||
Project | Project | 4 | 3 |
Apartment units | ApartmentUnit | 1,164 | 966 |
Investments in Partially Owne_9
Investments in Partially Owned Entities - Summary of Company's Unconsolidated Joint Ventures Deemed to be VIEs (Parenthetical) (Details) | Dec. 31, 2023 LandParcel |
Real Estate Holdings [Member] | Unconsolidated VIE [Member] | |
Variable Interest Entity [Line Items] | |
Number of project subject to long term ground lease for land parcel | 1 |
Investments in Partially Own_10
Investments in Partially Owned Entities - Summary of Information on Total Unconsolidated Development Joint Ventures (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) ApartmentUnit JointVenture | Dec. 31, 2022 USD ($) ApartmentUnit JointVenture | Dec. 31, 2021 USD ($) | |
Variable Interest Entity [Line Items] | |||
Investments in unconsolidated entities - acquisitions | $ 2,800 | $ 49,855 | $ 48,534 |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Number of unconsolidated joint ventures | JointVenture | 2 | 3 | |
Apartment units | ApartmentUnit | 638 | 1,019 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Equity Residential [Member] | |||
Variable Interest Entity [Line Items] | |||
Investments in unconsolidated entities - acquisitions | $ 2,800 | $ 49,855 |
Restricted Deposits - Restricte
Restricted Deposits - Restricted Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Mortgage escrow deposits: | |||
Real estate taxes and insurance | $ 307 | ||
Mortgage principal reserves/sinking funds | 29,270 | $ 25,304 | |
Mortgage escrow deposits | 29,577 | 25,304 | |
Restricted cash: | |||
Earnest money on pending acquisitions | 524 | 4,500 | |
Restricted deposits on real estate investments | 2,181 | 229 | |
Resident security and utility deposits | 40,149 | 38,432 | |
Replacement reserves | 15,571 | 12,549 | |
Other | 1,250 | 2,289 | |
Restricted cash | 59,675 | 57,999 | |
Restricted deposits | $ 89,252 | $ 83,303 | $ 236,404 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) Property | Dec. 31, 2022 USD ($) | |
Operating Leased Assets [Line Items] | ||
Non-cash write-off of straight-line receivables | $ 1,500 | |
Finance Lease, Liability | 7,100 | |
Ground Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Finance Lease, Liability | $ 68,143 | $ 68,919 |
Number of operating properties | Property | 16 | |
Maximum [Member] | Corporate Office Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Lease expiration dates (inclusive of applicable extension options) | 2042 | |
Maximum [Member] | Ground Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease expiration year | 2118 | |
Minimum [Member] | Corporate Office Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Lease expiration dates (inclusive of applicable extension options) | 2024 | |
Minimum [Member] | Ground Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease expiration year | 2042 |
Leases - Summary of Lease Incom
Leases - Summary of Lease Income Types Relating to Lease Payments Along With the Total Other Rental Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Leased Assets [Line Items] | |||
Total lease revenue | $ 2,747,585 | $ 2,623,559 | $ 2,366,594 |
Rental income | 2,873,964 | 2,735,180 | 2,463,997 |
Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 2,684,179 | 2,558,354 | 2,300,246 |
Non-Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 63,406 | 65,205 | 66,348 |
Residential and Non-Residential Rent [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 2,640,758 | 2,510,511 | 2,263,166 |
Residential and Non-Residential Rent [Member] | Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 2,578,565 | 2,446,516 | 2,202,133 |
Residential and Non-Residential Rent [Member] | Non-Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 62,193 | 63,995 | 61,033 |
Utility Recoveries (RUBS Income) [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 87,534 | 81,984 | 75,569 |
Utility Recoveries (RUBS Income) [Member] | Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 86,628 | 81,140 | 74,846 |
Utility Recoveries (RUBS Income) [Member] | Non-Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 906 | 844 | 723 |
Parking Rent [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 44,530 | 43,770 | 41,499 |
Parking Rent [Member] | Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 44,081 | 43,335 | 40,934 |
Parking Rent [Member] | Non-Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | 449 | 435 | 565 |
Other Lease Revenue [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | (25,237) | (12,706) | (13,640) |
Other Lease Revenue [Member] | Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | (25,095) | (12,637) | (17,667) |
Other Lease Revenue [Member] | Non-Residential Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | (142) | (69) | 4,027 |
Parking Revenue [Member] | |||
Operating Leased Assets [Line Items] | |||
Rental income | 40,836 | 37,338 | 26,789 |
Other Revenue [Member] | |||
Operating Leased Assets [Line Items] | |||
Rental income | 85,543 | 74,283 | 70,614 |
Other Rental Income [Member] | |||
Operating Leased Assets [Line Items] | |||
Rental income | $ 126,379 | $ 111,621 | $ 97,403 |
Leases - Summary of Residential
Leases - Summary of Residential and Non-Residential Accounts Receivable and Straight-Line Receivable Balances (Details) - Other Assets [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2021 |
Residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Resident/tenant accounts receivable balances | $ 21,477 | $ 35,688 |
Allowance for doubtful accounts | (15,846) | (31,405) |
Net receivable balances | 5,631 | 4,283 |
Straight-line receivable balances | 9,183 | 4,398 |
Non-Residential Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Resident/tenant accounts receivable balances | 2,822 | 2,820 |
Allowance for doubtful accounts | (1,849) | (2,152) |
Net receivable balances | 973 | 668 |
Straight-line receivable balances | $ 11,915 | $ 13,795 |
Leases - Summary of Residenti_2
Leases - Summary of Residential and Non-Residential Accounts Receivable and Straight-Line Receivable Balances (Parenthetical) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Leases [Abstract] | |
Non-cash write-off of straight-line receivables | $ 1.5 |
Leases - Summary of Residenti_3
Leases - Summary of Residential Bad Debt for Company's Properties (Details) - Residential Leases [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessor Lease Description [Line Items] | |||
Bad debt, net | $ 38,117 | $ 26,570 | $ 31,485 |
% of residential rental income | 1.40% | 1% | 1.30% |
Leases - Summary of Residenti_4
Leases - Summary of Residential Bad Debt for Company's Properties (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Bad debt, net from resident payments | $ 2.8 | $ 34.7 | $ 34.8 |
Leases - Summary of Right-of-Us
Leases - Summary of Right-of-Use Assets and Related Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leased Assets [Line Items] | ||
Right-of-use assets | $ 457,266 | $ 462,956 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Right-of-use assets | Right-of-use assets |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Right-of-use assets | Right-of-use assets |
Lease liabilities | $ 311,640 | $ 308,748 |
Finance lease, liabilities | $ 7,100 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Lease liabilities | Lease liabilities |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Lease liabilities | Lease liabilities |
Corporate Office Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Right-of-use assets | $ 40,485 | $ 35,747 |
Lease liabilities | 38,745 | 34,767 |
Ground Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Right-of-use assets | 324,430 | 332,355 |
Finance lease, right-of-use asset | 94,091 | 95,834 |
Lease liabilities | 203,012 | 204,082 |
Finance lease, liabilities | $ 68,143 | $ 68,919 |
Leases - Summary of Quantitativ
Leases - Summary of Quantitative Disclosures for Lessees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease cost: | |||
Amortization of right-of-use assets (capitalized) | $ 146 | $ 351 | $ 351 |
Amortization of right-of-use assets (expensed) | 1,781 | 1,391 | 1,391 |
Interest on lease liabilities (capitalized) | 452 | ||
Interest on lease liabilities (expensed) | 1,886 | 1,904 | 1,464 |
Total lease cost | 31,826 | 30,817 | 29,587 |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Investing cash flows from finance leases | 383 | ||
Financing cash flows from finance leases | $ 2,847 | $ 2,463 | $ 1,898 |
Weighted-average remaining lease term – finance leases | 23 years 1 month 6 days | 24 years 1 month 6 days | 25 years 2 months 12 days |
Weighted-average discount rate – finance leases | 2.80% | 2.80% | 2.80% |
Corporate Office Leases [Member] | |||
Lease cost: | |||
Operating lease cost | $ 4,738 | $ 4,061 | $ 3,581 |
Variable lease cost | 599 | 430 | 1,037 |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Corporate office leases | $ 4,576 | $ 4,385 | $ 5,016 |
Weighted-average remaining lease term – operating leases | 17 years 8 months 12 days | 16 years 1 month 6 days | 16 years 9 months 18 days |
Weighted-average discount rate – operating leases: | 4.30% | 3.20% | 3.20% |
Ground Leases [Member] | |||
Lease cost: | |||
Operating lease cost | $ 18,338 | $ 18,338 | $ 18,338 |
Variable lease cost | 4,338 | 4,342 | 2,973 |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Corporate office leases | $ 15,911 | $ 15,037 | $ 14,682 |
Weighted-average remaining lease term – operating leases | 60 years 8 months 12 days | 61 years 2 months 12 days | 61 years 9 months 18 days |
Weighted-average discount rate – operating leases: | 5.10% | 5.10% | 5.10% |
Leases - Summary of Undiscounte
Leases - Summary of Undiscounted Cash Flows for Contractual Obligations for Minimum Rent Payments/Receipts (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ (2,881) |
2025 | (2,946) |
2026 | (2,959) |
2027 | (2,971) |
2028 | (2,984) |
Thereafter | (82,253) |
Total | (96,994) |
2024 | (15,797) |
2025 | (16,028) |
2026 | (15,881) |
2027 | (15,984) |
2028 | (16,132) |
Thereafter | (806,155) |
Total | (885,977) |
2024 | 53,000 |
2025 | 48,410 |
2026 | 44,582 |
2027 | 40,771 |
2028 | 34,709 |
Thereafter | 112,720 |
Total | $ 334,192 |
Leases - Summary of Reconciliat
Leases - Summary of Reconciliation of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
Total minimum rent payments | $ 982,971 |
Less: Lease discount | (671,331) |
Lease liabilities | $ 311,640 |
Debt - Mortgage Notes Payable -
Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Mortgage notes payable, net beginning balance | $ 1,953,438 | $ 2,191,201 | |
Proceeds | 572,896 | 48,054 | $ 58,428 |
Assumptions | 42,256 | ||
Lump sum payoffs | (932,598) | (286,461) | (156,815) |
Scheduled principal repayments | (3,354) | (3,392) | |
Amortization of premiums/ discounts | 1,843 | 2,184 | 2,764 |
Amortization of deferred financing costs, net | (1,579) | 1,852 | |
Mortgage notes payable, net ending balance | 1,632,902 | 1,953,438 | 2,191,201 |
Fixed Rate Debt [Member] | Secured - Conventional [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net beginning balance | 1,608,838 | 1,896,472 | |
Proceeds | 550,000 | ||
Assumptions | 42,256 | ||
Lump sum payoffs | (800,000) | (286,461) | |
Scheduled principal repayments | (3,311) | ||
Amortization of premiums/ discounts | 601 | 941 | |
Amortization of deferred financing costs, net | (3,097) | 1,197 | |
Mortgage notes payable, net ending balance | 1,398,598 | 1,608,838 | 1,896,472 |
Floating Rate Debt [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net beginning balance | 344,600 | 294,729 | |
Proceeds | 22,896 | 48,054 | |
Lump sum payoffs | (132,598) | ||
Scheduled principal repayments | (3,354) | (81) | |
Amortization of premiums/ discounts | 1,242 | 1,243 | |
Amortization of deferred financing costs, net | 1,518 | 655 | |
Mortgage notes payable, net ending balance | 234,304 | 344,600 | 294,729 |
Floating Rate Debt [Member] | Secured - Conventional [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net beginning balance | 108,378 | 59,890 | |
Proceeds | 22,896 | 48,054 | |
Lump sum payoffs | (132,598) | ||
Scheduled principal repayments | (54) | (81) | |
Amortization of deferred financing costs, net | 1,378 | 515 | |
Mortgage notes payable, net ending balance | 108,378 | 59,890 | |
Floating Rate Debt [Member] | Secured - Tax Exempt [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net beginning balance | 236,222 | 234,839 | |
Scheduled principal repayments | (3,300) | ||
Amortization of premiums/ discounts | 1,242 | 1,243 | |
Amortization of deferred financing costs, net | 140 | 140 | |
Mortgage notes payable, net ending balance | $ 234,304 | $ 236,222 | $ 234,839 |
Debt - Mortgage Notes Payable_2
Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Parenthetical) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Property | Dec. 31, 2022 USD ($) Property | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | $ 1,632,902 | $ 1,953,438 | $ 2,191,201 |
Properties | Property | 4 | 1 | |
5.18% Fixed Rate Mortgage Debt Maturing in September 2033 [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | $ 200,000 | ||
Effective interest rate | 5.18% | ||
Debt instrument, maturity date | Sep. 30, 2033 | ||
5.25% Fixed Rate Mortgage Debt Maturing in September 2033 [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | $ 350,000 | ||
Effective interest rate | 5.25% | ||
Debt instrument, maturity date | Sep. 30, 2033 | ||
Effective Interest Rate of Approximately 4.7% [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | $ 550,000 | ||
Effective interest rate | 4.70% | ||
4.21% Fixed Rate Mortgage Debt due to Mature in November 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | $ 800,000 | ||
Effective interest rate | 4.21% | ||
Debt instrument, maturity date | Nov. 30, 2023 | ||
2.24% Fixed Rate Mortgage Debt Maturing in September 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | $ 53,500 | ||
Effective interest rate | 2.24% | ||
Debt instrument, maturity date | Sep. 30, 2030 | ||
Properties | Property | 1 | ||
Initial discount | $ 11,200 |
Debt - Mortgage Notes Payable_3
Debt - Mortgage Notes Payable - Summary of Certain Interest Rate and Maturity Date Information (Details) - Mortgages [Member] | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.68% | 3.46% |
Maturity Date Ranges, Start | 2029 | 2023 |
Maturity Date Ranges, End | 2061 | 2061 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Ranges (ending) | 0.10% | 0.10% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Ranges (ending) | 5.25% | 7.10% |
Debt - Mortgage Notes Payable_4
Debt - Mortgage Notes Payable - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | $ 1,632,902 | $ 1,953,438 | $ 2,191,201 |
Historical cost, net of accumulated depreciation, of encumbered properties | 2,100,000 | 2,500,000 | |
Credit Enhanced Debt [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | $ 246,700 | $ 250,000 |
Debt - Notes - Summary of Notes
Debt - Notes - Summary of Notes Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Notes, net beginning balance | $ 5,342,329 | ||
Lump sum payoffs | $ (500,000) | ||
Amortization of premiums/ discounts | 2,248 | 2,820 | $ 2,538 |
Notes, net ending balance | 5,348,417 | 5,342,329 | |
Fixed Rate Debt [Member] | Unsecured - Public [Member] | |||
Debt Instrument [Line Items] | |||
Notes, net beginning balance | 5,342,329 | 5,835,222 | |
Lump sum payoffs | (500,000) | ||
Amortization of premiums/ discounts | 2,248 | 2,820 | |
Amortization of deferred financing costs, net | 3,840 | 4,287 | |
Notes, net ending balance | $ 5,348,417 | $ 5,342,329 | $ 5,835,222 |
Debt - Notes - Summary of Certa
Debt - Notes - Summary of Certain Interest Rate and Maturity Date Information (Details) - Notes [Member] | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.51% | 3.61% |
Maturity Date Ranges, Start | 2025 | 2025 |
Maturity Date Ranges, End | 2047 | 2047 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Ranges (ending) | 1.85% | 1.85% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Ranges (ending) | 7.57% | 7.57% |
Debt - Notes Additional Informa
Debt - Notes Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Shelf registration statement effective date | 2022-05 |
Shelf registration statement expiry date | 2025-05 |
Debt - Line of Credit and Comme
Debt - Line of Credit and Commercial Paper - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | ||
Commercial paper balance outstanding | $ 410,000,000 | $ 1,000,000,000 |
Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Commercial paper balance outstanding | $ 1,000,000,000 | |
Commercial Paper [Member] | ||
Line of Credit Facility [Line Items] | ||
Weighted average interest rates | 5.47% | 1.52% |
Weighted average amount outstanding | $ 276,000,000 | $ 156,100,000 |
Unsecured Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured revolving credit facility | $ 2,500,000,000 | 2,500,000,000 |
Debt instrument, maturity date | Oct. 26, 2027 | |
Ability to increase LOC facility | $ 750,000,000 | |
Debt instrument, basis spread on variable rate | 0.725% | |
Percentage points of line of credit facility commitment fee | 0.125% | |
Commercial paper balance outstanding | $ 410,000,000 | 130,000,000 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facility | $ 0 | $ 0 |
Debt - Line of Credit and Com_2
Debt - Line of Credit and Commercial Paper - Summary of Certain Weighted Average Interest Rate, Maturity and Amount Outstanding Information for the Commercial Paper Program (Details) - Commercial Paper [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 5.47% | 1.52% |
Weighted Average Maturity (in days) | 14 days | 4 days |
Weighted Average Amounts Outstanding | $ 276 | $ 156.1 |
Debt - Line of Credit and Com_3
Debt - Line of Credit and Commercial Paper - Schedule of Unsecured Revolving Credit Facility (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | ||
Commercial paper balance outstanding | $ (410,000,000) | $ (1,000,000,000) |
Unsecured Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured revolving credit facility commitment | 2,500,000,000 | 2,500,000,000 |
Commercial paper balance outstanding | (410,000,000) | (130,000,000) |
Other restricted amounts | (3,415,000) | (3,463,000) |
Unsecured revolving credit facility availability | $ 2,086,585,000 | $ 2,366,537,000 |
Debt - Other - Summary of Debt
Debt - Other - Summary of Debt Extinguishment Costs Recorded as Additional Expense (Details) - Other [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Extinguishment Of Debt [Line Items] | |||
Write-offs of unamortized deferred financing costs | $ 1,143 | $ 717 | $ 744 |
Write-offs of unamortized (premiums)/discounts/OCI | 3,947 | ||
Total | $ 1,143 | $ 4,664 | $ 744 |
Debt - Summary of Aggregate Pay
Debt - Summary of Aggregate Payments of Principal on All Debt (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 416,200 |
2025 | 458,100 |
2026 | 601,025 |
2027 | 409,800 |
2028 | 910,700 |
Thereafter | 4,668,832 |
Subtotal | 7,464,657 |
Deferred Financing Costs and Unamortized (Discount) | (74,207) |
Total | $ 7,390,450 |
Debt - Summary of Aggregate P_2
Debt - Summary of Aggregate Payments of Principal on All Debt (Parenthetical) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Commercial paper balance outstanding | $ 410,000,000 | $ 1,000,000,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) ForwardStartingSwap | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Derivative [Line Items] | |||
Number of forward starting swaps settled | ForwardStartingSwap | 9 | ||
Mortgage notes payable, net | $ 1,632,902 | $ 1,953,438 | $ 2,191,201 |
Unrealized gain (loss) on interest rate cash flow hedges, pretax, accumulated other comprehensive income (loss) | 5,700 | $ (2,500) | |
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | 2,300 | ||
Proceeds from sale of portion of investment securities | 2,500 | ||
Realized gain on sale of investment securities | 1,600 | $ 23,400 | |
Unrealized gain on sale of investment securities | $ 13,500 | ||
Forward Starting Swaps [Member] | |||
Derivative [Line Items] | |||
Mortgage notes period | 9 years 8 months | ||
Mortgages [Member] | Forward Starting Swaps [Member] | |||
Derivative [Line Items] | |||
Secured conventional mortgage notes period | 10 years | ||
530.0 Million of Ten-Year Secured Conventional Mortgage Notes [Member] | Locked Interest Rate Secured Notes [Member] | |||
Derivative [Line Items] | |||
Amount received to settle forward starting swaps | $ 27,100 | ||
Mortgage notes payable, net | 530,000 | ||
550.0 Million of Secured Notes [Member] | |||
Derivative [Line Items] | |||
Mortgage notes payable, net | 550,000 | ||
550.0 Million of Ten-Year Secured Conventional Mortgage Notes [Member] | |||
Derivative [Line Items] | |||
Interest expense | 1,900 | ||
Increase (decrease) in charges hedge termination activities | $ 25,200 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Valuations for Each Type of Fair Value Measurement (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Employee Holdings Within The Supplemental Executive Retirement Plan | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value Measurement Type | Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”) |
Valuation Inputs | Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets. |
Redeemable Noncontrolling Interests Operating Partnership Redeemable Limited Partners | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value Measurement Type | Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners |
Valuation Inputs | Quoted market price of Common Shares. |
Mortgage Notes Payable And Private Unsecured Debt | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value Measurement Type | Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable) |
Valuation Inputs | Indicative rates provided by lenders of similar loans. |
Public Unsecured Notes | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value Measurement Type | Public unsecured notes |
Valuation Inputs | Quoted market prices for each underlying issuance. |
Derivatives | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value Measurement Type | Derivatives |
Valuation Inputs | Readily observable market parameters such as forward yield curves and credit default swap data. |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | $ 7,390,450 | $ 7,425,722 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 6,856,194 | 6,678,015 |
Mortgage Notes Payable, Net [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 1,632,902 | 1,953,438 |
Mortgage Notes Payable, Net [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 1,509,706 | 1,803,525 |
Unsecured Debt [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 5,757,548 | 5,472,284 |
Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | $ 5,346,488 | $ 4,874,490 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | $ 155,109 | |||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | ||
Other Liabilities, Fair Value Disclosure | $ 134,455 | |||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | $ 289,248 | 318,273 | $ 498,977 | $ 338,951 |
Forward Starting Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 21,864 | |||
Other Liabilities, Fair Value Disclosure | 1,210 | |||
SERP [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 108,478 | 133,245 | ||
Other Liabilities, Fair Value Disclosure | 108,478 | 133,245 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 133,245 | |||
Other Liabilities, Fair Value Disclosure | 133,245 | |||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Forward Starting Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 0 | |||
Other Liabilities, Fair Value Disclosure | 0 | |||
Fair Value, Inputs, Level 1 [Member] | SERP [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 108,478 | 133,245 | ||
Other Liabilities, Fair Value Disclosure | 108,478 | 133,245 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 21,864 | |||
Other Liabilities, Fair Value Disclosure | 1,210 | |||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 289,248 | 318,273 | ||
Fair Value, Inputs, Level 2 [Member] | Forward Starting Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 21,864 | |||
Other Liabilities, Fair Value Disclosure | 1,210 | |||
Fair Value, Inputs, Level 2 [Member] | SERP [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 0 | 0 | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 0 | |||
Other Liabilities, Fair Value Disclosure | 0 | |||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Forward Starting Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 0 | |||
Other Liabilities, Fair Value Disclosure | 0 | |||
Fair Value, Inputs, Level 3 [Member] | SERP [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 0 | 0 | ||
Other Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain/(Loss) Recognized in OCI on Derivative | $ 4,514 | $ 20,654 | |
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | $ (3,737) | $ (11,071) | $ (9,394) |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense, Debt | Interest Expense, Debt | Interest Expense, Debt |
Forward Starting Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain/(Loss) Recognized in OCI on Derivative | $ 4,514 | $ 20,654 | |
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | $ (3,737) | $ (11,071) | $ (9,394) |
Fair Value Measurements - Sum_5
Fair Value Measurements - Summary of Real Estate Technology Investment Securities included in Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Assets [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Real Estate Technology Investments | $ 19,312 | $ 4,312 |
Earnings Per Share and Earnin_3
Earnings Per Share and Earnings Per Unit - Computation of Net Income per Share Basic and Net Income per Share Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Net income | $ 868,488 | $ 806,995 | $ 1,396,714 |
Allocation to Noncontrolling Interests – Operating Partnership | (26,710) | (26,310) | (45,900) |
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | (6,340) | (3,774) | (17,964) |
Preferred distributions | (3,090) | (3,090) | (3,090) |
Net income available to Common Shares | 832,348 | 773,821 | 1,329,760 |
Numerator for net income per share – diluted | $ 859,058 | $ 800,131 | $ 1,375,660 |
Weighted average Common Shares outstanding | 378,773 | 376,209 | 373,833 |
OP Units | 11,181 | 11,836 | 12,263 |
Dilutive Securities Options | 943 | 1,402 | 1,924 |
ATM forward sales | 3 | 69 | |
Denominator for net income per share – diluted | 390,897 | 389,450 | 388,089 |
Earnings Per Share, Basic | $ 2.2 | $ 2.06 | $ 3.56 |
Earnings Per Share, Diluted | $ 2.2 | $ 2.05 | $ 3.54 |
Earnings Per Share and Earnin_4
Earnings Per Share and Earnings Per Unit - Computation of Net Income per Unit Basic and Net Income per Unit Diluted for Operating Partnership (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 868,488 | $ 806,995 | $ 1,396,714 |
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | $ (6,340) | $ (3,774) | $ (17,964) |
Dilutive Securities Options | 943 | 1,402 | 1,924 |
ATM forward sales | 3 | 69 | |
Denominator for net income per share – diluted | 390,897 | 389,450 | 388,089 |
Earnings Per Share, Basic | $ 2.2 | $ 2.06 | $ 3.56 |
Earnings Per Share, Diluted | $ 2.2 | $ 2.05 | $ 3.54 |
ERPOP [Member] | |||
Net income | $ 868,488 | $ 806,995 | $ 1,396,714 |
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties | (6,340) | (3,774) | (17,964) |
Allocation to Preference Units | (3,090) | (3,090) | (3,090) |
Numerator for net income per Unit – basic and diluted | $ 859,058 | $ 800,131 | $ 1,375,660 |
Denominator for net income per Unit – basic | 389,954 | 388,045 | 386,096 |
Dilutive Securities Options | 943 | 1,402 | 1,924 |
ATM forward sales | 3 | 69 | |
Denominator for net income per share – diluted | 390,897 | 389,450 | 388,089 |
Earnings Per Share, Basic | $ 2.2 | $ 2.06 | $ 3.56 |
Earnings Per Share, Diluted | $ 2.2 | $ 2.05 | $ 3.54 |
Share Incentive Plans - Additio
Share Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 8,213,508 | ||
Individual potential target award minimum | 0% | ||
Individual potential target award maximum | 200% | ||
Percent of award target performance metric | 50% | ||
Percentage of distribution payments | 10% | ||
Compensation information | |||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized | $ 10.7 | ||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 4 months 2 days | ||
Share-based compensation arrangement by share-based payment award, options, exercisable, number | 3,549,325 | 3,710,888 | |
Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average exercise price | $ 60.8 | $ 58.7 | |
Stock Compensation Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 11,331,958 |
Share Incentive Plans - Summary
Share Incentive Plans - Summary of Terms of Awards Generally Granted to Employees (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Options [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Overview | Options exercised after vesting result in issuance of new Common Shares. |
Grant/Exercise Price | Granted at the fair market value of Common Shares as of the grant date using the Black-Scholes model as described below. |
Vesting Period | 3 years |
Expiration | 10 years |
Upon Employee Termination | Unvested options are canceled. |
Restricted Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Overview | Restricted shareholders generally have the same voting rights and receive quarterly dividend payments on their shares at the same rate and on the same date as any other Common Share holder (1). |
Grant/Exercise Price | Granted at the fair market value of Common Shares as of the grant date. |
Vesting Period | 3 years |
Upon Employee Termination | Unvested restricted shares are canceled. |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Overview | When certain conditions are met, restricted units convert into an equal number of OP Units, which the holder may exchange for Common Shares on a one-for-one basis or at the option of the Company the cash value of such shares. Restricted unitholders receive quarterly distribution payments on their restricted units at the same rate and on the same date as any other OP Unit holder (1). |
Grant/Exercise Price | Granted at varying discount rates to the fair market value of Common Shares as of the grant date (2). |
Vesting Period | 3 years |
Expiration | 10 years |
Upon Employee Termination | Unvested restricted units are canceled. |
Share Incentive Plans - Summa_2
Share Incentive Plans - Summary of Valuation Method of Share Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 23.80% | 21.70% | 21.30% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | 5 years | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.30% | 3.26% | 3.23% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.04% | 1.66% | 0.50% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 66.59 | $ 91.59 | $ 67.48 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 12.67 | $ 12.57 | $ 7.96 |
Share Incentive Plans - Summa_3
Share Incentive Plans - Summary of Valuation Method of Share Options (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Historical period of estimated volatility | 5 years |
Share Incentive Plans - Summa_4
Share Incentive Plans - Summary of Weighted Average Fair Value for Each Restricted Share/Unit (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average fair value per restricted share | $ 66.93 | $ 80.52 | $ 70.46 |
LTI Awards [Member] | Restricted Shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average fair value per restricted share | 61.18 | 96.84 | 61.73 |
LTI Awards [Member] | Restricted Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average fair value per restricted share | $ 58.78 | $ 93.32 | $ 59.82 |
Share Incentive Plans - Summa_5
Share Incentive Plans - Summary of Terms of Each Retirement Eligibility Category (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Age 62 for Employees [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Eligibility | For employees hired prior to January 1, 2009 and who were age 59 or older as of February 1, 2019. |
Effect on unvested restricted shares, restricted units and Options | Awards immediately vest, Options continue to be exercisable for the balance of the applicable ten-year option period and restricted units are still subject to the book-up provisions. |
Effect on LTI Plan | Awards are prorated in proportion to the number of days worked in the first year of the three-year performance period and the individual does not receive any payout of shares or units until the final payout is determined at the end of the three-year performance period. |
Rule of 70 for Employees [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Eligibility | All employees (1). |
Effect on unvested restricted shares, restricted units and Options | Awards continue to vest per the original vesting schedule, subject to certain conditions, Options continue to be exercisable for the balance of the applicable ten-year option period and restricted units are still subject to the book-up provisions. |
Effect on LTI Plan | Awards are prorated in proportion to the number of days worked in the first year of the three-year performance period and the individual does not receive any payout of shares or units until the final payout is determined at the end of the three-year performance period. |
Age 72 for Trustees [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Eligibility | All non-employee Trustees. |
Effect on unvested restricted shares, restricted units and Options | Awards immediately vest, Options continue to be exercisable for the balance of the applicable ten-year option period and restricted units are still subject to the book-up provisions. |
Effect on LTI Plan | Awards are prorated in proportion to the number of days worked in the first year of the three-year performance period and the individual does not receive any payout of shares or units until the final payout is determined at the end of the three-year performance period. |
Share Incentive Plans - Schedul
Share Incentive Plans - Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Compensation information | |||
Compensation Expense | $ 31,815 | $ 29,513 | $ 27,810 |
Compensation Capitalized | 1,848 | 1,510 | 1,430 |
Restricted Units In-Lieu of Bonus | 525 | 2,793 | 1,038 |
Compensation Equity | 34,188 | 33,816 | 30,278 |
Dividends Incurred | 1,793 | 2,159 | 2,015 |
Restricted Shares [Member] | |||
Compensation information | |||
Compensation Expense | 11,006 | 10,419 | 7,258 |
Compensation Capitalized | 1,480 | 1,176 | 1,131 |
Restricted Units In-Lieu of Bonus | 0 | 0 | 0 |
Compensation Equity | 12,486 | 11,595 | 8,389 |
Dividends Incurred | 889 | 1,120 | 761 |
Restricted Stock Units (RSUs) [Member] | |||
Compensation information | |||
Compensation Expense | 15,809 | 16,487 | 16,689 |
Compensation Capitalized | 96 | 87 | 70 |
Restricted Units In-Lieu of Bonus | 525 | 2,530 | 1,038 |
Compensation Equity | 16,430 | 19,104 | 17,797 |
Dividends Incurred | 904 | 1,039 | 1,254 |
Options [Member] | |||
Compensation information | |||
Compensation Expense | 4,436 | 1,889 | 2,980 |
Compensation Capitalized | 192 | 169 | 121 |
Restricted Units In-Lieu of Bonus | 0 | 263 | 0 |
Compensation Equity | 4,628 | 2,321 | 3,101 |
Dividends Incurred | 0 | 0 | 0 |
Employee Share Purchase Plan Discount [Member] | |||
Compensation information | |||
Compensation Expense | 564 | 718 | 883 |
Compensation Capitalized | 80 | 78 | 108 |
Restricted Units In-Lieu of Bonus | 0 | 0 | 0 |
Compensation Equity | 644 | 796 | 991 |
Dividends Incurred | $ 0 | $ 0 | $ 0 |
Share Incentive Plans - Award A
Share Incentive Plans - Award Activity of the Share Incentive Plans (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Common Shares Subject to Options, Awards exercised/vested | (495,690) | (468,021) | (1,710,692) |
Employee Stock Option [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Common Shares Subject to Options, Beginning Balance | 4,061,360 | 4,387,833 | 5,642,752 |
Common Shares Subject to Options, Awards granted | 395,280 | 164,199 | 489,853 |
Common Shares Subject to Options, Awards exercised/vested | (495,690) | (468,021) | (1,710,692) |
Common Shares Subject to Options, Awards forfeited | (1,717) | (12,968) | (23,317) |
Common Shares Subject to Options, Awards expired | (981) | (9,683) | (10,763) |
Common Shares Subject to Options, Ending Balance | 3,958,252 | 4,061,360 | 4,387,833 |
Weighted Average Exercise Price per Option, Beginning Balance | $ 62.6 | $ 60.65 | $ 56.91 |
Weighted Average Exercise Price per Option, Awards granted | 66.56 | 88.22 | 67.58 |
Weighted Average Exercise Price per Option, Awards exercised/vested | 48.52 | 52.87 | 50.09 |
Weighted Average Exercise Price per Option, Awards forfeited | 66.73 | 77.29 | 73.33 |
Weighted Average Exercise Price per Option, Awards expired | 67.5 | 60.02 | 68 |
Weighted Average Exercise Price per Option, Ending Balance | $ 64.76 | $ 62.6 | $ 60.65 |
Restricted Shares [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Restricted Shares, Beginning Balance | 289,918 | 309,876 | 353,634 |
Restricted Shares, Awards granted | 152,217 | 182,801 | 96,224 |
Restricted Shares, Awards exercised/vested | (118,322) | (194,533) | (133,351) |
Restricted Shares, Awards forfeited | (3,743) | (8,226) | (6,631) |
Restricted Shares, Awards Expired | 0 | 0 | 0 |
Restricted Shares, Ending Balance | 320,070 | 289,918 | 309,876 |
Weighted Average Fair Value per Restricted Share, Beginning Balance | $ 81.21 | $ 75.17 | $ 71.81 |
Weighted Average Fair Value per Restricted Share, Awards granted | 66.93 | 80.52 | 70.46 |
Weighted Average Fair Value per Restricted Share, Awards exercised/vested | 80.76 | 70.91 | 62.89 |
Weighted Average Fair Value per Restricted Share, Awards forfeited | 76.43 | 82.02 | 74.31 |
Weighted Average Fair Value per Restricted Share, Awards Expired | 0 | 0 | 0 |
Weighted Average Fair Value per Restricted Share, Ending Balance | $ 74.64 | $ 81.21 | $ 75.17 |
Restricted Units [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Restricted Units, Beginning Balance | 953,674 | 853,431 | 879,800 |
Restricted Units, Awards Granted | 236,031 | 223,242 | 190,742 |
Restricted Units, Awards exercised/vested | (75,105) | (122,999) | (181,531) |
Restricted Units, Awards forfeited | (70,667) | 0 | (35,580) |
Restricted Units, Awards Expired | 0 | 0 | 0 |
Restricted Units, Ending Balance | 1,043,933 | 953,674 | 853,431 |
Weighted Average Fair Value per Restricted Unit, Beginning Balance | $ 73.57 | $ 66.11 | $ 66.78 |
Weighted Average Fair Value per Restricted Unit, Awards granted | 60.38 | 86.47 | 60.71 |
Weighted Average Fair Value per Restricted Unit, Awards exercised/vested | 76.38 | 66.1 | 62.01 |
Weighted Average Fair Value per Restricted Unit, Awards forfeited | 59.14 | 0 | 59.82 |
Weighted Average Fair Value per Restricted Unit, Awards Expired | 0 | 0 | 0 |
Weighted Average Fair Value per Restricted Unit, Ending Balance | $ 68.56 | $ 73.57 | $ 66.11 |
Share Incentive Plans - Award_2
Share Incentive Plans - Award Activity of Stock Options, Restricted Shares and Restricted Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Weighted average grant date fair value per share for Options granted | $ 12.67 | $ 12.57 | $ 7.96 |
Employee Stock Option [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Weighted average grant date fair value per share for Options granted | $ 12.61 | $ 12.45 | $ 7.98 |
Aggregate intrinsic value of Options exercised | $ 6,023 | $ 14,511 | $ 47,413 |
Restricted Shares [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 7,783 | 17,353 | 9,222 |
Restricted Units [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 4,965 | $ 10,662 | $ 12,468 |
Share Incentive Plans - Informa
Share Incentive Plans - Information Regarding Options Outstanding and Exercisable (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Options Outstanding, Options | shares | 3,958,252 |
Options Exercisable, Options | shares | 3,342,785 |
Options, Vested and expected to vest | shares | 611,238 |
Options Outstanding, Weighted Average Remaining Contractual Life in Years | 4 years 9 months 21 days |
Options Exercisable, Weighted Average Remaining Contractual Life in Years | 4 years 1 month 13 days |
Options Vested and expected to vest, Weighted Average Remaining Contractual Life in Years | 8 years 6 months 14 days |
Options Outstanding, Weighted Average Exercise Price | $ / shares | $ 64.76 |
Options Exercisable, Weighted Average Exercise Price | $ / shares | 63.83 |
Vested and expected to vest, Weighted Average Exercise Price | $ / shares | $ 69.8 |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 2,889 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 2,889 |
Share Incentive Plans - Infor_2
Share Incentive Plans - Information Regarding Options Outstanding and Exercisable (Parenthetical) (Details) | Dec. 31, 2023 $ / shares |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Market value of common shares | $ 61.16 |
Employee Plans - Additional Inf
Employee Plans - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Value of common shares that can be acquired by the employee and trustees under employees share purchase plan | $ 100,000 | ||
Number of common shares authorized after amendment | 7,000,000 | ||
Common Shares available for purchase under the ESPP | 2,418,463 | ||
Purchase price of common stock | 85% | ||
Maximum eligible compensation percentage for the defined contribution plan (the 401(k) Plan) | 4% | ||
Defined contribution plan vesting period | 5 years | ||
Defined contribution plan, compensation expense | $ 5,200,000 | $ 4,800,000 | $ 4,900,000 |
Highly Compensated Employees [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Maximum eligible compensation percentage for the defined contribution plan (the 401(k) Plan) | 3% |
Employee Plans - Summary of Inf
Employee Plans - Summary of Information Regarding the Common Shares Issued Under the ESPP (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Additional Disclosure [Abstract] | |||
Shares issued | 68,136 | 66,835 | 70,702 |
Issuance price ranges, Minimum | $ 47.97 | $ 52.33 | $ 53.13 |
Issuance price ranges, Maximum | $ 55.11 | $ 72.51 | $ 71.04 |
Issuance proceeds | $ 3,517 | $ 4,178 | $ 4,265 |
Distribution Reinvestment Plan
Distribution Reinvestment Plan - Additional Information (Details) - shares | Dec. 31, 2023 | Sep. 30, 2014 |
Distribution Reinvestment And Share Purchase Plan [Abstract] | ||
Common shares registered with distribution reinvestment and share purchase Plan (2014 DRIP) | 4,790,000 | |
Number of shares available for issuance | 4,619,250 |
Transactions with Related Par_2
Transactions with Related Parties - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Lease expiration date | Nov. 30, 2032 | ||
Lease extension options | two five-year | ||
Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Amount incurred for leased office space | $ 1.9 | $ 1.7 | $ 1.7 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Real Estate Development Commitments (Details) $ in Thousands | Dec. 31, 2023 USD ($) Apartment Project |
Projects Under Development Consolidated [Member] | |
Projects/Investments/Units/Remaining Commitments schedule | |
Number of consolidated projects in various stages of development | Project | 1 |
Apartment Units | Apartment | 225 |
Consolidated project under development commitment fund | $ | $ 74,585 |
Projects Under Development Unconsolidated [Member] | |
Projects/Investments/Units/Remaining Commitments schedule | |
Number of unconsolidated projects in various stages of development | Project | 6 |
Apartment Units | Apartment | 1,982 |
Unconsolidated project under development commitment fund | $ | $ 144,928 |
Projects Under Development [Member] | |
Projects/Investments/Units/Remaining Commitments schedule | |
Number of projects in various stages of development | Project | 7 |
Apartment Units | Apartment | 2,207 |
Project under development commitment fund | $ | $ 219,513 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Real Estate Development Commitments (Parenthetical) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Projects/Investments/Units/Remaining Commitments schedule | |
Total project costs remaining under development commitment fund | $ 219.5 |
Parent | |
Projects/Investments/Units/Remaining Commitments schedule | |
Total project costs remaining under development commitment fund | 76.6 |
Corporate Joint Venture | |
Projects/Investments/Units/Remaining Commitments schedule | |
Total project costs remaining under development commitment fund | 0.7 |
Construction Loans | |
Projects/Investments/Units/Remaining Commitments schedule | |
Total project costs remaining under development commitment fund | $ 142.2 |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Investment Agreement | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Commitments And Contingencies [Abstract] | |||
Number of real estate investment funds | Investment | 10 | ||
Real estate investment funds | $ 38.8 | ||
Real estate technology and other real estate investments commitment funds | 19.2 | ||
Compensation expense, recognized | $ 0.6 | $ (0.2) | $ 0.1 |
Number of deferred compensation agreement with former executive officer | Agreement | 1 |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Contractual Obligations (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Other Long-Term Liabilities: | |
Deferred Compensation Due, Year 1 | $ (840) |
Deferred Compensation Due, Year 2 | (840) |
Deferred Compensation Due, Year 3 | (840) |
Deferred Compensation Due, Year 4 | (840) |
Deferred Compensation Due, Year 5 | (840) |
Deferred Compensation Due, Thereafter | (3,778) |
Deferred Compensation Due, Total | $ (7,978) |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Details) - Customer | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Number of customer contributed 10% or more of total revenue | 0 | 0 | 0 |
Non-residential Leases [Member] | Revenue [Member] | Revenue Concentration Risk [Member] | Maximum [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 4% |
Reportable Segments - Reconcili
Reportable Segments - Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | |||
Rental income | $ 2,873,964 | $ 2,735,180 | $ 2,463,997 |
Property and maintenance expense | (514,575) | (483,865) | (453,532) |
Real estate taxes and insurance expense | (412,114) | (388,412) | (397,105) |
Total operating expenses | (926,689) | (872,277) | (850,637) |
Operating income | 1,947,275 | 1,862,903 | 1,613,360 |
Operating income | $ 1,160,585 | $ 1,116,046 | $ 1,675,841 |
Reportable Segments - NOI from
Reportable Segments - NOI from Our Rental Real Estate for Each Segment Specific to Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Rental income | $ 2,873,964 | $ 2,735,180 | $ 2,463,997 |
Operating expenses | 926,689 | 872,277 | 850,637 |
Operating income | 1,947,275 | 1,862,903 | 1,613,360 |
Operating income | 1,160,585 | 1,116,046 | 1,675,841 |
Total Assets | 20,034,564 | 20,218,262 | |
Capital Expenditures | 319,342 | 221,086 | |
Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 2,754,711 | 2,609,766 | 2,291,604 |
Operating expenses | 873,448 | 837,602 | 774,504 |
Operating income | 1,881,263 | 1,772,164 | 1,517,100 |
Total Assets | 17,790,858 | 18,314,739 | |
Capital Expenditures | 282,845 | 204,135 | |
Non-same store/other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 119,253 | 125,414 | 172,393 |
Operating expenses | 53,241 | 34,675 | 76,133 |
Operating income | 66,012 | 90,739 | 96,260 |
Total Assets | 2,243,706 | 1,903,523 | |
Capital Expenditures | 36,497 | 16,951 | |
Los Angeles | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 466,980 | 450,635 | 431,954 |
Operating expenses | 143,983 | 132,858 | 132,274 |
Operating income | 322,997 | 317,777 | 299,680 |
Total Assets | 2,489,180 | 2,549,606 | |
Capital Expenditures | 54,688 | 35,057 | |
Orange County | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 130,343 | 122,660 | 109,427 |
Operating expenses | 28,699 | 26,511 | 24,986 |
Operating income | 101,644 | 96,149 | 84,441 |
Total Assets | 343,219 | 356,396 | |
Capital Expenditures | 9,888 | 7,885 | |
San Diego | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 92,691 | 86,728 | 78,709 |
Operating expenses | 20,602 | 19,506 | 18,395 |
Operating income | 72,089 | 67,222 | 60,314 |
Total Assets | 231,549 | 228,471 | |
Capital Expenditures | 17,137 | 8,798 | |
Subtotal - Southern California | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 690,014 | 660,023 | 620,090 |
Operating expenses | 193,284 | 178,875 | 175,655 |
Operating income | 496,730 | 481,148 | 444,435 |
Total Assets | 3,063,948 | 3,134,473 | |
Capital Expenditures | 81,713 | 51,740 | |
Washington D.C. | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 441,676 | 417,210 | 389,205 |
Operating expenses | 140,696 | 138,570 | 129,065 |
Operating income | 300,980 | 278,640 | 260,140 |
Total Assets | 2,995,509 | 3,091,996 | |
Capital Expenditures | 50,504 | 34,640 | |
San Francisco | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 430,390 | 415,173 | 383,817 |
Operating expenses | 129,480 | 124,192 | 118,795 |
Operating income | 300,910 | 290,981 | 265,022 |
Total Assets | 2,972,476 | 3,049,771 | |
Capital Expenditures | 53,963 | 33,497 | |
New York | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 476,319 | 434,820 | 367,370 |
Operating expenses | 193,311 | 187,218 | 182,631 |
Operating income | 283,008 | 247,602 | 184,739 |
Total Assets | 3,326,831 | 3,421,373 | |
Capital Expenditures | 21,908 | 21,636 | |
Seattle | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 290,894 | 281,959 | 256,988 |
Operating expenses | 81,787 | 79,037 | 80,775 |
Operating income | 209,107 | 202,922 | 176,213 |
Total Assets | 2,075,966 | 2,141,346 | |
Capital Expenditures | 34,011 | 27,935 | |
Boston | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 289,423 | 270,899 | 235,050 |
Operating expenses | 85,579 | 82,523 | 76,374 |
Operating income | 203,844 | 188,376 | |
Operating income | 158,676 | ||
Total Assets | 1,748,887 | 1,807,629 | |
Capital Expenditures | 30,852 | 23,951 | |
Denver | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 71,067 | 67,785 | 39,084 |
Operating expenses | 21,328 | 19,569 | 11,209 |
Operating income | 49,739 | 48,216 | 27,875 |
Total Assets | 824,264 | 857,021 | |
Capital Expenditures | 4,220 | 8,561 | |
Other Expansion Markets | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 64,928 | 61,897 | |
Operating expenses | 27,983 | 27,618 | |
Operating income | 36,945 | 34,279 | |
Total Assets | 782,977 | 811,130 | |
Capital Expenditures | 5,674 | 2,175 | |
Non-same store | Non-same store/other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 100,970 | 74,379 | 59,629 |
Operating expenses | 36,836 | 29,758 | 27,691 |
Operating income | 64,134 | 44,621 | 31,938 |
Total Assets | 1,493,139 | 1,134,000 | |
Capital Expenditures | 35,615 | 15,277 | |
Other | Non-same store/other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 18,283 | 51,035 | 112,764 |
Operating expenses | (16,405) | 4,917 | 48,442 |
Operating income | 1,878 | 46,118 | $ 64,322 |
Total Assets | 750,567 | 769,523 | |
Capital Expenditures | $ 882 | $ 1,674 |
Reportable Segments - NOI fro_2
Reportable Segments - NOI from Our Rental Real Estate for Each Segment Specific to Continuing Operations (Parenthetical) (Details) - Property | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |||
Units in same store properties | 76,297 | 76,297 | 72,872 |
Subsequent Events - Disposed Pr
Subsequent Events - Disposed Properties to Unaffiliated Parties (Details) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2024 USD ($) Property ApartmentUnit | Dec. 31, 2023 USD ($) ApartmentUnit Property | Dec. 31, 2022 USD ($) Property ApartmentUnit | |
Subsequent Event [Line Items] | |||
Properties disposed | Property | 11 | 3 | |
Property units disposed | ApartmentUnit | 912 | 945 | |
Sales Price | $ | $ 379,893 | $ 746,150 | |
Rental Properties – Consolidated [Member] | |||
Subsequent Event [Line Items] | |||
Properties disposed | Property | 11 | 3 | |
Property units disposed | ApartmentUnit | 912 | 945 | |
Sales Price | $ | $ 379,893 | $ 746,150 | |
Subsequent Events [Member] | |||
Subsequent Event [Line Items] | |||
Properties disposed | Property | 3 | ||
Property units disposed | ApartmentUnit | 504 | ||
Sales Price | $ | $ 248,500 | ||
Subsequent Events [Member] | Rental Properties – Consolidated [Member] | |||
Subsequent Event [Line Items] | |||
Properties disposed | Property | 3 | ||
Property units disposed | ApartmentUnit | 504 | ||
Sales Price | $ | $ 248,500 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) shares in Millions | Jan. 01, 2024 shares |
Subsequent Events [Member] | |
Subsequent Event [Line Items] | |
Stock repurchase program, number of shares authorized to be repurchased | 13 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation-Overall Summary (Details) | Dec. 31, 2023 USD ($) ApartmentUnit Property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Overall summary of real estate and accumulated depreciation | ||||
Investment in Real Estate, Gross | $ 28,712,638,000 | $ 28,088,754,000 | $ 28,272,906,000 | $ 27,203,325,000 |
Accumulated Depreciation | $ (9,810,337,000) | $ (9,027,850,000) | $ (8,354,282,000) | $ (7,859,657,000) |
Investment in Real Estate - Wholly Owned Unencumbered [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 255 | |||
Units | ApartmentUnit | 68,916 | |||
Investment in Real Estate, Gross | $ 24,800,990,957 | |||
Accumulated Depreciation | (8,491,300,503) | |||
Investment in Real Estate, Net | 16,309,690,454 | |||
Encumbrances | $ 0 | |||
Investment in Real Estate - Wholly Owned Encumbered [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 33 | |||
Units | ApartmentUnit | 8,215 | |||
Investment in Real Estate, Gross | $ 3,097,180,778 | |||
Accumulated Depreciation | (1,052,189,478) | |||
Investment in Real Estate, Net | 2,044,991,300 | |||
Encumbrances | $ 1,604,630,478 | |||
Wholly Owned Properties | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 288 | |||
Units | ApartmentUnit | 77,131 | |||
Investment in Real Estate, Gross | $ 27,898,171,735 | |||
Accumulated Depreciation | (9,543,489,981) | |||
Investment in Real Estate, Net | 18,354,681,754 | |||
Encumbrances | $ 1,604,630,478 | |||
Investment in Real Estate - Partially Owned Unencumbered [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 13 | |||
Units | ApartmentUnit | 2,792 | |||
Investment in Real Estate, Gross | $ 779,454,558 | |||
Accumulated Depreciation | (244,736,257) | |||
Investment in Real Estate, Net | 534,718,301 | |||
Encumbrances | $ 0 | |||
Investment in Real Estate - Partially Owned Encumbered [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 1 | |||
Units | ApartmentUnit | 268 | |||
Investment in Real Estate, Gross | $ 35,011,634 | |||
Accumulated Depreciation | (22,111,181) | |||
Investment in Real Estate, Net | 12,900,453 | |||
Encumbrances | $ 28,271,943 | |||
NONCONTROLLING INTERESTS - PARTIALLY OWNED PROPERTIES | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 14 | |||
Units | ApartmentUnit | 3,060 | |||
Investment in Real Estate, Gross | $ 814,466,192 | |||
Accumulated Depreciation | (266,847,438) | |||
Investment in Real Estate, Net | 547,618,754 | |||
Encumbrances | $ 28,271,943 | |||
Unencumbered Properties [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 268 | |||
Units | ApartmentUnit | 71,708 | |||
Investment in Real Estate, Gross | $ 25,580,445,515 | |||
Accumulated Depreciation | (8,736,036,760) | |||
Investment in Real Estate, Net | 16,844,408,755 | |||
Encumbrances | $ 0 | |||
Encumbered Properties [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 34 | |||
Units | ApartmentUnit | 8,483 | |||
Investment in Real Estate, Gross | $ 3,132,192,412 | |||
Accumulated Depreciation | (1,074,300,659) | |||
Investment in Real Estate, Net | 2,057,891,753 | |||
Encumbrances | $ 1,632,902,421 | |||
Total Consolidated Investment in Real Estate [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 302 | |||
Units | ApartmentUnit | 80,191 | |||
Investment in Real Estate, Gross | $ 28,712,637,927 | |||
Accumulated Depreciation | (9,810,337,419) | |||
Investment in Real Estate, Net | 18,902,300,508 | |||
Encumbrances | $ 1,632,902,421 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation-Encumbrances Reconciliation (Details) | Dec. 31, 2023 USD ($) Property |
Total Consolidated Investment in Real Estate [Member] | |
Overall summary of real estate and accumulated depreciation | |
Encumbrances | $ 1,632,902,421 |
Archstone Master Property [Member] | |
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract] | |
Number of Properties Encumbered | Property | 8 |
Overall summary of real estate and accumulated depreciation | |
Encumbrances | $ 546,784,016 |
Portfolio Entity Encumbrances [Member] | |
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract] | |
Number of Properties Encumbered | Property | 8 |
Overall summary of real estate and accumulated depreciation | |
Encumbrances | $ 546,784,016 |
Individual Property Encumbrances [Member] | |
Overall summary of real estate and accumulated depreciation | |
Encumbrances | $ 1,086,118,405 |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation - Summary of Changes in Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in total real estate | |||
Balance, beginning of year | $ 28,088,754 | $ 28,272,906 | $ 27,203,325 |
Acquisitions and development | 500,221 | 214,903 | 1,912,579 |
Improvements | 321,082 | 225,136 | 152,715 |
Dispositions and other | (197,419) | (624,191) | (995,713) |
Balance, end of year | $ 28,712,638 | $ 28,088,754 | $ 28,272,906 |
Schedule III - Real Estate an_5
Schedule III - Real Estate and Accumulated Depreciation - Summary of Changes in Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in accumulated depreciation | |||
Balance, beginning of year | $ 9,027,850 | $ 8,354,282 | $ 7,859,657 |
Depreciation | 888,709 | 882,168 | 838,272 |
Dispositions and other | (106,222) | (208,600) | (343,647) |
Balance, end of year | $ 9,810,337 | $ 9,027,850 | $ 8,354,282 |
Schedule III - Real Estate an_6
Schedule III - Real Estate and Accumulated Depreciation (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) ApartmentUnit | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Real Estate And Accumulated Depreciation Abstract | ||||
Accumulated Depreciation | $ (9,810,337,000) | $ (9,027,850,000) | $ (8,354,282,000) | $ (7,859,657,000) |
100 K Apartments (fka 100K Street) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 222 | |||
Initial Cost to Company, Land | $ 15,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 70,296,069 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 300,905 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 15,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 70,596,974 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 86,196,974 | |||
Accumulated Depreciation | (14,897,778) | |||
Investment in Real Estate, Net | 71,299,196 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
170 Amsterdam [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 236 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 112,096,955 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,076,420 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 113,173,375 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 113,173,375 | |||
Accumulated Depreciation | (38,535,035) | |||
Investment in Real Estate, Net | 74,638,340 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
175 Kent [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Brooklyn, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 113 | |||
Initial Cost to Company, Land | $ 22,037,831 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 53,962,169 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,841,342 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 22,037,831 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 56,803,511 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 78,841,342 | |||
Accumulated Depreciation | (26,115,759) | |||
Investment in Real Estate, Net | 52,725,583 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
180 Montague (fka Brooklyn Heights) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Brooklyn, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 193 | |||
Initial Cost to Company, Land | $ 32,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 92,675,228 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,202,414 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 32,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 98,877,642 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 131,277,642 | |||
Accumulated Depreciation | (41,299,986) | |||
Investment in Real Estate, Net | 89,977,656 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
180 Riverside Boulevard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 516 | |||
Initial Cost to Company, Land | $ 144,968,250 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 138,346,681 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 23,000,194 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 144,968,250 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 161,346,875 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 306,315,125 | |||
Accumulated Depreciation | (102,045,821) | |||
Investment in Real Estate, Net | 204,269,304 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1210 Mass [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 144 | |||
Initial Cost to Company, Land | $ 9,213,512 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,559,189 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,031,243 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 9,213,512 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,590,432 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 51,803,944 | |||
Accumulated Depreciation | (26,263,816) | |||
Investment in Real Estate, Net | 25,540,128 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1401 Joyce on Pentagon Row [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 326 | |||
Initial Cost to Company, Land | $ 9,780,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 89,668,165 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,670,778 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 9,780,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 99,338,943 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 109,118,943 | |||
Accumulated Depreciation | (51,888,815) | |||
Investment in Real Estate, Net | 57,230,128 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1500 Mass Ave [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 556 | |||
Initial Cost to Company, Land | $ 54,638,298 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,361,702 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 18,275,942 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 54,638,298 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 58,637,644 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 113,275,942 | |||
Accumulated Depreciation | (37,775,345) | |||
Investment in Real Estate, Net | 75,500,597 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1800 Oak (fka Rosslyn) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 314 | |||
Initial Cost to Company, Land | $ 31,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 109,005,734 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 13,922,635 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 31,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 122,928,369 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 154,328,369 | |||
Accumulated Depreciation | (52,103,605) | |||
Investment in Real Estate, Net | 102,224,764 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
2201 Pershing Drive [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 188 | |||
Initial Cost to Company, Land | $ 11,321,198 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 49,674,175 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,542,317 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 11,321,198 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 53,216,492 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 64,537,690 | |||
Accumulated Depreciation | (23,077,524) | |||
Investment in Real Estate, Net | 41,460,166 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
2201 Wilson [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 219 | |||
Initial Cost to Company, Land | $ 21,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 78,724,663 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,735,230 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 21,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 88,459,893 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 110,359,893 | |||
Accumulated Depreciation | (36,122,649) | |||
Investment in Real Estate, Net | 74,237,244 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
2400 M St [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 359 | |||
Initial Cost to Company, Land | $ 30,006,593 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 114,013,785 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,040,872 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 30,006,593 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 120,054,657 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 150,061,250 | |||
Accumulated Depreciation | (73,845,252) | |||
Investment in Real Estate, Net | 76,215,998 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
315 on A [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 202 | |||
Initial Cost to Company, Land | $ 14,450,070 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 115,824,930 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,728,746 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 14,450,070 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 118,553,676 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 133,003,746 | |||
Accumulated Depreciation | (39,985,661) | |||
Investment in Real Estate, Net | 93,018,085 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
340 Fremont (fka Rincon Hill) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 348 | |||
Initial Cost to Company, Land | $ 42,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 248,607,902 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,455,245 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 42,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 250,063,147 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 292,063,147 | |||
Accumulated Depreciation | (72,136,881) | |||
Investment in Real Estate, Net | 219,926,266 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
341 Nevins [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Brooklyn, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 3,621,717 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 308,661 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 3,621,717 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 308,661 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 3,930,378 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 3,930,378 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
3003 Van Ness (fka Van Ness) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 625 | |||
Initial Cost to Company, Land | $ 56,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 141,191,580 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 13,398,348 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 56,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 154,589,928 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 210,889,928 | |||
Accumulated Depreciation | (65,522,660) | |||
Investment in Real Estate, Net | 145,367,268 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
425 Broadway [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Monica, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 101 | |||
Initial Cost to Company, Land | $ 12,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,394,772 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,177,489 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 12,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,572,261 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 51,172,261 | |||
Accumulated Depreciation | (16,909,293) | |||
Investment in Real Estate, Net | 34,262,968 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
425 Mass [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 559 | |||
Initial Cost to Company, Land | $ 28,150,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 138,600,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,286,087 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 28,150,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 149,886,087 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 178,036,087 | |||
Accumulated Depreciation | (73,476,449) | |||
Investment in Real Estate, Net | 104,559,638 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
455 Eye Street [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 174 | |||
Initial Cost to Company, Land | $ 11,941,407 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,418,689 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 474,032 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 11,941,407 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 61,892,721 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 73,834,128 | |||
Accumulated Depreciation | (15,925,044) | |||
Investment in Real Estate, Net | 57,909,084 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
4th and Hill [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 13,131,456 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,868,544 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 13,131,456 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 1,868,544 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 15,000,000 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 15,000,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
55 West Fifth I & II (fka Townhouse Plaza and Gardens) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Mateo, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 241 | |||
Initial Cost to Company, Land | $ 21,041,710 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 71,931,323 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 18,881,207 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 21,041,710 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 90,812,530 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 111,854,240 | |||
Accumulated Depreciation | (43,587,776) | |||
Investment in Real Estate, Net | 68,266,464 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
600 Washington [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 135 | |||
Initial Cost to Company, Land | $ 32,852,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,140,551 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,880,600 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 32,852,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 48,021,151 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 80,873,151 | |||
Accumulated Depreciation | (29,111,793) | |||
Investment in Real Estate, Net | 51,761,358 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
660 Washington (fka Boston Common) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 420 | |||
Initial Cost to Company, Land | $ 106,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 166,311,679 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 19,921,287 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 106,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 186,232,966 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 292,332,966 | |||
Accumulated Depreciation | (73,269,964) | |||
Investment in Real Estate, Net | 219,063,002 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
70 Greene [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Jersey City, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 480 | |||
Initial Cost to Company, Land | $ 28,108,899 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 236,763,553 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,822,777 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 28,108,899 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 244,586,330 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 272,695,229 | |||
Accumulated Depreciation | (115,268,366) | |||
Investment in Real Estate, Net | 157,426,863 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
71 Broadway [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 238 | |||
Initial Cost to Company, Land | $ 22,611,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 77,492,171 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 22,156,834 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 22,611,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 99,649,005 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 122,260,605 | |||
Accumulated Depreciation | (68,010,311) | |||
Investment in Real Estate, Net | 54,250,294 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
77 Bluxome [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 102 | |||
Initial Cost to Company, Land | $ 5,249,124 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,609,876 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 808,565 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 5,249,124 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,418,441 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,667,565 | |||
Accumulated Depreciation | (8,843,983) | |||
Investment in Real Estate, Net | 15,823,582 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
77 Park Avenue (fka Hoboken) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Hoboken, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 301 | |||
Initial Cost to Company, Land | $ 27,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 168,992,440 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,758,976 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 27,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 180,751,416 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 208,651,416 | |||
Accumulated Depreciation | (74,020,489) | |||
Investment in Real Estate, Net | 134,630,927 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
777 Sixth [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 294 | |||
Initial Cost to Company, Land | $ 65,352,706 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 65,747,294 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,483,965 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 65,352,706 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 74,231,259 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 139,583,965 | |||
Accumulated Depreciation | (40,561,987) | |||
Investment in Real Estate, Net | 99,021,978 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
88 Hillside [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Daly City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 95 | |||
Initial Cost to Company, Land | $ 7,786,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,587,325 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,738,464 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 7,786,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 36,325,789 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 44,112,589 | |||
Accumulated Depreciation | (16,832,809) | |||
Investment in Real Estate, Net | 27,279,780 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
855 Brannan [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 449 | |||
Initial Cost to Company, Land | $ 41,363,921 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 282,730,067 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,666,205 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 41,363,921 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 284,396,272 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 325,760,193 | |||
Accumulated Depreciation | (68,753,861) | |||
Investment in Real Estate, Net | 257,006,332 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
929 Mass (fka 929 House) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 127 | |||
Initial Cost to Company, Land | $ 3,252,993 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,745,595 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,890,575 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 3,252,993 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,636,170 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 34,889,163 | |||
Accumulated Depreciation | (24,748,862) | |||
Investment in Real Estate, Net | 10,140,301 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Academy Village [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | North Hollywood, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 248 | |||
Initial Cost to Company, Land | $ 25,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,593,194 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,095,146 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 25,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 37,688,340 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 62,688,340 | |||
Accumulated Depreciation | (25,487,214) | |||
Investment in Real Estate, Net | 37,201,126 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Acappella [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Pasadena, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 143 | |||
Initial Cost to Company, Land | $ 5,839,548 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,360,452 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,853,851 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 5,839,548 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,214,303 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 38,053,851 | |||
Accumulated Depreciation | (16,729,407) | |||
Investment in Real Estate, Net | 21,324,444 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Alban Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 229 | |||
Initial Cost to Company, Land | $ 18,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 89,794,201 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,117,051 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 18,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 97,911,252 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 116,811,252 | |||
Accumulated Depreciation | (40,243,353) | |||
Investment in Real Estate, Net | 76,567,899 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Alborada [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fremont, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 442 | |||
Initial Cost to Company, Land | $ 24,310,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 59,214,129 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,057,491 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 24,310,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 70,271,620 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 94,581,620 | |||
Accumulated Depreciation | (55,425,390) | |||
Investment in Real Estate, Net | 39,156,230 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Alcott Apartments (fka West End Tower) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 470 | |||
Initial Cost to Company, Land | $ 10,424,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 398,024,518 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 707,600 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 10,424,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 398,732,118 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 409,156,118 | |||
Accumulated Depreciation | (33,508,942) | |||
Investment in Real Estate, Net | 375,647,176 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Alcyone [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 162 | |||
Initial Cost to Company, Land | $ 11,379,497 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 49,360,503 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,564,761 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 11,379,497 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 51,925,264 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 63,304,761 | |||
Accumulated Depreciation | (18,898,816) | |||
Investment in Real Estate, Net | 44,405,945 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Altitude (fka Village at Howard Hughes, The (Lots 1 & 2)) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 545 | |||
Initial Cost to Company, Land | $ 43,783,485 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 150,234,305 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,130,013 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 43,783,485 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 152,364,318 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 196,147,803 | |||
Accumulated Depreciation | (45,260,093) | |||
Investment in Real Estate, Net | 150,887,710 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Alton, The (fka Millikan) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Irvine, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 344 | |||
Initial Cost to Company, Land | $ 11,049,027 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 96,523,927 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 896,714 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 11,049,027 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 97,420,641 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 108,469,668 | |||
Accumulated Depreciation | (27,304,190) | |||
Investment in Real Estate, Net | 81,165,478 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Arches,The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Sunnyvale, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 410 | |||
Initial Cost to Company, Land | $ 26,650,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 62,850,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,685,977 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 26,650,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 78,535,977 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 105,185,977 | |||
Accumulated Depreciation | (34,669,178) | |||
Investment in Real Estate, Net | 70,516,799 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Artisan on Second [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 118 | |||
Initial Cost to Company, Land | $ 8,000,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,074,600 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,805,294 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 8,000,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,879,894 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 46,880,294 | |||
Accumulated Depreciation | (18,009,181) | |||
Investment in Real Estate, Net | 28,871,113 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Artistry Emeryville (fka Emeryville) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Emeryville, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 267 | |||
Initial Cost to Company, Land | $ 12,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,466,267 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,843,817 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 12,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 71,310,084 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 83,610,084 | |||
Accumulated Depreciation | (32,323,930) | |||
Investment in Real Estate, Net | 51,286,154 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Atelier [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Brooklyn, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 120 | |||
Initial Cost to Company, Land | $ 32,401,680 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,135,432 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,091,757 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 32,401,680 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 48,227,189 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 80,628,869 | |||
Accumulated Depreciation | (15,712,454) | |||
Investment in Real Estate, Net | 64,916,415 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Avenue Two [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Sunnyvale, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 177 | |||
Initial Cost to Company, Land | $ 9,057,300 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,483,642 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 13,187,247 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 9,057,300 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,670,889 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 40,728,189 | |||
Accumulated Depreciation | (24,481,933) | |||
Investment in Real Estate, Net | 16,246,256 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Axis at Shady Grove [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Rockville, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 366 | |||
Initial Cost to Company, Land | $ 14,745,774 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 90,503,831 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 917,567 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 14,745,774 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 91,421,398 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 106,167,172 | |||
Accumulated Depreciation | (24,584,449) | |||
Investment in Real Estate, Net | 81,582,723 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Azure (fka Mission Bay-Block 13) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 273 | |||
Initial Cost to Company, Land | $ 32,855,115 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 153,566,841 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,170,015 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 32,855,115 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 155,736,856 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 188,591,971 | |||
Accumulated Depreciation | (48,623,946) | |||
Investment in Real Estate, Net | 139,968,025 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Basin The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Wakefield, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 35,866,372 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,195,498 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 35,866,372 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 15,195,498 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 51,061,870 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 51,061,870 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Bay Hill [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Long Beach, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 160 | |||
Initial Cost to Company, Land | $ 7,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 27,437,239 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,964,954 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 7,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,402,193 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 40,002,193 | |||
Accumulated Depreciation | (21,835,777) | |||
Investment in Real Estate, Net | 18,166,416 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Beatrice, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 302 | |||
Initial Cost to Company, Land | $ 114,351,405 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 165,648,595 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,995,875 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 114,351,405 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 169,644,470 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 283,995,875 | |||
Accumulated Depreciation | (73,548,689) | |||
Investment in Real Estate, Net | 210,447,186 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Bella Vista I, II, III Combined [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Woodland Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 579 | |||
Initial Cost to Company, Land | $ 31,682,754 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 121,095,786 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,188,788 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 31,682,754 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 136,284,574 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 167,967,328 | |||
Accumulated Depreciation | (83,555,036) | |||
Investment in Real Estate, Net | 84,412,292 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Belle Arts Condominium Homes, LLC [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 1 | |||
Initial Cost to Company, Land | $ 63,158 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 236,157 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,098 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 63,158 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 238,255 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 301,413 | |||
Accumulated Depreciation | (124,113) | |||
Investment in Real Estate, Net | 177,300 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Bella Fontaine [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Marina Del Rey, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 102 | |||
Initial Cost to Company, Land | $ 9,098,808 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,701,192 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,444,563 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 9,098,808 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,145,755 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 41,244,563 | |||
Accumulated Depreciation | (14,408,672) | |||
Investment in Real Estate, Net | 26,835,891 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Breakwater at Marina Del Rey [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Marina Del Rey, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 224 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 73,189,262 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,136,929 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 76,326,191 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 76,326,191 | |||
Accumulated Depreciation | (32,636,843) | |||
Investment in Real Estate, Net | 43,689,348 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Briarwood (CA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Sunnyvale, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 192 | |||
Initial Cost to Company, Land | $ 9,991,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,247,278 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 13,063,331 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 9,991,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 35,310,609 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,302,109 | |||
Accumulated Depreciation | (23,585,266) | |||
Investment in Real Estate, Net | 21,716,843 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Brodie, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Westminster, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 312 | |||
Initial Cost to Company, Land | $ 8,639,904 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 79,257,130 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,753,507 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 8,639,904 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 81,010,637 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 89,650,541 | |||
Accumulated Depreciation | (20,858,102) | |||
Investment in Real Estate, Net | 68,792,439 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Brooklyner, The (fka 111 Lawrence). [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Brooklyn, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 490 | |||
Initial Cost to Company, Land | $ 40,099,922 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 221,438,631 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,118,634 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 40,099,922 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 227,557,265 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 267,657,187 | |||
Accumulated Depreciation | (101,708,858) | |||
Investment in Real Estate, Net | 165,948,329 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
C on Pico [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 94 | |||
Initial Cost to Company, Land | $ 17,125,766 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,074,234 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 704,768 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 17,125,766 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,779,002 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,904,768 | |||
Accumulated Depreciation | (9,424,001) | |||
Investment in Real Estate, Net | 36,480,767 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Carlyle Mill [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 317 | |||
Initial Cost to Company, Land | $ 10,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 51,367,913 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,565,532 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 10,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 63,933,445 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 73,933,445 | |||
Accumulated Depreciation | (44,576,313) | |||
Investment in Real Estate, Net | 29,357,132 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Carmel Terrace [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 384 | |||
Initial Cost to Company, Land | $ 2,288,300 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,596,281 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 21,048,610 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 2,288,300 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 41,644,891 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 43,933,191 | |||
Accumulated Depreciation | (33,112,960) | |||
Investment in Real Estate, Net | 10,820,231 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Cascade [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 477 | |||
Initial Cost to Company, Land | $ 23,751,564 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 149,406,957 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,129,025 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 23,751,564 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 150,535,982 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 174,287,546 | |||
Accumulated Depreciation | (38,651,067) | |||
Investment in Real Estate, Net | 135,636,479 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Centennial (fka Centennial Court & Centennial Tower) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 408 | |||
Initial Cost to Company, Land | $ 9,700,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 70,080,378 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 17,577,904 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 9,700,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 87,658,282 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 97,358,282 | |||
Accumulated Depreciation | (58,180,900) | |||
Investment in Real Estate, Net | 39,177,382 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Centre Club Combined [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Ontario, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 412 | |||
Initial Cost to Company, Land | $ 7,436,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,014,789 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,451,304 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 7,436,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,466,093 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 52,902,093 | |||
Accumulated Depreciation | (34,033,011) | |||
Investment in Real Estate, Net | 18,869,082 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Chelsea Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 113 | |||
Initial Cost to Company, Land | $ 3,397,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,289,074 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,370,676 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 3,397,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 12,659,750 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 16,056,850 | |||
Accumulated Depreciation | (10,679,531) | |||
Investment in Real Estate, Net | 5,377,319 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Chloe on Madison (fka 1401 E. Madison) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 137 | |||
Initial Cost to Company, Land | $ 10,401,958 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 53,913,565 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 109,171 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 10,401,958 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 54,022,736 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 64,424,694 | |||
Accumulated Depreciation | (9,225,790) | |||
Investment in Real Estate, Net | 55,198,904 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Chloe on Union (fka Chloe) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 117 | |||
Initial Cost to Company, Land | $ 14,835,571 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 39,359,650 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,301,073 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 14,835,571 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,660,723 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 57,496,294 | |||
Accumulated Depreciation | (11,890,890) | |||
Investment in Real Estate, Net | 45,605,404 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Church Corner [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 85 | |||
Initial Cost to Company, Land | $ 5,220,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,744,643 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,816,835 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 5,220,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 20,561,478 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 25,781,478 | |||
Accumulated Depreciation | (14,047,556) | |||
Investment in Real Estate, Net | 11,733,922 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Circa Fitzsimons [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Denver, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 280 | |||
Initial Cost to Company, Land | $ 9,241,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 86,070,796 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 625,672 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 9,241,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 86,696,468 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 95,937,868 | |||
Accumulated Depreciation | (11,403,217) | |||
Investment in Real Estate, Net | 84,534,651 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
City Gate at Cupertino (fka Cupertino) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cupertino, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 311 | |||
Initial Cost to Company, Land | $ 40,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 95,937,046 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,960,917 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 40,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 104,897,963 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 145,297,963 | |||
Accumulated Depreciation | (44,848,845) | |||
Investment in Real Estate, Net | 100,449,118 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
City Square Bellevue (fka Bellevue) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 191 | |||
Initial Cost to Company, Land | $ 15,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 41,876,257 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,710,373 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 15,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 47,586,630 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 62,686,630 | |||
Accumulated Depreciation | (20,232,213) | |||
Investment in Real Estate, Net | 42,454,417 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Clarendon, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 292 | |||
Initial Cost to Company, Land | $ 30,400,340 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 103,824,660 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,885,173 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 30,400,340 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 109,709,833 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 140,110,173 | |||
Accumulated Depreciation | (51,014,797) | |||
Investment in Real Estate, Net | 89,095,376 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Cleo, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 92 | |||
Initial Cost to Company, Land | $ 6,615,467 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,829,335 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,785,294 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 6,615,467 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,614,629 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 26,230,096 | |||
Accumulated Depreciation | (12,188,753) | |||
Investment in Real Estate, Net | 14,041,343 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Connecticut Heights [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 518 | |||
Initial Cost to Company, Land | $ 27,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 114,002,295 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,080,368 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 27,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 126,082,663 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 153,682,663 | |||
Accumulated Depreciation | (53,418,758) | |||
Investment in Real Estate, Net | 100,263,905 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Corcoran House at DuPont Circle (fka DuPont Circle) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 138 | |||
Initial Cost to Company, Land | $ 13,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,913,113 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,223,942 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 13,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,137,055 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,637,055 | |||
Accumulated Depreciation | (14,041,548) | |||
Investment in Real Estate, Net | 31,595,507 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Courthouse Plaza [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 396 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 87,386,024 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,408,049 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 96,794,073 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 96,794,073 | |||
Accumulated Depreciation | (42,702,367) | |||
Investment in Real Estate, Net | 54,091,706 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Creekside (San Mateo) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Mateo, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 192 | |||
Initial Cost to Company, Land | $ 9,606,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,193,232 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,417,124 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 9,606,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,610,356 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,216,956 | |||
Accumulated Depreciation | (23,016,852) | |||
Investment in Real Estate, Net | 14,200,104 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Cronins Landing [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Waltham, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 281 | |||
Initial Cost to Company, Land | $ 32,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 85,119,324 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 16,618,711 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 32,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 101,738,035 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 134,038,035 | |||
Accumulated Depreciation | (44,049,990) | |||
Investment in Real Estate, Net | 89,988,045 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Crystal Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 181 | |||
Initial Cost to Company, Land | $ 17,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,918,975 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,465,464 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 17,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 54,384,439 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 71,584,439 | |||
Accumulated Depreciation | (23,323,848) | |||
Investment in Real Estate, Net | 48,260,591 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Dalton, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 270 | |||
Initial Cost to Company, Land | $ 22,947,777 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 95,334,754 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 520,384 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 22,947,777 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 95,855,138 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 118,802,915 | |||
Accumulated Depreciation | (18,310,220) | |||
Investment in Real Estate, Net | 100,492,695 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Deerwood (SD) | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 316 | |||
Initial Cost to Company, Land | $ 2,082,095 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,739,815 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 18,736,371 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 2,082,095 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 37,476,186 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 39,558,281 | |||
Accumulated Depreciation | (34,569,639) | |||
Investment in Real Estate, Net | 4,988,642 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Del Mar Ridge [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 181 | |||
Initial Cost to Company, Land | $ 7,801,824 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,948,176 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,128,679 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 7,801,824 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 46,076,855 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 53,878,679 | |||
Accumulated Depreciation | (23,465,530) | |||
Investment in Real Estate, Net | 30,413,149 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Eagle Canyon [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chino Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 252 | |||
Initial Cost to Company, Land | $ 1,808,900 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,274,361 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 13,396,931 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 1,808,900 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,671,292 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 31,480,192 | |||
Accumulated Depreciation | (25,455,777) | |||
Investment in Real Estate, Net | 6,024,415 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Edge, The (fka 4885 Edgemoor Lane) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bethesda, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 154 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 72,836,851 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 47,591 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 72,884,442 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 72,884,442 | |||
Accumulated Depreciation | (7,419,177) | |||
Investment in Real Estate, Net | 65,465,265 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Edgemont at Bethesda Metro [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bethesda, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 123 | |||
Initial Cost to Company, Land | $ 13,092,552 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,907,448 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,501,637 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 13,092,552 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 49,409,085 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 62,501,637 | |||
Accumulated Depreciation | (22,196,226) | |||
Investment in Real Estate, Net | 40,305,411 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Emerson Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 444 | |||
Initial Cost to Company, Land | $ 14,855,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 57,566,636 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 39,564,184 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 14,855,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 97,130,820 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 111,985,820 | |||
Accumulated Depreciation | (80,591,213) | |||
Investment in Real Estate, Net | 31,394,607 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Encore at Sherman Oaks, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Sherman Oaks, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 174 | |||
Initial Cost to Company, Land | $ 8,700,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,446,003 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,534,741 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 8,700,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 30,980,744 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 39,680,744 | |||
Accumulated Depreciation | (15,446,990) | |||
Investment in Real Estate, Net | 24,233,754 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Eviva on Cherokee [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Denver, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 274 | |||
Initial Cost to Company, Land | $ 10,507,626 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 100,037,204 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,351,489 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 10,507,626 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 102,388,693 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 112,896,319 | |||
Accumulated Depreciation | (22,757,962) | |||
Investment in Real Estate, Net | 90,138,357,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Flora [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Austin, TX | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 194 | |||
Initial Cost to Company, Land | $ 5,733,088 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 32,343,349 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 709,561 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 5,733,088 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 33,052,910 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 38,785,998 | |||
Accumulated Depreciation | (6,108,471) | |||
Investment in Real Estate, Net | 32,677,527 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Fremont Center [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fremont, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 322 | |||
Initial Cost to Company, Land | $ 25,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 78,753,114 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,001,771 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 25,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 87,754,885 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 113,554,885 | |||
Accumulated Depreciation | (37,054,339) | |||
Investment in Real Estate, Net | 76,500,546 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Gaithersburg Station [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Gaithersburg, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 400 | |||
Initial Cost to Company, Land | $ 17,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 74,678,917 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,895,451 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 17,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 81,574,368 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 99,074,368 | |||
Accumulated Depreciation | (32,497,818) | |||
Investment in Real Estate, Net | 66,576,550 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Gateway at Malden Center [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Malden, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 203 | |||
Initial Cost to Company, Land | $ 9,209,780 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,722,666 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 19,657,330 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 9,209,780 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,379,996 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 54,589,776 | |||
Accumulated Depreciation | (34,108,785) | |||
Investment in Real Estate, Net | 20,480,991 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Geary Court Yard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 165 | |||
Initial Cost to Company, Land | $ 1,722,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,471,429 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,820,508 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 1,722,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,291,937 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,014,337 | |||
Accumulated Depreciation | (19,281,906) | |||
Investment in Real Estate, Net | 4,732,431 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Girard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 160 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 102,450,328 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,322,917 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 103,773,245 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 103,773,245 | |||
Accumulated Depreciation | (26,132,043) | |||
Investment in Real Estate, Net | 77,641,202 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hampshire Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 259 | |||
Initial Cost to Company, Land | $ 10,806,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 30,335,330 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,691,799 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 10,806,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 43,027,129 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 53,833,129 | |||
Accumulated Depreciation | (26,984,424) | |||
Investment in Real Estate, Net | 26,848,705 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Harbor Steps [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 761 | |||
Initial Cost to Company, Land | $ 59,403,601 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 158,829,432 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 60,387,650 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 59,403,601 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 219,217,082 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 278,620,683 | |||
Accumulated Depreciation | (133,704,499) | |||
Investment in Real Estate, Net | 144,916,184 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hathaway [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Long Beach, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 385 | |||
Initial Cost to Company, Land | $ 2,512,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,611,912 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 16,834,416 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 2,512,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 39,446,328 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 41,958,828 | |||
Accumulated Depreciation | (33,365,015) | |||
Investment in Real Estate, Net | 8,593,813 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Helios (fka 2nd+Pine) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 398 | |||
Initial Cost to Company, Land | $ 18,061,674 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 206,762,591 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,391,969 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 18,061,674 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 208,154,560 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 226,216,234 | |||
Accumulated Depreciation | (53,149,822) | |||
Investment in Real Estate, Net | 173,066,412 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Heritage at Stone Ridge [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Burlington, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 180 | |||
Initial Cost to Company, Land | $ 10,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,808,335 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,898,871 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 10,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,707,206 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 49,507,206 | |||
Accumulated Depreciation | (23,082,304) | |||
Investment in Real Estate, Net | 26,424,902 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Heritage Ridge [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Lynwood, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 197 | |||
Initial Cost to Company, Land | $ 6,895,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,983,597 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,865,406 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 6,895,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 24,849,003 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 31,744,003 | |||
Accumulated Depreciation | (16,027,471) | |||
Investment in Real Estate, Net | 15,716,532 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hesby [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | North Hollywood, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 308 | |||
Initial Cost to Company, Land | $ 23,299,892 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 102,700,108 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,620,381 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 23,299,892 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 106,320,489 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 129,620,381 | |||
Accumulated Depreciation | (39,156,702) | |||
Investment in Real Estate, Net | 90,463,679 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Highlands at South Plainfield [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | South Plainfield, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 252 | |||
Initial Cost to Company, Land | $ 10,080,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 37,526,912 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,075,515 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 10,080,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 41,602,427 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 51,682,427 | |||
Accumulated Depreciation | (26,247,074) | |||
Investment in Real Estate, Net | 25,435,353 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hikari [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 128 | |||
Initial Cost to Company, Land | $ 9,435,760 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 32,564,240 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,625,378 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 9,435,760 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 35,189,618 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 44,625,378 | |||
Accumulated Depreciation | (16,167,679) | |||
Investment in Real Estate, Net | 28,457,699 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hudson Crossing [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 259 | |||
Initial Cost to Company, Land | $ 23,420,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 69,977,699 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,378,863 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 23,420,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 75,356,562 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 98,776,562 | |||
Accumulated Depreciation | (48,829,162) | |||
Investment in Real Estate, Net | 49,947,400 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hudson Pointe [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Jersey City, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 182 | |||
Initial Cost to Company, Land | $ 5,350,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 41,114,074 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,918,277 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 5,350,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 50,032,351 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 55,382,351 | |||
Accumulated Depreciation | (34,040,770) | |||
Investment in Real Estate, Net | 21,341,581 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Huxley, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redwood City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 137 | |||
Initial Cost to Company, Land | $ 18,775,028 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 89,336,651 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 555,115 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 18,775,028 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 89,891,766 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 108,666,794 | |||
Accumulated Depreciation | (16,805,781) | |||
Investment in Real Estate, Net | 91,861,013 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Indie Deep Ellum [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Dallas, TX | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 231 | |||
Initial Cost to Company, Land | $ 12,253,503 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 63,853,833 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 901,501 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 12,253,503 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 64,755,334 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 77,008,837 | |||
Accumulated Depreciation | (8,878,139) | |||
Investment in Real Estate, Net | 68,130,698 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Ivory Wood [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bothell, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 144 | |||
Initial Cost to Company, Land | $ 2,732,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 13,888,282 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,558,625 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 2,732,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,446,907 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 22,179,707 | |||
Accumulated Depreciation | (11,427,052) | |||
Investment in Real Estate, Net | 10,752,655 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Jia (fka Chinatown Gateway) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 280 | |||
Initial Cost to Company, Land | $ 14,791,831 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 78,286,423 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,962,875 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 14,791,831 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 81,249,298 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 96,041,129 | |||
Accumulated Depreciation | (33,138,562) | |||
Investment in Real Estate, Net | 62,902,567 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Junction 47 (fka West Seattle) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 206 | |||
Initial Cost to Company, Land | $ 11,726,305 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 56,581,665 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,152,881 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 11,726,305 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 57,734,546 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 69,460,851 | |||
Accumulated Depreciation | (19,405,411) | |||
Investment in Real Estate, Net | 50,055,440 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Juniper Sandy Springs [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Sandy Springs, GA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 230 | |||
Initial Cost to Company, Land | $ 8,668,700 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 64,989,813 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 716,375 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 8,668,700 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 65,706,188 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 74,374,888 | |||
Accumulated Depreciation | (8,984,522) | |||
Investment in Real Estate, Net | 65,390,366 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Kelvin, The (fka Modera) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Irvine, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 194 | |||
Initial Cost to Company, Land | $ 15,521,552 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 64,853,448 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,566,632 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 15,521,552 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 66,420,080 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 81,941,632 | |||
Accumulated Depreciation | (22,771,191) | |||
Investment in Real Estate, Net | 59,170,441 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Kilby [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Frisco, TX | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 258 | |||
Initial Cost to Company, Land | $ 6,431,940 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 64,187,474 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 617,387 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 6,431,940 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 64,804,861 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 71,236,801 | |||
Accumulated Depreciation | (9,248,837) | |||
Investment in Real Estate, Net | 61,987,964 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Laguna Clara [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Clara, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 222 | |||
Initial Cost to Company, Land | $ 10,441,994 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,572,843 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 37,440,159 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 10,441,994 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 60,013,002 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 70,454,996 | |||
Accumulated Depreciation | (23,986,326) | |||
Investment in Real Estate, Net | 46,468,670 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Laguna Clara II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Clara, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 3,200,426 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 74,835,894 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 3,200,426 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 74,835,894 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 78,036,320 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 78,036,320 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Landings at Port Imperial [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | W. New York, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 276 | |||
Initial Cost to Company, Land | $ 27,246,045 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 37,741,049 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 18,166,959 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 27,246,045 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 55,908,008 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 83,154,053 | |||
Accumulated Depreciation | (42,240,676) | |||
Investment in Real Estate, Net | 40,913,377 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lane [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 217 | |||
Initial Cost to Company, Land | $ 13,142,946 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 71,942,751 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 433,093 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 13,142,946 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 72,375,844 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 85,518,790 | |||
Accumulated Depreciation | (13,223,818) | |||
Investment in Real Estate, Net | 72,294,972 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lex, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Jose, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 387 | |||
Initial Cost to Company, Land | $ 21,817,512 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 158,778,598 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,422,042 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 21,817,512 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 161,200,640 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 183,018,152 | |||
Accumulated Depreciation | (33,432,604) | |||
Investment in Real Estate, Net | 149,585,548 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Liberty Park [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Braintree, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 202 | |||
Initial Cost to Company, Land | $ 5,977,504 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,749,111 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,311,443 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 5,977,504 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 36,060,554 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 42,038,058 | |||
Accumulated Depreciation | (25,793,896) | |||
Investment in Real Estate, Net | 16,244,162 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Liberty Tower [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 235 | |||
Initial Cost to Company, Land | $ 16,382,822 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 83,817,078 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,377,043 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 16,382,822 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 93,194,121 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 109,576,943 | |||
Accumulated Depreciation | (45,138,808) | |||
Investment in Real Estate, Net | 64,438,135 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lincoln Heights [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Quincy, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 336 | |||
Initial Cost to Company, Land | $ 5,928,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,595,262 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 17,591,688 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 5,928,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 51,186,950 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 57,115,350 | |||
Accumulated Depreciation | (44,339,403) | |||
Investment in Real Estate, Net | 12,775,947 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lofts at Kendall Square (fka Kendall Square) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 186 | |||
Initial Cost to Company, Land | $ 18,696,674 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 78,445,657 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,634,537 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 18,696,674 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 87,080,194 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 105,776,868 | |||
Accumulated Depreciation | (37,626,154) | |||
Investment in Real Estate, Net | 68,150,714 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lofts at Kendall Square ll (fka 249 Third Street) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 84 | |||
Initial Cost to Company, Land | $ 4,603,326 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,187,266 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 318,540 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 4,603,326 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 44,505,806 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 49,109,132 | |||
Accumulated Depreciation | (7,430,067) | |||
Investment in Real Estate, Net | 41,679,065 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Longacre House [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 293 | |||
Initial Cost to Company, Land | $ 73,170,045 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 53,962,510 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,667,753 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 73,170,045 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 61,630,263 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 134,800,308 | |||
Accumulated Depreciation | (34,732,681) | |||
Investment in Real Estate, Net | 100,067,627 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Longfellow Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 710 | |||
Initial Cost to Company, Land | $ 38,264,917 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 132,175,915 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 109,245,678 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 38,264,917 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 241,421,593 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 279,686,510 | |||
Accumulated Depreciation | (191,850,552) | |||
Investment in Real Estate, Net | 87,835,958 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Luna Upper Westside [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Atlanta, GA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 345 | |||
Initial Cost to Company, Land | $ 14,847,420 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 108,325,394 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 593,390 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 14,847,420 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 108,918,784 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 123,766,204 | |||
Accumulated Depreciation | (13,248,308) | |||
Investment in Real Estate, Net | 110,517,896 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Madox [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Jersey City, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 131 | |||
Initial Cost to Company, Land | $ 9,679,635 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 64,594,205 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,645,456 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 9,679,635 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 66,239,661 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 75,919,296 | |||
Accumulated Depreciation | (15,369,145) | |||
Investment in Real Estate, Net | 60,550,151 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mantena [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 98 | |||
Initial Cost to Company, Land | $ 22,346,513 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,501,158 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,188,992 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 22,346,513 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 63,690,150 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 86,036,663 | |||
Accumulated Depreciation | (26,550,412) | |||
Investment in Real Estate, Net | 59,486,251 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mara Pacific Beach [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 172 | |||
Initial Cost to Company, Land | $ 25,360,682 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 87,755,429 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,410,014 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 25,360,682 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 89,165,443 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 114,526,125 | |||
Accumulated Depreciation | (9,204,461) | |||
Investment in Real Estate, Net | 105,321,664 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Marina 41 (fka Marina Del Rey) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Marina Del Rey, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 623 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 168,842,442 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,614,637 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 181,457,079 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 181,457,079 | |||
Accumulated Depreciation | (78,411,305) | |||
Investment in Real Estate, Net | 103,045,774 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mariposa at Playa Del Rey (fka Playa Del Rey) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Playa Del Rey, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 354 | |||
Initial Cost to Company, Land | $ 60,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 89,311,482 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,223,579 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 60,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 103,535,061 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 164,435,061 | |||
Accumulated Depreciation | (42,508,058) | |||
Investment in Real Estate, Net | 121,927,003 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Market Street Village [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 229 | |||
Initial Cost to Company, Land | $ 13,740,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,757,301 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,472,332 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 13,740,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 44,229,633 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 57,969,633 | |||
Accumulated Depreciation | (26,991,272) | |||
Investment in Real Estate, Net | 30,978,361 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Marlowe (fka Oakwood Crystal City) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 162 | |||
Initial Cost to Company, Land | $ 15,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,474,336 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,261,340 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 15,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 41,735,676 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 57,135,676 | |||
Accumulated Depreciation | (18,198,660) | |||
Investment in Real Estate, Net | 38,937,016 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Milano Lofts [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 99 | |||
Initial Cost to Company, Land | $ 8,125,216 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 27,378,784 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,530,316 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 8,125,216 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,909,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 41,034,316 | |||
Accumulated Depreciation | (14,623,666) | |||
Investment in Real Estate, Net | 26,410,650 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mill Creek [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Milpitas, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 516 | |||
Initial Cost to Company, Land | $ 12,858,693 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 57,168,503 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 20,302,965 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 12,858,693 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 77,471,468 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 90,330,161 | |||
Accumulated Depreciation | (53,791,805) | |||
Investment in Real Estate, Net | 36,538,356 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Milo [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Denver, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 319 | |||
Initial Cost to Company, Land | $ 15,957,975 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 153,331,358 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,631,738 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 15,957,975 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 154,963,096 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 170,921,071 | |||
Accumulated Depreciation | (15,719,277) | |||
Investment in Real Estate, Net | 155,201,794 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mosaic at Metro [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Hyattsville, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 260 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 59,580,898 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,376,256 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 61,957,154 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 61,957,154 | |||
Accumulated Depreciation | (32,149,923) | |||
Investment in Real Estate, Net | 29,807,231 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mountain View Redevelopment [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Mountain View, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,690,285 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 2,690,285 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 2,690,285 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 2,690,285 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mozaic at Union Station [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 272 | |||
Initial Cost to Company, Land | $ 8,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 52,529,446 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,360,565 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 8,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 57,890,011 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 66,390,011 | |||
Accumulated Depreciation | (33,745,465) | |||
Investment in Real Estate, Net | 32,644,546 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Murray Hill Tower (fka Murray Hill) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 270 | |||
Initial Cost to Company, Land | $ 75,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 102,705,401 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,903,328 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 75,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 118,608,729 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 194,408,729 | |||
Accumulated Depreciation | (52,828,918) | |||
Investment in Real Estate, Net | 141,579,811 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Next on Sixth [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 398 | |||
Initial Cost to Company, Land | $ 52,509,906 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 136,635,650 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,404,646 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 52,509,906 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 138,040,296 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 190,550,202 | |||
Accumulated Depreciation | (29,659,205) | |||
Investment in Real Estate, Net | 160,890,997 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
North Pier at Harborside [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Jersey City, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 297 | |||
Initial Cost to Company, Land | $ 4,000,159 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 94,290,590 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,655,270 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 4,000,159 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 108,945,860 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 112,946,019 | |||
Accumulated Depreciation | (69,398,688) | |||
Investment in Real Estate, Net | 43,547,331 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Northglen [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Valencia, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 234 | |||
Initial Cost to Company, Land | $ 9,360,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,778,553 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,016,329 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 9,360,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,794,882 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 38,154,882 | |||
Accumulated Depreciation | (21,634,092) | |||
Investment in Real Estate, Net | 16,520,790 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Northpark [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Burlingame, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 510 | |||
Initial Cost to Company, Land | $ 38,607,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 77,472,217 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 20,077,277 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 38,607,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 97,549,494 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 136,156,494 | |||
Accumulated Depreciation | (54,387,642) | |||
Investment in Real Estate, Net | 81,768,852 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Oak Park Combined [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Agoura Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 444 | |||
Initial Cost to Company, Land | $ 3,390,700 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 30,517,274 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 13,167,882 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 3,390,700 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 43,685,156 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 47,075,856 | |||
Accumulated Depreciation | (39,986,282) | |||
Investment in Real Estate, Net | 7,089,574 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Oaks [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Clarita, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 520 | |||
Initial Cost to Company, Land | $ 23,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,020,438 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 18,187,526 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 23,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 79,207,964 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 102,607,964 | |||
Accumulated Depreciation | (50,232,040) | |||
Investment in Real Estate, Net | 52,375,924 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Ocean Crest [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Solana Beach, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 146 | |||
Initial Cost to Company, Land | $ 5,111,200 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 11,910,438 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,778,689 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 5,111,200 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 17,689,127 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 22,800,327 | |||
Accumulated Depreciation | (14,730,437) | |||
Investment in Real Estate, Net | 8,069,890 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Odin (fka Tallman) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 301 | |||
Initial Cost to Company, Land | $ 16,807,519 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 64,519,515 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 827,649 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 16,807,519 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 65,347,164 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 82,154,683 | |||
Accumulated Depreciation | (21,646,607) | |||
Investment in Real Estate, Net | 60,508,076 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Olivian at the Realm [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Lewisville, TX | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 421 | |||
Initial Cost to Company, Land | $ 14,854,564 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 109,313,571 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,162,940 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 14,854,564 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 110,476,511 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 125,331,075 | |||
Accumulated Depreciation | (12,312,825) | |||
Investment in Real Estate, Net | 113,018,250 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
One Henry Adams [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 241 | |||
Initial Cost to Company, Land | $ 30,224,393 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 139,704,146 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,286,618 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 30,224,393 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 140,990,764 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 171,215,157 | |||
Accumulated Depreciation | (39,511,777) | |||
Investment in Real Estate, Net | 131,703,380 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
One India Street (fka Oakwood Boston) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 94 | |||
Initial Cost to Company, Land | $ 22,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,672,979 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,294,988 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 22,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 35,967,967 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 58,167,967 | |||
Accumulated Depreciation | (16,671,590) | |||
Investment in Real Estate, Net | 41,496,377 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Osprey [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Atlanta, GA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 320 | |||
Initial Cost to Company, Land | $ 18,121,932 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 116,950,910 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 795,010 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 18,121,932 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 117,745,920 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 135,867,852 | |||
Accumulated Depreciation | (13,708,059) | |||
Investment in Real Estate, Net | 122,159,793 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Pacific Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 430 | |||
Initial Cost to Company, Land | $ 32,250,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 110,750,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,450,100 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 32,250,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 120,200,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 152,450,100 | |||
Accumulated Depreciation | (46,424,357) | |||
Investment in Real Estate, Net | 106,025,743 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Packard Building [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 61 | |||
Initial Cost to Company, Land | $ 5,911,041 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 19,954,959 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,559,243 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 5,911,041 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 21,514,202 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 27,425,243 | |||
Accumulated Depreciation | (7,229,644) | |||
Investment in Real Estate, Net | 20,195,599 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parc 77 [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 137 | |||
Initial Cost to Company, Land | $ 40,504,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,025,679 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,970,358 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 40,504,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 25,996,037 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 66,500,037 | |||
Accumulated Depreciation | (17,581,457) | |||
Investment in Real Estate, Net | 48,918,580 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parc Cameron [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 166 | |||
Initial Cost to Company, Land | $ 37,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,855,597 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,449,294 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 37,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 18,304,891 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 55,904,891 | |||
Accumulated Depreciation | (13,879,196) | |||
Investment in Real Estate, Net | 42,025,695 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parc Coliseum [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 177 | |||
Initial Cost to Company, Land | $ 52,654,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,045,751 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,770,843 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 52,654,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 33,816,594 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 86,470,594 | |||
Accumulated Depreciation | (23,394,106) | |||
Investment in Real Estate, Net | 63,076,488 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parc East Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 324 | |||
Initial Cost to Company, Land | $ 102,163,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 108,989,402 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,586,244 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 102,163,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 124,575,646 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 226,738,646 | |||
Accumulated Depreciation | (74,316,340) | |||
Investment in Real Estate, Net | 152,422,306 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parc on Powell (fka Parkside at Emeryville) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Emeryville, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 173 | |||
Initial Cost to Company, Land | $ 16,667,059 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 65,473,337 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,310,713 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 16,667,059 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 68,784,050 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 85,451,109 | |||
Accumulated Depreciation | (22,819,414) | |||
Investment in Real Estate, Net | 62,631,695 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Park Connecticut [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 142 | |||
Initial Cost to Company, Land | $ 13,700,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 59,087,519 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,912,747 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 13,700,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 65,000,266 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 78,700,266 | |||
Accumulated Depreciation | (25,595,262) | |||
Investment in Real Estate, Net | 53,105,004 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Park West (CA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 444 | |||
Initial Cost to Company, Land | $ 3,033,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 27,302,383 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,665,950 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 3,033,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,968,333 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 46,001,833 | |||
Accumulated Depreciation | (37,830,238) | |||
Investment in Real Estate, Net | 8,171,595 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parkside [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Union City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 208 | |||
Initial Cost to Company, Land | $ 6,246,700 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 11,827,453 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,034,696 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 6,246,700 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 20,862,149 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 27,108,849 | |||
Accumulated Depreciation | (16,929,525) | |||
Investment in Real Estate, Net | 10,179,324 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Pearl, The (WA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 80 | |||
Initial Cost to Company, Land | $ 6,972,585 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,527,415 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,496,143 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 6,972,585 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,023,558 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 34,996,143 | |||
Accumulated Depreciation | (9,753,976) | |||
Investment in Real Estate, Net | 25,242,167 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Pearl MDR (fka Oakwood Marina Del Rey) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Marina Del Rey, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 597 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 120,795,359 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 25,387,707 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 146,183,066 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 146,183,066 | |||
Accumulated Depreciation | (58,974,843) | |||
Investment in Real Estate, Net | 87,208,223 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Pegasus [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 322 | |||
Initial Cost to Company, Land | $ 18,094,052 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 81,905,948 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,486,175 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 18,094,052 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 93,392,123 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 111,486,175 | |||
Accumulated Depreciation | (45,871,998) | |||
Investment in Real Estate, Net | 65,614,177 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Portofino [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chino Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 176 | |||
Initial Cost to Company, Land | $ 3,572,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,660,994 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,368,196 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 3,572,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 20,029,190 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 23,601,590 | |||
Accumulated Depreciation | (16,858,559) | |||
Investment in Real Estate, Net | 6,743,031 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Portofino (Val) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Valencia, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 216 | |||
Initial Cost to Company, Land | $ 8,640,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,487,126 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,133,484 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 8,640,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,620,610 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,260,610 | |||
Accumulated Depreciation | (22,054,016) | |||
Investment in Real Estate, Net | 15,206,594 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Portside Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Jersey City, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 527 | |||
Initial Cost to Company, Land | $ 22,487,006 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 96,842,913 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 31,772,570 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 22,487,006 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 128,615,483 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 151,102,489 | |||
Accumulated Depreciation | (108,369,349) | |||
Investment in Real Estate, Net | 42,733,140 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Potrero 1010 [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 453 | |||
Initial Cost to Company, Land | $ 40,830,011 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 181,924,463 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,633,921 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 40,830,011 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 184,558,384 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 225,388,395 | |||
Accumulated Depreciation | (56,411,881) | |||
Investment in Real Estate, Net | 168,976,514 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Prado (fka Glendale) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Glendale, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 264 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 67,977,313 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,812,571 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 75,789,884 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 75,789,884 | |||
Accumulated Depreciation | (32,306,839) | |||
Investment in Real Estate, Net | 43,483,045 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Penman, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Atlanta, GA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 262 | |||
Initial Cost to Company, Land | $ 9,942,043 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 68,917,572 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 413,300 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 9,942,043 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 69,330,872 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 79,272,915 | |||
Accumulated Depreciation | (3,261,263) | |||
Investment in Real Estate, Net | 76,011,652 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Prime, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 281 | |||
Initial Cost to Company, Land | $ 34,625,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 77,879,740 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,451,378 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 34,625,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 89,331,118 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 123,956,118 | |||
Accumulated Depreciation | (45,403,647) | |||
Investment in Real Estate, Net | 78,552,471 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Prism at Park Avenue South (fka 400 Park Aveue South (EQR)) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 269 | |||
Initial Cost to Company, Land | $ 76,292,169 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 171,812,112 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 480,769 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 76,292,169 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 172,292,881 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 248,585,050 | |||
Accumulated Depreciation | (58,984,500) | |||
Investment in Real Estate, Net | 189,600,550 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Promenade at Town Center I & II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Valencia, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 564 | |||
Initial Cost to Company, Land | $ 28,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 69,795,915 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 19,178,549 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 28,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 88,974,464 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 117,174,464 | |||
Accumulated Depreciation | (57,965,755) | |||
Investment in Real Estate, Net | 59,208,709 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Providence [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bothell, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 200 | |||
Initial Cost to Company, Land | $ 3,573,621 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 19,055,505 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,956,842 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 3,573,621 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,012,347 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 29,585,968 | |||
Accumulated Depreciation | (16,594,365) | |||
Investment in Real Estate, Net | 12,991,603 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Quarry Hills [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Quincy, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 316 | |||
Initial Cost to Company, Land | $ 26,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 84,411,162 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,884,801 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 26,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 92,295,963 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 119,195,963 | |||
Accumulated Depreciation | (38,628,384) | |||
Investment in Real Estate, Net | 80,567,579 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Radiant Fairfax Ridge [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fairfax, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 213 | |||
Initial Cost to Company, Land | $ 7,352,547 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 63,018,744 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 763,336 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 7,352,547 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 63,782,080 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 71,134,627 | |||
Accumulated Depreciation | (9,407,562) | |||
Investment in Real Estate, Net | 61,727,065 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Radius Uptown [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Denver, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 372 | |||
Initial Cost to Company, Land | $ 13,644,960 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 121,899,084 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,684,835 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 13,644,960 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 124,583,919 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 138,228,879 | |||
Accumulated Depreciation | (30,154,484) | |||
Investment in Real Estate, Net | 108,074,395 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Redmond Court [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 206 | |||
Initial Cost to Company, Land | $ 10,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,488,745 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,757,284 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 10,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 39,246,029 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 49,546,029 | |||
Accumulated Depreciation | (16,909,272) | |||
Investment in Real Estate, Net | 32,636,757 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Regency Palms [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Huntington Beach, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 310 | |||
Initial Cost to Company, Land | $ 1,857,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,713,254 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,768,897 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 1,857,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,482,151 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 28,339,551 | |||
Accumulated Depreciation | (23,045,040) | |||
Investment in Real Estate, Net | 5,294,511 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Burlington, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Burlington, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 270 | |||
Initial Cost to Company, Land | $ 20,250,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 114,476,933 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,192,804 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 20,250,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 115,669,737 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 135,919,737 | |||
Accumulated Depreciation | (14,832,668) | |||
Investment in Real Estate, Net | 121,087,069 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Clarendon Centre, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 252 | |||
Initial Cost to Company, Land | $ 10,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 52,812,935 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,497,244 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 10,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 60,310,179 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 70,810,179 | |||
Accumulated Depreciation | (41,008,914) | |||
Investment in Real Estate, Net | 29,801,265 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Eisenhower, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 226 | |||
Initial Cost to Company, Land | $ 6,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,585,059 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,366,435 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 6,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,951,494 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 47,451,494 | |||
Accumulated Depreciation | (28,643,944) | |||
Investment in Real Estate, Net | 18,807,550 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Empire Lakes [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Rancho Cucamonga, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 467 | |||
Initial Cost to Company, Land | $ 16,345,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 73,080,670 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,209,264 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 16,345,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 87,289,934 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 103,634,934 | |||
Accumulated Depreciation | (51,335,751) | |||
Investment in Real Estate, Net | 52,299,183 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Fairfax Corner [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fairfax, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 652 | |||
Initial Cost to Company, Land | $ 15,804,057 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 63,129,050 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 16,050,762 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 15,804,057 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 79,179,812 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 94,983,869 | |||
Accumulated Depreciation | (57,156,000) | |||
Investment in Real Estate, Net | 37,827,869 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Mountain View (fka Mountain View) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Mountain View, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 180 | |||
Initial Cost to Company, Land | $ 27,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,029,605 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,940,765 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 27,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,970,370 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 69,970,370 | |||
Accumulated Depreciation | (20,306,708) | |||
Investment in Real Estate, Net | 49,663,662 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Potomac Yard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 588 | |||
Initial Cost to Company, Land | $ 11,918,917 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 68,862,641 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 22,487,722 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 11,918,917 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 91,350,363 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 103,269,280 | |||
Accumulated Depreciation | (61,488,868) | |||
Investment in Real Estate, Net | 41,780,412 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Town Center I-III (WA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Mill Creek, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 584 | |||
Initial Cost to Company, Land | $ 16,768,705 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 77,623,664 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,491,401 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 16,768,705 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 92,115,065 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 108,883,770 | |||
Accumulated Depreciation | (50,723,769) | |||
Investment in Real Estate, Net | 58,160,001 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Rianna I & II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 156 | |||
Initial Cost to Company, Land | $ 4,430,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,298,096 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,922,304 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 4,430,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 34,220,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 38,650,400 | |||
Accumulated Depreciation | (17,048,020) | |||
Investment in Real Estate, Net | 21,602,380 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Richmond Row [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Suwanee, GA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 344 | |||
Initial Cost to Company, Land | $ 10,030,008 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 88,340,263 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,075 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 10,030,008 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 88,347,338 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 98,377,346 | |||
Accumulated Depreciation | (2,992,401) | |||
Investment in Real Estate, Net | 95,384,945 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Ridgewood Village I&II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 408 | |||
Initial Cost to Company, Land | $ 11,809,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,004,048 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,600,913 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 11,809,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,604,961 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 54,414,461 | |||
Accumulated Depreciation | (34,187,275) | |||
Investment in Real Estate, Net | 20,227,186 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Riva Terra I (fka Redwood Shores) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redwood City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 304 | |||
Initial Cost to Company, Land | $ 34,963,355 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 84,587,658 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,990,949 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 34,963,355 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 95,578,607 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 130,541,962 | |||
Accumulated Depreciation | (42,139,194) | |||
Investment in Real Estate, Net | 88,402,768 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Riva Terra II (fka Harborside) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redwood City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 149 | |||
Initial Cost to Company, Land | $ 17,136,645 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,536,531 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,308,292 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 17,136,645 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,844,823 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 62,981,468 | |||
Accumulated Depreciation | (19,195,628) | |||
Investment in Real Estate, Net | 43,785,840 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Riverpark [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 321 | |||
Initial Cost to Company, Land | $ 14,355,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 80,894,049 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,478,677 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 14,355,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 87,372,726 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 101,727,726 | |||
Accumulated Depreciation | (39,802,428) | |||
Investment in Real Estate, Net | 61,925,298 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Rivington, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Hoboken, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 240 | |||
Initial Cost to Company, Land | $ 34,340,640 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 112,112,152 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,247,025 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 34,340,640 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 118,359,177 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 152,699,817 | |||
Accumulated Depreciation | (29,568,763) | |||
Investment in Real Estate, Net | 123,131,054 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Rivington II, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Hoboken, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 882,999 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 882,999 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 882,999 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 882,999 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Rosecliff II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Quincy, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 130 | |||
Initial Cost to Company, Land | $ 4,922,840 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 30,202,160 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,144,895 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 4,922,840 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 33,347,055 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 38,269,895 | |||
Accumulated Depreciation | (15,693,941) | |||
Investment in Real Estate, Net | 22,575,954 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Sakura Crossing [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 230 | |||
Initial Cost to Company, Land | $ 14,641,990 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 42,858,010 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,295,778 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 14,641,990 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,153,788 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 59,795,778 | |||
Accumulated Depreciation | (21,869,195) | |||
Investment in Real Estate, Net | 37,926,583 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Savanna Nine Mile [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Erie, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 287 | |||
Initial Cost to Company, Land | $ 9,386,048 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 98,792,001 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 327,082 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 9,386,048 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 99,119,083 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 108,505,131 | |||
Accumulated Depreciation | (6,144,916) | |||
Investment in Real Estate, Net | 102,360,215 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Saxton [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 325 | |||
Initial Cost to Company, Land | $ 38,805,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 128,652,023 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,017,507 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 38,805,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 129,669,530 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 168,474,930 | |||
Accumulated Depreciation | (24,464,893) | |||
Investment in Real Estate, Net | 144,010,037 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Sheffield Court [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 597 | |||
Initial Cost to Company, Land | $ 3,342,381 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,337,332 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 28,451,637 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 3,342,381 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 59,788,969 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 63,131,350 | |||
Accumulated Depreciation | (49,017,026) | |||
Investment in Real Estate, Net | 14,114,324 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Siena Terrace [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Lake Forest, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 356 | |||
Initial Cost to Company, Land | $ 8,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,083,024 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,161,947 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 8,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 34,244,971 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 43,144,971 | |||
Accumulated Depreciation | (28,124,403) | |||
Investment in Real Estate, Net | 15,020,568 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Skycrest [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Valencia, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 264 | |||
Initial Cost to Company, Land | $ 10,560,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,574,457 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,261,508 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 10,560,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,835,965 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 43,395,965 | |||
Accumulated Depreciation | (25,008,353) | |||
Investment in Real Estate, Net | 18,387,612 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Skyhouse South [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Atlanta, GA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 320 | |||
Initial Cost to Company, Land | $ 14,182,277 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 101,911,477 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 865,625 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 14,182,277 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 102,777,102 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 116,959,379 | |||
Accumulated Depreciation | (14,711,876) | |||
Investment in Real Estate, Net | 102,247,503 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Skylark [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Union City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 174 | |||
Initial Cost to Company, Land | $ 1,781,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,731,916 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,385,765 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 1,781,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,117,681 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,899,281 | |||
Accumulated Depreciation | (19,266,032) | |||
Investment in Real Estate, Net | 5,633,249 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Skyview [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Rancho Santa Margarita, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 260 | |||
Initial Cost to Company, Land | $ 3,380,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,952,863 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,822,233 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 3,380,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,775,096 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 33,155,096 | |||
Accumulated Depreciation | (23,882,860) | |||
Investment in Real Estate, Net | 9,272,236 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
SoMa II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 29,406,606 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,946,220 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 29,406,606 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 5,946,220 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,352,826 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 35,352,826 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Sonterra at Foothill Ranch [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Foothill Ranch, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 300 | |||
Initial Cost to Company, Land | $ 7,503,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,048,507 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,306,241 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 7,503,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,354,748 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 38,858,148 | |||
Accumulated Depreciation | (26,411,678) | |||
Investment in Real Estate, Net | 12,446,470 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
South City Station (fka South San Francisco) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 368 | |||
Initial Cost to Company, Land | $ 68,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 79,476,861 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,170,173 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 68,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 90,647,034 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 159,547,034 | |||
Accumulated Depreciation | (37,427,408) | |||
Investment in Real Estate, Net | 122,119,626 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Southwood [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Palo Alto, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 100 | |||
Initial Cost to Company, Land | $ 6,936,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,324,069 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,166,206 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 6,936,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,490,275 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 30,426,875 | |||
Accumulated Depreciation | (17,886,037) | |||
Investment in Real Estate, Net | 12,540,838 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Springline [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 136 | |||
Initial Cost to Company, Land | $ 9,163,667 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,910,981 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 925,584 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 9,163,667 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 48,836,565 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 58,000,232 | |||
Accumulated Depreciation | (13,738,227) | |||
Investment in Real Estate, Net | 44,262,005 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
STOA [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 237 | |||
Initial Cost to Company, Land | $ 25,326,048 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 79,976,031 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 798,002 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 25,326,048 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 80,774,033 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 106,100,081 | |||
Accumulated Depreciation | (17,730,242) | |||
Investment in Real Estate, Net | 88,369,839 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Ten23 (fka 500 West 23rd Street) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 111 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 58,881,873 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,884,314 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 60,766,187 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 60,766,187 | |||
Accumulated Depreciation | (24,816,731) | |||
Investment in Real Estate, Net | 35,949,456 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Terraces, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 117 | |||
Initial Cost to Company, Land | $ 14,087,610 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,314,151 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,404,650 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 14,087,610 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,718,801 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 33,806,411 | |||
Accumulated Depreciation | (10,311,675) | |||
Investment in Real Estate, Net | 23,494,736 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Square One [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 112 | |||
Initial Cost to Company, Land | $ 7,222,544 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,277,456 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 585,300 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 7,222,544 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,862,756 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 34,085,300 | |||
Accumulated Depreciation | (9,806,190) | |||
Investment in Real Estate, Net | 24,279,110 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Theo [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Denver, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 275 | |||
Initial Cost to Company, Land | $ 15,322,049 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 122,105,822 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,725,512 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 15,322,049 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 127,831,334 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 143,153,383 | |||
Accumulated Depreciation | (14,436,596) | |||
Investment in Real Estate, Net | 128,716,787 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Third Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 471 | |||
Initial Cost to Company, Land | $ 26,767,171 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 218,822,728 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,058,561 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 26,767,171 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 232,881,289 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 259,648,460 | |||
Accumulated Depreciation | (119,293,842) | |||
Investment in Real Estate, Net | 140,354,618 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Three20 [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 134 | |||
Initial Cost to Company, Land | $ 7,030,766 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,005,762 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,201,169 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 7,030,766 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 30,206,931 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,237,697 | |||
Accumulated Depreciation | (11,923,729) | |||
Investment in Real Estate, Net | 25,313,968 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Toscana [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Irvine, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 563 | |||
Initial Cost to Company, Land | $ 39,410,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 50,806,072 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 29,210,951 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 39,410,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 80,017,023 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 119,427,023 | |||
Accumulated Depreciation | (59,755,687) | |||
Investment in Real Estate, Net | 59,671,336 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Town Square at Mark Center I&II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 678 | |||
Initial Cost to Company, Land | $ 39,928,464 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 141,208,321 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 18,935,294 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 39,928,464 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 160,143,615 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 200,072,079 | |||
Accumulated Depreciation | (93,729,565) | |||
Investment in Real Estate, Net | 106,342,514 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Troy Boston [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 378 | |||
Initial Cost to Company, Land | $ 34,641,051 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 181,607,331 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,949,396 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 34,641,051 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 185,556,727 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 220,197,778 | |||
Accumulated Depreciation | (46,837,498) | |||
Investment in Real Estate, Net | 173,360,280 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Urbana (fka Market Street Landing) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 289 | |||
Initial Cost to Company, Land | $ 12,542,418 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 75,800,090 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,048,215 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 12,542,418 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 79,848,305 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 92,390,723 | |||
Accumulated Depreciation | (31,470,273) | |||
Investment in Real Estate, Net | 60,920,450 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Uwajimaya Village [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 176 | |||
Initial Cost to Company, Land | $ 8,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,188,288 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,465,521 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 8,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 30,653,809 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 39,453,809 | |||
Accumulated Depreciation | (17,843,046) | |||
Investment in Real Estate, Net | 21,610,763 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Vantage Hollywood [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 298 | |||
Initial Cost to Company, Land | $ 42,580,326 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 56,014,674 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,599,573 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 42,580,326 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 60,614,247 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 103,194,573 | |||
Accumulated Depreciation | (22,544,861) | |||
Investment in Real Estate, Net | 80,649,712 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Veloce [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 322 | |||
Initial Cost to Company, Land | $ 15,322,724 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 76,176,594 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,572,969 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 15,322,724 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 84,749,563 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 100,072,287 | |||
Accumulated Depreciation | (33,927,756) | |||
Investment in Real Estate, Net | 66,144,531 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Venue at the Promenade [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Castle Rock, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 312 | |||
Initial Cost to Company, Land | $ 8,355,048 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 83,752,689 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,003,370 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 8,355,048 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 84,756,059 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 93,111,107 | |||
Accumulated Depreciation | (18,249,114) | |||
Investment in Real Estate, Net | 74,861,993 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Verde Condominium Homes (fka Mission Verde, LLC) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Jose, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 108 | |||
Initial Cost to Company, Land | $ 5,190,700 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,679,109 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,728,363 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 5,190,700 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 15,407,472 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 20,598,172 | |||
Accumulated Depreciation | (12,866,340) | |||
Investment in Real Estate, Net | 7,731,832 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Veridian (fka Silver Spring) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Silver Spring, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 457 | |||
Initial Cost to Company, Land | $ 18,539,817 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 130,407,365 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,431,672 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 18,539,817 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 136,839,037 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 155,378,854 | |||
Accumulated Depreciation | (67,886,445) | |||
Investment in Real Estate, Net | 87,492,409 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Versailles [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Woodland Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 253 | |||
Initial Cost to Company, Land | $ 12,650,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,656,292 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,427,319 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 12,650,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 43,083,611 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 55,733,611 | |||
Accumulated Depreciation | (30,740,341) | |||
Investment in Real Estate, Net | 24,993,270 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Versailles (K-Town) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 225 | |||
Initial Cost to Company, Land | $ 10,590,975 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,409,025 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,831,899 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 10,590,975 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 47,240,924 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 57,831,899 | |||
Accumulated Depreciation | (24,671,051) | |||
Investment in Real Estate, Net | 33,160,848 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Victor on Venice [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 115 | |||
Initial Cost to Company, Land | $ 10,350,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,433,437 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,139,715 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 10,350,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,573,152 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 50,923,152 | |||
Accumulated Depreciation | (22,756,285) | |||
Investment in Real Estate, Net | 28,166,867 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Villa Solana [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Laguna Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 272 | |||
Initial Cost to Company, Land | $ 1,665,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,985,677 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,066,723 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 1,665,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,052,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 30,717,500 | |||
Accumulated Depreciation | (26,497,536) | |||
Investment in Real Estate, Net | 4,219,964 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Village at Del Mar Heights, The (fka Del Mar Heights) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 168 | |||
Initial Cost to Company, Land | $ 15,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,859,396 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,646,584 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 15,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,505,980 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 60,605,980 | |||
Accumulated Depreciation | (20,011,239) | |||
Investment in Real Estate, Net | 40,594,741 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Vintage at 425 Broadway (fka Promenade) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Monica, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 60 | |||
Initial Cost to Company, Land | $ 9,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 13,961,523 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,140,493 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 9,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 16,102,016 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 25,102,016 | |||
Accumulated Depreciation | (7,324,017) | |||
Investment in Real Estate, Net | 17,777,999 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Virginia Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 231 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 85,940,003 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,852,413 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 92,792,416 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 92,792,416 | |||
Accumulated Depreciation | (39,956,244) | |||
Investment in Real Estate, Net | 52,836,172 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Vista 99 (fka Tasman) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Jose, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 554 | |||
Initial Cost to Company, Land | $ 27,709,329 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 177,556,948 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,300,163 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 27,709,329 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 180,857,111 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 208,566,440 | |||
Accumulated Depreciation | (55,894,410) | |||
Investment in Real Estate, Net | 152,672,030 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Vista Del Lago [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Mission Viejo, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 608 | |||
Initial Cost to Company, Land | $ 4,525,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,736,293 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 26,012,880 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 4,525,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 66,749,173 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 71,274,973 | |||
Accumulated Depreciation | (59,975,988) | |||
Investment in Real Estate, Net | 11,298,985 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Walden Park [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 232 | |||
Initial Cost to Company, Land | $ 12,448,888 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 52,044,448 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,648,651 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 12,448,888 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 57,693,099 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 70,141,987 | |||
Accumulated Depreciation | (29,126,694) | |||
Investment in Real Estate, Net | 41,015,293 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Water Park Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 362 | |||
Initial Cost to Company, Land | $ 34,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 108,485,859 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 16,536,076 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 34,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 125,021,935 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 159,421,935 | |||
Accumulated Depreciation | (53,904,806) | |||
Investment in Real Estate, Net | 105,517,129 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Watertown Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Watertown, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 134 | |||
Initial Cost to Company, Land | $ 16,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,074,056 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,705,823 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 16,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,779,879 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 55,579,879 | |||
Accumulated Depreciation | (15,601,180) | |||
Investment in Real Estate, Net | 39,978,699 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Weaver, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Austin, TX | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 250 | |||
Initial Cost to Company, Land | $ 25,405,232 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 69,552,640 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 942,684 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 25,405,232 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 70,495,324 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 95,900,556 | |||
Accumulated Depreciation | (8,810,968) | |||
Investment in Real Estate, Net | 87,089,588 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
West 96th [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 209 | |||
Initial Cost to Company, Land | $ 84,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 67,055,501 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,095,791 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 84,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 76,151,292 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 160,951,292 | |||
Accumulated Depreciation | (34,550,051) | |||
Investment in Real Estate, Net | 126,401,241 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
West End Apartments (fka Emerson Place/CRP II) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 310 | |||
Initial Cost to Company, Land | $ 469,546 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 163,123,022 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,092,334 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 469,546 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 170,215,356 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 170,684,902 | |||
Accumulated Depreciation | (90,900,140) | |||
Investment in Real Estate, Net | 79,784,762 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westchester at Rockville [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Rockville, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 192 | |||
Initial Cost to Company, Land | $ 10,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,135,207 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,491,898 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 10,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 46,627,105 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 57,227,105 | |||
Accumulated Depreciation | (18,960,439) | |||
Investment in Real Estate, Net | 38,266,666 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westerly [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Dallas, TX | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 331 | |||
Initial Cost to Company, Land | $ 11,958,829 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 79,169,818 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 808,754 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 11,958,829 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 79,978,572 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 91,937,401 | |||
Accumulated Depreciation | (10,797,996) | |||
Investment in Real Estate, Net | 81,139,405 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westmont [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 163 | |||
Initial Cost to Company, Land | $ 64,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,143,259 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,038,327 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 64,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 69,181,586 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 134,081,586 | |||
Accumulated Depreciation | (29,972,941) | |||
Investment in Real Estate, Net | 104,108,645 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 204 | |||
Initial Cost to Company, Land | $ 34,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 56,962,630 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,437,079 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 34,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 61,399,709 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 95,599,709 | |||
Accumulated Depreciation | (25,691,497) | |||
Investment in Real Estate, Net | 69,908,212 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Windridge (CA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Laguna Niguel, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 344 | |||
Initial Cost to Company, Land | $ 2,662,900 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,985,497 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,863,783 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 2,662,900 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,849,280 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 41,512,180 | |||
Accumulated Depreciation | (35,333,767) | |||
Investment in Real Estate, Net | 6,178,413 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Wisconsin Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chevy Chase, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 432 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 172,089,355 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,425,504 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 174,514,859 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 174,514,859 | |||
Accumulated Depreciation | (71,043,768) | |||
Investment in Real Estate, Net | 103,471,091 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Woodleaf [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Campbell, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 178 | |||
Initial Cost to Company, Land | $ 8,550,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,988,183 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,932,641 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 8,550,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 24,920,824 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 33,471,424 | |||
Accumulated Depreciation | (20,333,249) | |||
Investment in Real Estate, Net | 13,138,175 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Zephyr on the Park [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 193 | |||
Initial Cost to Company, Land | $ 15,637,106 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 89,964,029 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 508,237 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 15,637,106 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 90,472,266 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 106,109,372 | |||
Accumulated Depreciation | (10,350,495) | |||
Investment in Real Estate, Net | 95,758,877 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Management Business [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | N/A | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 146,900,379 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 146,900,379 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 146,900,379 | |||
Accumulated Depreciation | (117,346,461) | |||
Investment in Real Estate, Net | 29,553,918 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Operating Partnership [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | N/A | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,381,683 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 5,381,683 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 5,381,683 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 5,381,683 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Other [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | N/A | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 139,699 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 139,699 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 139,699 | |||
Accumulated Depreciation | (107,085) | |||
Investment in Real Estate, Net | 32,614 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Wholly Owned Unencumbered [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 68,916 | |||
Initial Cost to Company, Land | $ 4,803,002,687 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 17,835,391,731 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,162,596,539 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 4,803,002,687 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,997,988,270 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,800,990,957 | |||
Accumulated Depreciation | (8,491,300,503) | |||
Investment in Real Estate, Net | 16,309,690,454 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1111 Belle Pre (fka The Madison) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 360 | |||
Initial Cost to Company, Land | $ 18,937,702 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 94,758,679 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,129,011 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 18,937,702 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 96,887,690 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 115,825,392 | |||
Accumulated Depreciation | (38,064,593) | |||
Investment in Real Estate, Net | 77,760,799 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 86,423,543 | |||
2501 Porter [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 202 | |||
Initial Cost to Company, Land | $ 13,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 75,271,179 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,579,027 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 13,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 83,850,206 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 96,850,206 | |||
Accumulated Depreciation | (37,053,984) | |||
Investment in Real Estate, Net | 59,796,222 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
300 East 39th (fka East 39th) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 254 | |||
Initial Cost to Company, Land | $ 48,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 96,174,639 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,535,816 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 48,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 104,710,455 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 153,610,455 | |||
Accumulated Depreciation | (44,008,723) | |||
Investment in Real Estate, Net | 109,601,732 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 61,781,539 | |||
303 East 83rd (fka Camargue) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 261 | |||
Initial Cost to Company, Land | $ 79,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 79,122,624 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,669,737 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 79,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 93,792,361 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 173,192,361 | |||
Accumulated Depreciation | (42,481,189) | |||
Investment in Real Estate, Net | $ 130,711,172 | |||
Artisan Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Northridge, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 140 | |||
Initial Cost to Company, Land | $ 7,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,537,359 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,027,258 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 7,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,564,617 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 30,564,617 | |||
Accumulated Depreciation | (16,607,074) | |||
Investment in Real Estate, Net | 13,957,543 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 35,662,809 | |||
Avanti [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Anaheim, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 162 | |||
Initial Cost to Company, Land | $ 12,960,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,497,683 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,712,439 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 12,960,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,210,122 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 36,170,122 | |||
Accumulated Depreciation | (14,816,612) | |||
Investment in Real Estate, Net | 21,353,510 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 28,073,517 | |||
Avenir Apartments [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 241 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 114,321,619 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,511,355 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 122,832,974 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 122,832,974 | |||
Accumulated Depreciation | (50,573,694) | |||
Investment in Real Estate, Net | 72,259,280 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 850,000 | |||
City Pointe [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fullerton, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 183 | |||
Initial Cost to Company, Land | $ 6,863,792 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,476,208 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,969,717 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 6,863,792 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,445,925 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 49,309,717 | |||
Accumulated Depreciation | (21,723,936) | |||
Investment in Real Estate, Net | 27,585,781 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 39,664,995 | |||
Cleveland House [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 214 | |||
Initial Cost to Company, Land | $ 18,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 66,392,414 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,164,220 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 18,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 75,556,634 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 93,856,634 | |||
Accumulated Depreciation | (31,747,411) | |||
Investment in Real Estate, Net | 62,109,223 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Elevé [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Glendale, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 208 | |||
Initial Cost to Company, Land | $ 14,080,560 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 56,419,440 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,898,510 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 14,080,560 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 58,317,950 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 72,398,510 | |||
Accumulated Depreciation | (22,068,088) | |||
Investment in Real Estate, Net | 50,330,422 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 38,438,100 | |||
Estancia at Santa Clara (fka Santa Clara) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Clara, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 450 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 123,759,804 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,018,382 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 133,778,186 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 133,778,186 | |||
Accumulated Depreciation | (54,209,519) | |||
Investment in Real Estate, Net | 79,568,667 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Fairchase [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fairfax, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 392 | |||
Initial Cost to Company, Land | $ 23,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 87,722,321 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,395,439 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 23,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 92,117,760 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 115,617,760 | |||
Accumulated Depreciation | (36,947,609) | |||
Investment in Real Estate, Net | $ 78,670,151 | |||
Flats at DuPont Circle [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 306 | |||
Initial Cost to Company, Land | $ 35,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 108,768,198 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,119,373 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 35,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 114,887,571 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 150,087,571 | |||
Accumulated Depreciation | (45,726,981) | |||
Investment in Real Estate, Net | $ 104,360,590 | |||
Glo [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 201 | |||
Initial Cost to Company, Land | $ 16,047,023 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 48,650,963 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,749,785 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 16,047,023 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 53,400,748 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 69,447,771 | |||
Accumulated Depreciation | (25,591,509) | |||
Investment in Real Estate, Net | 43,856,262 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 33,040,681 | |||
Heights on Capitol Hill [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 104 | |||
Initial Cost to Company, Land | $ 5,425,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,138,028 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,561,602 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 5,425,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,699,630 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 29,124,630 | |||
Accumulated Depreciation | (14,248,969) | |||
Investment in Real Estate, Net | 14,875,661 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 22,611,034 | |||
Kelvin Court (fka Alta Pacific) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Irvine, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 132 | |||
Initial Cost to Company, Land | $ 10,752,145 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,846,856 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,901,431 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 10,752,145 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 37,748,287 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 48,500,432 | |||
Accumulated Depreciation | (19,504,163) | |||
Investment in Real Estate, Net | 28,996,269 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 26,274,230 | |||
Kenwood Mews [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Burbank, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 141 | |||
Initial Cost to Company, Land | $ 14,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,662,883 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,645,398 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 14,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,308,281 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 43,408,281 | |||
Accumulated Depreciation | (18,949,257) | |||
Investment in Real Estate, Net | 24,459,024 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 37,664,400 | |||
La Terrazza at Colma Station [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Colma, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 155 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 41,251,044 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,164,137 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 46,415,181 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 46,415,181 | |||
Accumulated Depreciation | (26,522,851) | |||
Investment in Real Estate, Net | 19,892,330 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 25,050,483 | |||
Lindley Apartments [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Encino, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 129 | |||
Initial Cost to Company, Land | $ 5,805,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,705,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,920,637 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 5,805,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 30,625,637 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 36,430,637 | |||
Accumulated Depreciation | (14,344,051) | |||
Investment in Real Estate, Net | 22,086,586 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 28,071,118 | |||
Lofts 590 [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 212 | |||
Initial Cost to Company, Land | $ 20,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 67,909,023 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,030,805 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 20,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 69,939,828 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 90,039,828 | |||
Accumulated Depreciation | (27,620,612) | |||
Investment in Real Estate, Net | 62,419,216 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 43,082,769 | |||
Longview Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Waltham, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 348 | |||
Initial Cost to Company, Land | $ 20,880,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 90,255,509 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,894,429 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 20,880,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 106,149,938 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 127,029,938 | |||
Accumulated Depreciation | (65,958,574) | |||
Investment in Real Estate, Net | 61,071,364 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 84,368,535 | |||
Mark On 8th [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 174 | |||
Initial Cost to Company, Land | $ 23,004,387 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 51,116,647 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 807,153 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 23,004,387 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 51,923,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 74,928,187 | |||
Accumulated Depreciation | (14,084,735) | |||
Investment in Real Estate, Net | $ 60,843,452 | |||
Metro on First [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 106 | |||
Initial Cost to Company, Land | $ 8,540,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,209,981 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,839,628 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 8,540,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 17,049,609 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 25,589,609 | |||
Accumulated Depreciation | (9,954,415) | |||
Investment in Real Estate, Net | 15,635,194 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 21,514,520 | |||
Moda [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 251 | |||
Initial Cost to Company, Land | $ 12,649,228 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,842,012 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,990,545 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 12,649,228 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 39,832,557 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 52,481,785 | |||
Accumulated Depreciation | (20,236,076) | |||
Investment in Real Estate, Net | $ 32,245,709 | |||
Montierra (CA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 272 | |||
Initial Cost to Company, Land | $ 8,160,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,360,938 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,884,277 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 8,160,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,245,215 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 53,405,215 | |||
Accumulated Depreciation | (31,866,121) | |||
Investment in Real Estate, Net | 21,539,094 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 61,087,211 | |||
Notch [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Newcastle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 158 | |||
Initial Cost to Company, Land | $ 5,463,324 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,490,989 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 490,130 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 5,463,324 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 43,981,119 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 49,444,443 | |||
Accumulated Depreciation | (7,198,601) | |||
Investment in Real Estate, Net | $ 42,245,842 | |||
Old Town Lofts [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 149 | |||
Initial Cost to Company, Land | $ 7,740,467 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,146,181 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,406,975 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 7,740,467 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,553,156 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 53,293,623 | |||
Accumulated Depreciation | (15,844,032) | |||
Investment in Real Estate, Net | 37,449,591 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 35,607,063 | |||
Olympus Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 328 | |||
Initial Cost to Company, Land | $ 14,752,034 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 73,335,425 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,130,891 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 14,752,034 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 88,466,316 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 103,218,350 | |||
Accumulated Depreciation | (60,604,642) | |||
Investment in Real Estate, Net | 42,613,708 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 94,849,343 | |||
Park Place at San Mateo (fka San Mateo) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Mateo, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 575 | |||
Initial Cost to Company, Land | $ 71,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 211,907,141 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 22,480,322 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 71,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 234,387,463 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 306,287,463 | |||
Accumulated Depreciation | (98,109,758) | |||
Investment in Real Estate, Net | $ 208,177,705 | |||
Red 160 (fka Redmond Way) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 250 | |||
Initial Cost to Company, Land | $ 15,546,376 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 65,320,010 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,155,187 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 15,546,376 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 69,475,197 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 85,021,573 | |||
Accumulated Depreciation | (30,161,561) | |||
Investment in Real Estate, Net | $ 54,860,012 | |||
Skyhouse Denver [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Denver, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 361 | |||
Initial Cost to Company, Land | $ 13,562,331 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 126,360,318 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,845,618 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 13,562,331 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 129,205,936 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 142,768,267 | |||
Accumulated Depreciation | (30,901,861) | |||
Investment in Real Estate, Net | 111,866,406 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 74,264,209 | |||
SoMa Square Apartments (fka South Market) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 410 | |||
Initial Cost to Company, Land | $ 79,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 177,316,977 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 24,171,007 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 79,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 201,487,984 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 281,387,984 | |||
Accumulated Depreciation | (84,134,370) | |||
Investment in Real Estate, Net | $ 197,253,614 | |||
Teresina [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chula Vista, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 440 | |||
Initial Cost to Company, Land | $ 28,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,916,670 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,708,402 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 28,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 71,625,072 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 100,225,072 | |||
Accumulated Depreciation | (44,273,739) | |||
Investment in Real Estate, Net | 55,951,333 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 37,940,000 | |||
Vintage [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Ontario, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 300 | |||
Initial Cost to Company, Land | $ 7,059,230 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,677,762 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,293,204 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 7,059,230 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 54,970,966 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 62,030,196 | |||
Accumulated Depreciation | (30,742,125) | |||
Investment in Real Estate, Net | 31,288,071 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 49,187,924 | |||
West 54th [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 222 | |||
Initial Cost to Company, Land | $ 60,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 48,193,837 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,751,094 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 60,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 53,944,931 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 114,844,931 | |||
Accumulated Depreciation | (24,620,479) | |||
Investment in Real Estate, Net | 90,224,452 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 50,217,548 | |||
Portfolio/Entity Encumbrances [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 546,784,016 | |||
Investment in Real Estate - Wholly Owned Encumbered [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 8,215 | |||
Initial Cost to Company, Land | $ 709,512,459 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,166,730,519 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 220,937,800 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 709,512,459 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 2,387,668,319 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 3,097,180,778 | |||
Accumulated Depreciation | (1,052,189,478) | |||
Investment in Real Estate, Net | 2,044,991,300 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,604,630,478 | |||
2300 Elliott [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 92 | |||
Initial Cost to Company, Land | $ 796,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 7,173,725 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,206,588 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 796,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 15,380,313 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 16,177,113 | |||
Accumulated Depreciation | (13,898,731) | |||
Investment in Real Estate, Net | 2,278,382 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Bellevue Meadows [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 180 | |||
Initial Cost to Company, Land | $ 4,507,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,574,814 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,750,894 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 4,507,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 21,325,708 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 25,832,808 | |||
Accumulated Depreciation | (16,675,884) | |||
Investment in Real Estate, Net | 9,156,924 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Canyon Ridge [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 162 | |||
Initial Cost to Company, Land | $ 4,869,448 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 11,955,064 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,206,979 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 4,869,448 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 17,162,043 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 22,031,491 | |||
Accumulated Depreciation | (14,449,448) | |||
Investment in Real Estate, Net | 7,582,043 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Country Oaks [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Agoura Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 256 | |||
Initial Cost to Company, Land | $ 6,105,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,561,865 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,548,710 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 6,105,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,110,575 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 44,215,575 | |||
Accumulated Depreciation | (28,244,746) | |||
Investment in Real Estate, Net | 15,970,829 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lantern Cove [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Foster City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 232 | |||
Initial Cost to Company, Land | $ 6,945,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,064,976 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,338,195 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 6,945,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,403,171 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 39,348,171 | |||
Accumulated Depreciation | (24,847,843) | |||
Investment in Real Estate, Net | 14,500,328 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Radius Koreatown [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 301 | |||
Initial Cost to Company, Land | $ 32,494,154 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 84,645,202 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,545,484 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 32,494,154 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 86,190,686 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 118,684,840 | |||
Accumulated Depreciation | (25,090,360) | |||
Investment in Real Estate, Net | 93,594,480 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Rosecliff [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Quincy, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 156 | |||
Initial Cost to Company, Land | $ 5,460,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,721,570 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,063,052 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 5,460,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 21,784,622 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 27,244,622 | |||
Accumulated Depreciation | (17,339,132) | |||
Investment in Real Estate, Net | 9,905,490 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Schooner Bay I [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Foster City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 168 | |||
Initial Cost to Company, Land | $ 5,345,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,390,618 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,933,453 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 5,345,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,324,071 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 34,669,071 | |||
Accumulated Depreciation | (21,365,717) | |||
Investment in Real Estate, Net | 13,303,354 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Schooner Bay II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Foster City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 144 | |||
Initial Cost to Company, Land | $ 4,550,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,064,764 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,025,150 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 4,550,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,089,914 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 30,639,914 | |||
Accumulated Depreciation | (18,942,122) | |||
Investment in Real Estate, Net | 11,697,792 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
St Johns West [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Austin, TX | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 297 | |||
Initial Cost to Company, Land | $ 10,097,109 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,928,229 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,280,572 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 10,097,109 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 49,208,801 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 59,305,910 | |||
Accumulated Depreciation | (9,223,103) | |||
Investment in Real Estate, Net | 50,082,807 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Venn at Main [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 350 | |||
Initial Cost to Company, Land | $ 26,626,497 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 151,520,448 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,293,697 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 26,626,497 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 153,814,145 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 180,440,642 | |||
Accumulated Depreciation | (38,628,434) | |||
Investment in Real Estate, Net | 141,812,208 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Virgil Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 142 | |||
Initial Cost to Company, Land | $ 5,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,216,613 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,425,861 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 5,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,642,474 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 25,142,474 | |||
Accumulated Depreciation | (13,082,386) | |||
Investment in Real Estate, Net | 12,060,088 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Partially Owned Unencumbered [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 2,792 | |||
Initial Cost to Company, Land | $ 149,162,480 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 557,664,823 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 72,627,255 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 149,162,480 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 630,292,078 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 779,454,558 | |||
Accumulated Depreciation | (244,736,257) | |||
Investment in Real Estate, Net | 534,718,301 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Aero Apartments [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alameda, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 200 | |||
Initial Cost to Company, Land | $ 13,107,242 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 100,519,872 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 104,683 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 13,107,242 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 100,624,555 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 113,731,797 | |||
Accumulated Depreciation | (10,818,873) | |||
Investment in Real Estate, Net | 102,912,924 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Canyon Creek (CA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Ramon, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 268 | |||
Initial Cost to Company, Land | $ 5,425,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,812,121 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,774,513 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 5,425,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,586,634 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,011,634 | |||
Accumulated Depreciation | (22,111,181) | |||
Investment in Real Estate, Net | 12,900,453 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 28,271,943 | |||
Reverb Fka 9th And W [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 104,651,437 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 104,660,057 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 104,660,057 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 101,711,706 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Baxter Decatur The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Decatur, GA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 290 | |||
Initial Cost to Company, Land | $ 11,783,860 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 70,317,555 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 146,488 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 11,783,860 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 70,464,043 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 82,247,903 | |||
Accumulated Depreciation | (3,698,478) | |||
Investment in Real Estate, Net | 78,549,425 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 42,120,891 | |||
Partially Owned Encumbered [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 268 | |||
Initial Cost to Company, Land | $ 5,425,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,812,121 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,774,513 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 5,425,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,586,634 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,011,634 | |||
Accumulated Depreciation | (22,111,181) | |||
Investment in Real Estate, Net | 12,900,453 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 28,271,943 | |||
Total Consolidated Investment in Real Estate [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 80,191 | |||
Initial Cost to Company, Land | $ 5,667,102,626 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,578,599,194 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,466,936,107 | |||
Gross Amount Carried at close of period 12/31/2023, Land | 5,667,102,626 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,045,535,301 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 28,712,637,927 | |||
Accumulated Depreciation | (9,810,337,419) | |||
Investment in Real Estate, Net | 18,902,300,508 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,632,902,421 |
Schedule III - Real Estate an_7
Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Real Estate And Accumulated Depreciation [Line Items] | ||
Furniture, fixtures and equipment | $ 2,609,600,000 | $ 2,352,050,000 |
Land and depreciable property net | 12,700,000,000 | |
Depreciable Property [Member] | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Furniture, fixtures and equipment | $ 2,609,600,391 | |
Building [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 30 years | |
Renovations and Improvements Minimum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 5 years | |
Renovations and Improvements Maximum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 15 years | |
Replacements Minimum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 5 years | |
Replacements Maximum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 10 years | |
Management Business Renovations and Improvements Minimum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 3 years | |
Management Business Renovations and Improvements Maximum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 7 years |