Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 21, 2017 | Jun. 30, 2016 | |
Entity Information [Line Items] | |||
Entity Registrant Name | ESSEX PROPERTY TRUST INC | ||
Entity Central Index Key | 920,522 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 65,549,470 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 14,824,768,853 | ||
Essex Portfolio, L.P. [Member] | |||
Entity Information [Line Items] | |||
Entity Registrant Name | ESSEX PORTFOLIO LP | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Rental properties: | ||
Land and land improvements | $ 2,559,743 | $ 2,522,842 |
Buildings and improvements | 10,116,563 | 9,808,627 |
Total Rental Properties | 12,676,306 | 12,331,469 |
Less accumulated depreciation | (2,311,546) | (1,949,892) |
Net Real Estate | 10,364,760 | 10,381,577 |
Real estate under development | 190,505 | 242,326 |
Co-investments | 1,161,275 | 1,036,047 |
Real estate held for sale, net | 101,957 | 26,879 |
Total Real Estate | 11,818,497 | 11,686,829 |
Cash and cash equivalents-unrestricted | 64,921 | 29,683 |
Cash and cash equivalents-restricted | 105,381 | 93,372 |
Marketable securities | 139,189 | 137,485 |
Notes and other receivables | 40,970 | 19,285 |
Prepaid expenses and other assets | 48,450 | 41,730 |
Total assets | 12,217,408 | 12,008,384 |
Liabilities: | ||
Unsecured debt, net | 3,246,779 | 3,088,680 |
Mortgage notes payable, net | 2,191,481 | 2,215,077 |
Lines of credit | 125,000 | 15,000 |
Accounts payable and accrued liabilities | 138,226 | 131,415 |
Construction payable | 35,909 | 40,953 |
Dividends payable | 110,170 | 100,266 |
Other liabilities | 32,922 | 34,518 |
Total liabilities | 5,880,487 | 5,625,909 |
Temporary Equity | ||
Commitments and contingencies | ||
Redeemable noncontrolling interest | 44,684 | 45,452 |
Equity: | ||
Common stock; $.0001 par value, 670,000,000 and 656,020,000 shares authorized, respectively; 65,527,993 and 65,379,359 shares issued and outstanding, respectively | 6 | 6 |
Cumulative redeemable 7.125% Series H preferred stock at liquidation value | 0 | 73,750 |
Additional paid-in capital | 7,029,679 | 7,003,317 |
Distributions in excess of accumulated earnings | (805,409) | (797,329) |
Accumulated other comprehensive loss, net | (32,098) | (42,011) |
Total stockholders' equity | 6,192,178 | 6,237,733 |
Noncontrolling interest | 100,059 | 99,290 |
Total equity | 6,292,237 | 6,337,023 |
Total liabilities and equity/capital | 12,217,408 | 12,008,384 |
Essex Portfolio, L.P. [Member] | ||
Rental properties: | ||
Land and land improvements | 2,559,743 | 2,522,842 |
Buildings and improvements | 10,116,563 | 9,808,627 |
Total Rental Properties | 12,676,306 | 12,331,469 |
Less accumulated depreciation | (2,311,546) | (1,949,892) |
Net Real Estate | 10,364,760 | 10,381,577 |
Real estate under development | 190,505 | 242,326 |
Co-investments | 1,161,275 | 1,036,047 |
Real estate held for sale, net | 101,957 | 26,879 |
Total Real Estate | 11,818,497 | 11,686,829 |
Cash and cash equivalents-unrestricted | 64,921 | 29,683 |
Cash and cash equivalents-restricted | 105,381 | 93,372 |
Marketable securities | 139,189 | 137,485 |
Notes and other receivables | 40,970 | 19,285 |
Prepaid expenses and other assets | 48,450 | 41,730 |
Total assets | 12,217,408 | 12,008,384 |
Liabilities: | ||
Unsecured debt, net | 3,246,779 | 3,088,680 |
Mortgage notes payable, net | 2,191,481 | 2,215,077 |
Lines of credit | 125,000 | 15,000 |
Accounts payable and accrued liabilities | 138,226 | 131,415 |
Construction payable | 35,909 | 40,953 |
Distributions payable | 110,170 | 100,266 |
Other liabilities | 32,922 | 34,518 |
Total liabilities | 5,880,487 | 5,625,909 |
Temporary Equity | ||
Commitments and contingencies | ||
Redeemable noncontrolling interest | 44,684 | 45,452 |
Equity: | ||
Common equity (2,237,290 and 2,214,545 units issued and outstanding, respectively) | 49,436 | 47,235 |
Accumulated other comprehensive loss, net | (29,348) | (39,598) |
Total partners' capital | 6,244,364 | 6,287,381 |
Noncontrolling interest | 47,873 | 49,642 |
Total Capital | 6,292,237 | 6,337,023 |
Total liabilities and equity/capital | 12,217,408 | 12,008,384 |
General Partner [Member] | Essex Portfolio, L.P. [Member] | ||
Equity: | ||
General Partners' Capital Account | 6,224,276 | 6,279,744 |
General Partner [Member] | Common Equity [Member] | Essex Portfolio, L.P. [Member] | ||
Equity: | ||
General Partners' Capital Account | 6,224,276 | 6,208,535 |
Total Capital | 6,224,276 | 6,208,535 |
General Partner [Member] | Preferred Equity [Member] | Essex Portfolio, L.P. [Member] | ||
Equity: | ||
General Partners' Capital Account | 0 | 71,209 |
Total Capital | $ 0 | $ 71,209 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 670,000,000 | 656,020,000 |
Common stock, shares issued | 65,527,993 | 65,379,359 |
Common stock, shares outstanding | 65,527,993 | 65,379,359 |
Series H 7.125% Cumulative Redeemable Preferred Stock [Member] | ||
Cumulative dividend rate (in hundredths) | 0.00% | 7.125% |
Essex Portfolio, L.P. [Member] | Series H 7.125% Cumulative Redeemable Preferred Stock [Member] | ||
Cumulative dividend rate (in hundredths) | 0.00% | 7.125% |
General Partner [Member] | Essex Portfolio, L.P. [Member] | ||
Common stock, shares issued | 65,527,993 | 65,379,359 |
Common stock, shares outstanding | 65,527,993 | 65,379,359 |
Preferred interest, liquidation value | $ 0 | $ 73,750 |
Limited Partner [Member] | Essex Portfolio, L.P. [Member] | ||
Common stock, shares issued | 2,237,290 | 2,214,545 |
Common stock, shares outstanding | 2,237,290 | 2,214,545 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Rental and other property | $ 1,285,723 | $ 1,185,498 | $ 961,591 |
Management and other fees from affiliates | 8,278 | 8,909 | 9,347 |
Total revenues | 1,294,001 | 1,194,407 | 970,938 |
Expenses: | |||
Property operating, excluding real estate taxes | 249,765 | 234,953 | 204,673 |
Real estate taxes | 139,162 | 128,555 | 107,873 |
Depreciation and amortization | 441,682 | 453,423 | 360,592 |
General and administrative | 40,751 | 40,090 | 40,878 |
Merger and integration expenses | 0 | 3,798 | 53,530 |
Acquisition and investment related costs | 1,841 | 2,414 | 1,878 |
Total expenses | 873,201 | 863,233 | 769,424 |
Earnings from operations | 420,800 | 331,174 | 201,514 |
Interest expense | (219,654) | (204,827) | (164,551) |
Total return swap income | 11,716 | 5,655 | 0 |
Interest and other income | 27,305 | 19,143 | 11,811 |
Equity income from co-investments | 48,698 | 21,861 | 39,893 |
Loss on early retirement of debt | (606) | (6,114) | (268) |
Gain on sale of real estate and land | 154,561 | 47,333 | 46,039 |
Deferred tax expense on gain on sale of real estate and land | (4,410) | 0 | 0 |
Gain on remeasurement of co-investment | 0 | 34,014 | 0 |
Net income | 438,410 | 248,239 | 134,438 |
Net income attributable to noncontrolling interest | (23,431) | (16,119) | (12,288) |
Net income attributable to controlling interest | 414,979 | 232,120 | 122,150 |
Dividends to preferred stockholders | (1,314) | (5,255) | (5,291) |
Excess of redemption value of preferred stock over the carrying value | (2,541) | 0 | 0 |
Net income available to common stockholders | $ 411,124 | $ 226,865 | $ 116,859 |
Basic: | |||
Net income available to common stockholders - basic (in dollars per share) | $ 6.28 | $ 3.50 | $ 2.07 |
Weighted average number of shares outstanding during the year | 65,471,540 | 64,871,717 | 56,546,959 |
Diluted: | |||
Net income available to common stockholders - diluted (in dollars per share) | $ 6.27 | $ 3.49 | $ 2.06 |
Weighted average number of shares outstanding during the year | 65,587,816 | 65,061,685 | 56,696,525 |
Essex Portfolio, L.P. [Member] | |||
Revenues: | |||
Rental and other property | $ 1,285,723 | $ 1,185,498 | $ 961,591 |
Management and other fees from affiliates | 8,278 | 8,909 | 9,347 |
Total revenues | 1,294,001 | 1,194,407 | 970,938 |
Expenses: | |||
Property operating, excluding real estate taxes | 249,765 | 234,953 | 204,673 |
Real estate taxes | 139,162 | 128,555 | 107,873 |
Depreciation and amortization | 441,682 | 453,423 | 360,592 |
General and administrative | 40,751 | 40,090 | 40,878 |
Merger and integration expenses | 0 | 3,798 | 53,530 |
Acquisition and investment related costs | 1,841 | 2,414 | 1,878 |
Total expenses | 873,201 | 863,233 | 769,424 |
Earnings from operations | 420,800 | 331,174 | 201,514 |
Interest expense | (219,654) | (204,827) | (164,551) |
Total return swap income | 11,716 | 5,655 | 0 |
Interest and other income | 27,305 | 19,143 | 11,811 |
Equity income from co-investments | 48,698 | 21,861 | 39,893 |
Loss on early retirement of debt | (606) | (6,114) | (268) |
Gain on sale of real estate and land | 154,561 | 47,333 | 46,039 |
Deferred tax expense on gain on sale of real estate and land | (4,410) | 0 | 0 |
Gain on remeasurement of co-investment | 0 | 34,014 | 0 |
Net income | 438,410 | 248,239 | 134,438 |
Net income attributable to noncontrolling interest | (9,342) | (8,295) | (7,421) |
Net income attributable to controlling interest | 429,068 | 239,944 | 127,017 |
Dividends to preferred stockholders | (1,314) | (5,255) | (5,291) |
Excess of redemption value of preferred stock over the carrying value | (2,541) | 0 | 0 |
Net income available to common stockholders | $ 425,213 | $ 234,689 | $ 121,726 |
Basic: | |||
Net income available to common stockholders - basic (in dollars per share) | $ 6.28 | $ 3.50 | $ 2.07 |
Weighted average number of shares outstanding during the year | 67,695,640 | 67,054,184 | 58,771,666 |
Diluted: | |||
Net income available to common stockholders - diluted (in dollars per share) | $ 6.27 | $ 3.49 | $ 2.07 |
Weighted average number of shares outstanding during the year | 67,811,916 | 67,244,152 | 58,921,232 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 438,410 | $ 248,239 | $ 134,438 |
Other comprehensive income (loss): | |||
Change in fair value of derivatives and amortization of swap settlements | 15,926 | 7,893 | 4,168 |
Changes in fair value of marketable securities, net | (828) | 1,865 | 6,302 |
Reversal of unrealized gains upon the sale of marketable securities | (4,848) | 0 | (886) |
Total other comprehensive income | 10,250 | 9,758 | 9,584 |
Comprehensive income | 448,660 | 257,997 | 144,022 |
Comprehensive income attributable to noncontrolling interest | (23,768) | (16,436) | (12,852) |
Comprehensive income attributable to controlling interest | 424,892 | 241,561 | 131,170 |
Essex Portfolio, L.P. [Member] | |||
Net income | 438,410 | 248,239 | 134,438 |
Other comprehensive income (loss): | |||
Change in fair value of derivatives and amortization of swap settlements | 15,926 | 7,893 | 4,168 |
Changes in fair value of marketable securities, net | (828) | 1,865 | 6,302 |
Reversal of unrealized gains upon the sale of marketable securities | (4,848) | 0 | (886) |
Total other comprehensive income | 10,250 | 9,758 | 9,584 |
Comprehensive income | 448,660 | 257,997 | 144,022 |
Comprehensive income attributable to noncontrolling interest | (9,342) | (8,295) | (7,421) |
Comprehensive income attributable to controlling interest | $ 439,318 | $ 249,702 | $ 136,601 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Series H Preferred Stock [Member] | Common Stock [Member] | Additional paid-in capital [Member] | Distributions in excess of accumulated earnings [Member] | Accumulated other comprehensive loss, net [Member] | Noncontrolling Interest [Member] |
Balances at Dec. 31, 2013 | $ 1,998,238 | $ 73,750 | $ 4 | $ 2,345,763 | $ (474,426) | $ (60,472) | $ 113,619 |
Balances (in shares) at Dec. 31, 2013 | 2,950 | 37,421 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 134,438 | 122,150 | 12,288 | ||||
Reversal of unrealized gains upon the sale of marketable securities | (886) | (841) | (45) | ||||
Change in fair value of derivatives and amortization of swap settlements | 4,168 | 3,721 | 447 | ||||
Changes in fair value of marketable securities, net | 6,302 | 6,140 | 162 | ||||
Issuance of common stock under: | |||||||
Stock consideration in the Merger, net | 3,774,087 | $ 2 | 3,774,085 | ||||
Stock consideration in the Merger, net (in shares) | 23,067 | ||||||
Stock option and restricted stock plans, net | 11,024 | 11,024 | |||||
Stock option and restricted stock plans, net (in shares) | 218 | ||||||
Equity distribution agreements, net | 532,670 | 532,670 | |||||
Equity distribution agreements, net (in shares) | 2,943 | ||||||
Equity-based compensation costs | 11,872 | 5,719 | 6,153 | ||||
Reclassification of noncontrolling interest to redeemable noncontrolling interest | (20,890) | (19,823) | (1,067) | ||||
Changes in the redemption value of redeemable noncontrolling interest | 312 | 312 | |||||
Conversion of Series G preferred stock | 4,349 | 4,349 | |||||
Conversion of Series G preferred stock (in shares) | 34 | ||||||
Contributions from noncontrolling interest | 1,419,816 | 1,419,816 | |||||
Retirement of noncontrolling interest | (1,419,816) | (1,419,816) | |||||
Distributions to noncontrolling interest | (17,069) | (17,069) | |||||
Redemptions of noncontrolling interest | (4,026) | (2,934) | (1,092) | ||||
Common and preferred stock dividends | (298,521) | (298,521) | |||||
Balances at Dec. 31, 2014 | 6,136,068 | $ 73,750 | $ 6 | 6,651,165 | (650,797) | (51,452) | 113,396 |
Balances (in shares) at Dec. 31, 2014 | 2,950 | 63,683 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 248,239 | 232,120 | 16,119 | ||||
Reversal of unrealized gains upon the sale of marketable securities | 0 | ||||||
Change in fair value of derivatives and amortization of swap settlements | 7,893 | 7,637 | 256 | ||||
Changes in fair value of marketable securities, net | 1,865 | 1,804 | 61 | ||||
Issuance of common stock under: | |||||||
Stock option and restricted stock plans, net | 26,540 | 26,540 | |||||
Stock option and restricted stock plans, net (in shares) | 207 | ||||||
Equity distribution agreements, net | 332,137 | 332,137 | |||||
Equity distribution agreements, net (in shares) | 1,482 | ||||||
Equity-based compensation costs | 9,646 | 5,946 | 3,700 | ||||
Reclassification of noncontrolling interest to redeemable noncontrolling interest | (19,772) | (7,657) | (12,115) | ||||
Changes in the redemption value of redeemable noncontrolling interest | (2,615) | (2,615) | |||||
Contributions from noncontrolling interest | 0 | ||||||
Retirement of noncontrolling interest | 0 | ||||||
Distributions to noncontrolling interest | (21,705) | (21,705) | |||||
Redemptions of noncontrolling interest | (2,621) | (2,199) | (422) | ||||
Redemptions of noncontrolling interest (in shares) | 7 | ||||||
Common and preferred stock dividends | (378,652) | (378,652) | |||||
Balances at Dec. 31, 2015 | 6,337,023 | $ 73,750 | $ 6 | 7,003,317 | (797,329) | (42,011) | 99,290 |
Balances (in shares) at Dec. 31, 2015 | 2,950 | 65,379 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 438,410 | 414,979 | 23,431 | ||||
Reversal of unrealized gains upon the sale of marketable securities | (4,848) | (4,689) | (159) | ||||
Change in fair value of derivatives and amortization of swap settlements | 15,926 | 15,403 | 523 | ||||
Changes in fair value of marketable securities, net | (828) | (801) | (27) | ||||
Issuance of common stock under: | |||||||
Stock option and restricted stock plans, net | 18,949 | 18,949 | |||||
Stock option and restricted stock plans, net (in shares) | 140 | ||||||
Equity distribution agreements, net | (384) | (384) | |||||
Equity-based compensation costs | 10,899 | 8,246 | 2,653 | ||||
Redemption of Series H preferred stock | (73,750) | $ (73,750) | 2,541 | (2,541) | |||
Redemption of Series H preferred stock (in shares) | (2,950) | ||||||
Retirement of common stock, net | (1,045) | (1,045) | |||||
Retirement of common stock, net (in shares) | (5) | ||||||
Changes in the redemption value of redeemable noncontrolling interest | 768 | 172 | 596 | ||||
Contributions from noncontrolling interest | 0 | ||||||
Retirement of noncontrolling interest | 0 | ||||||
Distributions to noncontrolling interest | (25,854) | (25,854) | |||||
Redemptions of noncontrolling interest | (2,511) | (2,117) | (394) | ||||
Redemptions of noncontrolling interest (in shares) | 14 | ||||||
Common and preferred stock dividends | (420,518) | (420,518) | |||||
Balances at Dec. 31, 2016 | $ 6,292,237 | $ 0 | $ 6 | $ 7,029,679 | $ (805,409) | $ (32,098) | $ 100,059 |
Balances (in shares) at Dec. 31, 2016 | 0 | 65,528 |
Consolidated Statements of Capi
Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Net income | $ 204,517 | $ 86,907 | $ 85,762 | $ 64,753 | $ 438,410 | $ 248,239 | $ 134,438 |
Reversal of unrealized gains upon the sale of marketable securities | (4,848) | 0 | (886) | ||||
Changes in fair value of derivatives and amortization of swap settlements | 15,926 | 7,893 | 4,168 | ||||
Changes in fair value of marketable securities, net | (828) | 1,865 | 6,302 | ||||
Issuance of common stock under: | |||||||
Sale of common stock by the general partner, net | (384) | 332,137 | 532,670 | ||||
Retirement of common stock, net | (1,045) | ||||||
Reclassification of noncontrolling interest to redeemable noncontrolling interest | (19,772) | (20,890) | |||||
Changes in the redemption value of redeemable noncontrolling interest | 768 | (2,615) | 312 | ||||
Conversion of Series G preferred stock | 4,349 | ||||||
Contributions from noncontrolling interest | 0 | 0 | 1,419,816 | ||||
Retirement of noncontrolling interest | 0 | 0 | (1,419,816) | ||||
Distributions to noncontrolling interests | (25,854) | (21,705) | (17,069) | ||||
Redemptions | (2,511) | (2,621) | (4,026) | ||||
Essex Portfolio, L.P. [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balances | 6,337,023 | 6,136,068 | 6,337,023 | 6,136,068 | 1,998,238 | ||
Net income | 204,517 | 86,907 | 85,762 | 64,753 | 438,410 | 248,239 | 134,438 |
Reversal of unrealized gains upon the sale of marketable securities | (4,848) | 0 | (886) | ||||
Changes in fair value of derivatives and amortization of swap settlements | 15,926 | 7,893 | 4,168 | ||||
Changes in fair value of marketable securities, net | (828) | 1,865 | 6,302 | ||||
Issuance of common stock under: | |||||||
Common stock issued as consideration by general partner in merger | 3,774,087 | ||||||
General partner's stock based compensation, net | 18,949 | 26,540 | 11,024 | ||||
Sale of common stock by the general partner, net | (384) | 332,137 | 532,670 | ||||
Equity-based compensation costs | 10,899 | 9,646 | 11,872 | ||||
Redemption of Series H preferred units | (73,750) | ||||||
Retirement of common stock, net | (1,045) | ||||||
Reclassification of noncontrolling interest to redeemable noncontrolling interest | (19,772) | (20,890) | |||||
Changes in the redemption value of redeemable noncontrolling interest | 768 | (2,615) | 312 | ||||
Conversion of Series G preferred stock | 4,349 | ||||||
Contributions from noncontrolling interest | 0 | 0 | 1,419,816 | ||||
Retirement of noncontrolling interest | 0 | 0 | (1,419,816) | ||||
Distributions to noncontrolling interests | (11,296) | (8,751) | (4,890) | ||||
Redemptions | (2,511) | (2,621) | (5,497) | ||||
Distributions declared | (435,076) | (391,606) | (309,229) | ||||
Balances | 6,292,237 | 6,337,023 | 6,292,237 | 6,337,023 | 6,136,068 | ||
Essex Portfolio, L.P. [Member] | Accumulated other comprehensive loss, net [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balances | (39,598) | (49,356) | (39,598) | (49,356) | (58,940) | ||
Reversal of unrealized gains upon the sale of marketable securities | (4,848) | (886) | |||||
Changes in fair value of derivatives and amortization of swap settlements | 15,926 | 7,893 | 4,168 | ||||
Changes in fair value of marketable securities, net | (828) | 1,865 | 6,302 | ||||
Issuance of common stock under: | |||||||
Balances | (29,348) | (39,598) | (29,348) | (39,598) | (49,356) | ||
Essex Portfolio, L.P. [Member] | Noncontrolling Interest [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balances | 49,642 | 62,635 | 49,642 | 62,635 | 66,130 | ||
Net income | 9,342 | 8,295 | 7,421 | ||||
Issuance of common stock under: | |||||||
Reclassification of noncontrolling interest to redeemable noncontrolling interest | (12,115) | (5,084) | |||||
Changes in the redemption value of redeemable noncontrolling interest | 596 | ||||||
Distributions to noncontrolling interests | (11,296) | (8,751) | (4,890) | ||||
Redemptions | (411) | (422) | (942) | ||||
Balances | 47,873 | 49,642 | 47,873 | 49,642 | 62,635 | ||
Essex Portfolio, L.P. [Member] | General Partner [Member] | Common Equity [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balances | $ 6,208,535 | $ 6,002,915 | $ 6,208,535 | $ 6,002,915 | $ 1,873,882 | ||
Balances (in shares) | 65,379 | 63,683 | 65,379 | 63,683 | 37,421 | ||
Net income | $ 411,124 | $ 226,865 | $ 116,859 | ||||
Issuance of common stock under: | |||||||
Common stock issued as consideration by general partner in merger | $ 3,774,087 | ||||||
Common stock issued as consideration by general partner in merger (in shares) | 23,067 | ||||||
General partner's stock based compensation, net | $ 18,949 | $ 26,540 | $ 11,024 | ||||
General partner's stock based compensation, net (in shares) | 140 | 207 | 218 | ||||
Sale of common stock by the general partner, net | $ (384) | $ 332,137 | $ 532,670 | ||||
Sale of common stock by the general partner, net (in shares) | 1,482 | 2,943 | |||||
Equity-based compensation costs | 8,246 | $ 5,946 | $ 5,719 | ||||
Retirement of common stock, net | $ (1,045) | ||||||
Retirement of common stock, net (in shares) | (5) | ||||||
Reclassification of noncontrolling interest to redeemable noncontrolling interest | (7,657) | (19,823) | |||||
Changes in the redemption value of redeemable noncontrolling interest | $ 172 | (2,615) | 312 | ||||
Conversion of Series G preferred stock | $ 4,349 | ||||||
Conversion of Series G preferred stock (in shares) | 34 | ||||||
Distributions to noncontrolling interests | $ 0 | ||||||
Redemptions | $ (2,117) | $ (2,199) | (3,374) | ||||
Redemptions (in shares) | (14) | (7) | |||||
Distributions declared | $ (419,204) | $ (373,397) | (292,790) | ||||
Balances | $ 6,224,276 | $ 6,208,535 | $ 6,224,276 | $ 6,208,535 | $ 6,002,915 | ||
Balances (in shares) | 65,528 | 65,379 | 65,528 | 65,379 | 63,683 | ||
Essex Portfolio, L.P. [Member] | General Partner [Member] | Preferred Equity [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balances | $ 71,209 | $ 71,209 | $ 71,209 | $ 71,209 | $ 71,209 | ||
Net income | 3,855 | 5,255 | 5,291 | ||||
Issuance of common stock under: | |||||||
Redemption of Series H preferred units | (73,750) | ||||||
Distributions declared | (1,314) | (5,255) | (5,291) | ||||
Balances | $ 0 | $ 71,209 | 0 | 71,209 | 71,209 | ||
Essex Portfolio, L.P. [Member] | Limited Partner [Member] | Common Equity [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balances | $ 47,235 | $ 48,665 | $ 47,235 | $ 48,665 | $ 45,957 | ||
Balances (in shares) | 2,215 | 2,168 | 2,215 | 2,168 | 2,150 | ||
Net income | $ 14,089 | $ 7,824 | $ 4,867 | ||||
Issuance of common stock under: | |||||||
Equity-based compensation costs | $ 2,653 | $ 3,700 | $ 6,153 | ||||
Equity-based compensation costs (in shares) | 37 | 54 | 28 | ||||
Reclassification of noncontrolling interest to redeemable noncontrolling interest | $ 0 | $ 4,017 | |||||
Reclassification of noncontrolling interest to redeemable noncontrolling interest (in shares) | (10) | ||||||
Contributions from noncontrolling interest | $ 1,419,816 | ||||||
Contributions from noncontrolling interest (in shares) | 8,561 | ||||||
Retirement of noncontrolling interest | $ (1,419,816) | ||||||
Retirement of noncontrolling interest (in shares) | (8,561) | ||||||
Distributions to noncontrolling interests | $ 0 | ||||||
Redemptions | $ 17 | $ 0 | (1,181) | ||||
Redemptions (in shares) | (15) | (7) | |||||
Distributions declared | $ (14,558) | $ (12,954) | (11,148) | ||||
Balances | $ 49,436 | $ 47,235 | $ 49,436 | $ 47,235 | $ 48,665 | ||
Balances (in shares) | 2,237 | 2,215 | 2,237 | 2,215 | 2,168 | ||
Essex Portfolio, L.P. [Member] | Limited Partner [Member] | Preferred Equity [Member] | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balances | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Issuance of common stock under: | |||||||
Balances | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 438,410 | $ 248,239 | $ 134,438 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 441,682 | 453,423 | 360,592 |
Amortization of discount on marketable securities and other investments | (14,211) | (12,389) | (9,325) |
Amortization of (premium) discount and financing costs, net | (15,234) | (19,361) | (14,672) |
Gain on sale of marketable securities and other investments | (5,719) | (598) | (886) |
Company's share of gain on the sales of co-investments | (13,046) | 0 | (6,558) |
Earnings from co-investments | (35,652) | (21,861) | (33,335) |
Operating distributions from co-investments | 60,472 | 46,608 | 49,486 |
Gain on the sales of real estate and land | (154,561) | (47,333) | (46,039) |
Equity-based compensation | 10,899 | 6,061 | 8,740 |
Loss on early retirement of debt, net | 606 | 6,114 | 268 |
Gain on remeasurement of co-investments | 0 | (34,014) | 0 |
Noncash merger and integration expenses | 0 | 0 | 9,025 |
Changes in operating assets and liabilities: | |||
Prepaid expenses, receivables and other assets | (2,328) | 267 | 15,828 |
Accounts payable and accrued liabilities | 1,701 | (9,633) | 24,233 |
Other liabilities | (496) | 1,887 | 1,517 |
Net cash provided by operating activities | 712,523 | 617,410 | 493,312 |
Additions to real estate: | |||
Acquisitions of real estate and acquisition related capital expenditures | (315,632) | (515,726) | (387,547) |
Redevelopment | (83,927) | (99,346) | (81,429) |
Development acquisitions of and additions to real estate under development | (76,455) | (157,900) | (152,766) |
Capital expenditures on rental properties | (60,013) | (57,277) | (78,864) |
Acquisition of membership interest in co-investments | 0 | (115,724) | 0 |
Collections of notes and other receivables | 4,070 | 0 | 76,585 |
Investments in notes receivable | (24,070) | 0 | 0 |
Proceeds from insurance for property losses | 5,543 | 16,811 | 35,547 |
BRE merger consideration paid | 0 | 0 | (555,826) |
Proceeds from dispositions of real estate | 239,289 | 319,008 | 141,189 |
Contributions to co-investments | (183,989) | (127,879) | (246,006) |
Changes in restricted cash and refundable deposits | (14,138) | (14,068) | (36,582) |
Purchases of marketable securities | (18,779) | (14,300) | (20,516) |
Sales and maturities of marketable securities and other investments | 30,458 | 8,907 | 8,753 |
Non-operating distributions from co-investments | 76,231 | 31,938 | 150,306 |
Net cash used in investing activities | (421,412) | (725,556) | (1,147,156) |
Cash flows from financing activities: | |||
Borrowings under debt agreements | 1,265,388 | 1,345,855 | 2,093,406 |
Repayment of debt | (1,018,126) | (1,197,351) | (1,814,020) |
Repayment of cumulative redeemable preferred stock | (73,750) | 0 | 0 |
Retirement of common stock | (1,045) | 0 | 0 |
Additions to deferred charges | (7,926) | (8,034) | (17,402) |
Net proceeds from issuance of common stock | (384) | 332,137 | 531,379 |
Net proceeds from stock options exercised | 18,949 | 26,540 | 11,039 |
Distributions to noncontrolling interest | (25,334) | (21,055) | (17,465) |
Redemption of noncontrolling interest | (2,511) | (2,621) | (5,753) |
Common and preferred stock dividends paid | (411,134) | (367,257) | (260,574) |
Net cash (used in) provided by financing activities | (255,873) | 108,214 | 520,610 |
Cash acquired from the BRE merger | 0 | 0 | 140,353 |
Cash acquired from consolidation of co-investment | 0 | 4,005 | 0 |
Net increase in cash and cash equivalents | 35,238 | 4,073 | 7,119 |
Cash and cash equivalents at beginning of year | 29,683 | 25,610 | 18,491 |
Cash and cash equivalents at end of year | 64,921 | 29,683 | 25,610 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of capitalized interest | 203,743 | 181,106 | 130,691 |
Interest capitalized | 12,486 | 15,571 | 22,510 |
Supplemental disclosure of noncash investing and financing activities: | |||
Issuance of Operating Partnership units for contributed properties | 0 | 0 | 1,419,816 |
Retirement of Operating Partnership units | 0 | 0 | (1,419,816) |
Transfers between real estate under development to rental properties, net | 104,159 | 308,704 | 10,203 |
Transfer from real estate under development to co-investments | 9,919 | 6,234 | 83,574 |
Reclassifications (from) to redeemable noncontrolling interest to or from additional paid in capital and noncontrolling interest | (768) | 22,387 | 18,766 |
Debt assumed in connection with acquisition (excluding BRE merger) | 48,832 | 114,435 | 72,568 |
Debt deconsolidated in connection with BEX II transaction | 20,195 | 0 | 0 |
Essex Portfolio, L.P. [Member] | |||
Cash flows from operating activities: | |||
Net income | 438,410 | 248,239 | 134,438 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 441,682 | 453,423 | 360,592 |
Amortization of discount on marketable securities and other investments | (14,211) | (12,389) | (9,325) |
Amortization of (premium) discount and financing costs, net | (15,234) | (19,361) | (14,672) |
Gain on sale of marketable securities and other investments | (5,719) | (598) | (886) |
Company's share of gain on the sales of co-investments | (13,046) | 0 | (6,558) |
Earnings from co-investments | (35,652) | (21,861) | (33,335) |
Operating distributions from co-investments | 60,472 | 46,608 | 49,486 |
Gain on the sales of real estate and land | (154,561) | (47,333) | (46,039) |
Equity-based compensation | 10,899 | 6,061 | 8,740 |
Loss on early retirement of debt, net | 606 | 6,114 | 268 |
Gain on remeasurement of co-investments | 0 | (34,014) | 0 |
Noncash merger and integration expenses | 0 | 0 | 9,025 |
Changes in operating assets and liabilities: | |||
Prepaid expenses, receivables and other assets | (2,328) | 267 | 15,828 |
Accounts payable and accrued liabilities | 1,701 | (9,633) | 24,233 |
Other liabilities | (496) | 1,887 | 1,517 |
Net cash provided by operating activities | 712,523 | 617,410 | 493,312 |
Additions to real estate: | |||
Acquisitions of real estate and acquisition related capital expenditures | (315,632) | (515,726) | (387,547) |
Redevelopment | (83,927) | (99,346) | (81,429) |
Development acquisitions of and additions to real estate under development | (76,455) | (157,900) | (152,766) |
Capital expenditures on rental properties | (60,013) | (57,277) | (78,864) |
Acquisition of membership interest in co-investments | 0 | (115,724) | 0 |
Collections of notes and other receivables | 4,070 | 0 | 76,585 |
Investments in notes receivable | (24,070) | 0 | 0 |
Proceeds from insurance for property losses | 5,543 | 16,811 | 35,547 |
BRE merger consideration paid | 0 | 0 | (555,826) |
Proceeds from dispositions of real estate | 239,289 | 319,008 | 141,189 |
Contributions to co-investments | (183,989) | (127,879) | (246,006) |
Changes in restricted cash and refundable deposits | (14,138) | (14,068) | (36,582) |
Purchases of marketable securities | (18,779) | (14,300) | (20,516) |
Sales and maturities of marketable securities and other investments | 30,458 | 8,907 | 8,753 |
Non-operating distributions from co-investments | 76,231 | 31,938 | 150,306 |
Net cash used in investing activities | (421,412) | (725,556) | (1,147,156) |
Cash flows from financing activities: | |||
Borrowings under debt agreements | 1,265,388 | 1,345,855 | 2,093,406 |
Repayment of debt | (1,018,126) | (1,197,351) | (1,814,020) |
Repayment of cumulative redeemable preferred stock | (73,750) | 0 | 0 |
Additions to deferred charges | (7,926) | (8,034) | (17,402) |
Net proceeds from issuance of common stock | (384) | 332,137 | 531,379 |
Net proceeds from stock options exercised | 18,949 | 26,540 | 11,039 |
Distributions to noncontrolling interest | (6,960) | (7,615) | (4,841) |
Redemption of noncontrolling interest | (2,511) | (2,621) | (802) |
Common and preferred stock dividends paid | (429,508) | (380,697) | (278,149) |
Net cash (used in) provided by financing activities | (255,873) | 108,214 | 520,610 |
Cash acquired from the BRE merger | 0 | 0 | 140,353 |
Cash acquired from consolidation of co-investment | 0 | 4,005 | 0 |
Net increase in cash and cash equivalents | 35,238 | 4,073 | 7,119 |
Cash and cash equivalents at beginning of year | 29,683 | 25,610 | 18,491 |
Cash and cash equivalents at end of year | 64,921 | 29,683 | 25,610 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of capitalized interest | 203,743 | 181,106 | 130,691 |
Interest capitalized | 12,486 | 15,571 | 22,510 |
Supplemental disclosure of noncash investing and financing activities: | |||
Issuance of Operating Partnership units for contributed properties | 0 | 0 | 1,419,816 |
Retirement of Operating Partnership units | 0 | 0 | (1,419,816) |
Transfers between real estate under development to rental properties, net | 104,159 | 308,704 | 10,203 |
Transfer from real estate under development to co-investments | 9,919 | 6,234 | 83,574 |
Reclassifications (from) to redeemable noncontrolling interest to or from additional paid in capital and noncontrolling interest | (768) | 22,387 | 18,766 |
Debt assumed in connection with acquisition (excluding BRE merger) | 48,832 | 114,435 | 72,568 |
Debt deconsolidated in connection with BEX II transaction | $ 20,195 | $ 0 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization The accompanying consolidated financial statements present the accounts of Essex Property Trust, Inc. (“Essex”, “ESS”, or the “Company”), which include the accounts of the Company and Essex Portfolio, L.P. and subsidiaries (the “Operating Partnership,” which holds the operating assets of the Company). Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership. ESS is the sole general partner in the Operating Partnership with a 96.7% general partner interest and the limited partners owned a 3.3% interest as of December 31, 2016 . The limited partners may convert their Operating Partnership units into an equivalent number of shares of common stock. Total Operating Partnership limited partnership units outstanding were 2,237,290 and 2,214,545 as of December 31, 2016 and 2015 , respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $520.2 million and $530.2 million , as of December 31, 2016 and 2015 , respectively. The Company has reserved shares of common stock for such conversions. As of December 31, 2016 , the Company owned or had ownership interests in 245 apartment communities, (aggregating 59,645 apartment homes), two operating commercial buildings, and six active development projects (collectively, the “Portfolio”). The communities are located in Southern California (Los Angeles, Orange, San Diego, and Ventura counties), Northern California (the San Francisco Bay Area) and the Seattle metropolitan areas. On April 1, 2014, Essex completed the merger with BRE Properties, Inc. (“BRE”). In connection with the closing of the merger, (1) BRE merged into a wholly owned subsidiary of Essex, and (2) each outstanding share of BRE common stock was converted into (i) 0.2971 shares (the “Stock Consideration”) of Essex common stock, and (ii) $ 7.18 in cash, (the “Cash Consideration”), plus cash in lieu of fractional shares for total consideration of approximately $4.3 billion . The Cash Consideration was adjusted as a result of the authorization and declaration of a special distribution to the stockholders of BRE of $5.15 per share of BRE common stock payable to BRE stockholders of record as of the close of business on March 31, 2014 (the “Special Dividend”). The Special Dividend was payable as a result of the closing of the sale of certain interests in assets of BRE to certain parties, which closed on March 31, 2014. Pursuant to the terms of the merger agreement, the amounts payable as a Special Dividend reduced the Cash Consideration of $12.33 payable by Essex in the merger to $7.18 per share of BRE common stock. Essex issued approximately 23.1 million shares of Essex common stock as Stock Consideration in the merger. For purchase accounting, the value of the common stock issued by Essex upon the consummation of the merger was determined based on the closing price of BRE’s common stock on the closing date of the merger. As a result of Essex being admitted to the S&P 500 on the same date as the closing of the merger, Essex’s common stock price experienced significantly higher than usual trading volume and the closing price of $174 per share was significantly higher than its volume-weighted average trading price for the days before and after April 1, 2014. BRE’s common stock did not experience the same proportionate increase in common stock price leading up to April 1, 2014. As a result, given that a substantial component of the purchase price is an exchange of equity instruments, Essex used the closing price of BRE’s common stock on April 1, 2014 of $61 per share, less the Cash Consideration, as the fair value of the equity consideration. After deducting the Special Dividend and the Cash Consideration per share, this resulted in a value of $48.67 per share of BRE common stock which is the equivalent of approximately $164 per share of Essex common stock issued. |
Summary of Critical and Signifi
Summary of Critical and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Critical and Significant Accounting Policies | Summary of Critical and Significant Accounting Policies (a) Principles of Consolidation and Basis of Presentation The accounts of the Company, its controlled subsidiaries and the variable interest entities (“VIEs”) in which it is the primary beneficiary are consolidated in the accompanying financial statements and prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included and are normal and recurring in nature. All significant inter-company accounts and transactions have been eliminated. Certain reclassifications have been made in prior period amounts to conform to the current year’s presentation including the reclassification of $3.3 million in deferred financing costs related to lines of credit which were reclassified from lines of credit to prepaid expenses and other assets as of December 31, 2015. Such reclassifications had no net effect on previously reported financial results. Noncontrolling interest includes the 3.3% limited partner interests in the Operating Partnership not held by the Company at both December 31, 2016 and 2015 . These percentages include the Operating Partnership’s vested long term incentive plan units (see Note 12). (b) Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." The new standard provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. The new standard requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. In August 2015, the FASB deferred the effective date of the new standard by one year, and it is now effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted. The new standard may be applied using either a full retrospective or a modified approach upon adoption. The Company does not expect that this will have a material effect on its consolidated results of operations or financial position. In January 2016, the FASB issued ASU No. 2016-01 "Recognition and Measurement of Financial Assets and Financial Liabilities", which requires changes to the classification and measurement of investments in certain equity securities and to the presentation of certain fair value changes for financial liabilities measured at fair value. The new standard will be effective for the Company beginning on January 1, 2018 and early adoption is permitted. The Company does not expect that this will have a material effect on its consolidated results of operations or financial position. In February 2016, the FASB issued ASU No. 2016-02 "Leases", which requires an entity that is a lessee to classify leases as either finance or operating and to recognize a lease liability and a right-of-use asset for all leases that have a duration of greater than 12 months. Leases of 12 months or less will be accounted for similar to existing guidance for operating leases today. For lessors, accounting for leases under the new standard will be substantially the same as existing guidance for sales-type leases, direct financing leases, and operating leases, but eliminates current real estate specific provisions and changes the treatment of initial direct costs. The new standard will be effective for the Company beginning on January 1, 2019 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a modified retrospective approach. The Company is currently evaluating the impact of this amendment on its consolidated results of operations and financial position. In March 2016, the FASB issued ASU No. 2016-07 "Simplifying the Transition to the Equity Method of Accounting", which eliminates the requirement to retroactively adjust an investment, results of operations, and retained earnings when the investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence. The new standard will be effective for the Company beginning on January 1, 2017 and early adoption is permitted. The Company does not expect the impact of this to be material on its consolidated results of operations or financial position. In March 2016, the FASB issued ASU No. 2016-09 "Improvement to Employee Share-Based Payment Accounting", which amends certain aspects of how an entity accounts for share-based payments to employees. This amendment requires entities to recognize the income tax effects of share-based awards in the income statement when the awards vest or are settled, rather than recording such effects in additional paid-in capital. Entities will also be permitted to elect to account for forfeitures of share-based payments as they occur or continue with the current practice which requires estimating the number of awards expected to be forfeited and adjusting the estimate when it is likely to change. The new standard will be effective January 1, 2017, with early adoption permitted. The change in recognition of income tax effects of share-based awards will be applied prospectively. If the Company elects to account for forfeitures of share-based payments as they occur, such change will be applied using a modified retrospective approach, with a cumulative-effect adjustment to distributions in excess of accumulated earnings. The Company does not expect that this will have a material effect on its consolidated results of operations or financial position. In June 2016, the FASB issued ASU No. 2016-13 "Measure of Credit Losses on Financial Instruments", which amends the current approach to estimate credit losses on certain financial assets, including trade and other receivables, available-for-sale securities, and other financial instruments. Generally, this amendment requires entities to establish a valuation allowance for the expected lifetime losses of these certain financial assets. Subsequent changes in the valuation allowance are recorded in current earnings and reversal of previous losses are permitted. Currently, U.S. GAAP requires entities to write down credit losses only when losses are probable and loss reversals are not permitted. The new standard will be effective for the Company beginning on January 1, 2020 and early adoption is permitted. The Company is currently evaluating the impact of this amendment on its consolidated results of operations and financial position. In August 2016, the FASB issued ASU No. 2016-15 "Classification of Certain Cash Receipts and Cash Payments", which requires entities to adhere to a uniform classification and presentation of certain cash receipts and cash payments in the statement of cash flows. The amendments in this update provide guidance on eight specific cash flow issues. The new standard will be effective for the Company beginning on January 1, 2018 and early adoption is permitted. The Company does not expect the impact of the other items identified in the ASU to be material on its consolidated results of operations or financial position. In October 2016, the FASB issued ASU No. 2016-17 "Interests Held through Related Parties that are Under Common Control", which further refines the consolidation guidance of variable interest entities as outlined in ASU 2015-02 "Consolidation: Amendments to the Consolidation Analysis" (which became effective for the Company since January 2016) and requires entities to consider only their proportionate indirect interest in a variable interest entity held through an entity under common control. Currently, U.S. GAAP requires entities to consider such proportionate indirect interests as if the entities held the interest themselves. This new standard will be effective for the Company beginning January 1, 2017 and early adoption is permitted. The Company does not expect that this will have a material effect on its consolidated results of operations or financial position. In November 2016, the FASB issued ASU No. 2016-18 "Statement of Cash Flows", which requires entities to include restricted cash and restricted cash equivalents in the reconciliation of beginning-of period to the end-of-period of cash and cash equivalents in the statement of cash flows. This new standard seeks to eliminate the current diversity in practice in how changes in restricted cash and restricted cash equivalents is presented in the statement of cash flows. This new standard will be effective for the Company beginning January 1, 2018 and early adoption is permitted. The Company is currently evaluating the impact of this amendment on its consolidated statements of cash flows. In January 2017, the FASB issued ASU No. 2017-01 "Business Combinations: Clarifying the Definition of a Business", which provides a new framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Currently, U.S. GAAP does not specify the minimum inputs and processes required for an integrated set of assets and activities to meet the definition of a business, causing a broad interpretation of the definition of a business. This new standard will be effective for the Company beginning January 1, 2018 and early adoption is permitted. The Company is currently evaluating the impact of this amendment on its consolidated results of operations and financial position. (c) Real Estate Rental Properties Significant expenditures, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized. Operating real estate assets are stated at cost and consist of land, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Expenditures for maintenance and repairs are charged to expense as incurred. The depreciable life of various categories of fixed assets is as follows: Computer software and equipment 3 - 5 years Interior apartment home improvements 5 years Furniture, fixtures and equipment 5 - 10 years Land improvements and certain exterior components of real property 10 years Real estate structures 30 years The Company capitalizes all costs incurred with the predevelopment, development or redevelopment of real estate assets or are associated with the construction or expansion of real property. Such capitalized costs include land, land improvements, allocated costs of the Company’s project management staff, construction costs, as well as interest and related loan fees, property taxes and insurance. Capitalization begins for predevelopment, development, and redevelopment projects when activity commences. Capitalization ends when the apartment home is completed and the property is available for a new resident or if the development activities cease. The Company allocates the purchase price of real estate to land and building including personal property, and identifiable intangible assets, such as the value of above, below and in-place leases. The values of the above and below market leases are amortized and recorded as either a decrease (in the case of above market leases) or an increase (in the case of below market leases) to rental revenue over the remaining term of the associated leases acquired, which in the case of below market leases the Company assumes lessees will elect to renew their leases. The value of acquired in-place leases are amortized to expense over the average remaining term of the leases acquired. The net carrying value of acquired in-place leases is $1.4 million and $2.9 million as of December 31, 2016 and 2015 , respectively, and are included in prepaid expenses and other assets on the Company's consolidated balance sheets. The Company performs the following evaluation for communities acquired: (1) adjust the purchase price for any fair value adjustments resulting from such things as assumed debt or contingencies; (2) estimate the value of the real estate “as if vacant” as of the acquisition date; (3) allocate that value among land and buildings including personal property; (4) compute the value of the difference between the “as if vacant” value and the adjusted purchase price, which will represent the total intangible assets; (5) compute the value of the above and below market leases and determine the associated life of the above market/ below market leases; (6) compute the value of the in-place leases and customer relationships, if any, and the associated lives of these assets. Whenever events or changes in circumstances indicate that the carrying amount of a property held for investment or held for sale may not be fully recoverable, the carrying amount will be evaluated for impairment. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount (including intangible assets) of a property held for investment, then the Company will recognize an impairment loss equal to the excess of the carrying amount over the fair value of the property. Fair value of a property is determined using conventional real estate valuation methods, such as discounted cash flow, the property’s unleveraged yield in comparison to the unleveraged yields and sales prices of similar communities that have been recently sold, and other third party information, if available. Communities held for sale are carried at the lower of cost and fair value less estimated costs to sell. As of December 31, 2016 one property was classified as held for sale. As of December 31, 2015 two properties were classified as held for sale. No impairment charges were recorded in 2016, 2015 or 2014. In the normal course of business, the Company will receive purchase offers for its communities, either solicited or unsolicited. For those offers that are accepted, the prospective buyer will usually require a due diligence period before consummation of the transaction. It is not unusual for matters to arise that result in the withdrawal or rejection of the offer during this process. The Company classifies real estate as "held for sale" when all criteria under the accounting standard for the disposals of long-lived assets have been met. (d) Co-investments The Company owns investments in joint ventures (“co-investments”) in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with the accounting standards. Therefore, the Company accounts for these investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company’s equity in earnings less distributions received and the Company’s share of losses. A majority of the co-investments, excluding the preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote distributions if certain financial return benchmarks are achieved. Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible. Any promote fees are reflected in equity income from co-investments. (e) Revenues and Gains on Sale of Real Estate Revenues from tenants renting or leasing apartment homes are recorded when due from tenants and are recognized monthly as they are earned, which is not materially different than on a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 6 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. The Company recognizes gains on sales of real estate when a contract is in place, a closing has taken place, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property and the Company does not have a substantial continuing involvement with the property. (f) Cash Equivalents and Restricted Cash Highly liquid investments with original maturities of three months or less when purchased are classified as cash equivalents. Restricted cash balances relate primarily to reserve requirements for capital replacement at certain communities in connection with the Company’s mortgage debt. (g) Marketable Securities The Company reports its available for sale securities at fair value, based on quoted market prices (Level 1 for the common stock and investment funds, Level 2 for the unsecured bonds and Level 3 for investments in mortgage backed securities, as defined by the FASB standard for fair value measurements as discussed later in Note 2), and any unrealized gain or loss is recorded as other comprehensive income. There were no other than temporary impairment charges for the years ended December 31, 2016 , 2015 , and 2014 . Realized gains and losses, interest income, and amortization of purchase discounts are included in interest and other income on the consolidated statements of income. As of December 31, 2016 and 2015 , marketable securities consisted primarily of investment-grade unsecured bonds, common stock, investments in mortgage backed securities, investment funds that invest in U.S. treasury or agency securities, and other limited partnership investments. As of December 31, 2016 and 2015 , the Company classified its investments in mortgage backed securities, which mature in November 2019 and September 2020 , as held to maturity, and accordingly, these securities are stated at their amortized cost. The discount on the mortgage backed securities is being amortized to interest income based on an estimated yield and the maturity date of the securities. As of December 31, 2016 and 2015 marketable securities consist of the following ($ in thousands): December 31, 2016 Amortized Cost Gross Unrealized Gain (Loss) Carrying Value Available for sale: Investment-grade unsecured bonds $ 19,604 $ (73 ) $ 19,531 Investment funds - U.S. treasuries 10,022 (22 ) 10,000 Common stock and stock funds 13,696 1,569 15,265 Held to maturity: Mortgage backed securities 94,393 — 94,393 Total - Marketable securities $ 137,715 $ 1,474 $ 139,189 December 31, 2015 Amortized Cost Gross Unrealized Gain (Loss) Carrying Value Available for sale: Investment-grade unsecured bonds $ 11,618 $ 68 $ 11,686 Investment funds - U.S. treasuries 3,675 (9 ) 3,666 Common stock and stock funds 34,655 7,091 41,746 Held to maturity: Mortgage backed securities 80,387 — 80,387 Total - Marketable securities $ 130,335 $ 7,150 $ 137,485 The Company uses the specific identification method to determine the cost basis of a security sold and to reclassify amounts from accumulated other comprehensive income for securities sold. For the years ended December 31, 2016 , 2015 and 2014 , the proceeds from sales of available for sale securities totaled $30.5 million , $3.3 million and $8.8 million , respectively. For the years ended December 31, 2016 , 2015 and 2014 these sales resulted in gains of $4.8 million , no net gains or losses, and gains of $0.9 million , respectively. For the year ended December 31, 2015, the proceeds from the sale of other investments totaled $5.6 million , which resulted in a realized gain of $0.6 million recorded in interest and other income on the consolidated statements of income. There were no such sales for the years ended December 31, 2016 and 2014. (h) Notes Receivable Notes receivable relate to real estate financing arrangements including mezzanine and bridge loans and are secured by real estate. Interest is recognized over the life of the note as interest income. Each note is analyzed to determine if it is impaired. A note is impaired if it is probable that the Company will not collect all contractually due principal and interest. The Company does not accrue interest when a note is considered impaired and an allowance is recorded for any principal and previously accrued interest that are not believed to be collectible. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income. As of December 31, 2016 and 2015 , no notes were impaired. (i) Capitalization Policy The Company capitalizes all direct and certain indirect costs, including interest, real estate taxes and insurance, incurred during development and redevelopment activities. Interest is capitalized on real estate assets that require a period of time to get them ready for their intended use. The amount of interest capitalized is based upon the average amount of accumulated development expenditures during the reporting period. Included in capitalized costs are management’s estimates of the direct and incremental personnel costs and indirect project costs associated with the Company's development and redevelopment activities. Indirect project costs consist primarily of personnel costs associated with construction administration and development, including accounting, legal fees, and various corporate and community onsite costs that clearly relate to projects under development. Those costs as well as capitalized development and redevelopment fees totaled $18.5 million , $17.6 million and $17.6 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, most of which relates to development projects. The Company capitalizes leasing costs associated with the lease-up of development communities and amortizes the costs over the life of the leases. The amounts capitalized are immaterial for all periods presented. (j) Fair Value of Financial Instruments The Company values its financial instruments based on the fair value hierarchy of valuation techniques described in the FASB’s accounting standard for fair value measurements. Level 1 inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability. The Company uses Level 1 inputs for the fair values of its cash equivalents and its marketable securities except for unsecured bonds and mortgage backed securities. The Company uses Level 2 inputs for its investments in unsecured bonds, notes receivable, notes payable, and derivative assets/liabilities. These inputs include interest rates for similar financial instruments. The Company’s valuation methodology for derivatives is described in Note 8. The Company uses Level 3 inputs to estimate the fair value of its mortgage backed securities. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Management believes that the carrying amounts of the outstanding balances under its notes and other receivables approximate fair value as of December 31, 2016 and 2015 , because interest rates, yields and other terms for these instruments are consistent with yields and other terms currently available for similar instruments. Management has estimated that the fair value of fixed rate debt with a carrying value of $5.1 billion and $4.8 billion , including premiums, discounts and debt financing costs, at December 31, 2016 and 2015 , respectively, to be $5.1 billion and $4.8 billion . Management has estimated the fair value of the Company’s $499.7 million and $525.3 million of variable rate debt, including debt financing costs, at December 31, 2016 and 2015 , respectively, to be $502.8 million and $527.6 million based on the terms of the Company’s existing variable rate debt compared to those available in the marketplace. Management believes that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payable, other liabilities and dividends payable approximate fair value as of December 31, 2016 and 2015 due to the short-term maturity of these instruments. Marketable securities, excluding mortgage backed securities, and derivative assets/liabilities are carried at fair value as of December 31, 2016 and 2015 . At December 31, 2016 and 2015 , the Company’s investments in mortgage backed securities had a carrying value of $94.4 million and $80.4 million , respectively. The Company estimated the fair value of investment in mortgage backed securities at December 31, 2016 and 2015 to be approximately $108.8 million and $110.2 million , respectively. The Company determines the fair value of the mortgage backed securities based on unobservable inputs (Level 3 of the fair value hierarchy) considering the assumptions that market participants would make in valuing these securities. Assumptions such as estimated default rates and discount rates are used to determine expected, discounted cash flows to estimate the fair value. (k) Interest Rate Protection, Swap, and Forward Contracts The Company uses interest rate swaps, interest rate cap contracts, and forward starting swaps to manage interest rate risks. The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, the Company primarily uses interest rate swaps and interest rate caps as part of its cash flow hedging strategy. The Company records all derivatives on its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated for accounting purposes as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated for accounting purposes as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the initial and ongoing effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated for accounting purposes as cash flow hedges, changes in fair value are recognized in earnings. All of the Company’s interest rate swaps are considered cash flow hedges. The change in fair value of the total return swaps is reported as total return swap income in the consolidated statements of income. (l) Income Taxes Generally in any year in which ESS qualifies as a real estate investment trust (“REIT”) under the Internal Revenue Code (the “IRC”), it is not subject to federal income tax on that portion of its income that it distributes to stockholders. No provision for federal income taxes, other than the taxable REIT subsidiaries discussed below, has been made in the accompanying consolidated financial statements for each of the years in the three-year period ended December 31, 2016 as ESS has elected to be and believes it qualifies under the IRC as a REIT and has made distributions during the periods in amounts to preclude ESS from paying federal income tax. In order to maintain compliance with REIT tax rules, the Company utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Company. In general, the activities and tax related provisions, assets and liabilities are not material. In 2016, a taxable REIT subsidiary sold two properties that it had acquired in 2007, resulting in Company's recognition of a deferred income tax expense of approximately $4.4 million . As a partnership, the Operating Partnership is not subject to federal or state income taxes except that in order to maintain ESS’s compliance with REIT tax rules that are applicable to ESS, the Operating Partnership utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Operating Partnership. The status of cash dividends distributed for the years ended December 31, 2016 , 2015 , and 2014 related to common stock, Series G and Series H preferred stock are classified for tax purposes as follows: 2016 2015 2014 Common Stock Ordinary income 86.68 % 99.28 % 70.03 % Capital gain 7.11 % 0.72 % 21.95 % Unrecaptured section 1250 capital gain 6.21 % — % 8.02 % 100.00 % 100.00 % 100.00 % 2016 2015 2014 Series G and H Preferred stock Ordinary income 86.68 % 99.28 % 70.03 % Capital gains 7.11 % 0.72 % 21.95 % Unrecaptured section 1250 capital gain 6.21 % — % 8.02 % 100.00 % 100.00 % 100.00 % (m) Equity-based Compensation The cost of share and unit based compensation awards is measured at the grant date based on the estimated fair value of the awards. The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period. The estimated grant date fair values of the long term incentive plan units (discussed in Note 12) are being amortized over the expected service periods. (n) Changes in Accumulated Other Comprehensive Loss, by Component Changes in Accumulated Other Comprehensive Loss, Net, by Component Essex Property Trust, Inc. ($ in thousands) Change in fair value and amortization of swap settlements Unrealized gains on available for sale securities Total Balance at December 31, 2015 $ (48,366 ) $ 6,355 $ (42,011 ) Other comprehensive income before reclassification 25,371 (801 ) 24,570 Amounts reclassified from accumulated other comprehensive loss (9,968 ) (4,689 ) (14,657 ) Other comprehensive income 15,403 (5,490 ) 9,913 Balance at December 31, 2016 $ (32,963 ) $ 865 $ (32,098 ) Changes in Accumulated Other Comprehensive Loss, by Component Essex Portfolio, L.P. ($ in thousands) Change in fair value and amortization of swap settlements Unrealized gains on available for sale securities Total Balance at December 31, 2015 $ (46,087 ) $ 6,489 $ (39,598 ) Other comprehensive income before reclassification 26,234 (828 ) 25,406 Amounts reclassified from accumulated other comprehensive loss (10,308 ) (4,848 ) (15,156 ) Other comprehensive income 15,926 (5,676 ) 10,250 Balance at December 31, 2016 $ (30,161 ) $ 813 $ (29,348 ) Amounts reclassified from accumulated other comprehensive loss in connection with derivatives are recorded to interest expense on the consolidated statements of income. Realized gains and losses on available for sale securities are included in interest and other income on the consolidated statements of income. (o) Redeemable Noncontrolling Interest The carrying value of redeemable noncontrolling interest in the accompanying balance sheets was $44.7 million and $45.5 million as of December 31, 2016 and 2015 , respectively. The amounts represent limited partners' interests as to which it is outside of the Company’s control to redeem the noncontrolling interests with Company common stock and may potentially be redeemed for cash. The changes in the redemption value of redeemable noncontrolling interests for the years ended December 31, 2016 , 2015 , and 2014 is as follows: 2016 2015 2014 Balance at January 1, $ 45,452 $ 23,256 $ — Reclassifications due to change in redemption value and other (768 ) 22,196 18,505 Redemptions — — — Additions — — 4,751 Balance at December 31, $ 44,684 $ 45,452 $ 23,256 (p) Accounting Estimates The preparation of consolidated financial statements, in accordance with GAAP, requires the Company |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate Investments, Net [Abstract] | |
Real Estate Investments | Real Estate Investments (a) Acquisitions of Real Estate For the year ended December 31, 2016, the Company purchased four communities consisting of 753 apartment homes for $333.7 million . The table below summarizes acquisition activity for the year ended December 31, 2016 ($ in millions): Property Name Location Apartment Homes Essex Ownership Percentage Quarter in 2016 Purchase Price Mio San Jose, CA 103 100 % Q1 $ 51.3 Form 15 San Diego, CA 242 100 % Q1 97.4 Emerson Valley Village Los Angeles, CA 144 100 % Q4 67.0 Ashton Sherman Village Los Angeles, CA 264 100 % Q4 118.0 Total 2016 753 $ 333.7 The $333.7 million aggregate purchase price for the acquisitions listed above were included on the Company's consolidated balance sheet as follows: $72.4 million was included in land and land improvements, $259.3 million was included in buildings and improvements, and $2.0 million was included in prepaid expenses and other assets, within the Company's consolidated balance sheets. For the year ended December 31, 2015, the Company purchased seven communities consisting of 1,722 apartment homes for $638.1 million . (b) Sales of Real Estate Investments For the year ended December 31, 2016, the Company sold three communities consisting of 323 apartment homes for $80.8 million resulting in gains totaling $14.0 million , net of $4.4 million deferred tax on gain on sale of real estate. The table below summarizes disposition activity for the year ended December 31, 2016 ($ in millions): Property Name Location Apartment Homes Essex Ownership Percentage Ownership Quarter in 2016 Sales Price Gains Harvest Park Santa Rosa, CA 104 100 % EPLP Q1 $ 30.5 $ 6.4 (1) Tuscana Tracy, CA 30 100 % EPLP Q4 6.7 0.3 (2) Candlewood North Northridge, CA 189 100 % EPLP Q4 43.6 7.3 Total 2016 323 $ 80.8 $ 14.0 (1) Net of $4.3 million deferred tax on gain on sale of real estate. (2) Net of $0.1 million deferred tax on gain on sale of real estate. During 2016, the Company sold its former headquarters office building, located in Palo Alto, CA, for gross proceeds of $18.0 million , resulting in a gain of $9.6 million , which is included in the line item gain on sale of real estate and land in the Company's consolidated statement of income. During 2015, the Company sold two communities, consisting of 848 apartment homes, for $308.8 million resulting in gains totaling $44.9 million , which are included in the line item gain on sale of real estate and land in the Company's consolidated statement of income. In March 2015, the Company sold two commercial buildings, located in Emeryville, CA for $13.0 million , resulting in gain of $2.4 million , which are included in the line item gain on sale of real estate and land in the Company's consolidated statements of income. During 2014, the Company sold four communities, consisting of 594 apartment homes, for $120.4 million resulting in gains totaling $43.6 million , which are included in the line item gain on sale of real estate and land in the Company's consolidated statements of income. (c) Real Estate Assets Held for Sale, net As of December 31, 2016, Jefferson at Hollywood, a 270 apartment home community, located in Los Angeles, CA, was classified as held for sale. The carrying value of $102.0 million is included in real estate assets held for sale, net, on the Company's consolidated balance sheet. (d) Co-investments The Company has joint ventures and preferred equity investments in co-investments which are accounted for under the equity method. The co-investments’ accounting policies are similar to the Company’s accounting policies. The co-investments own, operate, and develop apartment communities. During 2016, a co-investment of the Company sold two communities, consisting of 532 apartment homes, for $147.3 million , resulting in gains totaling $13.0 million , which represents the Company's share of the gain, and are included in the line item equity income from co-investments in the Company's consolidated statements of income. In November 2016, the Company converted its preferred equity investment, with a carrying value of $12.9 million , in a limited liability company that owns a property located in San Jose, CA to a 50.1% equity interest ownership. The Company continues to account for its interest in this limited liability company under the equity method. In November 2016, the Company contributed four wholly owned properties into a new entity, BEX II. In December 2016, the Company sold a 49.9% ownership interest in BEX II to a third party. Subsequent to the sale the Company accounts for its interest in BEX II under the equity method. The sale of the 49.9% ownership interest resulted in a gain of $126.6 million , which is included in the line item gain on sale of real estate and land in the Company's consolidated statement of income. The carrying values of the Company’s co-investments as of December 31, 2016 and 2015 are as follows ($ in thousands): Ownership December 31, Percentage 2016 2015 Membership interest/Partnership interest in: CPPIB 50%-55% $ 422,068 $ 422,317 Wesco I, III and IV 50 % 180,687 218,902 Palm Valley 50 % 68,396 68,525 BEXAEW 50 % 47,963 88,850 BEX II 50 % 19,078 — Other 50%-55% 43,713 32,927 Total operating co-investments 781,905 831,521 Total development co-investments 50%-55% 157,317 98,214 Total preferred interest co-investments (includes related party investments of $35.9 million and $35.8 million as of December 31, 2016 and December 31, 2015, respectively - FN 5 - Related Party Transactions for further discussion) 222,053 106,312 Total co-investments $ 1,161,275 $ 1,036,047 The combined summarized financial information of co-investments is as follows ($ in thousands): December 31, 2016 2015 Combined balance sheets: (1) Rental properties and real estate under development $ 3,807,245 $ 3,360,360 Other assets 121,505 96,785 Total assets $ 3,928,750 $ 3,457,145 Debt $ 1,617,639 $ 1,499,601 Other liabilities 74,607 92,241 Equity 2,236,504 1,865,303 Total liabilities and equity $ 3,928,750 $ 3,457,145 Company's share of equity $ 1,161,275 $ 1,036,047 Years ended December 31, 2016 2015 2014 Combined statements of income: (1) Property revenues $ 289,011 $ 260,175 $ 188,548 Property operating expenses (99,637 ) (93,067 ) (71,419 ) Net operating income 189,374 167,108 117,129 Gain on sale of real estate 28,291 14 23,333 Interest expense (46,894 ) (44,834 ) (39,990 ) General and administrative (7,448 ) (5,879 ) (6,321 ) Equity income from co-investments (2) — — 26,798 Depreciation and amortization (103,986 ) (103,613 ) (74,657 ) Net income $ 59,337 $ 12,796 $ 46,292 Company's share of net income (3) $ 48,698 $ 21,861 $ 39,893 (1) Includes preferred equity investments held by the Company. (2) Represents income from Wesco II's preferred equity investment in Park Merced. (3) Includes the Company's share of equity income from co-investments, income from preferred equity investments, gain on sale of co-investments, co-investment promote income, and income from early redemption of preferred equity investments. Includes income earned from investments with a related party of $3.4 million and $3.7 million for the years ended December 31, 2016 and 2015, respectively. Operating Co-investments As of December 31, 2016 and 2015, the Company, through several joint ventures, owned 11,274 and 10,520 apartment homes, respectively, in operating communities. The Company owns 50% - 55% of these joint ventures and the Company’s book value of these co-investments was $781.9 million and $831.5 million at December 31, 2016 and 2015, respectively. Development Co-Investments As of December 31, 2016 and 2015, the Company, through several joint ventures, owned 1,427 and 1,676 apartment homes, respectively, in development communities. The Company owns 50% - 55% of these joint ventures and the Company’s book value of these co-investments was $157.3 million and $98.2 million at December 31, 2016 and 2015, respectively. In February 2015, the Company entered into a joint venture to develop 500 Folsom, a multi-family community comprised of 545 apartment homes located in San Francisco, California. The Company has a 50% ownership interest in the development which has a projected total cost of $415.0 million . Construction began in the fourth quarter of 2015 and the property is projected to open in the fourth quarter of 2018. At December 31, 2016, the total remaining estimated costs to be incurred on this project were $307.6 million , of which the Company’s portion of the remaining costs was $153.7 million . Preferred Equity Investments As of December 31, 2016 and 2015, the Company held preferred equity investment interests in several joint-ventures which own real estate. The Company’s book value of these preferred equity investments was $222.1 million and $106.3 million at December 31, 2016 and 2015, respectively. In March 2016, the Company made a commitment to fund a $47.1 million preferred equity investment in a limited liability company located in Glendale, CA. As of December 31, 2016, the entire commitment of $47.1 million was funded. This investment earns a 12.0% preferred return and is scheduled to mature in March 2020. In May 2016, the Company made a $23.7 million preferred equity investment in a limited liability company located in Seattle, WA. This investment will accrue interest based on a 10.0% compounded preferred return for the first 30 months, after which the rate may decrease to 8.0% if certain loan-to-value thresholds are met and is scheduled to mature in November 2020. In August 2016, the Company made a commitment to fund a $11.6 million preferred equity investment in a limited liability company located in Santa Ana, CA. As of December 31, 2016, the entire commitment of $11.6 million was funded. This investment will accrue interest based on a 12.0% compounded preferred return and is scheduled to mature in March 2020. In November 2016, the Company made a $23.0 million preferred equity investments in a limited liability company located in San Jose, CA. The investment accrues interest based on a 11.0% compounded preferred return which will decrease to 9.0% upon stabilization of the operating property which the limited liability company owns. This investment is scheduled to mature on the later of the date when permanent financing is obtained or November 2019. In November 2016, the Company made a $10.7 million preferred equity investment in a limited liability company located in Redmond, WA. The investment accrues interest based on a 11.0% compounded preferred return for the first 30 months, after which the rate may decrease to 9.5% if certain loan-to-value thresholds are met and is scheduled to mature in November 2020. In March 2015, a multi-family property, located in Anaheim, CA that was owned by an entity affiliated with a related party, in which the Company held a $13.7 million preferred equity investment, was sold. That investment of $13.7 million plus an additional $1.3 million in cash was invested as outlined in the next paragraph. Prior to the property sale, the $13.7 million preferred equity investment earned a 9.0% preferred return. In June 2015, the Company made $10.0 million and $5.0 million preferred equity investments in limited liability companies owned by a related party, that own properties located in San Jose and Concord, California, respectively. These investments earn a 9.5% preferred return and are scheduled to mature in June 2022. In August 2015, the Company made a $5.0 million preferred equity investment in a limited liability company owned by a related party that owns a property located in Los Angeles, California. This investment earns a 9.5% preferred return and is scheduled to mature in August 2022. In August 2015, the Company redeemed a preferred equity investment in a joint venture that holds a property in San Jose, California with a carrying value of $20.4 million . The Company recognized a gain of $1.5 million as a result of this redemption which is included in equity income from co-investments in the consolidated statements of income. (e) Real Estate under Development The Company defines development projects as new communities that are being constructed, or are newly constructed and are in a phase of lease-up and have not yet reached stabilized operations. As of December 31, 2016 , the Company had two consolidated development projects, four unconsolidated joint venture development projects, and various consolidated predevelopment projects, aggregating 2,223 apartment homes for an estimated total cost of $1.3 billion , of which $704.0 million remains to be expended. The Company’s portion of the remaining costs was $528.0 million at December 31, 2016. |
Notes and Other Receivables
Notes and Other Receivables | 12 Months Ended |
Dec. 31, 2016 | |
Notes and Other Receivables [Abstract] | |
Notes and Other Receivables | Notes and Other Receivables Notes receivables, secured by real estate, and other receivables consist of the following as December 31, 2016 and 2015 ($ in thousands): 2016 2015 Note receivable, secured, bearing interest at 10.75%, due September 2020 $ 17,685 $ — Related party note receivable, secured, bearing interest at 9.5%, due October 2019 (2) 6,593 — Note receivable, secured, bearing interest at 6.0%, due December 2016 — 3,219 Notes and other receivables from affiliates (1) 4,695 3,092 Other receivables 11,997 12,974 Total notes and receivables $ 40,970 $ 19,285 (1) The Company had $4.7 million and $3.1 million of short-term loans outstanding and due from various joint ventures as of December 31, 2016 and 2015, respectively. See Note 5, Related Party Transactions, for additional details. (2) See Note 5, Related Party Transactions, for additional details. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company has adopted written related party transaction guidelines that are intended to cover transactions in which the Company (including entities it controls) is a party and in which any “related person” has a direct or indirect interest. A “related person” means any Company director, director nominee, or executive officer, any beneficial owner of more than 5% of the Company’s outstanding common stock, and any immediate family member of any of the foregoing persons. A related person may be considered to have an indirect interest in a transaction if he or she (i) is an owner, director, officer or employee of or otherwise associated with another company that is engaging in a transaction with the Company, or (ii) otherwise, through one or more entities or arrangements, has an indirect financial interest in or personal benefit from the transaction. The related person transaction review and approval process is intended to determine, among any other relevant issues, the dollar amount involved in the transaction; the nature and value of any related person’s direct or indirect interest (if any) in the transaction; and whether or not (i) a related person’s interest is material, (ii) the transaction is fair, reasonable, and serves the best interest of the Company and its shareholders, and (iii) whether the transaction or relationship should be entered into, continued or ended. The Company’s Chairman and founder, Mr. George Marcus, is the Chairman of the Marcus & Millichap Company (“MMC”), which is a parent company of a diversified group of real estate service, investment, and development firms. Mr. Marcus is also the Co-Chairman of Marcus & Millichap, Inc. (“MMI”), and Mr. Marcus owns a controlling interest in MMI. MMI is a national brokerage firm listed on the NYSE that underwent its initial public offering in 2013. For the year ended December 31, 2016, the Company paid brokerage commissions totaling $1.1 million to affiliates of MMC related to real estate transactions. There were no brokerage commissions paid by the Company to MMI or its affiliates during 2015 and 2014. The Company charges certain fees relating to its co-investments for asset management, property management, development and redevelopment services. These fees from affiliates total $12.4 million , $15.6 million , and $16.5 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. All of these fees are net of intercompany amounts eliminated by the Company. The Company netted development and redevelopment fees of $4.2 million , $6.7 million , and $7.2 million against general and administrative expenses for the years ended December 31, 2016 , 2015 and 2014 , respectively. As described in Note 4, the Company has provided short-term bridge loans to affiliates. As of December 31, 2016 and 2015 , $4.7 million and $3.1 million , respectively, of short-term loans remained outstanding due from joint venture affiliates and is classified within notes and other receivables in the accompanying consolidated balance sheets. In November 2016, the Company provided a $6.6 million mezzanine loan to a limited liability company in which MMC holds a significant ownership interest through subsidiaries. The mezzanine loan is also classified within notes and other receivables in the accompanying consolidated balance sheets. In March 2015, a multi-family property, located in Anaheim, CA that was owned by an entity affiliated with MMC, in which the Company held a $13.7 million preferred equity investment, was sold. That investment of $13.7 million plus an additional $1.3 million in cash was invested as outlined in the next two paragraphs. Prior to the property sale, the $13.7 million preferred equity investment earned a 9.0% preferred return and was scheduled to mature in September 2020. In June 2015, the Company made a $10.0 million preferred equity investment in an entity affiliated with MMC that owns Greentree Apartments, a 220 apartment community located in San Jose, CA. This investment will earn a 9.5% preferred return and is scheduled to mature in June 2022. In June 2015, the Company made a $5.0 million preferred equity investment in an entity affiliated with MMC that owns Sterling Cove Apartments, a 218 apartment community located in Concord, CA. This investment will earn a 9.5% preferred return and is scheduled to mature in June 2022. In August 2015, the Company made a $5 million preferred equity investment in an entity affiliated with MMC that owns Alta Vista Apartments, a 92 apartment community located in Los Angeles, CA. This investment will earn a 9.5% preferred return and is scheduled to mature in August 2022. In July 2014, the Company acquired Paragon Apartments, a 301 unit apartment community located in Fremont, CA for $111.0 million from an entity that was partially owned by an affiliate of MMC. In January 2013, the Company invested $8.6 million as a preferred equity interest investment in an entity affiliated with MMC that owns an apartment development in Redwood City, California. In March 2015 the Company's preferred interest investment was prepaid and the Company recognized a gain of $0.5 million as a result of the prepayment. In 2010, an Executive Vice President of the Company invested $4.0 million for a 3% limited partnership interest in a partnership with the Company that owns Essex Skyline at MacArthur Place. The Executive Vice President’s investment is equal to a pro-rata share of the contributions to the limited partnership. The Executive Vice President’s investment also receives pro-rata distributions resulting from distributable cash generated by the property if and when distributions are made. |
Unsecured Debt
Unsecured Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Unsecured Debt | Unsecured Debt ESS does not have any indebtedness as all debt is incurred by the Operating Partnership. ESS guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities up to the maximum amounts and for the full term of the facilities. Unsecured debt consists of the following as of December 31, 2016 and 2015 ($ in thousands): 2016 2015 Weighted Average Maturity In Years Unsecured bonds private placement - fixed rate $ 314,190 $ 463,891 3.6 Term loan - variable rate 98,189 224,467 5.1 Bonds public offering - fixed rate 2,834,400 2,400,322 6.3 Unsecured debt, net (1) 3,246,779 3,088,680 Lines of credit (2) 125,000 15,000 Total unsecured debt $ 3,371,779 $ 3,103,680 Weighted average interest rate on fixed rate unsecured and unsecured private placement bonds 3.6 % 3.6 % Weighted average interest rate on variable rate term loan 2.3 % 2.4 % Weighted average interest rate on lines of credit 1.8 % 1.9 % (1) Includes unamortized premium and discounts of $(0.1) million and $14.3 million and reduced by unamortized debt issuance costs of $18.1 million and $15.6 million as of December 31, 2016 and 2015 , respectively. (2) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.03 billion , excludes unamortized debt issuance costs of $3.3 million as of both December 31, 2016 and 2015. The debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets. As of December 31, 2016 and 2015 , the Company had $315.0 million and $465.0 million of private placement unsecured bonds outstanding at an average effective interest rate of 4.5% , for both periods. The following is a summary of the Company’s unsecured private placement bonds as of December 31, 2016 and 2015 ($ in thousands): Maturity 2016 2015 Coupon Rate Senior unsecured private placement notes March 2016 $ — $ 150,000 4.36 % Senior unsecured private placement notes September 2017 40,000 40,000 4.50 % Senior unsecured private placement notes December 2019 75,000 75,000 4.92 % Senior unsecured private placement notes April 2021 100,000 100,000 4.27 % Senior unsecured private placement notes June 2021 50,000 50,000 4.30 % Senior unsecured private placement notes August 2021 50,000 50,000 4.37 % $ 315,000 $ 465,000 In November 2016, the Company paid off its unsecured $225 million term loan and entered into a new $350 million term loan commitment, with a delayed draw feature and a variable interest rate of LIBOR plus 0.95% , with a scheduled maturity date of February 2022. As of December 31, 2016 and 2015 , the Company had unsecured term loans outstanding of $100.0 million and $225.0 million at an average interest rate of 2.3% and 2.4% , respectively. These loans are included in the line “Term loan-variable rate” in the table above, and as of December 31, 2016 and 2015 , the carrying value, net of debt issuance costs, was $98.2 million and $224.5 million , respectively. The Company entered into four forward starting interest rate swap contracts, with settlement payments starting in March 2017, for a term of five years with a notional amount totaling $150.0 million , which will effectively convert the interest rate on $150.0 million of the term loan to a fixed rate of 2.2% . These four forward starting interest rate swaps are accounted for as cash flow hedges. Additionally, the Company has a $25 million interest rate swap contract, which effectively converts the interest rate on $25.0 million of the $100.0 million drawn on its new term loan to a fixed rate of 2.4% . As of December 31, 2015 , the Company had unsecured term loans with a $225.0 million commitment and an outstanding balance of $225.0 million at a variable interest rate of LIBOR plus 1.05% . The $200 million tranche of this unsecured term loan had a maturity date of November 2016 and the $25 million tranche had a maturity date of August 2017. The Company previously entered into interest rate swap contracts for a term of five years with a notional amount totaling $225.0 million which effectively converted the interest rate on $225.0 million of the term loan to a fixed rate of 2.4% . In November 2016, the Company paid off and terminated the $225.0 million commitment and the notional amount of $200.0 million of the $225.0 million interest rate swap contracts matured. The remaining notional amount of $25.0 million interest rate swap contract will mature in July 2017. In April 2016, the Company issued $450.0 million of senior unsecured notes due on April 15, 2026 with a coupon rate of 3.375% per annum and are payable on April 15 th and October 15 th of each year, beginning October 15, 2016 (the "2026 Notes"). The 2026 Notes were offered to investors at a price of 99.386% of par value. The 2026 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2016 , the carrying value of the 2026 Notes, net of discount and debt issuance costs was $443.7 million . In March 2015, the Company issued $500.0 million of senior unsecured notes due on April 1, 2025 with a coupon rate of 3.5% per annum and are payable on April 1 st and October 1 st of each year, beginning October 1, 2015 (the "2025 Notes"). The 2025 Notes were offered to investors at a price of 99.747% of par value. The 2025 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2016 and 2015 , the carrying value of the 2025 Notes, net of discount and debt issuance costs was $495.4 million and $494.8 million , respectively. In April 2014, the Company assumed $900.0 million aggregate principal amount of BRE’s 5.500% senior notes due 2017; 5.200% senior notes due 2021; and 3.375% senior notes due 2023 (together “BRE Notes”). These notes are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2016 and 2015 , the carrying value of the BRE Notes, plus unamortized premium was $907.1 million and $919.1 million , respectively. In April 2014, the Company issued $400.0 million of senior unsecured notes due on May 1, 2024 with a coupon rate of 3.875% per annum and are payable on May 1 st and November 1 st of each year, beginning November 1, 2014 (the "2024 Notes"). The 2024 Notes were offered to investors at a price of 99.234% of par value. The 2024 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2016 and 2015 , the carrying value of the 2024 Notes, net of discount and debt issuance costs was $395.1 million and $394.5 million , respectively. In April 2013, the Company issued $300.0 million of senior unsecured notes due on May 1, 2023 with a coupon rate of 3.25% per annum and are payable on May 1 st and November 1 st of each year, beginning November 1, 2013 (the "2023 Notes"). The 2023 Notes were offered to investors at a price of 99.152% of par value. The 2023 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2016 and 2015 , the carrying value of the 2023 Notes, net of discount and debt issuance costs was $296.5 million and $295.9 million , respectively. During the third quarter 2012, the Company issued $300.0 million of senior unsecured notes due August 2022 with a coupon rate of 3.625% per annum and are payable on February 15th and August 15th of each year, beginning February 15, 2013 (the "2022 Notes"). The 2022 Notes were offered to investors at a price of 98.99% of par value. The 2022 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2016 and 2015 , the carrying value of the 2022 Notes, net of unamortized discount and debt issuance costs was $296.6 million and $296.0 million , respectively. The following is a summary of the Company’s senior unsecured notes as of December 31, 2016 and 2015 ($ in thousands): Maturity 2016 2015 Coupon Senior notes March 2017 $ 300,000 $ 300,000 5.500 % Senior notes March 2021 300,000 300,000 5.200 % Senior notes August 2022 300,000 300,000 3.625 % Senior notes January 2023 300,000 300,000 3.375 % Senior notes May 2023 300,000 300,000 3.250 % Senior notes May 2024 400,000 400,000 3.875 % Senior notes April 2025 500,000 500,000 3.500 % Senior notes April 2026 450,000 — 3.375 % $ 2,850,000 $ 2,400,000 The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2016 are as follows ($ in thousands): 2017 $ 340,000 2018 — 2019 (1) 75,000 2020 — 2021 500,000 Thereafter 2,350,000 $ 3,265,000 (1) Amount does not include $125.0 million outstanding on the Company's lines of credit as of December 31, 2016, that becomes due in December 2020 in accordance with the January 2017 amendment. The Company has two lines of credit aggregating $1.03 billion as of December 31, 2016 . The Company has a $1.0 billion credit facility with an underlying interest rate based on a tiered rate structure tied to the Company's credit ratings and was LIBOR plus 0.90% as of December 31, 2016 . As of December 31, 2016 and 2015 , the balance of the $1.0 billion credit facility was $125.0 million and $15.0 million , respectively. In January 2017, the facility maturity date was extended to December 31, 2020 with one 18 -month extension, exercisable at the Company's option. The Company also has a working capital unsecured line of credit agreement for $25.0 million . The underlying interest rate on the $25.0 million line is based on a tiered rate structure tied to the Company's credit ratings on the credit facility of LIBOR plus 0.90% and has a maturity date of January 2018. As of December 31, 2016 and 2015 , there was a zero balance outstanding on this unsecured line. The Company’s unsecured line of credit and unsecured debt agreements contain debt covenants related to limitations on indebtedness and liabilities, and maintenance of minimum levels of consolidated earnings before depreciation, interest and amortization. The Company was in compliance with the debt covenants as of December 31, 2016 and 2015 . |
Mortgage Notes Payable
Mortgage Notes Payable | 12 Months Ended |
Dec. 31, 2016 | |
Notes Payable [Abstract] | |
Mortgage Notes Payable | Mortgage Notes Payable ESS does not have any indebtedness as all debt is incurred by the Operating Partnership. Mortgage notes payable consist of the following as of December 31, 2016 and 2015 ($ in thousands): 2016 2015 Fixed rate mortgage notes payable $ 1,911,699 $ 1,925,985 Variable rate mortgage notes payable (1) 279,782 289,092 Total mortgage notes payable (2) $ 2,191,481 $ 2,215,077 Number of properties securing mortgage notes 61 64 Remaining terms 1-30 years 1-31 years Weighted average interest rate 4.3 % 4.4 % The aggregate scheduled principal payments of mortgage notes payable at December 31, 2016 are as follows ($ in thousands): 2017 $ 82,796 2018 301,575 2019 576,954 2020 693,868 2021 51,584 Thereafter 441,313 $ 2,148,090 (1) Variable rate mortgage notes payable, including $257.3 million in bonds that have been converted to variable rate through total return swap contracts, consists of multi-family housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 1.2% at December 2016 and 1.2% at December 2015) plus credit enhancement and underwriting fees ranging from approximately 1.0% to 1.3% . Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the apartment homes are subject to tenant income criteria. Principal balances are due in full at various maturity dates from May 2025 through December 2046. Of these bonds $20.7 million are subject to various interest rate cap agreements that limit the maximum interest rate to such bonds. (2) Includes total unamortized premium of $ 50.8 million and $ 64.8 million and reduced by unamortized debt issuance costs of $7.4 million and $8.0 million as of December 31, 2016 and 2015 , respectively. For the Company’s mortgage notes payable as of December 31, 2016 , monthly interest expense and principal amortization, excluding balloon payments, totaled approximately $7.4 million and $2.5 million , respectively. Second deeds of trust accounted for zero of the $2.2 billion in mortgage notes payable as of December 31, 2016 . Repayment of debt before the scheduled maturity date could result in prepayment penalties. The prepayment penalty on the majority of the Company’s mortgage notes payable are computed by the greater of (a) 1% of the amount of the principal being prepaid or (b) the present value of the mortgage note payable which is calculated by multiplying the principal being prepaid by the difference between the interest rate of the mortgage note and the stated yield rate on a specified U.S. treasury security as defined in the mortgage note agreement. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company uses interest rate swaps and interest rate cap contracts to manage certain interest rate risks. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In November 2016, the Company replaced its $225.0 million term loan with a new $350 million five -year term loan with a delayed draw feature. The new term loan carries a variable interest rate of LIBOR plus 95 basis points. Also in November 2016, four interest rate swaps related to the replaced term loan, with a total notional balance of $200.0 million , matured. An additional swap with a notional of $25.0 million , with a maturity date in July 2017, was still in place as of December 31, 2016 and was hedging a portion of the $100 million drawn on the $350.0 million term loan as of December 31, 2016. In 2016, the Company entered into four new forward starting interest rate swaps (settlement payments begin in March 2017) related to the new $350.0 million term. These four new swaps, with a total notional amount of $150.0 million bear an average fixed interest rate of 2.2% and are scheduled to mature in February 2022. These derivatives qualify for hedge accounting. As of December 31, 2016 , the Company had interest rate caps, which are not accounted for as hedges, totaling a notional amount of $20.7 million that effectively limit the Company’s exposure to interest rate risk by providing a ceiling on the underlying variable interest rate for $20.7 million of the Company’s tax exempt variable rate debt. As of December 31, 2016 and 2015 , the aggregate carrying value of the interest rate swap contracts was an asset of $4.4 million and zero , respectively and is included in prepaid expenses and other assets on the consolidated balance sheets and a liability of $0.03 million and $1.0 million , respectively, and is included in other liabilities on the consolidated balance sheets. The aggregate carrying value of the interest rate cap was zero on the balance sheet as of December 31, 2016 and December 31, 2015 . Hedge ineffectiveness related to cash flow hedges, which is reported in current year income as interest expense was $0.3 million of income for the year ended December 31, 2016 . Hedge ineffectiveness was not significant for the years ended 2015 and 2014 . Additionally, the Company has entered into four total return swaps, that effectively convert $257.3 million of mortgage notes payable to a floating interest rate based on SIFMA plus a spread. The total return swaps provide fair market value protection on the mortgage notes payable to our counterparties during the initial period of the total return swap until the Company's option to call the mortgage notes at par can be exercised. The Company can currently call one of the total return swaps with $114.4 million of the outstanding debt at par, while the call option on the other three total return swaps relating to $142.9 million of the outstanding debt can be exercised starting on January 1, 2017. These derivatives do not qualify for hedge accounting and had a carrying and fair value of zero and $4 thousand at December 31, 2016 and 2015, respectively. These total return swaps are scheduled to mature between September 2021 and November 2022. The realized gains of $11.7 million and $5.7 million as of December 31, 2016 and 2015, respectively, were reported in current year income as total return swap income. No such income or expense was incurred for the year ended December 31, 2014. |
Lease Agreements
Lease Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Lease Agreements | Lease Agreements As of December 31, 2016 the Company is a lessor for two commercial buildings and the commercial portions of 37 mixed use communities. The tenants’ lease terms expire at various times through 2031. The future minimum non-cancelable base rent to be received under these operating leases for each of the years ending after December 31 is summarized as follows ($ in thousands): Future Minimum Rent 2017 $ 13,453 2018 12,773 2019 12,347 2020 11,518 2021 10,073 Thereafter 39,043 $ 99,207 |
Equity Transactions
Equity Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Equity Transactions | Equity Transactions Preferred Securities Offerings In April 2016, the Company redeemed all of the issued and outstanding 2,950,000 shares of the Company's 7.125% Series H Cumulative Redeemable Preferred Stock ("Series H") for $25.00 per share for $73.8 million in cash. In connection with the Series H redemption, the Operating Partnership redeemed the Series H 7.125% Preferred Interest. The notice of redemption was given in March 2016, which resulted in the Company and the Operating Partnership each recording $2.5 million in excess of redemption value over carrying value charge to net income attributable to common stockholders and net income related to unitholders, respectively. Common Stock Offerings During 2016, the Company did not issue any shares of common stock through its equity distribution program. During 2015, the Company issued 1,481,737 shares of common stock, through its equity distribution program, at an average price of $226.46 for net proceeds of $332.3 million . Operating Partnership Units and Long Term Incentive Plan (“LTIP”) Units As of December 31, 2016 and 2015 , the Operating Partnership had outstanding 2,056,263 and 2,070,360 operating partnership units and 181,027 and 144,185 vested LTIP units, respectively. The Operating Partnership’s general partner, ESS, owned 96.7% of the partnership interests in the Operating Partnership at both December 31, 2016 and 2015 , and ESS is responsible for the management of the Operating Partnership’s business. As the general partner of the Operating Partnership, ESS effectively controls the ability to issue common stock of ESS upon a limited partner’s notice of redemption. ESS has generally acquired OP units upon a limited partner’s notice of redemption in exchange for shares of its common stock. The redemption provisions of OP units owned by limited partners that permit ESS to settle in either cash or common stock at the option of ESS were further evaluated in accordance with applicable accounting guidance to determine whether temporary or permanent equity classification on the balance sheet is appropriate. The Operating Partnership evaluated this guidance, including the requirement to settle in unregistered shares, and determined that, with few exceptions, these OP units meet the requirements to qualify for presentation as permanent equity. LTIP units represent an interest in the Operating Partnership for services rendered or to be rendered by the LTIP unit holder in its capacity as a partner, or in anticipation of becoming a partner, in the Operating Partnership. Upon the occurrence of specified events, LTIP units may over time achieve full parity with common units of the Operating Partnership for all purposes. Upon achieving full parity, LTIP units will be exchanged for an equal number of the OP Units. The redemption value of OP and LTIP units owned by the limited partners, not including ESS, had such units been redeemed at December 31, 2016 , was approximately $520.2 million and $530.2 million based on the closing price of ESS’s common stock as of December 31, 2016 and 2015, respectively. |
Net Income Per Common Share and
Net Income Per Common Share and Net Income Per Common Unit | 12 Months Ended |
Dec. 31, 2016 | |
Net Income Per Common Share and Net Income Per Unit [Abstract] | |
Net Income Per Common Share and Net Income Per Common Unit | Net Income Per Common Share and Net Income Per Common Unit Essex Property Trust, Inc. Basic and diluted income per share is calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts ): 2016 2015 2014 Income Weighted- average Common Shares Per Common Share Amount Income Weighted- average Common Shares Per Common Share Amount Income Weighted- average Common Shares Per Common Share Amount Basic: Net income available to common stockholders 411,124 65,471,540 $ 6.28 226,865 64,871,717 $ 3.50 116,859 56,546,959 $ 2.07 Effect of Dilutive Securities (1) — 116,276 — 189,968 — 149,566 Diluted: Net income available to common stockholders 411,124 65,587,816 $ 6.27 226,865 65,061,685 $ 3.49 116,859 56,696,525 $ 2.06 (1) Weighted average convertible limited partnership units of 2,224,100 , 2,182,467 , and 2,224,707 , which include vested Series Z Incentive Units, Series Z-1 Incentive Units, 2014 Long-Term Incentive Plan Units, and 2015 Long-Term Incentive Plan Units, for the years ended December 31, 2016 , 2015 and 2014 , respectively, were not included in the determination of diluted earnings per share calculation because they were anti-dilutive. The related income allocated to these convertible limited partnership units aggregated $14.1 million , $7.8 million , and $4.9 million for the years ended December 31, 2016, 2015, and 2014, respectively. Additionally, excludes all DownREIT units as they are anti-dilutive. Stock options of 252,334 , 54,100 , and 10,843 , for the years ended December 31, 2016 , 2015 , and 2014 , respectively, were not included in the diluted earnings per share calculation because the assumed proceeds per share of these options plus the average unearned compensation were greater than the average market price of the common stock for the years ended and, therefore, were anti-dilutive. All shares of cumulative convertible Series H preferred interest have been excluded from diluted earnings per share for the years ended December 31, 2016 , 2015 , and 2014 respectively, as the effect was anti-dilutive. All shares of cumulative convertible Series G preferred interest have been excluded from diluted earnings per share for the year ended December 31, 2014 as the effect was anti-dilutive. Essex Portfolio, L.P. Basic and diluted income per unit is calculated as follows for the years ended December 31 ($ in thousands, except unit and per unit amounts ): 2016 2015 2014 Income Weighted- average Common Units Per Common Unit Amount Income Weighted- average Common Units Per Common Unit Amount Income Weighted- average Common Units Per Common Unit Amount Basic: Net income available to common unitholders $ 425,213 67,695,640 $ 6.28 $ 234,689 67,054,184 $ 3.50 $ 121,726 58,771,666 $ 2.07 Effect of Dilutive Securities (1) — 116,276 — 189,968 — 149,566 Diluted: Net income available to common unitholders $ 425,213 67,811,916 $ 6.27 $ 234,689 67,244,152 $ 3.49 $ 121,726 58,921,232 $ 2.07 (1) Stock options of 252,334 , 54,100 , and 10,843 , for the years ended December 31, 2016 , 2015 , and 2014 , respectively, were not included in the diluted earnings per unit calculation because the assumed proceeds per share of these options plus the average unearned compensation were greater than the average market price of the common shares for the years ended and, therefore, were anti-dilutive. Additionally, excludes all DownREIT units as they are anti-dilutive. The cumulative convertible Series H preferred interest have been excluded from diluted earnings per unit for the years ended December 31, 2016 , 2015 , and 2014 respectively, as the effect was anti-dilutive. The cumulative convertible Series G preferred interest have been excluded from diluted earnings per unit for the year ended December 31, 2014 as the effect was anti-dilutive. |
Equity Based Compensation Plans
Equity Based Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Equity Based Compensation Plans | Equity Based Compensation Plans Stock Options and Restricted Stock In May 2013, stockholders approved the Company’s 2013 Stock Award and Incentive Compensation Plan (“2013 Plan”). The 2013 Plan became effective on June 1, 2013 and serves as the successor to the Company’s 2004 Stock Incentive Plan (the “2004 Plan”), and no additional equity awards can be granted under the 2004 Plan after the date the 2013 Plan became effective. The Company’s 2013 Plan provides incentives to attract and retain officers, directors and key employees. The 2013 Plan provides for the grants of options to purchase shares of common stock, grants of restricted stock and other award types. Under the 2013 Plan, the maximum aggregate number of shares that may be issued is 1,000,000 , plus any shares that have not been issued under the 2004 Plan, including shares subject to outstanding awards under the 2004 Plan that are not issued or delivered to a participant for any reason. The 2013 Plan is administered by the Compensation Committee of the Board of Directors, which is comprised of independent directors. The Compensation Committee is authorized to establish the exercise price; however, the exercise price cannot be less than 100% of the fair market value of the common stock on the grant date. The Company’s options have a life of five to ten years. Option grants for officers and employees fully vest between 0 and 5 years after the grant date. Stock-based compensation expense for options and restricted stock under the fair value method totaled $8.2 million , $6.1 million , and $6.1 million for years ended December 31, 2016 , 2015 and 2014 respectively. Stock-based compensation expense for options and restricted stock for the year ended December 31, 2016 and 2015, includes $0.1 million and $0.2 million related to the BRE merger, of which zero and $0.1 million relates to merger and integration expenses, and which is recorded in merger and integration expense in the consolidated statements of income, respectively. For the years ended December 31, 2016 and 2015, stock-based compensation expense included $3.5 million and $2.7 million related to an immediate vesting of options and restricted stock for bonuses awarded based on asset dispositions, which is recorded as a cost of real estate and land sold, respectively. Stock-based compensation for options and restricted stock related to recipients who are direct and incremental to projects under development were capitalized and totaled $0.5 million , $0.3 million , and $0.4 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The intrinsic value of the options exercised totaled $11.9 million , $19.4 million , and $12.7 million , for the years ended December 31, 2016 , 2015 , and 2014 respectively. The intrinsic value of the options exercisable totaled $20.8 million and $29.8 million as of December 31, 2016 and 2015, respectively. Total unrecognized compensation cost related to unvested stock options totaled $5.0 million as of December 31, 2016 and the unrecognized compensation cost is expected to be recognized over a period of 2.8 years. The average fair value of stock options granted for the years ended December 31, 2016 , 2015 and 2014 was $21.65 , $22.78 and $20.56 , respectively. Certain stock options granted in 2016 , 2015 , and 2014 included a $75 cap, a $100 cap or a $125 cap on the appreciation of the market price over the exercise price. The fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants: 2016 2015 2014 Stock price $ 219.60 $ 227.75 $ 176.65 Risk-free interest rates 2.08 % 1.83 % 2.37 % Expected lives 6 years 6 years 8 years Volatility 26.47 % 20.06 % 18.00 % Dividend yield 2.89 % 2.73 % 2.90 % A summary of the status of the Company’s stock option plans as of December 31, 2016 , 2015 , and 2014 and changes during the years ended on those dates is presented below: 2016 2015 2014 Shares Weighted- average exercise price Shares Weighted- average exercise price Shares Weighted- average exercise price Outstanding at beginning of year 525,094 $ 154.98 664,785 $ 138.78 695,488 $ 133.37 Granted 207,429 219.60 78,600 227.75 42,518 176.65 Granted - BRE options converted — — — — 133,766 121.03 Exercised (138,054 ) 138.79 (203,556 ) 131.53 (185,387 ) 113.72 Forfeited and canceled (36,821 ) 178.18 (14,735 ) 136.11 (21,600 ) 144.29 Outstanding at end of year 557,648 181.50 525,094 154.98 664,785 138.78 Options exercisable at year end 290,340 160.90 342,048 152.42 395,986 133.99 The following table summarizes information about restricted stock outstanding as of December 31, 2016 , 2015 and 2014 and changes during the years ended: 2016 2015 2014 Shares Weighted- average grant price Shares Weighted- average grant price Shares Weighted- average grant price Unvested at beginning of year 54,676 $ 147.10 25,820 $ 168.22 16,176 $ 108.06 Granted 49,183 150.13 56,177 155.21 22,014 194.03 Granted - BRE restricted stock converted — — — — 119,411 173.82 Vested (38,427 ) 147.12 (22,939 ) 148.20 (126,931 ) 171.56 Forfeited and canceled (7,083 ) 141.76 (4,382 ) 122.06 (4,850 ) 135.10 Unvested at end of year 58,349 149.11 54,676 147.10 25,820 168.22 The unrecognized compensation cost related to unvested restricted stock totaled $5.9 million as of December 31, 2016 and is expected to be recognized over a period of 2.2 years. Long Term Incentive Plans – LTIP Units On December 9, 2014, the Operating Partnership issued 44,750 units under the 2015 Long-Term Incentive Plan Award agreements to executives of the Company. The 2015 Long-Term Incentive Plan Units (the “2015 LTIP Units”) are subject to forfeiture based on performance-based and service based conditions. An additional 24,000 units were granted subject only to performance-based criteria and were fully vested on the date granted. The 2015 LTIP Units, that were subject to vesting, will vest at 20% per year on each of the first five anniversaries of the initial grant date. The 2015 LTIP Units performance conditions measurement ended on December 9, 2015 and 95.75% of the units awarded were earned by the recipients. 2015 LTIP Units not earned based on the performance-based criteria were automatically forfeited by the recipients. The 2015 LTIP Units, once earned and vested, are convertible one -for-one into common units of the Operating Partnership which, in turn, are convertible into common stock of the Company subject to a ten -year liquidity restriction. In December 2013, the Operating Partnership issued 50,500 units under the 2014 Long-Term Incentive Plan Award agreements to executives of the Company. The 2014 Long-Term Incentive Plan Units (the “2014 LTIP Units”) were subject to forfeiture based on performance-based conditions and are currently subject to service based vesting. The 2014 LTIP Units vest 25% per year on each of the first four anniversaries of the initial grant date. In December 2014, the Company achieved the performance criteria and all of the 2014 LTIP Units awarded were earned by the recipients, subject to satisfaction of service based vesting conditions. The 2014 LTIP Units are convertible one -for-one into common units of the Operating Partnership which, in turn, are convertible into common stock of the Company subject to a ten year liquidity restriction. The estimated fair value of the 2015 LTIP Units and 2014 LTIP Units were determined on the grant date using Monte Carlo simulations under a risk-neutral premise and considered Essex’s stock price on the date of grant, the unpaid dividends on unvested units and the discount factor for 10 years of illiquidity. Prior to 2013, the Company issued Series Z Incentive Units and Series Z-1 Incentive Units (collectively referred to as “Z Units”) of limited partnership interest in the Operating Partnership. Vesting in the Z Units is based on performance criteria established in the plan. The criteria can be revised by the Board's Compensation Committee if the Committee deems that the plan's criterion is unachievable for any given year. The sale of Z Units is contractually prohibited. Z Units are convertible into Operating Partnership units which are exchangeable for shares of the Company’s common stock that have marketability restrictions. The estimated fair value of Z Units were determined on the grant date and considered the Company's stock price on the date of grant, the dividends that are not paid on unvested units and a marketability discount for the 8 to 15 years of illiquidity. Compensation expense is calculated by multiplying estimated vesting increases for the period by the estimated fair value as of the grant date. During 2011 and 2010, the Operating Partnership issued 154,500 Series Z-1 Incentive Units (the “Z-1 Units”) of limited partner interest to executives of the Company. The Z-1 Units are convertible one-for-one into common units of the Operating Partnership (which, in turn, are convertible into common stock of the Company) upon the earlier to occur of 100 percent vesting of the units or the year 2026. The conversion ratchet (accounted for as vesting) of the Z-1 Units into common units, is to increase consistent with the Company’s annual FFO growth, but is not to be less than zero or greater than 14 percent . Z-1 Unit holders are entitled to receive distributions, on vested units, that are now equal to dividends distributed to common stockholders. Stock-based compensation expense for LTIP and Z Units under the fair value method totaled approximately $2.7 million , $3.5 million and $6.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Stock-based compensation expense for the year ended December 31, 2014 includes $1.7 million related to merger and integration expenses and is recorded in merger and integration expense in the consolidated statements of income. No such amounts were recorded in merger and integration expense in 2015. For the year ended December 31, 2014, stock-based compensation expense included $2.4 million related to an immediate vesting of certain of the 2015 LTIP Units. No such amounts were recorded in 2015. Stock-based compensation related to LTIP Units attributable to recipients who are direct and incremental to these projects was capitalized to real estate under development and totaled approximately $0.6 million , $0.5 million , and $0.4 million , for the years ended December 31, 2016 , 2015 , and 2014 , respectively. The intrinsic value of the vested and unvested LTIP Units totaled $56.0 million as of December 31, 2016 . Total unrecognized compensation cost related to the unvested LTIP Units under the LTIP Units plans totaled $3.6 million as of December 31, 2016 . On a weighted average basis, the unamortized cost for the 2014 and 2015 LTIP Units and the Z Units is expected to be recognized over the next 2.2 years to 8.5 years, depending on certain performance targets. The following table summarizes information about the LTIP Units outstanding as of December 31, 2016 ($ in thousands): Long Term Incentive Plan - LTIP Units Total Vested Units Total Unvested Units Total Outstanding Units Weighted- average Grant-date Fair Value Weighted- average Remaining Contractual Life (years) Balance, December 31, 2013 118,190 149,381 267,571 $ 63.53 9.3 Granted 24,000 44,750 68,750 Vested 41,729 (41,729 ) — Converted (2,000 ) — (2,000 ) Cancelled — (1,335 ) (1,335 ) Balance, December 31, 2014 181,919 151,067 332,986 71.14 10.5 Granted — — — Vested 36,650 (36,650 ) — Converted (74,384 ) — (74,384 ) Cancelled — (8,260 ) (8,260 ) Balance, December 31, 2015 144,185 106,157 250,342 75.41 9.5 Granted — — — Vested 36,842 (36,842 ) — Converted — — — Cancelled — (9,288 ) (9,288 ) Balance, December 31, 2016 181,027 60,027 241,054 $ 75.11 8.5 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company's segment disclosures present the measure used by the chief operating decision makers for purposes of assessing each segment's performance. Essex's chief operating decision makers are comprised of several members of its executive management team who use NOI to assess the performance of the business for the Company's reportable operating segments. NOI represents total property revenue less direct property operating expenses. The executive management team evaluates the Company's operating performance geographically. The Company defines its reportable operating segments as the three geographical regions in which its communities are located: Southern California, Northern California and Seattle Metro. Excluded from segment revenues and net operating income are management and other fees from affiliates and interest and other income. Non-segment revenues and net operating income included in the following schedule also consist of revenue generated from commercial properties and properties that have been sold. Other non-segment assets include real estate under development, co-investments, real estate held for sale, net, cash and cash equivalents, marketable securities, notes and other receivables and prepaid expenses and other assets. The revenues and net operating income for each of the reportable operating segments are summarized as follows for the years ended December 31, 2016 , 2015 , and 2014 ($ in thousands): Years Ended December 31, 2016 2015 2014 Revenues: Southern California $ 561,094 $ 507,536 $ 418,495 Northern California 453,140 407,590 319,082 Seattle Metro 217,259 201,417 168,337 Other real estate assets 54,230 68,955 55,677 Total property revenues $ 1,285,723 $ 1,185,498 $ 961,591 Net operating income: Southern California $ 382,312 $ 340,797 $ 274,806 Northern California 325,394 291,168 223,559 Seattle Metro 148,279 136,579 112,494 Other real estate assets 40,811 53,446 38,186 Total net operating income 896,796 821,990 649,045 Management and other fees from affiliates 8,278 8,909 9,347 Depreciation and amortization (441,682 ) (453,423 ) (360,592 ) General and administrative (40,751 ) (40,090 ) (40,878 ) Merger and integration expenses — (3,798 ) (53,530 ) Acquisition and investment related costs (1,841 ) (2,414 ) (1,878 ) Interest expense (219,654 ) (204,827 ) (164,551 ) Total return swap income 11,716 5,655 — Interest and other income 27,305 19,143 11,811 Equity income in co-investments 48,698 21,861 39,893 Loss on early retirement of debt (606 ) (6,114 ) (268 ) Gain on sale of real estate and land 154,561 47,333 46,039 Deferred tax expense on gain on sale of real estate and land (4,410 ) — — Gain on remeasurement of co-investment — 34,014 — Net income $ 438,410 $ 248,239 $ 134,438 Total assets for each of the reportable operating segments are summarized as follows as of December 31, 2016 and 2015 ($ in thousands): As of December 31, Assets: 2016 2015 Southern California $ 4,924,792 $ 4,752,174 Northern California 3,791,549 3,733,218 Seattle Metro 1,570,340 1,613,175 Other real estate assets 78,079 283,010 Net reportable operating segments - real estate assets 10,364,760 10,381,577 Real estate under development 190,505 242,326 Co-investments 1,161,275 1,036,047 Real estate held for sale, net 101,957 26,879 Cash and cash equivalents, including restricted cash 170,302 123,055 Marketable securities 139,189 137,485 Notes and other receivables 40,970 19,285 Prepaid expenses and other assets 48,450 41,730 Total assets $ 12,217,408 $ 12,008,384 |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2016 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |
401(k) Plan | 401(k) Plan The Company has a 401(k) benefit plan (the “Plan”) for all eligible employees. Employee contributions are limited by the maximum allowed under Section 401(k) of the Internal Revenue Code. The Company matches 50% of the employee contributions up to a specified maximum. Company contributions to the Plan were approximately $1.8 million , $1.6 million , and $0.9 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of December 31, 2016 , the Company had seven ground leases for certain apartment communities and buildings that expire between 2027 and 2082. Ground lease payments are typically the greater of a stated minimum or a percentage of gross rents generated by these apartment communities, some of which may be subject to future adjustments, which are not contemplated in the disclosed minimum lease commitments. The total minimum lease commitments, under ground leases and operating leases, for each of the years ending December 31 is summarized as follows ($ in thousands): Total Minimum Lease Commitments 2017 $ 4,647 2018 4,704 2019 4,763 2020 4,823 2021 4,886 Thereafter 116,472 $ 140,295 To the extent that an environmental matter arises or is identified in the future that has other than a remote risk of having a material impact on the financial statements, the Company will disclose the estimated range of possible outcomes associated with it and, if an outcome is probable, accrue an appropriate liability for that matter. The Company will consider whether any such matter results in an impairment of value on the affected property and, if so, the impairment will be recognized. The Company has no way of determining the magnitude of any potential liability to which it may be subject arising out of unknown environmental conditions with respect to the communities currently or formerly owned by the Company. No assurance can be given that: existing environmental assessments conducted with respect to any of these communities have revealed all environmental conditions or potential liabilities associated with such conditions; any prior owner or operator of a property did not create any material environmental condition not known to the Company; or a material unknown environmental condition does not otherwise exist as to any one or more of the communities. The Company has limited insurance coverage for some of the types of environmental conditions and associated liabilities described above. The Company has entered into transactions that may require the Company to pay the tax liabilities of the partners in the Operating Partnership or in the DownREIT entities. These transactions are within the Company’s control. Although the Company plans to hold the contributed assets or defer recognition of gain on their sale pursuant to like-kind exchange rules under Section 1031 of the Internal Revenue Code, the Company can provide no assurance that it will be able to do so and if such tax liabilities were incurred they may have a material impact on the Company’s financial position. There continue to be lawsuits against owners and managers of apartment communities alleging personal injury and property damage caused by the presence of mold in the residential units and common areas of those communities. Some of these lawsuits have resulted in substantial monetary judgments or settlements. The Company has been sued for mold related matters and has settled some, but not all, such suits. Insurance carriers have reacted to the increase in mold related liability awards by excluding mold related claims from standard general liability policies and pricing mold endorsements at prohibitively high rates. The Company has, however, purchased pollution liability insurance which includes some coverage for some mold claims. The Company has also adopted policies intended to promptly address and resolve reports of mold and to minimize any impact mold might have on residents of its properties. The Company believes its mold policies and proactive response to address reported mold exposures reduces its risk of loss from mold claims. While no assurances can be given that the Company has identified and responded to all mold occurrences, the Company promptly addresses and responds to all known mold reports. Liabilities resulting from such mold related matters are not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. As of December 31, 2016 , potential liabilities for mold and other environmental liabilities are not quantifiable and an estimate of possible loss cannot be made. The Company carries comprehensive liability, fire, extended coverage and rental loss insurance for each of the communities. There are, however, certain types of extraordinary losses, such as, for example, losses from terrorism or earthquakes, for which the Company has limited insurance coverage. Substantially all of the communities are located in areas that are subject to earthquake activity. The Company has established a wholly-owned insurance subsidiary, Pacific Western Insurance LLC (“PWI”). Through PWI, the Company is self-insured as it relates to earthquake related losses. Additionally, since January 2008, PWI has provided property and casualty insurance coverage for the first $5.0 million of the Company’s property level insurance claims per incident. As of December 31, 2016 , PWI has cash and marketable securities of approximately $69.9 million . These assets are consolidated in the Company’s financial statements. Beginning in 2013, the Company has obtained limited third party seismic insurance on selected assets in the Company's co-investments. On December 19, 2014, a putative class action was filed against the Company in the U.S. District Court for the Northern District of California, entitled Foster v. Essex Property Trust, Inc. alleging that the Company failed to properly secure the personally-identifying information of its residents. The lawsuit seeks the recovery of unspecified damages and certain injunctive relief. This lawsuit was filed in connection with a cyber-intrusion that the Company discovered in the third quarter of 2014. This matter was dismissed subject to possible appeal. The Company is subject to various other legal and/or regulatory proceedings arising in the course of its business operations. We believe that, with respect to such matters that we are currently a party to, the ultimate disposition of any such matter will not result in a material adverse effect on the Company’s financial condition, results of operations or cash flows. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In January 2017, the Company sold Jefferson at Hollywood, a 270 apartment home community, located in Los Angeles, CA, for $132.5 million . In January 2017, the Company purchased its joint venture partner's 50.0% interest in Palm Valley, for a contract price of $183.0 million . Prior to the purchase, an approximately $220.0 million mortgage encumbered the property. Concurrent with the closing of the acquisition, the entire mortgage balance was repaid and the property is now unencumbered. Palm Valley has 1,098 apartment homes, within four communities, and is located in San Jose, CA. |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) Essex Property Trust, Inc. The following is a summary of quarterly results of operations for 2016 and 2015 ( $ in thousands, except per share and dividend amounts ): Quarter ended December 31 Quarter ended September 30 Quarter ended June 30 Quarter ended March 31 2016: Total property revenues $ 326,905 $ 327,078 $ 319,562 $ 312,178 Net income $ 204,517 $ 70,162 $ 76,824 $ 86,907 Net income available to common stockholders $ 195,569 $ 65,561 $ 72,013 $ 77,981 Per share data: Net income: Basic (1) $ 2.98 $ 1.00 $ 1.10 $ 1.19 Diluted (1) $ 2.98 $ 1.00 $ 1.10 $ 1.19 Market price: High $ 234.07 $ 236.56 $ 237.50 $ 240.55 Low $ 200.01 $ 217.16 $ 207.20 $ 191.25 Close $ 232.50 $ 222.70 $ 228.09 $ 233.86 Dividends declared $ 1.60 $ 1.60 $ 1.60 $ 1.60 2015: Total property revenues $ 308,646 $ 302,522 $ 294,101 $ 280,229 Net income $ 85,762 $ 47,182 $ 50,542 $ 64,753 Net income available to common stockholders $ 79,624 $ 42,323 $ 45,555 $ 59,363 Per share data: Net income: Basic (1) $ 1.22 $ 0.65 $ 0.70 $ 0.92 Diluted (1) $ 1.22 $ 0.65 $ 0.70 $ 0.92 Market price: High $ 244.71 $ 232.20 $ 231.90 $ 243.17 Low $ 214.29 $ 205.72 $ 208.85 $ 207.26 Close $ 239.41 $ 223.42 $ 212.50 $ 229.90 Dividends declared $ 1.44 $ 1.44 $ 1.44 $ 1.44 (1) Quarterly earnings per common unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common units outstanding and included in the calculation of basic and diluted shares. Essex Portfolio, L.P. The following is a summary of quarterly results of operations for 2016 and 2015 ( $ in thousands, except per unit and distribution amounts ): Quarter ended December 31 Quarter ended September 30 Quarter ended June 30 Quarter ended March 31 2016: Total property revenues $ 326,905 $ 327,078 $ 319,562 $ 312,178 Net income $ 204,517 $ 70,162 $ 76,824 $ 86,907 Net income available to common unitholders $ 202,201 $ 67,784 $ 74,463 $ 80,765 Per unit data: Net income: Basic (1) $ 2.98 $ 1.00 $ 1.10 $ 1.19 Diluted (1) $ 2.98 $ 1.00 $ 1.10 $ 1.19 Distributions declared $ 1.60 $ 1.60 $ 1.60 $ 1.60 2015: Total property revenues $ 308,646 $ 302,522 $ 294,101 $ 280,229 Net income $ 85,762 $ 47,182 $ 50,542 $ 64,753 Net income available to common unitholders $ 82,333 $ 43,794 $ 47,088 $ 61,474 Per unit data: Net income: Basic (1) $ 1.22 $ 0.65 $ 0.70 $ 0.93 Diluted (1) $ 1.22 $ 0.65 $ 0.70 $ 0.92 Distributions declared $ 1.44 $ 1.44 $ 1.44 $ 1.44 (1) Quarterly earnings per common unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common units outstanding and included in the calculation of basic and diluted shares. |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Encumbered communities Avondale at Warner Center 446 Woodland Hills, CA $ 43,687 $ 10,536 $ 24,522 $ 20,008 $ 10,601 $ 44,465 $ 55,066 $ (28,536 ) 1970 Jan-99 3-30 Bel Air 462 San Ramon, CA 51,531 12,105 18,252 33,311 12,682 50,986 63,668 (30,311 ) 1988 Jan-95 3-30 Belcarra 296 Bellevue, WA 52,238 21,725 92,091 487 21,725 92,578 114,303 (9,268 ) 2009 Apr-14 5-30 BellCentre 248 Bellevue, WA 39,597 16,197 67,207 3,240 16,197 70,447 86,644 (7,170 ) 2001 Apr-14 5-30 Belmont Station 275 Los Angeles, CA 29,629 8,100 66,666 5,704 8,267 72,203 80,470 (23,456 ) 2009 Mar-09 3-30 Brookside Oaks 170 Sunnyvale, CA 18,536 7,301 16,310 23,979 10,328 37,262 47,590 (18,245 ) 1973 Jun-00 3-30 Canyon Oaks 250 San Ramon, CA 27,059 19,088 44,473 2,845 19,088 47,318 66,406 (15,836 ) 2005 May-07 3-30 Carmel Creek 348 San Diego, CA 63,142 26,842 107,368 3,952 26,842 111,320 138,162 (11,480 ) 2000 Apr-14 5-30 City View 572 Hayward, CA 61,761 9,883 37,670 24,081 10,350 61,284 71,634 (41,530 ) 1975 Mar-98 3-30 Courtyard off Main 110 Bellevue, WA 15,133 7,465 21,405 3,467 7,465 24,872 32,337 (5,651 ) 2000 Oct-10 3-30 Domaine 92 Seattle, WA 14,597 9,059 27,177 830 9,059 28,007 37,066 (4,152 ) 2009 Sep-12 3-30 Elevation 158 Redmond, WA 10,697 4,758 14,285 5,961 4,757 20,247 25,004 (6,425 ) 1986 Jun-10 3-30 Ellington 220 Bellevue, WA 21,497 15,066 45,249 2,170 15,066 47,419 62,485 (3,879 ) 1994 Jul-14 3-30 Fairhaven Apartments 164 Santa Ana, CA 15,761 2,626 10,485 6,622 2,957 16,776 19,733 (8,593 ) 1970 Nov-01 3-30 Form 15 242 San Diego, CA 47,442 24,510 72,221 4,513 25,540 75,704 101,244 (2,120 ) 2014 Mar-16 3-30 Foster's Landing 490 Foster City, CA 97,220 61,714 144,000 7,016 61,714 151,016 212,730 (15,886 ) 1987 Apr-14 5-30 Fountains at River Oaks 226 San Jose, CA 32,118 26,046 60,773 3,229 26,046 64,002 90,048 (6,363 ) 1990 Apr-14 3-30 Fountain Park 705 Playa Vista, CA 82,435 25,073 94,980 30,967 25,203 125,817 151,020 (59,294 ) 2002 Feb-04 3-30 Hampton Place/Hampton Court 215 Glendale, CA 19,833 6,695 16,753 19,093 6,733 35,808 42,541 (15,684 ) 1970 Jun-99 3-30 Hidden Valley 324 Simi Valley, CA 29,295 14,174 34,065 3,373 9,674 41,938 51,612 (17,484 ) 2004 Dec-04 3-30 Highlands at Wynhaven 333 Issaquah, WA 30,901 16,271 48,932 9,533 16,271 58,465 74,736 (18,290 ) 2000 Aug-08 3-30 Highridge 255 Rancho Palos Verdes, CA 69,202 5,419 18,347 29,991 6,073 47,684 53,757 (30,084 ) 1972 May-97 3-30 Hillcrest Park 608 Newbury Park, CA 64,211 15,318 40,601 18,880 15,755 59,044 74,799 (34,815 ) 1973 Mar-98 3-30 Huntington Breakers 342 Huntington Beach, CA 35,943 9,306 22,720 18,651 9,315 41,362 50,677 (22,606 ) 1984 Oct-97 3-30 Inglenook Court 224 Bothell, WA 8,194 3,467 7,881 7,159 3,474 15,033 18,507 (11,373 ) 1985 Oct-94 3-30 1000 Kiely 121 Santa Clara, CA 48,414 9,359 21,845 7,268 9,359 29,113 38,472 (7,266 ) 1971 Mar-11 3-30 Magnolia Square/Magnolia (2) 188 Sunnyvale, CA 52,175 8,190 24,736 15,223 8,191 39,958 48,149 (15,672 ) 1963 Sep-07 3-30 Mill Creek at Windermere 400 San Ramon, CA 46,414 29,551 69,032 3,935 29,551 72,967 102,518 (23,405 ) 2005 Sep-07 3-30 Mirabella 188 Marina Del Rey, CA 42,544 6,180 26,673 14,474 6,270 41,057 47,327 (21,140 ) 2000 May-00 3-30 Montanosa 472 San Diego, CA 61,972 26,697 106,787 3,280 26,697 110,067 136,764 (11,271 ) 1990 Apr-14 5-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Montclaire 390 Sunnyvale, CA 44,122 4,842 19,776 21,476 4,997 41,097 46,094 (35,665 ) 1973 Dec-88 3-30 Montebello 248 Kirkland, WA 26,475 13,857 41,575 4,077 13,858 45,651 59,509 (7,791 ) 1996 Jul-12 3-30 Montejo Apartments 124 Garden Grove, CA 11,939 1,925 7,685 3,173 2,194 10,589 12,783 (5,420 ) 1974 Nov-01 3-30 Park Highland 250 Bellevue, WA 26,617 9,391 38,224 10,626 9,391 48,850 58,241 (5,230 ) 1993 Apr-14 5-30 Park Hill at Issaquah 245 Issaquah, WA 27,224 7,284 21,937 6,769 7,284 28,706 35,990 (11,712 ) 1999 Feb-99 3-30 Pathways at Bixby Village 296 Long Beach, CA 35,673 4,083 16,757 19,526 6,239 34,127 40,366 (27,669 ) 1975 Feb-91 3-30 Piedmont 396 Bellevue, WA 45,454 19,848 59,606 9,087 19,848 68,693 88,541 (6,386 ) 1969 May-14 3-30 Pinnacle at Fullerton 192 Fullerton, CA 26,804 11,019 45,932 1,699 11,019 47,631 58,650 (4,847 ) 2004 Apr-14 5-30 Pinnacle on Lake Washington 180 Renton, WA 18,078 7,760 31,041 755 7,760 31,796 39,556 (3,245 ) 2001 Apr-14 5-30 Pinnacle at MacArthur Place 253 Santa Ana, CA 38,538 15,810 66,401 2,115 15,810 68,516 84,326 (6,945 ) 2002 Apr-14 5-30 Pinnacle at Otay Ranch I & II 364 Chula Vista, CA 40,069 17,023 68,093 2,561 17,023 70,654 87,677 (7,157 ) 2001 Apr-14 5-30 Pinnacle at Talega 362 San Clemente, CA 44,804 19,292 77,168 1,576 19,292 78,744 98,036 (8,014 ) 2002 Apr-14 5-30 Stevenson Place 200 Fremont, CA 20,628 996 5,582 10,694 1,001 16,271 17,272 (11,105 ) 1975 Apr-00 3-30 Summerhill Park 100 Sunnyvale, CA 12,793 2,654 4,918 10,432 2,656 15,348 18,004 (7,221 ) 1988 Sep-88 3-30 The Audrey at Belltown 137 Seattle, WA 21,279 9,228 36,911 423 9,228 37,334 46,562 (3,761 ) 1992 Apr-14 5-30 The Barkley (3) 161 Anaheim, CA 15,666 — 8,520 5,984 2,353 12,151 14,504 (6,678 ) 1984 Apr-00 3-30 The Bernard 63 Seattle, WA 8,841 3,699 11,345 384 3,689 11,739 15,428 (2,136 ) 2008 Sep-11 3-30 The Dylan 184 West Hollywood, CA 59,866 19,984 82,286 405 19,984 82,691 102,675 (5,863 ) 2015 Mar-15 3-30 The Elliot at Mukilteo 301 Mukilteo, WA 10,639 2,498 10,595 15,308 2,824 25,577 28,401 (16,550 ) 1981 Jan-97 3-30 The Huntington 276 Huntington Beach, CA 29,861 10,374 41,495 4,191 10,374 45,686 56,060 (7,652 ) 1975 Jun-12 3-30 The Huxley 187 West Hollywood, CA 54,501 19,362 75,641 770 19,362 76,411 95,773 (5,537 ) 2014 Mar-15 3-30 The Landing at Jack London Square 282 Oakland, CA 53,055 33,554 78,292 4,246 33,554 82,538 116,092 (8,759 ) 2001 Apr-14 5-30 The Palisades 192 Bellevue, WA 19,752 1,560 6,242 12,093 1,565 18,330 19,895 (15,115 ) 1977 May-90 3-30 The Palms at Laguna Niguel 460 Laguna Niguel, CA 55,441 23,584 94,334 3,393 23,584 97,727 121,311 (9,922 ) 1988 Apr-14 5-30 The Waterford 238 San Jose, CA 30,240 11,808 24,500 14,172 15,165 35,315 50,480 (19,053 ) 2000 Jun-00 3-30 Tierra Vista 404 Oxnard, CA 52,715 13,652 53,336 4,595 13,661 57,922 71,583 (25,300 ) 2001 Jan-01 3-30 Valley Park 160 Fountain Valley, CA 21,530 3,361 13,420 5,545 3,761 18,565 22,326 (9,050 ) 1969 Nov-01 3-30 Villa Angelina 256 Placentia, CA 24,723 4,498 17,962 6,808 4,962 24,306 29,268 (12,185 ) 1970 Nov-01 3-30 Villa Granada 270 Santa Clara, CA 58,828 38,299 89,365 1,059 38,299 90,424 128,723 (9,193 ) 2010 Apr-14 5-30 Wandering Creek 156 Kent, WA 5,224 1,285 4,980 3,981 1,296 8,950 10,246 (6,767 ) 1986 Nov-95 3-30 Wilshire Promenade 149 Fullerton, CA 16,924 3,118 7,385 7,984 3,797 14,690 18,487 (9,114 ) 1992 Jan-97 3-30 16,620 $ 2,191,481 $ 794,369 $ 2,564,810 $ 529,149 $ 807,080 $ 3,081,248 $ 3,888,328 $ (848,327 ) Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Unencumbered Communities 8th & Hope 290 Los Angeles, CA $ — $ 29,279 $ 169,350 $ 1,746 $ 29,279 $ 171,096 $ 200,375 $ (11,991 ) 2014 Feb-15 3-30 Alessio 624 Los Angeles, CA — 32,136 128,543 4,416 32,136 132,959 165,095 (13,779 ) 2001 Apr-14 5-30 Allegro 97 Valley Village, CA — 5,869 23,977 1,811 5,869 25,788 31,657 (7,554 ) 2010 Oct-10 3-30 Allure at Scripps Ranch 194 San Diego, CA — 11,923 47,690 862 11,923 48,552 60,475 (4,885 ) 2002 Apr-14 5-30 Alpine Village 301 Alpine, CA — 4,967 19,728 7,285 4,982 26,998 31,980 (12,764 ) 1971 Dec-02 3-30 Anavia 250 Anaheim, CA — 15,925 63,712 7,262 15,925 70,974 86,899 (14,512 ) 2009 Dec-10 3-30 Annaliese 56 Seattle, WA — 4,727 14,229 426 4,726 14,656 19,382 (1,977 ) 2009 Jan-13 3-30 Apex 366 Milpitas, CA — 44,240 103,251 1,685 44,240 104,936 149,176 (8,143 ) 2014 Aug-14 3-30 Aqua Marina Del Rey 500 Marina Del Rey, CA — 58,442 175,326 8,039 58,442 183,365 241,807 (19,062 ) 2001 Apr-14 5-30 Ascent 90 Kirkland, WA — 3,924 11,862 1,726 3,924 13,588 17,512 (2,335 ) 1988 Oct-12 3-30 Ashton Sherman Village 264 Los Angeles, CA — 23,550 93,811 12 23,550 93,823 117,373 (136 ) 2014 Dec-16 3-30 Avant 440 Los Angeles, CA — 32,379 137,940 593 32,379 138,533 170,912 (6,522 ) 2014 Jun-15 3-30 Avenue 64 224 Emeryville, CA — 27,235 64,403 13,349 27,235 77,752 104,987 (7,074 ) 2007 Apr-14 5-30 Aviara (4) 166 Mercer Island, WA — — 49,813 498 — 50,311 50,311 (5,693 ) 2013 Apr-14 5-30 Axis 2300 115 Irvine, CA — 5,405 33,585 1,287 5,405 34,872 40,277 (9,957 ) 2010 Aug-10 3-30 Bella Villagio 231 San Jose, CA — 17,247 40,343 2,544 17,247 42,887 60,134 (9,707 ) 2004 Sep-10 3-30 Bellerive 63 Los Angeles, CA — 5,401 21,803 856 5,401 22,659 28,060 (5,427 ) 2011 Aug-11 3-30 Belmont Terrace 71 Belmont, CA — 4,446 10,290 5,181 4,473 15,444 19,917 (6,223 ) 1974 Oct-06 3-30 Bennett Lofts 165 San Francisco, CA — 21,771 50,800 27,370 28,371 71,570 99,941 (10,291 ) 2004 Dec-12 3-30 Bernardo Crest 216 San Diego, CA — 10,802 43,209 2,263 10,802 45,472 56,274 (4,633 ) 1988 Apr-14 5-30 Bonita Cedars 120 Bonita, CA — 2,496 9,913 2,842 2,503 12,748 15,251 (6,100 ) 1983 Dec-02 3-30 Boulevard 172 Fremont, CA — 3,520 8,182 11,391 3,580 19,513 23,093 (14,961 ) 1978 Jan-96 3-30 Bridle Trails 108 Kirkland, WA — 1,500 5,930 5,622 1,531 11,521 13,052 (7,672 ) 1986 Oct-97 3-30 Brighton Ridge 264 Renton, WA — 2,623 10,800 4,523 2,656 15,290 17,946 (10,385 ) 1986 Dec-96 3-30 Bristol Commons 188 Sunnyvale, CA — 5,278 11,853 8,069 5,293 19,907 25,200 (11,273 ) 1989 Jan-95 3-30 416 on Broadway 115 Glendale, CA — 8,557 34,235 2,111 8,557 36,346 44,903 (8,028 ) 2009 Dec-10 3-30 Bunker Hill 456 Los Angeles, CA — 11,498 27,871 63,985 11,639 91,715 103,354 (32,678 ) 1968 Mar-98 3-30 Camarillo Oaks 564 Camarillo, CA — 10,953 25,254 5,444 11,075 30,576 41,651 (20,556 ) 1985 Jul-96 3-30 Cambridge Park 320 San Diego, CA — 18,185 72,739 1,619 18,185 74,358 92,543 (7,679 ) 1998 Apr-14 5-30 Camino Ruiz Square 159 Camarillo, CA — 6,871 26,119 1,567 6,931 27,626 34,557 (9,542 ) 1990 Dec-06 3-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Canyon Pointe 250 Bothell, WA — 4,692 18,288 6,623 4,693 24,910 29,603 (11,707 ) 1990 Oct-03 3-30 Capri at Sunny Hills 102 Fullerton, CA — 3,337 13,320 8,626 4,048 21,235 25,283 (11,437 ) 1961 Sep-01 3-30 Carmel Landing 356 San Diego, CA — 16,725 66,901 3,866 16,725 70,767 87,492 (7,321 ) 1989 Apr-14 5-30 Carmel Summit 246 San Diego, CA — 14,968 59,871 2,007 14,968 61,878 76,846 (6,271 ) 1989 Apr-14 5-30 Castle Creek 216 Newcastle, WA — 4,149 16,028 3,066 4,833 18,410 23,243 (12,291 ) 1998 Dec-98 3-30 Catalina Gardens 128 Los Angeles, CA — 6,714 26,856 710 6,714 27,566 34,280 (2,811 ) 1987 Apr-14 5-30 CBC Apartments & The Sweeps 239 Goleta, CA — 11,841 45,320 5,848 11,906 51,103 63,009 (21,004 ) 1962 Jan-06 3-30 Cedar Terrace 180 Bellevue, WA — 5,543 16,442 5,457 5,652 21,790 27,442 (9,597 ) 1984 Jan-05 3-30 CentrePointe 224 San Diego, CA — 3,405 7,743 20,221 3,442 27,927 31,369 (13,724 ) 1974 Jun-97 3-30 Chestnut Street Apartments 96 Santa Cruz, CA — 6,582 15,689 1,387 6,582 17,076 23,658 (5,165 ) 2002 Jul-08 3-30 Collins on Pine 76 Seattle, WA — 7,276 22,226 179 7,276 22,405 29,681 (1,973 ) 2013 May-14 3-30 Corbella at Juanita Bay 169 Kirkland, WA — 5,801 17,415 2,368 5,801 19,783 25,584 (4,515 ) 1978 Nov-10 3-30 Cortesia 308 Rancho Santa Margarita, CA — 13,912 55,649 1,103 13,912 56,752 70,664 (5,799 ) 1999 Apr-14 5-30 Country Villas 180 Oceanside, CA — 4,174 16,583 3,902 4,187 20,472 24,659 (10,111 ) 1976 Dec-02 3-30 Crow Canyon 400 San Ramon, CA — 37,579 87,685 3,158 37,579 90,843 128,422 (9,277 ) 1992 Apr-14 5-30 Deer Valley 171 San Rafael, CA — 21,478 50,116 1,629 21,478 51,745 73,223 (5,335 ) 1996 Apr-14 5-30 Delano 126 Redmond, WA — 7,470 22,511 1,056 7,470 23,567 31,037 (4,127 ) 2005 Dec-11 3-30 Devonshire 276 Hemet, CA — 3,470 13,786 3,685 3,482 17,459 20,941 (8,659 ) 1988 Dec-02 3-30 Domain 379 San Diego, CA — 23,848 95,394 1,141 23,848 96,535 120,383 (10,174 ) 2013 Nov-13 3-30 Emerald Pointe 160 Diamond Bar, CA — 8,458 33,832 1,203 8,458 35,035 43,493 (3,605 ) 1989 Apr-14 5-30 Emerald Ridge 180 Bellevue, WA — 3,449 7,801 4,937 3,449 12,738 16,187 (8,907 ) 1987 Nov-94 3-30 Emerson Valley Village 144 Los Angeles, CA — 13,378 53,240 9 13,378 53,249 66,627 (77 ) 2012 Dec-16 3-30 Enso 183 San Jose, CA — 21,397 71,135 858 21,397 71,993 93,390 (2,637 ) 2014 Dec-15 3-30 Esplanade 278 San Jose, CA — 18,170 40,086 11,222 18,429 51,049 69,478 (21,749 ) 2002 Apr-04 3-30 Essex Skyline 349 Santa Ana, CA — 21,537 146,099 4,587 21,537 150,686 172,223 (24,175 ) 2008 Apr-10 3-30 Evergreen Heights 200 Kirkland, WA — 3,566 13,395 4,936 3,649 18,248 21,897 (11,867 ) 1990 Jun-97 3-30 Fairway Apartments at Big Canyon (5) 74 Newport Beach, CA — — 7,850 7,136 9 14,977 14,986 (8,513 ) 1972 Jun-99 3-28 Fairwood Pond 194 Renton, WA — 5,296 15,564 2,784 5,297 18,347 23,644 (8,155 ) 1997 Oct-04 3-30 Foothill Commons 394 Bellevue, WA — 2,435 9,821 38,221 2,440 48,037 50,477 (34,450 ) 1978 Mar-90 3-30 Foothill Gardens/Twin Creeks 176 San Ramon, CA — 5,875 13,992 8,902 5,964 22,805 28,769 (13,660 ) 1985 Feb-97 3-30 Forest View 192 Renton, WA — 3,731 14,530 2,101 3,731 16,631 20,362 (7,661 ) 1998 Oct-03 3-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Fountain Court 320 Seattle, WA — 6,702 27,306 10,809 6,585 38,232 44,817 (21,314 ) 2000 Mar-00 3-30 Fourth & U 171 Berkeley, CA — 8,879 52,351 2,621 8,879 54,972 63,851 (13,809 ) 2010 Apr-10 3-30 Fox Plaza 443 San Francisco, CA — 39,731 92,706 18,477 39,731 111,183 150,914 (15,448 ) 1968 Feb-13 3-30 Hillsdale Garden 697 San Mateo, CA — 22,000 94,681 21,533 22,000 116,214 138,214 (44,137 ) 1948 Sep-06 3-30 Hope Ranch 108 Santa Barbara, CA — 4,078 16,877 2,675 4,208 19,422 23,630 (6,308 ) 1965 Mar-07 3-30 Joule 295 Seattle, WA — 14,558 69,417 3,849 14,558 73,266 87,824 (18,880 ) 2010 Mar-10 3-30 Kings Road 196 Los Angeles, CA — 4,023 9,527 12,514 4,031 22,033 26,064 (12,625 ) 1979 Jun-97 3-30 Lafayette Highlands 150 Lafayette, CA — 17,774 41,473 851 17,774 42,324 60,098 (4,330 ) 1973 Apr-14 5-30 Lakeshore Landing 308 San Mateo, CA — 38,155 89,028 4,172 38,155 93,200 131,355 (10,025 ) 1988 Apr-14 5-30 Laurels at Mill Creek 164 Mill Creek, WA — 1,559 6,430 5,701 1,595 12,095 13,690 (8,373 ) 1981 Dec-96 3-30 Lawrence Station 336 Sunnyvale, CA — 45,532 106,735 517 45,532 107,252 152,784 (13,299 ) 2012 Apr-14 5-30 Le Parc 140 Santa Clara, CA — 3,090 7,421 11,503 3,092 18,922 22,014 (13,388 ) 1975 Feb-94 3-30 Marbrisa 202 Long Beach, CA — 4,700 18,605 7,913 4,760 26,458 31,218 (12,247 ) 1987 Sep-02 3-30 Marina City Club (6) 101 Marina Del Rey, CA — — 28,167 42,537 — 70,704 70,704 (20,352 ) 1971 Jan-04 3-30 Marina Cove (7) 292 Santa Clara, CA — 5,320 16,431 13,464 5,324 29,891 35,215 (20,354 ) 1974 Jun-94 3-30 Mariner's Place 105 Oxnard, CA — 1,555 6,103 2,218 1,562 8,314 9,876 (4,954 ) 1987 May-00 3-30 MB 360 360 San Francisco, CA — 21,421 114,376 121,769 42,001 215,565 257,566 (12,003 ) 2014 Apr-14 3-30 Mesa Village 133 Clairemont, CA — 1,888 7,498 1,501 1,894 8,993 10,887 (4,323 ) 1963 Dec-02 3-30 Mio 103 San Jose, CA — 11,012 39,982 182 11,012 40,164 51,176 (1,363 ) 2015 Jan-16 3-30 Mira Monte 354 Mira Mesa, CA — 7,165 28,459 9,962 7,186 38,400 45,586 (20,783 ) 1982 Dec-02 3-30 Miracle Mile/Marbella 236 Los Angeles, CA — 7,791 23,075 13,759 7,886 36,739 44,625 (22,818 ) 1988 Aug-97 3-30 Mission Hills 282 Oceanside, CA — 10,099 38,778 5,762 10,167 44,472 54,639 (18,507 ) 1984 Jul-05 3-30 Mission Peaks 453 Fremont, CA — 46,499 108,498 2,168 46,499 110,666 157,165 (11,305 ) 1995 Apr-14 5-30 Mission Peaks II 336 Fremont, CA — 31,429 73,334 3,170 31,429 76,504 107,933 (7,962 ) 1989 Apr-14 5-30 Monterey Villas 122 Oxnard, CA — 2,349 5,579 6,117 2,424 11,621 14,045 (6,834 ) 1974 Jul-97 3-30 Muse 152 North Hollywood, CA — 7,822 33,436 2,457 7,823 35,892 43,715 (9,961 ) 2011 Feb-11 3-30 Museum Park 117 San Jose, CA — 13,864 32,348 934 13,864 33,282 47,146 (3,438 ) 2002 Apr-14 5-30 Paragon Apartments 301 Fremont, CA — 32,230 77,320 589 32,230 77,909 110,139 (6,431 ) 2013 Jul-14 3-30 Park Catalina 90 Los Angeles, CA — 4,710 18,839 2,785 4,710 21,624 26,334 (3,739 ) 2002 Jun-12 3-30 Park Viridian 320 Anaheim, CA — 15,894 63,574 1,727 15,894 65,301 81,195 (6,673 ) 2008 Apr-14 5-30 Park West 126 San Francisco, CA — 9,424 21,988 11,278 9,424 33,266 42,690 (5,609 ) 1958 Sep-12 3-30 Parkwood at Mill Creek 240 Mill Creek, WA — 10,680 42,722 1,896 10,680 44,618 55,298 (4,667 ) 1989 Apr-14 5-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Pinehurst (8) 28 Ventura, CA — — 1,711 519 6 2,224 2,230 (1,344 ) 1973 Dec-04 3-24 Pinnacle Sonata 268 Bothell, WA — 14,647 58,586 1,911 14,647 60,497 75,144 (6,089 ) 2000 Apr-14 5-30 Pointe at Cupertino 116 Cupertino, CA — 4,505 17,605 11,631 4,505 29,236 33,741 (13,938 ) 1963 Aug-98 3-30 Radius 264 Redwood City, CA — 11,702 152,336 (39 ) 11,702 152,297 163,999 (14,159 ) 2015 Apr-14 3-30 Reed Square 100 Sunnyvale, CA — 6,873 16,037 7,788 6,873 23,825 30,698 (5,865 ) 1970 Jan-12 3-30 Regency at Encino 75 Encino, CA — 3,184 12,737 3,066 3,184 15,803 18,987 (4,623 ) 1989 Dec-09 3-30 Renaissance at Uptown Orange 460 Orange, CA — 27,870 111,482 3,165 27,870 114,647 142,517 (11,618 ) 2007 Apr-14 5-30 Reveal 438 Woodland Hills, CA — 25,073 121,314 854 25,073 122,168 147,241 (8,165 ) 2010 Apr-15 3-30 Salmon Run at Perry Creek 132 Bothell, WA — 3,717 11,483 1,781 3,801 13,180 16,981 (7,106 ) 2000 Oct-00 3-30 Sammamish View 153 Bellevue, WA — 3,324 7,501 6,497 3,331 13,991 17,322 (11,078 ) 1986 Nov-94 3-30 101 San Fernando 323 San Jose, CA — 4,173 58,961 9,052 4,173 68,013 72,186 (16,920 ) 2001 Jul-10 3-30 San Marcos 432 Richmond, CA — 15,563 36,204 28,870 22,866 57,771 80,637 (26,023 ) 2003 Nov-03 3-30 Santee Court/Santee Village 238 Los Angeles, CA — 9,581 40,317 4,935 9,582 45,251 54,833 (10,633 ) 2004 Oct-10 3-30 Shadow Point 172 Spring Valley, CA — 2,812 11,170 2,818 2,820 13,980 16,800 (6,781 ) 1983 Dec-02 3-30 Shadowbrook 418 Redmond, WA — 19,292 77,168 3,028 19,292 80,196 99,488 (8,197 ) 1986 Apr-14 5-30 Slater 116 108 Kirkland, WA — 7,379 22,138 540 7,379 22,678 30,057 (2,621 ) 2013 Sep-13 3-30 Solstice 280 Sunnyvale, CA — 34,444 147,262 4,404 34,444 151,666 186,110 (17,915 ) 2014 Apr-14 5-30 Stonehedge Village 196 Bothell, WA — 3,167 12,603 5,889 3,201 18,458 21,659 (12,004 ) 1986 Oct-97 3-30 Summit Park 300 San Diego, CA — 5,959 23,670 5,523 5,977 29,175 35,152 (14,340 ) 1972 Dec-02 3-30 Taylor 28 197 Seattle, WA — 13,915 57,700 648 13,915 58,348 72,263 (5,840 ) 2008 Apr-14 5-30 The Avery 121 Los Angeles, CA — 6,964 29,922 105 6,964 30,027 36,991 (2,793 ) 2014 Mar-14 3-30 The Cairns 100 Seattle, WA — 6,937 20,679 1,195 6,939 21,872 28,811 (7,191 ) 2006 Jun-07 3-30 The Commons 264 Campbell, CA — 12,555 29,307 5,378 12,556 34,684 47,240 (9,005 ) 1973 Jul-10 3-30 The Grand 243 Oakland, CA — 4,531 89,208 5,646 4,531 94,854 99,385 (27,586 ) 2009 Jan-09 3-30 The Hallie 292 Pasadena, CA — 2,202 4,794 51,281 8,385 49,892 58,277 (21,785 ) 1972 Apr-97 3-30 The Lofts at Pinehurst 118 Ventura, CA — 1,570 3,912 4,648 1,618 8,512 10,130 (4,933 ) 1971 Jun-97 3-30 The Stuart 188 Pasadena, CA — 13,574 54,298 1,857 13,574 56,155 69,729 (5,919 ) 2007 Apr-14 5-30 The Trails of Redmond 423 Redmond, WA — 21,930 87,720 2,992 21,930 90,712 112,642 (9,312 ) 1985 Apr-14 5-30 Tiffany Court 101 Los Angeles, CA — 6,949 27,796 906 6,949 28,702 35,651 (2,902 ) 1987 Apr-14 5-30 Trabuco Villas 132 Lake Forest, CA — 3,638 8,640 2,707 3,890 11,095 14,985 (7,091 ) 1985 Oct-97 3-30 Via 284 Sunnyvale, CA — 22,000 82,270 1,792 22,016 84,046 106,062 (19,028 ) 2011 Jul-11 3-30 Villa Siena 272 Costa Mesa, CA — 13,842 55,367 3,627 13,842 58,994 72,836 (5,937 ) 1974 Apr-14 5-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Village Green 272 La Habra, CA — 6,488 36,768 2,820 6,488 39,588 46,076 (4,132 ) 1971 Apr-14 5-30 Vista Belvedere 76 Tiburon, CA — 5,573 11,901 8,205 5,573 20,106 25,679 (8,793 ) 1963 Aug-04 3-30 Vox Apartments 58 Seattle, WA — 5,545 16,635 79 5,545 16,714 22,259 (1,802 ) 2013 Oct-13 3-30 Walnut Heights 163 Walnut, CA — 4,858 19,168 4,269 4,887 23,408 28,295 (10,501 ) 1964 Oct-03 3-30 Wharfside Pointe 155 Seattle, WA — 2,245 7,020 11,286 2,258 18,293 20,551 (11,308 ) 1990 Jun-94 3-30 Willow Lake 508 San Jose, CA — 43,194 101,030 9,603 43,194 110,633 153,827 (17,032 ) 1989 Oct-12 3-30 5600 Wilshire 284 Los Angeles, CA — 30,535 91,604 1,004 30,535 92,608 123,143 (9,435 ) 2008 Apr-14 5-30 Wilshire La Brea 478 Los Angeles, CA — 56,932 211,998 7,368 56,932 219,366 276,298 (25,646 ) 2014 Apr-14 5-30 Windsor Ridge 216 Sunnyvale, CA — 4,017 10,315 15,508 4,021 25,819 29,840 (17,389 ) 1989 Mar-89 3-30 Woodland Commons 302 Bellevue, WA — 2,040 8,727 22,031 2,044 30,754 32,798 (16,605 ) 1978 Mar-90 3-30 Woodside Village 145 Ventura, CA — 5,331 21,036 3,751 5,341 24,777 30,118 (10,673 ) 1987 Dec-04 3-30 31,481 $ — $ 1,693,968 $ 6,072,893 $ 977,660 $ 1,738,155 $ 7,006,366 $ 8,744,521 $ (1,446,609 ) Costs Initial cost capitalized Gross amount carried at close of period Square Buildings and subsequent Land and Buildings and Accumulated Date of Date Lives Property Footage Location Encumbrance Land improvements to acquisition improvements improvements Total(1) depreciation construction acquired (years) Other real estate assets Hollywood 34,000 Los Angeles, CA $ — $ 10,200 $ 13,800 $ 14 $ 10,200 $ 13,814 $ 24,014 $ (3,934 ) 1938 Jul-06 3-30 Derian Office Building 106,564 Irvine, CA — 3,079 12,315 4,049 4,308 15,135 19,443 (12,676 ) 1983 Jul-00 3-30 140,564 $ — $ 13,279 $ 26,115 $ 4,063 $ 14,508 $ 28,949 $ 43,457 $ (16,610 ) Total $ 2,191,481 $ 2,501,616 $ 8,663,818 $ 1,510,872 $ 2,559,743 $ 10,116,563 $ 12,676,306 $ (2,311,546 ) (1) The aggregate cost for federal income tax purposes is approximately $10.0 billion (unaudited). (2) A portion of land is leased pursuant to a ground lease expiring 2070. (3) The land is leased pursuant to a ground lease expiring 2082. (4) The land is leased pursuant to a ground lease expiring 2070. (5) The land is leased pursuant to a ground lease expiring 2027. (6) The land is leased pursuant to a ground lease expiring 2067. (7) A portion of land is leased pursuant to a ground lease expiring in 2028. (8) The land is leased pursuant to a ground lease expiring in 2028. A summary of activity for rental properties and accumulated depreciation is as follows: 2016 2015 2014 2016 2015 2014 Rental properties: Accumulated depreciation: Balance at beginning of year $ 12,331,469 $ 11,244,681 $ 5,443,757 Balance at beginning of year $ 1,949,892 $ 1,564,806 $ 1,254,886 Acquisition, development, and improvement of real estate (1) (2) 609,669 1,333,102 5,833,617 Depreciation expense (1) 432,165 402,687 320,921 Disposition of real estate and other (264,832 ) (246,314 ) (32,693 ) Depreciation expense - Disposals and other (70,511 ) (17,601 ) (11,001 ) Balance at the end of year $ 12,676,306 $ 12,331,469 $ 11,244,681 Balance at the end of year $ 2,311,546 $ 1,949,892 $ 1,564,806 (1) Reclassifications have been made in prior periods to conform to the current year's presentation. (2) Amount for 2014 includes $5.2 billion related to BRE merger. |
Summary of Critical and Signi27
Summary of Critical and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | The accounts of the Company, its controlled subsidiaries and the variable interest entities (“VIEs”) in which it is the primary beneficiary are consolidated in the accompanying financial statements and prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included and are normal and recurring in nature. All significant inter-company accounts and transactions have been eliminated. Certain reclassifications have been made in prior period amounts to conform to the current year’s presentation including the reclassification of $3.3 million in deferred financing costs related to lines of credit which were reclassified from lines of credit to prepaid expenses and other assets as of December 31, 2015. Such reclassifications had no net effect on previously reported financial results. Noncontrolling interest includes the 3.3% limited partner interests in the Operating Partnership not held by the Company at both December 31, 2016 and 2015 . These percentages include the Operating Partnership’s vested long term incentive plan units (see Note 12). |
Recent Accounting Pronouncements | In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." The new standard provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. The new standard requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. In August 2015, the FASB deferred the effective date of the new standard by one year, and it is now effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted. The new standard may be applied using either a full retrospective or a modified approach upon adoption. The Company does not expect that this will have a material effect on its consolidated results of operations or financial position. In January 2016, the FASB issued ASU No. 2016-01 "Recognition and Measurement of Financial Assets and Financial Liabilities", which requires changes to the classification and measurement of investments in certain equity securities and to the presentation of certain fair value changes for financial liabilities measured at fair value. The new standard will be effective for the Company beginning on January 1, 2018 and early adoption is permitted. The Company does not expect that this will have a material effect on its consolidated results of operations or financial position. In February 2016, the FASB issued ASU No. 2016-02 "Leases", which requires an entity that is a lessee to classify leases as either finance or operating and to recognize a lease liability and a right-of-use asset for all leases that have a duration of greater than 12 months. Leases of 12 months or less will be accounted for similar to existing guidance for operating leases today. For lessors, accounting for leases under the new standard will be substantially the same as existing guidance for sales-type leases, direct financing leases, and operating leases, but eliminates current real estate specific provisions and changes the treatment of initial direct costs. The new standard will be effective for the Company beginning on January 1, 2019 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a modified retrospective approach. The Company is currently evaluating the impact of this amendment on its consolidated results of operations and financial position. In March 2016, the FASB issued ASU No. 2016-07 "Simplifying the Transition to the Equity Method of Accounting", which eliminates the requirement to retroactively adjust an investment, results of operations, and retained earnings when the investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence. The new standard will be effective for the Company beginning on January 1, 2017 and early adoption is permitted. The Company does not expect the impact of this to be material on its consolidated results of operations or financial position. In March 2016, the FASB issued ASU No. 2016-09 "Improvement to Employee Share-Based Payment Accounting", which amends certain aspects of how an entity accounts for share-based payments to employees. This amendment requires entities to recognize the income tax effects of share-based awards in the income statement when the awards vest or are settled, rather than recording such effects in additional paid-in capital. Entities will also be permitted to elect to account for forfeitures of share-based payments as they occur or continue with the current practice which requires estimating the number of awards expected to be forfeited and adjusting the estimate when it is likely to change. The new standard will be effective January 1, 2017, with early adoption permitted. The change in recognition of income tax effects of share-based awards will be applied prospectively. If the Company elects to account for forfeitures of share-based payments as they occur, such change will be applied using a modified retrospective approach, with a cumulative-effect adjustment to distributions in excess of accumulated earnings. The Company does not expect that this will have a material effect on its consolidated results of operations or financial position. In June 2016, the FASB issued ASU No. 2016-13 "Measure of Credit Losses on Financial Instruments", which amends the current approach to estimate credit losses on certain financial assets, including trade and other receivables, available-for-sale securities, and other financial instruments. Generally, this amendment requires entities to establish a valuation allowance for the expected lifetime losses of these certain financial assets. Subsequent changes in the valuation allowance are recorded in current earnings and reversal of previous losses are permitted. Currently, U.S. GAAP requires entities to write down credit losses only when losses are probable and loss reversals are not permitted. The new standard will be effective for the Company beginning on January 1, 2020 and early adoption is permitted. The Company is currently evaluating the impact of this amendment on its consolidated results of operations and financial position. In August 2016, the FASB issued ASU No. 2016-15 "Classification of Certain Cash Receipts and Cash Payments", which requires entities to adhere to a uniform classification and presentation of certain cash receipts and cash payments in the statement of cash flows. The amendments in this update provide guidance on eight specific cash flow issues. The new standard will be effective for the Company beginning on January 1, 2018 and early adoption is permitted. The Company does not expect the impact of the other items identified in the ASU to be material on its consolidated results of operations or financial position. In October 2016, the FASB issued ASU No. 2016-17 "Interests Held through Related Parties that are Under Common Control", which further refines the consolidation guidance of variable interest entities as outlined in ASU 2015-02 "Consolidation: Amendments to the Consolidation Analysis" (which became effective for the Company since January 2016) and requires entities to consider only their proportionate indirect interest in a variable interest entity held through an entity under common control. Currently, U.S. GAAP requires entities to consider such proportionate indirect interests as if the entities held the interest themselves. This new standard will be effective for the Company beginning January 1, 2017 and early adoption is permitted. The Company does not expect that this will have a material effect on its consolidated results of operations or financial position. In November 2016, the FASB issued ASU No. 2016-18 "Statement of Cash Flows", which requires entities to include restricted cash and restricted cash equivalents in the reconciliation of beginning-of period to the end-of-period of cash and cash equivalents in the statement of cash flows. This new standard seeks to eliminate the current diversity in practice in how changes in restricted cash and restricted cash equivalents is presented in the statement of cash flows. This new standard will be effective for the Company beginning January 1, 2018 and early adoption is permitted. The Company is currently evaluating the impact of this amendment on its consolidated statements of cash flows. In January 2017, the FASB issued ASU No. 2017-01 "Business Combinations: Clarifying the Definition of a Business", which provides a new framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Currently, U.S. GAAP does not specify the minimum inputs and processes required for an integrated set of assets and activities to meet the definition of a business, causing a broad interpretation of the definition of a business. This new standard will be effective for the Company beginning January 1, 2018 and early adoption is permitted. The Company is currently evaluating the impact of this amendment on its consolidated results of operations and financial position. |
Real Estate Rental Properties | Significant expenditures, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized. Operating real estate assets are stated at cost and consist of land, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Expenditures for maintenance and repairs are charged to expense as incurred. The depreciable life of various categories of fixed assets is as follows: Computer software and equipment 3 - 5 years Interior apartment home improvements 5 years Furniture, fixtures and equipment 5 - 10 years Land improvements and certain exterior components of real property 10 years Real estate structures 30 years The Company capitalizes all costs incurred with the predevelopment, development or redevelopment of real estate assets or are associated with the construction or expansion of real property. Such capitalized costs include land, land improvements, allocated costs of the Company’s project management staff, construction costs, as well as interest and related loan fees, property taxes and insurance. Capitalization begins for predevelopment, development, and redevelopment projects when activity commences. Capitalization ends when the apartment home is completed and the property is available for a new resident or if the development activities cease. The Company allocates the purchase price of real estate to land and building including personal property, and identifiable intangible assets, such as the value of above, below and in-place leases. The values of the above and below market leases are amortized and recorded as either a decrease (in the case of above market leases) or an increase (in the case of below market leases) to rental revenue over the remaining term of the associated leases acquired, which in the case of below market leases the Company assumes lessees will elect to renew their leases. The value of acquired in-place leases are amortized to expense over the average remaining term of the leases acquired. The net carrying value of acquired in-place leases is $1.4 million and $2.9 million as of December 31, 2016 and 2015 , respectively, and are included in prepaid expenses and other assets on the Company's consolidated balance sheets. The Company performs the following evaluation for communities acquired: (1) adjust the purchase price for any fair value adjustments resulting from such things as assumed debt or contingencies; (2) estimate the value of the real estate “as if vacant” as of the acquisition date; (3) allocate that value among land and buildings including personal property; (4) compute the value of the difference between the “as if vacant” value and the adjusted purchase price, which will represent the total intangible assets; (5) compute the value of the above and below market leases and determine the associated life of the above market/ below market leases; (6) compute the value of the in-place leases and customer relationships, if any, and the associated lives of these assets. Whenever events or changes in circumstances indicate that the carrying amount of a property held for investment or held for sale may not be fully recoverable, the carrying amount will be evaluated for impairment. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount (including intangible assets) of a property held for investment, then the Company will recognize an impairment loss equal to the excess of the carrying amount over the fair value of the property. Fair value of a property is determined using conventional real estate valuation methods, such as discounted cash flow, the property’s unleveraged yield in comparison to the unleveraged yields and sales prices of similar communities that have been recently sold, and other third party information, if available. Communities held for sale are carried at the lower of cost and fair value less estimated costs to sell. As of December 31, 2016 one property was classified as held for sale. As of December 31, 2015 two properties were classified as held for sale. No impairment charges were recorded in 2016, 2015 or 2014. In the normal course of business, the Company will receive purchase offers for its communities, either solicited or unsolicited. For those offers that are accepted, the prospective buyer will usually require a due diligence period before consummation of the transaction. It is not unusual for matters to arise that result in the withdrawal or rejection of the offer during this process. The Company classifies real estate as "held for sale" when all criteria under the accounting standard for the disposals of long-lived assets have been met. |
Co-investments | The Company owns investments in joint ventures (“co-investments”) in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with the accounting standards. Therefore, the Company accounts for these investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company’s equity in earnings less distributions received and the Company’s share of losses. A majority of the co-investments, excluding the preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote distributions if certain financial return benchmarks are achieved. Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible. Any promote fees are reflected in equity income from co-investments. |
Revenues and Gains on Sale of Real Estate | Revenues from tenants renting or leasing apartment homes are recorded when due from tenants and are recognized monthly as they are earned, which is not materially different than on a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 6 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. The Company recognizes gains on sales of real estate when a contract is in place, a closing has taken place, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property and the Company does not have a substantial continuing involvement with the property. |
Cash Equivalents and Restricted Cash | Highly liquid investments with original maturities of three months or less when purchased are classified as cash equivalents. Restricted cash balances relate primarily to reserve requirements for capital replacement at certain communities in connection with the Company’s mortgage debt. |
Marketable Securities | The Company reports its available for sale securities at fair value, based on quoted market prices (Level 1 for the common stock and investment funds, Level 2 for the unsecured bonds and Level 3 for investments in mortgage backed securities, as defined by the FASB standard for fair value measurements as discussed later in Note 2), and any unrealized gain or loss is recorded as other comprehensive income. The Company uses the specific identification method to determine the cost basis of a security sold and to reclassify amounts from accumulated other comprehensive income for securities sold. |
Notes Receivable | Notes receivable relate to real estate financing arrangements including mezzanine and bridge loans and are secured by real estate. Interest is recognized over the life of the note as interest income. Each note is analyzed to determine if it is impaired. A note is impaired if it is probable that the Company will not collect all contractually due principal and interest. The Company does not accrue interest when a note is considered impaired and an allowance is recorded for any principal and previously accrued interest that are not believed to be collectible. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income. |
Capitalization Policy | The Company capitalizes all direct and certain indirect costs, including interest, real estate taxes and insurance, incurred during development and redevelopment activities. Interest is capitalized on real estate assets that require a period of time to get them ready for their intended use. The amount of interest capitalized is based upon the average amount of accumulated development expenditures during the reporting period. Included in capitalized costs are management’s estimates of the direct and incremental personnel costs and indirect project costs associated with the Company's development and redevelopment activities. Indirect project costs consist primarily of personnel costs associated with construction administration and development, including accounting, legal fees, and various corporate and community onsite costs that clearly relate to projects under development. |
Fair Value of Financial Instruments | The Company values its financial instruments based on the fair value hierarchy of valuation techniques described in the FASB’s accounting standard for fair value measurements. Level 1 inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability. The Company uses Level 1 inputs for the fair values of its cash equivalents and its marketable securities except for unsecured bonds and mortgage backed securities. The Company uses Level 2 inputs for its investments in unsecured bonds, notes receivable, notes payable, and derivative assets/liabilities. These inputs include interest rates for similar financial instruments. The Company’s valuation methodology for derivatives is described in Note 8. The Company uses Level 3 inputs to estimate the fair value of its mortgage backed securities. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Management believes that the carrying amounts of the outstanding balances under its notes and other receivables approximate fair value as of December 31, 2016 and 2015 , because interest rates, yields and other terms for these instruments are consistent with yields and other terms currently available for similar instruments. Management has estimated that the fair value of fixed rate debt with a carrying value of $5.1 billion and $4.8 billion , including premiums, discounts and debt financing costs, at December 31, 2016 and 2015 , respectively, to be $5.1 billion and $4.8 billion . Management has estimated the fair value of the Company’s $499.7 million and $525.3 million of variable rate debt, including debt financing costs, at December 31, 2016 and 2015 , respectively, to be $502.8 million and $527.6 million based on the terms of the Company’s existing variable rate debt compared to those available in the marketplace. Management believes that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payable, other liabilities and dividends payable approximate fair value as of December 31, 2016 and 2015 due to the short-term maturity of these instruments. Marketable securities, excluding mortgage backed securities, and derivative assets/liabilities are carried at fair value as of December 31, 2016 and 2015 . At December 31, 2016 and 2015 , the Company’s investments in mortgage backed securities had a carrying value of $94.4 million and $80.4 million , respectively. The Company estimated the fair value of investment in mortgage backed securities at December 31, 2016 and 2015 to be approximately $108.8 million and $110.2 million , respectively. The Company determines the fair value of the mortgage backed securities based on unobservable inputs (Level 3 of the fair value hierarchy) considering the assumptions that market participants would make in valuing these securities. Assumptions such as estimated default rates and discount rates are used to determine expected, discounted cash flows to estimate the fair value. |
Interest Rate Protection, Swap, and Forward Contracts | The Company uses interest rate swaps, interest rate cap contracts, and forward starting swaps to manage interest rate risks. The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, the Company primarily uses interest rate swaps and interest rate caps as part of its cash flow hedging strategy. The Company records all derivatives on its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated for accounting purposes as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated for accounting purposes as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the initial and ongoing effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated for accounting purposes as cash flow hedges, changes in fair value are recognized in earnings. All of the Company’s interest rate swaps are considered cash flow hedges. The change in fair value of the total return swaps is reported as total return swap income in the consolidated statements of income. |
Income Taxes | Generally in any year in which ESS qualifies as a real estate investment trust (“REIT”) under the Internal Revenue Code (the “IRC”), it is not subject to federal income tax on that portion of its income that it distributes to stockholders. No provision for federal income taxes, other than the taxable REIT subsidiaries discussed below, has been made in the accompanying consolidated financial statements for each of the years in the three-year period ended December 31, 2016 as ESS has elected to be and believes it qualifies under the IRC as a REIT and has made distributions during the periods in amounts to preclude ESS from paying federal income tax. In order to maintain compliance with REIT tax rules, the Company utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Company. In general, the activities and tax related provisions, assets and liabilities are not material. In 2016, a taxable REIT subsidiary sold two properties that it had acquired in 2007, resulting in Company's recognition of a deferred income tax expense of approximately $4.4 million . As a partnership, the Operating Partnership is not subject to federal or state income taxes except that in order to maintain ESS’s compliance with REIT tax rules that are applicable to ESS, the Operating Partnership utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Operating Partnership. |
Equity-based Compensation | The cost of share and unit based compensation awards is measured at the grant date based on the estimated fair value of the awards. The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period. |
Changes in Accumulated Other Comprehensive Loss by Component | Amounts reclassified from accumulated other comprehensive loss in connection with derivatives are recorded to interest expense on the consolidated statements of income. Realized gains and losses on available for sale securities are included in interest and other income on the consolidated statements of income. |
Accounting Estimates | The preparation of consolidated financial statements, in accordance with GAAP, requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, and its notes receivable. The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions. |
Variable Interest Entities | In February 2015, the FASB issued ASU No. 2015-02 "Consolidation: Amendments to the Consolidation Analysis," which provides new consolidation guidance and makes changes to both the variable interest model and the voting model. Among other changes, the new standard specifically eliminates the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. The Company adopted ASU No. 2015-02 on January 1, 2016. Based on the Company’s evaluation of the new standard, it determined that no change was required to its accounting for variable interest entities (“VIEs”). However, under the guidance of ASU No. 2015-02, 9 previously consolidated co-investments now meet the definition of a VIE and require additional disclosure about these VIEs which the Company continues to consolidate as the Company was determined to be the primary beneficiary. The Company continues to be the primary beneficiary and consolidates the Operating Partnership and 19 DownREIT limited partnerships (comprising eleven communities). Commencing on January 1, 2016, 9 other consolidated co-investments were determined to be VIEs and the Company continues to consolidate those co-investments as the Company was determined to be the primary beneficiary. The Company has no assets or liabilities other than its investment in the Operating Partnership. The consolidated total assets and liabilities related to the 9 consolidated co-investments and 19 DownREIT limited partnerships, net of intercompany eliminations, were approximately $989.3 million and $288.1 million , respectively, as of December 31, 2016 , and $893.1 million and $231.8 million , respectively, as of December 31, 2015 . Noncontrolling interests in these entities was $52.9 million and $54.6 million as of December 31, 2016 and 2015 , respectively. The Company's financial risk in each VIE is limited to its equity investment in the VIE. The DownREIT VIEs collectively own eleven apartment communities in which Essex Management Company (“EMC”) is the general partner, the Operating Partnership is a special limited partner, and the other limited partners were granted rights of redemption for their interests. Such limited partners can request to be redeemed and the Company, subject to certain restrictions, can elect to redeem their rights for cash or by issuing shares of its common stock on a one share per unit basis. Conversion values will be based on the market value of the Company's common stock at the time of redemption multiplied by the number of units stipulated under various arrangements, as noted above. The other limited partners receive distributions based on the Company's current dividend rate times the number of units held. Total DownREIT units outstanding were 952,140 and 963,172 as of December 31, 2016 and 2015 respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $221.4 million and $230.6 million , as of December 31, 2016 and 2015 , respectively. The carrying value of redeemable noncontrolling interest in the accompanying balance sheets was $44.7 million and $45.5 million as of December 31, 2016 and 2015, respectively. The amounts represent units of limited partners' interests in DownREIT VIEs as to which it is outside of the Company’s control to redeem the DownREIT units with Company common stock and may potentially be redeemed for cash, and are presented at either their redemption value or historical cost, depending on the limited partner's right to redeem their units as of the balance sheet date. The carrying value of DownREIT units as to which it is within the control of the Company to redeem the units with its common stock was $18.6 million and $18.4 million as of December 31, 2016 and 2015, respectively and is classified within noncontrolling interests in the accompanying consolidated balance sheets. Interest holders in VIEs consolidated by the Company are allocated a priority of net income equal to the cash payments made to those interest holders or distributions from cash flow. The remaining results of operations are generally allocated to the Company. As of December 31, 2016 and 2015 , the Company did not have any other VIEs of which it was deemed to be the primary beneficiary and did not have any VIEs of which it was not deemed to be the primary beneficiary. |
Summary of Critical and Signi28
Summary of Critical and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Critical and Significant Accounting Policies [Abstract] | |
Depreciable life of various categories of fixed assets | The depreciable life of various categories of fixed assets is as follows: Computer software and equipment 3 - 5 years Interior apartment home improvements 5 years Furniture, fixtures and equipment 5 - 10 years Land improvements and certain exterior components of real property 10 years Real estate structures 30 years |
Components of Marketable Securities | As of December 31, 2016 and 2015 marketable securities consist of the following ($ in thousands): December 31, 2016 Amortized Cost Gross Unrealized Gain (Loss) Carrying Value Available for sale: Investment-grade unsecured bonds $ 19,604 $ (73 ) $ 19,531 Investment funds - U.S. treasuries 10,022 (22 ) 10,000 Common stock and stock funds 13,696 1,569 15,265 Held to maturity: Mortgage backed securities 94,393 — 94,393 Total - Marketable securities $ 137,715 $ 1,474 $ 139,189 December 31, 2015 Amortized Cost Gross Unrealized Gain (Loss) Carrying Value Available for sale: Investment-grade unsecured bonds $ 11,618 $ 68 $ 11,686 Investment funds - U.S. treasuries 3,675 (9 ) 3,666 Common stock and stock funds 34,655 7,091 41,746 Held to maturity: Mortgage backed securities 80,387 — 80,387 Total - Marketable securities $ 130,335 $ 7,150 $ 137,485 |
Status of cash dividends distributed | The status of cash dividends distributed for the years ended December 31, 2016 , 2015 , and 2014 related to common stock, Series G and Series H preferred stock are classified for tax purposes as follows: 2016 2015 2014 Common Stock Ordinary income 86.68 % 99.28 % 70.03 % Capital gain 7.11 % 0.72 % 21.95 % Unrecaptured section 1250 capital gain 6.21 % — % 8.02 % 100.00 % 100.00 % 100.00 % 2016 2015 2014 Series G and H Preferred stock Ordinary income 86.68 % 99.28 % 70.03 % Capital gains 7.11 % 0.72 % 21.95 % Unrecaptured section 1250 capital gain 6.21 % — % 8.02 % 100.00 % 100.00 % 100.00 % |
Changes in Accumulated Other Comprehensive Income (Loss), Net by Component | Essex Property Trust, Inc. ($ in thousands) Change in fair value and amortization of swap settlements Unrealized gains on available for sale securities Total Balance at December 31, 2015 $ (48,366 ) $ 6,355 $ (42,011 ) Other comprehensive income before reclassification 25,371 (801 ) 24,570 Amounts reclassified from accumulated other comprehensive loss (9,968 ) (4,689 ) (14,657 ) Other comprehensive income 15,403 (5,490 ) 9,913 Balance at December 31, 2016 $ (32,963 ) $ 865 $ (32,098 ) |
Changes in the redemption value of redeemable noncontrolling interests | The changes in the redemption value of redeemable noncontrolling interests for the years ended December 31, 2016 , 2015 , and 2014 is as follows: 2016 2015 2014 Balance at January 1, $ 45,452 $ 23,256 $ — Reclassifications due to change in redemption value and other (768 ) 22,196 18,505 Redemptions — — — Additions — — 4,751 Balance at December 31, $ 44,684 $ 45,452 $ 23,256 |
Essex Portfolio, L.P. [Member] | |
Summary of Critical and Significant Accounting Policies [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss), Net by Component | Essex Portfolio, L.P. ($ in thousands) Change in fair value and amortization of swap settlements Unrealized gains on available for sale securities Total Balance at December 31, 2015 $ (46,087 ) $ 6,489 $ (39,598 ) Other comprehensive income before reclassification 26,234 (828 ) 25,406 Amounts reclassified from accumulated other comprehensive loss (10,308 ) (4,848 ) (15,156 ) Other comprehensive income 15,926 (5,676 ) 10,250 Balance at December 31, 2016 $ (30,161 ) $ 813 $ (29,348 ) |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate Investments, Net [Abstract] | |
Schedule of Real Estate Properties | The table below summarizes acquisition activity for the year ended December 31, 2016 ($ in millions): Property Name Location Apartment Homes Essex Ownership Percentage Quarter in 2016 Purchase Price Mio San Jose, CA 103 100 % Q1 $ 51.3 Form 15 San Diego, CA 242 100 % Q1 97.4 Emerson Valley Village Los Angeles, CA 144 100 % Q4 67.0 Ashton Sherman Village Los Angeles, CA 264 100 % Q4 118.0 Total 2016 753 $ 333.7 |
Disposal Groups, Including Discontinued Operations | The table below summarizes disposition activity for the year ended December 31, 2016 ($ in millions): Property Name Location Apartment Homes Essex Ownership Percentage Ownership Quarter in 2016 Sales Price Gains Harvest Park Santa Rosa, CA 104 100 % EPLP Q1 $ 30.5 $ 6.4 (1) Tuscana Tracy, CA 30 100 % EPLP Q4 6.7 0.3 (2) Candlewood North Northridge, CA 189 100 % EPLP Q4 43.6 7.3 Total 2016 323 $ 80.8 $ 14.0 (1) Net of $4.3 million deferred tax on gain on sale of real estate. (2) Net of $0.1 million deferred tax on gain on sale of real estate. |
Summary of Co Investment | The carrying values of the Company’s co-investments as of December 31, 2016 and 2015 are as follows ($ in thousands): Ownership December 31, Percentage 2016 2015 Membership interest/Partnership interest in: CPPIB 50%-55% $ 422,068 $ 422,317 Wesco I, III and IV 50 % 180,687 218,902 Palm Valley 50 % 68,396 68,525 BEXAEW 50 % 47,963 88,850 BEX II 50 % 19,078 — Other 50%-55% 43,713 32,927 Total operating co-investments 781,905 831,521 Total development co-investments 50%-55% 157,317 98,214 Total preferred interest co-investments (includes related party investments of $35.9 million and $35.8 million as of December 31, 2016 and December 31, 2015, respectively - FN 5 - Related Party Transactions for further discussion) 222,053 106,312 Total co-investments $ 1,161,275 $ 1,036,047 |
Summarized Financial Statement for Co Investment Accounted for Under the Equity Method | The combined summarized financial information of co-investments is as follows ($ in thousands): December 31, 2016 2015 Combined balance sheets: (1) Rental properties and real estate under development $ 3,807,245 $ 3,360,360 Other assets 121,505 96,785 Total assets $ 3,928,750 $ 3,457,145 Debt $ 1,617,639 $ 1,499,601 Other liabilities 74,607 92,241 Equity 2,236,504 1,865,303 Total liabilities and equity $ 3,928,750 $ 3,457,145 Company's share of equity $ 1,161,275 $ 1,036,047 Years ended December 31, 2016 2015 2014 Combined statements of income: (1) Property revenues $ 289,011 $ 260,175 $ 188,548 Property operating expenses (99,637 ) (93,067 ) (71,419 ) Net operating income 189,374 167,108 117,129 Gain on sale of real estate 28,291 14 23,333 Interest expense (46,894 ) (44,834 ) (39,990 ) General and administrative (7,448 ) (5,879 ) (6,321 ) Equity income from co-investments (2) — — 26,798 Depreciation and amortization (103,986 ) (103,613 ) (74,657 ) Net income $ 59,337 $ 12,796 $ 46,292 Company's share of net income (3) $ 48,698 $ 21,861 $ 39,893 (1) Includes preferred equity investments held by the Company. (2) Represents income from Wesco II's preferred equity investment in Park Merced. (3) Includes the Company's share of equity income from co-investments, income from preferred equity investments, gain on sale of co-investments, co-investment promote income, and income from early redemption of preferred equity investments. Includes income earned from investments with a related party of $3.4 million and $3.7 million for the years ended December 31, 2016 and 2015, respectively. |
Notes and Other Receivables (Ta
Notes and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes and Other Receivables [Abstract] | |
Notes and Other Receivables | Notes receivables, secured by real estate, and other receivables consist of the following as December 31, 2016 and 2015 ($ in thousands): 2016 2015 Note receivable, secured, bearing interest at 10.75%, due September 2020 $ 17,685 $ — Related party note receivable, secured, bearing interest at 9.5%, due October 2019 (2) 6,593 — Note receivable, secured, bearing interest at 6.0%, due December 2016 — 3,219 Notes and other receivables from affiliates (1) 4,695 3,092 Other receivables 11,997 12,974 Total notes and receivables $ 40,970 $ 19,285 (1) The Company had $4.7 million and $3.1 million of short-term loans outstanding and due from various joint ventures as of December 31, 2016 and 2015, respectively. See Note 5, Related Party Transactions, for additional details. (2) See Note 5, Related Party Transactions, for additional details. |
Unsecured Debt (Tables)
Unsecured Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of unsecured debt and lines of credit | Unsecured debt consists of the following as of December 31, 2016 and 2015 ($ in thousands): 2016 2015 Weighted Average Maturity In Years Unsecured bonds private placement - fixed rate $ 314,190 $ 463,891 3.6 Term loan - variable rate 98,189 224,467 5.1 Bonds public offering - fixed rate 2,834,400 2,400,322 6.3 Unsecured debt, net (1) 3,246,779 3,088,680 Lines of credit (2) 125,000 15,000 Total unsecured debt $ 3,371,779 $ 3,103,680 Weighted average interest rate on fixed rate unsecured and unsecured private placement bonds 3.6 % 3.6 % Weighted average interest rate on variable rate term loan 2.3 % 2.4 % Weighted average interest rate on lines of credit 1.8 % 1.9 % (1) Includes unamortized premium and discounts of $(0.1) million and $14.3 million and reduced by unamortized debt issuance costs of $18.1 million and $15.6 million as of December 31, 2016 and 2015 , respectively. (2) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.03 billion , excludes unamortized debt issuance costs of $3.3 million as of both December 31, 2016 and 2015. The debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets. |
Summary of unsecured private placement bonds | The following is a summary of the Company’s unsecured private placement bonds as of December 31, 2016 and 2015 ($ in thousands): Maturity 2016 2015 Coupon Rate Senior unsecured private placement notes March 2016 $ — $ 150,000 4.36 % Senior unsecured private placement notes September 2017 40,000 40,000 4.50 % Senior unsecured private placement notes December 2019 75,000 75,000 4.92 % Senior unsecured private placement notes April 2021 100,000 100,000 4.27 % Senior unsecured private placement notes June 2021 50,000 50,000 4.30 % Senior unsecured private placement notes August 2021 50,000 50,000 4.37 % $ 315,000 $ 465,000 |
Schedule of Long-term Debt Instruments | The following is a summary of the Company’s senior unsecured notes as of December 31, 2016 and 2015 ($ in thousands): Maturity 2016 2015 Coupon Senior notes March 2017 $ 300,000 $ 300,000 5.500 % Senior notes March 2021 300,000 300,000 5.200 % Senior notes August 2022 300,000 300,000 3.625 % Senior notes January 2023 300,000 300,000 3.375 % Senior notes May 2023 300,000 300,000 3.250 % Senior notes May 2024 400,000 400,000 3.875 % Senior notes April 2025 500,000 500,000 3.500 % Senior notes April 2026 450,000 — 3.375 % $ 2,850,000 $ 2,400,000 Mortgage notes payable consist of the following as of December 31, 2016 and 2015 ($ in thousands): 2016 2015 Fixed rate mortgage notes payable $ 1,911,699 $ 1,925,985 Variable rate mortgage notes payable (1) 279,782 289,092 Total mortgage notes payable (2) $ 2,191,481 $ 2,215,077 Number of properties securing mortgage notes 61 64 Remaining terms 1-30 years 1-31 years Weighted average interest rate 4.3 % 4.4 % |
Schedule of Maturities of Long-term Debt | The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2016 are as follows ($ in thousands): 2017 $ 340,000 2018 — 2019 (1) 75,000 2020 — 2021 500,000 Thereafter 2,350,000 $ 3,265,000 (1) Amount does not include $125.0 million outstanding on the Company's lines of credit as of December 31, 2016, that becomes due in December 2020 in accordance with the January 2017 amendment. The aggregate scheduled principal payments of mortgage notes payable at December 31, 2016 are as follows ($ in thousands): 2017 $ 82,796 2018 301,575 2019 576,954 2020 693,868 2021 51,584 Thereafter 441,313 $ 2,148,090 (1) Variable rate mortgage notes payable, including $257.3 million in bonds that have been converted to variable rate through total return swap contracts, consists of multi-family housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 1.2% at December 2016 and 1.2% at December 2015) plus credit enhancement and underwriting fees ranging from approximately 1.0% to 1.3% . Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the apartment homes are subject to tenant income criteria. Principal balances are due in full at various maturity dates from May 2025 through December 2046. Of these bonds $20.7 million are subject to various interest rate cap agreements that limit the maximum interest rate to such bonds. (2) Includes total unamortized premium of $ 50.8 million and $ 64.8 million and reduced by unamortized debt issuance costs of $7.4 million and $8.0 million as of December 31, 2016 and 2015 , respectively. |
Mortgage Notes Payable (Tables)
Mortgage Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Payable [Abstract] | |
Mortgages notes payable | The following is a summary of the Company’s senior unsecured notes as of December 31, 2016 and 2015 ($ in thousands): Maturity 2016 2015 Coupon Senior notes March 2017 $ 300,000 $ 300,000 5.500 % Senior notes March 2021 300,000 300,000 5.200 % Senior notes August 2022 300,000 300,000 3.625 % Senior notes January 2023 300,000 300,000 3.375 % Senior notes May 2023 300,000 300,000 3.250 % Senior notes May 2024 400,000 400,000 3.875 % Senior notes April 2025 500,000 500,000 3.500 % Senior notes April 2026 450,000 — 3.375 % $ 2,850,000 $ 2,400,000 Mortgage notes payable consist of the following as of December 31, 2016 and 2015 ($ in thousands): 2016 2015 Fixed rate mortgage notes payable $ 1,911,699 $ 1,925,985 Variable rate mortgage notes payable (1) 279,782 289,092 Total mortgage notes payable (2) $ 2,191,481 $ 2,215,077 Number of properties securing mortgage notes 61 64 Remaining terms 1-30 years 1-31 years Weighted average interest rate 4.3 % 4.4 % |
Aggregate scheduled principal payments of mortgage notes payable | The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2016 are as follows ($ in thousands): 2017 $ 340,000 2018 — 2019 (1) 75,000 2020 — 2021 500,000 Thereafter 2,350,000 $ 3,265,000 (1) Amount does not include $125.0 million outstanding on the Company's lines of credit as of December 31, 2016, that becomes due in December 2020 in accordance with the January 2017 amendment. The aggregate scheduled principal payments of mortgage notes payable at December 31, 2016 are as follows ($ in thousands): 2017 $ 82,796 2018 301,575 2019 576,954 2020 693,868 2021 51,584 Thereafter 441,313 $ 2,148,090 (1) Variable rate mortgage notes payable, including $257.3 million in bonds that have been converted to variable rate through total return swap contracts, consists of multi-family housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 1.2% at December 2016 and 1.2% at December 2015) plus credit enhancement and underwriting fees ranging from approximately 1.0% to 1.3% . Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the apartment homes are subject to tenant income criteria. Principal balances are due in full at various maturity dates from May 2025 through December 2046. Of these bonds $20.7 million are subject to various interest rate cap agreements that limit the maximum interest rate to such bonds. (2) Includes total unamortized premium of $ 50.8 million and $ 64.8 million and reduced by unamortized debt issuance costs of $7.4 million and $8.0 million as of December 31, 2016 and 2015 , respectively. |
Lease Agreements (Tables)
Lease Agreements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Future minimum non-cancelable base rent under operating leases | The future minimum non-cancelable base rent to be received under these operating leases for each of the years ending after December 31 is summarized as follows ($ in thousands): Future Minimum Rent 2017 $ 13,453 2018 12,773 2019 12,347 2020 11,518 2021 10,073 Thereafter 39,043 $ 99,207 |
Net Income Per Common Share a34
Net Income Per Common Share and Net Income Per Common Unit (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Net Income Per Share and Net Income Per Unit [Line Items] | |
Net Income Per Common Share and Net Income Per Unit | Basic and diluted income per share is calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts ): 2016 2015 2014 Income Weighted- average Common Shares Per Common Share Amount Income Weighted- average Common Shares Per Common Share Amount Income Weighted- average Common Shares Per Common Share Amount Basic: Net income available to common stockholders 411,124 65,471,540 $ 6.28 226,865 64,871,717 $ 3.50 116,859 56,546,959 $ 2.07 Effect of Dilutive Securities (1) — 116,276 — 189,968 — 149,566 Diluted: Net income available to common stockholders 411,124 65,587,816 $ 6.27 226,865 65,061,685 $ 3.49 116,859 56,696,525 $ 2.06 (1) Weighted average convertible limited partnership units of 2,224,100 , 2,182,467 , and 2,224,707 , which include vested Series Z Incentive Units, Series Z-1 Incentive Units, 2014 Long-Term Incentive Plan Units, and 2015 Long-Term Incentive Plan Units, for the years ended December 31, 2016 , 2015 and 2014 , respectively, were not included in the determination of diluted earnings per share calculation because they were anti-dilutive. The related income allocated to these convertible limited partnership units aggregated $14.1 million , $7.8 million , and $4.9 million for the years ended December 31, 2016, 2015, and 2014, respectively. Additionally, excludes all DownREIT units as they are anti-dilutive. |
Essex Portfolio, L.P. [Member] | |
Net Income Per Share and Net Income Per Unit [Line Items] | |
Net Income Per Common Share and Net Income Per Unit | Basic and diluted income per unit is calculated as follows for the years ended December 31 ($ in thousands, except unit and per unit amounts ): 2016 2015 2014 Income Weighted- average Common Units Per Common Unit Amount Income Weighted- average Common Units Per Common Unit Amount Income Weighted- average Common Units Per Common Unit Amount Basic: Net income available to common unitholders $ 425,213 67,695,640 $ 6.28 $ 234,689 67,054,184 $ 3.50 $ 121,726 58,771,666 $ 2.07 Effect of Dilutive Securities (1) — 116,276 — 189,968 — 149,566 Diluted: Net income available to common unitholders $ 425,213 67,811,916 $ 6.27 $ 234,689 67,244,152 $ 3.49 $ 121,726 58,921,232 $ 2.07 (1) Stock options of 252,334 , 54,100 , and 10,843 , for the years ended December 31, 2016 , 2015 , and 2014 , respectively, were not included in the diluted earnings per unit calculation because the assumed proceeds per share of these options plus the average unearned compensation were greater than the average market price of the common shares for the years ended and, therefore, were anti-dilutive. Additionally, excludes all DownREIT units as they are anti-dilutive. The cumulative convertible Series H preferred interest have been excluded from diluted earnings per unit for the years ended December 31, 2016 , 2015 , and 2014 respectively, as the effect was anti-dilutive. The cumulative convertible Series G preferred interest have been excluded from diluted earnings per unit for the year ended December 31, 2014 as the effect was anti-dilutive. |
Equity Based Compensation Pla35
Equity Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Weighted average assumptions used to estimate fair value of stock options | The fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants: 2016 2015 2014 Stock price $ 219.60 $ 227.75 $ 176.65 Risk-free interest rates 2.08 % 1.83 % 2.37 % Expected lives 6 years 6 years 8 years Volatility 26.47 % 20.06 % 18.00 % Dividend yield 2.89 % 2.73 % 2.90 % |
Summary of stock options activity | A summary of the status of the Company’s stock option plans as of December 31, 2016 , 2015 , and 2014 and changes during the years ended on those dates is presented below: 2016 2015 2014 Shares Weighted- average exercise price Shares Weighted- average exercise price Shares Weighted- average exercise price Outstanding at beginning of year 525,094 $ 154.98 664,785 $ 138.78 695,488 $ 133.37 Granted 207,429 219.60 78,600 227.75 42,518 176.65 Granted - BRE options converted — — — — 133,766 121.03 Exercised (138,054 ) 138.79 (203,556 ) 131.53 (185,387 ) 113.72 Forfeited and canceled (36,821 ) 178.18 (14,735 ) 136.11 (21,600 ) 144.29 Outstanding at end of year 557,648 181.50 525,094 154.98 664,785 138.78 Options exercisable at year end 290,340 160.90 342,048 152.42 395,986 133.99 |
Restricted stock activity | The following table summarizes information about restricted stock outstanding as of December 31, 2016 , 2015 and 2014 and changes during the years ended: 2016 2015 2014 Shares Weighted- average grant price Shares Weighted- average grant price Shares Weighted- average grant price Unvested at beginning of year 54,676 $ 147.10 25,820 $ 168.22 16,176 $ 108.06 Granted 49,183 150.13 56,177 155.21 22,014 194.03 Granted - BRE restricted stock converted — — — — 119,411 173.82 Vested (38,427 ) 147.12 (22,939 ) 148.20 (126,931 ) 171.56 Forfeited and canceled (7,083 ) 141.76 (4,382 ) 122.06 (4,850 ) 135.10 Unvested at end of year 58,349 149.11 54,676 147.10 25,820 168.22 |
Summary of long term incentive plan - Z Units | The following table summarizes information about the LTIP Units outstanding as of December 31, 2016 ($ in thousands): Long Term Incentive Plan - LTIP Units Total Vested Units Total Unvested Units Total Outstanding Units Weighted- average Grant-date Fair Value Weighted- average Remaining Contractual Life (years) Balance, December 31, 2013 118,190 149,381 267,571 $ 63.53 9.3 Granted 24,000 44,750 68,750 Vested 41,729 (41,729 ) — Converted (2,000 ) — (2,000 ) Cancelled — (1,335 ) (1,335 ) Balance, December 31, 2014 181,919 151,067 332,986 71.14 10.5 Granted — — — Vested 36,650 (36,650 ) — Converted (74,384 ) — (74,384 ) Cancelled — (8,260 ) (8,260 ) Balance, December 31, 2015 144,185 106,157 250,342 75.41 9.5 Granted — — — Vested 36,842 (36,842 ) — Converted — — — Cancelled — (9,288 ) (9,288 ) Balance, December 31, 2016 181,027 60,027 241,054 $ 75.11 8.5 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Reconciliation Of Revenues And Operating Profit Loss From Segments To Consolidated | The revenues and net operating income for each of the reportable operating segments are summarized as follows for the years ended December 31, 2016 , 2015 , and 2014 ($ in thousands): Years Ended December 31, 2016 2015 2014 Revenues: Southern California $ 561,094 $ 507,536 $ 418,495 Northern California 453,140 407,590 319,082 Seattle Metro 217,259 201,417 168,337 Other real estate assets 54,230 68,955 55,677 Total property revenues $ 1,285,723 $ 1,185,498 $ 961,591 Net operating income: Southern California $ 382,312 $ 340,797 $ 274,806 Northern California 325,394 291,168 223,559 Seattle Metro 148,279 136,579 112,494 Other real estate assets 40,811 53,446 38,186 Total net operating income 896,796 821,990 649,045 Management and other fees from affiliates 8,278 8,909 9,347 Depreciation and amortization (441,682 ) (453,423 ) (360,592 ) General and administrative (40,751 ) (40,090 ) (40,878 ) Merger and integration expenses — (3,798 ) (53,530 ) Acquisition and investment related costs (1,841 ) (2,414 ) (1,878 ) Interest expense (219,654 ) (204,827 ) (164,551 ) Total return swap income 11,716 5,655 — Interest and other income 27,305 19,143 11,811 Equity income in co-investments 48,698 21,861 39,893 Loss on early retirement of debt (606 ) (6,114 ) (268 ) Gain on sale of real estate and land 154,561 47,333 46,039 Deferred tax expense on gain on sale of real estate and land (4,410 ) — — Gain on remeasurement of co-investment — 34,014 — Net income $ 438,410 $ 248,239 $ 134,438 |
Reconciliation of Assets from Segment to Consolidated | Total assets for each of the reportable operating segments are summarized as follows as of December 31, 2016 and 2015 ($ in thousands): As of December 31, Assets: 2016 2015 Southern California $ 4,924,792 $ 4,752,174 Northern California 3,791,549 3,733,218 Seattle Metro 1,570,340 1,613,175 Other real estate assets 78,079 283,010 Net reportable operating segments - real estate assets 10,364,760 10,381,577 Real estate under development 190,505 242,326 Co-investments 1,161,275 1,036,047 Real estate held for sale, net 101,957 26,879 Cash and cash equivalents, including restricted cash 170,302 123,055 Marketable securities 139,189 137,485 Notes and other receivables 40,970 19,285 Prepaid expenses and other assets 48,450 41,730 Total assets $ 12,217,408 $ 12,008,384 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Minimum Lease Commitments | The total minimum lease commitments, under ground leases and operating leases, for each of the years ending December 31 is summarized as follows ($ in thousands): Total Minimum Lease Commitments 2017 $ 4,647 2018 4,704 2019 4,763 2020 4,823 2021 4,886 Thereafter 116,472 $ 140,295 |
Quarterly Results of Operatio38
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Results of Operations (Unaudited) [Abstract] | |
Summary of quarterly results of operations | Essex Property Trust, Inc. The following is a summary of quarterly results of operations for 2016 and 2015 ( $ in thousands, except per share and dividend amounts ): Quarter ended December 31 Quarter ended September 30 Quarter ended June 30 Quarter ended March 31 2016: Total property revenues $ 326,905 $ 327,078 $ 319,562 $ 312,178 Net income $ 204,517 $ 70,162 $ 76,824 $ 86,907 Net income available to common stockholders $ 195,569 $ 65,561 $ 72,013 $ 77,981 Per share data: Net income: Basic (1) $ 2.98 $ 1.00 $ 1.10 $ 1.19 Diluted (1) $ 2.98 $ 1.00 $ 1.10 $ 1.19 Market price: High $ 234.07 $ 236.56 $ 237.50 $ 240.55 Low $ 200.01 $ 217.16 $ 207.20 $ 191.25 Close $ 232.50 $ 222.70 $ 228.09 $ 233.86 Dividends declared $ 1.60 $ 1.60 $ 1.60 $ 1.60 2015: Total property revenues $ 308,646 $ 302,522 $ 294,101 $ 280,229 Net income $ 85,762 $ 47,182 $ 50,542 $ 64,753 Net income available to common stockholders $ 79,624 $ 42,323 $ 45,555 $ 59,363 Per share data: Net income: Basic (1) $ 1.22 $ 0.65 $ 0.70 $ 0.92 Diluted (1) $ 1.22 $ 0.65 $ 0.70 $ 0.92 Market price: High $ 244.71 $ 232.20 $ 231.90 $ 243.17 Low $ 214.29 $ 205.72 $ 208.85 $ 207.26 Close $ 239.41 $ 223.42 $ 212.50 $ 229.90 Dividends declared $ 1.44 $ 1.44 $ 1.44 $ 1.44 (1) Quarterly earnings per common unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common units outstanding and included in the calculation of basic and diluted shares. |
Essex Portfolio, L.P. [Member] | |
Quarterly Results of Operations (Unaudited) [Abstract] | |
Summary of quarterly results of operations | Essex Portfolio, L.P. The following is a summary of quarterly results of operations for 2016 and 2015 ( $ in thousands, except per unit and distribution amounts ): Quarter ended December 31 Quarter ended September 30 Quarter ended June 30 Quarter ended March 31 2016: Total property revenues $ 326,905 $ 327,078 $ 319,562 $ 312,178 Net income $ 204,517 $ 70,162 $ 76,824 $ 86,907 Net income available to common unitholders $ 202,201 $ 67,784 $ 74,463 $ 80,765 Per unit data: Net income: Basic (1) $ 2.98 $ 1.00 $ 1.10 $ 1.19 Diluted (1) $ 2.98 $ 1.00 $ 1.10 $ 1.19 Distributions declared $ 1.60 $ 1.60 $ 1.60 $ 1.60 2015: Total property revenues $ 308,646 $ 302,522 $ 294,101 $ 280,229 Net income $ 85,762 $ 47,182 $ 50,542 $ 64,753 Net income available to common unitholders $ 82,333 $ 43,794 $ 47,088 $ 61,474 Per unit data: Net income: Basic (1) $ 1.22 $ 0.65 $ 0.70 $ 0.93 Diluted (1) $ 1.22 $ 0.65 $ 0.70 $ 0.92 Distributions declared $ 1.44 $ 1.44 $ 1.44 $ 1.44 (1) Quarterly earnings per common unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common units outstanding and included in the calculation of basic and diluted shares. |
Organization (Details)
Organization (Details) $ / shares in Units, $ in Thousands | Apr. 01, 2014USD ($)$ / sharesshares | Dec. 31, 2016USD ($)communitybuildingapartmentprojectshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
General partner ownership interest (in hundredths) | 96.70% | 96.70% | ||
Limited partner - ownership percentage | 3.30% | 3.30% | ||
Operating Partnership units outstanding (in shares) | shares | 2,237,290 | 2,214,545 | ||
Redemption value of Operating Partnership units outstanding | $ | $ 520,200 | $ 530,200 | ||
Number of apartment communities owned | community | 245 | |||
Apartment units owned | apartment | 59,645 | |||
Ownership interests, number of commercial buildings | building | 2 | |||
Ownership interests, number of active development projects | project | 6 | |||
Business Acquisition [Line Items] | ||||
Acquisition and investment related costs | $ | $ 1,841 | $ 2,414 | $ 1,878 | |
Share price | $ 174 | |||
Share price after deducting special dividend and cash consideration | $ 164 | |||
BRE Properties, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Common shares conversion ratio in connection with merger | shares | 0.2971 | |||
Share price (in dollars per share) | $ 7.18 | |||
Acquisition and investment related costs | $ | $ 4,300,000 | |||
Special dividend declared per share | $ 5.15 | |||
Cash consideration per share before special dividend | $ 12.33 | |||
Common stock issued as consideration by general partner in merger (in shares) | shares | 23,100,000 | |||
Share price | $ 61 | |||
Share price after deducting special dividend and cash consideration | $ 48.67 |
Summary of Critical and Signi40
Summary of Critical and Significant Accounting Policies (Details) | 12 Months Ended | ||||
Dec. 31, 2016USD ($)propertycommunitypartnershipshares | Dec. 31, 2015USD ($)communityshares | Dec. 31, 2014USD ($) | Jan. 01, 2016investment | Dec. 31, 2013USD ($) | |
Principles of Consolidation [Abstract] | |||||
Noncontrolling interest in Operating Partnership (in hundredths) | 3.30% | 3.30% | |||
Property, Plant and Equipment [Line Items] | |||||
Lines of credit | $ 125,000,000 | $ 15,000,000 | |||
Prepaid expenses and other assets | $ 48,450,000 | 41,730,000 | |||
Real Estate Rental Properties [Abstract] | |||||
Threshold useful life of assets for capitalization | 1 year | ||||
Depreciable life of various categories of fixed assets [Abstract] | |||||
Acquired in-place lease value, net | $ 1,400,000 | $ 2,900,000 | |||
Number of communities held-for-sale | community | 1 | 2 | |||
Revenues and Gains on Sale of Real Estate [Abstract] | |||||
Lease terms, minimum | 6 months | ||||
Lease terms, maximum | 12 months | ||||
Cash Equivalents and Restricted Cash [Abstract] | |||||
Original maturities of highly liquid investments to be classified as cash equivalents, maximum | 3 months | ||||
Marketable Securities [Abstract] | |||||
Maturity date of investments in mortgage backed securities, first | November 2,019 | November 2,019 | |||
Maturity date of investments in mortgage backed securities, final | September 2,020 | September 2,020 | |||
Available-for-sale Securities [Abstract] | |||||
Available for sale - Carrying Value | $ 139,189,000 | $ 137,485,000 | |||
Held-to-maturity Securities [Abstract] | |||||
Total marketable securities and other investments, amortized cost | 137,715,000 | 130,335,000 | |||
Total marketable securities and other investments, gross unrealized gain | 1,474,000 | 7,150,000 | |||
Total marketable securities and other investments, carrying value | 139,189,000 | 137,485,000 | |||
Proceeds from sale of available-for-sale securities | 30,500,000 | 3,300,000 | $ 8,800,000 | ||
Gain on sale of available-for-sale securities | 4,800,000 | 0 | 900,000 | ||
Sale of other investments | 0 | 5,600,000 | 0 | ||
Gain on sale of other investments | 600,000 | ||||
Capitalization Policy [Abstract] | |||||
Capitalized internal costs related to development and redevelopment projects | 18,500,000 | 17,600,000 | 17,600,000 | ||
Fair Value of Financial Instruments [Abstract] | |||||
Fixed rate debt carrying amount | 5,100,000,000 | 4,800,000,000 | |||
Fixed rate debt fair value | 5,100,000,000 | 4,800,000,000 | |||
Variable rate debt, carrying amount | 499,700,000 | 525,300,000 | |||
Variable rate debt fair value | 502,800,000 | 527,600,000 | |||
Mortgage backed securities fair value | $ 108,800,000 | 110,200,000 | |||
Investments, Owned, Federal Income Tax Note [Line Items] | |||||
Number of properties disposed | property | 2 | ||||
Deferred tax expense on gain on sale of real estate and land | $ (4,410,000) | 0 | 0 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Stockholders' equity, beginning balance | 6,237,733,000 | ||||
Stockholders' equity, ending balance | $ 6,192,178,000 | 6,237,733,000 | |||
Number of consolidated co-investments that now meet the definition of a VIE | investment | 9 | ||||
Number of DownREIT limited partnerships the company consolidates | partnership | 19 | ||||
Number of communities within the DownREIT partnership | community | 11 | ||||
Assets related to variable interest entities, net intercompany eliminations | $ 989,300,000 | 893,100,000 | |||
Liabilities related to variable interest entities, net of intercompany eliminations | 288,100,000 | 231,800,000 | |||
Noncontrolling interests in VIEs | $ 52,900,000 | $ 54,600,000 | |||
Common Stock, Redemption Of Limited Partnership Interest, Shares Issuable Per Unit | shares | 1 | ||||
Total DownREIT units outstanding (in shares) | shares | 952,140 | 963,172 | |||
Redemption value of the variable interest entities | $ 221,400,000 | $ 230,600,000 | |||
Redeemable noncontrolling interest | 44,684,000 | 45,452,000 | 23,256,000 | $ 0 | |
Noncontrolling interest in limited partnerships | 18,600,000 | 18,400,000 | |||
Essex Portfolio, L.P. [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Lines of credit | 125,000,000 | 15,000,000 | |||
Prepaid expenses and other assets | 48,450,000 | 41,730,000 | |||
Investments, Owned, Federal Income Tax Note [Line Items] | |||||
Deferred tax expense on gain on sale of real estate and land | (4,410,000) | 0 | $ 0 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Redeemable noncontrolling interest | $ 44,684,000 | 45,452,000 | |||
Computer software and equipment [Member] | Minimum [Member] | |||||
Depreciable life of various categories of fixed assets [Abstract] | |||||
Depreciable life, average | 3 years | ||||
Computer software and equipment [Member] | Maximum [Member] | |||||
Depreciable life of various categories of fixed assets [Abstract] | |||||
Depreciable life, average | 5 years | ||||
Interior apartment home improvements [Member] | |||||
Depreciable life of various categories of fixed assets [Abstract] | |||||
Depreciable life, average | 5 years | ||||
Furniture, fixtures and equipment [Member] | Minimum [Member] | |||||
Depreciable life of various categories of fixed assets [Abstract] | |||||
Depreciable life, average | 5 years | ||||
Furniture, fixtures and equipment [Member] | Maximum [Member] | |||||
Depreciable life of various categories of fixed assets [Abstract] | |||||
Depreciable life, average | 10 years | ||||
Land improvements and certain exterior components of real property [Member] | |||||
Depreciable life of various categories of fixed assets [Abstract] | |||||
Depreciable life, average | 10 years | ||||
Real estate structures [Member] | |||||
Depreciable life of various categories of fixed assets [Abstract] | |||||
Depreciable life, average | 30 years | ||||
Investment-grade unsecured bonds [Member] | |||||
Available-for-sale Securities [Abstract] | |||||
Available for sale - Amortized Cost | $ 19,604,000 | 11,618,000 | |||
Available for sale - Gross Unrealized Gain (Loss) | (73,000) | 68,000 | |||
Available for sale - Carrying Value | 19,531,000 | 11,686,000 | |||
Investment funds - U.S. treasuries [Member] | |||||
Available-for-sale Securities [Abstract] | |||||
Available for sale - Amortized Cost | 10,022,000 | 3,675,000 | |||
Available for sale - Gross Unrealized Gain (Loss) | (22,000) | (9,000) | |||
Available for sale - Carrying Value | 10,000,000 | 3,666,000 | |||
Common stock and stock funds [Member] | |||||
Available-for-sale Securities [Abstract] | |||||
Available for sale - Amortized Cost | 13,696,000 | 34,655,000 | |||
Available for sale - Gross Unrealized Gain (Loss) | 1,569,000 | 7,091,000 | |||
Available for sale - Carrying Value | 15,265,000 | 41,746,000 | |||
Mortgage backed securities [Member] | |||||
Held-to-maturity Securities [Abstract] | |||||
Held to maturity - Amortized Cost | 94,393,000 | 80,387,000 | |||
Held to maturity - Gross Unrealized Gain (Loss) | 0 | 0 | |||
Held to maturity - Securities | $ 94,393,000 | $ 80,387,000 | |||
Common stock and stock funds [Member] | |||||
Status of cash dividends distributed [Abstract] | |||||
Ordinary income (in hundredths) | 86.68% | 99.28% | 70.03% | ||
Capital gains (in hundredths) | 7.11% | 0.72% | 21.95% | ||
Unrecaptured section 1250 capital gain (in hundredths) | 6.21% | 0.00% | 8.02% | ||
Total cash dividends distributed (in hundredths) | 100.00% | 100.00% | 100.00% | ||
Series G and H Preferred Stock [Member] | |||||
Status of cash dividends distributed [Abstract] | |||||
Ordinary income (in hundredths) | 86.68% | 99.28% | 70.03% | ||
Capital gains (in hundredths) | 7.11% | 0.72% | 21.95% | ||
Unrecaptured section 1250 capital gain (in hundredths) | 6.21% | 0.00% | 8.02% | ||
Total cash dividends distributed (in hundredths) | 100.00% | 100.00% | 100.00% | ||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Stockholders' equity, beginning balance | $ (42,011,000) | ||||
Other comprehensive income before reclassification | 24,570,000 | ||||
Amounts reclassified from accumulated other comprehensive loss | (14,657,000) | ||||
Other comprehensive income | 9,913,000 | ||||
Stockholders' equity, ending balance | (32,098,000) | $ (42,011,000) | |||
Accumulated Other Comprehensive Income (Loss) [Member] | Essex Portfolio, L.P. [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Stockholders' equity, beginning balance | (39,598,000) | ||||
Other comprehensive income before reclassification | 25,406,000 | ||||
Amounts reclassified from accumulated other comprehensive loss | (15,156,000) | ||||
Other comprehensive income | 10,250,000 | ||||
Stockholders' equity, ending balance | (29,348,000) | (39,598,000) | |||
Change in fair value and amortization of swap settlements [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Stockholders' equity, beginning balance | (48,366,000) | ||||
Other comprehensive income before reclassification | 25,371,000 | ||||
Amounts reclassified from accumulated other comprehensive loss | (9,968,000) | ||||
Other comprehensive income | 15,403,000 | ||||
Stockholders' equity, ending balance | (32,963,000) | (48,366,000) | |||
Change in fair value and amortization of swap settlements [Member] | Essex Portfolio, L.P. [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Stockholders' equity, beginning balance | (46,087,000) | ||||
Other comprehensive income before reclassification | 26,234,000 | ||||
Amounts reclassified from accumulated other comprehensive loss | (10,308,000) | ||||
Other comprehensive income | 15,926,000 | ||||
Stockholders' equity, ending balance | (30,161,000) | (46,087,000) | |||
Unrealized gains on available for sale securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Stockholders' equity, beginning balance | 6,355,000 | ||||
Other comprehensive income before reclassification | (801,000) | ||||
Amounts reclassified from accumulated other comprehensive loss | (4,689,000) | ||||
Other comprehensive income | (5,490,000) | ||||
Stockholders' equity, ending balance | 865,000 | 6,355,000 | |||
Unrealized gains on available for sale securities [Member] | Essex Portfolio, L.P. [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Stockholders' equity, beginning balance | 6,489,000 | ||||
Other comprehensive income before reclassification | (828,000) | ||||
Amounts reclassified from accumulated other comprehensive loss | (4,848,000) | ||||
Other comprehensive income | (5,676,000) | ||||
Stockholders' equity, ending balance | $ 813,000 | 6,489,000 | |||
Accounting Standards Update 2015-03 | |||||
Property, Plant and Equipment [Line Items] | |||||
Lines of credit | 3,300,000 | ||||
Prepaid expenses and other assets | $ (3,300,000) |
Summary of Critical and Signi41
Summary of Critical and Significant Accounting Policies Summary of Critical and Significant Accounting Policies - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Balance at January 1, | $ 45,452 | $ 23,256 | $ 0 |
Reset of previous year redemptions | (768) | 22,196 | 18,505 |
Redemptions | 0 | 0 | 0 |
Additions | 0 | 0 | 4,751 |
Balance at December 31, | $ 44,684 | $ 45,452 | $ 23,256 |
Real Estate Investments Real Es
Real Estate Investments Real Estate Investments - Acquisitions And Sales Of Real Estate (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)communityunit | Dec. 31, 2015USD ($)communityunit | |
Schedule of Equity Method Investments [Line Items] | ||
Number of units acquired | unit | 753 | |
Purchase Price | $ 333.7 | |
Land and Land Improvements [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Purchase Price | 72.4 | |
Building and Building Improvements [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Purchase Price | 259.3 | |
Leases, Acquired-in-Place [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Purchase Price | $ 2 | |
Mio Apartment Community [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of units acquired | unit | 103 | |
Purchase Price | $ 51.3 | |
Essex Ownership Percentage | 100.00% | |
Form 15 [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of units acquired | unit | 242 | |
Purchase Price | $ 97.4 | |
Essex Ownership Percentage | 100.00% | |
Emerson Valley Village [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of units acquired | unit | 144 | |
Purchase Price | $ 67 | |
Essex Ownership Percentage | 100.00% | |
Ashton Sherman Village [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of units acquired | unit | 264 | |
Purchase Price | $ 118 | |
Essex Ownership Percentage | 100.00% | |
Apartment Building [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of communities acquired | community | 4 | 7 |
Number of units acquired | unit | 753 | 1,722 |
Purchase Price | $ 333.7 | $ 638.1 |
Real Estate Investments - Sales
Real Estate Investments - Sales of Real Estate Investments (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2015USD ($)community | Dec. 31, 2016USD ($)communityunit | Dec. 31, 2015USD ($)communityunit | Dec. 31, 2014USD ($)communityunit | |
Real Estate Properties [Line Items] | ||||
Number of communities sold | community | 2 | 3 | 2 | 4 |
Number of units sold | unit | 323 | 848 | 594 | |
Sales Price | $ 13,000 | $ 80,800 | $ 308,800 | $ 120,400 |
Gain on sale of properties | 14,000 | |||
Deferred tax expense on gain on sale of real estate and land | 4,410 | 0 | 0 | |
Gain on sale of real estate | $ 2,400 | 14,000 | $ 44,900 | $ 43,600 |
Palo Alto, CA [Member] | ||||
Real Estate Properties [Line Items] | ||||
Proceeds from sale of headquarters building | 18,000 | |||
Palo Alto, CA [Member] | Apartment Building [Member] | ||||
Real Estate Properties [Line Items] | ||||
Gain on sale of corporate headquarters | $ 9,600 | |||
Harvest Park [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of units sold | unit | 104 | |||
Sales Price | $ 30,500 | |||
Deferred tax expense on gain on sale of real estate and land | $ 4,300 | |||
Essex Ownership Percentage | 100.00% | |||
Gain on sale of real estate | $ 6,400 | |||
Tuscana [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of units sold | unit | 30 | |||
Sales Price | $ 6,700 | |||
Deferred tax expense on gain on sale of real estate and land | $ 100 | |||
Essex Ownership Percentage | 100.00% | |||
Gain on sale of real estate | $ 300 | |||
Candlewood North [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of units sold | unit | 189 | |||
Sales Price | $ 43,600 | |||
Essex Ownership Percentage | 100.00% | |||
Gain on sale of real estate | $ 7,300 | |||
Jefferson at Hollywood [Member] | Apartment Building [Member] | ||||
Real Estate Properties [Line Items] | ||||
Real estate assets held for sale | $ 102,000 | |||
Jefferson at Hollywood [Member] | Apartment Building [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||
Real Estate Properties [Line Items] | ||||
Number of units held-for-sale | unit | 270 |
Real Estate Investments - Co-In
Real Estate Investments - Co-Investments (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2016USD ($)unit | Nov. 30, 2016USD ($)property | Aug. 31, 2015USD ($) | Mar. 31, 2015USD ($)community | Dec. 31, 2016USD ($)communityunit | Dec. 31, 2015USD ($)communityunit | Dec. 31, 2014USD ($)communityunit | Dec. 31, 2010 | |
Business Acquisition [Line Items] | ||||||||
Gain on disposal of equity method investment | $ 1,500 | $ 13,046 | $ 0 | $ 6,558 | ||||
Ownership Percentage | 3.00% | |||||||
Co-investment | $ 1,161,275 | $ 20,400 | $ 13,700 | 1,161,275 | 1,036,047 | |||
Real estate under development | 190,505 | 190,505 | 242,326 | |||||
Other liabilities | 32,922 | 32,922 | 34,518 | |||||
Gain on sale of real estate | $ 2,400 | 14,000 | 44,900 | 43,600 | ||||
Interest expense | (219,654) | (204,827) | (164,551) | |||||
General and administrative | (40,751) | (40,090) | (40,878) | |||||
Equity income in co-investments | $ 48,698 | $ 21,861 | $ 39,893 | |||||
Number of communities sold | community | 2 | 3 | 2 | 4 | ||||
Number of units sold | unit | 323 | 848 | 594 | |||||
Sales Price | $ 13,000 | $ 80,800 | $ 308,800 | $ 120,400 | ||||
Investments With Related Parties [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity income in co-investments | 3,400 | 3,700 | ||||||
BEXAWE, LLC [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Gain on sale of real estate | $ 13,000 | |||||||
Number of communities sold | community | 2 | |||||||
Number of units sold | unit | 532 | |||||||
Sales Price | $ 147,300 | |||||||
Preferred Interest In A Limited Liability Company That Owns An Apartment Development In San Jose With A Preferred Return Of Nine Percent [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity method investment, ownership percentage | 50.10% | |||||||
Co-investment | $ 12,900 | |||||||
Total operating co investments [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Co-investment | $ 781,905 | $ 781,905 | $ 831,521 | |||||
Number of apartments owned through joint ventures | unit | 11,274 | 11,274 | 10,520 | |||||
Total operating co investments [Member] | Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||||||
Total operating co investments [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity method investment, ownership percentage | 55.00% | 55.00% | ||||||
BEX II [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity method investment, ownership percentage | 49.90% | 49.90% | ||||||
Number of properties contributed into new entity | property | 4 | |||||||
Gain on disposal of equity method investment | $ 126,600 | |||||||
Ownership Percentage | 50.00% | |||||||
Co-investment | 19,078 | $ 19,078 | $ 0 | |||||
CPPIB [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Co-investment | 422,068 | $ 422,068 | 422,317 | |||||
CPPIB [Member] | Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership Percentage | 50.00% | |||||||
CPPIB [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership Percentage | 55.00% | |||||||
Wesco I, III, and IV [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership Percentage | 50.00% | |||||||
Co-investment | 180,687 | $ 180,687 | 218,902 | |||||
Palm Valley [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership Percentage | 50.00% | |||||||
Co-investment | 68,396 | $ 68,396 | 68,525 | |||||
BEXAEW [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership Percentage | 50.00% | |||||||
Co-investment | 47,963 | $ 47,963 | 88,850 | |||||
Other [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Co-investment | 43,713 | $ 43,713 | 32,927 | |||||
Other [Member] | Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership Percentage | 50.00% | |||||||
Other [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership Percentage | 55.00% | |||||||
Total development co investments [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Co-investment | $ 157,317 | $ 157,317 | $ 98,214 | |||||
Number of apartments owned through joint ventures | unit | 1,427 | 1,427 | 1,676 | |||||
Total development co investments [Member] | Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||||||
Ownership Percentage | 50.00% | |||||||
Total development co investments [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity method investment, ownership percentage | 55.00% | 55.00% | ||||||
Ownership Percentage | 55.00% | |||||||
Total preferred interest investments [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Co-investment | $ 222,053 | $ 222,053 | $ 106,312 | |||||
Total preferred interest investments [Member] | Investments in Majority-owned Subsidiaries [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Co-investment | 35,900 | 35,900 | 35,800 | |||||
Total co investment [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Real estate under development | 3,807,245 | 3,807,245 | 3,360,360 | |||||
Other assets | 121,505 | 121,505 | 96,785 | |||||
Total assets | 3,928,750 | 3,928,750 | 3,457,145 | |||||
Debt | 1,617,639 | 1,617,639 | 1,499,601 | |||||
Other liabilities | 74,607 | 74,607 | 92,241 | |||||
Equity | 2,236,504 | 2,236,504 | 1,865,303 | |||||
Total liabilities and equity | 3,928,750 | 3,928,750 | 3,457,145 | |||||
Company's share of equity | $ 1,161,275 | 1,161,275 | 1,036,047 | |||||
Property revenues | 289,011 | 260,175 | 188,548 | |||||
Property operating expenses | (99,637) | (93,067) | (71,419) | |||||
Net operating income | 189,374 | 167,108 | 117,129 | |||||
Gain on sale of real estate | 28,291 | 14 | 23,333 | |||||
Interest expense | (46,894) | (44,834) | (39,990) | |||||
General and administrative | (7,448) | (5,879) | (6,321) | |||||
Equity income in co-investments | 0 | 0 | 26,798 | |||||
Depreciation and amortization | (103,986) | (103,613) | (74,657) | |||||
Net income | 59,337 | 12,796 | 46,292 | |||||
Company's share of net income | $ 48,698 | $ 21,861 | $ 39,893 |
Real Estate Investments - Devel
Real Estate Investments - Development Co-Investments (Details) $ in Thousands | Dec. 31, 2016USD ($)unit | Dec. 31, 2015USD ($)unit | Aug. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Feb. 28, 2015USD ($)unit |
Real Estate Properties [Line Items] | |||||
Co-investment | $ 1,161,275 | $ 1,036,047 | $ 20,400 | $ 13,700 | |
Total operating co investments [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of apartments owned through joint ventures | unit | 11,274 | 10,520 | |||
Co-investment | $ 781,905 | $ 831,521 | |||
Total operating co investments [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% | ||||
Total operating co investments [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Equity method investment, ownership percentage | 55.00% | ||||
Total development co investments [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of apartments owned through joint ventures | unit | 1,427 | 1,676 | |||
Co-investment | $ 157,317 | $ 98,214 | |||
Total development co investments [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% | ||||
Total development co investments [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Equity method investment, ownership percentage | 55.00% | ||||
Folsom 500 [Member] | |||||
Real Estate Properties [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% | ||||
Number of units to be developed | unit | 545 | ||||
Estimated cost active development projects | $ 415,000 | ||||
Active development projects estimated costs to be expended | $ 307,600 | ||||
Remaining estimated cost to be contributed by Company | $ 153,700 |
Real Estate Investments - Prefe
Real Estate Investments - Preferred Equity Investments and Real Estate Under Development (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Nov. 30, 2016USD ($) | Aug. 31, 2016USD ($) | May 31, 2016USD ($) | Mar. 31, 2016USD ($) | Aug. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)unitjoint_ventureproject | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||||||
Co-investment | $ 20,400 | $ 13,700 | $ 1,161,275 | $ 1,036,047 | ||||||
Payments to acquire additional investments | 1,300 | |||||||||
Payments to acquire equity method investments | 1,300 | 183,989 | 127,879 | $ 246,006 | ||||||
Gain on disposal of equity method investment | $ 1,500 | $ 13,046 | 0 | $ 6,558 | ||||||
Number of development projects | project | 2 | |||||||||
Ownership interests, number of active development projects | project | 6 | |||||||||
Real Estate Under Development Activities [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership interests, number of active development projects | joint_venture | 4 | |||||||||
Real Estate predevelopment projects [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of units to be developed | unit | 2,223 | |||||||||
Estimated cost active development projects | $ 1,300,000 | |||||||||
Active development projects estimated costs to be expended | 704,000 | |||||||||
Remaining estimated cost to be contributed by Company | 528,000 | |||||||||
Total preferred interest investments [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Co-investment | 222,053 | $ 106,312 | ||||||||
Preferred interest in a related party limited liability company that owns Madison Park at Anaheim with a preferred return of 9% [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Co-investment | $ 13,700 | |||||||||
Cumulative dividend rate (in hundredths) | 9.00% | |||||||||
Greentree Apartments [Member] | Limited Liability Company [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Cumulative dividend rate (in hundredths) | 9.50% | |||||||||
Payments to acquire equity method investments | $ 10,000 | |||||||||
Sterling Cove [Member] | Limited Liability Company [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Cumulative dividend rate (in hundredths) | 9.50% | |||||||||
Payments to acquire equity method investments | $ 5,000 | |||||||||
Alta Vista Apartments [Member] | Limited Liability Company [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Cumulative dividend rate (in hundredths) | 9.50% | |||||||||
Payments to acquire equity method investments | $ 5,000 | |||||||||
Equity Method Investments [Member] | Limited Liability Company Located In Glendale, CA [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Co-investment | $ 47,100 | 47,100 | ||||||||
Cumulative dividend rate (in hundredths) | 12.00% | |||||||||
Equity Method Investments [Member] | Limited Liability Company Located In Seattle, WA [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Co-investment | $ 23,700 | |||||||||
Compounded preferred return rate, initial (as a percent) | 10.00% | |||||||||
Compounded preferred return rate, initial measurement period | 30 months | |||||||||
Compounded preferred return rate, subsequent (as a percent) | 8.00% | |||||||||
Equity Method Investments [Member] | Limited Liability Company Located In Santa Ana, CA [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Co-investment | $ 11,600 | $ 11,600 | ||||||||
Cumulative dividend rate (in hundredths) | 12.00% | |||||||||
Equity Method Investments [Member] | Limited Liability Company Located In San Jose, CA [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Co-investment | $ 23,000 | |||||||||
Compounded preferred return rate, initial (as a percent) | 11.00% | |||||||||
Compounded preferred return rate, subsequent (as a percent) | 9.00% | |||||||||
Equity Method Investments [Member] | Limited Liability Company Located In Redmond, WA [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Co-investment | $ 10,700 | |||||||||
Compounded preferred return rate, initial (as a percent) | 11.00% | |||||||||
Compounded preferred return rate, initial measurement period | 30 months | |||||||||
Compounded preferred return rate, subsequent (as a percent) | 9.50% |
Notes and Other Receivables (De
Notes and Other Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable | $ 40,970 | $ 19,285 |
Short term bridge loan | 4,700 | 3,100 |
Note receivable, secured, bearing interest at 10.75%, due December 2020 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable | $ 17,685 | 0 |
Stated interest rate (in hundredths) | 10.75% | |
Related party note receivable, secured, bearing interest at 9.5%, due October 2019 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable | $ 6,593 | 0 |
Stated interest rate (in hundredths) | 9.50% | |
Note receivable, secured, bearing interest at 6.0%, due December 2016 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable | $ 0 | 3,219 |
Stated interest rate (in hundredths) | 6.00% | |
Notes and other receivables from affiliates [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable | $ 4,695 | 3,092 |
Other receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable | $ 11,997 | $ 12,974 |
Related Party Transactions (Det
Related Party Transactions (Details) | 1 Months Ended | 12 Months Ended | ||||||||
Aug. 31, 2015USD ($)unit | Jun. 30, 2015USD ($)apartment | Mar. 31, 2015USD ($) | Jul. 31, 2014USD ($)unit | Jan. 31, 2013USD ($) | Dec. 31, 2016USD ($)apartment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2010USD ($) | Nov. 30, 2016USD ($) | |
Related Party Transaction [Line Items] | ||||||||||
Management and other fees from affiliates | $ 12,400,000 | $ 15,600,000 | $ 16,500,000 | |||||||
Revenues from development and redevelopment fees | 4,200,000 | 6,700,000 | 7,200,000 | |||||||
Notes and other receivables | 40,970,000 | 19,285,000 | ||||||||
Payments to acquire equity method investments | $ 1,300,000 | $ 183,989,000 | 127,879,000 | 246,006,000 | ||||||
Apartment units owned | apartment | 59,645 | |||||||||
Cash consideration for BRE merger | $ 0 | 0 | 555,826,000 | |||||||
Gain on disposal of equity method investment | $ 1,500,000 | 13,046,000 | 0 | 6,558,000 | ||||||
Related party transaction, amount of transaction | $ 4,000,000 | |||||||||
Limited partnership interest in partnership investments | 3.00% | |||||||||
Notes And Other Receivables From Affiliates [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Notes and other receivables | 4,700,000 | 3,100,000 | ||||||||
Related party note receivable, secured, bearing interest at 9.5%, due October 2019 [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Notes and other receivables | 6,593,000 | 0 | ||||||||
Anaheim, CA Multifamily Property [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Equity method investments | 13,700,000 | |||||||||
Proceeds from dispositions of co-investments | $ 13,700,000 | |||||||||
Cumulative dividend rate (in hundredths) | 9.00% | |||||||||
Marcus and Millichamp Company TMMC Affiliate [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Preferred equity interest investment in a related party entity | $ 8,600,000 | |||||||||
Gain on disposal of equity method investment | $ 500,000 | |||||||||
Marcus and Millichamp Company TMMC Affiliate [Member] | Related party note receivable, secured, bearing interest at 9.5%, due October 2019 [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Notes and other receivables | $ 6,600,000 | |||||||||
Marcus and Millichamp Company TMMC Affiliate [Member] | Disposition Of Multi-family Properties [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Payments for brokerage fees | $ 1,100,000 | |||||||||
MMI [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Payments for brokerage fees | $ 0 | $ 0 | ||||||||
Limited Liability Company [Member] | Greentree Apartments [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Payments to acquire equity method investments | $ 10,000,000 | |||||||||
Cumulative dividend rate (in hundredths) | 9.50% | |||||||||
Apartment units owned | apartment | 220 | |||||||||
Limited Liability Company [Member] | Sterling Cove [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Payments to acquire equity method investments | $ 5,000,000 | |||||||||
Cumulative dividend rate (in hundredths) | 9.50% | |||||||||
Apartment units owned | apartment | 218 | |||||||||
Limited Liability Company [Member] | Alta Vista Apartments [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Payments to acquire equity method investments | $ 5,000,000 | |||||||||
Cumulative dividend rate (in hundredths) | 9.50% | |||||||||
Number of units in real estate property | unit | 92 | |||||||||
Paragon Apartments [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of properties contributed | unit | 301 | |||||||||
Cash consideration for BRE merger | $ 111,000,000 |
Unsecured Debt - Summary (Detai
Unsecured Debt - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Nov. 30, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Unsecured debt, net | $ 3,246,779 | $ 3,088,680 | |
Total unsecured debt | 3,371,779 | 3,103,680 | |
Unsecured bonds, private placement [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured debt, net | $ 314,190 | 463,891 | |
Debt instruments, maturity period | 3 years 7 months 15 days | ||
Variable rate term loan [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured debt, net | $ 100,000 | $ 350,000 | $ 225,000 |
Weighted average interest rate | 2.30% | 2.40% | |
Debt instruments, maturity period | 61 months 15 days | ||
Bonds public offering - fixed rate [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured debt, net | $ 2,834,400 | $ 2,400,322 | |
Weighted average interest rate | 3.60% | 3.60% | |
Debt instruments, maturity period | 6 years 3 months 15 days | ||
Unsecured Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured debt, net | $ 125,000 | $ 15,000 | |
Weighted average interest rate | 1.80% | 1.90% |
Unsecured Debt - Unsecured Priv
Unsecured Debt - Unsecured Private Placement Bonds (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Senior notes | $ 315,000 | $ 465,000 |
Unsecured Bonds 4.36% [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Mar. 31, 2016 | |
Senior notes | $ 0 | 150,000 |
Interest rate, stated percentage | 4.36% | |
Unsecured Bonds 4.5% [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Sep. 30, 2017 | |
Senior notes | $ 40,000 | 40,000 |
Interest rate, stated percentage | 4.50% | |
Unsecured Bonds 4.92 % [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Dec. 31, 2019 | |
Senior notes | $ 75,000 | 75,000 |
Interest rate, stated percentage | 4.92% | |
Unsecured Bonds 4.27% [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Apr. 30, 2021 | |
Senior notes | $ 100,000 | 100,000 |
Interest rate, stated percentage | 4.27% | |
Unsecured Bonds 4.30% [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 30, 2021 | |
Senior notes | $ 50,000 | 50,000 |
Interest rate, stated percentage | 4.30% | |
Unsecured Bonds 4.37% [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Aug. 31, 2021 | |
Senior notes | $ 50,000 | $ 50,000 |
Interest rate, stated percentage | 4.37% |
Unsecured Debt - Senior Unsecur
Unsecured Debt - Senior Unsecured Notes (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 01, 2014 | Apr. 30, 2013 | Sep. 30, 2012 |
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 2,850,000,000 | $ 2,400,000,000 | |||
Unsecured Bonds 5.500% [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 300,000,000 | 300,000,000 | |||
Unsecured Bonds 5.500% [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 5.50% | ||||
Unsecured Bonds 5.200% [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 300,000,000 | 300,000,000 | |||
Unsecured Bonds 5.200% [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 5.20% | ||||
Unsecured Bonds 3.625% [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 300,000,000 | 300,000,000 | |||
Unsecured Bonds 3.625% [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 3.625% | 3.625% | |||
Unsecured Bonds 3.375% [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 300,000,000 | 300,000,000 | |||
Unsecured Bonds 3.375% [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 3.375% | ||||
Unsecured Bonds 3.25% [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 300,000,000 | 300,000,000 | |||
Unsecured Bonds 3.25% [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 3.25% | 3.25% | |||
Unsecured Bonds 3.875% [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 400,000,000 | 400,000,000 | |||
Unsecured Bonds 3.875% [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 400,000,000 | ||||
Interest rate, stated percentage | 3.875% | 3.875% | |||
Unsecured Bonds 3.500% [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 500,000,000 | 500,000,000 | |||
Unsecured Bonds 3.500% [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 3.50% | ||||
Unsecured Bonds 3.375% [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 450,000,000 | $ 0 | |||
Unsecured Bonds 3.375% [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 3.375% |
Unsecured Debt - Future Obligat
Unsecured Debt - Future Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total Debt | $ 2,191,481 | $ 2,215,077 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 340,000 | |
2,018 | 0 | |
2,019 | 75,000 | |
2,020 | 0 | |
2,021 | 500,000 | |
Thereafter | 2,350,000 | |
Total Debt | $ 3,265,000 |
Unsecured Debt - Narrative (Det
Unsecured Debt - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Jan. 31, 2017extension | Nov. 30, 2016USD ($) | Apr. 30, 2013USD ($) | Sep. 30, 2012USD ($) | Dec. 31, 2016USD ($)line_of_creditinstrument | Dec. 31, 2015USD ($) | Nov. 01, 2016USD ($) | Apr. 30, 2016 | Mar. 31, 2015USD ($) | Apr. 01, 2014USD ($) | |
Debt Instrument [Line Items] | ||||||||||
Unamortized debt issuance expense | $ 7,400,000 | $ 8,000,000 | ||||||||
Number of outstanding lines of credit | line_of_credit | 2 | |||||||||
Debt instrument, face amount | $ 2,850,000,000 | $ 2,400,000,000 | ||||||||
Effective interest rate | 4.50% | 4.50% | ||||||||
Unsecured debt, net | $ 3,246,779,000 | $ 3,088,680,000 | ||||||||
Senior notes | 315,000,000 | 465,000,000 | ||||||||
Lines of credit | 125,000,000 | 15,000,000 | ||||||||
Swap [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Derivative, notional amount | $ 200,000,000 | 25,000,000 | ||||||||
Unsecured Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Lines of credit | 125,000,000 | |||||||||
Unsecured Bonds 3.375%, Due April 2026 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | 450,000,000 | 0 | ||||||||
Unsecured Bonds 5.500% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | 300,000,000 | 300,000,000 | ||||||||
Unsecured Bonds 5.200% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | 300,000,000 | 300,000,000 | ||||||||
Unsecured Bonds 3.375% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | 300,000,000 | 300,000,000 | ||||||||
Unsecured Bonds 3.875% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | 400,000,000 | 400,000,000 | ||||||||
Unsecured Bonds 3.25% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | 300,000,000 | 300,000,000 | ||||||||
Unsecured Bonds 3.625% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | 300,000,000 | 300,000,000 | ||||||||
Unsecured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, unamortized premium | (100,000) | 14,300,000 | ||||||||
Unamortized debt issuance expense | 18,100,000 | 15,600,000 | ||||||||
Unsecured Debt [Member] | Senior Unsecured Notes Maturing April 1, 2025 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 500,000,000 | |||||||||
Interest rate, stated percentage | 3.50% | |||||||||
Debt offering price | 99.747% | |||||||||
Senior notes | 495,400,000 | 494,800,000 | ||||||||
Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | 1,030,000,000 | |||||||||
Line of Credit [Member] | Unsecured Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unamortized debt issuance expense | 3,300,000 | 3,300,000 | ||||||||
Lines of credit | 125,000,000 | 15,000,000 | ||||||||
Maximum borrowing capacity, accordion option | $ 1,000,000,000 | |||||||||
Line of Credit [Member] | Unsecured Line of Credit [Member] | Subsequent Event [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility Number of one year extensions available | extension | 1 | |||||||||
Period for extension option on line of credit | 18 months | |||||||||
Line of Credit [Member] | Unsecured Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on rate (in hundredths) | 0.90% | |||||||||
Line of Credit [Member] | Line of Credit Working Capital [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Lines of credit | $ 0 | |||||||||
Maximum borrowing capacity, accordion option | $ 25,000,000 | 0 | ||||||||
Line of Credit [Member] | Line of Credit Working Capital [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on rate (in hundredths) | 0.90% | |||||||||
Unsecured bonds, private placement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 315,000,000 | 465,000,000 | ||||||||
Unsecured debt, net | $ 314,190,000 | 463,891,000 | ||||||||
Variable rate term loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | 350,000,000 | $ 225,000,000 | ||||||||
Basis spread on rate (in hundredths) | 0.95% | |||||||||
Unsecured debt, net | 350,000,000 | $ 100,000,000 | $ 225,000,000 | |||||||
Weighted average interest rate | 2.30% | 2.40% | ||||||||
Term of loan | 5 years | |||||||||
Derivative, notional amount | $ 200,000,000 | $ 225,000,000 | ||||||||
Variable rate term loan [Member] | Interest Rate Swap [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unsecured debt, net | $ 100,000,000 | |||||||||
Number of derivative instruments held | instrument | 4 | |||||||||
Term of loan | 5 years | |||||||||
Variable rate term loan [Member] | Carrying Value [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unsecured debt, net | $ 98,189,000 | $ 224,467,000 | ||||||||
Variable rate term loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on rate (in hundredths) | 0.95% | 1.05% | ||||||||
Variable rate term loan [Member] | Variable Term Loan, Tranche One [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 200,000,000 | |||||||||
Variable rate term loan [Member] | Variable Term Loan, Tranche One [Member] | Interest Rate Swap [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Derivative, notional amount | $ 150,000,000 | |||||||||
Derivative, Fixed Interest Rate | 2.20% | |||||||||
Variable rate term loan [Member] | Variable Term Loan, Tranche Two [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | 25,000,000 | |||||||||
Variable rate term loan [Member] | Variable Term Loan, Tranche Two [Member] | Interest Rate Swap [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Derivative, notional amount | $ 25,000,000 | |||||||||
Derivative, Fixed Interest Rate | 2.40% | |||||||||
Senior Notes [Member] | BRE Properties, Inc. [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unsecured debt, net | $ 907,100,000 | 919,100,000 | ||||||||
Long-term debt acquired | $ 900,000,000 | |||||||||
Senior Notes [Member] | Unsecured Bonds 3.375%, Due April 2026 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unsecured debt, net | $ 443,700,000 | |||||||||
Interest rate, stated percentage | 3.375% | |||||||||
Debt offering price | 99.386% | |||||||||
Senior Notes [Member] | Unsecured Bonds 5.500% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate, stated percentage | 5.50% | |||||||||
Senior Notes [Member] | Unsecured Bonds 5.200% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate, stated percentage | 5.20% | |||||||||
Senior Notes [Member] | Unsecured Bonds 3.375% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate, stated percentage | 3.375% | |||||||||
Senior Notes [Member] | Unsecured Bonds 3.875% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 400,000,000 | |||||||||
Unsecured debt, net | $ 395,100,000 | 394,500,000 | ||||||||
Interest rate, stated percentage | 3.875% | 3.875% | ||||||||
Debt offering price | 99.234% | |||||||||
Senior Notes [Member] | Unsecured Bonds 3.25% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate, stated percentage | 3.25% | 3.25% | ||||||||
Debt offering price | 99.152% | |||||||||
Proceeds from issuance of unsecured debt | $ 300,000,000 | |||||||||
Long-term debt, gross | $ 296,500,000 | 295,900,000 | ||||||||
Senior Notes [Member] | Unsecured Bonds 3.625% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate, stated percentage | 3.625% | 3.625% | ||||||||
Debt offering price | 98.99% | |||||||||
Proceeds from issuance of unsecured debt | $ 300,000,000 | |||||||||
Long-term debt, gross | $ 296,600,000 | $ 296,000,000 |
Mortgage Notes Payable (Details
Mortgage Notes Payable (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($)property | |
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 2,191,481,000 | $ 2,215,077,000 |
Number of properties securing mortgage notes | property | 61 | 64 |
Weighted average interest rate (in hundredths) | 4.30% | 4.40% |
Unamortized debt issuance expense | $ 7,400,000 | $ 8,000,000 |
Monthly interest expense | 7,400,000 | |
Monthly principal amortization | 2,500,000 | |
Mortgage notes payable, net | $ 2,191,481,000 | $ 2,215,077,000 |
Repayment of debt before the scheduled maturity date, prepayment penalties | The prepayment penalty on the majority of the Company’s mortgage notes payable are computed by the greater of (a) 1% of the amount of the principal being prepaid or (b) the present value of the mortgage note payable which is calculated by multiplying the principal being prepaid by the difference between the interest rate of the mortgage note and the stated yield rate on a specified U.S. treasury security as defined in the mortgage note agreement. | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Remaining terms | 1 year | 1 year |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Remaining terms | 30 years | 31 years |
Mortgage Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 1,911,699,000 | $ 1,925,985,000 |
Prepayment penalty, percent of principal prepaid | 1.00% | |
Multifamily Housing Mortgage Revenue Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | $ 279,782,000 | $ 289,092,000 |
Bond subject to interest rate caps | $ 257,300,000 | |
Multifamily housing mortgage revenue bonds, variable interest rate (in hundredths) | 1.20% | 1.20% |
Multifamily housing mortgage revenue bonds credit enhancement and underwriting fees, minimum (in hundredths) | 1.00% | |
Multifamily housing mortgage revenue bonds credit enhancement and underwriting fees, maximum (in hundredths) | 1.30% | |
Percentage of units subject to tenant income criteria (in hundredths) | 20.00% | |
Multifamily Housing Mortgage Revenue Bonds [Member] | Total Return Swap [Member] | ||
Debt Instrument [Line Items] | ||
Bond subject to interest rate caps | $ 20,700,000 | |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable | 2,148,090,000 | |
Debt instrument, unamortized premium | 50,800,000 | $ 64,800,000 |
Secured Deeds of Trust [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable, net | $ 0 |
Mortgage Notes Payable Mortgage
Mortgage Notes Payable Mortgage Notes Payable - Future Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total Debt | $ 2,191,481 | $ 2,215,077 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 82,796 | |
2,018 | 301,575 | |
2,019 | 576,954 | |
2,020 | 693,868 | |
2,021 | 51,584 | |
Thereafter | 441,313 | |
Total Debt | $ 2,148,090 |
Derivative Instruments and He56
Derivative Instruments and Hedging Activities (Details) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2016USD ($)instrument | Dec. 31, 2016USD ($)instrument | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Derivative [Line Items] | ||||
Unsecured debt, net | $ 3,246,779,000 | $ 3,088,680,000 | ||
Total return swap income | 11,716,000 | 5,655,000 | $ 0 | |
Variable rate term loan [Member] | ||||
Derivative [Line Items] | ||||
Unsecured debt, net | $ 350,000,000 | $ 100,000,000 | 225,000,000 | |
Debt instrument, term | 5 years | |||
Basis spread on rate (in hundredths) | 0.95% | |||
Derivative, notional amount | $ 200,000,000 | 225,000,000 | ||
Multifamily Housing Mortgage Revenue Bonds [Member] | ||||
Derivative [Line Items] | ||||
Bond subject to interest rate caps | $ 257,300,000 | |||
Interest Rate Swap [Member] | Variable rate term loan [Member] | ||||
Derivative [Line Items] | ||||
Unsecured debt, net | $ 100,000,000 | |||
Number of derivative instruments held | instrument | 4 | |||
Total Return Swap [Member] | Multifamily Housing Mortgage Revenue Bonds [Member] | ||||
Derivative [Line Items] | ||||
Bond subject to interest rate caps | $ 20,700,000 | |||
Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Hedge ineffectiveness related to cash flow hedges | 300,000 | 0 | $ 0 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Number of derivative instruments held | instrument | 4 | |||
Derivative, notional amount | $ 150,000,000 | |||
Average fixed interest rate (as a percent) | 2.20% | |||
Derivative, fair value | $ 4,400,000 | 0 | ||
Aggregate carrying value of the interest rate swap contracts | 33,100 | 1,000,000 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Variable rate term loan [Member] | ||||
Derivative [Line Items] | ||||
Derivative, notional amount | 25,000,000 | |||
Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Total return swap income | 11,700,000 | 5,700,000 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ||||
Derivative [Line Items] | ||||
Derivative, notional amount | 20,700,000 | |||
Derivative, fair value | $ 0 | 0 | ||
Not Designated as Hedging Instrument [Member] | Total Return Swap [Member] | ||||
Derivative [Line Items] | ||||
Number of derivative instruments held | instrument | 4 | |||
Derivative, fair value | $ 0 | $ 4,000 | ||
Not Designated as Hedging Instrument [Member] | Total Return Swap [Member] | Multifamily Housing Mortgage Revenue Bonds [Member] | ||||
Derivative [Line Items] | ||||
Bond subject to interest rate caps | $ 257,300,000 | |||
Not Designated as Hedging Instrument [Member] | Total Return Swap [Callable] | ||||
Derivative [Line Items] | ||||
Number of derivative instruments held | instrument | 1 | |||
Derivative, notional amount | $ 114,400,000 | |||
Not Designated as Hedging Instrument [Member] | Total Return Swap, Jan 1, 2017 [Member] | ||||
Derivative [Line Items] | ||||
Number of derivative instruments held | instrument | 3 | |||
Derivative, notional amount | $ 142,900,000 |
Lease Agreements (Details)
Lease Agreements (Details) $ in Thousands | Dec. 31, 2016USD ($)communitybuilding |
Leases [Abstract] | |
Number of commercial buildings leased | building | 2 |
Number of commercial portions of mixed use communities leased | community | 37 |
Future minimum non-cancelable base rent under operating leases [Abstract] | |
2,017 | $ 13,453 |
2,018 | 12,773 |
2,019 | 12,347 |
2,020 | 11,518 |
2,021 | 10,073 |
Thereafter | 39,043 |
Total future minimum rent | $ 99,207 |
Equity Transactions (Details)
Equity Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||||
Excess of redemption value of preferred stock over the carrying value | $ 2,541 | $ 0 | $ 0 | |
Proceeds from issuance from common stock | $ (384) | $ 332,137 | $ 531,379 | |
General partner ownership interest (in hundredths) | 96.70% | 96.70% | ||
Redemption value of operating partnership units outstanding | $ 520,200 | $ 530,200 | ||
Series H 7.125% Cumulative Redeemable Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Shares issued (in shares) | 2,950,000 | |||
Shares outstanding (in shares) | 2,950,000 | |||
Cumulative dividend rate (in hundredths) | 0.00% | 7.125% | ||
Liquidation preference (in dollars per share) | $ 25 | |||
Liquidation preference | $ 73,800 | |||
Excess of redemption value of preferred stock over the carrying value | $ 2,500 | |||
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, number of shares sold | 0 | 1,481,737 | ||
Common stock issued, average share price (in dollars per share) | $ 226.46 | |||
Proceeds from issuance from common stock | $ 332,300 | |||
Operating Partnership Units [Member] | ||||
Class of Stock [Line Items] | ||||
Shares outstanding (in shares) | 2,056,263 | 2,070,360 | ||
Long Term Incentive Plan 2014 Units [Member] | ||||
Class of Stock [Line Items] | ||||
Shares outstanding (in shares) | 181,027 | 144,185 |
Net Income Per Common Share a59
Net Income Per Common Share and Net Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Basic: | |||
Net income available to common stockholders | $ 411,124 | $ 226,865 | $ 116,859 |
Income from continuing operations available to common stockholders (in shares) | 65,471,540 | 64,871,717 | 56,546,959 |
Income from continuing operations available to common stockholders (in dollars per share) | $ 6.28 | $ 3.50 | $ 2.07 |
Effect of Dilutive Securities | $ 0 | $ 0 | $ 0 |
Effect of Dilutive Securities (in shares) | 116,276 | 189,968 | 149,566 |
Diluted: | |||
Income from continuing operations available to common stockholders | $ 411,124 | $ 226,865 | $ 116,859 |
Income from continuing operations available to common stockholders (in shares) | 65,587,816 | 65,061,685 | 56,696,525 |
Income from continuing operations available to common stockholders (in dollars per share) | $ 6.27 | $ 3.49 | $ 2.06 |
Convertible Limited Partnership Units [Member] | |||
Diluted: | |||
Anti-dilutive securities (in shares) | 2,224,100 | 2,182,467 | 2,224,707 |
Antidilutive securities excluded from computation of earnings per share | $ 14,100 | $ 7,800 | $ 4,900 |
Stock Options [Member] | |||
Diluted: | |||
Anti-dilutive securities (in shares) | 252,334 | 54,100 | 10,843 |
Essex Portfolio, L.P. [Member] | |||
Basic: | |||
Net income available to common stockholders | $ 425,213 | $ 234,689 | $ 121,726 |
Income from continuing operations available to common stockholders (in shares) | 67,695,640 | 67,054,184 | 58,771,666 |
Income from continuing operations available to common stockholders (in dollars per share) | $ 6.28 | $ 3.50 | $ 2.07 |
Effect of Dilutive Securities | $ 0 | $ 0 | $ 0 |
Effect of Dilutive Securities (in shares) | 116,276 | 189,968 | 149,566 |
Diluted: | |||
Income from continuing operations available to common stockholders | $ 425,213 | $ 234,689 | $ 121,726 |
Income from continuing operations available to common stockholders (in shares) | 67,811,916 | 67,244,152 | 58,921,232 |
Income from continuing operations available to common stockholders (in dollars per share) | $ 6.27 | $ 3.49 | $ 2.07 |
Equity Based Compensation Pla60
Equity Based Compensation Plans (Details) | Dec. 09, 2014shares | Dec. 31, 2013shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 09, 2015 | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2011shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares available (in shares) | shares | 1,000,000 | ||||||
Exercise price as a percentage of fair market value of common stock on grant date, minimum (in hundredths) | 100.00% | ||||||
Life of options, minimum (in years) | 5 years | ||||||
Life of options, maximum (in years) | 10 years | ||||||
Accelerated share-based compensation cost | $ 3,500,000 | $ 2,700,000 | |||||
Intrinsic value of the options outstanding and fully vested | $ 20,800,000 | $ 29,800,000 | |||||
Average fair value of stock options granted (in dollars per share) | $ / shares | $ 21.65 | $ 22.78 | $ 20.56 | ||||
Cap on the appreciation of the market price over the exercise price, option 1 | $ 75 | $ 75 | $ 75 | ||||
Cap on the appreciation of the market price over the exercise price, option 2 | 100 | 100 | 100 | ||||
Cap on the appreciation of the market price over the exercise price, option 3 | 125 | 125 | 125 | ||||
BRE Properties, Inc. [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation expense | 100,000 | 200,000 | |||||
Merger and integration expenses | 0 | 100,000 | 1,700,000 | ||||
Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation expense | 8,200,000 | 6,100,000 | 6,100,000 | ||||
Stock-based compensation capitalized | 500,000 | 300,000 | 400,000 | ||||
Intrinsic value of options exercised | 11,900,000 | $ 19,400,000 | $ 12,700,000 | ||||
Unrecognized compensation cost | $ 5,000,000 | ||||||
Unrecognized compensation cost, period for recognition (in years) | 2 years 9 months 15 days | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | $ 5,900,000 | ||||||
Unrecognized compensation cost, period for recognition (in years) | 2 years 2 months 12 days | ||||||
Granted (in shares) | shares | 49,183 | 56,177 | 22,014 | ||||
2015 LTIP Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Option grants to officers and employees vesting period | 5 years | ||||||
Share based compensation expense | $ 2,400,000 | ||||||
Unrecognized compensation cost, period for recognition (in years) | 8 years 6 months | ||||||
Granted (in shares) | shares | 44,750 | ||||||
Units issued subject only to performance measurement | shares | 24,000 | ||||||
Vesting percentage of units per year | 20.00% | ||||||
Percent of awards earned | 95.75% | ||||||
Conversion ratio, incentive units | 1 | ||||||
Liquidity measurement period (in years) | 10 years | ||||||
Measurement period (in years) | 10 years | ||||||
Series Z Incentive Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Option grants to officers and employees vesting period | 4 years | ||||||
Granted (in shares) | shares | 50,500 | 154,500 | |||||
Conversion ratio, incentive units | 1 | ||||||
Incentive units conversion ratio | one-for-one | ||||||
Long Term Incentive Plan 2014 Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost, period for recognition (in years) | 2 years 2 months 12 days | ||||||
Vesting percentage of units per year | 25.00% | ||||||
Conversion ratio, incentive units | 1 | ||||||
Liquidity measurement period (in years) | 10 years | ||||||
Measurement period (in years) | 10 years | ||||||
Vesting percentage for 2011 Z 1 Units to be convertible | 100.00% | ||||||
Long Term Incentive Plans - Z Units and 2014 LTIP Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation expense | $ 2,700,000 | $ 3,500,000 | 6,000,000 | ||||
Stock-based compensation capitalized | 600,000 | $ 500,000 | $ 400,000 | ||||
Unrecognized compensation cost | $ 3,600,000 | ||||||
Granted (in shares) | shares | 0 | 0 | 44,750 | ||||
Intrinsic value of vested and unvested LTIP units | $ 56,000,000 | ||||||
Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Option grants to officers and employees vesting period | 0 years | ||||||
Minimum [Member] | Series Z Incentive Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Option grants to officers and employees vesting period | 8 years | ||||||
Vesting percentage of units per year | 0.00% | ||||||
Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Option grants to officers and employees vesting period | 5 years | ||||||
Maximum [Member] | Series Z Incentive Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Option grants to officers and employees vesting period | 15 years | ||||||
Vesting percentage of units per year | 14.00% |
Equity Based Compensation Pla61
Equity Based Compensation Plans Weighted average assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Weighted average assumptions used to estimate fair value of stock options [Abstract] | |||
Stock price (in dollars per share) | $ 219.60 | $ 227.75 | $ 176.65 |
Risk-free interest rates (in hundredths) | 2.08% | 1.83% | 2.37% |
Expected lives | 6 years | 6 years | 8 years |
Volatility (in hundredths) | 26.47% | 20.06% | 18.00% |
Dividend yield (in hundredths) | 2.89% | 2.73% | 2.90% |
Equity Based Compensation Pla62
Equity Based Compensation Plans Summary of stock options activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shares [Roll Forward] | |||
Beginning balance, outstanding | 525,094 | 664,785 | 695,488 |
Granted | 207,429 | 78,600 | 42,518 |
Granted - BRE options converted | 0 | 0 | 133,766 |
Exercised | (138,054) | (203,556) | (185,387) |
Forfeited and canceled | (36,821) | (14,735) | (21,600) |
Ending balance, outstanding | 557,648 | 525,094 | 664,785 |
Options exercisable at year end | 290,340 | 342,048 | 395,986 |
Weighted-average exercise price [Abstract] | |||
Outstanding at beginning of year (in dollars per share) | $ 154.98 | $ 138.78 | $ 133.37 |
Granted (in dollars per share) | 219.60 | 227.75 | 176.65 |
Granted - BRE options converted (in dollars per share) | 0 | 0 | 121.03 |
Exercised (in dollars per share) | 138.79 | 131.53 | 113.72 |
Forfeited and canceled (in dollars per share) | 178.18 | 136.11 | 144.29 |
Outstanding at end of year (in dollars per share) | 181.50 | 154.98 | 138.78 |
Options exercisable at year end (in dollars per share) | $ 160.90 | $ 152.42 | $ 133.99 |
Equity Based Compensation Pla63
Equity Based Compensation Plans, Restricted stock activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock [Member] | ||||
Shares [Roll forward] | ||||
Unvested at beginning of year (in shares) | 54,676 | 25,820 | 16,176 | |
Granted (in shares) | 49,183 | 56,177 | 22,014 | |
Granted - BRE restricted stock converted (in shares) | 0 | 0 | 119,411 | |
Vested (in shares) | (38,427) | (22,939) | (126,931) | |
Forfeited and canceled (in shares) | (7,083) | (4,382) | (4,850) | |
Unvested at end of year (in shares) | 58,349 | 54,676 | 25,820 | 16,176 |
Weighted-average grant price [Abstract] | ||||
Unvested at beginning of year (in dollars per share) | $ 147.10 | $ 168.22 | $ 108.06 | |
Granted (in dollars per share) | 150.13 | 155.21 | 194.03 | |
Granted - BRE restricted stock converted (in dollars per share) | 0 | 0 | 173.82 | |
Vested (in dollars per share) | 147.12 | 148.20 | 171.56 | |
Forfeited and canceled (in dollars per share) | 141.76 | 122.06 | 135.10 | |
Unvested at end of year (in dollars per share) | $ 149.11 | $ 147.10 | $ 168.22 | $ 108.06 |
Long Term Incentive Plans - Z Units and 2014 LTIP Units [Member] | ||||
Shares [Roll forward] | ||||
Unvested at beginning of year (in shares) | 106,157 | 151,067 | 149,381 | |
Granted (in shares) | 0 | 0 | 44,750 | |
Vested (in shares) | 36,842 | 36,650 | 41,729 | |
Converted (in shares) | 0 | 0 | 0 | |
Forfeited and canceled (in shares) | (9,288) | (8,260) | (1,335) | |
Unvested at end of year (in shares) | 60,027 | 106,157 | 151,067 | 149,381 |
Weighted-average grant price [Abstract] | ||||
Unvested at beginning of year (in dollars per share) | $ 75.41 | $ 71.14 | $ 63.53 | |
Unvested at end of year (in dollars per share) | $ 75.11 | $ 75.41 | $ 71.14 | $ 63.53 |
Incentive units vested [Roll Forward] | ||||
Vested, beginning balance (in shares) | 144,185 | 181,919 | 118,190 | |
Vested, units granted (in shares) | 0 | 0 | 24,000 | |
Vested, units vested (in shares) | 36,842 | 36,650 | 41,729 | |
Converted (in shares) | 0 | (74,384) | (2,000) | |
Cancelled (in shares) | 0 | 0 | 0 | |
Vested, ending balance (in shares) | 181,027 | 144,185 | 181,919 | 118,190 |
Total outstanding incentive units [Abstract] | ||||
Total outstanding units, beginning balance (in shares) | 250,342 | 332,986 | 267,571 | |
Total outstanding units, granted (in shares) | 0 | 0 | 68,750 | |
Total outstanding units, vested (in shares) | 0 | 0 | 0 | |
Total outstanding units, converted (in shares) | 0 | (74,384) | (2,000) | |
Total outstanding units, cancelled (in shares) | (9,288) | (8,260) | (1,335) | |
Total outstanding units, ending balance (in shares) | 241,054 | 250,342 | 332,986 | 267,571 |
Weighted average remaining contractual life outstanding units | 8 years 6 months | 9 years 6 months | 10 years 6 months | 9 years 3 months 18 days |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Aug. 31, 2015USD ($) | |
Segment Reporting [Abstract] | ||||||||||||
Number of reportable operating segments defined by geographical regions | segment | 3 | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Total property revenues | $ 326,905 | $ 327,078 | $ 319,562 | $ 312,178 | $ 308,646 | $ 302,522 | $ 294,101 | $ 280,229 | $ 1,285,723 | $ 1,185,498 | $ 961,591 | |
Net operating income | 896,796 | 821,990 | 649,045 | |||||||||
Management and other fees from affiliates | 8,278 | 8,909 | 9,347 | |||||||||
Depreciation and amortization | (441,682) | (453,423) | (360,592) | |||||||||
General and administrative | (40,751) | (40,090) | (40,878) | |||||||||
Merger and integration expenses | 0 | (3,798) | (53,530) | |||||||||
Acquisition and investment related costs | (1,841) | (2,414) | (1,878) | |||||||||
Interest expense | (219,654) | (204,827) | (164,551) | |||||||||
Total return swap income | 11,716 | 5,655 | 0 | |||||||||
Interest and other income | 27,305 | 19,143 | 11,811 | |||||||||
Equity income in co-investments | 48,698 | 21,861 | 39,893 | |||||||||
Loss on early retirement of debt | (606) | (6,114) | (268) | |||||||||
Gain on sale of real estate and land | 154,561 | 47,333 | 46,039 | |||||||||
Deferred tax expense on gain on sale of real estate and land | (4,410) | 0 | 0 | |||||||||
Gain on remeasurement of co-investment | 0 | 34,014 | 0 | |||||||||
Net income | 438,410 | 248,239 | 134,438 | |||||||||
Net reportable operating segments - real estate assets | 10,364,760 | 10,381,577 | 10,364,760 | 10,381,577 | ||||||||
Real estate under development | 190,505 | 242,326 | 190,505 | 242,326 | ||||||||
Co-investments | 1,161,275 | 1,036,047 | $ 13,700 | 1,161,275 | 1,036,047 | $ 20,400 | ||||||
Real estate held for sale, net | 101,957 | 26,879 | 101,957 | 26,879 | ||||||||
Cash and cash equivalents, including restricted cash | 170,302 | 123,055 | 170,302 | 123,055 | ||||||||
Marketable securities | 139,189 | 137,485 | 139,189 | 137,485 | ||||||||
Notes and other receivables | 40,970 | 19,285 | 40,970 | 19,285 | ||||||||
Prepaid expenses and other assets | 48,450 | 41,730 | 48,450 | 41,730 | ||||||||
Total assets | 12,217,408 | 12,008,384 | 12,217,408 | 12,008,384 | ||||||||
Reportable Geographical Components [Member] | Southern California [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Total property revenues | 561,094 | 507,536 | 418,495 | |||||||||
Net operating income | 382,312 | 340,797 | 274,806 | |||||||||
Net reportable operating segments - real estate assets | 4,924,792 | 4,752,174 | 4,924,792 | 4,752,174 | ||||||||
Reportable Geographical Components [Member] | Northern California [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Total property revenues | 453,140 | 407,590 | 319,082 | |||||||||
Net operating income | 325,394 | 291,168 | 223,559 | |||||||||
Net reportable operating segments - real estate assets | 3,791,549 | 3,733,218 | 3,791,549 | 3,733,218 | ||||||||
Reportable Geographical Components [Member] | Seattle Metro [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Total property revenues | 217,259 | 201,417 | 168,337 | |||||||||
Net operating income | 148,279 | 136,579 | 112,494 | |||||||||
Net reportable operating segments - real estate assets | 1,570,340 | 1,613,175 | 1,570,340 | 1,613,175 | ||||||||
Segment Reconciling Items [Member] | Other Real Estate Assets [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Total property revenues | 54,230 | 68,955 | 55,677 | |||||||||
Net operating income | 40,811 | 53,446 | $ 38,186 | |||||||||
Net reportable operating segments - real estate assets | $ 78,079 | $ 283,010 | $ 78,079 | $ 283,010 |
401(k) Plan (Details)
401(k) Plan (Details) - 401(k) Benefit Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Employer matching contribution, percent | 50.00% | ||
Company contributions to benefit plan | $ 1.8 | $ 1.6 | $ 0.9 |
Commitments and Contingencies66
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2016USD ($)lease |
Commitments and Contingencies Disclosure [Abstract] | |
Number of non cancelable ground leases | lease | 7 |
Operating Leases, Future Minimum Payments Due [Abstract] | |
2,017 | $ 4,647 |
2,018 | 4,704 |
2,019 | 4,763 |
2,020 | 4,823 |
2,021 | 4,886 |
Thereafter | 116,472 |
Total future operating lease minimum payments | 140,295 |
Property casualty insurance, deductible per incident, maximum | 5,000 |
Pacific Western Insurance LLC [Member] | |
Guarantor Obligations [Line Items] | |
Investments and Cash | $ 69,900 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2017USD ($)communityunit | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)unit | Dec. 31, 2015USD ($)unit | Dec. 31, 2014USD ($)unit | |
Subsequent Event [Line Items] | |||||
Number of units sold | unit | 323 | 848 | 594 | ||
Sale of apartment community | $ 13,000 | $ 80,800 | $ 308,800 | $ 120,400 | |
Payments to acquire equity method investments | $ 1,300 | 183,989 | $ 127,879 | $ 246,006 | |
Encumbrance | $ 2,191,481 | ||||
Number of units acquired | unit | 753 | ||||
Membership Interest In Palm Valley [Member] | |||||
Subsequent Event [Line Items] | |||||
Encumbrance | $ 220,000 | ||||
Subsequent Event [Member] | Jefferson at Hollywood [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of units sold | unit | 270 | ||||
Sale of apartment community | $ 132,500 | ||||
Subsequent Event [Member] | Membership Interest In Palm Valley [Member] | |||||
Subsequent Event [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% | ||||
Payments to acquire equity method investments | $ 183,000 | ||||
Number of units acquired | unit | 1,098 | ||||
Number of communities acquired | community | 4 |
Quarterly Results of Operatio68
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Total property revenues | $ 326,905 | $ 327,078 | $ 319,562 | $ 312,178 | $ 308,646 | $ 302,522 | $ 294,101 | $ 280,229 | $ 1,285,723 | $ 1,185,498 | $ 961,591 |
Net income | 204,517 | 70,162 | 76,824 | 86,907 | 85,762 | 47,182 | 50,542 | 64,753 | 438,410 | 248,239 | 134,438 |
Net income available to common stockholders | $ 195,569 | $ 65,561 | $ 72,013 | $ 77,981 | $ 79,624 | $ 42,323 | $ 45,555 | $ 59,363 | $ 411,124 | $ 226,865 | $ 116,859 |
Net income: | |||||||||||
Net income available to common stockholders - basic (in dollars per share) | $ 2.98 | $ 1 | $ 1.10 | $ 1.19 | $ 1.22 | $ 0.65 | $ 0.70 | $ 0.92 | $ 6.28 | $ 3.50 | $ 2.07 |
Net income available to common stockholders - diluted (in dollars per share) | 2.98 | 1 | 1.10 | 1.19 | 1.22 | 0.65 | 0.70 | 0.92 | $ 6.27 | $ 3.49 | $ 2.06 |
Market price: | |||||||||||
High (in dollars per share) | 234.07 | 236.56 | 237.50 | 240.55 | 244.71 | 232.20 | 231.90 | 243.17 | |||
Low (in dollars per share) | 200.01 | 217.16 | 207.20 | 191.25 | 214.29 | 205.72 | 208.85 | 207.26 | |||
Close (in dollars per share) | 232.50 | 222.70 | 228.09 | 233.86 | 239.41 | 223.42 | 212.50 | 229.90 | |||
Dividends declared (in dollars per share) | $ 1.6 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.44 | $ 1.44 | $ 1.44 | $ 1.44 | |||
Essex Portfolio, L.P. [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Total property revenues | $ 326,905 | $ 327,078 | $ 319,562 | $ 312,178 | $ 308,646 | $ 302,522 | $ 294,101 | $ 280,229 | $ 1,285,723 | $ 1,185,498 | $ 961,591 |
Net income | 204,517 | 70,162 | 76,824 | 86,907 | 85,762 | 47,182 | 50,542 | 64,753 | 438,410 | 248,239 | 134,438 |
Net income available to common stockholders | $ 202,201 | $ 67,784 | $ 74,463 | $ 80,765 | $ 82,333 | $ 43,794 | $ 47,088 | $ 61,474 | $ 425,213 | $ 234,689 | $ 121,726 |
Net income: | |||||||||||
Net income available to common stockholders - basic (in dollars per share) | $ 2.98 | $ 1 | $ 1.10 | $ 1.19 | $ 1.22 | $ 0.65 | $ 0.70 | $ 0.93 | $ 6.28 | $ 3.50 | $ 2.07 |
Net income available to common stockholders - diluted (in dollars per share) | 2.98 | 1 | 1.10 | 1.19 | 1.22 | 0.65 | 0.70 | 0.92 | $ 6.27 | $ 3.49 | $ 2.07 |
Market price: | |||||||||||
Dividends declared (in dollars per share) | $ 1.6 | $ 1.6 | $ 1.6 | $ 1.6 | $ 1.44 | $ 1.44 | $ 1.44 | $ 1.44 |
SCHEDULE III REAL ESTATE AND 69
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016USD ($)apartment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($)ft² | Dec. 31, 2014USD ($) | |
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrance | $ 2,191,481 | ||||
Initial cost [Abstract] | |||||
Land | 2,501,616 | ||||
Buildings and improvements | 8,663,818 | ||||
Costs capitalized subsequent to acquisition | 1,510,872 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,559,743 | ||||
Buildings and improvements | 10,116,563 | ||||
Total | $ 12,676,306 | 12,676,306 | |||
Accumulated depreciation | (1,949,892) | $ (1,564,806) | $ (1,254,886) | (2,311,546) | $ (1,564,806) |
Aggregate cost for federal income tax purpose | 10,000,000 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Acquisition, development, and improvement of real estate | 609,669 | 1,333,102 | 5,833,617 | ||
Disposition of real estate | (264,832) | (246,314) | (32,693) | ||
Balance at the end of year | 12,676,306 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at beginning of year | (1,949,892) | (1,564,806) | (1,254,886) | ||
Balance at beginning of year | 432,165 | 402,687 | 320,921 | ||
Depreciation expense - Disposals and other | (70,511) | (17,601) | (11,001) | ||
Balance at the end of year | $ (2,311,546) | (1,949,892) | (1,564,806) | ||
BRE Properties, Inc. [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Rental property expense | 5,200,000 | ||||
Encumbered Apartment Communities [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 16,620 | ||||
Encumbrance | 2,191,481 | ||||
Initial cost [Abstract] | |||||
Land | 794,369 | ||||
Buildings and improvements | 2,564,810 | ||||
Costs capitalized subsequent to acquisition | 529,149 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 807,080 | ||||
Buildings and improvements | 3,081,248 | ||||
Total | $ 3,888,328 | 3,888,328 | |||
Accumulated depreciation | (848,327) | (848,327) | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | 3,888,328 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (848,327) | ||||
Encumbered Apartment Communities [Member] | Avondale at Warner Center [Member] | Woodland Hills, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 446 | ||||
Encumbrance | 43,687 | ||||
Initial cost [Abstract] | |||||
Land | 10,536 | ||||
Buildings and improvements | 24,522 | ||||
Costs capitalized subsequent to acquisition | 20,008 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 10,601 | ||||
Buildings and improvements | 44,465 | ||||
Total | $ 55,066 | 55,066 | |||
Accumulated depreciation | $ (28,536) | (28,536) | |||
Date of construction | 1,970 | ||||
Date acquired | Jan99 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 55,066 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (28,536) | ||||
Encumbered Apartment Communities [Member] | Avondale at Warner Center [Member] | Woodland Hills, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Avondale at Warner Center [Member] | Woodland Hills, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Bel Air [Member] | San Ramon, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 462 | ||||
Encumbrance | 51,531 | ||||
Initial cost [Abstract] | |||||
Land | 12,105 | ||||
Buildings and improvements | 18,252 | ||||
Costs capitalized subsequent to acquisition | 33,311 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 12,682 | ||||
Buildings and improvements | 50,986 | ||||
Total | $ 63,668 | 63,668 | |||
Accumulated depreciation | $ (30,311) | (30,311) | |||
Date of construction | 1,988 | ||||
Date acquired | Jan95 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 63,668 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (30,311) | ||||
Encumbered Apartment Communities [Member] | Bel Air [Member] | San Ramon, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Bel Air [Member] | San Ramon, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Belcarra [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 296 | ||||
Encumbrance | 52,238 | ||||
Initial cost [Abstract] | |||||
Land | 21,725 | ||||
Buildings and improvements | 92,091 | ||||
Costs capitalized subsequent to acquisition | 487 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 21,725 | ||||
Buildings and improvements | 92,578 | ||||
Total | $ 114,303 | 114,303 | |||
Accumulated depreciation | $ (9,268) | (9,268) | |||
Date of construction | 2,009 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 114,303 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,268) | ||||
Encumbered Apartment Communities [Member] | Belcarra [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Belcarra [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | BellCentre [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 248 | ||||
Encumbrance | 39,597 | ||||
Initial cost [Abstract] | |||||
Land | 16,197 | ||||
Buildings and improvements | 67,207 | ||||
Costs capitalized subsequent to acquisition | 3,240 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 16,197 | ||||
Buildings and improvements | 70,447 | ||||
Total | $ 86,644 | 86,644 | |||
Accumulated depreciation | $ (7,170) | (7,170) | |||
Date of construction | 2,001 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 86,644 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,170) | ||||
Encumbered Apartment Communities [Member] | BellCentre [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | BellCentre [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Belmont Station [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 275 | ||||
Encumbrance | 29,629 | ||||
Initial cost [Abstract] | |||||
Land | 8,100 | ||||
Buildings and improvements | 66,666 | ||||
Costs capitalized subsequent to acquisition | 5,704 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 8,267 | ||||
Buildings and improvements | 72,203 | ||||
Total | $ 80,470 | 80,470 | |||
Accumulated depreciation | $ (23,456) | (23,456) | |||
Date of construction | 2,009 | ||||
Date acquired | Mar09 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 80,470 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (23,456) | ||||
Encumbered Apartment Communities [Member] | Belmont Station [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Belmont Station [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Brookside Oaks [Member] | Sunnyvale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 170 | ||||
Encumbrance | 18,536 | ||||
Initial cost [Abstract] | |||||
Land | 7,301 | ||||
Buildings and improvements | 16,310 | ||||
Costs capitalized subsequent to acquisition | 23,979 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 10,328 | ||||
Buildings and improvements | 37,262 | ||||
Total | $ 47,590 | 47,590 | |||
Accumulated depreciation | $ (18,245) | (18,245) | |||
Date of construction | 1,973 | ||||
Date acquired | Jun00 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 47,590 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (18,245) | ||||
Encumbered Apartment Communities [Member] | Brookside Oaks [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Brookside Oaks [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Canyon Oaks [Member] | San Ramon, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 250 | ||||
Encumbrance | 27,059 | ||||
Initial cost [Abstract] | |||||
Land | 19,088 | ||||
Buildings and improvements | 44,473 | ||||
Costs capitalized subsequent to acquisition | 2,845 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 19,088 | ||||
Buildings and improvements | 47,318 | ||||
Total | $ 66,406 | 66,406 | |||
Accumulated depreciation | $ (15,836) | (15,836) | |||
Date of construction | 2,005 | ||||
Date acquired | May07 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 66,406 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (15,836) | ||||
Encumbered Apartment Communities [Member] | Canyon Oaks [Member] | San Ramon, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Canyon Oaks [Member] | San Ramon, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Carmel Creek [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 348 | ||||
Encumbrance | 63,142 | ||||
Initial cost [Abstract] | |||||
Land | 26,842 | ||||
Buildings and improvements | 107,368 | ||||
Costs capitalized subsequent to acquisition | 3,952 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 26,842 | ||||
Buildings and improvements | 111,320 | ||||
Total | $ 138,162 | 138,162 | |||
Accumulated depreciation | $ (11,480) | (11,480) | |||
Date of construction | 2,000 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 138,162 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,480) | ||||
Encumbered Apartment Communities [Member] | Carmel Creek [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Carmel Creek [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | City View [Member] | Hayward, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 572 | ||||
Encumbrance | 61,761 | ||||
Initial cost [Abstract] | |||||
Land | 9,883 | ||||
Buildings and improvements | 37,670 | ||||
Costs capitalized subsequent to acquisition | 24,081 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 10,350 | ||||
Buildings and improvements | 61,284 | ||||
Total | $ 71,634 | 71,634 | |||
Accumulated depreciation | $ (41,530) | (41,530) | |||
Date of construction | 1,975 | ||||
Date acquired | Mar98 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 71,634 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (41,530) | ||||
Encumbered Apartment Communities [Member] | City View [Member] | Hayward, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | City View [Member] | Hayward, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Courtyard off Main [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 110 | ||||
Encumbrance | 15,133 | ||||
Initial cost [Abstract] | |||||
Land | 7,465 | ||||
Buildings and improvements | 21,405 | ||||
Costs capitalized subsequent to acquisition | 3,467 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 7,465 | ||||
Buildings and improvements | 24,872 | ||||
Total | $ 32,337 | 32,337 | |||
Accumulated depreciation | $ (5,651) | (5,651) | |||
Date of construction | 2,000 | ||||
Date acquired | Oct10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 32,337 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,651) | ||||
Encumbered Apartment Communities [Member] | Courtyard off Main [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Courtyard off Main [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Domaine [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 92 | ||||
Encumbrance | 14,597 | ||||
Initial cost [Abstract] | |||||
Land | 9,059 | ||||
Buildings and improvements | 27,177 | ||||
Costs capitalized subsequent to acquisition | 830 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 9,059 | ||||
Buildings and improvements | 28,007 | ||||
Total | $ 37,066 | 37,066 | |||
Accumulated depreciation | $ (4,152) | (4,152) | |||
Date of construction | 2,009 | ||||
Date acquired | Sep12 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 37,066 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,152) | ||||
Encumbered Apartment Communities [Member] | Domaine [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Domaine [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Elevation [Member] | Redmond, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 158 | ||||
Encumbrance | 10,697 | ||||
Initial cost [Abstract] | |||||
Land | 4,758 | ||||
Buildings and improvements | 14,285 | ||||
Costs capitalized subsequent to acquisition | 5,961 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,757 | ||||
Buildings and improvements | 20,247 | ||||
Total | $ 25,004 | 25,004 | |||
Accumulated depreciation | $ (6,425) | (6,425) | |||
Date of construction | 1,986 | ||||
Date acquired | Jun10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 25,004 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,425) | ||||
Encumbered Apartment Communities [Member] | Elevation [Member] | Redmond, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Elevation [Member] | Redmond, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Ellington [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 220 | ||||
Encumbrance | 21,497 | ||||
Initial cost [Abstract] | |||||
Land | 15,066 | ||||
Buildings and improvements | 45,249 | ||||
Costs capitalized subsequent to acquisition | 2,170 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 15,066 | ||||
Buildings and improvements | 47,419 | ||||
Total | $ 62,485 | 62,485 | |||
Accumulated depreciation | $ (3,879) | (3,879) | |||
Date of construction | 1,994 | ||||
Date acquired | Jul14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 62,485 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,879) | ||||
Encumbered Apartment Communities [Member] | Ellington [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Ellington [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Fairhaven Apartments [Member] | Santa Ana, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 164 | ||||
Encumbrance | 15,761 | ||||
Initial cost [Abstract] | |||||
Land | 2,626 | ||||
Buildings and improvements | 10,485 | ||||
Costs capitalized subsequent to acquisition | 6,622 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,957 | ||||
Buildings and improvements | 16,776 | ||||
Total | $ 19,733 | 19,733 | |||
Accumulated depreciation | $ (8,593) | (8,593) | |||
Date of construction | 1,970 | ||||
Date acquired | Nov01 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 19,733 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,593) | ||||
Encumbered Apartment Communities [Member] | Fairhaven Apartments [Member] | Santa Ana, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Fairhaven Apartments [Member] | Santa Ana, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Form 15 [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 242 | ||||
Encumbrance | 47,442 | ||||
Initial cost [Abstract] | |||||
Land | 24,510 | ||||
Buildings and improvements | 72,221 | ||||
Costs capitalized subsequent to acquisition | 4,513 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 25,540 | ||||
Buildings and improvements | 75,704 | ||||
Total | $ 101,244 | 101,244 | |||
Accumulated depreciation | $ (2,120) | (2,120) | |||
Date of construction | 2,014 | ||||
Date acquired | Mar16 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 101,244 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,120) | ||||
Encumbered Apartment Communities [Member] | Form 15 [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Form 15 [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Foster's Landing [Member] | Foster City, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 490 | ||||
Encumbrance | 97,220 | ||||
Initial cost [Abstract] | |||||
Land | 61,714 | ||||
Buildings and improvements | 144,000 | ||||
Costs capitalized subsequent to acquisition | 7,016 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 61,714 | ||||
Buildings and improvements | 151,016 | ||||
Total | $ 212,730 | 212,730 | |||
Accumulated depreciation | $ (15,886) | (15,886) | |||
Date of construction | 1,987 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 212,730 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (15,886) | ||||
Encumbered Apartment Communities [Member] | Foster's Landing [Member] | Foster City, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Foster's Landing [Member] | Foster City, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Fountain At Riveroaks [Member] | San Jose, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 226 | ||||
Encumbrance | 32,118 | ||||
Initial cost [Abstract] | |||||
Land | 26,046 | ||||
Buildings and improvements | 60,773 | ||||
Costs capitalized subsequent to acquisition | 3,229 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 26,046 | ||||
Buildings and improvements | 64,002 | ||||
Total | $ 90,048 | 90,048 | |||
Accumulated depreciation | $ (6,363) | (6,363) | |||
Date of construction | 1,990 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 90,048 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,363) | ||||
Encumbered Apartment Communities [Member] | Fountain At Riveroaks [Member] | San Jose, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Fountain At Riveroaks [Member] | San Jose, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Fountain Park [Member] | Playa Vista, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 705 | ||||
Encumbrance | 82,435 | ||||
Initial cost [Abstract] | |||||
Land | 25,073 | ||||
Buildings and improvements | 94,980 | ||||
Costs capitalized subsequent to acquisition | 30,967 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 25,203 | ||||
Buildings and improvements | 125,817 | ||||
Total | $ 151,020 | 151,020 | |||
Accumulated depreciation | $ (59,294) | (59,294) | |||
Date of construction | 2,002 | ||||
Date acquired | Feb04 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 151,020 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (59,294) | ||||
Encumbered Apartment Communities [Member] | Fountain Park [Member] | Playa Vista, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Fountain Park [Member] | Playa Vista, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Hampton Place Hampton Court [Member] | Glendale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 215 | ||||
Encumbrance | 19,833 | ||||
Initial cost [Abstract] | |||||
Land | 6,695 | ||||
Buildings and improvements | 16,753 | ||||
Costs capitalized subsequent to acquisition | 19,093 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,733 | ||||
Buildings and improvements | 35,808 | ||||
Total | $ 42,541 | 42,541 | |||
Accumulated depreciation | $ (15,684) | (15,684) | |||
Date of construction | 1,970 | ||||
Date acquired | Jun99 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 42,541 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (15,684) | ||||
Encumbered Apartment Communities [Member] | Hampton Place Hampton Court [Member] | Glendale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Hampton Place Hampton Court [Member] | Glendale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Hidden Valley [Member] | Simi Valley, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 324 | ||||
Encumbrance | 29,295 | ||||
Initial cost [Abstract] | |||||
Land | 14,174 | ||||
Buildings and improvements | 34,065 | ||||
Costs capitalized subsequent to acquisition | 3,373 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 9,674 | ||||
Buildings and improvements | 41,938 | ||||
Total | $ 51,612 | 51,612 | |||
Accumulated depreciation | $ (17,484) | (17,484) | |||
Date of construction | 2,004 | ||||
Date acquired | Dec04 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 51,612 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (17,484) | ||||
Encumbered Apartment Communities [Member] | Hidden Valley [Member] | Simi Valley, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Hidden Valley [Member] | Simi Valley, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Highlands at Wynhaven [Member] | Issaquah, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 333 | ||||
Encumbrance | 30,901 | ||||
Initial cost [Abstract] | |||||
Land | 16,271 | ||||
Buildings and improvements | 48,932 | ||||
Costs capitalized subsequent to acquisition | 9,533 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 16,271 | ||||
Buildings and improvements | 58,465 | ||||
Total | $ 74,736 | 74,736 | |||
Accumulated depreciation | $ (18,290) | (18,290) | |||
Date of construction | 2,000 | ||||
Date acquired | Aug08 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 74,736 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (18,290) | ||||
Encumbered Apartment Communities [Member] | Highlands at Wynhaven [Member] | Issaquah, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Highlands at Wynhaven [Member] | Issaquah, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Highridge [Member] | Rancho Palos Verdes, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 255 | ||||
Encumbrance | 69,202 | ||||
Initial cost [Abstract] | |||||
Land | 5,419 | ||||
Buildings and improvements | 18,347 | ||||
Costs capitalized subsequent to acquisition | 29,991 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,073 | ||||
Buildings and improvements | 47,684 | ||||
Total | $ 53,757 | 53,757 | |||
Accumulated depreciation | $ (30,084) | (30,084) | |||
Date of construction | 1,972 | ||||
Date acquired | May97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 53,757 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (30,084) | ||||
Encumbered Apartment Communities [Member] | Highridge [Member] | Rancho Palos Verdes, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Highridge [Member] | Rancho Palos Verdes, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Hillcrest Park [Member] | Newbury Park, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 608 | ||||
Encumbrance | 64,211 | ||||
Initial cost [Abstract] | |||||
Land | 15,318 | ||||
Buildings and improvements | 40,601 | ||||
Costs capitalized subsequent to acquisition | 18,880 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 15,755 | ||||
Buildings and improvements | 59,044 | ||||
Total | $ 74,799 | 74,799 | |||
Accumulated depreciation | $ (34,815) | (34,815) | |||
Date of construction | 1,973 | ||||
Date acquired | Mar98 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 74,799 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (34,815) | ||||
Encumbered Apartment Communities [Member] | Hillcrest Park [Member] | Newbury Park, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Hillcrest Park [Member] | Newbury Park, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Huntington Breakers [Member] | Huntington Beach, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 342 | ||||
Encumbrance | 35,943 | ||||
Initial cost [Abstract] | |||||
Land | 9,306 | ||||
Buildings and improvements | 22,720 | ||||
Costs capitalized subsequent to acquisition | 18,651 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 9,315 | ||||
Buildings and improvements | 41,362 | ||||
Total | $ 50,677 | 50,677 | |||
Accumulated depreciation | $ (22,606) | (22,606) | |||
Date of construction | 1,984 | ||||
Date acquired | Oct97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 50,677 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (22,606) | ||||
Encumbered Apartment Communities [Member] | Huntington Breakers [Member] | Huntington Beach, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Huntington Breakers [Member] | Huntington Beach, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Inglenook Court [Member] | Bothell, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 224 | ||||
Encumbrance | 8,194 | ||||
Initial cost [Abstract] | |||||
Land | 3,467 | ||||
Buildings and improvements | 7,881 | ||||
Costs capitalized subsequent to acquisition | 7,159 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,474 | ||||
Buildings and improvements | 15,033 | ||||
Total | $ 18,507 | 18,507 | |||
Accumulated depreciation | $ (11,373) | (11,373) | |||
Date of construction | 1,985 | ||||
Date acquired | Oct94 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 18,507 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,373) | ||||
Encumbered Apartment Communities [Member] | Inglenook Court [Member] | Bothell, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Inglenook Court [Member] | Bothell, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | 1000 Kiely [Member] | Santa Clara, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 121 | ||||
Encumbrance | 48,414 | ||||
Initial cost [Abstract] | |||||
Land | 9,359 | ||||
Buildings and improvements | 21,845 | ||||
Costs capitalized subsequent to acquisition | 7,268 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 9,359 | ||||
Buildings and improvements | 29,113 | ||||
Total | $ 38,472 | 38,472 | |||
Accumulated depreciation | $ (7,266) | (7,266) | |||
Date of construction | 1,971 | ||||
Date acquired | Mar11 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 38,472 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,266) | ||||
Encumbered Apartment Communities [Member] | Magnolia Square [Member] | Sunnyvale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 188 | ||||
Encumbrance | 52,175 | ||||
Initial cost [Abstract] | |||||
Land | 8,190 | ||||
Buildings and improvements | 24,736 | ||||
Costs capitalized subsequent to acquisition | 15,223 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 8,191 | ||||
Buildings and improvements | 39,958 | ||||
Total | $ 48,149 | 48,149 | |||
Accumulated depreciation | $ (15,672) | (15,672) | |||
Date of construction | 1,963 | ||||
Date acquired | Sep07 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 48,149 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (15,672) | ||||
Encumbered Apartment Communities [Member] | Magnolia Square [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Magnolia Square [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Mill Creek at Windermere [Member] | San Ramon, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 400 | ||||
Encumbrance | 46,414 | ||||
Initial cost [Abstract] | |||||
Land | 29,551 | ||||
Buildings and improvements | 69,032 | ||||
Costs capitalized subsequent to acquisition | 3,935 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 29,551 | ||||
Buildings and improvements | 72,967 | ||||
Total | $ 102,518 | 102,518 | |||
Accumulated depreciation | $ (23,405) | (23,405) | |||
Date of construction | 2,005 | ||||
Date acquired | Sep07 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 102,518 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (23,405) | ||||
Encumbered Apartment Communities [Member] | Mill Creek at Windermere [Member] | San Ramon, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Mill Creek at Windermere [Member] | San Ramon, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Mirabella [Member] | Marina Del Rey, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 188 | ||||
Encumbrance | 42,544 | ||||
Initial cost [Abstract] | |||||
Land | 6,180 | ||||
Buildings and improvements | 26,673 | ||||
Costs capitalized subsequent to acquisition | 14,474 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,270 | ||||
Buildings and improvements | 41,057 | ||||
Total | $ 47,327 | 47,327 | |||
Accumulated depreciation | $ (21,140) | (21,140) | |||
Date of construction | 2,000 | ||||
Date acquired | May00 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 47,327 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (21,140) | ||||
Encumbered Apartment Communities [Member] | Mirabella [Member] | Marina Del Rey, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Mirabella [Member] | Marina Del Rey, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Montarosa [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 472 | ||||
Encumbrance | 61,972 | ||||
Initial cost [Abstract] | |||||
Land | 26,697 | ||||
Buildings and improvements | 106,787 | ||||
Costs capitalized subsequent to acquisition | 3,280 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 26,697 | ||||
Buildings and improvements | 110,067 | ||||
Total | $ 136,764 | 136,764 | |||
Accumulated depreciation | $ (11,271) | (11,271) | |||
Date of construction | 1,990 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 136,764 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,271) | ||||
Encumbered Apartment Communities [Member] | Montarosa [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Montarosa [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Montclaire [Member] | Sunnyvale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 390 | ||||
Encumbrance | 44,122 | ||||
Initial cost [Abstract] | |||||
Land | 4,842 | ||||
Buildings and improvements | 19,776 | ||||
Costs capitalized subsequent to acquisition | 21,476 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,997 | ||||
Buildings and improvements | 41,097 | ||||
Total | $ 46,094 | 46,094 | |||
Accumulated depreciation | $ (35,665) | (35,665) | |||
Date of construction | 1,973 | ||||
Date acquired | Dec88 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 46,094 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (35,665) | ||||
Encumbered Apartment Communities [Member] | Montclaire [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Montclaire [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Montebello [Member] | Kirkland, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 248 | ||||
Encumbrance | 26,475 | ||||
Initial cost [Abstract] | |||||
Land | 13,857 | ||||
Buildings and improvements | 41,575 | ||||
Costs capitalized subsequent to acquisition | 4,077 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 13,858 | ||||
Buildings and improvements | 45,651 | ||||
Total | $ 59,509 | 59,509 | |||
Accumulated depreciation | $ (7,791) | (7,791) | |||
Date of construction | 1,996 | ||||
Date acquired | Jul12 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 59,509 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,791) | ||||
Encumbered Apartment Communities [Member] | Montebello [Member] | Kirkland, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Montebello [Member] | Kirkland, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Montejo Apartments [Member] | Garden Grove, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 124 | ||||
Encumbrance | 11,939 | ||||
Initial cost [Abstract] | |||||
Land | 1,925 | ||||
Buildings and improvements | 7,685 | ||||
Costs capitalized subsequent to acquisition | 3,173 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,194 | ||||
Buildings and improvements | 10,589 | ||||
Total | $ 12,783 | 12,783 | |||
Accumulated depreciation | $ (5,420) | (5,420) | |||
Date of construction | 1,974 | ||||
Date acquired | Nov01 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 12,783 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,420) | ||||
Encumbered Apartment Communities [Member] | Montejo Apartments [Member] | Garden Grove, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Montejo Apartments [Member] | Garden Grove, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Park Highland [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 250 | ||||
Encumbrance | 26,617 | ||||
Initial cost [Abstract] | |||||
Land | 9,391 | ||||
Buildings and improvements | 38,224 | ||||
Costs capitalized subsequent to acquisition | 10,626 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 9,391 | ||||
Buildings and improvements | 48,850 | ||||
Total | $ 58,241 | 58,241 | |||
Accumulated depreciation | $ (5,230) | (5,230) | |||
Date of construction | 1,993 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 58,241 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,230) | ||||
Encumbered Apartment Communities [Member] | Park Highland [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Park Highland [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Park Hill at Issaquah [Member] | Issaquah, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 245 | ||||
Encumbrance | 27,224 | ||||
Initial cost [Abstract] | |||||
Land | 7,284 | ||||
Buildings and improvements | 21,937 | ||||
Costs capitalized subsequent to acquisition | 6,769 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 7,284 | ||||
Buildings and improvements | 28,706 | ||||
Total | $ 35,990 | 35,990 | |||
Accumulated depreciation | $ (11,712) | (11,712) | |||
Date of construction | 1,999 | ||||
Date acquired | Feb99 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 35,990 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,712) | ||||
Encumbered Apartment Communities [Member] | Park Hill at Issaquah [Member] | Issaquah, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Park Hill at Issaquah [Member] | Issaquah, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Pathways at Bixby Village [Member] | Long Beach, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 296 | ||||
Encumbrance | 35,673 | ||||
Initial cost [Abstract] | |||||
Land | 4,083 | ||||
Buildings and improvements | 16,757 | ||||
Costs capitalized subsequent to acquisition | 19,526 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,239 | ||||
Buildings and improvements | 34,127 | ||||
Total | $ 40,366 | 40,366 | |||
Accumulated depreciation | $ (27,669) | (27,669) | |||
Date of construction | 1,975 | ||||
Date acquired | Feb91 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 40,366 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (27,669) | ||||
Encumbered Apartment Communities [Member] | Pathways at Bixby Village [Member] | Long Beach, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Pathways at Bixby Village [Member] | Long Beach, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Piedmont [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 396 | ||||
Encumbrance | 45,454 | ||||
Initial cost [Abstract] | |||||
Land | 19,848 | ||||
Buildings and improvements | 59,606 | ||||
Costs capitalized subsequent to acquisition | 9,087 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 19,848 | ||||
Buildings and improvements | 68,693 | ||||
Total | $ 88,541 | 88,541 | |||
Accumulated depreciation | $ (6,386) | (6,386) | |||
Date of construction | 1,969 | ||||
Date acquired | May14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 88,541 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,386) | ||||
Encumbered Apartment Communities [Member] | Piedmont [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Piedmont [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Pinnacle at Fullerton [Member] | Fullerton, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 192 | ||||
Encumbrance | 26,804 | ||||
Initial cost [Abstract] | |||||
Land | 11,019 | ||||
Buildings and improvements | 45,932 | ||||
Costs capitalized subsequent to acquisition | 1,699 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 11,019 | ||||
Buildings and improvements | 47,631 | ||||
Total | $ 58,650 | 58,650 | |||
Accumulated depreciation | $ (4,847) | (4,847) | |||
Date of construction | 2,004 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 58,650 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,847) | ||||
Encumbered Apartment Communities [Member] | Pinnacle at Fullerton [Member] | Fullerton, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Pinnacle at Fullerton [Member] | Fullerton, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Pinnacle on Lake Washington [Member] | Renton, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 180 | ||||
Encumbrance | 18,078 | ||||
Initial cost [Abstract] | |||||
Land | 7,760 | ||||
Buildings and improvements | 31,041 | ||||
Costs capitalized subsequent to acquisition | 755 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 7,760 | ||||
Buildings and improvements | 31,796 | ||||
Total | $ 39,556 | 39,556 | |||
Accumulated depreciation | $ (3,245) | (3,245) | |||
Date of construction | 2,001 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 39,556 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,245) | ||||
Encumbered Apartment Communities [Member] | Pinnacle on Lake Washington [Member] | Renton, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Pinnacle on Lake Washington [Member] | Renton, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Pinnacle at MacArthur Ranch [Member] | Santa Ana, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 253 | ||||
Encumbrance | 38,538 | ||||
Initial cost [Abstract] | |||||
Land | 15,810 | ||||
Buildings and improvements | 66,401 | ||||
Costs capitalized subsequent to acquisition | 2,115 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 15,810 | ||||
Buildings and improvements | 68,516 | ||||
Total | $ 84,326 | 84,326 | |||
Accumulated depreciation | $ (6,945) | (6,945) | |||
Date of construction | 2,002 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 84,326 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,945) | ||||
Encumbered Apartment Communities [Member] | Pinnacle at MacArthur Ranch [Member] | Santa Ana, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Pinnacle at MacArthur Ranch [Member] | Santa Ana, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Pinnacle at Otay Ranch I & II [Member] | Chula Vista, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 364 | ||||
Encumbrance | 40,069 | ||||
Initial cost [Abstract] | |||||
Land | 17,023 | ||||
Buildings and improvements | 68,093 | ||||
Costs capitalized subsequent to acquisition | 2,561 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 17,023 | ||||
Buildings and improvements | 70,654 | ||||
Total | $ 87,677 | 87,677 | |||
Accumulated depreciation | $ (7,157) | (7,157) | |||
Date of construction | 2,001 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 87,677 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,157) | ||||
Encumbered Apartment Communities [Member] | Pinnacle at Otay Ranch I & II [Member] | Chula Vista, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Pinnacle at Otay Ranch I & II [Member] | Chula Vista, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Pinnacle at Talega [Member] | San Clemente, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 362 | ||||
Encumbrance | 44,804 | ||||
Initial cost [Abstract] | |||||
Land | 19,292 | ||||
Buildings and improvements | 77,168 | ||||
Costs capitalized subsequent to acquisition | 1,576 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 19,292 | ||||
Buildings and improvements | 78,744 | ||||
Total | $ 98,036 | 98,036 | |||
Accumulated depreciation | $ (8,014) | (8,014) | |||
Date of construction | 2,002 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 98,036 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,014) | ||||
Encumbered Apartment Communities [Member] | Pinnacle at Talega [Member] | Irvine, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Pinnacle at Talega [Member] | Irvine, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Stevenson Place [Member] | Fremont, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 200 | ||||
Encumbrance | 20,628 | ||||
Initial cost [Abstract] | |||||
Land | 996 | ||||
Buildings and improvements | 5,582 | ||||
Costs capitalized subsequent to acquisition | 10,694 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 1,001 | ||||
Buildings and improvements | 16,271 | ||||
Total | $ 17,272 | 17,272 | |||
Accumulated depreciation | $ (11,105) | (11,105) | |||
Date of construction | 1,975 | ||||
Date acquired | Apr00 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 17,272 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,105) | ||||
Encumbered Apartment Communities [Member] | Stevenson Place [Member] | Fremont, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Stevenson Place [Member] | Fremont, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Summerhill Park [Member] | Sunnyvale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 100 | ||||
Encumbrance | 12,793 | ||||
Initial cost [Abstract] | |||||
Land | 2,654 | ||||
Buildings and improvements | 4,918 | ||||
Costs capitalized subsequent to acquisition | 10,432 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,656 | ||||
Buildings and improvements | 15,348 | ||||
Total | $ 18,004 | 18,004 | |||
Accumulated depreciation | $ (7,221) | (7,221) | |||
Date of construction | 1,988 | ||||
Date acquired | Sep88 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 18,004 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,221) | ||||
Encumbered Apartment Communities [Member] | Summerhill Park [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Summerhill Park [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | The Audrey at Belltown [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 137 | ||||
Encumbrance | 21,279 | ||||
Initial cost [Abstract] | |||||
Land | 9,228 | ||||
Buildings and improvements | 36,911 | ||||
Costs capitalized subsequent to acquisition | 423 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 9,228 | ||||
Buildings and improvements | 37,334 | ||||
Total | $ 46,562 | 46,562 | |||
Accumulated depreciation | $ (3,761) | (3,761) | |||
Date of construction | 1,992 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 46,562 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,761) | ||||
Encumbered Apartment Communities [Member] | The Audrey at Belltown [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | The Audrey at Belltown [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | The Barkley [Member] | Anaheim, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 161 | ||||
Encumbrance | 15,666 | ||||
Initial cost [Abstract] | |||||
Land | 0 | ||||
Buildings and improvements | 8,520 | ||||
Costs capitalized subsequent to acquisition | 5,984 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,353 | ||||
Buildings and improvements | 12,151 | ||||
Total | $ 14,504 | 14,504 | |||
Accumulated depreciation | $ (6,678) | (6,678) | |||
Date of construction | 1,984 | ||||
Date acquired | Apr00 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 14,504 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,678) | ||||
Encumbered Apartment Communities [Member] | The Barkley [Member] | Anaheim, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | The Barkley [Member] | Anaheim, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | The Bernard [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 63 | ||||
Encumbrance | 8,841 | ||||
Initial cost [Abstract] | |||||
Land | 3,699 | ||||
Buildings and improvements | 11,345 | ||||
Costs capitalized subsequent to acquisition | 384 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,689 | ||||
Buildings and improvements | 11,739 | ||||
Total | $ 15,428 | 15,428 | |||
Accumulated depreciation | $ (2,136) | (2,136) | |||
Date of construction | 2,008 | ||||
Date acquired | Sep11 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 15,428 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,136) | ||||
Encumbered Apartment Communities [Member] | The Bernard [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | The Bernard [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | The Dylan [Member] | West Hollywood, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 184 | ||||
Encumbrance | 59,866 | ||||
Initial cost [Abstract] | |||||
Land | 19,984 | ||||
Buildings and improvements | 82,286 | ||||
Costs capitalized subsequent to acquisition | 405 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 19,984 | ||||
Buildings and improvements | 82,691 | ||||
Total | $ 102,675 | 102,675 | |||
Accumulated depreciation | $ (5,863) | (5,863) | |||
Date of construction | 2,015 | ||||
Date acquired | Mar15 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 102,675 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,863) | ||||
Encumbered Apartment Communities [Member] | The Dylan [Member] | West Hollywood, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | The Dylan [Member] | West Hollywood, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | The Elliot [Member] | Mukilteo, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 301 | ||||
Encumbrance | 10,639 | ||||
Initial cost [Abstract] | |||||
Land | 2,498 | ||||
Buildings and improvements | 10,595 | ||||
Costs capitalized subsequent to acquisition | 15,308 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,824 | ||||
Buildings and improvements | 25,577 | ||||
Total | $ 28,401 | 28,401 | |||
Accumulated depreciation | $ (16,550) | (16,550) | |||
Date of construction | 1,981 | ||||
Date acquired | Jan97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 28,401 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (16,550) | ||||
Encumbered Apartment Communities [Member] | The Elliot [Member] | Mukilteo, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | The Elliot [Member] | Mukilteo, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | The Huntington [Member] | Huntington Beach, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 276 | ||||
Encumbrance | 29,861 | ||||
Initial cost [Abstract] | |||||
Land | 10,374 | ||||
Buildings and improvements | 41,495 | ||||
Costs capitalized subsequent to acquisition | 4,191 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 10,374 | ||||
Buildings and improvements | 45,686 | ||||
Total | $ 56,060 | 56,060 | |||
Accumulated depreciation | $ (7,652) | (7,652) | |||
Date of construction | 1,975 | ||||
Date acquired | Jun12 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 56,060 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,652) | ||||
Encumbered Apartment Communities [Member] | The Huntington [Member] | Huntington Beach, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | The Huntington [Member] | Huntington Beach, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | The Huxley [Member] | West Hollywood, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 187 | ||||
Encumbrance | 54,501 | ||||
Initial cost [Abstract] | |||||
Land | 19,362 | ||||
Buildings and improvements | 75,641 | ||||
Costs capitalized subsequent to acquisition | 770 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 19,362 | ||||
Buildings and improvements | 76,411 | ||||
Total | $ 95,773 | 95,773 | |||
Accumulated depreciation | $ (5,537) | (5,537) | |||
Date of construction | 2,014 | ||||
Date acquired | Mar15 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 95,773 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,537) | ||||
Encumbered Apartment Communities [Member] | The Huxley [Member] | West Hollywood, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | The Huxley [Member] | West Hollywood, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | The Landing at Jack London Square [Member] | Oakland, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 282 | ||||
Encumbrance | 53,055 | ||||
Initial cost [Abstract] | |||||
Land | 33,554 | ||||
Buildings and improvements | 78,292 | ||||
Costs capitalized subsequent to acquisition | 4,246 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 33,554 | ||||
Buildings and improvements | 82,538 | ||||
Total | $ 116,092 | 116,092 | |||
Accumulated depreciation | $ (8,759) | (8,759) | |||
Date of construction | 2,001 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 116,092 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,759) | ||||
Encumbered Apartment Communities [Member] | The Landing at Jack London Square [Member] | Oakland, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | The Landing at Jack London Square [Member] | Oakland, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | The Palisades [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 192 | ||||
Encumbrance | 19,752 | ||||
Initial cost [Abstract] | |||||
Land | 1,560 | ||||
Buildings and improvements | 6,242 | ||||
Costs capitalized subsequent to acquisition | 12,093 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 1,565 | ||||
Buildings and improvements | 18,330 | ||||
Total | $ 19,895 | 19,895 | |||
Accumulated depreciation | $ (15,115) | (15,115) | |||
Date of construction | 1,977 | ||||
Date acquired | May90 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 19,895 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (15,115) | ||||
Encumbered Apartment Communities [Member] | The Palisades [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | The Palisades [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | The Palms at Laguna Niguel [Member] | Laguna Niguel, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 460 | ||||
Encumbrance | 55,441 | ||||
Initial cost [Abstract] | |||||
Land | 23,584 | ||||
Buildings and improvements | 94,334 | ||||
Costs capitalized subsequent to acquisition | 3,393 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 23,584 | ||||
Buildings and improvements | 97,727 | ||||
Total | $ 121,311 | 121,311 | |||
Accumulated depreciation | $ (9,922) | (9,922) | |||
Date of construction | 1,988 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 121,311 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,922) | ||||
Encumbered Apartment Communities [Member] | The Palms at Laguna Niguel [Member] | Laguna Niguel, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | The Palms at Laguna Niguel [Member] | Laguna Niguel, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | The Waterford [Member] | San Jose, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 238 | ||||
Encumbrance | 30,240 | ||||
Initial cost [Abstract] | |||||
Land | 11,808 | ||||
Buildings and improvements | 24,500 | ||||
Costs capitalized subsequent to acquisition | 14,172 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 15,165 | ||||
Buildings and improvements | 35,315 | ||||
Total | $ 50,480 | 50,480 | |||
Accumulated depreciation | $ (19,053) | (19,053) | |||
Date of construction | 2,000 | ||||
Date acquired | Jun00 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 50,480 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (19,053) | ||||
Encumbered Apartment Communities [Member] | The Waterford [Member] | San Jose, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | The Waterford [Member] | San Jose, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Tierra Vista [Member] | Oxnard, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 404 | ||||
Encumbrance | 52,715 | ||||
Initial cost [Abstract] | |||||
Land | 13,652 | ||||
Buildings and improvements | 53,336 | ||||
Costs capitalized subsequent to acquisition | 4,595 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 13,661 | ||||
Buildings and improvements | 57,922 | ||||
Total | $ 71,583 | 71,583 | |||
Accumulated depreciation | $ (25,300) | (25,300) | |||
Date of construction | 2,001 | ||||
Date acquired | Jan01 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 71,583 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (25,300) | ||||
Encumbered Apartment Communities [Member] | Tierra Vista [Member] | Oxnard, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Tierra Vista [Member] | Oxnard, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Valley Park [Member] | Fountain Valley [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 160 | ||||
Encumbrance | 21,530 | ||||
Initial cost [Abstract] | |||||
Land | 3,361 | ||||
Buildings and improvements | 13,420 | ||||
Costs capitalized subsequent to acquisition | 5,545 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,761 | ||||
Buildings and improvements | 18,565 | ||||
Total | $ 22,326 | 22,326 | |||
Accumulated depreciation | $ (9,050) | (9,050) | |||
Date of construction | 1,969 | ||||
Date acquired | Nov01 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 22,326 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,050) | ||||
Encumbered Apartment Communities [Member] | Valley Park [Member] | Fountain Valley [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Valley Park [Member] | Fountain Valley [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Villa Angelina [Member] | Placentia, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 256 | ||||
Encumbrance | 24,723 | ||||
Initial cost [Abstract] | |||||
Land | 4,498 | ||||
Buildings and improvements | 17,962 | ||||
Costs capitalized subsequent to acquisition | 6,808 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,962 | ||||
Buildings and improvements | 24,306 | ||||
Total | $ 29,268 | 29,268 | |||
Accumulated depreciation | $ (12,185) | (12,185) | |||
Date of construction | 1,970 | ||||
Date acquired | Nov01 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 29,268 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (12,185) | ||||
Encumbered Apartment Communities [Member] | Villa Angelina [Member] | Placentia, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Villa Angelina [Member] | Placentia, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Villa Grenada [Member] | Santa Clara, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 270 | ||||
Encumbrance | 58,828 | ||||
Initial cost [Abstract] | |||||
Land | 38,299 | ||||
Buildings and improvements | 89,365 | ||||
Costs capitalized subsequent to acquisition | 1,059 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 38,299 | ||||
Buildings and improvements | 90,424 | ||||
Total | $ 128,723 | 128,723 | |||
Accumulated depreciation | $ (9,193) | (9,193) | |||
Date of construction | 2,010 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 128,723 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,193) | ||||
Encumbered Apartment Communities [Member] | Villa Grenada [Member] | Santa Clara, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Encumbered Apartment Communities [Member] | Villa Grenada [Member] | Santa Clara, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Wandering Creek [Member] | Kent, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 156 | ||||
Encumbrance | 5,224 | ||||
Initial cost [Abstract] | |||||
Land | 1,285 | ||||
Buildings and improvements | 4,980 | ||||
Costs capitalized subsequent to acquisition | 3,981 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 1,296 | ||||
Buildings and improvements | 8,950 | ||||
Total | $ 10,246 | 10,246 | |||
Accumulated depreciation | $ (6,767) | (6,767) | |||
Date of construction | 1,986 | ||||
Date acquired | Nov95 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 10,246 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,767) | ||||
Encumbered Apartment Communities [Member] | Wandering Creek [Member] | Kent, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Wandering Creek [Member] | Kent, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Wilshire Promenade [Member] | Fullerton, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 149 | ||||
Encumbrance | 16,924 | ||||
Initial cost [Abstract] | |||||
Land | 3,118 | ||||
Buildings and improvements | 7,385 | ||||
Costs capitalized subsequent to acquisition | 7,984 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,797 | ||||
Buildings and improvements | 14,690 | ||||
Total | $ 18,487 | 18,487 | |||
Accumulated depreciation | $ (9,114) | (9,114) | |||
Date of construction | 1,992 | ||||
Date acquired | Jan97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 18,487 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,114) | ||||
Encumbered Apartment Communities [Member] | Wilshire Promenade [Member] | Fullerton, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Wilshire Promenade [Member] | Fullerton, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Bella Villagio [Member] | San Jose, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Bella Villagio [Member] | San Jose, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | Camino Ruiz Square [Member] | Camarillo, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | Camino Ruiz Square [Member] | Camarillo, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Encumbered Apartment Communities [Member] | The Avery [Member] | Anaheim, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Encumbered Apartment Communities [Member] | The Avery [Member] | Anaheim, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 31,481 | ||||
Initial cost [Abstract] | |||||
Land | 1,693,968 | ||||
Buildings and improvements | 6,072,893 | ||||
Costs capitalized subsequent to acquisition | 977,660 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 1,738,155 | ||||
Buildings and improvements | 7,006,366 | ||||
Total | $ 8,744,521 | 8,744,521 | |||
Accumulated depreciation | (1,446,609) | (1,446,609) | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | 8,744,521 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (1,446,609) | ||||
Unencumbered Apartment Communities [Member] | 1000 Kiely [Member] | Santa Clara, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | 1000 Kiely [Member] | Santa Clara, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Eighth And Hope [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 290 | ||||
Initial cost [Abstract] | |||||
Land | 29,279 | ||||
Buildings and improvements | 169,350 | ||||
Costs capitalized subsequent to acquisition | 1,746 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 29,279 | ||||
Buildings and improvements | 171,096 | ||||
Total | $ 200,375 | 200,375 | |||
Accumulated depreciation | $ (11,991) | (11,991) | |||
Date of construction | 2,014 | ||||
Date acquired | Feb15 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 200,375 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,991) | ||||
Unencumbered Apartment Communities [Member] | Eighth And Hope [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Eighth And Hope [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Alessio [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 624 | ||||
Initial cost [Abstract] | |||||
Land | 32,136 | ||||
Buildings and improvements | 128,543 | ||||
Costs capitalized subsequent to acquisition | 4,416 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 32,136 | ||||
Buildings and improvements | 132,959 | ||||
Total | $ 165,095 | 165,095 | |||
Accumulated depreciation | $ (13,779) | (13,779) | |||
Date of construction | 2,001 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 165,095 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (13,779) | ||||
Unencumbered Apartment Communities [Member] | Alessio [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Alessio [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Allegro [Member] | Valley Village, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 97 | ||||
Initial cost [Abstract] | |||||
Land | 5,869 | ||||
Buildings and improvements | 23,977 | ||||
Costs capitalized subsequent to acquisition | 1,811 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,869 | ||||
Buildings and improvements | 25,788 | ||||
Total | $ 31,657 | 31,657 | |||
Accumulated depreciation | $ (7,554) | (7,554) | |||
Date of construction | 2,010 | ||||
Date acquired | Oct10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 31,657 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,554) | ||||
Unencumbered Apartment Communities [Member] | Allegro [Member] | Valley Village, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Allegro [Member] | Valley Village, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Allure [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 194 | ||||
Initial cost [Abstract] | |||||
Land | 11,923 | ||||
Buildings and improvements | 47,690 | ||||
Costs capitalized subsequent to acquisition | 862 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 11,923 | ||||
Buildings and improvements | 48,552 | ||||
Total | $ 60,475 | 60,475 | |||
Accumulated depreciation | $ (4,885) | (4,885) | |||
Date of construction | 2,002 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 60,475 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,885) | ||||
Unencumbered Apartment Communities [Member] | Allure [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Allure [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Alpine Village [Member] | Alpine, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 301 | ||||
Initial cost [Abstract] | |||||
Land | 4,967 | ||||
Buildings and improvements | 19,728 | ||||
Costs capitalized subsequent to acquisition | 7,285 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,982 | ||||
Buildings and improvements | 26,998 | ||||
Total | $ 31,980 | 31,980 | |||
Accumulated depreciation | $ (12,764) | (12,764) | |||
Date of construction | 1,971 | ||||
Date acquired | Dec02 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 31,980 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (12,764) | ||||
Unencumbered Apartment Communities [Member] | Alpine Village [Member] | Alpine, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Alpine Village [Member] | Alpine, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Anavia [Member] | Anaheim, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 250 | ||||
Initial cost [Abstract] | |||||
Land | 15,925 | ||||
Buildings and improvements | 63,712 | ||||
Costs capitalized subsequent to acquisition | 7,262 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 15,925 | ||||
Buildings and improvements | 70,974 | ||||
Total | $ 86,899 | 86,899 | |||
Accumulated depreciation | $ (14,512) | (14,512) | |||
Date of construction | 2,009 | ||||
Date acquired | Dec10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 86,899 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (14,512) | ||||
Unencumbered Apartment Communities [Member] | Anavia [Member] | Anaheim, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Anavia [Member] | Anaheim, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Annaliese [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 56 | ||||
Initial cost [Abstract] | |||||
Land | 4,727 | ||||
Buildings and improvements | 14,229 | ||||
Costs capitalized subsequent to acquisition | 426 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,726 | ||||
Buildings and improvements | 14,656 | ||||
Total | $ 19,382 | 19,382 | |||
Accumulated depreciation | $ (1,977) | (1,977) | |||
Date of construction | 2,009 | ||||
Date acquired | Jan13 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 19,382 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (1,977) | ||||
Unencumbered Apartment Communities [Member] | Annaliese [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Annaliese [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Apex [Member] | Milpitas, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 366 | ||||
Initial cost [Abstract] | |||||
Land | 44,240 | ||||
Buildings and improvements | 103,251 | ||||
Costs capitalized subsequent to acquisition | 1,685 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 44,240 | ||||
Buildings and improvements | 104,936 | ||||
Total | $ 149,176 | 149,176 | |||
Accumulated depreciation | $ (8,143) | (8,143) | |||
Date of construction | 2,014 | ||||
Date acquired | Aug14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 149,176 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,143) | ||||
Unencumbered Apartment Communities [Member] | Apex [Member] | Milpitas, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Apex [Member] | Milpitas, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Aqua at Marina Del Rey [Member] | Marina Del Rey, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 500 | ||||
Initial cost [Abstract] | |||||
Land | 58,442 | ||||
Buildings and improvements | 175,326 | ||||
Costs capitalized subsequent to acquisition | 8,039 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 58,442 | ||||
Buildings and improvements | 183,365 | ||||
Total | $ 241,807 | 241,807 | |||
Accumulated depreciation | $ (19,062) | (19,062) | |||
Date of construction | 2,001 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 241,807 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (19,062) | ||||
Unencumbered Apartment Communities [Member] | Aqua at Marina Del Rey [Member] | Marina Del Rey, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Aqua at Marina Del Rey [Member] | Marina Del Rey, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Ascent [Member] | Kirkland, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 90 | ||||
Initial cost [Abstract] | |||||
Land | 3,924 | ||||
Buildings and improvements | 11,862 | ||||
Costs capitalized subsequent to acquisition | 1,726 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,924 | ||||
Buildings and improvements | 13,588 | ||||
Total | $ 17,512 | 17,512 | |||
Accumulated depreciation | $ (2,335) | (2,335) | |||
Date of construction | 1,988 | ||||
Date acquired | Oct12 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 17,512 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,335) | ||||
Unencumbered Apartment Communities [Member] | Ascent [Member] | Kirkland, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Ascent [Member] | Kirkland, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Ashton Sherman Village [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 264 | ||||
Initial cost [Abstract] | |||||
Land | 23,550 | ||||
Buildings and improvements | 93,811 | ||||
Costs capitalized subsequent to acquisition | 12 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 23,550 | ||||
Buildings and improvements | 93,823 | ||||
Total | $ 117,373 | 117,373 | |||
Accumulated depreciation | $ (136) | (136) | |||
Date of construction | 2,014 | ||||
Date acquired | Dec16 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 117,373 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (136) | ||||
Unencumbered Apartment Communities [Member] | Ashton Sherman Village [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Ashton Sherman Village [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Avant [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 440 | ||||
Initial cost [Abstract] | |||||
Land | 32,379 | ||||
Buildings and improvements | 137,940 | ||||
Costs capitalized subsequent to acquisition | 593 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 32,379 | ||||
Buildings and improvements | 138,533 | ||||
Total | $ 170,912 | 170,912 | |||
Accumulated depreciation | $ (6,522) | (6,522) | |||
Date of construction | 2,014 | ||||
Date acquired | Jun15 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 170,912 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,522) | ||||
Unencumbered Apartment Communities [Member] | Avant [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Avant [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Avenue 64 [Member] | Emeryville, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 224 | ||||
Initial cost [Abstract] | |||||
Land | 27,235 | ||||
Buildings and improvements | 64,403 | ||||
Costs capitalized subsequent to acquisition | 13,349 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 27,235 | ||||
Buildings and improvements | 77,752 | ||||
Total | $ 104,987 | 104,987 | |||
Accumulated depreciation | $ (7,074) | (7,074) | |||
Date of construction | 2,007 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 104,987 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,074) | ||||
Unencumbered Apartment Communities [Member] | Avenue 64 [Member] | Emeryville, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Avenue 64 [Member] | Emeryville, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Aviara [Member] | Mercer Island, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 166 | ||||
Initial cost [Abstract] | |||||
Land | 0 | ||||
Buildings and improvements | 49,813 | ||||
Costs capitalized subsequent to acquisition | 498 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 0 | ||||
Buildings and improvements | 50,311 | ||||
Total | $ 50,311 | 50,311 | |||
Accumulated depreciation | $ (5,693) | (5,693) | |||
Date of construction | 2,013 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 50,311 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,693) | ||||
Unencumbered Apartment Communities [Member] | Aviara [Member] | Mercer Island, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Aviara [Member] | Mercer Island, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Axis 2300 [Member] | Irvine, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 115 | ||||
Initial cost [Abstract] | |||||
Land | 5,405 | ||||
Buildings and improvements | 33,585 | ||||
Costs capitalized subsequent to acquisition | 1,287 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,405 | ||||
Buildings and improvements | 34,872 | ||||
Total | $ 40,277 | 40,277 | |||
Accumulated depreciation | $ (9,957) | (9,957) | |||
Date of construction | 2,010 | ||||
Date acquired | Aug10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 40,277 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,957) | ||||
Unencumbered Apartment Communities [Member] | Axis 2300 [Member] | Irvine, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Axis 2300 [Member] | Irvine, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Bella Villagio [Member] | San Jose, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 231 | ||||
Initial cost [Abstract] | |||||
Land | 17,247 | ||||
Buildings and improvements | 40,343 | ||||
Costs capitalized subsequent to acquisition | 2,544 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 17,247 | ||||
Buildings and improvements | 42,887 | ||||
Total | $ 60,134 | 60,134 | |||
Accumulated depreciation | $ (9,707) | (9,707) | |||
Date of construction | 2,004 | ||||
Date acquired | Sep10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 60,134 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,707) | ||||
Unencumbered Apartment Communities [Member] | Bella Villagio [Member] | San Jose, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Bella Villagio [Member] | San Jose, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Bellerive [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 63 | ||||
Initial cost [Abstract] | |||||
Land | 5,401 | ||||
Buildings and improvements | 21,803 | ||||
Costs capitalized subsequent to acquisition | 856 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,401 | ||||
Buildings and improvements | 22,659 | ||||
Total | $ 28,060 | 28,060 | |||
Accumulated depreciation | $ (5,427) | (5,427) | |||
Date of construction | 2,011 | ||||
Date acquired | Aug11 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 28,060 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,427) | ||||
Unencumbered Apartment Communities [Member] | Bellerive [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Bellerive [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Belmont Terrace [Member] | Belmont, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 71 | ||||
Initial cost [Abstract] | |||||
Land | 4,446 | ||||
Buildings and improvements | 10,290 | ||||
Costs capitalized subsequent to acquisition | 5,181 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,473 | ||||
Buildings and improvements | 15,444 | ||||
Total | $ 19,917 | 19,917 | |||
Accumulated depreciation | $ (6,223) | (6,223) | |||
Date of construction | 1,974 | ||||
Date acquired | Oct06 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 19,917 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,223) | ||||
Unencumbered Apartment Communities [Member] | Belmont Terrace [Member] | Belmont, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Belmont Terrace [Member] | Belmont, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Bennett Lofts [Member] | San Francisco, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 165 | ||||
Initial cost [Abstract] | |||||
Land | 21,771 | ||||
Buildings and improvements | 50,800 | ||||
Costs capitalized subsequent to acquisition | 27,370 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 28,371 | ||||
Buildings and improvements | 71,570 | ||||
Total | $ 99,941 | 99,941 | |||
Accumulated depreciation | $ (10,291) | (10,291) | |||
Date of construction | 2,004 | ||||
Date acquired | Dec12 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 99,941 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (10,291) | ||||
Unencumbered Apartment Communities [Member] | Bennett Lofts [Member] | San Francisco, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Bennett Lofts [Member] | San Francisco, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Bernardo Crest [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 216 | ||||
Initial cost [Abstract] | |||||
Land | 10,802 | ||||
Buildings and improvements | 43,209 | ||||
Costs capitalized subsequent to acquisition | 2,263 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 10,802 | ||||
Buildings and improvements | 45,472 | ||||
Total | $ 56,274 | 56,274 | |||
Accumulated depreciation | $ (4,633) | (4,633) | |||
Date of construction | 1,988 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 56,274 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,633) | ||||
Unencumbered Apartment Communities [Member] | Bernardo Crest [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Bernardo Crest [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Bonita Cedars [Member] | Bonita, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 120 | ||||
Initial cost [Abstract] | |||||
Land | 2,496 | ||||
Buildings and improvements | 9,913 | ||||
Costs capitalized subsequent to acquisition | 2,842 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,503 | ||||
Buildings and improvements | 12,748 | ||||
Total | $ 15,251 | 15,251 | |||
Accumulated depreciation | $ (6,100) | (6,100) | |||
Date of construction | 1,983 | ||||
Date acquired | Dec02 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 15,251 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,100) | ||||
Unencumbered Apartment Communities [Member] | Bonita Cedars [Member] | Bonita, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Bonita Cedars [Member] | Bonita, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Boulevard [Member] | Fremont, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 172 | ||||
Initial cost [Abstract] | |||||
Land | 3,520 | ||||
Buildings and improvements | 8,182 | ||||
Costs capitalized subsequent to acquisition | 11,391 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,580 | ||||
Buildings and improvements | 19,513 | ||||
Total | $ 23,093 | 23,093 | |||
Accumulated depreciation | $ (14,961) | (14,961) | |||
Date of construction | 1,978 | ||||
Date acquired | Jan96 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 23,093 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (14,961) | ||||
Unencumbered Apartment Communities [Member] | Boulevard [Member] | Fremont, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Boulevard [Member] | Fremont, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Bridle Trails [Member] | Kirkland, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 108 | ||||
Initial cost [Abstract] | |||||
Land | 1,500 | ||||
Buildings and improvements | 5,930 | ||||
Costs capitalized subsequent to acquisition | 5,622 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 1,531 | ||||
Buildings and improvements | 11,521 | ||||
Total | $ 13,052 | 13,052 | |||
Accumulated depreciation | $ (7,672) | (7,672) | |||
Date of construction | 1,986 | ||||
Date acquired | Oct97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 13,052 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,672) | ||||
Unencumbered Apartment Communities [Member] | Bridle Trails [Member] | Kirkland, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Bridle Trails [Member] | Kirkland, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Brighton Ridge [Member] | Renton, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 264 | ||||
Initial cost [Abstract] | |||||
Land | 2,623 | ||||
Buildings and improvements | 10,800 | ||||
Costs capitalized subsequent to acquisition | 4,523 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,656 | ||||
Buildings and improvements | 15,290 | ||||
Total | $ 17,946 | 17,946 | |||
Accumulated depreciation | $ (10,385) | (10,385) | |||
Date of construction | 1,986 | ||||
Date acquired | Dec96 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 17,946 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (10,385) | ||||
Unencumbered Apartment Communities [Member] | Brighton Ridge [Member] | Renton, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Brighton Ridge [Member] | Renton, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Bristol Commons [Member] | Sunnyvale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 188 | ||||
Initial cost [Abstract] | |||||
Land | 5,278 | ||||
Buildings and improvements | 11,853 | ||||
Costs capitalized subsequent to acquisition | 8,069 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,293 | ||||
Buildings and improvements | 19,907 | ||||
Total | $ 25,200 | 25,200 | |||
Accumulated depreciation | $ (11,273) | (11,273) | |||
Date of construction | 1,989 | ||||
Date acquired | Jan95 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 25,200 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,273) | ||||
Unencumbered Apartment Communities [Member] | Bristol Commons [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Bristol Commons [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | 416 on Broadway [Member] | Glendale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 115 | ||||
Initial cost [Abstract] | |||||
Land | 8,557 | ||||
Buildings and improvements | 34,235 | ||||
Costs capitalized subsequent to acquisition | 2,111 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 8,557 | ||||
Buildings and improvements | 36,346 | ||||
Total | $ 44,903 | 44,903 | |||
Accumulated depreciation | $ (8,028) | (8,028) | |||
Date of construction | 2,009 | ||||
Date acquired | Dec10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 44,903 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,028) | ||||
Unencumbered Apartment Communities [Member] | 416 on Broadway [Member] | Glendale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | 416 on Broadway [Member] | Glendale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Bunker Hill [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 456 | ||||
Initial cost [Abstract] | |||||
Land | 11,498 | ||||
Buildings and improvements | 27,871 | ||||
Costs capitalized subsequent to acquisition | 63,985 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 11,639 | ||||
Buildings and improvements | 91,715 | ||||
Total | $ 103,354 | 103,354 | |||
Accumulated depreciation | $ (32,678) | (32,678) | |||
Date of construction | 1,968 | ||||
Date acquired | Mar98 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 103,354 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (32,678) | ||||
Unencumbered Apartment Communities [Member] | Bunker Hill [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Bunker Hill [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Camarillo Oaks [Member] | Camarillo, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 564 | ||||
Initial cost [Abstract] | |||||
Land | 10,953 | ||||
Buildings and improvements | 25,254 | ||||
Costs capitalized subsequent to acquisition | 5,444 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 11,075 | ||||
Buildings and improvements | 30,576 | ||||
Total | $ 41,651 | 41,651 | |||
Accumulated depreciation | $ (20,556) | (20,556) | |||
Date of construction | 1,985 | ||||
Date acquired | Jul96 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 41,651 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (20,556) | ||||
Unencumbered Apartment Communities [Member] | Camarillo Oaks [Member] | Camarillo, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Camarillo Oaks [Member] | Camarillo, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Cambridge Park [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 320 | ||||
Initial cost [Abstract] | |||||
Land | 18,185 | ||||
Buildings and improvements | 72,739 | ||||
Costs capitalized subsequent to acquisition | 1,619 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 18,185 | ||||
Buildings and improvements | 74,358 | ||||
Total | $ 92,543 | 92,543 | |||
Accumulated depreciation | $ (7,679) | (7,679) | |||
Date of construction | 1,998 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 92,543 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,679) | ||||
Unencumbered Apartment Communities [Member] | Cambridge Park [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Cambridge Park [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Camino Ruiz Square [Member] | Camarillo, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 159 | ||||
Initial cost [Abstract] | |||||
Land | 6,871 | ||||
Buildings and improvements | 26,119 | ||||
Costs capitalized subsequent to acquisition | 1,567 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,931 | ||||
Buildings and improvements | 27,626 | ||||
Total | $ 34,557 | 34,557 | |||
Accumulated depreciation | $ (9,542) | (9,542) | |||
Date of construction | 1,990 | ||||
Date acquired | Dec06 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 34,557 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,542) | ||||
Unencumbered Apartment Communities [Member] | Canyon Pointe [Member] | Bothell, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 250 | ||||
Initial cost [Abstract] | |||||
Land | 4,692 | ||||
Buildings and improvements | 18,288 | ||||
Costs capitalized subsequent to acquisition | 6,623 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,693 | ||||
Buildings and improvements | 24,910 | ||||
Total | $ 29,603 | 29,603 | |||
Accumulated depreciation | $ (11,707) | (11,707) | |||
Date of construction | 1,990 | ||||
Date acquired | Oct03 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 29,603 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,707) | ||||
Unencumbered Apartment Communities [Member] | Canyon Pointe [Member] | Bothell, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Canyon Pointe [Member] | Bothell, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Capri at Sunny Hills [Member] | Fullerton, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 102 | ||||
Initial cost [Abstract] | |||||
Land | 3,337 | ||||
Buildings and improvements | 13,320 | ||||
Costs capitalized subsequent to acquisition | 8,626 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,048 | ||||
Buildings and improvements | 21,235 | ||||
Total | $ 25,283 | 25,283 | |||
Accumulated depreciation | $ (11,437) | (11,437) | |||
Date of construction | 1,961 | ||||
Date acquired | Sep01 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 25,283 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,437) | ||||
Unencumbered Apartment Communities [Member] | Capri at Sunny Hills [Member] | Fullerton, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Capri at Sunny Hills [Member] | Fullerton, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Carnel Landing [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 356 | ||||
Initial cost [Abstract] | |||||
Land | 16,725 | ||||
Buildings and improvements | 66,901 | ||||
Costs capitalized subsequent to acquisition | 3,866 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 16,725 | ||||
Buildings and improvements | 70,767 | ||||
Total | $ 87,492 | 87,492 | |||
Accumulated depreciation | $ (7,321) | (7,321) | |||
Date of construction | 1,989 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 87,492 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,321) | ||||
Unencumbered Apartment Communities [Member] | Carnel Landing [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Carnel Landing [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Carnel Summit [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 246 | ||||
Initial cost [Abstract] | |||||
Land | 14,968 | ||||
Buildings and improvements | 59,871 | ||||
Costs capitalized subsequent to acquisition | 2,007 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 14,968 | ||||
Buildings and improvements | 61,878 | ||||
Total | $ 76,846 | 76,846 | |||
Accumulated depreciation | $ (6,271) | (6,271) | |||
Date of construction | 1,989 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 76,846 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,271) | ||||
Unencumbered Apartment Communities [Member] | Carnel Summit [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Carnel Summit [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Castle Creek [Member] | New Castle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 216 | ||||
Initial cost [Abstract] | |||||
Land | 4,149 | ||||
Buildings and improvements | 16,028 | ||||
Costs capitalized subsequent to acquisition | 3,066 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,833 | ||||
Buildings and improvements | 18,410 | ||||
Total | $ 23,243 | 23,243 | |||
Accumulated depreciation | $ (12,291) | (12,291) | |||
Date of construction | 1,998 | ||||
Date acquired | Dec98 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 23,243 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (12,291) | ||||
Unencumbered Apartment Communities [Member] | Castle Creek [Member] | New Castle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Castle Creek [Member] | New Castle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Catalina Gardens [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 128 | ||||
Initial cost [Abstract] | |||||
Land | 6,714 | ||||
Buildings and improvements | 26,856 | ||||
Costs capitalized subsequent to acquisition | 710 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,714 | ||||
Buildings and improvements | 27,566 | ||||
Total | $ 34,280 | 34,280 | |||
Accumulated depreciation | $ (2,811) | (2,811) | |||
Date of construction | 1,987 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 34,280 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,811) | ||||
Unencumbered Apartment Communities [Member] | Catalina Gardens [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Catalina Gardens [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | CBC Apartments [Member] | Goleta, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 239 | ||||
Initial cost [Abstract] | |||||
Land | 11,841 | ||||
Buildings and improvements | 45,320 | ||||
Costs capitalized subsequent to acquisition | 5,848 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 11,906 | ||||
Buildings and improvements | 51,103 | ||||
Total | $ 63,009 | 63,009 | |||
Accumulated depreciation | $ (21,004) | (21,004) | |||
Date of construction | 1,962 | ||||
Date acquired | Jan06 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 63,009 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (21,004) | ||||
Unencumbered Apartment Communities [Member] | CBC Apartments [Member] | Goleta, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | CBC Apartments [Member] | Goleta, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Cedar Terrace [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 180 | ||||
Initial cost [Abstract] | |||||
Land | 5,543 | ||||
Buildings and improvements | 16,442 | ||||
Costs capitalized subsequent to acquisition | 5,457 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,652 | ||||
Buildings and improvements | 21,790 | ||||
Total | $ 27,442 | 27,442 | |||
Accumulated depreciation | $ (9,597) | (9,597) | |||
Date of construction | 1,984 | ||||
Date acquired | Jan05 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 27,442 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,597) | ||||
Unencumbered Apartment Communities [Member] | Cedar Terrace [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Cedar Terrace [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | CentrePointe [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 224 | ||||
Initial cost [Abstract] | |||||
Land | 3,405 | ||||
Buildings and improvements | 7,743 | ||||
Costs capitalized subsequent to acquisition | 20,221 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,442 | ||||
Buildings and improvements | 27,927 | ||||
Total | $ 31,369 | 31,369 | |||
Accumulated depreciation | $ (13,724) | (13,724) | |||
Date of construction | 1,974 | ||||
Date acquired | Jun97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 31,369 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (13,724) | ||||
Unencumbered Apartment Communities [Member] | CentrePointe [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | CentrePointe [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Chestnut Street [Member] | Santa Cruz, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 96 | ||||
Initial cost [Abstract] | |||||
Land | 6,582 | ||||
Buildings and improvements | 15,689 | ||||
Costs capitalized subsequent to acquisition | 1,387 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,582 | ||||
Buildings and improvements | 17,076 | ||||
Total | $ 23,658 | 23,658 | |||
Accumulated depreciation | $ (5,165) | (5,165) | |||
Date of construction | 2,002 | ||||
Date acquired | Jul08 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 23,658 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,165) | ||||
Unencumbered Apartment Communities [Member] | Chestnut Street [Member] | Santa Cruz, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Chestnut Street [Member] | Santa Cruz, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Collins On Pine [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 76 | ||||
Initial cost [Abstract] | |||||
Land | 7,276 | ||||
Buildings and improvements | 22,226 | ||||
Costs capitalized subsequent to acquisition | 179 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 7,276 | ||||
Buildings and improvements | 22,405 | ||||
Total | $ 29,681 | 29,681 | |||
Accumulated depreciation | $ (1,973) | (1,973) | |||
Date of construction | 2,013 | ||||
Date acquired | May14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 29,681 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (1,973) | ||||
Unencumbered Apartment Communities [Member] | Collins On Pine [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Collins On Pine [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Corbella at Juanita Bay [Member] | Kirkland, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 169 | ||||
Initial cost [Abstract] | |||||
Land | 5,801 | ||||
Buildings and improvements | 17,415 | ||||
Costs capitalized subsequent to acquisition | 2,368 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,801 | ||||
Buildings and improvements | 19,783 | ||||
Total | $ 25,584 | 25,584 | |||
Accumulated depreciation | $ (4,515) | (4,515) | |||
Date of construction | 1,978 | ||||
Date acquired | Nov10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 25,584 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,515) | ||||
Unencumbered Apartment Communities [Member] | Corbella at Juanita Bay [Member] | Kirkland, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Corbella at Juanita Bay [Member] | Kirkland, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Cortesia [Member] | Rancho Santa Margarita, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 308 | ||||
Initial cost [Abstract] | |||||
Land | 13,912 | ||||
Buildings and improvements | 55,649 | ||||
Costs capitalized subsequent to acquisition | 1,103 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 13,912 | ||||
Buildings and improvements | 56,752 | ||||
Total | $ 70,664 | 70,664 | |||
Accumulated depreciation | $ (5,799) | (5,799) | |||
Date of construction | 1,999 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 70,664 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,799) | ||||
Unencumbered Apartment Communities [Member] | Cortesia [Member] | Rancho Santa Margarita, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Cortesia [Member] | Rancho Santa Margarita, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Country Villas [Member] | Oceanside, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 180 | ||||
Initial cost [Abstract] | |||||
Land | 4,174 | ||||
Buildings and improvements | 16,583 | ||||
Costs capitalized subsequent to acquisition | 3,902 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,187 | ||||
Buildings and improvements | 20,472 | ||||
Total | $ 24,659 | 24,659 | |||
Accumulated depreciation | $ (10,111) | (10,111) | |||
Date of construction | 1,976 | ||||
Date acquired | Dec02 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 24,659 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (10,111) | ||||
Unencumbered Apartment Communities [Member] | Country Villas [Member] | Oceanside, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Country Villas [Member] | Oceanside, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Crow Canyon [Member] | San Ramon, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 400 | ||||
Initial cost [Abstract] | |||||
Land | 37,579 | ||||
Buildings and improvements | 87,685 | ||||
Costs capitalized subsequent to acquisition | 3,158 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 37,579 | ||||
Buildings and improvements | 90,843 | ||||
Total | $ 128,422 | 128,422 | |||
Accumulated depreciation | $ (9,277) | (9,277) | |||
Date of construction | 1,992 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 128,422 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,277) | ||||
Unencumbered Apartment Communities [Member] | Crow Canyon [Member] | San Ramon, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Crow Canyon [Member] | San Ramon, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Deer Valley [Member] | San Rafael, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 171 | ||||
Initial cost [Abstract] | |||||
Land | 21,478 | ||||
Buildings and improvements | 50,116 | ||||
Costs capitalized subsequent to acquisition | 1,629 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 21,478 | ||||
Buildings and improvements | 51,745 | ||||
Total | $ 73,223 | 73,223 | |||
Accumulated depreciation | $ (5,335) | (5,335) | |||
Date of construction | 1,996 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 73,223 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,335) | ||||
Unencumbered Apartment Communities [Member] | Deer Valley [Member] | San Rafael, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Deer Valley [Member] | San Rafael, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Delano [Member] | Redmond, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 126 | ||||
Initial cost [Abstract] | |||||
Land | 7,470 | ||||
Buildings and improvements | 22,511 | ||||
Costs capitalized subsequent to acquisition | 1,056 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 7,470 | ||||
Buildings and improvements | 23,567 | ||||
Total | $ 31,037 | 31,037 | |||
Accumulated depreciation | $ (4,127) | (4,127) | |||
Date of construction | 2,005 | ||||
Date acquired | Dec11 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 31,037 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,127) | ||||
Unencumbered Apartment Communities [Member] | Delano [Member] | Redmond, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Delano [Member] | Redmond, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Devonshire [Member] | Hemet, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 276 | ||||
Initial cost [Abstract] | |||||
Land | 3,470 | ||||
Buildings and improvements | 13,786 | ||||
Costs capitalized subsequent to acquisition | 3,685 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,482 | ||||
Buildings and improvements | 17,459 | ||||
Total | $ 20,941 | 20,941 | |||
Accumulated depreciation | $ (8,659) | (8,659) | |||
Date of construction | 1,988 | ||||
Date acquired | Dec02 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 20,941 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,659) | ||||
Unencumbered Apartment Communities [Member] | Devonshire [Member] | Hemet, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Devonshire [Member] | Hemet, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Domain [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 379 | ||||
Initial cost [Abstract] | |||||
Land | 23,848 | ||||
Buildings and improvements | 95,394 | ||||
Costs capitalized subsequent to acquisition | 1,141 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 23,848 | ||||
Buildings and improvements | 96,535 | ||||
Total | $ 120,383 | 120,383 | |||
Accumulated depreciation | $ (10,174) | (10,174) | |||
Date of construction | 2,013 | ||||
Date acquired | Nov13 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 120,383 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (10,174) | ||||
Unencumbered Apartment Communities [Member] | Domain [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Domain [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Emerald Pointe [Member] | Diamond Bar, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 160 | ||||
Initial cost [Abstract] | |||||
Land | 8,458 | ||||
Buildings and improvements | 33,832 | ||||
Costs capitalized subsequent to acquisition | 1,203 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 8,458 | ||||
Buildings and improvements | 35,035 | ||||
Total | $ 43,493 | 43,493 | |||
Accumulated depreciation | $ (3,605) | (3,605) | |||
Date of construction | 1,989 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 43,493 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,605) | ||||
Unencumbered Apartment Communities [Member] | Emerald Pointe [Member] | Diamond Bar, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Emerald Pointe [Member] | Diamond Bar, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Emerald Ridge [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 180 | ||||
Initial cost [Abstract] | |||||
Land | 3,449 | ||||
Buildings and improvements | 7,801 | ||||
Costs capitalized subsequent to acquisition | 4,937 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,449 | ||||
Buildings and improvements | 12,738 | ||||
Total | $ 16,187 | 16,187 | |||
Accumulated depreciation | $ (8,907) | (8,907) | |||
Date of construction | 1,987 | ||||
Date acquired | Nov94 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 16,187 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,907) | ||||
Unencumbered Apartment Communities [Member] | Emerald Ridge [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Emerald Ridge [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Emerson Valley Village [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 144 | ||||
Initial cost [Abstract] | |||||
Land | 13,378 | ||||
Buildings and improvements | 53,240 | ||||
Costs capitalized subsequent to acquisition | 9 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 13,378 | ||||
Buildings and improvements | 53,249 | ||||
Total | $ 66,627 | 66,627 | |||
Accumulated depreciation | $ (77) | (77) | |||
Date of construction | 2,012 | ||||
Date acquired | Dec16 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 66,627 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (77) | ||||
Unencumbered Apartment Communities [Member] | Emerson Valley Village [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Emerson Valley Village [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Enso [Member] | San Jose, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 183 | ||||
Initial cost [Abstract] | |||||
Land | 21,397 | ||||
Buildings and improvements | 71,135 | ||||
Costs capitalized subsequent to acquisition | 858 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 21,397 | ||||
Buildings and improvements | 71,993 | ||||
Total | $ 93,390 | 93,390 | |||
Accumulated depreciation | $ (2,637) | (2,637) | |||
Date of construction | 2,014 | ||||
Date acquired | Dec15 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 93,390 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,637) | ||||
Unencumbered Apartment Communities [Member] | Enso [Member] | San Jose, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Enso [Member] | San Jose, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Esplanade [Member] | San Jose, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 278 | ||||
Initial cost [Abstract] | |||||
Land | 18,170 | ||||
Buildings and improvements | 40,086 | ||||
Costs capitalized subsequent to acquisition | 11,222 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 18,429 | ||||
Buildings and improvements | 51,049 | ||||
Total | $ 69,478 | 69,478 | |||
Accumulated depreciation | $ (21,749) | (21,749) | |||
Date of construction | 2,002 | ||||
Date acquired | Apr04 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 69,478 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (21,749) | ||||
Unencumbered Apartment Communities [Member] | Esplanade [Member] | San Jose, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Esplanade [Member] | San Jose, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Essex Skyline [Member] | Santa Ana, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 349 | ||||
Initial cost [Abstract] | |||||
Land | 21,537 | ||||
Buildings and improvements | 146,099 | ||||
Costs capitalized subsequent to acquisition | 4,587 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 21,537 | ||||
Buildings and improvements | 150,686 | ||||
Total | $ 172,223 | 172,223 | |||
Accumulated depreciation | $ (24,175) | (24,175) | |||
Date of construction | 2,008 | ||||
Date acquired | Apr10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 172,223 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (24,175) | ||||
Unencumbered Apartment Communities [Member] | Essex Skyline [Member] | Santa Ana, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Essex Skyline [Member] | Santa Ana, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Evergreen Heights [Member] | Kirkland, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 200 | ||||
Initial cost [Abstract] | |||||
Land | 3,566 | ||||
Buildings and improvements | 13,395 | ||||
Costs capitalized subsequent to acquisition | 4,936 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,649 | ||||
Buildings and improvements | 18,248 | ||||
Total | $ 21,897 | 21,897 | |||
Accumulated depreciation | $ (11,867) | (11,867) | |||
Date of construction | 1,990 | ||||
Date acquired | Jun97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 21,897 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,867) | ||||
Unencumbered Apartment Communities [Member] | Evergreen Heights [Member] | Kirkland, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Evergreen Heights [Member] | Kirkland, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Fairway Apartments at Big Canyon [Member] | Newport Beach, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 74 | ||||
Initial cost [Abstract] | |||||
Land | 0 | ||||
Buildings and improvements | 7,850 | ||||
Costs capitalized subsequent to acquisition | 7,136 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 9 | ||||
Buildings and improvements | 14,977 | ||||
Total | $ 14,986 | 14,986 | |||
Accumulated depreciation | $ (8,513) | (8,513) | |||
Date of construction | 1,972 | ||||
Date acquired | Jun99 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 14,986 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,513) | ||||
Unencumbered Apartment Communities [Member] | Fairway Apartments at Big Canyon [Member] | Newport Beach, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Fairway Apartments at Big Canyon [Member] | Newport Beach, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 28 years | ||||
Unencumbered Apartment Communities [Member] | Fairwood Pond [Member] | Renton, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 194 | ||||
Initial cost [Abstract] | |||||
Land | 5,296 | ||||
Buildings and improvements | 15,564 | ||||
Costs capitalized subsequent to acquisition | 2,784 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,297 | ||||
Buildings and improvements | 18,347 | ||||
Total | $ 23,644 | 23,644 | |||
Accumulated depreciation | $ (8,155) | (8,155) | |||
Date of construction | 1,997 | ||||
Date acquired | Oct04 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 23,644 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,155) | ||||
Unencumbered Apartment Communities [Member] | Fairwood Pond [Member] | Renton, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Fairwood Pond [Member] | Renton, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Foothill Commons [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 394 | ||||
Initial cost [Abstract] | |||||
Land | 2,435 | ||||
Buildings and improvements | 9,821 | ||||
Costs capitalized subsequent to acquisition | 38,221 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,440 | ||||
Buildings and improvements | 48,037 | ||||
Total | $ 50,477 | 50,477 | |||
Accumulated depreciation | $ (34,450) | (34,450) | |||
Date of construction | 1,978 | ||||
Date acquired | Mar90 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 50,477 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (34,450) | ||||
Unencumbered Apartment Communities [Member] | Foothill Commons [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Foothill Commons [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Foothill Gardens/Twin Creeks [Member] | San Ramon, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 176 | ||||
Initial cost [Abstract] | |||||
Land | 5,875 | ||||
Buildings and improvements | 13,992 | ||||
Costs capitalized subsequent to acquisition | 8,902 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,964 | ||||
Buildings and improvements | 22,805 | ||||
Total | $ 28,769 | 28,769 | |||
Accumulated depreciation | $ (13,660) | (13,660) | |||
Date of construction | 1,985 | ||||
Date acquired | Feb97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 28,769 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (13,660) | ||||
Unencumbered Apartment Communities [Member] | Foothill Gardens/Twin Creeks [Member] | San Ramon, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Foothill Gardens/Twin Creeks [Member] | San Ramon, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Forest View [Member] | Renton, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 192 | ||||
Initial cost [Abstract] | |||||
Land | 3,731 | ||||
Buildings and improvements | 14,530 | ||||
Costs capitalized subsequent to acquisition | 2,101 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,731 | ||||
Buildings and improvements | 16,631 | ||||
Total | $ 20,362 | 20,362 | |||
Accumulated depreciation | $ (7,661) | (7,661) | |||
Date of construction | 1,998 | ||||
Date acquired | Oct03 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 20,362 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,661) | ||||
Unencumbered Apartment Communities [Member] | Forest View [Member] | Renton, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Forest View [Member] | Renton, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Fountain Court [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 320 | ||||
Initial cost [Abstract] | |||||
Land | 6,702 | ||||
Buildings and improvements | 27,306 | ||||
Costs capitalized subsequent to acquisition | 10,809 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,585 | ||||
Buildings and improvements | 38,232 | ||||
Total | $ 44,817 | 44,817 | |||
Accumulated depreciation | $ (21,314) | (21,314) | |||
Date of construction | 2,000 | ||||
Date acquired | Mar00 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 44,817 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (21,314) | ||||
Unencumbered Apartment Communities [Member] | Fountain Court [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Fountain Court [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Fourth & U [Member] | Berkeley, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 171 | ||||
Initial cost [Abstract] | |||||
Land | 8,879 | ||||
Buildings and improvements | 52,351 | ||||
Costs capitalized subsequent to acquisition | 2,621 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 8,879 | ||||
Buildings and improvements | 54,972 | ||||
Total | $ 63,851 | 63,851 | |||
Accumulated depreciation | $ (13,809) | (13,809) | |||
Date of construction | 2,010 | ||||
Date acquired | Apr10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 63,851 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (13,809) | ||||
Unencumbered Apartment Communities [Member] | Fourth & U [Member] | Berkeley, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Fourth & U [Member] | Berkeley, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Fox Plaza [Member] | San Francisco, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 443 | ||||
Initial cost [Abstract] | |||||
Land | 39,731 | ||||
Buildings and improvements | 92,706 | ||||
Costs capitalized subsequent to acquisition | 18,477 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 39,731 | ||||
Buildings and improvements | 111,183 | ||||
Total | $ 150,914 | 150,914 | |||
Accumulated depreciation | $ (15,448) | (15,448) | |||
Date of construction | 1,968 | ||||
Date acquired | Feb13 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 150,914 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (15,448) | ||||
Unencumbered Apartment Communities [Member] | Fox Plaza [Member] | San Francisco, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Fox Plaza [Member] | San Francisco, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Hillsdale Garden Apartments [Member] | San Mateo, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 697 | ||||
Initial cost [Abstract] | |||||
Land | 22,000 | ||||
Buildings and improvements | 94,681 | ||||
Costs capitalized subsequent to acquisition | 21,533 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 22,000 | ||||
Buildings and improvements | 116,214 | ||||
Total | $ 138,214 | 138,214 | |||
Accumulated depreciation | $ (44,137) | (44,137) | |||
Date of construction | 1,948 | ||||
Date acquired | Sep06 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 138,214 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (44,137) | ||||
Unencumbered Apartment Communities [Member] | Hillsdale Garden Apartments [Member] | San Mateo, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Hillsdale Garden Apartments [Member] | San Mateo, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Hope Ranch Collection [Member] | Santa Barbara, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 108 | ||||
Initial cost [Abstract] | |||||
Land | 4,078 | ||||
Buildings and improvements | 16,877 | ||||
Costs capitalized subsequent to acquisition | 2,675 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,208 | ||||
Buildings and improvements | 19,422 | ||||
Total | $ 23,630 | 23,630 | |||
Accumulated depreciation | $ (6,308) | (6,308) | |||
Date of construction | 1,965 | ||||
Date acquired | Mar07 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 23,630 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,308) | ||||
Unencumbered Apartment Communities [Member] | Hope Ranch Collection [Member] | Santa Barbara, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Hope Ranch Collection [Member] | Santa Barbara, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Joule [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 295 | ||||
Initial cost [Abstract] | |||||
Land | 14,558 | ||||
Buildings and improvements | 69,417 | ||||
Costs capitalized subsequent to acquisition | 3,849 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 14,558 | ||||
Buildings and improvements | 73,266 | ||||
Total | $ 87,824 | 87,824 | |||
Accumulated depreciation | $ (18,880) | (18,880) | |||
Date of construction | 2,010 | ||||
Date acquired | Mar10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 87,824 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (18,880) | ||||
Unencumbered Apartment Communities [Member] | Joule [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Joule [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Kings Road [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 196 | ||||
Initial cost [Abstract] | |||||
Land | 4,023 | ||||
Buildings and improvements | 9,527 | ||||
Costs capitalized subsequent to acquisition | 12,514 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,031 | ||||
Buildings and improvements | 22,033 | ||||
Total | $ 26,064 | 26,064 | |||
Accumulated depreciation | $ (12,625) | (12,625) | |||
Date of construction | 1,979 | ||||
Date acquired | Jun97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 26,064 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (12,625) | ||||
Unencumbered Apartment Communities [Member] | Kings Road [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Kings Road [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Lafayette Highlands [Member] | Lafayette, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 150 | ||||
Initial cost [Abstract] | |||||
Land | 17,774 | ||||
Buildings and improvements | 41,473 | ||||
Costs capitalized subsequent to acquisition | 851 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 17,774 | ||||
Buildings and improvements | 42,324 | ||||
Total | $ 60,098 | 60,098 | |||
Accumulated depreciation | $ (4,330) | (4,330) | |||
Date of construction | 1,973 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 60,098 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,330) | ||||
Unencumbered Apartment Communities [Member] | Lafayette Highlands [Member] | Lafayette, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Lafayette Highlands [Member] | Lafayette, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Lakeshore Landing [Member] | San Mateo, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 308 | ||||
Initial cost [Abstract] | |||||
Land | 38,155 | ||||
Buildings and improvements | 89,028 | ||||
Costs capitalized subsequent to acquisition | 4,172 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 38,155 | ||||
Buildings and improvements | 93,200 | ||||
Total | $ 131,355 | 131,355 | |||
Accumulated depreciation | $ (10,025) | (10,025) | |||
Date of construction | 1,988 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 131,355 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (10,025) | ||||
Unencumbered Apartment Communities [Member] | Lakeshore Landing [Member] | San Mateo, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Lakeshore Landing [Member] | San Mateo, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Laurels at Mill Creek [Member] | Mill Creek, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 164 | ||||
Initial cost [Abstract] | |||||
Land | 1,559 | ||||
Buildings and improvements | 6,430 | ||||
Costs capitalized subsequent to acquisition | 5,701 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 1,595 | ||||
Buildings and improvements | 12,095 | ||||
Total | $ 13,690 | 13,690 | |||
Accumulated depreciation | $ (8,373) | (8,373) | |||
Date of construction | 1,981 | ||||
Date acquired | Dec96 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 13,690 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,373) | ||||
Unencumbered Apartment Communities [Member] | Laurels at Mill Creek [Member] | Mill Creek, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Laurels at Mill Creek [Member] | Mill Creek, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Lawrence Station [Member] | Sunnyvale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 336 | ||||
Initial cost [Abstract] | |||||
Land | 45,532 | ||||
Buildings and improvements | 106,735 | ||||
Costs capitalized subsequent to acquisition | 517 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 45,532 | ||||
Buildings and improvements | 107,252 | ||||
Total | $ 152,784 | 152,784 | |||
Accumulated depreciation | $ (13,299) | (13,299) | |||
Date of construction | 2,012 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 152,784 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (13,299) | ||||
Unencumbered Apartment Communities [Member] | Lawrence Station [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Lawrence Station [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Le Parc [Member] | Santa Clara, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 140 | ||||
Initial cost [Abstract] | |||||
Land | 3,090 | ||||
Buildings and improvements | 7,421 | ||||
Costs capitalized subsequent to acquisition | 11,503 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,092 | ||||
Buildings and improvements | 18,922 | ||||
Total | $ 22,014 | 22,014 | |||
Accumulated depreciation | $ (13,388) | (13,388) | |||
Date of construction | 1,975 | ||||
Date acquired | Feb94 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 22,014 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (13,388) | ||||
Unencumbered Apartment Communities [Member] | Le Parc [Member] | Santa Clara, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Le Parc [Member] | Santa Clara, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Marbrisa [Member] | Long Beach, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 202 | ||||
Initial cost [Abstract] | |||||
Land | 4,700 | ||||
Buildings and improvements | 18,605 | ||||
Costs capitalized subsequent to acquisition | 7,913 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,760 | ||||
Buildings and improvements | 26,458 | ||||
Total | $ 31,218 | 31,218 | |||
Accumulated depreciation | $ (12,247) | (12,247) | |||
Date of construction | 1,987 | ||||
Date acquired | Sep02 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 31,218 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (12,247) | ||||
Unencumbered Apartment Communities [Member] | Marbrisa [Member] | Long Beach, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Marbrisa [Member] | Long Beach, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Marina City Club [Member] | Marina Del Rey, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 101 | ||||
Initial cost [Abstract] | |||||
Land | 0 | ||||
Buildings and improvements | 28,167 | ||||
Costs capitalized subsequent to acquisition | 42,537 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 0 | ||||
Buildings and improvements | 70,704 | ||||
Total | $ 70,704 | 70,704 | |||
Accumulated depreciation | $ (20,352) | (20,352) | |||
Date of construction | 1,971 | ||||
Date acquired | Jan04 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 70,704 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (20,352) | ||||
Unencumbered Apartment Communities [Member] | Marina City Club [Member] | Marina Del Rey, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Marina City Club [Member] | Marina Del Rey, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Marina Cove [Member] | Santa Clara, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 292 | ||||
Initial cost [Abstract] | |||||
Land | 5,320 | ||||
Buildings and improvements | 16,431 | ||||
Costs capitalized subsequent to acquisition | 13,464 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,324 | ||||
Buildings and improvements | 29,891 | ||||
Total | $ 35,215 | 35,215 | |||
Accumulated depreciation | $ (20,354) | (20,354) | |||
Date of construction | 1,974 | ||||
Date acquired | Jun94 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 35,215 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (20,354) | ||||
Unencumbered Apartment Communities [Member] | Marina Cove [Member] | Santa Clara, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Marina Cove [Member] | Santa Clara, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Mariner's Place [Member] | Oxnard, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 105 | ||||
Initial cost [Abstract] | |||||
Land | 1,555 | ||||
Buildings and improvements | 6,103 | ||||
Costs capitalized subsequent to acquisition | 2,218 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 1,562 | ||||
Buildings and improvements | 8,314 | ||||
Total | $ 9,876 | 9,876 | |||
Accumulated depreciation | $ (4,954) | (4,954) | |||
Date of construction | 1,987 | ||||
Date acquired | May00 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 9,876 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,954) | ||||
Unencumbered Apartment Communities [Member] | Mariner's Place [Member] | Oxnard, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Mariner's Place [Member] | Oxnard, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | MB 360 [Member] | San Francisco, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 360 | ||||
Initial cost [Abstract] | |||||
Land | 21,421 | ||||
Buildings and improvements | 114,376 | ||||
Costs capitalized subsequent to acquisition | 121,769 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 42,001 | ||||
Buildings and improvements | 215,565 | ||||
Total | $ 257,566 | 257,566 | |||
Accumulated depreciation | $ (12,003) | (12,003) | |||
Date of construction | 2,014 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 257,566 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (12,003) | ||||
Unencumbered Apartment Communities [Member] | MB 360 [Member] | San Francisco, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | MB 360 [Member] | San Francisco, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Mesa Village [Member] | Clairemont, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 133 | ||||
Initial cost [Abstract] | |||||
Land | 1,888 | ||||
Buildings and improvements | 7,498 | ||||
Costs capitalized subsequent to acquisition | 1,501 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 1,894 | ||||
Buildings and improvements | 8,993 | ||||
Total | $ 10,887 | 10,887 | |||
Accumulated depreciation | $ (4,323) | (4,323) | |||
Date of construction | 1,963 | ||||
Date acquired | Dec02 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 10,887 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,323) | ||||
Unencumbered Apartment Communities [Member] | Mesa Village [Member] | Clairemont, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Mesa Village [Member] | Clairemont, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Mio [Member] | San Jose, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 103 | ||||
Initial cost [Abstract] | |||||
Land | 11,012 | ||||
Buildings and improvements | 39,982 | ||||
Costs capitalized subsequent to acquisition | 182 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 11,012 | ||||
Buildings and improvements | 40,164 | ||||
Total | $ 51,176 | 51,176 | |||
Accumulated depreciation | $ (1,363) | (1,363) | |||
Date of construction | 2,015 | ||||
Date acquired | Jan16 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 51,176 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (1,363) | ||||
Unencumbered Apartment Communities [Member] | Mio [Member] | San Jose, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Mio [Member] | San Jose, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Mira Monte [Member] | Mira Mesa, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 354 | ||||
Initial cost [Abstract] | |||||
Land | 7,165 | ||||
Buildings and improvements | 28,459 | ||||
Costs capitalized subsequent to acquisition | 9,962 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 7,186 | ||||
Buildings and improvements | 38,400 | ||||
Total | $ 45,586 | 45,586 | |||
Accumulated depreciation | $ (20,783) | (20,783) | |||
Date of construction | 1,982 | ||||
Date acquired | Dec02 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 45,586 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (20,783) | ||||
Unencumbered Apartment Communities [Member] | Mira Monte [Member] | Mira Mesa, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Mira Monte [Member] | Mira Mesa, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Miracle Mile Marbella [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 236 | ||||
Initial cost [Abstract] | |||||
Land | 7,791 | ||||
Buildings and improvements | 23,075 | ||||
Costs capitalized subsequent to acquisition | 13,759 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 7,886 | ||||
Buildings and improvements | 36,739 | ||||
Total | $ 44,625 | 44,625 | |||
Accumulated depreciation | $ (22,818) | (22,818) | |||
Date of construction | 1,988 | ||||
Date acquired | Aug97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 44,625 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (22,818) | ||||
Unencumbered Apartment Communities [Member] | Miracle Mile Marbella [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Miracle Mile Marbella [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Mission Hills [Member] | Oceanside, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 282 | ||||
Initial cost [Abstract] | |||||
Land | 10,099 | ||||
Buildings and improvements | 38,778 | ||||
Costs capitalized subsequent to acquisition | 5,762 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 10,167 | ||||
Buildings and improvements | 44,472 | ||||
Total | $ 54,639 | 54,639 | |||
Accumulated depreciation | $ (18,507) | (18,507) | |||
Date of construction | 1,984 | ||||
Date acquired | Jul05 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 54,639 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (18,507) | ||||
Unencumbered Apartment Communities [Member] | Mission Hills [Member] | Oceanside, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Mission Hills [Member] | Oceanside, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Mission Peaks [Member] | Fremont, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 453 | ||||
Initial cost [Abstract] | |||||
Land | 46,499 | ||||
Buildings and improvements | 108,498 | ||||
Costs capitalized subsequent to acquisition | 2,168 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 46,499 | ||||
Buildings and improvements | 110,666 | ||||
Total | $ 157,165 | 157,165 | |||
Accumulated depreciation | $ (11,305) | (11,305) | |||
Date of construction | 1,995 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 157,165 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,305) | ||||
Unencumbered Apartment Communities [Member] | Mission Peaks [Member] | Fremont, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Mission Peaks [Member] | Fremont, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Mission Peaks II [Member] | Fremont, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 336 | ||||
Initial cost [Abstract] | |||||
Land | 31,429 | ||||
Buildings and improvements | 73,334 | ||||
Costs capitalized subsequent to acquisition | 3,170 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 31,429 | ||||
Buildings and improvements | 76,504 | ||||
Total | $ 107,933 | 107,933 | |||
Accumulated depreciation | $ (7,962) | (7,962) | |||
Date of construction | 1,989 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 107,933 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,962) | ||||
Unencumbered Apartment Communities [Member] | Mission Peaks II [Member] | Fremont, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Mission Peaks II [Member] | Fremont, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Monterey Villas [Member] | Oxnard, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 122 | ||||
Initial cost [Abstract] | |||||
Land | 2,349 | ||||
Buildings and improvements | 5,579 | ||||
Costs capitalized subsequent to acquisition | 6,117 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,424 | ||||
Buildings and improvements | 11,621 | ||||
Total | $ 14,045 | 14,045 | |||
Accumulated depreciation | $ (6,834) | (6,834) | |||
Date of construction | 1,974 | ||||
Date acquired | Jul97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 14,045 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,834) | ||||
Unencumbered Apartment Communities [Member] | Monterey Villas [Member] | Oxnard, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Monterey Villas [Member] | Oxnard, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Muse [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 152 | ||||
Initial cost [Abstract] | |||||
Land | 7,822 | ||||
Buildings and improvements | 33,436 | ||||
Costs capitalized subsequent to acquisition | 2,457 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 7,823 | ||||
Buildings and improvements | 35,892 | ||||
Total | $ 43,715 | 43,715 | |||
Accumulated depreciation | $ (9,961) | (9,961) | |||
Date of construction | 2,011 | ||||
Date acquired | Feb11 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 43,715 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,961) | ||||
Unencumbered Apartment Communities [Member] | Muse [Member] | Hollywood, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Muse [Member] | Hollywood, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Museum Park [Member] | San Jose, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 117 | ||||
Initial cost [Abstract] | |||||
Land | 13,864 | ||||
Buildings and improvements | 32,348 | ||||
Costs capitalized subsequent to acquisition | 934 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 13,864 | ||||
Buildings and improvements | 33,282 | ||||
Total | $ 47,146 | 47,146 | |||
Accumulated depreciation | $ (3,438) | (3,438) | |||
Date of construction | 2,002 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 47,146 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,438) | ||||
Unencumbered Apartment Communities [Member] | Museum Park [Member] | San Jose, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Museum Park [Member] | San Jose, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Paragon Apartments [Member] | Fremont, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 301 | ||||
Initial cost [Abstract] | |||||
Land | 32,230 | ||||
Buildings and improvements | 77,320 | ||||
Costs capitalized subsequent to acquisition | 589 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 32,230 | ||||
Buildings and improvements | 77,909 | ||||
Total | $ 110,139 | 110,139 | |||
Accumulated depreciation | $ (6,431) | (6,431) | |||
Date of construction | 2,013 | ||||
Date acquired | Jul14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 110,139 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,431) | ||||
Unencumbered Apartment Communities [Member] | Paragon Apartments [Member] | Fremont, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Paragon Apartments [Member] | Fremont, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Park Catalina [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 90 | ||||
Initial cost [Abstract] | |||||
Land | 4,710 | ||||
Buildings and improvements | 18,839 | ||||
Costs capitalized subsequent to acquisition | 2,785 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,710 | ||||
Buildings and improvements | 21,624 | ||||
Total | $ 26,334 | 26,334 | |||
Accumulated depreciation | $ (3,739) | (3,739) | |||
Date of construction | 2,002 | ||||
Date acquired | Jun12 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 26,334 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,739) | ||||
Unencumbered Apartment Communities [Member] | Park Catalina [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Park Catalina [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Park Viridian [Member] | Anaheim, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 320 | ||||
Initial cost [Abstract] | |||||
Land | 15,894 | ||||
Buildings and improvements | 63,574 | ||||
Costs capitalized subsequent to acquisition | 1,727 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 15,894 | ||||
Buildings and improvements | 65,301 | ||||
Total | $ 81,195 | 81,195 | |||
Accumulated depreciation | $ (6,673) | (6,673) | |||
Date of construction | 2,008 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 81,195 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,673) | ||||
Unencumbered Apartment Communities [Member] | Park Viridian [Member] | Irvine, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Park Viridian [Member] | Irvine, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Park West [Member] | San Francisco, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 126 | ||||
Initial cost [Abstract] | |||||
Land | 9,424 | ||||
Buildings and improvements | 21,988 | ||||
Costs capitalized subsequent to acquisition | 11,278 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 9,424 | ||||
Buildings and improvements | 33,266 | ||||
Total | $ 42,690 | 42,690 | |||
Accumulated depreciation | $ (5,609) | (5,609) | |||
Date of construction | 1,958 | ||||
Date acquired | Sep12 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 42,690 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,609) | ||||
Unencumbered Apartment Communities [Member] | Park West [Member] | San Francisco, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Park West [Member] | San Francisco, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Parkwood at Mill Creek [Member] | Mill Creek, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 240 | ||||
Initial cost [Abstract] | |||||
Land | 10,680 | ||||
Buildings and improvements | 42,722 | ||||
Costs capitalized subsequent to acquisition | 1,896 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 10,680 | ||||
Buildings and improvements | 44,618 | ||||
Total | $ 55,298 | 55,298 | |||
Accumulated depreciation | $ (4,667) | (4,667) | |||
Date of construction | 1,989 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 55,298 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,667) | ||||
Unencumbered Apartment Communities [Member] | Parkwood at Mill Creek [Member] | Mill Creek, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Parkwood at Mill Creek [Member] | Mill Creek, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Pinehurst [Member] | Ventura, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 28 | ||||
Initial cost [Abstract] | |||||
Land | 0 | ||||
Buildings and improvements | 1,711 | ||||
Costs capitalized subsequent to acquisition | 519 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6 | ||||
Buildings and improvements | 2,224 | ||||
Total | $ 2,230 | 2,230 | |||
Accumulated depreciation | $ (1,344) | (1,344) | |||
Date of construction | 1,973 | ||||
Date acquired | Dec04 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 2,230 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (1,344) | ||||
Unencumbered Apartment Communities [Member] | Pinehurst [Member] | Ventura, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Pinehurst [Member] | Ventura, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 24 years | ||||
Unencumbered Apartment Communities [Member] | Pinnacle Sonata [Member] | Bothell, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 268 | ||||
Initial cost [Abstract] | |||||
Land | 14,647 | ||||
Buildings and improvements | 58,586 | ||||
Costs capitalized subsequent to acquisition | 1,911 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 14,647 | ||||
Buildings and improvements | 60,497 | ||||
Total | $ 75,144 | 75,144 | |||
Accumulated depreciation | $ (6,089) | (6,089) | |||
Date of construction | 2,000 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 75,144 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,089) | ||||
Unencumbered Apartment Communities [Member] | Pinnacle Sonata [Member] | Bothell, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Pinnacle Sonata [Member] | Bothell, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Pointe at Cupertinoe [Member] | Cupertino, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 116 | ||||
Initial cost [Abstract] | |||||
Land | 4,505 | ||||
Buildings and improvements | 17,605 | ||||
Costs capitalized subsequent to acquisition | 11,631 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,505 | ||||
Buildings and improvements | 29,236 | ||||
Total | $ 33,741 | 33,741 | |||
Accumulated depreciation | $ (13,938) | (13,938) | |||
Date of construction | 1,963 | ||||
Date acquired | Aug98 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 33,741 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (13,938) | ||||
Unencumbered Apartment Communities [Member] | Pinnacle At Cupertino [Member] | Cupertino, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Pinnacle At Cupertino [Member] | Cupertino, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Radius [Member] | Redwood City, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 264 | ||||
Initial cost [Abstract] | |||||
Land | 11,702 | ||||
Buildings and improvements | 152,336 | ||||
Costs capitalized subsequent to acquisition | (39) | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 11,702 | ||||
Buildings and improvements | 152,297 | ||||
Total | $ 163,999 | 163,999 | |||
Accumulated depreciation | $ (14,159) | (14,159) | |||
Date of construction | 2,015 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 163,999 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (14,159) | ||||
Unencumbered Apartment Communities [Member] | Radius [Member] | Redwood City, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Radius [Member] | Redwood City, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Reed Square [Member] | Sunnyvale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 100 | ||||
Initial cost [Abstract] | |||||
Land | 6,873 | ||||
Buildings and improvements | 16,037 | ||||
Costs capitalized subsequent to acquisition | 7,788 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,873 | ||||
Buildings and improvements | 23,825 | ||||
Total | $ 30,698 | 30,698 | |||
Accumulated depreciation | $ (5,865) | (5,865) | |||
Date of construction | 1,970 | ||||
Date acquired | Jan12 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 30,698 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,865) | ||||
Unencumbered Apartment Communities [Member] | Reed Square [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Reed Square [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Regency at Encino [Member] | Encino, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 75 | ||||
Initial cost [Abstract] | |||||
Land | 3,184 | ||||
Buildings and improvements | 12,737 | ||||
Costs capitalized subsequent to acquisition | 3,066 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,184 | ||||
Buildings and improvements | 15,803 | ||||
Total | $ 18,987 | 18,987 | |||
Accumulated depreciation | $ (4,623) | (4,623) | |||
Date of construction | 1,989 | ||||
Date acquired | Dec09 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 18,987 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,623) | ||||
Unencumbered Apartment Communities [Member] | Regency at Encino [Member] | Encino, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Regency at Encino [Member] | Encino, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Renaissance at Uptown Orange [Member] | Orange, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 460 | ||||
Initial cost [Abstract] | |||||
Land | 27,870 | ||||
Buildings and improvements | 111,482 | ||||
Costs capitalized subsequent to acquisition | 3,165 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 27,870 | ||||
Buildings and improvements | 114,647 | ||||
Total | $ 142,517 | 142,517 | |||
Accumulated depreciation | $ (11,618) | (11,618) | |||
Date of construction | 2,007 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 142,517 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,618) | ||||
Unencumbered Apartment Communities [Member] | Renaissance at Uptown Orange [Member] | Orange, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Renaissance at Uptown Orange [Member] | Orange, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | The Reveal [Member] | Woodland Hills, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 438 | ||||
Initial cost [Abstract] | |||||
Land | 25,073 | ||||
Buildings and improvements | 121,314 | ||||
Costs capitalized subsequent to acquisition | 854 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 25,073 | ||||
Buildings and improvements | 122,168 | ||||
Total | $ 147,241 | 147,241 | |||
Accumulated depreciation | $ (8,165) | (8,165) | |||
Date of construction | 2,010 | ||||
Date acquired | Apr15 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 147,241 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,165) | ||||
Unencumbered Apartment Communities [Member] | The Reveal [Member] | Woodland Hills, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | The Reveal [Member] | Woodland Hills, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Salmon Run at Perry Creek [Member] | Bothell, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 132 | ||||
Initial cost [Abstract] | |||||
Land | 3,717 | ||||
Buildings and improvements | 11,483 | ||||
Costs capitalized subsequent to acquisition | 1,781 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,801 | ||||
Buildings and improvements | 13,180 | ||||
Total | $ 16,981 | 16,981 | |||
Accumulated depreciation | $ (7,106) | (7,106) | |||
Date of construction | 2,000 | ||||
Date acquired | Oct00 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 16,981 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,106) | ||||
Unencumbered Apartment Communities [Member] | Salmon Run at Perry Creek [Member] | Bothell, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Salmon Run at Perry Creek [Member] | Bothell, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Sammamish View [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 153 | ||||
Initial cost [Abstract] | |||||
Land | 3,324 | ||||
Buildings and improvements | 7,501 | ||||
Costs capitalized subsequent to acquisition | 6,497 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,331 | ||||
Buildings and improvements | 13,991 | ||||
Total | $ 17,322 | 17,322 | |||
Accumulated depreciation | $ (11,078) | (11,078) | |||
Date of construction | 1,986 | ||||
Date acquired | Nov94 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 17,322 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,078) | ||||
Unencumbered Apartment Communities [Member] | Sammamish View [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Sammamish View [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | 101 San Fernando [Member] | San Jose, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 323 | ||||
Initial cost [Abstract] | |||||
Land | 4,173 | ||||
Buildings and improvements | 58,961 | ||||
Costs capitalized subsequent to acquisition | 9,052 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,173 | ||||
Buildings and improvements | 68,013 | ||||
Total | $ 72,186 | 72,186 | |||
Accumulated depreciation | $ (16,920) | (16,920) | |||
Date of construction | 2,001 | ||||
Date acquired | Jul10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 72,186 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (16,920) | ||||
Unencumbered Apartment Communities [Member] | 101 San Fernando [Member] | San Jose, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | 101 San Fernando [Member] | San Jose, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | San Marcos [Member] | Richmond, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 432 | ||||
Initial cost [Abstract] | |||||
Land | 15,563 | ||||
Buildings and improvements | 36,204 | ||||
Costs capitalized subsequent to acquisition | 28,870 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 22,866 | ||||
Buildings and improvements | 57,771 | ||||
Total | $ 80,637 | 80,637 | |||
Accumulated depreciation | $ (26,023) | (26,023) | |||
Date of construction | 2,003 | ||||
Date acquired | Nov03 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 80,637 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (26,023) | ||||
Unencumbered Apartment Communities [Member] | San Marcos [Member] | Richmond, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | San Marcos [Member] | Richmond, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Santee Court/Santee Village [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 238 | ||||
Initial cost [Abstract] | |||||
Land | 9,581 | ||||
Buildings and improvements | 40,317 | ||||
Costs capitalized subsequent to acquisition | 4,935 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 9,582 | ||||
Buildings and improvements | 45,251 | ||||
Total | $ 54,833 | 54,833 | |||
Accumulated depreciation | $ (10,633) | (10,633) | |||
Date of construction | 2,004 | ||||
Date acquired | Oct10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 54,833 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (10,633) | ||||
Unencumbered Apartment Communities [Member] | Santee Court/Santee Village [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Santee Court/Santee Village [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Shadow Point [Member] | Spring Valley, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 172 | ||||
Initial cost [Abstract] | |||||
Land | 2,812 | ||||
Buildings and improvements | 11,170 | ||||
Costs capitalized subsequent to acquisition | 2,818 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,820 | ||||
Buildings and improvements | 13,980 | ||||
Total | $ 16,800 | 16,800 | |||
Accumulated depreciation | $ (6,781) | (6,781) | |||
Date of construction | 1,983 | ||||
Date acquired | Dec02 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 16,800 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (6,781) | ||||
Unencumbered Apartment Communities [Member] | Shadow Point [Member] | Spring Valley, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Shadow Point [Member] | Spring Valley, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Shadowbrook [Member] | Redmond, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 418 | ||||
Initial cost [Abstract] | |||||
Land | 19,292 | ||||
Buildings and improvements | 77,168 | ||||
Costs capitalized subsequent to acquisition | 3,028 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 19,292 | ||||
Buildings and improvements | 80,196 | ||||
Total | $ 99,488 | 99,488 | |||
Accumulated depreciation | $ (8,197) | (8,197) | |||
Date of construction | 1,986 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 99,488 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,197) | ||||
Unencumbered Apartment Communities [Member] | Shadowbrook [Member] | Redmond, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Shadowbrook [Member] | Redmond, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Slater 116 [Member] | Kirkland, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 108 | ||||
Initial cost [Abstract] | |||||
Land | 7,379 | ||||
Buildings and improvements | 22,138 | ||||
Costs capitalized subsequent to acquisition | 540 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 7,379 | ||||
Buildings and improvements | 22,678 | ||||
Total | $ 30,057 | 30,057 | |||
Accumulated depreciation | $ (2,621) | (2,621) | |||
Date of construction | 2,013 | ||||
Date acquired | Sep13 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 30,057 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,621) | ||||
Unencumbered Apartment Communities [Member] | Slater 116 [Member] | Kirkland, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Slater 116 [Member] | Kirkland, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Solstice [Member] | Sunnyvale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 280 | ||||
Initial cost [Abstract] | |||||
Land | 34,444 | ||||
Buildings and improvements | 147,262 | ||||
Costs capitalized subsequent to acquisition | 4,404 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 34,444 | ||||
Buildings and improvements | 151,666 | ||||
Total | $ 186,110 | 186,110 | |||
Accumulated depreciation | $ (17,915) | (17,915) | |||
Date of construction | 2,014 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 186,110 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (17,915) | ||||
Unencumbered Apartment Communities [Member] | Solstice [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Solstice [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Stonehedge Village [Member] | Bothell, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 196 | ||||
Initial cost [Abstract] | |||||
Land | 3,167 | ||||
Buildings and improvements | 12,603 | ||||
Costs capitalized subsequent to acquisition | 5,889 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,201 | ||||
Buildings and improvements | 18,458 | ||||
Total | $ 21,659 | 21,659 | |||
Accumulated depreciation | $ (12,004) | (12,004) | |||
Date of construction | 1,986 | ||||
Date acquired | Oct97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 21,659 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (12,004) | ||||
Unencumbered Apartment Communities [Member] | Stonehedge Village [Member] | Bothell, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Stonehedge Village [Member] | Bothell, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Summit Park [Member] | San Diego, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 300 | ||||
Initial cost [Abstract] | |||||
Land | 5,959 | ||||
Buildings and improvements | 23,670 | ||||
Costs capitalized subsequent to acquisition | 5,523 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,977 | ||||
Buildings and improvements | 29,175 | ||||
Total | $ 35,152 | 35,152 | |||
Accumulated depreciation | $ (14,340) | (14,340) | |||
Date of construction | 1,972 | ||||
Date acquired | Dec02 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 35,152 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (14,340) | ||||
Unencumbered Apartment Communities [Member] | Summit Park [Member] | San Diego, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Summit Park [Member] | San Diego, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Taylor 28 [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 197 | ||||
Initial cost [Abstract] | |||||
Land | 13,915 | ||||
Buildings and improvements | 57,700 | ||||
Costs capitalized subsequent to acquisition | 648 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 13,915 | ||||
Buildings and improvements | 58,348 | ||||
Total | $ 72,263 | 72,263 | |||
Accumulated depreciation | $ (5,840) | (5,840) | |||
Date of construction | 2,008 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 72,263 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,840) | ||||
Unencumbered Apartment Communities [Member] | Taylor 28 [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Taylor 28 [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | The Avery [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 121 | ||||
Initial cost [Abstract] | |||||
Land | 6,964 | ||||
Buildings and improvements | 29,922 | ||||
Costs capitalized subsequent to acquisition | 105 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,964 | ||||
Buildings and improvements | 30,027 | ||||
Total | $ 36,991 | 36,991 | |||
Accumulated depreciation | $ (2,793) | (2,793) | |||
Date of construction | 2,014 | ||||
Date acquired | Mar14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 36,991 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,793) | ||||
Unencumbered Apartment Communities [Member] | The Cairns [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 100 | ||||
Initial cost [Abstract] | |||||
Land | 6,937 | ||||
Buildings and improvements | 20,679 | ||||
Costs capitalized subsequent to acquisition | 1,195 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,939 | ||||
Buildings and improvements | 21,872 | ||||
Total | $ 28,811 | 28,811 | |||
Accumulated depreciation | $ (7,191) | (7,191) | |||
Date of construction | 2,006 | ||||
Date acquired | Jun07 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 28,811 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,191) | ||||
Unencumbered Apartment Communities [Member] | The Cairns [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | The Cairns [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | The Commons [Member] | Campbell, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 264 | ||||
Initial cost [Abstract] | |||||
Land | 12,555 | ||||
Buildings and improvements | 29,307 | ||||
Costs capitalized subsequent to acquisition | 5,378 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 12,556 | ||||
Buildings and improvements | 34,684 | ||||
Total | $ 47,240 | 47,240 | |||
Accumulated depreciation | $ (9,005) | (9,005) | |||
Date of construction | 1,973 | ||||
Date acquired | Jul10 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 47,240 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,005) | ||||
Unencumbered Apartment Communities [Member] | The Commons [Member] | Campbell, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | The Commons [Member] | Campbell, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | The Grand [Member] | Oakland, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 243 | ||||
Initial cost [Abstract] | |||||
Land | 4,531 | ||||
Buildings and improvements | 89,208 | ||||
Costs capitalized subsequent to acquisition | 5,646 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,531 | ||||
Buildings and improvements | 94,854 | ||||
Total | $ 99,385 | 99,385 | |||
Accumulated depreciation | $ (27,586) | (27,586) | |||
Date of construction | 2,009 | ||||
Date acquired | Jan09 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 99,385 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (27,586) | ||||
Unencumbered Apartment Communities [Member] | The Grand [Member] | Oakland, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | The Grand [Member] | Oakland, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | The Hallie [Member] | Pasadena, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 292 | ||||
Initial cost [Abstract] | |||||
Land | 2,202 | ||||
Buildings and improvements | 4,794 | ||||
Costs capitalized subsequent to acquisition | 51,281 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 8,385 | ||||
Buildings and improvements | 49,892 | ||||
Total | $ 58,277 | 58,277 | |||
Accumulated depreciation | $ (21,785) | (21,785) | |||
Date of construction | 1,972 | ||||
Date acquired | Apr97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 58,277 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (21,785) | ||||
Unencumbered Apartment Communities [Member] | The Hallie [Member] | Pasadena, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | The Hallie [Member] | Pasadena, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | The Lofts at Pinehurst [Member] | Ventura, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 118 | ||||
Initial cost [Abstract] | |||||
Land | 1,570 | ||||
Buildings and improvements | 3,912 | ||||
Costs capitalized subsequent to acquisition | 4,648 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 1,618 | ||||
Buildings and improvements | 8,512 | ||||
Total | $ 10,130 | 10,130 | |||
Accumulated depreciation | $ (4,933) | (4,933) | |||
Date of construction | 1,971 | ||||
Date acquired | Jun97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 10,130 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,933) | ||||
Unencumbered Apartment Communities [Member] | The Lofts at Pinehurst [Member] | Ventura, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | The Lofts at Pinehurst [Member] | Ventura, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | The Stuart [Member] | Pasadena, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 188 | ||||
Initial cost [Abstract] | |||||
Land | 13,574 | ||||
Buildings and improvements | 54,298 | ||||
Costs capitalized subsequent to acquisition | 1,857 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 13,574 | ||||
Buildings and improvements | 56,155 | ||||
Total | $ 69,729 | 69,729 | |||
Accumulated depreciation | $ (5,919) | (5,919) | |||
Date of construction | 2,007 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 69,729 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,919) | ||||
Unencumbered Apartment Communities [Member] | The Stuart [Member] | Pasadena, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | The Stuart [Member] | Pasadena, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | The Trails of Redmond [Member] | Redmond, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 423 | ||||
Initial cost [Abstract] | |||||
Land | 21,930 | ||||
Buildings and improvements | 87,720 | ||||
Costs capitalized subsequent to acquisition | 2,992 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 21,930 | ||||
Buildings and improvements | 90,712 | ||||
Total | $ 112,642 | 112,642 | |||
Accumulated depreciation | $ (9,312) | (9,312) | |||
Date of construction | 1,985 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 112,642 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,312) | ||||
Unencumbered Apartment Communities [Member] | The Trails of Redmond [Member] | Redmond, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | The Trails of Redmond [Member] | Redmond, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Tiffany Court [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 101 | ||||
Initial cost [Abstract] | |||||
Land | 6,949 | ||||
Buildings and improvements | 27,796 | ||||
Costs capitalized subsequent to acquisition | 906 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,949 | ||||
Buildings and improvements | 28,702 | ||||
Total | $ 35,651 | 35,651 | |||
Accumulated depreciation | $ (2,902) | (2,902) | |||
Date of construction | 1,987 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 35,651 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (2,902) | ||||
Unencumbered Apartment Communities [Member] | Tiffany Court [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Tiffany Court [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Trabucco Villas [Member] | Lake Forest, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 132 | ||||
Initial cost [Abstract] | |||||
Land | 3,638 | ||||
Buildings and improvements | 8,640 | ||||
Costs capitalized subsequent to acquisition | 2,707 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 3,890 | ||||
Buildings and improvements | 11,095 | ||||
Total | $ 14,985 | 14,985 | |||
Accumulated depreciation | $ (7,091) | (7,091) | |||
Date of construction | 1,985 | ||||
Date acquired | Oct97 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 14,985 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (7,091) | ||||
Unencumbered Apartment Communities [Member] | Trabucco Villas [Member] | Lake Forest, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Trabucco Villas [Member] | Lake Forest, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Via [Member] | Sunnyvale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 284 | ||||
Initial cost [Abstract] | |||||
Land | 22,000 | ||||
Buildings and improvements | 82,270 | ||||
Costs capitalized subsequent to acquisition | 1,792 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 22,016 | ||||
Buildings and improvements | 84,046 | ||||
Total | $ 106,062 | 106,062 | |||
Accumulated depreciation | $ (19,028) | (19,028) | |||
Date of construction | 2,011 | ||||
Date acquired | Jul11 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 106,062 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (19,028) | ||||
Unencumbered Apartment Communities [Member] | Via [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Via [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Villa Siena [Member] | Costa Mesa, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 272 | ||||
Initial cost [Abstract] | |||||
Land | 13,842 | ||||
Buildings and improvements | 55,367 | ||||
Costs capitalized subsequent to acquisition | 3,627 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 13,842 | ||||
Buildings and improvements | 58,994 | ||||
Total | $ 72,836 | 72,836 | |||
Accumulated depreciation | $ (5,937) | (5,937) | |||
Date of construction | 1,974 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 72,836 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (5,937) | ||||
Unencumbered Apartment Communities [Member] | Villa Siena [Member] | Costa Mesa, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Villa Siena [Member] | Costa Mesa, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Village Green [Member] | La Habra, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 272 | ||||
Initial cost [Abstract] | |||||
Land | 6,488 | ||||
Buildings and improvements | 36,768 | ||||
Costs capitalized subsequent to acquisition | 2,820 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 6,488 | ||||
Buildings and improvements | 39,588 | ||||
Total | $ 46,076 | 46,076 | |||
Accumulated depreciation | $ (4,132) | (4,132) | |||
Date of construction | 1,971 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 46,076 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (4,132) | ||||
Unencumbered Apartment Communities [Member] | Village Green [Member] | La Habra, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Village Green [Member] | La Habra, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Vista Belvedere [Member] | Tiburon, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 76 | ||||
Initial cost [Abstract] | |||||
Land | 5,573 | ||||
Buildings and improvements | 11,901 | ||||
Costs capitalized subsequent to acquisition | 8,205 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,573 | ||||
Buildings and improvements | 20,106 | ||||
Total | $ 25,679 | 25,679 | |||
Accumulated depreciation | $ (8,793) | (8,793) | |||
Date of construction | 1,963 | ||||
Date acquired | Aug04 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 25,679 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (8,793) | ||||
Unencumbered Apartment Communities [Member] | Vista Belvedere [Member] | Tiburon, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Vista Belvedere [Member] | Tiburon, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Vox Apartments [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 58 | ||||
Initial cost [Abstract] | |||||
Land | 5,545 | ||||
Buildings and improvements | 16,635 | ||||
Costs capitalized subsequent to acquisition | 79 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,545 | ||||
Buildings and improvements | 16,714 | ||||
Total | $ 22,259 | 22,259 | |||
Accumulated depreciation | $ (1,802) | (1,802) | |||
Date of construction | 2,013 | ||||
Date acquired | Oct13 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 22,259 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (1,802) | ||||
Unencumbered Apartment Communities [Member] | Vox Apartments [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Vox Apartments [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Walnut Heights [Member] | Walnut, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 163 | ||||
Initial cost [Abstract] | |||||
Land | 4,858 | ||||
Buildings and improvements | 19,168 | ||||
Costs capitalized subsequent to acquisition | 4,269 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,887 | ||||
Buildings and improvements | 23,408 | ||||
Total | $ 28,295 | 28,295 | |||
Accumulated depreciation | $ (10,501) | (10,501) | |||
Date of construction | 1,964 | ||||
Date acquired | Oct03 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 28,295 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (10,501) | ||||
Unencumbered Apartment Communities [Member] | Walnut Heights [Member] | Walnut, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Walnut Heights [Member] | Walnut, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Wharfside Pointe [Member] | Seattle, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 155 | ||||
Initial cost [Abstract] | |||||
Land | 2,245 | ||||
Buildings and improvements | 7,020 | ||||
Costs capitalized subsequent to acquisition | 11,286 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,258 | ||||
Buildings and improvements | 18,293 | ||||
Total | $ 20,551 | 20,551 | |||
Accumulated depreciation | $ (11,308) | (11,308) | |||
Date of construction | 1,990 | ||||
Date acquired | Jun94 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 20,551 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (11,308) | ||||
Unencumbered Apartment Communities [Member] | Wharfside Pointe [Member] | Seattle, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Wharfside Pointe [Member] | Seattle, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Willow Lake [Member] | San Jose, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 508 | ||||
Initial cost [Abstract] | |||||
Land | 43,194 | ||||
Buildings and improvements | 101,030 | ||||
Costs capitalized subsequent to acquisition | 9,603 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 43,194 | ||||
Buildings and improvements | 110,633 | ||||
Total | $ 153,827 | 153,827 | |||
Accumulated depreciation | $ (17,032) | (17,032) | |||
Date of construction | 1,989 | ||||
Date acquired | Oct12 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 153,827 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (17,032) | ||||
Unencumbered Apartment Communities [Member] | Willow Lake [Member] | San Jose, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Willow Lake [Member] | San Jose, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | 5600 Wilshire [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 284 | ||||
Initial cost [Abstract] | |||||
Land | 30,535 | ||||
Buildings and improvements | 91,604 | ||||
Costs capitalized subsequent to acquisition | 1,004 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 30,535 | ||||
Buildings and improvements | 92,608 | ||||
Total | $ 123,143 | 123,143 | |||
Accumulated depreciation | $ (9,435) | (9,435) | |||
Date of construction | 2,008 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 123,143 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (9,435) | ||||
Unencumbered Apartment Communities [Member] | 5600 Wilshire [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | 5600 Wilshire [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Wilshire La Brea [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 478 | ||||
Initial cost [Abstract] | |||||
Land | 56,932 | ||||
Buildings and improvements | 211,998 | ||||
Costs capitalized subsequent to acquisition | 7,368 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 56,932 | ||||
Buildings and improvements | 219,366 | ||||
Total | $ 276,298 | 276,298 | |||
Accumulated depreciation | $ (25,646) | (25,646) | |||
Date of construction | 2,014 | ||||
Date acquired | Apr14 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 276,298 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (25,646) | ||||
Unencumbered Apartment Communities [Member] | Wilshire La Brea [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 5 years | ||||
Unencumbered Apartment Communities [Member] | Wilshire La Brea [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Windsor Ridge [Member] | Sunnyvale, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 216 | ||||
Initial cost [Abstract] | |||||
Land | 4,017 | ||||
Buildings and improvements | 10,315 | ||||
Costs capitalized subsequent to acquisition | 15,508 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,021 | ||||
Buildings and improvements | 25,819 | ||||
Total | $ 29,840 | 29,840 | |||
Accumulated depreciation | $ (17,389) | (17,389) | |||
Date of construction | 1,989 | ||||
Date acquired | Mar89 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 29,840 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (17,389) | ||||
Unencumbered Apartment Communities [Member] | Windsor Ridge [Member] | Sunnyvale, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Windsor Ridge [Member] | Sunnyvale, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Woodland Commons [Member] | Bellevue, WA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 302 | ||||
Initial cost [Abstract] | |||||
Land | 2,040 | ||||
Buildings and improvements | 8,727 | ||||
Costs capitalized subsequent to acquisition | 22,031 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 2,044 | ||||
Buildings and improvements | 30,754 | ||||
Total | $ 32,798 | 32,798 | |||
Accumulated depreciation | $ (16,605) | (16,605) | |||
Date of construction | 1,978 | ||||
Date acquired | Mar90 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 32,798 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (16,605) | ||||
Unencumbered Apartment Communities [Member] | Woodland Commons [Member] | Bellevue, WA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Woodland Commons [Member] | Bellevue, WA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Unencumbered Apartment Communities [Member] | Woodside Village [Member] | Ventura, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | apartment | 145 | ||||
Initial cost [Abstract] | |||||
Land | 5,331 | ||||
Buildings and improvements | 21,036 | ||||
Costs capitalized subsequent to acquisition | 3,751 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 5,341 | ||||
Buildings and improvements | 24,777 | ||||
Total | $ 30,118 | 30,118 | |||
Accumulated depreciation | $ (10,673) | $ (10,673) | |||
Date of construction | 1,987 | ||||
Date acquired | Dec04 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 30,118 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (10,673) | ||||
Unencumbered Apartment Communities [Member] | Woodside Village [Member] | Ventura, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Unencumbered Apartment Communities [Member] | Woodside Village [Member] | Ventura, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Other Property [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Area of real estate property | ft² | 140,564 | ||||
Initial cost [Abstract] | |||||
Land | $ 13,279 | ||||
Buildings and improvements | 26,115 | ||||
Costs capitalized subsequent to acquisition | 4,063 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 14,508 | ||||
Buildings and improvements | 28,949 | ||||
Total | $ 43,457 | 43,457 | |||
Accumulated depreciation | (16,610) | $ (16,610) | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | 43,457 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | (16,610) | ||||
Other Property [Member] | Hollywood [Member] | Los Angeles, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Area of real estate property | ft² | 34,000 | ||||
Initial cost [Abstract] | |||||
Land | $ 10,200 | ||||
Buildings and improvements | 13,800 | ||||
Costs capitalized subsequent to acquisition | 14 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 10,200 | ||||
Buildings and improvements | 13,814 | ||||
Total | 24,014 | 24,014 | |||
Accumulated depreciation | $ (3,934) | $ (3,934) | |||
Date of construction | 1,938 | ||||
Date acquired | Jul06 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 24,014 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (3,934) | ||||
Other Property [Member] | Hollywood [Member] | Los Angeles, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Other Property [Member] | Hollywood [Member] | Los Angeles, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Other Property [Member] | Derian Office Building [Member] | Irvine, CA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Area of real estate property | ft² | 106,564 | ||||
Initial cost [Abstract] | |||||
Land | $ 3,079 | ||||
Buildings and improvements | 12,315 | ||||
Costs capitalized subsequent to acquisition | 4,049 | ||||
Gross amount carried at close of period [Abstract] | |||||
Land and improvements | 4,308 | ||||
Buildings and improvements | 15,135 | ||||
Total | $ 19,443 | 19,443 | |||
Accumulated depreciation | $ (12,676) | (12,676) | |||
Date of construction | 1,983 | ||||
Date acquired | Jul00 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the end of year | $ 19,443 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the end of year | $ (12,676) | ||||
Other Property [Member] | Derian Office Building [Member] | Irvine, CA [Member] | Minimum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 3 years | ||||
Other Property [Member] | Derian Office Building [Member] | Irvine, CA [Member] | Maximum [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Life Used for Depreciation | 30 years | ||||
Real Estate, Rental Property [Member] | |||||
Gross amount carried at close of period [Abstract] | |||||
Total | $ 12,331,469 | 11,244,681 | 5,443,757 | $ 12,676,306 | $ 11,244,681 |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at beginning of year | 12,331,469 | 11,244,681 | 5,443,757 | ||
Balance at the end of year | $ 12,676,306 | $ 12,331,469 | $ 11,244,681 |