Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | EQUITY RESIDENTIAL | ||
Entity Central Index Key | 0000906107 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | EQR | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 27.9 | ||
Entity Common Stock, Shares Outstanding | 371,978,449 | ||
Entity File Number | 1-12252 | ||
Entity Tax Identification Number | 13-3675988 | ||
Entity Address, Address Line One | Two North Riverside Plaza | ||
Entity Address, City or Town | Chicago | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60606 | ||
City Area Code | 312 | ||
Local Phone Number | 474-1300 | ||
Entity Incorporation, State or Country Code | MD | ||
Title of 12(b) Security | Common Shares of Beneficial Interest,$0.01 Par Value (Equity Residential) | ||
Security Exchange Name | NYSE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes | ||
Documents Incorporated by Reference | Part III incorporates by reference certain information that will be contained in Equity Residential’s Proxy Statement relating to its 2020 Annual Meeting of Shareholders, which Equity Residential intends to file no later than 120 days after the end of its fiscal year ended December 31, 2019, and thus these items have been omitted in accordance with General Instruction G(3) to Form 10-K. Equity Residential is the general partner and 96.4% owner of ERP Operating Limited Partnership. | ||
ERPOP [Member] | |||
Document Information [Line Items] | |||
Entity Registrant Name | ERP OPERATING LIMITED PARTNERSHIP | ||
Entity Central Index Key | 0000931182 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
No Trading Symbol Flag | true | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity File Number | 0-24920 | ||
Entity Tax Identification Number | 36-3894853 | ||
Entity Address, Address Line One | Two North Riverside Plaza | ||
Entity Address, City or Town | Chicago | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60606 | ||
City Area Code | 312 | ||
Local Phone Number | 474-1300 | ||
Entity Incorporation, State or Country Code | IL | ||
Title of 12(b) Security | 7.57% Notes due August 15, 2026(ERP Operating Limited Partnership) | ||
Security Exchange Name | NYSE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Land | $ 5,936,188 | $ 5,875,803 |
Depreciable property | 21,319,101 | 20,435,901 |
Projects under development | 181,630 | 109,409 |
Land held for development | 96,688 | 89,909 |
Investment in real estate | 27,533,607 | 26,511,022 |
Accumulated depreciation | (7,276,786) | (6,696,281) |
Investment in real estate, net | 20,256,821 | 19,814,741 |
Investments in unconsolidated entities | 52,238 | 58,349 |
Cash and cash equivalents | 45,753 | 47,442 |
Restricted deposits | 71,246 | 68,871 |
Right-of-use assets | 512,774 | |
Other assets | 233,937 | 404,806 |
Total assets | 21,172,769 | 20,394,209 |
Liabilities: | ||
Mortgage notes payable, net | 1,941,610 | 2,385,470 |
Notes, net | 6,077,513 | 5,933,286 |
Line of credit and commercial paper | 1,017,833 | 499,183 |
Accounts payable and accrued expenses | 94,350 | 102,471 |
Accrued interest payable | 66,852 | 62,622 |
Lease liabilities | 331,334 | |
Other liabilities | 346,963 | 358,563 |
Security deposits | 70,062 | 67,258 |
Distributions payable | 218,326 | 206,601 |
Total liabilities | 10,164,843 | 9,615,454 |
Commitments and contingencies | ||
Redeemable Noncontrolling Interests – Operating Partnership | 463,400 | 379,106 |
Shareholders' equity: | ||
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of December 31, 2019 and December 31, 2018 | 37,280 | 37,280 |
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 371,670,884 shares issued and outstanding as of December 31, 2019 and 369,405,161 shares issued and outstanding as of December 31, 2018 | 3,717 | 3,694 |
Paid in capital | 8,965,577 | 8,935,453 |
Retained earnings | 1,386,495 | 1,261,763 |
Accumulated other comprehensive income (loss) | (77,563) | (64,986) |
Total shareholders’ equity | 10,315,506 | 10,173,204 |
Noncontrolling Interests: | ||
Operating Partnership | 227,837 | 228,738 |
Partially Owned Properties | 1,183 | (2,293) |
Total Noncontrolling Interests | 229,020 | 226,445 |
Total equity | 10,544,526 | 10,399,649 |
Total liabilities and equity/capital | $ 21,172,769 | $ 20,394,209 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | 745,600 | 745,600 |
Preferred Stock, Shares Outstanding | 745,600 | 745,600 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 371,670,884 | 369,405,161 |
Common Stock, Shares, Outstanding | 371,670,884 | 369,405,161 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUES | |||
Rental income | $ 2,700,691 | $ 2,577,681 | $ 2,470,689 |
Fee and asset management | $ 384 | $ 753 | $ 717 |
Type of Revenue [Extensible List] | us-gaap:ManagementServiceMember | us-gaap:ManagementServiceMember | us-gaap:ManagementServiceMember |
Total revenues | $ 2,701,075 | $ 2,578,434 | $ 2,471,406 |
EXPENSES | |||
Property and maintenance | 446,845 | 429,335 | 405,281 |
Real estate taxes and insurance | 366,139 | 357,814 | 335,495 |
Property management | 95,344 | 92,485 | 85,493 |
General and administrative | 52,757 | 53,813 | 52,224 |
Depreciation | 831,083 | 785,725 | 743,749 |
Total expenses | 1,792,168 | 1,719,172 | 1,622,242 |
Net gain (loss) on sales of real estate properties | 447,637 | 256,810 | 157,057 |
Impairment | (702) | (1,693) | |
Operating income | 1,356,544 | 1,115,370 | 1,004,528 |
Interest and other income | 2,817 | 15,317 | 6,136 |
Other expenses | (18,177) | (17,267) | (5,186) |
Interest: | |||
Expense incurred, net | (390,076) | (413,360) | (383,890) |
Amortization of deferred financing costs | (11,670) | (11,310) | (8,526) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 939,438 | 688,750 | 613,062 |
Income and other tax (expense) benefit | 2,281 | (878) | (478) |
Income (loss) from investments in unconsolidated entities | 65,945 | (3,667) | (3,370) |
Net gain (loss) on sales of land parcels | 2,044 | 987 | 19,167 |
Net income | 1,009,708 | 685,192 | 628,381 |
Net (income) loss attributable to Noncontrolling Interests: | |||
Operating Partnership | (36,034) | (24,939) | (22,604) |
Partially Owned Properties | (3,297) | (2,718) | (2,323) |
Net income attributable to controlling interests | 970,377 | 657,535 | 603,454 |
Preferred distributions | (3,090) | (3,090) | (3,091) |
Net income available to Common Shares | $ 967,287 | $ 654,445 | $ 600,363 |
Earnings per share – basic: | |||
Net income available to Common Shares | $ 2.61 | $ 1.78 | $ 1.64 |
Weighted average Common Shares outstanding | 370,461 | 368,052 | 366,968 |
Earnings per share – diluted: | |||
Net income available to Common Shares | $ 2.60 | $ 1.77 | $ 1.63 |
Weighted average Common Shares outstanding | 386,333 | 383,695 | 382,678 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Comprehensive income: | |||
Net income | $ 1,009,708 | $ 685,192 | $ 628,381 |
Other comprehensive income (loss) – derivative instruments: | |||
Unrealized holding gains (losses) arising during the year | (33,765) | 5,174 | 6,439 |
Losses reclassified into earnings from other comprehensive income | 21,188 | 18,452 | 18,858 |
Other comprehensive income (loss) | (12,577) | 23,626 | 25,297 |
Comprehensive income | 997,131 | 708,818 | 653,678 |
Comprehensive (income) attributable to Noncontrolling Interests | (38,872) | (28,526) | (25,845) |
Comprehensive income attributable to controlling interests | $ 958,259 | $ 680,292 | $ 627,833 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 1,009,708 | $ 685,192 | $ 628,381 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 831,083 | 785,725 | 743,749 |
Amortization of deferred financing costs | 11,670 | 11,310 | 8,526 |
Amortization of above/below market lease intangibles | (71) | 4,392 | 3,828 |
Amortization of discounts and premiums on debt | 11,780 | 22,781 | 3,536 |
Amortization of deferred settlements on derivative instruments | 21,176 | 18,440 | 18,847 |
Amortization of right-of-use assets | 11,764 | ||
Impairment | 702 | 1,693 | |
Write-off of pursuit costs | 5,529 | 4,450 | 3,106 |
(Income) loss from investments in unconsolidated entities | (65,945) | 3,667 | 3,370 |
Distributions from unconsolidated entities – return on capital | 2,621 | 2,492 | 2,632 |
Net (gain) loss on sales of real estate properties | (447,637) | (256,810) | (157,057) |
Net (gain) loss on sales of land parcels | (2,044) | (987) | (19,167) |
Net (gain) loss on debt extinguishment | 13,647 | 22,110 | 12,258 |
Realized/unrealized (gain) loss on derivative instruments | 50 | ||
Compensation paid with Company Common Shares | 24,449 | 27,132 | 24,997 |
Other operating activities, net | (287) | ||
Changes in assets and liabilities: | |||
(Increase) decrease in other assets | 6,278 | 4,097 | (449) |
Increase (decrease) in accounts payable and accrued expenses | 5,116 | (1,862) | 11,532 |
Increase (decrease) in accrued interest payable | 4,230 | 4,587 | (2,911) |
Increase (decrease) in lease liabilities | (2,269) | ||
Increase (decrease) in other liabilities | 13,382 | 16,578 | (23,468) |
Increase (decrease) in security deposits | 2,804 | 2,249 | 2,385 |
Net cash provided by operating activities | 1,456,984 | 1,356,295 | 1,265,788 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Investment in real estate – acquisitions | (1,518,878) | (708,092) | (466,394) |
Investment in real estate – development/other | (195,692) | (154,431) | (276,382) |
Capital expenditures to real estate | (178,423) | (188,501) | (202,607) |
Non-real estate capital additions | (4,955) | (4,505) | (1,506) |
Interest capitalized for real estate under development | (6,884) | (6,260) | (26,290) |
Proceeds from disposition of real estate, net | 1,064,619 | 691,526 | 384,583 |
Investments in unconsolidated entities | (9,604) | (6,571) | (6,034) |
Distributions from unconsolidated entities – return of capital | 78,262 | 334 | |
Purchase of investment securities and other investments | (269) | ||
Net cash provided by (used for) investing activities | (771,824) | (376,834) | (594,296) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Debt financing costs | (19,812) | (8,583) | (6,289) |
Mortgage notes payable, net: | |||
Proceeds | 295,771 | 96,935 | |
Lump sum payoffs | (743,021) | (1,347,939) | (493,420) |
Scheduled principal repayments | (6,808) | (6,629) | (10,704) |
Notes, net: | |||
Proceeds | 1,194,468 | 896,294 | 692,466 |
Lump sum payoffs | (1,050,000) | (497,975) | |
Line of credit and commercial paper: | |||
Line of credit proceeds | 6,010,000 | 3,805,000 | 1,845,000 |
Line of credit repayments | (5,990,000) | (3,805,000) | (1,845,000) |
Commercial paper proceeds | 15,944,800 | 14,030,926 | 5,066,509 |
Commercial paper repayments | (15,446,150) | (13,831,500) | (4,786,750) |
Proceeds from (payments on) settlement of derivative instruments | (41,616) | 18,118 | 1,295 |
Prepaid finance ground lease | (34,734) | ||
Proceeds from Employee Share Purchase Plan (ESPP) | 3,116 | 3,879 | 3,744 |
Proceeds from exercise of options | 77,785 | 30,655 | 31,596 |
Payment of offering costs | (991) | (27) | (51) |
Other financing activities, net | (80) | (78) | (63) |
Acquisition of Noncontrolling Interests – Partially Owned Properties | (13) | ||
Contributions – Noncontrolling Interests – Partially Owned Properties | 7,337 | 125 | 125 |
Contributions – Noncontrolling Interests – Operating Partnership | 2 | 1 | |
Distributions: | |||
Common Shares | (831,111) | (782,122) | (739,375) |
Preferred Shares | (3,090) | (3,863) | (3,091) |
Noncontrolling Interests – Operating Partnership | (29,615) | (28,226) | (27,291) |
Noncontrolling Interests – Partially Owned Properties | (7,078) | (9,753) | (8,286) |
Net cash provided by (used for) financing activities | (684,474) | (963,910) | (789,818) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 686 | 15,551 | (118,326) |
Cash and cash equivalents and restricted deposits, beginning of year | 116,313 | 100,762 | 219,088 |
Cash and cash equivalents and restricted deposits, end of year | 116,999 | 116,313 | 100,762 |
Cash and cash equivalents | 45,753 | 47,442 | 50,647 |
Restricted deposits | 71,246 | 68,871 | 50,115 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 342,048 | 358,156 | 360,273 |
Net cash paid (received) for income and other taxes | (585) | 853 | 640 |
Amortization of deferred financing costs: | |||
Investment in real estate, net | (120) | ||
Other assets | 2,987 | 2,412 | 2,412 |
Mortgage notes payable, net | 3,934 | 4,792 | 2,493 |
Notes, net | 4,869 | 4,106 | 3,621 |
Amortization of discounts and premiums on debt: | |||
Mortgage notes payable, net | 8,618 | 20,144 | 1,172 |
Notes, net | 3,162 | 2,637 | 2,364 |
Amortization of deferred settlements on derivative instruments: | |||
Other liabilities | (12) | (12) | (11) |
Accumulated other comprehensive income | 21,188 | 18,452 | 18,858 |
Write-off of pursuit costs: | |||
Investment in real estate, net | 5,451 | 4,364 | 2,965 |
Other assets | 62 | 53 | 17 |
Accounts payable and accrued expenses | 16 | 33 | 124 |
(Income) loss from investments in unconsolidated entities: | |||
Investments in unconsolidated entities | (67,268) | 2,304 | 1,955 |
Other liabilities | 1,323 | 1,363 | 1,415 |
Realized/unrealized (gain) loss on derivative instruments: | |||
Other assets | 2,002 | (14,977) | (4,582) |
Notes, net | 2,277 | (680) | (3,454) |
Other liabilities | 29,486 | 10,533 | 1,597 |
Accumulated other comprehensive income | (33,765) | 5,174 | 6,439 |
Investments in unconsolidated entities: | |||
Investments in unconsolidated entities | (7,504) | (4,891) | (3,034) |
Other liabilities | (2,100) | (1,680) | (3,000) |
Debt financing costs: | |||
Other assets | (6,909) | (145) | |
Mortgage notes payable, net | (2,354) | (555) | |
Notes, net | (10,549) | (7,883) | (6,289) |
Right-of-use assets and lease liabilities initial measurement and reclassifications: | |||
Right-of-use assets | (489,517) | ||
Other assets | 184,116 | ||
Lease liabilities | 333,603 | ||
Other liabilities | (28,202) | ||
Proceeds from (payments on) settlement of derivative instruments: | |||
Other assets | 18,118 | 1,295 | |
Other liabilities | (41,616) | ||
Notes, Net [Member] | |||
Mortgage notes payable, net: | |||
Net gain (loss) on debt extinguishment | (10,266) | ||
Mortgage Notes Payable, Net [Member] | |||
Mortgage notes payable, net: | |||
Net gain (loss) on debt extinguishment | $ (3,381) | $ (22,110) | $ (12,258) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | PREFERRED SHARES | COMMON SHARES, $0.01 PAR VALUE | PAID IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | DISTRIBUTIONS | OPERATING PARTNERSHIP | PARTIALLY OWNED PROPERTIES |
Balance, beginning of year at Dec. 31, 2016 | $ 37,280 | $ 3,659 | $ 8,758,422 | $ 1,543,626 | $ (113,909) | ||||
Balance, beginning of year at Dec. 31, 2016 | $ 221,297 | $ 10,609 | |||||||
COMMON SHARES, $0.01 PAR VALUE | |||||||||
Conversion of OP Units into Common Shares | 11 | 15,889 | |||||||
Exercise of share options | 8 | 31,588 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 3,743 | |||||||
Restricted shares | 1 | 9,776 | |||||||
Share options | 6,835 | ||||||||
ESPP discount | 747 | ||||||||
PAID IN CAPITAL | |||||||||
Conversion of OP Units into Common Shares | 11 | 15,889 | |||||||
Exercise of share options | 8 | 31,588 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 3,743 | |||||||
Offering costs | (51) | ||||||||
Supplemental Executive Retirement Plan (SERP) | (594) | ||||||||
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership | $ (41,916) | 41,916 | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 18,315 | (18,315) | |||||||
RETAINED EARNINGS | |||||||||
Net income attributable to controlling interests | 603,454 | 603,454 | |||||||
Common Share distributions | (740,459) | ||||||||
Preferred Share distributions | (3,091) | ||||||||
Unrealized holding gains (losses) arising during the year | 6,439 | 6,439 | |||||||
Losses reclassified into earnings from other comprehensive income | (18,858) | 18,858 | |||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Common Share outstanding | $ 2.015 | ||||||||
NONCONTROLLING INTERESTS | |||||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (15,900) | ||||||||
Equity compensation associated with Noncontrolling Interests | 10,523 | ||||||||
Net income attributable to Noncontrolling Interests | 22,604 | 22,604 | 2,323 | ||||||
Distributions to Noncontrolling Interests | (26,739) | (8,349) | |||||||
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership | (33,221) | 33,221 | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 18,315 | (18,315) | |||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 22,604 | 22,604 | 2,323 | ||||||
Contributions by Noncontrolling Interests | 125 | ||||||||
Distributions to Noncontrolling Interests | (26,739) | (8,349) | |||||||
Balance, end of period at Dec. 31, 2017 | 37,280 | 3,680 | 8,886,586 | 1,403,530 | (88,612) | ||||
Balance, end of period at Dec. 31, 2017 | 226,691 | 4,708 | |||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Conversion of OP Units into Common Shares | 11 | 15,889 | |||||||
Exercise of share options | 8 | 31,588 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 3,743 | |||||||
Conversion of OP Units into Common Shares | 1 | 4,097 | |||||||
Exercise of share options | 11 | 30,644 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 3,878 | |||||||
Restricted shares | 1 | 8,257 | |||||||
Share options | 9,734 | ||||||||
ESPP discount | 767 | ||||||||
Conversion of OP Units into Common Shares | 1 | 4,097 | |||||||
Exercise of share options | 11 | 30,644 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 3,878 | |||||||
Offering costs | (27) | ||||||||
Supplemental Executive Retirement Plan (SERP) | (454) | ||||||||
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership | 13,922 | (13,922) | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 5,893 | (5,893) | |||||||
Net income attributable to controlling interests | 657,535 | 657,535 | |||||||
Common Share distributions | (796,212) | ||||||||
Preferred Share distributions | (3,090) | ||||||||
Unrealized holding gains (losses) arising during the year | 5,174 | 5,174 | |||||||
Losses reclassified into earnings from other comprehensive income | (18,452) | 18,452 | |||||||
Distributions declared per Common Share outstanding | 2.16 | ||||||||
Issuance of restricted units to Noncontrolling Interests | 1 | ||||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (4,098) | ||||||||
Equity compensation associated with Noncontrolling Interests | 14,009 | ||||||||
Net income attributable to Noncontrolling Interests | 24,939 | 24,939 | 2,718 | ||||||
Distributions to Noncontrolling Interests | (28,682) | (9,831) | |||||||
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership | (1,771) | 1,771 | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 5,893 | (5,893) | |||||||
Net income attributable to Noncontrolling Interests | 24,939 | 24,939 | 2,718 | ||||||
Acquisition Noncontrolling Interests Partially Owned Properties | (13) | ||||||||
Contributions by Noncontrolling Interests | 125 | ||||||||
Distributions to Noncontrolling Interests | (28,682) | (9,831) | |||||||
Balance, end of period at Dec. 31, 2018 | 10,173,204 | 37,280 | 3,694 | 8,935,453 | 1,261,763 | (64,986) | |||
Balance, end of period at Dec. 31, 2018 | 226,445 | 228,738 | (2,293) | ||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Conversion of OP Units into Common Shares | 1 | 4,097 | |||||||
Exercise of share options | 11 | 30,644 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 3,878 | |||||||
Conversion of OP Units into Common Shares | 3 | 10,407 | |||||||
Exercise of share options | 17 | 77,768 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 3,115 | |||||||
Restricted shares | 2 | 12,436 | |||||||
Share options | 2,675 | ||||||||
ESPP discount | 642 | ||||||||
Conversion of OP Units into Common Shares | 3 | 10,407 | |||||||
Exercise of share options | 17 | 77,768 | |||||||
Employee Share Purchase Plan (ESPP) | 1 | 3,115 | |||||||
Offering costs | (991) | ||||||||
Supplemental Executive Retirement Plan (SERP) | (1,675) | ||||||||
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership | 82,283 | (82,283) | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 8,030 | (8,030) | |||||||
Net income attributable to controlling interests | 970,377 | 970,377 | |||||||
Common Share distributions | (842,555) | ||||||||
Preferred Share distributions | (3,090) | ||||||||
Unrealized holding gains (losses) arising during the year | (33,765) | (33,765) | |||||||
Losses reclassified into earnings from other comprehensive income | (21,188) | 21,188 | |||||||
Distributions declared per Common Share outstanding | $ 2.27 | ||||||||
Issuance of restricted units to Noncontrolling Interests | 2 | ||||||||
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner | (10,410) | ||||||||
Equity compensation associated with Noncontrolling Interests | 13,410 | ||||||||
Net income attributable to Noncontrolling Interests | 36,034 | 36,034 | 3,297 | ||||||
Distributions to Noncontrolling Interests | (29,896) | (7,158) | |||||||
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership | 2,011 | (2,011) | |||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 8,030 | (8,030) | |||||||
Net income attributable to Noncontrolling Interests | 36,034 | 36,034 | 3,297 | ||||||
Contributions by Noncontrolling Interests | 7,337 | ||||||||
Distributions to Noncontrolling Interests | (29,896) | (7,158) | |||||||
Balance, end of period at Dec. 31, 2019 | 10,315,506 | $ 37,280 | 3,717 | 8,965,577 | $ 1,386,495 | $ (77,563) | |||
Balance, end of period at Dec. 31, 2019 | $ 229,020 | $ 227,837 | $ 1,183 | ||||||
PARTIALLY OWNED PROPERTIES | |||||||||
Conversion of OP Units into Common Shares | 3 | 10,407 | |||||||
Exercise of share options | 17 | 77,768 | |||||||
Employee Share Purchase Plan (ESPP) | $ 1 | $ 3,115 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Stockholders Equity [Abstract] | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
CONSOLIDATED BALANCE SHEETS OF
CONSOLIDATED BALANCE SHEETS OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Land | $ 5,936,188 | $ 5,875,803 |
Depreciable property | 21,319,101 | 20,435,901 |
Projects under development | 181,630 | 109,409 |
Land held for development | 96,688 | 89,909 |
Investment in real estate | 27,533,607 | 26,511,022 |
Accumulated depreciation | (7,276,786) | (6,696,281) |
Investment in real estate, net | 20,256,821 | 19,814,741 |
Investments in unconsolidated entities | 52,238 | 58,349 |
Cash and cash equivalents | 45,753 | 47,442 |
Restricted deposits | 71,246 | 68,871 |
Right-of-use assets | 512,774 | |
Other assets | 233,937 | 404,806 |
Total assets | 21,172,769 | 20,394,209 |
Liabilities: | ||
Mortgage notes payable, net | 1,941,610 | 2,385,470 |
Notes, net | 6,077,513 | 5,933,286 |
Line of credit and commercial paper | 1,017,833 | 499,183 |
Accounts payable and accrued expenses | 94,350 | 102,471 |
Accrued interest payable | 66,852 | 62,622 |
Lease liabilities | 331,334 | |
Other liabilities | 346,963 | 358,563 |
Security deposits | 70,062 | 67,258 |
Distributions payable | 218,326 | 206,601 |
Total liabilities | 10,164,843 | 9,615,454 |
Commitments and contingencies | ||
Redeemable Limited Partners | 463,400 | 379,106 |
Partners’ Capital: | ||
Accumulated other comprehensive income (loss) | (77,563) | (64,986) |
Noncontrolling Interests – Partially Owned Properties | 1,183 | (2,293) |
Total liabilities and equity/capital | 21,172,769 | 20,394,209 |
ERPOP [Member] | ||
ASSETS | ||
Land | 5,936,188 | 5,875,803 |
Depreciable property | 21,319,101 | 20,435,901 |
Projects under development | 181,630 | 109,409 |
Land held for development | 96,688 | 89,909 |
Investment in real estate | 27,533,607 | 26,511,022 |
Accumulated depreciation | (7,276,786) | (6,696,281) |
Investment in real estate, net | 20,256,821 | 19,814,741 |
Investments in unconsolidated entities | 52,238 | 58,349 |
Cash and cash equivalents | 45,753 | 47,442 |
Restricted deposits | 71,246 | 68,871 |
Right-of-use assets | 512,774 | |
Other assets | 233,937 | 404,806 |
Total assets | 21,172,769 | 20,394,209 |
Liabilities: | ||
Mortgage notes payable, net | 1,941,610 | 2,385,470 |
Notes, net | 6,077,513 | 5,933,286 |
Line of credit and commercial paper | 1,017,833 | 499,183 |
Accounts payable and accrued expenses | 94,350 | 102,471 |
Accrued interest payable | 66,852 | 62,622 |
Lease liabilities | 331,334 | |
Other liabilities | 346,963 | 358,563 |
Security deposits | 70,062 | 67,258 |
Distributions payable | 218,326 | 206,601 |
Total liabilities | 10,164,843 | 9,615,454 |
Commitments and contingencies | ||
Redeemable Limited Partners | 463,400 | 379,106 |
Partners’ Capital: | ||
Preference Units | 37,280 | 37,280 |
General Partner | 10,355,789 | 10,200,910 |
Limited Partners | 227,837 | 228,738 |
Accumulated other comprehensive income (loss) | (77,563) | (64,986) |
Total partners’ capital | 10,543,343 | 10,401,942 |
Noncontrolling Interests – Partially Owned Properties | 1,183 | (2,293) |
Total capital | 10,544,526 | 10,399,649 |
Total liabilities and equity/capital | $ 21,172,769 | $ 20,394,209 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUES | |||
Rental income | $ 2,700,691 | $ 2,577,681 | $ 2,470,689 |
Fee and asset management | $ 384 | $ 753 | $ 717 |
Type of Revenue [Extensible List] | us-gaap:ManagementServiceMember | us-gaap:ManagementServiceMember | us-gaap:ManagementServiceMember |
Total revenues | $ 2,701,075 | $ 2,578,434 | $ 2,471,406 |
EXPENSES | |||
Property and maintenance | 446,845 | 429,335 | 405,281 |
Real estate taxes and insurance | 366,139 | 357,814 | 335,495 |
Property management | 95,344 | 92,485 | 85,493 |
General and administrative | 52,757 | 53,813 | 52,224 |
Depreciation | 831,083 | 785,725 | 743,749 |
Total expenses | 1,792,168 | 1,719,172 | 1,622,242 |
Net gain (loss) on sales of real estate properties | 447,637 | 256,810 | 157,057 |
Impairment | (702) | (1,693) | |
Operating income | 1,356,544 | 1,115,370 | 1,004,528 |
Interest and other income | 2,817 | 15,317 | 6,136 |
Other expenses | (18,177) | (17,267) | (5,186) |
Interest: | |||
Expense incurred, net | (390,076) | (413,360) | (383,890) |
Amortization of deferred financing costs | (11,670) | (11,310) | (8,526) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 939,438 | 688,750 | 613,062 |
Income and other tax (expense) benefit | 2,281 | (878) | (478) |
Income (loss) from investments in unconsolidated entities | 65,945 | (3,667) | (3,370) |
Net gain (loss) on sales of land parcels | 2,044 | 987 | 19,167 |
Net income | 1,009,708 | 685,192 | 628,381 |
Partially Owned Properties | (3,297) | (2,718) | (2,323) |
Net income attributable to controlling interests | $ 970,377 | $ 657,535 | $ 603,454 |
Earnings per Unit – basic: | |||
Net income available to Units | $ 2.61 | $ 1.78 | $ 1.64 |
Earnings per Unit – diluted: | |||
Net income available to Units | $ 2.60 | $ 1.77 | $ 1.63 |
Weighted average Units outstanding | 386,333 | 383,695 | 382,678 |
ERPOP [Member] | |||
REVENUES | |||
Rental income | $ 2,700,691 | $ 2,577,681 | $ 2,470,689 |
Fee and asset management | 384 | $ 753 | $ 717 |
Type of Revenue [Extensible List] | us-gaap:ManagementServiceMember | us-gaap:ManagementServiceMember | |
Total revenues | 2,701,075 | $ 2,578,434 | $ 2,471,406 |
EXPENSES | |||
Property and maintenance | 446,845 | 429,335 | 405,281 |
Real estate taxes and insurance | 366,139 | 357,814 | 335,495 |
Property management | 95,344 | 92,485 | 85,493 |
General and administrative | 52,757 | 53,813 | 52,224 |
Depreciation | 831,083 | 785,725 | 743,749 |
Total expenses | 1,792,168 | 1,719,172 | 1,622,242 |
Net gain (loss) on sales of real estate properties | 447,637 | 256,810 | 157,057 |
Impairment | (702) | (1,693) | |
Operating income | 1,356,544 | 1,115,370 | 1,004,528 |
Interest and other income | 2,817 | 15,317 | 6,136 |
Other expenses | (18,177) | (17,267) | (5,186) |
Interest: | |||
Expense incurred, net | (390,076) | (413,360) | (383,890) |
Amortization of deferred financing costs | (11,670) | (11,310) | (8,526) |
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels | 939,438 | 688,750 | 613,062 |
Income and other tax (expense) benefit | 2,281 | (878) | (478) |
Income (loss) from investments in unconsolidated entities | 65,945 | (3,667) | (3,370) |
Net gain (loss) on sales of land parcels | 2,044 | 987 | 19,167 |
Net income | 1,009,708 | 685,192 | 628,381 |
Partially Owned Properties | (3,297) | (2,718) | (2,323) |
Net income attributable to controlling interests | 1,006,411 | 682,474 | 626,058 |
ALLOCATION OF NET INCOME: | |||
Preference Units | 3,090 | 3,090 | 3,091 |
General Partner | 967,287 | 654,445 | 600,363 |
Limited Partners | 36,034 | 24,939 | 22,604 |
Net income available to Units | $ 1,003,321 | $ 679,384 | $ 622,967 |
Earnings per Unit – basic: | |||
Net income available to Units | $ 2.61 | $ 1.78 | $ 1.64 |
Weighted average Units outstanding | 383,368 | 380,921 | 379,869 |
Earnings per Unit – diluted: | |||
Net income available to Units | $ 2.60 | $ 1.77 | $ 1.63 |
Weighted average Units outstanding | 386,333 | 383,695 | 382,678 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Comprehensive income: | |||
Net income | $ 1,009,708 | $ 685,192 | $ 628,381 |
Other comprehensive income (loss) – derivative instruments: | |||
Unrealized holding gains (losses) arising during the year | (33,765) | 5,174 | 6,439 |
Losses reclassified into earnings from other comprehensive income | 21,188 | 18,452 | 18,858 |
Other comprehensive income (loss) | (12,577) | 23,626 | 25,297 |
Comprehensive income | 997,131 | 708,818 | 653,678 |
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties | (38,872) | (28,526) | (25,845) |
Comprehensive income attributable to controlling interests | 958,259 | 680,292 | 627,833 |
ERPOP [Member] | |||
Comprehensive income: | |||
Net income | 1,009,708 | 685,192 | 628,381 |
Other comprehensive income (loss) – derivative instruments: | |||
Unrealized holding gains (losses) arising during the year | (33,765) | 5,174 | 6,439 |
Losses reclassified into earnings from other comprehensive income | 21,188 | 18,452 | 18,858 |
Other comprehensive income (loss) | (12,577) | 23,626 | 25,297 |
Comprehensive income | 997,131 | 708,818 | 653,678 |
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties | (3,297) | (2,718) | (2,323) |
Comprehensive income attributable to controlling interests | $ 993,834 | $ 706,100 | $ 651,355 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 1,009,708 | $ 685,192 | $ 628,381 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 831,083 | 785,725 | 743,749 |
Amortization of deferred financing costs | 11,670 | 11,310 | 8,526 |
Amortization of above/below market lease intangibles | (71) | 4,392 | 3,828 |
Amortization of discounts and premiums on debt | 11,780 | 22,781 | 3,536 |
Amortization of deferred settlements on derivative instruments | 21,176 | 18,440 | 18,847 |
Amortization of right-of-use assets | 11,764 | ||
Impairment | 702 | 1,693 | |
Write-off of pursuit costs | 5,529 | 4,450 | 3,106 |
(Income) loss from investments in unconsolidated entities | (65,945) | 3,667 | 3,370 |
Distributions from unconsolidated entities – return on capital | 2,621 | 2,492 | 2,632 |
Net (gain) loss on sales of real estate properties | (447,637) | (256,810) | (157,057) |
Net (gain) loss on sales of land parcels | (2,044) | (987) | (19,167) |
Net (gain) loss on debt extinguishment | 13,647 | 22,110 | 12,258 |
Realized/unrealized (gain) loss on derivative instruments | 50 | ||
Compensation paid with Company Common Shares | 24,449 | 27,132 | 24,997 |
Other operating activities, net | 287 | ||
Changes in assets and liabilities: | |||
(Increase) decrease in other assets | 6,278 | 4,097 | (449) |
Increase (decrease) in accounts payable and accrued expenses | 5,116 | (1,862) | 11,532 |
Increase (decrease) in accrued interest payable | 4,230 | 4,587 | (2,911) |
Increase (decrease) in lease liabilities | (2,269) | ||
Increase (decrease) in other liabilities | 13,382 | 16,578 | (23,468) |
Increase (decrease) in security deposits | 2,804 | 2,249 | 2,385 |
Net cash provided by operating activities | 1,456,984 | 1,356,295 | 1,265,788 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Investment in real estate – acquisitions | (1,518,878) | (708,092) | (466,394) |
Investment in real estate – development/other | (195,692) | (154,431) | (276,382) |
Capital expenditures to real estate | (178,423) | (188,501) | (202,607) |
Non-real estate capital additions | (4,955) | (4,505) | (1,506) |
Interest capitalized for real estate under development | (6,884) | (6,260) | (26,290) |
Proceeds from disposition of real estate, net | 1,064,619 | 691,526 | 384,583 |
Investments in unconsolidated entities | (9,604) | (6,571) | (6,034) |
Distributions from unconsolidated entities – return of capital | 78,262 | 334 | |
Purchase of investment securities and other investments | (269) | ||
Net cash provided by (used for) investing activities | (771,824) | (376,834) | (594,296) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Debt financing costs | (19,812) | (8,583) | (6,289) |
Mortgage notes payable, net: | |||
Proceeds | 295,771 | 96,935 | |
Lump sum payoffs | (743,021) | (1,347,939) | (493,420) |
Scheduled principal repayments | (6,808) | (6,629) | (10,704) |
Notes, net: | |||
Proceeds | 1,194,468 | 896,294 | 692,466 |
Lump sum payoffs | (1,050,000) | (497,975) | |
Line of credit and commercial paper: | |||
Line of credit proceeds | 6,010,000 | 3,805,000 | 1,845,000 |
Line of credit repayments | (5,990,000) | (3,805,000) | (1,845,000) |
Commercial paper proceeds | 15,944,800 | 14,030,926 | 5,066,509 |
Commercial paper repayments | (15,446,150) | (13,831,500) | (4,786,750) |
Proceeds from (payments on) settlement of derivative instruments | (41,616) | 18,118 | 1,295 |
Prepaid finance ground lease | (34,734) | ||
Proceeds from Employee Share Purchase Plan (ESPP) | 3,116 | 3,879 | 3,744 |
Proceeds from exercise of EQR options | 77,785 | 30,655 | 31,596 |
Payment of offering costs | (991) | (27) | (51) |
Other financing activities, net | (80) | (78) | (63) |
Acquisition of Noncontrolling Interests – Partially Owned Properties | (13) | ||
Contributions – Noncontrolling Interests – Partially Owned Properties | 7,337 | 125 | 125 |
Contributions – Limited Partners | 2 | 1 | |
Distributions: | |||
OP Units – General Partner | (831,111) | (782,122) | (739,375) |
Preference Units | (3,090) | (3,863) | (3,091) |
OP Units – Limited Partners | (29,615) | (28,226) | (27,291) |
Noncontrolling Interests – Partially Owned Properties | (7,078) | (9,753) | (8,286) |
Net cash provided by (used for) financing activities | (684,474) | (963,910) | (789,818) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 686 | 15,551 | (118,326) |
Cash and cash equivalents and restricted deposits, beginning of year | 116,313 | 100,762 | 219,088 |
Cash and cash equivalents and restricted deposits, end of year | 116,999 | 116,313 | 100,762 |
Cash and cash equivalents | 45,753 | 47,442 | 50,647 |
Restricted deposits | 71,246 | 68,871 | 50,115 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 342,048 | 358,156 | 360,273 |
Net cash paid (received) for income and other taxes | (585) | 853 | 640 |
Amortization of deferred financing costs: | |||
Investment in real estate, net | 120 | ||
Other assets | 2,987 | 2,412 | 2,412 |
Mortgage notes payable, net | 3,934 | 4,792 | 2,493 |
Notes, net | 4,869 | 4,106 | 3,621 |
Amortization of discounts and premiums on debt: | |||
Mortgage notes payable, net | 8,618 | 20,144 | 1,172 |
Notes, net | 3,162 | 2,637 | 2,364 |
Amortization of deferred settlements on derivative instruments: | |||
Other liabilities | (12) | (12) | (11) |
Accumulated other comprehensive income | 21,188 | 18,452 | 18,858 |
Write-off of pursuit costs: | |||
Investment in real estate, net | 5,451 | 4,364 | 2,965 |
Other assets | 62 | 53 | 17 |
Accounts payable and accrued expenses | 16 | 33 | 124 |
(Income) loss from investments in unconsolidated entities: | |||
Investments in unconsolidated entities | (67,268) | 2,304 | 1,955 |
Other liabilities | 1,323 | 1,363 | 1,415 |
Realized/unrealized (gain) loss on derivative instruments: | |||
Other assets | 2,002 | (14,977) | (4,582) |
Notes, net | 2,277 | (680) | (3,454) |
Other liabilities | 29,486 | 10,533 | 1,597 |
Accumulated other comprehensive income | (33,765) | 5,174 | 6,439 |
Investments in unconsolidated entities: | |||
Investments in unconsolidated entities | (7,504) | (4,891) | (3,034) |
Other liabilities | (2,100) | (1,680) | (3,000) |
Debt financing costs: | |||
Other assets | (6,909) | (145) | |
Mortgage notes payable, net | 2,354 | 555 | |
Notes, net | (10,549) | (7,883) | (6,289) |
Right-of-use assets and lease liabilities initial measurement and reclassifications: | |||
Right-of-use assets | (489,517) | ||
Other assets | 184,116 | ||
Lease liabilities | 333,603 | ||
Other liabilities | 28,202 | ||
Proceeds from (payments on) settlement of derivative instruments: | |||
Other assets | 18,118 | 1,295 | |
Other liabilities | 41,616 | ||
Mortgage Notes Payable, Net [Member] | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net gain (loss) on debt extinguishment | (3,381) | (22,110) | (12,258) |
ERPOP [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | 1,009,708 | 685,192 | 628,381 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 831,083 | 785,725 | 743,749 |
Amortization of deferred financing costs | 11,670 | 11,310 | 8,526 |
Amortization of above/below market lease intangibles | (71) | 4,392 | 3,828 |
Amortization of discounts and premiums on debt | 11,780 | 22,781 | 3,536 |
Amortization of deferred settlements on derivative instruments | 21,176 | 18,440 | 18,847 |
Amortization of right-of-use assets | 11,764 | ||
Impairment | 702 | 1,693 | |
Write-off of pursuit costs | 5,529 | 4,450 | 3,106 |
(Income) loss from investments in unconsolidated entities | (65,945) | 3,667 | 3,370 |
Distributions from unconsolidated entities – return on capital | 2,621 | 2,492 | 2,632 |
Net (gain) loss on sales of real estate properties | (447,637) | (256,810) | (157,057) |
Net (gain) loss on sales of land parcels | (2,044) | (987) | (19,167) |
Net (gain) loss on debt extinguishment | 13,647 | 22,110 | 12,258 |
Realized/unrealized (gain) loss on derivative instruments | 50 | ||
Compensation paid with Company Common Shares | 24,449 | 27,132 | 24,997 |
Other operating activities, net | 287 | ||
Changes in assets and liabilities: | |||
(Increase) decrease in other assets | 6,278 | 4,097 | (449) |
Increase (decrease) in accounts payable and accrued expenses | 5,116 | (1,862) | 11,532 |
Increase (decrease) in accrued interest payable | 4,230 | 4,587 | (2,911) |
Increase (decrease) in lease liabilities | (2,269) | ||
Increase (decrease) in other liabilities | 13,382 | 16,578 | (23,468) |
Increase (decrease) in security deposits | 2,804 | 2,249 | 2,385 |
Net cash provided by operating activities | 1,456,984 | 1,356,295 | 1,265,788 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Investment in real estate – acquisitions | (1,518,878) | (708,092) | (466,394) |
Investment in real estate – development/other | (195,692) | (154,431) | (276,382) |
Capital expenditures to real estate | (178,423) | (188,501) | (202,607) |
Non-real estate capital additions | (4,955) | (4,505) | (1,506) |
Interest capitalized for real estate under development | (6,884) | (6,260) | (26,290) |
Proceeds from disposition of real estate, net | 1,064,619 | 691,526 | 384,583 |
Investments in unconsolidated entities | (9,604) | (6,571) | (6,034) |
Distributions from unconsolidated entities – return of capital | 78,262 | 334 | |
Purchase of investment securities and other investments | (269) | ||
Net cash provided by (used for) investing activities | (771,824) | (376,834) | (594,296) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Debt financing costs | (19,812) | (8,583) | (6,289) |
Net gain (loss) on debt extinguishment | (10,266) | ||
Mortgage notes payable, net: | |||
Proceeds | 295,771 | 96,935 | |
Lump sum payoffs | (743,021) | (1,347,939) | (493,420) |
Scheduled principal repayments | (6,808) | (6,629) | (10,704) |
Notes, net: | |||
Proceeds | 1,194,468 | 896,294 | 692,466 |
Lump sum payoffs | (1,050,000) | (497,975) | |
Line of credit and commercial paper: | |||
Line of credit proceeds | 6,010,000 | 3,805,000 | 1,845,000 |
Line of credit repayments | (5,990,000) | (3,805,000) | (1,845,000) |
Commercial paper proceeds | 15,944,800 | 14,030,926 | 5,066,509 |
Commercial paper repayments | (15,446,150) | (13,831,500) | (4,786,750) |
Proceeds from (payments on) settlement of derivative instruments | (41,616) | 18,118 | 1,295 |
Prepaid finance ground lease | (34,734) | ||
Proceeds from Employee Share Purchase Plan (ESPP) | 3,116 | 3,879 | 3,744 |
Proceeds from exercise of EQR options | 77,785 | 30,655 | 31,596 |
Payment of offering costs | (991) | (27) | (51) |
Other financing activities, net | (80) | (78) | (63) |
Acquisition of Noncontrolling Interests – Partially Owned Properties | (13) | ||
Contributions – Noncontrolling Interests – Partially Owned Properties | 7,337 | 125 | 125 |
Contributions – Limited Partners | 2 | 1 | |
Distributions: | |||
OP Units – General Partner | (831,111) | (782,122) | (739,375) |
Preference Units | (3,090) | (3,863) | (3,091) |
OP Units – Limited Partners | (29,615) | (28,226) | (27,291) |
Noncontrolling Interests – Partially Owned Properties | (7,078) | (9,753) | (8,286) |
Net cash provided by (used for) financing activities | (684,474) | (963,910) | (789,818) |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 686 | 15,551 | (118,326) |
Cash and cash equivalents and restricted deposits, beginning of year | 116,313 | 100,762 | 219,088 |
Cash and cash equivalents and restricted deposits, end of year | 116,999 | 116,313 | 100,762 |
Cash and cash equivalents | 45,753 | 47,442 | 50,647 |
Restricted deposits | 71,246 | 68,871 | 50,115 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 342,048 | 358,156 | 360,273 |
Net cash paid (received) for income and other taxes | (585) | 853 | 640 |
Amortization of deferred financing costs: | |||
Investment in real estate, net | (120) | ||
Other assets | 2,987 | 2,412 | 2,412 |
Mortgage notes payable, net | 3,934 | 4,792 | 2,493 |
Notes, net | 4,869 | 4,106 | 3,621 |
Amortization of discounts and premiums on debt: | |||
Mortgage notes payable, net | 8,618 | 20,144 | 1,172 |
Notes, net | 3,162 | 2,637 | 2,364 |
Amortization of deferred settlements on derivative instruments: | |||
Other liabilities | (12) | (12) | (11) |
Accumulated other comprehensive income | 21,188 | 18,452 | 18,858 |
Write-off of pursuit costs: | |||
Investment in real estate, net | 5,451 | 4,364 | 2,965 |
Other assets | 62 | 53 | 17 |
Accounts payable and accrued expenses | 16 | 33 | 124 |
(Income) loss from investments in unconsolidated entities: | |||
Investments in unconsolidated entities | (67,268) | 2,304 | 1,955 |
Other liabilities | 1,323 | 1,363 | 1,415 |
Realized/unrealized (gain) loss on derivative instruments: | |||
Other assets | 2,002 | (14,977) | (4,582) |
Notes, net | 2,277 | (680) | (3,454) |
Other liabilities | 29,486 | 10,533 | 1,597 |
Accumulated other comprehensive income | (33,765) | 5,174 | 6,439 |
Investments in unconsolidated entities: | |||
Investments in unconsolidated entities | (7,504) | (4,891) | (3,034) |
Other liabilities | (2,100) | (1,680) | (3,000) |
Debt financing costs: | |||
Other assets | (6,909) | (145) | |
Mortgage notes payable, net | (2,354) | (555) | |
Notes, net | (10,549) | (7,883) | (6,289) |
Right-of-use assets and lease liabilities initial measurement and reclassifications: | |||
Right-of-use assets | (489,517) | ||
Other assets | 184,116 | ||
Lease liabilities | 333,603 | ||
Other liabilities | (28,202) | ||
Proceeds from (payments on) settlement of derivative instruments: | |||
Other assets | 18,118 | 1,295 | |
Other liabilities | (41,616) | ||
ERPOP [Member] | Mortgage Notes Payable, Net [Member] | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net gain (loss) on debt extinguishment | $ (3,381) | $ (22,110) | $ (12,258) |
CONSOLIDATED STATEMENTS OF CH_3
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands | Total | ERPOP [Member] | PREFERRED SHARESERPOP [Member] | General Partner [Member] | General Partner [Member]ERPOP [Member] | Limited PartnerERPOP [Member] | AOCI Attributable to ParentERPOP [Member] | DISTRIBUTIONS [Member] | PARTIALLY OWNED PROPERTIES [Member]ERPOP [Member] |
Balance, beginning of year at Dec. 31, 2016 | $ 37,280 | $ 10,305,707 | $ 221,297 | $ (113,909) | |||||
Balance, beginning of year at Dec. 31, 2016 | $ 10,609 | ||||||||
OP Unit Issuance: | |||||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 15,900 | (15,900) | |||||||
Exercise of EQR share options | 31,596 | ||||||||
EQR's Employee Share Purchase Plan (ESPP) | $ 3,744 | ||||||||
Share-based employee compensation expense: | |||||||||
EQR restricted shares | 9,777 | ||||||||
EQR share options | 6,835 | ||||||||
EQR ESPP discount | 747 | ||||||||
Net income available to Units - General Partner | $ 600,363 | 600,363 | |||||||
OP Units - General Partner distributions | (740,459) | ||||||||
Offering costs | (51) | ||||||||
Supplemental Executive Retirement Plan (SERP) | (594) | ||||||||
Change in market value of Redeemable Limited Partners | 41,916 | ||||||||
Adjustment for Limited Partners ownership in Operating Partnership | 18,315 | (18,315) | |||||||
LIMITED PARTNERS | |||||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 15,900 | (15,900) | |||||||
Equity compensation associated with Units - Limited Partners | 10,523 | ||||||||
Net income available to Units - Limited Partners | 22,604 | 22,604 | |||||||
Units - Limited Partners distributions | (26,739) | ||||||||
Change in carrying value of Redeemable Limited Partners | 33,221 | ||||||||
Adjustment for Limited Partners ownership in Operating Partnership | 18,315 | (18,315) | |||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||
Unrealized holding gains (losses) arising during the year | $ 6,439 | 6,439 | 6,439 | ||||||
Losses reclassified into earnings from other comprehensive income | (18,858) | (18,858) | 18,858 | ||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Unit outstanding | $ 2.015 | ||||||||
NONCONTROLLING INTERESTS PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 628,381 | 628,381 | 2,323 | ||||||
Contributions by Noncontrolling Interests | 125 | ||||||||
Distributions to Noncontrolling Interests | (8,349) | ||||||||
Balance, end of year at Dec. 31, 2017 | 37,280 | 10,293,796 | 226,691 | (88,612) | |||||
Balance, end of year at Dec. 31, 2017 | 4,708 | ||||||||
OP Unit Issuance: | |||||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 4,098 | (4,098) | |||||||
Exercise of EQR share options | 30,655 | ||||||||
EQR's Employee Share Purchase Plan (ESPP) | 3,879 | ||||||||
Share-based employee compensation expense: | |||||||||
EQR restricted shares | 8,258 | ||||||||
EQR share options | 9,734 | ||||||||
EQR ESPP discount | 767 | ||||||||
Net income available to Units - General Partner | 654,445 | 654,445 | |||||||
OP Units - General Partner distributions | (796,212) | ||||||||
Offering costs | (27) | ||||||||
Supplemental Executive Retirement Plan (SERP) | (454) | ||||||||
Change in market value of Redeemable Limited Partners | (13,922) | ||||||||
Adjustment for Limited Partners ownership in Operating Partnership | 5,893 | (5,893) | |||||||
LIMITED PARTNERS | |||||||||
Issuance of restricted units to Limited Partners | 1 | ||||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 4,098 | (4,098) | |||||||
Equity compensation associated with Units - Limited Partners | 14,009 | ||||||||
Net income available to Units - Limited Partners | 24,939 | 24,939 | |||||||
Units - Limited Partners distributions | (28,682) | ||||||||
Change in carrying value of Redeemable Limited Partners | 1,771 | ||||||||
Adjustment for Limited Partners ownership in Operating Partnership | 5,893 | (5,893) | |||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||
Unrealized holding gains (losses) arising during the year | 5,174 | 5,174 | 5,174 | ||||||
Losses reclassified into earnings from other comprehensive income | (18,452) | (18,452) | 18,452 | ||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Unit outstanding | 2.16 | ||||||||
NONCONTROLLING INTERESTS PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | 685,192 | 685,192 | 2,718 | ||||||
Acquisition Noncontrolling Interests Partially Owned Properties | (13) | ||||||||
Contributions by Noncontrolling Interests | 125 | ||||||||
Distributions to Noncontrolling Interests | (9,831) | ||||||||
Balance, end of year at Dec. 31, 2018 | 37,280 | 10,200,910 | 228,738 | (64,986) | |||||
Balance, end of year at Dec. 31, 2018 | (2,293) | ||||||||
OP Unit Issuance: | |||||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 10,410 | (10,410) | |||||||
Exercise of EQR share options | 77,785 | ||||||||
EQR's Employee Share Purchase Plan (ESPP) | $ 3,116 | ||||||||
Share-based employee compensation expense: | |||||||||
EQR restricted shares | 12,438 | ||||||||
EQR share options | 2,675 | ||||||||
EQR ESPP discount | 642 | ||||||||
Net income available to Units - General Partner | 967,287 | 967,287 | |||||||
OP Units - General Partner distributions | (842,555) | ||||||||
Offering costs | (991) | ||||||||
Supplemental Executive Retirement Plan (SERP) | (1,675) | ||||||||
Change in market value of Redeemable Limited Partners | (82,283) | ||||||||
Adjustment for Limited Partners ownership in Operating Partnership | 8,030 | (8,030) | |||||||
LIMITED PARTNERS | |||||||||
Issuance of restricted units to Limited Partners | 2 | ||||||||
Conversion of OP Units held by Limited Partners into OP Units held by General Partner | 10,410 | (10,410) | |||||||
Equity compensation associated with Units - Limited Partners | 13,410 | ||||||||
Net income available to Units - Limited Partners | 36,034 | 36,034 | |||||||
Units - Limited Partners distributions | (29,896) | ||||||||
Change in carrying value of Redeemable Limited Partners | (2,011) | ||||||||
Adjustment for Limited Partners ownership in Operating Partnership | 8,030 | (8,030) | |||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||
Unrealized holding gains (losses) arising during the year | (33,765) | (33,765) | (33,765) | ||||||
Losses reclassified into earnings from other comprehensive income | (21,188) | (21,188) | 21,188 | ||||||
DISTRIBUTIONS | |||||||||
Distributions declared per Unit outstanding | $ 2.27 | ||||||||
NONCONTROLLING INTERESTS PARTIALLY OWNED PROPERTIES | |||||||||
Net income attributable to Noncontrolling Interests | $ 1,009,708 | $ 1,009,708 | 3,297 | ||||||
Contributions by Noncontrolling Interests | 7,337 | ||||||||
Distributions to Noncontrolling Interests | (7,158) | ||||||||
Balance, end of year at Dec. 31, 2019 | $ 37,280 | $ 10,355,789 | $ 227,837 | $ (77,563) | |||||
Balance, end of year at Dec. 31, 2019 | $ 1,183 |
Business
Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Business | 1. Business Equity Residential (“EQR”) is an S&P 500 company focused on the acquisition, development and management of rental apartment properties located in urban and high-density suburban communities, a business that is conducted on its behalf by ERP Operating Limited Partnership (“ERPOP”). EQR is a Maryland real estate investment trust (“REIT”) formed in March 1993 and ERPOP is an Illinois limited partnership formed in May 1993. References to the “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the “Operating Partnership” mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership. EQR is the general partner of, and as of December 31, 2019 owned an approximate 96.4% ownership interest in, ERPOP. All of the Company’s property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR issues equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP, but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. As of December 31, 2019, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 309 properties located in 10 states and the District of Columbia consisting of 79,962 apartment units. The ownership breakdown includes (table does not include various uncompleted development properties): Properties Apartment Units Wholly Owned Properties 291 76,265 Master-Leased Property – Consolidated 1 162 Partially Owned Properties – Consolidated 17 3,535 309 79,962 The “Wholly Owned Properties” are accounted for under the consolidation method of accounting. The “Master-Leased Property – Consolidated” is wholly owned by the Company but the entire project is leased to a third party corporate housing provider. This property is consolidated and reflected as a real estate asset while the master lease is accounted for as an operating lease. The “Partially Owned Properties – Consolidated” are controlled by the Company, but have partners with noncontrolling interests and are accounted for under the consolidation method of accounting and qualify as variable interest entities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation Due to the Company’s ability as general partner to control either through ownership or by contract the Operating Partnership and its subsidiaries, the Operating Partnership and each such subsidiary has been consolidated with the Company for financial reporting purposes, except for any unconsolidated properties/entities. Real Estate Assets and Depreciation of Investment in Real Estate The Company expects that substantially all of its transactions will be accounted for as asset acquisitions. In an asset acquisition, the Company is required to capitalize transaction costs and allocate the purchase price on a relative fair value basis. For the years ended December 31, 2019 and 2018, all acquisitions were considered asset acquisitions. For asset acquisitions, the Company allocates the purchase price of the net tangible and identified intangible assets on a relative fair value basis. In making estimates of relative fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible and intangible assets/liabilities acquired. The Company allocates the purchase price of acquired real estate to various components as follows: • Land – Based on actual purchase price adjusted to an allocation of the relative fair value (as necessary) if acquired separately or market research/comparables if acquired with an operating property. • Furniture, Fixtures and Equipment – Ranges between $10,000 and $35,000 per apartment unit acquired as an estimate of the allocation of the relative fair value of the appliances and fixtures inside an apartment unit. The per-apartment unit amount applied depends on the economic age of the apartment units acquired. Depreciation is calculated on the straight-line method over an estimated useful life of five to ten years. • Lease Intangibles – The Company considers the value of acquired in-place leases and above/below market leases and the amortization period is the average remaining term of each respective acquired lease. In-place residential leases’ average term at acquisition approximates six months. In-place retail leases’ term at acquisition approximates the average remaining term of all acquired retail leases. See Note 8 for more information on ground lease intangibles. • Other Intangible Assets – The Company considers whether it has acquired other intangible assets, including any customer relationship intangibles and the amortization period is the estimated useful life of the acquired intangible asset. • Building – Based on the allocation of the relative fair value determined on an “as-if vacant” basis. Depreciation is calculated on the straight-line method over an estimated useful life of thirty years. • Long-Term Debt – The Company calculates the allocation of the relative fair value by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings. Replacements inside an apartment unit such as appliances and carpeting are depreciated over an estimated useful life of five to ten years. Renovation expenditures for ordinary maintenance and repairs are expensed to operations as incurred and significant renovations and improvements that improve and/or extend the useful life of the asset are capitalized over their estimated useful life, generally five to fifteen years. Initial direct leasing costs are expensed as incurred as such expense approximates the deferral and amortization of initial direct leasing costs over the lease terms. Property dispositions are recorded when control transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with accounting principles generally accepted in the United States. The Company classifies real estate assets as real estate held for sale when it is probable a property will be disposed of. The Company classifies properties under development and/or expansion and properties in the lease-up phase (including land) as construction-in-progress until construction has been completed and certificates of occupancy permits have been obtained. Impairment of Long-Lived Assets The Company periodically evaluates its long-lived assets, including its investment in real estate, for indicators of impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, legal, regulatory and environmental concerns, the Company’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted. If impairment indicators exist, the Company performs the following: • For long-lived operating assets to be held and used, the Company compares the expected future undiscounted cash flows for the long-lived asset against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company would make an estimate of the fair value for the particular asset and would record an impairment loss for the difference between the estimated fair value and the carrying amount of the asset. In determining the future undiscounted cash flows or the estimated fair value of an asset there is judgment in estimating the expected future rental revenues, operating expenses and discount and capitalization rates. • For long-lived non-operating assets (projects under development and land held for development), management evaluates major cost overruns, market conditions that could affect lease-up projections, intent and ability to hold the asset and any other indicators of impairment. If any of the indicators were to suggest impairment was present, the carrying value of the asset would be adjusted accordingly to fair value. • For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset measured at the time that the Company has determined it will sell the asset. Long-lived assets held for sale and the related liabilities are separately reported, with the long-lived assets reported at the lower of their carrying amounts or their estimated fair values, less their costs to sell, and are not depreciated after reclassification to real estate held for sale. Cost Capitalization See the Real Estate Assets and Depreciation of Investment in Real Estate For all development projects, the Company uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Company capitalizes interest, real estate taxes and insurance and payroll and associated costs for those individuals directly responsible for and who spend their time on development activities, with capitalization ceasing no later than 90 days following issuance of the certificate of occupancy. These costs are reflected on the balance sheets as construction-in-progress for each specific property. The Company expenses as incurred all payroll costs of on-site employees working directly at our properties, except as noted above on our development properties prior to certificate of occupancy issuance and on specific major renovations at selected properties when additional incremental employees are hired. During the years ended December 31, 2019, 2018 and 2017, the Company capitalized $14.2 million, $13.2 million and $14.7 million, respectively, of payroll and associated costs of employees directly responsible for and who spend their time on the execution and supervision of development activities as well as major capital and/or renovation projects. Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and investments in certificates of deposit with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance. Fair Value of Financial Instruments, Including Derivative Instruments The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company may seek to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business. The Company has a policy of only entering into derivative contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from these instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives it currently has in place. The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. In addition, fair value adjustments will affect either shareholders’ equity/partners’ capital or net income depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. When the terms of an underlying transaction are modified, or when the underlying transaction is terminated or completed, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until the instrument matures. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market each period. The Company does not use derivatives for trading or speculative purposes. Leases and Revenue Recognition Rental income attributable to residential leases is recorded on a straight-line basis, which is not materially different than if it were recorded when due from residents and recognized monthly as it was earned. Leases entered into between a resident and a property for the rental of an apartment unit are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis. Rental income attributable to retail leases (including commercial leases) is also recorded on a straight-line basis. Retail leases generally have five to ten year lease terms with market based renewal options. Fee and asset management revenue and interest income are recorded on an accrual basis. The majority of the Company’s revenue is derived from residential, retail and other lease income, which are accounted for under the new leasing standard effective January 1, 2019 (discussed below in Recently Adopted Accounting Pronouncements The Company is a lessor for its residential and retail leases and is a lessee for its corporate headquarters and regional offices and ground leases for land underlying current operating properties or projects under development. If applicable, lease agreements must be evaluated to determine the accounting treatment as a finance or operating lease in accordance with the new leasing standard. A lease is classified as a finance lease if it meets any of the following criteria: (a) Ownership of the underlying asset is transferred to the lessee by the end of the lease term; (b) the lessee has and is reasonably certain to exercise an option to purchase the underlying asset; (c) the lease term is for the major part of the remaining economic life of the underlying asset; (d) the present value of future minimum lease payments is equal to substantially all of the fair value of the underlying asset; and (e) the underlying asset is expected to have no alternative use to the lessor at the end of the lease term due to its specialized nature. The new leasing standard also requires the recognition on the balance sheet of: (a) a liability for the lease obligation (initially measured at the present value of the future lease payments not yet paid over the lease term); and (b) an asset for its right to use the underlying asset (initially equal to the lease liability). See Recently Adopted Accounting Pronouncements The Company’s revenue streams that are not accounted for under the new leasing standard include: • Parking revenue – The Company’s parking revenue, not related to leasing, is derived primarily from monthly and transient daily parking and is accounted for at the point in time when control of the goods or services transfers to the customer and our performance obligation is satisfied. • Other rental and non-rental related revenue – The Company receives other income, including, but not limited to: (a) ancillary income, such as laundry, renters insurance and cable income; (b) net settlement income or collections; and (c) miscellaneous fee income. • Fee and asset management revenue – The Company received management fee revenue as the property manager for two unconsolidated joint ventures for which it had an ownership interest during part of the year but no longer owns as of December 31, 2019. • Gains or losses on sales of real estate properties – The Company accounts for the sale of real estate properties and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete and the Company does not have significant continuing involvement. A gain or loss is recognized when the criteria for an asset to be derecognized are met, which include when a contract exists and the buyer obtained control of the nonfinancial asset that was sold. The Company’s rental income detail by leasing and revenue recognition standards along with the percentages of rental income are disclosed in the table below for the years ended December 31, 2019 and 2018 (amounts in thousands). Year Ended December 31, 2019 Year Ended December 31, 2018 Income Type $ Rental Income % of Rental Income $ Rental Income % of Rental Income Residential and retail rent $ 2,486,189 $ 2,369,552 Utility recoveries ("RUBS") 68,576 63,218 Parking rent 37,905 33,757 Storage rent 3,816 3,674 Pet rent 11,617 11,185 Leasing standard (1) 2,608,103 96.6 % 2,481,386 96.3 % Parking revenue 28,272 26,743 Other revenue 64,316 69,552 Revenue recognition standard 92,588 3.4 % 96,295 3.7 % Rental income $ 2,700,691 100.0 % $ 2,577,681 100.0 % (1) See Note 8 for additional details on leasing revenue. Share-Based Compensation The Company expenses share-based compensation such as restricted shares, restricted units and share options. Any common share of beneficial interest, $0.01 par value per share (the “Common Shares”), issued pursuant to EQR’s incentive equity compensation and employee share purchase plans will result in ERPOP issuing units of partnership interest (“OP Units”) to EQR on a one-for-one basis, with ERPOP receiving the net cash proceeds of such issuances. See Note 12 for further discussion. The fair value of the option grants is recognized over the requisite service/vesting period of the options. The fair value for the Company’s share options was estimated at the time the share options were granted using the Black-Scholes option pricing model with the primary grant in each year having the following weighted average assumptions: 2019 2018 2017 Expected volatility (1) 16.3 % 14.8 % 15.3 % Expected life (2) 5 years 5 years 5 years Expected dividend yield (3) 3.10 % 3.09 % 3.08 % Risk-free interest rate (4) 2.43 % 2.52 % 1.93 % Option valuation per share $ 8.06 $ 6.15 $ 5.86 (1) Expected volatility – Estimated based on the historical five-year (2) Expected life – Approximates the actual weighted average life of all share options granted since the Company went public in 1993. (3) Expected dividend yield – Calculated by averaging the historical annual yield on EQR shares for a period matching the expected life of each grant, with the annual yield calculated by dividing actual regular dividends (excluding any special dividends) by the average price of EQR’s shares in a given year. (4) Risk-free interest rate – The most current U.S. Treasury rate available at the grant date for a period matching the expected life of each grant. The valuation method and assumptions are the same as those the Company used in accounting for option expense in its consolidated financial statements. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. This model is only one method of valuing options. Because the Company’s share options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, the actual value of the options to the recipient may be significantly different. Income and Other Taxes EQR has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes being made at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their proportionate share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary (“TRS”) status for certain of its corporate subsidiaries and as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. The Company’s provision for income and other tax expense (benefit) was as follows for the years ended December 31, 2019, 2018 and 2017 (amounts in thousands): Year Ended December 31, 2019 2018 2017 State and local income, franchise and excise tax (benefit) $ 963 $ 878 $ 478 Alternative minimum tax credit (benefit) (1) (3,244 ) — — Income and other tax expense (benefit) (2) $ (2,281 ) $ 878 $ 478 (1) As provided in recent tax legislation which repealed the alternative minimum tax on corporations, in 2019 the Company claimed/received $1.6 million of refunds of various alternative minimum tax credit carryovers generated in prior tax years. The provision allows for carryover amounts to be refunded over four years, with 50% available in the first year. The remaining $1.6 million, which will be claimed over three years, was accrued in 2019, for a total expected benefit of $3.2 million. (2) All provisions for income tax amounts are current and none are deferred. During the years ended December 31, 2019, 2018 and 2017, the tax character of the Company’s dividends and distributions were as follows (unaudited): Year Ended December 31, 2019 (1) 2018 (2) 2017 (3) Tax character of dividends and distributions: Ordinary dividends $ 1.39604 $ 1.84454 $ 1.22126 Long-term capital gain 0.61243 0.21423 0.18959 Unrecaptured section 1250 gain 0.23403 0.06498 0.10040 Dividends and distributions per Common Share/Unit outstanding $ 2.24250 $ 2.12375 $ 1.51125 (1) The Company’s fourth quarter 2019 dividends and distributions of $0.5675 per Common Share/Unit outstanding will be included as taxable income in calendar year 2020. (2) The Company’s fourth quarter 2018 dividends and distributions of $0.54 per Common Share/Unit outstanding was included as taxable income in calendar year 2019. (3 ) The Company’s fourth quarter 2017 dividends and distributions of $0.50375 per Common Share/Unit outstanding was included as taxable income in calendar year 2018. The unaudited cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes as of December 31, 2019 and 2018 was approximately $13.7 billion and $14.0 billion, respectively. Principles of Consolidation The Company may hold an interest in subsidiaries, partnerships, joint ventures and other similar entities and accounts for these interests in accordance with the consolidation guidance. The Company first determines whether to consolidate the entity as a variable interest entity (“VIE”) or account for the interest under the equity method of accounting. Equity investors of VIEs do not have sufficient equity at risk to finance their activities without additional subordinated financial support or do not have substantive participating rights. The Company consolidates an entity when it is considered to be the primary beneficiary or when it controls the entity through ownership of a majority voting interest. A primary beneficiary has the power to direct the activities that most significantly impact the VIE’s performance and has the obligation to absorb the expected losses or the right to receive the expected residual returns that could potentially be significant to the VIE. In evaluating whether the entity is a VIE, the Company considers several factors, including, but not limited to, funding and financing sources, business purpose of the entity, related parties, developer and property management fees and agreement terms regarding major decisions, participating and voting rights, contributions and distributions. Noncontrolling Interests A noncontrolling interest in a subsidiary (minority interest) is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company’s equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the consolidated statements of operations and comprehensive income. See Note 3 for further discussion. Operating Partnership: Net income is allocated to noncontrolling interests based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the noncontrolling interests by the total OP Units held by the noncontrolling interests and EQR. Issuance of additional Common Shares and OP Units changes the ownership interests of both the noncontrolling interests and EQR. Such transactions and the related proceeds are treated as capital transactions. Partially Owned Properties: The Company reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Company that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are generally based on ownership percentage and are reflected as noncontrolling interests in partially owned properties in the consolidated statements of operations and comprehensive income. Partners’ Capital The “Limited Partners” of ERPOP include various individuals and entities that contributed their properties to ERPOP in exchange for OP Units. The “General Partner” of ERPOP is EQR. Net income is allocated to the Limited Partners based on their respective ownership percentage of ERPOP. The ownership percentage is calculated by dividing the number of OP Units held by the Limited Partners by the total OP Units held by the Limited Partners and the General Partner. Issuance of additional Common Shares and OP Units changes the ownership interests of both the Limited Partners and EQR. Such transactions and the related proceeds are treated as capital transactions. Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners The Company classifies Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners in the mezzanine section of the consolidated balance sheets for the portion of OP Units that EQR is required, either by contract or securities law, to deliver registered Common Shares to the exchanging OP Unit holder. The redeemable noncontrolling interest units / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. See Note 3 for further discussion. Use of Estimates In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Reclassifications Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations or equity/capital. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“ FASB”) Recently Adopted Accounting Pronouncements In FASB Revenue from Contracts with Customers Additionally, as part of the revenue recognition standard, the FASB issued amendments related to partial sales of real estate. Adoption of the partial sales standard did not result in a change of accounting for the Company related to its disposition process. We concluded that the Company’s typical dispositions will continue to meet the criteria for sale and associated profit recognition under both standards. In February 2016, the FASB issued a leases standard which sets out principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessors and lessees). The standard requires the following: • Lessors – Leases are accounted for using an approach that is substantially equivalent to existing guidance for operating, sales-type and financing leases, but aligned with the revenue recognition standard. Lessors are required to allocate lease payments to separate lease and non-lease components of each lease agreement, with the non-lease components evaluated under the revenue recognition standard. • Lessees – Leases are accounted for using a dual approach, classifying leases as either operating or finance based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification determines whether the lease expense is recognized on a straight-line basis over the term of the lease (for operating leases) or based on an effective interest method (for finance leases). A lessee is also required to record a right-of-use asset and a lease liability on its balance sheet for all leases with a term of greater than 12 months regardless of their classification as operating or finance leases. Leases with a term of 12 months or less are accounted for similar to existing guidance for operating leases. The Company adopted this standard as required effective January 1, 2019 using a modified retrospective method and the Company applied the guidance as of the adoption date and elected certain practical expedients, as described below. The standard impacted our consolidated balance sheets but did not impact our consolidated statements of operations. Right-of-use (“ROU”) assets and lease liabilities where the Company is the lessee were recognized for various corporate office leases and ground leases. The Company recorded ROU assets and related lease liabilities to its opening balance sheet upon adoption on January 1, 2019 of $434.2 million and $278.3 million, respectively. The Company calculated the net present value of the lease liabilities on January 1, 2019 and reclassed the following amounts from other assets and other liabilities to record our initial ROU assets (amounts in thousands): January 1, 2019 Balance Sheet Reclass: Initial lease liabilities $ 278,287 Reclassifications: Prepaid ground leases 17,886 Other Assets Ground lease intangibles – below market, net 166,230 Other Assets Ground lease intangibles – above market, net (2,110 ) Other Liabilities Straight-line rent liabilities (1) (26,092 ) Other Liabilities Initial right-of-use assets $ 434,201 (1) Straight-line rent liabilities relate to corporate office leases and certain ground leases. The Company elected the practical expedient to not reassess the classification of existing operating leases. As of January 1, 2019, any new or modified ground leases may be classified as financing leases unless they meet certain conditions. When there is a material lease modification, the Company is required to reassess the classification and remeasure the lease liability. In July 2018, the FASB issued an amendment to the leases standard, which includes a practical expedient that provides lessors an option not to separate lease and non-lease components when certain criteria are met and instead account for those components as a single component under the leases standard. The amendment also provides a transition option that permits the application of the new guidance as of the adoption date rather than to all periods presented. The Company elected the practical expedient to account for both its lease and non-lease components as a single component under the leases standard and elected the new transition option as of the date of adoption effective January 1, 2019. See Note 8 for additional discussion regarding the new lease standard. In August 2017, the FASB issued a final standard which makes changes to the hedge accounting model to enable entities to better portray their risk management activities in the financial statements. The standard expands an entity’s ability to hedge nonfinancial and financial risk components, reduces complexity in fair value hedges of interest rate risk and eases certain documentation and assessment requirements. The standard also eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of any hedging instrument to be presented in the same income statement line as the hedged instrument. The Company adopted this standard as required effective January 1, 2019 and it did not have a material effect on its consolidated results of operations or financial position. Other The Company is the controlling partner in various consolidated partnerships owning 17 properties consisting of 3,535 apartment units having a noncontrolling interest balance of $1.2 million at December 31, 2019. The Company is required to make certain disclosures regarding noncontrolling interests in consolidated limited-life subsidiaries. Of the consolidated |
Equity, Capital and Other Inter
Equity, Capital and Other Interests | 12 Months Ended |
Dec. 31, 2019 | |
Equity Capital And Other Interests [Abstract] | |
Equity, Capital and Other Interests | 3. Equity, Capital and Other Interests The Company refers to “Common Shares” and “Units” (which refer to both OP Units and restricted units) as equity securities for EQR and “General Partner Units” and “Limited Partner Units” as equity securities for ERPOP. To provide a streamlined and more readable presentation of the disclosures for the Company and the Operating Partnership, several sections below refer to the respective terminology for each with the same financial information and separate sections are provided, where needed, to further distinguish any differences in financial information and terminology. The following table presents the changes in the Company’s issued and outstanding Common Shares and Units for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Common Shares Common Shares outstanding at January 1, 369,405,161 368,018,082 365,870,924 Common Shares Issued: Conversion of OP Units 313,940 131,477 1,149,284 Exercise of share options 1,745,050 1,056,388 846,137 Employee Share Purchase Plan (ESPP) 48,131 75,414 68,286 Restricted share grants, net 158,602 123,800 83,451 Common Shares outstanding at December 31, 371,670,884 369,405,161 368,018,082 Units Units outstanding at January 1, 13,904,035 13,768,438 14,626,075 Restricted unit grants, net 141,220 267,074 291,647 Conversion of OP Units to Common Shares (313,940 ) (131,477 ) (1,149,284 ) Units outstanding at December 31, 13,731,315 13,904,035 13,768,438 Total Common Shares and Units outstanding at December 31, 385,402,199 383,309,196 381,786,520 Units Ownership Interest in Operating Partnership 3.6 % 3.6 % 3.6 % The following table presents the changes in the Operating Partnership’s issued and outstanding General Partner Units and Limited Partner Units for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 383,309,196 381,786,520 380,496,999 Issued to General Partner: Exercise of EQR share options 1,745,050 1,056,388 846,137 EQR’s Employee Share Purchase Plan (ESPP) 48,131 75,414 68,286 EQR’s restricted share grants, net 158,602 123,800 83,451 Issued to Limited Partners: Restricted unit grants, net 141,220 267,074 291,647 General and Limited Partner Units outstanding at December 31, 385,402,199 383,309,196 381,786,520 Limited Partner Units Limited Partner Units outstanding at January 1, 13,904,035 13,768,438 14,626,075 Limited Partner restricted unit grants, net 141,220 267,074 291,647 Conversion of Limited Partner OP Units to EQR Common Shares (313,940 ) (131,477 ) (1,149,284 ) Limited Partner Units outstanding at December 31, 13,731,315 13,904,035 13,768,438 Limited Partner Units Ownership Interest in Operating Partnership 3.6 % 3.6 % 3.6 % The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of restricted units, are collectively referred to as the “Noncontrolling Interests – Operating Partnership” and “Limited Partners Capital,” respectively, for the Company and the Operating Partnership. Subject to certain exceptions (including the “book-up” requirements of restricted units), the Noncontrolling Interests – Operating Partnership/Limited Partners Capital may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital (including redeemable interests) is allocated based on the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total in proportion to the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total plus the total number of Common Shares/General Partner Units. Net income is allocated to the Noncontrolling Interests – Operating Partnership/Limited Partners Capital based on the weighted average ownership percentage during the period. The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Noncontrolling Interes ts – Operating Partnership /Limited Partner s Capital requesting an exchange of their Noncontrolling Interes ts – Operating Partnership /Limited Partner s Capital with EQR. Once the Operating Partnership elects not to redeem the Noncontrolling Interes ts – Operating Partnership /Limited Partner s Capital for cash, EQR is obligated to deliver Common Shares to the exchanging holder of the Noncontrolling Interes ts – Operating Partnership /Limited Partner s Capital . The Noncontrolling Interests – Operating Partnership/Limited Partners Capital are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Noncontrolling Interests – Operating Partnership/Limited Partners Capital are differentiated and referred to as “Redeemable Noncontrolling Interests – Operating Partnership” and “Redeemable Limited Partners,” respectively. Instruments that require settlement in registered shares cannot be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Noncontrolling Interests – Operating Partnership/Limited Partners Capital that are classified in permanent equity at December 31, 2019 and 2018. The carrying value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is allocated based on the number of Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners in proportion to the number of Noncontrolling Interests – Operating Partnership/Limited Partners Capital in total. Such percentage of the total carrying value of Units/Limited Partner Units which is ascribed to the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners is then adjusted to the greater of carrying value or fair market value as described above. As of December 31, 2019 and 2018, the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners have a redemption value of approximately $463.4 million and $379.1 million, respectively, which represents the value of Common Shares that would be issued in exchange for the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners. The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners for the years ended December 31, 2019, 2018 and 2017, respectively (amounts in thousands): 2019 2018 2017 Balance at January 1, $ 379,106 $ 366,955 $ 442,092 Change in market value 82,283 13,922 (41,916 ) Change in carrying value 2,011 (1,771 ) (33,221 ) Balance at December 31, $ 463,400 $ 379,106 $ 366,955 Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings and proceeds from exercise of options for Common Shares are contributed by EQR to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the Preferred Shares issued in the equity offering). As a result, the net proceeds from Common Shares and Preferred Shares are allocated for the Company between shareholders’ equity and Noncontrolling Interests – Operating Partnership and for the Operating Partnership between General Partner’s Capital and Limited Partners Capital to account for the change in their respective percentage ownership of the underlying equity. The Company’s declaration of trust authorizes it to issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share (the “Preferred Shares”), with specific rights, preferences and other attributes as the Board of Trustees may determine, which may include preferences, powers and rights that are senior to the rights of holders of the Company’s Common Shares. The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as of December 31, 2019 and 2018: Amounts in thousands Annual Call Dividend Per December 31, December 31, Date (1) Share/Unit (2) 2019 2018 Preferred Shares/Preference Units of beneficial interest, $0.01 par value; 100,000,000 shares authorized: 8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share/unit; 745,600 shares/units issued and outstanding as of December 31, 2019 and 2018 12/10/26 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares/Preference Units are payable quarterly. Other EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC in June 2019 and expires in June 2022. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis). The Company has an At-The-Market (“ATM”) share offering program which allows EQR to sell Common Shares from time to time into the existing trading market at current market prices as well as through negotiated transactions. In June 2019, the Company extended the program maturity to June 2022. In connection with the extension, the Company may now also sell Common Shares under forward sale agreements. The use of a forward sale agreement would allow the Company to lock in a price on the sale of Common Shares at the time the agreement is executed, but defer receiving the proceeds from the sale until a later date. EQR has the authority to issue 13.0 million shares but has not issued any shares under this program since September 2012. The Company may repurchase up to 13.0 million Common Shares under its share repurchase program. No open market repurchases have occurred since 2008 and no repurchases of any kind have occurred since February 2014. As of December 31, 2019, EQR has remaining authorization to repurchase up to 13.0 million of its shares. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Real Estate | 4. Real Estate The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of December 31, 2019 and 2018 (amounts in thousands): 2019 2018 Land $ 5,936,188 $ 5,875,803 Depreciable property: Buildings and improvements 18,904,686 18,232,625 Furniture, fixtures and equipment 1,916,458 1,722,231 In-Place lease intangibles 497,957 481,045 Projects under development: Land 23,531 25,429 Construction-in-progress 158,099 83,980 Land held for development: Land 64,460 61,038 Construction-in-progress 32,228 28,871 Investment in real estate 27,533,607 26,511,022 Accumulated depreciation (7,276,786 ) (6,696,281 ) Investment in real estate, net $ 20,256,821 $ 19,814,741 Acquisitions and Dispositions During the year ended December 31, 2019, the Company acquired the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated (1) 13 3,540 $ 1,494,689 Land Parcels (four) (2) — — 19,832 Total 13 3,540 $ 1,514,521 (1) Purchase price includes an allocation of approximately $268.3 million to land and $1.229 billion to depreciable property (inclusive of capitalized closing costs). (2) Purchase price includes an allocation of approximately $16.7 million to vacant land and $4.9 million to construction-in-progress (inclusive of capitalized closing costs). Land parcels include entry into two long-term ground leases for land projects under development in the Washington D.C. market, of which one land parcel is subject to a fully prepaid ground lease. See Notes 6 and 8 for additional discussion. During the year ended December 31, 2018, the Company acquired the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated (1) 5 1,478 $ 707,005 Total 5 1,478 $ 707,005 (1) Purchase price includes an allocation of approximately $113.7 million to land and $594.4 million to depreciable property (inclusive of capitalized closing costs). During the year ended December 31, 2019, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 11 2,361 $ 1,080,675 Rental Properties – Unconsolidated (1) 2 945 394,500 Land Parcels (two) — — 2,100 Total 13 3,306 $ 1,477,275 (1) The Company owned a 20% interest in both unconsolidated rental properties. Sales price listed is the gross sales price. The Company received net sales proceeds of approximately $78.3 million. The Company recognized a net gain on sales of real estate properties of approximately $447.6 million, a net gain on sales of unconsolidated entities of approximately $69.5 million and a net gain on sales of land parcels of approximately $2.0 million on the above sales. During the year ended December 31, 2018, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 5 1,292 $ 706,120 Land Parcels (one) — — 2,700 Total 5 1,292 $ 708,820 The Company recognized a net gain on sales of real estate properties of approximately $256.8 million and a net gain on sales of land parcels of approximately $1.0 million on the above sales. Impairment During the year ended December 31, 2018, the Company recorded an approximate $0.7 million non-cash asset impairment charge on a property located in the San Francisco market due to physical property damage as a result of a fire at one of the buildings at the property. During the year ended December 31, 2017, the Company recorded an approximate $ 1.7 million non-cash asset impairment charge on a land parcel that was being marketed for sale, which is included in land held for development on the consolidated balance sheets and included in the non-same store/other segment discussed in Note 17. The charge was the result of an analysis of the parcel’s estimated fair value (determined using internally developed models based on market assumptions and potential sales data from the marketing process) compared to its current capitalized carrying value. The parcel was sold in 2019 . |
Commitments to Acquire_Dispose
Commitments to Acquire/Dispose of Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Commitments To Acquire Dispose Of Real Estate [Abstract] | |
Commitments to Acquire/Dispose of Real Estate | 5. Commitments to Acquire/Dispose of Real Estate The Company has not entered into any agreements to acquire rental properties or land parcels as of the date of filing. The Company has entered into separate agreements to dispose of the following (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 4 1,416 $ 723,500 Land Parcels (two) — — 55,150 Total 4 1,416 $ 778,650 The closing of pending transactions is subject to certain conditions and restrictions; therefore, there can be no assurance that the transactions will be consummated or that the final terms will not differ in material respects from any agreements summarized above. See Note 18 for discussion of the properties acquired or disposed of, if any, subsequent to December 31, 2019. |
Investments in Partially Owned
Investments in Partially Owned Entities | 12 Months Ended |
Dec. 31, 2019 | |
Investments In Partially Owned Entities [Abstract] | |
Investments in Partially Owned Entities | 6. Investments in Partially Owned Entities The Company has co-invested in various properties with unrelated third parties which are either consolidated or accounted for under the equity method of accounting (unconsolidated). Consolidated VIEs In accordance with accounting standards for consolidation of VIEs, the Company consolidates ERPOP on EQR’s financial statements. As the sole general partner of ERPOP, EQR has exclusive control of ERPOP’s day-to-day management. The limited partners are not able to exercise substantive kick-out or participating rights. As a result, ERPOP qualifies as a VIE. EQR has a controlling financial interest in ERPOP and, thus, is ERPOP’s primary beneficiary. EQR has the power to direct the activities of ERPOP that most significantly impact ERPOP’s economic performance as well as the obligation to absorb losses or the right to receive benefits from ERPOP that could potentially be significant to ERPOP. The Company has various equity interests in certain joint ventures owning 17 properties containing 3,535 apartment units. The Company is the general partner or managing member of these joint ventures and is responsible for managing the operations and affairs of the joint ventures as well as making all decisions regarding the businesses of the joint ventures. The limited partners or non-managing members are not able to exercise substantive kick-out or participating rights. As a result, the joint ventures qualify as VIEs. The Company has a controlling financial interest in the VIEs and, thus, is the VIEs’ primary beneficiary. The Company has both the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. As a result, the joint ventures are required to be consolidated on the Company’s financial statements. During the year ended December 31, 2019, the Company entered into two consolidated joint ventures, both of which have been deemed to be VIEs and are consolidated due to the Company being the primary beneficiary. The joint ventures own two separate land parcels which they are currently developing into multifamily rental properties. The consolidated assets and liabilities related to the VIEs discussed above were approximately $754.7 million and $323.1 million, respectively, at December 31, 2019 and approximately $713.6 million and $313.9 million, respectively, at December 31, 2018. Investments in Unconsolidated Entities The following table and information summarizes the Company’s investments in unconsolidated entities, which are accounted for under the equity method of accounting as the requirements for consolidation are not met, as of December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Ownership Percentage Investments in Unconsolidated Entities: Operating Property (VIE) (1) $ 40,361 $ 42,365 33.3% Operating Properties (Non-VIE) (2) — 10,494 20.0% Real Estate Technology/Other 11,877 5,490 Varies Investments in Unconsolidated Entities $ 52,238 $ 58,349 (1) Represents an unconsolidated interest in an entity that owns the land underlying one of the consolidated joint venture properties noted above and owns and operates a related parking facility. The joint venture, as a limited partner, does not have substantive kick-out or participating rights in the entity. As a result, the entity qualifies as a VIE. The joint venture does not have a controlling financial interest in the VIE and is not the VIE’s primary beneficiary. The joint venture does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance or the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result, the entity that owns the land and owns and operates the parking facility is unconsolidated and recorded using the equity method of accounting. (2) Includes two joint ventures under separate agreements with the same partner totaling 945 apartment units as of December 31, 2018. During the year ended December 31, 2019, the Company and its joint venture partner sold both properties under separate agreements to unaffiliated parties. See Note 4 for additional discussion. |
Restricted Deposits
Restricted Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Deposits Restricted [Abstract] | |
Restricted Deposits | 7. Restricted Deposits The following table presents the Company’s restricted deposits as of December 31, 2019 and 2018 (amounts in thousands): December 31, 2019 December 31, 2018 Mortgage escrow deposits: Real estate taxes and insurance $ — $ 876 Replacement reserves 8,543 8,641 Mortgage principal reserves/sinking funds 9,689 9,754 Other — 852 Mortgage escrow deposits 18,232 20,123 Restricted cash: Tax-deferred (1031) exchange proceeds 14,232 — Earnest money on pending acquisitions — 5,000 Restricted deposits on real estate investments 658 540 Resident security and utility deposits 37,140 35,659 Other 984 7,549 Restricted cash 53,014 48,748 Restricted deposits $ 71,246 $ 68,871 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 8 . Leases Lessor Accounting The Company is the lessor for its residential and retail leases (including commercial leases) and these leases will continue to be accounted for as operating leases under the new standard as described in Note 2. Therefore, the Company did not have significant changes in the accounting for its lease revenues. For the year ended December 31, 2019, approximately 97% of the Company’s total lease revenue is generated from residential apartment leases that are generally twelve months or less in length. The residential apartment leases may include lease income related to such items as RUBS income, parking, storage and pet rent that the Company treats as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. The collection of lease payments at lease commencement is probable and therefore the Company subsequently recognizes lease income over the lease term on a straight-line basis. Residential leases are renewable upon consent of both parties on an annual or monthly basis. For the year ended December 31, 2019, approximately 3% of the Company’s total lease revenue is generated by retail leases that are generally for terms ranging between five to ten years. The retail leases generally consist of ground floor retail spaces and master-leased parking garages that serve as additional amenities for our residents. The retail leases may include lease income related to such items as RUBS income, parking rent and storage rent that the Company treats as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. The collection of lease payments at lease commencement is probable and therefore the Company subsequently recognizes lease income over the lease term on a straight-line basis. Retail leases are renewable with market-based renewal options. The Company elected the practical expedient to account for both its lease and non-lease components (specifically common area maintenance charges) as a single lease component under the leases standard. The following table presents the lease income types relating to lease payments for residential and retail leases for the year ended December 31, 2019 (amounts in thousands): Year Ended December 31, 2019 Lease Income Type Residential Leases Retail Leases Total Residential and retail rent $ 2,414,201 $ 71,988 $ 2,486,189 Utility recoveries (RUBS income) (1) 67,659 917 68,576 Parking rent 37,557 348 37,905 Storage rent 3,745 71 3,816 Pet rent 11,617 — 11,617 Total lease revenue (2) $ 2,534,779 $ 73,324 $ 2,608,103 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2 ) Excludes other rental income of $92.6 million for the year ended December 31, 2019, which is accounted for under the revenue recognition standard discussed in Note 2. Lessee Accounting The Company is the lessee under various corporate office and ground leases for which the Company recognized ROU assets and related lease liabilities effective January 1, 2019. The following table presents the Company’s ROU assets and related lease liabilities as of December 31, 2019 (amounts in thousands): 2019 Right-of-use assets: Corporate office leases $ 41,596 Ground leases (finance) 57,982 Ground leases (operating) 413,196 Right-of-use assets $ 512,774 Lease liabilities: Corporate office leases $ 43,105 Ground leases (finance) 23,239 Ground leases (operating) 264,990 Lease liabilities $ 331,334 As the standard requires the recognition of a liability for the lease obligation, discount rates are used to determine the net present value of the lease payments. The discount rate for the lease is the rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. As the Company does not know the amount of the lessors’ initial direct costs, it cannot readily determine the rate implicit in the lease and instead must apply the incremental borrowing rate. The Company has estimated the discount rate ranges of 3.3% to 3.9% for corporate office leases and 4.4% to 5.5% for ground leases at adoption. Since the Company’s credit backs the corporate office lease obligations and the lease terms are generally ten years or less, the discount rate range was estimated by using the Company’s borrowing rates for actual pricing data. The discount rate range for ground leases takes into account various factors, including the longer life of the ground leases, and was estimated by using the Company’s borrowing rates for actual pricing data through 30 years and other long-term market rates. Corporate office leases The Company leases nine corporate offices with lease expiration dates ranging from 2021 through 2042 (inclusive of applicable extension options). The Company’s corporate office leases continue to be accounted for as operating leases under the new standard. During the year ended December 31, 2019, the Company modified four office leases that continue to be classified as operating leases and recorded an additional lease liability and ROU asset at initial remeasurement of approximately $ 32.1 million . See Note 15 for details on a corporate office lease with a related party. Ground leases The Company maintains long-term ground leases for 14 operating properties and two projects under development with lease expiration dates ranging from 2042 through 2118 (inclusive of applicable purchase options). The Company owns the building and improvements. Based on its election of the package of practical expedients, the Company was not required to reassess the classification of existing ground leases at adoption and therefore the 14 operating property leases continue to be accounted for as operating leases. During the year ended December 31, 2019, the Company entered into two new ground leases, one of which is a fully prepaid ground lease, for projects under development that are being accounted for as finance leases and recorded initial ROU assets of approximately $57.9 million and lease liabilities of approximately $23.2 million. Ground Lease Intangibles Effective on January 1, 2019 with the adoption of the new leasing standard, ground lease intangibles, net of accumulated amortization were reclassed from other assets and other liabilities and are reported within the ROU assets on the consolidated balance sheets. See Note 2 for discussion of the opening balance of ROU assets. The following table summarizes the Company’s ground lease intangibles as of December 31, 2019 and 2018 (amounts in thousands): Description 2019 2018 Assets Ground lease intangibles $ 189,518 $ 191,918 Accumulated amortization (29,861 ) (25,688 ) Ground lease intangible assets, net (1) $ 159,657 $ 166,230 Liabilities Ground lease intangibles $ — $ 2,400 Accumulated amortization — (290 ) Ground lease intangible liabilities, net (1) $ — $ 2,110 (1 ) As of December 31, 2019, ground lease intangibles, net of accumulated amortization are included within the ROU assets on the consolidated balance sheets. As of December 31, 2018, the ground lease intangibles were included within other assets and other liabilities on the consolidated balance sheets. The following table provides a summary of the effect of the amortization for ground lease intangibles on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2019, 2018 and 2017 (amounts in thousands): Description Income Statement Location 2019 2018 2017 Ground lease intangible amortization Property and Maintenance $ (4,463 ) $ (4,463 ) $ (4,369 ) The following table provides a summary of the aggregate amortization for ground lease intangibles for each of the next five years (amounts in thousands): 2020 2021 2022 2023 2024 Ground lease intangibles $ (4,463 ) $ (4,463 ) $ (4,463 ) $ (4,463 ) $ (4,463 ) Additional disclosures The following tables illustrate the quantitative disclosures for lessees as of and for the year ended December 31, 2019 (amounts in thousands): Year Ended December 31, 2019 Lease cost: Finance lease cost: Amortization of right-of-use assets $ — Interest on lease liabilities (capitalized) 225 Operating lease cost: Corporate office leases 3,937 Ground leases 22,198 Variable lease cost: Corporate office leases 1,489 Ground leases 3,700 Total lease cost $ 31,549 December 31, 2019 Other information: Cash paid for amounts included in the measurement of lease liabilities: Investing cash flows from finance leases (capitalized) $ 34,922 Operating cash flows from operating leases: Corporate office leases $ 5,494 Ground leases $ 16,837 ROU assets obtained in exchange for new finance lease liabilities $ 23,201 ROU assets obtained in exchange for new operating lease liabilities: Corporate office leases $ 44,298 Ground leases $ 422,018 Weighted-average remaining lease term – finance leases (1) 19.7 years Weighted-average remaining lease term – operating leases: Corporate office leases 18.1 years Ground leases 56.2 years Weighted-average discount rate – finance leases 3.0 % Weighted-average discount rate – operating leases: Corporate office leases 3.2 % Ground leases 5.0 % (1 ) The weighted-average remaining lease term – finance leases does not include the remaining term of a fully prepaid finance lease entered into during the year ended December 31, 2019. The following table summarizes the Company’s undiscounted cash flows for contractual obligations for minimum rent payments/receipts under operating and financing leases for the next five years and thereafter as of December 31, 2019: (Payments)/Receipts Due by Year (in thousands) 2020 2021 2022 2023 2024 Thereafter Total Finance Leases: Minimum Rent Payments (a) $ (567 ) $ (578 ) $ (590 ) $ (601 ) $ (614 ) $ (33,850 ) $ (36,800 ) Operating Leases: Minimum Rent Payments (a) $ (16,914 ) $ (17,161 ) $ (16,907 ) $ (16,998 ) $ (17,330 ) $ (979,172 ) $ (1,064,482 ) Minimum Rent Receipts (b) $ 64,527 $ 61,817 $ 58,204 $ 50,906 $ 43,784 $ 154,898 $ 434,136 (a) Minimum basic rent due for corporate office leases and base rent due on ground leases where the Company is the lessee. (b) Minimum basic rent receipts due for various retail space where the Company is the lessor. Excludes residential leases due to their short-term nature. The following table provides a reconciliation of lease liabilities from our undiscounted cash flows for minimum rent payments as of December 31, 2019 (amounts in thousands): 2019 Total minimum rent payments $ 1,101,282 Less: Lease discount 769,948 Lease liabilities $ 331,334 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 9 . Debt EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. Weighted average interest rates noted below for the years ended December 31, 2019 and 2018 include the effect of any derivative instruments and amortization of premiums/discounts/OCI (other comprehensive income) on debt and derivatives. Mortgage Notes Payable The following tables summarize the Company’s mortgage notes payable activity for the years ended December 31, 2019 and 2018, respectively (amounts in thousands): Mortgage notes payable, net as of December 31, 2018 Proceeds Lump sum payoffs Scheduled principal repayments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Mortgage notes payable, net as of December 31, 2019 Fixed Rate Debt: Secured – Conventional $ 1,885,407 $ 288,120 (2) $ (584,536 ) $ (6,308 ) $ (7,999 ) $ 15 $ 1,574,699 Floating Rate Debt: Secured – Conventional 6,357 7,651 (3) (5,920 ) (500 ) — (538 ) 7,050 Secured – Tax Exempt 493,706 — (152,565 ) — 16,617 2,103 359,861 Floating Rate Debt 500,063 7,651 (158,485 ) (500 ) 16,617 1,565 366,911 Total $ 2,385,470 $ 295,771 $ (743,021 ) $ (6,808 ) $ 8,618 $ 1,580 $ 1,941,610 (1 ) Represents amortization of deferred financing costs, net of debt financing costs. (2 ) Obtained 3.94% fixed rate mortgage debt held in a Fannie Mae loan pool maturing on March 1, 2029. (3 ) Obtained variable rate construction mortgage debt that is non-recourse to the Company maturing on June 25, 2022 (total commitment of $67.6 million). Mortgage notes payable, net as of December 31, 2017 Proceeds Lump sum payoffs Scheduled principal repayments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Mortgage notes payable, net as of December 31, 2018 Fixed Rate Debt: Secured – Conventional $ 2,982,344 $ — $ (1,093,705 ) $ (6,029 ) $ 719 $ 2,078 $ 1,885,407 Floating Rate Debt: Secured – Conventional 6,948 — — (600 ) — 9 6,357 Secured – Tax Exempt 629,430 96,935 (2) (254,234 ) — 19,425 2,150 493,706 Floating Rate Debt 636,378 96,935 (254,234 ) (600 ) 19,425 2,159 500,063 Total $ 3,618,722 $ 96,935 $ (1,347,939 ) $ (6,629 ) $ 20,144 $ 4,237 $ 2,385,470 (1 ) Represents amortization of deferred financing costs, net of debt financing costs. (2 ) Reissued floating rate tax-exempt mortgage bonds which mature on April 1, 2042, remarket weekly and are guaranteed by ERPOP. The following table summarizes the Company’s debt extinguishment costs on mortgages recorded as additional interest expense during the years ended December 31, 2019 and 2018, respectively (amounts in thousands): Description 2019 2018 Prepayment premiums/penalties $ 3,381 $ 22,110 Write-offs of unamortized deferred financing costs 2,273 2,957 Write-offs of unamortized (premiums)/discounts/OCI 6,153 16,268 Total $ 11,807 $ 41,335 The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2019 and 2018 , respectively: December 31, 2019 December 31, 2018 Interest Rate Ranges 0.10% - 5.29% 0.10% - 6.90% Weighted Average Interest Rate 3.84% 4.15% Maturity Date Ranges 2020-2061 2019-2061 As of December 31, 2019 and 2018, the Company had $281.7 million and $440.7 million, respectively, of secured debt (primarily tax-exempt bonds) subject to third party credit enhancement. The historical cost, net of accumulated depreciation, of encumbered properties was $2.7 billion and $3.2 billion at December 31, 2019 and 2018, respectively. Notes The following tables summarize the Company’s notes activity for the years ended December 31, 2019 and 2018, respectively (amounts in thousands): Notes, net as of December 31, 2018 Proceeds Lump sum payoffs Realized/unrealized (gain) loss on derivative instruments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Notes, net as of December 31, 2019 Fixed Rate Debt: Unsecured – Public $ 5,485,884 $ 1,194,468 (2) $ (600,000 ) $ — $ 3,117 $ (5,956 ) $ 6,077,513 Floating Rate Debt: Unsecured – Public 447,402 — (450,000 ) 2,277 45 276 — Total $ 5,933,286 $ 1,194,468 $ (1,050,000 ) $ 2,277 $ 3,162 $ (5,680 ) $ 6,077,513 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2 ) Issued $600.0 million of ten-year 3.00% unsecured notes, receiving net proceeds of approximately $597.5 million before underwriting fees, hedge termination costs and other expenses. Additionally, issued $600.0 million of ten-year 2.50% unsecured notes, receiving net proceeds of approximately $597.0 million before underwriting fees and other expenses. Notes, net as of December 31, 2017 Proceeds Realized/unrealized (gain) loss on derivative instruments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Notes, net as of December 31, 2018 Fixed Rate Debt: Unsecured – Public $ 4,591,373 $ 896,294 (2) $ — $ 2,547 $ (4,330 ) $ 5,485,884 Floating Rate Debt: Unsecured – Public (3) 447,439 — (680 ) 90 553 447,402 Total $ 5,038,812 $ 896,294 $ (680 ) $ 2,637 $ (3,777 ) $ 5,933,286 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2 ) Issued $500.0 million of ten-year 3.50% unsecured notes, receiving net proceeds of approximately $497.0 million before underwriting fees, hedge termination costs and other expenses. Additionally, issued $400.0 million of ten-year 4.15% unsecured notes, receiving net proceeds of approximately $399.3 million before underwriting fees, hedge termination costs and other expenses. (3 ) Fair value interest rate swaps converted the $450.0 million 2.375% notes due July 1, 2019 to a floating interest rate of 90-Day LIBOR plus 0.61%. The following table summarizes the Company’s debt extinguishment costs on notes recorded as additional interest expense during the years ended December 31, 2019 and 2018, respectively (amounts in thousands): Description 2019 2018 Prepayment premiums/penalties $ 10,266 $ — Write-offs of unamortized deferred financing costs 287 — Write-offs of unamortized (premiums)/discounts/OCI 1,043 — Total $ 11,596 $ — The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2019 and 2018, respectively: December 31, 2019 December 31, 2018 Interest Rate Ranges 2.50% - 7.57% 2.85% - 7.57% Weighted Average Interest Rate 4.21% 4.25% Maturity Date Ranges 2021-2047 2019-2047 The Company’s unsecured public notes contain certain financial and operating covenants including, among other things, maintenance of certain financial ratios. The Company was in compliance with its unsecured public debt covenants for both the years ended December 31, 2019 and 2018. EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC in June 2019 and expires in June 2022. Line of Credit and Commercial Paper On November 1, 2019, the Company replaced its existing $2.0 billion facility with a $2.5 billion unsecured revolving credit facility maturing November 1, 2024. The Company has the ability to increase available borrowings by an additional $750.0 million by adding lenders to the facility, obtaining the agreement of existing lenders to increase their commitments or incurring one or more term loans. The interest rate on advances under the facility will generally be LIBOR plus a spread (currently 0.775 %), or based on bids received from the lending group, and the Company pays a quarterly facility fee (currently ). Both the spread and the facility fee are dependent on the Company’s senior unsecured credit rating. The Company has an subject to market conditions The Company limits its utilization of the revolving credit facility in order to maintain liquidity to support its $1.0 billion commercial paper program ($500.0 million at December 31, 2018) along with certain other obligations. The following table presents the availability on the Company’s unsecured revolving credit facility as of December 31, 2019 and 2018 (amounts in thousands): December 31, 2019 December 31, 2018 Unsecured revolving credit facility commitment $ 2,500,000 $ 2,000,000 Commercial paper balance outstanding (1,000,000 ) (500,000 ) Unsecured revolving credit facility balance outstanding (20,000 ) — Other restricted amounts (100,929 ) (103,622 ) Unsecured revolving credit facility availability $ 1,379,071 $ 1,396,378 The following table summarizes the Company’s debt extinguishment costs on the line of credit recorded as additional interest expense during the years ended December 31, 2019 and 2018, respectively (amounts in thousands): Description 2019 2018 Write-offs of unamortized deferred financing costs $ 588 $ — Total $ 588 $ — Debt Maturity Table The following table provides a summary of the aggregate payments of principal on all debt for each of the next five years and thereafter as of December 31, 2019 (amounts in thousands): Year Total 2020 (1) $ 1,027,542 2021 926,404 2022 271,835 2023 1,329,088 2024 26,100 Thereafter 5,550,010 Subtotal 9,130,979 Deferred Financing Costs and Unamortized (Discount) (94,023 ) Total $ 9,036,956 (1) Includes $1.0 billion in principal outstanding on the Company’s commercial paper program. |
Derivative and Other Fair Value
Derivative and Other Fair Value Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Derivative and Other Fair Value Instruments | 10 . Derivative and Other Fair Value Instruments The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company may seek to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business. A three-level valuation hierarchy exists for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company’s derivative positions are valued using models developed by the respective counterparty as well as models applied internally by the Company that use as their inputs readily observable market parameters (such as forward yield curves and credit default swap data). Employee holdings other than Common Shares within the supplemental executive retirement plan (the “SERP”) are valued using quoted market prices for identical assets and are included in other assets and other liabilities on the consolidated balance sheets. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are valued using the quoted market price of Common Shares. The fair values disclosed for mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) were calculated using indicative rates provided by lenders of similar loans in the case of mortgage notes payable and the private unsecured debt (including its commercial paper and line of credit, if applicable) and quoted market prices for each underlying issuance in the case of the public unsecured notes. The fair values of the Company’s financial instruments (other than mortgage notes payable, unsecured notes, commercial paper, line of credit and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract value. The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at December 31, 2019 and 2018 , respectively (amounts in thousands): December 31, 2019 December 31, 2018 Carrying Value Estimated Fair Value (Level 2) Carrying Value Estimated Fair Value (Level 2) Mortgage notes payable, net $ 1,941,610 $ 1,930,710 $ 2,385,470 $ 2,352,502 Unsecured debt, net 7,095,346 7,677,289 6,432,469 6,481,426 Total debt, net $ 9,036,956 $ 9,607,999 $ 8,817,939 $ 8,833,928 The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at December 31, 2019 and 2018, respectively (amounts in thousands): Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2019 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Supplemental Executive Retirement Plan Other Assets $ 151,889 $ 151,889 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 151,889 $ 151,889 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 463,400 $ — $ 463,400 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2018 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Assets $ 2,000 $ — $ 2,000 $ — Supplemental Executive Retirement Plan Other Assets 134,088 134,088 — — Total $ 136,088 $ 134,088 $ 2,000 $ — Liabilities Derivatives designated as hedging instruments: Interest Rate Contracts: Fair Value Hedges Other Liabilities $ 2,277 $ — $ 2,277 $ — Forward Starting Swaps Other Liabilities 9,851 — 9,851 — Supplemental Executive Retirement Plan Other Liabilities 134,088 134,088 — — Total $ 146,216 $ 134,088 $ 12,128 $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 379,106 $ — $ 379,106 $ — The following tables provide a summary of the effect of fair value hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2019, 2018 and 2017, respectively (amounts in thousands): December 31, 2019 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ 2,277 Fixed rate debt Interest expense $ (2,277 ) Total $ 2,277 $ (2,277 ) December 31, 2018 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ (680 ) Fixed rate debt Interest expense $ 680 Total $ (680 ) $ 680 December 31, 2017 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ (3,454 ) Fixed rate debt Interest expense $ 3,454 Total $ (3,454 ) $ 3,454 The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2019, 2018 and 2017, respectively (amounts in thousands): Effective Portion December 31, 2019 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (33,765 ) Interest expense $ (21,188 ) Total $ (33,765 ) $ (21,188 ) Effective Portion Ineffective Portion December 31, 2018 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ 5,124 Interest expense $ (18,452 ) N/A $ — Total $ 5,124 $ (18,452 ) $ — Effective Portion Ineffective Portion December 31, 2017 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ 6,439 Interest expense $ (18,858 ) N/A $ — Total $ 6,439 $ (18,858 ) $ — As of December 31, 2019 and 2018, there were approximately $77.6 million and $65.0 million in deferred losses, net, included in accumulated other comprehensive income (loss), respectively, related to derivative instruments, of which an estimated $24.9 million may be recognized as additional interest expense during the twelve months ending December 31, 2020. In July 2019, six fair value interest rate swaps matured in conjunction with the maturity of $450.0 million of 2.375% unsecured notes. In June 2019, the Company paid approximately $41.8 million to settle ten forward starting swaps in conjunction with the issuance of $600.0 million of ten-year In November 2018, the Company received approximately $16.4 million to settle six forward starting swaps in conjunction with the issuance of $400.0 million of ten-year In February 2018, the Company received approximately $1.6 million to settle two forward starting swaps in conjunction with the issuance of $500.0 million of ten-year In August 2017, the Company received $1.3 million to settle four forward starting swaps in conjunction with the issuance of $400.0 million of ten-year |
Earnings Per Share and Earnings
Earnings Per Share and Earnings Per Unit | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share And Earnings Per Unit | 1 1 . Earnings Per Share and Earnings Per Unit Equity Residential The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts): Year Ended December 31, 2019 2018 2017 Numerator for net income per share – basic: Net income $ 1,009,708 $ 685,192 $ 628,381 Allocation to Noncontrolling Interests – Operating Partnership (36,034 ) (24,939 ) (22,604 ) Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (3,297 ) (2,718 ) (2,323 ) Preferred distributions (3,090 ) (3,090 ) (3,091 ) Numerator for net income per share – basic $ 967,287 $ 654,445 $ 600,363 Numerator for net income per share – diluted: Net income $ 1,009,708 $ 685,192 $ 628,381 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (3,297 ) (2,718 ) (2,323 ) Preferred distributions (3,090 ) (3,090 ) (3,091 ) Numerator for net income per share – diluted $ 1,003,321 $ 679,384 $ 622,967 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 370,461 368,052 366,968 Effect of dilutive securities: OP Units 12,907 12,869 12,901 Long-term compensation shares/units 2,965 2,774 2,809 Denominator for net income per share – diluted 386,333 383,695 382,678 Net income per share – basic $ 2.61 $ 1.78 $ 1.64 Net income per share – diluted $ 2.60 $ 1.77 $ 1.63 ERP Operating Limited Partnership The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): Year Ended December 31, 2019 2018 2017 Numerator for net income per Unit – basic and diluted: Net income $ 1,009,708 $ 685,192 $ 628,381 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (3,297 ) (2,718 ) (2,323 ) Allocation to Preference Units (3,090 ) (3,090 ) (3,091 ) Numerator for net income per Unit – basic and diluted $ 1,003,321 $ 679,384 $ 622,967 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 383,368 380,921 379,869 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units 2,965 2,774 2,809 Denominator for net income per Unit – diluted 386,333 383,695 382,678 Net income per Unit – basic $ 2.61 $ 1.78 $ 1.64 Net income per Unit – diluted $ 2.60 $ 1.77 $ 1.63 |
Share Incentive Plans
Share Incentive Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share Based Compensation [Abstract] | |
Share Incentive Plans | 1 2 . Share Incentive Plans Any Common Shares issued pursuant to EQR’s incentive equity compensation and employee share purchase plans will result in ERPOP issuing OP Units to EQR on a one-for-one basis with ERPOP receiving the net cash proceeds of such issuances. See Note 2 for additional information regarding the Company’s share-based compensation. Overview of Share Incentive Plans The 2019 Share Incentive Plan (the “2019 Plan”), as approved by the Company’s shareholders on June 27, 2019, expires on June 27, 2029 and reserves 11,331,958 Common Shares for issuance. All future awards will be granted under the 2019 Plan. As of December 31, 2019, 11,328,266 shares were available for future issuance. Pursuant to the 2019 Plan, the 2011 Share Incentive Plan (the “2011 Plan”) and the 2002 Share Incentive Plan (the “2002 Plan”), as restated and amended (collectively the “Share Incentive Plans”), officers, trustees, key employees and consultants of the Company and its subsidiaries may be granted share options to acquire Common Shares (“Options”), including non-qualified share options (“NQSOs”), incentive share options (“ISOs”) and share appreciation rights (“SARs”), or may be granted restricted or non-restricted shares/units (including long-term incentive plan awards), subject to conditions and restrictions. Options, SARs, restricted shares and restricted units are sometimes collectively referred to herein as “Awards”. The 2011 Plan and the 2002 Plan, as restated and amended, will both terminate when all outstanding Awards have expired or have been exercised/vested. The Board of Trustees may at any time amend or terminate the Share Incentive Plans, but termination will not affect Awards previously granted, absent immediate vesting and cash settlement. Any Options which had vested prior to such a termination would remain exercisable by the holder. Employee Long-Term Compensation Awards The following table summarizes the terms of Awards generally granted to employees: Options Restricted Shares Restricted Units Overview Options exercised after vesting result in issuance of new Common Shares. Restricted shareholders generally have the same voting rights and receive quarterly dividend payments on their shares at the same rate and on the same date as any other Common Share holder (1). When certain conditions are met, restricted units convert into an equal number of OP Units, which the holder may exchange for Common Shares on a one-for-one basis or at the option of the Company the cash value of such shares. Restricted unitholders receive quarterly distribution payments on their restricted units at the same rate and on the same date as any other OP Unit holder (1). Grant/Exercise Price Granted at the fair market value of Common Shares as of the grant date. Granted at the fair market value of Common Shares as of the grant date. Granted at varying discount rates to the fair market value of Common Shares as of the grant date (2). Vesting Period In three equal installments over a three-year period from the grant date. Three years from the grant date. Three years from the grant date. Expiration Ten years from the grant date. Not applicable. Ten years from the grant date (2). Upon Employee Termination Unvested options are canceled. Unvested restricted shares are canceled. Unvested restricted units are canceled. (1) Dividends/distributions paid on unvested restricted shares and units are included as a component of retained earnings and Noncontrolling Interest – Operating Partnership/Limited Partners Capital, respectively, and have not been considered in reducing net income available to Common Shares/Units in a manner similar to the Company’s preferred share/preference unit dividends for the earnings per share/Unit calculation. (2) A restricted unit will automatically convert to an OP Unit when the capital account of each restricted unit increases (“books-up”) to a specified target. The probability of a book-up occurring within the ten-year contractual life along with the liquidity risk associated with various hold period restrictions are both reflected in the discount. If the capital target is not attained within ten years following the date of issuance, the restricted unit will automatically be canceled and no compensation will be payable to the holder of such canceled restricted unit. If the capital target is attained and the restricted unit is converted to an OP Unit, it will not expire. Long Term Incentive Plan The Company’s executive compensation program allows the Chairman, Chief Executive Officer and certain other Executive Officers to earn from 0% to 200% of the target number of long-term incentive (“LTI”) awards, payable in the form of restricted shares and/or restricted units. The Company’s Total Shareholder Return (“TSR”) and Normalized Funds from Operations (“FFO”) results over a forward-looking three-year performance period determine the restricted shares and/or restricted units awarded and are compared to pre-established quantitative performance metrics. The grant date fair value of the awards is estimated using a Monte Carlo model for the TSR portion of the awards and the resulting expense is recorded over the service period regardless of whether the TSR performance measures are achieved and the Normalized FFO portion of the awards is adjusted based on the final achievement obtained. If the executive is retirement-eligible, the grant date fair value is amortized into expense over the first year. All other awards are amortized into expense over the three year performance and vesting period. The LTI participants receive distributions on only restricted units awarded equal to 10% of the quarterly distributions paid on OP Units during the performance period. At the end of the performance period, LTI participants receive dividends/distributions actually earned on restricted shares or restricted units awarded during the performance period, less any distributions already paid on the restricted units. No payout would be made for any return below 50% of the target performance metric. Trustees All Trustees, with the exception of the Company’s Chairman and employee Trustees, are granted Options, restricted shares and/or restricted units that vest one-year from the grant date that corresponds to the term for which he or she has been elected to serve. Since 2016, the Chairman has only received awards under the LTI plan (see further discussion above). Retirement Benefits The Company’s Share Incentive Plans provide for certain benefits upon retirement. The following table summarizes the terms of each retirement eligibility category. Age 62 for Employees Rule of 70 for Employees Age 72 for Trustees Eligibility For employees hired prior to January 1, 2009 and who were age 59 or older as of February 1, 2019. All employees (1). All non-employee Trustees. Effect on unvested restricted shares, restricted units and Options Awards immediately vest and Options continue to be exercisable for the balance of the applicable ten-year option period. Awards continue to vest per the original vesting schedule, subject to certain conditions, and Options continue to be exercisable for the balance of the applicable ten-year option period. Awards immediately vest and Options continue to be exercisable for the balance of the applicable ten-year option period. Effect on LTI Plan Awards are prorated in proportion to the number of days worked in the first year of the three-year performance period and the individual does not receive any payout of shares or units until the final payout is determined at the end of the three-year performance period. (1) The Rule of 70 is met when an employee’s years of service with the Company (which must be at least 15 years) plus his or her age (which must be at least 55 years) on the date of termination equals or exceeds 70 years. In addition, the employee must give the Company at least six months’ advance written notice of his or her intention to retire along with agreeing to certain other conditions. Under the Company’s definitions of retirement, some of its executive officers and its Chairman are retirement eligible. Compensation Expense and Award Activity The following tables summarize compensation information regarding the restricted shares, restricted units, Options and Employee Share Purchase Plan (“ESPP”) for the three Year Ended December 31, 2019 Compensation Expense Compensation Capitalized Restricted Units/Options In-Lieu of Bonus (1) Compensation Equity Dividends Incurred Restricted shares (2) $ 11,522 $ 916 $ — $ 12,438 $ 979 Restricted units (2) 9,905 240 3,265 13,410 825 Options 2,420 254 1 2,675 — ESPP discount 602 40 — 642 — Total $ 24,449 $ 1,450 $ 3,266 $ 29,165 $ 1,804 Year Ended December 31, 2018 Compensation Expense Compensation Capitalized Restricted Units/Options In-Lieu of Bonus (1) Compensation Equity Dividends Incurred Restricted shares (2) $ 7,406 $ 852 $ — $ 8,258 $ 754 Restricted units (2) 12,310 36 1,663 14,009 963 Options 6,683 296 2,755 9,734 — ESPP discount 733 34 — 767 — Total $ 27,132 $ 1,218 $ 4,418 $ 32,768 $ 1,717 Year Ended December 31, 2017 Compensation Expense Compensation Capitalized Restricted Units/Options In-Lieu of Bonus (1) Compensation Equity Dividends Incurred Restricted shares (2) $ 9,209 $ 568 $ — $ 9,777 $ 761 Restricted units (2) 10,214 119 190 10,523 741 Options 4,893 323 1,619 6,835 — ESPP discount 681 66 — 747 — Total $ 24,997 $ 1,076 $ 1,809 $ 27,882 $ 1,502 (1) The Company allows eligible officers the ability to receive immediately vested restricted units (subject to the book-up provisions described above and a two-year hold restriction) or immediately vested Options in-lieu of any percentage of their annual cash bonus. (2) Includes LTI plan awards granted under the executive compensation program. Compensation expense is generally recognized for Awards as follows: • Restricted shares, restricted units and Options – Straight-line method over the vesting period of the Options, shares or units regardless of cliff or ratable vesting distinctions. • LTI plan awards – Target amount is recognized under the straight-line method over the vesting period of the shares or units regardless of cliff or ratable vesting distinctions. • ESPP discount – Immediately upon the purchase of Common Shares each quarter. The Company accelerates the recognition of compensation expense for all Awards for those individuals approaching or meeting the retirement age criteria discussed above. The total compensation expense related to Awards not yet vested at December 31, 2019 is $8.9 million (including the accelerated expenses for individuals approaching or meeting the retirement age criteria discussed above), which is expected to be recognized over a weighted average term of 1.35 years. The tables below summarize the Award activity of the Share Incentive Plans for the three years ended December 31, 2019, 2018 and 2017 : Common Shares Subject to Options Weighted Average Exercise Price per Option Restricted Shares Weighted Average Fair Value per Restricted Share Restricted Units Weighted Average Fair Value per Restricted Unit Balance at December 31, 2016 6,023,101 $ 42.05 452,034 $ 70.35 802,257 $ 75.26 Awards granted (1) (5) 1,337,898 $ 60.88 93,867 $ 61.94 291,921 $ 68.57 Awards exercised/vested (2) (3) (4) (846,137 ) $ 37.26 (165,744 ) $ 58.04 (192,644 ) $ 54.16 Awards forfeited (27,547 ) $ 61.85 (10,416 ) $ 72.44 (274 ) $ 75.50 Awards expired (3,483 ) $ 65.91 — — — — Balance at December 31, 2017 6,483,832 $ 46.46 369,741 $ 73.67 901,260 $ 77.61 Awards granted (1) (5) 1,730,942 $ 60.40 129,303 $ 62.25 267,074 $ 61.60 Awards exercised/vested (2) (3) (4) (1,056,388 ) $ 29.05 (194,116 ) $ 77.32 (28,486 ) $ 55.50 Awards forfeited (38,133 ) $ 60.74 (5,503 ) $ 65.77 — $ — Awards expired (8,018 ) $ 59.70 — — — — Balance at December 31, 2018 7,112,235 $ 52.35 299,425 $ 66.52 1,139,848 $ 71.07 Awards granted (1) (5) 234,147 $ 72.10 163,799 $ 73.96 141,772 $ 67.22 Awards exercised/vested (2) (3) (4) (1,745,050 ) $ 44.72 (151,321 ) $ 75.41 (422,784 ) $ 70.77 Awards forfeited (30,489 ) $ 61.92 (5,197 ) $ 65.35 (552 ) $ 69.43 Awards expired (3,299 ) $ 40.39 — — — — Balance at December 31, 2019 5,567,544 $ 55.52 306,706 $ 66.15 858,284 $ 64.95 (1) The weighted average grant date fair value for Options granted during the years ended December 31, 2019, 2018 and 2017 was $8.05 per share, $6.17 per share and $5.86 per share, respectively. (2) The aggregate intrinsic value of Options exercised during the years ended December 31, 2019, 2018 and 2017 was $58.1 million, $42.9 million and $25.6 million, respectively. These values were calculated as the difference between the strike price of the underlying awards and the per share price at which each respective award was exercised. (3) The fair value of restricted shares vested during the years ended December 31, 2019, 2018 and 2017 was $11.1 million, $11.5 million and $10.2 million, respectively. (4) The fair value of restricted units vested during the years ended December 31, 2019, 2018 and 2017 was $29.1 million, $1.8 million and $11.7 million, respectively. (5) Includes LTI plan awards granted under the executive compensation program. The following table summarizes information regarding Options outstanding and exercisable at December 31, 2019 (aggregate intrinsic value is in thousands): Options Weighted Average Remaining Contractual Life in Years Weighted Average Exercise Price Aggregate Intrinsic Value (1) Options Outstanding 5,567,544 5.30 $ 55.52 $ 141,395 Options Exercisable 4,750,481 4.81 $ 54.13 $ 127,277 Vested and expected to vest 808,646 8.13 $ 63.60 $ 14,005 (1) The aggregate intrinsic values were calculated as the excess, if any, between the Company’s closing share price of $80.92 per share on December 31, 2019 and the strike price of the underlying awards. As of December 31, 2018 and 2017, 5,328,020 Options (with a weighted average exercise price of $49.57) and 5,336,043 Options (with a weighted average exercise price of $43.24) were exercisable, respectively. |
Employee Plans
Employee Plans | 12 Months Ended |
Dec. 31, 2019 | |
Employee Service Share Based Compensation Aggregate Disclosures [Abstract] | |
Employee Plans | 1 3 . Employee Plans The Company established an Employee Share Purchase Plan to provide each employee and trustee the ability to annually acquire up to $100,000 of Common Shares of EQR. The Company registered 7,000,000 Common Shares under the ESPP, of which 2,714,332 Common Shares remained available for purchase at December 31, 2019. The Common Shares may be purchased quarterly at a price equal to 85% of the lesser of: (a) the closing price for a share on the last day of such quarter; and (b) the greater of: (i) the closing price for a share on the first day of such quarter, and (ii) the average closing price for a share for all the business days in the quarter. The following table summarizes information regarding the Common Shares issued under the ESPP with the net proceeds noted below being contributed to ERPOP in exchange for OP Units (amounts in thousands except share and per share amounts): Year Ended December 31, 2019 2018 2017 Shares issued 48,131 75,414 68,286 Issuance price ranges $59.56 – $72.91 $47.80 – $57.09 $52.79 – $58.06 Issuance proceeds $3,116 $3,879 $3,744 The Company established a defined contribution plan (the “401(k) Plan”) to provide retirement benefits for employees that meet minimum employment criteria. The Company matches dollar for dollar up to the first 4% of eligible compensation that a participant contributes to the 401(k) Plan for all employees except those defined as highly compensated employees, whose match is 3%. Participants are vested in the Company’s contributions over five years. The Company recognized an expense in the amount of $5.0 million, $4.9 million and $4.6 million for the years ended December 31, 2019, 2018 and 2017, respectively. The Company established the SERP to provide certain officers and trustees an opportunity to defer a portion of their eligible compensation in order to save for retirement. The SERP is restricted to investments in Common Shares, certain marketable securities that have been specifically approved and cash equivalents. The deferred compensation liability represented in the SERP and the securities issued to fund such deferred compensation liability are consolidated by the Company and carried on the Company’s balance sheets, and the Company’s Common Shares held in the SERP are accounted for as a reduction to paid in capital (included in general partner’s capital in the Operating Partnership’s financial statements). |
Distribution Reinvestment Plan
Distribution Reinvestment Plan | 12 Months Ended |
Dec. 31, 2019 | |
Distribution Reinvestment And Share Purchase Plan [Abstract] | |
Distribution Reinvestment Plan | 1 4 . Distribution Reinvestment Plan On September 30, 2014, the Company filed with the SEC a Form S-3 Registration Statement to register 4,790,000 Common Shares pursuant to a Distribution Reinvestment Plan (the “2014 DRIP”), which included the remaining shares available for issuance under a previous registration. The registration was automatically declared effective the same day and will expire when all 4,790,000 shares have been issued. The Company has 4,664,977 Common Shares available for issuance under the 2014 DRIP at December 31, 2019. The 2014 DRIP provides holders of record and beneficial owners of Common Shares and Preferred Shares with a simple and convenient method of reinvesting cash dividends/distributions in additional Common Shares. Common Shares purchased under the 2014 DRIP may, at the option of EQR, be directly issued by EQR or purchased by EQR’s transfer agent in the open market using participants’ funds. The net proceeds from any Common Share issuances are contributed to ERPOP in exchange for OP Units. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 1 5 . Transactions with Related Parties The Company leases its corporate headquarters from an entity affiliated with EQR’s Chairman of the Board of Trustees. The lease term expires on November 30, 2032 and contains two five-year extension options. The amount incurred for such office space for the years ended December 31, 2019, 2018 and 2017 were approximately $2.6 million, $2.5 million and $2.8 million, respectively. The Company believes these amounts approximate market rates for such rental space. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 6 . Commitments and Contingencies The Company, as an owner of real estate, is subject to various Federal, state and local environmental laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or changed laws or regulations on its current properties or on properties that it may acquire in the future. The Company does not believe there is any litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company. As of December 31, 2019, the Company has two wholly owned projects and one partially owned project totaling 824 apartment units in various stages of development with remaining commitments to fund of approximately $421.2 million (inclusive of applicable construction mortgage and joint venture partner obligations) and estimated completion dates ranging through September 30, 2021, as well as other completed development projects that are in various stages of lease-up or are stabilized. As of December 31, 2019, the Company has two joint venture agreements with third party partners for the consolidated development of multifamily rental properties. The development commitment to fund the project under construction is included in the development funding totals above for one of the joint ventures. The joint venture agreements with each partner include a buy-sell provision that provides the right, but not the obligation, for the Company to acquire each respective partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events described in the joint venture agreements. See Note 6 for additional discussion. The Company has entered into a retirement benefits agreement with its Chairman and deferred compensation agreements with other former executive officers. During the years ended December 31, 2019, 2018 and 2017, the Company recognized compensation expense of $0.4 million, $0.3 million and $0.4 million, respectively, related to these agreements. The following table summarizes the Company’s contractual obligations for deferred compensation for the next five years and thereafter as of December 31, 2019: (Payments)/Receipts Due by Year (in thousands) 2020 2021 2022 2023 2024 Thereafter Total Other Long-Term Liabilities: Deferred Compensation (1) $ (761 ) $ (1,116 ) $ (1,116 ) $ (991 ) $ (709 ) $ (3,897 ) $ (8,590 ) (1) Estimated payments to the Company’s Chairman and one former executive officer based on actual and estimated retirement dates. |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Reportable Segments | 1 7 . Reportable Segments Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker decides how resources are allocated and assesses performance on a recurring basis at least quarterly. The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The chief operating decision maker evaluates the Company’s operating performance geographically by market and both on a same store and non-same store basis. The Company’s geographic same store operating segments located in urban and high-density suburban communities represent its reportable segments (the recently acquired Denver properties owned by the Company were included in non–same store through 2019). The Company’s operating segments located in its other markets (Phoenix) that are not material have also been included in the tables presented below. The Company’s fee and asset management and development activities are other business activities that do not constitute an operating segment and as such, have been aggregated in the “Other” category in the tables presented below. All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the three years ended December 31, 2019, 2018 and 2017, respectively. The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense and 2) real estate taxes and insurance expense (all as reflected in the accompanying consolidated statements of operations and comprehensive income). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment properties. Revenues for all leases are reflected on a straight-line basis in accordance with GAAP for the current and comparable periods. The following table presents a reconciliation of NOI from our rental real estate for the years ended December 31, 2019, 2018 and 2017, respectively (amounts in thousands): Year Ended December 31, 2019 2018 2017 Rental income $ 2,700,691 $ 2,577,681 $ 2,470,689 Property and maintenance expense (446,845 ) (429,335 ) (405,281 ) Real estate taxes and insurance expense (366,139 ) (357,814 ) (335,495 ) Total operating expenses (812,984 ) (787,149 ) (740,776 ) Net operating income $ 1,887,707 $ 1,790,532 $ 1,729,913 The following tables present NOI for each segment from our rental real estate for the years ended December 31, 2019, 2018 and 2017 , respectively, as well as total assets and capital expenditures at December 31, 2019 and 2018 , respectively (amounts in thousands): Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 468,517 $ 136,096 $ 332,421 $ 451,592 $ 129,455 $ 322,137 $ 402,192 $ 114,055 $ 288,137 Orange County 105,087 24,407 80,680 101,198 24,468 76,730 88,527 21,544 66,983 San Diego 95,042 24,636 70,406 91,971 24,024 67,947 88,507 23,073 65,434 Subtotal - Southern California 668,646 185,139 483,507 644,761 177,947 466,814 579,226 158,672 420,554 San Francisco 480,499 116,036 364,463 463,492 112,331 351,161 430,501 108,689 321,812 Washington D.C. 413,006 125,688 287,318 403,761 123,345 280,416 430,060 129,720 300,340 New York 454,448 188,784 265,664 444,112 178,055 266,057 454,945 170,064 284,881 Boston 227,547 62,176 165,371 218,778 60,409 158,369 223,595 60,931 162,664 Seattle 207,019 56,016 151,003 200,222 55,871 144,351 191,074 52,470 138,604 Other Markets 2,094 714 1,380 1,940 658 1,282 1,839 652 1,187 Total same store 2,453,259 734,553 1,718,706 2,377,066 708,616 1,668,450 2,311,240 681,198 1,630,042 Non-same store/other (2) (3) Non-same store 196,476 62,591 133,885 103,688 36,874 66,814 95,016 30,742 64,274 Other (3) 50,956 15,840 35,116 96,927 41,659 55,268 64,433 28,836 35,597 Total non-same store/other 247,432 78,431 169,001 200,615 78,533 122,082 159,449 59,578 99,871 Totals $ 2,700,691 $ 812,984 $ 1,887,707 $ 2,577,681 $ 787,149 $ 1,790,532 $ 2,470,689 $ 740,776 $ 1,729,913 (1) For the years ended December 31, 2019 and 2018, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2018, less properties subsequently sold, which represented 71,830 apartment units. For the year ended December 31, 2017, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2017, less properties subsequently sold, which represented 71,721 apartment units. (2) For the years ended December 31, 2019 and 2018, non-same store primarily includes properties acquired after January 1, 2018, plus any properties in lease-up and not stabilized as of January 1, 2018. For the year ended December 31, 2017, non-same store primarily includes properties acquired after January 1, 2017, plus any properties in lease-up and not stabilized as of January 1, 2017. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Year Ended December 31, 2019 Year Ended December 31, 2018 Total Assets Capital Expenditures Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,975,420 $ 31,738 $ 2,958,361 $ 28,574 Orange County 404,545 9,276 418,041 8,214 San Diego 389,537 4,464 405,449 4,525 Subtotal - Southern California 3,769,502 45,478 3,781,851 41,313 San Francisco 3,238,884 28,153 3,325,595 42,497 Washington D.C. 3,370,750 23,015 3,484,045 26,981 New York 3,866,500 25,132 3,878,580 23,126 Boston 1,464,196 23,823 1,514,814 24,000 Seattle 1,292,609 19,990 1,330,959 18,065 Other Markets 12,931 194 12,781 163 Total same store 17,015,372 165,785 17,328,625 176,145 Non-same store/other (2) (3) Non-same store 3,447,497 10,788 1,990,102 5,934 Other (3) 709,900 1,850 1,075,482 6,422 Total non-same store/other 4,157,397 12,638 3,065,584 12,356 Totals $ 21,172,769 $ 178,423 $ 20,394,209 $ 188,501 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2018, less properties subsequently sold, which represented 71,830 apartment units. (2) Non-same store primarily includes properties acquired after January 1, 2018, plus any properties in lease-up and not stabilized as of January 1, 2018. (3) Other includes development, other corporate operations and capital expenditures for properties sold. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 1 8 . Subsequent Events Subsequent to December 31, 2019, the Company: • Sold one partially owned property consisting of 136 apartment units for $31.2 million. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (Unaudited) | 19 . Quarterly Financial Data (Unaudited) Equity Residential The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for per share amounts. First Quarter Second Quarter Third Quarter Fourth Quarter 2019 (1) 3/31 6/30 9/30 12/31 Total revenues $ 662,494 $ 669,517 $ 685,145 $ 683,919 Operating income 209,969 369,260 368,363 408,952 Net income * 109,257 321,299 277,846 301,306 Net income available to Common Shares 103,766 308,196 266,333 288,992 Earnings per share: Net income available to Common Shares - basic $ 0.28 $ 0.83 $ 0.72 $ 0.78 Net income available to Common Shares - diluted $ 0.28 $ 0.83 $ 0.71 $ 0.77 First Quarter Second Quarter Third Quarter Fourth Quarter 2018 (1) 3/31 6/30 9/30 12/31 Total revenues $ 633,016 $ 639,808 $ 652,867 $ 652,743 Operating income 339,082 217,603 339,403 219,282 Net income * 220,548 118,410 223,846 122,388 Net income available to Common Shares 211,036 112,830 214,164 116,415 Earnings per share: Net income available to Common Shares - basic $ 0.57 $ 0.31 $ 0.58 $ 0.32 Net income available to Common Shares - diluted $ 0.57 $ 0.31 $ 0.58 $ 0.31 * The Company did not have any discontinued operations, extraordinary items or cumulative effect of change in accounting principle during the periods presented. Therefore, income from continuing operations and income before extraordinary items and cumulative effect of change in accounting principle are not shown as they were both equal to the net income amounts disclosed above. (1) Amounts may not equal full year results due to rounding. ERP Operating Limited Partnership The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for per Unit amounts. First Quarter Second Quarter Third Quarter Fourth Quarter 2019 (1) 3/31 6/30 9/30 12/31 Total revenues $ 662,494 $ 669,517 $ 685,145 $ 683,919 Operating income 209,969 369,260 368,363 408,952 Net income * 109,257 321,299 277,846 301,306 Net income available to Units 107,685 319,706 276,243 299,687 Earnings per Unit: Net income available to Units - basic $ 0.28 $ 0.83 $ 0.72 $ 0.78 Net income available to Units - diluted $ 0.28 $ 0.83 $ 0.71 $ 0.77 First Quarter Second Quarter Third Quarter Fourth Quarter 2018 (1) 3/31 6/30 9/30 12/31 Total revenues $ 633,016 $ 639,808 $ 652,867 $ 652,743 Operating income 339,082 217,603 339,403 219,282 Net income * 220,548 118,410 223,846 122,388 Net income available to Units 219,095 117,129 222,323 120,837 Earnings per Unit: Net income available to Units - basic $ 0.57 $ 0.31 $ 0.58 $ 0.32 Net income available to Units - diluted $ 0.57 $ 0.31 $ 0.58 $ 0.31 * The Operating Partnership did not have any discontinued operations, extraordinary items or cumulative effect of change in accounting principle during the periods presented. Therefore, income from continuing operations and income before extraordinary items and cumulative effect of change in accounting principle are not shown as they were both equal to the net income amounts disclosed above. (1) Amounts may not equal full year results due to rounding. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Schedule III-Real Estate and Accumulated Depreciation | EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation Overall Summary December 31, 2019 Properties Apartment Units Investment in Real Estate, Gross Accumulated Depreciation Investment in Real Estate, Net Encumbrances (1) Wholly Owned Unencumbered 257 68,002 $ 23,408,268,350 $ (6,199,955,243 ) $ 17,208,313,107 $ — Wholly Owned Encumbered 35 8,425 3,204,805,398 (792,348,079 ) 2,412,457,319 1,630,731,451 Wholly Owned Properties 292 76,427 26,613,073,748 (6,992,303,322 ) 19,620,770,426 1,630,731,451 Partially Owned Unencumbered 9 1,847 524,897,809 (133,111,488 ) 391,786,321 — Partially Owned Encumbered 8 1,688 395,635,869 (151,371,564 ) 244,264,305 310,878,101 Partially Owned Properties 17 3,535 920,533,678 (284,483,052 ) 636,050,626 310,878,101 Total Unencumbered Properties 266 69,849 23,933,166,159 (6,333,066,731 ) 17,600,099,428 — Total Encumbered Properties 43 10,113 3,600,441,267 (943,719,643 ) 2,656,721,624 1,941,609,552 Total Consolidated Investment in Real Estate 309 79,962 $ 27,533,607,426 $ (7,276,786,374 ) $ 20,256,821,052 $ 1,941,609,552 (1) See attached Encumbrances Reconciliation. EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation Encumbrances Reconciliation December 31, 2019 Portfolio/Entity Encumbrances Number of Properties Encumbered by See Properties With Note: Amount Archstone Master Property Holdings LLC 13 H $ 798,230,171 Portfolio/Entity Encumbrances 13 798,230,171 Individual Property Encumbrances 1,143,379,381 Total Encumbrances per Financial Statements $ 1,941,609,552 EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III – Real Estate and Accumulated Depreciation (Amounts in thousands) The changes in total real estate for the years ended December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 Balance, beginning of year $ 26,511,022 $ 26,026,896 $ 25,386,425 Acquisitions and development 1,704,320 855,254 710,960 Improvements 180,944 192,661 204,113 Dispositions and other (862,679 ) (563,789 ) (274,602 ) Balance, end of year $ 27,533,607 $ 26,511,022 $ 26,026,896 The changes in accumulated depreciation for the years ended December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 Balance, beginning of year $ 6,696,281 $ 6,040,378 $ 5,360,389 Depreciation 831,083 785,725 743,749 Dispositions and other (250,578 ) (129,822 ) (63,760 ) Balance, end of year $ 7,276,786 $ 6,696,281 $ 6,040,378 EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2019 Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (Improvements, net) (E) Gross Amount Carried at Close of Period 12/31/19 Apartment Name Location Retail/ Commercial Space Date of Construction Apartment Units Land Building & Fixtures Building & Fixtures Land Building & Fixtures (A) Total (B) Accumulated Depreciation (C) Investment in Real Estate, Net at 12/31/19 Encumbrances Wholly Owned Unencumbered: 100 K Apartments (fka 100K Street) Washington, D.C. — 2018 222 $ 15,600,000 $ 69,662,369 $ 2,484 $ 15,600,000 $ 69,664,853 $ 85,264,853 $ (3,157,965 ) $ 82,106,888 $ — 140 Riverside Boulevard New York, NY G 2003 354 103,539,100 94,082,725 10,160,746 103,539,100 104,243,471 207,782,571 (52,510,393 ) 155,272,178 — 160 Riverside Boulevard New York, NY G 2001 455 139,933,500 190,964,745 17,198,947 139,933,500 208,163,692 348,097,192 (104,423,480 ) 243,673,712 — 170 Amsterdam New York, NY G 2015 236 — 112,096,955 439,194 — 112,536,149 112,536,149 (20,556,743 ) 91,979,406 — 175 Kent Brooklyn, NY G 2011 113 22,037,831 53,962,169 2,003,647 22,037,831 55,965,816 78,003,647 (18,206,594 ) 59,797,053 — 180 Montague (fka Brooklyn Heights) Brooklyn, NY G 2000 193 32,400,000 92,675,228 4,764,589 32,400,000 97,439,817 129,839,817 (27,077,371 ) 102,762,446 — 180 Riverside Boulevard New York, NY G 1998 516 144,968,250 138,346,681 14,692,592 144,968,250 153,039,273 298,007,523 (78,364,843 ) 219,642,680 — 1111 Belle Pre (fka The Madison) Alexandria, VA G 2014 360 18,937,702 94,758,679 399,141 18,937,702 95,157,820 114,095,522 (25,780,466 ) 88,315,056 — 1210 Mass Washington, D.C. G 2004 144 9,213,512 36,559,189 2,770,003 9,213,512 39,329,192 48,542,704 (20,032,298 ) 28,510,406 — 1401 Joyce on Pentagon Row Arlington, VA — 2004 326 9,780,000 89,668,165 5,482,703 9,780,000 95,150,868 104,930,868 (38,110,856 ) 66,820,012 — 1500 Mass Ave Washington, D.C. G 1951 556 54,638,298 40,361,702 15,851,496 54,638,298 56,213,198 110,851,496 (29,241,959 ) 81,609,537 — 1800 Oak (fka Rosslyn) Arlington, VA G 2003 314 31,400,000 109,005,734 7,759,305 31,400,000 116,765,039 148,165,039 (32,605,736 ) 115,559,303 — 2201 Pershing Drive Arlington, VA G 2012 188 11,321,198 49,674,175 2,653,163 11,321,198 52,327,338 63,648,536 (15,332,930 ) 48,315,606 — 2201 Wilson Arlington, VA G 2000 219 21,900,000 78,724,663 4,621,475 21,900,000 83,346,138 105,246,138 (23,254,386 ) 81,991,752 — 2400 M St Washington, D.C. G 2006 359 30,006,593 114,013,785 4,706,151 30,006,593 118,719,936 148,726,529 (57,645,397 ) 91,081,132 — 315 on A Boston, MA G 2013 202 14,450,070 115,824,930 1,261,179 14,450,070 117,086,109 131,536,179 (22,891,380 ) 108,644,799 — 340 Fremont (fka Rincon Hill) San Francisco, CA — 2016 348 42,000,000 248,609,655 179,247 42,000,000 248,788,902 290,788,902 (33,388,938 ) 257,399,964 — 341 Nevins Brooklyn, NY — (F) — 3,621,830 189,222 — 3,621,830 189,222 3,811,052 — 3,811,052 — 3003 Van Ness (fka Van Ness) Washington, D.C. — 1970 625 56,300,000 141,191,580 7,157,154 56,300,000 148,348,734 204,648,734 (43,856,738 ) 160,791,996 — 425 Mass Washington, D.C. G 2009 559 28,150,000 138,600,000 4,759,357 28,150,000 143,359,357 171,509,357 (53,491,733 ) 118,017,624 — 455 Eye Street Washington, D.C. G 2017 174 11,941,407 61,418,274 40,682 11,941,407 61,458,956 73,400,363 (6,002,916 ) 67,397,447 — 4701 Willard Chevy Chase, MD G 1966 517 76,921,130 153,947,682 31,235,663 76,921,130 185,183,345 262,104,475 (67,153,478 ) 194,950,997 — 4885 Edgemoor Lane Bethesda, MD — (F) — — 10,864,626 — — 10,864,626 10,864,626 — 10,864,626 — 4th and Hill Los Angeles, CA — (F) — 13,131,456 16,680,349 — 13,131,456 16,680,349 29,811,805 — 29,811,805 — 600 Washington New York, NY G 2004 135 32,852,000 43,140,551 1,548,076 32,852,000 44,688,627 77,540,627 (22,331,625 ) 55,209,002 — 660 Washington (fka Boston Common) Boston, MA G 2006 420 106,100,000 166,311,679 4,730,410 106,100,000 171,042,089 277,142,089 (46,949,010 ) 230,193,079 — 70 Greene Jersey City, NJ G 2010 480 28,108,899 236,763,553 2,932,277 28,108,899 239,695,830 267,804,729 (81,879,133 ) 185,925,596 — 71 Broadway New York, NY G 1997 238 22,611,600 77,492,171 17,054,425 22,611,600 94,546,596 117,158,196 (51,104,697 ) 66,053,499 — 77 Bluxome San Francisco, CA — 2007 102 5,249,124 18,609,876 479,898 5,249,124 19,089,774 24,338,898 (6,408,288 ) 17,930,610 — 77 Park Avenue (fka Hoboken) Hoboken, NJ G 2000 301 27,900,000 168,992,440 7,688,560 27,900,000 176,681,000 204,581,000 (47,768,422 ) 156,812,578 — 777 Sixth New York, NY G 2002 294 65,352,706 65,747,294 4,999,856 65,352,706 70,747,150 136,099,856 (30,672,075 ) 105,427,781 — 88 Hillside Daly City, CA G 2011 95 7,786,800 31,587,325 3,225,899 7,786,800 34,813,224 42,600,024 (11,434,181 ) 31,165,843 — 855 Brannan San Francisco, CA G 2018 449 41,363,921 282,107,685 62,476 41,363,921 282,170,161 323,534,082 (23,429,467 ) 300,104,615 — 929 Mass (fka 929 House) Cambridge, MA G 1975 127 3,252,993 21,745,595 7,695,575 3,252,993 29,441,170 32,694,163 (19,893,418 ) 12,800,745 — Academy Village North Hollywood, CA — 1989 248 25,000,000 23,593,194 9,821,339 25,000,000 33,414,533 58,414,533 (20,345,297 ) 38,069,236 — Acappella Pasadena, CA — 2002 143 5,839,548 29,360,452 2,301,628 5,839,548 31,662,080 37,501,628 (12,293,107 ) 25,208,521 — Acton Courtyard Berkeley, CA G 2003 71 5,550,000 15,785,509 396,492 5,550,000 16,182,001 21,732,001 (7,612,133 ) 14,119,868 — Alban Towers Washington, D.C. — 1934 229 18,900,000 89,794,201 6,474,195 18,900,000 96,268,396 115,168,396 (25,786,581 ) 89,381,815 — Alborada Fremont, CA — 1999 442 24,310,000 59,214,129 9,528,299 24,310,000 68,742,428 93,052,428 (44,468,172 ) 48,584,256 — Alcott Apartments (fka West End Tower) Boston, MA G (F) — 10,424,000 128,885,729 — 10,424,000 128,885,729 139,309,729 — 139,309,729 — Altitude (fka Village at Howard Hughes, The (Lots 1 & 2)) Los Angeles, CA — 2016 545 43,783,485 150,235,905 493,024 43,783,485 150,728,929 194,512,414 (20,615,169 ) 173,897,245 — Alton, The (fka Millikan) Irvine, CA — 2017 344 11,049,027 96,526,323 150,438 11,049,027 96,676,761 107,725,788 (11,346,591 ) 96,379,197 — Arbor Terrace Sunnyvale, CA — 1979 175 9,057,300 18,483,642 11,357,865 9,057,300 29,841,507 38,898,807 (17,937,496 ) 20,961,311 — Arches, The Sunnyvale, CA — 1974 410 26,650,000 62,850,000 2,623,168 26,650,000 65,473,168 92,123,168 (24,870,049 ) 67,253,119 — EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2019 Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (Improvements, net) (E) Gross Amount Carried at Close of Period 12/31/19 Apartment Name Location Retail/ Commercial Space Date of Construction Apartment Units Land Building & Fixtures Building & Fixtures Land Building & Fixtures (A) Total (B) Accumulated Depreciation (C) Investment in Real Estate, Net at 12/31/19 Encumbrances Artisan on Second Los Angeles, CA — 2008 118 8,000,400 36,074,600 1,173,462 8,000,400 37,248,062 45,248,462 (12,924,017 ) 32,324,445 — Artisan Square Northridge, CA — 2002 140 7,000,000 20,537,359 1,889,100 7,000,000 22,426,459 29,426,459 (13,116,756 ) 16,309,703 — Artistry Emeryville (fka Emeryville) Emeryville, CA — 1994 267 12,300,000 61,466,267 7,189,056 12,300,000 68,655,323 80,955,323 (20,908,096 ) 60,047,227 — Atelier Brooklyn, NY G 2015 120 32,401,680 47,135,432 432,778 32,401,680 47,568,210 79,969,890 (8,426,826 ) 71,543,064 — Avenue Two Redwood City, CA — 1972 123 7,995,000 18,005,000 2,417,128 7,995,000 20,422,128 28,417,128 (7,587,499 ) 20,829,629 — Axis at Shady Grove Rockville, MD — 2016 366 14,745,774 90,503,831 123,658 14,745,774 90,627,489 105,373,263 (6,627,790 ) 98,745,473 — Azure (fka Mission Bay-Block 13) San Francisco, CA — 2015 273 32,855,115 153,569,655 385,653 32,855,115 153,955,308 186,810,423 (25,110,173 ) 161,700,250 — Bay Hill Long Beach, CA — 2002 160 7,600,000 27,437,239 3,648,128 7,600,000 31,085,367 38,685,367 (16,705,166 ) 21,980,201 — Beatrice, The New York, NY — 2010 302 114,351,405 165,648,595 1,852,511 114,351,405 167,501,106 281,852,511 (51,586,536 ) 230,265,975 — Bella Vista I, II, III Combined Woodland Hills, CA — 2003-2007 579 31,682,754 121,095,786 10,564,320 31,682,754 131,660,106 163,342,860 (63,397,900 ) 99,944,960 — Belle Arts Condominium Homes, LLC Bellevue, WA — 2000 1 63,158 236,157 2,098 63,158 238,255 301,413 (91,640 ) 209,773 — Belle Fontaine Marina Del Rey, CA — 2003 102 9,098,808 28,701,192 2,077,210 9,098,808 30,778,402 39,877,210 (9,929,838 ) 29,947,372 — Breakwater at Marina Del Rey Marina Del Rey, CA — 1964-1969 224 — 73,189,262 2,301,977 — 75,491,239 75,491,239 (22,556,033 ) 52,935,206 — Briarwood (CA) Sunnyvale, CA — 1985 192 9,991,500 22,247,278 4,223,652 9,991,500 26,470,930 36,462,430 (19,003,418 ) 17,459,012 — Brodie, The Westminster, CO — 2016 312 8,639,904 79,254,009 338,241 8,639,904 79,592,250 88,232,154 (4,390,121 ) 83,842,033 — Brooklyner, The (fka 111 Lawrence) Brooklyn, NY G 2010 490 40,099,922 221,438,631 4,272,230 40,099,922 225,710,861 265,810,783 (69,755,616 ) 196,055,167 — C on Pico Los Angeles, CA — 2014 94 17,125,766 28,074,234 468,094 17,125,766 28,542,328 45,668,094 (4,917,365 ) 40,750,729 — Carlyle Mill Alexandria, VA — 2002 317 10,000,000 51,367,913 9,043,657 10,000,000 60,411,570 70,411,570 (34,997,308 ) 35,414,262 — Carmel Terrace San Diego, CA — 1988-1989 384 2,288,300 20,596,281 12,519,325 2,288,300 33,115,606 35,403,906 (28,576,803 ) 6,827,103 — Cascade Seattle, WA G 2017 477 23,751,564 149,388,658 10,060 23,751,564 149,398,718 173,150,282 (14,329,011 ) 158,821,271 — Centennial (fka Centennial Court & Centennial Tower) Seattle, WA G 1991/2001 408 9,700,000 70,080,378 13,065,205 9,700,000 83,145,583 92,845,583 (43,852,523 ) 48,993,060 — Centre Club Combined Ontario, CA — 1994 & 2002 412 7,436,000 33,014,789 9,490,814 7,436,000 42,505,603 49,941,603 (26,716,928 ) 23,224,675 — Chloe on Madison (fka 1401 E. Madison) Seattle, WA G 2019 137 10,401,958 52,593,395 — 10,401,958 52,593,395 62,995,353 (497,660 ) 62,497,693 — Chloe on Union (fka Chloe) Seattle, WA G 2010 117 14,835,571 39,359,650 2,516,557 14,835,571 41,876,207 56,711,778 (4,541,342 ) 52,170,436 — Church Corner Cambridge, MA G 1987 85 5,220,000 16,744,643 3,270,549 5,220,000 20,015,192 25,235,192 (10,988,447 ) 14,246,745 — City Gate at Cupertino (fka Cupertino) Cupertino, CA — 1998 311 40,400,000 95,937,046 7,548,015 40,400,000 103,485,061 143,885,061 (29,361,079 ) 114,523,982 — City Pointe Fullerton, CA G 2004 183 6,863,792 36,476,208 3,588,233 6,863,792 40,064,441 46,928,233 (15,519,206 ) 31,409,027 — City Square Bellevue (fka Bellevue) Bellevue, WA G 1998 191 15,100,000 41,876,257 3,873,050 15,100,000 45,749,307 60,849,307 (13,419,667 ) 47,429,640 — Clarendon, The Arlington, VA G 2005 292 30,400,340 103,824,660 2,674,009 30,400,340 106,498,669 136,899,009 (36,985,746 ) 99,913,263 — Cleo, The Los Angeles, CA — 1989 92 6,615,467 14,829,335 4,079,934 6,615,467 18,909,269 25,524,736 (9,776,697 ) 15,748,039 — Connecticut Heights Washington, D.C. — 1974 518 27,600,000 114,002,295 10,060,643 27,600,000 124,062,938 151,662,938 (33,971,504 ) 117,691,434 — Corcoran House at DuPont Circle (fka DuPont Circle) Washington, D.C. G 1961 138 13,500,000 26,913,113 2,637,933 13,500,000 29,551,046 43,051,046 (9,012,285 ) 34,038,761 — Courthouse Plaza Arlington, VA G 1990 396 — 87,386,024 6,316,702 — 93,702,726 93,702,726 (28,408,921 ) 65,293,805 — Creekside (San Mateo) San Mateo, CA — 1985 192 9,606,600 21,193,232 4,951,801 9,606,600 26,145,033 35,751,633 (18,907,735 ) 16,843,898 — Cronins Landing Waltham, MA G 1998 281 32,300,000 85,119,324 11,972,290 32,300,000 97,091,614 129,391,614 (27,201,943 ) 102,189,671 — Crystal Place Arlington, VA — 1986 181 17,200,000 47,918,975 3,946,812 17,200,000 51,865,787 69,065,787 (15,614,718 ) 53,451,069 — Dalton, The Alexandria, VA G 2018 270 22,947,777 95,292,515 (6 ) 22,947,777 95,292,509 118,240,286 — 118,240,286 — Deerwood (SD) San Diego, CA — 1990 316 2,082,095 18,739,815 15,675,022 2,082,095 34,414,837 36,496,932 (30,453,714 ) 6,043,218 — Del Mar Ridge San Diego, CA — 1998 181 7,801,824 36,948,176 4,246,225 7,801,824 41,194,401 48,996,225 (17,680,819 ) 31,315,406 — Eagle Canyon Chino Hills, CA — 1985 252 1,808,900 16,274,361 10,865,978 1,808,900 27,140,339 28,949,239 (20,747,510 ) 8,201,729 — Edgemont at Bethesda Metro Bethesda, MD — 1989 122 13,092,552 43,907,448 1,674,370 13,092,552 45,581,818 58,674,370 (15,155,907 ) 43,518,463 — Emerson Place Boston, MA G 1962 444 14,855,000 57,566,636 35,014,249 14,855,000 92,580,885 107,435,885 (63,325,270 ) 44,110,615 — Encore at Sherman Oaks, The Sherman Oaks, CA — 1988 174 8,700,000 25,446,003 3,847,449 8,700,000 29,293,452 37,993,452 (10,801,336 ) 27,192,116 — Eviva on Cherokee Denver, CO — 2017 274 10,507,626 100,037,204 151,235 10,507,626 100,188,439 110,696,065 (6,553,585 ) 104,142,480 — EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2019 Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (Improvements, net) (E) Gross Amount Carried at Close of Period 12/31/19 Apartment Name Location Retail/ Commercial Space Date of Construction Apartment Units Land Building & Fixtures Building & Fixtures Land Building & Fixtures (A) Total (B) Accumulated Depreciation (C) Investment in Real Estate, Net at 12/31/19 Encumbrances Fountains at Emerald Park (fka Emerald Park) Dublin, CA — 2000 324 25,900,000 83,986,217 3,935,049 25,900,000 87,921,266 113,821,266 (25,270,333 ) 88,550,933 — Fremont Center Fremont, CA G 2002 322 25,800,000 78,753,114 4,490,634 25,800,000 83,243,748 109,043,748 (24,471,382 ) 84,572,366 — Gaithersburg Station Gaithersburg, MD G 2013 400 17,500,000 74,678,917 3,537,268 17,500,000 78,216,185 95,716,185 (20,628,153 ) 75,088,032 — Gallery, The Hermosa Beach, CA — 1971 169 18,144,000 46,567,941 2,995,980 18,144,000 49,563,921 67,707,921 (24,741,834 ) 42,966,087 — Gateway at Malden Center Malden, MA G 1988 203 9,209,780 25,722,666 16,463,954 9,209,780 42,186,620 51,396,400 (26,861,288 ) 24,535,112 — Geary Court Yard San Francisco, CA — 1990 165 1,722,400 15,471,429 6,197,853 1,722,400 21,669,282 23,391,682 (15,406,560 ) 7,985,122 — Girard Boston, MA G 2016 160 — 102,450,328 865,330 — 103,315,658 103,315,658 (11,248,402 ) 92,067,256 — Hampshire Place Los Angeles, CA — 1989 259 10,806,000 30,335,330 8,125,571 10,806,000 38,460,901 49,266,901 (19,841,849 ) 29,425,052 — Harbor Steps Seattle, WA G 2000 761 59,403,601 158,829,432 40,880,428 59,403,601 199,709,860 259,113,461 (97,046,373 ) 162,067,088 — Hathaway Long Beach, CA — 1987 385 2,512,500 22,611,912 13,674,471 2,512,500 36,286,383 38,798,883 (27,001,675 ) 11,797,208 — Helios (fka 2nd+Pine) Seattle, WA G 2017 398 18,061,674 206,628,093 110,524 18,061,674 206,738,617 224,800,291 (20,125,380 ) 204,674,911 — Heritage at Stone Ridge Burlington, MA — 2005 180 10,800,000 31,808,335 2,849,652 10,800,000 34,657,987 45,457,987 (17,798,543 ) 27,659,444 — Heritage Ridge Lynwood, WA — 1999 197 6,895,000 18,983,597 4,605,503 6,895,000 23,589,100 30,484,100 (11,968,336 ) 18,515,764 — Hesby North Hollywood, CA — 2013 308 23,299,892 102,700,108 1,653,931 23,299,892 104,354,039 127,653,931 (25,277,554 ) 102,376,377 — Highlands at South Plainfield South Plainfield, NJ — 2000 252 10,080,000 37,526,912 2,592,223 10,080,000 40,119,135 50,199,135 (20,191,766 ) 30,007,369 — Hikari Los Angeles, CA G 2007 128 9,435,760 32,564,240 965,477 9,435,760 33,529,717 42,965,477 (11,609,215 ) 31,356,262 — Hudson Crossing New York, NY G 2003 259 23,420,000 69,977,699 3,000,297 23,420,000 72,977,996 96,397,996 (38,482,671 ) 57,915,325 — Hudson Pointe Jersey City, NJ — 2003 182 5,350,000 41,114,074 6,902,664 5,350,000 48,016,738 53,366,738 (26,064,218 ) 27,302,520 — Hunt Club II Charlotte, NC — (F) — 100,000 — — 100,000 — 100,000 — 100,000 — Huxley, The Redwood City, CA — 2018 137 18,775,028 89,335,476 5,577 18,775,028 89,341,053 108,116,081 (2,362,663 ) 105,753,418 — Ivory Wood Bothell, WA — 2000 144 2,732,800 13,888,282 1,716,006 2,732,800 15,604,288 18,337,088 (8,531,839 ) 9,805,249 — Jia (fka Chinatown Gateway) Los Angeles, CA G 2014 280 14,791,831 77,752,457 816,097 14,791,831 78,568,554 93,360,385 (22,410,277 ) 70,950,108 — Junction 47 (fka West Seattle) Seattle, WA G 2015 206 11,726,305 56,576,329 139,678 11,726,305 56,716,007 68,442,312 (9,832,830 ) 58,609,482 — Kelvin, The (fka Modera) Irvine, CA — 2015 194 15,521,552 64,853,448 593,826 15,521,552 65,447,274 80,968,826 (12,644,037 ) 68,324,789 — Kenwood Mews Burbank, CA — 1991 141 14,100,000 24,662,883 4,164,875 14,100,000 28,827,758 42,927,758 (14,951,144 ) 27,976,614 — Laguna Clara Santa Clara, CA — 1972 264 13,642,420 29,597,400 5,500,048 13,642,420 35,097,448 48,739,868 (19,856,605 ) 28,883,263 — Landings at Port Imperial W. New York, NJ — 1999 276 27,246,045 37,741,050 14,471,631 27,246,045 52,212,681 79,458,726 (33,207,884 ) 46,250,842 — Lane Seattle, WA G 2019 217 13,142,946 71,853,083 (1 ) 13,142,946 71,853,082 84,996,028 — 84,996,028 — Lex, The San Jose, CA — 2017 387 21,817,512 158,778,598 77,511 21,817,512 158,856,109 180,673,621 (8,972,354 ) 171,701,267 — Liberty Park Braintree, MA — 2000 202 5,977,504 26,749,111 6,951,551 5,977,504 33,700,662 39,678,166 (19,975,624 ) 19,702,542 — Liberty Tower Arlington, VA G 2008 235 16,382,822 83,817,078 2,551,120 16,382,822 86,368,198 102,751,020 (31,785,187 ) 70,965,833 — Lincoln Heights Quincy, MA — 1991 336 5,928,400 33,595,262 15,019,958 5,928,400 48,615,220 54,543,620 (37,746,289 ) 16,797,331 — Lindley Apartments Encino, CA — 2004 129 5,805,000 25,705,000 2,055,111 5,805,000 27,760,111 33,565,111 (10,259,804 ) 23,305,307 — Lofts at Kendall Square (fka Kendall Square) Cambridge, MA — 1998 186 18,696,674 78,445,657 6,941,386 18,696,674 85,387,043 104,083,717 (24,300,285 ) 79,783,432 — Lofts at Kendall Square ll (fka 249 Third Street) Cambridge, MA G 2019 84 4,603,326 42,655,411 — 4,603,326 42,655,411 47,258,737 (388,231 ) 46,870,506 — Longacre House New York, NY G 2000 293 73,170,045 53,962,510 4,562,899 73,170,045 58,525,409 131,695,454 (26,269,075 ) 105,426,379 — Longfellow Place Boston, MA G 1975 710 38,264,917 132,175,915 86,857,633 38,264,917 219,033,548 257,298,465 (153,930,179 ) 103,368,286 — Madox Jersey City, NJ G 2013 131 9,679,635 64,594,205 456,215 9,679,635 65,050,420 74,730,055 (4,991,342 ) 69,738,713 — Mantena New York, NY G 2012 98 22,346,513 61,501,158 1,159,451 22,346,513 62,660,609 85,007,122 (18,028,047 ) 66,979,075 — Marina 41 (fka Marina Del Rey) Marina Del Rey, CA — 1973 623 — 168,842,442 9,214,698 — 178,057,140 178,057,140 (53,401,243 ) 124,655,897 — Mariposa at Playa Del Rey (fka Playa Del Rey) Playa Del Rey, CA — 2004 354 60,900,000 89,311,482 6,259,009 60,900,000 95,570,491 156,470,491 (28,260,197 ) 128,210,294 — Mark on 8th Seattle, WA G 2016 174 23,004,387 51,148,861 132,254 23,004,387 51,281,115 74,285,502 (4,399,467 ) 69,886,035 — Market Street Village San Diego, CA — 2006 229 13,740,000 40,757,301 2,433,811 13,740,000 43,191,112 56,931,112 (21,071,334 ) 35,859,778 — Milano Lofts Los Angeles, CA G 1925/2006 99 8,125,216 27,378,784 4,128,987 8,125,216 31,507,771 39,632,987 (9,253,714 ) 30,379,273 — Mill Creek Milpitas, CA — 1991 516 12,858,693 57,168,503 17,604,121 12,858,693 74,772,624 87,631,317 (39,853,420 ) 47,777,897 — Montierra (CA) San Diego, CA — 1990 272 8,160,000 29,360,938 8,510,123 8,160,000 37,871,061 46,031,061 (26,472,405 ) 19,558,656 — EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2019 Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (Improvements, net) (E) Gross Amount Carried at Close of Period 12/31/19 Apartment Name Location Retail/ Commercial Space Date of Construction Apartment Units Land Building & Fixtures Building & Fixtures Land Building & Fixtures (A) Total (B) Accumulated Depreciation (C) Investment in Real Estate, Net at 12/31/19 Encumbrances Mosaic at Metro Hyattsville, MD — 2008 260 — 59,580,898 1,537,111 — 61,118,009 61,118,009 (23,624,406 ) 37,493,603 — Mountain View Redevelopment Mountain View, CA — (F) — — 882,046 — — 882,046 882,046 — 882,046 — Mozaic at Union Station Los Angeles, CA — 2007 272 8,500,000 52,529,446 2,472,824 8,500,000 55,002,270 63,502,270 (26,004,162 ) 37,498,108 — Murray Hill Tower (fka Murray Hill) New York, NY G 1974 270 75,800,000 102,705,401 10,547,453 75,800,000 113,252,854 189,052,854 (34,480,104 ) 154,572,750 — Next on Sixth Los Angeles, CA G 2017 398 52,509,906 136,635,362 52,028 52,509,906 136,687,390 189,197,296 (6,067,150 ) 183,130,146 — North Pier at Harborside Jersey City, NJ — 2003 297 4,000,159 94,290,590 5,767,779 4,000,159 100,058,369 104,058,528 (53,298,183 ) 50,760,345 — Northglen Valencia, CA — 1988 234 9,360,000 20,778,553 6,828,841 9,360,000 27,607,394 36,967,394 (16,473,980 ) 20,493,414 — Northpark Burlingame, CA — 1972 510 38,607,000 77,472,217 15,236,070 38,607,000 92,708,287 131,315,287 (40,034,278 ) 91,281,009 — Northridge Pleasant Hill, CA — 1974 221 5,524,000 14,691,705 11,618,255 5,524,000 26,309,960 31,833,960 (20,784,027 ) 11,049,933 — Oak Park Combined Agoura Hills, CA — 1989 & 1990 444 3,390,700 30,517,274 11,129,906 3,390,700 41,647,180 45,037,880 (33,598,181 ) 11,439,699 — Oaks Santa Clarita, CA — 2000 520 23,400,000 61,020,438 7,150,916 23,400,000 68,171,354 91,571,354 (38,896,036 ) 52,675,318 — Oakwood Crystal City Arlington, VA — 1987 162 15,400,000 35,474,336 4,164,931 15,400,000 39,639,267 55,039,267 (11,715,439 ) 43,323,828 — Ocean Crest Solana Beach, CA — 1986 146 5,111,200 11,910,438 4,831,677 5,111,200 16,742,115 21,853,315 (11,831,439 ) 10,021,876 — Odin (fka Tallman) Seattle, WA — 2015 301 16,807,519 64,519,515 70,389 16,807,519 64,589,904 81,397,423 (11,050,157 ) 70,347,266 — Old Town Lofts Redmond, WA G 2014 149 7,740,467 44,146,181 821,523 7,740,467 44,967,704 52,708,171 (8,666,808 ) 44,041,363 — Olympus Towers Seattle, WA G 2000 328 14,752,034 73,335,425 10,370,617 14,752,034 83,706,042 98,458,076 (46,375,373 ) 52,082,703 — One Henry Adams San Francisco, CA G 2016 241 30,224,393 139,558,692 22,022 30,224,393 139,580,714 169,805,107 (16,605,628 ) 153,199,479 — One India Street (fka Oakwood Boston) Boston, MA G 1901 94 22,200,000 28,672,979 6,249,693 22,200,000 34,922,672 57,122,672 (9,689,007 ) 47,433,665 — Pacific Place Los Angeles, CA — 2008 430 32,250,000 110,750,000 2,028,500 32,250,000 112,778,500 145,028,500 (31,554,841 ) 113,473,659 — Packard Building Seattle, WA G 2010 61 5,911,041 19,954,959 1,112,353 5,911,041 21,067,312 26,978,353 (3,941,611 ) 23,036,742 — Parc 77 New York, NY G 1903 137 40,504,000 18,025,679 6,560,029 40,504,000 24,585,708 65,089,708 (14,088,276 ) 51,001,432 — Parc Cameron New York, NY G 1927 166 37,600,000 9,855,597 7,590,854 37,600,000 17,446,451 55,046,451 (11,702,099 ) 43,344,352 — Parc Coliseum New York, NY G 1910 177 52,654,000 23,045,751 9,553,310 52,654,000 32,599,061 85,253,061 (19,280,179 ) 65,972,882 — Parc East Towers New York, NY G 1977 324 102,163,000 108,989,402 12,219,604 102,163,000 121,209,006 223,372,006 (56,644,803 ) 166,727,203 — Parc on Powell (fka Parkside at Emeryville) Emeryville, CA G 2015 173 16,667,059 65,073,509 419,037 16,667,059 65,492,546 82,159,605 (12,009,148 ) 70,150,457 — Park Connecticut Washington, D.C. — 2000 142 13,700,000 59,087,519 1,863,350 13,700,000 60,950,869 74,650,869 (16,566,168 ) 58,084,701 — Park Hacienda (fka Hacienda) Pleasanton, CA — 2000 540 43,200,000 128,753,359 6,614,073 43,200,000 135,367,432 178,567,432 (39,974,119 ) 138,593,313 — Park West (CA) Los Angeles, CA — 1987/1990 444 3,033,500 27,302,383 12,126,113 3,033,500 39,428,496 42,461,996 (30,924,343 ) 11,537,653 — Parkside Union City, CA — 1979 208 6,246,700 11,827,453 8,185,992 6,246,700 20,013,445 26,260,145 (13,217,770 ) 13,042,375 — Pearl, The (WA) Seattle, WA G 2008 80 6,972,585 26,527,415 1,051,124 6,972,585 27,578,539 34,551,124 (5,151,187 ) 29,399,937 — Pearl MDR (fka Oakwood Marina Del Rey) Marina Del Rey, CA G 1969 597 — 120,795,359 5,726,479 — 126,521,838 126,521,838 (38,784,120 ) 87,737,718 — Pegasus Los Angeles, CA G 1949/2003 322 18,094,052 81,905,948 6,904,081 18,094,052 88,810,029 106,904,081 (32,523,925 ) 74,380,156 — Playa Pacifica Hermosa Beach, CA — 1972 285 35,100,000 33,473,822 23,756,377 35,100,000 57,230,199 92,330,199 (31,171,766 ) 61,158,433 — Portofino Chino Hills, CA — 1989 176 3,572,400 14,660,994 3,874,242 3,572,400 18,535,236 22,107,636 (14,171,043 ) 7,936,593 — Portofino (Val) Valencia, CA — 1989 216 8,640,000 21,487,126 5,837,031 8,640,000 27,324,157 35,964,157 (17,518,529 ) 18,445,628 — Portside Towers Jersey City, NJ G 1992-1997 527 22,487,006 96,842,913 24,128,821 22,487,006 120,971,734 143,458,740 (89,422,204 ) 54,036,536 — Potrero 1010 San Francisco, CA G 2016 453 40,830,011 181,812,933 518,975 40,830,011 182,331,908 223,161,919 (26,294,704 ) 196,867,215 — Prado (fka Glendale) Glendale, CA — 1988 264 — 67,977,313 5,928,659 — 73,905,972 73,905,972 (21,102,334 ) 52,803,638 — Prime, The Arlington, VA — 2002 281 34,625,000 77,879,740 2,669,467 34,625,000 80,549,207 115,174,207 (32,656,903 ) 82,517,304 — Prism at Park Avenue South (fka 400 Park Avenue South) New York, NY G 2015 269 76,292,169 171,649,131 208,922 76,292,169 171,858,053 248,150,222 (32,299,311 ) 215,850,911 — Promenade at Town Center I & II Valencia, CA — 2001 564 28,200,000 69,795,915 10,883,962 28,200,000 80,679,877 108,879,877 (44,391,535 ) 64,488,342 — Providence Bothell, WA — 2000 200 3,573,621 19,055,505 4,537,035 3,573,621 23,592,540 27,166,161 (12,025,867 ) 15,140,294 — Quarry Hills Quincy, MA — 2006 316 26,900,000 84,411,162 4,202,638 26,900,000 88,613,800 115,513,800 (25,515,603 ) 89,998,197 — Radius Uptown Denver, CO — 2017 372 13,644,960 121,899,084 640,652 13,644,960 122,539,736 136,184,696 (9,914,578 ) 126,270,118 — Red 160 (fka Redmond Way) Redmond, WA G 2011 250 15,546,376 65,320,010 1,448,098 15,546,376 66,768,108 82,314,484 (20,622,372 ) 61,692,112 — Redmond Court Bellevue, WA — 1977 206 10,300,000 33,488,745 1,211,705 10,300,000 34,700,450 45,000,450 (11,274,160 ) 33,726,290 — EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP Schedule III - Real Estate and Accumulated Depreciation December 31, 2019 Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (Improvements, net) (E) Gross Amount Carried at Close of Period 12/31/19 Apartment Name Location Retail/ Commercial Space Date of Construction Apartment Units Land Building & Fixtures Building & Fixtures Land Building & Fixtures (A) Total (B) Accumulated Depreciation (C) Investment in Real Estate, Net at 12/31/19 Encumbrances Regency Palms Huntington Beach, CA — 1969 310 1,857,400 16,713,254 7,272,427 1,857,400 23,985,681 25,843,081 (19,161,878 ) 6,681,203 — Reserve at Clarendon Centre, The Arlington, VA G 2003 252 10,500,000 52,812,935 4,855,911 10,500,000 57,668,846 68,168,846 (32,743,477 ) 35,425,369 — Reserve at Eisenhower, The Alexandria, VA — 2002 226 6,500,000 34,585,060 4,852,458 6,500,000 39,437,518 45,937,518 (22,240,250 ) 23,697,268 — Reserve at Empire Lakes Rancho Cucamonga, CA — 2005 467 16,345,000 73,080,670 3,893,736 16,345,000 76,974,406 93,319,406 (39,080,433 ) 54,238,973 — Reserve at Fairfax Corner Fairfax, VA — 2001 652 15,804,057 63,129,051 12,239,068 15,804,057 75,368,119 91,172,176 (44,632,394 ) 46,539,782 — Reserve at Mountain View (fka Mountain View) Mountain View, CA — 1965 180 27,000,000 33,029,605 7,608,914 27,000,000 40,638,519 67,638,519 (12,863,114 ) 54,775,405 — Reserve at Potomac Yard Alexandria, VA — 2002 588 11,918,917 68,862,641 17,256,235 11,918,917 86,118,876 98,037,793 (45,846,659 ) 52,191,134 — Reserve at Town Center I-III (WA) Mill Creek, WA G 2001, 2009, 2014 584 16,768,705 77,623,664 8,538,253 16,768,705 86,161,917 102,930,622 (36,697,179 ) 66,233,443 — Residences at Westgate I (fka Westgate II) Pasadena, CA G 2014 252 17,859,785 109,259,858 477,844 17,859,785 109,737,702 127,597,487 (27,267,435 ) 100,330,052 — Residences at Westgate II (fka Westgate III) Pasadena, CA G 2015 88 12,118,248 40,486,467 97,831 12,118,248 40,584,298 52,702,546 (7,453,042 ) 45,249,504 — Rianna I & II Seattle, WA G 2000/2002 156 4,430,000 29,298,096 1,408,357 4,430,000 30,706,453 35,136,453 (12,521,975 ) 22,614,478 — Ridgewood Village I&II San Diego, CA — 1997 408 11,809,500 34,004,048 6,152,653 11,809,500 40,156,701 51,966,201 (27,801,818 ) 24,164,383 — Riva Terra I (fka Redwood Shores) Redwood City, CA — 1986 304 34,963,355 84,587,658 6,552,889 34,963,355 91,140,547 126,103,902 (27,578,186 ) 98,525,716 — Riva Terra II (fka Harborside) Redwood City, CA — 1986 149 17,136,645 40,536,531 3,532,047 17,136,645 44,068,578 61,205,223 (12,214,368 ) 48,990,855 — Riverpark Redmond, WA G 2009 321 14,355,000 80,894,049 4,145,694 14,355,000 85,039,743 99,394,743 (27,531,587 ) 71,863,156 — Rivington, The Hoboken, NJ — 1999 240 34,340,640 112,522,073 2,385,966 34,340,640 114,908,039 149,248,679 (11,203,805 ) 138,044,874 — Rosecliff II Quincy, MA — 2005 130 4,922,840 30,202,160 1,575,032 4,922,840 31,777,192 36,700,032 (11,139,316 ) 25,560,716 — Sakura Crossing Los Angeles, CA G 2009 230 14,641,990 42,858,010 1,508,474 14,641,990 44,366,484 59,008,474 (16,104,349 ) 42,904,125 — Saxton Seattle, WA G 2019 325 38,805,400 128,661,766 1,221 38,805,400 128,662,987 167,468,387 (1,106,731 ) 166,361,656 — Seventh & James Seattle, WA G 1992 96 663,800 5,974,803 4,559,907 663,800 10,534,710 11,198,510 (8,193,189 ) 3,005,321 — Sheffield Court Arlington, VA — 1986 597 3,342,381 31,337,332 16,837,180 3,342,381 48,174,512 51,516,893 (39,604,857 ) 11,912,036 — Siena Terrace Lake Forest, CA — 1988 356 8,900,000 24,083,024 7,673,467 8,900,000 31,756,491 40,656,491 (22,703,857 ) 17,952,634 — Skycrest Valencia, CA — 1999 264 10,560,000 25,574,457 6,439,296 10,560,000 32,013,753 42,573,753 (19,701,076 ) 22,872,677 — Skyhouse Denver Denver, CO G 2017 354 13,562,331 126,360,318 260,188 13,562,331 126,620,50 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Due to the Company’s ability as general partner to control either through ownership or by contract the Operating Partnership and its subsidiaries, the Operating Partnership and each such subsidiary has been consolidated with the Company for financial reporting purposes, except for any unconsolidated properties/entities. |
Real Estate Assets And Depreciation Of Investment In Real Estate | Real Estate Assets and Depreciation of Investment in Real Estate The Company expects that substantially all of its transactions will be accounted for as asset acquisitions. In an asset acquisition, the Company is required to capitalize transaction costs and allocate the purchase price on a relative fair value basis. For the years ended December 31, 2019 and 2018, all acquisitions were considered asset acquisitions. For asset acquisitions, the Company allocates the purchase price of the net tangible and identified intangible assets on a relative fair value basis. In making estimates of relative fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible and intangible assets/liabilities acquired. The Company allocates the purchase price of acquired real estate to various components as follows: • Land – Based on actual purchase price adjusted to an allocation of the relative fair value (as necessary) if acquired separately or market research/comparables if acquired with an operating property. • Furniture, Fixtures and Equipment – Ranges between $10,000 and $35,000 per apartment unit acquired as an estimate of the allocation of the relative fair value of the appliances and fixtures inside an apartment unit. The per-apartment unit amount applied depends on the economic age of the apartment units acquired. Depreciation is calculated on the straight-line method over an estimated useful life of five to ten years. • Lease Intangibles – The Company considers the value of acquired in-place leases and above/below market leases and the amortization period is the average remaining term of each respective acquired lease. In-place residential leases’ average term at acquisition approximates six months. In-place retail leases’ term at acquisition approximates the average remaining term of all acquired retail leases. See Note 8 for more information on ground lease intangibles. • Other Intangible Assets – The Company considers whether it has acquired other intangible assets, including any customer relationship intangibles and the amortization period is the estimated useful life of the acquired intangible asset. • Building – Based on the allocation of the relative fair value determined on an “as-if vacant” basis. Depreciation is calculated on the straight-line method over an estimated useful life of thirty years. • Long-Term Debt – The Company calculates the allocation of the relative fair value by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings. Replacements inside an apartment unit such as appliances and carpeting are depreciated over an estimated useful life of five to ten years. Renovation expenditures for ordinary maintenance and repairs are expensed to operations as incurred and significant renovations and improvements that improve and/or extend the useful life of the asset are capitalized over their estimated useful life, generally five to fifteen years. Initial direct leasing costs are expensed as incurred as such expense approximates the deferral and amortization of initial direct leasing costs over the lease terms. Property dispositions are recorded when control transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with accounting principles generally accepted in the United States. The Company classifies real estate assets as real estate held for sale when it is probable a property will be disposed of. The Company classifies properties under development and/or expansion and properties in the lease-up phase (including land) as construction-in-progress until construction has been completed and certificates of occupancy permits have been obtained. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company periodically evaluates its long-lived assets, including its investment in real estate, for indicators of impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, legal, regulatory and environmental concerns, the Company’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted. If impairment indicators exist, the Company performs the following: • For long-lived operating assets to be held and used, the Company compares the expected future undiscounted cash flows for the long-lived asset against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company would make an estimate of the fair value for the particular asset and would record an impairment loss for the difference between the estimated fair value and the carrying amount of the asset. In determining the future undiscounted cash flows or the estimated fair value of an asset there is judgment in estimating the expected future rental revenues, operating expenses and discount and capitalization rates. • For long-lived non-operating assets (projects under development and land held for development), management evaluates major cost overruns, market conditions that could affect lease-up projections, intent and ability to hold the asset and any other indicators of impairment. If any of the indicators were to suggest impairment was present, the carrying value of the asset would be adjusted accordingly to fair value. • For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset measured at the time that the Company has determined it will sell the asset. Long-lived assets held for sale and the related liabilities are separately reported, with the long-lived assets reported at the lower of their carrying amounts or their estimated fair values, less their costs to sell, and are not depreciated after reclassification to real estate held for sale. |
Cost Capitalization | Cost Capitalization See the Real Estate Assets and Depreciation of Investment in Real Estate For all development projects, the Company uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Company capitalizes interest, real estate taxes and insurance and payroll and associated costs for those individuals directly responsible for and who spend their time on development activities, with capitalization ceasing no later than 90 days following issuance of the certificate of occupancy. These costs are reflected on the balance sheets as construction-in-progress for each specific property. The Company expenses as incurred all payroll costs of on-site employees working directly at our properties, except as noted above on our development properties prior to certificate of occupancy issuance and on specific major renovations at selected properties when additional incremental employees are hired. During the years ended December 31, 2019, 2018 and 2017, the Company capitalized $14.2 million, $13.2 million and $14.7 million, respectively, of payroll and associated costs of employees directly responsible for and who spend their time on the execution and supervision of development activities as well as major capital and/or renovation projects. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and investments in certificates of deposit with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance. |
Fair Value of Financial Instruments, Including Derivative Instruments | Fair Value of Financial Instruments, Including Derivative Instruments The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company may seek to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business. The Company has a policy of only entering into derivative contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from these instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives it currently has in place. The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. In addition, fair value adjustments will affect either shareholders’ equity/partners’ capital or net income depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. When the terms of an underlying transaction are modified, or when the underlying transaction is terminated or completed, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until the instrument matures. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market each period. The Company does not use derivatives for trading or speculative purposes. |
Leases and Revenue Recognition | Leases and Revenue Recognition Rental income attributable to residential leases is recorded on a straight-line basis, which is not materially different than if it were recorded when due from residents and recognized monthly as it was earned. Leases entered into between a resident and a property for the rental of an apartment unit are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis. Rental income attributable to retail leases (including commercial leases) is also recorded on a straight-line basis. Retail leases generally have five to ten year lease terms with market based renewal options. Fee and asset management revenue and interest income are recorded on an accrual basis. The majority of the Company’s revenue is derived from residential, retail and other lease income, which are accounted for under the new leasing standard effective January 1, 2019 (discussed below in Recently Adopted Accounting Pronouncements The Company is a lessor for its residential and retail leases and is a lessee for its corporate headquarters and regional offices and ground leases for land underlying current operating properties or projects under development. If applicable, lease agreements must be evaluated to determine the accounting treatment as a finance or operating lease in accordance with the new leasing standard. A lease is classified as a finance lease if it meets any of the following criteria: (a) Ownership of the underlying asset is transferred to the lessee by the end of the lease term; (b) the lessee has and is reasonably certain to exercise an option to purchase the underlying asset; (c) the lease term is for the major part of the remaining economic life of the underlying asset; (d) the present value of future minimum lease payments is equal to substantially all of the fair value of the underlying asset; and (e) the underlying asset is expected to have no alternative use to the lessor at the end of the lease term due to its specialized nature. The new leasing standard also requires the recognition on the balance sheet of: (a) a liability for the lease obligation (initially measured at the present value of the future lease payments not yet paid over the lease term); and (b) an asset for its right to use the underlying asset (initially equal to the lease liability). See Recently Adopted Accounting Pronouncements The Company’s revenue streams that are not accounted for under the new leasing standard include: • Parking revenue – The Company’s parking revenue, not related to leasing, is derived primarily from monthly and transient daily parking and is accounted for at the point in time when control of the goods or services transfers to the customer and our performance obligation is satisfied. • Other rental and non-rental related revenue – The Company receives other income, including, but not limited to: (a) ancillary income, such as laundry, renters insurance and cable income; (b) net settlement income or collections; and (c) miscellaneous fee income. • Fee and asset management revenue – The Company received management fee revenue as the property manager for two unconsolidated joint ventures for which it had an ownership interest during part of the year but no longer owns as of December 31, 2019. • Gains or losses on sales of real estate properties – The Company accounts for the sale of real estate properties and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete and the Company does not have significant continuing involvement. A gain or loss is recognized when the criteria for an asset to be derecognized are met, which include when a contract exists and the buyer obtained control of the nonfinancial asset that was sold. The Company’s rental income detail by leasing and revenue recognition standards along with the percentages of rental income are disclosed in the table below for the years ended December 31, 2019 and 2018 (amounts in thousands). Year Ended December 31, 2019 Year Ended December 31, 2018 Income Type $ Rental Income % of Rental Income $ Rental Income % of Rental Income Residential and retail rent $ 2,486,189 $ 2,369,552 Utility recoveries ("RUBS") 68,576 63,218 Parking rent 37,905 33,757 Storage rent 3,816 3,674 Pet rent 11,617 11,185 Leasing standard (1) 2,608,103 96.6 % 2,481,386 96.3 % Parking revenue 28,272 26,743 Other revenue 64,316 69,552 Revenue recognition standard 92,588 3.4 % 96,295 3.7 % Rental income $ 2,700,691 100.0 % $ 2,577,681 100.0 % (1) See Note 8 for additional details on leasing revenue. |
Share-Based Compensation | Share-Based Compensation The Company expenses share-based compensation such as restricted shares, restricted units and share options. Any common share of beneficial interest, $0.01 par value per share (the “Common Shares”), issued pursuant to EQR’s incentive equity compensation and employee share purchase plans will result in ERPOP issuing units of partnership interest (“OP Units”) to EQR on a one-for-one basis, with ERPOP receiving the net cash proceeds of such issuances. See Note 12 for further discussion. The fair value of the option grants is recognized over the requisite service/vesting period of the options. The fair value for the Company’s share options was estimated at the time the share options were granted using the Black-Scholes option pricing model with the primary grant in each year having the following weighted average assumptions: 2019 2018 2017 Expected volatility (1) 16.3 % 14.8 % 15.3 % Expected life (2) 5 years 5 years 5 years Expected dividend yield (3) 3.10 % 3.09 % 3.08 % Risk-free interest rate (4) 2.43 % 2.52 % 1.93 % Option valuation per share $ 8.06 $ 6.15 $ 5.86 (1) Expected volatility – Estimated based on the historical five-year (2) Expected life – Approximates the actual weighted average life of all share options granted since the Company went public in 1993. (3) Expected dividend yield – Calculated by averaging the historical annual yield on EQR shares for a period matching the expected life of each grant, with the annual yield calculated by dividing actual regular dividends (excluding any special dividends) by the average price of EQR’s shares in a given year. (4) Risk-free interest rate – The most current U.S. Treasury rate available at the grant date for a period matching the expected life of each grant. The valuation method and assumptions are the same as those the Company used in accounting for option expense in its consolidated financial statements. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. This model is only one method of valuing options. Because the Company’s share options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, the actual value of the options to the recipient may be significantly different. |
Income and Other Taxes | Income and Other Taxes EQR has elected to be taxed as a REIT. This, along with the nature of the operations of its operating properties, resulted in no provision for federal income taxes being made at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their proportionate share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected taxable REIT subsidiary (“TRS”) status for certain of its corporate subsidiaries and as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses. The Company’s provision for income and other tax expense (benefit) was as follows for the years ended December 31, 2019, 2018 and 2017 (amounts in thousands): Year Ended December 31, 2019 2018 2017 State and local income, franchise and excise tax (benefit) $ 963 $ 878 $ 478 Alternative minimum tax credit (benefit) (1) (3,244 ) — — Income and other tax expense (benefit) (2) $ (2,281 ) $ 878 $ 478 (1) As provided in recent tax legislation which repealed the alternative minimum tax on corporations, in 2019 the Company claimed/received $1.6 million of refunds of various alternative minimum tax credit carryovers generated in prior tax years. The provision allows for carryover amounts to be refunded over four years, with 50% available in the first year. The remaining $1.6 million, which will be claimed over three years, was accrued in 2019, for a total expected benefit of $3.2 million. (2) All provisions for income tax amounts are current and none are deferred. During the years ended December 31, 2019, 2018 and 2017, the tax character of the Company’s dividends and distributions were as follows (unaudited): Year Ended December 31, 2019 (1) 2018 (2) 2017 (3) Tax character of dividends and distributions: Ordinary dividends $ 1.39604 $ 1.84454 $ 1.22126 Long-term capital gain 0.61243 0.21423 0.18959 Unrecaptured section 1250 gain 0.23403 0.06498 0.10040 Dividends and distributions per Common Share/Unit outstanding $ 2.24250 $ 2.12375 $ 1.51125 (1) The Company’s fourth quarter 2019 dividends and distributions of $0.5675 per Common Share/Unit outstanding will be included as taxable income in calendar year 2020. (2) The Company’s fourth quarter 2018 dividends and distributions of $0.54 per Common Share/Unit outstanding was included as taxable income in calendar year 2019. (3 ) The Company’s fourth quarter 2017 dividends and distributions of $0.50375 per Common Share/Unit outstanding was included as taxable income in calendar year 2018. The unaudited cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes as of December 31, 2019 and 2018 was approximately $13.7 billion and $14.0 billion, respectively. |
Principals of Consolidation | Principles of Consolidation The Company may hold an interest in subsidiaries, partnerships, joint ventures and other similar entities and accounts for these interests in accordance with the consolidation guidance. The Company first determines whether to consolidate the entity as a variable interest entity (“VIE”) or account for the interest under the equity method of accounting. Equity investors of VIEs do not have sufficient equity at risk to finance their activities without additional subordinated financial support or do not have substantive participating rights. The Company consolidates an entity when it is considered to be the primary beneficiary or when it controls the entity through ownership of a majority voting interest. A primary beneficiary has the power to direct the activities that most significantly impact the VIE’s performance and has the obligation to absorb the expected losses or the right to receive the expected residual returns that could potentially be significant to the VIE. In evaluating whether the entity is a VIE, the Company considers several factors, including, but not limited to, funding and financing sources, business purpose of the entity, related parties, developer and property management fees and agreement terms regarding major decisions, participating and voting rights, contributions and distributions. |
Noncontrolling Interests | Noncontrolling Interests A noncontrolling interest in a subsidiary (minority interest) is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company’s equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the consolidated statements of operations and comprehensive income. See Note 3 for further discussion. Operating Partnership: Net income is allocated to noncontrolling interests based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the noncontrolling interests by the total OP Units held by the noncontrolling interests and EQR. Issuance of additional Common Shares and OP Units changes the ownership interests of both the noncontrolling interests and EQR. Such transactions and the related proceeds are treated as capital transactions. Partially Owned Properties: The Company reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Company that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are generally based on ownership percentage and are reflected as noncontrolling interests in partially owned properties in the consolidated statements of operations and comprehensive income. Partners’ Capital The “Limited Partners” of ERPOP include various individuals and entities that contributed their properties to ERPOP in exchange for OP Units. The “General Partner” of ERPOP is EQR. Net income is allocated to the Limited Partners based on their respective ownership percentage of ERPOP. The ownership percentage is calculated by dividing the number of OP Units held by the Limited Partners by the total OP Units held by the Limited Partners and the General Partner. Issuance of additional Common Shares and OP Units changes the ownership interests of both the Limited Partners and EQR. Such transactions and the related proceeds are treated as capital transactions. Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners The Company classifies Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners in the mezzanine section of the consolidated balance sheets for the portion of OP Units that EQR is required, either by contract or securities law, to deliver registered Common Shares to the exchanging OP Unit holder. The redeemable noncontrolling interest units / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. See Note 3 for further discussion. |
Use of Estimates | Use of Estimates In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Reclassifications | Reclassifications Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations or equity/capital. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“ FASB”) Recently Adopted Accounting Pronouncements In FASB Revenue from Contracts with Customers Additionally, as part of the revenue recognition standard, the FASB issued amendments related to partial sales of real estate. Adoption of the partial sales standard did not result in a change of accounting for the Company related to its disposition process. We concluded that the Company’s typical dispositions will continue to meet the criteria for sale and associated profit recognition under both standards. In February 2016, the FASB issued a leases standard which sets out principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessors and lessees). The standard requires the following: • Lessors – Leases are accounted for using an approach that is substantially equivalent to existing guidance for operating, sales-type and financing leases, but aligned with the revenue recognition standard. Lessors are required to allocate lease payments to separate lease and non-lease components of each lease agreement, with the non-lease components evaluated under the revenue recognition standard. • Lessees – Leases are accounted for using a dual approach, classifying leases as either operating or finance based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification determines whether the lease expense is recognized on a straight-line basis over the term of the lease (for operating leases) or based on an effective interest method (for finance leases). A lessee is also required to record a right-of-use asset and a lease liability on its balance sheet for all leases with a term of greater than 12 months regardless of their classification as operating or finance leases. Leases with a term of 12 months or less are accounted for similar to existing guidance for operating leases. The Company adopted this standard as required effective January 1, 2019 using a modified retrospective method and the Company applied the guidance as of the adoption date and elected certain practical expedients, as described below. The standard impacted our consolidated balance sheets but did not impact our consolidated statements of operations. Right-of-use (“ROU”) assets and lease liabilities where the Company is the lessee were recognized for various corporate office leases and ground leases. The Company recorded ROU assets and related lease liabilities to its opening balance sheet upon adoption on January 1, 2019 of $434.2 million and $278.3 million, respectively. The Company calculated the net present value of the lease liabilities on January 1, 2019 and reclassed the following amounts from other assets and other liabilities to record our initial ROU assets (amounts in thousands): January 1, 2019 Balance Sheet Reclass: Initial lease liabilities $ 278,287 Reclassifications: Prepaid ground leases 17,886 Other Assets Ground lease intangibles – below market, net 166,230 Other Assets Ground lease intangibles – above market, net (2,110 ) Other Liabilities Straight-line rent liabilities (1) (26,092 ) Other Liabilities Initial right-of-use assets $ 434,201 (1) Straight-line rent liabilities relate to corporate office leases and certain ground leases. The Company elected the practical expedient to not reassess the classification of existing operating leases. As of January 1, 2019, any new or modified ground leases may be classified as financing leases unless they meet certain conditions. When there is a material lease modification, the Company is required to reassess the classification and remeasure the lease liability. In July 2018, the FASB issued an amendment to the leases standard, which includes a practical expedient that provides lessors an option not to separate lease and non-lease components when certain criteria are met and instead account for those components as a single component under the leases standard. The amendment also provides a transition option that permits the application of the new guidance as of the adoption date rather than to all periods presented. The Company elected the practical expedient to account for both its lease and non-lease components as a single component under the leases standard and elected the new transition option as of the date of adoption effective January 1, 2019. See Note 8 for additional discussion regarding the new lease standard. In August 2017, the FASB issued a final standard which makes changes to the hedge accounting model to enable entities to better portray their risk management activities in the financial statements. The standard expands an entity’s ability to hedge nonfinancial and financial risk components, reduces complexity in fair value hedges of interest rate risk and eases certain documentation and assessment requirements. The standard also eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of any hedging instrument to be presented in the same income statement line as the hedged instrument. The Company adopted this standard as required effective January 1, 2019 and it did not have a material effect on its consolidated results of operations or financial position. |
Other | Other The Company is the controlling partner in various consolidated partnerships owning 17 properties consisting of 3,535 apartment units having a noncontrolling interest balance of $1.2 million at December 31, 2019. The Company is required to make certain disclosures regarding noncontrolling interests in consolidated limited-life subsidiaries. Of the consolidated entities described above, the Company is the controlling partner in limited-life partnerships owning four properties having a noncontrolling interest deficit balance of $10.2 million. These four partnership agreements contain provisions that require the partnerships to be liquidated through the sale of their assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute the proceeds of liquidation to the Noncontrolling Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of their assets warrant a distribution based on the partnership agreements. As of December 31, 2019 the Company estimates the value of Noncontrolling Interest distributions for these four properties would have been approximately $78.9 million (“Settlement Value”) had the partnerships been liquidated. This Settlement Value is based on estimated third party consideration realized by the partnerships upon disposition of the four Partially Owned Properties and is net of all other assets and liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on December 31, 2019 had those mortgages been prepaid. Due to, among other things, the inherent uncertainty in the sale of real estate assets, the amount of any potential distribution to the Noncontrolling Interests in the Company’s Partially Owned Properties is subject to change. To the extent that the partnerships’ underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Noncontrolling Interests in these Partially Owned Properties. |
Business (Tables)
Business (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Ownership Breakdown | The ownership breakdown includes (table does not include various uncompleted development properties): Properties Apartment Units Wholly Owned Properties 291 76,265 Master-Leased Property – Consolidated 1 162 Partially Owned Properties – Consolidated 17 3,535 309 79,962 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule of Rental Income Detail by Leasing and Revenue Recognition Standards Along with Percentages of Rental Income | The Company’s rental income detail by leasing and revenue recognition standards along with the percentages of rental income are disclosed in the table below for the years ended December 31, 2019 and 2018 (amounts in thousands). Year Ended December 31, 2019 Year Ended December 31, 2018 Income Type $ Rental Income % of Rental Income $ Rental Income % of Rental Income Residential and retail rent $ 2,486,189 $ 2,369,552 Utility recoveries ("RUBS") 68,576 63,218 Parking rent 37,905 33,757 Storage rent 3,816 3,674 Pet rent 11,617 11,185 Leasing standard (1) 2,608,103 96.6 % 2,481,386 96.3 % Parking revenue 28,272 26,743 Other revenue 64,316 69,552 Revenue recognition standard 92,588 3.4 % 96,295 3.7 % Rental income $ 2,700,691 100.0 % $ 2,577,681 100.0 % (1) See Note 8 for additional details on leasing revenue. |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology | The fair value of the option grants is recognized over the requisite service/vesting period of the options. The fair value for the Company’s share options was estimated at the time the share options were granted using the Black-Scholes option pricing model with the primary grant in each year having the following weighted average assumptions: 2019 2018 2017 Expected volatility (1) 16.3 % 14.8 % 15.3 % Expected life (2) 5 years 5 years 5 years Expected dividend yield (3) 3.10 % 3.09 % 3.08 % Risk-free interest rate (4) 2.43 % 2.52 % 1.93 % Option valuation per share $ 8.06 $ 6.15 $ 5.86 (1) Expected volatility – Estimated based on the historical five-year (2) Expected life – Approximates the actual weighted average life of all share options granted since the Company went public in 1993. (3) Expected dividend yield – Calculated by averaging the historical annual yield on EQR shares for a period matching the expected life of each grant, with the annual yield calculated by dividing actual regular dividends (excluding any special dividends) by the average price of EQR’s shares in a given year. (4) Risk-free interest rate – The most current U.S. Treasury rate available at the grant date for a period matching the expected life of each grant. |
Allocation Of Income Franchise And Excise Taxes In Consolidated Statements Of Operations | The Company’s provision for income and other tax expense (benefit) was as follows for the years ended December 31, 2019, 2018 and 2017 (amounts in thousands): Year Ended December 31, 2019 2018 2017 State and local income, franchise and excise tax (benefit) $ 963 $ 878 $ 478 Alternative minimum tax credit (benefit) (1) (3,244 ) — — Income and other tax expense (benefit) (2) $ (2,281 ) $ 878 $ 478 (1) As provided in recent tax legislation which repealed the alternative minimum tax on corporations, in 2019 the Company claimed/received $1.6 million of refunds of various alternative minimum tax credit carryovers generated in prior tax years. The provision allows for carryover amounts to be refunded over four years, with 50% available in the first year. The remaining $1.6 million, which will be claimed over three years, was accrued in 2019, for a total expected benefit of $3.2 million. (2) All provisions for income tax amounts are current and none are deferred. |
Tax Treatment Of Dividends And Distributions | During the years ended December 31, 2019, 2018 and 2017, the tax character of the Company’s dividends and distributions were as follows (unaudited): Year Ended December 31, 2019 (1) 2018 (2) 2017 (3) Tax character of dividends and distributions: Ordinary dividends $ 1.39604 $ 1.84454 $ 1.22126 Long-term capital gain 0.61243 0.21423 0.18959 Unrecaptured section 1250 gain 0.23403 0.06498 0.10040 Dividends and distributions per Common Share/Unit outstanding $ 2.24250 $ 2.12375 $ 1.51125 (1) The Company’s fourth quarter 2019 dividends and distributions of $0.5675 per Common Share/Unit outstanding will be included as taxable income in calendar year 2020. (2) The Company’s fourth quarter 2018 dividends and distributions of $0.54 per Common Share/Unit outstanding was included as taxable income in calendar year 2019. (3 ) The Company’s fourth quarter 2017 dividends and distributions of $0.50375 per Common Share/Unit outstanding was included as taxable income in calendar year 2018. |
Schedule of Reclassification's to Initial Right-of-use Assets | The Company calculated the net present value of the lease liabilities on January 1, 2019 and reclassed the following amounts from other assets and other liabilities to record our initial ROU assets (amounts in thousands): January 1, 2019 Balance Sheet Reclass: Initial lease liabilities $ 278,287 Reclassifications: Prepaid ground leases 17,886 Other Assets Ground lease intangibles – below market, net 166,230 Other Assets Ground lease intangibles – above market, net (2,110 ) Other Liabilities Straight-line rent liabilities (1) (26,092 ) Other Liabilities Initial right-of-use assets $ 434,201 (1) Straight-line rent liabilities relate to corporate office leases and certain ground leases. |
Equity, Capital and Other Int_2
Equity, Capital and Other Interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Changes in Issued and Outstanding Common Shares and Units | The following table presents the changes in the Company’s issued and outstanding Common Shares and Units for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Common Shares Common Shares outstanding at January 1, 369,405,161 368,018,082 365,870,924 Common Shares Issued: Conversion of OP Units 313,940 131,477 1,149,284 Exercise of share options 1,745,050 1,056,388 846,137 Employee Share Purchase Plan (ESPP) 48,131 75,414 68,286 Restricted share grants, net 158,602 123,800 83,451 Common Shares outstanding at December 31, 371,670,884 369,405,161 368,018,082 Units Units outstanding at January 1, 13,904,035 13,768,438 14,626,075 Restricted unit grants, net 141,220 267,074 291,647 Conversion of OP Units to Common Shares (313,940 ) (131,477 ) (1,149,284 ) Units outstanding at December 31, 13,731,315 13,904,035 13,768,438 Total Common Shares and Units outstanding at December 31, 385,402,199 383,309,196 381,786,520 Units Ownership Interest in Operating Partnership 3.6 % 3.6 % 3.6 % |
Changes in Redemption Value of Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners for the years ended December 31, 2019, 2018 and 2017, respectively (amounts in thousands): 2019 2018 2017 Balance at January 1, $ 379,106 $ 366,955 $ 442,092 Change in market value 82,283 13,922 (41,916 ) Change in carrying value 2,011 (1,771 ) (33,221 ) Balance at December 31, $ 463,400 $ 379,106 $ 366,955 |
Issued and Outstanding Preferred Shares and Preference Units | The following table presents the Company’s issued and outstanding Preferred Shares/Preference Units as of December 31, 2019 and 2018: Amounts in thousands Annual Call Dividend Per December 31, December 31, Date (1) Share/Unit (2) 2019 2018 Preferred Shares/Preference Units of beneficial interest, $0.01 par value; 100,000,000 shares authorized: 8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share/unit; 745,600 shares/units issued and outstanding as of December 31, 2019 and 2018 12/10/26 $ 4.145 $ 37,280 $ 37,280 $ 37,280 $ 37,280 (1) On or after the call date, redeemable Preferred Shares/Preference Units may be redeemed for cash at the option of the Company or the Operating Partnership, respectively, in whole or in part, at a redemption price equal to the liquidation price per share/unit, plus accrued and unpaid distributions, if any. (2) Dividends on Preferred Shares/Preference Units are payable quarterly. |
ERPOP [Member] | |
Changes in Issued and Outstanding Common Shares and Units | The following table presents the changes in the Operating Partnership’s issued and outstanding General Partner Units and Limited Partner Units for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 General and Limited Partner Units General and Limited Partner Units outstanding at January 1, 383,309,196 381,786,520 380,496,999 Issued to General Partner: Exercise of EQR share options 1,745,050 1,056,388 846,137 EQR’s Employee Share Purchase Plan (ESPP) 48,131 75,414 68,286 EQR’s restricted share grants, net 158,602 123,800 83,451 Issued to Limited Partners: Restricted unit grants, net 141,220 267,074 291,647 General and Limited Partner Units outstanding at December 31, 385,402,199 383,309,196 381,786,520 Limited Partner Units Limited Partner Units outstanding at January 1, 13,904,035 13,768,438 14,626,075 Limited Partner restricted unit grants, net 141,220 267,074 291,647 Conversion of Limited Partner OP Units to EQR Common Shares (313,940 ) (131,477 ) (1,149,284 ) Limited Partner Units outstanding at December 31, 13,731,315 13,904,035 13,768,438 Limited Partner Units Ownership Interest in Operating Partnership 3.6 % 3.6 % 3.6 % |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Summary of Carrying Amounts of Investment in Real Estate | The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of December 31, 2019 and 2018 (amounts in thousands): 2019 2018 Land $ 5,936,188 $ 5,875,803 Depreciable property: Buildings and improvements 18,904,686 18,232,625 Furniture, fixtures and equipment 1,916,458 1,722,231 In-Place lease intangibles 497,957 481,045 Projects under development: Land 23,531 25,429 Construction-in-progress 158,099 83,980 Land held for development: Land 64,460 61,038 Construction-in-progress 32,228 28,871 Investment in real estate 27,533,607 26,511,022 Accumulated depreciation (7,276,786 ) (6,696,281 ) Investment in real estate, net $ 20,256,821 $ 19,814,741 |
Acquired Properties From Unaffiliated Parties | During the year ended December 31, 2019, the Company acquired the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated (1) 13 3,540 $ 1,494,689 Land Parcels (four) (2) — — 19,832 Total 13 3,540 $ 1,514,521 (1) Purchase price includes an allocation of approximately $268.3 million to land and $1.229 billion to depreciable property (inclusive of capitalized closing costs). (2) Purchase price includes an allocation of approximately $16.7 million to vacant land and $4.9 million to construction-in-progress (inclusive of capitalized closing costs). Land parcels include entry into two long-term ground leases for land projects under development in the Washington D.C. market, of which one land parcel is subject to a fully prepaid ground lease. See Notes 6 and 8 for additional discussion. During the year ended December 31, 2018, the Company acquired the following from unaffiliated parties (purchase price in thousands): Properties Apartment Units Purchase Price Rental Properties – Consolidated (1) 5 1,478 $ 707,005 Total 5 1,478 $ 707,005 (1) Purchase price includes an allocation of approximately $113.7 million to land and $594.4 million to depreciable property (inclusive of capitalized closing costs). |
Disposed Properties to Unaffiliated Parties | During the year ended December 31, 2019, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 11 2,361 $ 1,080,675 Rental Properties – Unconsolidated (1) 2 945 394,500 Land Parcels (two) — — 2,100 Total 13 3,306 $ 1,477,275 (1) The Company owned a 20% interest in both unconsolidated rental properties. Sales price listed is the gross sales price. The Company received net sales proceeds of approximately $78.3 million. During the year ended December 31, 2018, the Company disposed of the following to unaffiliated parties (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 5 1,292 $ 706,120 Land Parcels (one) — — 2,700 Total 5 1,292 $ 708,820 |
Commitments to Acquire_Dispos_2
Commitments to Acquire/Dispose of Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments To Acquire Dispose Of Real Estate [Abstract] | |
Separate Agreements to Dispose | The Company has entered into separate agreements to dispose of the following (sales price in thousands): Properties Apartment Units Sales Price Rental Properties – Consolidated 4 1,416 $ 723,500 Land Parcels (two) — — 55,150 Total 4 1,416 $ 778,650 |
Investments in Partially Owne_2
Investments in Partially Owned Entities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments In Partially Owned Entities [Abstract] | |
Summary of Companys Investment in Unconsolidated Entities | The following table and information summarizes the Company’s investments in unconsolidated entities, which are accounted for under the equity method of accounting as the requirements for consolidation are not met, as of December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Ownership Percentage Investments in Unconsolidated Entities: Operating Property (VIE) (1) $ 40,361 $ 42,365 33.3% Operating Properties (Non-VIE) (2) — 10,494 20.0% Real Estate Technology/Other 11,877 5,490 Varies Investments in Unconsolidated Entities $ 52,238 $ 58,349 (1) Represents an unconsolidated interest in an entity that owns the land underlying one of the consolidated joint venture properties noted above and owns and operates a related parking facility. The joint venture, as a limited partner, does not have substantive kick-out or participating rights in the entity. As a result, the entity qualifies as a VIE. The joint venture does not have a controlling financial interest in the VIE and is not the VIE’s primary beneficiary. The joint venture does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance or the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result, the entity that owns the land and owns and operates the parking facility is unconsolidated and recorded using the equity method of accounting. (2) Includes two joint ventures under separate agreements with the same partner totaling 945 apartment units as of December 31, 2018. During the year ended December 31, 2019, the Company and its joint venture partner sold both properties under separate agreements to unaffiliated parties. See Note 4 for additional discussion. |
Restricted Deposits (Tables)
Restricted Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deposits Restricted [Abstract] | |
Restricted Deposits | The following table presents the Company’s restricted deposits as of December 31, 2019 and 2018 (amounts in thousands): December 31, 2019 December 31, 2018 Mortgage escrow deposits: Real estate taxes and insurance $ — $ 876 Replacement reserves 8,543 8,641 Mortgage principal reserves/sinking funds 9,689 9,754 Other — 852 Mortgage escrow deposits 18,232 20,123 Restricted cash: Tax-deferred (1031) exchange proceeds 14,232 — Earnest money on pending acquisitions — 5,000 Restricted deposits on real estate investments 658 540 Resident security and utility deposits 37,140 35,659 Other 984 7,549 Restricted cash 53,014 48,748 Restricted deposits $ 71,246 $ 68,871 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of Lease Income Types Relating to Lease Payments | The following table presents the lease income types relating to lease payments for residential and retail leases for the year ended December 31, 2019 (amounts in thousands): Year Ended December 31, 2019 Lease Income Type Residential Leases Retail Leases Total Residential and retail rent $ 2,414,201 $ 71,988 $ 2,486,189 Utility recoveries (RUBS income) (1) 67,659 917 68,576 Parking rent 37,557 348 37,905 Storage rent 3,745 71 3,816 Pet rent 11,617 — 11,617 Total lease revenue (2) $ 2,534,779 $ 73,324 $ 2,608,103 (1) RUBS income primarily consists of variable payments representing the recovery of utility costs from residents. (2 ) Excludes other rental income of $92.6 million for the year ended December 31, 2019, which is accounted for under the revenue recognition standard discussed in Note 2. |
Summary of Right-of-Use Assets and Related Lease Liabilities | The following table presents the Company’s ROU assets and related lease liabilities as of December 31, 2019 (amounts in thousands): 2019 Right-of-use assets: Corporate office leases $ 41,596 Ground leases (finance) 57,982 Ground leases (operating) 413,196 Right-of-use assets $ 512,774 Lease liabilities: Corporate office leases $ 43,105 Ground leases (finance) 23,239 Ground leases (operating) 264,990 Lease liabilities $ 331,334 |
Summary of Ground Lease Intangibles | The following table summarizes the Company’s ground lease intangibles as of December 31, 2019 and 2018 (amounts in thousands): Description 2019 2018 Assets Ground lease intangibles $ 189,518 $ 191,918 Accumulated amortization (29,861 ) (25,688 ) Ground lease intangible assets, net (1) $ 159,657 $ 166,230 Liabilities Ground lease intangibles $ — $ 2,400 Accumulated amortization — (290 ) Ground lease intangible liabilities, net (1) $ — $ 2,110 (1 ) As of December 31, 2019, ground lease intangibles, net of accumulated amortization are included within the ROU assets on the consolidated balance sheets. As of December 31, 2018, the ground lease intangibles were included within other assets and other liabilities on the consolidated balance sheets. |
Summary of the Effect of the Amortization for Ground Lease Intangibles | The following table provides a summary of the effect of the amortization for ground lease intangibles on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2019, 2018 and 2017 (amounts in thousands): Description Income Statement Location 2019 2018 2017 Ground lease intangible amortization Property and Maintenance $ (4,463 ) $ (4,463 ) $ (4,369 ) |
Summary of Aggregate Amortization for Ground Lease Intangibles | The following table provides a summary of the aggregate amortization for ground lease intangibles for each of the next five years (amounts in thousands): 2020 2021 2022 2023 2024 Ground lease intangibles $ (4,463 ) $ (4,463 ) $ (4,463 ) $ (4,463 ) $ (4,463 ) |
Summary of Quantitative Disclosures for Lessees | The following tables illustrate the quantitative disclosures for lessees as of and for the year ended December 31, 2019 (amounts in thousands): Year Ended December 31, 2019 Lease cost: Finance lease cost: Amortization of right-of-use assets $ — Interest on lease liabilities (capitalized) 225 Operating lease cost: Corporate office leases 3,937 Ground leases 22,198 Variable lease cost: Corporate office leases 1,489 Ground leases 3,700 Total lease cost $ 31,549 December 31, 2019 Other information: Cash paid for amounts included in the measurement of lease liabilities: Investing cash flows from finance leases (capitalized) $ 34,922 Operating cash flows from operating leases: Corporate office leases $ 5,494 Ground leases $ 16,837 ROU assets obtained in exchange for new finance lease liabilities $ 23,201 ROU assets obtained in exchange for new operating lease liabilities: Corporate office leases $ 44,298 Ground leases $ 422,018 Weighted-average remaining lease term – finance leases (1) 19.7 years Weighted-average remaining lease term – operating leases: Corporate office leases 18.1 years Ground leases 56.2 years Weighted-average discount rate – finance leases 3.0 % Weighted-average discount rate – operating leases: Corporate office leases 3.2 % Ground leases 5.0 % (1 ) The weighted-average remaining lease term – finance leases does not include the remaining term of a fully prepaid finance lease entered into during the year ended December 31, 2019. |
Summary of Undiscounted Cash Flows for Contractual Obligations for Minimum Rent Payments/Receipts | The following table summarizes the Company’s undiscounted cash flows for contractual obligations for minimum rent payments/receipts under operating and financing leases for the next five years and thereafter as of December 31, 2019: (Payments)/Receipts Due by Year (in thousands) 2020 2021 2022 2023 2024 Thereafter Total Finance Leases: Minimum Rent Payments (a) $ (567 ) $ (578 ) $ (590 ) $ (601 ) $ (614 ) $ (33,850 ) $ (36,800 ) Operating Leases: Minimum Rent Payments (a) $ (16,914 ) $ (17,161 ) $ (16,907 ) $ (16,998 ) $ (17,330 ) $ (979,172 ) $ (1,064,482 ) Minimum Rent Receipts (b) $ 64,527 $ 61,817 $ 58,204 $ 50,906 $ 43,784 $ 154,898 $ 434,136 (a) Minimum basic rent due for corporate office leases and base rent due on ground leases where the Company is the lessee. (b) Minimum basic rent receipts due for various retail space where the Company is the lessor. Excludes residential leases due to their short-term nature. |
Summary of Reconciliation of Lease Liabilities | The following table provides a reconciliation of lease liabilities from our undiscounted cash flows for minimum rent payments as of December 31, 2019 (amounts in thousands): 2019 Total minimum rent payments $ 1,101,282 Less: Lease discount 769,948 Lease liabilities $ 331,334 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Instrument [Line Items] | |
Summary of Mortgage Notes Payable Activity | The following tables summarize the Company’s mortgage notes payable activity for the years ended December 31, 2019 and 2018, respectively (amounts in thousands): Mortgage notes payable, net as of December 31, 2018 Proceeds Lump sum payoffs Scheduled principal repayments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Mortgage notes payable, net as of December 31, 2019 Fixed Rate Debt: Secured – Conventional $ 1,885,407 $ 288,120 (2) $ (584,536 ) $ (6,308 ) $ (7,999 ) $ 15 $ 1,574,699 Floating Rate Debt: Secured – Conventional 6,357 7,651 (3) (5,920 ) (500 ) — (538 ) 7,050 Secured – Tax Exempt 493,706 — (152,565 ) — 16,617 2,103 359,861 Floating Rate Debt 500,063 7,651 (158,485 ) (500 ) 16,617 1,565 366,911 Total $ 2,385,470 $ 295,771 $ (743,021 ) $ (6,808 ) $ 8,618 $ 1,580 $ 1,941,610 (1 ) Represents amortization of deferred financing costs, net of debt financing costs. (2 ) Obtained 3.94% fixed rate mortgage debt held in a Fannie Mae loan pool maturing on March 1, 2029. (3 ) Obtained variable rate construction mortgage debt that is non-recourse to the Company maturing on June 25, 2022 (total commitment of $67.6 million). Mortgage notes payable, net as of December 31, 2017 Proceeds Lump sum payoffs Scheduled principal repayments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Mortgage notes payable, net as of December 31, 2018 Fixed Rate Debt: Secured – Conventional $ 2,982,344 $ — $ (1,093,705 ) $ (6,029 ) $ 719 $ 2,078 $ 1,885,407 Floating Rate Debt: Secured – Conventional 6,948 — — (600 ) — 9 6,357 Secured – Tax Exempt 629,430 96,935 (2) (254,234 ) — 19,425 2,150 493,706 Floating Rate Debt 636,378 96,935 (254,234 ) (600 ) 19,425 2,159 500,063 Total $ 3,618,722 $ 96,935 $ (1,347,939 ) $ (6,629 ) $ 20,144 $ 4,237 $ 2,385,470 (1 ) Represents amortization of deferred financing costs, net of debt financing costs. (2 ) Reissued floating rate tax-exempt mortgage bonds which mature on April 1, 2042, remarket weekly and are guaranteed by ERPOP. |
Summary of Debt Extinguishment Costs on Mortgages Recorded as Additional Interest Expense | The following table summarizes the Company’s debt extinguishment costs on mortgages recorded as additional interest expense during the years ended December 31, 2019 and 2018, respectively (amounts in thousands): Description 2019 2018 Prepayment premiums/penalties $ 3,381 $ 22,110 Write-offs of unamortized deferred financing costs 2,273 2,957 Write-offs of unamortized (premiums)/discounts/OCI 6,153 16,268 Total $ 11,807 $ 41,335 |
Summary of Notes Activity | The following tables summarize the Company’s notes activity for the years ended December 31, 2019 and 2018, respectively (amounts in thousands): Notes, net as of December 31, 2018 Proceeds Lump sum payoffs Realized/unrealized (gain) loss on derivative instruments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Notes, net as of December 31, 2019 Fixed Rate Debt: Unsecured – Public $ 5,485,884 $ 1,194,468 (2) $ (600,000 ) $ — $ 3,117 $ (5,956 ) $ 6,077,513 Floating Rate Debt: Unsecured – Public 447,402 — (450,000 ) 2,277 45 276 — Total $ 5,933,286 $ 1,194,468 $ (1,050,000 ) $ 2,277 $ 3,162 $ (5,680 ) $ 6,077,513 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2 ) Issued $600.0 million of ten-year 3.00% unsecured notes, receiving net proceeds of approximately $597.5 million before underwriting fees, hedge termination costs and other expenses. Additionally, issued $600.0 million of ten-year 2.50% unsecured notes, receiving net proceeds of approximately $597.0 million before underwriting fees and other expenses. Notes, net as of December 31, 2017 Proceeds Realized/unrealized (gain) loss on derivative instruments Amortization of premiums/ discounts Amortization of deferred financing costs, net (1) Notes, net as of December 31, 2018 Fixed Rate Debt: Unsecured – Public $ 4,591,373 $ 896,294 (2) $ — $ 2,547 $ (4,330 ) $ 5,485,884 Floating Rate Debt: Unsecured – Public (3) 447,439 — (680 ) 90 553 447,402 Total $ 5,038,812 $ 896,294 $ (680 ) $ 2,637 $ (3,777 ) $ 5,933,286 (1) Represents amortization of deferred financing costs, net of debt financing costs. (2 ) Issued $500.0 million of ten-year 3.50% unsecured notes, receiving net proceeds of approximately $497.0 million before underwriting fees, hedge termination costs and other expenses. Additionally, issued $400.0 million of ten-year 4.15% unsecured notes, receiving net proceeds of approximately $399.3 million before underwriting fees, hedge termination costs and other expenses. (3 ) Fair value interest rate swaps converted the $450.0 million 2.375% notes due July 1, 2019 to a floating interest rate of 90-Day LIBOR plus 0.61%. |
Summary of Debt Extinguishment Costs on Notes Recorded as Additional Interest Expense | The following table summarizes the Company’s debt extinguishment costs on notes recorded as additional interest expense during the years ended December 31, 2019 and 2018, respectively (amounts in thousands): Description 2019 2018 Prepayment premiums/penalties $ 10,266 $ — Write-offs of unamortized deferred financing costs 287 — Write-offs of unamortized (premiums)/discounts/OCI 1,043 — Total $ 11,596 $ — |
Schedule of Unsecured Revolving Credit Facility | The following table presents the availability on the Company’s unsecured revolving credit facility as of December 31, 2019 and 2018 (amounts in thousands): December 31, 2019 December 31, 2018 Unsecured revolving credit facility commitment $ 2,500,000 $ 2,000,000 Commercial paper balance outstanding (1,000,000 ) (500,000 ) Unsecured revolving credit facility balance outstanding (20,000 ) — Other restricted amounts (100,929 ) (103,622 ) Unsecured revolving credit facility availability $ 1,379,071 $ 1,396,378 |
Summary of Debt Extinguishment Costs on Line of Credit Recorded as Additional Interest Expense | The following table summarizes the Company’s debt extinguishment costs on the line of credit recorded as additional interest expense during the years ended December 31, 2019 and 2018, respectively (amounts in thousands): Description 2019 2018 Write-offs of unamortized deferred financing costs $ 588 $ — Total $ 588 $ — |
Summary of Aggregate Payments of Principal on All Debt | The following table provides a summary of the aggregate payments of principal on all debt for each of the next five years and thereafter as of December 31, 2019 (amounts in thousands): Year Total 2020 (1) $ 1,027,542 2021 926,404 2022 271,835 2023 1,329,088 2024 26,100 Thereafter 5,550,010 Subtotal 9,130,979 Deferred Financing Costs and Unamortized (Discount) (94,023 ) Total $ 9,036,956 (1) Includes $1.0 billion in principal outstanding on the Company’s commercial paper program. |
Mortgages [Member] | |
Debt Instrument [Line Items] | |
Summary of Certain Interest Rate and Maturity Date Information | The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2019 and 2018 , respectively: December 31, 2019 December 31, 2018 Interest Rate Ranges 0.10% - 5.29% 0.10% - 6.90% Weighted Average Interest Rate 3.84% 4.15% Maturity Date Ranges 2020-2061 2019-2061 |
Notes [Member] | |
Debt Instrument [Line Items] | |
Summary of Certain Interest Rate and Maturity Date Information | The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2019 and 2018, respectively: December 31, 2019 December 31, 2018 Interest Rate Ranges 2.50% - 7.57% 2.85% - 7.57% Weighted Average Interest Rate 4.21% 4.25% Maturity Date Ranges 2021-2047 2019-2047 |
Derivative and Other Fair Val_2
Derivative and Other Fair Value Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Carrying and Fair Values of Financial Instruments | The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at December 31, 2019 and 2018 , respectively (amounts in thousands): December 31, 2019 December 31, 2018 Carrying Value Estimated Fair Value (Level 2) Carrying Value Estimated Fair Value (Level 2) Mortgage notes payable, net $ 1,941,610 $ 1,930,710 $ 2,385,470 $ 2,352,502 Unsecured debt, net 7,095,346 7,677,289 6,432,469 6,481,426 Total debt, net $ 9,036,956 $ 9,607,999 $ 8,817,939 $ 8,833,928 |
Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at December 31, 2019 and 2018, respectively (amounts in thousands): Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2019 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Supplemental Executive Retirement Plan Other Assets $ 151,889 $ 151,889 $ — $ — Liabilities Supplemental Executive Retirement Plan Other Liabilities $ 151,889 $ 151,889 $ — $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 463,400 $ — $ 463,400 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location 12/31/2018 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps Other Assets $ 2,000 $ — $ 2,000 $ — Supplemental Executive Retirement Plan Other Assets 134,088 134,088 — — Total $ 136,088 $ 134,088 $ 2,000 $ — Liabilities Derivatives designated as hedging instruments: Interest Rate Contracts: Fair Value Hedges Other Liabilities $ 2,277 $ — $ 2,277 $ — Forward Starting Swaps Other Liabilities 9,851 — 9,851 — Supplemental Executive Retirement Plan Other Liabilities 134,088 134,088 — — Total $ 146,216 $ 134,088 $ 12,128 $ — Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners Mezzanine $ 379,106 $ — $ 379,106 $ — |
Summary of Effect of Fair Value Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income | The following tables provide a summary of the effect of fair value hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2019, 2018 and 2017, respectively (amounts in thousands): December 31, 2019 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ 2,277 Fixed rate debt Interest expense $ (2,277 ) Total $ 2,277 $ (2,277 ) December 31, 2018 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ (680 ) Fixed rate debt Interest expense $ 680 Total $ (680 ) $ 680 December 31, 2017 Type of Fair Value Hedge Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Hedged Item Income Statement Location of Hedged Item Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Hedged Item Derivatives designated as hedging instruments: Interest Rate Contracts: Interest Rate Swaps Interest expense $ (3,454 ) Fixed rate debt Interest expense $ 3,454 Total $ (3,454 ) $ 3,454 |
Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income | The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2019, 2018 and 2017, respectively (amounts in thousands): Effective Portion December 31, 2019 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ (33,765 ) Interest expense $ (21,188 ) Total $ (33,765 ) $ (21,188 ) Effective Portion Ineffective Portion December 31, 2018 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ 5,124 Interest expense $ (18,452 ) N/A $ — Total $ 5,124 $ (18,452 ) $ — Effective Portion Ineffective Portion December 31, 2017 Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Derivatives designated as hedging instruments: Interest Rate Contracts: Forward Starting Swaps $ 6,439 Interest expense $ (18,858 ) N/A $ — Total $ 6,439 $ (18,858 ) $ — |
Earnings Per Share and Earnin_2
Earnings Per Share and Earnings Per Unit (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit | The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts): Year Ended December 31, 2019 2018 2017 Numerator for net income per share – basic: Net income $ 1,009,708 $ 685,192 $ 628,381 Allocation to Noncontrolling Interests – Operating Partnership (36,034 ) (24,939 ) (22,604 ) Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (3,297 ) (2,718 ) (2,323 ) Preferred distributions (3,090 ) (3,090 ) (3,091 ) Numerator for net income per share – basic $ 967,287 $ 654,445 $ 600,363 Numerator for net income per share – diluted: Net income $ 1,009,708 $ 685,192 $ 628,381 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (3,297 ) (2,718 ) (2,323 ) Preferred distributions (3,090 ) (3,090 ) (3,091 ) Numerator for net income per share – diluted $ 1,003,321 $ 679,384 $ 622,967 Denominator for net income per share – basic and diluted: Denominator for net income per share – basic 370,461 368,052 366,968 Effect of dilutive securities: OP Units 12,907 12,869 12,901 Long-term compensation shares/units 2,965 2,774 2,809 Denominator for net income per share – diluted 386,333 383,695 382,678 Net income per share – basic $ 2.61 $ 1.78 $ 1.64 Net income per share – diluted $ 2.60 $ 1.77 $ 1.63 |
ERPOP [Member] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit | The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts): Year Ended December 31, 2019 2018 2017 Numerator for net income per Unit – basic and diluted: Net income $ 1,009,708 $ 685,192 $ 628,381 Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties (3,297 ) (2,718 ) (2,323 ) Allocation to Preference Units (3,090 ) (3,090 ) (3,091 ) Numerator for net income per Unit – basic and diluted $ 1,003,321 $ 679,384 $ 622,967 Denominator for net income per Unit – basic and diluted: Denominator for net income per Unit – basic 383,368 380,921 379,869 Effect of dilutive securities: Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units 2,965 2,774 2,809 Denominator for net income per Unit – diluted 386,333 383,695 382,678 Net income per Unit – basic $ 2.61 $ 1.78 $ 1.64 Net income per Unit – diluted $ 2.60 $ 1.77 $ 1.63 |
Share Incentive Plans (Tables)
Share Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share Based Compensation [Abstract] | |
Summary of Terms of Awards Generally Granted to Employees | The following table summarizes the terms of Awards generally granted to employees: Options Restricted Shares Restricted Units Overview Options exercised after vesting result in issuance of new Common Shares. Restricted shareholders generally have the same voting rights and receive quarterly dividend payments on their shares at the same rate and on the same date as any other Common Share holder (1). When certain conditions are met, restricted units convert into an equal number of OP Units, which the holder may exchange for Common Shares on a one-for-one basis or at the option of the Company the cash value of such shares. Restricted unitholders receive quarterly distribution payments on their restricted units at the same rate and on the same date as any other OP Unit holder (1). Grant/Exercise Price Granted at the fair market value of Common Shares as of the grant date. Granted at the fair market value of Common Shares as of the grant date. Granted at varying discount rates to the fair market value of Common Shares as of the grant date (2). Vesting Period In three equal installments over a three-year period from the grant date. Three years from the grant date. Three years from the grant date. Expiration Ten years from the grant date. Not applicable. Ten years from the grant date (2). Upon Employee Termination Unvested options are canceled. Unvested restricted shares are canceled. Unvested restricted units are canceled. (1) Dividends/distributions paid on unvested restricted shares and units are included as a component of retained earnings and Noncontrolling Interest – Operating Partnership/Limited Partners Capital, respectively, and have not been considered in reducing net income available to Common Shares/Units in a manner similar to the Company’s preferred share/preference unit dividends for the earnings per share/Unit calculation. (2) A restricted unit will automatically convert to an OP Unit when the capital account of each restricted unit increases (“books-up”) to a specified target. The probability of a book-up occurring within the ten-year contractual life along with the liquidity risk associated with various hold period restrictions are both reflected in the discount. If the capital target is not attained within ten years following the date of issuance, the restricted unit will automatically be canceled and no compensation will be payable to the holder of such canceled restricted unit. If the capital target is attained and the restricted unit is converted to an OP Unit, it will not expire. |
Summary of Terms of Each Retirement Eligibility Category | The following table summarizes the terms of each retirement eligibility category. Age 62 for Employees Rule of 70 for Employees Age 72 for Trustees Eligibility For employees hired prior to January 1, 2009 and who were age 59 or older as of February 1, 2019. All employees (1). All non-employee Trustees. Effect on unvested restricted shares, restricted units and Options Awards immediately vest and Options continue to be exercisable for the balance of the applicable ten-year option period. Awards continue to vest per the original vesting schedule, subject to certain conditions, and Options continue to be exercisable for the balance of the applicable ten-year option period. Awards immediately vest and Options continue to be exercisable for the balance of the applicable ten-year option period. Effect on LTI Plan Awards are prorated in proportion to the number of days worked in the first year of the three-year performance period and the individual does not receive any payout of shares or units until the final payout is determined at the end of the three-year performance period. (1) The Rule of 70 is met when an employee’s years of service with the Company (which must be at least 15 years) plus his or her age (which must be at least 55 years) on the date of termination equals or exceeds 70 years. In addition, the employee must give the Company at least six months’ advance written notice of his or her intention to retire along with agreeing to certain other conditions. |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following tables summarize compensation information regarding the restricted shares, restricted units, Options and Employee Share Purchase Plan (“ESPP”) for the three Year Ended December 31, 2019 Compensation Expense Compensation Capitalized Restricted Units/Options In-Lieu of Bonus (1) Compensation Equity Dividends Incurred Restricted shares (2) $ 11,522 $ 916 $ — $ 12,438 $ 979 Restricted units (2) 9,905 240 3,265 13,410 825 Options 2,420 254 1 2,675 — ESPP discount 602 40 — 642 — Total $ 24,449 $ 1,450 $ 3,266 $ 29,165 $ 1,804 Year Ended December 31, 2018 Compensation Expense Compensation Capitalized Restricted Units/Options In-Lieu of Bonus (1) Compensation Equity Dividends Incurred Restricted shares (2) $ 7,406 $ 852 $ — $ 8,258 $ 754 Restricted units (2) 12,310 36 1,663 14,009 963 Options 6,683 296 2,755 9,734 — ESPP discount 733 34 — 767 — Total $ 27,132 $ 1,218 $ 4,418 $ 32,768 $ 1,717 Year Ended December 31, 2017 Compensation Expense Compensation Capitalized Restricted Units/Options In-Lieu of Bonus (1) Compensation Equity Dividends Incurred Restricted shares (2) $ 9,209 $ 568 $ — $ 9,777 $ 761 Restricted units (2) 10,214 119 190 10,523 741 Options 4,893 323 1,619 6,835 — ESPP discount 681 66 — 747 — Total $ 24,997 $ 1,076 $ 1,809 $ 27,882 $ 1,502 (1) The Company allows eligible officers the ability to receive immediately vested restricted units (subject to the book-up provisions described above and a two-year hold restriction) or immediately vested Options in-lieu of any percentage of their annual cash bonus. (2) Includes LTI plan awards granted under the executive compensation program. |
Award Activity of the Share Incentive Plans | The tables below summarize the Award activity of the Share Incentive Plans for the three years ended December 31, 2019, 2018 and 2017 : Common Shares Subject to Options Weighted Average Exercise Price per Option Restricted Shares Weighted Average Fair Value per Restricted Share Restricted Units Weighted Average Fair Value per Restricted Unit Balance at December 31, 2016 6,023,101 $ 42.05 452,034 $ 70.35 802,257 $ 75.26 Awards granted (1) (5) 1,337,898 $ 60.88 93,867 $ 61.94 291,921 $ 68.57 Awards exercised/vested (2) (3) (4) (846,137 ) $ 37.26 (165,744 ) $ 58.04 (192,644 ) $ 54.16 Awards forfeited (27,547 ) $ 61.85 (10,416 ) $ 72.44 (274 ) $ 75.50 Awards expired (3,483 ) $ 65.91 — — — — Balance at December 31, 2017 6,483,832 $ 46.46 369,741 $ 73.67 901,260 $ 77.61 Awards granted (1) (5) 1,730,942 $ 60.40 129,303 $ 62.25 267,074 $ 61.60 Awards exercised/vested (2) (3) (4) (1,056,388 ) $ 29.05 (194,116 ) $ 77.32 (28,486 ) $ 55.50 Awards forfeited (38,133 ) $ 60.74 (5,503 ) $ 65.77 — $ — Awards expired (8,018 ) $ 59.70 — — — — Balance at December 31, 2018 7,112,235 $ 52.35 299,425 $ 66.52 1,139,848 $ 71.07 Awards granted (1) (5) 234,147 $ 72.10 163,799 $ 73.96 141,772 $ 67.22 Awards exercised/vested (2) (3) (4) (1,745,050 ) $ 44.72 (151,321 ) $ 75.41 (422,784 ) $ 70.77 Awards forfeited (30,489 ) $ 61.92 (5,197 ) $ 65.35 (552 ) $ 69.43 Awards expired (3,299 ) $ 40.39 — — — — Balance at December 31, 2019 5,567,544 $ 55.52 306,706 $ 66.15 858,284 $ 64.95 (1) The weighted average grant date fair value for Options granted during the years ended December 31, 2019, 2018 and 2017 was $8.05 per share, $6.17 per share and $5.86 per share, respectively. (2) The aggregate intrinsic value of Options exercised during the years ended December 31, 2019, 2018 and 2017 was $58.1 million, $42.9 million and $25.6 million, respectively. These values were calculated as the difference between the strike price of the underlying awards and the per share price at which each respective award was exercised. (3) The fair value of restricted shares vested during the years ended December 31, 2019, 2018 and 2017 was $11.1 million, $11.5 million and $10.2 million, respectively. (4) The fair value of restricted units vested during the years ended December 31, 2019, 2018 and 2017 was $29.1 million, $1.8 million and $11.7 million, respectively. (5) Includes LTI plan awards granted under the executive compensation program. |
Information Regarding Options Outstanding and Exercisable | The following table summarizes information regarding Options outstanding and exercisable at December 31, 2019 (aggregate intrinsic value is in thousands): Options Weighted Average Remaining Contractual Life in Years Weighted Average Exercise Price Aggregate Intrinsic Value (1) Options Outstanding 5,567,544 5.30 $ 55.52 $ 141,395 Options Exercisable 4,750,481 4.81 $ 54.13 $ 127,277 Vested and expected to vest 808,646 8.13 $ 63.60 $ 14,005 (1) The aggregate intrinsic values were calculated as the excess, if any, between the Company’s closing share price of $80.92 per share on December 31, 2019 and the strike price of the underlying awards. |
Employee Plans (Tables)
Employee Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Employee Service Share Based Compensation Aggregate Disclosures [Abstract] | |
Summary of Information Regarding the Common Shares Issued Under the ESPP | The following table summarizes information regarding the Common Shares issued under the ESPP with the net proceeds noted below being contributed to ERPOP in exchange for OP Units (amounts in thousands except share and per share amounts): Year Ended December 31, 2019 2018 2017 Shares issued 48,131 75,414 68,286 Issuance price ranges $59.56 – $72.91 $47.80 – $57.09 $52.79 – $58.06 Issuance proceeds $3,116 $3,879 $3,744 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Contractual Obligations | The following table summarizes the Company’s contractual obligations for deferred compensation for the next five years and thereafter as of December 31, 2019: (Payments)/Receipts Due by Year (in thousands) 2020 2021 2022 2023 2024 Thereafter Total Other Long-Term Liabilities: Deferred Compensation (1) $ (761 ) $ (1,116 ) $ (1,116 ) $ (991 ) $ (709 ) $ (3,897 ) $ (8,590 ) (1) Estimated payments to the Company’s Chairman and one former executive officer based on actual and estimated retirement dates. |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations | The following table presents a reconciliation of NOI from our rental real estate for the years ended December 31, 2019, 2018 and 2017, respectively (amounts in thousands): Year Ended December 31, 2019 2018 2017 Rental income $ 2,700,691 $ 2,577,681 $ 2,470,689 Property and maintenance expense (446,845 ) (429,335 ) (405,281 ) Real estate taxes and insurance expense (366,139 ) (357,814 ) (335,495 ) Total operating expenses (812,984 ) (787,149 ) (740,776 ) Net operating income $ 1,887,707 $ 1,790,532 $ 1,729,913 |
Schedule of NOI for Each Segment from Rental Real Estate Specific to Continuing Operations | The following tables present NOI for each segment from our rental real estate for the years ended December 31, 2019, 2018 and 2017 , respectively, as well as total assets and capital expenditures at December 31, 2019 and 2018 , respectively (amounts in thousands): Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Rental Income Operating Expenses NOI Same store (1) Los Angeles $ 468,517 $ 136,096 $ 332,421 $ 451,592 $ 129,455 $ 322,137 $ 402,192 $ 114,055 $ 288,137 Orange County 105,087 24,407 80,680 101,198 24,468 76,730 88,527 21,544 66,983 San Diego 95,042 24,636 70,406 91,971 24,024 67,947 88,507 23,073 65,434 Subtotal - Southern California 668,646 185,139 483,507 644,761 177,947 466,814 579,226 158,672 420,554 San Francisco 480,499 116,036 364,463 463,492 112,331 351,161 430,501 108,689 321,812 Washington D.C. 413,006 125,688 287,318 403,761 123,345 280,416 430,060 129,720 300,340 New York 454,448 188,784 265,664 444,112 178,055 266,057 454,945 170,064 284,881 Boston 227,547 62,176 165,371 218,778 60,409 158,369 223,595 60,931 162,664 Seattle 207,019 56,016 151,003 200,222 55,871 144,351 191,074 52,470 138,604 Other Markets 2,094 714 1,380 1,940 658 1,282 1,839 652 1,187 Total same store 2,453,259 734,553 1,718,706 2,377,066 708,616 1,668,450 2,311,240 681,198 1,630,042 Non-same store/other (2) (3) Non-same store 196,476 62,591 133,885 103,688 36,874 66,814 95,016 30,742 64,274 Other (3) 50,956 15,840 35,116 96,927 41,659 55,268 64,433 28,836 35,597 Total non-same store/other 247,432 78,431 169,001 200,615 78,533 122,082 159,449 59,578 99,871 Totals $ 2,700,691 $ 812,984 $ 1,887,707 $ 2,577,681 $ 787,149 $ 1,790,532 $ 2,470,689 $ 740,776 $ 1,729,913 (1) For the years ended December 31, 2019 and 2018, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2018, less properties subsequently sold, which represented 71,830 apartment units. For the year ended December 31, 2017, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2017, less properties subsequently sold, which represented 71,721 apartment units. (2) For the years ended December 31, 2019 and 2018, non-same store primarily includes properties acquired after January 1, 2018, plus any properties in lease-up and not stabilized as of January 1, 2018. For the year ended December 31, 2017, non-same store primarily includes properties acquired after January 1, 2017, plus any properties in lease-up and not stabilized as of January 1, 2017. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold. Year Ended December 31, 2019 Year Ended December 31, 2018 Total Assets Capital Expenditures Total Assets Capital Expenditures Same store (1) Los Angeles $ 2,975,420 $ 31,738 $ 2,958,361 $ 28,574 Orange County 404,545 9,276 418,041 8,214 San Diego 389,537 4,464 405,449 4,525 Subtotal - Southern California 3,769,502 45,478 3,781,851 41,313 San Francisco 3,238,884 28,153 3,325,595 42,497 Washington D.C. 3,370,750 23,015 3,484,045 26,981 New York 3,866,500 25,132 3,878,580 23,126 Boston 1,464,196 23,823 1,514,814 24,000 Seattle 1,292,609 19,990 1,330,959 18,065 Other Markets 12,931 194 12,781 163 Total same store 17,015,372 165,785 17,328,625 176,145 Non-same store/other (2) (3) Non-same store 3,447,497 10,788 1,990,102 5,934 Other (3) 709,900 1,850 1,075,482 6,422 Total non-same store/other 4,157,397 12,638 3,065,584 12,356 Totals $ 21,172,769 $ 178,423 $ 20,394,209 $ 188,501 (1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2018, less properties subsequently sold, which represented 71,830 apartment units. (2) Non-same store primarily includes properties acquired after January 1, 2018, plus any properties in lease-up and not stabilized as of January 1, 2018. (3) Other includes development, other corporate operations and capital expenditures for properties sold. |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Line Items] | |
Schedule of Quarterly Financial Information | The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for per share amounts. First Quarter Second Quarter Third Quarter Fourth Quarter 2019 (1) 3/31 6/30 9/30 12/31 Total revenues $ 662,494 $ 669,517 $ 685,145 $ 683,919 Operating income 209,969 369,260 368,363 408,952 Net income * 109,257 321,299 277,846 301,306 Net income available to Common Shares 103,766 308,196 266,333 288,992 Earnings per share: Net income available to Common Shares - basic $ 0.28 $ 0.83 $ 0.72 $ 0.78 Net income available to Common Shares - diluted $ 0.28 $ 0.83 $ 0.71 $ 0.77 First Quarter Second Quarter Third Quarter Fourth Quarter 2018 (1) 3/31 6/30 9/30 12/31 Total revenues $ 633,016 $ 639,808 $ 652,867 $ 652,743 Operating income 339,082 217,603 339,403 219,282 Net income * 220,548 118,410 223,846 122,388 Net income available to Common Shares 211,036 112,830 214,164 116,415 Earnings per share: Net income available to Common Shares - basic $ 0.57 $ 0.31 $ 0.58 $ 0.32 Net income available to Common Shares - diluted $ 0.57 $ 0.31 $ 0.58 $ 0.31 * The Company did not have any discontinued operations, extraordinary items or cumulative effect of change in accounting principle during the periods presented. Therefore, income from continuing operations and income before extraordinary items and cumulative effect of change in accounting principle are not shown as they were both equal to the net income amounts disclosed above. (1) Amounts may not equal full year results due to rounding. |
ERPOP [Member] | |
Quarterly Financial Data [Line Items] | |
Schedule of Quarterly Financial Information | The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for per Unit amounts. First Quarter Second Quarter Third Quarter Fourth Quarter 2019 (1) 3/31 6/30 9/30 12/31 Total revenues $ 662,494 $ 669,517 $ 685,145 $ 683,919 Operating income 209,969 369,260 368,363 408,952 Net income * 109,257 321,299 277,846 301,306 Net income available to Units 107,685 319,706 276,243 299,687 Earnings per Unit: Net income available to Units - basic $ 0.28 $ 0.83 $ 0.72 $ 0.78 Net income available to Units - diluted $ 0.28 $ 0.83 $ 0.71 $ 0.77 First Quarter Second Quarter Third Quarter Fourth Quarter 2018 (1) 3/31 6/30 9/30 12/31 Total revenues $ 633,016 $ 639,808 $ 652,867 $ 652,743 Operating income 339,082 217,603 339,403 219,282 Net income * 220,548 118,410 223,846 122,388 Net income available to Units 219,095 117,129 222,323 120,837 Earnings per Unit: Net income available to Units - basic $ 0.57 $ 0.31 $ 0.58 $ 0.32 Net income available to Units - diluted $ 0.57 $ 0.31 $ 0.58 $ 0.31 * The Operating Partnership did not have any discontinued operations, extraordinary items or cumulative effect of change in accounting principle during the periods presented. Therefore, income from continuing operations and income before extraordinary items and cumulative effect of change in accounting principle are not shown as they were both equal to the net income amounts disclosed above. (1) Amounts may not equal full year results due to rounding. |
Business - Additional Informati
Business - Additional Information (Details) | Dec. 31, 2019StatePropertyApartmentUnit |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Number of states in which entity operates | State | 10 |
Properties | Property | 309 |
Apartment units | ApartmentUnit | 79,962 |
ERPOP [Member] | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Noncontrolling interest, ownership percentage by parent | 96.40% |
Business - Ownership Breakdown
Business - Ownership Breakdown (Details) | Dec. 31, 2019PropertyApartmentUnit |
Property/Unit schedule | |
Properties | Property | 309 |
Apartment Units | ApartmentUnit | 79,962 |
Wholly Owned Properties | |
Property/Unit schedule | |
Properties | Property | 291 |
Apartment Units | ApartmentUnit | 76,265 |
Master-Leased Property Consolidated | |
Property/Unit schedule | |
Properties | Property | 1 |
Apartment Units | ApartmentUnit | 162 |
Partially Owned Properties – Consolidated | |
Property/Unit schedule | |
Properties | Property | 17 |
Apartment Units | ApartmentUnit | 3,535 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)PropertyApartmentUnit$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Jan. 01, 2019USD ($) | |
Value of furniture and fixtures minimum range | $ 10,000 | |||
Value of furniture and fixtures maximum range | $ 35,000 | |||
Lease intangibles, average term | 6 months | |||
Capitalized costs development and renovation | $ 14,200,000 | $ 13,200,000 | $ 14,700,000 | |
Lessee, finance lease, description | The Company is a lessor for its residential and retail leases and is a lessee for its corporate headquarters and regional offices and ground leases for land underlying current operating properties or projects under development. If applicable, lease agreements must be evaluated to determine the accounting treatment as a finance or operating lease in accordance with the new leasing standard. A lease is classified as a finance lease if it meets any of the following criteria: (a) Ownership of the underlying asset is transferred to the lessee by the end of the lease term; (b) the lessee has and is reasonably certain to exercise an option to purchase the underlying asset; (c) the lease term is for the major part of the remaining economic life of the underlying asset; (d) the present value of future minimum lease payments is equal to substantially all of the fair value of the underlying asset; and (e) the underlying asset is expected to have no alternative use to the lessor at the end of the lease term due to its specialized nature. | |||
Lessee, finance lease residual value guarantee, description | the present value of future minimum lease payments is equal to substantially all of the fair value of the underlying asset | |||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |
Land and depreciable property net | $ 13,700,000,000 | $ 14,000,000,000 | ||
Right-of-use assets | 512,774,000 | $ 434,201,000 | ||
Lease liabilities | $ 331,334,000 | $ 278,287,000 | ||
Properties | Property | 309 | |||
Noncontrolling Interests – Partially Owned Properties | $ 1,183,000 | $ (2,293,000) | ||
Apartment units | ApartmentUnit | 79,962 | |||
Partially Owned Properties – Consolidated | ||||
Properties | Property | 17 | |||
Noncontrolling Interests – Partially Owned Properties | $ 1,200,000 | |||
Apartment units | ApartmentUnit | 3,535 | |||
Limited Life Partnership Properties [Member] | ||||
Properties | Property | 4 | |||
Noncontrolling Interests – Partially Owned Properties | $ 10,200,000 | |||
Noncontrolling interests settlement value | $ 78,900,000 | |||
Minimum [Member] | Retail Commercial Leases [Member] | ||||
Retail leases term | 5 years | |||
Maximum [Member] | Retail Commercial Leases [Member] | ||||
Retail leases term | 10 years | |||
Furniture and Fixtures [Member] | Minimum [Member] | ||||
Property, plant and equipment, estimated useful lives | 5 years | |||
Furniture and Fixtures [Member] | Maximum [Member] | ||||
Property, plant and equipment, estimated useful lives | 10 years | |||
Building [Member] | ||||
Property, plant and equipment, estimated useful lives | 30 years | |||
Replacements [Member] | Minimum [Member] | ||||
Property, plant and equipment, estimated useful lives | 5 years | |||
Replacements [Member] | Maximum [Member] | ||||
Property, plant and equipment, estimated useful lives | 10 years | |||
Renovations and Improvements Minimum [Member] | Minimum [Member] | ||||
Property, plant and equipment, estimated useful lives | 5 years | |||
Renovations and Improvements Minimum [Member] | Maximum [Member] | ||||
Property, plant and equipment, estimated useful lives | 15 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Rental Income Detail by Leasing and Revenue Recognition Standards Along with Percentages of Rental Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leasing standard | $ 2,608,103 | ||
Percentage of rental income | 100.00% | 100.00% | |
Rental income | $ 2,700,691 | $ 2,577,681 | $ 2,470,689 |
Percentage of rental income | 100.00% | 100.00% | |
Residential and Retail Rent [Member] | |||
Leasing standard | $ 2,486,189 | ||
Utility Recoveries ("RUBS") [Member] | |||
Leasing standard | 68,576 | ||
Storage Rent [Member] | |||
Leasing standard | 3,816 | ||
Pet Rent [Member] | |||
Leasing standard | 11,617 | ||
Accounting Standards Update 2016-02 [Member] | |||
Leasing standard | $ 2,608,103 | $ 2,481,386 | |
Percentage of rental income | 96.60% | 96.30% | |
Percentage of rental income | 96.60% | 96.30% | |
Accounting Standards Update 2016-02 [Member] | Residential and Retail Rent [Member] | |||
Leasing standard | $ 2,486,189 | $ 2,369,552 | |
Accounting Standards Update 2016-02 [Member] | Utility Recoveries ("RUBS") [Member] | |||
Leasing standard | 68,576 | 63,218 | |
Accounting Standards Update 2016-02 [Member] | Parking Rent [Member] | |||
Leasing standard | 37,905 | 33,757 | |
Accounting Standards Update 2016-02 [Member] | Storage Rent [Member] | |||
Leasing standard | 3,816 | 3,674 | |
Accounting Standards Update 2016-02 [Member] | Pet Rent [Member] | |||
Leasing standard | $ 11,617 | $ 11,185 | |
Accounting Standards Update 2014-09 [Member] | |||
Percentage of rental income | 3.40% | 3.70% | |
Rental income | $ 92,588 | $ 96,295 | |
Percentage of rental income | 3.40% | 3.70% | |
Accounting Standards Update 2014-09 [Member] | Parking Revenue [Member] | |||
Rental income | $ 28,272 | $ 26,743 | |
Accounting Standards Update 2014-09 [Member] | Other Revenue [Member] | |||
Rental income | $ 64,316 | $ 69,552 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Compensation (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 16.30% | 14.80% | 15.30% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | 5 years | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.10% | 3.09% | 3.08% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.43% | 2.52% | 1.93% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.06 | $ 6.15 | $ 5.86 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies Compensation (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Historical period to estimate volatility | 5 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies Tax (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |||
State and local income, franchise and excise tax (benefit) | $ 963 | $ 878 | $ 478 |
Alternative minimum tax credit (benefit) | (3,244) | ||
Income and other tax expense (benefit) | $ (2,281) | $ 878 | $ 478 |
Tax Treatment Of Dividends And Distributions Ordinary Dividends | $ 1.39604 | $ 1.84454 | $ 1.22126 |
Tax Treatment Of Dividends And Distributions Long Term Capital Gain | 0.61243 | 0.21423 | 0.18959 |
Tax Treatment Of Dividends And Distributions Unrecaptured Section Twelve Hundred And Fifty Gain | 0.23403 | 0.06498 | 0.10040 |
Dividends and distributions declared per Common Share outstanding | $ 2.24250 | $ 2.12375 | $ 1.51125 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies Tax (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Summary Of Significant Accounting Policies Tax Parenthetical Details [Abstract] | |||
Income tax refund claims or receives | $ 1.6 | ||
Term to refund carryover amount | 4 years | ||
Refund percentage available in first year | 50.00% | ||
Remaining Tax Carryover Amount | $ 1.6 | ||
Expected alternative minimum tax benefit | $ 3.2 | ||
Dividend payable common share/unit, per share | $ 0.5675 | $ 0.54 | $ 0.50375 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Schedule of Computation of Initial Right-of-use Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Line Items] | ||
Lease liabilities | $ 331,334 | $ 278,287 |
Reclassifications: | ||
Right-of-use assets | $ 512,774 | 434,201 |
Other Assets [Member] | ||
Reclassifications: | ||
Prepaid ground leases | 17,886 | |
Ground lease intangibles – below market, net | 166,230 | |
Other Liabilities [Member] | ||
Reclassifications: | ||
Ground lease intangibles – above market, net | (2,110) | |
Straight-line rent liabilities | $ (26,092) |
Equity, Capital and Other Int_3
Equity, Capital and Other Interests - Changes in the Company 's Issued and Outstanding Common Shares and Units (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Capital And Other Interests [Abstract] | |||
Common Stock, Shares, Outstanding | 369,405,161 | 368,018,082 | 365,870,924 |
Common Shares Issued: | |||
Conversion of OP Units | 313,940 | 131,477 | 1,149,284 |
Exercise of share options | 1,745,050 | 1,056,388 | 846,137 |
Employee Share Purchase Plan (ESPP) | 48,131 | 75,414 | 68,286 |
Restricted share grants, net | 158,602 | 123,800 | 83,451 |
Common Stock, Shares, Outstanding | 371,670,884 | 369,405,161 | 368,018,082 |
Units | |||
Total Units Outstanding | 13,904,035 | 13,768,438 | 14,626,075 |
Restricted unit grants, net | 141,220 | 267,074 | 291,647 |
Conversion of OP Units to Common Shares | (313,940) | (131,477) | (1,149,284) |
Total Units Outstanding | 13,731,315 | 13,904,035 | 13,768,438 |
Common Shares And Units Outstanding | 385,402,199 | 383,309,196 | 381,786,520 |
Units Ownership Interest in Operating Partnership | 3.60% | 3.60% | 3.60% |
Equity, Capital and Other Int_4
Equity, Capital and Other Interests - Changes in Operating Partnership's Issued and Outstanding General Partner Units and Limited Partner Units (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
General and Limited Partner Units | |||
Common Shares And Units Outstanding | 383,309,196 | 381,786,520 | |
Exercise of share options | 1,745,050 | 1,056,388 | 846,137 |
Employee Share Purchase Plan (ESPP) | 48,131 | 75,414 | 68,286 |
Restricted share grants, net | 158,602 | 123,800 | 83,451 |
Restricted unit grants, net | 141,220 | 267,074 | 291,647 |
Common Shares And Units Outstanding | 385,402,199 | 383,309,196 | 381,786,520 |
Limited Partner Units | |||
Total Units Outstanding | 13,904,035 | 13,768,438 | 14,626,075 |
Restricted unit grants, net | 141,220 | 267,074 | 291,647 |
Conversion of Limited Partner OP Units to EQR Common Shares | (313,940) | (131,477) | (1,149,284) |
Total Units Outstanding | 13,731,315 | 13,904,035 | 13,768,438 |
Units Ownership Interest in Operating Partnership | 3.60% | 3.60% | 3.60% |
ERPOP [Member] | |||
General and Limited Partner Units | |||
Common Shares And Units Outstanding | 383,309,196 | 381,786,520 | 380,496,999 |
Exercise of share options | 1,745,050 | 1,056,388 | 846,137 |
Employee Share Purchase Plan (ESPP) | 48,131 | 75,414 | 68,286 |
Restricted share grants, net | 158,602 | 123,800 | 83,451 |
Restricted unit grants, net | 141,220 | 267,074 | 291,647 |
Common Shares And Units Outstanding | 385,402,199 | 383,309,196 | 381,786,520 |
Limited Partner Units | |||
Total Units Outstanding | 13,904,035 | 13,768,438 | 14,626,075 |
Restricted unit grants, net | 141,220 | 267,074 | 291,647 |
Conversion of Limited Partner OP Units to EQR Common Shares | (313,940) | (131,477) | (1,149,284) |
Total Units Outstanding | 13,731,315 | 13,904,035 | 13,768,438 |
Units Ownership Interest in Operating Partnership | 3.60% | 3.60% | 3.60% |
Equity, Capital and Other Int_5
Equity, Capital and Other Interests - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Class Of Stock [Line Items] | ||||
Redeemable noncontrolling interests - operating partnership | $ 463,400 | $ 379,106 | $ 366,955 | $ 442,092 |
Redeemable Limited Partners | $ 463,400 | $ 379,106 | $ 366,955 | $ 442,092 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | ||
Preferred stock, par or stated value per share | $ 0.01 | $ 0.01 | ||
ERPOP [Member] | ||||
Class Of Stock [Line Items] | ||||
Redeemable Limited Partners | $ 463,400 | $ 379,106 |
Equity, Capital and Other Int_6
Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Noncontrolling Interests - Operating Partnership (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Capital And Other Interests [Abstract] | |||
Redeemable Noncontrolling Interests - Operating Partnership Units | $ 379,106 | $ 366,955 | $ 442,092 |
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership | 82,283 | 13,922 | (41,916) |
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership | 2,011 | (1,771) | (33,221) |
Redeemable Noncontrolling Interests - Operating Partnership Units | $ 463,400 | $ 379,106 | $ 366,955 |
Equity, Capital and Other Int_7
Equity, Capital and Other Interests - Changes in Redemption Value of Redeemable Limited Partners Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Capital And Other Interests [Abstract] | |||
Redeemable Limited Partners | $ 379,106 | $ 366,955 | $ 442,092 |
Limited Partners Change In Redemption Value | 82,283 | 13,922 | (41,916) |
Limited Partners Change In Carrying Value | 2,011 | (1,771) | (33,221) |
Redeemable Limited Partners | $ 463,400 | $ 379,106 | $ 366,955 |
Equity, Capital and Other Int_8
Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Details) - ERPOP [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Class Of Stock [Line Items] | ||
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share; 745,600 shares issued and outstanding as of December 31, 2019 and 2018 | $ 37,280 | $ 37,280 |
Preferred Stock | ||
Class Of Stock [Line Items] | ||
Preferred Stocks Preference Units Call Date | Dec. 10, 2026 | |
Annual Dividend Per Preferred Share Preference Unit | $ 4.145 | |
8.29% Series K Cumulative Redeemable Preferred Shares/Preference Units; liquidation value $50 per share; 745,600 shares issued and outstanding as of December 31, 2019 and 2018 | $ 37,280 | $ 37,280 |
Equity, Capital and Other Int_9
Equity, Capital and Other Interests - Issued and Outstanding Preferred Shares and Preference Units (Parenthetical) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Class Of Stock [Line Items] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock | ||
Class Of Stock [Line Items] | ||
Preferred Stock Preference Units Issued | 745,600 | 745,600 |
Preferred Stock Preference Units Outstanding | 745,600 | 745,600 |
Preferred Stock Preference Units Redemption Price Per Share | $ 50 | $ 50 |
Preferred Stock Preference Units Dividend Rate Percentage | 8.29% | 8.29% |
Equity, Capital and Other In_10
Equity, Capital and Other Interests - Other - Additional Information (Details) | 71 Months Ended | 144 Months Ended |
Dec. 31, 2019shares | Dec. 31, 2019shares | |
Equity Capital And Other Interests [Abstract] | ||
Additional common shares authorized | 13,000,000 | 13,000,000 |
Stock repurchase program, number of shares authorized to be repurchased | 13,000,000 | 13,000,000 |
Stock open market repurchased and retired during period, shares | 0 | 0 |
Stock repurchase program, remaining number of shares authorized to be repurchased | 13,000,000 | 13,000,000 |
Real Estate - Summary of Carryi
Real Estate - Summary of Carrying Amounts of Investment in Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Land | $ 5,936,188 | $ 5,875,803 |
Depreciable property: | ||
Buildings and improvements | 18,904,686 | 18,232,625 |
Furniture, fixtures and equipment | 1,916,458 | 1,722,231 |
In-Place lease intangibles | 497,957 | 481,045 |
Projects under development: | ||
Construction-in-progress | 181,630 | 109,409 |
Land held for development: | ||
Land | 96,688 | 89,909 |
Construction-in-progress | 181,630 | 109,409 |
Investment in real estate | 27,533,607 | 26,511,022 |
Accumulated depreciation | (7,276,786) | (6,696,281) |
Investment in real estate, net | 20,256,821 | 19,814,741 |
Projects under development [Member] | ||
Projects under development: | ||
Land | 23,531 | 25,429 |
Construction-in-progress | 158,099 | 83,980 |
Land held for development: | ||
Construction-in-progress | 158,099 | 83,980 |
Land held for development [Member] | ||
Projects under development: | ||
Construction-in-progress | 32,228 | 28,871 |
Land held for development: | ||
Land | 64,460 | 61,038 |
Construction-in-progress | $ 32,228 | $ 28,871 |
Real Estate - Acquired Properti
Real Estate - Acquired Properties From Unaffiliated Parties (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)PropertyApartmentUnit | Dec. 31, 2018USD ($)PropertyApartmentUnit | |
Properties acquired | Property | 13 | 5 |
Property Units acquired | ApartmentUnit | 3,540 | 1,478 |
Purchase Price | $ 1,514,521 | $ 707,005 |
Rental Properties – Consolidated [Member] | ||
Properties acquired | Property | 13 | 5 |
Property Units acquired | ApartmentUnit | 3,540 | 1,478 |
Purchase Price | $ 1,494,689 | $ 707,005 |
Land Parcels [Member] | ||
Purchase Price | $ 19,832 |
Real Estate - Acquired Proper_2
Real Estate - Acquired Properties From Unaffiliated Parties (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Purchase Price | $ 1,514,521 | $ 707,005 |
Land [Member] | ||
Purchase Price | 268,300 | 113,700 |
Depreciable Property [Member] | ||
Purchase Price | 1,229,000 | $ 594,400 |
Vacant Land [Member] | ||
Purchase Price | 16,700 | |
Construction in Progress [Member] | ||
Purchase Price | $ 4,900 |
Real Estate - Disposed Properti
Real Estate - Disposed Properties to Unaffiliated Parties (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)PropertyApartmentUnit | Dec. 31, 2018USD ($)PropertyApartmentUnit | |
Properties disposed | Property | 13 | 5 |
Property Units disposed | ApartmentUnit | 3,306 | 1,292 |
Sales Price | $ 1,477,275 | $ 708,820 |
Rental Properties – Consolidated [Member] | ||
Properties disposed | Property | 11 | 5 |
Property Units disposed | ApartmentUnit | 2,361 | 1,292 |
Sales Price | $ 1,080,675 | $ 706,120 |
Rental Properties – Unconsolidated [Member] | ||
Properties disposed | Property | 2 | |
Property Units disposed | ApartmentUnit | 945 | |
Sales Price | $ 394,500 | |
Land Parcels [Member] | ||
Sales Price | $ 2,100 | $ 2,700 |
Real Estate - Disposed Proper_2
Real Estate - Disposed Properties to Unaffiliated Parties (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net sales proceeds of unconsolidated rental properties | $ 1,064,619 | $ 691,526 | $ 384,583 |
Rental Properties – Unconsolidated [Member] | |||
Ownership percentage | 20.00% | ||
Net sales proceeds of unconsolidated rental properties | $ 78,300 |
Real Estate - Additional Inform
Real Estate - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)Building | Dec. 31, 2017USD ($) | |
Net gain on sales of real estate properties | $ 447,637 | $ 256,810 | $ 157,057 |
Net gain on sales of unconsolidated entities | 69,500 | ||
Net gain on sales of land parcels | $ 2,044 | 987 | 19,167 |
Non-cash asset impairment charge | $ 702 | $ 1,693 | |
San Francisco [Member] | |||
Number of buildings damaged due to fire | Building | 1 |
Commitments to Acquire_Dispos_3
Commitments to Acquire/Dispose of Real Estate - Separate Agreements to Dispose (Details) - Subsequent Event [Member] $ in Thousands | Feb. 20, 2020USD ($)PropertyApartmentUnit |
Property/Unit schedule | |
Properties | Property | 4 |
Apartment Units | ApartmentUnit | 1,416 |
Sales Price | $ 778,650 |
Rental Properties Disposed [Member] | Partially Owned Properties – Consolidated | |
Property/Unit schedule | |
Properties | Property | 4 |
Apartment Units | ApartmentUnit | 1,416 |
Sales Price | $ 723,500 |
Land [Member] | |
Property/Unit schedule | |
Sales Price | $ 55,150 |
Investments in Partially Owne_3
Investments in Partially Owned Entities - Consolidated Variable Interest Entities ("VIEs") - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)PropertyApartmentUnitJointVenture | Dec. 31, 2018USD ($) | |
Variable Interest Entity [Line Items] | ||
Properties | Property | 309 | |
Apartment units | ApartmentUnit | 79,962 | |
Number of consolidated joint ventures | JointVenture | 2 | |
Total assets | $ 21,172,769 | $ 20,394,209 |
Total liabilities | $ 10,164,843 | 9,615,454 |
Consolidated VIE [Member] | ||
Variable Interest Entity [Line Items] | ||
Properties | Property | 17 | |
Apartment units | ApartmentUnit | 3,535 | |
Total assets | $ 754,700 | 713,600 |
Total liabilities | $ 323,100 | $ 313,900 |
Investments in Partially Owne_4
Investments in Partially Owned Entities - Summary of Companys Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 52,238 | $ 58,349 |
Operating Property [Member] | Unconsolidated Non-VIE [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | 10,494 | |
Ownership Percentage | 20.00% | |
Real Estate Technology/Other [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 11,877 | 5,490 |
Unconsolidated VIE [Member] | Operating Property [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated Entities | $ 40,361 | $ 42,365 |
Ownership Percentage | 33.30% |
Investments in Partially Owne_5
Investments in Partially Owned Entities - Summary of Companys Investment in Unconsolidated Entities (Parenthetical) (Details) | 12 Months Ended | |
Dec. 31, 2018ApartmentUnitJointVenture | Dec. 31, 2019ApartmentUnit | |
Variable Interest Entity [Line Items] | ||
Apartment units | 79,962 | |
Operating Property [Member] | Unconsolidated Non-VIE [Member] | ||
Variable Interest Entity [Line Items] | ||
Apartment units | 945 | |
Number of joint ventures under agreements | JointVenture | 2 |
Restricted Deposits - Restricte
Restricted Deposits - Restricted Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Mortgage escrow deposits: | |||
Real estate taxes and insurance | $ 876 | ||
Replacement reserves | $ 8,543 | 8,641 | |
Mortgage principal reserves/sinking funds | 9,689 | 9,754 | |
Other | 852 | ||
Mortgage escrow deposits | 18,232 | 20,123 | |
Restricted cash: | |||
Tax-deferred (1031) exchange proceeds | 14,232 | ||
Earnest money on pending acquisitions | 5,000 | ||
Restricted deposits on real estate investments | 658 | 540 | |
Resident security and utility deposits | 37,140 | 35,659 | |
Other | 984 | 7,549 | |
Restricted cash | 53,014 | 48,748 | |
Restricted deposits | $ 71,246 | $ 68,871 | $ 50,115 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)PropertyCorporateOfficeLease | Dec. 31, 2018 | Jan. 01, 2019USD ($) | |
Operating Leased Assets [Line Items] | |||
Percentage of rental income | 100.00% | 100.00% | |
Lease liabilities | $ 331,334 | $ 278,287 | |
Right-of-use assets | $ 512,774 | $ 434,201 | |
Corporate Office Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Number of operating leases | CorporateOfficeLease | 9 | ||
Number of office lease modified | CorporateOfficeLease | 4 | ||
Lease liabilities | $ 43,105 | ||
Right-of-use assets | $ 41,596 | ||
Ground Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Unsecured borrowing rates for actual pricing period used for calculating discount rate | 30 years | ||
Lease liabilities | $ 264,990 | ||
Right-of-use assets | $ 413,196 | ||
Number of operating properties | Property | 14 | ||
Finance lease, liability | $ 23,239 | ||
Finance lease,ROU asset | 57,982 | ||
Modified Corporate Office leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease liabilities | 32,100 | ||
Right-of-use assets | 32,100 | ||
Ground Lease Under Development [Member] | |||
Operating Leased Assets [Line Items] | |||
Finance lease, liability | 23,200 | ||
Finance lease,ROU asset | $ 57,900 | ||
Maximum [Member] | Corporate Office Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Discount rate | 3.90% | ||
Remaining lease terms | 10 years | ||
Lease expiration dates (inclusive of applicable extension options) | 2042 | ||
Maximum [Member] | Ground Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Discount rate | 5.50% | ||
Operating lease expiration year | 2118 | ||
Minimum [Member] | Corporate Office Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Discount rate | 3.30% | ||
Lease expiration dates (inclusive of applicable extension options) | 2021 | ||
Minimum [Member] | Ground Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Discount rate | 4.40% | ||
Operating lease expiration year | 2042 | ||
Residential Apartment Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Percentage of rental income | 97.00% | ||
Residential Apartment Leases [Member] | Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Retail leases term | 12 months | ||
Retail Commercial Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Percentage of rental income | 3.00% | ||
Retail Commercial Leases [Member] | Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Retail leases term | 10 years | ||
Retail Commercial Leases [Member] | Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Retail leases term | 5 years |
Leases - Summary of Lease Incom
Leases - Summary of Lease Income Types Relating to Lease Payments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating Leased Assets [Line Items] | |
Total lease revenue | $ 2,608,103 |
Residential Leases [Member] | |
Operating Leased Assets [Line Items] | |
Total lease revenue | 2,534,779 |
Retail Lease [Member] | |
Operating Leased Assets [Line Items] | |
Total lease revenue | 73,324 |
Residential and Retail Rent [Member] | |
Operating Leased Assets [Line Items] | |
Total lease revenue | 2,486,189 |
Residential and Retail Rent [Member] | Residential Leases [Member] | |
Operating Leased Assets [Line Items] | |
Total lease revenue | 2,414,201 |
Residential and Retail Rent [Member] | Retail Lease [Member] | |
Operating Leased Assets [Line Items] | |
Total lease revenue | 71,988 |
Utility Recoveries (RUBS Income) [Member] | |
Operating Leased Assets [Line Items] | |
Total lease revenue | 68,576 |
Utility Recoveries (RUBS Income) [Member] | Residential Leases [Member] | |
Operating Leased Assets [Line Items] | |
Total lease revenue | 67,659 |
Utility Recoveries (RUBS Income) [Member] | Retail Lease [Member] | |
Operating Leased Assets [Line Items] | |
Total lease revenue | 917 |
Parking Rent [Member] | |
Operating Leased Assets [Line Items] | |
Total lease revenue | 37,905 |
Parking Rent [Member] | Residential Leases [Member] | |
Operating Leased Assets [Line Items] | |
Total lease revenue | 37,557 |
Parking Rent [Member] | Retail Lease [Member] | |
Operating Leased Assets [Line Items] | |
Total lease revenue | 348 |
Storage Rent [Member] | |
Operating Leased Assets [Line Items] | |
Total lease revenue | 3,816 |
Storage Rent [Member] | Residential Leases [Member] | |
Operating Leased Assets [Line Items] | |
Total lease revenue | 3,745 |
Storage Rent [Member] | Retail Lease [Member] | |
Operating Leased Assets [Line Items] | |
Total lease revenue | 71 |
Pet Rent [Member] | |
Operating Leased Assets [Line Items] | |
Total lease revenue | 11,617 |
Pet Rent [Member] | Residential Leases [Member] | |
Operating Leased Assets [Line Items] | |
Total lease revenue | $ 11,617 |
Leases - Summary of Lease Inc_2
Leases - Summary of Lease Income Types Relating to Lease Payments (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Leased Assets [Line Items] | |||
Total lease revenue | $ 2,700,691 | $ 2,577,681 | $ 2,470,689 |
Other Rental Income [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease revenue | $ 92,600 |
Leases - Summary of Right-of-Us
Leases - Summary of Right-of-Use Assets and Related Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Operating Leased Assets [Line Items] | ||
Right-of-use assets | $ 512,774 | $ 434,201 |
Lease liabilities | 331,334 | $ 278,287 |
Corporate Office Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Right-of-use assets | 41,596 | |
Lease liabilities | 43,105 | |
Ground Leases [Member] | ||
Operating Leased Assets [Line Items] | ||
Right-of-use assets | 413,196 | |
Finance lease, right-of-use asset | 57,982 | |
Lease liabilities | 264,990 | |
Finance lease, liabilities | $ 23,239 |
Leases - Summary of Ground Leas
Leases - Summary of Ground Lease Intangibles (Details) - Ground Lease [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Leased Assets [Line Items] | ||
Lease intangibles assets | $ 189,518 | $ 191,918 |
Accumulated amortization | (29,861) | (25,688) |
Lease intangibles assets net | $ 159,657 | 166,230 |
Lease intangibles liabilities | 2,400 | |
Accumulated amortization | (290) | |
Lease intangibles liabilities net | $ 2,110 |
Leases - Summary of the Effect
Leases - Summary of the Effect of the Amortization for Ground Lease Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property and Maintenance [Member] | |||
Ground lease intangible amortization | $ (4,463) | $ (4,463) | $ (4,369) |
Leases - Summary of Aggregate A
Leases - Summary of Aggregate Amortization for Ground Lease Intangibles (Details) - Ground Lease [Member] $ in Thousands | Dec. 31, 2019USD ($) |
Finite-lived intangible assets, amortization expense, year 2020 | $ (4,463) |
Finite-lived intangible assets, amortization expense, year 2021 | (4,463) |
Finite-lived intangible assets, amortization expense, year 2022 | (4,463) |
Finite-lived intangible assets, amortization expense, year 2023 | (4,463) |
Finite-lived intangible assets, amortization expense, year 2024 | $ (4,463) |
Leases - Summary of Quantitativ
Leases - Summary of Quantitative Disclosures for Lessees (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lease cost: | |
Interest on lease liabilities (capitalized) | $ 225 |
Total lease cost | 31,549 |
Cash paid for amounts included in the measurement of lease liabilities: | |
Investing cash flows from finance leases (capitalized) | 34,922 |
ROU assets obtained in exchange for new finance lease liabilities | $ 23,201 |
Weighted-average remaining lease term – finance leases | 19 years 8 months 12 days |
Weighted-average discount rate – finance leases | 3.00% |
Corporate Office Leases [Member] | |
Lease cost: | |
Operating lease cost | $ 3,937 |
Variable lease cost | 1,489 |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from Operating leases | 5,494 |
ROU assets obtained in exchange for new operating lease liabilities | $ 44,298 |
Weighted-average remaining lease term – operating leases | 18 years 1 month 6 days |
Weighted-average discount rate – operating leases | 3.20% |
Ground Leases [Member] | |
Lease cost: | |
Operating lease cost | $ 22,198 |
Variable lease cost | 3,700 |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from Operating leases | 16,837 |
ROU assets obtained in exchange for new operating lease liabilities | $ 422,018 |
Weighted-average remaining lease term – operating leases | 56 years 2 months 12 days |
Weighted-average discount rate – operating leases | 5.00% |
Leases - Summary of Undiscounte
Leases - Summary of Undiscounted Cash Flows for Contractual Obligations for Minimum Rent Payments/Receipts (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ (567) |
2021 | (578) |
2022 | (590) |
2023 | (601) |
2024 | (614) |
Thereafter | (33,850) |
Total | (36,800) |
2020 | (16,914) |
2021 | (17,161) |
2022 | (16,907) |
2023 | (16,998) |
2024 | (17,330) |
Thereafter | (979,172) |
Total | (1,064,482) |
2020 | 64,527 |
2021 | 61,817 |
2022 | 58,204 |
2023 | 50,906 |
2024 | 43,784 |
Thereafter | 154,898 |
Total | $ 434,136 |
Leases - Summary of Reconciliat
Leases - Summary of Reconciliation of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Total minimum rent payments | $ 1,101,282 |
Less: Lease discount | 769,948 |
Lease liabilities | $ 331,334 |
Debt - Mortgage Notes Payable -
Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Mortgage notes payable, net beginning balance | $ 2,385,470 | $ 3,618,722 | |
Proceeds | 295,771 | 96,935 | |
Lump sum payoffs | (743,021) | (1,347,939) | $ (493,420) |
Scheduled principal repayments | (6,808) | (6,629) | |
Amortization of premiums/ discounts | 8,618 | 20,144 | 1,172 |
Amortization of deferred financing costs, net | 1,580 | 4,237 | |
Mortgage notes payable, net ending balance | 1,941,610 | 2,385,470 | 3,618,722 |
Fixed Rate Debt [Member] | Secured – Conventional [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net beginning balance | 1,885,407 | 2,982,344 | |
Proceeds | 288,120 | ||
Lump sum payoffs | (584,536) | (1,093,705) | |
Scheduled principal repayments | (6,308) | (6,029) | |
Amortization of premiums/ discounts | (7,999) | 719 | |
Amortization of deferred financing costs, net | 15 | 2,078 | |
Mortgage notes payable, net ending balance | 1,574,699 | 1,885,407 | 2,982,344 |
Floating Rate Debt [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net beginning balance | 500,063 | 636,378 | |
Proceeds | 7,651 | 96,935 | |
Lump sum payoffs | (158,485) | (254,234) | |
Scheduled principal repayments | (500) | (600) | |
Amortization of premiums/ discounts | 16,617 | 19,425 | |
Amortization of deferred financing costs, net | 1,565 | 2,159 | |
Mortgage notes payable, net ending balance | 366,911 | 500,063 | 636,378 |
Floating Rate Debt [Member] | Secured – Conventional [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net beginning balance | 6,357 | 6,948 | |
Proceeds | 7,651 | ||
Lump sum payoffs | (5,920) | ||
Scheduled principal repayments | (500) | (600) | |
Amortization of deferred financing costs, net | (538) | 9 | |
Mortgage notes payable, net ending balance | 7,050 | 6,357 | 6,948 |
Floating Rate Debt [Member] | Secured – Tax Exempt [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable, net beginning balance | 493,706 | 629,430 | |
Proceeds | 96,935 | ||
Lump sum payoffs | (152,565) | (254,234) | |
Amortization of premiums/ discounts | 16,617 | 19,425 | |
Amortization of deferred financing costs, net | 2,103 | 2,150 | |
Mortgage notes payable, net ending balance | $ 359,861 | $ 493,706 | $ 629,430 |
Debt - Mortgage Notes Payable_2
Debt - Mortgage Notes Payable - Summary of Mortgage Notes Payable Activity (Parenthetical) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Nov. 1, 2024 | |
Variable Rate Construction Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Jun. 25, 2022 | |
Total commitment amount | $ 67,600,000 | |
New Floating Rate Tax Exempt Mortgage Bond [Member] | ERPOP [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Apr. 1, 2042 | |
Fannie Mae Loan Pool [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 3.94% | |
Debt instrument, maturity date | Mar. 1, 2029 |
Debt - Mortgage Notes Payable_3
Debt - Mortgage Notes Payable - Summary of Debt Extinguishment Costs on Mortgages Recorded as Additional Interest Expense (Details) - Mortgages [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Extinguishment Of Debt [Line Items] | ||
Prepayment premiums/penalties | $ 3,381 | $ 22,110 |
Write-offs of unamortized deferred financing costs | 2,273 | 2,957 |
Write-offs of unamortized (premiums)/discounts/OCI | 6,153 | 16,268 |
Total | $ 11,807 | $ 41,335 |
Debt - Mortgage Notes Payable_4
Debt - Mortgage Notes Payable - Summary of Certain Interest Rate and Maturity Date Information (Details) - Mortgages [Member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.84% | 4.15% |
Maturity Date Ranges, Start | 2020 | 2019 |
Maturity Date Ranges, End | 2061 | 2061 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Ranges | 0.10% | 0.10% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Ranges | 5.29% | 6.90% |
Debt - Mortgage Notes Payable_5
Debt - Mortgage Notes Payable - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Mortgage notes payable | $ 1,941,610 | $ 2,385,470 | $ 3,618,722 |
Historical cost, net of accumulated depreciation, of encumbered properties | 2,700,000 | 3,200,000 | |
Credit Enhanced Debt [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable | $ 281,700 | $ 440,700 |
Debt - Notes - Summary of Notes
Debt - Notes - Summary of Notes Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Notes, net beginning balance | $ 5,933,286 | $ 5,038,812 | |
Proceeds | 1,194,468 | 896,294 | $ 692,466 |
Lump sum payoffs | (1,050,000) | (497,975) | |
Realized/unrealized (gain) loss on derivative instruments | 2,277 | (680) | (3,454) |
Amortization of premiums/ discounts | 3,162 | 2,637 | 2,364 |
Amortization of deferred financing costs, net | (5,680) | (3,777) | |
Notes, net ending balance | 6,077,513 | 5,933,286 | 5,038,812 |
Fixed Rate Debt [Member] | Unsecured – Public [Member] | |||
Debt Instrument [Line Items] | |||
Notes, net beginning balance | 5,485,884 | 4,591,373 | |
Proceeds | 1,194,468 | 896,294 | |
Lump sum payoffs | (600,000) | ||
Amortization of premiums/ discounts | 3,117 | 2,547 | |
Amortization of deferred financing costs, net | (5,956) | (4,330) | |
Notes, net ending balance | 6,077,513 | 5,485,884 | 4,591,373 |
Floating Rate Debt [Member] | Unsecured – Public [Member] | |||
Debt Instrument [Line Items] | |||
Notes, net beginning balance | 447,402 | 447,439 | |
Lump sum payoffs | (450,000) | ||
Realized/unrealized (gain) loss on derivative instruments | 2,277 | (680) | |
Amortization of premiums/ discounts | 45 | 90 | |
Amortization of deferred financing costs, net | $ 276 | 553 | |
Notes, net ending balance | $ 447,402 | $ 447,439 |
Debt - Notes - Summary of Not_2
Debt - Notes - Summary of Notes Activity (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
3.00% Notes [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from issuance of unsecured debt | $ 600 | |
Debt instrument, interest rate, stated percentage | 3.00% | |
Proceeds from debt, net of issuance costs | $ 597.5 | |
2.50% Notes [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from issuance of unsecured debt | $ 600 | |
Debt instrument, interest rate, stated percentage | 2.50% | |
Proceeds from debt, net of issuance costs | $ 597 | |
3.50% Notes [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from issuance of unsecured debt | $ 500 | |
Debt instrument, interest rate, stated percentage | 3.50% | |
Proceeds from debt, net of issuance costs | $ 497 | |
4.15% Notes [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from issuance of unsecured debt | $ 400 | |
Debt instrument, interest rate, stated percentage | 4.15% | |
Proceeds from debt, net of issuance costs | $ 399.3 | |
2.375% Notes [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from issuance of unsecured debt | $ 450 | |
Debt instrument, interest rate, stated percentage | 2.375% | |
Debt instrument, basis spread on variable rate | 0.61% | |
2.375% Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, description of variable rate basis | 90-Day LIBOR plus 0.61% |
Debt - Notes - Summary of Debt
Debt - Notes - Summary of Debt Extinguishment Costs on Notes Recorded as Additional Interest Expense (Details) - Notes [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Extinguishment Of Debt [Line Items] | |
Prepayment premiums/penalties | $ 10,266 |
Write-offs of unamortized deferred financing costs | 287 |
Write-offs of unamortized (premiums)/discounts/OCI | 1,043 |
Total | $ 11,596 |
Debt - Notes - Summary of Certa
Debt - Notes - Summary of Certain Interest Rate and Maturity Date Information (Details) - Notes [Member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 4.21% | 4.25% |
Maturity Date Ranges, Start | 2021 | 2019 |
Maturity Date Ranges, End | 2047 | 2047 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Ranges | 2.50% | 2.85% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Ranges | 7.57% | 7.57% |
Debt - Notes - Additional Infor
Debt - Notes - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Shelf registration statement effective date | 2019-06 |
Shelf registration statement expiry date | 2022-06 |
Debt - Line of Credit and Comme
Debt - Line of Credit and Commercial Paper - Additional Information (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Nov. 04, 2019 | Nov. 03, 2019 | Nov. 01, 2019 | Oct. 31, 2019 | |
Line of Credit Facility [Line Items] | ||||||
Debt instrument, maturity date | Nov. 1, 2024 | |||||
Commercial paper balance outstanding | $ 1,000,000,000 | $ 500,000,000 | $ 1,000,000,000 | $ 500,000,000 | ||
Commercial Paper [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Weighted average interest rates | 2.42% | 2.35% | ||||
Weighted average amount outstanding | $ 434,400,000 | $ 397,300,000 | ||||
Commercial paper weighted average days outstanding | 40 days | 22 days | ||||
Unsecured Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Unsecured revolving credit facility | $ 2,500,000,000 | $ 2,000,000,000 | $ 2,500,000,000 | $ 2,000,000,000 | ||
Ability to increase LOC facility | $ 750,000,000 | |||||
Debt instrument, basis spread on variable rate | 0.775% | |||||
Percentage points of line of credit facility commitment fee | 0.125% | |||||
Commercial paper balance outstanding | $ 1,000,000,000 | $ 500,000,000 | ||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Weighted average interest rates | 3.12% | 2.97% |
Debt - Line of Credit and Com_2
Debt - Line of Credit and Commercial Paper - Schedule of Unsecured Revolving Credit Facility (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Nov. 04, 2019 | Nov. 03, 2019 | Nov. 01, 2019 | Oct. 31, 2019 | |
Line of Credit Facility [Line Items] | ||||||
Commercial paper balance outstanding | $ (1,000,000,000) | $ (500,000,000) | $ (1,000,000,000) | $ (500,000,000) | ||
Unsecured Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Unsecured revolving credit facility | 2,500,000,000 | 2,000,000,000 | $ 2,500,000,000 | $ 2,000,000,000 | ||
Commercial paper balance outstanding | (1,000,000,000) | (500,000,000) | ||||
Unsecured revolving credit facility balance outstanding | (20,000,000) | |||||
Other restricted amounts | (100,929,000) | (103,622,000) | ||||
Unsecured revolving credit facility availability | $ 1,379,071,000 | $ 1,396,378,000 |
Debt - Line of Credit and Com_3
Debt - Line of Credit and Commercial Paper - Summary of Debt Extinguishment Costs on Line of Credit Recorded as Additional Interest Expense (Details) - Line of Credit [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Extinguishment Of Debt [Line Items] | |
Write-offs of unamortized deferred financing costs | $ 588 |
Total | $ 588 |
Debt - Summary of Aggregate Pay
Debt - Summary of Aggregate Payments of Principal on All Debt (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 1,027,542 |
2021 | 926,404 |
2022 | 271,835 |
2023 | 1,329,088 |
2024 | 26,100 |
Thereafter | 5,550,010 |
Subtotal | 9,130,979 |
Deferred Financing Costs and Unamortized (Discount) | (94,023) |
Total | $ 9,036,956 |
Debt - Summary of Aggregate P_2
Debt - Summary of Aggregate Payments of Principal on All Debt (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Nov. 04, 2019 | Nov. 03, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||||
Commercial paper balance outstanding | $ 1,000 | $ 1,000 | $ 500 | $ 500 |
Derivative and Other Fair Val_3
Derivative and Other Fair Value Instruments - Summary of Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | $ 9,036,956 | $ 8,817,939 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 9,607,999 | 8,833,928 |
Mortgage Notes Payable, Net [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 1,941,610 | 2,385,470 |
Mortgage Notes Payable, Net [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 1,930,710 | 2,352,502 |
Unsecured Debt [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | 7,095,346 | 6,432,469 |
Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt, net | $ 7,677,289 | $ 6,481,426 |
Derivative and Other Fair Val_4
Derivative and Other Fair Value Instruments - Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||||
Fair Value Of SERP Investments | $ 151,889 | $ 134,088 | ||
Assets, Fair Value Disclosure | 136,088 | |||
Liabilities, Fair Value Disclosure | 146,216 | |||
Other Liabilities, Fair Value Disclosure | 151,889 | 134,088 | ||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 463,400 | 379,106 | $ 366,955 | $ 442,092 |
Forward Starting Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Forward Starting Swaps | 2,000 | |||
Forward Starting Swaps | 9,851 | |||
Fair Value Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, fair value | 2,277 | |||
Fair Value, Inputs, Level 1 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value Of SERP Investments | 151,889 | 134,088 | ||
Assets, Fair Value Disclosure | 134,088 | |||
Liabilities, Fair Value Disclosure | 134,088 | |||
Other Liabilities, Fair Value Disclosure | 151,889 | 134,088 | ||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Forward Starting Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Forward Starting Swaps | 0 | |||
Forward Starting Swaps | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, fair value | 0 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value Of SERP Investments | 0 | 0 | ||
Assets, Fair Value Disclosure | 2,000 | |||
Liabilities, Fair Value Disclosure | 12,128 | |||
Other Liabilities, Fair Value Disclosure | 0 | 0 | ||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | 463,400 | 379,106 | ||
Fair Value, Inputs, Level 2 [Member] | Forward Starting Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Forward Starting Swaps | 2,000 | |||
Forward Starting Swaps | 9,851 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, fair value | 2,277 | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value Of SERP Investments | 0 | 0 | ||
Assets, Fair Value Disclosure | 0 | |||
Liabilities, Fair Value Disclosure | 0 | |||
Other Liabilities, Fair Value Disclosure | 0 | 0 | ||
Redeemable Noncontrolling Interests - Operating Partnership/Redeemable Limited Partners | $ 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Forward Starting Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Forward Starting Swaps | 0 | |||
Forward Starting Swaps | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, fair value | $ 0 |
Derivative and Other Fair Val_5
Derivative and Other Fair Value Instruments - Summary of Effect of Fair Value Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain/(Loss) Recognized in Income on Derivative | $ 2,277 | $ (680) | $ (3,454) |
Amount of Gain/(Loss) Recognized in Income on Hedged Item | (2,277) | 680 | 3,454 |
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain/(Loss) Recognized in Income on Derivative | 2,277 | (680) | (3,454) |
Amount of Gain/(Loss) Recognized in Income on Hedged Item | $ (2,277) | $ 680 | $ 3,454 |
Derivative and Other Fair Val_6
Derivative and Other Fair Value Instruments - Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective Portion - Amount of Gain/(Loss) Recognized in OCI on Derivative | $ (33,765) | $ 5,124 | $ 6,439 |
Effective Portion - Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | (21,188) | (18,452) | (18,858) |
Ineffective Portion - Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income | 0 | 0 | |
Forward Starting Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective Portion - Amount of Gain/(Loss) Recognized in OCI on Derivative | (33,765) | 5,124 | 6,439 |
Effective Portion - Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | $ (21,188) | (18,452) | (18,858) |
Ineffective Portion - Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income | $ 0 | $ 0 |
Derivative and Other Fair Val_7
Derivative and Other Fair Value Instruments - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||||
Jul. 31, 2019USD ($)DerivativeInstrument | Jun. 30, 2019USD ($)DerivativeInstrument | Nov. 30, 2018USD ($)DerivativeInstrument | Feb. 28, 2018USD ($)DerivativeInstrument | Aug. 31, 2017USD ($)DerivativeInstrument | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Derivative [Line Items] | ||||||||
Unrealized gain (loss) on interest rate cash flow hedges, pretax, accumulated other comprehensive income (loss) | $ 77,600,000 | $ 65,000,000 | ||||||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | 24,900,000 | |||||||
Number of interest rate swaps matured | DerivativeInstrument | 6 | |||||||
Repayments of unsecured debt | $ 1,050,000,000 | $ 497,975,000 | ||||||
Forward Starting Swaps [Member] | ||||||||
Derivative [Line Items] | ||||||||
Proceeds from settlement of derivative instruments | $ 41,800,000 | $ 16,400,000 | $ 1,600,000 | $ 1,300,000 | ||||
Forward starting swaps settled | DerivativeInstrument | 10 | 6 | 2 | 4 | ||||
Interest expense | $ 200,000 | $ 120,000 | ||||||
Increase (decrease) in charges hedge termination activities | 41,600,000 | (16,500,000) | $ (1,600,000) | $ (1,300,000) | ||||
Total commitment amount | $ 600,000,000 | $ 400,000,000 | $ 500,000,000 | $ 400,000,000 | ||||
Debt instrument, term | 10 years | 10 years | 10 years | 10 years | ||||
2.375% Notes [Member] | ||||||||
Derivative [Line Items] | ||||||||
Repayments of unsecured debt | $ 450,000,000 | |||||||
Debt instrument, interest rate, stated percentage | 2.375% |
Earnings Per Share and Earnin_3
Earnings Per Share and Earnings Per Unit - Computation of Net Income per Share Basic and Net Income per Share Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Net income | $ 1,009,708 | $ 685,192 | $ 628,381 |
Allocation to Noncontrolling Interests – Operating Partnership | (36,034) | (24,939) | (22,604) |
Partially Owned Properties | (3,297) | (2,718) | (2,323) |
Preferred distributions | (3,090) | (3,090) | (3,091) |
Net income available to Common Shares | 967,287 | 654,445 | 600,363 |
Numerator for net income per share – diluted | $ 1,003,321 | $ 679,384 | $ 622,967 |
Weighted average Common Shares outstanding | 370,461 | 368,052 | 366,968 |
OP Units | 12,907 | 12,869 | 12,901 |
Dilutive Securities Options | 2,965 | 2,774 | 2,809 |
Denominator for net income per share – diluted | 386,333 | 383,695 | 382,678 |
Net income per share – basic | $ 2.61 | $ 1.78 | $ 1.64 |
Net income per share – diluted | $ 2.60 | $ 1.77 | $ 1.63 |
Earnings Per Share and Earnin_4
Earnings Per Share and Earnings Per Unit - Computation of Net Income per Unit Basic and Net Income per Unit Diluted for Operating Partnership (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 1,009,708 | $ 685,192 | $ 628,381 |
Partially Owned Properties | $ (3,297) | $ (2,718) | $ (2,323) |
Dilutive Securities Options | 2,965 | 2,774 | 2,809 |
Denominator for net income per share – diluted | 386,333 | 383,695 | 382,678 |
Net income per Unit – basic | $ 2.61 | $ 1.78 | $ 1.64 |
Net income per Unit – diluted | $ 2.60 | $ 1.77 | $ 1.63 |
ERPOP [Member] | |||
Net income | $ 1,009,708 | $ 685,192 | $ 628,381 |
Partially Owned Properties | (3,297) | (2,718) | (2,323) |
Allocation to Preference Units | (3,090) | (3,090) | (3,091) |
Numerator for net income per Unit – basic and diluted | $ 1,003,321 | $ 679,384 | $ 622,967 |
Denominator for net income per Unit – basic | 383,368 | 380,921 | 379,869 |
Dilutive Securities Options | 2,965 | 2,774 | 2,809 |
Denominator for net income per share – diluted | 386,333 | 383,695 | 382,678 |
Net income per Unit – basic | $ 2.61 | $ 1.78 | $ 1.64 |
Net income per Unit – diluted | $ 2.60 | $ 1.77 | $ 1.63 |
Share Incentive Plans - Additio
Share Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 11,328,266 | ||
Individual potential target award minimum | 0.00% | ||
Individual potential target award maximum | 200.00% | ||
Percentage of distribution payments | 10.00% | ||
Percent of award target performance metric | 50.00% | ||
Compensation information | |||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized | $ 8.9 | ||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 4 months 6 days | ||
Share-based compensation arrangement by share-based payment award, options, exercisable, number | 5,328,020 | 5,336,043 | |
Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average exercise price | $ 49.57 | $ 43.24 | |
Stock Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 11,331,958 |
Share Incentive Plans - Summary
Share Incentive Plans - Summary of Terms of Awards Generally Granted to Employees (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Overview | Options exercised after vesting result in issuance of new Common Shares. |
Grant/Exercise Price | Granted at the fair market value of Common Shares as of the grant date. |
Vesting Period | 3 years |
Expiration | 10 years |
Upon Employee Termination | Unvested options are canceled. |
Restricted Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Overview | Restricted shareholders generally have the same voting rights and receive quarterly dividend payments on their shares at the same rate and on the same date as any other Common Share holder (1). |
Grant/Exercise Price | Granted at the fair market value of Common Shares as of the grant date. |
Vesting Period | 3 years |
Upon Employee Termination | Unvested restricted shares are canceled. |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Overview | When certain conditions are met, restricted units convert into an equal number of OP Units, which the holder may exchange for Common Shares on a one-for-one basis or at the option of the Company the cash value of such shares. Restricted unitholders receive quarterly distribution payments on their restricted units at the same rate and on the same date as any other OP Unit holder (1). |
Grant/Exercise Price | Granted at varying discount rates to the fair market value of Common Shares as of the grant date (2). |
Vesting Period | 3 years |
Expiration | 10 years |
Upon Employee Termination | Unvested restricted units are canceled. |
Share Incentive Plans - Summa_2
Share Incentive Plans - Summary of Terms of Each Retirement Eligibility Category (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Age 62 for Employees [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Eligibility | For employees hired prior to January 1, 2009 and who were age 59 or older as of February 1, 2019. |
Effect on unvested restricted shares, restricted units and Options | Awards immediately vest and Options continue to be exercisable for the balance of the applicable ten-year option period. |
Effect on LTI Plan | Awards are prorated in proportion to the number of days worked in the first year of the three-year performance period and the individual does not receive any payout of shares or units until the final payout is determined at the end of the three-year performance period. |
Rule of 70 for Employees [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Eligibility | All employees (1). |
Effect on unvested restricted shares, restricted units and Options | Awards continue to vest per the original vesting schedule, subject to certain conditions, and Options continue to be exercisable for the balance of the applicable ten-year option period. |
Effect on LTI Plan | Awards are prorated in proportion to the number of days worked in the first year of the three-year performance period and the individual does not receive any payout of shares or units until the final payout is determined at the end of the three-year performance period. |
Age 72 for Trustees [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Eligibility | All non-employee Trustees. |
Effect on unvested restricted shares, restricted units and Options | Awards immediately vest and Options continue to be exercisable for the balance of the applicable ten-year option period. |
Effect on LTI Plan | Awards are prorated in proportion to the number of days worked in the first year of the three-year performance period and the individual does not receive any payout of shares or units until the final payout is determined at the end of the three-year performance period. |
Share Incentive Plans - Schedul
Share Incentive Plans - Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Compensation information | |||
Compensation Expense | $ 24,449 | $ 27,132 | $ 24,997 |
Compensation Capitalized | 1,450 | 1,218 | 1,076 |
Restricted Units In-Lieu of Bonus | 3,266 | 4,418 | 1,809 |
Compensation Equity | 29,165 | 32,768 | 27,882 |
Dividends Incurred | 1,804 | 1,717 | 1,502 |
Restricted Shares [Member] | |||
Compensation information | |||
Compensation Expense | 11,522 | 7,406 | 9,209 |
Compensation Capitalized | 916 | 852 | 568 |
Restricted Units In-Lieu of Bonus | 0 | 0 | 0 |
Compensation Equity | 12,438 | 8,258 | 9,777 |
Dividends Incurred | 979 | 754 | 761 |
Restricted Stock Units (RSUs) [Member] | |||
Compensation information | |||
Compensation Expense | 9,905 | 12,310 | 10,214 |
Compensation Capitalized | 240 | 36 | 119 |
Restricted Units In-Lieu of Bonus | 3,265 | 1,663 | 190 |
Compensation Equity | 13,410 | 14,009 | 10,523 |
Dividends Incurred | 825 | 963 | 741 |
Options [Member] | |||
Compensation information | |||
Compensation Expense | 2,420 | 6,683 | 4,893 |
Compensation Capitalized | 254 | 296 | 323 |
Restricted Units In-Lieu of Bonus | 1 | 2,755 | 1,619 |
Compensation Equity | 2,675 | 9,734 | 6,835 |
Dividends Incurred | 0 | 0 | 0 |
Employee Share Purchase Plan Discount [Member] | |||
Compensation information | |||
Compensation Expense | 602 | 733 | 681 |
Compensation Capitalized | 40 | 34 | 66 |
Restricted Units In-Lieu of Bonus | 0 | 0 | 0 |
Compensation Equity | 642 | 767 | 747 |
Dividends Incurred | $ 0 | $ 0 | $ 0 |
Share Incentive Plans - Award A
Share Incentive Plans - Award Activity of the Share Incentive Plans (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Common Shares Subject to Options, Awards exercised/vested | (1,745,050) | (1,056,388) | (846,137) |
Employee Stock Option [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Common Shares Subject to Options, Beginning Balance | 7,112,235 | 6,483,832 | 6,023,101 |
Common Shares Subject to Options, Awards granted | 234,147 | 1,730,942 | 1,337,898 |
Common Shares Subject to Options, Awards exercised/vested | (1,745,050) | (1,056,388) | (846,137) |
Common Shares Subject to Options, Awards forfeited | (30,489) | (38,133) | (27,547) |
Common Shares Subject to Options, Awards expired | (3,299) | (8,018) | (3,483) |
Common Shares Subject to Options, Ending Balance | 5,567,544 | 7,112,235 | 6,483,832 |
Weighted Average Exercise Price per Option, Beginning Balance | $ 52.35 | $ 46.46 | $ 42.05 |
Weighted Average Exercise Price per Option, Awards granted | 72.10 | 60.40 | 60.88 |
Weighted Average Exercise Price per Option, Awards exercised/vested | 44.72 | 29.05 | 37.26 |
Weighted Average Exercise Price per Option, Awards forfeited | 61.92 | 60.74 | 61.85 |
Weighted Average Exercise Price per Option, Awards expired | 40.39 | 59.70 | 65.91 |
Weighted Average Exercise Price per Option, Ending Balance | $ 55.52 | $ 52.35 | $ 46.46 |
Restricted Shares [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Restricted Shares, Beginning Balance | 299,425 | 369,741 | 452,034 |
Restricted Shares, Awards granted | 163,799 | 129,303 | 93,867 |
Restricted Shares, Awards exercised/vested | (151,321) | (194,116) | (165,744) |
Restricted Shares, Awards forfeited | (5,197) | (5,503) | (10,416) |
Restricted Shares, Awards Expired | 0 | 0 | 0 |
Restricted Shares, Ending Balance | 306,706 | 299,425 | 369,741 |
Weighted Average Fair Value per Restricted Share, Beginning Balance | $ 66.52 | $ 73.67 | $ 70.35 |
Weighted Average Fair Value per Restricted Share, Awards granted | 73.96 | 62.25 | 61.94 |
Weighted Average Fair Value per Restricted Share, Awards exercised/vested | 75.41 | 77.32 | 58.04 |
Weighted Average Fair Value per Restricted Share, Awards forfeited | 65.35 | 65.77 | 72.44 |
Weighted Average Fair Value per Restricted Share, Awards Expired | 0 | 0 | 0 |
Weighted Average Fair Value per Restricted Share, Ending Balance | $ 66.15 | $ 66.52 | $ 73.67 |
Restricted Units [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Restricted Units, Beginning Balance | 1,139,848 | 901,260 | 802,257 |
Restricted Units, Awards Granted | 141,772 | 267,074 | 291,921 |
Restricted Units, Awards exercised/vested | (422,784) | (28,486) | (192,644) |
Restricted Units, Awards forfeited | (552) | 0 | (274) |
Restricted Units, Awards Expired | 0 | 0 | 0 |
Restricted Units, Ending Balance | 858,284 | 1,139,848 | 901,260 |
Weighted Average Fair Value per Restricted Unit, Beginning Balance | $ 71.07 | $ 77.61 | $ 75.26 |
Weighted Average Fair Value per Restricted Unit, Awards granted | 67.22 | 61.60 | 68.57 |
Weighted Average Fair Value per Restricted Unit, Awards exercised/vested | 70.77 | 55.50 | 54.16 |
Weighted Average Fair Value per Restricted Unit, Awards forfeited | 69.43 | 0 | 75.50 |
Weighted Average Fair Value per Restricted Unit, Awards Expired | 0 | 0 | 0 |
Weighted Average Fair Value per Restricted Unit, Ending Balance | $ 64.95 | $ 71.07 | $ 77.61 |
Share Incentive Plans - Award_2
Share Incentive Plans - Award Activity of the Share Incentive Plans (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Weighted average grant date fair value for Options | $ 8.06 | $ 6.15 | $ 5.86 |
Employee Stock Option [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Weighted average grant date fair value for Options | $ 8.05 | $ 6.17 | $ 5.86 |
Intrinsic value of options exercised | $ 58.1 | $ 42.9 | $ 25.6 |
Restricted Shares [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 11.1 | 11.5 | 10.2 |
Restricted Units [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 29.1 | $ 1.8 | $ 11.7 |
Share Incentive Plans - Informa
Share Incentive Plans - Information Regarding Options Outstanding and Exercisable (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Share Based Compensation [Abstract] | |
Options Outstanding, Options | shares | 5,567,544 |
Options Exercisable, Options | shares | 4,750,481 |
Options, Vested and expected to vest | shares | 808,646 |
Options Outstanding, Weighted Average Remaining Contractual Life in Years | 5 years 3 months 18 days |
Options Exercisable, Weighted Average Remaining Contractual Life in Years | 4 years 9 months 21 days |
Options Vested and expected to vest, Weighted Average Remaining Contractual Life in Years | 8 years 1 month 17 days |
Options Outstanding, Weighted Average Exercise Price | $ / shares | $ 55.52 |
Options Exercisable, Weighted Average Exercise Price | $ / shares | 54.13 |
Vested and expected to vest, Weighted Average Exercise Price | $ / shares | $ 63.60 |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 141,395 |
Options Exercisable, Aggregate Intrinsic Value | $ | 127,277 |
Vested and expected to vest, Aggregate Intrinsic Value | $ | $ 14,005 |
Share Incentive Plans - Infor_2
Share Incentive Plans - Information Regarding Options Outstanding and Exercisable (Parenthetical) (Details) | Dec. 31, 2019$ / shares |
Share Based Compensation [Abstract] | |
Market value of common shares | $ 80.92 |
Employee Plans - Additional Inf
Employee Plans - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Value of common shares that can be acquired by the employee and trustees under employees share purchase plan | $ 100,000 | ||
Number of common shares authorized after amendment | 7,000,000 | ||
Common Shares available for purchase under the ESPP | 2,714,332 | ||
Purchase price of common stock | 85.00% | ||
Maximum eligible compensation percentage for the defined contribution plan (the 401(k) Plan) | 4.00% | ||
Defined contribution plan vesting period | 5 years | ||
Defined contribution plan, compensation expense | $ 5,000,000 | $ 4,900,000 | $ 4,600,000 |
Highly Compensated Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum eligible compensation percentage for the defined contribution plan (the 401(k) Plan) | 3.00% |
Employee Plans - Summary of Inf
Employee Plans - Summary of Information Regarding the Common Shares Issued Under the ESPP (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Service Share Based Compensation Aggregate Disclosures [Abstract] | |||
Shares issued | 48,131 | 75,414 | 68,286 |
Issuance price ranges, Minimum | $ 59.56 | $ 47.80 | $ 52.79 |
Issuance price ranges, Maximum | $ 72.91 | $ 57.09 | $ 58.06 |
Issuance proceeds | $ 3,116 | $ 3,879 | $ 3,744 |
Distribution Reinvestment Plan
Distribution Reinvestment Plan - Additional Information (Details) - shares | Dec. 31, 2019 | Sep. 30, 2014 |
Distribution Reinvestment And Share Purchase Plan [Abstract] | ||
Common shares registered with distribution reinvestment and share purchase Plan (2011 DRIP) | 4,790,000 | |
Number of shares available for issuance | 4,664,977 |
Transactions with Related Par_2
Transactions with Related Parties - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |||
Lease expiration date | Nov. 30, 2032 | ||
Lease extension options | two five-year | ||
Amount incurred for leased office space | $ 2.6 | $ 2.5 | $ 2.8 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)PropertyApartmentUnitAgreement | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Commitments And Contingencies [Abstract] | |||
Projects in various stages of development | Property | 2 | ||
Partially owned projects in various stages of development | Property | 1 | ||
Units in various stages of development | ApartmentUnit | 824 | ||
Consolidated project under development commitment fund | $ | $ 421.2 | ||
Various stages of development with estimated completion dates ranging through September 30, 2021 | Sep. 30, 2021 | ||
Number of joint venture agreements | Agreement | 2 | ||
Compensation expense, recognized | $ | $ 0.4 | $ 0.3 | $ 0.4 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Contractual Obligations (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Other Long-Term Liabilities: | |
Deferred Compensation Due, Year 1 | $ (761) |
Deferred Compensation Due, Year 2 | (1,116) |
Deferred Compensation Due, Year 3 | (1,116) |
Deferred Compensation Due, Year 4 | (991) |
Deferred Compensation Due, Year 5 | (709) |
Deferred Compensation Due, Thereafter | (3,897) |
Deferred Compensation Due, Total | $ (8,590) |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Details) - Customer | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract] | |||
Number of customer contributed 10% or more of total revenue | 0 | 0 | 0 |
Reportable Segments - Reconcili
Reportable Segments - Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | |||
Rental income | $ 2,700,691 | $ 2,577,681 | $ 2,470,689 |
Property and maintenance expense | (446,845) | (429,335) | (405,281) |
Real estate taxes and insurance expense | (366,139) | (357,814) | (335,495) |
Operating income | 1,356,544 | 1,115,370 | 1,004,528 |
Same Store, Non-same Store and Other | |||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | |||
Rental income | 2,700,691 | 2,577,681 | 2,470,689 |
Property and maintenance expense | (446,845) | (429,335) | (405,281) |
Real estate taxes and insurance expense | (366,139) | (357,814) | (335,495) |
Total operating expenses | (812,984) | (787,149) | (740,776) |
Operating income | $ 1,887,707 | $ 1,790,532 | $ 1,729,913 |
Reportable Segments - NOI for E
Reportable Segments - NOI for Each Segment from Our Rental Real Estate Specific to Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Rental income | $ 2,700,691 | $ 2,577,681 | $ 2,470,689 |
Operating income | 1,356,544 | 1,115,370 | 1,004,528 |
Total assets | 21,172,769 | 20,394,209 | |
Capital Expenditures | 178,423 | 188,501 | |
Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 2,453,259 | 2,377,066 | 2,311,240 |
Operating expenses | 734,553 | 708,616 | 681,198 |
Operating income | 1,718,706 | 1,668,450 | 1,630,042 |
Total assets | 17,015,372 | 17,328,625 | |
Capital Expenditures | 165,785 | 176,145 | |
Non-same store/other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 247,432 | 200,615 | 159,449 |
Operating expenses | 78,431 | 78,533 | 59,578 |
Operating income | 169,001 | 122,082 | 99,871 |
Total assets | 4,157,397 | 3,065,584 | |
Capital Expenditures | 12,638 | 12,356 | |
Same Store, Non-same Store and Other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 2,700,691 | 2,577,681 | 2,470,689 |
Operating expenses | 812,984 | 787,149 | 740,776 |
Operating income | 1,887,707 | 1,790,532 | 1,729,913 |
Other markets | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 2,094 | 1,940 | 1,839 |
Operating expenses | 714 | 658 | 652 |
Operating income | 1,380 | 1,282 | 1,187 |
Total assets | 12,931 | 12,781 | |
Capital Expenditures | 194 | 163 | |
Los Angeles | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 468,517 | 451,592 | 402,192 |
Operating expenses | 136,096 | 129,455 | 114,055 |
Operating income | 332,421 | 322,137 | 288,137 |
Total assets | 2,975,420 | 2,958,361 | |
Capital Expenditures | 31,738 | 28,574 | |
Subtotal - Southern California | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 668,646 | 644,761 | 579,226 |
Operating expenses | 185,139 | 177,947 | 158,672 |
Operating income | 483,507 | 466,814 | 420,554 |
Total assets | 3,769,502 | 3,781,851 | |
Capital Expenditures | 45,478 | 41,313 | |
Orange County | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 105,087 | 101,198 | 88,527 |
Operating expenses | 24,407 | 24,468 | 21,544 |
Operating income | 80,680 | 76,730 | 66,983 |
Total assets | 404,545 | 418,041 | |
Capital Expenditures | 9,276 | 8,214 | |
San Diego | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 95,042 | 91,971 | 88,507 |
Operating expenses | 24,636 | 24,024 | 23,073 |
Operating income | 70,406 | 67,947 | 65,434 |
Total assets | 389,537 | 405,449 | |
Capital Expenditures | 4,464 | 4,525 | |
Washington DC | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 413,006 | 403,761 | 430,060 |
Operating expenses | 125,688 | 123,345 | 129,720 |
Operating income | 287,318 | 280,416 | 300,340 |
Total assets | 3,370,750 | 3,484,045 | |
Capital Expenditures | 23,015 | 26,981 | |
New York | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 454,448 | 444,112 | 454,945 |
Operating expenses | 188,784 | 178,055 | 170,064 |
Operating income | 265,664 | 266,057 | 284,881 |
Total assets | 3,866,500 | 3,878,580 | |
Capital Expenditures | 25,132 | 23,126 | |
San Francisco | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 480,499 | 463,492 | 430,501 |
Operating expenses | 116,036 | 112,331 | 108,689 |
Operating income | 364,463 | 351,161 | 321,812 |
Total assets | 3,238,884 | 3,325,595 | |
Capital Expenditures | 28,153 | 42,497 | |
Boston | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 227,547 | 218,778 | 223,595 |
Operating expenses | 62,176 | 60,409 | 60,931 |
Operating income | 165,371 | 158,369 | 162,664 |
Total assets | 1,464,196 | 1,514,814 | |
Capital Expenditures | 23,823 | 24,000 | |
Seattle | Same Store | |||
Segment Reporting Information [Line Items] | |||
Rental income | 207,019 | 200,222 | 191,074 |
Operating expenses | 56,016 | 55,871 | 52,470 |
Operating income | 151,003 | 144,351 | 138,604 |
Total assets | 1,292,609 | 1,330,959 | |
Capital Expenditures | 19,990 | 18,065 | |
Non-same store | Non-same store/other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 196,476 | 103,688 | 95,016 |
Operating expenses | 62,591 | 36,874 | 30,742 |
Operating income | 133,885 | 66,814 | 64,274 |
Total assets | 3,447,497 | 1,990,102 | |
Capital Expenditures | 10,788 | 5,934 | |
Other | Non-same store/other | |||
Segment Reporting Information [Line Items] | |||
Rental income | 50,956 | 96,927 | 64,433 |
Operating expenses | 15,840 | 41,659 | 28,836 |
Operating income | 35,116 | 55,268 | $ 35,597 |
Total assets | 709,900 | 1,075,482 | |
Capital Expenditures | $ 1,850 | $ 6,422 |
Reportable Segments - NOI for_2
Reportable Segments - NOI for Each Segment from Our Rental Real Estate Specific to Continuing Operations (Parenthetical) (Details) - Property | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract] | |||
Units in same store properties | 71,830 | 71,830 | 71,721 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event - Property/Apartment [Member] $ in Millions | Jan. 01, 2020USD ($)PropertyApartmentUnit |
Subsequent Event [Line Items] | |
Number of properties sold | Property | 1 |
Number of self managed apartments | ApartmentUnit | 136 |
Amount of property sold | $ | $ 31.2 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unaudited Quarterly Financial Data [Line Items] | |||||||||||
Total revenues | $ 2,701,075 | $ 2,578,434 | $ 2,471,406 | ||||||||
Operating income | 1,356,544 | 1,115,370 | 1,004,528 | ||||||||
Net income | 1,009,708 | 685,192 | 628,381 | ||||||||
Net income available to Common Shares | $ 967,287 | $ 654,445 | $ 600,363 | ||||||||
Earnings per share: | |||||||||||
Net income per share – basic | $ 2.61 | $ 1.78 | $ 1.64 | ||||||||
Net income per share – diluted | $ 2.60 | $ 1.77 | $ 1.63 | ||||||||
ERPOP [Member] | |||||||||||
Unaudited Quarterly Financial Data [Line Items] | |||||||||||
Total revenues | $ 2,701,075 | $ 2,578,434 | $ 2,471,406 | ||||||||
Operating income | 1,356,544 | 1,115,370 | 1,004,528 | ||||||||
Net income | 1,009,708 | 685,192 | 628,381 | ||||||||
Net income available to Units | $ 1,003,321 | $ 679,384 | $ 622,967 | ||||||||
Earnings per share: | |||||||||||
Net income per share – basic | $ 2.61 | $ 1.78 | $ 1.64 | ||||||||
Net income per share – diluted | $ 2.60 | $ 1.77 | $ 1.63 | ||||||||
Scenario, Previously Reported [Member] | |||||||||||
Unaudited Quarterly Financial Data [Line Items] | |||||||||||
Total revenues | $ 683,919 | $ 685,145 | $ 669,517 | $ 662,494 | $ 652,743 | $ 652,867 | $ 639,808 | $ 633,016 | |||
Operating income | 408,952 | 368,363 | 369,260 | 209,969 | 219,282 | 339,403 | 217,603 | 339,082 | |||
Net income | 301,306 | 277,846 | 321,299 | 109,257 | 122,388 | 223,846 | 118,410 | 220,548 | |||
Net income available to Common Shares | $ 288,992 | $ 266,333 | $ 308,196 | $ 103,766 | $ 116,415 | $ 214,164 | $ 112,830 | $ 211,036 | |||
Earnings per share: | |||||||||||
Net income per share – basic | $ 0.78 | $ 0.72 | $ 0.83 | $ 0.28 | $ 0.32 | $ 0.58 | $ 0.31 | $ 0.57 | |||
Net income per share – diluted | $ 0.77 | $ 0.71 | $ 0.83 | $ 0.28 | $ 0.31 | $ 0.58 | $ 0.31 | $ 0.57 | |||
Scenario, Previously Reported [Member] | ERPOP [Member] | |||||||||||
Unaudited Quarterly Financial Data [Line Items] | |||||||||||
Total revenues | $ 683,919 | $ 685,145 | $ 669,517 | $ 662,494 | $ 652,743 | $ 652,867 | $ 639,808 | $ 633,016 | |||
Operating income | 408,952 | 368,363 | 369,260 | 209,969 | 219,282 | 339,403 | 217,603 | 339,082 | |||
Net income | 301,306 | 277,846 | 321,299 | 109,257 | 122,388 | 223,846 | 118,410 | 220,548 | |||
Net income available to Units | $ 299,687 | $ 276,243 | $ 319,706 | $ 107,685 | $ 120,837 | $ 222,323 | $ 117,129 | $ 219,095 | |||
Earnings per share: | |||||||||||
Net income per share – basic | $ 0.78 | $ 0.72 | $ 0.83 | $ 0.28 | $ 0.32 | $ 0.58 | $ 0.31 | $ 0.57 | |||
Net income per share – diluted | $ 0.77 | $ 0.71 | $ 0.83 | $ 0.28 | $ 0.31 | $ 0.58 | $ 0.31 | $ 0.57 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation-Overall Summary (Details) | Dec. 31, 2019USD ($)PropertyApartmentUnit | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Overall summary of real estate and accumulated depreciation | ||||
Investment in Real Estate, Gross | $ 27,533,607,000 | $ 26,511,022,000 | $ 26,026,896,000 | $ 25,386,425,000 |
Accumulated Depreciation | $ (7,276,786,000) | $ (6,696,281,000) | $ (6,040,378,000) | $ (5,360,389,000) |
Investment in Real Estate - Wholly Owned Unencumbered [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 257 | |||
Units | ApartmentUnit | 68,002 | |||
Investment in Real Estate, Gross | $ 23,408,268,350 | |||
Accumulated Depreciation | (6,199,955,243) | |||
Investment in Real Estate, Net | 17,208,313,107 | |||
Encumbrances | $ 0 | |||
Investment in Real Estate - Wholly Owned Encumbered [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 35 | |||
Units | ApartmentUnit | 8,425 | |||
Investment in Real Estate, Gross | $ 3,204,805,398 | |||
Accumulated Depreciation | (792,348,079) | |||
Investment in Real Estate, Net | 2,412,457,319 | |||
Encumbrances | $ 1,630,731,451 | |||
Wholly Owned Properties | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 292 | |||
Units | ApartmentUnit | 76,427 | |||
Investment in Real Estate, Gross | $ 26,613,073,748 | |||
Accumulated Depreciation | (6,992,303,322) | |||
Investment in Real Estate, Net | 19,620,770,426 | |||
Encumbrances | $ 1,630,731,451 | |||
Investment in Real Estate - Partially Owned Unencumbered [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 9 | |||
Units | ApartmentUnit | 1,847 | |||
Investment in Real Estate, Gross | $ 524,897,809 | |||
Accumulated Depreciation | (133,111,488) | |||
Investment in Real Estate, Net | 391,786,321 | |||
Encumbrances | $ 0 | |||
Investment in Real Estate - Partially Owned Encumbered [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 8 | |||
Units | ApartmentUnit | 1,688 | |||
Investment in Real Estate, Gross | $ 395,635,869 | |||
Accumulated Depreciation | (151,371,564) | |||
Investment in Real Estate, Net | 244,264,305 | |||
Encumbrances | $ 310,878,101 | |||
NONCONTROLLING INTERESTS - PARTIALLY OWNED PROPERTIES | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 17 | |||
Units | ApartmentUnit | 3,535 | |||
Investment in Real Estate, Gross | $ 920,533,678 | |||
Accumulated Depreciation | (284,483,052) | |||
Investment in Real Estate, Net | 636,050,626 | |||
Encumbrances | $ 310,878,101 | |||
Unencumbered Properties [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 266 | |||
Units | ApartmentUnit | 69,849 | |||
Investment in Real Estate, Gross | $ 23,933,166,159 | |||
Accumulated Depreciation | (6,333,066,731) | |||
Investment in Real Estate, Net | 17,600,099,428 | |||
Encumbrances | $ 0 | |||
Encumbered Properties [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 43 | |||
Units | ApartmentUnit | 10,113 | |||
Investment in Real Estate, Gross | $ 3,600,441,267 | |||
Accumulated Depreciation | (943,719,643) | |||
Investment in Real Estate, Net | 2,656,721,624 | |||
Encumbrances | $ 1,941,609,552 | |||
Total Consolidated Investment in Real Estate [Member] | ||||
Overall summary of real estate and accumulated depreciation | ||||
Properties | Property | 309 | |||
Units | ApartmentUnit | 79,962 | |||
Investment in Real Estate, Gross | $ 27,533,607,426 | |||
Accumulated Depreciation | (7,276,786,374) | |||
Investment in Real Estate, Net | 20,256,821,052 | |||
Encumbrances | $ 1,941,609,552 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation-Encumbrances Reconciliation (Details) | Dec. 31, 2019USD ($)Property |
Total Consolidated Investment in Real Estate [Member] | |
Overall summary of real estate and accumulated depreciation | |
Encumbrances | $ 1,941,609,552 |
Archstone Master Property [Member] | |
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract] | |
Number of Properties Encumbered | Property | 13 |
Overall summary of real estate and accumulated depreciation | |
Encumbrances | $ 798,230,171 |
Portfolio Entity Encumbrances [Member] | |
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract] | |
Number of Properties Encumbered | Property | 13 |
Portfolio Entity Encumbrances [Member] | |
Overall summary of real estate and accumulated depreciation | |
Encumbrances | $ 798,230,171 |
Individual Property Encumbrances [Member] | |
Overall summary of real estate and accumulated depreciation | |
Encumbrances | $ 1,143,379,381 |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation - Summary of Changes in Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in total real estate | |||
Balance, beginning of year | $ 26,511,022 | $ 26,026,896 | $ 25,386,425 |
Acquisitions and development | 1,704,320 | 855,254 | 710,960 |
Improvements | 180,944 | 192,661 | 204,113 |
Dispositions and other | (862,679) | (563,789) | (274,602) |
Balance, end of year | $ 27,533,607 | $ 26,511,022 | $ 26,026,896 |
Schedule III - Real Estate an_5
Schedule III - Real Estate and Accumulated Depreciation - Summary of Changes in Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in accumulated depreciation | |||
Balance, beginning of year | $ 6,696,281 | $ 6,040,378 | $ 5,360,389 |
Depreciation | 831,083 | 785,725 | 743,749 |
Dispositions and other | (250,578) | (129,822) | (63,760) |
Balance, end of year | $ 7,276,786 | $ 6,696,281 | $ 6,040,378 |
Schedule III - Real Estate an_6
Schedule III - Real Estate and Accumulated Depreciation (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)ApartmentUnit | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Real Estate And Accumulated Depreciation Abstract | ||||
Accumulated Depreciation | $ (7,276,786,000) | $ (6,696,281,000) | $ (6,040,378,000) | $ (5,360,389,000) |
100 K Apartments (fka 100K Street) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 222 | |||
Initial Cost to Company, Land | $ 15,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 69,662,369 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,484 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 15,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 69,664,853 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 85,264,853 | |||
Accumulated Depreciation | (3,157,965) | |||
Investment in Real Estate, Net | 82,106,888 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
140 Riverside Boulevard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 354 | |||
Initial Cost to Company, Land | $ 103,539,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 94,082,725 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,160,746 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 103,539,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 104,243,471 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 207,782,571 | |||
Accumulated Depreciation | (52,510,393) | |||
Investment in Real Estate, Net | 155,272,178 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
160 Riverside Boulevard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 455 | |||
Initial Cost to Company, Land | $ 139,933,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 190,964,745 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 17,198,947 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 139,933,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 208,163,692 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 348,097,192 | |||
Accumulated Depreciation | (104,423,480) | |||
Investment in Real Estate, Net | 243,673,712 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
170 Amsterdam [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 236 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 112,096,955 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 439,194 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 112,536,149 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 112,536,149 | |||
Accumulated Depreciation | (20,556,743) | |||
Investment in Real Estate, Net | 91,979,406 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
175 Kent [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Brooklyn, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 113 | |||
Initial Cost to Company, Land | $ 22,037,831 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 53,962,169 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,003,647 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 22,037,831 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 55,965,816 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 78,003,647 | |||
Accumulated Depreciation | (18,206,594) | |||
Investment in Real Estate, Net | 59,797,053 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
180 Montague (fka Brooklyn Heights) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Brooklyn, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 193 | |||
Initial Cost to Company, Land | $ 32,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 92,675,228 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,764,589 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 32,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 97,439,817 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 129,839,817 | |||
Accumulated Depreciation | (27,077,371) | |||
Investment in Real Estate, Net | 102,762,446 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
180 Riverside Boulevard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 516 | |||
Initial Cost to Company, Land | $ 144,968,250 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 138,346,681 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,692,592 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 144,968,250 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 153,039,273 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 298,007,523 | |||
Accumulated Depreciation | (78,364,843) | |||
Investment in Real Estate, Net | 219,642,680 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1111 Belle Pre (fka The Madison) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 360 | |||
Initial Cost to Company, Land | $ 18,937,702 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 94,758,679 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 399,141 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 18,937,702 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 95,157,820 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 114,095,522 | |||
Accumulated Depreciation | (25,780,466) | |||
Investment in Real Estate, Net | 88,315,056 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1210 Mass [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 144 | |||
Initial Cost to Company, Land | $ 9,213,512 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,559,189 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,770,003 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 9,213,512 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 39,329,192 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 48,542,704 | |||
Accumulated Depreciation | (20,032,298) | |||
Investment in Real Estate, Net | 28,510,406 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1401 Joyce on Pentagon Row [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 326 | |||
Initial Cost to Company, Land | $ 9,780,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 89,668,165 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,482,703 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 9,780,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 95,150,868 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 104,930,868 | |||
Accumulated Depreciation | (38,110,856) | |||
Investment in Real Estate, Net | 66,820,012 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1500 Mass Ave [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 556 | |||
Initial Cost to Company, Land | $ 54,638,298 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,361,702 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,851,496 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 54,638,298 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 56,213,198 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 110,851,496 | |||
Accumulated Depreciation | (29,241,959) | |||
Investment in Real Estate, Net | 81,609,537 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
1800 Oak (fka Rosslyn) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 314 | |||
Initial Cost to Company, Land | $ 31,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 109,005,734 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,759,305 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 31,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 116,765,039 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 148,165,039 | |||
Accumulated Depreciation | (32,605,736) | |||
Investment in Real Estate, Net | 115,559,303 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
2201 Pershing Drive [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 188 | |||
Initial Cost to Company, Land | $ 11,321,198 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 49,674,175 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,653,163 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 11,321,198 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 52,327,338 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 63,648,536 | |||
Accumulated Depreciation | (15,332,930) | |||
Investment in Real Estate, Net | 48,315,606 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
2201 Wilson [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 219 | |||
Initial Cost to Company, Land | $ 21,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 78,724,663 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,621,475 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 21,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 83,346,138 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 105,246,138 | |||
Accumulated Depreciation | (23,254,386) | |||
Investment in Real Estate, Net | 81,991,752 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
2400 M St [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 359 | |||
Initial Cost to Company, Land | $ 30,006,593 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 114,013,785 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,706,151 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 30,006,593 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 118,719,936 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 148,726,529 | |||
Accumulated Depreciation | (57,645,397) | |||
Investment in Real Estate, Net | 91,081,132 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
315 on A [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 202 | |||
Initial Cost to Company, Land | $ 14,450,070 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 115,824,930 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,261,179 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 14,450,070 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 117,086,109 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 131,536,179 | |||
Accumulated Depreciation | (22,891,380) | |||
Investment in Real Estate, Net | 108,644,799 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
340 Fremont (fka Rincon Hill) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 348 | |||
Initial Cost to Company, Land | $ 42,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 248,609,655 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 179,247 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 42,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 248,788,902 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 290,788,902 | |||
Accumulated Depreciation | (33,388,938) | |||
Investment in Real Estate, Net | 257,399,964 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
341 Nevins [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Brooklyn, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 3,621,830 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 189,222 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 3,621,830 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 189,222 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 3,811,052 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 3,811,052 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
3003 Van Ness (fka Van Ness) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 625 | |||
Initial Cost to Company, Land | $ 56,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 141,191,580 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,157,154 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 56,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 148,348,734 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 204,648,734 | |||
Accumulated Depreciation | (43,856,738) | |||
Investment in Real Estate, Net | 160,791,996 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
425 Mass [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 559 | |||
Initial Cost to Company, Land | $ 28,150,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 138,600,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,759,357 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 28,150,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 143,359,357 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 171,509,357 | |||
Accumulated Depreciation | (53,491,733) | |||
Investment in Real Estate, Net | 118,017,624 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
455 Eye Street [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 174 | |||
Initial Cost to Company, Land | $ 11,941,407 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,418,274 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 40,682 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 11,941,407 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 61,458,956 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 73,400,363 | |||
Accumulated Depreciation | (6,002,916) | |||
Investment in Real Estate, Net | 67,397,447 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
4701 Willard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chevy Chase, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 517 | |||
Initial Cost to Company, Land | $ 76,921,130 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 153,947,682 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 31,235,663 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 76,921,130 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 185,183,345 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 262,104,475 | |||
Accumulated Depreciation | (67,153,478) | |||
Investment in Real Estate, Net | 194,950,997 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
4885 Edgemoor Lane [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bethesda, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 10,864,626 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 10,864,626 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 10,864,626 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 10,864,626 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
4th and Hill [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 13,131,456 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,680,349 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 13,131,456 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 16,680,349 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 29,811,805 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 29,811,805 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
600 Washington [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 135 | |||
Initial Cost to Company, Land | $ 32,852,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,140,551 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,548,076 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 32,852,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 44,688,627 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 77,540,627 | |||
Accumulated Depreciation | (22,331,625) | |||
Investment in Real Estate, Net | 55,209,002 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
660 Washington (fka Boston Common) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 420 | |||
Initial Cost to Company, Land | $ 106,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 166,311,679 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,730,410 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 106,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 171,042,089 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 277,142,089 | |||
Accumulated Depreciation | (46,949,010) | |||
Investment in Real Estate, Net | 230,193,079 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
70 Greene [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Jersey City, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 480 | |||
Initial Cost to Company, Land | $ 28,108,899 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 236,763,553 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,932,277 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 28,108,899 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 239,695,830 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 267,804,729 | |||
Accumulated Depreciation | (81,879,133) | |||
Investment in Real Estate, Net | 185,925,596 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
71 Broadway [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 238 | |||
Initial Cost to Company, Land | $ 22,611,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 77,492,171 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 17,054,425 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 22,611,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 94,546,596 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 117,158,196 | |||
Accumulated Depreciation | (51,104,697) | |||
Investment in Real Estate, Net | 66,053,499 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
77 Bluxome [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 102 | |||
Initial Cost to Company, Land | $ 5,249,124 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,609,876 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 479,898 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 5,249,124 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,089,774 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,338,898 | |||
Accumulated Depreciation | (6,408,288) | |||
Investment in Real Estate, Net | 17,930,610 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
77 Park Avenue (fka Hoboken) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Hoboken, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 301 | |||
Initial Cost to Company, Land | $ 27,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 168,992,440 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,688,560 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 27,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 176,681,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 204,581,000 | |||
Accumulated Depreciation | (47,768,422) | |||
Investment in Real Estate, Net | 156,812,578 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
777 Sixth [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 294 | |||
Initial Cost to Company, Land | $ 65,352,706 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 65,747,294 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,999,856 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 65,352,706 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 70,747,150 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 136,099,856 | |||
Accumulated Depreciation | (30,672,075) | |||
Investment in Real Estate, Net | 105,427,781 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
88 Hillside [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Daly City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 95 | |||
Initial Cost to Company, Land | $ 7,786,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,587,325 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,225,899 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 7,786,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 34,813,224 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 42,600,024 | |||
Accumulated Depreciation | (11,434,181) | |||
Investment in Real Estate, Net | 31,165,843 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
855 Brannan [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 449 | |||
Initial Cost to Company, Land | $ 41,363,921 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 282,107,685 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 62,476 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 41,363,921 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 282,170,161 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 323,534,082 | |||
Accumulated Depreciation | (23,429,467) | |||
Investment in Real Estate, Net | 300,104,615 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
929 Mass (fka 929 House) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 127 | |||
Initial Cost to Company, Land | $ 3,252,993 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,745,595 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,695,575 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 3,252,993 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,441,170 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 32,694,163 | |||
Accumulated Depreciation | (19,893,418) | |||
Investment in Real Estate, Net | 12,800,745 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Academy Village [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | North Hollywood, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 248 | |||
Initial Cost to Company, Land | $ 25,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,593,194 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,821,339 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 25,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 33,414,533 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 58,414,533 | |||
Accumulated Depreciation | (20,345,297) | |||
Investment in Real Estate, Net | 38,069,236 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Acappella [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Pasadena, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 143 | |||
Initial Cost to Company, Land | $ 5,839,548 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,360,452 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,301,628 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 5,839,548 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,662,080 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,501,628 | |||
Accumulated Depreciation | (12,293,107) | |||
Investment in Real Estate, Net | 25,208,521 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Acton Courtyard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Berkeley, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 71 | |||
Initial Cost to Company, Land | $ 5,550,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,785,509 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 396,492 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 5,550,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 16,182,001 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 21,732,001 | |||
Accumulated Depreciation | (7,612,133) | |||
Investment in Real Estate, Net | 14,119,868 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Alban Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 229 | |||
Initial Cost to Company, Land | $ 18,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 89,794,201 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,474,195 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 18,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 96,268,396 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 115,168,396 | |||
Accumulated Depreciation | (25,786,581) | |||
Investment in Real Estate, Net | 89,381,815 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Alborada [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fremont, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 442 | |||
Initial Cost to Company, Land | $ 24,310,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 59,214,129 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,528,299 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 24,310,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 68,742,428 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 93,052,428 | |||
Accumulated Depreciation | (44,468,172) | |||
Investment in Real Estate, Net | 48,584,256 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Alcott Apartments (fka West End Tower) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 10,424,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 128,885,729 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 10,424,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 128,885,729 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 139,309,729 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 139,309,729 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Altitude (fka Village at Howard Hughes, The (Lots 1 & 2)) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 545 | |||
Initial Cost to Company, Land | $ 43,783,485 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 150,235,905 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 493,024 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 43,783,485 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 150,728,929 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 194,512,414 | |||
Accumulated Depreciation | (20,615,169) | |||
Investment in Real Estate, Net | 173,897,245 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Alton, The (fka Millikan) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Irvine, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 344 | |||
Initial Cost to Company, Land | $ 11,049,027 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 96,526,323 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 150,438 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 11,049,027 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 96,676,761 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 107,725,788 | |||
Accumulated Depreciation | (11,346,591) | |||
Investment in Real Estate, Net | 96,379,197 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Arbor Terrace [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Sunnyvale, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 175 | |||
Initial Cost to Company, Land | $ 9,057,300 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,483,642 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,357,865 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 9,057,300 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,841,507 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 38,898,807 | |||
Accumulated Depreciation | (17,937,496) | |||
Investment in Real Estate, Net | 20,961,311 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Arches,The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Sunnyvale, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 410 | |||
Initial Cost to Company, Land | $ 26,650,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 62,850,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,623,168 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 26,650,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 65,473,168 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 92,123,168 | |||
Accumulated Depreciation | (24,870,049) | |||
Investment in Real Estate, Net | 67,253,119 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Artisan on Second [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 118 | |||
Initial Cost to Company, Land | $ 8,000,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,074,600 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,173,462 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 8,000,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 37,248,062 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,248,462 | |||
Accumulated Depreciation | (12,924,017) | |||
Investment in Real Estate, Net | 32,324,445 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Artisan Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Northridge, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 140 | |||
Initial Cost to Company, Land | $ 7,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,537,359 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,889,100 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 7,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,426,459 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 29,426,459 | |||
Accumulated Depreciation | (13,116,756) | |||
Investment in Real Estate, Net | 16,309,703 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Artistry Emeryville (fka Emeryville) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Emeryville, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 267 | |||
Initial Cost to Company, Land | $ 12,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,466,267 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,189,056 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 12,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 68,655,323 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 80,955,323 | |||
Accumulated Depreciation | (20,908,096) | |||
Investment in Real Estate, Net | 60,047,227 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Atelier [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Brooklyn, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 120 | |||
Initial Cost to Company, Land | $ 32,401,680 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,135,432 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 432,778 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 32,401,680 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 47,568,210 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 79,969,890 | |||
Accumulated Depreciation | (8,426,826) | |||
Investment in Real Estate, Net | 71,543,064 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Avenue Two [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redwood City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 123 | |||
Initial Cost to Company, Land | $ 7,995,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,005,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,417,128 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 7,995,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 20,422,128 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 28,417,128 | |||
Accumulated Depreciation | (7,587,499) | |||
Investment in Real Estate, Net | 20,829,629 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Axis at Shady Grove [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Rockville, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 366 | |||
Initial Cost to Company, Land | $ 14,745,774 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 90,503,831 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 123,658 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 14,745,774 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 90,627,489 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 105,373,263 | |||
Accumulated Depreciation | (6,627,790) | |||
Investment in Real Estate, Net | 98,745,473 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Azure (fka Mission Bay-Block 13) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 273 | |||
Initial Cost to Company, Land | $ 32,855,115 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 153,569,655 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 385,653 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 32,855,115 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 153,955,308 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 186,810,423 | |||
Accumulated Depreciation | (25,110,173) | |||
Investment in Real Estate, Net | 161,700,250 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Bay Hill [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Long Beach, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 160 | |||
Initial Cost to Company, Land | $ 7,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 27,437,239 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,648,128 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 7,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,085,367 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 38,685,367 | |||
Accumulated Depreciation | (16,705,166) | |||
Investment in Real Estate, Net | 21,980,201 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Beatrice, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 302 | |||
Initial Cost to Company, Land | $ 114,351,405 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 165,648,595 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,852,511 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 114,351,405 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 167,501,106 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 281,852,511 | |||
Accumulated Depreciation | (51,586,536) | |||
Investment in Real Estate, Net | 230,265,975 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Bella Vista I, II, III Combined [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Woodland Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 579 | |||
Initial Cost to Company, Land | $ 31,682,754 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 121,095,786 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,564,320 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 31,682,754 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 131,660,106 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 163,342,860 | |||
Accumulated Depreciation | (63,397,900) | |||
Investment in Real Estate, Net | 99,944,960 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Belle Arts Condominium Homes, LLC [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 1 | |||
Initial Cost to Company, Land | $ 63,158 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 236,157 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,098 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 63,158 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 238,255 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 301,413 | |||
Accumulated Depreciation | (91,640) | |||
Investment in Real Estate, Net | 209,773 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Bella Fontaine [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Marina Del Rey, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 102 | |||
Initial Cost to Company, Land | $ 9,098,808 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,701,192 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,077,210 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 9,098,808 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 30,778,402 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 39,877,210 | |||
Accumulated Depreciation | (9,929,838) | |||
Investment in Real Estate, Net | 29,947,372 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Breakwater at Marina Del Rey [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Marina Del Rey, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 224 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 73,189,262 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,301,977 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 75,491,239 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 75,491,239 | |||
Accumulated Depreciation | (22,556,033) | |||
Investment in Real Estate, Net | 52,935,206 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Briarwood (CA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Sunnyvale, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 192 | |||
Initial Cost to Company, Land | $ 9,991,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,247,278 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,223,652 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 9,991,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,470,930 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 36,462,430 | |||
Accumulated Depreciation | (19,003,418) | |||
Investment in Real Estate, Net | 17,459,012 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Brodie, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Westminster, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 312 | |||
Initial Cost to Company, Land | $ 8,639,904 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 79,254,009 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 338,241 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 8,639,904 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 79,592,250 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 88,232,154 | |||
Accumulated Depreciation | (4,390,121) | |||
Investment in Real Estate, Net | 83,842,033 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Brooklyner (fka 111 Lawrence) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Brooklyn, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 490 | |||
Initial Cost to Company, Land | $ 40,099,922 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 221,438,631 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,272,230 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 40,099,922 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 225,710,861 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 265,810,783 | |||
Accumulated Depreciation | (69,755,616) | |||
Investment in Real Estate, Net | 196,055,167 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
C on Pico [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 94 | |||
Initial Cost to Company, Land | $ 17,125,766 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,074,234 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 468,094 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 17,125,766 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,542,328 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,668,094 | |||
Accumulated Depreciation | (4,917,365) | |||
Investment in Real Estate, Net | 40,750,729 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Carlyle Mill [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 317 | |||
Initial Cost to Company, Land | $ 10,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 51,367,913 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,043,657 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 10,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 60,411,570 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 70,411,570 | |||
Accumulated Depreciation | (34,997,308) | |||
Investment in Real Estate, Net | 35,414,262 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Carmel Terrace [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 384 | |||
Initial Cost to Company, Land | $ 2,288,300 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,596,281 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,519,325 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 2,288,300 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 33,115,606 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,403,906 | |||
Accumulated Depreciation | (28,576,803) | |||
Investment in Real Estate, Net | 6,827,103 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Cascade [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 477 | |||
Initial Cost to Company, Land | $ 23,751,564 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 149,388,658 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,060 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 23,751,564 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 149,398,718 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 173,150,282 | |||
Accumulated Depreciation | (14,329,011) | |||
Investment in Real Estate, Net | 158,821,271 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Centennial (fka Centennial Court & Centennial Tower) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 408 | |||
Initial Cost to Company, Land | $ 9,700,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 70,080,378 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 13,065,205 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 9,700,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 83,145,583 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 92,845,583 | |||
Accumulated Depreciation | (43,852,523) | |||
Investment in Real Estate, Net | 48,993,060 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Centre Club Combined [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Ontario, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 412 | |||
Initial Cost to Company, Land | $ 7,436,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,014,789 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,490,814 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 7,436,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,505,603 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 49,941,603 | |||
Accumulated Depreciation | (26,716,928) | |||
Investment in Real Estate, Net | 23,224,675 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Chloe on Madison (fka 1401 E. Madison) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 137 | |||
Initial Cost to Company, Land | $ 10,401,958 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 52,593,395 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 10,401,958 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 52,593,395 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 62,995,353 | |||
Accumulated Depreciation | (497,660) | |||
Investment in Real Estate, Net | 62,497,693 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Chloe on Union (fka Chloe) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 117 | |||
Initial Cost to Company, Land | $ 14,835,571 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 39,359,650 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,516,557 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 14,835,571 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 41,876,207 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 56,711,778 | |||
Accumulated Depreciation | (4,541,342) | |||
Investment in Real Estate, Net | 52,170,436 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Church Corner [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 85 | |||
Initial Cost to Company, Land | $ 5,220,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,744,643 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,270,549 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 5,220,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 20,015,192 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 25,235,192 | |||
Accumulated Depreciation | (10,988,447) | |||
Investment in Real Estate, Net | 14,246,745 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
City Gate at Cupertino (fka Cupertino) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cupertino, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 311 | |||
Initial Cost to Company, Land | $ 40,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 95,937,046 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,548,015 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 40,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 103,485,061 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 143,885,061 | |||
Accumulated Depreciation | (29,361,079) | |||
Investment in Real Estate, Net | 114,523,982 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
City Pointe [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fullerton, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 183 | |||
Initial Cost to Company, Land | $ 6,863,792 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,476,208 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,588,233 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 6,863,792 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,064,441 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 46,928,233 | |||
Accumulated Depreciation | (15,519,206) | |||
Investment in Real Estate, Net | 31,409,027 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
City Square Bellevue (fka Bellevue) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 191 | |||
Initial Cost to Company, Land | $ 15,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 41,876,257 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,873,050 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 15,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,749,307 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 60,849,307 | |||
Accumulated Depreciation | (13,419,667) | |||
Investment in Real Estate, Net | 47,429,640 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Clarendon, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 292 | |||
Initial Cost to Company, Land | $ 30,400,340 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 103,824,660 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,674,009 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 30,400,340 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 106,498,669 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 136,899,009 | |||
Accumulated Depreciation | (36,985,746) | |||
Investment in Real Estate, Net | 99,913,263 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Cleo, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 92 | |||
Initial Cost to Company, Land | $ 6,615,467 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,829,335 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,079,934 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 6,615,467 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 18,909,269 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 25,524,736 | |||
Accumulated Depreciation | (9,776,697) | |||
Investment in Real Estate, Net | 15,748,039 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Connecticut Heights [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 518 | |||
Initial Cost to Company, Land | $ 27,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 114,002,295 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,060,643 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 27,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 124,062,938 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 151,662,938 | |||
Accumulated Depreciation | (33,971,504) | |||
Investment in Real Estate, Net | 117,691,434 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Corcoran House at DuPont Circle (fka DuPont Circle) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 138 | |||
Initial Cost to Company, Land | $ 13,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,913,113 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,637,933 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 13,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,551,046 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 43,051,046 | |||
Accumulated Depreciation | (9,012,285) | |||
Investment in Real Estate, Net | 34,038,761 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Courthouse Plaza [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 396 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 87,386,024 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,316,702 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 93,702,726 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 93,702,726 | |||
Accumulated Depreciation | (28,408,921) | |||
Investment in Real Estate, Net | 65,293,805 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Creekside (San Mateo) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Mateo, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 192 | |||
Initial Cost to Company, Land | $ 9,606,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,193,232 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,951,801 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 9,606,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,145,033 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,751,633 | |||
Accumulated Depreciation | (18,907,735) | |||
Investment in Real Estate, Net | 16,843,898 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Cronins Landing [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Waltham, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 281 | |||
Initial Cost to Company, Land | $ 32,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 85,119,324 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,972,290 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 32,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 97,091,614 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 129,391,614 | |||
Accumulated Depreciation | (27,201,943) | |||
Investment in Real Estate, Net | 102,189,671 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Crystal Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 181 | |||
Initial Cost to Company, Land | $ 17,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,918,975 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,946,812 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 17,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 51,865,787 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 69,065,787 | |||
Accumulated Depreciation | (15,614,718) | |||
Investment in Real Estate, Net | 53,451,069 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Dalton, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 270 | |||
Initial Cost to Company, Land | $ 22,947,777 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 95,292,515 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | (6) | |||
Gross Amount Carried at close of period 12/31/2019, Land | 22,947,777 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 95,292,509 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 118,240,286 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 118,240,286 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Deerwood (SD) | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 316 | |||
Initial Cost to Company, Land | $ 2,082,095 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,739,815 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,675,022 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 2,082,095 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 34,414,837 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 36,496,932 | |||
Accumulated Depreciation | (30,453,714) | |||
Investment in Real Estate, Net | 6,043,218 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Del Mar Ridge [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 181 | |||
Initial Cost to Company, Land | $ 7,801,824 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,948,176 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,246,225 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 7,801,824 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 41,194,401 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 48,996,225 | |||
Accumulated Depreciation | (17,680,819) | |||
Investment in Real Estate, Net | 31,315,406 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Eagle Canyon [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chino Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 252 | |||
Initial Cost to Company, Land | $ 1,808,900 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,274,361 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,865,978 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 1,808,900 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,140,339 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 28,949,239 | |||
Accumulated Depreciation | (20,747,510) | |||
Investment in Real Estate, Net | 8,201,729 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Edgemont at Bethesda Metro [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bethesda, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 122 | |||
Initial Cost to Company, Land | $ 13,092,552 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,907,448 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,674,370 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 13,092,552 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,581,818 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 58,674,370 | |||
Accumulated Depreciation | (15,155,907) | |||
Investment in Real Estate, Net | 43,518,463 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Emerson Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 444 | |||
Initial Cost to Company, Land | $ 14,855,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 57,566,636 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 35,014,249 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 14,855,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 92,580,885 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 107,435,885 | |||
Accumulated Depreciation | (63,325,270) | |||
Investment in Real Estate, Net | 44,110,615 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Encore at Sherman Oaks, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Sherman Oaks, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 174 | |||
Initial Cost to Company, Land | $ 8,700,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,446,003 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,847,449 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 8,700,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,293,452 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,993,452 | |||
Accumulated Depreciation | (10,801,336) | |||
Investment in Real Estate, Net | 27,192,116 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Eviva on Cherokee [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Denver, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 274 | |||
Initial Cost to Company, Land | $ 10,507,626 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 100,037,204 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 151,235 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 10,507,626 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 100,188,439 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 110,696,065 | |||
Accumulated Depreciation | (6,553,585) | |||
Investment in Real Estate, Net | 104,142,480 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Fountains at Emerald Park (fka Emerald Park) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Dublin, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 324 | |||
Initial Cost to Company, Land | $ 25,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 83,986,217 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,935,049 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 25,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 87,921,266 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 113,821,266 | |||
Accumulated Depreciation | (25,270,333) | |||
Investment in Real Estate, Net | 88,550,933 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Fremont Center [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fremont, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 322 | |||
Initial Cost to Company, Land | $ 25,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 78,753,114 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,490,634 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 25,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 83,243,748 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 109,043,748 | |||
Accumulated Depreciation | (24,471,382) | |||
Investment in Real Estate, Net | 84,572,366 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Gaithersburg Station [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Gaithersburg, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 400 | |||
Initial Cost to Company, Land | $ 17,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 74,678,917 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,537,268 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 17,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 78,216,185 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 95,716,185 | |||
Accumulated Depreciation | (20,628,153) | |||
Investment in Real Estate, Net | 75,088,032 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Gallery, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Hermosa Beach, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 169 | |||
Initial Cost to Company, Land | $ 18,144,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 46,567,941 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,995,980 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 18,144,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 49,563,921 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 67,707,921 | |||
Accumulated Depreciation | (24,741,834) | |||
Investment in Real Estate, Net | 42,966,087 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Gateway at Malden Center [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Malden, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 203 | |||
Initial Cost to Company, Land | $ 9,209,780 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,722,666 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 16,463,954 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 9,209,780 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,186,620 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 51,396,400 | |||
Accumulated Depreciation | (26,861,288) | |||
Investment in Real Estate, Net | 24,535,112 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Geary Court Yard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 165 | |||
Initial Cost to Company, Land | $ 1,722,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,471,429 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,197,853 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 1,722,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 21,669,282 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 23,391,682 | |||
Accumulated Depreciation | (15,406,560) | |||
Investment in Real Estate, Net | 7,985,122 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Girard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 160 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 102,450,328 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 865,330 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 103,315,658 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 103,315,658 | |||
Accumulated Depreciation | (11,248,402) | |||
Investment in Real Estate, Net | 92,067,256 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hampshire Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 259 | |||
Initial Cost to Company, Land | $ 10,806,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 30,335,330 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,125,571 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 10,806,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,460,901 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 49,266,901 | |||
Accumulated Depreciation | (19,841,849) | |||
Investment in Real Estate, Net | 29,425,052 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Harbor Steps [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 761 | |||
Initial Cost to Company, Land | $ 59,403,601 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 158,829,432 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 40,880,428 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 59,403,601 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 199,709,860 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 259,113,461 | |||
Accumulated Depreciation | (97,046,373) | |||
Investment in Real Estate, Net | 162,067,088 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hathaway [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Long Beach, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 385 | |||
Initial Cost to Company, Land | $ 2,512,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,611,912 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 13,674,471 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 2,512,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 36,286,383 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 38,798,883 | |||
Accumulated Depreciation | (27,001,675) | |||
Investment in Real Estate, Net | 11,797,208 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Helios (fka 2nd+Pine) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 398 | |||
Initial Cost to Company, Land | $ 18,061,674 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 206,628,093 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 110,524 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 18,061,674 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 206,738,617 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 224,800,291 | |||
Accumulated Depreciation | (20,125,380) | |||
Investment in Real Estate, Net | 204,674,911 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Heritage at Stone Ridge [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Burlington, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 180 | |||
Initial Cost to Company, Land | $ 10,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,808,335 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,849,652 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 10,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 34,657,987 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,457,987 | |||
Accumulated Depreciation | (17,798,543) | |||
Investment in Real Estate, Net | 27,659,444 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Heritage Ridge [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Lynwood, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 197 | |||
Initial Cost to Company, Land | $ 6,895,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,983,597 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,605,503 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 6,895,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,589,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 30,484,100 | |||
Accumulated Depreciation | (11,968,336) | |||
Investment in Real Estate, Net | 18,515,764 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hesby [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | North Hollywood, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 308 | |||
Initial Cost to Company, Land | $ 23,299,892 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 102,700,108 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,653,931 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 23,299,892 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 104,354,039 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 127,653,931 | |||
Accumulated Depreciation | (25,277,554) | |||
Investment in Real Estate, Net | 102,376,377 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Highlands at South Plainfield [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | South Plainfield, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 252 | |||
Initial Cost to Company, Land | $ 10,080,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 37,526,912 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,592,223 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 10,080,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,119,135 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 50,199,135 | |||
Accumulated Depreciation | (20,191,766) | |||
Investment in Real Estate, Net | 30,007,369 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hikari [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 128 | |||
Initial Cost to Company, Land | $ 9,435,760 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 32,564,240 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 965,477 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 9,435,760 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 33,529,717 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 42,965,477 | |||
Accumulated Depreciation | (11,609,215) | |||
Investment in Real Estate, Net | 31,356,262 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hudson Crossing [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 259 | |||
Initial Cost to Company, Land | $ 23,420,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 69,977,699 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,000,297 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 23,420,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 72,977,996 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 96,397,996 | |||
Accumulated Depreciation | (38,482,671) | |||
Investment in Real Estate, Net | 57,915,325 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hudson Pointe [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Jersey City, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 182 | |||
Initial Cost to Company, Land | $ 5,350,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 41,114,074 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,902,664 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 5,350,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 48,016,738 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 53,366,738 | |||
Accumulated Depreciation | (26,064,218) | |||
Investment in Real Estate, Net | 27,302,520 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Hunt Club II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Charlotte, NC | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 100,000 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 100,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Huxley, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redwood City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 137 | |||
Initial Cost to Company, Land | $ 18,775,028 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 89,335,476 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,577 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 18,775,028 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 89,341,053 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 108,116,081 | |||
Accumulated Depreciation | (2,362,663) | |||
Investment in Real Estate, Net | 105,753,418 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Ivory Wood [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bothell, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 144 | |||
Initial Cost to Company, Land | $ 2,732,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 13,888,282 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,716,006 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 2,732,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 15,604,288 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 18,337,088 | |||
Accumulated Depreciation | (8,531,839) | |||
Investment in Real Estate, Net | 9,805,249 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Jia [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 280 | |||
Initial Cost to Company, Land | $ 14,791,831 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 77,752,457 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 816,097 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 14,791,831 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 78,568,554 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 93,360,385 | |||
Accumulated Depreciation | (22,410,277) | |||
Investment in Real Estate, Net | 70,950,108 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Junction 47 (fka West Seattle) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 206 | |||
Initial Cost to Company, Land | $ 11,726,305 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 56,576,329 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 139,678 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 11,726,305 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 56,716,007 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 68,442,312 | |||
Accumulated Depreciation | (9,832,830) | |||
Investment in Real Estate, Net | 58,609,482 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Kelvin, The (fka Modera) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Irvine, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 194 | |||
Initial Cost to Company, Land | $ 15,521,552 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 64,853,448 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 593,826 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 15,521,552 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 65,447,274 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 80,968,826 | |||
Accumulated Depreciation | (12,644,037) | |||
Investment in Real Estate, Net | 68,324,789 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Kenwood Mews [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Burbank, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 141 | |||
Initial Cost to Company, Land | $ 14,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,662,883 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,164,875 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 14,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 28,827,758 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 42,927,758 | |||
Accumulated Depreciation | (14,951,144) | |||
Investment in Real Estate, Net | 27,976,614 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Laguna Clara [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Clara, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 264 | |||
Initial Cost to Company, Land | $ 13,642,420 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,597,400 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,500,048 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 13,642,420 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 35,097,448 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 48,739,868 | |||
Accumulated Depreciation | (19,856,605) | |||
Investment in Real Estate, Net | 28,883,263 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Landings at Port Imperial [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | W. New York, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 276 | |||
Initial Cost to Company, Land | $ 27,246,045 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 37,741,050 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 14,471,631 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 27,246,045 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 52,212,681 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 79,458,726 | |||
Accumulated Depreciation | (33,207,884) | |||
Investment in Real Estate, Net | 46,250,842 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lane [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 217 | |||
Initial Cost to Company, Land | $ 13,142,946 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 71,853,083 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | (1) | |||
Gross Amount Carried at close of period 12/31/2019, Land | 13,142,946 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 71,853,082 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 84,996,028 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 84,996,028 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lex, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Jose, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 387 | |||
Initial Cost to Company, Land | $ 21,817,512 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 158,778,598 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 77,511 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 21,817,512 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 158,856,109 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 180,673,621 | |||
Accumulated Depreciation | (8,972,354) | |||
Investment in Real Estate, Net | 171,701,267 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Liberty Park [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Braintree, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 202 | |||
Initial Cost to Company, Land | $ 5,977,504 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,749,111 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,951,551 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 5,977,504 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 33,700,662 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 39,678,166 | |||
Accumulated Depreciation | (19,975,624) | |||
Investment in Real Estate, Net | 19,702,542 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Liberty Tower [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 235 | |||
Initial Cost to Company, Land | $ 16,382,822 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 83,817,078 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,551,120 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 16,382,822 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 86,368,198 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 102,751,020 | |||
Accumulated Depreciation | (31,785,187) | |||
Investment in Real Estate, Net | 70,965,833 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lincoln Heights [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Quincy, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 336 | |||
Initial Cost to Company, Land | $ 5,928,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,595,262 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,019,958 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 5,928,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 48,615,220 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 54,543,620 | |||
Accumulated Depreciation | (37,746,289) | |||
Investment in Real Estate, Net | 16,797,331 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lindley Apartments [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Encino, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 129 | |||
Initial Cost to Company, Land | $ 5,805,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,705,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,055,111 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 5,805,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,760,111 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 33,565,111 | |||
Accumulated Depreciation | (10,259,804) | |||
Investment in Real Estate, Net | 23,305,307 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lofts at Kendall Square (fka Kendall Square) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 186 | |||
Initial Cost to Company, Land | $ 18,696,674 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 78,445,657 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,941,386 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 18,696,674 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 85,387,043 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 104,083,717 | |||
Accumulated Depreciation | (24,300,285) | |||
Investment in Real Estate, Net | 79,783,432 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lofts at Kendall Square ll (fka 249 Third Street) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 84 | |||
Initial Cost to Company, Land | $ 4,603,326 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 42,655,411 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 4,603,326 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 42,655,411 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 47,258,737 | |||
Accumulated Depreciation | (388,231) | |||
Investment in Real Estate, Net | 46,870,506 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Longacre House [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 293 | |||
Initial Cost to Company, Land | $ 73,170,045 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 53,962,510 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,562,899 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 73,170,045 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 58,525,409 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 131,695,454 | |||
Accumulated Depreciation | (26,269,075) | |||
Investment in Real Estate, Net | 105,426,379 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Longfellow Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 710 | |||
Initial Cost to Company, Land | $ 38,264,917 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 132,175,915 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 86,857,633 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 38,264,917 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 219,033,548 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 257,298,465 | |||
Accumulated Depreciation | (153,930,179) | |||
Investment in Real Estate, Net | 103,368,286 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Madox [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Jersey City, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 131 | |||
Initial Cost to Company, Land | $ 9,679,635 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 64,594,205 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 456,215 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 9,679,635 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 65,050,420 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 74,730,055 | |||
Accumulated Depreciation | (4,991,342) | |||
Investment in Real Estate, Net | 69,738,713 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mantena [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 98 | |||
Initial Cost to Company, Land | $ 22,346,513 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,501,158 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,159,451 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 22,346,513 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 62,660,609 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 85,007,122 | |||
Accumulated Depreciation | (18,028,047) | |||
Investment in Real Estate, Net | 66,979,075 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Marina 41 (fka Marina Del Rey) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Marina Del Rey, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 623 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 168,842,442 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,214,698 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 178,057,140 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 178,057,140 | |||
Accumulated Depreciation | (53,401,243) | |||
Investment in Real Estate, Net | 124,655,897 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mariposa at Playa Del Rey (fka Playa Del Rey) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Playa Del Rey, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 354 | |||
Initial Cost to Company, Land | $ 60,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 89,311,482 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,259,009 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 60,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 95,570,491 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 156,470,491 | |||
Accumulated Depreciation | (28,260,197) | |||
Investment in Real Estate, Net | 128,210,294 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mark on 8th [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 174 | |||
Initial Cost to Company, Land | $ 23,004,387 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 51,148,861 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 132,254 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 23,004,387 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 51,281,115 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 74,285,502 | |||
Accumulated Depreciation | (4,399,467) | |||
Investment in Real Estate, Net | 69,886,035 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Market Street Village [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 229 | |||
Initial Cost to Company, Land | $ 13,740,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,757,301 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,433,811 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 13,740,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 43,191,112 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 56,931,112 | |||
Accumulated Depreciation | (21,071,334) | |||
Investment in Real Estate, Net | 35,859,778 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Milano Lofts [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 99 | |||
Initial Cost to Company, Land | $ 8,125,216 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 27,378,784 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,128,987 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 8,125,216 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,507,771 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 39,632,987 | |||
Accumulated Depreciation | (9,253,714) | |||
Investment in Real Estate, Net | 30,379,273 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mill Creek [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Milpitas, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 516 | |||
Initial Cost to Company, Land | $ 12,858,693 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 57,168,503 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 17,604,121 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 12,858,693 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 74,772,624 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 87,631,317 | |||
Accumulated Depreciation | (39,853,420) | |||
Investment in Real Estate, Net | 47,777,897 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Montierra (CA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 272 | |||
Initial Cost to Company, Land | $ 8,160,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,360,938 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,510,123 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 8,160,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 37,871,061 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 46,031,061 | |||
Accumulated Depreciation | (26,472,405) | |||
Investment in Real Estate, Net | 19,558,656 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mosaic at Metro [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Hyattsville, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 260 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 59,580,898 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,537,111 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 61,118,009 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 61,118,009 | |||
Accumulated Depreciation | (23,624,406) | |||
Investment in Real Estate, Net | 37,493,603 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mountain View Redevelopment [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Mountain View, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 882,046 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 882,046 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 882,046 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 882,046 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Mozaic at Union Station [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 272 | |||
Initial Cost to Company, Land | $ 8,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 52,529,446 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,472,824 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 8,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 55,002,270 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 63,502,270 | |||
Accumulated Depreciation | (26,004,162) | |||
Investment in Real Estate, Net | 37,498,108 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Murray Hill Tower (fka Murray Hill) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 270 | |||
Initial Cost to Company, Land | $ 75,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 102,705,401 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,547,453 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 75,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 113,252,854 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 189,052,854 | |||
Accumulated Depreciation | (34,480,104) | |||
Investment in Real Estate, Net | 154,572,750 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Next on Sixth [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 398 | |||
Initial Cost to Company, Land | $ 52,509,906 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 136,635,362 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 52,028 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 52,509,906 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 136,687,390 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 189,197,296 | |||
Accumulated Depreciation | (6,067,150) | |||
Investment in Real Estate, Net | 183,130,146 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
North Pier at Harborside [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Jersey City, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 297 | |||
Initial Cost to Company, Land | $ 4,000,159 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 94,290,590 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,767,779 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 4,000,159 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 100,058,369 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 104,058,528 | |||
Accumulated Depreciation | (53,298,183) | |||
Investment in Real Estate, Net | 50,760,345 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Northglen [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Valencia, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 234 | |||
Initial Cost to Company, Land | $ 9,360,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,778,553 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,828,841 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 9,360,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,607,394 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 36,967,394 | |||
Accumulated Depreciation | (16,473,980) | |||
Investment in Real Estate, Net | 20,493,414 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Northpark [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Burlingame, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 510 | |||
Initial Cost to Company, Land | $ 38,607,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 77,472,217 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,236,070 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 38,607,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 92,708,287 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 131,315,287 | |||
Accumulated Depreciation | (40,034,278) | |||
Investment in Real Estate, Net | 91,281,009 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Northridge [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Pleasant Hill, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 221 | |||
Initial Cost to Company, Land | $ 5,524,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,691,705 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,618,255 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 5,524,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,309,960 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 31,833,960 | |||
Accumulated Depreciation | (20,784,027) | |||
Investment in Real Estate, Net | 11,049,933 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Oak Park Combined [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Agoura Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 444 | |||
Initial Cost to Company, Land | $ 3,390,700 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 30,517,274 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,129,906 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 3,390,700 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 41,647,180 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,037,880 | |||
Accumulated Depreciation | (33,598,181) | |||
Investment in Real Estate, Net | 11,439,699 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Oaks [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Clarita, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 520 | |||
Initial Cost to Company, Land | $ 23,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,020,438 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,150,916 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 23,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 68,171,354 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 91,571,354 | |||
Accumulated Depreciation | (38,896,036) | |||
Investment in Real Estate, Net | 52,675,318 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Oakwood Crystal City [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 162 | |||
Initial Cost to Company, Land | $ 15,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,474,336 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,164,931 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 15,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 39,639,267 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 55,039,267 | |||
Accumulated Depreciation | (11,715,439) | |||
Investment in Real Estate, Net | 43,323,828 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Ocean Crest [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Solana Beach, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 146 | |||
Initial Cost to Company, Land | $ 5,111,200 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 11,910,438 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,831,677 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 5,111,200 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 16,742,115 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 21,853,315 | |||
Accumulated Depreciation | (11,831,439) | |||
Investment in Real Estate, Net | 10,021,876 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Odin (fka Tallman) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 301 | |||
Initial Cost to Company, Land | $ 16,807,519 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 64,519,515 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 70,389 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 16,807,519 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 64,589,904 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 81,397,423 | |||
Accumulated Depreciation | (11,050,157) | |||
Investment in Real Estate, Net | 70,347,266 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Old Town Lofts [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 149 | |||
Initial Cost to Company, Land | $ 7,740,467 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,146,181 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 821,523 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 7,740,467 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 44,967,704 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 52,708,171 | |||
Accumulated Depreciation | (8,666,808) | |||
Investment in Real Estate, Net | 44,041,363 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Olympus Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 328 | |||
Initial Cost to Company, Land | $ 14,752,034 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 73,335,425 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,370,617 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 14,752,034 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 83,706,042 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 98,458,076 | |||
Accumulated Depreciation | (46,375,373) | |||
Investment in Real Estate, Net | 52,082,703 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
One Henry Adams [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 241 | |||
Initial Cost to Company, Land | $ 30,224,393 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 139,558,692 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 22,022 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 30,224,393 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 139,580,714 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 169,805,107 | |||
Accumulated Depreciation | (16,605,628) | |||
Investment in Real Estate, Net | 153,199,479 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
One India Street (fka Oakwood Boston) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 94 | |||
Initial Cost to Company, Land | $ 22,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,672,979 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,249,693 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 22,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 34,922,672 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 57,122,672 | |||
Accumulated Depreciation | (9,689,007) | |||
Investment in Real Estate, Net | 47,433,665 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Pacific Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 430 | |||
Initial Cost to Company, Land | $ 32,250,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 110,750,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,028,500 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 32,250,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 112,778,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 145,028,500 | |||
Accumulated Depreciation | (31,554,841) | |||
Investment in Real Estate, Net | 113,473,659 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Packard Building [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 61 | |||
Initial Cost to Company, Land | $ 5,911,041 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 19,954,959 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,112,353 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 5,911,041 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 21,067,312 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 26,978,353 | |||
Accumulated Depreciation | (3,941,611) | |||
Investment in Real Estate, Net | 23,036,742 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parc 77 [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 137 | |||
Initial Cost to Company, Land | $ 40,504,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,025,679 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,560,029 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 40,504,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 24,585,708 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 65,089,708 | |||
Accumulated Depreciation | (14,088,276) | |||
Investment in Real Estate, Net | 51,001,432 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parc Cameron [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 166 | |||
Initial Cost to Company, Land | $ 37,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,855,597 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,590,854 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 37,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 17,446,451 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 55,046,451 | |||
Accumulated Depreciation | (11,702,099) | |||
Investment in Real Estate, Net | 43,344,352 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parc Coliseum [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 177 | |||
Initial Cost to Company, Land | $ 52,654,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,045,751 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,553,310 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 52,654,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,599,061 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 85,253,061 | |||
Accumulated Depreciation | (19,280,179) | |||
Investment in Real Estate, Net | 65,972,882 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parc East Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 324 | |||
Initial Cost to Company, Land | $ 102,163,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 108,989,402 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,219,604 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 102,163,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 121,209,006 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 223,372,006 | |||
Accumulated Depreciation | (56,644,803) | |||
Investment in Real Estate, Net | 166,727,203 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parc on Powell (fka Parkside at Emeryville) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Emeryville, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 173 | |||
Initial Cost to Company, Land | $ 16,667,059 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 65,073,509 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 419,037 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 16,667,059 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 65,492,546 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 82,159,605 | |||
Accumulated Depreciation | (12,009,148) | |||
Investment in Real Estate, Net | 70,150,457 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Park Connecticut [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 142 | |||
Initial Cost to Company, Land | $ 13,700,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 59,087,519 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,863,350 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 13,700,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 60,950,869 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 74,650,869 | |||
Accumulated Depreciation | (16,566,168) | |||
Investment in Real Estate, Net | 58,084,701 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Park Hacienda (fka Hacienda) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Pleasanton, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 540 | |||
Initial Cost to Company, Land | $ 43,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 128,753,359 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,614,073 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 43,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 135,367,432 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 178,567,432 | |||
Accumulated Depreciation | (39,974,119) | |||
Investment in Real Estate, Net | 138,593,313 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Park West (CA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 444 | |||
Initial Cost to Company, Land | $ 3,033,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 27,302,383 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,126,113 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 3,033,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 39,428,496 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 42,461,996 | |||
Accumulated Depreciation | (30,924,343) | |||
Investment in Real Estate, Net | 11,537,653 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Parkside [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Union City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 208 | |||
Initial Cost to Company, Land | $ 6,246,700 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 11,827,453 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,185,992 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 6,246,700 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 20,013,445 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 26,260,145 | |||
Accumulated Depreciation | (13,217,770) | |||
Investment in Real Estate, Net | 13,042,375 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Pearl, The (WA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 80 | |||
Initial Cost to Company, Land | $ 6,972,585 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,527,415 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,051,124 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 6,972,585 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,578,539 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 34,551,124 | |||
Accumulated Depreciation | (5,151,187) | |||
Investment in Real Estate, Net | 29,399,937 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Pearl MDR (fka Oakwood Marina Del Rey) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Marina Del Rey, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 597 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 120,795,359 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,726,479 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 126,521,838 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 126,521,838 | |||
Accumulated Depreciation | (38,784,120) | |||
Investment in Real Estate, Net | 87,737,718 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Pegasus [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 322 | |||
Initial Cost to Company, Land | $ 18,094,052 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 81,905,948 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,904,081 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 18,094,052 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 88,810,029 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 106,904,081 | |||
Accumulated Depreciation | (32,523,925) | |||
Investment in Real Estate, Net | 74,380,156 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Playa Pacifica [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Hermosa Beach, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 285 | |||
Initial Cost to Company, Land | $ 35,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,473,822 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 23,756,377 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 35,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 57,230,199 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 92,330,199 | |||
Accumulated Depreciation | (31,171,766) | |||
Investment in Real Estate, Net | 61,158,433 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Portofino [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chino Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 176 | |||
Initial Cost to Company, Land | $ 3,572,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,660,994 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,874,242 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 3,572,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 18,535,236 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 22,107,636 | |||
Accumulated Depreciation | (14,171,043) | |||
Investment in Real Estate, Net | 7,936,593 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Portofino (Val) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Valencia, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 216 | |||
Initial Cost to Company, Land | $ 8,640,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,487,126 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,837,031 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 8,640,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,324,157 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,964,157 | |||
Accumulated Depreciation | (17,518,529) | |||
Investment in Real Estate, Net | 18,445,628 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Portside Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Jersey City, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 527 | |||
Initial Cost to Company, Land | $ 22,487,006 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 96,842,913 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 24,128,821 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 22,487,006 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 120,971,734 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 143,458,740 | |||
Accumulated Depreciation | (89,422,204) | |||
Investment in Real Estate, Net | 54,036,536 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Potrero 1010 [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 453 | |||
Initial Cost to Company, Land | $ 40,830,011 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 181,812,933 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 518,975 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 40,830,011 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 182,331,908 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 223,161,919 | |||
Accumulated Depreciation | (26,294,704) | |||
Investment in Real Estate, Net | 196,867,215 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Prado (fka Glendale) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Glendale, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 264 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 67,977,313 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,928,659 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 73,905,972 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 73,905,972 | |||
Accumulated Depreciation | (21,102,334) | |||
Investment in Real Estate, Net | 52,803,638 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Prime, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 281 | |||
Initial Cost to Company, Land | $ 34,625,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 77,879,740 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,669,467 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 34,625,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 80,549,207 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 115,174,207 | |||
Accumulated Depreciation | (32,656,903) | |||
Investment in Real Estate, Net | 82,517,304 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Prism at Park Avenue South (fka 400 Park Aveue South (EQR)) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 269 | |||
Initial Cost to Company, Land | $ 76,292,169 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 171,649,131 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 208,922 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 76,292,169 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 171,858,053 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 248,150,222 | |||
Accumulated Depreciation | (32,299,311) | |||
Investment in Real Estate, Net | 215,850,911 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Promenade at Town Center I & II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Valencia, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 564 | |||
Initial Cost to Company, Land | $ 28,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 69,795,915 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,883,962 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 28,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 80,679,877 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 108,879,877 | |||
Accumulated Depreciation | (44,391,535) | |||
Investment in Real Estate, Net | 64,488,342 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Providence [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bothell, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 200 | |||
Initial Cost to Company, Land | $ 3,573,621 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 19,055,505 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,537,035 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 3,573,621 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,592,540 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 27,166,161 | |||
Accumulated Depreciation | (12,025,867) | |||
Investment in Real Estate, Net | 15,140,294 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Quarry Hills [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Quincy, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 316 | |||
Initial Cost to Company, Land | $ 26,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 84,411,162 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,202,638 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 26,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 88,613,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 115,513,800 | |||
Accumulated Depreciation | (25,515,603) | |||
Investment in Real Estate, Net | 89,998,197 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Radius Uptown [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Denver, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 372 | |||
Initial Cost to Company, Land | $ 13,644,960 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 121,899,084 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 640,652 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 13,644,960 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 122,539,736 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 136,184,696 | |||
Accumulated Depreciation | (9,914,578) | |||
Investment in Real Estate, Net | 126,270,118 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Red 160 (fka Redmond Way) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 250 | |||
Initial Cost to Company, Land | $ 15,546,376 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 65,320,010 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,448,098 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 15,546,376 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 66,768,108 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 82,314,484 | |||
Accumulated Depreciation | (20,622,372) | |||
Investment in Real Estate, Net | 61,692,112 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Redmond Court [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 206 | |||
Initial Cost to Company, Land | $ 10,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,488,745 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,211,705 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 10,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 34,700,450 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,000,450 | |||
Accumulated Depreciation | (11,274,160) | |||
Investment in Real Estate, Net | 33,726,290 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Regency Palms [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Huntington Beach, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 310 | |||
Initial Cost to Company, Land | $ 1,857,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,713,254 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,272,427 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 1,857,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,985,681 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 25,843,081 | |||
Accumulated Depreciation | (19,161,878) | |||
Investment in Real Estate, Net | 6,681,203 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Clarendon Centre, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 252 | |||
Initial Cost to Company, Land | $ 10,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 52,812,935 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,855,911 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 10,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 57,668,846 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 68,168,846 | |||
Accumulated Depreciation | (32,743,477) | |||
Investment in Real Estate, Net | 35,425,369 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Eisenhower, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 226 | |||
Initial Cost to Company, Land | $ 6,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,585,060 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,852,458 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 6,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 39,437,518 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 45,937,518 | |||
Accumulated Depreciation | (22,240,250) | |||
Investment in Real Estate, Net | 23,697,268 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Empire Lakes [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Rancho Cucamonga, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 467 | |||
Initial Cost to Company, Land | $ 16,345,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 73,080,670 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,893,736 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 16,345,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 76,974,406 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 93,319,406 | |||
Accumulated Depreciation | (39,080,433) | |||
Investment in Real Estate, Net | 54,238,973 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Fairfax Corner [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fairfax, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 652 | |||
Initial Cost to Company, Land | $ 15,804,057 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 63,129,051 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,239,068 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 15,804,057 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 75,368,119 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 91,172,176 | |||
Accumulated Depreciation | (44,632,394) | |||
Investment in Real Estate, Net | 46,539,782 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Mountain View (fka Mountain View) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Mountain View, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 180 | |||
Initial Cost to Company, Land | $ 27,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,029,605 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,608,914 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 27,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,638,519 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 67,638,519 | |||
Accumulated Depreciation | (12,863,114) | |||
Investment in Real Estate, Net | 54,775,405 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Potomac Yard [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 588 | |||
Initial Cost to Company, Land | $ 11,918,917 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 68,862,641 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 17,256,235 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 11,918,917 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 86,118,876 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 98,037,793 | |||
Accumulated Depreciation | (45,846,659) | |||
Investment in Real Estate, Net | 52,191,134 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Reserve at Town Center I-III (WA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Mill Creek, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 584 | |||
Initial Cost to Company, Land | $ 16,768,705 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 77,623,664 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,538,253 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 16,768,705 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 86,161,917 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 102,930,622 | |||
Accumulated Depreciation | (36,697,179) | |||
Investment in Real Estate, Net | 66,233,443 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Residences at Westgate I (fka Westgate II) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Pasadena, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 252 | |||
Initial Cost to Company, Land | $ 17,859,785 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 109,259,858 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 477,844 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 17,859,785 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 109,737,702 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 127,597,487 | |||
Accumulated Depreciation | (27,267,435) | |||
Investment in Real Estate, Net | 100,330,052 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Residences at Westgate II (fka Westgate III) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Pasadena, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 88 | |||
Initial Cost to Company, Land | $ 12,118,248 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,486,467 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 97,831 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 12,118,248 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,584,298 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 52,702,546 | |||
Accumulated Depreciation | (7,453,042) | |||
Investment in Real Estate, Net | 45,249,504 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Rianna I & II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 156 | |||
Initial Cost to Company, Land | $ 4,430,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,298,096 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,408,357 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 4,430,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 30,706,453 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,136,453 | |||
Accumulated Depreciation | (12,521,975) | |||
Investment in Real Estate, Net | 22,614,478 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Ridgewood Village I&II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 408 | |||
Initial Cost to Company, Land | $ 11,809,500 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,004,048 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,152,653 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 11,809,500 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 40,156,701 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 51,966,201 | |||
Accumulated Depreciation | (27,801,818) | |||
Investment in Real Estate, Net | 24,164,383 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Riva Terra I (fka Redwood Shores) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redwood City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 304 | |||
Initial Cost to Company, Land | $ 34,963,355 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 84,587,658 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,552,889 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 34,963,355 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 91,140,547 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 126,103,902 | |||
Accumulated Depreciation | (27,578,186) | |||
Investment in Real Estate, Net | 98,525,716 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Riva Terra II (fka Harborside) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redwood City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 149 | |||
Initial Cost to Company, Land | $ 17,136,645 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,536,531 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,532,047 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 17,136,645 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 44,068,578 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 61,205,223 | |||
Accumulated Depreciation | (12,214,368) | |||
Investment in Real Estate, Net | 48,990,855 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Riverpark [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 321 | |||
Initial Cost to Company, Land | $ 14,355,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 80,894,049 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,145,694 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 14,355,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 85,039,743 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 99,394,743 | |||
Accumulated Depreciation | (27,531,587) | |||
Investment in Real Estate, Net | 71,863,156 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Rivington, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Hoboken, NJ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 240 | |||
Initial Cost to Company, Land | $ 34,340,640 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 112,522,073 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,385,966 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 34,340,640 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 114,908,039 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 149,248,679 | |||
Accumulated Depreciation | (11,203,805) | |||
Investment in Real Estate, Net | 138,044,874 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Rosecliff II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Quincy, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 130 | |||
Initial Cost to Company, Land | $ 4,922,840 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 30,202,160 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,575,032 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 4,922,840 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,777,192 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 36,700,032 | |||
Accumulated Depreciation | (11,139,316) | |||
Investment in Real Estate, Net | 25,560,716 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Sakura Crossing [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 230 | |||
Initial Cost to Company, Land | $ 14,641,990 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 42,858,010 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,508,474 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 14,641,990 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 44,366,484 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 59,008,474 | |||
Accumulated Depreciation | (16,104,349) | |||
Investment in Real Estate, Net | 42,904,125 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Saxton [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 325 | |||
Initial Cost to Company, Land | $ 38,805,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 128,661,766 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,221 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 38,805,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 128,662,987 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 167,468,387 | |||
Accumulated Depreciation | (1,106,731) | |||
Investment in Real Estate, Net | 166,361,656 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Seventh & James [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 96 | |||
Initial Cost to Company, Land | $ 663,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,974,803 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,559,907 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 663,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 10,534,710 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 11,198,510 | |||
Accumulated Depreciation | (8,193,189) | |||
Investment in Real Estate, Net | 3,005,321 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Sheffield Court [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 597 | |||
Initial Cost to Company, Land | $ 3,342,381 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,337,332 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 16,837,180 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 3,342,381 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 48,174,512 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 51,516,893 | |||
Accumulated Depreciation | (39,604,857) | |||
Investment in Real Estate, Net | 11,912,036 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Siena Terrace [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Lake Forest, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 356 | |||
Initial Cost to Company, Land | $ 8,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,083,024 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,673,467 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 8,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 31,756,491 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 40,656,491 | |||
Accumulated Depreciation | (22,703,857) | |||
Investment in Real Estate, Net | 17,952,634 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Skycrest [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Valencia, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 264 | |||
Initial Cost to Company, Land | $ 10,560,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,574,457 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,439,296 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 10,560,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,013,753 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 42,573,753 | |||
Accumulated Depreciation | (19,701,076) | |||
Investment in Real Estate, Net | 22,872,677 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Skyhouse Denver [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Denver, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 354 | |||
Initial Cost to Company, Land | $ 13,562,331 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 126,360,318 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 260,188 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 13,562,331 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 126,620,506 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 140,182,837 | |||
Accumulated Depreciation | (10,544,133) | |||
Investment in Real Estate, Net | 129,638,704 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Skylark [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Union City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 174 | |||
Initial Cost to Company, Land | $ 1,781,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,731,916 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,693,705 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 1,781,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,425,621 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,207,221 | |||
Accumulated Depreciation | (15,390,513) | |||
Investment in Real Estate, Net | 8,816,708 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Skyline Terrace [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Burlingame, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 138 | |||
Initial Cost to Company, Land | $ 16,836,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,414,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,685,848 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 16,836,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 44,099,848 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 60,935,848 | |||
Accumulated Depreciation | (16,883,846) | |||
Investment in Real Estate, Net | 44,052,002 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Skyview [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Rancho Santa Margarita, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 260 | |||
Initial Cost to Company, Land | $ 3,380,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,952,863 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,952,747 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 3,380,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 27,905,610 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 31,285,610 | |||
Accumulated Depreciation | (18,956,521) | |||
Investment in Real Estate, Net | 12,329,089 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
SoMa II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 29,406,606 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,863,582 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 29,406,606 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 5,863,582 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,270,188 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 35,270,188 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Sonterra at Foothill Ranch [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Foothill Ranch, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 300 | |||
Initial Cost to Company, Land | $ 7,503,400 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,048,507 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,103,825 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 7,503,400 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 30,152,332 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,655,732 | |||
Accumulated Depreciation | (21,265,834) | |||
Investment in Real Estate, Net | 16,389,898 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
South City Station (fka South San Francisco) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 368 | |||
Initial Cost to Company, Land | $ 68,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 79,476,861 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,496,725 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 68,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 84,973,586 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 153,873,586 | |||
Accumulated Depreciation | (24,542,210) | |||
Investment in Real Estate, Net | 129,331,376 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Southwood [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Palo Alto, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 100 | |||
Initial Cost to Company, Land | $ 6,936,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,324,069 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,974,332 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 6,936,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 21,298,401 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 28,235,001 | |||
Accumulated Depreciation | (13,871,734) | |||
Investment in Real Estate, Net | 14,363,267 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Springbrook Estates [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Riverside, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 18,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,145,000 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 18,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 1,145,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 19,345,000 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 19,345,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Springline [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 136 | |||
Initial Cost to Company, Land | $ 9,163,667 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,910,981 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 413,447 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 9,163,667 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 48,324,428 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 57,488,095 | |||
Accumulated Depreciation | (6,348,664) | |||
Investment in Real Estate, Net | 51,139,431 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
STOA [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 237 | |||
Initial Cost to Company, Land | $ 25,326,048 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 79,976,031 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 355,097 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 25,326,048 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 80,331,128 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 105,657,176 | |||
Accumulated Depreciation | (4,420,377) | |||
Investment in Real Estate, Net | 101,236,799 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Summerset Village [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chatsworth, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 280 | |||
Initial Cost to Company, Land | $ 2,890,450 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,670,889 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,502,754 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 2,890,450 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 32,173,643 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,064,093 | |||
Accumulated Depreciation | (25,071,401) | |||
Investment in Real Estate, Net | 9,992,692 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Summit at Sausalito (fka Sausalito) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Sausalito, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 198 | |||
Initial Cost to Company, Land | $ 26,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,435,024 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,826,451 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 26,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,261,475 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 64,261,475 | |||
Accumulated Depreciation | (13,610,363) | |||
Investment in Real Estate, Net | 50,651,112 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Ten23 (fka 500 West 23rd Street) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 111 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 58,881,873 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 839,289 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 59,721,162 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 59,721,162 | |||
Accumulated Depreciation | (16,244,073) | |||
Investment in Real Estate, Net | 43,477,089 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Terraces, The [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 117 | |||
Initial Cost to Company, Land | $ 14,087,610 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,314,151 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,303,726 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 14,087,610 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 18,617,877 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 32,705,487 | |||
Accumulated Depreciation | (7,132,658) | |||
Investment in Real Estate, Net | 25,572,829 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Third Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 471 | |||
Initial Cost to Company, Land | $ 26,767,171 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 218,822,728 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,710,964 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 26,767,171 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 227,533,692 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 254,300,863 | |||
Accumulated Depreciation | (86,467,715) | |||
Investment in Real Estate, Net | 167,833,148 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Three20 [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 134 | |||
Initial Cost to Company, Land | $ 7,030,766 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,005,762 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 783,255 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 7,030,766 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 29,789,017 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 36,819,783 | |||
Accumulated Depreciation | (8,010,054) | |||
Investment in Real Estate, Net | 28,809,729 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Toscana [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Irvine, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 563 | |||
Initial Cost to Company, Land | $ 39,410,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 50,806,072 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 23,541,748 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 39,410,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 74,347,820 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 113,757,820 | |||
Accumulated Depreciation | (44,385,604) | |||
Investment in Real Estate, Net | 69,372,216 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Town Square at Mark Center I (fka Millbrook I) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 406 | |||
Initial Cost to Company, Land | $ 24,360,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 86,178,714 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,536,594 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 24,360,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 95,715,308 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 120,075,308 | |||
Accumulated Depreciation | (47,769,571) | |||
Investment in Real Estate, Net | 72,305,737 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Town Square at Mark Center II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alexandria, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 272 | |||
Initial Cost to Company, Land | $ 15,568,464 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 55,029,607 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,431,783 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 15,568,464 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 59,461,390 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 75,029,854 | |||
Accumulated Depreciation | (23,267,306) | |||
Investment in Real Estate, Net | 51,762,548 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Troy Boston [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 378 | |||
Initial Cost to Company, Land | $ 34,641,051 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 181,607,331 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 657,969 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 34,641,051 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 182,265,300 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 216,906,351 | |||
Accumulated Depreciation | (16,175,931) | |||
Investment in Real Estate, Net | 200,730,420 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Urbana (fka Market Street Landing) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 289 | |||
Initial Cost to Company, Land | $ 12,542,418 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 75,800,090 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,128,448 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 12,542,418 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 77,928,538 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 90,470,956 | |||
Accumulated Depreciation | (20,704,557) | |||
Investment in Real Estate, Net | 69,766,399 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Uwajimaya Village [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 176 | |||
Initial Cost to Company, Land | $ 8,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,188,288 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,603,487 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 8,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,791,775 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,591,775 | |||
Accumulated Depreciation | (12,717,581) | |||
Investment in Real Estate, Net | 22,874,194 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Vantage Pointe [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 679 | |||
Initial Cost to Company, Land | $ 9,403,960 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 190,596,040 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,700,900 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 9,403,960 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 201,296,940 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 210,700,900 | |||
Accumulated Depreciation | (73,412,146) | |||
Investment in Real Estate, Net | 137,288,754 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Veloce [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 322 | |||
Initial Cost to Company, Land | $ 15,322,724 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 76,176,594 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,876,091 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 15,322,724 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 78,052,685 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 93,375,409 | |||
Accumulated Depreciation | (23,071,740) | |||
Investment in Real Estate, Net | 70,303,669 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Venue at the Promenade [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Castle Rock, CO | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 312 | |||
Initial Cost to Company, Land | $ 8,355,048 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 83,752,689 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 89,298 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 8,355,048 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 83,841,987 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 92,197,035 | |||
Accumulated Depreciation | (4,260,814) | |||
Investment in Real Estate, Net | 87,936,221 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Verde Condominium Homes (fka Mission Verde, LLC) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Jose, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 108 | |||
Initial Cost to Company, Land | $ 5,190,700 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,679,109 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,541,057 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 5,190,700 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 14,220,166 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 19,410,866 | |||
Accumulated Depreciation | (10,817,710) | |||
Investment in Real Estate, Net | 8,593,156 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Veridian (fka Silver Spring) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Silver Spring, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 457 | |||
Initial Cost to Company, Land | $ 18,539,817 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 130,407,365 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,911,967 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 18,539,817 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 134,319,332 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 152,859,149 | |||
Accumulated Depreciation | (48,528,051) | |||
Investment in Real Estate, Net | 104,331,098 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Versailles [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Woodland Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 253 | |||
Initial Cost to Company, Land | $ 12,650,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,656,292 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 8,301,520 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 12,650,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 41,957,812 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 54,607,812 | |||
Accumulated Depreciation | (24,444,631) | |||
Investment in Real Estate, Net | 30,163,181 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Versailles (K-Town) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 225 | |||
Initial Cost to Company, Land | $ 10,590,975 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,409,025 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,768,461 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 10,590,975 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 46,177,486 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 56,768,461 | |||
Accumulated Depreciation | (18,704,272) | |||
Investment in Real Estate, Net | 38,064,189 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Victor on Venice [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 115 | |||
Initial Cost to Company, Land | $ 10,350,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,433,437 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,455,531 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 10,350,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 36,888,968 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 47,238,968 | |||
Accumulated Depreciation | (17,138,982) | |||
Investment in Real Estate, Net | 30,099,986 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Villa Solana [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Laguna Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 272 | |||
Initial Cost to Company, Land | $ 1,665,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,985,677 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 11,916,441 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 1,665,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,902,118 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 28,567,218 | |||
Accumulated Depreciation | (21,819,381) | |||
Investment in Real Estate, Net | 6,747,837 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Village at Del Mar Heights, The (fka Del Mar Heights) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 168 | |||
Initial Cost to Company, Land | $ 15,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,859,396 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,059,227 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 15,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 43,918,623 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 59,018,623 | |||
Accumulated Depreciation | (13,135,144) | |||
Investment in Real Estate, Net | 45,883,479 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Virginia Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 231 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 85,940,003 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,071,125 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 92,011,128 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 92,011,128 | |||
Accumulated Depreciation | (25,981,773) | |||
Investment in Real Estate, Net | 66,029,355 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Vista 99 (fka Tasman) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Jose, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 554 | |||
Initial Cost to Company, Land | $ 27,709,329 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 177,551,020 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 530,009 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 27,709,329 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 178,081,029 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 205,790,358 | |||
Accumulated Depreciation | (26,777,048) | |||
Investment in Real Estate, Net | 179,013,310 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Vista Del Lago [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Mission Viejo, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 608 | |||
Initial Cost to Company, Land | $ 4,525,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,736,293 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 18,471,821 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 4,525,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 59,208,114 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 63,733,914 | |||
Accumulated Depreciation | (50,585,532) | |||
Investment in Real Estate, Net | 13,148,382 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Walden Park [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Cambridge, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 232 | |||
Initial Cost to Company, Land | $ 12,448,888 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 52,044,448 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,534,927 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 12,448,888 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 56,579,375 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 69,028,263 | |||
Accumulated Depreciation | (21,419,276) | |||
Investment in Real Estate, Net | 47,608,987 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Water Park Towers [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 362 | |||
Initial Cost to Company, Land | $ 34,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 108,485,859 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,352,960 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 34,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 118,838,819 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 153,238,819 | |||
Accumulated Depreciation | (34,973,941) | |||
Investment in Real Estate, Net | 118,264,878 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Watertown Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Watertown, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 134 | |||
Initial Cost to Company, Land | $ 16,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,074,056 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,780,526 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 16,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 35,854,582 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 52,654,582 | |||
Accumulated Depreciation | (10,288,446) | |||
Investment in Real Estate, Net | 42,366,136 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
West 96th [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 207 | |||
Initial Cost to Company, Land | $ 84,800,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 67,055,501 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,032,361 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 84,800,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 73,087,862 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 157,887,862 | |||
Accumulated Depreciation | (23,339,208) | |||
Investment in Real Estate, Net | 134,548,654 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
West End Apartments (fka Emerson Place/CRP II) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 310 | |||
Initial Cost to Company, Land | $ 469,546 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 163,123,022 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,644,170 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 469,546 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 167,767,192 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 168,236,738 | |||
Accumulated Depreciation | (67,233,339) | |||
Investment in Real Estate, Net | 101,003,399 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westchester at Rockville [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Rockville, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 192 | |||
Initial Cost to Company, Land | $ 10,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,135,207 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,115,325 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 10,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,250,532 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 55,850,532 | |||
Accumulated Depreciation | (12,723,620) | |||
Investment in Real Estate, Net | 43,126,912 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westmont [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 163 | |||
Initial Cost to Company, Land | $ 64,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,143,259 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,556,773 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 64,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 66,700,032 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 131,600,032 | |||
Accumulated Depreciation | (19,263,749) | |||
Investment in Real Estate, Net | 112,336,283 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 204 | |||
Initial Cost to Company, Land | $ 34,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 56,962,630 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,224,934 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 34,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 60,187,564 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 94,387,564 | |||
Accumulated Depreciation | (17,012,037) | |||
Investment in Real Estate, Net | 77,375,527 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside Barrington (fka Westside Villas III) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 36 | |||
Initial Cost to Company, Land | $ 3,060,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,538,871 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,138,171 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 3,060,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 6,677,042 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 9,737,042 | |||
Accumulated Depreciation | (4,172,543) | |||
Investment in Real Estate, Net | 5,564,499 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside Barry (Westside Villas VI) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 18 | |||
Initial Cost to Company, Land | $ 1,530,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,023,523 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 731,986 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 1,530,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 3,755,509 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 5,285,509 | |||
Accumulated Depreciation | (2,345,294) | |||
Investment in Real Estate, Net | 2,940,215 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside Beloit (fka Westside Villas I) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 21 | |||
Initial Cost to Company, Land | $ 1,785,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,233,254 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 748,943 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 1,785,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 3,982,197 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 5,767,197 | |||
Accumulated Depreciation | (2,551,527) | |||
Investment in Real Estate, Net | 3,215,670 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside Bundy (fka Westside Villas II) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 23 | |||
Initial Cost to Company, Land | $ 1,955,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,541,435 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 760,287 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 1,955,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 4,301,722 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 6,256,722 | |||
Accumulated Depreciation | (2,680,002) | |||
Investment in Real Estate, Net | 3,576,720 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside Butler (fka Westside Villas IV) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 36 | |||
Initial Cost to Company, Land | $ 3,060,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,539,390 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,169,833 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 3,060,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 6,709,223 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 9,769,223 | |||
Accumulated Depreciation | (4,174,963) | |||
Investment in Real Estate, Net | 5,594,260 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Westside Villas (fka Westside Villas V &VII) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 113 | |||
Initial Cost to Company, Land | $ 9,605,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 19,983,385 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,834,458 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 9,605,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,817,843 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 32,422,843 | |||
Accumulated Depreciation | (14,084,170) | |||
Investment in Real Estate, Net | 18,338,673 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Windridge (CA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Laguna Niguel, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 344 | |||
Initial Cost to Company, Land | $ 2,662,900 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,985,497 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 12,894,049 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 2,662,900 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 36,879,546 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 39,542,446 | |||
Accumulated Depreciation | (29,263,863) | |||
Investment in Real Estate, Net | 10,278,583 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Wood Creek I [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Pleasant Hill, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 256 | |||
Initial Cost to Company, Land | $ 9,729,900 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,009,768 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,186,943 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 9,729,900 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 33,196,711 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 42,926,611 | |||
Accumulated Depreciation | (24,464,128) | |||
Investment in Real Estate, Net | 18,462,483 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Woodleaf [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Campbell, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 178 | |||
Initial Cost to Company, Land | $ 8,550,600 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,988,183 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,276,931 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 8,550,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,265,114 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 30,815,714 | |||
Accumulated Depreciation | (16,233,694) | |||
Investment in Real Estate, Net | 14,582,020 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Management Business [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chicago, IL | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 120,063,148 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 120,063,148 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 120,063,148 | |||
Accumulated Depreciation | (100,043,672) | |||
Investment in Real Estate, Net | 20,019,476 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Operating Partnership [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chicago, IL | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,342,110 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 3,342,110 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 3,342,110 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 3,342,110 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Other | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | N/A | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 99,015 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 99,015 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 99,015 | |||
Accumulated Depreciation | (46,097) | |||
Investment in Real Estate, Net | 52,918 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Wholly Owned Unencumbered [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 68,002 | |||
Initial Cost to Company, Land | $ 5,112,513,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,729,302,793 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,566,452,557 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 5,112,513,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 18,295,755,350 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 23,408,268,350 | |||
Accumulated Depreciation | (6,199,955,243) | |||
Investment in Real Estate, Net | 17,208,313,107 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
2501 Porter [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 202 | |||
Initial Cost to Company, Land | $ 13,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 75,271,179 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 6,881,392 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 13,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 82,152,571 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 95,152,571 | |||
Accumulated Depreciation | (23,752,603) | |||
Investment in Real Estate, Net | $ 71,399,968 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
300 East 39th (fka East 39th) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 254 | |||
Initial Cost to Company, Land | $ 48,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 96,174,639 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,454,780 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 48,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 101,629,419 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 150,529,419 | |||
Accumulated Depreciation | (29,129,896) | |||
Investment in Real Estate, Net | 121,399,523 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 61,827,655 | |||
303 East 83rd (fka Camargue) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 261 | |||
Initial Cost to Company, Land | $ 79,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 79,122,624 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,514,116 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 79,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 88,636,740 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 168,036,740 | |||
Accumulated Depreciation | (25,938,650) | |||
Investment in Real Estate, Net | $ 142,098,090 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
425 Broadway [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Monica, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 101 | |||
Initial Cost to Company, Land | $ 12,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,394,772 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,743,997 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 12,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,138,769 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 50,738,769 | |||
Accumulated Depreciation | (11,169,257) | |||
Investment in Real Estate, Net | $ 39,569,512 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
55 West Fifth I & II (fka Townhouse Plaza and Gardens) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Mateo, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 241 | |||
Initial Cost to Company, Land | $ 21,041,710 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 71,931,323 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 13,813,466 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 21,041,710 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 85,744,789 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 106,786,499 | |||
Accumulated Depreciation | (29,022,401) | |||
Investment in Real Estate, Net | 77,764,098 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 24,527,815 | |||
Alcyone [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 162 | |||
Initial Cost to Company, Land | $ 11,379,497 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 49,360,503 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,521,001 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 11,379,497 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 50,881,504 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 62,261,001 | |||
Accumulated Depreciation | (11,900,832) | |||
Investment in Real Estate, Net | 50,360,169 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 27,246,175 | |||
Avanti [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Anaheim, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 162 | |||
Initial Cost to Company, Land | $ 12,960,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,497,683 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,104,266 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 12,960,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 22,601,949 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 35,561,949 | |||
Accumulated Depreciation | (11,252,625) | |||
Investment in Real Estate, Net | 24,309,324 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 28,015,078 | |||
Avenir Apartments [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Boston, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 241 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 114,321,619 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,726,350 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 120,047,969 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 120,047,969 | |||
Accumulated Depreciation | (32,447,760) | |||
Investment in Real Estate, Net | 87,600,209 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 85,443,736 | |||
Calvert Woodley [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 136 | |||
Initial Cost to Company, Land | $ 12,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,527,379 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,412,100 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 12,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 45,939,479 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 58,539,479 | |||
Accumulated Depreciation | (13,266,223) | |||
Investment in Real Estate, Net | $ 45,273,256 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
Chelsea Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Redmond, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 113 | |||
Initial Cost to Company, Land | $ 3,397,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,289,074 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,960,815 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 3,397,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 12,249,889 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 15,646,989 | |||
Accumulated Depreciation | (8,780,971) | |||
Investment in Real Estate, Net | 6,866,018 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 9,248,429 | |||
Citrus Suites [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Monica, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 70 | |||
Initial Cost to Company, Land | $ 9,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,950,326 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,141,605 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 9,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 19,091,931 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 28,091,931 | |||
Accumulated Depreciation | (5,582,509) | |||
Investment in Real Estate, Net | 22,509,422 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Cleveland House [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 214 | |||
Initial Cost to Company, Land | $ 18,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 66,392,414 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,509,932 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 18,300,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 71,902,346 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 90,202,346 | |||
Accumulated Depreciation | (20,430,345) | |||
Investment in Real Estate, Net | 69,772,001 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Columbia Crossing [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 247 | |||
Initial Cost to Company, Land | $ 23,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 53,045,073 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,113,933 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 23,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 56,159,006 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 79,659,006 | |||
Accumulated Depreciation | (16,792,580) | |||
Investment in Real Estate, Net | 62,866,426 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Elevé [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Glendale, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 208 | |||
Initial Cost to Company, Land | $ 14,080,560 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 56,419,440 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,010,321 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 14,080,560 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 57,429,761 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 71,510,321 | |||
Accumulated Depreciation | (14,460,258) | |||
Investment in Real Estate, Net | 57,050,063 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 38,356,888 | |||
Estancia at Santa Clara (fka Santa Clara) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Clara, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 450 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 123,759,804 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,914,108 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 125,673,912 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 125,673,912 | |||
Accumulated Depreciation | (36,538,855) | |||
Investment in Real Estate, Net | 89,135,057 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Fairchase [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Fairfax, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 392 | |||
Initial Cost to Company, Land | $ 23,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 87,722,321 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,576,897 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 23,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 89,299,218 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 112,799,218 | |||
Accumulated Depreciation | (24,613,974) | |||
Investment in Real Estate, Net | 88,185,244 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Fairfield [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Stamford, CT | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 263 | |||
Initial Cost to Company, Land | $ 6,510,200 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 39,690,120 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,165,718 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 6,510,200 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 48,855,838 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 55,366,038 | |||
Accumulated Depreciation | (36,158,521) | |||
Investment in Real Estate, Net | 19,207,517 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 31,381,614 | |||
Flats at DuPont Circle [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, D.C. | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 306 | |||
Initial Cost to Company, Land | $ 35,200,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 108,768,198 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,181,605 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 35,200,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 112,949,803 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 148,149,803 | |||
Accumulated Depreciation | (29,876,521) | |||
Investment in Real Estate, Net | 118,273,282 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Glo [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 201 | |||
Initial Cost to Company, Land | $ 16,047,023 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 48,650,963 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,529,222 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 16,047,023 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 52,180,185 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 68,227,208 | |||
Accumulated Depreciation | (17,906,742) | |||
Investment in Real Estate, Net | 50,320,466 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 32,367,606 | |||
Heights on Capitol Hill [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 104 | |||
Initial Cost to Company, Land | $ 5,425,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,138,028 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,887,584 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 5,425,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,025,612 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 28,450,612 | |||
Accumulated Depreciation | (10,762,358) | |||
Investment in Real Estate, Net | 17,688,254 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 22,562,286 | |||
Kelvin Court (fka Alta Pacific) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Irvine, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 132 | |||
Initial Cost to Company, Land | $ 10,752,145 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,628,115 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 851,673 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 10,752,145 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 35,479,788 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 46,231,933 | |||
Accumulated Depreciation | (14,415,041) | |||
Investment in Real Estate, Net | 31,816,892 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 26,242,091 | |||
La Terrazza at Colma Station [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Colma, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 155 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 41,251,044 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,207,542 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 44,458,586 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 44,458,586 | |||
Accumulated Depreciation | (19,788,954) | |||
Investment in Real Estate, Net | 24,669,632 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 25,008,472 | |||
Lofts 590 [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Arlington, VA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 212 | |||
Initial Cost to Company, Land | $ 20,100,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 67,909,023 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 785,733 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 20,100,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 68,694,756 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 88,794,756 | |||
Accumulated Depreciation | (18,393,776) | |||
Investment in Real Estate, Net | 70,400,980 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 42,942,461 | |||
Longview Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Waltham, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 348 | |||
Initial Cost to Company, Land | $ 20,880,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 90,255,509 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 10,395,783 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 20,880,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 100,651,292 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 121,531,292 | |||
Accumulated Depreciation | (49,137,968) | |||
Investment in Real Estate, Net | 72,393,324 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 84,192,433 | |||
Metro on First [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 102 | |||
Initial Cost to Company, Land | $ 8,540,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,209,981 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,455,932 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 8,540,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 14,665,913 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 23,205,913 | |||
Accumulated Depreciation | (7,193,891) | |||
Investment in Real Estate, Net | 16,012,022 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 21,468,471 | |||
Moda [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 251 | |||
Initial Cost to Company, Land | $ 12,649,228 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,842,012 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,903,142 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 12,649,228 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 38,745,154 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 51,394,382 | |||
Accumulated Depreciation | (14,892,031) | |||
Investment in Real Estate, Net | 36,502,351 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Park Place at San Mateo (fka San Mateo) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Mateo, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 575 | |||
Initial Cost to Company, Land | $ 71,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 211,907,141 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 13,628,927 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 71,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 225,536,068 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 297,436,068 | |||
Accumulated Depreciation | (64,679,195) | |||
Investment in Real Estate, Net | $ 232,756,873 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
SoMa Square Apartments (fka South Market) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Francisco, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 410 | |||
Initial Cost to Company, Land | $ 79,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 177,316,977 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 15,704,742 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 79,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 193,021,719 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 272,921,719 | |||
Accumulated Depreciation | (52,889,334) | |||
Investment in Real Estate, Net | $ 220,032,385 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
Square One [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 112 | |||
Initial Cost to Company, Land | $ 7,222,544 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,277,456 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 99,319 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 7,222,544 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,376,775 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 33,599,319 | |||
Accumulated Depreciation | (6,486,674) | |||
Investment in Real Estate, Net | $ 27,112,645 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
Teresina [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chula Vista, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 440 | |||
Initial Cost to Company, Land | $ 28,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,916,670 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,609,660 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 28,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 69,526,330 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 98,126,330 | |||
Accumulated Depreciation | (34,235,450) | |||
Investment in Real Estate, Net | 63,890,880 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 37,940,000 | |||
Vantage Hollywood [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 298 | |||
Initial Cost to Company, Land | $ 42,580,326 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 56,014,674 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 2,850,265 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 42,580,326 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 58,864,939 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 101,445,265 | |||
Accumulated Depreciation | (13,149,796) | |||
Investment in Real Estate, Net | 88,295,469 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 39,550,471 | |||
Vintage [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Ontario, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 300 | |||
Initial Cost to Company, Land | $ 7,059,230 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,677,762 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,742,159 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 7,059,230 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 49,419,921 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 56,479,151 | |||
Accumulated Depreciation | (23,528,467) | |||
Investment in Real Estate, Net | 32,950,684 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 49,085,671 | |||
Vintage at 425 Broadway (fka Promenade) [Memebr] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Santa Monica, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 60 | |||
Initial Cost to Company, Land | $ 9,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 13,961,523 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,918,439 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 9,000,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 15,879,962 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,879,962 | |||
Accumulated Depreciation | (4,816,090) | |||
Investment in Real Estate, Net | $ 20,063,872 | |||
Real Estate And Accumulated Depreciation, Encumbrances Reference | 0 | |||
West 54th [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | New York, NY | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 222 | |||
Initial Cost to Company, Land | $ 60,900,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 48,193,837 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,230,586 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 60,900,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 52,424,423 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 113,324,423 | |||
Accumulated Depreciation | (16,852,716) | |||
Investment in Real Estate, Net | 96,471,707 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 48,684,032 | |||
Westgate (fka Westgate I) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Pasadena, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 480 | |||
Initial Cost to Company, Land | $ 22,898,848 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 133,467,158 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,178,513 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 22,898,848 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 136,645,671 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 159,544,519 | |||
Accumulated Depreciation | (42,104,815) | |||
Investment in Real Estate, Net | 117,439,704 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 96,409,896 | |||
Portfolio/Entity Encumbrances [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 0 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 798,230,171 | |||
Investment in Real Estate - Wholly Owned Encumbered [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 8,425 | |||
Initial Cost to Company, Land | $ 769,823,411 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,274,256,364 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 160,725,623 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 769,823,411 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 2,434,981,987 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 3,204,805,398 | |||
Accumulated Depreciation | (792,348,079) | |||
Investment in Real Estate, Net | 2,412,457,319 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,630,731,451 | |||
2300 Elliott [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 92 | |||
Initial Cost to Company, Land | $ 796,800 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 7,173,725 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,612,428 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 796,800 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 14,786,153 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 15,582,953 | |||
Accumulated Depreciation | (11,840,195) | |||
Investment in Real Estate, Net | 3,742,758 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
A9th & W [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Washington, DC | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,566,064 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 3,566,064 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 3,566,064 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 3,566,064 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Canyon Ridge [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Diego, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 162 | |||
Initial Cost to Company, Land | $ 4,869,448 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 11,955,064 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,156,380 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 4,869,448 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 16,111,444 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 20,980,892 | |||
Accumulated Depreciation | (11,815,991) | |||
Investment in Real Estate, Net | 9,164,901 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Country Oaks [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Agoura Hills, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 256 | |||
Initial Cost to Company, Land | $ 6,105,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,561,865 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,265,339 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 6,105,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 36,827,204 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 42,932,204 | |||
Accumulated Depreciation | (22,480,257) | |||
Investment in Real Estate, Net | 20,451,947 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Harrison Square (fka Elliot Bay) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Seattle, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 166 | |||
Initial Cost to Company, Land | $ 7,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,844,345 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,653,924 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 7,600,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 41,498,269 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 49,098,269 | |||
Accumulated Depreciation | (12,916,108) | |||
Investment in Real Estate, Net | 36,182,161 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Radius Koreatown [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 301 | |||
Initial Cost to Company, Land | $ 32,494,154 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 84,645,202 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 276,918 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 32,494,154 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 84,922,120 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 117,416,274 | |||
Accumulated Depreciation | (11,662,625) | |||
Investment in Real Estate, Net | 105,753,649 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Rosecliff [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Quincy, MA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 156 | |||
Initial Cost to Company, Land | $ 5,460,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,721,570 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 4,373,677 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 5,460,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 20,095,247 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 25,555,247 | |||
Accumulated Depreciation | (13,904,866) | |||
Investment in Real Estate, Net | 11,650,381 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Strayhorse at Arrowhead Ranch [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Glendale, AZ | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 136 | |||
Initial Cost to Company, Land | $ 4,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,968,001 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,162,489 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 4,400,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 14,130,490 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 18,530,490 | |||
Accumulated Depreciation | (7,106,675) | |||
Investment in Real Estate, Net | 11,423,815 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Venn at Main [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 350 | |||
Initial Cost to Company, Land | $ 26,626,497 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 151,652,048 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 226,783 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 26,626,497 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 151,878,831 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 178,505,328 | |||
Accumulated Depreciation | (15,894,448) | |||
Investment in Real Estate, Net | 162,610,880 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Wood Creek II (fka Willow Brook (CA)) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Pleasant Hill, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 228 | |||
Initial Cost to Company, Land | $ 5,055,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 38,388,672 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 9,286,416 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 5,055,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 47,675,088 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 52,730,088 | |||
Accumulated Depreciation | (25,490,323) | |||
Investment in Real Estate, Net | 27,239,765 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Partially Owned Unencumbered [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 1,847 | |||
Initial Cost to Company, Land | $ 93,406,899 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 391,476,556 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 40,014,354 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 93,406,899 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 431,490,910 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 524,897,809 | |||
Accumulated Depreciation | (133,111,488) | |||
Investment in Real Estate, Net | 391,786,321 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Aero Apartments [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Alameda, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 0 | |||
Initial Cost to Company, Land | $ 13,107,242 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,347,948 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 0 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 13,107,242 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 18,347,948 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 31,455,190 | |||
Accumulated Depreciation | 0 | |||
Investment in Real Estate, Net | 31,455,190 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 7,049,636 | |||
Bellevue Meadows [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 180 | |||
Initial Cost to Company, Land | $ 4,507,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,574,814 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,863,119 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 4,507,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 18,437,933 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 22,945,033 | |||
Accumulated Depreciation | (13,949,169) | |||
Investment in Real Estate, Net | 8,995,864 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 16,526,976 | |||
Canyon Creek (CA) [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | San Ramon, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 268 | |||
Initial Cost to Company, Land | $ 5,425,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,812,120 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,911,730 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 5,425,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,723,850 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 32,148,850 | |||
Accumulated Depreciation | (18,327,786) | |||
Investment in Real Estate, Net | 13,821,064 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 28,171,906 | |||
Lantern Cove [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Foster City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 232 | |||
Initial Cost to Company, Land | $ 6,945,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,064,976 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 7,320,624 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 6,945,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 30,385,600 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 37,330,600 | |||
Accumulated Depreciation | (19,807,488) | |||
Investment in Real Estate, Net | 17,523,112 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 36,439,783 | |||
Schooner Bay I [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Foster City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 168 | |||
Initial Cost to Company, Land | $ 5,345,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,390,618 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,854,156 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 5,345,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 26,244,774 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 31,589,774 | |||
Accumulated Depreciation | (17,054,268) | |||
Investment in Real Estate, Net | 14,535,506 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 28,854,243 | |||
Schooner Bay II [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Foster City, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 144 | |||
Initial Cost to Company, Land | $ 4,550,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,064,764 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 5,376,714 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 4,550,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 23,441,478 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 27,991,478 | |||
Accumulated Depreciation | (15,168,558) | |||
Investment in Real Estate, Net | 12,822,920 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 26,159,132 | |||
Surrey Downs [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Bellevue, WA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 122 | |||
Initial Cost to Company, Land | $ 3,057,100 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 7,848,618 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,532,712 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 3,057,100 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 11,381,330 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 14,438,430 | |||
Accumulated Depreciation | (8,356,388) | |||
Investment in Real Estate, Net | 6,082,042 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 9,829,000 | |||
Virgil Square [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Los Angeles, CA | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 142 | |||
Initial Cost to Company, Land | $ 5,500,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,216,613 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 3,380,225 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 5,500,000 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 18,596,838 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 24,096,838 | |||
Accumulated Depreciation | (10,021,205) | |||
Investment in Real Estate, Net | 14,075,633 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 9,893,916 | |||
Wisconsin Place [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Description Of Location | Chevy Chase, MD | |||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 432 | |||
Initial Cost to Company, Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 172,089,355 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,550,321 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 0 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 173,639,676 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 173,639,676 | |||
Accumulated Depreciation | (48,686,702) | |||
Investment in Real Estate, Net | 124,952,974 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 147,953,509 | |||
Partially Owned Encumbered [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 1,688 | |||
Initial Cost to Company, Land | $ 48,436,442 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 306,409,826 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 40,789,601 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 48,436,442 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 347,199,427 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 395,635,869 | |||
Accumulated Depreciation | (151,371,564) | |||
Investment in Real Estate, Net | 244,264,305 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 310,878,101 | |||
Total Consolidated Investment in Real Estate [Member] | ||||
Real Estate And Accumulated Depreciation Abstract | ||||
Real Estate And Accumulated Depreciation Units | ApartmentUnit | 79,962 | |||
Initial Cost to Company, Land | $ 6,024,179,752 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 19,701,445,539 | |||
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures | 1,807,982,135 | |||
Gross Amount Carried at close of period 12/31/2019, Land | 6,024,179,752 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures | 21,509,427,674 | |||
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures | 27,533,607,426 | |||
Accumulated Depreciation | (7,276,786,374) | |||
Investment in Real Estate, Net | 20,256,821,052 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,941,609,552 |
Schedule III - Real Estate an_7
Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate And Accumulated Depreciation [Line Items] | ||
Furniture, fixtures and equipment | $ 1,916,458,000 | $ 1,722,231,000 |
Land and depreciable property net | 13,700,000,000 | $ 14,000,000,000 |
Depreciable Property [Member] | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Furniture, fixtures and equipment | $ 1,916,458,010 | |
Building [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 30 years | |
Renovations and Improvements Minimum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 5 years | |
Renovations and Improvements Maximum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 15 years | |
Replacements Minimum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 5 years | |
Replacements Maximum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 10 years | |
Management Business Renovations and Improvements Minimum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 3 years | |
Management Business Renovations and Improvements Maximum [Member] | ||
Real Estate And Accumulated Depreciation Abstract | ||
Property, Plant and Equipment, Estimated Useful Lives | 7 years |