Essex Property Trust (ESS) 10-K23 Feb 242023 FY Annual reportFinancial data

Company Profile

Cover Page

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Feb. 21, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-13106
Entity Registrant Name	ESSEX PROPERTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	77-0369576
Entity Address, Address Line One	1100 Park Place, Suite 200
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94403
City Area Code	650
Local Phone Number	655-7800
Title of 12(b) Security	Common Stock, $.0001 par value (Essex Property Trust, Inc.)
Trading Symbol	ESS
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 14,926,731,683
Entity Common Stock, Shares Outstanding		64,203,497
Documents Incorporated by Reference	Portions of the definitive Proxy Statement to be filed with the Securities and Exchange Commission (the "SEC") pursuant to Regulation 14A in connection with the 2024 annual meeting of stockholders of Essex Property Trust, Inc. are incorporated by reference in Part III of this Annual Report on Form 10-K. Such Proxy Statement will be filed with the SEC within 120 days of December 31, 2023.
Entity Central Index Key	0000920522
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Essex Portfolio, L.P.
Entity Information [Line Items]
Entity File Number	333-44467-01
Entity Registrant Name	ESSEX PORTFOLIO, L.P.
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	77-0369575
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor [Line Items]
Auditor Name	KPMG LLP
Auditor Location	San Francisco, California
Auditor Firm ID	185
Essex Portfolio, L.P.
Auditor [Line Items]
Auditor Name	KPMG LLP
Auditor Location	San Francisco, California
Auditor Firm ID	185

EPT - Consolidated Balance Shee

EPT - Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Rental properties:
Land and land improvements	$ 3,036,912	$ 3,043,321
Buildings and improvements	13,098,311	12,922,906
Total rental properties	16,135,223	15,966,227
Less: accumulated depreciation	(5,664,931)	(5,152,133)
Net real estate	10,470,292	10,814,094
Real estate under development	23,724	24,857
Co-investments	1,061,733	1,127,491
Total real estate	11,555,749	11,966,442
Cash and cash equivalents-unrestricted	391,749	33,295
Cash and cash equivalents-restricted	8,585	9,386
Marketable securities, net of allowance for credit losses of zero as of both December 31, 2023 and December 31, 2022	87,795	112,743
Notes and other receivables, net of allowance for credit losses of $0.7 million and $0.3 million as of December 31, 2023 and December 31, 2022 (includes related party receivables of $6.1 million and $7.0 million as of December 31, 2023 and December 31, 2022, respectively)	174,621	103,045
Operating lease right-of-use assets	63,757	67,239
Prepaid expenses and other assets	79,171	80,755
Total assets	12,361,427	12,372,905
LIABILITIES AND EQUITY
Unsecured debt, net	5,318,531	5,312,168
Mortgage notes payable, net	887,204	593,943
Lines of credit	0	52,073
Accounts payable and accrued liabilities	176,401	165,461
Construction payable	20,659	23,159
Dividends payable	155,695	149,166
Distributions in excess of investments in co-investments	65,488	42,532
Operating lease liabilities	65,091	68,696
Other liabilities	46,175	43,441
Total liabilities	6,735,244	6,450,639
Commitments and contingencies
Redeemable noncontrolling interest	32,205	27,150
Equity:
Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,203,497 and 64,604,603 shares issued and outstanding, respectively	6	6
Additional paid-in capital	6,656,720	6,750,076
Distributions in excess of accumulated earnings	(1,267,536)	(1,080,176)
Accumulated other comprehensive income, net	33,556	46,466
Total stockholders' equity	5,422,746	5,716,372
Noncontrolling interest	171,232	178,744
Total equity	5,593,978	5,895,116
Total liabilities and equity	$ 12,361,427	$ 12,372,905

EPT - Consolidated Balance Sh_2

EPT - Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Marketable securities, allowance for credit loss	$ 0	$ 0
Notes and other receivable, allowance for credit loss	$ 687,000	$ 334,000
Common stock, par value per share (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	670,000,000	670,000,000
Common stock shares issued (in shares)	64,203,497	64,604,603
Common stock shares outstanding (in shares)	64,203,497	64,604,603
Related Party
Notes and other receivable, allowance for credit loss	$ 6,100,000	$ 7,000,000

EPT - Consolidated Statements o

EPT - Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Rental and other property	$ 1,658,264	$ 1,595,675	$ 1,431,418
Management and other fees from affiliates	11,131	11,139	9,138
Total revenues	1,669,395	1,606,814	1,440,556
Expenses:
Property operating, excluding real estate taxes	299,672	283,351	264,869
Real estate taxes	185,807	183,918	180,367
Corporate-level property management expenses	45,872	40,704	36,211
Depreciation and amortization	548,438	539,319	520,066
General and administrative	63,474	56,577	51,838
Expensed acquisition and investment related costs	595	2,132	203
Casualty loss	433	0	0
Total expenses	1,144,291	1,106,001	1,053,554
Gain on sale of real estate and land	59,238	94,416	142,993
Earnings from operations	584,342	595,229	529,995
Interest expense	(212,905)	(204,798)	(203,125)
Total return swap income	3,148	7,907	10,774
Interest and other income (loss)	46,259	(19,040)	98,744
Equity income from co-investments	10,561	26,030	111,721
Tax (expense) benefit on unconsolidated co-investments	(697)	10,236	(15,668)
Loss on early retirement of debt, net	0	(2)	(19,010)
Gain on remeasurement of co-investment	0	17,423	2,260
Net income	430,708	432,985	515,691
Net income attributable to noncontrolling interest	(24,883)	(24,670)	(27,137)
Net income available to common stockholders	$ 405,825	$ 408,315	$ 488,554
Basic:
Net income available to common stockholders/unitholders (in dollars per share)	$ 6.32	$ 6.27	$ 7.51
Weighted average number of shares/units outstanding during the year (in shares)	64,252,232	65,079,764	65,051,465
Diluted:
Net income available to common stockholders/unitholders (in dollars per share)	$ 6.32	$ 6.27	$ 7.51
Weighted average number of shares/units outstanding during the year (in shares)	64,253,385	65,098,186	65,088,874

EPT - Consolidated Statements_2

EPT - Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 430,708	$ 432,985	$ 515,691
Other comprehensive income (loss):
Change in fair value of derivatives and amortization of swap settlements	(13,364)	54,158	9,170
Change in fair value of marketable debt securities, net	0	233	329
Reversal of unrealized gains upon the sale of marketable debt securities	0	(577)	0
Total other comprehensive (loss) income	(13,364)	53,814	9,499
Comprehensive income	417,344	486,799	525,190
Comprehensive income attributable to noncontrolling interest	(24,429)	(26,466)	(27,459)
Comprehensive income attributable to controlling interest	$ 392,915	$ 460,333	$ 497,731

EPT - Consolidated Statements_3

EPT - Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Distributions in excess of accumulated earnings	Accumulated other comprehensive income (loss), net	Noncontrolling interest
Balance at period beginning (in shares) at Dec. 31, 2020		64,999
Balance at period beginning at Dec. 31, 2020	$ 6,183,192	$ 6	$ 6,876,326	$ (861,193)	$ (14,729)	$ 182,782
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	515,691			488,554		27,137
Reversal of unrealized gains upon the sale of marketable debt securities	0
Change in fair value of derivatives and amortization of swap settlements	9,170				8,859	311
Change in fair value of marketable debt securities, net	329				318	11
Issuance of common stock under:
Stock option and restricted stock plans, net (in shares)		279
Stock option and restricted stock plans, net	53,052	$ 1	53,051
Sale of common stock, net	(455)		(455)
Equity based compensation costs	11,683		11,286			397
Retirement of common stock, net (in shares)		(40)
Retirement of common stock, net	(9,172)		(9,172)
Changes in the redemption value of redeemable noncontrolling interest	(6,890)		(7,489)			599
Contributions from noncontrolling interest	1,900					1,900
Distributions to noncontrolling interest	(29,341)					(29,341)
Redemptions of noncontrolling interest (in shares)		10
Redemptions of noncontrolling interest	(8,457)		(7,566)			(891)
Common stock dividends	(544,194)			(544,194)
Balance at period end (in shares) at Dec. 31, 2021		65,248
Balance at period end at Dec. 31, 2021	6,176,508	$ 7	6,915,981	(916,833)	(5,552)	182,905
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	432,985			408,315		24,670
Reversal of unrealized gains upon the sale of marketable debt securities	(577)				(557)	(20)
Change in fair value of derivatives and amortization of swap settlements	54,158				52,351	1,807
Change in fair value of marketable debt securities, net	233				224	9
Issuance of common stock under:
Stock option and restricted stock plans, net (in shares)		89
Stock option and restricted stock plans, net	17,309		17,309
Sale of common stock, net	(314)		(314)
Equity based compensation costs	11,446		11,059			387
Retirement of common stock, net (in shares)		(740)
Retirement of common stock, net	(189,726)	$ (1)	(189,725)
Changes in the redemption value of redeemable noncontrolling interest	7,038		6,230			808
Contributions from noncontrolling interest	125					125
Distributions to noncontrolling interest	(30,959)					(30,959)
Redemptions of noncontrolling interest (in shares)		8
Redemptions of noncontrolling interest	(11,452)		(10,464)			(988)
Common stock dividends	(571,658)			(571,658)
Balance at period end (in shares) at Dec. 31, 2022		64,605
Balance at period end at Dec. 31, 2022	5,895,116	$ 6	6,750,076	(1,080,176)	46,466	178,744
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	430,708			405,825		24,883
Reversal of unrealized gains upon the sale of marketable debt securities	0
Change in fair value of derivatives and amortization of swap settlements	(13,364)				(12,910)	(454)
Change in fair value of marketable debt securities, net	0
Issuance of common stock under:
Stock option and restricted stock plans, net (in shares)		21
Stock option and restricted stock plans, net	(3,825)		(3,825)
Sale of common stock, net	(347)		(347)
Equity based compensation costs	12,135		11,723			412
Retirement of common stock, net (in shares)		(437)
Retirement of common stock, net	(95,657)		(95,657)
Changes in the redemption value of redeemable noncontrolling interest	(5,055)		(5,150)			95
Distributions to noncontrolling interest	(31,939)					(31,939)
Redemptions of noncontrolling interest (in shares)		14
Redemptions of noncontrolling interest	(609)		(100)			(509)
Common stock dividends	(593,185)			(593,185)
Balance at period end (in shares) at Dec. 31, 2023		64,203
Balance at period end at Dec. 31, 2023	$ 5,593,978	$ 6	$ 6,656,720	$ (1,267,536)	$ 33,556	$ 171,232

EPT - Consolidated Statements_4

EPT - Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 9.24	$ 8.80	$ 8.36

EPT - Consolidated Statements_5

EPT - Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 430,708	$ 432,985	$ 515,691
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents	2,773	3,330	9,672
Depreciation and amortization	548,438	539,319	520,066
Amortization of discount and debt financing costs, net	6,911	6,712	9,538
Realized and unrealized (gains) losses on marketable securities, net	(10,006)	45,547	(36,504)
Income from early redemption of notes receivable	0	(811)	(4,939)
Provision for credit losses	70	381	141
Equity income from co-investments	(10,561)	(26,030)	(111,721)
Operating distributions from co-investments	76,787	95,256	104,833
Accrued interest from notes and other receivables	(12,631)	(13,953)	(15,902)
Casualty loss	433	0	0
Gain on the sale of real estate and land	(59,238)	(94,416)	(142,993)
Equity-based compensation	8,031	7,206	7,308
Loss on early retirement of debt, net	0	2	19,010
Gain on remeasurement of co-investment	0	(17,423)	(2,260)
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets	(9,721)	5,183	4,878
Accounts payable, accrued liabilities, and operating lease liabilities	5,335	(17,266)	22,298
Other liabilities	2,735	9,627	6,143
Net cash provided by operating activities	980,064	975,649	905,259
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	(25,098)	(21,870)	(153,481)
Redevelopment	(72,577)	(96,718)	(61,671)
Development acquisitions of and additions to development real estate	(7,872)	(27,713)	(49,784)
Capital expenditures on rental properties	(140,371)	(163,193)	(121,195)
Investments in notes receivable	(58,127)	(168,095)	(245,144)
Collections of notes and other receivables	0	412,006	104,405
Proceeds from insurance for property losses	3,431	4,325	879
Proceeds from dispositions of real estate	99,388	157,985	297,454
Contributions to co-investments	(37,405)	(163,188)	(306,266)
Changes in refundable deposits	10,200	(16,318)	(9,486)
Purchases of marketable securities	(20,780)	(18,109)	(23,805)
Sales and maturities of marketable securities	64,320	71,222	16,577
Non-operating distributions from co-investments	39,751	175,624	154,120
Net cash (used in) provided by investing activities	(145,140)	145,958	(397,397)
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes	598,000	0	745,505
Payments on unsecured debt and mortgage notes	(302,429)	(64,542)	(1,053,501)
Proceeds from lines of credit	844,046	1,376,452	1,050,589
Repayments of lines of credit	(896,119)	(1,665,636)	(709,332)
Retirement of common stock	(95,657)	(189,726)	(9,172)
Additions to deferred charges	(1,736)	(2,638)	(8,350)
Payments related to debt prepayment penalties	0	0	(18,342)
Net proceeds from issuance of common stock	(347)	(314)	(455)
Net proceeds from stock options exercised	0	19,525	58,497
Payments related to tax withholding for share-based compensation	(3,825)	(2,216)	(5,445)
Contributions from noncontrolling interest	0	125	1,900
Distributions to noncontrolling interest	(31,619)	(30,740)	(29,379)
Redemption of noncontrolling interest	(609)	(11,452)	(8,457)
Redemption of redeemable noncontrolling interest	0	(478)	(4,463)
Common stock dividends paid	(586,976)	(565,924)	(542,860)
Net cash used in financing activities	(477,271)	(1,137,564)	(533,265)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents	357,653	(15,957)	(25,403)
Unrestricted and restricted cash and cash equivalents at beginning of period	42,681	58,638	84,041
Unrestricted and restricted cash and cash equivalents at end of period	400,334	42,681	58,638
Supplemental disclosure of cash flow information:
Cash paid for interest, net of capitalized interest	207,038	198,323	194,203
Interest capitalized	823	2,272	6,153
Operating cash flows from operating leases	6,962	6,987	6,963
Supplemental disclosure of noncash investing and financing activities:
Transfers between real estate under development and rental properties, net	1,497	100,737	328,393
Transfer from real estate under development to co-investments	1,732	2,276	3,068
Reclassifications to (from) redeemable noncontrolling interest from additional paid in capital and noncontrolling interest	5,055	(7,038)	6,890
Debt assumed in connection with acquisition	$ 0	$ 21,303	$ 0

EPLP - Consolidated Balance She

EPLP - Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Rental properties:
Land and land improvements	$ 3,036,912	$ 3,043,321
Buildings and improvements	13,098,311	12,922,906
Total rental properties	16,135,223	15,966,227
Less: accumulated depreciation	(5,664,931)	(5,152,133)
Net real estate	10,470,292	10,814,094
Real estate under development	23,724	24,857
Co-investments	1,061,733	1,127,491
Total real estate	11,555,749	11,966,442
Cash and cash equivalents-unrestricted	391,749	33,295
Cash and cash equivalents-restricted	8,585	9,386
Marketable securities, net of allowance for credit losses of zero as of both December 31, 2023 and December 31, 2022	87,795	112,743
Notes and other receivables, net of allowance for credit losses of $0.7 million and $0.3 million as of December 31, 2023 and December 31, 2022 (includes related party receivables of $6.1 million and $7.0 million as of December 31, 2023 and December 31, 2022, respectively)	174,621	103,045
Operating lease right-of-use assets	63,757	67,239
Prepaid expenses and other assets	79,171	80,755
Total assets	12,361,427	12,372,905
LIABILITIES AND CAPITAL
Unsecured debt, net	5,318,531	5,312,168
Mortgage notes payable, net	887,204	593,943
Lines of credit	0	52,073
Accounts payable and accrued liabilities	176,401	165,461
Construction payable	20,659	23,159
Dividends payable	155,695	149,166
Distributions in excess of investments in co-investments	65,488	42,532
Operating lease liabilities	65,091	68,696
Other liabilities	46,175	43,441
Total liabilities	6,735,244	6,450,639
Commitments and contingencies
Redeemable noncontrolling interest	32,205	27,150
Limited Partners:
Accumulated other comprehensive income	33,556	46,466
Noncontrolling interest	171,232	178,744
Total liabilities and equity	12,361,427	12,372,905
Essex Portfolio, L.P.
Rental properties:
Land and land improvements	3,036,912	3,043,321
Buildings and improvements	13,098,311	12,922,906
Total rental properties	16,135,223	15,966,227
Less: accumulated depreciation	(5,664,931)	(5,152,133)
Net real estate	10,470,292	10,814,094
Real estate under development	23,724	24,857
Co-investments	1,061,733	1,127,491
Total real estate	11,555,749	11,966,442
Cash and cash equivalents-unrestricted	391,749	33,295
Cash and cash equivalents-restricted	8,585	9,386
Marketable securities, net of allowance for credit losses of zero as of both December 31, 2023 and December 31, 2022	87,795	112,743
Notes and other receivables, net of allowance for credit losses of $0.7 million and $0.3 million as of December 31, 2023 and December 31, 2022 (includes related party receivables of $6.1 million and $7.0 million as of December 31, 2023 and December 31, 2022, respectively)	174,621	103,045
Operating lease right-of-use assets	63,757	67,239
Prepaid expenses and other assets	79,171	80,755
Total assets	12,361,427	12,372,905
LIABILITIES AND CAPITAL
Unsecured debt, net	5,318,531	5,312,168
Mortgage notes payable, net	887,204	593,943
Lines of credit	0	52,073
Accounts payable and accrued liabilities	176,401	165,461
Construction payable	20,659	23,159
Dividends payable	155,695	149,166
Distributions in excess of investments in co-investments	65,488	42,532
Operating lease liabilities	65,091	68,696
Other liabilities	46,175	43,441
Total liabilities	6,735,244	6,450,639
Commitments and contingencies
Redeemable noncontrolling interest	32,205	27,150
Limited Partners:
Accumulated other comprehensive income	38,646	52,010
Total partners' capital	5,472,827	5,773,370
Noncontrolling interest	121,151	121,746
Total capital	5,593,978	5,895,116
Total liabilities and equity	12,361,427	12,372,905
Essex Portfolio, L.P. \| General Partner
General Partner:
Common equity (64,203,497 and 64,604,603 units issued and outstanding, respectively)	5,389,190	5,669,906
Essex Portfolio, L.P. \| General Partner \| Common Equity
General Partner:
Common equity (64,203,497 and 64,604,603 units issued and outstanding, respectively)	5,389,190	5,669,906
Limited Partners:
Total capital	5,389,190	5,669,906
Essex Portfolio, L.P. \| Limited Partner
Limited Partners:
Common equity (2,258,812 and 2,272,496 units issued and outstanding, respectively)	44,991	51,454
Essex Portfolio, L.P. \| Limited Partner \| Common Equity
Limited Partners:
Total capital	$ 44,991	$ 51,454

EPLP - Consolidated Balance S_2

EPLP - Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Marketable securities, allowance for credit loss	$ 0	$ 0
Notes and other receivable, allowance for credit loss	$ 687,000	$ 334,000
Common stock shares issued (in shares)	64,203,497	64,604,603
Common stock shares outstanding (in shares)	64,203,497	64,604,603
Related Party
Notes and other receivable, allowance for credit loss	$ 6,100,000	$ 7,000,000
Essex Portfolio, L.P.
Marketable securities, allowance for credit loss	0	0
Notes and other receivable, allowance for credit loss	$ 700,000	$ 300,000
Essex Portfolio, L.P. \| General Partner
Common stock shares issued (in shares)	64,203,497	64,604,603
Common stock shares outstanding (in shares)	64,203,497	64,604,603
Essex Portfolio, L.P. \| Limited Partner
Common stock shares issued (in shares)	2,258,812	2,272,496
Common stock shares outstanding (in shares)	2,258,812	2,272,496
Essex Portfolio, L.P. \| Related Party
Notes and other receivable, allowance for credit loss	$ 6,100,000	$ 7,000,000

EPLP - Consolidated Statements

EPLP - Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Rental and other property	$ 1,658,264	$ 1,595,675	$ 1,431,418
Management and other fees from affiliates	11,131	11,139	9,138
Total revenues	1,669,395	1,606,814	1,440,556
Expenses:
Property operating, excluding real estate taxes	299,672	283,351	264,869
Real estate taxes	185,807	183,918	180,367
Corporate-level property management expenses	45,872	40,704	36,211
Depreciation and amortization	548,438	539,319	520,066
General and administrative	63,474	56,577	51,838
Expensed acquisition and investment related costs	595	2,132	203
Casualty loss	433	0	0
Total expenses	1,144,291	1,106,001	1,053,554
Gain on sale of real estate and land	59,238	94,416	142,993
Earnings from operations	584,342	595,229	529,995
Interest expense	(212,905)	(204,798)	(203,125)
Total return swap income	3,148	7,907	10,774
Interest and other income (loss)	46,259	(19,040)	98,744
Equity income from co-investments	10,561	26,030	111,721
Tax (expense) benefit on unconsolidated co-investments	(697)	10,236	(15,668)
Loss on early retirement of debt, net	0	(2)	(19,010)
Gain on remeasurement of co-investment	0	17,423	2,260
Net income	430,708	432,985	515,691
Net income attributable to noncontrolling interest	(24,883)	(24,670)	(27,137)
Net income available to common stockholders	$ 405,825	$ 408,315	$ 488,554
Basic:
Net income available to common stockholders/unitholders (in dollars per share)	$ 6.32	$ 6.27	$ 7.51
Weighted average number of shares/units outstanding during the year (in shares)	64,252,232	65,079,764	65,051,465
Diluted:
Net income available to common stockholders/unitholders (in dollars per share)	$ 6.32	$ 6.27	$ 7.51
Weighted average number of shares/units outstanding during the year (in shares)	64,253,385	65,098,186	65,088,874
Essex Portfolio, L.P.
Revenues:
Rental and other property	$ 1,658,264	$ 1,595,675	$ 1,431,418
Management and other fees from affiliates	11,131	11,139	9,138
Total revenues	1,669,395	1,606,814	1,440,556
Expenses:
Property operating, excluding real estate taxes	299,672	283,351	264,869
Real estate taxes	185,807	183,918	180,367
Corporate-level property management expenses	45,872	40,704	36,211
Depreciation and amortization	548,438	539,319	520,066
General and administrative	63,474	56,577	51,838
Expensed acquisition and investment related costs	595	2,132	203
Casualty loss	433	0	0
Total expenses	1,144,291	1,106,001	1,053,554
Gain on sale of real estate and land	59,238	94,416	142,993
Earnings from operations	584,342	595,229	529,995
Interest expense	(212,905)	(204,798)	(203,125)
Total return swap income	3,148	7,907	10,774
Interest and other income (loss)	46,259	(19,040)	98,744
Equity income from co-investments	10,561	26,030	111,721
Tax (expense) benefit on unconsolidated co-investments	(697)	10,236	(15,668)
Loss on early retirement of debt, net	0	(2)	(19,010)
Gain on remeasurement of co-investment	0	17,423	2,260
Net income	430,708	432,985	515,691
Net income attributable to noncontrolling interest	(10,599)	(10,373)	(9,946)
Net income available to common stockholders	$ 420,109	$ 422,612	$ 505,745
Basic:
Net income available to common stockholders/unitholders (in dollars per share)	$ 6.32	$ 6.27	$ 7.51
Weighted average number of shares/units outstanding during the year (in shares)	66,513,303	67,356,105	67,340,856
Diluted:
Net income available to common stockholders/unitholders (in dollars per share)	$ 6.32	$ 6.27	$ 7.51
Weighted average number of shares/units outstanding during the year (in shares)	66,514,456	67,374,527	67,378,265

EPLP - Consolidated Statement_2

EPLP - Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income	$ 430,708	$ 432,985	$ 515,691
Other comprehensive income (loss):
Change in fair value of derivatives and amortization of swap settlements	(13,364)	54,158	9,170
Change in fair value of marketable debt securities, net	0	233	329
Reversal of unrealized gains upon the sale of marketable debt securities	0	(577)	0
Total other comprehensive (loss) income	(13,364)	53,814	9,499
Comprehensive income	417,344	486,799	525,190
Comprehensive income attributable to noncontrolling interest	(24,429)	(26,466)	(27,459)
Comprehensive income attributable to controlling interest	392,915	460,333	497,731
Essex Portfolio, L.P.
Net income	430,708	432,985	515,691
Other comprehensive income (loss):
Change in fair value of derivatives and amortization of swap settlements	(13,364)	54,158	9,170
Change in fair value of marketable debt securities, net	0	233	329
Reversal of unrealized gains upon the sale of marketable debt securities	0	(577)	0
Total other comprehensive (loss) income	(13,364)	53,814	9,499
Comprehensive income	417,344	486,799	525,190
Comprehensive income attributable to noncontrolling interest	(10,599)	(10,373)	(9,946)
Comprehensive income attributable to controlling interest	$ 406,745	$ 476,426	$ 515,244

EPLP - Consolidated Statement_3

EPLP - Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	$ 430,708	$ 432,985	$ 515,691
Change in fair value of derivatives and amortization of swap settlements	(13,364)	54,158	9,170
Change in fair value of marketable debt securities, net	0	233	329
Issuance of common stock under:
Sale of common stock by general partner, net	(347)	(314)	(455)
Retirement of common units, net	(95,657)	(189,726)	(9,172)
Changes in the redemption value of redeemable noncontrolling interest	(5,055)	7,038	(6,890)
Contributions from noncontrolling interest		125	1,900
Distributions to noncontrolling interest	(31,939)	(30,959)	(29,341)
Redemptions	(609)	(11,452)	(8,457)
Essex Portfolio, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning	5,895,116	6,176,508	6,183,192
Net income	430,708	432,985	515,691
Reversal of unrealized gains upon the sale of marketable debt securities		(577)
Change in fair value of derivatives and amortization of swap settlements	(13,364)	54,158	9,170
Change in fair value of marketable debt securities, net	0	233	329
Issuance of common stock under:
General partner's stock based compensation, net	(3,825)	17,309	53,052
Sale of common stock by general partner, net	(347)	(314)	(455)
Equity based compensation costs	12,135	11,446	11,683
Retirement of common units, net	(95,657)	(189,726)	(9,172)
Changes in the redemption value of redeemable noncontrolling interest	(5,055)	7,038	(6,890)
Contributions from noncontrolling interest		125	1,900
Distributions to noncontrolling interest	(11,060)	(10,935)	(10,215)
Redemptions	(609)	(11,452)	(8,457)
Distributions declared	(614,064)	(591,682)	(563,320)
Balance at period end	5,593,978	5,895,116	6,176,508
Essex Portfolio, L.P. \| Accumulated other comprehensive income (loss), net
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning	52,010	(1,804)	(11,303)
Reversal of unrealized gains upon the sale of marketable debt securities		(577)
Change in fair value of derivatives and amortization of swap settlements	(13,364)	54,158	9,170
Change in fair value of marketable debt securities, net		233	329
Issuance of common stock under:
Balance at period end	38,646	52,010	(1,804)
Essex Portfolio, L.P. \| Noncontrolling interest
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning	121,746	122,655	121,172
Net income	10,599	10,373	9,946
Issuance of common stock under:
Changes in the redemption value of redeemable noncontrolling interest	20	422	447
Contributions from noncontrolling interest		125	1,900
Distributions to noncontrolling interest	(11,060)	(10,935)	(10,215)
Redemptions	(154)	(894)	(595)
Balance at period end	$ 121,151	$ 121,746	$ 122,655
Essex Portfolio, L.P. \| General Partner \| Common Equity
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning (in shares)	64,605	65,248	64,999
Balance at period beginning	$ 5,669,906	$ 5,999,155	$ 6,015,139
Net income	$ 405,825	$ 408,315	$ 488,554
Issuance of common stock under:
General partner's stock based compensation, net (in shares)	21	89	279
General partner's stock based compensation, net	$ (3,825)	$ 17,309	$ 53,052
Sale of common stock by general partner, net	(347)	(314)	(455)
Equity based compensation costs	$ 11,723	$ 11,059	$ 11,286
Retirement of common units, net (in shares)	(437)	(740)	(40)
Retirement of common units, net	$ (95,657)	$ (189,726)	$ (9,172)
Changes in the redemption value of redeemable noncontrolling interest	$ (5,150)	$ 6,230	$ (7,489)
Redemptions (in shares)	14	8	10
Redemptions	$ (100)	$ (10,464)	$ (7,566)
Distributions declared	$ (593,185)	$ (571,658)	$ (544,194)
Balance at period end (in shares)	64,203	64,605	65,248
Balance at period end	$ 5,389,190	$ 5,669,906	$ 5,999,155
Essex Portfolio, L.P. \| Limited Partner \| Common Equity
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning (in shares)	2,272	2,282	2,295
Balance at period beginning	$ 51,454	$ 56,502	$ 58,184
Net income	14,284	14,297	17,191
Issuance of common stock under:
Equity based compensation costs	412	387	397
Changes in the redemption value of redeemable noncontrolling interest	$ 75	$ 386	$ 152
Redemptions (in shares)	(13)	(10)	(13)
Redemptions	$ (355)	$ (94)	$ (296)
Distributions declared	$ (20,879)	$ (20,024)	$ (19,126)
Balance at period end (in shares)	2,259	2,272	2,282
Balance at period end	$ 44,991	$ 51,454	$ 56,502

EPLP - Consolidated Statement_4

EPLP - Consolidated Statements of Capital (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Essex Portfolio, L.P.
Distributions declared (in dollars per share)	$ 9.24	$ 8.80	$ 8.36

EPLP - Consolidated Statement_5

EPLP - Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 430,708	$ 432,985	$ 515,691
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents	2,773	3,330	9,672
Depreciation and amortization	548,438	539,319	520,066
Amortization of discount and debt financing costs, net	6,911	6,712	9,538
Realized and unrealized (gains) losses on marketable securities, net	(10,006)	45,547	(36,504)
Income from early redemption of notes receivable	0	(811)	(4,939)
Provision for credit losses	70	381	141
Equity income from co-investments	(10,561)	(26,030)	(111,721)
Operating distributions from co-investments	76,787	95,256	104,833
Accrued interest from notes and other receivables	(12,631)	(13,953)	(15,902)
Casualty loss	433	0	0
Gain on the sale of real estate and land	(59,238)	(94,416)	(142,993)
Equity-based compensation	8,031	7,206	7,308
Loss on early retirement of debt, net	0	2	19,010
Gain on remeasurement of co-investment	0	(17,423)	(2,260)
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets	(9,721)	5,183	4,878
Accounts payable, accrued liabilities, and operating lease liabilities	5,335	(17,266)	22,298
Other liabilities	2,735	9,627	6,143
Net cash provided by operating activities	980,064	975,649	905,259
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	(25,098)	(21,870)	(153,481)
Redevelopment	(72,577)	(96,718)	(61,671)
Development acquisitions of and additions to development real estate	(7,872)	(27,713)	(49,784)
Capital expenditures on rental properties	(140,371)	(163,193)	(121,195)
Investments in notes receivable	(58,127)	(168,095)	(245,144)
Collections of notes and other receivables	0	412,006	104,405
Proceeds from insurance for property losses	3,431	4,325	879
Proceeds from dispositions of real estate	99,388	157,985	297,454
Contributions to co-investments	(37,405)	(163,188)	(306,266)
Changes in refundable deposits	10,200	(16,318)	(9,486)
Purchases of marketable securities	(20,780)	(18,109)	(23,805)
Sales and maturities of marketable securities	64,320	71,222	16,577
Non-operating distributions from co-investments	39,751	175,624	154,120
Net cash (used in) provided by investing activities	(145,140)	145,958	(397,397)
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes	598,000	0	745,505
Payments on unsecured debt and mortgage notes	(302,429)	(64,542)	(1,053,501)
Proceeds from lines of credit	844,046	1,376,452	1,050,589
Repayments of lines of credit	(896,119)	(1,665,636)	(709,332)
Retirement of common units	(95,657)	(189,726)	(9,172)
Additions to deferred charges	(1,736)	(2,638)	(8,350)
Payments related to debt prepayment penalties	0	0	(18,342)
Net proceeds from issuance of common units	(347)	(314)	(455)
Net proceeds from stock options exercised	0	19,525	58,497
Payments related to tax withholding for share-based compensation	(3,825)	(2,216)	(5,445)
Contributions from noncontrolling interest	0	125	1,900
Distributions to noncontrolling interest	(31,619)	(30,740)	(29,379)
Redemption of noncontrolling interest	(609)	(11,452)	(8,457)
Redemption of redeemable noncontrolling interests	0	(478)	(4,463)
Common units distributions paid	(586,976)	(565,924)	(542,860)
Net cash used in financing activities	(477,271)	(1,137,564)	(533,265)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents	357,653	(15,957)	(25,403)
Unrestricted and restricted cash and cash equivalents at beginning of period	42,681	58,638	84,041
Unrestricted and restricted cash and cash equivalents at end of period	400,334	42,681	58,638
Supplemental disclosure of cash flow information:
Cash paid for interest, net of capitalized interest	207,038	198,323	194,203
Interest capitalized	823	2,272	6,153
Operating cash flows from operating leases	6,962	6,987	6,963
Supplemental disclosure of noncash investing and financing activities:
Transfers between real estate under development and rental properties, net	1,497	100,737	328,393
Transfer from real estate under development to co-investments	1,732	2,276	3,068
Reclassifications to (from) redeemable noncontrolling interest from additional paid in capital and noncontrolling interest	5,055	(7,038)	6,890
Debt assumed in connection with acquisition	0	21,303	0
Essex Portfolio, L.P.
Cash flows from operating activities:
Net income	430,708	432,985	515,691
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents	2,773	3,330	9,672
Depreciation and amortization	548,438	539,319	520,066
Amortization of discount and debt financing costs, net	6,911	6,712	9,538
Realized and unrealized (gains) losses on marketable securities, net	(10,006)	45,547	(36,504)
Income from early redemption of notes receivable	0	(811)	(4,939)
Provision for credit losses	70	381	141
Equity income from co-investments	(10,561)	(26,030)	(111,721)
Operating distributions from co-investments	76,787	95,256	104,833
Accrued interest from notes and other receivables	(12,631)	(13,953)	(15,902)
Casualty loss	433	0	0
Gain on the sale of real estate and land	(59,238)	(94,416)	(142,993)
Equity-based compensation	8,031	7,206	7,308
Loss on early retirement of debt, net	0	2	19,010
Gain on remeasurement of co-investment	0	(17,423)	(2,260)
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets	(9,721)	5,183	4,878
Accounts payable, accrued liabilities, and operating lease liabilities	5,335	(17,266)	22,298
Other liabilities	2,735	9,627	6,143
Net cash provided by operating activities	980,064	975,649	905,259
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	(25,098)	(21,870)	(153,481)
Redevelopment	(72,577)	(96,718)	(61,671)
Development acquisitions of and additions to development real estate	(7,872)	(27,713)	(49,784)
Capital expenditures on rental properties	(140,371)	(163,193)	(121,195)
Investments in notes receivable	(58,127)	(168,095)	(245,144)
Collections of notes and other receivables	0	412,006	104,405
Proceeds from insurance for property losses	3,431	4,325	879
Proceeds from dispositions of real estate	99,388	157,985	297,454
Contributions to co-investments	(37,405)	(163,188)	(306,266)
Changes in refundable deposits	10,200	(16,318)	(9,486)
Purchases of marketable securities	(20,780)	(18,109)	(23,805)
Sales and maturities of marketable securities	64,320	71,222	16,577
Non-operating distributions from co-investments	39,751	175,624	154,120
Net cash (used in) provided by investing activities	(145,140)	145,958	(397,397)
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes	598,000	0	745,505
Payments on unsecured debt and mortgage notes	(302,429)	(64,542)	(1,053,501)
Proceeds from lines of credit	844,046	1,376,452	1,050,589
Repayments of lines of credit	(896,119)	(1,665,636)	(709,332)
Retirement of common units	(95,657)	(189,726)	(9,172)
Additions to deferred charges	(1,736)	(2,638)	(8,350)
Payments related to debt prepayment penalties	0	0	(18,342)
Net proceeds from issuance of common units	(347)	(314)	(455)
Net proceeds from stock options exercised	0	19,525	58,497
Payments related to tax withholding for share-based compensation	(3,825)	(2,216)	(5,445)
Contributions from noncontrolling interest	0	125	1,900
Distributions to noncontrolling interest	(8,558)	(8,450)	(8,369)
Redemption of noncontrolling interest	(609)	(11,452)	(8,457)
Redemption of redeemable noncontrolling interests	0	(478)	(4,463)
Common units distributions paid	(610,037)	(588,214)	(563,870)
Net cash used in financing activities	(477,271)	(1,137,564)	(533,265)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents	357,653	(15,957)	(25,403)
Unrestricted and restricted cash and cash equivalents at beginning of period	42,681	58,638	84,041
Unrestricted and restricted cash and cash equivalents at end of period	400,334	42,681	58,638
Supplemental disclosure of cash flow information:
Cash paid for interest, net of capitalized interest	207,038	198,323	194,203
Interest capitalized	823	2,272	6,153
Operating cash flows from operating leases	6,962	6,987	6,963
Supplemental disclosure of noncash investing and financing activities:
Transfers between real estate under development and rental properties, net	1,497	100,737	328,393
Transfer from real estate under development to co-investments	1,732	2,276	3,068
Reclassifications to (from) redeemable noncontrolling interest from additional paid in capital and noncontrolling interest	5,055	(7,038)	6,890
Debt assumed in connection with acquisition	$ 0	$ 21,303	$ 0

Organization

Organization	12 Months Ended
Organization	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization The accompanying consolidated financial statements present the accounts of Essex Property Trust, Inc. ("Essex" or the "Company"), which include the accounts of the Company and Essex Portfolio, L.P. and its subsidiaries (the "Operating Partnership," which holds the operating assets of the Company). Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership. Essex is the sole general partner of the Operating Partnership with a 96.6% general partner interest and the limited partners owned a 3.4% interest as of December 31, 2023. The limited partners may convert their Operating Partnership units into an equivalent number of shares of Essex common stock. Total Operating Partnership limited partnership units ("OP Units," and the holders of such OP Units, "Unitholders") outstanding were 2,258,812 and 2,272,496 as of December 31, 2023 and 2022, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock, totaled approximately $560.0 million and $481.6 million, as of December 31, 2023 and 2022, respectively. The Company has reserved shares of common stock for such conversions. As of December 31, 2023, the Company owned or had ownership interests in 252 operating apartment communities, comprising 61,997 apartment homes, excluding the Company's ownership interests in preferred interest co-investments, loan investments, three operating commercial buildings, and a development pipeline comprised of one unconsolidated joint venture project. The operating apartment communities are located in Southern California (primarily Los Angeles, Orange, San Diego, and Ventura counties), Northern California (the San Francisco Bay Area) and the Seattle metropolitan areas.

Summary of Critical and Signifi

Summary of Critical and Significant Accounting Policies	12 Months Ended
Summary of Critical and Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Critical and Significant Accounting Policies	Summary of Critical and Significant Accounting Policies (a) Principles of Consolidation and Basis of Presentation The accounts of the Company, its controlled subsidiaries and the variable interest entities ("VIEs") in which it is the primary beneficiary are consolidated in the accompanying financial statements and prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included and are normal and recurring in nature. All significant inter-company accounts and transactions have been eliminated. Noncontrolling interest includes the 3.4% limited partner interests in the Operating Partnership not held by the Company at both December 31, 2023 and 2022. These percentages include the Operating Partnership’s vested long-term incentive plan units (see Note 14). (b) Recent Accounting Pronouncements In November, 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." Among other new disclosure requirements, ASU 2023-07 requires companies to disclose significant segment expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 will be effective for the Company's 2024 annual reporting. ASU 2023-07 must be applied retrospectively to all prior periods presented in the financial statements. The Company does not expect the adoption to have a material impact on its consolidated results of operations and financial position. In August 2023, the FASB issued ASU No. 2023-05 "Business Combinations —Joint Venture Formations (Subtopic 805-60)" under which an entity that qualifies as a joint venture is required to apply a new basis of accounting upon the formation of the joint venture. The amendments in ASU 2023-05 require that a joint venture must initially measure its assets and liabilities at fair value on the formation date. ASU 2023-05 is effective for all joint ventures that are formed on or after January 1, 2025 and early adoption is permitted. The Company does not expect the adoption to have a material impact on its consolidated results of operations and financial position. (c) Real Estate Rental Properties Significant expenditures, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized. Operating real estate assets are stated at cost and consist of land and land improvements, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Expenditures for maintenance and repairs are charged to expense as incurred. The depreciable life of various categories of fixed assets is as follows: Computer software and equipment 3 - 5 years Interior apartment home improvements 5 years Furniture, fixtures and equipment 5 - 10 years Land improvements and certain exterior components of real property 10 years Real estate structures 30 years The Company capitalizes all costs incurred with the predevelopment, development or redevelopment of real estate assets or are associated with the construction or expansion of real property. Such capitalized costs include land, land improvements, allocated costs of the Company’s project management staff, construction costs, as well as interest and related loan fees, property taxes and insurance. Capitalization begins for predevelopment, development, and redevelopment projects when activity commences. Capitalization ends when the apartment home is completed and the property is available for a new tenant or if the development activities cease. The Company allocates the purchase price of real estate on a fair value basis to land and building including personal property, and identifiable intangible assets, such as the value of above, below and in-place leases. In making estimates of relative fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent land and building appraisals which consider comparable market transactions, its own analysis of recently acquired or developed comparable properties in our portfolio for land comparables and building replacement costs, and other publicly available market data. In calculating the fair value of identified intangible assets of an acquired property, the in-place leases are valued based on in-place rent rates and amortized over the average remaining term of all acquired leases. The values of the above and below market leases are amortized and recorded as either a decrease (in the case of above market leases) or an increase (in the case of below market leases) to rental revenue over the remaining term of the associated leases acquired. The value of acquired in-place leases are amortized to expense over the average remaining term of the leases acquired. The net carrying value of acquired in-place leases is $6.1 million and $7.4 million as of December 31, 2023 and 2022, respectively, and are included in prepaid expenses and other assets on the Company's consolidated balance sheets. The Company periodically assesses the carrying value of its consolidated real estate investments for indicators of impairment. The judgments regarding the existence of impairment indicators are based on monitoring investment market conditions and performance compared to budget for operating properties including the net operating income for the most recent 12 month period, monitoring estimated costs for properties under development, the Company's ability to hold and its intent with regard to each asset, and each property's remaining useful life. Whenever events or changes in circumstances indicate that the carrying amount of a property held for investment may not be fully recoverable, the carrying amount is evaluated. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount (including intangible assets) of a property held for investment, then the Company will recognize an impairment loss equal to the excess of the carrying amount over the fair value of the property. Fair value of a property is determined using conventional real estate valuation methods, such as discounted cash flow, the property’s unleveraged yield in comparison to the unleveraged yields and/or sales prices of similar communities that have been recently sold, and other third party information, if available. Communities held for sale are carried at the lower of cost or fair value less estimated costs to sell. As of December 31, 2023 and 2022, no properties were classified as held for sale. The Company did not record an impairment charge on any of its consolidated real estate investments for the years ended December 31, 2023, 2022, and 2021. In the normal course of business, the Company will receive purchase offers for its communities, either solicited or unsolicited. For those offers that are accepted, the prospective buyer will usually require a due diligence period before consummation of the transaction. It is not unusual for matters to arise that result in the withdrawal or rejection of the offer during this process. The Company classifies real estate as "held for sale" when the Company has obtained necessary management approvals to sell a property and the sale of the property is expected to be completed within a year. Evaluating solicited or unsolicited offers generally does not cause properties to be classified as held for sale. (d) Co-investments The Company owns investments in joint ventures in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with U.S. GAAP. Therefore, the Company accounts for co-investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company’s equity in earnings less distributions received and the Company’s share of losses. The significant accounting policies of the Company’s co-investment entities are consistent with those of the Company in all material respects. Upon the acquisition of a controlling interest of a co-investment, the co-investment entity is consolidated and a gain or loss is recognized upon the remeasurement of co-investments in the consolidated statement of income equal to the amount by which the fair value of the Company's previously owned co-investment interest exceeds its carrying value. A majority of the co-investments, excluding most preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote income if certain financial return benchmarks are achieved. Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible. Any promote fees are reflected in equity income from co-investments. The Company evaluates its investments in co-investments for impairment and records a loss if the carrying value is greater than the fair value of the investment and the impairment is other-than-temporary. (e) Revenues and Gains on Sale of Real Estate and Land Revenues from tenants renting or leasing apartment homes are recorded when due from tenants and are recognized monthly as they are earned, which generally approximates a straight-line basis, else, adjustments are made to conform to a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 9 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. See Note 4, Revenues, and Note 10, Lease Agreements - Company as Lessor, for additional information regarding such revenues. The Company also generates other property-related revenue associated with the leasing of apartment homes, including storage income, pet rent, and other miscellaneous revenue. Similar to rental income, such revenues are recorded when due from tenants and recognized monthly as they are earned. Apart from rental and other property-related revenue, revenues from contracts with customers are recognized as control of the promised services is passed to the customer. For customer contracts related to management and other fees from affiliates (which includes asset management and property management), the transaction price and amount of revenue to be recognized is determined each quarter based on the management fee calculated and earned for that month or quarter. The contract will contain a description of the service and the fee percentage for management services. Payments from such services are one month or one quarter in arrears of the service performed. The Company recognizes any gains on sales of real estate when it transfers control of a property and when it is probable that the Company will collect substantially all of the related consideration. (f) Cash, Cash Equivalents and Restricted Cash Highly liquid investments, including certificates of deposits, generally with original maturities of three months or less when purchased are classified as cash equivalents. Restricted cash balances relate primarily to reserve requirements for capital replacement at certain communities in connection with the Company’s mortgage debt. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows ($ in thousands): 2023 2022 2021 Cash and cash equivalents - unrestricted $ 391,749 $ 33,295 $ 48,420 Cash and cash equivalents - restricted 8,585 9,386 10,218 Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows $ 400,334 $ 42,681 $ 58,638 (g) Marketable Securities The Company reports its equity securities and available for sale debt securities at fair value, based on quoted market prices (Level 1 for the common stock and investment funds and Level 2 for the unsecured debt, as defined by the FASB standard for fair value measurements as discussed later in Note 2). As of December 31, 2023 and 2022, $0.1 million and $0.2 million, respectively, of equity securities presented within common stock and stock funds in the tables below represent investments measured at fair value, using net asset value as a practical expedient, and are not categorized in the fair value hierarchy. Any realized and unrealized gains and losses in equity securities and interest income are included in interest and other income on the consolidated statements of income. There were no other than temporary impairment charges for the years ended December 31, 2023, 2022, and 2021. As of December 31, 2023 and 2022, equity securities consisted primarily of investment funds-debt securities, common stock, preferred stock and stock funds. As of December 31, 2023 and 2022, marketable securities consist of the following ($ in thousands): December 31, 2023 Amortized Gross Carrying Equity securities: Investment funds - debt securities $ 26,460 $ (1,584) $ 24,876 Common stock, preferred stock, and stock funds 51,328 11,591 62,919 Total - Marketable securities $ 77,788 $ 10,007 $ 87,795 December 31, 2022 Amortized Gross Carrying Equity securities: Investment funds - debt securities $ 43,155 $ (6,771) $ 36,384 Common stock, preferred stock, and stock funds 78,481 (2,122) 76,359 Total - Marketable securities $ 121,636 $ (8,893) $ 112,743 (h) Notes Receivable Notes receivable relate to real estate financing arrangements including mezzanine and bridge loans. Interest is recognized over the life of the note as interest income. Each note is analyzed to determine if it is impaired. A note is impaired if it is probable that the Company will not collect all contractually due principal and interest. The Company does not accrue interest when a note is considered impaired and an allowance is recorded for any principal and previously accrued interest that are not believed to be collectible. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income. As of December 31, 2023 and 2022, no notes were impaired. In the normal course of business, the Company originates and holds two types of loans: mezzanine loans issued to entities that are pursuing apartment development and short-term bridge loans issued to joint ventures with the Company. The Company categorizes development project mezzanine loans into risk categories based on relevant information about the ability of the borrowers to service their debt, such as: current financial information, credit documentation, public information, and previous experience with the borrower. The Company initially analyzes each mezzanine loan individually to classify the credit risk of the loan. On a periodic basis the Company evaluates financial information on the project, its sponsors, and its guarantors and additionally performs site visits of the development projects associated with the mezzanine loans to confirm whether they are on budget and whether there are any delays in development that could impact the Company's assessment of credit loss. All bridge loans that the Company issues are, by their nature, short-term and meant only to provide time for the Company’s joint ventures to obtain long-term funding for newly acquired communities. As the Company is a partner in the joint ventures that are borrowing such funds and has performed a detailed review of each community as part of the acquisition process, there is little to no credit risk associated with such loans. As such, the Company does not review credit quality indicators for bridge loans on an ongoing basis. The Company estimates the allowance for credit losses for each loan type using relevant available information from internal and external sources, relating to past events, current conditions, and reasonable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made, if necessary, for differences in current loan-specific risk characteristics. For example, in the case of mezzanine loans, adjustments may be made due to differences in track record and experience of the mezzanine loan sponsor as well as the percent of equity that the sponsor has contributed to the project. (i) Capitalization Policy The Company capitalizes all direct and certain indirect costs, including interest, employee compensation costs, real estate taxes and insurance, incurred during development and redevelopment activities. Interest is capitalized on real estate assets that require a period of time to get them ready for their intended use. The amount of interest capitalized is based upon the average amount of accumulated development expenditures during the reporting period. Included in capitalized costs are management’s estimates of the direct and incremental personnel costs and indirect project costs associated with the Company's development and redevelopment activities. Indirect project costs consist primarily of personnel costs associated with construction administration and development, including accounting, legal fees, and various corporate and community onsite costs that clearly relate to projects under development. Those costs, inclusive of capitalized interest, as well as capitalized development and redevelopment fees totaled $19.5 million, $20.4 million and $23.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company capitalizes leasing costs associated with the lease-up of development communities and amortizes the costs over the life of the leases. The amounts capitalized are immaterial for all periods presented. (j) Fair Value of Financial Instruments The Company values its financial instruments based on the fair value hierarchy of valuation techniques described in the FASB’s accounting standard for fair value measurements. Level 1 inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability. The Company uses Level 1 inputs for the fair values of its cash equivalents and its marketable securities. The Company uses Level 2 inputs for its notes receivable, notes payable, and derivative assets/liabilities. These inputs include interest rates for similar financial instruments. The Company’s valuation methodology for derivatives is described in Note 9. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Management estimates that the carrying amounts of the outstanding balances under its lines of credit, and notes and other receivables approximate fair value as of December 31, 2023 and 2022, because interest rates, yields and other terms for these instruments are consistent with interest rates, yields and other terms currently available for similar instruments. Management has estimated that the fair value of fixed rate debt with a carrying value of $5.7 billion at both December 31, 2023 and 2022, to be $5.3 billion and $5.2 billion at December 31, 2023 and 2022, respectively. Management has estimated the fair value of the Company’s $520.0 million and $274.2 million of variable rate debt at December 31, 2023 and 2022, respectively, to be $519.0 million and $273.2 million at December 31, 2023 and 2022, respectively, based on the terms of existing mortgage notes payable, unsecured debt, and variable rate demand notes compared to those available in the marketplace. Management estimates that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payables, other liabilities and dividends payable approximate fair value as of December 31, 2023 and 2022 due to the short-term maturity of these instruments. Marketable securities are carried at fair value as of December 31, 2023 and 2022. (k) Interest Rate Protection, Swap, and Forward Contracts The Company uses interest rate swaps, interest rate caps, and total return swap contracts to manage interest rate risks. The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, the Company uses interest rate swaps as part of its cash flow hedging strategy. The Company records all derivatives on its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated for accounting purposes as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated for accounting purposes as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the initial and ongoing effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated for accounting purposes as cash flow hedges, changes in fair value are recognized in earnings. All of the Company’s interest rate swaps are considered cash flow hedges. (l) Income Taxes Generally in any year in which Essex qualifies as a real estate investment trust ("REIT") under the Internal Revenue Code (the "IRC"), it is not subject to federal income tax on that portion of its income that it distributes to stockholders. No provision for federal income taxes, other than the taxable REIT subsidiaries discussed below, has been made in the accompanying consolidated financial statements for each of the years in the three-year period ended December 31, 2023 as Essex has elected to be and believes it qualifies under the IRC as a REIT and has made distributions during the periods in amounts to preclude Essex from paying federal income tax. In order to maintain compliance with REIT tax rules, the Company utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Company. In general, the activities and tax related provisions, assets and liabilities are not material. As a partnership, the Operating Partnership is not subject to federal or state income taxes, except that in order to maintain Essex's compliance with REIT tax rules that are applicable to Essex, the Operating Partnership utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Operating Partnership. The status of cash dividends distributed for the years ended December 31, 2023, 2022, and 2021 related to common stock are classified for tax purposes as follows: 2023 2022 2021 Common Stock Ordinary income 88.46 % 80.17 % 70.92 % Capital gain 8.32 % 16.78 % 22.07 % Unrecaptured section 1250 capital gain 3.22 % 3.05 % 7.01 % 100.00 % 100.00 % 100.00 % (m) Equity-based Compensation The cost of share- and unit-based compensation awards is measured at the grant date based on the estimated fair value of the awards. The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period. The estimated grant date fair values of the long-term incentive plan units (discussed in Note 14) are being amortized over the expected service periods. (n) Changes in Accumulated Other Comprehensive Income, by Component Changes in Accumulated Other Comprehensive Income, Net, by Component Essex Property Trust, Inc. ($ in thousands) Change in fair Balance at December 31, 2022 $ 46,466 Other comprehensive loss before reclassification (12,930) Amounts reclassified from accumulated other comprehensive loss 20 Other comprehensive loss (12,910) Balance at December 31, 2023 $ 33,556 Changes in Accumulated Other Comprehensive Income, by Component Essex Portfolio, L.P. ($ in thousands) Change in fair Balance at December 31, 2022 $ 52,010 Other comprehensive loss before reclassification (13,384) Amounts reclassified from accumulated other comprehensive loss 20 Other comprehensive loss (13,364) Balance at December 31, 2023 $ 38,646 Amounts reclassified from accumulated other comprehensive loss in connection with derivatives are recorded in interest expense on the consolidated statements of income. (o) Redeemable Noncontrolling Interest The carrying value of redeemable noncontrolling interest in the accompanying balance sheets was $32.2 million and $27.2 million as of December 31, 2023 and 2022, respectively. The limited partners may redeem their noncontrolling interests for cash in certain circumstances. The changes in the redemption value of redeemable noncontrolling interests for the years ended December 31, 2023, 2022, and 2021 are as follows: 2023 2022 2021 Balance at January 1, $ 27,150 $ 34,666 $ 32,239 Reclassifications due to change in redemption value and other 5,055 (7,038) 6,890 Redemptions — (478) (4,463) Balance at December 31, $ 32,205 $ 27,150 $ 34,666 (p) Accounting Estimates The preparation of consolidated financial statements, in accordance with U.S. GAAP, requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, and its notes receivable, and its qualification as a REIT. The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions. (q) Variable Interest Entities In accordance with accounting standards for consolidation of VIEs, the Company consolidated the Operating Partnership, 18 DownREIT entities (comprising nine communities), and six co-investments as of December 31, 2023 and 2022. The Company consolidates these entities because it is deemed the primary beneficiary. The Company has no assets or liabilities other than its investment in the Operating Partnership. The consolidated total assets and liabilities related to the above consolidated co-investments and DownREIT entities, net of intercompany eliminations, were approximately $956.7 million and $324.5 million, respectively, as of December 31, 2023, and $939.4 million and $324.3 million, respectively, as of December 31, 2022. Noncontrolling interests in these entities were $121.1 million and $121.5 million as of December 31, 2023 and 2022, respectively. The Company's financial risk in each VIE is limited to its equity investment in the VIE. The DownREIT VIEs collectively own nine apartment communities in which the Company is the general partner or manager of the DownREIT entity, the Operating Partnership is a special limited partner or member, and the other limited partners or members were granted rights of redemption for their interests. Such limited partners or members can request to be redeemed and the Company, subject to certain restrictions, can elect to redeem their rights for cash or by issuing shares of its common stock on a one share per unit basis. Conversion values will be based on the market value of the Company's common stock at the time of redemption multiplied by the number of units stipulated under various arrangements, as noted above. The other limited partners or members receive distributions based on the Company's current dividend rate multiplied by the number of units held. Total DownREIT units outstanding were 936,343 and 938,513 as of December 31, 2023 and 2022, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $232.2 million and $198.9 million, as of December 31, 2023 and 2022, respectively. The carrying value of redeemable noncontrolling interest in the accompanying balance sheets was $32.2 million and $27.2 million as of December 31, 2023 and 2022, respectively. Of these amounts, $12.1 million and $9.2 million as of December 31, 2023 and 2022, respectively, represent units of limited partners' or members' interests in DownREIT VIEs as to which it is outside of the Company’s control to redeem the DownREIT units with Company common stock and may potentially be redeemed for cash, and are presented at either their redemption value or historical cost, depending on the limited partner's or members' right to redeem their units as of the balance sheet date. The carrying value of DownREIT units as to which it is within the control of the Company to redeem the units with its common stock was $97.0 million as of both December 31, 2023 and 2022, and are classified within noncontrolling interests in the accompanying consolidated balance sheets. Interest holders in VIEs consolidated by the Company are allocated a priority of net income equal to the cash payments made to those interest holders or distributions from cash flow. The remaining results of operations are generally allocated to the Company. As of December 31, 2023 and 2022, the Company did not have any other VIEs of which it was deemed to be the primary beneficiary and did not have any VIEs of which it was not deemed to be the primary beneficiary. (r) Government Assistance The Employee Retention Credit, as originally enacted by the Coronavirus Aid, Relief and Economic Security Act in March 2020, is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020 and before January 1, 2021. The purpose of the Employee Retention Credit was to encourage employers to keep employees on their payroll, even if they were not working during the covered period because of the effects of the COVID-19 pandemic. In December 2020, the Employee Retention Credit was amended and extended by the Taxpayer Certainty and Disaster Tax Relief Act in which eligible employers may claim a refundable tax credit against certain

Real Estate Investments

Real Estate Investments	12 Months Ended
Real Estate Investments	Dec. 31, 2023
Real Estate Investments, Net [Abstract]
Real Estate Investments	Real Estate Investments (a) Acquisitions of Real Estate The table below summarizes acquisition activity for the year ended December 31, 2023 ($ in millions): Property Name Location Apartment Homes Essex Ownership Percentage Quarter in 2023 Purchase Price Hacienda at Camarillo Oaks Camarillo, CA 73 100 % Q2 $ 23.1 Total 2023 73 $ 23.1 The consolidated fair value of the acquisitions listed above was included on the Company's consolidated balance sheet as follows: $5.5 million was included in land and land improvements, $18.0 million was included in buildings and improvements, and $0.1 million was included in prepaid expenses and other assets. For the year ended December 31, 2022, the Company acquired its joint venture partner's 49.8% minority interest in two apartment communities consisting of 211 apartment homes located in Los Angeles, CA, for a contract price of $32.9 million. As a result of this acquisition, the Company realized a gain on remeasurement of co-investment of $17.4 million upon consolidation. The consolidated fair value of the acquisitions was included on the Company's consolidated balance sheet as follows: $14.1 million was included in land and land improvements, $52.7 million was included in buildings and improvements, and $0.3 million was included in prepaid expenses and other assets. (b) Sales of Real Estate Investments The table below summarizes the disposition activity for the year ended December 31, 2023 ($ in millions): Property Name (1) Location Apartment Homes Ownership Quarter in 2023 Sales Price CBC and The Sweeps Goleta, CA 239 EPLP Q1 $ 91.7 (2) Total 2023 239 $ 91.7 (1) In March 2023, the Company sold a land parcel located in Moorpark, CA, that had been held for future development, for $8.7 million and recognized a gain on sale of $4.7 million. (2) The Company recognized a $54.5 million gain on sale. For the year ended December 31, 2022, the Company sold one apartment community consisting of 250 apartment homes for $160.0 million, resulting in gains of $94.4 million. For the year ended December 31, 2021, the Company sold four apartment communities consisting of 912 apartment homes for $330.0 million, resulting in gains of $143.0 million. In conjunction with the sales, the Company repaid $29.7 million of mortgage debt that encumbered one of the properties. (c) Co-investments The Company has joint ventures which are accounted for under the equity method. The co-investments’ accounting policies are similar to the Company’s accounting policies. The co-investments typically own, operate, and develop apartment communities. Additionally, the Company has invested in five technology co-investments and as of December 31, 2023, the co-investment balance of these investments was $44.2 million and the aggregate commitment was $86.0 million. As of December 31, 2022, the Company had six technology co-investments and the co-investment balance of these investments was $39.4 million and the aggregate commitment was $87.0 million. The carrying values of the Company’s co-investments as of December 31, 2023 and 2022 are as follows ($ in thousands, except in parenthetical): Weighted Average Essex Ownership Percentage (1) December 31, 2023 2022 Ownership interest in: Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI (2) 54 % $ 144,766 $ 178,552 BEXAEW, BEX II, BEX IV and 500 Folsom 50 % 224,119 238,537 Other (3) 52 % 68,493 74,742 Total operating and other co-investments, net 437,378 491,831 Total development co-investments 51 % 14,605 12,994 Total preferred interest co-investments (includes related party investments of $42.7 million and $87.1 million as of December 31, 2023 and 2022, respectively - Note 6 - Related Party Transactions for further discussion) 544,262 580,134 Total co-investments, net $ 996,245 $ 1,084,959 (1) Weighted average Company ownership percentages are as of December 31, 2023. (2) As of December 31, 2023 and 2022, the Company's investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $61.8 million and $41.7 million, respectively, due to distributions received in excess of the Company's investment. (3) As of December 31, 2023 and 2022, the Company's investments in Expo and Century Towers were classified as a liability of $3.7 million and $0.8 million, respectively, due to distributions received in excess of the Company's investment. The weighted average Essex ownership percentage excludes our investments in non-core technology co-investments which are carried at fair value. The combined summarized financial information of co-investments is as follows ($ in thousands): December 31, 2023 2022 Combined balance sheets: (1) Rental properties and real estate under development $ 5,123,164 $ 4,955,051 Other assets 279,237 294,663 Total assets $ 5,402,401 $ 5,249,714 Debt $ 3,622,609 $ 3,397,113 Other liabilities 317,208 264,872 Equity 1,462,584 1,587,729 Total liabilities and equity $ 5,402,401 $ 5,249,714 Company's share of equity $ 996,245 $ 1,084,959 Years ended December 31, 2023 2022 2021 Combined statements of income: (1) Property revenues $ 409,910 $ 373,074 $ 289,680 Property operating expenses (158,520) (140,175) (115,023) Net operating income 251,390 232,899 174,657 Interest expense (154,038) (100,913) (65,172) General and administrative (20,594) (20,579) (17,885) Depreciation and amortization (174,028) (164,186) (133,787) Net income $ (97,270) $ (52,779) $ (42,187) Company's share of net income (2) $ 10,561 $ 26,030 $ 111,721 (1) Includes preferred equity investments held by the Company. (2) Includes the Company's share of equity income from joint ventures and preferred equity investments, gain on sales of co-investments, co-investment promote income and income from early redemption of preferred equity investments. Includes related party income of $7.6 million, $7.4 million, and $9.1 million for the years ended December 31, 2023, 2022, and 2021, respectively. Operating Co-investments As of both December 31, 2023 and 2022, the Company, through several joint ventures, owned 10,425 apartment homes, in operating communities. The Company’s book value of these co-investments was $437.4 million and $491.8 million at December 31, 2023 and 2022, respectively. Predevelopment and Development Co-investments As of both December 31, 2023 and 2022, the Company, through several joint ventures, owned 264 apartment homes in predevelopment and development communities. The Company’s book value of these co-investments was $14.6 million and $13.0 million at December 31, 2023 and 2022, respectively. In 2020, the Company entered into a joint venture to develop LIVIA at Scripps Ranch, a multifamily community comprised of 264 apartment homes located in San Diego, CA. The Company has a 51% ownership interest in the development which has a projected total cost of $102.0 million. Construction began in the third quarter of 2020. The property commenced initial occupancy in the third quarter of 2023 and is projected to be fully stabilized in the first quarter of 2024. As of December 31, 2023, the Company had a $2.3 million preferred equity investment in the project, which accrues an annualized preferred return of 10.0% until it is redeemed. Preferred Equity Investments As of December 31, 2023 and 2022, the Company held preferred equity investment interests in several joint ventures which own real estate. The Company’s book value of these preferred equity investments was $544.3 million and $580.1 million at December 31, 2023 and 2022, respectively, and is included in the co-investments line in the accompanying consolidated balance sheets. The Company recorded a $33.7 million and a $2.1 million impairment loss from unconsolidated co-investments for the years ended December 31, 2023 and 2022, respectively, as a result of an other-than-temporary decrease in the fair value of the underlying real estate investment and is included in the equity income from co-investments line in the accompanying consolidated statements of income. The valuation for the underlying real estate investment was estimated using an income approach valuation technique. During 2023, the Company made commitments to fund $18.8 million of preferred equity investment in two real estate ventures. The investments have initial preferred returns ranging from 11.0% - 13.5% with maturities ranging from October 2025 to September 2028. As of December 31, 2023, the Company had fully funded $18.8 million of the commitments. During 2023, the Company received cash proceeds of $72.3 million, including an early redemption fee of $0.3 million, for the full redemption of two preferred equity investments and partial redemption of two preferred equity investments in joint ventures that hold properties located in California. During 2022, the Company made commitments to fund $84.9 million of preferred equity investment in seven real estate ventures, including one with a related party. See Note 6, Related Party Transactions, for additional details. The investments have initial preferred returns ranging from 8.8% - 10.8%, with maturities ranging from January 2026 to September 2032. As of December 31, 2023, the Company had fully funded $84.9 million of the commitments. During 2021, the Company made commitments to fund $67.2 million of preferred equity investment in four real estate ventures. The investments have initial preferred returns ranging from 10.0% - 12.5%, with maturities ranging from January 2026 to December 2026. As of December 31, 2023, the Company had fully funded $67.2 million of the commitments. During 2020, the Company made commitments to fund $191.3 million of preferred equity investment in seven preferred equity investments. The investments have initial preferred returns ranging from 9.0%-11.5%, with maturities ranging from March 2022 to February 2030. As of December 31, 2023, the Company had funded $182.3 million of the $191.3 million of commitments. During 2019, the Company made commitments to fund $141.7 million of preferred equity investment in five preferred equity investments, some of which include related party sponsors. See Note 6, Related Party Transactions, for additional details. The investments have initial preferred returns ranging from 10.15%-11.3%, with maturities ranging from July 2022 to October 2024. As of December 31, 2023, the Company had fully funded $141.7 million of the commitments. During 2018, the Company made commitments to fund $45.1 million of preferred equity investment in two preferred equity investments, some of which include related party sponsors. See Note 6, Related Party Transactions, for additional details. The investments have initial preferred returns ranging from 10.25%-12.0%, with maturities ranging from May 2023 to April 2024. As of December 31, 2023, the Company had funded $42.1 million of the $45.1 million of commitments. The remaining committed amount is expected to be funded when requested by the sponsors. In November 2021, the Company converted $11.0 million of its existing preferred equity investment in Silver, a 268-unit apartment home community located in San Jose, CA, into a 58.0% common equity interest in the property. The Company will retain its remaining $13.5 million preferred equity investment in the property at a preferred return of 8.0%. The property is encumbered by $100.0 million of mortgage debt at a fixed rate of 3.15% through December 2026. (d) Real Estate under Development The Company defines development projects as new communities that are being constructed, or are newly constructed and are in a phase of lease-up and have not yet reached stabilized operations. As of December 31, 2023, the Company's development pipeline was comprised of one unconsolidated joint venture project under development aggregating 264 apartment homes and various predevelopment projects, with total incurred costs of $114.0 million.

Revenues

Revenues	12 Months Ended
Revenues	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Disaggregated Revenue The following table presents the Company’s revenues disaggregated by revenue source ($ in thousands): 2023 2022 2021 Rental income $ 1,636,070 $ 1,573,368 $ 1,410,197 Other property 22,194 22,307 21,221 Management and other fees from affiliates 11,131 11,139 9,138 Total revenues $ 1,669,395 $ 1,606,814 $ 1,440,556 The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment ($ in thousands): 2023 2022 2021 Southern California $ 682,116 $ 646,252 $ 574,129 Northern California 666,836 639,306 584,034 Seattle Metro 282,092 271,248 239,839 Other real estate assets (1) 27,220 38,869 33,416 Total rental and other property revenues $ 1,658,264 $ 1,595,675 $ 1,431,418 (1) Other real estate assets consist of revenue generated from retail space, commercial properties, held for sale properties, disposition properties and straight-line rent adjustments for concessions. Executive management does not evaluate such operating performance geographically. The following table presents the Company’s rental and other property revenues disaggregated by current property category status ($ in thousands): 2023 2022 2021 Same-property (1) $ 1,581,890 $ 1,515,505 $ 1,364,379 Acquisitions (2) 5,449 1,561 — Development (3) 22,883 20,425 15,807 Redevelopment 6,232 5,766 6,170 Non-residential/other, net (4) 44,353 57,976 56,377 Straight line rent concession (5) (2,543) (5,558) (11,315) Total rental and other property revenues $ 1,658,264 $ 1,595,675 $ 1,431,418 (1) Properties that have comparable stabilized results as of January 1, 2022 and are consolidated by the Company for the years ended December 31, 2023, 2022, and 2021. A community is generally considered to have reach stabilized operations once it achieves an initial occupancy of 90%. (2) Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2022. (3) Development includes properties developed which did not have stabilized results as of January 1, 2022. (4) Non-residential/other, net consists of revenue generated from retail space, commercial properties, held for sale properties, disposition properties, student housing, properties undergoing significant construction activities that do not meet our redevelopment criteria, and two communities located in the California counties of Santa Barbara, and Santa Cruz, which the Company does not consider its core markets. (5) Same-property revenues reflect concessions on a cash basis. Total rental and other property revenues reflect concessions on a straight-line basis in accordance with U.S. GAAP. Deferred Revenues and Remaining Performance Obligations When cash payments are received or due in advance of the Company’s performance of contracts with customers, deferred revenue is recorded. The total deferred revenue balance related to such contracts was $1.0 million and $1.7 million as of December 31, 2023 and December 31, 2022, respectively, and was included in accounts payable and accrued liabilities within the accompanying consolidated balance sheets. The amount of revenue recognized for the year ended December 31, 2023 that was included in the December 31, 2022 deferred revenue balance was $0.7 million, which was included in rental and other property revenue within the consolidated statements of income and comprehensive income. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in the new revenue recognition accounting standard. As of December 31, 2023, the Company had $1.0 million of remaining performance obligations. The Company expects to recognize approximately 68% of these remaining performance obligations in 2024, an additional 27% through 2026, and the remaining balance thereafter. Practical Expedients The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or when variable consideration is allocated entirely to a wholly unsatisfied performance obligation.

Notes and Other Receivables

Notes and Other Receivables	12 Months Ended
Notes and Other Receivables	Dec. 31, 2023
Receivables [Abstract]
Notes and Other Receivables	Notes and Other Receivables Notes and other receivables consist of the following as of December 31, 2023 and 2022 ($ in thousands): 2023 2022 Note receivable, secured, bearing interest at 10.00%, due November 2024 (Originated November 2020) $ 37,582 $ 33,477 Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021) 50,146 21,452 Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022) 11,743 10,350 Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022) 34,929 — Notes and other receivables from affiliates (1) 6,111 6,975 Straight line rent receivables (2) 9,353 12,164 Other receivables 25,444 18,961 Allowance for credit losses (687) (334) Total notes and other receivables $ 174,621 $ 103,045 (1) These amounts consist of short-term loans outstanding and due from various joint ventures as of December 31, 2023 and 2022, respectively. See Note 6, Related Party Transactions, for additional details. (2) These amounts are receivables from lease concessions recorded on a straight-line basis for the Company's operating properties. The following table presents the activity in the allowance for credit losses for notes and other receivables by loan type ($ in thousands): Notes Receivable, Secured Balance at December 31, 2022 $ 334 Provision for credit losses 353 Balance at December 31, 2023 $ 687 No loans were placed on nonaccrual status or charged off during the year ended December 31, 2023 or 2022.

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has adopted written related party transaction guidelines that are intended to cover transactions in which the Company (including entities it controls) is a party and in which any "related person" has a direct or indirect interest. A "related person" means any person who is or was (since the beginning of the last fiscal year) a Company director, director nominee, or executive officer, any beneficial owner of more than 5% of the Company’s outstanding common stock, and any immediate family member of any of the foregoing persons. A related person may be considered to have an indirect interest in a transaction if he or she (i) is an owner, director, officer or employee of or otherwise associated with another company that is engaging in a transaction with the Company, or (ii) otherwise, through one or more entities or arrangements, has an indirect financial interest in or personal benefit from the transaction. The related person transaction review and approval process is intended to determine, among any other relevant issues, the dollar amount involved in the transaction; the nature and value of any related person’s direct or indirect interest (if any) in the transaction; and whether or not (i) a related person’s interest is material, (ii) the transaction is fair, reasonable, and serves the best interest of the Company and its shareholders, and (iii) whether the transaction or relationship should be entered into, continued or ended. The Company’s Chairman and founder, Mr. George Marcus, is the Chairman of the Marcus & Millichap Company ("MMC"), which is a parent company of a diversified group of real estate service, investment, and development firms. Mr. Marcus is also the Chairman of and owns a controlling interest in Marcus & Millichap, Inc. ("MMI"), a national brokerage firm listed on the NYSE that underwent its initial public offering in 2013. For the years ended December 31, 2023, 2022, and 2021, there were no brokerage commission fees paid by the Company to MMI and its affiliates related to real estate transactions. The Company charges certain fees relating to its co-investments for asset management, property management, development and redevelopment services. These fees from affiliates totaled $12.7 million, $14.1 million, and $10.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. All of these fees are net of intercompany amounts eliminated by the Company. The Company netted development and redevelopment fees of $1.8 million, $3.0 million, and $1.1 million against general and administrative expenses for the years ended December 31, 2023, 2022 and 2021, respectively. As described in Note 5, Notes and Other Receivables, the Company has provided short-term loans to affiliates. As of December 31, 2023 and 2022, $6.1 million and $7.0 million, respectively, of short-term loans remained outstanding due from joint venture affiliates and are classified within notes and other receivables in the accompanying consolidated balance sheets. In August 2022, the Company funded an $11.2 million preferred equity investment in an entity whose sponsor includes an affiliate of MMC. The entity owns three multifamily communities located in Azusa, CA. The investment initially accrues interest based on a 9.5% preferred return and is scheduled to mature in August 2027. In February 2022, the Company provided a $32.8 million related party bridge loan to BEX II in connection with the payoff of a debt related to one of its properties located in Southern California. The note receivable was scheduled to mature in March 2022, but was subsequently paid off in April 2022. In January 2022, the Company provided a $100.7 million related party bridge loan to Wesco VI in connection with the acquisition of Vela. The note receivable accrued interest at 2.64% and was scheduled to mature in February 2022, but was paid off in January 2022. Additionally, the Company received cash of $121.3 million in January 2022 for the payoff of the remaining related party bridge loans to Wesco VI as detailed below. In November 2021, the Company provided a $48.4 million related party bridge loan in connection with the purchase of an interest in a single asset entity owning an apartment home community in Vista, CA. The note receivable accrued interest at 2.36% and was scheduled to mature in February 2022 but was paid off in January 2022. In November 2021, the Company provided a $61.9 million related party bridge loan to Wesco VI in connection with the acquisition of The Rexford. The note receivable accrued interest at 2.36% and was scheduled to mature in February 2022, but was paid off in January 2022. In October 2021, the Company provided a $30.3 million related party bridge loan to Wesco VI in connection with the acquisition of Monterra in Mill Creek. The note receivable accrued interest at 2.30% and was scheduled to mature in April 2022, but was paid off in January 2022. In September 2021, the Company provided a $29.2 million related party bridge loan to Wesco VI in connection with the acquisition of Martha Lake Apartments. The note receivable accrued interest at 2.15% and was scheduled to mature in December 2021. In December 2021, the maturity date of the note receivable was extended to March 2022, and in January 2022, the note receivable was paid off. In March 2021, the Company provided a $52.5 million related party bridge loan to Wesco I in connection with the payoff of a debt related to one of its properties located in Southern California. The note receivable accrued interest at 2.55% and was paid off in July 2021. In February 2019, the Company funded a $24.5 million preferred equity investment in an entity whose sponsor is an affiliate of MMC, which owns a multifamily development community located in Mountain View, CA. The investment initially accrued interest based on an 11.0% preferred return which was reduced to 9.0% upon completion and lease-up of the project. The investment was scheduled to mature in February 2024, but was paid off in December 2023. In October 2018, the Company funded an $18.6 million preferred equity investment in an entity whose sponsor is an affiliate of MMC. The entity wholly owns a 268-unit apartment home community development located in Burlingame, CA. The investment initially accrued interest based on a 12.0% preferred return which was reduced to 9.0% upon completion and lease-up of the project. In April 2023, the investment's maturity date was extended from April 2024 to May 2026 with the investment accruing interest based on an 11.0% preferred return. In April 2023, the Company received cash of $11.2 million for the partial redemption of this preferred equity investment.

Unsecured Debt

Unsecured Debt	12 Months Ended
Unsecured Debt	Dec. 31, 2023
Debt Disclosure [Abstract]
Unsecured Debt	Unsecured Debt Essex does not have any indebtedness as all debt is incurred by the Operating Partnership. Essex guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities up to the maximum amounts and for the full term of the facilities. Unsecured debt consists of the following as of December 31, 2023 and 2022 ($ in thousands): 2023 2022 Weighted Average Term loan - variable rate, net (1) $ 298,552 $ (1,611) 3.8 Bonds public offering - fixed rate, net 5,019,979 5,313,779 7.1 Unsecured debt, net (2) 5,318,531 5,312,168 Lines of credit (3) — 52,073 N/A Total unsecured debt $ 5,318,531 $ 5,364,241 Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering 3.3 % 3.3 % Weighted average interest rate on variable rate term loan 4.2 % — % Weighted average interest rate on lines of credit 6.3 % 4.4 % (1) In October 2022, the Operating Partnership obtained a $300.0 million unsecured term loan priced at Adjusted SOFR plus 0.85% and matures in October 2024 with three 12-month extension options, exercisable at the Company's option. This loan has been swapped to an all-in fixed rate of 4.2% and the swap has a termination date of October 2026. In April 2023, the Company drew down the $300.0 million unsecured term loan and in May 2023 used the proceeds to repay the Company's $300.0 million unsecured notes due in May 2023. The unsecured term loan includes unamortized debt issuance costs of $1.4 million and $1.6 million of as of December 31, 2023 and 2022, respectively. (2) Includes unamortized discount, net of premiums, of $6.1 million and $7.9 million and unamortized debt issuance costs of $25.3 million and $29.9 million as of December 31, 2023 and 2022, respectively. (3) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion, excludes unamortized debt issuance costs of $3.8 million and $5.1 million as of December 31, 2023 and 2022, respectively. These debt issuance costs are included in prepaid expenses and other assets on the consolidated balance sheets. As of December 31, 2023, the Company's $1.2 billion credit facility had an interest rate at the Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company's credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity of January 2027 with two six-month extension options, exercisable at the Company's option. As of December 31, 2023, the Company's $35.0 million working capital unsecured line of credit had an interest rate of Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company's credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity of July 2024. In March 2021, the Operating Partnership issued $450.0 million of senior unsecured notes due on March 1, 2028 with a coupon rate of 1.700% per annum (the "2028 Notes"), which are payable on March 1 and September 1 of each year, beginning on September 1, 2021. The 2028 Notes were offered to investors at a price of 99.423% of par value. The 2028 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex. The Company used the net proceeds of this offering to repay upcoming debt maturities, including all or a portion of certain unsecured term loans, and for general corporate and working capital purposes. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2023, and 2022, the carrying value of the 2028 Notes, net of discount and debt issuance costs, was $446.3 million and $445.4 million, respectively. In June 2021, the Operating Partnership issued $300.0 million of senior unsecured notes due on June 15, 2031 with a coupon rate of 2.550% per annum (the "June 2031 Notes"), which are payable on June 15 and December 15 of each year, beginning on December 15, 2021. The June 2031 Notes were offered to investors at a price of 99.367% of par value. The June 2031 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex. The Company used the net proceeds of this offering to repay upcoming debt maturities, including to fund the redemption of $300.0 million aggregate principal amount (plus the make-whole amount and accrued and unpaid interest) of its outstanding 3.375% senior unsecured notes due January 2023, and for other general corporate and working capital purposes. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2023, and 2022, the carrying value of the June 2031 Notes, net of discount and debt issuance costs, was $296.7 million and $296.2 million, respectively. In February 2020, the Operating Partnership issued $500.0 million of senior unsecured notes due on March 15, 2032, with a coupon rate of 2.650% (the "2032 Notes"), which are payable on March 15 and September 15 of each year, beginning on September 15, 2020. The 2032 Notes were offered to investors at a price of 99.628% of par value. The 2032 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex. The Company used the net proceeds of this offering to repay indebtedness under its unsecured lines of credit, which had been used to fund the buyout of CPPIB's 45.0% joint venture interests, as well as repay $100.3 million of secured debt during the quarter that ended March 31, 2020. In June 2020, the Operating Partnership issued an additional $150.0 million of the 2032 Notes at a price of 105.660% of par value, plus accrued interest from February 2020 up to, but not including, the date of delivery of the additional notes, with an effective yield of 2.093%. These additional notes have substantially identical terms as the 2032 Notes issued in February 2020. The proceeds were used to repay indebtedness under the Company's unsecured credit facilities and for other general corporate and working capital purposes. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2023, and 2022, the carrying value of the 2032 Notes, net of premiums and debt issuance costs, was $650.7 million and $650.8 million respectively. In August 2020, the Operating Partnership issued $600.0 million of senior unsecured notes, consisting of $300.0 million aggregate principal amount due on January 15, 2031 with a coupon rate of 1.650% (the “January 2031 Notes”) and $300.0 million aggregate principal amount due on September 1, 2050 with a coupon rate of 2.650% (the “2050 Notes” and together with the January 2031 Notes, the “Notes”). The January 2031 Notes were offered to investors at a price of 99.035% of par value and the 2050 Notes at 99.691% of par value. Interest is payable on the January 2031 Notes semiannually on January 15 and July 15 of each year, beginning on January 15, 2021. Interest is payable on the 2050 Notes semiannually on March 1 and September 1 of each year, beginning on March 1, 2021. The Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex. The Company used the net proceeds of this offering to repay debt maturities, including certain unsecured private placement notes, secured mortgage notes, and to fund the redemption of $300.0 million aggregate principal amount of its outstanding 3.625% senior unsecured notes due August 2022, and for other general corporate and working capital purposes. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, the carrying value of the January 2031 Notes and 2050 Notes, net of discount and debt issuance costs was $296.1 million and $296.0 million, respectively as of December 31, 2023, and $295.5 million and $295.8 million, respectively as of December 31, 2022. In August 2019, the Operating Partnership issued $400.0 million of senior unsecured notes due on January 15, 2030, with a coupon rate of 3.000% per annum (the "2030 Notes"), which are payable on January 15 and July 15 of each year, beginning on January 15, 2020. The 2030 Notes were offered to investors at a price of 98.632% of the principal amount thereof. The 2030 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex Property Trust, Inc. In October 2019, the Operating Partnership issued an additional $150.0 million of the 2030 notes at a price of 101.685% of the principal amount thereof. These additional notes have substantially identical terms as the 2030 Notes issued in August 2019. The Company used the net proceeds of these offerings to prepay, with no prepayment penalties, certain secured indebtedness under outstanding mortgage notes, to repay indebtedness under its unsecured lines of credit and for other general corporate and working capital purposes. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2023, and 2022, the carrying value of the 2030 Notes, net of discount and debt issuance costs, was $545.5 million and $544.7 million, respectively. In February 2019, the Operating Partnership issued $350.0 million of senior unsecured notes due on March 1, 2029, with a coupon rate of 4.000% per annum (the "2029 Notes"), which are payable on March 1 and September 1 of each year, beginning on September 1, 2019. The 2029 Notes were offered to investors at a price of 99.188% of the principal amount thereof. The 2029 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex Property Trust, Inc. In March 2019, the Operating Partnership issued an additional $150.0 million of the 2029 Notes at a price of 100.717% of the principal amount thereof. These additional notes have substantially identical terms as the 2029 Notes issued in February 2019. The Company used the net proceeds of these offerings to repay indebtedness under its unsecured lines of credit and for other general corporate and working capital purposes. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2023, and 2022, the carrying value of the 2029 Notes, net of discount and debt issuance costs was $496.7 million and $496.0 million, respectively. In March 2018, the Operating Partnership issued $300.0 million of senior unsecured notes due on March 15, 2048 with a coupon rate of 4.500% per annum and are payable on March 15 and September 15 of each year, beginning on September 15, 2018 (the "2048 Notes"). The 2048 Notes were offered to investors at a price of 99.591% of par value. The 2048 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2023 and 2022, the carrying value of the 2048 Notes, net of discount and debt issuance costs was $296.2 million and $296.1 million, respectively. In April 2017, the Operating Partnership issued $350.0 million of senior unsecured notes due on May 1, 2027 with a coupon rate of 3.625% per annum and are payable on May 1 and November 1 of each year, beginning on November 1, 2017 (the "2027 Notes"). The 2027 Notes were offered to investors at a price of 99.423% of par value. The 2027 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2023 and 2022, the carrying value of the 2027 Notes, net of discount and debt issuance costs was $348.3 million and $347.8 million, respectively. In April 2016, the Operating Partnership issued $450.0 million of senior unsecured notes due on April 15, 2026 with a coupon rate of 3.375% per annum and are payable on April 15 th and October 15 th of each year, beginning October 15, 2016 (the "2026 Notes"). The 2026 Notes were offered to investors at a price of 99.386% of par value. The 2026 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2023 and 2022, the carrying value of the 2026 Notes, net of discount and debt issuance costs was $448.4 million and $447.8 million, respectively. In March 2015, the Operating Partnership issued $500.0 million of senior unsecured notes due on April 1, 2025 with a coupon rate of 3.5% per annum and are payable on April 1 st and October 1 st of each year, beginning October 1, 2015 (the "2025 Notes"). The 2025 Notes were offered to investors at a price of 99.747% of par value. The 2025 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2023 and 2022, the carrying value of the 2025 Notes, net of discount and debt issuance costs was $499.3 million and $498.8 million, respectively. In April 2014, the Operating Partnership issued $400.0 million of senior unsecured notes due on May 1, 2024 with a coupon rate of 3.875% per annum and are payable on May 1 st and November 1 st of each year, beginning November 1, 2014 (the "2024 Notes"). The 2024 Notes were offered to investors at a price of 99.234% of par value. The 2024 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above, and as of December 31, 2023 and 2022, the carrying value of the 2024 Notes, net of discount and debt issuance costs was $399.8 million and $399.1 million, respectively. In April 2013, the Operating Partnership issued $300.0 million of senior unsecured notes due on May 1, 2023 with a coupon rate of 3.25% per annum and are payable on May 1 st and November 1 st of each year, beginning November 1, 2013 (the "2023 Notes"). The 2023 Notes were offered to investors at a price of 99.152% of par value. The 2023 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line "Bonds public offering-fixed rate" in the table above. These notes were paid off at maturity and as of December 31, 2023, the 2023 Notes had no amount outstanding. As of December 31, 2022, the carrying value of the 2023 Notes, net of discount and debt issuance costs was $299.8 million. The following is a summary of the Company’s senior unsecured notes as of December 31, 2023 and 2022 ($ in thousands): Maturity 2023 2022 Coupon Senior notes May 2023 $ — $ 300,000 3.250 % Senior notes May 2024 400,000 400,000 3.875 % Senior notes April 2025 500,000 500,000 3.500 % Senior notes April 2026 450,000 450,000 3.375 % Senior notes May 2027 350,000 350,000 3.625 % Senior notes March 2028 450,000 450,000 1.700 % Senior notes March 2029 500,000 500,000 4.000 % Senior notes January 2030 550,000 550,000 3.000 % Senior notes January 2031 300,000 300,000 1.650 % Senior notes June 2031 300,000 300,000 2.550 % Senior notes March 2032 650,000 650,000 2.650 % Senior notes March 2048 300,000 300,000 4.500 % Senior notes September 2050 300,000 300,000 2.650 % $ 5,050,000 $ 5,350,000 The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2023 are as follows ($ in thousands): 2024 $ 400,000 2025 500,000 2026 450,000 2027 650,000 2028 450,000 Thereafter 2,900,000 $ 5,350,000 As of December 31, 2023, the Company had two unsecured lines of credit aggregating $1.24 billion, including a $1.2 billion unsecured line of credit and a $35.0 million working capital unsecured line of credit. As of December 31, 2023 and 2022, there was no amount and $40.0 million outstanding on the $1.2 billion unsecured line of credit, respectively. As of December 31, 2023 and 2022, this credit facility had a scheduled maturity date of January 2027 with two six-month extension options, exercisable at the Company's option. The underlying interest rate on the line is based on a tiered rate structure tied to the Company's corporate ratings, adjusted for the Company's sustainability metric grid, and is at the Adjusted SOFR plus 0.75%. As of December 31, 2023 and 2022, there was no amount and $12.1 million outstanding on the Company's $35.0 million working capital unsecured line of credit, respectively. As of December 31, 2023 and 2022, the line of credit facility had a scheduled maturity date of July 2024. The underlying interest rate on this line is based on a tiered rate structure tied to the Company's corporate ratings, adjusted for the Company's sustainability metric grid, and is at the Adjusted SOFR plus 0.75%. The Company’s unsecured lines of credit and unsecured debt agreements contain debt covenants related to limitations on indebtedness and liabilities, and maintenance of minimum levels of consolidated earnings before depreciation, interest and amortization. The Company was in compliance with the debt covenants as of December 31, 2023 and 2022.

Mortgage Notes Payable

Mortgage Notes Payable	12 Months Ended
Mortgage Notes Payable	Dec. 31, 2023
Notes Payable [Abstract]
Mortgage Notes Payable	Mortgage Notes Payable Essex does not have any indebtedness as all debt is incurred by the Operating Partnership. Mortgage notes payable consist of the following as of December 31, 2023 and 2022 ($ in thousands): 2023 2022 Fixed rate mortgage notes payable $ 665,711 $ 371,849 Variable rate mortgage notes payable (1) 221,493 222,094 Total mortgage notes payable (2) $ 887,204 $ 593,943 Number of properties securing mortgage notes 15 11 Remaining terms 1-23 years 2-24 years Weighted average interest rate 4.3 % 3.5 % The aggregate scheduled principal payments of mortgage notes payable at December 31, 2023 are as follows ($ in thousands): 2024 $ 3,109 2025 133,054 2026 99,405 2027 153,955 2028 68,332 Thereafter 431,937 $ 889,792 (1) Variable rate mortgage notes payable, including $222.7 million in bonds that have been converted to variable rate through total return swap contracts, consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 4.6% at December 2023 and 3.5% at December 2022) including credit enhancement and underwriting fees. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the apartment homes are subject to tenant income criteria. Once the bonds have been repaid, the properties may no longer be obligated to comply with such tenant income criteria. Principal balances are due in full at various maturity dates from December 2027 through December 2046. The Company had no interest rate cap agreements as of December 31, 2023 and 2022, respectively. (2) In July 2023, the Company closed $298.0 million in 10-year secured loans priced at a 5.08% fixed interest rate. Includes total unamortized premium, net of discounts, of $0.5 million and $1.2 million and reduced by unamortized debt issuance costs of $3.1 million and $2.0 million as of December 31, 2023 and 2022, respectively.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
Derivative Instruments and Hedging Activities	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company uses interest rate swaps, interest rate caps, and total return swap contracts to manage certain interest rate risks. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps and total return swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In September 2022, the Company entered into one forward starting interest rate swap, with settlement payments commencing in May 2023, related to the $300.0 million unsecured term loan entered into in October 2022. In April 2023, the Company drew down the $300.0 million term loan priced at Adjusted SOFR plus 0.85%, which has been swapped to an all-in fixed rate of 4.2%. The term loan matures in October 2024 with three 12-month extension options, each exercisable at the Company's option and the swap has a termination date of October 2026. This derivative qualifies for hedge accounting. As of December 31, 2023 and 2022, the Company had an outstanding balance on the unsecured term loan of $300.0 million and zero, respectively. As of December 31, 2023 and 2022, the Company had no interest rate caps. As of December 31, 2023 and 2022, the aggregate carrying value of the interest rate swap contracts were an asset of $4.3 million and $5.6 million, respectively. As of December 31, 2023 and 2022, the swap contracts were presented in the consolidated balance sheets as an asset of $4.3 million and $5.6 million, respectively, and were included in prepaid expenses and other assets on the consolidated balance sheets. Hedge ineffectiveness related to cash flow hedges, which is included in interest expense on the consolidated statements of income, was zero for the years ended December 31, 2023, 2022, and 2021 respectively. The Company has four total return swap contracts, with an aggregate notional amount of $222.7 million, that effectively convert $222.7 million of mortgage notes payable to a floating interest rate based on the Securities Industry and Financial Markets Association Municipal Swap Index ("SIFMA") plus a spread. The Company can currently settle all four of the total return swaps with $222.7 million of the outstanding debt at par. These derivatives do not qualify for hedge accounting and had a carrying and fair value of zero at both December 31, 2023 and 2022, respectively. These total return swaps are scheduled to mature between December 2024 and November 2033. The realized gains of $3.1 million, $7.9 million, and $10.8 million for the years ended December 31, 2023, 2022, and 2021, respectively, were reported on the consolidated statements of income as total return swap income.

Lease Agreements - Company as L

Lease Agreements - Company as Lessor	12 Months Ended
Lease Agreements - Company as Lessor	Dec. 31, 2023
Leases [Abstract]
Lease Agreements - Company as Lessor	Lease Agreements - Company as Lessor As of December 31, 2023, the Company is a lessor of apartment homes at all of its consolidated operating and lease-up communities, three commercial buildings, and commercial portions of mixed use communities. The apartment homes are rented under short-term leases (generally, lease terms of 9 to 12 months) while commercial lease terms typically range from 5 to 20 years. All such leases are classified as operating leases. Although the majority of the Company’s apartment home and commercial leasing income is derived from fixed lease payments, some lease agreements also allow for variable payments. The primary driver of variable leasing income comes from utility reimbursements from apartment home leases and common area maintenance reimbursements from commercial leases. A small number of commercial leases contain provisions for lease payments based on a percentage of gross retail sales over set hurdles. At the end of the term of apartment home leases, unless the lessee decides to renew the lease with the Company at the market rate or gives notice not to renew, the lease will be automatically renewed for a successive, like term up to a maximum of 12 months. Apartment home leases include an option to terminate the lease, however the lessee must pay the Company for expected or actual downtime to find a new tenant to lease the space or a lease-break fee specified in the lease agreement. Most commercial leases include options to renew, with the renewal periods extending the term of the lease for no greater than the same period of time as the original lease term. The initial option to renew for commercial leases will typically be based on a fixed price while any subsequent renewal options will generally be based on the current market rate at the time of the renewal. Certain commercial leases contain lease termination options that would require the lessee to pay termination fees based on the expected amount of time it would take the Company to re-lease the space. The Company’s apartment home and commercial lease agreements do not contain residual value guarantees. As the Company is the lessor of real estate assets which tend to either hold their value or appreciate, residual value risk is not deemed to be substantial. Furthermore, the Company carries comprehensive liability, fire, extended coverage, and rental loss insurance for each of its communities as well as limited insurance coverage for certain types of extraordinary losses, such as, for example, losses from terrorism or earthquakes. A maturity analysis of undiscounted future minimum non-cancelable base rent to be received under the above operating leases as of December 31, 2023 is summarized as follows ($ in thousands): Future Minimum Rent 2024 $ 751,320 2025 33,230 2026 15,706 2027 13,946 2028 11,978 Thereafter 20,164 $ 846,344 The Company accounts for operating lease (e.g., fixed payments including rent) and non-lease components (e.g., utility reimbursements and common-area maintenance costs) as a single combined lease component under ASC 842 "Leases" as the lease components are the predominant elements of the combined components.

Lease Agreements - Company as_2

Lease Agreements - Company as Lessee	12 Months Ended
Lease Agreements - Company as Lessee	Dec. 31, 2023
Leases [Abstract]
Lease Agreements - Company as Lessee	Lease Agreements - Company as Lessee As of December 31, 2023, the Company is a lessee of corporate office space, ground leases and a parking lease associated with various consolidated properties, and equipment. Lease terms for the Company's office leases, in general, range between 5 to 10 years while ground leases and the parking lease have terms typically ranging from 20 to 85 years. The corporate office leases occasionally contain renewal options of approximately five years while certain ground leases contain renewal options that can extend the lease term from approximately 10 to 39 years. A majority of the Company’s ground leases and the parking lease are subject to changes in the Consumer Price Index ("CPI"). Furthermore, certain of the Company’s ground leases include rental payments based on a percentage of gross or net income. While lease liabilities are not remeasured as a result of changes in the CPI or percentage of gross or net income, such changes are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. The Company’s lease agreements do not contain any residual value guarantees or restrictive covenants. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Because most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. As of December 31, 2023 and 2022, the Company had no material finance leases. Supplemental consolidated balance sheet information related to leases as of December 31, 2023 and 2022 is as follows ($ in thousands): Classification December 31, 2023 December 31, 2022 Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 63,757 $ 67,239 Total leased assets $ 63,757 $ 67,239 Liabilities Operating lease liabilities Operating lease liabilities $ 65,091 $ 68,696 Total lease liabilities $ 65,091 $ 68,696 The components of lease expense for the years ended December 31, 2023 and 2022 were as follows ($ in thousands): December 31, 2023 December 31, 2022 Operating lease cost $ 6,789 $ 6,697 Variable lease cost 1,961 1,750 Short-term lease cost 186 204 Sublease income (500) (418) Total lease cost $ 8,436 $ 8,233 A maturity analysis of lease liabilities as of December 31, 2023 is as follows ($ in thousands): Operating Leases 2024 $ 7,251 2025 6,887 2026 5,035 2027 3,421 2028 3,102 Thereafter 129,452 Total lease payments $ 155,148 Less: Imputed interest (90,057) Present value of lease liabilities $ 65,091 Lease term and discount rate information for leases at December 31, 2023 and 2022 are as follows: December 31, 2023 December 31, 2022 Weighted-average of remaining lease terms (years) Operating Leases 40 40 Weighted-average of discount rates Operating Leases 5.03 % 5.01 % Practical Expedients Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes the lease expense for such leases on a straight-line basis over the lease term. The Company has elected to account for lease components (e.g., fixed payments including rent) and non-lease components (e.g., common-area maintenance costs) as a single combined lease component as the lease components are the predominant elements of the combined components.

Equity Transactions

Equity Transactions	12 Months Ended
Equity Transactions	Dec. 31, 2023
Equity [Abstract]
Equity Transactions	Equity Transactions Common Stock Offerings In September 2021, the Company entered into a new equity distribution agreement pursuant to which the Company may offer and sell shares of its common stock having an aggregate gross sales price of up to $900.0 million (the "2021 ATM Program"). In connection with the 2021 ATM Program, the Company may also enter into related forward sale agreements, and may sell shares of its common stock pursuant to these agreements. The use of a forward sale agreement would allow the Company to lock in a share price on the sale of shares of its common stock at the time the agreement is executed, but defer receipt of the proceeds from the sale of shares until a later date should the Company elect to settle such forward sale agreement, in whole or in part, in shares of its common stock. For the years ended December 31, 2023 and 2022, the Company did not sell any shares of its common stock through the 2021 ATM Program. As of December 31, 2023, there are no outstanding forward sale agreements, and $900.0 million of shares remain available to be sold under the 2021 ATM Program. Operating Partnership Units and Long-Term Incentive Plan ("LTIP") Units As of December 31, 2023 and 2022, the Operating Partnership had outstanding 2,161,175 and 2,166,359 OP Units respectively. As of December 31, 2023 and 2022 the Operating Partnership had 97,637 and 106,137 vested LTIP units respectively. The Operating Partnership’s general partner, Essex, owned 96.6% of the partnership interests in the Operating Partnership as of both December 31, 2023 and 2022, and Essex is responsible for the management of the Operating Partnership’s business. As the general partner of the Operating Partnership, Essex effectively controls the ability to issue common stock of Essex upon a limited partner’s notice of redemption. Essex has generally acquired OP Units upon a limited partner’s notice of redemption in exchange for shares of its common stock. The redemption provisions of OP Units owned by limited partners that permit Essex to settle in either cash or common stock at the option of Essex were further evaluated in accordance with applicable accounting guidance to determine whether temporary or permanent equity classification on the balance sheet is appropriate. The Operating Partnership evaluated this guidance, including the requirement to settle in unregistered shares, and determined that, with few exceptions, these OP Units meet the requirements to qualify for presentation as permanent equity. LTIP units represent an interest in the Operating Partnership for services rendered or to be rendered by the LTIP unitholder in its capacity as a partner, or in anticipation of becoming a partner, in the Operating Partnership. Upon the occurrence of specified events, LTIP units may over time achieve full parity with common units of the Operating Partnership for all purposes. Upon achieving full parity, LTIP units will be exchanged for an equal number of the OP Units. The collective redemption value of OP Units and LTIP units owned by the limited partners, not including Essex, was approximately $560.0 million and $481.6 million based on the closing price of Essex's common stock as of December 31, 2023 and 2022, respectively.

Net Income Per Common Share and

Net Income Per Common Share and Net Income Per Common Unit	12 Months Ended
Net Income Per Common Share and Net Income Per Common Unit	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Income Per Common Share and Net Income Per Common Unit	Net Income Per Common Share and Net Income Per Common Unit Essex Property Trust, Inc. Basic and diluted income per share is calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts): 2023 2022 2021 Income Weighted- Per Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 405,825 64,252,232 $ 6.32 $ 408,315 65,079,764 $ 6.27 $ 488,554 65,051,465 $ 7.51 Effect of dilutive securities Stock options — 1,153 — 18,422 — 37,409 Diluted: Net income available to common stockholders $ 405,825 64,253,385 $ 6.32 $ 408,315 65,098,186 $ 6.27 $ 488,554 65,088,874 $ 7.51 The table above excludes from the calculations of diluted earnings per share weighted average convertible OP Units of 2,261,071, 2,276,341 and 2,289,391, which include 2014 Long-Term Incentive Plan Units and 2015 Long-Term Incentive Plan Units, for the years ended December 31, 2023, 2022 and 2021, respectively, because they were anti-dilutive. The related income allocated to these convertible OP Units aggregated $14.3 million, $14.3 million and $17.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Stock options of 508,276, 253,845, and 116,380 for the years ended December 31, 2023, 2022, and 2021, respectively, were excluded from the calculation of diluted earnings per share because the assumed proceeds per share of such options plus the average unearned compensation were greater than the average market price of the common stock for the years ended and, therefore, were anti-dilutive. Essex Portfolio, L.P. Basic and diluted income per unit is calculated as follows for the years ended December 31 ($ in thousands, except unit and per unit amounts): 2023 2022 2021 Income Weighted- Per Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 420,109 66,513,303 $ 6.32 $ 422,612 67,356,105 $ 6.27 $ 505,745 67,340,856 $ 7.51 Effect of dilutive securities Stock options — 1,153 — 18,422 — 37,409 Diluted: Net income available to common unitholders $ 420,109 66,514,456 $ 6.32 $ 422,612 67,374,527 $ 6.27 $ 505,745 67,378,265 $ 7.51

Equity Based Compensation Plans

Equity Based Compensation Plans	12 Months Ended
Equity Based Compensation Plans	Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Equity Based Compensation Plans	Equity Based Compensation Plans Stock Options and Restricted Stock In May 2018, stockholders approved the Company’s 2018 Stock Award and Incentive Compensation Plan ("2018 Plan"). The 2018 Plan serves as the successor to the Company’s 2013 Stock Incentive Plan (the "2013 Plan"). The Company’s 2018 Plan provides incentives to attract and retain officers, directors and key employees. The 2018 Plan provides for the grant of stock-based awards to employees, directors and consultants of the Company and its affiliates. The aggregate number of shares of the Company’s common stock available for issuance pursuant to awards granted under the 2018 Plan is 2,000,000 shares, plus the number of shares authorized for grants and available for issuance under the 2013 Plan as of the effective date of the 2018 Plan and the number of shares subject to outstanding awards under the 2013 Plan that are forfeited or otherwise not issued under such awards. No further awards will be granted under the 2013 Plan and the shares that remained available for future issuance under the 2013 Plan as of the effective date of the 2018 Plan will be available for issuance under the 2018 Plan. In connection with the adoption of the 2018 Plan, the Board delegated to the Compensation Committee of the Board the authority to administer the 2018 Plan. Equity-based compensation costs for options and restricted stock under the fair value method totaled $12.1 million, $11.4 million, and $11.7 million for years ended December 31, 2023, 2022 and 2021, respectively. For each of the years ended December 31, 2023, 2022 and 2021 equity-based compensation costs included $3.5 million related to restricted stock for bonuses awarded based on asset dispositions, which is recorded as a cost of real estate and land sold, respectively. Stock-based compensation for options and restricted stock related to recipients who are direct and incremental to projects under development were capitalized and totaled $0.6 million, $0.7 million, and $0.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. The intrinsic value of the options exercised totaled zero, $7.6 million, and $25.7 million, for the years ended December 31, 2023, 2022, and 2021 respectively. The intrinsic value of the options exercisable totaled $4.5 million and $0.2 million as of December 31, 2023 and 2022, respectively. Total unrecognized compensation cost related to unvested stock options totaled $1.8 million as of December 31, 2023 and the unrecognized compensation cost is expected to be recognized over a period of 1.3 years. The average fair value of stock options granted for the years ended December 31, 2023, 2022 and 2021 was $21.24, $23.39 and $24.68, respectively. Certain stock options granted in 2023, 2022, and 2021 included a $100 cap on the appreciation of the market price over the exercise price. The fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants: 2023 2022 2021 Stock price $ 216.31 $ 245.17 $ 329.71 Risk-free interest rates 4.06 % 3.50 % 1.22 % Expected lives 6 years 6 years 6 years Volatility 36.00 % 27.98 % 27.00 % Dividend yield 3.30 % 3.06 % 2.90 % A summary of the status of the Company’s stock option plans as of December 31, 2023, 2022, and 2021 and changes during the years ended on those dates is presented below: 2023 2022 2021 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of year 487,446 $ 279.46 463,863 $ 284.82 613,109 $ 255.86 Granted 49,908 216.31 111,757 245.17 99,479 329.71 Exercised — — (76,246) 245.43 (248,725) 231.37 Forfeited and canceled (6,542) 280.21 (11,928) 281.19 — — Outstanding at end of year 530,812 $ 273.51 487,446 $ 279.46 463,863 $ 284.82 Options exercisable at year end 417,739 $ 282.30 293,377 $ 285.76 274,244 $ 270.11 The following table summarizes information about restricted stock outstanding as of December 31, 2023, 2022 and 2021 and changes during the years ended: 2023 2022 2021 Shares Weighted- Shares Weighted- Shares Weighted- Unvested at beginning of year 182,915 $ 222.90 159,401 $ 251.03 132,603 $ 214.34 Granted 2,315 220.40 72,838 215.73 50,349 337.52 Vested (37,075) 247.07 (44,945) 306.25 (22,387) 229.90 Forfeited and canceled (46,454) 259.71 (4,379) 272.12 (1,164) 219.30 Unvested at end of year 101,701 $ 197.22 182,915 $ 222.90 159,401 $ 251.03 The unrecognized compensation cost related to unvested restricted stock totaled $4.7 million as of December 31, 2023 and is expected to be recognized over a period of 1.6 years. Long-Term Incentive Plans – LTIP Units On December 9, 2014, the Operating Partnership issued 44,750 LTIP units under the 2015 Long-Term Incentive Plan Award agreements to executives of the Company. The 2015 Long-Term Incentive Plan Units (the "2015 LTIP Units") are subject to forfeiture based on performance-based and service based conditions. An additional 24,000 LTIP units were granted subject only to performance-based criteria and were fully vested on the date granted. The 2015 LTIP Units, that are subject to vesting, vested at 20% per year on each of the first five In December 2013, the Operating Partnership issued 50,500 LTIP units under the 2014 Long-Term Incentive Plan Award agreements to executives of the Company. The 2014 Long-Term Incentive Plan Units (the "2014 LTIP Units") were subject to forfeiture based on performance-based conditions and are currently subject to service based vesting. The 2014 LTIP Units vested 25% per year on each of the first four The estimated fair value of the 2015 LTIP Units and 2014 LTIP Units were determined on the grant date using Monte Carlo simulations under a risk-neutral premise and considered Essex’s stock price on the date of grant, the unpaid dividends on unvested units and the discount factor for ten years of illiquidity. Equity-based compensation costs and total unrecognized compensation costs for LTIP units under the fair value method totaled approximately zero for the years ended December 31, 2023, 2022 and 2021. The intrinsic value of the vested and unvested LTIP Units totaled $24.2 million as of December 31, 2023. The following table summarizes information about the LTIP Units outstanding as of December 31, 2023: Long-Term Incentive Plan - LTIP Units Total Total Total Weighted- Weighted- Balance, December 31, 2020 106,137 — 106,137 $ 84.47 3.6 Granted — — — Vested — — — Converted — — — Cancelled — — — Balance, December 31, 2021 106,137 — 106,137 $ 84.47 2.6 Granted — — — Vested — — — Converted — — — Cancelled — — — Balance, December 31, 2022 106,137 — 106,137 $ 84.47 1.6 Granted — — — Vested — — — Converted (8,500) — (8,500) Cancelled — — — Balance, December 31, 2023 97,637 — 97,637 $ 86.16 1.0

Segment Information

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information The Company's segment disclosures present the measure used by the chief operating decision makers for purposes of assessing each segment's performance. The Company's chief operating decision makers are comprised of several members of its executive management team who use net operating income ("NOI") to assess the performance of the business for the Company's reportable operating segments. NOI represents total property revenues less direct property operating expenses. The executive management team generally evaluates the Company's operating performance geographically. The Company defines its reportable operating segments as the three geographical regions in which its communities are located: Southern California, Northern California and Seattle Metro. Excluded from segment revenues and NOI are management and other fees from affiliates and interest and other income. Non-segment revenues and NOI included in the following schedule also consist of revenues generated from commercial properties and properties that have been sold. Other non-segment assets include items such as real estate under development, co-investments, real estate held for sale, cash and cash equivalents, marketable securities, notes and other receivables, and prepaid expenses and other assets. The revenues and NOI for each of the reportable operating segments are summarized as follows for the years ended December 31, 2023, 2022, and 2021 ($ in thousands): Years Ended December 31, 2023 2022 2021 Revenues: Southern California $ 682,116 $ 646,252 $ 574,129 Northern California 666,836 639,306 584,034 Seattle Metro 282,092 271,248 239,839 Other real estate assets 27,220 38,869 33,416 Total property revenues $ 1,658,264 $ 1,595,675 $ 1,431,418 Net operating income: Southern California $ 483,013 $ 459,762 $ 398,576 Northern California 464,949 445,933 401,870 Seattle Metro 201,228 191,476 160,959 Other real estate assets 23,595 31,235 24,777 Total net operating income 1,172,785 1,128,406 986,182 Management and other fees from affiliates 11,131 11,139 9,138 Corporate-level property management expenses (45,872) (40,704) (36,211) Depreciation and amortization (548,438) (539,319) (520,066) General and administrative (63,474) (56,577) (51,838) Expensed acquisition and investment related costs (595) (2,132) (203) Casualty loss (433) — — Gain on sale of real estate and land 59,238 94,416 142,993 Interest expense (212,905) (204,798) (203,125) Total return swap income 3,148 7,907 10,774 Interest and other income (loss) 46,259 (19,040) 98,744 Equity income from co-investments 10,561 26,030 111,721 Tax (expense) benefit on unconsolidated co-investments (697) 10,236 (15,668) Loss on early retirement of debt, net — (2) (19,010) Gain on remeasurement of co-investment — 17,423 2,260 Net income $ 430,708 $ 432,985 $ 515,691 Total assets for each of the reportable operating segments are summarized as follows as of December 31, 2023 and 2022 ($ in thousands): As of December 31, 2023 2022 Assets: Southern California $ 3,802,648 $ 3,892,003 Northern California 5,242,343 5,414,467 Seattle Metro 1,333,030 1,374,379 Other real estate assets 92,271 133,245 Net reportable operating segments - real estate assets 10,470,292 10,814,094 Real estate under development 23,724 24,857 Co-investments 1,061,733 1,127,491 Cash and cash equivalents, including restricted cash 400,334 42,681 Marketable securities 87,795 112,743 Notes and other receivables 174,621 103,045 Operating lease right-of-use assets 63,757 67,239 Prepaid expenses and other assets 79,171 80,755 Total assets $ 12,361,427 $ 12,372,905

401(k) Plan

401(k) Plan	12 Months Ended
401(k) Plan	Dec. 31, 2023
Retirement Benefits [Abstract]
401(k) Plan	401(k) Plan The Company has a 401(k) benefit plan (the "Plan") for all eligible employees. Employee contributions are limited by the maximum allowed under Section 401(k) of the Internal Revenue Code. The Company matches 50% of the employee contributions up to a specified maximum. Company contributions to the Plan were approximately $3.8 million, $3.3 million, and $3.3 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company's total minimum lease payment commitments, underground leases, parking leases, and operating leases are disclosed in Note 11, Lease Agreements - Company as Lessee. To the extent that an environmental matter arises or is identified in the future that has other than a remote risk of having a material impact on the financial statements, the Company will disclose the estimated range of possible outcomes associated with it and, if an outcome is probable, accrue an appropriate liability for that matter. The Company will consider whether any such matter results in an impairment of value on the affected property and, if so, the impairment will be recognized. The Company cannot determine the magnitude of any potential liability to which it may be subject arising out of unknown environmental conditions with respect to the communities currently or formerly owned by the Company. No assurance can be given that: existing environmental assessments conducted with respect to any of these communities have revealed all environmental conditions or potential liabilities associated with such conditions; any prior owner or operator of a property did not create any material environmental condition not known to the Company; or a material unknown environmental condition does not otherwise exist as to any one or more of the communities. The Company has limited insurance coverage for some of the types of environmental conditions and associated liabilities described above. The Company has entered into transactions that may require the Company to pay the tax liabilities of the partners or members in the Operating Partnership or in the DownREIT entities. These transactions are within the Company’s control. Although the Company intends to hold the contributed assets or defer recognition of gain on their sale pursuant to like-kind exchange rules under Section 1031 of the Internal Revenue Code, if the Company were to sell the contributed assets, the tax liabilities incurred may have a material impact on the Company’s financial position. There continue to be lawsuits against owners and managers of certain of the Company's apartment communities alleging personal injury and property damage caused by the presence of mold in the residential units and common areas of those communities. Some of these lawsuits have resulted in substantial monetary judgments or settlements in the past. The Company has been sued for mold related matters and has settled some, but not all, of such suits. Insurance carriers have reacted to the increase in mold related liability awards by excluding mold related claims from standard general liability policies and pricing mold endorsements at prohibitively high rates. The Company has, however, purchased pollution liability insurance which includes coverage for some mold claims. The Company has also adopted policies intended to promptly address and resolve reports of mold and to minimize any impact mold might have on tenants of its properties. The Company believes its mold policies and proactive response to address reported mold exposures reduces its risk of loss from mold claims. While no assurances can be given that the Company has identified and responded to all mold occurrences, the Company promptly addresses and responds to all known mold reports. Liabilities resulting from such mold related matters are not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. As of December 31, 2023, potential liabilities for mold and other environmental liabilities are not quantifiable and an estimate of possible loss cannot be made. The Company carries comprehensive liability, fire, extended coverage and rental loss insurance for each of the communities. There are, however, certain types of extraordinary losses, such as, for example, losses from terrorism or earthquakes, for which the Company has limited insurance coverage. Substantially all of the communities are located in areas that are subject to earthquake activity. The Company has established a wholly-owned insurance subsidiary, Pacific Western Insurance LLC ("PWI"). Through PWI, the Company is self-insured for earthquake related losses. Additionally, since January 2008, PWI has provided property and casualty insurance coverage for the first $5.0 million of the Company’s property level insurance claims per incident. As of December 31, 2023, PWI has cash and marketable securities of approximately $125.5 million. These assets are consolidated in the Company’s financial statements. Beginning in 2013, the Company has obtained limited third party seismic insurance on selected assets in the Company's co-investments. In late 2022 and early 2023, a number of purported class actions were filed against RealPage, Inc., a seller of revenue management software, and various lessors of multifamily housing which utilize this software, including the Company. The complaints allege collusion among defendants to artificially increase rents of multifamily residential real estate above competitive levels. The Company intends to vigorously defend against these lawsuits. Given their early stage, the Company is unable to predict the outcome or estimate the amount of loss, if any, that may result from such matters. The Company is also subject to various other legal and/or regulatory proceedings arising in the normal course of its business operations. The Company believes that, with respect to such matters that it is currently a party to, the ultimate disposition of any such matter will not result in a material adverse effect on the Company’s financial condition, results of operations or cash flows. To the extent that such a matter arises or is identified in the future that has other than a remote risk of having a material impact on the consolidated financial statements, the Company will disclose the estimated range of possible outcomes associated with it, and, if an outcome is probable, accrue an appropriate liability for that matter. The Company will consider whether any such matter results in an impairment of value on the affected property and, if so, impairment will be recognized.

SCHEDULE III REAL ESTATE AND AC

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Encumbered communities Belmont Station 275 Los Angeles, CA $ 29,263 $ 8,100 $ 66,666 $ 10,397 $ 8,267 $ 76,896 $ 85,163 $ (42,204) 2009 Mar-09 3-30 Brio 300 Walnut Creek, CA 90,827 16,885 151,741 4,751 16,885 156,492 173,377 (26,551) 2015 Jun-19 3-30 Fountain Park 705 Playa Vista, CA 82,776 25,073 94,980 47,232 25,203 142,082 167,285 (97,729) 2002 Feb-04 3-30 Highridge 255 Rancho Palos Verdes, CA 69,451 5,419 18,347 38,782 6,073 56,475 62,548 (47,254) 1972 May-97 3-30 Lawrence Station 336 Sunnyvale, CA 76,848 45,532 106,735 7,740 45,532 114,475 160,007 (42,735) 2012 Apr-14 5-30 Magnolia Square/Magnolia Lane (2) 188 Sunnyvale, CA 52,400 8,190 24,736 19,633 8,191 44,368 52,559 (31,367) 1963 Sep-07 3-30 Marquis 166 San Jose, CA 44,991 20,495 47,823 1,919 20,495 49,742 70,237 (8,532) 2015 Dec-18 3-30 Paragon Apartments 301 Fremont, CA 59,169 32,230 77,320 4,595 32,230 81,915 114,145 (26,880) 2013 Jul-14 3-30 Sage at Cupertino 230 San Jose, CA 51,855 35,719 53,449 14,039 35,719 67,488 103,207 (20,213) 1971 Mar-17 3-30 The Barkley (3) 161 Anaheim, CA 14,925 — 8,520 9,277 2,353 15,444 17,797 (12,780) 1984 Apr-00 3-30 The Commons 264 Campbell, CA 57,703 12,555 29,307 12,511 12,556 41,817 54,373 (22,749) 1973 Jul-10 3-30 The Dylan 184 West Hollywood, CA 57,299 19,984 82,286 4,223 19,990 86,503 106,493 (27,116) 2015 Mar-15 3-30 The Galloway 506 Pleasanton, CA 102,841 32,966 184,499 6,342 32,966 190,841 223,807 (27,546) 2016 Jan-20 3-30 The Huxley 187 West Hollywood, CA 52,156 19,362 75,641 5,421 19,371 81,053 100,424 (25,347) 2014 Mar-15 3-30 Township 132 Redwood City, CA 44,700 19,812 70,619 2,375 19,812 72,994 92,806 (11,257) 2014 Sep-19 3-30 4,190 $ 887,204 $ 302,322 $ 1,092,669 $ 189,237 $ 305,643 $ 1,278,585 $ 1,584,228 $ (470,260) Unencumbered Communities Agora 49 Walnut Creek, CA — 4,932 60,423 1,818 4,934 62,239 67,173 (8,536) 2016 Jan-20 3-30 Alessio 624 Los Angeles, CA — 32,136 128,543 25,661 32,136 154,204 186,340 (57,633) 2001 Apr-14 5-30 Allegro 97 Valley Village, CA — 5,869 23,977 3,758 5,869 27,735 33,604 (14,318) 2010 Oct-10 3-30 Allure at Scripps Ranch 194 San Diego, CA — 11,923 47,690 4,505 11,923 52,195 64,118 (18,217) 2002 Apr-14 5-30 Alpine Village 301 Alpine, CA — 4,967 19,728 13,953 4,982 33,666 38,648 (22,978) 1971 Dec-02 3-30 Annaliese 56 Seattle, WA — 4,727 14,229 1,196 4,726 15,426 20,152 (5,943) 2009 Jan-13 3-30 Apex 367 Milpitas, CA — 44,240 103,251 11,509 44,240 114,760 159,000 (36,789) 2014 Aug-14 3-30 Aqua Marina Del Rey 500 Marina Del Rey, CA — 58,442 175,326 26,945 58,442 202,271 260,713 (75,176) 2001 Apr-14 5-30 Ascent 90 Kirkland, WA — 3,924 11,862 3,685 3,924 15,547 19,471 (6,867) 1988 Oct-12 3-30 Ashton Sherman Village 264 Los Angeles, CA — 23,550 93,811 3,301 23,550 97,112 120,662 (24,127) 2014 Dec-16 3-30 Avant 440 Los Angeles, CA — 32,379 137,940 9,879 32,379 147,819 180,198 (42,593) 2014 Jun-15 3-30 Avenue 64 224 Emeryville, CA — 27,235 64,403 18,098 27,235 82,501 109,736 (28,266) 2007 Apr-14 5-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Aviara (4) 166 Mercer Island, WA — — 49,813 3,145 — 52,958 52,958 (19,372) 2013 Apr-14 5-30 Avondale at Warner Center 446 Woodland Hills, CA — 10,536 24,522 33,446 10,601 57,903 68,504 (44,086) 1970 Jan-99 3-30 Bel Air 462 San Ramon, CA — 12,105 18,252 50,318 12,682 67,993 80,675 (53,742) 1988 Jan-95 3-30 Belcarra 296 Bellevue, WA — 21,725 92,091 6,974 21,725 99,065 120,790 (34,031) 2009 Apr-14 5-30 Bella Villagio 231 San Jose, CA — 17,247 40,343 8,891 17,247 49,234 66,481 (22,441) 2004 Sep-10 3-30 BellCentre 249 Bellevue, WA — 16,197 67,207 7,536 16,197 74,743 90,940 (27,769) 2001 Apr-14 5-30 Bellerive 63 Los Angeles, CA — 5,401 21,803 1,940 5,401 23,743 29,144 (10,973) 2011 Aug-11 3-30 Belmont Terrace 71 Belmont, CA — 4,446 10,290 8,603 4,473 18,866 23,339 (12,941) 1974 Oct-06 3-30 Bennett Lofts 179 San Francisco, CA — 21,771 50,800 35,727 28,371 79,927 108,298 (33,192) 2004 Dec-12 3-30 Bernardo Crest 216 San Diego, CA — 10,802 43,209 8,363 10,802 51,572 62,374 (19,230) 1988 Apr-14 5-30 Bonita Cedars 120 Bonita, CA — 2,496 9,913 7,317 2,503 17,223 19,726 (12,311) 1983 Dec-02 3-30 Boulevard 172 Fremont, CA — 3,520 8,182 16,885 3,580 25,007 28,587 (21,654) 1978 Jan-96 3-30 Brookside Oaks 170 Sunnyvale, CA — 7,301 16,310 29,386 10,328 42,669 52,997 (31,628) 1973 Jun-00 3-30 Bridle Trails 108 Kirkland, WA — 1,500 5,930 7,708 1,531 13,607 15,138 (10,907) 1986 Oct-97 3-30 Brighton Ridge 264 Renton, WA — 2,623 10,800 9,940 2,656 20,707 23,363 (16,472) 1986 Dec-96 3-30 Bristol Commons 188 Sunnyvale, CA — 5,278 11,853 12,588 5,293 24,426 29,719 (20,375) 1989 Jan-95 3-30 Bunker Hill 456 Los Angeles, CA — 11,498 27,871 105,664 11,639 133,394 145,033 (108,050) 1968 Mar-98 3-30 Camarillo Oaks 564 Camarillo, CA — 10,953 25,254 11,444 11,075 36,576 47,651 (31,531) 1985 Jul-96 3-30 Cambridge Park 320 San Diego, CA — 18,185 72,739 7,558 18,185 80,297 98,482 (28,576) 1998 Apr-14 5-30 Camino Ruiz Square 160 Camarillo, CA — 6,871 26,119 3,686 6,931 29,745 36,676 (17,207) 1990 Dec-06 3-30 Canvas 123 Seattle, WA — 10,489 36,924 647 10,489 37,571 48,060 (2,760) 2014 Dec-21 3-30 Canyon Oaks 250 San Ramon, CA — 19,088 44,473 10,665 19,088 55,138 74,226 (30,637) 2005 May-07 3-30 Canyon Pointe 250 Bothell, WA — 4,692 18,288 12,017 4,693 30,304 34,997 (21,204) 1990 Oct-03 3-30 Capri at Sunny Hills 102 Fullerton, CA — 3,337 13,320 12,137 4,048 24,746 28,794 (18,155) 1961 Sep-01 3-30 Carmel Creek 348 San Diego, CA — 26,842 107,368 11,508 26,842 118,876 145,718 (43,830) 2000 Apr-14 5-30 Carmel Landing 356 San Diego, CA — 16,725 66,901 17,394 16,725 84,295 101,020 (31,906) 1989 Apr-14 5-30 Carmel Summit 246 San Diego, CA — 14,968 59,871 9,529 14,968 69,400 84,368 (24,358) 1989 Apr-14 5-30 Castle Creek 216 Newcastle, WA — 4,149 16,028 8,333 4,833 23,677 28,510 (19,463) 1998 Dec-98 3-30 Catalina Gardens 128 Los Angeles, CA — 6,714 26,856 4,745 6,714 31,601 38,315 (11,166) 1987 Apr-14 5-30 Cedar Terrace 180 Bellevue, WA — 5,543 16,442 11,649 5,652 27,982 33,634 (17,938) 1984 Jan-05 3-30 CentrePointe 224 San Diego, CA — 3,405 7,743 24,377 3,442 32,083 35,525 (26,545) 1974 Jun-97 3-30 Chestnut Street Apartments 96 Santa Cruz, CA — 6,582 15,689 3,055 6,582 18,744 25,326 (10,012) 2002 Jul-08 3-30 City View 572 Hayward, CA — 9,883 37,670 41,860 10,350 79,063 89,413 (63,724) 1975 Mar-98 3-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Collins on Pine 76 Seattle, WA — 7,276 22,226 1,076 7,276 23,302 30,578 (7,783) 2013 May-14 3-30 Connolly Station 309 Dublin, CA — 19,949 123,428 5,503 19,949 128,931 148,880 (18,748) 2014 Jan-20 3-30 Corbella at Juanita Bay 169 Kirkland, WA — 5,801 17,415 5,758 5,801 23,173 28,974 (11,369) 1978 Nov-10 3-30 Cortesia 308 Rancho Santa Margarita, CA — 13,912 55,649 6,220 13,912 61,869 75,781 (21,883) 1999 Apr-14 5-30 Country Villas 180 Oceanside, CA — 4,174 16,583 7,719 4,187 24,289 28,476 (17,013) 1976 Dec-02 3-30 Courtyard off Main 110 Bellevue, WA — 7,465 21,405 7,676 7,465 29,081 36,546 (14,010) 2000 Oct-10 3-30 Crow Canyon 400 San Ramon, CA — 37,579 87,685 19,142 37,579 106,827 144,406 (41,200) 1992 Apr-14 5-30 Deer Valley 171 San Rafael, CA — 21,478 50,116 6,200 21,478 56,316 77,794 (20,508) 1996 Apr-14 5-30 Domaine 92 Seattle, WA — 9,059 27,177 2,016 9,059 29,193 38,252 (11,604) 2009 Sep-12 3-30 Elevation 158 Redmond, WA — 4,758 14,285 8,926 4,757 23,212 27,969 (13,693) 1986 Jun-10 3-30 Ellington 220 Bellevue, WA — 15,066 45,249 6,721 15,066 51,970 67,036 (18,149) 1994 Jul-14 3-30 Emerald Pointe 160 Diamond Bar, CA — 8,458 33,832 3,854 8,458 37,686 46,144 (13,690) 1989 Apr-14 5-30 Emerald Ridge 180 Bellevue, WA — 3,449 7,801 8,762 3,449 16,563 20,012 (14,422) 1987 Nov-94 3-30 Emerson Valley Village 144 Los Angeles, CA — 13,378 53,240 2,731 13,378 55,971 69,349 (14,061) 2012 Dec-16 3-30 Emme 190 Emeryville, CA — 15,039 80,532 1,602 15,039 82,134 97,173 (11,594) 2015 Jan-20 3-30 Enso 183 San Jose, CA — 21,397 71,135 3,565 21,397 74,700 96,097 (21,195) 2014 Dec-15 3-30 Epic 769 San Jose, CA — 89,111 307,769 5,723 89,111 313,492 402,603 (43,577) 2013 Jan-20 3-30 Esplanade 278 San Jose, CA — 18,170 40,086 18,769 18,429 58,596 77,025 (40,654) 2002 Apr-04 3-30 Essex Skyline 350 Santa Ana, CA — 21,537 146,099 19,047 21,537 165,146 186,683 (68,901) 2008 Apr-10 3-30 Evergreen Heights 200 Kirkland, WA — 3,566 13,395 9,409 3,649 22,721 26,370 (18,796) 1990 Jun-97 3-30 Fairhaven Apartments 164 Santa Ana, CA — 2,626 10,485 11,748 2,957 21,902 24,859 (17,103) 1970 Nov-01 3-30 Fairway Apartments at Big Canyon (5) 74 Newport Beach, CA — — 7,850 9,654 — 17,504 17,504 (15,324) 1972 Jun-99 3-28 Fairwood Pond 194 Renton, WA — 5,296 15,564 6,603 5,297 22,166 27,463 (14,306) 1997 Oct-04 3-30 Foothill Commons 394 Bellevue, WA — 2,435 9,821 44,756 2,440 54,572 57,012 (51,045) 1978 Mar-90 3-30 Foothill Gardens/Twin Creeks 176 San Ramon, CA — 5,875 13,992 15,512 5,964 29,415 35,379 (24,065) 1985 Feb-97 3-30 Forest View 192 Renton, WA — 3,731 14,530 5,619 3,731 20,149 23,880 (13,213) 1998 Oct-03 3-30 Form 15 242 San Diego, CA — 24,510 72,221 14,885 25,540 86,076 111,616 (24,271) 2014 Mar-16 3-30 Foster's Landing 490 Foster City, CA — 61,714 144,000 18,648 61,714 162,648 224,362 (60,005) 1987 Apr-14 5-30 Fountain Court 320 Seattle, WA — 6,702 27,306 16,464 6,985 43,487 50,472 (35,378) 2000 Mar-00 3-30 Fountains at River Oaks 226 San Jose, CA — 26,046 60,773 9,144 26,046 69,917 95,963 (26,176) 1990 Apr-14 3-30 Fourth & U 171 Berkeley, CA — 8,879 52,351 5,944 8,879 58,295 67,174 (27,867) 2010 Apr-10 3-30 Fox Plaza 445 San Francisco, CA — 39,731 92,706 43,656 39,731 136,362 176,093 (63,688) 1968 Feb-13 3-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Hacienda at Camarillo Oaks 73 Camarillo, CA — 5,497 17,572 2,464 5,497 20,036 25,533 (522) 1984 Apr-23 3-30 The Henley I/The Henley II 215 Glendale, CA — 6,695 16,753 31,710 6,733 48,425 55,158 (39,183) 1970 Jun-99 3-30 Highlands at Wynhaven 333 Issaquah, WA — 16,271 48,932 17,578 16,271 66,510 82,781 (39,218) 2000 Aug-08 3-30 Hillcrest Park 608 Newbury Park, CA — 15,318 40,601 29,837 15,755 70,001 85,756 (53,986) 1973 Mar-98 3-30 Hillsdale Garden 697 San Mateo, CA — 22,000 94,681 42,417 22,000 137,098 159,098 (81,397) 1948 Sep-06 3-30 Hope Ranch 108 Santa Barbara, CA — 4,078 16,877 3,986 4,208 20,733 24,941 (11,834) 1965 Mar-07 3-30 Huntington Breakers 342 Huntington Beach, CA — 9,306 22,720 26,749 9,315 49,460 58,775 (41,562) 1984 Oct-97 3-30 Inglenook Court 224 Bothell, WA — 3,467 7,881 10,148 3,474 18,022 21,496 (15,994) 1985 Oct-94 3-30 Lafayette Highlands 150 Lafayette, CA — 17,774 41,473 9,261 17,774 50,734 68,508 (18,567) 1973 Apr-14 5-30 Lakeshore Landing 308 San Mateo, CA — 38,155 89,028 15,358 38,155 104,386 142,541 (38,936) 1988 Apr-14 5-30 Laurels at Mill Creek 164 Mill Creek, WA — 1,559 6,430 9,494 1,595 15,888 17,483 (13,520) 1981 Dec-96 3-30 Le Parc 140 Santa Clara, CA — 3,090 7,421 16,203 3,092 23,622 26,714 (20,121) 1975 Feb-94 3-30 Marbrisa 202 Long Beach, CA — 4,700 18,605 12,518 4,760 31,063 35,823 (22,713) 1987 Sep-02 3-30 Marina City Club (6) 101 Marina Del Rey, CA — — 28,167 35,482 — 63,649 63,649 (41,034) 1971 Jan-04 3-30 Marina Cove (7) 292 Santa Clara, CA — 5,320 16,431 19,363 5,324 35,790 41,114 (32,469) 1974 Jun-94 3-30 Mariner's Place 105 Oxnard, CA — 1,555 6,103 3,639 1,562 9,735 11,297 (7,468) 1987 May-00 3-30 MB 360 360 San Francisco, CA — 42,001 212,648 16,253 42,001 228,901 270,902 (73,498) 2014 Apr-14 3-30 Mesa Village 133 Clairemont, CA — 1,888 7,498 3,507 1,894 10,999 12,893 (7,755) 1963 Dec-02 3-30 Mill Creek at Windermere 400 San Ramon, CA — 29,551 69,032 14,805 29,551 83,837 113,388 (45,026) 2005 Sep-07 3-30 Mio 103 San Jose, CA — 11,012 39,982 2,153 11,012 42,135 53,147 (11,663) 2015 Jan-16 3-30 Mirabella 188 Marina Del Rey, CA — 6,180 26,673 20,139 6,270 46,722 52,992 (33,524) 2000 May-00 3-30 Mira Monte 354 Mira Mesa, CA — 7,165 28,459 16,734 7,186 45,172 52,358 (32,198) 1982 Dec-02 3-30 Miracle Mile/Marbella 236 Los Angeles, CA — 7,791 23,075 20,649 7,886 43,629 51,515 (34,078) 1988 Aug-97 3-30 Mission Hills 282 Oceanside, CA — 10,099 38,778 15,512 10,167 54,222 64,389 (35,135) 1984 Jul-05 3-30 Mission Peaks 453 Fremont, CA — 46,499 108,498 13,839 46,499 122,337 168,836 (44,778) 1995 Apr-14 5-30 Mission Peaks II 336 Fremont, CA — 31,429 73,334 12,394 31,429 85,728 117,157 (32,318) 1989 Apr-14 5-30 Montanosa 472 San Diego, CA — 26,697 106,787 15,499 26,697 122,286 148,983 (43,193) 1990 Apr-14 5-30 Montclaire 390 Sunnyvale, CA — 4,842 19,776 32,229 4,997 51,850 56,847 (47,688) 1973 Dec-88 3-30 Montebello 248 Kirkland, WA — 13,857 41,575 15,803 13,858 57,377 71,235 (23,364) 1996 Jul-12 3-30 Montejo Apartments 124 Garden Grove, CA — 1,925 7,685 6,287 2,194 13,703 15,897 (9,460) 1974 Nov-01 3-30 Monterey Villas 122 Oxnard, CA — 2,349 5,579 8,980 2,424 14,484 16,908 (11,089) 1974 Jul-97 3-30 Muse 152 North Hollywood, CA — 7,822 33,436 7,109 7,823 40,544 48,367 (19,798) 2011 Feb-11 3-30 Mylo 476 Santa Clara, CA — 6,472 206,098 867 6,472 206,965 213,437 (35,556) 2021 Jun-21 3-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) 1000 Kiely 121 Santa Clara, CA — 9,359 21,845 11,284 9,359 33,129 42,488 (17,925) 1971 Mar-11 3-30 Palm Valley 1,100 San Jose, CA — 133,802 312,205 33,448 133,802 345,653 479,455 (91,453) 2008 Jan-17 3-30 Park Catalina 90 Los Angeles, CA — 4,710 18,839 4,825 4,710 23,664 28,374 (10,795) 2002 Jun-12 3-30 Park Highland 250 Bellevue, WA — 9,391 38,224 15,944 9,391 54,168 63,559 (25,009) 1993 Apr-14 5-30 Park Hill at Issaquah 245 Issaquah, WA — 7,284 21,937 15,309 7,284 37,246 44,530 (24,420) 1999 Feb-99 3-30 Park Viridian 320 Anaheim, CA — 15,894 63,574 7,165 15,894 70,739 86,633 (25,521) 2008 Apr-14 5-30 Park West 126 San Francisco, CA — 9,424 21,988 14,824 9,424 36,812 46,236 (19,991) 1958 Sep-12 3-30 Parkwood at Mill Creek 240 Mill Creek, WA — 10,680 42,722 4,885 10,680 47,607 58,287 (17,576) 1989 Apr-14 5-30 Patent 523 295 Seattle, WA — 14,558 69,417 8,927 14,558 78,344 92,902 (38,284) 2010 Mar-10 3-30 Pathways at Bixby Village 296 Long Beach, CA — 4,083 16,757 24,405 6,239 39,006 45,245 (35,534) 1975 Feb-91 3-30 Piedmont 396 Bellevue, WA — 19,848 59,606 20,462 19,848 80,068 99,916 (32,025) 1969 May-14 3-30 Pinehurst (8) 28 Ventura, CA — — 1,711 943 — 2,654 2,654 (2,051) 1973 Dec-04 3-24 Pinnacle at Fullerton 192 Fullerton, CA — 11,019 45,932 7,172 11,019 53,104 64,123 (19,644) 2004 Apr-14 5-30 Pinnacle on Lake Washington 180 Renton, WA — 7,760 31,041 5,950 7,760 36,991 44,751 (14,124) 2001 Apr-14 5-30 Pinnacle at MacArthur Place 253 Santa Ana, CA — 15,810 66,401 10,646 15,810 77,047 92,857 (27,583) 2002 Apr-14 5-30 Pinnacle at Otay Ranch I & II 364 Chula Vista, CA — 17,023 68,093 8,560 17,023 76,653 93,676 (27,583) 2001 Apr-14 5-30 Pinnacle at Talega 362 San Clemente, CA — 19,292 77,168 9,934 19,292 87,102 106,394 (30,087) 2002 Apr-14 5-30 Pinnacle Sonata 268 Bothell, WA — 14,647 58,586 9,882 14,647 68,468 83,115 (25,042) 2000 Apr-14 5-30 Pointe at Cupertino 116 Cupertino, CA — 4,505 17,605 14,682 4,505 32,287 36,792 (24,253) 1963 Aug-98 3-30 Pure Redmond 105 Redmond, WA — 7,461 31,363 2,360 7,461 33,723 41,184 (5,042) 2016 Dec-19 3-30 Radius 264 Redwood City, CA — 11,702 152,336 5,077 11,702 157,413 169,115 (54,824) 2015 Apr-14 3-30 Reed Square 100 Sunnyvale, CA — 6,873 16,037 9,418 6,873 25,455 32,328 (14,905) 1970 Jan-12 3-30 Regency at Encino 75 Encino, CA — 3,184 12,737 5,428 3,184 18,165 21,349 (9,945) 1989 Dec-09 3-30 Regency Palm Court 116 Los Angeles, CA — 7,763 28,019 1,637 7,763 29,656 37,419 (1,586) 1987 Jul-22 3-30 Renaissance at Uptown Orange 460 Orange, CA — 27,870 111,482 11,968 27,870 123,450 151,320 (43,931) 2007 Apr-14 5-30 Reveal 438 Woodland Hills, CA — 25,073 121,314 7,805 25,073 129,119 154,192 (42,223) 2010 Apr-15 3-30 Salmon Run at Perry Creek 132 Bothell, WA — 3,717 11,483 4,828 3,801 16,227 20,028 (11,529) 2000 Oct-00 3-30 Sammamish View 153 Bellevue, WA — 3,324 7,501 9,177 3,331 16,671 20,002 (14,681) 1986 Nov-94 3-30 101 San Fernando 323 San Jose, CA — 4,173 58,961 19,870 4,173 78,831 83,004 (40,019) 2001 Jul-10 3-30 San Marcos 432 Richmond, CA — 15,563 36,204 40,073 22,866 68,974 91,840 (45,615) 2003 Nov-03 3-30 Santee Court/Santee Village 238 Los Angeles, CA — 9,581 40,317 19,087 9,582 59,403 68,985 (28,730) 2004 Oct-10 3-30 Shadow Point 172 Spring Valley, CA — 2,812 11,170 7,859 2,820 19,021 21,841 (12,353) 1983 Dec-02 3-30 Shadowbrook 418 Redmond, WA — 19,292 77,168 11,517 19,292 88,685 107,977 (31,940) 1986 Apr-14 5-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Slater 116 108 Kirkland, WA — 7,379 22,138 2,243 7,379 24,381 31,760 (8,886) 2013 Sep-13 3-30 Solstice 280 Sunnyvale, CA — 34,444 147,262 9,114 34,444 156,376 190,820 (57,770) 2014 Apr-14 5-30 Station Park Green 599 San Mateo, CA — 54,782 314,694 111,597 67,204 413,869 481,073 (79,930) 2018 Mar-18 3-30 Stevenson Place 200 Fremont, CA — 996 5,582 16,131 1,001 21,708 22,709 (18,665) 1975 Apr-00 3-30 Stonehedge Village 196 Bothell, WA — 3,167 12,603 12,242 3,201 24,811 28,012 (19,835) 1986 Oct-97 3-30 Summerhill Park 100 Sunnyvale, CA — 2,654 4,918 11,843 2,656 16,759 19,415 (15,161) 1988 Sep-88 3-30 Summit Park 300 San Diego, CA — 5,959 23,670 11,159 5,977 34,811 40,788 (24,448) 1972 Dec-02 3-30 Taylor 28 197 Seattle, WA — 13,915 57,700 6,041 13,915 63,741 77,656 (22,896) 2008 Apr-14 5-30 The Audrey at Belltown 137 Seattle, WA — 9,228 36,911 3,193 9,228 40,104 49,332 (14,169) 1992 Apr-14 5-30 The Avery 121 Los Angeles, CA — 6,964 29,922 1,787 6,964 31,709 38,673 (10,597) 2014 Mar-14 3-30 The Bernard 63 Seattle, WA — 3,699 11,345 1,138 3,689 12,493 16,182 (5,535) 2008 Sep-11 3-30 The Blake LA 196 Los Angeles, CA — 4,023 9,527 25,998 4,031 35,517 39,548 (27,565) 1979 Jun-97 3-30 The Cairns 99 Seattle, WA — 6,937 20,679 3,628 6,939 24,305 31,244 (13,858) 2006 Jun-07 3-30 The Elliot at Mukilteo 301 Mukilteo, WA — 2,498 10,595 20,508 2,824 30,777 33,601 (26,499) 1981 Jan-97 3-30 The Grand 243 Oakland, CA — 4,531 89,208 9,358 4,531 98,566 103,097 (51,214) 2009 Jan-09 3-30 The Hallie 292 Pasadena, CA — 2,202 4,794 57,980 8,385 56,591 64,976 (48,352) 1972 Apr-97 3-30 The Huntington 276 Huntington Beach, CA — 10,374 41,495 9,525 10,374 51,020 61,394 (22,312) 1975 Jun-12 3-30 The Landing at Jack London Square 282 Oakland, CA — 33,554 78,292 10,330 33,554 88,622 122,176 (33,472) 2001 Apr-14 5-30 The Lofts at Pinehurst 118 Ventura, CA — 1,570 3,912 6,701 1,618 10,565 12,183 (8,009) 1971 Jun-97 3-30 The Palisades 192 Bellevue, WA — 1,560 6,242 16,768 1,565 23,005 24,570 (19,918) 1977 May-90 3-30 The Palms at Laguna Niguel 460 Laguna Niguel, CA — 23,584 94,334 17,847 23,584 112,181 135,765 (42,182) 1988 Apr-14 5-30 The Stuart 188 Pasadena, CA — 13,574 54,298 5,546 13,574 59,844 73,418 (21,356) 2007 Apr-14 5-30 The Trails of Redmond 423 Redmond, WA — 21,930 87,720 9,868 21,930 97,588 119,518 (35,480) 1985 Apr-14 5-30 The Village at Toluca Lake 145 Burbank, CA — 14,634 48,297 2,024 14,634 50,321 64,955 (4,652) 1974 Jun-21 3-30 The Waterford 238 San Jose, CA — 11,808 24,500 19,752 15,165 40,895 56,060 (31,327) 2000 Jun-00 3-30 Tierra Vista 404 Oxnard, CA — 13,652 53,336 11,904 13,661 65,231 78,892 (42,191) 2001 Jan-01 3-30 Tiffany Court 101 Los Angeles, CA — 6,949 27,796 3,556 6,949 31,352 38,301 (11,191) 1987 Apr-14 5-30 Trabuco Villas 132 Lake Forest, CA — 3,638 8,640 6,266 3,890 14,654 18,544 (11,310) 1985 Oct-97 3-30 Valley Park 160 Fountain Valley, CA — 3,361 13,420 8,373 3,761 21,393 25,154 (15,146) 1969 Nov-01 3-30 Via 284 Sunnyvale, CA — 22,000 82,270 7,647 22,016 89,901 111,917 (40,456) 2011 Jul-11 3-30 Villa Angelina 256 Placentia, CA — 4,498 17,962 10,155 4,962 27,653 32,615 (20,376) 1970 Nov-01 3-30 Villa Granada 270 Santa Clara, CA — 38,299 89,365 4,688 38,299 94,053 132,352 (32,619) 2010 Apr-14 5-30 Costs Initial cost capitalized Gross amount carried at close of period Apartment Buildings and subsequent to Land and Buildings and Accumulated Date of Date Lives Property Homes Location Encumbrance Land improvements acquisition improvements improvements Total (1) depreciation construction acquired (years) Villa Siena 272 Costa Mesa, CA — 13,842 55,367 15,491 13,842 70,858 84,700 (27,347) 1974 Apr-14 5-30 Village Green 272 La Habra, CA — 6,488 36,768 6,463 6,488 43,231 49,719 (16,403) 1971 Apr-14 5-30 Vista Belvedere 76 Tiburon, CA — 5,573 11,901 10,717 5,573 22,618 28,191 (15,957) 1963 Aug-04 3-30 Vox Apartments 58 Seattle, WA — 5,545 16,635 642 5,545 17,277 22,822 (6,032) 2013 Oct-13 3-30 Wallace on Sunset 200 Los Angeles, CA — 24,005 80,466 4,522 24,005 84,988 108,993 (18,731) 2021 Dec-21 3-30 Walnut Heights 163 Walnut, CA — 4,858 19,168 7,315 4,887 26,454 31,341 (18,197) 1964 Oct-03 3-30 Wandering Creek 156 Kent, WA — 1,285 4,980 6,672 1,296 11,641 12,937 (9,850) 1986 Nov-95 3-30 Wharfside Pointe 155 Seattle, WA — 2,245 7,020 14,339 2,258 21,346 23,604 (18,915) 1990 Jun-94 3-30 Willow Lake 508 San Jose, CA — 43,194 101,030 21,997 43,194 123,027 166,221 (53,675) 1989 Oct-12 3-30 5600 Wilshire 284 Los Angeles, CA — 30,535 91,604 10,000 30,535 101,604 132,139 (35,335) 2008 Apr-14 5-30 Wilshire La Brea 478 Los Angeles, CA — 56,932 211,998 22,204 56,932 234,202 291,134 (84,340) 2014 Apr-14 5-30 Wilshire Promenade 149 Fullerton, CA — 3,118 7,385 14,938 3,797 21,644 25,441 (16,895) 1992 Jan-97 3-30 Windsor Court 95 Los Angeles, CA 6,383 23,420 1,077 6,383 24,497 30,880 (1,303) 1987 Jul-22 3-30 Windsor Ridge 216 Sunnyvale, CA — 4,017 10,315 18,009 4,021 28,320 32,341 (27,125) 1989 Mar-89 3-30 Woodland Commons 302 Bellevue, WA — 2,040 8,727 27,519 2,044 36,242 38,286 (28,182) 1978 Mar-90 3-30 Woodside Village 145 Ventura, CA — 5,331 21,036 7,107 5,341 28,133 33,474 (18,428) 1987 Dec-04 3-30 47,382 $ — $ 2,598,958 $ 9,278,341 $ 2,560,634 $ 2,649,202 $ 11,788,731 $ 14,437,933 $ (5,173,880) Costs Initial cost capitalized Gross amount carried at close of period Buildings and subsequent Land and Buildings and Accumulated Property Encumbrance Land improvements to acquisition improvements improvements Total (1) depreciation Other real estate assets — 80,706 16,587 15,769 82,067 30,995 113,062 (20,791) $ — $ 80,706 $ 16,587 $ 15,769 $ 82,067 $ 30,995 $ 113,062 $ (20,791) Total $ 887,204 $ 2,981,986 $ 10,387,597 $ 2,765,640 $ 3,036,912 $ 13,098,311 $ 16,135,223 $ (5,664,931) (1) The aggregate cost for federal income tax purposes is approximately $12.3 billion (unaudited). (2) A portion of land is leased pursuant to a ground lease expiring 2070. (3) The land is leased pursuant to a ground lease expiring 2083. (4) The land is leased pursuant to a ground lease expiring 2070. (5) The land is leased pursuant to a ground lease expiring 2027. (6) The land is leased pursuant to a ground lease expiring 2067. (7) A portion of land is leased pursuant to a ground lease expiring in 2028. (8) The land is leased pursuant to a ground lease expiring in 2028. A summary of activity for rental properties and accumulated depreciation is as follows: 2023 2022 2021 2023 2022 2021 Rental properties: Accumulated depreciation: Balance at beginning of year $ 15,966,227 $ 15,629,927 $ 15,061,745 Balance at beginning of year $ 5,152,133 $ 4,646,854 $ 4,133,959 Acquisition, development, and improvement of real estate 235,423 427,668 707,267 Depreciation expense 545,702 536,202 528,613 Disposition of real estate and other (66,427) (91,368) (139,085) Depreciation expense - Disposals and other (32,904) (30,923) (15,718) Balance at the end of year $ 16,135,223 $ 15,966,227 $ 15,629,927 Balance at the end of year $ 5,664,931 $ 5,152,133 $ 4,646,854

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Critical and Signi_2

Summary of Critical and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accounts of the Company, its controlled subsidiaries and the variable interest entities ("VIEs") in which it is the primary beneficiary are consolidated in the accompanying financial statements and prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included and are normal and recurring in nature. All significant inter-company accounts and transactions have been eliminated. Noncontrolling interest includes the 3.4% limited partner interests in the Operating Partnership not held by the Company at both December 31, 2023 and 2022. These percentages include the Operating Partnership’s vested long-term incentive plan units (see Note 14).
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November, 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." Among other new disclosure requirements, ASU 2023-07 requires companies to disclose significant segment expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 will be effective for the Company's 2024 annual reporting. ASU 2023-07 must be applied retrospectively to all prior periods presented in the financial statements. The Company does not expect the adoption to have a material impact on its consolidated results of operations and financial position. In August 2023, the FASB issued ASU No. 2023-05 "Business Combinations —Joint Venture Formations (Subtopic 805-60)" under which an entity that qualifies as a joint venture is required to apply a new basis of accounting upon the formation of the joint venture. The amendments in ASU 2023-05 require that a joint venture must initially measure its assets and liabilities at fair value on the formation date. ASU 2023-05 is effective for all joint ventures that are formed on or after January 1, 2025 and early adoption is permitted. The Company does not expect the adoption to have a material impact on its consolidated results of operations and financial position.
Real Estate Rental Properties	Real Estate Rental Properties Significant expenditures, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized. Operating real estate assets are stated at cost and consist of land and land improvements, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Expenditures for maintenance and repairs are charged to expense as incurred. The depreciable life of various categories of fixed assets is as follows: Computer software and equipment 3 - 5 years Interior apartment home improvements 5 years Furniture, fixtures and equipment 5 - 10 years Land improvements and certain exterior components of real property 10 years Real estate structures 30 years The Company capitalizes all costs incurred with the predevelopment, development or redevelopment of real estate assets or are associated with the construction or expansion of real property. Such capitalized costs include land, land improvements, allocated costs of the Company’s project management staff, construction costs, as well as interest and related loan fees, property taxes and insurance. Capitalization begins for predevelopment, development, and redevelopment projects when activity commences. Capitalization ends when the apartment home is completed and the property is available for a new tenant or if the development activities cease. The Company allocates the purchase price of real estate on a fair value basis to land and building including personal property, and identifiable intangible assets, such as the value of above, below and in-place leases. In making estimates of relative fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent land and building appraisals which consider comparable market transactions, its own analysis of recently acquired or developed comparable properties in our portfolio for land comparables and building replacement costs, and other publicly available market data. In calculating the fair value of identified intangible assets of an acquired property, the in-place leases are valued based on in-place rent rates and amortized over the average remaining term of all acquired leases. The values of the above and below market leases are amortized and recorded as either a decrease (in the case of above market leases) or an increase (in the case of below market leases) to rental revenue over the remaining term of the associated leases acquired. The value of acquired in-place leases are amortized to expense over the average remaining term of the leases acquired. The net carrying value of acquired in-place leases is $6.1 million and $7.4 million as of December 31, 2023 and 2022, respectively, and are included in prepaid expenses and other assets on the Company's consolidated balance sheets. The Company periodically assesses the carrying value of its consolidated real estate investments for indicators of impairment. The judgments regarding the existence of impairment indicators are based on monitoring investment market conditions and performance compared to budget for operating properties including the net operating income for the most recent 12 month period, monitoring estimated costs for properties under development, the Company's ability to hold and its intent with regard to each asset, and each property's remaining useful life. Whenever events or changes in circumstances indicate that the carrying amount of a property held for investment may not be fully recoverable, the carrying amount is evaluated. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount (including intangible assets) of a property held for investment, then the Company will recognize an impairment loss equal to the excess of the carrying amount over the fair value of the property. Fair value of a property is determined using conventional real estate valuation methods, such as discounted cash flow, the property’s unleveraged yield in comparison to the unleveraged yields and/or sales prices of similar communities that have been recently sold, and other third party information, if available. Communities held for sale are carried at the lower of cost or fair value less estimated costs to sell. As of December 31, 2023 and 2022, no properties were classified as held for sale. The Company did not record an impairment charge on any of its consolidated real estate investments for the years ended December 31, 2023, 2022, and 2021. In the normal course of business, the Company will receive purchase offers for its communities, either solicited or unsolicited. For those offers that are accepted, the prospective buyer will usually require a due diligence period before consummation of the transaction. It is not unusual for matters to arise that result in the withdrawal or rejection of the offer during this process. The Company classifies real estate as "held for sale" when the Company has obtained necessary management approvals to sell a property and the sale of the property is expected to be completed within a year. Evaluating solicited or unsolicited offers generally does not cause properties to be classified as held for sale.
Co-investments	Co-investments The Company owns investments in joint ventures in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with U.S. GAAP. Therefore, the Company accounts for co-investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company’s equity in earnings less distributions received and the Company’s share of losses. The significant accounting policies of the Company’s co-investment entities are consistent with those of the Company in all material respects. Upon the acquisition of a controlling interest of a co-investment, the co-investment entity is consolidated and a gain or loss is recognized upon the remeasurement of co-investments in the consolidated statement of income equal to the amount by which the fair value of the Company's previously owned co-investment interest exceeds its carrying value. A majority of the co-investments, excluding most preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote income if certain financial return benchmarks are achieved. Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible. Any promote fees are reflected in equity income from co-investments.
Revenues and Gains on Sale of Real Estate and Land	Revenues and Gains on Sale of Real Estate and Land Revenues from tenants renting or leasing apartment homes are recorded when due from tenants and are recognized monthly as they are earned, which generally approximates a straight-line basis, else, adjustments are made to conform to a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 9 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. See Note 4, Revenues, and Note 10, Lease Agreements - Company as Lessor, for additional information regarding such revenues. The Company also generates other property-related revenue associated with the leasing of apartment homes, including storage income, pet rent, and other miscellaneous revenue. Similar to rental income, such revenues are recorded when due from tenants and recognized monthly as they are earned. Apart from rental and other property-related revenue, revenues from contracts with customers are recognized as control of the promised services is passed to the customer. For customer contracts related to management and other fees from affiliates (which includes asset management and property management), the transaction price and amount of revenue to be recognized is determined each quarter based on the management fee calculated and earned for that month or quarter. The contract will contain a description of the service and the fee percentage for management services. Payments from such services are one month or one quarter in arrears of the service performed. The Company recognizes any gains on sales of real estate when it transfers control of a property and when it is probable that the Company will collect substantially all of the related consideration.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Highly liquid investments, including certificates of deposits, generally with original maturities of three months or less when purchased are classified as cash equivalents. Restricted cash balances relate primarily to reserve requirements for capital replacement at certain communities in connection with the Company’s mortgage debt.
Marketable Securities	Marketable Securities The Company reports its equity securities and available for sale debt securities at fair value, based on quoted market prices (Level 1 for the common stock and investment funds and Level 2 for the unsecured debt, as defined by the FASB standard for fair value measurements as discussed later in Note 2). As of December 31, 2023 and 2022, $0.1 million and $0.2 million, respectively, of equity securities presented within common stock and stock funds in the tables below represent investments measured at fair value, using net asset value as a practical expedient, and are not categorized in the fair value hierarchy. Any realized and unrealized gains and losses in equity securities and interest income are included in interest and other income on the consolidated statements of income. There were no other than temporary impairment charges for the years ended December 31, 2023, 2022, and 2021.
Notes Receivable	Notes Receivable Notes receivable relate to real estate financing arrangements including mezzanine and bridge loans. Interest is recognized over the life of the note as interest income. Each note is analyzed to determine if it is impaired. A note is impaired if it is probable that the Company will not collect all contractually due principal and interest. The Company does not accrue interest when a note is considered impaired and an allowance is recorded for any principal and previously accrued interest that are not believed to be collectible. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income. As of December 31, 2023 and 2022, no notes were impaired. In the normal course of business, the Company originates and holds two types of loans: mezzanine loans issued to entities that are pursuing apartment development and short-term bridge loans issued to joint ventures with the Company. The Company categorizes development project mezzanine loans into risk categories based on relevant information about the ability of the borrowers to service their debt, such as: current financial information, credit documentation, public information, and previous experience with the borrower. The Company initially analyzes each mezzanine loan individually to classify the credit risk of the loan. On a periodic basis the Company evaluates financial information on the project, its sponsors, and its guarantors and additionally performs site visits of the development projects associated with the mezzanine loans to confirm whether they are on budget and whether there are any delays in development that could impact the Company's assessment of credit loss. All bridge loans that the Company issues are, by their nature, short-term and meant only to provide time for the Company’s joint ventures to obtain long-term funding for newly acquired communities. As the Company is a partner in the joint ventures that are borrowing such funds and has performed a detailed review of each community as part of the acquisition process, there is little to no credit risk associated with such loans. As such, the Company does not review credit quality indicators for bridge loans on an ongoing basis. The Company estimates the allowance for credit losses for each loan type using relevant available information from internal and external sources, relating to past events, current conditions, and reasonable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses.
Capitalization Policy	Capitalization Policy The Company capitalizes all direct and certain indirect costs, including interest, employee compensation costs, real estate taxes and insurance, incurred during development and redevelopment activities. Interest is capitalized on real estate assets that require a period of time to get them ready for their intended use. The amount of interest capitalized is based upon the average amount of accumulated development expenditures during the reporting period. Included in capitalized costs are management’s estimates of the direct and incremental personnel costs and indirect project costs associated with the Company's development and redevelopment activities. Indirect project costs consist primarily of personnel costs associated with construction administration and development, including accounting, legal fees, and various corporate and community onsite costs that clearly relate to projects under development. Those costs, inclusive of capitalized interest, as well as capitalized development and redevelopment fees totaled $19.5 million, $20.4 million and $23.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company capitalizes leasing costs associated with the lease-up of development communities and amortizes the costs over the life of the leases. The amounts capitalized are immaterial for all periods presented.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company values its financial instruments based on the fair value hierarchy of valuation techniques described in the FASB’s accounting standard for fair value measurements. Level 1 inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability. The Company uses Level 1 inputs for the fair values of its cash equivalents and its marketable securities. The Company uses Level 2 inputs for its notes receivable, notes payable, and derivative assets/liabilities. These inputs include interest rates for similar financial instruments. The Company’s valuation methodology for derivatives is described in Note 9. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Management estimates that the carrying amounts of the outstanding balances under its lines of credit, and notes and other receivables approximate fair value as of December 31, 2023 and 2022, because interest rates, yields and other terms for these instruments are consistent with interest rates, yields and other terms currently available for similar instruments. Management has estimated that the fair value of fixed rate debt with a carrying value of $5.7 billion at both December 31, 2023 and 2022, to be $5.3 billion and $5.2 billion at December 31, 2023 and 2022, respectively. Management has estimated the fair value of the Company’s $520.0 million and $274.2 million of variable rate debt at December 31, 2023 and 2022, respectively, to be $519.0 million and $273.2 million at December 31, 2023 and 2022, respectively, based on the terms of existing mortgage notes payable, unsecured debt, and variable rate demand notes compared to those available in the marketplace. Management estimates that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payables, other liabilities and dividends payable approximate fair value as of December 31, 2023 and 2022 due to the short-term maturity of these instruments. Marketable securities are carried at fair value as of December 31, 2023 and 2022.
Interest Rate Protection, Swap, and Forward Contracts	Interest Rate Protection, Swap, and Forward Contracts The Company uses interest rate swaps, interest rate caps, and total return swap contracts to manage interest rate risks. The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, the Company uses interest rate swaps as part of its cash flow hedging strategy. The Company records all derivatives on its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated for accounting purposes as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated for accounting purposes as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the initial and ongoing effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated for accounting purposes as cash flow hedges, changes in fair value are recognized in earnings. All of the Company’s interest rate swaps are considered cash flow hedges.
Income Taxes	Income Taxes Generally in any year in which Essex qualifies as a real estate investment trust ("REIT") under the Internal Revenue Code (the "IRC"), it is not subject to federal income tax on that portion of its income that it distributes to stockholders. No provision for federal income taxes, other than the taxable REIT subsidiaries discussed below, has been made in the accompanying consolidated financial statements for each of the years in the three-year period ended December 31, 2023 as Essex has elected to be and believes it qualifies under the IRC as a REIT and has made distributions during the periods in amounts to preclude Essex from paying federal income tax. In order to maintain compliance with REIT tax rules, the Company utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Company. In general, the activities and tax related provisions, assets and liabilities are not material. As a partnership, the Operating Partnership is not subject to federal or state income taxes, except that in order to maintain Essex's compliance with REIT tax rules that are applicable to Essex, the Operating Partnership utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Operating Partnership.
Equity-based Compensation	Equity-based Compensation The cost of share- and unit-based compensation awards is measured at the grant date based on the estimated fair value of the awards. The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period. The estimated grant date fair values of the long-term incentive plan units (discussed in Note 14) are being amortized over the expected service periods.
Changes in Accumulated Other Comprehensive Income, by Component	Amounts reclassified from accumulated other comprehensive loss in connection with derivatives are recorded in interest expense on the consolidated statements of income.
Accounting Estimates	Accounting Estimates The preparation of consolidated financial statements, in accordance with U.S. GAAP, requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, and its notes receivable, and its qualification as a REIT. The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions.
Variable Interest Entities	Variable Interest Entities In accordance with accounting standards for consolidation of VIEs, the Company consolidated the Operating Partnership, 18 DownREIT entities (comprising nine communities), and six co-investments as of December 31, 2023 and 2022. The Company consolidates these entities because it is deemed the primary beneficiary. The Company has no assets or liabilities other than its investment in the Operating Partnership. The consolidated total assets and liabilities related to the above consolidated co-investments and DownREIT entities, net of intercompany eliminations, were approximately $956.7 million and $324.5 million, respectively, as of December 31, 2023, and $939.4 million and $324.3 million, respectively, as of December 31, 2022. Noncontrolling interests in these entities were $121.1 million and $121.5 million as of December 31, 2023 and 2022, respectively. The Company's financial risk in each VIE is limited to its equity investment in the VIE. The DownREIT VIEs collectively own nine apartment communities in which the Company is the general partner or manager of the DownREIT entity, the Operating Partnership is a special limited partner or member, and the other limited partners or members were granted rights of redemption for their interests. Such limited partners or members can request to be redeemed and the Company, subject to certain restrictions, can elect to redeem their rights for cash or by issuing shares of its common stock on a one share per unit basis. Conversion values will be based on the market value of the Company's common stock at the time of redemption multiplied by the number of units stipulated under various arrangements, as noted above. The other limited partners or members receive distributions based on the Company's current dividend rate multiplied by the number of units held. Total DownREIT units outstanding were 936,343 and 938,513 as of December 31, 2023 and 2022, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $232.2 million and $198.9 million, as of December 31, 2023 and 2022, respectively. The carrying value of redeemable noncontrolling interest in the accompanying balance sheets was $32.2 million and $27.2 million as of December 31, 2023 and 2022, respectively. Of these amounts, $12.1 million and $9.2 million as of December 31, 2023 and 2022, respectively, represent units of limited partners' or members' interests in DownREIT VIEs as to which it is outside of the Company’s control to redeem the DownREIT units with Company common stock and may potentially be redeemed for cash, and are presented at either their redemption value or historical cost, depending on the limited partner's or members' right to redeem their units as of the balance sheet date. The carrying value of DownREIT units as to which it is within the control of the Company to redeem the units with its common stock was $97.0 million as of both December 31, 2023 and 2022, and are classified within noncontrolling interests in the accompanying consolidated balance sheets. Interest holders in VIEs consolidated by the Company are allocated a priority of net income equal to the cash payments made to those interest holders or distributions from cash flow. The remaining results of operations are generally allocated to the Company.

Summary of Critical and Signi_3

Summary of Critical and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Depreciable Life of Various Categories of Fixed Assets	The depreciable life of various categories of fixed assets is as follows: Computer software and equipment 3 - 5 years Interior apartment home improvements 5 years Furniture, fixtures and equipment 5 - 10 years Land improvements and certain exterior components of real property 10 years Real estate structures 30 years
Schedule of Cash and Cash Equivalents Reconciliation	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows ($ in thousands): 2023 2022 2021 Cash and cash equivalents - unrestricted $ 391,749 $ 33,295 $ 48,420 Cash and cash equivalents - restricted 8,585 9,386 10,218 Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows $ 400,334 $ 42,681 $ 58,638
Schedule of Restricted Cash Reconciliation	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows ($ in thousands): 2023 2022 2021 Cash and cash equivalents - unrestricted $ 391,749 $ 33,295 $ 48,420 Cash and cash equivalents - restricted 8,585 9,386 10,218 Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows $ 400,334 $ 42,681 $ 58,638
Schedule of Components of Marketable Securities	As of December 31, 2023 and 2022, marketable securities consist of the following ($ in thousands): December 31, 2023 Amortized Gross Carrying Equity securities: Investment funds - debt securities $ 26,460 $ (1,584) $ 24,876 Common stock, preferred stock, and stock funds 51,328 11,591 62,919 Total - Marketable securities $ 77,788 $ 10,007 $ 87,795 December 31, 2022 Amortized Gross Carrying Equity securities: Investment funds - debt securities $ 43,155 $ (6,771) $ 36,384 Common stock, preferred stock, and stock funds 78,481 (2,122) 76,359 Total - Marketable securities $ 121,636 $ (8,893) $ 112,743
Summary of Status of Cash Dividends Distributed	The status of cash dividends distributed for the years ended December 31, 2023, 2022, and 2021 related to common stock are classified for tax purposes as follows: 2023 2022 2021 Common Stock Ordinary income 88.46 % 80.17 % 70.92 % Capital gain 8.32 % 16.78 % 22.07 % Unrecaptured section 1250 capital gain 3.22 % 3.05 % 7.01 % 100.00 % 100.00 % 100.00 %
Schedule of Changes in Accumulated Other Comprehensive Income, Net by Component	Changes in Accumulated Other Comprehensive Income, Net, by Component Essex Property Trust, Inc. ($ in thousands) Change in fair Balance at December 31, 2022 $ 46,466 Other comprehensive loss before reclassification (12,930) Amounts reclassified from accumulated other comprehensive loss 20 Other comprehensive loss (12,910) Balance at December 31, 2023 $ 33,556 Changes in Accumulated Other Comprehensive Income, by Component Essex Portfolio, L.P. ($ in thousands) Change in fair Balance at December 31, 2022 $ 52,010 Other comprehensive loss before reclassification (13,384) Amounts reclassified from accumulated other comprehensive loss 20 Other comprehensive loss (13,364) Balance at December 31, 2023 $ 38,646
Schedule of Changes in the Redemption Value of Redeemable Noncontrolling Interests	The changes in the redemption value of redeemable noncontrolling interests for the years ended December 31, 2023, 2022, and 2021 are as follows: 2023 2022 2021 Balance at January 1, $ 27,150 $ 34,666 $ 32,239 Reclassifications due to change in redemption value and other 5,055 (7,038) 6,890 Redemptions — (478) (4,463) Balance at December 31, $ 32,205 $ 27,150 $ 34,666

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
Real Estate Investments (Tables)	Dec. 31, 2023
Real Estate Investments, Net [Abstract]
Schedule of Real Estate Properties	The table below summarizes acquisition activity for the year ended December 31, 2023 ($ in millions): Property Name Location Apartment Homes Essex Ownership Percentage Quarter in 2023 Purchase Price Hacienda at Camarillo Oaks Camarillo, CA 73 100 % Q2 $ 23.1 Total 2023 73 $ 23.1
Sales of Real Estate Investments	The table below summarizes the disposition activity for the year ended December 31, 2023 ($ in millions): Property Name (1) Location Apartment Homes Ownership Quarter in 2023 Sales Price CBC and The Sweeps Goleta, CA 239 EPLP Q1 $ 91.7 (2) Total 2023 239 $ 91.7 (1) In March 2023, the Company sold a land parcel located in Moorpark, CA, that had been held for future development, for $8.7 million and recognized a gain on sale of $4.7 million. (2) The Company recognized a $54.5 million gain on sale.
Summary of Co-Investment	The carrying values of the Company’s co-investments as of December 31, 2023 and 2022 are as follows ($ in thousands, except in parenthetical): Weighted Average Essex Ownership Percentage (1) December 31, 2023 2022 Ownership interest in: Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI (2) 54 % $ 144,766 $ 178,552 BEXAEW, BEX II, BEX IV and 500 Folsom 50 % 224,119 238,537 Other (3) 52 % 68,493 74,742 Total operating and other co-investments, net 437,378 491,831 Total development co-investments 51 % 14,605 12,994 Total preferred interest co-investments (includes related party investments of $42.7 million and $87.1 million as of December 31, 2023 and 2022, respectively - Note 6 - Related Party Transactions for further discussion) 544,262 580,134 Total co-investments, net $ 996,245 $ 1,084,959 (1) Weighted average Company ownership percentages are as of December 31, 2023. (2) As of December 31, 2023 and 2022, the Company's investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $61.8 million and $41.7 million, respectively, due to distributions received in excess of the Company's investment. (3) As of December 31, 2023 and 2022, the Company's investments in Expo and Century Towers were classified as a liability of $3.7 million and $0.8 million, respectively, due to distributions received in excess of the Company's investment. The weighted average Essex ownership percentage excludes our investments in non-core technology co-investments which are carried at fair value.
Summarized Financial Statement for Co-Investment Accounted for Under the Equity Method	The combined summarized financial information of co-investments is as follows ($ in thousands): December 31, 2023 2022 Combined balance sheets: (1) Rental properties and real estate under development $ 5,123,164 $ 4,955,051 Other assets 279,237 294,663 Total assets $ 5,402,401 $ 5,249,714 Debt $ 3,622,609 $ 3,397,113 Other liabilities 317,208 264,872 Equity 1,462,584 1,587,729 Total liabilities and equity $ 5,402,401 $ 5,249,714 Company's share of equity $ 996,245 $ 1,084,959 Years ended December 31, 2023 2022 2021 Combined statements of income: (1) Property revenues $ 409,910 $ 373,074 $ 289,680 Property operating expenses (158,520) (140,175) (115,023) Net operating income 251,390 232,899 174,657 Interest expense (154,038) (100,913) (65,172) General and administrative (20,594) (20,579) (17,885) Depreciation and amortization (174,028) (164,186) (133,787) Net income $ (97,270) $ (52,779) $ (42,187) Company's share of net income (2) $ 10,561 $ 26,030 $ 111,721 (1) Includes preferred equity investments held by the Company. (2) Includes the Company's share of equity income from joint ventures and preferred equity investments, gain on sales of co-investments, co-investment promote income and income from early redemption of preferred equity investments. Includes related party income of $7.6 million, $7.4 million, and $9.1 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Revenues (Tables)

Revenues (Tables)	12 Months Ended
Revenues (Tables)	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Summary of Disaggregation of Revenue	The following table presents the Company’s revenues disaggregated by revenue source ($ in thousands): 2023 2022 2021 Rental income $ 1,636,070 $ 1,573,368 $ 1,410,197 Other property 22,194 22,307 21,221 Management and other fees from affiliates 11,131 11,139 9,138 Total revenues $ 1,669,395 $ 1,606,814 $ 1,440,556 The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment ($ in thousands): 2023 2022 2021 Southern California $ 682,116 $ 646,252 $ 574,129 Northern California 666,836 639,306 584,034 Seattle Metro 282,092 271,248 239,839 Other real estate assets (1) 27,220 38,869 33,416 Total rental and other property revenues $ 1,658,264 $ 1,595,675 $ 1,431,418 (1) Other real estate assets consist of revenue generated from retail space, commercial properties, held for sale properties, disposition properties and straight-line rent adjustments for concessions. Executive management does not evaluate such operating performance geographically. The following table presents the Company’s rental and other property revenues disaggregated by current property category status ($ in thousands): 2023 2022 2021 Same-property (1) $ 1,581,890 $ 1,515,505 $ 1,364,379 Acquisitions (2) 5,449 1,561 — Development (3) 22,883 20,425 15,807 Redevelopment 6,232 5,766 6,170 Non-residential/other, net (4) 44,353 57,976 56,377 Straight line rent concession (5) (2,543) (5,558) (11,315) Total rental and other property revenues $ 1,658,264 $ 1,595,675 $ 1,431,418 (1) Properties that have comparable stabilized results as of January 1, 2022 and are consolidated by the Company for the years ended December 31, 2023, 2022, and 2021. A community is generally considered to have reach stabilized operations once it achieves an initial occupancy of 90%. (2) Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2022. (3) Development includes properties developed which did not have stabilized results as of January 1, 2022. (4) Non-residential/other, net consists of revenue generated from retail space, commercial properties, held for sale properties, disposition properties, student housing, properties undergoing significant construction activities that do not meet our redevelopment criteria, and two communities located in the California counties of Santa Barbara, and Santa Cruz, which the Company does not consider its core markets. (5) Same-property revenues reflect concessions on a cash basis. Total rental and other property revenues reflect concessions on a straight-line basis in accordance with U.S. GAAP.

Notes and Other Receivables (Ta

Notes and Other Receivables (Tables)	12 Months Ended
Notes and Other Receivables (Tables)	Dec. 31, 2023
Receivables [Abstract]
Schedule of Notes and Other Receivables	Notes and other receivables consist of the following as of December 31, 2023 and 2022 ($ in thousands): 2023 2022 Note receivable, secured, bearing interest at 10.00%, due November 2024 (Originated November 2020) $ 37,582 $ 33,477 Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021) 50,146 21,452 Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022) 11,743 10,350 Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022) 34,929 — Notes and other receivables from affiliates (1) 6,111 6,975 Straight line rent receivables (2) 9,353 12,164 Other receivables 25,444 18,961 Allowance for credit losses (687) (334) Total notes and other receivables $ 174,621 $ 103,045 (1) These amounts consist of short-term loans outstanding and due from various joint ventures as of December 31, 2023 and 2022, respectively. See Note 6, Related Party Transactions, for additional details. (2) These amounts are receivables from lease concessions recorded on a straight-line basis for the Company's operating properties.
Schedule of Allowance For Credit Losses	The following table presents the activity in the allowance for credit losses for notes and other receivables by loan type ($ in thousands): Notes Receivable, Secured Balance at December 31, 2022 $ 334 Provision for credit losses 353 Balance at December 31, 2023 $ 687

Unsecured Debt (Tables)

Unsecured Debt (Tables)	12 Months Ended
Unsecured Debt (Tables)	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Unsecured Debt	Unsecured debt consists of the following as of December 31, 2023 and 2022 ($ in thousands): 2023 2022 Weighted Average Term loan - variable rate, net (1) $ 298,552 $ (1,611) 3.8 Bonds public offering - fixed rate, net 5,019,979 5,313,779 7.1 Unsecured debt, net (2) 5,318,531 5,312,168 Lines of credit (3) — 52,073 N/A Total unsecured debt $ 5,318,531 $ 5,364,241 Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering 3.3 % 3.3 % Weighted average interest rate on variable rate term loan 4.2 % — % Weighted average interest rate on lines of credit 6.3 % 4.4 % (1) In October 2022, the Operating Partnership obtained a $300.0 million unsecured term loan priced at Adjusted SOFR plus 0.85% and matures in October 2024 with three 12-month extension options, exercisable at the Company's option. This loan has been swapped to an all-in fixed rate of 4.2% and the swap has a termination date of October 2026. In April 2023, the Company drew down the $300.0 million unsecured term loan and in May 2023 used the proceeds to repay the Company's $300.0 million unsecured notes due in May 2023. The unsecured term loan includes unamortized debt issuance costs of $1.4 million and $1.6 million of as of December 31, 2023 and 2022, respectively. (2) Includes unamortized discount, net of premiums, of $6.1 million and $7.9 million and unamortized debt issuance costs of $25.3 million and $29.9 million as of December 31, 2023 and 2022, respectively. (3) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion, excludes unamortized debt issuance costs of $3.8 million and $5.1 million as of December 31, 2023 and 2022, respectively. These debt issuance costs are included in prepaid expenses and other assets on the consolidated balance sheets. As of December 31, 2023, the Company's $1.2 billion credit facility had an interest rate at the Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company's credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity of January 2027 with two six-month extension options, exercisable at the Company's option. As of December 31, 2023, the Company's $35.0 million working capital unsecured line of credit had an interest rate of Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company's credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity of July 2024.
Summary of Senior Unsecured Notes	The following is a summary of the Company’s senior unsecured notes as of December 31, 2023 and 2022 ($ in thousands): Maturity 2023 2022 Coupon Senior notes May 2023 $ — $ 300,000 3.250 % Senior notes May 2024 400,000 400,000 3.875 % Senior notes April 2025 500,000 500,000 3.500 % Senior notes April 2026 450,000 450,000 3.375 % Senior notes May 2027 350,000 350,000 3.625 % Senior notes March 2028 450,000 450,000 1.700 % Senior notes March 2029 500,000 500,000 4.000 % Senior notes January 2030 550,000 550,000 3.000 % Senior notes January 2031 300,000 300,000 1.650 % Senior notes June 2031 300,000 300,000 2.550 % Senior notes March 2032 650,000 650,000 2.650 % Senior notes March 2048 300,000 300,000 4.500 % Senior notes September 2050 300,000 300,000 2.650 % $ 5,050,000 $ 5,350,000 2023 2022 Fixed rate mortgage notes payable $ 665,711 $ 371,849 Variable rate mortgage notes payable (1) 221,493 222,094 Total mortgage notes payable (2) $ 887,204 $ 593,943 Number of properties securing mortgage notes 15 11 Remaining terms 1-23 years 2-24 years Weighted average interest rate 4.3 % 3.5 %
Schedule of Unsecured Debt Principal Payments Excluding Lines of Credit	The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2023 are as follows ($ in thousands): 2024 $ 400,000 2025 500,000 2026 450,000 2027 650,000 2028 450,000 Thereafter 2,900,000 $ 5,350,000 The aggregate scheduled principal payments of mortgage notes payable at December 31, 2023 are as follows ($ in thousands): 2024 $ 3,109 2025 133,054 2026 99,405 2027 153,955 2028 68,332 Thereafter 431,937 $ 889,792 (1) Variable rate mortgage notes payable, including $222.7 million in bonds that have been converted to variable rate through total return swap contracts, consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 4.6% at December 2023 and 3.5% at December 2022) including credit enhancement and underwriting fees. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the apartment homes are subject to tenant income criteria. Once the bonds have been repaid, the properties may no longer be obligated to comply with such tenant income criteria. Principal balances are due in full at various maturity dates from December 2027 through December 2046. The Company had no interest rate cap agreements as of December 31, 2023 and 2022, respectively. (2) In July 2023, the Company closed $298.0 million in 10-year secured loans priced at a 5.08% fixed interest rate. Includes total unamortized premium, net of discounts, of $0.5 million and $1.2 million and reduced by unamortized debt issuance costs of $3.1 million and $2.0 million as of December 31, 2023 and 2022, respectively.

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	12 Months Ended
Mortgage Notes Payable (Tables)	Dec. 31, 2023
Notes Payable [Abstract]
Summary of Mortgages Notes Payable	The following is a summary of the Company’s senior unsecured notes as of December 31, 2023 and 2022 ($ in thousands): Maturity 2023 2022 Coupon Senior notes May 2023 $ — $ 300,000 3.250 % Senior notes May 2024 400,000 400,000 3.875 % Senior notes April 2025 500,000 500,000 3.500 % Senior notes April 2026 450,000 450,000 3.375 % Senior notes May 2027 350,000 350,000 3.625 % Senior notes March 2028 450,000 450,000 1.700 % Senior notes March 2029 500,000 500,000 4.000 % Senior notes January 2030 550,000 550,000 3.000 % Senior notes January 2031 300,000 300,000 1.650 % Senior notes June 2031 300,000 300,000 2.550 % Senior notes March 2032 650,000 650,000 2.650 % Senior notes March 2048 300,000 300,000 4.500 % Senior notes September 2050 300,000 300,000 2.650 % $ 5,050,000 $ 5,350,000 2023 2022 Fixed rate mortgage notes payable $ 665,711 $ 371,849 Variable rate mortgage notes payable (1) 221,493 222,094 Total mortgage notes payable (2) $ 887,204 $ 593,943 Number of properties securing mortgage notes 15 11 Remaining terms 1-23 years 2-24 years Weighted average interest rate 4.3 % 3.5 %
Aggregate Scheduled Principal Payments of Mortgage Notes Payable	The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2023 are as follows ($ in thousands): 2024 $ 400,000 2025 500,000 2026 450,000 2027 650,000 2028 450,000 Thereafter 2,900,000 $ 5,350,000 The aggregate scheduled principal payments of mortgage notes payable at December 31, 2023 are as follows ($ in thousands): 2024 $ 3,109 2025 133,054 2026 99,405 2027 153,955 2028 68,332 Thereafter 431,937 $ 889,792 (1) Variable rate mortgage notes payable, including $222.7 million in bonds that have been converted to variable rate through total return swap contracts, consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 4.6% at December 2023 and 3.5% at December 2022) including credit enhancement and underwriting fees. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the apartment homes are subject to tenant income criteria. Once the bonds have been repaid, the properties may no longer be obligated to comply with such tenant income criteria. Principal balances are due in full at various maturity dates from December 2027 through December 2046. The Company had no interest rate cap agreements as of December 31, 2023 and 2022, respectively. (2) In July 2023, the Company closed $298.0 million in 10-year secured loans priced at a 5.08% fixed interest rate. Includes total unamortized premium, net of discounts, of $0.5 million and $1.2 million and reduced by unamortized debt issuance costs of $3.1 million and $2.0 million as of December 31, 2023 and 2022, respectively.

Lease Agreements - Company as_3

Lease Agreements - Company as Lessor (Tables)	12 Months Ended
Lease Agreements - Company as Lessor (Tables)	Dec. 31, 2023
Leases [Abstract]
Summary of Lessor Future Minimum Base Rent	A maturity analysis of undiscounted future minimum non-cancelable base rent to be received under the above operating leases as of December 31, 2023 is summarized as follows ($ in thousands): Future Minimum Rent 2024 $ 751,320 2025 33,230 2026 15,706 2027 13,946 2028 11,978 Thereafter 20,164 $ 846,344

Lease Agreements - Company as_4

Lease Agreements - Company as Lessee (Tables)	12 Months Ended
Lease Agreements - Company as Lessee (Tables)	Dec. 31, 2023
Leases [Abstract]
Schedule of Balance Sheet Information Related to Leases	Supplemental consolidated balance sheet information related to leases as of December 31, 2023 and 2022 is as follows ($ in thousands): Classification December 31, 2023 December 31, 2022 Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 63,757 $ 67,239 Total leased assets $ 63,757 $ 67,239 Liabilities Operating lease liabilities Operating lease liabilities $ 65,091 $ 68,696 Total lease liabilities $ 65,091 $ 68,696
Schedule of Components of Lease Expense/Discount Rate Information	The components of lease expense for the years ended December 31, 2023 and 2022 were as follows ($ in thousands): December 31, 2023 December 31, 2022 Operating lease cost $ 6,789 $ 6,697 Variable lease cost 1,961 1,750 Short-term lease cost 186 204 Sublease income (500) (418) Total lease cost $ 8,436 $ 8,233 Lease term and discount rate information for leases at December 31, 2023 and 2022 are as follows: December 31, 2023 December 31, 2022 Weighted-average of remaining lease terms (years) Operating Leases 40 40 Weighted-average of discount rates Operating Leases 5.03 % 5.01 %
Schedule of Maturity Analysis of Operating Lease Liabilities	A maturity analysis of lease liabilities as of December 31, 2023 is as follows ($ in thousands): Operating Leases 2024 $ 7,251 2025 6,887 2026 5,035 2027 3,421 2028 3,102 Thereafter 129,452 Total lease payments $ 155,148 Less: Imputed interest (90,057) Present value of lease liabilities $ 65,091

Net Income Per Common Share a_2

Net Income Per Common Share and Net Income Per Common Unit (Tables)	12 Months Ended
	Dec. 31, 2023
Net Income Per Share and Net Income Per Unit [Line Items]
Schedule of Net Income Per Common Share and Net Income Per Unit	Basic and diluted income per share is calculated as follows for the years ended December 31 ($ in thousands, except share and per share amounts): 2023 2022 2021 Income Weighted- Per Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 405,825 64,252,232 $ 6.32 $ 408,315 65,079,764 $ 6.27 $ 488,554 65,051,465 $ 7.51 Effect of dilutive securities Stock options — 1,153 — 18,422 — 37,409 Diluted: Net income available to common stockholders $ 405,825 64,253,385 $ 6.32 $ 408,315 65,098,186 $ 6.27 $ 488,554 65,088,874 $ 7.51
Essex Portfolio, L.P.
Net Income Per Share and Net Income Per Unit [Line Items]
Schedule of Net Income Per Common Share and Net Income Per Unit	Basic and diluted income per unit is calculated as follows for the years ended December 31 ($ in thousands, except unit and per unit amounts): 2023 2022 2021 Income Weighted- Per Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 420,109 66,513,303 $ 6.32 $ 422,612 67,356,105 $ 6.27 $ 505,745 67,340,856 $ 7.51 Effect of dilutive securities Stock options — 1,153 — 18,422 — 37,409 Diluted: Net income available to common unitholders $ 420,109 66,514,456 $ 6.32 $ 422,612 67,374,527 $ 6.27 $ 505,745 67,378,265 $ 7.51

Equity Based Compensation Pla_2

Equity Based Compensation Plans (Tables)	12 Months Ended
Equity Based Compensation Plans (Tables)	Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Weighted Average Assumptions Used to Estimate Fair Value of Stock Options	The fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants: 2023 2022 2021 Stock price $ 216.31 $ 245.17 $ 329.71 Risk-free interest rates 4.06 % 3.50 % 1.22 % Expected lives 6 years 6 years 6 years Volatility 36.00 % 27.98 % 27.00 % Dividend yield 3.30 % 3.06 % 2.90 %
Summary of Stock Options Activity	A summary of the status of the Company’s stock option plans as of December 31, 2023, 2022, and 2021 and changes during the years ended on those dates is presented below: 2023 2022 2021 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of year 487,446 $ 279.46 463,863 $ 284.82 613,109 $ 255.86 Granted 49,908 216.31 111,757 245.17 99,479 329.71 Exercised — — (76,246) 245.43 (248,725) 231.37 Forfeited and canceled (6,542) 280.21 (11,928) 281.19 — — Outstanding at end of year 530,812 $ 273.51 487,446 $ 279.46 463,863 $ 284.82 Options exercisable at year end 417,739 $ 282.30 293,377 $ 285.76 274,244 $ 270.11
Summary of Restricted Stock Activity	The following table summarizes information about restricted stock outstanding as of December 31, 2023, 2022 and 2021 and changes during the years ended: 2023 2022 2021 Shares Weighted- Shares Weighted- Shares Weighted- Unvested at beginning of year 182,915 $ 222.90 159,401 $ 251.03 132,603 $ 214.34 Granted 2,315 220.40 72,838 215.73 50,349 337.52 Vested (37,075) 247.07 (44,945) 306.25 (22,387) 229.90 Forfeited and canceled (46,454) 259.71 (4,379) 272.12 (1,164) 219.30 Unvested at end of year 101,701 $ 197.22 182,915 $ 222.90 159,401 $ 251.03
Summary of Long Term Incentive Plan - Z Units	The following table summarizes information about the LTIP Units outstanding as of December 31, 2023: Long-Term Incentive Plan - LTIP Units Total Total Total Weighted- Weighted- Balance, December 31, 2020 106,137 — 106,137 $ 84.47 3.6 Granted — — — Vested — — — Converted — — — Cancelled — — — Balance, December 31, 2021 106,137 — 106,137 $ 84.47 2.6 Granted — — — Vested — — — Converted — — — Cancelled — — — Balance, December 31, 2022 106,137 — 106,137 $ 84.47 1.6 Granted — — — Vested — — — Converted (8,500) — (8,500) Cancelled — — — Balance, December 31, 2023 97,637 — 97,637 $ 86.16 1.0

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
Segment Information (Tables)	Dec. 31, 2023
Segment Reporting [Abstract]
Summary of Reportable Operating Segments of Revenue and NOI	The revenues and NOI for each of the reportable operating segments are summarized as follows for the years ended December 31, 2023, 2022, and 2021 ($ in thousands): Years Ended December 31, 2023 2022 2021 Revenues: Southern California $ 682,116 $ 646,252 $ 574,129 Northern California 666,836 639,306 584,034 Seattle Metro 282,092 271,248 239,839 Other real estate assets 27,220 38,869 33,416 Total property revenues $ 1,658,264 $ 1,595,675 $ 1,431,418 Net operating income: Southern California $ 483,013 $ 459,762 $ 398,576 Northern California 464,949 445,933 401,870 Seattle Metro 201,228 191,476 160,959 Other real estate assets 23,595 31,235 24,777 Total net operating income 1,172,785 1,128,406 986,182 Management and other fees from affiliates 11,131 11,139 9,138 Corporate-level property management expenses (45,872) (40,704) (36,211) Depreciation and amortization (548,438) (539,319) (520,066) General and administrative (63,474) (56,577) (51,838) Expensed acquisition and investment related costs (595) (2,132) (203) Casualty loss (433) — — Gain on sale of real estate and land 59,238 94,416 142,993 Interest expense (212,905) (204,798) (203,125) Total return swap income 3,148 7,907 10,774 Interest and other income (loss) 46,259 (19,040) 98,744 Equity income from co-investments 10,561 26,030 111,721 Tax (expense) benefit on unconsolidated co-investments (697) 10,236 (15,668) Loss on early retirement of debt, net — (2) (19,010) Gain on remeasurement of co-investment — 17,423 2,260 Net income $ 430,708 $ 432,985 $ 515,691
Summary of Total Assets from Reportable Operating Segments	Total assets for each of the reportable operating segments are summarized as follows as of December 31, 2023 and 2022 ($ in thousands): As of December 31, 2023 2022 Assets: Southern California $ 3,802,648 $ 3,892,003 Northern California 5,242,343 5,414,467 Seattle Metro 1,333,030 1,374,379 Other real estate assets 92,271 133,245 Net reportable operating segments - real estate assets 10,470,292 10,814,094 Real estate under development 23,724 24,857 Co-investments 1,061,733 1,127,491 Cash and cash equivalents, including restricted cash 400,334 42,681 Marketable securities 87,795 112,743 Notes and other receivables 174,621 103,045 Operating lease right-of-use assets 63,757 67,239 Prepaid expenses and other assets 79,171 80,755 Total assets $ 12,361,427 $ 12,372,905

Organization (Details)

Organization (Details) $ in Millions	12 Months Ended
Organization (Details) $ in Millions	Dec. 31, 2023 USD ($) community investment apartment building shares	Dec. 31, 2022 USD ($) shares
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Limited partner - ownership percentage	3.40%	3.40%
Operating Partnership units outstanding (in shares) \| shares	2,258,812	2,272,496
Redemption value of operating partnership units outstanding \| $	$ 560	$ 481.6
Number of apartment communities owned \| community	252
Number of apartment units owned \| apartment	61,997
Ownership interests, number of commercial buildings \| building	3
Ownership interests, number of unconsolidated projects \| investment	1
Operating Partnership
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
General partner ownership interest	96.60%	96.60%

Summary of Critical and Signi_4

Summary of Critical and Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) community partnership investment property shares	Dec. 31, 2022 USD ($) community property partnership investment shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Accounting Policies [Abstract]
Limited partner - ownership percentage	3.40%	3.40%
Threshold useful life of assets for capitalization	1 year
Acquired in-place lease value, net	$ 6,100,000	$ 7,400,000
Number of properties held-for-sale \| property	0	0
Casualty loss	$ 0	$ 0	$ 0
Lease term, minimum	9 months
Lease term, maximum	12 months
Original maturities highly liquid investments term classification as cash equivalents, maximum	3 months
Equity securities, FV-NI	$ 100,000	200,000
Capitalized internal costs related to development and redevelopment projects	19,500,000	20,400,000	23,600,000
Fixed rate debt carrying amount	5,700,000,000	5,700,000,000
Fixed rate debt fair value	5,300,000,000	5,200,000,000
Variable rate debt carrying amount	520,000,000	274,200,000
Variable rate debt fair value	519,000,000	273,200,000
Redeemable noncontrolling interest	$ 32,205,000	$ 27,150,000	34,666,000	$ 32,239,000
DownREIT limited partnerships consolidated by company (in partnerships) \| partnership	18	18
Communities within DownREIT partnerships (in communities) \| community	9	9
Number of consolidated co-investments that now meet the definition of a VIE \| investment	6	6
Assets related to variable interest entities net of intercompany eliminations	$ 956,700,000	$ 939,400,000
Liabilities related to variable interest entities net of intercompany eliminations	324,500,000	324,300,000
Noncontrolling interests in VIE	$ 121,100,000	$ 121,500,000
Number of common stock shares per unit basis (in shares) \| shares	1
Units of limited partnership interest amount (in shares) \| shares	936,343	938,513
Redemption value of variable interest entities	$ 232,200,000	$ 198,900,000
Redeemable noncontrolling interest, units of limited partners' interests in DownREIT VIEs	12,100,000	9,200,000
Noncontrolling interest in limited partnerships	97,000,000	97,000,000
Employee retention credit	$ 0	$ 4,100,000	$ 4,200,000

Summary of Critical and Signi_5

Summary of Critical and Significant Accounting Policies - Summary of Depreciable Life of Various Categories of Fixed Assets (Details)	Dec. 31, 2023
Computer software and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Depreciable life, average	3 years
Computer software and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Depreciable life, average	5 years
Interior apartment home improvements
Property, Plant and Equipment [Line Items]
Depreciable life, average	5 years
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Depreciable life, average	5 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Depreciable life, average	10 years
Land improvements and certain exterior components of real property
Property, Plant and Equipment [Line Items]
Depreciable life, average	10 years
Real estate structures
Property, Plant and Equipment [Line Items]
Depreciable life, average	30 years

Summary of Critical and Signi_6

Summary of Critical and Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash And Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents-unrestricted	$ 391,749	$ 33,295	$ 48,420
Cash and cash equivalents-restricted	8,585	9,386	10,218
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows	$ 400,334	$ 42,681	$ 58,638	$ 84,041

Summary of Critical and Signi_7

Summary of Critical and Significant Accounting Policies - Marketable Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Equity securities:
Carrying Value	$ 100	$ 200
Total - Marketable securities, amortized cost	77,788	121,636
Total - Marketable securities, gross unrealized loss	10,007	(8,893)
Marketable securities, net of allowance for credit losses of zero as of both December 31, 2023 and December 31, 2022	87,795	112,743
Investment funds - debt securities
Equity securities:
Amortized Cost	26,460	43,155
Gross Unrealized Gain (Loss)	(1,584)	(6,771)
Carrying Value	24,876	36,384
Common stock, preferred stock, and stock funds
Equity securities:
Amortized Cost	51,328	78,481
Gross Unrealized Gain (Loss)	11,591	(2,122)
Carrying Value	$ 62,919	$ 76,359

Summary of Critical and Signi_8

Summary of Critical and Significant Accounting Policies - Summary of Status of Cash Dividends Distributed (Details) - Common stock	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividend Distribution [Line Items]
Ordinary income	88.46%	80.17%	70.92%
Capital gain	8.32%	16.78%	22.07%
Unrecaptured section 1250 capital gain	3.22%	3.05%	7.01%
Status of dividend total cash dividends distributed percentage	100%	100%	100%

Summary of Critical and Signi_9

Summary of Critical and Significant Accounting Policies - AOCI (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at period beginning	$ 5,895,116
Balance at period end	5,593,978
Accumulated other comprehensive income (loss), net
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at period beginning	46,466
Balance at period end	33,556
Change in fair value and amortization of swap settlements
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at period beginning	46,466
Other comprehensive loss before reclassification	(12,930)
Amounts reclassified from accumulated other comprehensive loss	20
Other comprehensive loss	(12,910)
Balance at period end	33,556
Change in fair value and amortization of swap settlements \| Essex Portfolio, L.P.
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at period beginning	52,010
Other comprehensive loss before reclassification	(13,384)
Amounts reclassified from accumulated other comprehensive loss	20
Other comprehensive loss	(13,364)
Balance at period end	$ 38,646

Summary of Critical and Sign_10

Summary of Critical and Significant Accounting Policies - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance at January 1,	$ 27,150	$ 34,666	$ 32,239
Reclassifications due to change in redemption value and other	5,055	(7,038)	6,890
Redemptions	0	(478)	(4,463)
Balance at December 31,	$ 32,205	$ 27,150	$ 34,666

Real Estate Investments - Acqui

Real Estate Investments - Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) apartment	Dec. 31, 2022 USD ($) community apartment	Dec. 31, 2021 USD ($)
Acquisitions of Real Estate
Number of communities held by acquired investment \| community		2
Gain on remeasurement of co-investment	$ 0	$ 17,423	$ 2,260
Land and Land Improvements
Acquisitions of Real Estate
Purchase price	5,500
Land and Land Improvements \| CPPIB Interest
Acquisitions of Real Estate
Purchase price		14,100
Building and Improvements
Acquisitions of Real Estate
Purchase price	18,000
Building and Improvements \| CPPIB Interest
Acquisitions of Real Estate
Purchase price		52,700
Prepaid Expenses and Other Assets
Acquisitions of Real Estate
Purchase price	$ 100
Prepaid Expenses and Other Assets \| CPPIB Interest
Acquisitions of Real Estate
Purchase price		$ 300
Apartment Building
Acquisitions of Real Estate
Number of units acquired \| apartment	73
Purchase price	$ 23,100
Number of communities held by acquired investment \| community		1
Apartment Building \| Regency Palm Court and Windsor Court
Acquisitions of Real Estate
Number of units acquired \| apartment		211
Purchase price		$ 32,900
Investment interest acquired		49.80%
Gain on remeasurement of co-investment	$ 0	$ 17,400

Real Estate Investments - Sales

Real Estate Investments - Sales of Real Estate Investments (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) apartment	Dec. 31, 2022 USD ($) apartment community	Dec. 31, 2021 USD ($) apartment land_parcel
Real Estate Properties [Line Items]
Total property revenues		$ 11,131	$ 11,139	$ 9,138
Gain (loss) on sale of properties			$ 94,400	143,000
Number of communities held by acquired investment \| community			2
Proceeds from sale of real estate			$ 160,000	$ 330,000
Number of land parcels sold \| land_parcel				4
Repayments of debt				$ 29,700
Apartment Building
Real Estate Properties [Line Items]
Number of apartment units \| apartment		239	250	912
Total property revenues		$ 91,700
Number of communities held by acquired investment \| community			1
Number of units acquired \| apartment		73
Purchase price		$ 23,100
Apartment Building \| CBC And The Sweeps
Real Estate Properties [Line Items]
Number of apartment units \| apartment		239
Total property revenues		$ 91,700
Gain (loss) on sale of properties		$ 54,500
Apartment Building \| Hacienda at Camarillo Oaks
Real Estate Properties [Line Items]
Number of units acquired \| apartment		73
Essex ownership percentage		100%
Purchase price		$ 23,100
Land
Real Estate Properties [Line Items]
Total property revenues	$ 8,700
Gain (loss) on sale of properties	$ 4,700

Real Estate Investments - Narra

Real Estate Investments - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($) investment	Dec. 31, 2022 USD ($) investment
Real Estate Investments, Net [Abstract]
Number of technology co-investments \| investment	5	6
Co-investment	$ 44.2	$ 39.4
Co-investment, committed capital	$ 86	$ 87

Real Estate Investments - Co-In

Real Estate Investments - Co-Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Co-investments	$ 996,245	$ 1,084,959
Distributions in excess of investments in co-investments	65,488	42,532
Total operating and other co-investments, net
Schedule of Equity Method Investments [Line Items]
Co-investments	$ 437,378	491,831
Wesco I, Wesco III, Wesco IV, Wesco V, and Wesco VI
Schedule of Equity Method Investments [Line Items]
Ownership percentage	54%
Co-investments	$ 144,766	178,552
BEXAEW, BEX II, BEX IV, and 500 Folsom
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50%
Co-investments	$ 224,119	238,537
Other
Schedule of Equity Method Investments [Line Items]
Ownership percentage	52%
Co-investments	$ 68,493	74,742
Distributions in excess of investments in co-investments	$ 3,700	800
Total development co-investments
Schedule of Equity Method Investments [Line Items]
Ownership percentage	51%
Co-investments	$ 14,605	12,994
Total preferred interest co-investments
Schedule of Equity Method Investments [Line Items]
Co-investments	544,262	580,134
Total preferred interest co-investments \| Investments in Majority-Owned Subsidiaries
Schedule of Equity Method Investments [Line Items]
Co-investments	42,700	87,100
Wesco I, Wesco III, and Wesco IV
Schedule of Equity Method Investments [Line Items]
Distributions in excess of investments in co-investments	$ 61,800	$ 41,700

Real Estate Investments - Combi

Real Estate Investments - Combined Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Rental properties and real estate under development	$ 23,724	$ 24,857
Total assets	12,361,427	12,372,905
Debt	6,735,244	6,450,639
Other liabilities	46,175	43,441
Equity	5,593,978	5,895,116	$ 6,176,508	$ 6,183,192
Total liabilities and equity	12,361,427	12,372,905
Equity Method Investment, Summarized Financial Information [Abstract]
Property revenues	1,669,395	1,606,814	1,440,556
Interest expense	(212,905)	(204,798)	(203,125)
General and administrative	(63,474)	(56,577)	(51,838)
Net income	430,708	432,985	515,691
Related Party \| Total co-investment
Equity Method Investment, Summarized Financial Information [Abstract]
Company's share of net income	7,600	7,400	9,100
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Rental properties and real estate under development	5,123,164	4,955,051
Other assets	279,237	294,663
Total assets	5,402,401	5,249,714
Debt	3,622,609	3,397,113
Other liabilities	317,208	264,872
Equity	1,462,584	1,587,729
Total liabilities and equity	5,402,401	5,249,714
Company's share of equity	996,245	1,084,959
Equity Method Investment, Summarized Financial Information [Abstract]
Property revenues	409,910	373,074	289,680
Property operating expenses	(158,520)	(140,175)	(115,023)
Net operating income	251,390	232,899	174,657
Interest expense	(154,038)	(100,913)	(65,172)
General and administrative	(20,594)	(20,579)	(17,885)
Depreciation and amortization	(174,028)	(164,186)	(133,787)
Net income	(97,270)	(52,779)	(42,187)
Company's share of net income	$ 10,561	$ 26,030	$ 111,721

Real Estate Investments - Opera

Real Estate Investments - Operating, Pre-Development, and Development Co-Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) apartment	Dec. 31, 2022 USD ($) apartment	Dec. 31, 2020 USD ($) apartment
Real Estate Properties [Line Items]
Co-investments	$ 996,245	$ 1,084,959
Number of units to be developed \| apartment	264
Total operating and other co-investments, net
Real Estate Properties [Line Items]
Number of apartments owned through joint ventures \| apartment	10,425	10,425
Co-investments	$ 437,400	$ 491,800
Total development co-investments
Real Estate Properties [Line Items]
Number of apartments owned through joint ventures \| apartment	264	264
Co-investments	$ 14,600	$ 13,000
Mesa Village
Real Estate Properties [Line Items]
Number of units to be developed \| apartment			264
Equity method investment, ownership percentage			51%
Estimated cost active development projects			$ 102,000
Purchase commitment, funded amount	$ 2,300
Annualized preferred return rate	10%

Real Estate Investments - Prefe

Real Estate Investments - Preferred Equity Investments and Real Estate Under Development (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2021 USD ($) apartment	Dec. 31, 2023 USD ($) investment apartment	Dec. 31, 2022 USD ($) investment	Dec. 31, 2021 USD ($) investment	Dec. 31, 2020 USD ($) investment	Dec. 31, 2019 USD ($) investment	Dec. 31, 2018 USD ($) investment
Schedule of Equity Method Investments [Line Items]
Co-investment		$ 1,061,733	$ 1,127,491
Impairment loss from unconsolidated co-investment		33,700	2,100
Commitment to fund preferred equity investment in the project		$ 18,800	$ 84,900
Number of investments with a commitment to fund \| investment		2	7
Ownership interests, number of unconsolidated projects \| investment		1
Number of units to be developed \| apartment		264
Real Estate Predevelopment Projects
Schedule of Equity Method Investments [Line Items]
Actual cost of active development projects		$ 114,000
Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Commitment to fund preferred equity investment in the project				$ 67,200	$ 191,300	$ 141,700	$ 45,100
Number of investments with a commitment to fund \| investment		2		4	7	5	2
Proceeds from dispositions of co-investments		$ 72,300
Silver Apartments
Schedule of Equity Method Investments [Line Items]
Commitment to fund preferred equity investment in the project	$ 13,500
Annualized preferred return rate	8%
Transfer from co-investments to rental properties	$ 11,000
Number of units acquired \| apartment	268
Limited partnership interest	58%
Silver Apartments \| Related Party Bridge Loans on Property Acquired by Wesco VI \| Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Notes receivable	$ 100,000
Interest rate	3.15%
Minimum
Schedule of Equity Method Investments [Line Items]
Annualized preferred return rate		11%	8.80%	10%	9%	10.15%	10.25%
Maximum
Schedule of Equity Method Investments [Line Items]
Annualized preferred return rate		13.50%	10.80%	12.50%	11.50%	11.30%	12%
Total preferred interest co-investments
Schedule of Equity Method Investments [Line Items]
Co-investment		$ 544,300	$ 580,100
2022 Investments \| Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Commitment to fund preferred equity investment in the project		$ 18,800	$ 84,900
Preferred Equity Investment Property in Southern California
Schedule of Equity Method Investments [Line Items]
Number of investments with a commitment to fund \| investment		2
Early redemption fee		$ 300
2021 Investments \| Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Commitment to fund preferred equity investment in the project		67,200
2020 Investments \| Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Commitment to fund preferred equity investment in the project		191,300
Equity method investment, funded amount		182,300
2019 Investments \| Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Equity method investment, funded amount		141,700
2018 Investments \| Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Commitment to fund preferred equity investment in the project		45,100
Equity method investment, funded amount		$ 42,100

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) community	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disaggregation of Revenue [Line Items]
Rental and other property	$ 1,658,264	$ 1,595,675	$ 1,431,418
Management and other fees from affiliates	11,131	11,139	9,138
Total revenues	$ 1,669,395	1,606,814	1,440,556
Apartment communities owned (in communities) \| community	252
Rental income
Disaggregation of Revenue [Line Items]
Rental and other property	$ 1,636,070	1,573,368	1,410,197
Other property
Disaggregation of Revenue [Line Items]
Rental and other property	22,194	22,307	21,221
Rental and other property
Disaggregation of Revenue [Line Items]
Rental and other property	1,658,264	1,595,675	1,431,418
Rental and other property \| Same-property
Disaggregation of Revenue [Line Items]
Rental and other property	$ 1,581,890	1,515,505	1,364,379
Occupancy threshold for classification as stabilized	90%
Rental and other property \| Acquisitions
Disaggregation of Revenue [Line Items]
Rental and other property	$ 5,449	1,561	0
Rental and other property \| Development
Disaggregation of Revenue [Line Items]
Rental and other property	22,883	20,425	15,807
Rental and other property \| Redevelopment
Disaggregation of Revenue [Line Items]
Rental and other property	6,232	5,766	6,170
Rental and other property \| Non-residential/other, net
Disaggregation of Revenue [Line Items]
Rental and other property	$ 44,353	57,976	56,377
Apartment communities owned (in communities) \| community	2
Rental and other property \| Straight line rent concession
Disaggregation of Revenue [Line Items]
Straight line rent concession	$ (2,543)	(5,558)	(11,315)
Rental and other property \| Operating segments \| Southern California
Disaggregation of Revenue [Line Items]
Rental and other property	682,116	646,252	574,129
Rental and other property \| Operating segments \| Northern California
Disaggregation of Revenue [Line Items]
Rental and other property	666,836	639,306	584,034
Rental and other property \| Operating segments \| Seattle Metro
Disaggregation of Revenue [Line Items]
Rental and other property	282,092	271,248	239,839
Rental and other property \| Other real estate assets
Disaggregation of Revenue [Line Items]
Rental and other property	$ 27,220	$ 38,869	$ 33,416

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 1	$ 1.7
Deferred revenue, revenue recognized	0.7
Deferred revenue balance from contracts with remaining performance obligations	$ 1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligations due per period	68%
Expected timing of performance obligation satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligations due per period	27%
Expected timing of performance obligation satisfaction, period	2 years

Notes and Other Receivables - S

Notes and Other Receivables - Schedule of Notes and Other Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (687)	$ (334)
Total notes and other receivables	$ 174,621	103,045
Note receivable, secured, bearing interest at 10.00%, due November 2024 (Originated November 2020)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stated interest rate	10%
Note receivables	$ 37,582	33,477
Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stated interest rate	11%
Note receivables	$ 50,146	21,452
Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stated interest rate	12%
Note receivables	$ 11,743	10,350
Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stated interest rate	11.25%
Note receivables	$ 34,929	0
Notes and other receivables from affiliates
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	6,111	6,975
Allowance for credit losses	(687)	(334)
Straight line rent receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	9,353	12,164
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	$ 25,444	$ 18,961

Notes and Other Receivables - A

Notes and Other Receivables - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 334
Provision for credit losses	(70)	$ (381)	$ (141)
Ending balance	687	334
Notes and other receivables from affiliates
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	334
Provision for credit losses	353
Ending balance	$ 687	$ 334

Related Party Transactions (Det

Related Party Transactions (Details)

1 Months Ended

12 Months Ended

Apr. 30, 2023 USD ($)

Aug. 31, 2022 USD ($) community

Jan. 31, 2022 USD ($)

Nov. 30, 2021 USD ($)

Oct. 31, 2021 USD ($)

Sep. 30, 2021 USD ($)

Mar. 31, 2021 USD ($)

Feb. 28, 2019 USD ($)

Oct. 31, 2018 USD ($) apartment

May 31, 2018 USD ($) apartment

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Feb. 28, 2022 USD ($)

Related Party Transaction [Line Items]

Notes and other receivables

$ 174,621,000

$ 103,045,000

Payments to acquire equity method investments

37,405,000

163,188,000

$ 306,266,000

Commitment to fund preferred equity investment in the project

$ 18,800,000

84,900,000

Home Community Development in Burlingame, California

Related Party Transaction [Line Items]

Purchase commitment, funded amount

$ 11,200,000

Apartment Home Community in Ventura, California

Related Party Transaction [Line Items]

Number of units acquired | apartment

400

Annualized preferred return rate

10.25%

Purchase commitment, funded amount

$ 18,300,000

Commitment to fund preferred equity investment in the project

13,000,000

$ 26,500,000

$ 10,000,000

Related Party

Related Party Transaction [Line Items]

Notes receivable

$ 11,200,000

Number of communities owned | community

Fixed interest rate

9.50%

Related Party | Multifamily Development in Mountain View, California

Related Party Transaction [Line Items]

Payments to acquire equity method investments

$ 24,500,000

Annualized preferred return rate

11%

Related Party | Multifamily Development In Mountain View, CA

Related Party Transaction [Line Items]

Annualized preferred return rate

Related Party | Home Community Development in Burlingame, California

Related Party Transaction [Line Items]

Number of units acquired | apartment

268

Payments to acquire equity method investments

$ 18,600,000

Annualized preferred return rate

11%

12%

Related Party | Related Party Bridge Loan On Property Acquired By BEX II

Related Party Transaction [Line Items]

Notes receivable

$ 32,800,000

Related Party | Related Party Bridge Loan On Property Acquired By Wesco VI

Related Party Transaction [Line Items]

Notes receivable

$ 100,700,000

Fixed interest rate

2.64%

Cash received from collection of note receivable

$ 121,300,000

Related Party | Related Party Bridge Loan On Property Acquired By Wesco VI | The Rexford

Related Party Transaction [Line Items]

Notes receivable

$ 61,900,000

Fixed interest rate

2.36%

Related Party | Related Party Bridge Loan On Property Acquired By Wesco VI | Monterra In Mill Creek

Related Party Transaction [Line Items]

Notes receivable

$ 30,300,000

Fixed interest rate

2.30%

Related Party | Related Party Bridge Loan On Property Acquired By Wesco VI | Martha Lake Apartments

Related Party Transaction [Line Items]

Notes receivable

$ 29,200,000

Fixed interest rate

2.15%

Related Party | Related Party Bridge Loan on Property in Vista, CA

Related Party Transaction [Line Items]

Notes receivable

$ 48,400,000

Fixed interest rate

2.36%

Related Party | Related Party Bridge Loans On Property Acquired By Wesco I

Related Party Transaction [Line Items]

Notes receivable

$ 52,500,000

Fixed interest rate

2.55%

Related Party | Management And Other Fees From Affiliates

Related Party Transaction [Line Items]

Related party transaction, amounts of transaction

$ 12,700,000

14,100,000

10,300,000

Related Party | Revenues From Development And Redevelopment Fees

Related Party Transaction [Line Items]

Related party transaction, amounts of transaction

1,800,000

3,000,000

1,100,000

Affiliated Entity

Related Party Transaction [Line Items]

Notes and other receivables

6,100,000

7,000,000

Marcus and Millichap Company | Related Party

Related Party Transaction [Line Items]

Sales commissions and fees

$ 0

Unsecured Debt - Summary (Detai

Unsecured Debt - Summary (Details)	1 Months Ended				12 Months Ended
Unsecured Debt - Summary (Details)	May 31, 2023 USD ($)	Apr. 30, 2023 USD ($)	Oct. 31, 2022 USD ($) extension_option	Jul. 31, 2022 USD ($) extension_option	Dec. 31, 2023 USD ($) line_of_credit	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Unsecured debt, net					$ 5,318,531,000	$ 5,312,168,000
Lines of credit					0	52,073,000
Total unsecured debt					5,318,531,000	5,364,241,000
Debt instrument face amount					$ 5,050,000,000	$ 5,350,000,000
Term loan - variable rate, net
Debt Instrument [Line Items]
Weighted average interest rate					4.20%	0%
Unsecured Debt
Debt Instrument [Line Items]
Debt instrument face amount					$ 300,000,000	$ 0
Proceeds from issuance of unsecured debt		$ 300,000,000
Repayments of unsecured debt	$ 300,000,000
Unsecured Debt
Debt Instrument [Line Items]
Unsecured debt, net					5,318,531,000	5,312,168,000
Unamortized debt issuance expense					25,300,000	29,900,000
Debt instrument, unamortized discount (premium), net					6,100,000	7,900,000
Unsecured Debt \| Term loan - variable rate, net
Debt Instrument [Line Items]
Term loan - variable rate, net					$ 298,552,000	(1,611,000)
Weighted Average Maturity In Years as of December 31, 2023					3 years 9 months 18 days
Debt instrument face amount			$ 300,000,000
Number of extension options \| extension_option			3
Term extension period			12 months
Coupon rate			4.20%
Unamortized debt issuance expense					$ 1,400,000	1,600,000
Unsecured Debt \| Term loan - variable rate, net \| Adjusted SOFR
Debt Instrument [Line Items]
Basis spread on rate			0.85%
Unsecured Debt \| Bonds public offering - fixed rate, net
Debt Instrument [Line Items]
Unsecured debt, net					$ 5,019,979,000	$ 5,313,779,000
Weighted average interest rate					3.30%	3.30%
Weighted Average Maturity In Years as of December 31, 2023					7 years 1 month 6 days
Line of Credit
Debt Instrument [Line Items]
Lines of credit					$ 0	$ 52,073,000
Weighted average interest rate					6.30%	4.40%
Number of extension options \| extension_option				2
Term extension period				6 months
Unamortized debt issuance expense					$ 3,800,000	$ 5,100,000
Number of outstanding lines of credit \| line_of_credit					2
Maximum borrowing capacity				$ 1,200,000,000	$ 1,240,000,000
Line of Credit \| Line of Credit Working Capital
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 35,000,000
Line of Credit \| Adjusted SOFR \| Line of Credit Working Capital
Debt Instrument [Line Items]
Basis spread on rate					0.75%

Unsecured Debt - Narrative (Det

Unsecured Debt - Narrative (Details)

1 Months Ended

3 Months Ended

12 Months Ended

Jul. 31, 2022 USD ($) extension_option

Jun. 30, 2020 USD ($)

Apr. 30, 2013 USD ($)

Mar. 31, 2020 USD ($)

Dec. 31, 2023 USD ($) line_of_credit

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Jun. 30, 2021 USD ($)

Mar. 31, 2021 USD ($)

Aug. 31, 2020 USD ($)

Feb. 29, 2020 USD ($)

Oct. 31, 2019 USD ($)

Aug. 31, 2019 USD ($)

Mar. 31, 2019 USD ($)

Feb. 28, 2019 USD ($)

Mar. 31, 2018 USD ($)

Apr. 30, 2017 USD ($)

Apr. 30, 2016 USD ($)

Mar. 31, 2015 USD ($)

Apr. 30, 2014 USD ($)

Debt Instrument [Line Items]

Debt instrument face amount

$ 5,050,000,000

$ 5,350,000,000

Unsecured debt, net

$ 5,318,531,000

5,312,168,000

Number of lines of credit | line_of_credit

Lines of credit

$ 0

52,073,000

CPPIB Interest

Debt Instrument [Line Items]

Investment interest acquired

45%

Essex Portfolio, L.P.

Debt Instrument [Line Items]

Unsecured debt, net

5,318,531,000

5,312,168,000

Lines of credit

52,073,000

Senior Notes | Essex Portfolio, L.P.

Debt Instrument [Line Items]

Debt instrument face amount

$ 600,000,000

Line of Credit | Line of Credit Working Capital

Debt Instrument [Line Items]

Maximum borrowing capacity

35,000,000

Unsecured Line of Credit

Debt Instrument [Line Items]

Number of extension options | extension_option

Extension period

6 months

Unsecured Line of Credit | Line of Credit Working Capital

Debt Instrument [Line Items]

Lines of credit

$ 0

$ 12,100,000

Unsecured Line of Credit | Adjusted SOFR

Debt Instrument [Line Items]

Basis spread on rate

0.75%

Unsecured Bonds 1.700%

Debt Instrument [Line Items]

Debt instrument face amount

$ 450,000,000

450,000,000

Unsecured Bonds 1.700% | Senior Notes

Debt Instrument [Line Items]

Coupon rate

1.70%

Unsecured debt, net

$ 446,300,000

445,400,000

Unsecured Bonds 1.700% | Senior Notes | Essex Portfolio, L.P.

Debt Instrument [Line Items]

Debt instrument face amount

$ 450,000,000

Coupon rate

1.70%

Debt offering price

99.423%

Unsecured Bonds 2.550%

Debt Instrument [Line Items]

Debt instrument face amount

$ 300,000,000

300,000,000

Unsecured Bonds 2.550% | Senior Notes

Debt Instrument [Line Items]

Coupon rate

2.55%

Unsecured debt, net

$ 296,700,000

296,200,000

Unsecured Bonds 2.550% | Senior Notes | Essex Portfolio, L.P.

Debt Instrument [Line Items]

Debt instrument face amount

$ 300,000,000

Coupon rate

2.55%

Debt offering price

99.367%

Unsecured Bonds 3.375% | Senior Notes

Debt Instrument [Line Items]

Debt instrument face amount

$ 300,000,000

Coupon rate

3.375%

Unsecured Bonds 2.650%

Debt Instrument [Line Items]

Debt instrument face amount

$ 650,000,000

650,000,000

Unsecured Bonds 2.650% | Senior Notes

Debt Instrument [Line Items]

Debt instrument face amount

$ 150,000,000

Coupon rate

2.65%

Debt offering price

105.66%

Unsecured debt, net

$ 650,700,000

650,800,000

Reoffer yield percentage

2.093%

Unsecured Bonds 2.650% | Senior Notes | Essex Portfolio, L.P.

Debt Instrument [Line Items]

Debt instrument face amount

$ 500,000,000

Coupon rate

2.65%

Debt offering price

99.628%

Repayments of secured debt

$ 100,300,000

Unsecured Bonds 1.650%

Debt Instrument [Line Items]

Debt instrument face amount

$ 300,000,000

300,000,000

Unsecured Bonds 1.650% | Senior Notes

Debt Instrument [Line Items]

Coupon rate

1.65%

Debt offering price

99.035%

Unsecured Bonds 1.650% | Senior Notes | Essex Portfolio, L.P.

Debt Instrument [Line Items]

Debt instrument face amount

$ 300,000,000

Coupon rate

1.65%

Unsecured debt, net

$ 296,100,000

295,500,000

Unsecured Bonds 2.650%

Debt Instrument [Line Items]

Debt instrument face amount

$ 300,000,000

300,000,000

Unsecured Bonds 2.650% | Senior Notes

Debt Instrument [Line Items]

Coupon rate

2.65%

Debt offering price

99.691%

Unsecured Bonds 2.650% | Senior Notes | Essex Portfolio, L.P.

Debt Instrument [Line Items]

Debt instrument face amount

$ 300,000,000

Coupon rate

2.65%

Unsecured debt, net

$ 296,000,000

295,800,000

Unsecured Bonds 3.625% | Senior Notes

Debt Instrument [Line Items]

Debt instrument face amount

$ 300,000,000

Coupon rate

3.625%

Unsecured Bonds 3.000%

Debt Instrument [Line Items]

Debt instrument face amount

$ 550,000,000

550,000,000

Unsecured Bonds 3.000% | Senior Notes

Debt Instrument [Line Items]

Debt instrument face amount

$ 150,000,000

$ 400,000,000

Coupon rate

Debt offering price

101.685%

98.632%

Unsecured debt, net

$ 545,500,000

544,700,000

Unsecured Bonds 4.000%

Debt Instrument [Line Items]

Debt instrument face amount

$ 500,000,000

500,000,000

Unsecured Bonds 4.000% | Senior Notes

Debt Instrument [Line Items]

Debt instrument face amount

$ 150,000,000

$ 350,000,000

Coupon rate

Debt offering price

100.717%

99.188%

Unsecured debt, net

$ 496,700,000

496,000,000

Unsecured Bonds 4.500%

Debt Instrument [Line Items]

Debt instrument face amount

$ 300,000,000

300,000,000

Unsecured Bonds 4.500% | Senior Notes

Debt Instrument [Line Items]

Debt instrument face amount

$ 300,000,000

Coupon rate

4.50%

Debt offering price

99.591%

Unsecured debt, net

$ 296,200,000

296,100,000

Unsecured Bonds 3.625%

Debt Instrument [Line Items]

Debt instrument face amount

$ 350,000,000

350,000,000

Unsecured Bonds 3.625% | Senior Notes

Debt Instrument [Line Items]

Debt instrument face amount

$ 350,000,000

Coupon rate

3.625%

Debt offering price

99.423%

Unsecured debt, net

$ 348,300,000

347,800,000

Unsecured Bonds 3.375%, Due April 2026

Debt Instrument [Line Items]

Debt instrument face amount

$ 450,000,000

450,000,000

Unsecured Bonds 3.375%, Due April 2026 | Senior Notes

Debt Instrument [Line Items]

Debt instrument face amount

$ 450,000,000

Coupon rate

3.375%

Debt offering price

99.386%

Unsecured debt, net

$ 448,400,000

447,800,000

Senior Unsecured Notes Maturing April 1, 2025 | Senior Notes

Debt Instrument [Line Items]

Debt instrument face amount

$ 500,000,000

Coupon rate

3.50%

Debt offering price

99.747%

Unsecured debt, net

499,300,000

498,800,000

Unsecured Bonds 3.875%

Debt Instrument [Line Items]

Debt instrument face amount

$ 400,000,000

400,000,000

Unsecured Bonds 3.875% | Senior Notes

Debt Instrument [Line Items]

Debt instrument face amount

$ 400,000,000

Coupon rate

3.875%

Debt offering price

99.234%

Unsecured debt, net

$ 399,800,000

399,100,000

Unsecured Bonds 3.250%

Debt Instrument [Line Items]

Debt instrument face amount

$ 0

300,000,000

Unsecured Bonds 3.250% | Senior Notes

Debt Instrument [Line Items]

Coupon rate

3.25%

Debt offering price

99.152%

Unsecured debt, net

$ 0

299,800,000

Proceeds from issuance of unsecured debt

$ 300,000,000

Line of Credit

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 1,200,000,000

1,240,000,000

Lines of credit

$ 0

$ 52,073,000

Number of extension options | extension_option

Term extension period

6 months

Line of Credit | Line of Credit Working Capital

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 35,000,000

Line of Credit | Adjusted SOFR | Line of Credit Working Capital

Debt Instrument [Line Items]

Basis spread on rate

0.75%

Unsecured Line of Credit | Line of Credit

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 1,200,000,000

Lines of credit

$ 40,000,000

Working Capital Unsecured Line of Credit | Line of Credit

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 35,000,000

Unsecured Debt - Senior Unsecur

Unsecured Debt - Senior Unsecured Notes (Details) - USD ($)

Dec. 31, 2023

Dec. 31, 2022

Jun. 30, 2020

Oct. 31, 2019

Aug. 31, 2019

Mar. 31, 2019

Feb. 28, 2019

Mar. 31, 2018

Apr. 30, 2017

Apr. 30, 2016

Apr. 30, 2014

Apr. 30, 2013

Debt Instrument [Line Items]

Debt instrument face amount

$ 5,050,000,000

$ 5,350,000,000

Unsecured Bonds 3.250%

Debt Instrument [Line Items]

Debt instrument face amount

$ 0

300,000,000

Unsecured Bonds 3.250% | Senior Notes

Debt Instrument [Line Items]

Coupon Rate

3.25%

Unsecured Bonds 3.875%

Debt Instrument [Line Items]

Debt instrument face amount

$ 400,000,000

400,000,000

Unsecured Bonds 3.875% | Senior Notes

Debt Instrument [Line Items]

Debt instrument face amount

$ 400,000,000

Coupon Rate

3.875%

Unsecured Bonds 3.500%

Debt Instrument [Line Items]

Debt instrument face amount

$ 500,000,000

500,000,000

Unsecured Bonds 3.500% | Senior Notes

Debt Instrument [Line Items]

Coupon Rate

3.50%

Unsecured Bonds 3.375%

Debt Instrument [Line Items]

Debt instrument face amount

$ 450,000,000

450,000,000

Unsecured Bonds 3.375% | Senior Notes

Debt Instrument [Line Items]

Debt instrument face amount

$ 450,000,000

Coupon Rate

3.375%

Unsecured Bonds 3.625%

Debt Instrument [Line Items]

Debt instrument face amount

$ 350,000,000

350,000,000

Unsecured Bonds 3.625% | Senior Notes

Debt Instrument [Line Items]

Debt instrument face amount

$ 350,000,000

Coupon Rate

3.625%

Unsecured Bonds 1.700%

Debt Instrument [Line Items]

Debt instrument face amount

$ 450,000,000

450,000,000

Unsecured Bonds 1.700% | Senior Notes

Debt Instrument [Line Items]

Coupon Rate

1.70%

Unsecured Bonds 4.000%

Debt Instrument [Line Items]

Debt instrument face amount

$ 500,000,000

500,000,000

Unsecured Bonds 4.000% | Senior Notes

Debt Instrument [Line Items]

Debt instrument face amount

$ 150,000,000

$ 350,000,000

Coupon Rate

Unsecured Bonds 3.000%

Debt Instrument [Line Items]

Debt instrument face amount

$ 550,000,000

550,000,000

Unsecured Bonds 3.000% | Senior Notes

Debt Instrument [Line Items]

Debt instrument face amount

$ 150,000,000

$ 400,000,000

Coupon Rate

Unsecured Bonds 1.650%

Debt Instrument [Line Items]

Debt instrument face amount

$ 300,000,000

300,000,000

Unsecured Bonds 1.650% | Senior Notes

Debt Instrument [Line Items]

Coupon Rate

1.65%

Unsecured Bonds 2.550%

Debt Instrument [Line Items]

Debt instrument face amount

$ 300,000,000

300,000,000

Unsecured Bonds 2.550% | Senior Notes

Debt Instrument [Line Items]

Coupon Rate

2.55%

Unsecured Bonds 2.650%

Debt Instrument [Line Items]

Debt instrument face amount

$ 650,000,000

650,000,000

Unsecured Bonds 2.650% | Senior Notes

Debt Instrument [Line Items]

Debt instrument face amount

$ 150,000,000

Coupon Rate

2.65%

Unsecured Bonds 4.500%

Debt Instrument [Line Items]

Debt instrument face amount

$ 300,000,000

300,000,000

Unsecured Bonds 4.500% | Senior Notes

Debt Instrument [Line Items]

Debt instrument face amount

$ 300,000,000

Coupon Rate

4.50%

Unsecured Bonds 2.650%

Debt Instrument [Line Items]

Debt instrument face amount

$ 300,000,000

Unsecured Bonds 2.650% | Senior Notes

Debt Instrument [Line Items]

Coupon Rate

2.65%

Unsecured Debt - Future Obligat

Unsecured Debt - Future Obligations (Details) - Unsecured Debt $ in Thousands	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
2024	$ 400,000
2025	500,000
2026	450,000
2027	650,000
2028	450,000
Thereafter	2,900,000
Total Debt	$ 5,350,000

Mortgage Notes Payable (Details

Mortgage Notes Payable (Details) $ in Thousands	12 Months Ended
Mortgage Notes Payable (Details) $ in Thousands	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property
Debt Instrument [Line Items]
Number of properties securing mortgage notes \| property	15	11
Weighted average interest rate	4.30%	3.50%
Minimum
Debt Instrument [Line Items]
Remaining terms (in years)	1 year	2 years
Maximum
Debt Instrument [Line Items]
Remaining terms (in years)	23 years	24 years
Mortgages
Debt Instrument [Line Items]
Total mortgage notes payable	$ 887,204	$ 593,943
Mortgages \| Fixed rate mortgage notes payable
Debt Instrument [Line Items]
Total mortgage notes payable	665,711	371,849
Mortgages \| Variable rate mortgage notes payable
Debt Instrument [Line Items]
Total mortgage notes payable	$ 221,493	$ 222,094

Mortgage Notes Payable - Future

Mortgage Notes Payable - Future Maturities (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt instrument face amount		$ 5,050,000	$ 5,350,000
Secured debt
Debt Instrument [Line Items]
2024		3,109
2025		133,054
2026		99,405
2027		153,955
2028		68,332
Thereafter		431,937
Total Debt		889,792
Debt instrument, unamortized premium		500	1,200
Unamortized debt issuance expense		(3,100)	$ (2,000)
Fixed rate mortgage notes payable \| Total Return Swap Callable \| Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative notional amount		222,700
Variable rate mortgage notes payable
Debt Instrument [Line Items]
Derivative notional amount		$ 222,700
Multifamily housing mortgage revenue bonds, variable interest rate (in hundredths)		4.60%	3.50%
Percentage of units subject to tenant income criteria		20%
Mortgage Notes
Debt Instrument [Line Items]
Debt instrument face amount	$ 298,000
Debt instrument, term	10 years
Coupon rate	5.08%

Mortgage Notes Payable - Narrat

Mortgage Notes Payable - Narrative (Details) - USD ($)	12 Months Ended
Mortgage Notes Payable - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Monthly interest expense	$ 2,700,000
Monthly principal amortization	300,000
Mortgage notes payable, net	$ 887,204,000	$ 593,943,000
Repayment of debt before the scheduled maturity date, prepayment penalties	The prepayment penalty on the majority of the Company’s mortgage notes payable are computed by the greater of (a) 1% of the amount of the principal being prepaid or (b) the present value of the principal being prepaid multiplied by the difference between the interest rate of the mortgage note and the stated yield rate on a U.S. treasury security which generally has an equivalent remaining term as the mortgage note.
Prepayment penalty, percent of principal prepaid	1%
Secured deeds of trust
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 0	$ 0

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Details)	1 Months Ended		12 Months Ended
Derivative Instruments and Hedging Activities (Details)	Apr. 30, 2023 USD ($)	Sep. 30, 2022 USD ($) interest_rate_swap extension_option	Dec. 31, 2023 USD ($) instrument	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Derivative [Line Items]
Number of interest rate swaps \| interest_rate_swap		1
Debt instrument face amount			$ 5,050,000,000	$ 5,350,000,000
Hedge ineffectiveness related to cash flow hedges			(13,364,000)	54,158,000	$ 9,170,000
Total return swap income			3,148,000	7,907,000	10,774,000
Designated as Hedging Instrument
Derivative [Line Items]
Hedge ineffectiveness related to cash flow hedges			0	0	0
Not Designated as Hedging Instrument
Derivative [Line Items]
Total return swap income			3,100,000	7,900,000	$ 10,800,000
Interest Rate Swap \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative fair value			4,300,000	5,600,000
Interest Rate Cap \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative notional amount			$ 0	0
Total Return Swap Callable \| Not Designated as Hedging Instrument
Derivative [Line Items]
Number of derivative instruments held \| instrument			4
Total Return Swap \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative fair value			$ 0	0
Unsecured Debt
Derivative [Line Items]
Debt instrument face amount			300,000,000	$ 0
Proceeds from issuance of unsecured debt	$ 300,000,000
Term Loan
Derivative [Line Items]
Number of extension options \| extension_option		3
Extension period		12 months
Variable Rate Mortgage Notes Payable
Derivative [Line Items]
Derivative notional amount			222,700,000
Bond subject to interest rate caps			222,700,000
Fixed rate mortgage notes payable \| Total Return Swap Callable \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative notional amount			$ 222,700,000
Unsecured Bonds 0.850%
Derivative [Line Items]
Debt instrument face amount		$ 300,000,000
Unsecured Bonds 0.850% \| Adjusted SOFR
Derivative [Line Items]
Basis spread on rate	0.85%
Coupon rate		4.20%

Lease Agreements - Company as_5

Lease Agreements - Company as Lessor (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) building
Lessor, Lease, Description [Line Items]
Number of commercial buildings under lease agreements \| building	3
Future Minimum Rent
2024	$ 751,320
2025	33,230
2026	15,706
2027	13,946
2028	11,978
Thereafter	20,164
Operating leases	$ 846,344
Minimum
Lessor, Lease, Description [Line Items]
Short-term lease terms	9 months
Commercial lease terms	5 years
Maximum
Lessor, Lease, Description [Line Items]
Short-term lease terms	12 months
Commercial lease terms	20 years

Lease Agreements - Company as_6

Lease Agreements - Company as Lessee - Narrative and Components of Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Office lease, renewal term	5 years
Operating lease right-of-use assets	$ 63,757	$ 67,239
Total leased assets	63,757	67,239
Operating lease liabilities	65,091	68,696
Total lease liabilities	65,091	68,696
Lease, Cost [Abstract]
Operating lease cost	6,789	6,697
Variable lease cost	1,961	1,750
Short-term lease cost	186	204
Sublease income	(500)	(418)
Total lease cost	$ 8,436	$ 8,233
Minimum
Lessee, Lease, Description [Line Items]
Office lease term of contract	5 years
Ground lease term	20 years
Ground lease, renewal term	10 years
Maximum
Lessee, Lease, Description [Line Items]
Office lease term of contract	10 years
Ground lease term	85 years
Ground lease, renewal term	39 years

Lease Agreements - Company as_7

Lease Agreements - Company as Lessee - Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 7,251
2025	6,887
2026	5,035
2027	3,421
2028	3,102
Thereafter	129,452
Total lease payments	155,148
Less: Imputed interest	(90,057)
Present value of lease liabilities	$ 65,091	$ 68,696

Lease Agreements - Company as_8

Lease Agreements - Company as Lessee - Additional Information (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average of remaining lease terms (years)	40 years	40 years
Weighted-average of discount rates	5.03%	5.01%

Equity Transactions (Details)

Equity Transactions (Details) - USD ($)	1 Months Ended	12 Months Ended
Equity Transactions (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Redemption value of operating partnership units outstanding		$ 560,000,000	$ 481,600,000
Operating Partnership
Class of Stock [Line Items]
General partner ownership interest		96.60%	96.60%
Operating Partnership Units
Class of Stock [Line Items]
Number of shares outstanding		2,161,175	2,166,359
Long Term Incentive Plan 2014 Units
Class of Stock [Line Items]
Number of shares outstanding		97,637	106,137
ATM Program, 2021
Class of Stock [Line Items]
Common stock, aggregate gross sales price	$ 900,000,000
Remaining authorized repurchase amount		$ 900,000,000

Net Income Per Common Share a_3

Net Income Per Common Share and Net Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic:
Net income available to common stockholders	$ 405,825	$ 408,315	$ 488,554
Weighted average common shares/units (in shares)	64,252,232	65,079,764	65,051,465
Net income available to common stockholders/unitholders (in dollars per share)	$ 6.32	$ 6.27	$ 7.51
Diluted:
Net income available to common stockholders	$ 405,825	$ 408,315	$ 488,554
Income from continuing operations available to common stockholders (in shares)	64,253,385	65,098,186	65,088,874
Net income available to common stockholders/unitholders (in dollars per share)	$ 6.32	$ 6.27	$ 7.51
Essex Portfolio, L.P.
Basic:
Net income available to common stockholders	$ 420,109	$ 422,612	$ 505,745
Weighted average common shares/units (in shares)	66,513,303	67,356,105	67,340,856
Net income available to common stockholders/unitholders (in dollars per share)	$ 6.32	$ 6.27	$ 7.51
Diluted:
Net income available to common stockholders	$ 420,109	$ 422,612	$ 505,745
Income from continuing operations available to common stockholders (in shares)	66,514,456	67,374,527	67,378,265
Net income available to common stockholders/unitholders (in dollars per share)	$ 6.32	$ 6.27	$ 7.51
Stock options
Basic:
Income effect of dilutive securities	$ 0	$ 0	$ 0
Effect of dilutive securities (in shares)	1,153	18,422	37,409
Diluted:
Anti-dilutive securities (in shares)	508,276	253,845	116,380
Stock options \| Essex Portfolio, L.P.
Basic:
Income effect of dilutive securities	$ 0	$ 0	$ 0
Effect of dilutive securities (in shares)	1,153	18,422	37,409
Diluted:
Anti-dilutive securities (in shares)	508,276	253,845	116,380
Convertible Limited Partnership Units
Diluted:
Anti-dilutive securities (in shares)	2,261,071	2,276,341	2,289,391
Income allocated to convertible OP Units	$ 14,300	$ 14,300	$ 17,200

Equity Based Compensation Pla_3

Equity Based Compensation Plans - Narrative (Details)		1 Months Ended	12 Months Ended
Equity Based Compensation Plans - Narrative (Details)	Dec. 09, 2014 shares	Dec. 31, 2013 shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 09, 2015	May 31, 2018 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized \| shares							2,000,000
Accelerated share-based compensation cost			$ 3,500,000	$ 3,500,000	$ 3,500,000
Intrinsic value of the options outstanding and fully vested			$ 4,500,000	$ 200,000
Average fair value of stock options granted (in dollars per share) \| $ / shares			$ 21.24	$ 23.39	$ 24.68
Cap on the appreciation of the market price over the exercise price			$ 100
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense			12,100,000	$ 11,400,000	$ 11,700,000
Stock-based compensation capitalized			600,000	700,000	900,000
Intrinsic value of options exercised			0	$ 7,600,000	$ 25,700,000
Unrecognized compensation cost			$ 1,800,000
Unrecognized compensation cost, period for recognition			1 year 3 months 18 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost			$ 4,700,000
Unrecognized compensation cost, period for recognition			1 year 7 months 6 days
Granted (in shares) \| shares			2,315	72,838	50,349
2015 LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	44,750
Units issued subject only to performance measurement (in shares) \| shares	24,000
Vesting percentage of units per year	20%
Option grants to officers and employees vesting period	5 years
Percent of awards earned						95.75%
Conversion ratio, incentive units			1
Liquidity measurement period			10 years
Measurement period			10 years
Series Z Incentive Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares		50,500
Option grants to officers and employees vesting period		4 years
Long Term Incentive Plan 2014 Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage of units per year		25%
Conversion ratio, incentive units			1
Liquidity measurement period			10 years
Measurement period			10 years
Long Term Incentive Plans - Z Units and 2014 LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense			$ 0	$ 0	$ 0
Granted (in shares) \| shares			0	0	0
Intrinsic value of vested and unvested LTIP units			$ 24,200,000

Equity Based Compensation Pla_4

Equity Based Compensation Plans - Weighted Average Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted average assumptions used to estimate fair value of stock options [Abstract]
Stock price (in dollars per share)	$ 216.31	$ 245.17	$ 329.71
Risk-free interest rates	4.06%	3.50%	1.22%
Expected lives	6 years	6 years	6 years
Volatility	36%	27.98%	27%
Dividend yield	3.30%	3.06%	2.90%

Equity Based Compensation Pla_5

Equity Based Compensation Plans - Summary of Stock Options Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Outstanding at beginning of year (in shares)	487,446	463,863	613,109
Granted (in shares)	49,908	111,757	99,479
Exercised (in shares)	0	(76,246)	(248,725)
Forfeited and canceled (in shares)	(6,542)	(11,928)	0
Outstanding at end of year (in shares)	530,812	487,446	463,863
Options exercisable at year end (in shares)	417,739	293,377	274,244
Weighted- average exercise price
Outstanding at beginning of year (in dollars per share)	$ 279.46	$ 284.82	$ 255.86
Granted (in dollars per share)	216.31	245.17	329.71
Exercised (in dollars per share)	0	245.43	231.37
Forfeited and canceled (in dollars per share)	280.21	281.19	0
Outstanding at end of year (in dollars per share)	273.51	279.46	284.82
Options exercisable at year end (in dollars per share)	$ 282.30	$ 285.76	$ 270.11

Equity Based Compensation Pla_6

Equity Based Compensation Plans - Restricted Stock Activity and LITP Units (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock
Total Unvested Units
Unvested at beginning of year (in shares)	101,701	182,915	159,401	132,603
Granted (in shares)	2,315	72,838	50,349
Vested (in shares)	(37,075)	(44,945)	(22,387)
Forfeited and canceled (in shares)	(46,454)	(4,379)	(1,164)
Unvested at end of year (in shares)	101,701	182,915	159,401	132,603
Weighted- average grant price
Unvested at beginning of year (in dollars per share)	$ 222.90	$ 251.03	$ 214.34
Granted (in dollars per share)	220.40	215.73	337.52
Vested (in dollars per share)	247.07	306.25	229.90
Forfeited and canceled (in dollars per share)	259.71	272.12	219.30
Unvested at end of year (in dollars per share)	$ 197.22	$ 222.90	$ 251.03	$ 214.34
Long Term Incentive Plans - Z Units and 2014 LTIP Units
Total Unvested Units
Unvested at beginning of year (in shares)	0	0	0	0
Granted (in shares)	0	0	0
Vested (in shares)	0	0	0
Converted (in shares)	0	0	0
Forfeited and canceled (in shares)	0	0	0
Unvested at end of year (in shares)	0	0	0	0
Weighted- average grant price
Unvested at beginning of year (in dollars per share)	$ 84.47	$ 84.47	$ 84.47
Unvested at end of year (in dollars per share)	$ 86.16	$ 84.47	$ 84.47	$ 84.47
Total Vested Units
Vested, beginning balance (in shares)	106,137	106,137	106,137
Vested, units granted (in shares)	0	0	0
Vested, units vested (in shares)	0	0	0
Converted (in shares)	(8,500)	0	0
Cancelled (in shares)	0	0	0
Vested, ending balance (in shares)	97,637	106,137	106,137	106,137
Total Outstanding Units
Total outstanding units, beginning balance (in shares)	106,137	106,137	106,137
Total outstanding units, granted (in shares)	0	0	0
Total outstanding units, vested (in shares)	0	0	0
Total outstanding units, converted (in shares)	(8,500)	0	0
Total outstanding units, cancelled (in shares)	0	0	0
Total outstanding units, ending balance (in shares)	97,637	106,137	106,137	106,137
Weighted- average Remaining Contractual Life (years)	1 year	1 year 7 months 6 days	2 years 7 months 6 days	3 years 7 months 6 days

Segment Information (Details)

Segment Information (Details) $ in Thousands	12 Months Ended
Segment Information (Details) $ in Thousands	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting [Abstract]
Number of reportable operating segments defined by geographical regions \| segment	3
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property revenues	$ 1,658,264	$ 1,595,675	$ 1,431,418
Total net operating income	1,172,785	1,128,406	986,182
Management and other fees from affiliates	11,131	11,139	9,138
Corporate-level property management expenses	(45,872)	(40,704)	(36,211)
Depreciation and amortization	(548,438)	(539,319)	(520,066)
General and administrative	(63,474)	(56,577)	(51,838)
Expensed acquisition and investment related costs	(595)	(2,132)	(203)
Casualty loss	(433)	0	0
Gain on sale of real estate and land	59,238	94,416	142,993
Interest expense	(212,905)	(204,798)	(203,125)
Total return swap income	3,148	7,907	10,774
Interest and other income (loss)	46,259	(19,040)	98,744
Equity income from co-investments	10,561	26,030	111,721
Tax (expense) benefit on unconsolidated co-investments	(697)	10,236	(15,668)
Loss on early retirement of debt, net	0	(2)	(19,010)
Gain on remeasurement of co-investment	0	17,423	2,260
Net income	430,708	432,985	515,691
Assets:
Net reportable operating segments - real estate assets	10,470,292	10,814,094
Real estate under development	23,724	24,857
Co-investments	1,061,733	1,127,491
Cash and cash equivalents, including restricted cash	400,334	42,681
Marketable securities	87,795	112,743
Notes and other receivables	174,621	103,045
Operating lease right-of-use assets	63,757	67,239
Prepaid expenses and other assets	79,171	80,755
Total assets	12,361,427	12,372,905
Rental and other property
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property revenues	1,658,264	1,595,675	1,431,418
Management and other fees from affiliates
Revenues from External Customers and Long-Lived Assets [Line Items]
Management and other fees from affiliates	11,131	11,139	9,138
Operating segments \| Southern California
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net operating income	483,013	459,762	398,576
Assets:
Net reportable operating segments - real estate assets	3,802,648	3,892,003
Operating segments \| Southern California \| Rental and other property
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property revenues	682,116	646,252	574,129
Operating segments \| Northern California
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net operating income	464,949	445,933	401,870
Assets:
Net reportable operating segments - real estate assets	5,242,343	5,414,467
Operating segments \| Northern California \| Rental and other property
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property revenues	666,836	639,306	584,034
Operating segments \| Seattle Metro
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net operating income	201,228	191,476	160,959
Assets:
Net reportable operating segments - real estate assets	1,333,030	1,374,379
Operating segments \| Seattle Metro \| Rental and other property
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property revenues	282,092	271,248	239,839
Other real estate assets
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net operating income	23,595	31,235	24,777
Assets:
Net reportable operating segments - real estate assets	92,271	133,245
Other real estate assets \| Rental and other property
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property revenues	$ 27,220	$ 38,869	$ 33,416

401(k) Plan (Details)

401(k) Plan (Details) - USD ($) $ in Millions	12 Months Ended
401(k) Plan (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Employer matching contribution, percent	50%
Company contributions to benefit plan	$ 3.8	$ 3.3	$ 3.3

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2023 USD ($)
Guarantor Obligations [Line Items]
Property casualty insurance deductible per incident	$ 5
Pacific Western Insurance LLC
Guarantor Obligations [Line Items]
Cash and marketable securities	$ 125.5

SCHEDULE III REAL ESTATE AND _2

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) apartment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 887,204
Initial cost
Land	2,981,986
Buildings and improvements	10,387,597
Costs capitalized subsequent to acquisition	2,765,640
Gross amount carried at close of period
Land and improvements	3,036,912
Buildings and improvements	13,098,311
Total	16,135,223
Accumulated depreciation	(5,664,931)	$ (5,152,133)	$ (4,646,854)
Aggregate cost for federal income tax purpose	12,300,000
Rental properties:
Acquisition, development, and improvement of real estate	235,423	427,668	707,267
Disposition of real estate and other	(66,427)	(91,368)	(139,085)
Balance at the end of year	16,135,223
Accumulated depreciation:
Balance at beginning of year	5,152,133	4,646,854	4,133,959
Depreciation expense	545,702	536,202	528,613
Depreciation expense - Disposals and other	(32,904)	(30,923)	(15,718)
Balance at the end of year	$ 5,664,931	5,152,133	4,646,854
Encumbered Apartment Communities
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	4,190
Encumbrance	$ 887,204
Initial cost
Land	302,322
Buildings and improvements	1,092,669
Costs capitalized subsequent to acquisition	189,237
Gross amount carried at close of period
Land and improvements	305,643
Buildings and improvements	1,278,585
Total	1,584,228
Accumulated depreciation	(470,260)
Rental properties:
Balance at the end of year	1,584,228
Accumulated depreciation:
Balance at the end of year	$ 470,260
Encumbered Apartment Communities \| Belmont Station
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	275
Encumbrance	$ 29,263
Initial cost
Land	8,100
Buildings and improvements	66,666
Costs capitalized subsequent to acquisition	10,397
Gross amount carried at close of period
Land and improvements	8,267
Buildings and improvements	76,896
Total	85,163
Accumulated depreciation	$ (42,204)
Date of construction	2009
Date acquired	Mar-09
Rental properties:
Balance at the end of year	$ 85,163
Accumulated depreciation:
Balance at the end of year	$ 42,204
Encumbered Apartment Communities \| Belmont Station \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Belmont Station \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Brio
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	300
Encumbrance	$ 90,827
Initial cost
Land	16,885
Buildings and improvements	151,741
Costs capitalized subsequent to acquisition	4,751
Gross amount carried at close of period
Land and improvements	16,885
Buildings and improvements	156,492
Total	173,377
Accumulated depreciation	$ (26,551)
Date of construction	2015
Date acquired	Jun-19
Rental properties:
Balance at the end of year	$ 173,377
Accumulated depreciation:
Balance at the end of year	$ 26,551
Encumbered Apartment Communities \| Brio \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Brio \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Fountain Park
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	705
Encumbrance	$ 82,776
Initial cost
Land	25,073
Buildings and improvements	94,980
Costs capitalized subsequent to acquisition	47,232
Gross amount carried at close of period
Land and improvements	25,203
Buildings and improvements	142,082
Total	167,285
Accumulated depreciation	$ (97,729)
Date of construction	2002
Date acquired	Feb-04
Rental properties:
Balance at the end of year	$ 167,285
Accumulated depreciation:
Balance at the end of year	$ 97,729
Encumbered Apartment Communities \| Fountain Park \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Fountain Park \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Highridge
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	255
Encumbrance	$ 69,451
Initial cost
Land	5,419
Buildings and improvements	18,347
Costs capitalized subsequent to acquisition	38,782
Gross amount carried at close of period
Land and improvements	6,073
Buildings and improvements	56,475
Total	62,548
Accumulated depreciation	$ (47,254)
Date of construction	1972
Date acquired	May-97
Rental properties:
Balance at the end of year	$ 62,548
Accumulated depreciation:
Balance at the end of year	$ 47,254
Encumbered Apartment Communities \| Highridge \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Highridge \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Lawrence Station
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	336
Encumbrance	$ 76,848
Initial cost
Land	45,532
Buildings and improvements	106,735
Costs capitalized subsequent to acquisition	7,740
Gross amount carried at close of period
Land and improvements	45,532
Buildings and improvements	114,475
Total	160,007
Accumulated depreciation	$ (42,735)
Date of construction	2012
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 160,007
Accumulated depreciation:
Balance at the end of year	$ 42,735
Encumbered Apartment Communities \| Lawrence Station \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Encumbered Apartment Communities \| Lawrence Station \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Magnolia Square/Magnolia Lane
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	188
Encumbrance	$ 52,400
Initial cost
Land	8,190
Buildings and improvements	24,736
Costs capitalized subsequent to acquisition	19,633
Gross amount carried at close of period
Land and improvements	8,191
Buildings and improvements	44,368
Total	52,559
Accumulated depreciation	$ (31,367)
Date of construction	1963
Date acquired	Sep-07
Rental properties:
Balance at the end of year	$ 52,559
Accumulated depreciation:
Balance at the end of year	$ 31,367
Encumbered Apartment Communities \| Magnolia Square/Magnolia Lane \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Magnolia Square/Magnolia Lane \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Marquis
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	166
Encumbrance	$ 44,991
Initial cost
Land	20,495
Buildings and improvements	47,823
Costs capitalized subsequent to acquisition	1,919
Gross amount carried at close of period
Land and improvements	20,495
Buildings and improvements	49,742
Total	70,237
Accumulated depreciation	$ (8,532)
Date of construction	2015
Date acquired	Dec-18
Rental properties:
Balance at the end of year	$ 70,237
Accumulated depreciation:
Balance at the end of year	$ 8,532
Encumbered Apartment Communities \| Marquis \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Marquis \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Paragon Apartments
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	301
Encumbrance	$ 59,169
Initial cost
Land	32,230
Buildings and improvements	77,320
Costs capitalized subsequent to acquisition	4,595
Gross amount carried at close of period
Land and improvements	32,230
Buildings and improvements	81,915
Total	114,145
Accumulated depreciation	$ (26,880)
Date of construction	2013
Date acquired	Jul-14
Rental properties:
Balance at the end of year	$ 114,145
Accumulated depreciation:
Balance at the end of year	$ 26,880
Encumbered Apartment Communities \| Paragon Apartments \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Paragon Apartments \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Sage at Cupertino
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	230
Encumbrance	$ 51,855
Initial cost
Land	35,719
Buildings and improvements	53,449
Costs capitalized subsequent to acquisition	14,039
Gross amount carried at close of period
Land and improvements	35,719
Buildings and improvements	67,488
Total	103,207
Accumulated depreciation	$ (20,213)
Date of construction	1971
Date acquired	Mar-17
Rental properties:
Balance at the end of year	$ 103,207
Accumulated depreciation:
Balance at the end of year	$ 20,213
Encumbered Apartment Communities \| Sage at Cupertino \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Sage at Cupertino \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| The Barkley
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	161
Encumbrance	$ 14,925
Initial cost
Land	0
Buildings and improvements	8,520
Costs capitalized subsequent to acquisition	9,277
Gross amount carried at close of period
Land and improvements	2,353
Buildings and improvements	15,444
Total	17,797
Accumulated depreciation	$ (12,780)
Date of construction	1984
Date acquired	Apr-00
Rental properties:
Balance at the end of year	$ 17,797
Accumulated depreciation:
Balance at the end of year	$ 12,780
Encumbered Apartment Communities \| The Barkley \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| The Barkley \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| The Commons
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	264
Encumbrance	$ 57,703
Initial cost
Land	12,555
Buildings and improvements	29,307
Costs capitalized subsequent to acquisition	12,511
Gross amount carried at close of period
Land and improvements	12,556
Buildings and improvements	41,817
Total	54,373
Accumulated depreciation	$ (22,749)
Date of construction	1973
Date acquired	Jul-10
Rental properties:
Balance at the end of year	$ 54,373
Accumulated depreciation:
Balance at the end of year	$ 22,749
Encumbered Apartment Communities \| The Commons \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| The Commons \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| The Dylan
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	184
Encumbrance	$ 57,299
Initial cost
Land	19,984
Buildings and improvements	82,286
Costs capitalized subsequent to acquisition	4,223
Gross amount carried at close of period
Land and improvements	19,990
Buildings and improvements	86,503
Total	106,493
Accumulated depreciation	$ (27,116)
Date of construction	2015
Date acquired	Mar-15
Rental properties:
Balance at the end of year	$ 106,493
Accumulated depreciation:
Balance at the end of year	$ 27,116
Encumbered Apartment Communities \| The Dylan \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| The Dylan \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| The Galloway
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	506
Encumbrance	$ 102,841
Initial cost
Land	32,966
Buildings and improvements	184,499
Costs capitalized subsequent to acquisition	6,342
Gross amount carried at close of period
Land and improvements	32,966
Buildings and improvements	190,841
Total	223,807
Accumulated depreciation	$ (27,546)
Date of construction	2016
Date acquired	Jan-20
Rental properties:
Balance at the end of year	$ 223,807
Accumulated depreciation:
Balance at the end of year	$ 27,546
Encumbered Apartment Communities \| The Galloway \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| The Galloway \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| The Huxley
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	187
Encumbrance	$ 52,156
Initial cost
Land	19,362
Buildings and improvements	75,641
Costs capitalized subsequent to acquisition	5,421
Gross amount carried at close of period
Land and improvements	19,371
Buildings and improvements	81,053
Total	100,424
Accumulated depreciation	$ (25,347)
Date of construction	2014
Date acquired	Mar-15
Rental properties:
Balance at the end of year	$ 100,424
Accumulated depreciation:
Balance at the end of year	$ 25,347
Encumbered Apartment Communities \| The Huxley \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| The Huxley \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Township
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	132
Encumbrance	$ 44,700
Initial cost
Land	19,812
Buildings and improvements	70,619
Costs capitalized subsequent to acquisition	2,375
Gross amount carried at close of period
Land and improvements	19,812
Buildings and improvements	72,994
Total	92,806
Accumulated depreciation	$ (11,257)
Date of construction	2014
Date acquired	Sep-19
Rental properties:
Balance at the end of year	$ 92,806
Accumulated depreciation:
Balance at the end of year	$ 11,257
Encumbered Apartment Communities \| Township \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Township \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Brookside Oaks \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Brookside Oaks \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| City View \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| City View \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Domaine \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Domaine \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Fairhaven Apartments \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Fairhaven Apartments \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Form 15 \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Form 15 \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Foster's Landing \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Encumbered Apartment Communities \| Foster's Landing \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Montanosa \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Encumbered Apartment Communities \| Montanosa \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Montebello \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Montebello \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Montejo Apartments \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Montejo Apartments \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| 1000 Kiely \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| 1000 Kiely \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Valley Park \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Valley Park \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Villa Angelina \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Villa Angelina \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	47,382
Initial cost
Land	$ 2,598,958
Buildings and improvements	9,278,341
Costs capitalized subsequent to acquisition	2,560,634
Gross amount carried at close of period
Land and improvements	2,649,202
Buildings and improvements	11,788,731
Total	14,437,933
Accumulated depreciation	(5,173,880)
Rental properties:
Balance at the end of year	14,437,933
Accumulated depreciation:
Balance at the end of year	$ 5,173,880
Unencumbered Apartment Communities \| Agora
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	49
Initial cost
Land	$ 4,932
Buildings and improvements	60,423
Costs capitalized subsequent to acquisition	1,818
Gross amount carried at close of period
Land and improvements	4,934
Buildings and improvements	62,239
Total	67,173
Accumulated depreciation	$ (8,536)
Date of construction	2016
Date acquired	Jan-20
Rental properties:
Balance at the end of year	$ 67,173
Accumulated depreciation:
Balance at the end of year	$ 8,536
Unencumbered Apartment Communities \| Agora \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Agora \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Alessio
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	624
Initial cost
Land	$ 32,136
Buildings and improvements	128,543
Costs capitalized subsequent to acquisition	25,661
Gross amount carried at close of period
Land and improvements	32,136
Buildings and improvements	154,204
Total	186,340
Accumulated depreciation	$ (57,633)
Date of construction	2001
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 186,340
Accumulated depreciation:
Balance at the end of year	$ 57,633
Unencumbered Apartment Communities \| Alessio \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Alessio \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Allegro
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	97
Initial cost
Land	$ 5,869
Buildings and improvements	23,977
Costs capitalized subsequent to acquisition	3,758
Gross amount carried at close of period
Land and improvements	5,869
Buildings and improvements	27,735
Total	33,604
Accumulated depreciation	$ (14,318)
Date of construction	2010
Date acquired	Oct-10
Rental properties:
Balance at the end of year	$ 33,604
Accumulated depreciation:
Balance at the end of year	$ 14,318
Unencumbered Apartment Communities \| Allegro \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Allegro \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Allure at Scripps Ranch
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	194
Initial cost
Land	$ 11,923
Buildings and improvements	47,690
Costs capitalized subsequent to acquisition	4,505
Gross amount carried at close of period
Land and improvements	11,923
Buildings and improvements	52,195
Total	64,118
Accumulated depreciation	$ (18,217)
Date of construction	2002
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 64,118
Accumulated depreciation:
Balance at the end of year	$ 18,217
Unencumbered Apartment Communities \| Allure at Scripps Ranch \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Allure at Scripps Ranch \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Alpine Village
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	301
Initial cost
Land	$ 4,967
Buildings and improvements	19,728
Costs capitalized subsequent to acquisition	13,953
Gross amount carried at close of period
Land and improvements	4,982
Buildings and improvements	33,666
Total	38,648
Accumulated depreciation	$ (22,978)
Date of construction	1971
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 38,648
Accumulated depreciation:
Balance at the end of year	$ 22,978
Unencumbered Apartment Communities \| Alpine Village \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Alpine Village \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Annaliese
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	56
Initial cost
Land	$ 4,727
Buildings and improvements	14,229
Costs capitalized subsequent to acquisition	1,196
Gross amount carried at close of period
Land and improvements	4,726
Buildings and improvements	15,426
Total	20,152
Accumulated depreciation	$ (5,943)
Date of construction	2009
Date acquired	Jan-13
Rental properties:
Balance at the end of year	$ 20,152
Accumulated depreciation:
Balance at the end of year	$ 5,943
Unencumbered Apartment Communities \| Annaliese \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Annaliese \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Apex
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	367
Initial cost
Land	$ 44,240
Buildings and improvements	103,251
Costs capitalized subsequent to acquisition	11,509
Gross amount carried at close of period
Land and improvements	44,240
Buildings and improvements	114,760
Total	159,000
Accumulated depreciation	$ (36,789)
Date of construction	2014
Date acquired	Aug-14
Rental properties:
Balance at the end of year	$ 159,000
Accumulated depreciation:
Balance at the end of year	$ 36,789
Unencumbered Apartment Communities \| Apex \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Apex \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Aqua Marina Del Rey
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	500
Initial cost
Land	$ 58,442
Buildings and improvements	175,326
Costs capitalized subsequent to acquisition	26,945
Gross amount carried at close of period
Land and improvements	58,442
Buildings and improvements	202,271
Total	260,713
Accumulated depreciation	$ (75,176)
Date of construction	2001
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 260,713
Accumulated depreciation:
Balance at the end of year	$ 75,176
Unencumbered Apartment Communities \| Aqua Marina Del Rey \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Aqua Marina Del Rey \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Ascent
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	90
Initial cost
Land	$ 3,924
Buildings and improvements	11,862
Costs capitalized subsequent to acquisition	3,685
Gross amount carried at close of period
Land and improvements	3,924
Buildings and improvements	15,547
Total	19,471
Accumulated depreciation	$ (6,867)
Date of construction	1988
Date acquired	Oct-12
Rental properties:
Balance at the end of year	$ 19,471
Accumulated depreciation:
Balance at the end of year	$ 6,867
Unencumbered Apartment Communities \| Ascent \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Ascent \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Ashton Sherman Village
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	264
Initial cost
Land	$ 23,550
Buildings and improvements	93,811
Costs capitalized subsequent to acquisition	3,301
Gross amount carried at close of period
Land and improvements	23,550
Buildings and improvements	97,112
Total	120,662
Accumulated depreciation	$ (24,127)
Date of construction	2014
Date acquired	Dec-16
Rental properties:
Balance at the end of year	$ 120,662
Accumulated depreciation:
Balance at the end of year	$ 24,127
Unencumbered Apartment Communities \| Ashton Sherman Village \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Ashton Sherman Village \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Avant
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	440
Initial cost
Land	$ 32,379
Buildings and improvements	137,940
Costs capitalized subsequent to acquisition	9,879
Gross amount carried at close of period
Land and improvements	32,379
Buildings and improvements	147,819
Total	180,198
Accumulated depreciation	$ (42,593)
Date of construction	2014
Date acquired	Jun-15
Rental properties:
Balance at the end of year	$ 180,198
Accumulated depreciation:
Balance at the end of year	$ 42,593
Unencumbered Apartment Communities \| Avant \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Avant \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Avenue 64
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	224
Initial cost
Land	$ 27,235
Buildings and improvements	64,403
Costs capitalized subsequent to acquisition	18,098
Gross amount carried at close of period
Land and improvements	27,235
Buildings and improvements	82,501
Total	109,736
Accumulated depreciation	$ (28,266)
Date of construction	2007
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 109,736
Accumulated depreciation:
Balance at the end of year	$ 28,266
Unencumbered Apartment Communities \| Avenue 64 \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Avenue 64 \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Aviara
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	166
Initial cost
Land	$ 0
Buildings and improvements	49,813
Costs capitalized subsequent to acquisition	3,145
Gross amount carried at close of period
Land and improvements	0
Buildings and improvements	52,958
Total	52,958
Accumulated depreciation	$ (19,372)
Date of construction	2013
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 52,958
Accumulated depreciation:
Balance at the end of year	$ 19,372
Unencumbered Apartment Communities \| Aviara \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Aviara \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Avondale at Warner Center
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	446
Initial cost
Land	$ 10,536
Buildings and improvements	24,522
Costs capitalized subsequent to acquisition	33,446
Gross amount carried at close of period
Land and improvements	10,601
Buildings and improvements	57,903
Total	68,504
Accumulated depreciation	$ (44,086)
Date of construction	1970
Date acquired	Jan-99
Rental properties:
Balance at the end of year	$ 68,504
Accumulated depreciation:
Balance at the end of year	$ 44,086
Unencumbered Apartment Communities \| Avondale at Warner Center \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Avondale at Warner Center \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Bel Air
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	462
Initial cost
Land	$ 12,105
Buildings and improvements	18,252
Costs capitalized subsequent to acquisition	50,318
Gross amount carried at close of period
Land and improvements	12,682
Buildings and improvements	67,993
Total	80,675
Accumulated depreciation	$ (53,742)
Date of construction	1988
Date acquired	Jan-95
Rental properties:
Balance at the end of year	$ 80,675
Accumulated depreciation:
Balance at the end of year	$ 53,742
Unencumbered Apartment Communities \| Bel Air \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Bel Air \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Belcarra
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	296
Initial cost
Land	$ 21,725
Buildings and improvements	92,091
Costs capitalized subsequent to acquisition	6,974
Gross amount carried at close of period
Land and improvements	21,725
Buildings and improvements	99,065
Total	120,790
Accumulated depreciation	$ (34,031)
Date of construction	2009
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 120,790
Accumulated depreciation:
Balance at the end of year	$ 34,031
Unencumbered Apartment Communities \| Belcarra \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Belcarra \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Bella Villagio
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	231
Initial cost
Land	$ 17,247
Buildings and improvements	40,343
Costs capitalized subsequent to acquisition	8,891
Gross amount carried at close of period
Land and improvements	17,247
Buildings and improvements	49,234
Total	66,481
Accumulated depreciation	$ (22,441)
Date of construction	2004
Date acquired	Sep-10
Rental properties:
Balance at the end of year	$ 66,481
Accumulated depreciation:
Balance at the end of year	$ 22,441
Unencumbered Apartment Communities \| Bella Villagio \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Bella Villagio \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| BellCentre
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	249
Initial cost
Land	$ 16,197
Buildings and improvements	67,207
Costs capitalized subsequent to acquisition	7,536
Gross amount carried at close of period
Land and improvements	16,197
Buildings and improvements	74,743
Total	90,940
Accumulated depreciation	$ (27,769)
Date of construction	2001
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 90,940
Accumulated depreciation:
Balance at the end of year	$ 27,769
Unencumbered Apartment Communities \| BellCentre \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| BellCentre \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Bellerive
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	63
Initial cost
Land	$ 5,401
Buildings and improvements	21,803
Costs capitalized subsequent to acquisition	1,940
Gross amount carried at close of period
Land and improvements	5,401
Buildings and improvements	23,743
Total	29,144
Accumulated depreciation	$ (10,973)
Date of construction	2011
Date acquired	Aug-11
Rental properties:
Balance at the end of year	$ 29,144
Accumulated depreciation:
Balance at the end of year	$ 10,973
Unencumbered Apartment Communities \| Bellerive \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Bellerive \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Belmont Terrace
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	71
Initial cost
Land	$ 4,446
Buildings and improvements	10,290
Costs capitalized subsequent to acquisition	8,603
Gross amount carried at close of period
Land and improvements	4,473
Buildings and improvements	18,866
Total	23,339
Accumulated depreciation	$ (12,941)
Date of construction	1974
Date acquired	Oct-06
Rental properties:
Balance at the end of year	$ 23,339
Accumulated depreciation:
Balance at the end of year	$ 12,941
Unencumbered Apartment Communities \| Belmont Terrace \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Belmont Terrace \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Bennett Lofts
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	179
Initial cost
Land	$ 21,771
Buildings and improvements	50,800
Costs capitalized subsequent to acquisition	35,727
Gross amount carried at close of period
Land and improvements	28,371
Buildings and improvements	79,927
Total	108,298
Accumulated depreciation	$ (33,192)
Date of construction	2004
Date acquired	Dec-12
Rental properties:
Balance at the end of year	$ 108,298
Accumulated depreciation:
Balance at the end of year	$ 33,192
Unencumbered Apartment Communities \| Bennett Lofts \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Bennett Lofts \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Bernardo Crest
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	216
Initial cost
Land	$ 10,802
Buildings and improvements	43,209
Costs capitalized subsequent to acquisition	8,363
Gross amount carried at close of period
Land and improvements	10,802
Buildings and improvements	51,572
Total	62,374
Accumulated depreciation	$ (19,230)
Date of construction	1988
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 62,374
Accumulated depreciation:
Balance at the end of year	$ 19,230
Unencumbered Apartment Communities \| Bernardo Crest \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Bernardo Crest \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Bonita Cedars
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	120
Initial cost
Land	$ 2,496
Buildings and improvements	9,913
Costs capitalized subsequent to acquisition	7,317
Gross amount carried at close of period
Land and improvements	2,503
Buildings and improvements	17,223
Total	19,726
Accumulated depreciation	$ (12,311)
Date of construction	1983
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 19,726
Accumulated depreciation:
Balance at the end of year	$ 12,311
Unencumbered Apartment Communities \| Bonita Cedars \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Bonita Cedars \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Boulevard
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	172
Initial cost
Land	$ 3,520
Buildings and improvements	8,182
Costs capitalized subsequent to acquisition	16,885
Gross amount carried at close of period
Land and improvements	3,580
Buildings and improvements	25,007
Total	28,587
Accumulated depreciation	$ (21,654)
Date of construction	1978
Date acquired	Jan-96
Rental properties:
Balance at the end of year	$ 28,587
Accumulated depreciation:
Balance at the end of year	$ 21,654
Unencumbered Apartment Communities \| Boulevard \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Boulevard \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Brookside Oaks
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	170
Initial cost
Land	$ 7,301
Buildings and improvements	16,310
Costs capitalized subsequent to acquisition	29,386
Gross amount carried at close of period
Land and improvements	10,328
Buildings and improvements	42,669
Total	52,997
Accumulated depreciation	$ (31,628)
Date of construction	1973
Date acquired	Jun-00
Rental properties:
Balance at the end of year	$ 52,997
Accumulated depreciation:
Balance at the end of year	$ 31,628
Unencumbered Apartment Communities \| Bridle Trails
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	108
Initial cost
Land	$ 1,500
Buildings and improvements	5,930
Costs capitalized subsequent to acquisition	7,708
Gross amount carried at close of period
Land and improvements	1,531
Buildings and improvements	13,607
Total	15,138
Accumulated depreciation	$ (10,907)
Date of construction	1986
Date acquired	Oct-97
Rental properties:
Balance at the end of year	$ 15,138
Accumulated depreciation:
Balance at the end of year	$ 10,907
Unencumbered Apartment Communities \| Bridle Trails \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Bridle Trails \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Brighton Ridge
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	264
Initial cost
Land	$ 2,623
Buildings and improvements	10,800
Costs capitalized subsequent to acquisition	9,940
Gross amount carried at close of period
Land and improvements	2,656
Buildings and improvements	20,707
Total	23,363
Accumulated depreciation	$ (16,472)
Date of construction	1986
Date acquired	Dec-96
Rental properties:
Balance at the end of year	$ 23,363
Accumulated depreciation:
Balance at the end of year	$ 16,472
Unencumbered Apartment Communities \| Brighton Ridge \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Brighton Ridge \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Bristol Commons
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	188
Initial cost
Land	$ 5,278
Buildings and improvements	11,853
Costs capitalized subsequent to acquisition	12,588
Gross amount carried at close of period
Land and improvements	5,293
Buildings and improvements	24,426
Total	29,719
Accumulated depreciation	$ (20,375)
Date of construction	1989
Date acquired	Jan-95
Rental properties:
Balance at the end of year	$ 29,719
Accumulated depreciation:
Balance at the end of year	$ 20,375
Unencumbered Apartment Communities \| Bristol Commons \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Bristol Commons \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Bunker Hill
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	456
Initial cost
Land	$ 11,498
Buildings and improvements	27,871
Costs capitalized subsequent to acquisition	105,664
Gross amount carried at close of period
Land and improvements	11,639
Buildings and improvements	133,394
Total	145,033
Accumulated depreciation	$ (108,050)
Date of construction	1968
Date acquired	Mar-98
Rental properties:
Balance at the end of year	$ 145,033
Accumulated depreciation:
Balance at the end of year	$ 108,050
Unencumbered Apartment Communities \| Bunker Hill \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Bunker Hill \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Camarillo Oaks
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	564
Initial cost
Land	$ 10,953
Buildings and improvements	25,254
Costs capitalized subsequent to acquisition	11,444
Gross amount carried at close of period
Land and improvements	11,075
Buildings and improvements	36,576
Total	47,651
Accumulated depreciation	$ (31,531)
Date of construction	1985
Date acquired	Jul-96
Rental properties:
Balance at the end of year	$ 47,651
Accumulated depreciation:
Balance at the end of year	$ 31,531
Unencumbered Apartment Communities \| Camarillo Oaks \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Camarillo Oaks \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Cambridge Park
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	320
Initial cost
Land	$ 18,185
Buildings and improvements	72,739
Costs capitalized subsequent to acquisition	7,558
Gross amount carried at close of period
Land and improvements	18,185
Buildings and improvements	80,297
Total	98,482
Accumulated depreciation	$ (28,576)
Date of construction	1998
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 98,482
Accumulated depreciation:
Balance at the end of year	$ 28,576
Unencumbered Apartment Communities \| Cambridge Park \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Cambridge Park \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Camino Ruiz Square
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	160
Initial cost
Land	$ 6,871
Buildings and improvements	26,119
Costs capitalized subsequent to acquisition	3,686
Gross amount carried at close of period
Land and improvements	6,931
Buildings and improvements	29,745
Total	36,676
Accumulated depreciation	$ (17,207)
Date of construction	1990
Date acquired	Dec-06
Rental properties:
Balance at the end of year	$ 36,676
Accumulated depreciation:
Balance at the end of year	$ 17,207
Unencumbered Apartment Communities \| Camino Ruiz Square \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Camino Ruiz Square \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Canvas
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	123
Initial cost
Land	$ 10,489
Buildings and improvements	36,924
Costs capitalized subsequent to acquisition	647
Gross amount carried at close of period
Land and improvements	10,489
Buildings and improvements	37,571
Total	48,060
Accumulated depreciation	$ (2,760)
Date of construction	2014
Date acquired	Dec-21
Rental properties:
Balance at the end of year	$ 48,060
Accumulated depreciation:
Balance at the end of year	$ 2,760
Unencumbered Apartment Communities \| Canvas \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Canvas \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Canyon Oaks
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	250
Initial cost
Land	$ 19,088
Buildings and improvements	44,473
Costs capitalized subsequent to acquisition	10,665
Gross amount carried at close of period
Land and improvements	19,088
Buildings and improvements	55,138
Total	74,226
Accumulated depreciation	$ (30,637)
Date of construction	2005
Date acquired	May-07
Rental properties:
Balance at the end of year	$ 74,226
Accumulated depreciation:
Balance at the end of year	$ 30,637
Unencumbered Apartment Communities \| Canyon Oaks \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Canyon Oaks \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Canyon Pointe
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	250
Initial cost
Land	$ 4,692
Buildings and improvements	18,288
Costs capitalized subsequent to acquisition	12,017
Gross amount carried at close of period
Land and improvements	4,693
Buildings and improvements	30,304
Total	34,997
Accumulated depreciation	$ (21,204)
Date of construction	1990
Date acquired	Oct-03
Rental properties:
Balance at the end of year	$ 34,997
Accumulated depreciation:
Balance at the end of year	$ 21,204
Unencumbered Apartment Communities \| Canyon Pointe \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Canyon Pointe \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Capri at Sunny Hills
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	102
Initial cost
Land	$ 3,337
Buildings and improvements	13,320
Costs capitalized subsequent to acquisition	12,137
Gross amount carried at close of period
Land and improvements	4,048
Buildings and improvements	24,746
Total	28,794
Accumulated depreciation	$ (18,155)
Date of construction	1961
Date acquired	Sep-01
Rental properties:
Balance at the end of year	$ 28,794
Accumulated depreciation:
Balance at the end of year	$ 18,155
Unencumbered Apartment Communities \| Capri at Sunny Hills \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Capri at Sunny Hills \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Carmel Creek
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	348
Initial cost
Land	$ 26,842
Buildings and improvements	107,368
Costs capitalized subsequent to acquisition	11,508
Gross amount carried at close of period
Land and improvements	26,842
Buildings and improvements	118,876
Total	145,718
Accumulated depreciation	$ (43,830)
Date of construction	2000
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 145,718
Accumulated depreciation:
Balance at the end of year	$ 43,830
Unencumbered Apartment Communities \| Carmel Creek \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Carmel Creek \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Carmel Landing
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	356
Initial cost
Land	$ 16,725
Buildings and improvements	66,901
Costs capitalized subsequent to acquisition	17,394
Gross amount carried at close of period
Land and improvements	16,725
Buildings and improvements	84,295
Total	101,020
Accumulated depreciation	$ (31,906)
Date of construction	1989
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 101,020
Accumulated depreciation:
Balance at the end of year	$ 31,906
Unencumbered Apartment Communities \| Carmel Landing \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Carmel Landing \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Carmel Summit
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	246
Initial cost
Land	$ 14,968
Buildings and improvements	59,871
Costs capitalized subsequent to acquisition	9,529
Gross amount carried at close of period
Land and improvements	14,968
Buildings and improvements	69,400
Total	84,368
Accumulated depreciation	$ (24,358)
Date of construction	1989
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 84,368
Accumulated depreciation:
Balance at the end of year	$ 24,358
Unencumbered Apartment Communities \| Carmel Summit \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Carmel Summit \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Castle Creek
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	216
Initial cost
Land	$ 4,149
Buildings and improvements	16,028
Costs capitalized subsequent to acquisition	8,333
Gross amount carried at close of period
Land and improvements	4,833
Buildings and improvements	23,677
Total	28,510
Accumulated depreciation	$ (19,463)
Date of construction	1998
Date acquired	Dec-98
Rental properties:
Balance at the end of year	$ 28,510
Accumulated depreciation:
Balance at the end of year	$ 19,463
Unencumbered Apartment Communities \| Castle Creek \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Castle Creek \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Catalina Gardens
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	128
Initial cost
Land	$ 6,714
Buildings and improvements	26,856
Costs capitalized subsequent to acquisition	4,745
Gross amount carried at close of period
Land and improvements	6,714
Buildings and improvements	31,601
Total	38,315
Accumulated depreciation	$ (11,166)
Date of construction	1987
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 38,315
Accumulated depreciation:
Balance at the end of year	$ 11,166
Unencumbered Apartment Communities \| Catalina Gardens \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Catalina Gardens \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Cedar Terrace
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	180
Initial cost
Land	$ 5,543
Buildings and improvements	16,442
Costs capitalized subsequent to acquisition	11,649
Gross amount carried at close of period
Land and improvements	5,652
Buildings and improvements	27,982
Total	33,634
Accumulated depreciation	$ (17,938)
Date of construction	1984
Date acquired	Jan-05
Rental properties:
Balance at the end of year	$ 33,634
Accumulated depreciation:
Balance at the end of year	$ 17,938
Unencumbered Apartment Communities \| Cedar Terrace \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Cedar Terrace \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| CentrePointe
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	224
Initial cost
Land	$ 3,405
Buildings and improvements	7,743
Costs capitalized subsequent to acquisition	24,377
Gross amount carried at close of period
Land and improvements	3,442
Buildings and improvements	32,083
Total	35,525
Accumulated depreciation	$ (26,545)
Date of construction	1974
Date acquired	Jun-97
Rental properties:
Balance at the end of year	$ 35,525
Accumulated depreciation:
Balance at the end of year	$ 26,545
Unencumbered Apartment Communities \| CentrePointe \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| CentrePointe \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Chestnut Street Apartments
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	96
Initial cost
Land	$ 6,582
Buildings and improvements	15,689
Costs capitalized subsequent to acquisition	3,055
Gross amount carried at close of period
Land and improvements	6,582
Buildings and improvements	18,744
Total	25,326
Accumulated depreciation	$ (10,012)
Date of construction	2002
Date acquired	Jul-08
Rental properties:
Balance at the end of year	$ 25,326
Accumulated depreciation:
Balance at the end of year	$ 10,012
Unencumbered Apartment Communities \| Chestnut Street Apartments \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Chestnut Street Apartments \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| City View
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	572
Initial cost
Land	$ 9,883
Buildings and improvements	37,670
Costs capitalized subsequent to acquisition	41,860
Gross amount carried at close of period
Land and improvements	10,350
Buildings and improvements	79,063
Total	89,413
Accumulated depreciation	$ (63,724)
Date of construction	1975
Date acquired	Mar-98
Rental properties:
Balance at the end of year	$ 89,413
Accumulated depreciation:
Balance at the end of year	$ 63,724
Unencumbered Apartment Communities \| Collins on Pine
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	76
Initial cost
Land	$ 7,276
Buildings and improvements	22,226
Costs capitalized subsequent to acquisition	1,076
Gross amount carried at close of period
Land and improvements	7,276
Buildings and improvements	23,302
Total	30,578
Accumulated depreciation	$ (7,783)
Date of construction	2013
Date acquired	May-14
Rental properties:
Balance at the end of year	$ 30,578
Accumulated depreciation:
Balance at the end of year	$ 7,783
Unencumbered Apartment Communities \| Collins on Pine \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Collins on Pine \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Connolly Station
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	309
Initial cost
Land	$ 19,949
Buildings and improvements	123,428
Costs capitalized subsequent to acquisition	5,503
Gross amount carried at close of period
Land and improvements	19,949
Buildings and improvements	128,931
Total	148,880
Accumulated depreciation	$ (18,748)
Date of construction	2014
Date acquired	Jan-20
Rental properties:
Balance at the end of year	$ 148,880
Accumulated depreciation:
Balance at the end of year	$ 18,748
Unencumbered Apartment Communities \| Connolly Station \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Connolly Station \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Corbella at Juanita Bay
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	169
Initial cost
Land	$ 5,801
Buildings and improvements	17,415
Costs capitalized subsequent to acquisition	5,758
Gross amount carried at close of period
Land and improvements	5,801
Buildings and improvements	23,173
Total	28,974
Accumulated depreciation	$ (11,369)
Date of construction	1978
Date acquired	Nov-10
Rental properties:
Balance at the end of year	$ 28,974
Accumulated depreciation:
Balance at the end of year	$ 11,369
Unencumbered Apartment Communities \| Corbella at Juanita Bay \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Corbella at Juanita Bay \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Cortesia
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	308
Initial cost
Land	$ 13,912
Buildings and improvements	55,649
Costs capitalized subsequent to acquisition	6,220
Gross amount carried at close of period
Land and improvements	13,912
Buildings and improvements	61,869
Total	75,781
Accumulated depreciation	$ (21,883)
Date of construction	1999
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 75,781
Accumulated depreciation:
Balance at the end of year	$ 21,883
Unencumbered Apartment Communities \| Cortesia \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Cortesia \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Country Villas
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	180
Initial cost
Land	$ 4,174
Buildings and improvements	16,583
Costs capitalized subsequent to acquisition	7,719
Gross amount carried at close of period
Land and improvements	4,187
Buildings and improvements	24,289
Total	28,476
Accumulated depreciation	$ (17,013)
Date of construction	1976
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 28,476
Accumulated depreciation:
Balance at the end of year	$ 17,013
Unencumbered Apartment Communities \| Country Villas \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Country Villas \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Courtyard off Main
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	110
Initial cost
Land	$ 7,465
Buildings and improvements	21,405
Costs capitalized subsequent to acquisition	7,676
Gross amount carried at close of period
Land and improvements	7,465
Buildings and improvements	29,081
Total	36,546
Accumulated depreciation	$ (14,010)
Date of construction	2000
Date acquired	Oct-10
Rental properties:
Balance at the end of year	$ 36,546
Accumulated depreciation:
Balance at the end of year	$ 14,010
Unencumbered Apartment Communities \| Courtyard off Main \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Courtyard off Main \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Crow Canyon
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	400
Initial cost
Land	$ 37,579
Buildings and improvements	87,685
Costs capitalized subsequent to acquisition	19,142
Gross amount carried at close of period
Land and improvements	37,579
Buildings and improvements	106,827
Total	144,406
Accumulated depreciation	$ (41,200)
Date of construction	1992
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 144,406
Accumulated depreciation:
Balance at the end of year	$ 41,200
Unencumbered Apartment Communities \| Crow Canyon \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Crow Canyon \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Deer Valley
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	171
Initial cost
Land	$ 21,478
Buildings and improvements	50,116
Costs capitalized subsequent to acquisition	6,200
Gross amount carried at close of period
Land and improvements	21,478
Buildings and improvements	56,316
Total	77,794
Accumulated depreciation	$ (20,508)
Date of construction	1996
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 77,794
Accumulated depreciation:
Balance at the end of year	$ 20,508
Unencumbered Apartment Communities \| Deer Valley \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Deer Valley \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Domaine
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	92
Initial cost
Land	$ 9,059
Buildings and improvements	27,177
Costs capitalized subsequent to acquisition	2,016
Gross amount carried at close of period
Land and improvements	9,059
Buildings and improvements	29,193
Total	38,252
Accumulated depreciation	$ (11,604)
Date of construction	2009
Date acquired	Sep-12
Rental properties:
Balance at the end of year	$ 38,252
Accumulated depreciation:
Balance at the end of year	$ 11,604
Unencumbered Apartment Communities \| Elevation
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	158
Initial cost
Land	$ 4,758
Buildings and improvements	14,285
Costs capitalized subsequent to acquisition	8,926
Gross amount carried at close of period
Land and improvements	4,757
Buildings and improvements	23,212
Total	27,969
Accumulated depreciation	$ (13,693)
Date of construction	1986
Date acquired	Jun-10
Rental properties:
Balance at the end of year	$ 27,969
Accumulated depreciation:
Balance at the end of year	$ 13,693
Unencumbered Apartment Communities \| Elevation \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Elevation \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Ellington
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	220
Initial cost
Land	$ 15,066
Buildings and improvements	45,249
Costs capitalized subsequent to acquisition	6,721
Gross amount carried at close of period
Land and improvements	15,066
Buildings and improvements	51,970
Total	67,036
Accumulated depreciation	$ (18,149)
Date of construction	1994
Date acquired	Jul-14
Rental properties:
Balance at the end of year	$ 67,036
Accumulated depreciation:
Balance at the end of year	$ 18,149
Unencumbered Apartment Communities \| Ellington \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Ellington \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Emerald Pointe
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	160
Initial cost
Land	$ 8,458
Buildings and improvements	33,832
Costs capitalized subsequent to acquisition	3,854
Gross amount carried at close of period
Land and improvements	8,458
Buildings and improvements	37,686
Total	46,144
Accumulated depreciation	$ (13,690)
Date of construction	1989
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 46,144
Accumulated depreciation:
Balance at the end of year	$ 13,690
Unencumbered Apartment Communities \| Emerald Pointe \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Emerald Pointe \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Emerald Ridge
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	180
Initial cost
Land	$ 3,449
Buildings and improvements	7,801
Costs capitalized subsequent to acquisition	8,762
Gross amount carried at close of period
Land and improvements	3,449
Buildings and improvements	16,563
Total	20,012
Accumulated depreciation	$ (14,422)
Date of construction	1987
Date acquired	Nov-94
Rental properties:
Balance at the end of year	$ 20,012
Accumulated depreciation:
Balance at the end of year	$ 14,422
Unencumbered Apartment Communities \| Emerald Ridge \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Emerald Ridge \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Emerson Valley Village
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	144
Initial cost
Land	$ 13,378
Buildings and improvements	53,240
Costs capitalized subsequent to acquisition	2,731
Gross amount carried at close of period
Land and improvements	13,378
Buildings and improvements	55,971
Total	69,349
Accumulated depreciation	$ (14,061)
Date of construction	2012
Date acquired	Dec-16
Rental properties:
Balance at the end of year	$ 69,349
Accumulated depreciation:
Balance at the end of year	$ 14,061
Unencumbered Apartment Communities \| Emerson Valley Village \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Emerson Valley Village \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Emme
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	190
Initial cost
Land	$ 15,039
Buildings and improvements	80,532
Costs capitalized subsequent to acquisition	1,602
Gross amount carried at close of period
Land and improvements	15,039
Buildings and improvements	82,134
Total	97,173
Accumulated depreciation	$ (11,594)
Date of construction	2015
Date acquired	Jan-20
Rental properties:
Balance at the end of year	$ 97,173
Accumulated depreciation:
Balance at the end of year	$ 11,594
Unencumbered Apartment Communities \| Emme \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Emme \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Enso
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	183
Initial cost
Land	$ 21,397
Buildings and improvements	71,135
Costs capitalized subsequent to acquisition	3,565
Gross amount carried at close of period
Land and improvements	21,397
Buildings and improvements	74,700
Total	96,097
Accumulated depreciation	$ (21,195)
Date of construction	2014
Date acquired	Dec-15
Rental properties:
Balance at the end of year	$ 96,097
Accumulated depreciation:
Balance at the end of year	$ 21,195
Unencumbered Apartment Communities \| Enso \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Enso \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Epic
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	769
Initial cost
Land	$ 89,111
Buildings and improvements	307,769
Costs capitalized subsequent to acquisition	5,723
Gross amount carried at close of period
Land and improvements	89,111
Buildings and improvements	313,492
Total	402,603
Accumulated depreciation	$ (43,577)
Date of construction	2013
Date acquired	Jan-20
Rental properties:
Balance at the end of year	$ 402,603
Accumulated depreciation:
Balance at the end of year	$ 43,577
Unencumbered Apartment Communities \| Epic \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Epic \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Esplanade
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	278
Initial cost
Land	$ 18,170
Buildings and improvements	40,086
Costs capitalized subsequent to acquisition	18,769
Gross amount carried at close of period
Land and improvements	18,429
Buildings and improvements	58,596
Total	77,025
Accumulated depreciation	$ (40,654)
Date of construction	2002
Date acquired	Apr-04
Rental properties:
Balance at the end of year	$ 77,025
Accumulated depreciation:
Balance at the end of year	$ 40,654
Unencumbered Apartment Communities \| Esplanade \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Esplanade \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Essex Skyline
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	350
Initial cost
Land	$ 21,537
Buildings and improvements	146,099
Costs capitalized subsequent to acquisition	19,047
Gross amount carried at close of period
Land and improvements	21,537
Buildings and improvements	165,146
Total	186,683
Accumulated depreciation	$ (68,901)
Date of construction	2008
Date acquired	Apr-10
Rental properties:
Balance at the end of year	$ 186,683
Accumulated depreciation:
Balance at the end of year	$ 68,901
Unencumbered Apartment Communities \| Essex Skyline \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Essex Skyline \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Evergreen Heights
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	200
Initial cost
Land	$ 3,566
Buildings and improvements	13,395
Costs capitalized subsequent to acquisition	9,409
Gross amount carried at close of period
Land and improvements	3,649
Buildings and improvements	22,721
Total	26,370
Accumulated depreciation	$ (18,796)
Date of construction	1990
Date acquired	Jun-97
Rental properties:
Balance at the end of year	$ 26,370
Accumulated depreciation:
Balance at the end of year	$ 18,796
Unencumbered Apartment Communities \| Evergreen Heights \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Evergreen Heights \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Fairhaven Apartments
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	164
Initial cost
Land	$ 2,626
Buildings and improvements	10,485
Costs capitalized subsequent to acquisition	11,748
Gross amount carried at close of period
Land and improvements	2,957
Buildings and improvements	21,902
Total	24,859
Accumulated depreciation	$ (17,103)
Date of construction	1970
Date acquired	Nov-01
Rental properties:
Balance at the end of year	$ 24,859
Accumulated depreciation:
Balance at the end of year	$ 17,103
Unencumbered Apartment Communities \| Fairway Apartments at Big Canyon
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	74
Initial cost
Land	$ 0
Buildings and improvements	7,850
Costs capitalized subsequent to acquisition	9,654
Gross amount carried at close of period
Land and improvements	0
Buildings and improvements	17,504
Total	17,504
Accumulated depreciation	$ (15,324)
Date of construction	1972
Date acquired	Jun-99
Rental properties:
Balance at the end of year	$ 17,504
Accumulated depreciation:
Balance at the end of year	$ 15,324
Unencumbered Apartment Communities \| Fairway Apartments at Big Canyon \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Fairway Apartments at Big Canyon \| Maximum
Gross amount carried at close of period
Life used for depreciation	28 years
Unencumbered Apartment Communities \| Fairwood Pond
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	194
Initial cost
Land	$ 5,296
Buildings and improvements	15,564
Costs capitalized subsequent to acquisition	6,603
Gross amount carried at close of period
Land and improvements	5,297
Buildings and improvements	22,166
Total	27,463
Accumulated depreciation	$ (14,306)
Date of construction	1997
Date acquired	Oct-04
Rental properties:
Balance at the end of year	$ 27,463
Accumulated depreciation:
Balance at the end of year	$ 14,306
Unencumbered Apartment Communities \| Fairwood Pond \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Fairwood Pond \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Foothill Commons
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	394
Initial cost
Land	$ 2,435
Buildings and improvements	9,821
Costs capitalized subsequent to acquisition	44,756
Gross amount carried at close of period
Land and improvements	2,440
Buildings and improvements	54,572
Total	57,012
Accumulated depreciation	$ (51,045)
Date of construction	1978
Date acquired	Mar-90
Rental properties:
Balance at the end of year	$ 57,012
Accumulated depreciation:
Balance at the end of year	$ 51,045
Unencumbered Apartment Communities \| Foothill Commons \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Foothill Commons \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Foothill Gardens/Twin Creeks
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	176
Initial cost
Land	$ 5,875
Buildings and improvements	13,992
Costs capitalized subsequent to acquisition	15,512
Gross amount carried at close of period
Land and improvements	5,964
Buildings and improvements	29,415
Total	35,379
Accumulated depreciation	$ (24,065)
Date of construction	1985
Date acquired	Feb-97
Rental properties:
Balance at the end of year	$ 35,379
Accumulated depreciation:
Balance at the end of year	$ 24,065
Unencumbered Apartment Communities \| Foothill Gardens/Twin Creeks \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Foothill Gardens/Twin Creeks \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Forest View
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	192
Initial cost
Land	$ 3,731
Buildings and improvements	14,530
Costs capitalized subsequent to acquisition	5,619
Gross amount carried at close of period
Land and improvements	3,731
Buildings and improvements	20,149
Total	23,880
Accumulated depreciation	$ (13,213)
Date of construction	1998
Date acquired	Oct-03
Rental properties:
Balance at the end of year	$ 23,880
Accumulated depreciation:
Balance at the end of year	$ 13,213
Unencumbered Apartment Communities \| Forest View \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Forest View \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Form 15
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	242
Initial cost
Land	$ 24,510
Buildings and improvements	72,221
Costs capitalized subsequent to acquisition	14,885
Gross amount carried at close of period
Land and improvements	25,540
Buildings and improvements	86,076
Total	111,616
Accumulated depreciation	$ (24,271)
Date of construction	2014
Date acquired	Mar-16
Rental properties:
Balance at the end of year	$ 111,616
Accumulated depreciation:
Balance at the end of year	$ 24,271
Unencumbered Apartment Communities \| Foster's Landing
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	490
Initial cost
Land	$ 61,714
Buildings and improvements	144,000
Costs capitalized subsequent to acquisition	18,648
Gross amount carried at close of period
Land and improvements	61,714
Buildings and improvements	162,648
Total	224,362
Accumulated depreciation	$ (60,005)
Date of construction	1987
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 224,362
Accumulated depreciation:
Balance at the end of year	$ 60,005
Unencumbered Apartment Communities \| Fountain Court
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	320
Initial cost
Land	$ 6,702
Buildings and improvements	27,306
Costs capitalized subsequent to acquisition	16,464
Gross amount carried at close of period
Land and improvements	6,985
Buildings and improvements	43,487
Total	50,472
Accumulated depreciation	$ (35,378)
Date of construction	2000
Date acquired	Mar-00
Rental properties:
Balance at the end of year	$ 50,472
Accumulated depreciation:
Balance at the end of year	$ 35,378
Unencumbered Apartment Communities \| Fountain Court \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Fountain Court \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Fountains at River Oaks
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	226
Initial cost
Land	$ 26,046
Buildings and improvements	60,773
Costs capitalized subsequent to acquisition	9,144
Gross amount carried at close of period
Land and improvements	26,046
Buildings and improvements	69,917
Total	95,963
Accumulated depreciation	$ (26,176)
Date of construction	1990
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 95,963
Accumulated depreciation:
Balance at the end of year	$ 26,176
Unencumbered Apartment Communities \| Fountains at River Oaks \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Fountains at River Oaks \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Fourth & U
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	171
Initial cost
Land	$ 8,879
Buildings and improvements	52,351
Costs capitalized subsequent to acquisition	5,944
Gross amount carried at close of period
Land and improvements	8,879
Buildings and improvements	58,295
Total	67,174
Accumulated depreciation	$ (27,867)
Date of construction	2010
Date acquired	Apr-10
Rental properties:
Balance at the end of year	$ 67,174
Accumulated depreciation:
Balance at the end of year	$ 27,867
Unencumbered Apartment Communities \| Fourth & U \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Fourth & U \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Fox Plaza
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	445
Initial cost
Land	$ 39,731
Buildings and improvements	92,706
Costs capitalized subsequent to acquisition	43,656
Gross amount carried at close of period
Land and improvements	39,731
Buildings and improvements	136,362
Total	176,093
Accumulated depreciation	$ (63,688)
Date of construction	1968
Date acquired	Feb-13
Rental properties:
Balance at the end of year	$ 176,093
Accumulated depreciation:
Balance at the end of year	$ 63,688
Unencumbered Apartment Communities \| Fox Plaza \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Fox Plaza \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Hacienda at Camarillo Oaks
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	73
Initial cost
Land	$ 5,497
Buildings and improvements	17,572
Costs capitalized subsequent to acquisition	2,464
Gross amount carried at close of period
Land and improvements	5,497
Buildings and improvements	20,036
Total	25,533
Accumulated depreciation	$ (522)
Date of construction	1984
Date acquired	Apr-23
Rental properties:
Balance at the end of year	$ 25,533
Accumulated depreciation:
Balance at the end of year	$ 522
Unencumbered Apartment Communities \| Hacienda at Camarillo Oaks \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Hacienda at Camarillo Oaks \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Henley I/The Henley II
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	215
Initial cost
Land	$ 6,695
Buildings and improvements	16,753
Costs capitalized subsequent to acquisition	31,710
Gross amount carried at close of period
Land and improvements	6,733
Buildings and improvements	48,425
Total	55,158
Accumulated depreciation	$ (39,183)
Date of construction	1970
Date acquired	Jun-99
Rental properties:
Balance at the end of year	$ 55,158
Accumulated depreciation:
Balance at the end of year	$ 39,183
Unencumbered Apartment Communities \| The Henley I/The Henley II \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| The Henley I/The Henley II \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Highlands at Wynhaven
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	333
Initial cost
Land	$ 16,271
Buildings and improvements	48,932
Costs capitalized subsequent to acquisition	17,578
Gross amount carried at close of period
Land and improvements	16,271
Buildings and improvements	66,510
Total	82,781
Accumulated depreciation	$ (39,218)
Date of construction	2000
Date acquired	Aug-08
Rental properties:
Balance at the end of year	$ 82,781
Accumulated depreciation:
Balance at the end of year	$ 39,218
Unencumbered Apartment Communities \| Highlands at Wynhaven \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Highlands at Wynhaven \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Hillcrest Park
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	608
Initial cost
Land	$ 15,318
Buildings and improvements	40,601
Costs capitalized subsequent to acquisition	29,837
Gross amount carried at close of period
Land and improvements	15,755
Buildings and improvements	70,001
Total	85,756
Accumulated depreciation	$ (53,986)
Date of construction	1973
Date acquired	Mar-98
Rental properties:
Balance at the end of year	$ 85,756
Accumulated depreciation:
Balance at the end of year	$ 53,986
Unencumbered Apartment Communities \| Hillcrest Park \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Hillcrest Park \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Hillsdale Garden
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	697
Initial cost
Land	$ 22,000
Buildings and improvements	94,681
Costs capitalized subsequent to acquisition	42,417
Gross amount carried at close of period
Land and improvements	22,000
Buildings and improvements	137,098
Total	159,098
Accumulated depreciation	$ (81,397)
Date of construction	1948
Date acquired	Sep-06
Rental properties:
Balance at the end of year	$ 159,098
Accumulated depreciation:
Balance at the end of year	$ 81,397
Unencumbered Apartment Communities \| Hillsdale Garden \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Hillsdale Garden \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Hope Ranch
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	108
Initial cost
Land	$ 4,078
Buildings and improvements	16,877
Costs capitalized subsequent to acquisition	3,986
Gross amount carried at close of period
Land and improvements	4,208
Buildings and improvements	20,733
Total	24,941
Accumulated depreciation	$ (11,834)
Date of construction	1965
Date acquired	Mar-07
Rental properties:
Balance at the end of year	$ 24,941
Accumulated depreciation:
Balance at the end of year	$ 11,834
Unencumbered Apartment Communities \| Hope Ranch \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Hope Ranch \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Huntington Breakers
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	342
Initial cost
Land	$ 9,306
Buildings and improvements	22,720
Costs capitalized subsequent to acquisition	26,749
Gross amount carried at close of period
Land and improvements	9,315
Buildings and improvements	49,460
Total	58,775
Accumulated depreciation	$ (41,562)
Date of construction	1984
Date acquired	Oct-97
Rental properties:
Balance at the end of year	$ 58,775
Accumulated depreciation:
Balance at the end of year	$ 41,562
Unencumbered Apartment Communities \| Huntington Breakers \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Huntington Breakers \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Inglenook Court
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	224
Initial cost
Land	$ 3,467
Buildings and improvements	7,881
Costs capitalized subsequent to acquisition	10,148
Gross amount carried at close of period
Land and improvements	3,474
Buildings and improvements	18,022
Total	21,496
Accumulated depreciation	$ (15,994)
Date of construction	1985
Date acquired	Oct-94
Rental properties:
Balance at the end of year	$ 21,496
Accumulated depreciation:
Balance at the end of year	$ 15,994
Unencumbered Apartment Communities \| Inglenook Court \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Inglenook Court \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Lafayette Highlands
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	150
Initial cost
Land	$ 17,774
Buildings and improvements	41,473
Costs capitalized subsequent to acquisition	9,261
Gross amount carried at close of period
Land and improvements	17,774
Buildings and improvements	50,734
Total	68,508
Accumulated depreciation	$ (18,567)
Date of construction	1973
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 68,508
Accumulated depreciation:
Balance at the end of year	$ 18,567
Unencumbered Apartment Communities \| Lafayette Highlands \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Lafayette Highlands \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Lakeshore Landing
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	308
Initial cost
Land	$ 38,155
Buildings and improvements	89,028
Costs capitalized subsequent to acquisition	15,358
Gross amount carried at close of period
Land and improvements	38,155
Buildings and improvements	104,386
Total	142,541
Accumulated depreciation	$ (38,936)
Date of construction	1988
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 142,541
Accumulated depreciation:
Balance at the end of year	$ 38,936
Unencumbered Apartment Communities \| Lakeshore Landing \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Lakeshore Landing \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Laurels at Mill Creek
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	164
Initial cost
Land	$ 1,559
Buildings and improvements	6,430
Costs capitalized subsequent to acquisition	9,494
Gross amount carried at close of period
Land and improvements	1,595
Buildings and improvements	15,888
Total	17,483
Accumulated depreciation	$ (13,520)
Date of construction	1981
Date acquired	Dec-96
Rental properties:
Balance at the end of year	$ 17,483
Accumulated depreciation:
Balance at the end of year	$ 13,520
Unencumbered Apartment Communities \| Laurels at Mill Creek \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Laurels at Mill Creek \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Le Parc
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	140
Initial cost
Land	$ 3,090
Buildings and improvements	7,421
Costs capitalized subsequent to acquisition	16,203
Gross amount carried at close of period
Land and improvements	3,092
Buildings and improvements	23,622
Total	26,714
Accumulated depreciation	$ (20,121)
Date of construction	1975
Date acquired	Feb-94
Rental properties:
Balance at the end of year	$ 26,714
Accumulated depreciation:
Balance at the end of year	$ 20,121
Unencumbered Apartment Communities \| Le Parc \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Le Parc \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Marbrisa
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	202
Initial cost
Land	$ 4,700
Buildings and improvements	18,605
Costs capitalized subsequent to acquisition	12,518
Gross amount carried at close of period
Land and improvements	4,760
Buildings and improvements	31,063
Total	35,823
Accumulated depreciation	$ (22,713)
Date of construction	1987
Date acquired	Sep-02
Rental properties:
Balance at the end of year	$ 35,823
Accumulated depreciation:
Balance at the end of year	$ 22,713
Unencumbered Apartment Communities \| Marbrisa \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Marbrisa \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Marina City Club
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	101
Initial cost
Land	$ 0
Buildings and improvements	28,167
Costs capitalized subsequent to acquisition	35,482
Gross amount carried at close of period
Land and improvements	0
Buildings and improvements	63,649
Total	63,649
Accumulated depreciation	$ (41,034)
Date of construction	1971
Date acquired	Jan-04
Rental properties:
Balance at the end of year	$ 63,649
Accumulated depreciation:
Balance at the end of year	$ 41,034
Unencumbered Apartment Communities \| Marina City Club \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Marina City Club \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Marina Cove
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	292
Initial cost
Land	$ 5,320
Buildings and improvements	16,431
Costs capitalized subsequent to acquisition	19,363
Gross amount carried at close of period
Land and improvements	5,324
Buildings and improvements	35,790
Total	41,114
Accumulated depreciation	$ (32,469)
Date of construction	1974
Date acquired	Jun-94
Rental properties:
Balance at the end of year	$ 41,114
Accumulated depreciation:
Balance at the end of year	$ 32,469
Unencumbered Apartment Communities \| Marina Cove \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Marina Cove \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Mariner's Place
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	105
Initial cost
Land	$ 1,555
Buildings and improvements	6,103
Costs capitalized subsequent to acquisition	3,639
Gross amount carried at close of period
Land and improvements	1,562
Buildings and improvements	9,735
Total	11,297
Accumulated depreciation	$ (7,468)
Date of construction	1987
Date acquired	May-00
Rental properties:
Balance at the end of year	$ 11,297
Accumulated depreciation:
Balance at the end of year	$ 7,468
Unencumbered Apartment Communities \| Mariner's Place \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Mariner's Place \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| MB 360
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	360
Initial cost
Land	$ 42,001
Buildings and improvements	212,648
Costs capitalized subsequent to acquisition	16,253
Gross amount carried at close of period
Land and improvements	42,001
Buildings and improvements	228,901
Total	270,902
Accumulated depreciation	$ (73,498)
Date of construction	2014
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 270,902
Accumulated depreciation:
Balance at the end of year	$ 73,498
Unencumbered Apartment Communities \| MB 360 \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| MB 360 \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Mesa Village
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	133
Initial cost
Land	$ 1,888
Buildings and improvements	7,498
Costs capitalized subsequent to acquisition	3,507
Gross amount carried at close of period
Land and improvements	1,894
Buildings and improvements	10,999
Total	12,893
Accumulated depreciation	$ (7,755)
Date of construction	1963
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 12,893
Accumulated depreciation:
Balance at the end of year	$ 7,755
Unencumbered Apartment Communities \| Mesa Village \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Mesa Village \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Mill Creek at Windermere
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	400
Initial cost
Land	$ 29,551
Buildings and improvements	69,032
Costs capitalized subsequent to acquisition	14,805
Gross amount carried at close of period
Land and improvements	29,551
Buildings and improvements	83,837
Total	113,388
Accumulated depreciation	$ (45,026)
Date of construction	2005
Date acquired	Sep-07
Rental properties:
Balance at the end of year	$ 113,388
Accumulated depreciation:
Balance at the end of year	$ 45,026
Unencumbered Apartment Communities \| Mill Creek at Windermere \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Mill Creek at Windermere \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Mio
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	103
Initial cost
Land	$ 11,012
Buildings and improvements	39,982
Costs capitalized subsequent to acquisition	2,153
Gross amount carried at close of period
Land and improvements	11,012
Buildings and improvements	42,135
Total	53,147
Accumulated depreciation	$ (11,663)
Date of construction	2015
Date acquired	Jan-16
Rental properties:
Balance at the end of year	$ 53,147
Accumulated depreciation:
Balance at the end of year	$ 11,663
Unencumbered Apartment Communities \| Mio \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Mio \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Mirabella
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	188
Initial cost
Land	$ 6,180
Buildings and improvements	26,673
Costs capitalized subsequent to acquisition	20,139
Gross amount carried at close of period
Land and improvements	6,270
Buildings and improvements	46,722
Total	52,992
Accumulated depreciation	$ (33,524)
Date of construction	2000
Date acquired	May-00
Rental properties:
Balance at the end of year	$ 52,992
Accumulated depreciation:
Balance at the end of year	$ 33,524
Unencumbered Apartment Communities \| Mirabella \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Mirabella \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Mira Monte
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	354
Initial cost
Land	$ 7,165
Buildings and improvements	28,459
Costs capitalized subsequent to acquisition	16,734
Gross amount carried at close of period
Land and improvements	7,186
Buildings and improvements	45,172
Total	52,358
Accumulated depreciation	$ (32,198)
Date of construction	1982
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 52,358
Accumulated depreciation:
Balance at the end of year	$ 32,198
Unencumbered Apartment Communities \| Mira Monte \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Mira Monte \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Miracle Mile/Marbella
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	236
Initial cost
Land	$ 7,791
Buildings and improvements	23,075
Costs capitalized subsequent to acquisition	20,649
Gross amount carried at close of period
Land and improvements	7,886
Buildings and improvements	43,629
Total	51,515
Accumulated depreciation	$ (34,078)
Date of construction	1988
Date acquired	Aug-97
Rental properties:
Balance at the end of year	$ 51,515
Accumulated depreciation:
Balance at the end of year	$ 34,078
Unencumbered Apartment Communities \| Miracle Mile/Marbella \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Miracle Mile/Marbella \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Mission Hills
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	282
Initial cost
Land	$ 10,099
Buildings and improvements	38,778
Costs capitalized subsequent to acquisition	15,512
Gross amount carried at close of period
Land and improvements	10,167
Buildings and improvements	54,222
Total	64,389
Accumulated depreciation	$ (35,135)
Date of construction	1984
Date acquired	Jul-05
Rental properties:
Balance at the end of year	$ 64,389
Accumulated depreciation:
Balance at the end of year	$ 35,135
Unencumbered Apartment Communities \| Mission Hills \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Mission Hills \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Mission Peaks
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	453
Initial cost
Land	$ 46,499
Buildings and improvements	108,498
Costs capitalized subsequent to acquisition	13,839
Gross amount carried at close of period
Land and improvements	46,499
Buildings and improvements	122,337
Total	168,836
Accumulated depreciation	$ (44,778)
Date of construction	1995
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 168,836
Accumulated depreciation:
Balance at the end of year	$ 44,778
Unencumbered Apartment Communities \| Mission Peaks \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Mission Peaks \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Mission Peaks II
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	336
Initial cost
Land	$ 31,429
Buildings and improvements	73,334
Costs capitalized subsequent to acquisition	12,394
Gross amount carried at close of period
Land and improvements	31,429
Buildings and improvements	85,728
Total	117,157
Accumulated depreciation	$ (32,318)
Date of construction	1989
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 117,157
Accumulated depreciation:
Balance at the end of year	$ 32,318
Unencumbered Apartment Communities \| Mission Peaks II \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Mission Peaks II \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Montanosa
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	472
Initial cost
Land	$ 26,697
Buildings and improvements	106,787
Costs capitalized subsequent to acquisition	15,499
Gross amount carried at close of period
Land and improvements	26,697
Buildings and improvements	122,286
Total	148,983
Accumulated depreciation	$ (43,193)
Date of construction	1990
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 148,983
Accumulated depreciation:
Balance at the end of year	$ 43,193
Unencumbered Apartment Communities \| Montclaire
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	390
Initial cost
Land	$ 4,842
Buildings and improvements	19,776
Costs capitalized subsequent to acquisition	32,229
Gross amount carried at close of period
Land and improvements	4,997
Buildings and improvements	51,850
Total	56,847
Accumulated depreciation	$ (47,688)
Date of construction	1973
Date acquired	Dec-88
Rental properties:
Balance at the end of year	$ 56,847
Accumulated depreciation:
Balance at the end of year	$ 47,688
Unencumbered Apartment Communities \| Montclaire \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Montclaire \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Montebello
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	248
Initial cost
Land	$ 13,857
Buildings and improvements	41,575
Costs capitalized subsequent to acquisition	15,803
Gross amount carried at close of period
Land and improvements	13,858
Buildings and improvements	57,377
Total	71,235
Accumulated depreciation	$ (23,364)
Date of construction	1996
Date acquired	Jul-12
Rental properties:
Balance at the end of year	$ 71,235
Accumulated depreciation:
Balance at the end of year	$ 23,364
Unencumbered Apartment Communities \| Montejo Apartments
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	124
Initial cost
Land	$ 1,925
Buildings and improvements	7,685
Costs capitalized subsequent to acquisition	6,287
Gross amount carried at close of period
Land and improvements	2,194
Buildings and improvements	13,703
Total	15,897
Accumulated depreciation	$ (9,460)
Date of construction	1974
Date acquired	Nov-01
Rental properties:
Balance at the end of year	$ 15,897
Accumulated depreciation:
Balance at the end of year	$ 9,460
Unencumbered Apartment Communities \| Monterey Villas
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	122
Initial cost
Land	$ 2,349
Buildings and improvements	5,579
Costs capitalized subsequent to acquisition	8,980
Gross amount carried at close of period
Land and improvements	2,424
Buildings and improvements	14,484
Total	16,908
Accumulated depreciation	$ (11,089)
Date of construction	1974
Date acquired	Jul-97
Rental properties:
Balance at the end of year	$ 16,908
Accumulated depreciation:
Balance at the end of year	$ 11,089
Unencumbered Apartment Communities \| Monterey Villas \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Monterey Villas \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Muse
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	152
Initial cost
Land	$ 7,822
Buildings and improvements	33,436
Costs capitalized subsequent to acquisition	7,109
Gross amount carried at close of period
Land and improvements	7,823
Buildings and improvements	40,544
Total	48,367
Accumulated depreciation	$ (19,798)
Date of construction	2011
Date acquired	Feb-11
Rental properties:
Balance at the end of year	$ 48,367
Accumulated depreciation:
Balance at the end of year	$ 19,798
Unencumbered Apartment Communities \| Muse \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Muse \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Mylo
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	476
Initial cost
Land	$ 6,472
Buildings and improvements	206,098
Costs capitalized subsequent to acquisition	867
Gross amount carried at close of period
Land and improvements	6,472
Buildings and improvements	206,965
Total	213,437
Accumulated depreciation	$ (35,556)
Date of construction	2021
Date acquired	Jun-21
Rental properties:
Balance at the end of year	$ 213,437
Accumulated depreciation:
Balance at the end of year	$ 35,556
Unencumbered Apartment Communities \| Mylo \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Mylo \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| 1000 Kiely
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	121
Initial cost
Land	$ 9,359
Buildings and improvements	21,845
Costs capitalized subsequent to acquisition	11,284
Gross amount carried at close of period
Land and improvements	9,359
Buildings and improvements	33,129
Total	42,488
Accumulated depreciation	$ (17,925)
Date of construction	1971
Date acquired	Mar-11
Rental properties:
Balance at the end of year	$ 42,488
Accumulated depreciation:
Balance at the end of year	$ 17,925
Unencumbered Apartment Communities \| Palm Valley
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	1,100
Initial cost
Land	$ 133,802
Buildings and improvements	312,205
Costs capitalized subsequent to acquisition	33,448
Gross amount carried at close of period
Land and improvements	133,802
Buildings and improvements	345,653
Total	479,455
Accumulated depreciation	$ (91,453)
Date of construction	2008
Date acquired	Jan-17
Rental properties:
Balance at the end of year	$ 479,455
Accumulated depreciation:
Balance at the end of year	$ 91,453
Unencumbered Apartment Communities \| Palm Valley \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Palm Valley \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Park Catalina
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	90
Initial cost
Land	$ 4,710
Buildings and improvements	18,839
Costs capitalized subsequent to acquisition	4,825
Gross amount carried at close of period
Land and improvements	4,710
Buildings and improvements	23,664
Total	28,374
Accumulated depreciation	$ (10,795)
Date of construction	2002
Date acquired	Jun-12
Rental properties:
Balance at the end of year	$ 28,374
Accumulated depreciation:
Balance at the end of year	$ 10,795
Unencumbered Apartment Communities \| Park Catalina \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Park Catalina \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Park Highland
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	250
Initial cost
Land	$ 9,391
Buildings and improvements	38,224
Costs capitalized subsequent to acquisition	15,944
Gross amount carried at close of period
Land and improvements	9,391
Buildings and improvements	54,168
Total	63,559
Accumulated depreciation	$ (25,009)
Date of construction	1993
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 63,559
Accumulated depreciation:
Balance at the end of year	$ 25,009
Unencumbered Apartment Communities \| Park Highland \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Park Highland \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Park Hill at Issaquah
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	245
Initial cost
Land	$ 7,284
Buildings and improvements	21,937
Costs capitalized subsequent to acquisition	15,309
Gross amount carried at close of period
Land and improvements	7,284
Buildings and improvements	37,246
Total	44,530
Accumulated depreciation	$ (24,420)
Date of construction	1999
Date acquired	Feb-99
Rental properties:
Balance at the end of year	$ 44,530
Accumulated depreciation:
Balance at the end of year	$ 24,420
Unencumbered Apartment Communities \| Park Hill at Issaquah \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Park Hill at Issaquah \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Park Viridian
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	320
Initial cost
Land	$ 15,894
Buildings and improvements	63,574
Costs capitalized subsequent to acquisition	7,165
Gross amount carried at close of period
Land and improvements	15,894
Buildings and improvements	70,739
Total	86,633
Accumulated depreciation	$ (25,521)
Date of construction	2008
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 86,633
Accumulated depreciation:
Balance at the end of year	$ 25,521
Unencumbered Apartment Communities \| Park Viridian \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Park Viridian \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Park West
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	126
Initial cost
Land	$ 9,424
Buildings and improvements	21,988
Costs capitalized subsequent to acquisition	14,824
Gross amount carried at close of period
Land and improvements	9,424
Buildings and improvements	36,812
Total	46,236
Accumulated depreciation	$ (19,991)
Date of construction	1958
Date acquired	Sep-12
Rental properties:
Balance at the end of year	$ 46,236
Accumulated depreciation:
Balance at the end of year	$ 19,991
Unencumbered Apartment Communities \| Park West \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Park West \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Parkwood at Mill Creek
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	240
Initial cost
Land	$ 10,680
Buildings and improvements	42,722
Costs capitalized subsequent to acquisition	4,885
Gross amount carried at close of period
Land and improvements	10,680
Buildings and improvements	47,607
Total	58,287
Accumulated depreciation	$ (17,576)
Date of construction	1989
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 58,287
Accumulated depreciation:
Balance at the end of year	$ 17,576
Unencumbered Apartment Communities \| Parkwood at Mill Creek \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Parkwood at Mill Creek \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Patent 523
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	295
Initial cost
Land	$ 14,558
Buildings and improvements	69,417
Costs capitalized subsequent to acquisition	8,927
Gross amount carried at close of period
Land and improvements	14,558
Buildings and improvements	78,344
Total	92,902
Accumulated depreciation	$ (38,284)
Date of construction	2010
Date acquired	Mar-10
Rental properties:
Balance at the end of year	$ 92,902
Accumulated depreciation:
Balance at the end of year	$ 38,284
Unencumbered Apartment Communities \| Patent 523 \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Patent 523 \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Pathways at Bixby Village
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	296
Initial cost
Land	$ 4,083
Buildings and improvements	16,757
Costs capitalized subsequent to acquisition	24,405
Gross amount carried at close of period
Land and improvements	6,239
Buildings and improvements	39,006
Total	45,245
Accumulated depreciation	$ (35,534)
Date of construction	1975
Date acquired	Feb-91
Rental properties:
Balance at the end of year	$ 45,245
Accumulated depreciation:
Balance at the end of year	$ 35,534
Unencumbered Apartment Communities \| Pathways at Bixby Village \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Pathways at Bixby Village \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Piedmont
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	396
Initial cost
Land	$ 19,848
Buildings and improvements	59,606
Costs capitalized subsequent to acquisition	20,462
Gross amount carried at close of period
Land and improvements	19,848
Buildings and improvements	80,068
Total	99,916
Accumulated depreciation	$ (32,025)
Date of construction	1969
Date acquired	May-14
Rental properties:
Balance at the end of year	$ 99,916
Accumulated depreciation:
Balance at the end of year	$ 32,025
Unencumbered Apartment Communities \| Piedmont \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Piedmont \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Pinehurst
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	28
Initial cost
Land	$ 0
Buildings and improvements	1,711
Costs capitalized subsequent to acquisition	943
Gross amount carried at close of period
Land and improvements	0
Buildings and improvements	2,654
Total	2,654
Accumulated depreciation	$ (2,051)
Date of construction	1973
Date acquired	Dec-04
Rental properties:
Balance at the end of year	$ 2,654
Accumulated depreciation:
Balance at the end of year	$ 2,051
Unencumbered Apartment Communities \| Pinehurst \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Pinehurst \| Maximum
Gross amount carried at close of period
Life used for depreciation	24 years
Unencumbered Apartment Communities \| Pinnacle at Fullerton
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	192
Initial cost
Land	$ 11,019
Buildings and improvements	45,932
Costs capitalized subsequent to acquisition	7,172
Gross amount carried at close of period
Land and improvements	11,019
Buildings and improvements	53,104
Total	64,123
Accumulated depreciation	$ (19,644)
Date of construction	2004
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 64,123
Accumulated depreciation:
Balance at the end of year	$ 19,644
Unencumbered Apartment Communities \| Pinnacle at Fullerton \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Pinnacle at Fullerton \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Pinnacle on Lake Washington
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	180
Initial cost
Land	$ 7,760
Buildings and improvements	31,041
Costs capitalized subsequent to acquisition	5,950
Gross amount carried at close of period
Land and improvements	7,760
Buildings and improvements	36,991
Total	44,751
Accumulated depreciation	$ (14,124)
Date of construction	2001
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 44,751
Accumulated depreciation:
Balance at the end of year	$ 14,124
Unencumbered Apartment Communities \| Pinnacle on Lake Washington \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Pinnacle on Lake Washington \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Pinnacle at MacArthur Place
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	253
Initial cost
Land	$ 15,810
Buildings and improvements	66,401
Costs capitalized subsequent to acquisition	10,646
Gross amount carried at close of period
Land and improvements	15,810
Buildings and improvements	77,047
Total	92,857
Accumulated depreciation	$ (27,583)
Date of construction	2002
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 92,857
Accumulated depreciation:
Balance at the end of year	$ 27,583
Unencumbered Apartment Communities \| Pinnacle at MacArthur Place \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Pinnacle at MacArthur Place \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Pinnacle at Otay Ranch I & II
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	364
Initial cost
Land	$ 17,023
Buildings and improvements	68,093
Costs capitalized subsequent to acquisition	8,560
Gross amount carried at close of period
Land and improvements	17,023
Buildings and improvements	76,653
Total	93,676
Accumulated depreciation	$ (27,583)
Date of construction	2001
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 93,676
Accumulated depreciation:
Balance at the end of year	$ 27,583
Unencumbered Apartment Communities \| Pinnacle at Otay Ranch I & II \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Pinnacle at Otay Ranch I & II \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Pinnacle at Talega
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	362
Initial cost
Land	$ 19,292
Buildings and improvements	77,168
Costs capitalized subsequent to acquisition	9,934
Gross amount carried at close of period
Land and improvements	19,292
Buildings and improvements	87,102
Total	106,394
Accumulated depreciation	$ (30,087)
Date of construction	2002
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 106,394
Accumulated depreciation:
Balance at the end of year	$ 30,087
Unencumbered Apartment Communities \| Pinnacle at Talega \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Pinnacle at Talega \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Pinnacle Sonata
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	268
Initial cost
Land	$ 14,647
Buildings and improvements	58,586
Costs capitalized subsequent to acquisition	9,882
Gross amount carried at close of period
Land and improvements	14,647
Buildings and improvements	68,468
Total	83,115
Accumulated depreciation	$ (25,042)
Date of construction	2000
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 83,115
Accumulated depreciation:
Balance at the end of year	$ 25,042
Unencumbered Apartment Communities \| Pinnacle Sonata \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Pinnacle Sonata \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Pointe at Cupertino
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	116
Initial cost
Land	$ 4,505
Buildings and improvements	17,605
Costs capitalized subsequent to acquisition	14,682
Gross amount carried at close of period
Land and improvements	4,505
Buildings and improvements	32,287
Total	36,792
Accumulated depreciation	$ (24,253)
Date of construction	1963
Date acquired	Aug-98
Rental properties:
Balance at the end of year	$ 36,792
Accumulated depreciation:
Balance at the end of year	$ 24,253
Unencumbered Apartment Communities \| Pointe at Cupertino \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Pointe at Cupertino \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Pure Redmond
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	105
Initial cost
Land	$ 7,461
Buildings and improvements	31,363
Costs capitalized subsequent to acquisition	2,360
Gross amount carried at close of period
Land and improvements	7,461
Buildings and improvements	33,723
Total	41,184
Accumulated depreciation	$ (5,042)
Date of construction	2016
Date acquired	Dec-19
Rental properties:
Balance at the end of year	$ 41,184
Accumulated depreciation:
Balance at the end of year	$ 5,042
Unencumbered Apartment Communities \| Pure Redmond \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Pure Redmond \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Radius
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	264
Initial cost
Land	$ 11,702
Buildings and improvements	152,336
Costs capitalized subsequent to acquisition	5,077
Gross amount carried at close of period
Land and improvements	11,702
Buildings and improvements	157,413
Total	169,115
Accumulated depreciation	$ (54,824)
Date of construction	2015
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 169,115
Accumulated depreciation:
Balance at the end of year	$ 54,824
Unencumbered Apartment Communities \| Radius \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Radius \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Reed Square
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	100
Initial cost
Land	$ 6,873
Buildings and improvements	16,037
Costs capitalized subsequent to acquisition	9,418
Gross amount carried at close of period
Land and improvements	6,873
Buildings and improvements	25,455
Total	32,328
Accumulated depreciation	$ (14,905)
Date of construction	1970
Date acquired	Jan-12
Rental properties:
Balance at the end of year	$ 32,328
Accumulated depreciation:
Balance at the end of year	$ 14,905
Unencumbered Apartment Communities \| Reed Square \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Reed Square \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Regency at Encino
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	75
Initial cost
Land	$ 3,184
Buildings and improvements	12,737
Costs capitalized subsequent to acquisition	5,428
Gross amount carried at close of period
Land and improvements	3,184
Buildings and improvements	18,165
Total	21,349
Accumulated depreciation	$ (9,945)
Date of construction	1989
Date acquired	Dec-09
Rental properties:
Balance at the end of year	$ 21,349
Accumulated depreciation:
Balance at the end of year	$ 9,945
Unencumbered Apartment Communities \| Regency at Encino \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Regency at Encino \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Regency Palm Court
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	116
Initial cost
Land	$ 7,763
Buildings and improvements	28,019
Costs capitalized subsequent to acquisition	1,637
Gross amount carried at close of period
Land and improvements	7,763
Buildings and improvements	29,656
Total	37,419
Accumulated depreciation	$ (1,586)
Date of construction	1987
Date acquired	Jul-22
Rental properties:
Balance at the end of year	$ 37,419
Accumulated depreciation:
Balance at the end of year	$ 1,586
Unencumbered Apartment Communities \| Renaissance at Uptown Orange
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	460
Initial cost
Land	$ 27,870
Buildings and improvements	111,482
Costs capitalized subsequent to acquisition	11,968
Gross amount carried at close of period
Land and improvements	27,870
Buildings and improvements	123,450
Total	151,320
Accumulated depreciation	$ (43,931)
Date of construction	2007
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 151,320
Accumulated depreciation:
Balance at the end of year	$ 43,931
Unencumbered Apartment Communities \| Renaissance at Uptown Orange \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Renaissance at Uptown Orange \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Reveal
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	438
Initial cost
Land	$ 25,073
Buildings and improvements	121,314
Costs capitalized subsequent to acquisition	7,805
Gross amount carried at close of period
Land and improvements	25,073
Buildings and improvements	129,119
Total	154,192
Accumulated depreciation	$ (42,223)
Date of construction	2010
Date acquired	Apr-15
Rental properties:
Balance at the end of year	$ 154,192
Accumulated depreciation:
Balance at the end of year	$ 42,223
Unencumbered Apartment Communities \| Reveal \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Reveal \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Salmon Run at Perry Creek
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	132
Initial cost
Land	$ 3,717
Buildings and improvements	11,483
Costs capitalized subsequent to acquisition	4,828
Gross amount carried at close of period
Land and improvements	3,801
Buildings and improvements	16,227
Total	20,028
Accumulated depreciation	$ (11,529)
Date of construction	2000
Date acquired	Oct-00
Rental properties:
Balance at the end of year	$ 20,028
Accumulated depreciation:
Balance at the end of year	$ 11,529
Unencumbered Apartment Communities \| Salmon Run at Perry Creek \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Salmon Run at Perry Creek \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Sammamish View
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	153
Initial cost
Land	$ 3,324
Buildings and improvements	7,501
Costs capitalized subsequent to acquisition	9,177
Gross amount carried at close of period
Land and improvements	3,331
Buildings and improvements	16,671
Total	20,002
Accumulated depreciation	$ (14,681)
Date of construction	1986
Date acquired	Nov-94
Rental properties:
Balance at the end of year	$ 20,002
Accumulated depreciation:
Balance at the end of year	$ 14,681
Unencumbered Apartment Communities \| Sammamish View \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Sammamish View \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| 101 San Fernando
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	323
Initial cost
Land	$ 4,173
Buildings and improvements	58,961
Costs capitalized subsequent to acquisition	19,870
Gross amount carried at close of period
Land and improvements	4,173
Buildings and improvements	78,831
Total	83,004
Accumulated depreciation	$ (40,019)
Date of construction	2001
Date acquired	Jul-10
Rental properties:
Balance at the end of year	$ 83,004
Accumulated depreciation:
Balance at the end of year	$ 40,019
Unencumbered Apartment Communities \| 101 San Fernando \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| 101 San Fernando \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| San Marcos
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	432
Initial cost
Land	$ 15,563
Buildings and improvements	36,204
Costs capitalized subsequent to acquisition	40,073
Gross amount carried at close of period
Land and improvements	22,866
Buildings and improvements	68,974
Total	91,840
Accumulated depreciation	$ (45,615)
Date of construction	2003
Date acquired	Nov-03
Rental properties:
Balance at the end of year	$ 91,840
Accumulated depreciation:
Balance at the end of year	$ 45,615
Unencumbered Apartment Communities \| San Marcos \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| San Marcos \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Santee Court/Santee Village
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	238
Initial cost
Land	$ 9,581
Buildings and improvements	40,317
Costs capitalized subsequent to acquisition	19,087
Gross amount carried at close of period
Land and improvements	9,582
Buildings and improvements	59,403
Total	68,985
Accumulated depreciation	$ (28,730)
Date of construction	2004
Date acquired	Oct-10
Rental properties:
Balance at the end of year	$ 68,985
Accumulated depreciation:
Balance at the end of year	$ 28,730
Unencumbered Apartment Communities \| Santee Court/Santee Village \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Santee Court/Santee Village \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Shadow Point
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	172
Initial cost
Land	$ 2,812
Buildings and improvements	11,170
Costs capitalized subsequent to acquisition	7,859
Gross amount carried at close of period
Land and improvements	2,820
Buildings and improvements	19,021
Total	21,841
Accumulated depreciation	$ (12,353)
Date of construction	1983
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 21,841
Accumulated depreciation:
Balance at the end of year	$ 12,353
Unencumbered Apartment Communities \| Shadow Point \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Shadow Point \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Shadowbrook
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	418
Initial cost
Land	$ 19,292
Buildings and improvements	77,168
Costs capitalized subsequent to acquisition	11,517
Gross amount carried at close of period
Land and improvements	19,292
Buildings and improvements	88,685
Total	107,977
Accumulated depreciation	$ (31,940)
Date of construction	1986
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 107,977
Accumulated depreciation:
Balance at the end of year	$ 31,940
Unencumbered Apartment Communities \| Shadowbrook \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Shadowbrook \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Slater 116
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	108
Initial cost
Land	$ 7,379
Buildings and improvements	22,138
Costs capitalized subsequent to acquisition	2,243
Gross amount carried at close of period
Land and improvements	7,379
Buildings and improvements	24,381
Total	31,760
Accumulated depreciation	$ (8,886)
Date of construction	2013
Date acquired	Sep-13
Rental properties:
Balance at the end of year	$ 31,760
Accumulated depreciation:
Balance at the end of year	$ 8,886
Unencumbered Apartment Communities \| Slater 116 \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Slater 116 \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Solstice
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	280
Initial cost
Land	$ 34,444
Buildings and improvements	147,262
Costs capitalized subsequent to acquisition	9,114
Gross amount carried at close of period
Land and improvements	34,444
Buildings and improvements	156,376
Total	190,820
Accumulated depreciation	$ (57,770)
Date of construction	2014
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 190,820
Accumulated depreciation:
Balance at the end of year	$ 57,770
Unencumbered Apartment Communities \| Solstice \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Solstice \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Station Park Green
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	599
Initial cost
Land	$ 54,782
Buildings and improvements	314,694
Costs capitalized subsequent to acquisition	111,597
Gross amount carried at close of period
Land and improvements	67,204
Buildings and improvements	413,869
Total	481,073
Accumulated depreciation	$ (79,930)
Date of construction	2018
Date acquired	Mar-18
Rental properties:
Balance at the end of year	$ 481,073
Accumulated depreciation:
Balance at the end of year	$ 79,930
Unencumbered Apartment Communities \| Station Park Green \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Station Park Green \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Stevenson Place
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	200
Initial cost
Land	$ 996
Buildings and improvements	5,582
Costs capitalized subsequent to acquisition	16,131
Gross amount carried at close of period
Land and improvements	1,001
Buildings and improvements	21,708
Total	22,709
Accumulated depreciation	$ (18,665)
Date of construction	1975
Date acquired	Apr-00
Rental properties:
Balance at the end of year	$ 22,709
Accumulated depreciation:
Balance at the end of year	$ 18,665
Unencumbered Apartment Communities \| Stevenson Place \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Stevenson Place \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Stonehedge Village
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	196
Initial cost
Land	$ 3,167
Buildings and improvements	12,603
Costs capitalized subsequent to acquisition	12,242
Gross amount carried at close of period
Land and improvements	3,201
Buildings and improvements	24,811
Total	28,012
Accumulated depreciation	$ (19,835)
Date of construction	1986
Date acquired	Oct-97
Rental properties:
Balance at the end of year	$ 28,012
Accumulated depreciation:
Balance at the end of year	$ 19,835
Unencumbered Apartment Communities \| Stonehedge Village \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Stonehedge Village \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Summerhill Park
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	100
Initial cost
Land	$ 2,654
Buildings and improvements	4,918
Costs capitalized subsequent to acquisition	11,843
Gross amount carried at close of period
Land and improvements	2,656
Buildings and improvements	16,759
Total	19,415
Accumulated depreciation	$ (15,161)
Date of construction	1988
Date acquired	Sep-88
Rental properties:
Balance at the end of year	$ 19,415
Accumulated depreciation:
Balance at the end of year	$ 15,161
Unencumbered Apartment Communities \| Summerhill Park \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Summerhill Park \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Summit Park
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	300
Initial cost
Land	$ 5,959
Buildings and improvements	23,670
Costs capitalized subsequent to acquisition	11,159
Gross amount carried at close of period
Land and improvements	5,977
Buildings and improvements	34,811
Total	40,788
Accumulated depreciation	$ (24,448)
Date of construction	1972
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 40,788
Accumulated depreciation:
Balance at the end of year	$ 24,448
Unencumbered Apartment Communities \| Summit Park \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Summit Park \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Taylor 28
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	197
Initial cost
Land	$ 13,915
Buildings and improvements	57,700
Costs capitalized subsequent to acquisition	6,041
Gross amount carried at close of period
Land and improvements	13,915
Buildings and improvements	63,741
Total	77,656
Accumulated depreciation	$ (22,896)
Date of construction	2008
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 77,656
Accumulated depreciation:
Balance at the end of year	$ 22,896
Unencumbered Apartment Communities \| Taylor 28 \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Taylor 28 \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Audrey at Belltown
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	137
Initial cost
Land	$ 9,228
Buildings and improvements	36,911
Costs capitalized subsequent to acquisition	3,193
Gross amount carried at close of period
Land and improvements	9,228
Buildings and improvements	40,104
Total	49,332
Accumulated depreciation	$ (14,169)
Date of construction	1992
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 49,332
Accumulated depreciation:
Balance at the end of year	$ 14,169
Unencumbered Apartment Communities \| The Audrey at Belltown \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| The Audrey at Belltown \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Avery
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	121
Initial cost
Land	$ 6,964
Buildings and improvements	29,922
Costs capitalized subsequent to acquisition	1,787
Gross amount carried at close of period
Land and improvements	6,964
Buildings and improvements	31,709
Total	38,673
Accumulated depreciation	$ (10,597)
Date of construction	2014
Date acquired	Mar-14
Rental properties:
Balance at the end of year	$ 38,673
Accumulated depreciation:
Balance at the end of year	$ 10,597
Unencumbered Apartment Communities \| The Avery \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| The Avery \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Bernard
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	63
Initial cost
Land	$ 3,699
Buildings and improvements	11,345
Costs capitalized subsequent to acquisition	1,138
Gross amount carried at close of period
Land and improvements	3,689
Buildings and improvements	12,493
Total	16,182
Accumulated depreciation	$ (5,535)
Date of construction	2008
Date acquired	Sep-11
Rental properties:
Balance at the end of year	$ 16,182
Accumulated depreciation:
Balance at the end of year	$ 5,535
Unencumbered Apartment Communities \| The Bernard \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| The Bernard \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Blake LA
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	196
Initial cost
Land	$ 4,023
Buildings and improvements	9,527
Costs capitalized subsequent to acquisition	25,998
Gross amount carried at close of period
Land and improvements	4,031
Buildings and improvements	35,517
Total	39,548
Accumulated depreciation	$ (27,565)
Date of construction	1979
Date acquired	Jun-97
Rental properties:
Balance at the end of year	$ 39,548
Accumulated depreciation:
Balance at the end of year	$ 27,565
Unencumbered Apartment Communities \| The Blake LA \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| The Blake LA \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Cairns
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	99
Initial cost
Land	$ 6,937
Buildings and improvements	20,679
Costs capitalized subsequent to acquisition	3,628
Gross amount carried at close of period
Land and improvements	6,939
Buildings and improvements	24,305
Total	31,244
Accumulated depreciation	$ (13,858)
Date of construction	2006
Date acquired	Jun-07
Rental properties:
Balance at the end of year	$ 31,244
Accumulated depreciation:
Balance at the end of year	$ 13,858
Unencumbered Apartment Communities \| The Cairns \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| The Cairns \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Elliot at Mukilteo
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	301
Initial cost
Land	$ 2,498
Buildings and improvements	10,595
Costs capitalized subsequent to acquisition	20,508
Gross amount carried at close of period
Land and improvements	2,824
Buildings and improvements	30,777
Total	33,601
Accumulated depreciation	$ (26,499)
Date of construction	1981
Date acquired	Jan-97
Rental properties:
Balance at the end of year	$ 33,601
Accumulated depreciation:
Balance at the end of year	$ 26,499
Unencumbered Apartment Communities \| The Elliot at Mukilteo \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| The Elliot at Mukilteo \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Grand
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	243
Initial cost
Land	$ 4,531
Buildings and improvements	89,208
Costs capitalized subsequent to acquisition	9,358
Gross amount carried at close of period
Land and improvements	4,531
Buildings and improvements	98,566
Total	103,097
Accumulated depreciation	$ (51,214)
Date of construction	2009
Date acquired	Jan-09
Rental properties:
Balance at the end of year	$ 103,097
Accumulated depreciation:
Balance at the end of year	$ 51,214
Unencumbered Apartment Communities \| The Grand \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| The Grand \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Hallie
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	292
Initial cost
Land	$ 2,202
Buildings and improvements	4,794
Costs capitalized subsequent to acquisition	57,980
Gross amount carried at close of period
Land and improvements	8,385
Buildings and improvements	56,591
Total	64,976
Accumulated depreciation	$ (48,352)
Date of construction	1972
Date acquired	Apr-97
Rental properties:
Balance at the end of year	$ 64,976
Accumulated depreciation:
Balance at the end of year	$ 48,352
Unencumbered Apartment Communities \| The Hallie \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| The Hallie \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Huntington
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	276
Initial cost
Land	$ 10,374
Buildings and improvements	41,495
Costs capitalized subsequent to acquisition	9,525
Gross amount carried at close of period
Land and improvements	10,374
Buildings and improvements	51,020
Total	61,394
Accumulated depreciation	$ (22,312)
Date of construction	1975
Date acquired	Jun-12
Rental properties:
Balance at the end of year	$ 61,394
Accumulated depreciation:
Balance at the end of year	$ 22,312
Unencumbered Apartment Communities \| The Huntington \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| The Huntington \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Landing at Jack London Square
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	282
Initial cost
Land	$ 33,554
Buildings and improvements	78,292
Costs capitalized subsequent to acquisition	10,330
Gross amount carried at close of period
Land and improvements	33,554
Buildings and improvements	88,622
Total	122,176
Accumulated depreciation	$ (33,472)
Date of construction	2001
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 122,176
Accumulated depreciation:
Balance at the end of year	$ 33,472
Unencumbered Apartment Communities \| The Landing at Jack London Square \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| The Landing at Jack London Square \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Lofts at Pinehurst
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	118
Initial cost
Land	$ 1,570
Buildings and improvements	3,912
Costs capitalized subsequent to acquisition	6,701
Gross amount carried at close of period
Land and improvements	1,618
Buildings and improvements	10,565
Total	12,183
Accumulated depreciation	$ (8,009)
Date of construction	1971
Date acquired	Jun-97
Rental properties:
Balance at the end of year	$ 12,183
Accumulated depreciation:
Balance at the end of year	$ 8,009
Unencumbered Apartment Communities \| The Lofts at Pinehurst \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| The Lofts at Pinehurst \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Palisades
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	192
Initial cost
Land	$ 1,560
Buildings and improvements	6,242
Costs capitalized subsequent to acquisition	16,768
Gross amount carried at close of period
Land and improvements	1,565
Buildings and improvements	23,005
Total	24,570
Accumulated depreciation	$ (19,918)
Date of construction	1977
Date acquired	May-90
Rental properties:
Balance at the end of year	$ 24,570
Accumulated depreciation:
Balance at the end of year	$ 19,918
Unencumbered Apartment Communities \| The Palisades \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| The Palisades \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Palms at Laguna Niguel
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	460
Initial cost
Land	$ 23,584
Buildings and improvements	94,334
Costs capitalized subsequent to acquisition	17,847
Gross amount carried at close of period
Land and improvements	23,584
Buildings and improvements	112,181
Total	135,765
Accumulated depreciation	$ (42,182)
Date of construction	1988
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 135,765
Accumulated depreciation:
Balance at the end of year	$ 42,182
Unencumbered Apartment Communities \| The Palms at Laguna Niguel \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| The Palms at Laguna Niguel \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Stuart
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	188
Initial cost
Land	$ 13,574
Buildings and improvements	54,298
Costs capitalized subsequent to acquisition	5,546
Gross amount carried at close of period
Land and improvements	13,574
Buildings and improvements	59,844
Total	73,418
Accumulated depreciation	$ (21,356)
Date of construction	2007
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 73,418
Accumulated depreciation:
Balance at the end of year	$ 21,356
Unencumbered Apartment Communities \| The Stuart \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| The Stuart \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Trails of Redmond
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	423
Initial cost
Land	$ 21,930
Buildings and improvements	87,720
Costs capitalized subsequent to acquisition	9,868
Gross amount carried at close of period
Land and improvements	21,930
Buildings and improvements	97,588
Total	119,518
Accumulated depreciation	$ (35,480)
Date of construction	1985
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 119,518
Accumulated depreciation:
Balance at the end of year	$ 35,480
Unencumbered Apartment Communities \| The Trails of Redmond \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| The Trails of Redmond \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Village at Toluca Lake
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	145
Initial cost
Land	$ 14,634
Buildings and improvements	48,297
Costs capitalized subsequent to acquisition	2,024
Gross amount carried at close of period
Land and improvements	14,634
Buildings and improvements	50,321
Total	64,955
Accumulated depreciation	$ (4,652)
Date of construction	1974
Date acquired	Jun-21
Rental properties:
Balance at the end of year	$ 64,955
Accumulated depreciation:
Balance at the end of year	$ 4,652
Unencumbered Apartment Communities \| The Village at Toluca Lake \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| The Village at Toluca Lake \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Waterford
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	238
Initial cost
Land	$ 11,808
Buildings and improvements	24,500
Costs capitalized subsequent to acquisition	19,752
Gross amount carried at close of period
Land and improvements	15,165
Buildings and improvements	40,895
Total	56,060
Accumulated depreciation	$ (31,327)
Date of construction	2000
Date acquired	Jun-00
Rental properties:
Balance at the end of year	$ 56,060
Accumulated depreciation:
Balance at the end of year	$ 31,327
Unencumbered Apartment Communities \| The Waterford \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| The Waterford \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Tierra Vista
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	404
Initial cost
Land	$ 13,652
Buildings and improvements	53,336
Costs capitalized subsequent to acquisition	11,904
Gross amount carried at close of period
Land and improvements	13,661
Buildings and improvements	65,231
Total	78,892
Accumulated depreciation	$ (42,191)
Date of construction	2001
Date acquired	Jan-01
Rental properties:
Balance at the end of year	$ 78,892
Accumulated depreciation:
Balance at the end of year	$ 42,191
Unencumbered Apartment Communities \| Tierra Vista \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Tierra Vista \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Tiffany Court
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	101
Initial cost
Land	$ 6,949
Buildings and improvements	27,796
Costs capitalized subsequent to acquisition	3,556
Gross amount carried at close of period
Land and improvements	6,949
Buildings and improvements	31,352
Total	38,301
Accumulated depreciation	$ (11,191)
Date of construction	1987
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 38,301
Accumulated depreciation:
Balance at the end of year	$ 11,191
Unencumbered Apartment Communities \| Tiffany Court \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Tiffany Court \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Trabuco Villas
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	132
Initial cost
Land	$ 3,638
Buildings and improvements	8,640
Costs capitalized subsequent to acquisition	6,266
Gross amount carried at close of period
Land and improvements	3,890
Buildings and improvements	14,654
Total	18,544
Accumulated depreciation	$ (11,310)
Date of construction	1985
Date acquired	Oct-97
Rental properties:
Balance at the end of year	$ 18,544
Accumulated depreciation:
Balance at the end of year	$ 11,310
Unencumbered Apartment Communities \| Trabuco Villas \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Trabuco Villas \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Valley Park
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	160
Initial cost
Land	$ 3,361
Buildings and improvements	13,420
Costs capitalized subsequent to acquisition	8,373
Gross amount carried at close of period
Land and improvements	3,761
Buildings and improvements	21,393
Total	25,154
Accumulated depreciation	$ (15,146)
Date of construction	1969
Date acquired	Nov-01
Rental properties:
Balance at the end of year	$ 25,154
Accumulated depreciation:
Balance at the end of year	$ 15,146
Unencumbered Apartment Communities \| Via
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	284
Initial cost
Land	$ 22,000
Buildings and improvements	82,270
Costs capitalized subsequent to acquisition	7,647
Gross amount carried at close of period
Land and improvements	22,016
Buildings and improvements	89,901
Total	111,917
Accumulated depreciation	$ (40,456)
Date of construction	2011
Date acquired	Jul-11
Rental properties:
Balance at the end of year	$ 111,917
Accumulated depreciation:
Balance at the end of year	$ 40,456
Unencumbered Apartment Communities \| Via \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Via \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Villa Angelina
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	256
Initial cost
Land	$ 4,498
Buildings and improvements	17,962
Costs capitalized subsequent to acquisition	10,155
Gross amount carried at close of period
Land and improvements	4,962
Buildings and improvements	27,653
Total	32,615
Accumulated depreciation	$ (20,376)
Date of construction	1970
Date acquired	Nov-01
Rental properties:
Balance at the end of year	$ 32,615
Accumulated depreciation:
Balance at the end of year	$ 20,376
Unencumbered Apartment Communities \| Villa Granada
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	270
Initial cost
Land	$ 38,299
Buildings and improvements	89,365
Costs capitalized subsequent to acquisition	4,688
Gross amount carried at close of period
Land and improvements	38,299
Buildings and improvements	94,053
Total	132,352
Accumulated depreciation	$ (32,619)
Date of construction	2010
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 132,352
Accumulated depreciation:
Balance at the end of year	$ 32,619
Unencumbered Apartment Communities \| Villa Granada \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Villa Granada \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Villa Siena
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	272
Initial cost
Land	$ 13,842
Buildings and improvements	55,367
Costs capitalized subsequent to acquisition	15,491
Gross amount carried at close of period
Land and improvements	13,842
Buildings and improvements	70,858
Total	84,700
Accumulated depreciation	$ (27,347)
Date of construction	1974
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 84,700
Accumulated depreciation:
Balance at the end of year	$ 27,347
Unencumbered Apartment Communities \| Villa Siena \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Villa Siena \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Village Green
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	272
Initial cost
Land	$ 6,488
Buildings and improvements	36,768
Costs capitalized subsequent to acquisition	6,463
Gross amount carried at close of period
Land and improvements	6,488
Buildings and improvements	43,231
Total	49,719
Accumulated depreciation	$ (16,403)
Date of construction	1971
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 49,719
Accumulated depreciation:
Balance at the end of year	$ 16,403
Unencumbered Apartment Communities \| Village Green \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Village Green \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Vista Belvedere
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	76
Initial cost
Land	$ 5,573
Buildings and improvements	11,901
Costs capitalized subsequent to acquisition	10,717
Gross amount carried at close of period
Land and improvements	5,573
Buildings and improvements	22,618
Total	28,191
Accumulated depreciation	$ (15,957)
Date of construction	1963
Date acquired	Aug-04
Rental properties:
Balance at the end of year	$ 28,191
Accumulated depreciation:
Balance at the end of year	$ 15,957
Unencumbered Apartment Communities \| Vista Belvedere \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Vista Belvedere \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Vox Apartments
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	58
Initial cost
Land	$ 5,545
Buildings and improvements	16,635
Costs capitalized subsequent to acquisition	642
Gross amount carried at close of period
Land and improvements	5,545
Buildings and improvements	17,277
Total	22,822
Accumulated depreciation	$ (6,032)
Date of construction	2013
Date acquired	Oct-13
Rental properties:
Balance at the end of year	$ 22,822
Accumulated depreciation:
Balance at the end of year	$ 6,032
Unencumbered Apartment Communities \| Vox Apartments \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Vox Apartments \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Wallace on Sunset
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	200
Initial cost
Land	$ 24,005
Buildings and improvements	80,466
Costs capitalized subsequent to acquisition	4,522
Gross amount carried at close of period
Land and improvements	24,005
Buildings and improvements	84,988
Total	108,993
Accumulated depreciation	$ (18,731)
Date of construction	2021
Date acquired	Dec-21
Rental properties:
Balance at the end of year	$ 108,993
Accumulated depreciation:
Balance at the end of year	$ 18,731
Unencumbered Apartment Communities \| Wallace on Sunset \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Wallace on Sunset \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Walnut Heights
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	163
Initial cost
Land	$ 4,858
Buildings and improvements	19,168
Costs capitalized subsequent to acquisition	7,315
Gross amount carried at close of period
Land and improvements	4,887
Buildings and improvements	26,454
Total	31,341
Accumulated depreciation	$ (18,197)
Date of construction	1964
Date acquired	Oct-03
Rental properties:
Balance at the end of year	$ 31,341
Accumulated depreciation:
Balance at the end of year	$ 18,197
Unencumbered Apartment Communities \| Walnut Heights \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Walnut Heights \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Wandering Creek
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	156
Initial cost
Land	$ 1,285
Buildings and improvements	4,980
Costs capitalized subsequent to acquisition	6,672
Gross amount carried at close of period
Land and improvements	1,296
Buildings and improvements	11,641
Total	12,937
Accumulated depreciation	$ (9,850)
Date of construction	1986
Date acquired	Nov-95
Rental properties:
Balance at the end of year	$ 12,937
Accumulated depreciation:
Balance at the end of year	$ 9,850
Unencumbered Apartment Communities \| Wandering Creek \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Wandering Creek \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Wharfside Pointe
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	155
Initial cost
Land	$ 2,245
Buildings and improvements	7,020
Costs capitalized subsequent to acquisition	14,339
Gross amount carried at close of period
Land and improvements	2,258
Buildings and improvements	21,346
Total	23,604
Accumulated depreciation	$ (18,915)
Date of construction	1990
Date acquired	Jun-94
Rental properties:
Balance at the end of year	$ 23,604
Accumulated depreciation:
Balance at the end of year	$ 18,915
Unencumbered Apartment Communities \| Wharfside Pointe \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Wharfside Pointe \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Willow Lake
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	508
Initial cost
Land	$ 43,194
Buildings and improvements	101,030
Costs capitalized subsequent to acquisition	21,997
Gross amount carried at close of period
Land and improvements	43,194
Buildings and improvements	123,027
Total	166,221
Accumulated depreciation	$ (53,675)
Date of construction	1989
Date acquired	Oct-12
Rental properties:
Balance at the end of year	$ 166,221
Accumulated depreciation:
Balance at the end of year	$ 53,675
Unencumbered Apartment Communities \| Willow Lake \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Willow Lake \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| 5600 Wilshire
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	284
Initial cost
Land	$ 30,535
Buildings and improvements	91,604
Costs capitalized subsequent to acquisition	10,000
Gross amount carried at close of period
Land and improvements	30,535
Buildings and improvements	101,604
Total	132,139
Accumulated depreciation	$ (35,335)
Date of construction	2008
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 132,139
Accumulated depreciation:
Balance at the end of year	$ 35,335
Unencumbered Apartment Communities \| 5600 Wilshire \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| 5600 Wilshire \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Wilshire La Brea
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	478
Initial cost
Land	$ 56,932
Buildings and improvements	211,998
Costs capitalized subsequent to acquisition	22,204
Gross amount carried at close of period
Land and improvements	56,932
Buildings and improvements	234,202
Total	291,134
Accumulated depreciation	$ (84,340)
Date of construction	2014
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 291,134
Accumulated depreciation:
Balance at the end of year	$ 84,340
Unencumbered Apartment Communities \| Wilshire La Brea \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Wilshire La Brea \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Wilshire Promenade
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	149
Initial cost
Land	$ 3,118
Buildings and improvements	7,385
Costs capitalized subsequent to acquisition	14,938
Gross amount carried at close of period
Land and improvements	3,797
Buildings and improvements	21,644
Total	25,441
Accumulated depreciation	$ (16,895)
Date of construction	1992
Date acquired	Jan-97
Rental properties:
Balance at the end of year	$ 25,441
Accumulated depreciation:
Balance at the end of year	$ 16,895
Unencumbered Apartment Communities \| Wilshire Promenade \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Wilshire Promenade \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Windsor Court
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	95
Initial cost
Land	$ 6,383
Buildings and improvements	23,420
Costs capitalized subsequent to acquisition	1,077
Gross amount carried at close of period
Land and improvements	6,383
Buildings and improvements	24,497
Total	30,880
Accumulated depreciation	$ (1,303)
Date of construction	1987
Date acquired	Jul-22
Rental properties:
Balance at the end of year	$ 30,880
Accumulated depreciation:
Balance at the end of year	$ 1,303
Unencumbered Apartment Communities \| Windsor Ridge
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	216
Initial cost
Land	$ 4,017
Buildings and improvements	10,315
Costs capitalized subsequent to acquisition	18,009
Gross amount carried at close of period
Land and improvements	4,021
Buildings and improvements	28,320
Total	32,341
Accumulated depreciation	$ (27,125)
Date of construction	1989
Date acquired	Mar-89
Rental properties:
Balance at the end of year	$ 32,341
Accumulated depreciation:
Balance at the end of year	$ 27,125
Unencumbered Apartment Communities \| Windsor Ridge \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Windsor Ridge \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Woodland Commons
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	302
Initial cost
Land	$ 2,040
Buildings and improvements	8,727
Costs capitalized subsequent to acquisition	27,519
Gross amount carried at close of period
Land and improvements	2,044
Buildings and improvements	36,242
Total	38,286
Accumulated depreciation	$ (28,182)
Date of construction	1978
Date acquired	Mar-90
Rental properties:
Balance at the end of year	$ 38,286
Accumulated depreciation:
Balance at the end of year	$ 28,182
Unencumbered Apartment Communities \| Woodland Commons \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Woodland Commons \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Woodside Village
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	145
Initial cost
Land	$ 5,331
Buildings and improvements	21,036
Costs capitalized subsequent to acquisition	7,107
Gross amount carried at close of period
Land and improvements	5,341
Buildings and improvements	28,133
Total	33,474
Accumulated depreciation	$ (18,428)
Date of construction	1987
Date acquired	Dec-04
Rental properties:
Balance at the end of year	$ 33,474
Accumulated depreciation:
Balance at the end of year	$ 18,428
Unencumbered Apartment Communities \| Woodside Village \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Woodside Village \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| CBC and The Sweeps \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| CBC and The Sweeps \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Other Property
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial cost
Land	80,706
Buildings and improvements	16,587
Costs capitalized subsequent to acquisition	15,769
Gross amount carried at close of period
Land and improvements	82,067
Buildings and improvements	30,995
Total	113,062
Accumulated depreciation	(20,791)
Rental properties:
Balance at the end of year	113,062
Accumulated depreciation:
Balance at the end of year	20,791
Other Property \| Other real estate assets
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	0
Initial cost
Land	80,706
Buildings and improvements	16,587
Costs capitalized subsequent to acquisition	15,769
Gross amount carried at close of period
Land and improvements	82,067
Buildings and improvements	30,995
Total	113,062
Accumulated depreciation	(20,791)
Rental properties:
Balance at the end of year	113,062
Accumulated depreciation:
Balance at the end of year	20,791
Real Estate Rental Property
Gross amount carried at close of period
Total	16,135,223	15,966,227	15,629,927
Rental properties:
Balance at beginning of year	15,966,227	15,629,927	15,061,745
Balance at the end of year	$ 16,135,223	$ 15,966,227	$ 15,629,927