Cover Financial Statements Notes to Financial Statements Accounting Policies Notes Tables Notes Details

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2025	Feb. 13, 2026	Jun. 30, 2025
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
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			$ 18.1
Entity Common Stock, Shares Outstanding		64,475,506
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 2026 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, 2025.
Entity Central Index Key	0000920522
Document Fiscal Year Focus	2025
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	12 Months Ended
Audit Information	Dec. 31, 2025
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 Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Rental properties:
Land and land improvements	$ 3,363,169	$ 3,246,789
Buildings and improvements	15,073,416	14,342,729
Total rental properties	18,436,585	17,589,518
Less: accumulated depreciation	(6,532,003)	(6,150,618)
Net real estate	11,904,582	11,438,900
Real estate under development	157,122	52,682
Co-investments	630,550	935,014
Total real estate	12,692,254	12,426,596
Cash and cash equivalents-unrestricted	76,241	66,795
Cash and cash equivalents-restricted	9,345	9,051
Marketable securities	98,070	69,794
Notes and other receivables, net of allowance for credit losses of $0.6 million and $0.5 million as of December 31, 2025 and December 31, 2024, respectively	141,591	206,706
Operating lease right-of-use assets	50,833	51,556
Prepaid expenses and other assets	90,675	96,861
Total assets	13,159,009	12,927,359
LIABILITIES AND EQUITY
Unsecured debt, net	6,015,921	5,473,788
Mortgage notes payable, net	784,348	989,884
Lines of credit and commercial paper	0	137,945
Accounts payable and accrued liabilities	221,351	212,747
Construction payable	24,743	14,347
Dividends payable	173,698	165,443
Distributions in excess of investments in co-investments	98,837	79,273
Operating lease liabilities	51,487	52,473
Other liabilities	51,729	50,220
Total liabilities	7,422,114	7,176,120
Commitments and contingencies (Note 17)
Redeemable noncontrolling interest	28,263	30,849
Equity:
Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,442,290 and 64,280,466 shares issued and outstanding, respectively	6	6
Additional paid-in capital	6,683,514	6,668,047
Distributions in excess of accumulated earnings	(1,148,195)	(1,155,662)
Accumulated other comprehensive income, net	6,047	24,655
Total stockholders’ equity	5,541,372	5,537,046
Noncontrolling interest	167,260	183,344
Total equity	5,708,632	5,720,390
Total liabilities and equity	$ 13,159,009	$ 12,927,359

EPT - Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Notes and other receivable, allowance for credit loss	$ 555	$ 529
Common stock, par value (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)	64,442,290	64,280,466
Common stock, shares outstanding (in shares)	64,442,290	64,280,466

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

EPT - Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Rental and other property	$ 1,877,964	$ 1,764,185	$ 1,658,264
Management and other fees from affiliates	9,381	10,265	11,131
Total revenues	1,887,345	1,774,450	1,669,395
Expenses:
Property operating, excluding real estate taxes	353,355	328,123	301,951
Real estate taxes	205,631	193,413	185,807
Corporate-level property management expenses	49,052	46,208	43,593
Depreciation and amortization	607,542	580,220	548,438
General and administrative	71,948	98,902	63,474
Expensed acquisition and investment related costs	25	72	595
Casualty loss	0	0	433
Total expenses	1,287,553	1,246,938	1,144,291
Gain on sale of real estate and land	299,524	175,583	59,238
Earnings from operations	899,316	703,095	584,342
Interest expense	(258,404)	(235,529)	(212,905)
Total return swap income	4,729	3,099	3,148
Interest and other income	20,004	80,951	46,259
Equity income from co-investments	35,464	48,206	10,561
Tax benefit (expense) on unconsolidated co-investments	2,096	929	(697)
Loss on early retirement of debt	(762)	0	0
Gain on remeasurement of co-investment	330	210,555	0
Net income	702,773	811,306	430,708
Net income attributable to noncontrolling interest	(33,107)	(69,784)	(24,883)
Net income available to common stockholders	$ 669,666	$ 741,522	$ 405,825
Basic:
Net income available to common stockholders (in dollars per share)	$ 10.40	$ 11.55	$ 6.32
Weighted average number of shares outstanding during the year (in shares)	64,379,418	64,228,356	64,252,232
Diluted:
Net income available to common stockholders (in dollars per share)	$ 10.40	$ 11.54	$ 6.32
Weighted average number of shares outstanding during the year (in shares)	64,399,459	64,251,234	64,253,385

EPT - Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 702,773	$ 811,306	$ 430,708
Other comprehensive (loss) income:
Change in fair value of derivatives and amortization of swap settlements	(19,508)	(9,217)	(13,364)
Change in fair value of marketable debt securities, net	244	0	0
Reversal of unrealized gains upon the sale of marketable debt securities	(27)	0	0
Total other comprehensive loss	(19,291)	(9,217)	(13,364)
Comprehensive income	683,482	802,089	417,344
Comprehensive income attributable to noncontrolling interest	(32,424)	(69,468)	(24,429)
Comprehensive income attributable to controlling interest	$ 651,058	$ 732,621	$ 392,915

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
Beginning balance (in shares) at Dec. 31, 2022		64,605
Beginning balance 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)
Ending balance (in shares) at Dec. 31, 2023		64,203
Ending balance at Dec. 31, 2023	5,593,978	$ 6	6,656,720	(1,267,536)	33,556	171,232
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	811,306			741,522		69,784
Reversal of unrealized gains upon the sale of marketable debt securities	0
Change in fair value of derivatives and amortization of swap settlements	(9,217)				(8,901)	(316)
Change in fair value of marketable debt securities, net	0
Issuance of common stock under:
Stock option and restricted stock plans, net (in shares)		70
Stock option and restricted stock plans, net	9,096		9,096
Sale of common stock, net	(296)		(296)
Equity based compensation costs	7,671		7,408			263
Changes in the redemption value of redeemable noncontrolling interest	835		373			462
Issuance of OP units to noncontrolling interest	24,930					24,930
Distributions to noncontrolling interest	(81,812)					(81,812)
Redemptions of noncontrolling interest (in shares)		7
Redemptions of noncontrolling interest	(6,453)		(5,254)			(1,199)
Common stock dividends	(629,648)			(629,648)
Ending balance (in shares) at Dec. 31, 2024		64,280
Ending balance at Dec. 31, 2024	5,720,390	$ 6	6,668,047	(1,155,662)	24,655	183,344
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	702,773			669,666		33,107
Reversal of unrealized gains upon the sale of marketable debt securities	(27)				(26)	(1)
Change in fair value of derivatives and amortization of swap settlements	(19,508)				(18,818)	(690)
Change in fair value of marketable debt securities, net	244				236	8
Issuance of common stock under:
Stock option and restricted stock plans, net (in shares)		81
Stock option and restricted stock plans, net	816		816
Sale of common stock, net	(391)		(391)
Equity based compensation costs	10,224		9,879			345
Changes in the redemption value and redemptions of redeemable noncontrolling interest (in shares)		6
Changes in the redemption value of redeemable noncontrolling interest	2,586		2,805			(219)
Distributions to noncontrolling interest	(32,801)					(32,801)
Redemptions of noncontrolling interest (in shares)		75
Redemptions of noncontrolling interest	(13,475)		2,358			(15,833)
Common stock dividends	(662,199)			(662,199)
Ending balance (in shares) at Dec. 31, 2025		64,442
Ending balance at Dec. 31, 2025	$ 5,708,632	$ 6	$ 6,683,514	$ (1,148,195)	$ 6,047	$ 167,260

EPT - Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 10.28	$ 9.80	$ 9.24

EPT - Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 702,773	$ 811,306	$ 430,708
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents	(1,115)	34	2,773
Depreciation and amortization	607,542	580,220	548,438
Amortization of discount and debt financing costs, net	7,162	7,795	6,911
Realized and unrealized gains on marketable securities, net	(3,809)	(8,347)	(10,006)
Provision for credit losses	26	(179)	70
Company’s share of gain on the sales of co-investment	(5,189)	0	0
Equity income from co-investments	(30,275)	(48,206)	(10,561)
Operating distributions from co-investments	93,010	62,868	76,787
Accrued interest from notes and other receivables	(9,201)	(13,497)	(12,631)
Casualty loss	0	0	433
Gain on the sale of real estate and land	(299,524)	(175,583)	(59,238)
Equity-based compensation	9,640	7,158	8,031
Loss on early retirement of debt	762	0	0
Gain on remeasurement of co-investment	(330)	(210,555)	0
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets	(2,002)	32,007	(9,721)
Accounts payable, accrued liabilities, and operating lease liabilities	7,217	25,194	5,335
Other liabilities	(2,264)	(1,910)	2,735
Net cash provided by operating activities	1,074,423	1,068,305	980,064
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	(831,661)	(940,440)	(25,098)
Redevelopment	(81,619)	(70,572)	(72,577)
Development acquisitions of and additions to real estate under development	(61,878)	(2,874)	(7,872)
Capital expenditures on rental properties	(140,348)	(136,395)	(140,371)
Investments in notes receivable	(169,644)	(130,635)	(58,127)
Collections of notes and other receivables	84,801	33,504	0
Proceeds from insurance for property losses	3,522	2,299	3,431
Proceeds from dispositions of real estate	509,946	247,286	99,388
Contributions to co-investments	(33,752)	(34,073)	(37,405)
Changes in refundable deposits	8,000	(8,000)	10,200
Purchases of marketable securities	(25,515)	(1,002)	(20,780)
Sales and maturities of marketable securities	1,264	27,348	64,320
Non-operating distributions from co-investments	184,401	40,503	39,751
Net cash used in investing activities	(552,483)	(973,051)	(145,140)
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes	1,148,242	554,875	598,000
Payments on unsecured debt and mortgage notes	(808,611)	(403,108)	(302,429)
Proceeds from lines of credit and commercial paper	7,935,548	1,667,476	844,046
Repayments of lines of credit and commercial paper	(8,073,493)	(1,529,531)	(896,119)
Retirement of common stock	0	0	(95,657)
Additions to deferred charges	(13,394)	(9,568)	(1,736)
Payments related to debt prepayment penalties	(697)	0	0
Net costs from issuance of common stock	(391)	(296)	(347)
Net proceeds from stock options exercised	8,930	12,313	0
Payments related to tax withholding for share-based compensation	(8,114)	(3,217)	(3,825)
Distributions to noncontrolling interest	(32,677)	(81,246)	(31,619)
Redemptions of noncontrolling interest	(13,475)	(6,453)	(609)
Redemptions of redeemable noncontrolling interest	0	(521)	0
Common stock dividends paid	(654,068)	(620,466)	(586,976)
Net cash used in financing activities	(512,200)	(419,742)	(477,271)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents	9,740	(324,488)	357,653
Unrestricted and restricted cash and cash equivalents at beginning of year	75,846	400,334	42,681
Unrestricted and restricted cash and cash equivalents at end of year	85,586	75,846	400,334
Supplemental disclosure of cash flow information:
Cash paid for interest, net of capitalized interest	252,651	223,220	207,038
Interest capitalized	3,659	251	823
Operating cash flows from operating leases	6,431	6,934	6,962
Supplemental disclosure of noncash investing and financing activities:
Issuance of Operating Partnership units for contributed properties	0	24,930	0
Redemption of preferred equity investments upon acquisition or consolidation of co-investments	262,449	44,670	0
Reclassifications (from) to redeemable noncontrolling interest (to) from additional paid in capital and noncontrolling interest	(2,209)	(835)	5,055
Leased assets obtained in exchange for new operating lease liabilities	2,727	0	0
Debt assumed in connection with acquisition	0	95,000	0
Debt financed by seller in connection with acquisition	$ 0	$ 11,000	$ 0

EPLP - Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Rental properties:
Land and land improvements	$ 3,363,169	$ 3,246,789
Buildings and improvements	15,073,416	14,342,729
Total rental properties	18,436,585	17,589,518
Less: accumulated depreciation	(6,532,003)	(6,150,618)
Net real estate	11,904,582	11,438,900
Real estate under development	157,122	52,682
Co-investments	630,550	935,014
Total real estate	12,692,254	12,426,596
Cash and cash equivalents-unrestricted	76,241	66,795
Cash and cash equivalents-restricted	9,345	9,051
Marketable securities	98,070	69,794
Notes and other receivables, net of allowance for credit losses of $0.6 million and $0.5 million as of December 31, 2025 and December 31, 2024, respectively	141,591	206,706
Operating lease right-of-use assets	50,833	51,556
Prepaid expenses and other assets	90,675	96,861
Total assets	13,159,009	12,927,359
LIABILITIES AND CAPITAL
Unsecured debt, net	6,015,921	5,473,788
Mortgage notes payable, net	784,348	989,884
Lines of credit and commercial paper	0	137,945
Accounts payable and accrued liabilities	221,351	212,747
Construction payable	24,743	14,347
Dividends payable	173,698	165,443
Distributions in excess of investments in co-investments	98,837	79,273
Operating lease liabilities	51,487	52,473
Other liabilities	51,729	50,220
Total liabilities	7,422,114	7,176,120
Commitments and contingencies (Note 17)
Redeemable noncontrolling interest	28,263	30,849
Limited Partners:
Accumulated other comprehensive income	6,047	24,655
Noncontrolling interest	167,260	183,344
Total liabilities and equity	13,159,009	12,927,359
Essex Portfolio, L.P.
Rental properties:
Land and land improvements	3,363,169	3,246,789
Buildings and improvements	15,073,416	14,342,729
Total rental properties	18,436,585	17,589,518
Less: accumulated depreciation	(6,532,003)	(6,150,618)
Net real estate	11,904,582	11,438,900
Real estate under development	157,122	52,682
Co-investments	630,550	935,014
Total real estate	12,692,254	12,426,596
Cash and cash equivalents-unrestricted	76,241	66,795
Cash and cash equivalents-restricted	9,345	9,051
Marketable securities	98,070	69,794
Notes and other receivables, net of allowance for credit losses of $0.6 million and $0.5 million as of December 31, 2025 and December 31, 2024, respectively	141,591	206,706
Operating lease right-of-use assets	50,833	51,556
Prepaid expenses and other assets	90,675	96,861
Total assets	13,159,009	12,927,359
LIABILITIES AND CAPITAL
Unsecured debt, net	6,015,921	5,473,788
Mortgage notes payable, net	784,348	989,884
Lines of credit and commercial paper	0	137,945
Accounts payable and accrued liabilities	221,351	212,747
Construction payable	24,743	14,347
Dividends payable	173,698	165,443
Distributions in excess of investments in co-investments	98,837	79,273
Operating lease liabilities	51,487	52,473
Other liabilities	51,729	50,220
Total liabilities	7,422,114	7,176,120
Commitments and contingencies (Note 17)
Redeemable noncontrolling interest	28,263	30,849
Limited Partners:
Accumulated other comprehensive income	10,138	29,429
Total partners’ capital	5,607,339	5,615,238
Noncontrolling interest	101,293	105,152
Total capital	5,708,632	5,720,390
Total liabilities and equity	13,159,009	12,927,359
Essex Portfolio, L.P. \| General Partner
General Partner:
Common equity (64,442,290 and 64,280,466 units issued and outstanding, respectively)	5,535,325	5,512,391
Essex Portfolio, L.P. \| Limited Partners
Limited Partners:
Common equity (2,250,339 and 2,331,251 units issued and outstanding, respectively)	61,876	73,418
Essex Portfolio, L.P. \| Common Equity \| General Partner
General Partner:
Common equity (64,442,290 and 64,280,466 units issued and outstanding, respectively)	5,535,325	5,512,391
Limited Partners:
Total capital	5,535,325	5,512,391
Essex Portfolio, L.P. \| Common Equity \| Limited Partners
Limited Partners:
Total capital	$ 61,876	$ 73,418

EPLP - Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Notes and other receivable, allowance for credit loss	$ 555	$ 529
Common stock, shares issued (in shares)	64,442,290	64,280,466
Common stock, shares outstanding (in shares)	64,442,290	64,280,466
Essex Portfolio, L.P.
Notes and other receivable, allowance for credit loss	$ 600	$ 500
Essex Portfolio, L.P. \| General Partner
Common stock, shares issued (in shares)	64,442,290	64,280,466
Common stock, shares outstanding (in shares)	64,442,290	64,280,466
Essex Portfolio, L.P. \| Limited Partners
Common stock, shares issued (in shares)	2,250,339	2,331,251
Common stock, shares outstanding (in shares)	2,250,339	2,331,251

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

EPLP - Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Rental and other property	$ 1,877,964	$ 1,764,185	$ 1,658,264
Management and other fees from affiliates	9,381	10,265	11,131
Total revenues	1,887,345	1,774,450	1,669,395
Expenses:
Property operating, excluding real estate taxes	353,355	328,123	301,951
Real estate taxes	205,631	193,413	185,807
Corporate-level property management expenses	49,052	46,208	43,593
Depreciation and amortization	607,542	580,220	548,438
General and administrative	71,948	98,902	63,474
Expensed acquisition and investment related costs	25	72	595
Casualty loss	0	0	433
Total expenses	1,287,553	1,246,938	1,144,291
Gain on sale of real estate and land	299,524	175,583	59,238
Earnings from operations	899,316	703,095	584,342
Interest expense	(258,404)	(235,529)	(212,905)
Total return swap income	4,729	3,099	3,148
Interest and other income	20,004	80,951	46,259
Equity income from co-investments	35,464	48,206	10,561
Tax benefit (expense) on unconsolidated co-investments	2,096	929	(697)
Loss on early retirement of debt	(762)	0	0
Gain on remeasurement of co-investment	330	210,555	0
Net income	702,773	811,306	430,708
Net income attributable to noncontrolling interest	(33,107)	(69,784)	(24,883)
Net income available to common stockholders	$ 669,666	$ 741,522	$ 405,825
Basic:
Net income available to common unitholders (in dollars per share)	$ 10.40	$ 11.55	$ 6.32
Weighted average number of common units outstanding during the year (in shares)	64,379,418	64,228,356	64,252,232
Diluted:
Net income available to common unitholders (in dollars per share)	$ 10.40	$ 11.54	$ 6.32
Weighted average number of common units outstanding during the year (in shares)	64,399,459	64,251,234	64,253,385
Essex Portfolio, L.P.
Revenues:
Rental and other property	$ 1,877,964	$ 1,764,185	$ 1,658,264
Management and other fees from affiliates	9,381	10,265	11,131
Total revenues	1,887,345	1,774,450	1,669,395
Expenses:
Property operating, excluding real estate taxes	353,355	328,123	301,951
Real estate taxes	205,631	193,413	185,807
Corporate-level property management expenses	49,052	46,208	43,593
Depreciation and amortization	607,542	580,220	548,438
General and administrative	71,948	98,902	63,474
Expensed acquisition and investment related costs	25	72	595
Casualty loss	0	0	433
Total expenses	1,287,553	1,246,938	1,144,291
Gain on sale of real estate and land	299,524	175,583	59,238
Earnings from operations	899,316	703,095	584,342
Interest expense	(258,404)	(235,529)	(212,905)
Total return swap income	4,729	3,099	3,148
Interest and other income	20,004	80,951	46,259
Equity income from co-investments	35,464	48,206	10,561
Tax benefit (expense) on unconsolidated co-investments	2,096	929	(697)
Loss on early retirement of debt	(762)	0	0
Gain on remeasurement of co-investment	330	210,555	0
Net income	702,773	811,306	430,708
Net income attributable to noncontrolling interest	(9,458)	(43,370)	(10,599)
Net income available to common stockholders	$ 693,315	$ 767,936	$ 420,109
Basic:
Net income available to common unitholders (in dollars per share)	$ 10.40	$ 11.55	$ 6.32
Weighted average number of common units outstanding during the year (in shares)	66,649,608	66,511,030	66,513,303
Diluted:
Net income available to common unitholders (in dollars per share)	$ 10.40	$ 11.54	$ 6.32
Weighted average number of common units outstanding during the year (in shares)	66,669,649	66,533,908	66,514,456

EPLP - Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net income	$ 702,773	$ 811,306	$ 430,708
Other comprehensive (loss) income:
Change in fair value of derivatives and amortization of swap settlements	(19,508)	(9,217)	(13,364)
Change in fair value of marketable debt securities, net	244	0	0
Reversal of unrealized gains upon the sale of marketable debt securities	(27)	0	0
Total other comprehensive loss	(19,291)	(9,217)	(13,364)
Comprehensive income	683,482	802,089	417,344
Comprehensive income attributable to noncontrolling interest	(32,424)	(69,468)	(24,429)
Comprehensive income attributable to controlling interest	651,058	732,621	392,915
Essex Portfolio, L.P.
Net income	702,773	811,306	430,708
Other comprehensive (loss) income:
Change in fair value of derivatives and amortization of swap settlements	(19,508)	(9,217)	(13,364)
Change in fair value of marketable debt securities, net	244	0	0
Reversal of unrealized gains upon the sale of marketable debt securities	(27)	0	0
Total other comprehensive loss	(19,291)	(9,217)	(13,364)
Comprehensive income	683,482	802,089	417,344
Comprehensive income attributable to noncontrolling interest	(9,458)	(43,370)	(10,599)
Comprehensive income attributable to controlling interest	$ 674,024	$ 758,719	$ 406,745

EPLP - Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	$ 702,773	$ 811,306	$ 430,708
Reversal of unrealized gains upon the sale of marketable debt securities	(27)	0	0
Change in fair value of derivatives and amortization of swap settlements	(19,508)	(9,217)	(13,364)
Change in fair value of marketable debt securities, net	244	0	0
Issuance of common stock under:
General partner’s stock based compensation, net	816	9,096	(3,825)
Sale of common stock by general partner, net	(391)	(296)	(347)
Retirement of common units, net			(95,657)
Changes in the redemption value of redeemable noncontrolling interest	2,586	835	(5,055)
Issuance of OP units to noncontrolling interest		24,930
Distributions to noncontrolling interest	(32,801)	(81,812)	(31,939)
Redemptions of noncontrolling interest	(13,475)	(6,453)	(609)
Accumulated other comprehensive income (loss), net
Increase (Decrease) in Partners' Capital [Roll Forward]
Reversal of unrealized gains upon the sale of marketable debt securities	(26)
Change in fair value of derivatives and amortization of swap settlements	(18,818)	(8,901)	(12,910)
Change in fair value of marketable debt securities, net	236
Essex Portfolio, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	5,720,390	5,593,978	5,895,116
Net income	702,773	811,306	430,708
Reversal of unrealized gains upon the sale of marketable debt securities	(27)	0	0
Change in fair value of derivatives and amortization of swap settlements	(19,508)	(9,217)	(13,364)
Change in fair value of marketable debt securities, net	244	0	0
Issuance of common stock under:
General partner’s stock based compensation, net	816	9,096	(3,825)
Sale of common stock by general partner, net	(391)	(296)	(347)
Equity based compensation costs	10,224	7,671	12,135
Retirement of common units, net			(95,657)
Changes in the redemption value of redeemable noncontrolling interest	2,586	835	(5,055)
Issuance of OP units to noncontrolling interest		24,930
Distributions to noncontrolling interest	(9,551)	(59,317)	(11,060)
Redemptions of noncontrolling interest	(13,475)	(6,453)	(609)
Distributions declared	(685,449)	(652,143)	(614,064)
Ending balance	5,708,632	$ 5,720,390	$ 5,593,978
Essex Portfolio, L.P. \| Accumulated other comprehensive income (loss), net
Increase (Decrease) in Partners' Capital [Roll Forward]
Reversal of unrealized gains upon the sale of marketable debt securities	$ (27)
Essex Portfolio, L.P. \| Common Equity \| General Partner
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (in shares)	64,280	64,203	64,605
Beginning balance	$ 5,512,391	$ 5,389,190	$ 5,669,906
Net income	$ 669,666	$ 741,522	$ 405,825
Issuance of common stock under:
General partner’s stock based compensation, net (in shares)	81	70	21
General partner’s stock based compensation, net	$ 816	$ 9,096	$ (3,825)
Sale of common stock by general partner, net	(391)	(296)	(347)
Equity based compensation costs	$ 9,879	7,408	$ 11,723
Retirement of common units, net (in shares)			(437)
Retirement of common units, net			$ (95,657)
Changes in the redemption value and redemptions of redeemable noncontrolling interest (in shares)	6
Changes in the redemption value of redeemable noncontrolling interest	$ 2,805	$ 373	$ (5,150)
Redemptions (in shares)	75	7	14
Redemptions of noncontrolling interest	$ 2,358	$ (5,254)	$ (100)
Distributions declared	$ (662,199)	$ (629,648)	$ (593,185)
Ending balance (in shares)	64,442	64,280	64,203
Ending balance	$ 5,535,325	$ 5,512,391	$ 5,389,190
Essex Portfolio, L.P. \| Common Equity \| Limited Partners
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (in shares)	2,331	2,259	2,272
Beginning balance	$ 73,418	$ 44,991	$ 51,454
Net income	23,649	26,414	14,284
Issuance of common stock under:
Equity based compensation costs	$ 345	263	412
Changes in the redemption value and redemptions of redeemable noncontrolling interest (in shares)	(6)
Changes in the redemption value of redeemable noncontrolling interest	$ (441)	$ 99	$ 75
Issuance of OP units to noncontrolling interest (in shares)		82
Issuance of OP units to noncontrolling interest		$ 24,930
Redemptions (in shares)	(75)	(10)	(13)
Redemptions of noncontrolling interest	$ (11,845)	$ (784)	$ (355)
Distributions declared	$ (23,250)	$ (22,495)	$ (20,879)
Ending balance (in shares)	2,250	2,331	2,259
Ending balance	$ 61,876	$ 73,418	$ 44,991
Essex Portfolio, L.P. \| Accumulated other comprehensive income (loss), net
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	29,429	38,646	52,010
Change in fair value of derivatives and amortization of swap settlements	(19,508)	(9,217)	(13,364)
Change in fair value of marketable debt securities, net	244
Issuance of common stock under:
Ending balance	10,138	29,429	38,646
Essex Portfolio, L.P. \| Noncontrolling interest
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	105,152	121,151	121,746
Net income	9,458	43,370	10,599
Issuance of common stock under:
Changes in the redemption value of redeemable noncontrolling interest	222	363	20
Distributions to noncontrolling interest	(9,551)	(59,317)	(11,060)
Redemptions of noncontrolling interest	(3,988)	(415)	(154)
Ending balance	$ 101,293	$ 105,152	$ 121,151

EPLP - Consolidated Statements of Capital (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Essex Portfolio, L.P.
Common stock dividends (in dollars per share)	$ 10.28	$ 9.80	$ 9.24

EPLP - Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 702,773	$ 811,306	$ 430,708
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents	(1,115)	34	2,773
Depreciation and amortization	607,542	580,220	548,438
Amortization of discount and debt financing costs, net	7,162	7,795	6,911
Realized and unrealized gains on marketable securities, net	(3,809)	(8,347)	(10,006)
Provision for credit losses	26	(179)	70
Company’s share of gain on the sales of co-investment	5,189	0	0
Equity income from co-investments	(30,275)	(48,206)	(10,561)
Operating distributions from co-investments	93,010	62,868	76,787
Accrued interest from notes and other receivables	(9,201)	(13,497)	(12,631)
Casualty loss	0	0	433
Gain on the sale of real estate and land	(299,524)	(175,583)	(59,238)
Equity-based compensation	9,640	7,158	8,031
Loss on early retirement of debt	762	0	0
Gain on remeasurement of co-investment	(330)	(210,555)	0
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets	(2,002)	32,007	(9,721)
Accounts payable, accrued liabilities, and operating lease liabilities	7,217	25,194	5,335
Other liabilities	(2,264)	(1,910)	2,735
Net cash provided by operating activities	1,074,423	1,068,305	980,064
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	(831,661)	(940,440)	(25,098)
Redevelopment	(81,619)	(70,572)	(72,577)
Development acquisitions of and additions to real estate under development	(61,878)	(2,874)	(7,872)
Capital expenditures on rental properties	(140,348)	(136,395)	(140,371)
Investments in notes receivable	(169,644)	(130,635)	(58,127)
Collections of notes and other receivables	84,801	33,504	0
Proceeds from insurance for property losses	3,522	2,299	3,431
Proceeds from dispositions of real estate	509,946	247,286	99,388
Contributions to co-investments	(33,752)	(34,073)	(37,405)
Changes in refundable deposits	8,000	(8,000)	10,200
Purchases of marketable securities	(25,515)	(1,002)	(20,780)
Sales and maturities of marketable securities	1,264	27,348	64,320
Non-operating distributions from co-investments	184,401	40,503	39,751
Net cash used in investing activities	(552,483)	(973,051)	(145,140)
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes	1,148,242	554,875	598,000
Payments on unsecured debt and mortgage notes	(808,611)	(403,108)	(302,429)
Proceeds from lines of credit and commercial paper	7,935,548	1,667,476	844,046
Repayments of lines of credit and commercial paper	(8,073,493)	(1,529,531)	(896,119)
Retirement of common units	0	0	(95,657)
Additions to deferred charges	(13,394)	(9,568)	(1,736)
Payments related to debt prepayment penalties	(697)	0	0
Net costs from issuance of common units	(391)	(296)	(347)
Net proceeds from stock options exercised	8,930	12,313	0
Payments related to tax withholding for share-based compensation	(8,114)	(3,217)	(3,825)
Distributions to noncontrolling interest	(32,677)	(81,246)	(31,619)
Redemptions of noncontrolling interest	(13,475)	(6,453)	(609)
Redemptions of redeemable noncontrolling interest	0	(521)	0
Common unit distributions paid	(654,068)	(620,466)	(586,976)
Net cash used in financing activities	(512,200)	(419,742)	(477,271)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents	9,740	(324,488)	357,653
Unrestricted and restricted cash and cash equivalents at beginning of year	75,846	400,334	42,681
Unrestricted and restricted cash and cash equivalents at end of year	85,586	75,846	400,334
Supplemental disclosure of cash flow information:
Cash paid for interest, net of capitalized interest	252,651	223,220	207,038
Interest capitalized	3,659	251	823
Operating cash flows from operating leases	6,431	6,934	6,962
Supplemental disclosure of noncash investing and financing activities:
Issuance of Operating Partnership units for contributed properties	0	24,930	0
Redemption of preferred equity investments upon acquisition or consolidation of co-investments	262,449	44,670	0
Reclassifications (from) to redeemable noncontrolling interest (to) from additional paid in capital and noncontrolling interest	(2,209)	(835)	5,055
Leased assets obtained in exchange for new operating lease liabilities	2,727	0	0
Debt assumed in connection with acquisition	0	95,000	0
Debt financed by seller in connection with acquisition	0	11,000	0
Essex Portfolio, L.P.
Cash flows from operating activities:
Net income	702,773	811,306	430,708
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents	(1,115)	34	2,773
Depreciation and amortization	607,542	580,220	548,438
Amortization of discount and debt financing costs, net	7,162	7,795	6,911
Realized and unrealized gains on marketable securities, net	(3,809)	(8,347)	(10,006)
Provision for credit losses	26	(179)	70
Company’s share of gain on the sales of co-investment	5,189	0	0
Equity income from co-investments	(30,275)	(48,206)	(10,561)
Operating distributions from co-investments	93,010	62,868	76,787
Accrued interest from notes and other receivables	(9,201)	(13,497)	(12,631)
Casualty loss	0	0	433
Gain on the sale of real estate and land	(299,524)	(175,583)	(59,238)
Equity-based compensation	9,640	7,158	8,031
Loss on early retirement of debt	762	0	0
Gain on remeasurement of co-investment	(330)	(210,555)	0
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets	(2,002)	32,007	(9,721)
Accounts payable, accrued liabilities, and operating lease liabilities	7,217	25,194	5,335
Other liabilities	(2,264)	(1,910)	2,735
Net cash provided by operating activities	1,074,423	1,068,305	980,064
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	(831,661)	(940,440)	(25,098)
Redevelopment	(81,619)	(70,572)	(72,577)
Development acquisitions of and additions to real estate under development	(61,878)	(2,874)	(7,872)
Capital expenditures on rental properties	(140,348)	(136,395)	(140,371)
Investments in notes receivable	(169,644)	(130,635)	(58,127)
Collections of notes and other receivables	84,801	33,504	0
Proceeds from insurance for property losses	3,522	2,299	3,431
Proceeds from dispositions of real estate	509,946	247,286	99,388
Contributions to co-investments	(33,752)	(34,073)	(37,405)
Changes in refundable deposits	8,000	(8,000)	10,200
Purchases of marketable securities	(25,515)	(1,002)	(20,780)
Sales and maturities of marketable securities	1,264	27,348	64,320
Non-operating distributions from co-investments	184,401	40,503	39,751
Net cash used in investing activities	(552,483)	(973,051)	(145,140)
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes	1,148,242	554,875	598,000
Payments on unsecured debt and mortgage notes	(808,611)	(403,108)	(302,429)
Proceeds from lines of credit and commercial paper	7,935,548	1,667,476	844,046
Repayments of lines of credit and commercial paper	(8,073,493)	(1,529,531)	(896,119)
Retirement of common units	0	0	(95,657)
Additions to deferred charges	(13,394)	(9,568)	(1,736)
Payments related to debt prepayment penalties	(697)	0	0
Net costs from issuance of common units	(391)	(296)	(347)
Net proceeds from stock options exercised	8,930	12,313	0
Payments related to tax withholding for share-based compensation	(8,114)	(3,217)	(3,825)
Distributions to noncontrolling interest	(9,498)	(56,582)	(8,558)
Redemptions of noncontrolling interest	(13,475)	(6,453)	(609)
Redemptions of redeemable noncontrolling interest	0	(521)	0
Common unit distributions paid	(677,247)	(645,130)	(610,037)
Net cash used in financing activities	(512,200)	(419,742)	(477,271)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents	9,740	(324,488)	357,653
Unrestricted and restricted cash and cash equivalents at beginning of year	75,846	400,334	42,681
Unrestricted and restricted cash and cash equivalents at end of year	85,586	75,846	400,334
Supplemental disclosure of cash flow information:
Cash paid for interest, net of capitalized interest	252,651	223,220	207,038
Interest capitalized	3,659	251	823
Operating cash flows from operating leases	6,431	6,934	6,962
Supplemental disclosure of noncash investing and financing activities:
Issuance of Operating Partnership units for contributed properties	0	24,930	0
Reclassifications (from) to redeemable noncontrolling interest (to) from additional paid in capital and noncontrolling interest	(2,209)	(835)	5,055
Leased assets obtained in exchange for new operating lease liabilities	2,727	0	0
Debt assumed in connection with acquisition	0	95,000	0
Debt financed by seller in connection with acquisition	$ 0	$ 11,000	$ 0

Organization	12 Months Ended
Organization	Dec. 31, 2025
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, 2025. 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 2,250,339 and 2,331,251 as of December 31, 2025 and 2024, respectively, and the redemption value of the OP Units, based on the closing price of the Company’s common stock, totaled $588.9 million and $665.4 million, as of December 31, 2025 and 2024, respectively. The Company has reserved shares of common stock for such conversions. As of December 31, 2025, the Company owned or had ownership interests in 259 operating apartment communities, comprising 63,077 apartment homes, excluding the Company’s ownership interests in preferred equity co-investments, loan investments, two operating commercial buildings and a development pipeline comprised of one consolidated project and various predevelopment projects. 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 Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

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 intercompany accounts and transactions have been eliminated in the consolidated financial statements. Certain reclassifications have been made to conform to the current year's presentation.

Noncontrolling interest includes the 3.4% and 3.5% limited partner interests in the Operating Partnership not held by the Company as of December 31, 2025 and 2024, respectively. These percentages include the Operating Partnership’s vested long-term incentive plan units (see Note 14, Equity Based Compensation Plans).

(b) Recently Adopted Accounting Pronouncements

In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 adopted ASU No. 2023-05 as of January 1, 2025. This adoption did not have a material impact on the Company’s consolidated results of operations or financial position.

In September 2025, the FASB issued ASU No. 2025-06 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”. ASU 2025-06 eliminates project stages and requires capitalizing software costs to begin when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. When evaluating if a project is probable to be completed, significant development uncertainty must be assessed. In addition, disclosures for property, plant and equipment will be required for all capitalized software costs. ASU 2025-06 will be effective for the Company beginning January 1, 2028 and early adoption is permitted. Upon adoption, the new standard may be applied prospectively, retrospectively or using a modified transition approach. The Company is currently evaluating the impact of ASU 2025-06 on its consolidated results of operations and financial position.

In July 2025, the FASB issued ASU No. 2025-05, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets”. ASU 2025-05 provides for a practical expedient that allows an entity to assume that conditions as of the balance sheet date will remain unchanged over the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets arising from revenue transactions from contracts with customers. ASU 2025-05 will be effective for the Company beginning January 1, 2026, with early adoption permitted, and is required to be applied prospectively. The Company has evaluated the impact of ASU 2025-05 and has determined that the ASU would not have a material impact on its consolidated results of operations or financial position.

In November 2024, the FASB issued ASU No. 2024-03 “Income Statement —Reporting Comprehensive Income —Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, and in January 2025, the FASB issued ASU No. 2025-01 “Income Statement —Reporting Comprehensive Income —Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date.” ASU 2024-03 requires disaggregated information for specified categories of expenses to be presented in the notes to the financial statements. ASU 2024-03, as clarified by ASU 2025-01, will be effective for the Company for annual periods beginning January 1, 2027 and interim periods beginning January 1, 2028. Early adoption is permitted. The new standards may be applied either prospectively, to financial statements issued after the effective date, or retrospectively, to all prior periods presented. The Company is currently evaluating the impact of these standards on its consolidated results of operations and financial position.

(d) 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 costs 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-market, below-market 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 its 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 is amortized to expense over the average remaining term of the leases acquired. The net carrying value of acquired in-place leases was $7.5 million and $7.7 million as of December 31, 2025 and 2024, 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 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, 2025 and 2024, 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, 2025, 2024 and 2023.

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.

(e) 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 the co-investment in the consolidated statements of income equal to the amount by which the fair value of the co-investment interest, using Level 2 inputs, exceeds the Company’s carrying value of the co-investment. 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. 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 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.

(f) 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 are 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.

(g) Cash, Cash Equivalents and Restricted Cash

Highly liquid investments 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):


	December 31,
	2025		2024		2023
Cash and cash equivalents - unrestricted	$	76,241	$	66,795	$	391,749
Cash and cash equivalents - restricted	9,345		9,051		8,585
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows	$	85,586	$	75,846	$	400,334

(h) 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 equity securities and Level 2 for the available for sale debt securities, as defined by the FASB standard for fair value measurements). As of both December 31, 2025 and 2024, less than $0.1 million of equity securities presented within common stock, preferred stock, and stock funds in the tables below represented investments measured at fair value, using net asset value as a practical expedient, and were not categorized in the fair value hierarchy.

Any unrealized gain or loss in debt securities classified as available for sale is recorded as other comprehensive income. Any realized and unrealized gain or loss in equity securities, realized gain in debt securities and interest income are included in interest and other income in the consolidated statements of income. There were no other-than-temporary impairment charges for the years ended December 31, 2025, 2024 and 2023.

As of December 31, 2025 and 2024, equity securities and available for sale debt securities consisted primarily of investment funds-debt securities, common stock, preferred stock and stock funds, U.S. Treasury and agency securities, certificates of deposit, corporate debt securities and municipal debt securities.

As of December 31, 2025 and 2024, marketable securities consisted of the following ($ in thousands):


	December 31, 2025
	Amortized Cost		Gross Unrealized Gain		Carrying Value
Equity securities:
Investment funds - debt securities	$	2,677	$	6	$	2,683
Common stock, preferred stock and stock funds	48,738		21,736		70,474

Available for sale debt securities:
U.S. Treasury and agency securities	10,186		103		10,289
Certificates of deposit	5,000		—		5,000
Corporate debt securities	8,954		105		9,059
Municipal debt securities	556		9		565


Total - Marketable securities	$	76,111	$	21,959	$	98,070


	December 31, 2024
	Amortized Cost		Gross Unrealized Gain (Loss)		Carrying Value
Equity securities:
Investment funds - debt securities	$	2,645	$	(67)	$	2,578
Common stock, preferred stock and stock funds	49,195		18,021		67,216




Total - Marketable securities	$	51,840	$	17,954	$	69,794

(i) 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.

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.

(j) 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 $26.2 million, $20.2 million and $19.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. The Company amortizes the capitalized costs over the useful life of the development.

(k) 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 balances. These inputs include interest rates for similar financial instruments. The Company’s valuation methodology for derivatives is described in Note 9, Derivative Instruments and Hedging Activities. 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, commercial paper and notes and other receivables approximate fair value as of December 31, 2025 and 2024, 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 the Company’s fixed rate debt with a carrying value of $5.9 billion and $5.8 billion as of December 31, 2025 and 2024, respectively, was approximately $5.8 billion and $5.5 billion, respectively. Management has estimated that the fair value of the Company’s $854.4 million and $752.3 million of variable rate debt as of December 31, 2025 and 2024, respectively, was approximately $853.2 million and $749.4 million, respectively, based on the terms of existing mortgage notes payable, unsecured debt, and lines of credit 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, 2025 and 2024 due to the short-term maturity of these instruments. Marketable securities are carried at fair value as of December 31, 2025 and 2024.

(l) 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. The Company’s interest rate swaps are considered cash flow hedges.

(m) Income Taxes

Generally in any year in which Essex qualifies as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (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 with respect to 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, 2025 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. A domestic taxable REIT subsidiary is subject to federal income tax as a regular C corporation. The taxable REIT subsidiaries are consolidated by the Company for financial reporting purposes. 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 for financial reporting purposes.

Cash dividends on Essex’s common stock for the years ended December 31, 2025, 2024 and 2023 were classified for federal income tax purposes as follows:


	Year Ended December 31,
	2025		2024		2023
Common Stock
Ordinary income	96.74	%	98.19	%	88.46	%
Capital gain	1.43	%	1.81	%	8.32	%
Unrecaptured section 1250 capital gain	1.83	%	—	%	3.22	%
	100.00	%	100.00	%	100.00	%

(n) 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, Equity Based Compensation Plans) are being amortized over the expected service periods.

(o) Changes in Accumulated Other Comprehensive Income, Net by Component

Essex Property Trust, Inc.

($ in thousands)


	Change in fair value of derivatives and amortization of swap settlements		Unrealized gain on available for sale debt securities		Total
Balance at December 31, 2024	$	24,655	$	—	$	24,655
Other comprehensive (loss) income before reclassification	(23,990)		236		(23,754)
Amounts reclassified from accumulated other comprehensive income	5,172		(26)		5,146
Other comprehensive (loss) income	(18,818)		210		(18,608)
Balance at December 31, 2025	$	5,837	$	210	$	6,047

Essex Portfolio, L.P.

($ in thousands)


	Change in fair value of derivatives and amortization of swap settlements		Unrealized gain on available for sale debt securities		Total
Balance at December 31, 2024	$	29,429	$	—	$	29,429
Other comprehensive (loss) income before reclassification	(24,863)		244		(24,619)
Amounts reclassified from accumulated other comprehensive income	5,355		(27)		5,328
Other comprehensive (loss) income	(19,508)		217		(19,291)
Balance at December 31, 2025	$	9,921	$	217	$	10,138

Amounts reclassified from accumulated other comprehensive income, net in connection with derivatives are recorded in interest expense in the consolidated statements of income. Realized gains and losses on available for sale debt securities are included in interest and other income on the consolidated statements of income.

(p) Redeemable Noncontrolling Interest

The carrying value of redeemable noncontrolling interest in the accompanying consolidated balance sheets was $28.3 million and $30.8 million as of December 31, 2025 and 2024, respectively. The limited partners may redeem their noncontrolling interests for cash in certain circumstances.

The changes in the redemption value of redeemable noncontrolling interest for the years ended December 31, 2025, 2024 and 2023 were as follows:


	2025		2024		2023
Balance at January 1,	$	30,849	$	32,205	$	27,150
Reclassifications due to change in redemption value and other	(2,209)		(835)		5,055
Redemptions	(377)		(521)		—

Balance at December 31,	$	28,263	$	30,849	$	32,205

(q) 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, 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.

(r) Variable Interest Entities

In accordance with accounting standards for consolidation of VIEs, the Company consolidated the Operating Partnership, 18 DownREIT entities (comprising ten communities), and four co-investments as of December 31, 2025. The Company consolidated the Operating Partnership, 18 DownREIT entities (comprising nine communities), and five co-investments as of December 31, 2024. The Company consolidated these entities because it was the primary beneficiary. Essex 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 $970.6 million and $242.5 million, respectively, as of December 31, 2025, and $893.0 million and $319.1 million, respectively, as of December 31, 2024. Noncontrolling interests in these entities were $101.2 million and $105.1 million as of December 31, 2025 and 2024, respectively. The Company’s financial risk in each VIE is limited to its equity investment in the VIE.

The DownREIT VIEs collectively own ten 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 892,572 and 914,505 as of December 31, 2025 and 2024, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled $233.6 million and $261.0 million, as of December 31, 2025 and 2024, respectively. The carrying value of redeemable noncontrolling interest in the accompanying balance sheets was $28.3 million and $30.8 million as of December 31, 2025 and 2024, respectively. Of these amounts, $8.9 million and $9.0 million as of December 31, 2025 and 2024, 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 $96.6 million and $96.9 million as of December 31, 2025 and 2024, and is classified within noncontrolling interests in the accompanying consolidated balance sheets.

Interest holders in VIEs consolidated by the Company are allocated a priority of net income equal to the cash payments made to those interest holders or distributions from cash flow. The remaining results of operations are generally allocated to the Company.

As of December 31, 2025 and 2024, the Company was not deemed to be the primary beneficiary of any other VIEs and did not have any VIEs of which it was not deemed to be the primary beneficiary.

(s) Gain Contingencies

Contingencies, commonly resulting from legal settlements, will periodically arise that may result in a gain. Gain contingencies are typically not recognized in the financial statements until all uncertainties related to the contingency have been resolved. In the case of legal settlements, the Company determines that all uncertainties have been resolved when cash or other consideration has been received by the Company. There were no material gains from legal settlements for the year ended December 31, 2025. For the year ended December 31, 2024, the Company settled two lawsuits related to construction defects at

two communities and received cash recoveries of $42.5 million. For the year ended December 31, 2023, the Company settled a lawsuit related to construction defects at one of its communities and received cash recovery of $7.7 million. The Company determined that all uncertainties were resolved upon receipt of cash and recorded a gain within interest and other income on the consolidated statements of income.

Real Estate Investments

12 Months Ended

Dec. 31, 2025

Real Estate Investments, Net [Abstract]

Real Estate Investments

(a) Acquisitions of Real Estate Interests

The table below summarizes acquisition activity for the year ended December 31, 2025 ($ in millions):


Property Name	Location	Date	Apartment Homes	Contract Price at Pro Rata Share
The Plaza	CA	Jan-25	307	$	161.4
One Hundred Grand	CA	Feb-25	166	105.3		(1)
ROEN Menlo Park	CA	Feb-25	146	78.8
Revere Campbell	CA	May-25	168	118.0		(1)
The Parc at Pruneyard	CA	May-25	252	122.5
ViO	CA	Sep-25	234	100.0
1250 Lakeside	CA	Nov-25	250	143.5

Total acquisitions			1,523	$	829.5

(1)One Hundred Grand and Revere Campbell replaced Highridge, an apartment home community owned by DownREIT entities that are consolidated by the Company, within the DownREIT structures of those entities pursuant to the like-kind exchange rules under Section 1031 of the Internal Revenue Code of 1986, as amended (“Section 1031 Exchange”).

The consolidated fair value of the acquisitions listed above was included on the Company’s consolidated balance sheets as follows: $156.1 million addition to land and land improvements, $670.7 million was included in buildings and improvements, and $7.3 million addition to prepaid expenses and other assets.

Acquisition activity for the year ended December 31, 2024 includes 13 apartment communities for a total pro-rata contract price of $849.4 million. The consolidated fair value of the acquisitions was included on the Company’s consolidated balance sheets as follows: $231.6 million addition to land and land improvements, $1,178.0 million was included in buildings and improvements, $9.0 million addition to prepaid expenses and other assets, $26.3 million addition to real estate under development, and $106.0 million addition to mortgage notes payable. A gain on remeasurement of co-investments for $210.6 million was recorded as 10 of the apartment communities were acquired from joint venture partners.

(b) Dispositions of Real Estate Interests

The table below summarizes disposition activity for the year ended December 31, 2025 ($ in millions):


Property Name	Location	Date	Apartment Homes	Sale Price at Pro Rata Share
Highridge	CA	Feb-25	255	$	127.0	(1)
Essex Skyline	CA	Apr-25	350	239.6		(2)
The Grand	CA	Jul-25	243	97.5		(3)
Fourth & U	CA	Sep-25	171	52.3		(4)
Total dispositions			1,019	$	516.4

(1)Highridge, an apartment home community owned by DownREIT entities that are consolidated by the Company, was replaced by One Hundred Grand and Revere Campbell within the DownREIT structures of those entities pursuant to a Section 1031 Exchange. The Company recognized a $111.0 million gain on sale of real estate and land in the consolidated statements of income. In conjunction with the sale, $69.6 million in debt associated with the property was paid off and the Company recorded a $0.8 million loss on early extinguishment of debt.

(2)The Company recognized a $126.2 million gain on sale of real estate and land in the consolidated statements of income.

(3)The Company recognized a $47.8 million gain on sale of real estate and land in the consolidated statements of income.

(4)The Company recognized a $14.5 million gain on sale of real estate and land in the consolidated statements of income.

For the year ended December 31, 2024, the Company sold its 81.5% interest in a consolidated co-investment, a 697-unit apartment home community, for a contract price of $252.4 million on a gross basis ($205.7 million at pro rata), resulting in a $175.6 million gain on sale of real estate and land in the consolidated statements of income.

For the year ended December 31, 2023, the Company sold an apartment community consisting of 239 apartment homes for $91.7 million, resulting in a gain on sale of $54.5 million. Additionally, the Company sold land that had been held for future development, for $8.7 million and recognized a gain on sale of $4.7 million.

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 home communities. The Company also invests in five unconsolidated technology co-investments with an aggregate commitment of $86.0 million as of December 31, 2025 and 2024, respectively. The unconsolidated technology co-investment balance of these investments was $74.7 million and $57.3 million as of December 31, 2025 and 2024, respectively.

In September 2025, Wesco V, LLC, a joint venture in which the Company owns a 50.0% interest, sold one of its apartment home communities named 8th & Republican for a total contract price of $94.9 million. The Company recorded a $5.2 million gain from the sale as equity income from co-investments within the consolidated statements of income.

The carrying values of the Company’s co-investments as of December 31, 2025 and 2024 were as follows ($ in thousands, except in parenthetical):


	Weighted Average Essex Ownership Percentage (1)	December 31,
		2025		2024
Ownership interest in:
Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI (2)	54%	$	73,002	$	147,232
BEX IV and 500 Folsom	50%	135,518		146,142
Other (2)	53%	95,851		86,089
Total operating and other co-investments, net		304,371		379,463

Total preferred equity co-investments (3) (includes related party investments of $52.8 million and $48.1 million as of December 31, 2025 and 2024, respectively. See Note 6, Related Party Transactions, for further discussion)		227,342		476,278
Total co-investments, net		$	531,713	$	855,741

(1)Weighted average Company ownership percentages are as of December 31, 2025.

(2)As of December 31, 2025 and 2024, the Company’s investments in Wesco I, Wesco III, Wesco IV, and Expo were classified as a liability of $98.8 million and $79.3 million, respectively, due to distributions received in excess of the Company’s investment. The weighted average Essex ownership percentage excludes the Company’s investments in non-core technology co-investments which are carried at fair value.

(3)Includes one preferred equity investment held by Wesco VII, LLC.

The combined summarized financial information of co-investments was as follows ($ in thousands):


	December 31,
	2025		2024
Combined balance sheets: (1)
Rental properties and real estate under development	$	3,220,390	$	4,094,826
Other assets	194,413		277,420
Total assets	$	3,414,803	$	4,372,246
Debt	$	2,412,106	$	3,001,303
Other liabilities	163,358		235,111
Equity	839,339		1,135,832
Total liabilities and equity	$	3,414,803	$	4,372,246


	Year Ended December 31,
	2025		2024		2023
Combined statements of income: (1)
Property revenues	$	332,330	$	390,850	$	409,910
Property operating expenses	(124,504)		(154,245)		(158,520)
Net operating income	207,826		236,605		251,390
Gain on sale of real estate	10,378		—		—
Interest expense	(104,097)		(142,601)		(154,038)
General and administrative	(17,237)		(21,157)		(20,594)

Depreciation and amortization	(138,729)		(167,875)		(174,028)
Net loss	$	(41,859)	$	(95,028)	$	(97,270)
Company’s share of net income (2)	$	35,464	$	48,206	$	10,561

(1)Includes preferred equity investments held by the Company and excludes investments in technology co-investments.

(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 $5.1 million, $4.6 million and $7.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Operating Co-investments

As of December 31, 2025 and 2024, the Company, through several co-investments, owned 7,483 and 7,694 apartment homes, respectively, in operating communities. The Company’s book value of these co-investments was $304.4 million and $379.5 million as of December 31, 2025 and 2024, respectively.

Predevelopment and Development Co-investments

As of December 31, 2025 and 2024, the Company did not have any projects in unconsolidated predevelopment or development communities.

Preferred Equity Investments

The Company holds preferred equity investment interests in several joint ventures which own real estate. Preferred equity investments are included in the co-investments line in the accompanying consolidated balance sheets. In the event of an acquisition of a controlling interest in a co-investment, the value recorded is determined in accordance with the Company's accounting policy for real estate property acquisitions.

As of December 31, 2025, the Company had 10 preferred equity investments with total commitments of $206.7 million, of which $171.7 million had been funded, with maturities ranging from March 2026 to September 2032, and a weighted average rate of return on the outstanding balances of 10.5%.

In November 2025, the Company repaid an $88.2 million senior mortgage associated with a $79.5 million preferred equity investment in TENTEN Downtown, a 376-unit apartment home community, located in Los Angeles, CA, and concurrently issued a default notice and assumed full managerial control. The community was consolidated on the Company’s financial statements with a valuation of $167.7 million.

In July 2025, the Company formed a new joint venture, Wesco VII, LLC (“Wesco VII”), with the State of Wisconsin Investment Board, for the purpose of investing in multifamily real estate projects. Each partner has an initial equity commitment of $50.0 million and holds a 50% ownership interest. The investment is recorded to co-investments in the consolidated balance sheets. Wesco VII subsequently funded a preferred equity investment of $42.6 million in a 480-unit apartment home community development located in California. The investment has an initial preferred return of 13.5% subject to adjustment upon the occurrence of specified events and mandatory redemption in July 2030.

In October 2024, the Company repaid a $72.0 million senior mortgage associated with a $22.7 million preferred equity investment in Artizan, a 241-unit stabilized apartment home community located in Oakland, CA, and subsequently issued a default notice to the third-party sponsor in January 2025, assumed full managerial control and consolidated the property with a valuation of $95.0 million. The Company recorded $0.3 million as a gain on remeasurement of co-investment in the consolidated statements of income.

The Company recorded $12.6 million, $3.7 million and $33.7 million of impairment loss from unconsolidated co-investments for the years ended December 31, 2025, 2024 and 2023, respectively, as a result of an other-than-temporary decrease in the fair value of the underlying real estate investment which is included in the equity income from co-investments line in the accompanying consolidated statements of income. The valuation for the underlying real estate investments was estimated using an income approach valuation technique.

During 2025, the Company received cash proceeds of $186.5 million from the redemption of eight preferred equity co-investments.

During 2024, the Company received cash proceeds of $58.8 million for the full redemption of two preferred equity investments and partial redemption of one preferred equity investment in joint ventures that hold properties located in Washington and California.

(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. The Company’s development pipeline is comprised of one consolidated development project and various predevelopment projects.

Revenues

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenues

Disaggregated Revenue

The following table presents the Company’s revenues disaggregated by revenue source for the periods presented ($ in thousands):


	Year Ended December 31,
	2025		2024		2023
Rental income	$	1,850,551	$	1,735,411	$	1,636,070
Other property	27,413		28,774		22,194
Management and other fees from affiliates	9,381		10,265		11,131
Total revenues	$	1,887,345	$	1,774,450	$	1,669,395

The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment for the periods presented ($ in thousands):


	Year Ended December 31,
	2025		2024		2023
Southern California	$	763,124	$	714,975	$	654,422
Northern California	760,821		663,825		628,880
Seattle Metro	313,410		295,002		282,092
Other real estate assets (1)	40,609		90,383		92,870
Total rental and other property revenues	$	1,877,964	$	1,764,185	$	1,658,264

(1)Other real estate assets consist of revenues 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 for the periods presented ($ in thousands):


	Year Ended December 31,
	2025		2024		2023
Same-property (1)	$	1,642,989	$	1,590,404	$	1,540,045
Acquisitions (2)	169,002		58,158		1,037


Non-residential/other, net (3)	64,952		115,644		119,725
Straight line rent concessions (4)	1,021		(21)		(2,543)
Total rental and other property revenues	$	1,877,964	$	1,764,185	$	1,658,264

(1)Same-property includes properties that have comparable stabilized results as of January 1, 2024 and are consolidated by the Company for the years ended December 31, 2025, 2024 and 2023. A community is considered to have reached 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, 2024.

(3)Non-residential/other, net consists of revenues 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.

(4)Represents straight-line concessions for residential operating communities. 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 $0.2 million and $0.3 million as of December 31, 2025 and 2024, respectively, and was included in accounts payable and accrued liabilities within the consolidated balance sheets. The amount of revenue recognized for the year ended December 31, 2025 that was included in the December 31, 2024 deferred revenue balance was $0.1 million, which was included in rental and other property revenue within the consolidated statements of 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 revenue recognition accounting standard. As of December 31, 2025, the Company had $0.2 million of remaining performance obligations. The Company expects to recognize approximately 74% of these remaining performance obligations in 2026 and the remaining 26% through 2027.

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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
-Subparagraph (c)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Notes and Other Receivables

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Notes and Other Receivables

Notes and other receivables consisted of the following as of December 31, 2025 and 2024 ($ in thousands):


	December 31,
	2025		2024
Note receivable, secured, bearing interest at 9.00%, due October 2026 (Originated October 2021)	$	64,193	$	60,538
Note receivable, secured, bearing interest at 12.00%, due January 2025 (Originated August 2022)	—		3,167
Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022)	43,941		39,187
Receivable from preferred equity investment sponsor (1)	—		72,002
Other receivables from affiliates (2)	5,215		5,646
Straight line rent receivables (3)	10,259		9,235
Other receivables	18,538		17,460
Allowance for credit losses	(555)		(529)
Total notes and other receivables	$	141,591	$	206,706

(1)In the fourth quarter of 2024, the Company repaid a $72.0 million senior mortgage associated with a preferred equity investment in Artizan, a 241-unit stabilized apartment home community located in Oakland, CA, and subsequently issued a default notice to the third-party sponsor in January 2025, assumed full managerial control and consolidated the property. See Note 3, Real Estate Investments, for additional details.

(2)These amounts consist of short-term loans outstanding and due from various joint ventures as of December 31, 2025 and 2024, respectively. See Note 6, Related Party Transactions, for additional details.

(3)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 receivable, secured for the periods presented ($ in thousands):


	Notes Receivable, Secured
Balance as of December 31, 2022	$	334
Provision for credit losses	353
Balance as of December 31, 2023	$	687
Provision for credit losses	(158)
Balance as of December 31, 2024	$	529
Provision for credit losses	26
Balance as of December 31, 2025	$	555

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2025
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 M. 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 New York Stock Exchange. For the years ended December 31, 2025, 2024 and 2023, the Company did not pay brokerage commissions related to real estate transactions to MMI and its affiliates. The Company charges certain fees relating to its co-investments for asset management, property management, development and redevelopment services. These fees from affiliates totaled $9.5 million, $11.1 million, and $12.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. All of these fees are net of intercompany amounts eliminated by the Company. The Company netted development and redevelopment fees of $0.2 million, $0.8 million, and $1.8 million against general and administrative expenses for the years ended December 31, 2025, 2024 and 2023, respectively. As described in Note 5, Notes and Other Receivables, the Company has provided short-term loans to affiliates. As of December 31, 2025 and 2024, $5.2 million and $5.6 million, respectively, of short-term loans remained outstanding due from joint venture affiliates and are classified within notes and other receivables in the consolidated balance sheets. In August 2025, the Company funded an $81.2 million related party bridge loan to Wesco I in connection with the payoff of a mortgage related to one of Wesco I’s properties located in Southern California. The note receivable accrued interest at 5.50% and was paid off at maturity in December 2025. In April 2024, the Company funded a $53.6 million related party bridge loan to BEX II in connection with the payoff of a mortgage associated with one of BEX II’s properties located in Southern California. The note receivable accrued interest at SOFR plus 1.50% and was scheduled to mature in September 2024. In September 2024, the maturity date of the loan was extended to October 2024 and settled following the purchase of the BEX II portfolio in October 2024. 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 accrues interest based on a 9.5% preferred return and is scheduled to mature in August 2027. In February 2019, the Company funded a $24.5 million preferred equity investment in an entity whose sponsor is an affiliate of MMC, which owns a multifamily development community located in Mountain View, CA. The investment initially accrued interest based on an 11.0% preferred return which was reduced to 9.0% upon completion and lease-up of the project. The investment was scheduled to mature in February 2024, but was paid off in December 2023. In October 2018, the Company funded an $18.6 million preferred equity investment in an entity whose sponsor is an affiliate of MMC. The entity wholly owns a 268-unit apartment home community development located in Burlingame, CA. The investment initially accrued interest based on a 12.0% preferred return which was reduced to 9.0% upon completion and lease-up of the project. In April 2023, the investment’s maturity date was extended from April 2024 to May 2026 with the investment accruing interest based on an 11.0% preferred return. In April 2023, the Company received cash of $11.2 million for the partial redemption of this preferred equity investment. In May 2018, the Company made a commitment to fund a $26.5 million preferred equity investment in an entity whose sponsors include an affiliate of MMC. The entity wholly owns a 400-unit apartment home community located in Ventura, CA. The investment accrued interest based on a 10.25% initial preferred return. The investment was scheduled to mature in May 2023. In November 2021, the Company received cash of $18.3 million for the partial redemption of this preferred equity investment resulting in a remaining total commitment of $13.0 million, and the maturity was extended to December 2028. As of December 31, 2025, $11.0 million of this commitment was funded and the Company accrues interest based on a 9.0% preferred return. The remaining unfunded commitment of $2.0 million expired in November 2024.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Unsecured Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Unsecured Debt

Essex does not have indebtedness as debt is incurred by the Operating Partnership. Essex guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities for the full term of the facilities.

Unsecured debt consisted of the following as of December 31, 2025 and 2024 ($ in thousands):


							Weighted Average Maturity In Years as of December 31, 2025


	December 31,
	2025			2024

Term loan - variable rate, net	$	596,668		$	298,571		4.7
Bonds public offering - fixed rate, net	5,419,253			5,175,217			7.1
Unsecured debt, net (1)	6,015,921			5,473,788
Lines of credit	—			137,945			N/A
Commercial paper	—			—			N/A
Total unsecured debt	$	6,015,921		$	5,611,733
Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering	3.7		%	3.4		%
Weighted average interest rate on variable rate term loan	4.1		%	4.2		%
Weighted average interest rate on lines of credit	4.8		%	5.7		%
Weighted average interest rate on commercial paper	—		%	N/A

(1)Includes unamortized discounts, net of premiums, of $3.6 million and unamortized premiums, net of discounts, of $0.1 million and unamortized debt issuance costs of $30.4 million and $26.3 million as of December 31, 2025 and 2024, respectively.

Term loan

In October 2022, the Operating Partnership obtained a $300.0 million unsecured term loan priced at Adjusted SOFR plus 0.85% with an original maturity date of October 2024 with three 12-month extension options, exercisable at the Company’s option. In September 2024, the Company exercised its first option, extending the maturity date to October 2025. In October 2025, the Company executed an amendment of its existing $300.0 million unsecured term loan to extend the maturity date from October 2027 to January 2031, inclusive of extension options exercisable at the Company’s option. The interest rate was reduced to SOFR plus 0.85% and is swapped to an all-in fixed rate of 4.2% and the swap has a termination date of October 2026.

In May 2025, the Operating Partnership obtained a new $300.0 million unsecured term loan priced at SOFR plus 0.85% which is based on a tiered rate structure tied to the Company’s long-term unsecured credit rating with a one-year delayed draw feature. The Company may elect to increase this facility by up to an additional $300.0 million, to an aggregate size of $600.0 million, if the lenders permit. This term loan is scheduled to mature in May 2028, with two one-year extension options, exercisable at the option of the Company. As of December 31, 2025, the Company had drawn $300.0 million on the new term loan facility. The Company has entered into floating-to-fixed interest rate swaps to fix the interest rate for $197.5 million of the new term loan facility to an all-in rate of 4.1%.

Bonds public offering

In December 2025, the Operating Partnership issued $350.0 million of senior unsecured notes due on February 15, 2036 with a coupon rate of 4.875% per annum (the “2036 Notes”), which are payable on February 15 and August 15 of each year, beginning on August 15, 2025. The 2036 Notes were offered to investors at a price of 99.093% of the principal amount. The Company intends to use the net proceeds of this offering to repay upcoming debt maturities, including to fund a portion of the repayment of the Company’s $450.0 million aggregate principal amount outstanding of 3.375% senior notes due April 2026, and for other general corporate and working capital purposes, which may include the funding of potential acquisition opportunities. These proceeds initially may be used to fund the repayment of outstanding indebtedness under the Company’s commercial paper program and unsecured credit facilities and/or invested in short-term securities. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2025, and 2024, the carrying value of the 2036 Notes, net of discount and debt issuance costs, was $344.0 million and zero, respectively.

In February 2025, the Operating Partnership issued $400.0 million of senior unsecured notes due on April 1, 2035 with a coupon rate of 5.375% per annum (the “2035 Notes”), which are payable on April 1 and October 1 of each year, beginning on October 1, 2025. The 2035 Notes were offered to investors at a price of 99.604% of the principal amount. The Company used the net proceeds of this offering to repay the Company’s $500.0 million senior unsecured notes at maturity in April 2025. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2025, and 2024, the carrying value of the 2035 Notes, net of discount and debt issuance costs, was $395.0 million and zero, respectively.

In March 2024, the Operating Partnership issued $350.0 million of senior unsecured notes due on April 1, 2034 with a coupon rate of 5.500% per annum (the “2034 Notes”), which are payable on April 1 and October 1 of each year, beginning on October 1, 2024. The 2034 Notes were offered to investors at a price of 99.752% of the principal amount. In May 2024, the Company repaid its $400.0 million unsecured notes, due May 1, 2024, at maturity. In August 2024, the Operating Partnership issued an additional $200.0 million of the 2034 Notes at a price of 102.871% of the principal amount, plus accrued interest from and including March 2024, up to, but excluding, the settlement date of August 21, 2024, with an effective yield of 5.110% per annum. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2025, and 2024, the carrying value of the 2034 Notes, net of discount and debt issuance costs, was $549.9 million and $549.8 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, 2025, and 2024, the carrying value of the June 2031 Notes, net of discount and debt issuance costs, was $297.6 million and $297.1 million, respectively.

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, 2025, and 2024, the carrying value of the 2028 Notes, net of discount and debt issuance costs, was $448.2 million and $447.2 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, 2025, and 2024, the carrying value of the 2032 Notes, net of premiums and debt issuance costs, was $650.5 million and $650.6 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 $297.2 million and $296.3 million, respectively as of December 31, 2025, and $296.7 million and $296.1 million, respectively as of December 31, 2024.

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, 2025, and 2024, the carrying value of the 2030 Notes, net of discount and debt issuance costs, was $547.0 million and $546.2 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, 2025, and 2024, the carrying value of the 2029 Notes, net of discount and debt issuance costs was $498.0 million and $497.3 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, 2025 and 2024, the carrying value of the 2048 Notes, net of discount and debt issuance costs was $296.5 million and $296.4 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, 2025 and 2024, the carrying value of the 2027 Notes, net of discount and debt issuance costs was $349.3 million and $348.8 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 and October 15 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, 2025 and 2024, the carrying value of the 2026 Notes, net of discount and debt issuance costs was $449.8 million and $449.1 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 and October 1 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. In April 2025, the Company

repaid the 2025 Notes at maturity. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2024, the carrying value of the 2025 Notes, net of discount and debt issuance costs was $499.9 million.

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 were payable on May 1 and November 1 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 were general unsecured senior obligations of the Operating Partnership, ranked equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and were 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 had no amount outstanding as of December 31, 2025 and 2024, respectively.

The following is a summary of the Company’s senior unsecured notes as of December 31, 2025 and 2024 ($ in thousands):


	December 31,
Maturity	2025		2024		Coupon Rate
April 2025	$	—	$	500,000	3.500%
April 2026	450,000		450,000		3.375%
May 2027	350,000		350,000		3.625%
March 2028	450,000		450,000		1.700%
March 2029	500,000		500,000		4.000%
January 2030	550,000		550,000		3.000%
January 2031	300,000		300,000		1.650%
June 2031	300,000		300,000		2.550%
March 2032	650,000		650,000		2.650%
April 2034	550,000		550,000		5.500%
April 2035	400,000		—		5.375%
February 2036	350,000		—		4.875%
March 2048	300,000		300,000		4.500%
September 2050	300,000		300,000		2.650%
Total	$	5,450,000	$	5,200,000

The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit and commercial paper, as of December 31, 2025 were as follows ($ in thousands):


2026	$	450,000
2027	350,000
2028	450,000
2029	500,000
2030	850,000
Thereafter	3,450,000
Total	$	6,050,000

Line of credit

As of December 31, 2025, the Company had two unsecured lines of credit aggregating $1.58 billion, including a $1.5 billion unsecured line of credit and a $75.0 million working capital unsecured line of credit. This amount excludes unamortized debt issuance costs of $7.3 million and $6.2 million as of December 31, 2025 and 2024, respectively. These debt issuance costs are included in prepaid expenses and other assets in the consolidated balance sheets.

As of December 31, 2025 and 2024, there was no amount and $75.0 million outstanding on the $1.5 billion unsecured line of credit, respectively. As of December 31, 2025, this credit facility had an interest rate at the SOFR plus 0.775%, which is based on a tiered rate structure tied to the Company’s long-term unsecured credit ratings and a scheduled maturity of January 2030 with two six-month extension options, exercisable at the Company’s option. In July 2025, the Company amended this revolving credit facility increasing the borrowing capacity from $1.2 billion to $1.5 billion and extended its maturity from January 2029 to January 2030. The Company may elect to increase the facility by up to an additional $1.0 billion, to an aggregate size of $2.5 billion, if the lenders permit.

As of December 31, 2025 and 2024, there was no amount and $62.9 million outstanding on the Company’s $75.0 million working capital unsecured line of credit, respectively. As of December 31, 2025, this working capital unsecured line of credit had an interest rate of Adjusted SOFR plus 0.775%, which is based on a tiered rate structure tied to the Company’s long-term unsecured credit ratings. Prior to its maturity in July 2024 the line of credit facility was amended such that the line’s capacity was increased from $35.0 million to $75.0 million and the scheduled maturity date was extended to July 2026.

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, 2025 and 2024.

Commercial paper

In May 2025, the Operating Partnership established an unsecured commercial paper program (the “Commercial Paper Program”) to issue unsecured commercial paper notes with varying maturities up to 397 days from the date of issue (the “Notes”). Amounts available under the Commercial Paper Program may be borrowed, repaid and re-borrowed from time to time, with the maximum aggregate face or principal amount outstanding at any one time not exceeding $750.0 million. The Company’s $1.5 billion unsecured line of credit facility serves as a liquidity backstop and any issuances under the Commercial Paper Program reduce the available borrowing capacity. The Notes will rank equally in right of payment with all other senior unsecured senior obligations of the Operating Partnership and are unconditionally guaranteed by the Company. The Company expects to use the proceeds of the Notes for general corporate purposes and working capital purposes. As of December 31, 2025, the Company had no amount outstanding on the unsecured commercial paper program. The commercial paper balance excludes unamortized debt issuance of $0.4 million as of December 31, 2025, and are included in prepaid expenses and other assets in the consolidated balance sheets.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Mortgage Notes Payable

12 Months Ended

Dec. 31, 2025

Notes Payable [Abstract]

Mortgage Notes Payable

Essex does not have any indebtedness as all debt is incurred by the Operating Partnership. Mortgage notes payable consisted of the following as of December 31, 2025 and 2024 ($ in thousands):


	December 31,
	2025			2024
Fixed rate mortgage notes payable	$	526,662		$	674,092
Variable rate mortgage notes payable (1)	257,686			315,792
Total mortgage notes payable (2)	$	784,348		$	989,884
Number of properties securing mortgage notes	14			19
Remaining terms	1-21 years			1-22 years
Weighted average interest rate	4.4		%	4.2		%

The aggregate scheduled principal payments of mortgage notes payable as of December 31, 2025 were as follows ($ in thousands):


2026	$	99,405
2027	84,397
2028	68,332
2029	1,456
2030	66,592
Thereafter	466,889
Total	$	787,071

(1)Variable rate mortgage notes payable, including $258.8 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 (approximately 3.6% as of December 2025 and 4.2% as of December 2024) 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 September 2026 through December 2046. In October 2024, the Company assumed $95.0 million of variable rate secured loans as part of its acquisition of its joint venture partner’s interests in the BEX II portfolio. The $95.0 million was paid off in September 2025.

(2)Includes total unamortized discount of $0.2 million and reduced by unamortized debt issuance costs of $2.5 million and $2.6 million as of December 31, 2025 and 2024, respectively.

For the Company’s mortgage notes payable as of December 31, 2025, monthly interest expense and principal amortization, excluding balloon payments, totaled approximately $3.5 million and $0.2 million, respectively. Repayment of debt before the scheduled maturity date could result in prepayment penalties. The prepayment penalty on the majority of the Company’s mortgage notes payable is 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.

Derivative Instruments and Hedging Activities	12 Months Ended
Derivative Instruments and Hedging Activities	Dec. 31, 2025
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. The Company has two unsecured term loans with an outstanding balance of $600.0 million as of December 31, 2025. The Company has five interest rate swap contracts with an aggregate notional amount of $497.5 million that effectively fixed the interest rate on the $600.0 million unsecured term loans at 4.1%. The Company has two forward starting interest rate contracts with an aggregate notional amount of $150.0 million which will be effective at a future date. These derivatives qualify for hedge accounting. In April 2025, the Company entered into three interest rate swap contracts related to the $300.0 million unsecured term loan entered into in May 2025. In September 2025, the Company had a $47.5 million interest rate swap related to debt that was paid off and subsequently applied the swap to this term loan. In September 2022, the Company entered into one 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 June 2025, the Company entered into a $50.0 million forward starting interest rate swap that effectively fixes $50.0 million of this term loan which will be effective at a future date. In December 2025, the Company entered into a $100.0 million forward starting interest rate swap that effectively fixes $100.0 million of this term loan which will be effective at a future date. As of December 31, 2025 and 2024, the aggregate carrying value of the interest rate swap contracts was an asset of $2.0 million and $5.5 million, respectively, included in prepaid expenses and other assets in the consolidated balance sheets. The Company has five total return swap contracts, with an aggregate notional amount of $258.8 million that effectively convert 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 five total return swaps with $258.8 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, 2025 and 2024, respectively. The Company’s total return swaps are scheduled to mature between December 2027 and September 2035. Realized gains of $4.7 million, $3.1 million, and $3.1 million for the years ended December 31, 2025, 2024 and 2023, respectively, were reported in the consolidated statements of income as total return swap income.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Lease Agreements - Company as Lessor

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Lease Agreements - Company as Lessor

As of December 31, 2025, the Company is a lessor of apartment homes at all of its consolidated operating and lease-up communities, two 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 offered 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 commercial lease renewal options are subject to associated increases in rental rates due to market based or fixed prices and certain other conditions. 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, 2025 is summarized as follows ($ in thousands):


	Future Minimum Rent
2026	$	891,434
2027	19,955
2028	16,913
2029	14,034
2030	7,044
Thereafter	16,055
Total	$	965,435

Practical Expedients

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 Lessee

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Lease Agreements - Company as Lessee

As of December 31, 2025, the Company is a lessee of corporate office space, ground leases and a parking lease associated with various consolidated properties and equipment. The Company has three office leases with lease expiration dates ranging from 2026 to 2030, and seven ground leases and the parking lease with lease expiration dates ranging from 2027 to 2083. 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, 2025 and 2024, the Company had no material finance leases.

Supplemental consolidated balance sheet information related to leases as of December 31, 2025 and 2024 was as follows ($ in thousands):


	December 31,
	2025		2024
Assets
Operating lease right-of-use assets	$	50,833	$	51,556

Total leased assets	$	50,833	$	51,556

Liabilities
Operating lease liabilities	$	51,487	$	52,473

Total lease liabilities	$	51,487	$	52,473

The components of lease expense for the years ended December 31, 2025, 2024 and 2023 were as follows ($ in thousands):


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	6,131	$	6,480	$	6,789
Variable lease cost	2,069		1,980		1,961



Short-term lease cost	90		183		186
Sublease income	(144)		(560)		(500)
Total lease cost	$	8,146	$	8,083	$	8,436

A maturity analysis of lease liabilities as of December 31, 2025 is as follows ($ in thousands):


	Operating Leases
2026	$	6,280
2027	3,750
2028	2,765
2029	2,756
2030	2,733
Thereafter	103,678
Total lease payments	$	121,962
Less: Imputed interest	(70,475)
Present value of lease liabilities	$	51,487

Lease term and discount rate information for leases as of December 31, 2025 and 2024 was as follows:


	December 31,
	2025		2024
Weighted-average of remaining lease terms (years)
Operating Leases	40		41

Weighted-average of discount rates
Operating Leases	5.08	%	5.04	%

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	12 Months Ended
Equity Transactions	Dec. 31, 2025
Equity [Abstract]
Equity Transactions	Equity Transactions At-the-market Equity Program In August 2024, the Company entered into a new equity distribution agreement pursuant to which the Company may, at its discretion, offer and sell shares of its common stock having an aggregate gross sales price of up to $900.0 million (the “2024 ATM Program”). The Company may also enter into forward sales agreements of its common stock, set the price, and defer receipt of proceeds until a later date. The 2024 ATM Program replaced the prior equity distribution agreement entered into in September 2021 (the “2021 ATM Program”), which was terminated upon the establishment of the 2024 ATM Program. For the years ended December 31, 2025 and 2024, the Company did not sell any shares of its common stock through the 2024 ATM Program nor the 2021 ATM Program. During the year ended December 31, 2025, the Company entered into forward sale agreements with certain financial institutions acting as forward purchasers under the 2024 ATM Program with respect to 52,600 shares of common stock at an initial gross weighted average forward price of $314.06 per share, which are to be settled by September 2026. The Company did not enter into any forward sale agreements during the year ended December 31, 2024. As of December 31, 2025, a total of $900.0 million of shares remain available to be sold under the 2024 ATM Program, pending the settlement of outstanding forward sale agreements. Operating Partnership Units and Long-Term Incentive Plan (“LTIP”) Units As of December 31, 2025 and 2024, the Operating Partnership had outstanding 2,195,792 and 2,263,756 OP Units respectively. As of December 31, 2025 and 2024 the Operating Partnership had 54,547 and 67,495 vested LTIP units respectively. The Operating Partnership’s general partner, Essex, owned 96.6% and 96.5% of the partnership interests in the Operating Partnership as of December 31, 2025 and 2024, respectively, 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 interests 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 $588.9 million and $665.4 million based on the closing price of Essex’s common stock as of December 31, 2025 and 2024, respectively. In September 2024, as part of the acquisition of its joint venture partner’s 50% common equity interest in Century Towers, the Company issued 81,737 OP Units at an agreed upon price of $305 per unit.

- Definition

The entire disclosure for equity.

+ References

+ Details

Net Income Per Common Share and Net Income Per Common Unit

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income Per Common Share and Net Income Per Common Unit

Essex Property Trust, Inc.

Basic and diluted income per share was calculated as follows ($ in thousands, except per share amounts):


	Year Ended December 31,
	2025					2024					2023
	Income		Weighted- average Common Shares	Per Common Share Amount		Income		Weighted- average Common Shares	Per Common Share Amount		Income		Weighted- average Common Shares	Per Common Share Amount
Basic:
Net income available to common stockholders	$	669,666	64,379,418	$	10.40	$	741,522	64,228,356	$	11.55	$	405,825	64,252,232	$	6.32
Effect of dilutive securities
Stock options	—		20,041			—		22,878			—		1,153

Diluted:
Net income available to common stockholders	$	669,666	64,399,459	$	10.40	$	741,522	64,251,234	$	11.54	$	405,825	64,253,385	$	6.32

The table above excludes from the calculations of diluted earnings per share weighted average convertible OP Units of 2,270,190, 2,282,675 and 2,261,071, which include vested 2014 Long-Term Incentive Plan Units and 2015 Long-Term Incentive Plan Units, for the years ended December 31, 2025, 2024 and 2023, respectively, because they were anti-dilutive. The related income allocated to these convertible OP Units aggregated $23.6 million, $26.4 million and $14.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Stock options of 253,048, 265,378, and 508,276 for the years ended December 31, 2025, 2024 and 2023, 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 those years ended and, therefore, were anti-dilutive.

Essex Portfolio, L.P.

Basic and diluted income per unit was calculated as follows ($ in thousands, except per unit amounts):


	Year Ended December 31,
	2025					2024					2023
	Income		Weighted- average Common Units	Per Common Unit Amount		Income		Weighted- average Common Units	Per Common Unit Amount		Income		Weighted- average Common Units	Per Common Unit Amount
Basic:
Net income available to common unitholders	$	693,315	66,649,608	$	10.40	$	767,936	66,511,030	$	11.55	$	420,109	66,513,303	$	6.32
Effect of dilutive securities
Stock options	—		20,041			—		22,878			—		1,153

Diluted:
Net income available to common unitholders	$	693,315	66,669,649	$	10.40	$	767,936	66,533,908	$	11.54	$	420,109	66,514,456	$	6.32

Stock options of 253,048, 265,378, and 508,276, for the years ended December 31, 2025, 2024 and 2023, respectively, were excluded from the calculation of diluted earnings per unit because the assumed proceeds per unit of these options plus the average unearned compensation were greater than the average market price of the common unit for those years ended and, therefore, were anti-dilutive.

Equity Based Compensation Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Equity Based Compensation Plans

2018 Plan

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”) with administration authority granted to the Company’s Compensation Committee. 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 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.

Costs for stock options and restricted stock awards under the fair value method totaled $10.2 million, $7.7 million, and $12.1 million for years ended December 31, 2025, 2024 and 2023, respectively. For the year ended December 31, 2023, costs included $3.5 million related to restricted stock awards for bonuses awarded based on asset dispositions, which is recorded as a cost of real estate and land sold, respectively. Stock-based compensation expense from stock options and restricted stock awards issued to recipients who are direct and incremental to projects under development were capitalized and totaled $0.6 million, $0.5 million, and $0.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. The intrinsic value of stock options exercised totaled $3.5 million, $4.5 million, and zero, for the years ended December 31, 2025, 2024 and 2023 respectively. The intrinsic value of stock options exercisable totaled $2.8 million and $9.5 million as of December 31, 2025 and 2024, respectively.

Restricted stock awards

The Company estimates the fair value of certain restricted stock awards on the grant date using a Monte Carlo simulation based upon total shareholder return metrics, the trailing 20-day average stock price, dividend yields and expected volatility rates. Stock-based compensation expense for restricted stock awards having performance-based conditions is recognized over the requisite service period when the conditions become probable of achievement. Service-based conditions include vesting periods of three years or less and are forfeited if required conditions are not met.

The following table summarizes information about the Company’s restricted stock awards:


	Year Ended December 31,
	2025			2024			2023
	Shares	Weighted- average grant date fair value		Shares	Weighted- average grant date fair value		Shares	Weighted- average grant date fair value
Unvested at beginning of year	101,929	$	211.27	101,701	$	197.22	182,915	$	222.90
Granted	57,550	260.90		52,300	212.02		2,315	220.40
Vested	(61,477)	218.50		(24,002)	187.32		(37,075)	247.07
Forfeited and canceled	(2,855)	235.94		(28,070)	182.25		(46,454)	259.71
Unvested at end of year	95,147	$	235.88	101,929	$	211.27	101,701	$	197.22

The unrecognized compensation cost related to unvested restricted stock totaled $15.4 million as of December 31, 2025 and is expected to be recognized over a period of 1.7 years.

Stock option awards

The Company estimates the fair value of stock option grants on the date of grant using the Black-Scholes option pricing model. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. Stock options are granted with an exercise price not less than 100% of the estimated fair value of the shares on the date of grant and generally have a contractual life of 10 years. Awards subject to service-based conditions include vesting periods of three years or less and are forfeited if required conditions are not met.

There were no unrecognized compensation costs and all stock options were vested as of December 31, 2025. No stock options were granted during the years ended December 31, 2025 and 2024.

The average fair value of stock options granted for the year ended December 31, 2023 was $21.24. Stock options granted in 2023 include a $100 cap on the appreciation of the market price over the exercise price. Stock options have the following weighted average assumptions:


	2025		2024		2023
Stock price	$	—	$	—	$	216.31
Risk-free interest rates	—		—		4.06		%
Expected lives	—		—		6 years
Volatility	—		—		36.00		%
Dividend yield	—		—		3.30		%

The following table summarizes information about the Company’s stock options:


	Year Ended December 31,
	2025			2024			2023
	Options	Weighted- average exercise price		Options	Weighted- average exercise price		Options	Weighted- average exercise price
Outstanding at beginning of year	471,383	$	280.11	530,812	$	273.51	487,446	$	279.46
Granted	—	—		—	—		49,908	216.31
Exercised	(41,408)	215.65		(56,304)	218.68		—	—
Forfeited and canceled	(10,286)	327.52		(3,125)	266.21		(6,542)	280.21
Outstanding at end of year	419,689	$	285.31	471,383	$	280.11	530,812	$	273.51
Exercisable at year end	419,689	$	285.31	453,240	$	282.73	417,739	$	282.30

Long-Term Incentive Plans

2015 Plan

In December 2014, the Operating Partnership issued 2015 Long-Term Incentive Plan award units to executives of the Company. The awards are subject to forfeiture based on performance-based and service-based conditions. The awards that are subject to vesting, vested at 20% per year on each of the first five anniversaries of the initial grant date. The performance conditions measurement ended in December 2015 with unearned awards automatically forfeit. Additional awards were granted subject only to performance-based criteria and were fully vested on the date granted. Awards are convertible one-for-one into OP Units which, in turn, are convertible into common stock of the Company.

The estimated fair value of the awards was determined on the grant date using Monte Carlo simulations under a risk-neutral premise and considered the Company’s stock price on the date of grant, unpaid dividends on unvested awards and a discount factor for ten years of illiquidity.

2014 Plan

In December 2013, the Operating Partnership issued 2014 Long-Term Incentive Plan award units to executives of the Company. The awards are subject to forfeiture based on performance-based and service-based conditions. The awards vested at 25% per year on each of the first four anniversaries of the initial grant date. In December 2014, the Company achieved the performance criteria and all of the performance-based awards were earned by the recipients, subject to satisfaction of service-based vesting conditions. Awards are convertible one-for-one into OP Units which, in turn, are convertible into common stock of the Company.

The following table summarizes information about the Company’s 2015 and 2014 LTIP awards:


	Total Vested and Outstanding Units	Weighted- average Grant-date Fair Value
Balance as of December 31, 2023	97,637	$	86.16
Converted	(30,142)
Balance as of December 31, 2024	67,495	$	85.80
Converted	(12,948)
Balance as of December 31, 2025	54,547	$	85.60

There was no equity-based compensation costs and total unrecognized compensation costs for the 2015 and 2014 Plan awards for the years ended December 31, 2025, 2024 and 2023. The intrinsic value of vested awards totaled $14.3 million as of December 31, 2025.

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

The Company’s segment disclosures present the measure used by the chief operating decision maker (“CODM”) for purposes of assessing each segment’s performance. The Company’s CODM is a group comprised of its Chief Executive Officer, Chief Financial Officer, Chief Administrative Officer, and Chief Investment Officer, 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 CODM 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 (loss). Other real estate assets revenues, property operating expenses, including real estate taxes, and NOI included in the following schedule consist of revenues generated from retail space, commercial properties, held for sale properties, disposition properties and straight-line adjustments for concessions. Executive management does not evaluate such operating performance geographically. 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, 2025, 2024 and 2023 ($ in thousands):


	Year Ended December 31,
	2025						2024						2023
	Rental and other property revenue		Property operating expenses, including real estate taxes		Net operating income		Rental and other property revenue		Property operating expenses, including real estate taxes		Net operating income		Rental and other property revenue		Property operating expenses, including real estate taxes		Net operating income
Southern California	$	763,124	$	225,015	$	538,109	$	714,975	$	208,380	$	506,595	$	654,422	$	190,897	$	463,525
Northern California	760,821		235,979		524,842		663,825		202,059		461,766		628,880		188,041		440,839
Seattle Metro	313,410		90,967		222,443		295,002		87,558		207,444		282,092		81,334		200,758
Other real estate assets	40,609		7,025		33,584		90,383		23,539		66,844		92,870		27,486		65,384
Total	$	1,877,964	$	558,986	$	1,318,978	$	1,764,185	$	521,536	$	1,242,649	$	1,658,264	$	487,758	$	1,170,506

Total net operating income					$	1,318,978					$	1,242,649					$	1,170,506
Management and other fees from affiliates					9,381						10,265						11,131
Corporate-level property management expenses					(49,052)						(46,208)						(43,593)
Depreciation and amortization					(607,542)						(580,220)						(548,438)
General and administrative					(71,948)						(98,902)						(63,474)

Expensed acquisition and investment related costs					(25)						(72)						(595)
Casualty loss					—						—						(433)
Gain on sale of real estate and land					299,524						175,583						59,238
Interest expense					(258,404)						(235,529)						(212,905)
Total return swap income					4,729						3,099						3,148
Interest and other income					20,004						80,951						46,259
Equity income from co-investments					35,464						48,206						10,561

Tax benefit (expense) on unconsolidated co-investments					2,096						929						(697)
Loss on early retirement of debt					(762)						—						—
Gain on remeasurement of co-investment					330						210,555						—
Net income					$	702,773					$	811,306					$	430,708

Total assets for each of the reportable operating segments as of December 31, 2025 and 2024 are summarized as follows ($ in thousands):


	December 31,
	2025		2024
Assets:
Southern California	$	4,194,554	$	4,162,462
Northern California	6,136,977		5,414,689
Seattle Metro	1,412,405		1,460,865
Other real estate assets (1)	160,646		400,884
Net reportable operating segments - real estate assets	11,904,582		11,438,900
Real estate under development	157,122		52,682
Co-investments	630,550		935,014

Cash and cash equivalents, including restricted cash	85,586		75,846
Marketable securities	98,070		69,794
Notes and other receivables	141,591		206,706
Operating lease right-of-use assets	50,833		51,556
Prepaid expenses and other assets	90,675		96,861
Total assets	$	13,159,009	$	12,927,359

(1) Includes retail space, commercial properties, held for sale properties and disposition properties.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

401(k) Plan	12 Months Ended
401(k) Plan	Dec. 31, 2025
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 IRC. The Company matches 50% of the employee contributions up to a specified maximum. Company contributions to the Plan were $4.0 million, $3.8 million, and $3.8 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
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 IRC, 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, 2025, 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 for certain properties. Additionally, PWI provides 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, 2025, PWI had cash and marketable securities of $106.7 million. These assets were consolidated in the Company’s financial statements. For all remaining consolidated properties and selected assets with the Company’s co-investments, the Company has obtained limited third party seismic insurance. 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 is vigorously defending against these lawsuits. 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 and the Company believes it will have 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.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Form 10-K, and determined that there have been no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2025

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
101 San Fernando	323	San Jose, CA	$	37,681	$	4,173	$	58,961	$	23,239	$	4,173	$	82,200	$	86,373	$	(47,536)	2001	Jul-10	3-30
Belmont Station	275	Los Angeles, CA	29,361		8,100		66,666		11,984		8,267		78,483		86,750		(48,159)		2009	Mar-09	3-30
Brio	300	Walnut Creek, CA	64,860		16,885		151,741		5,796		16,885		157,537		174,422		(38,823)		2015	Jun-19	3-30
Fountain Park	705	Playa Vista, CA	83,135		25,073		94,980		50,647		25,203		145,497		170,700		(109,028)		2002	Feb-04	3-30
Lawrence Station	336	Sunnyvale, CA	76,925		45,532		106,735		8,367		45,532		115,102		160,634		(51,465)		2012	Apr-14	5-30
Magnolia Square/Magnolia Lane (2)	188	Sunnyvale, CA	52,465		8,190		24,736		20,412		8,191		45,147		53,338		(33,965)		1963	Sep-07	3-30
Marquis	166	San Jose, CA	45,601		20,495		47,823		3,731		20,495		51,554		72,049		(12,731)		2015	Dec-18	3-30
Paragon	301	Fremont, CA	59,232		32,230		77,320		7,552		32,230		84,872		117,102		(33,369)		2013	Jul-14	3-30
Sage at Cupertino	230	San Jose, CA	51,917		35,719		53,449		17,222		35,719		70,671		106,390		(26,859)		1971	Mar-17	3-30
The Barkley (3)	161	Anaheim, CA	14,958		—		8,520		10,294		2,353		16,461		18,814		(14,676)		1984	Apr-00	3-30
The Commons	264	Campbell, CA	57,765		12,555		29,307		14,675		12,556		43,981		56,537		(26,334)		1973	Jul-10	3-30
The Dylan	184	West Hollywood, CA	56,286		19,984		82,286		7,322		19,990		89,602		109,592		(33,847)		2015	Mar-15	3-30
The Galloway	506	Pleasanton, CA	102,939		32,966		184,499		10,840		32,966		195,339		228,305		(42,736)		2016	Jan-20	3-30
The Huxley	187	West Hollywood, CA	51,222		19,362		75,641		8,466		19,371		84,098		103,469		(31,925)		2014	Mar-15	3-30
	4,126		$	784,347	$	281,264	$	1,062,664	$	200,547	$	283,931	$	1,260,544	$	1,544,475	$	(551,453)

Unencumbered Communities
1250 Lakeside	250	Sunnyvale, CA	$	—	$	15,104	$	128,290	$	8	$	15,104	$	128,298	$	143,402	$	(555)	2021	Nov-25	3-30
Agora	49	Walnut Creek, CA	—		4,932		60,423		3,391		4,934		63,812		68,746		(13,274)		2016	Jan-20	3-30
Alessio	624	Los Angeles, CA	—		32,136		128,543		28,316		32,136		156,859		188,995		(71,301)		2001	Apr-14	5-30
Allegro	97	Valley Village, CA	—		5,869		23,977		4,543		5,869		28,520		34,389		(16,423)		2010	Oct-10	3-30
Allure at Scripps Ranch	194	San Diego, CA	—		11,923		47,690		7,043		11,923		54,733		66,656		(22,720)		2002	Apr-14	5-30
Alpine Village	301	Alpine, CA	—		4,967		19,728		18,911		4,982		38,624		43,606		(27,056)		1971	Dec-02	3-30
Annaliese	56	Seattle, WA	—		4,727		14,229		1,365		4,726		15,595		20,321		(7,121)		2009	Jan-13	3-30
Apex	367	Milpitas, CA	—		44,240		103,251		14,518		44,240		117,769		162,009		(47,685)		2014	Aug-14	3-30
Aqua Marina Del Rey	500	Marina Del Rey, CA	—		58,442		175,326		30,058		58,442		205,384		263,826		(91,041)		2001	Apr-14	5-30
ARLO Mountain View	164	Mountain View, CA	—		19,918		80,377		778		19,918		81,155		101,073		(4,709)		2018	May-24	3-30
Artizan	241	Oakland, CA	—		12,560		81,356		—		12,560		81,356		93,916		(2,746)		2022	Jan-25	3-30
Ascent	90	Kirkland, WA	—		3,924		11,862		4,240		3,924		16,102		20,026		(8,304)		1988	Oct-12	3-30
Ashton Sherman Village	264	Los Angeles, CA	—		23,550		93,811		5,933		23,550		99,744		123,294		(31,630)		2014	Dec-16	3-30
Avant	443	Los Angeles, CA	—		32,379		137,940		14,138		32,379		152,078		184,457		(54,402)		2014	Jun-15	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)
Avenue 64	224	Emeryville, CA	—	27,235	64,403	19,769	27,235	84,172	111,407	(34,930)	2007	Apr-14	5-30
Aviara (4)	166	Mercer Island, WA	—	—	49,813	3,874	—	53,687	53,687	(23,265)	2013	Apr-14	5-30
Avondale at Warner Center	446	Woodland Hills, CA	—	10,536	24,522	36,827	10,601	61,284	71,885	(49,756)	1970	Jan-99	3-30
Beaumont	344	Woodinville, WA	—	22,101	113,737	1,200	22,101	114,937	137,038	(4,221)	2009	Nov-24	3-30
Bel Air	462	San Ramon, CA	—	12,105	18,252	54,136	12,682	71,811	84,493	(60,381)	1988	Jan-95	3-30
Belcarra	296	Bellevue, WA	—	21,725	92,091	9,120	21,725	101,211	122,936	(42,200)	2009	Apr-14	5-30
Bella Villagio	231	San Jose, CA	—	17,247	40,343	12,577	17,247	52,920	70,167	(27,614)	2004	Sep-10	3-30
BellCentre	249	Bellevue, WA	—	16,197	67,207	8,749	16,197	75,956	92,153	(33,591)	2001	Apr-14	5-30
Bellerive	63	Los Angeles, CA	—	5,401	21,803	2,272	5,401	24,075	29,476	(12,649)	2011	Aug-11	3-30
Belmont Terrace	71	Belmont, CA	—	4,446	10,290	9,433	4,473	19,696	24,169	(14,459)	1974	Oct-06	3-30
Bennett Lofts	178	San Francisco, CA	—	21,771	50,800	36,359	28,371	80,559	108,930	(40,548)	2004	Dec-12	3-30
Bernardo Crest	218	San Diego, CA	—	10,802	43,209	11,183	10,802	54,392	65,194	(24,327)	1988	Apr-14	5-30
Bonita Cedars	120	Bonita, CA	—	2,496	9,913	9,062	2,503	18,968	21,471	(14,016)	1983	Dec-02	3-30
Bothell Ridge	214	Bothell, WA	—	7,440	48,321	3,176	7,440	51,497	58,937	(3,323)	1988	Mar-24	3-30
Boulevard	172	Fremont, CA	—	3,520	8,182	18,054	3,580	26,176	29,756	(23,476)	1978	Jan-96	3-30
Brookside Oaks	170	Sunnyvale, CA	—	7,301	16,310	30,763	10,328	44,046	54,374	(34,764)	1973	Jun-00	3-30
Bridle Trails	108	Kirkland, WA	—	1,500	5,930	8,218	1,531	14,117	15,648	(12,002)	1986	Oct-97	3-30
Bridgeport	184	Newark, CA	—	11,825	52,268	507	11,825	52,775	64,600	(2,257)	1987	Oct-24	3-30
Brighton Ridge	264	Renton, WA	—	2,623	10,800	12,886	2,656	23,653	26,309	(19,098)	1986	Dec-96	3-30
Bristol Commons	188	Sunnyvale, CA	—	5,278	11,853	13,548	5,293	25,386	30,679	(22,492)	1989	Jan-95	3-30
Camarillo Oaks	564	Camarillo, CA	—	10,953	25,254	14,334	11,075	39,466	50,541	(34,938)	1985	Jul-96	3-30
Cambridge Park	320	San Diego, CA	—	18,185	72,739	9,555	18,185	82,294	100,479	(35,042)	1998	Apr-14	5-30
Camino Ruiz Square	160	Camarillo, CA	—	6,871	26,119	4,427	6,931	30,486	37,417	(19,561)	1990	Dec-06	3-30
Canvas	123	Seattle, WA	—	10,489	36,924	1,913	10,489	38,837	49,326	(5,773)	2014	Dec-21	3-30
Canyon Oaks	250	San Ramon, CA	—	19,088	44,473	15,441	19,088	59,914	79,002	(35,642)	2005	May-07	3-30
Canyon Pointe	250	Bothell, WA	—	4,692	18,288	13,218	4,693	31,505	36,198	(23,951)	1990	Oct-03	3-30
Capri at Sunny Hills	102	Fullerton, CA	—	3,337	13,320	13,897	4,048	26,506	30,554	(20,441)	1961	Sep-01	3-30
Carmel Creek	348	San Diego, CA	—	26,842	107,368	16,563	26,842	123,931	150,773	(52,929)	2000	Apr-14	5-30
Carmel Landing	356	San Diego, CA	—	16,725	66,901	21,464	16,725	88,365	105,090	(40,328)	1989	Apr-14	5-30
Carmel Summit	248	San Diego, CA	—	14,968	59,871	12,291	14,968	72,162	87,130	(31,030)	1989	Apr-14	5-30
Castle Creek	216	Newcastle, WA	—	4,149	16,028	9,075	4,833	24,419	29,252	(22,039)	1998	Dec-98	3-30
Catalina Gardens	128	Los Angeles, CA	—	6,714	26,856	5,639	6,714	32,495	39,209	(14,064)	1987	Apr-14	5-30
Cedar Terrace	180	Bellevue, WA	—	5,543	16,442	12,412	5,652	28,745	34,397	(20,784)	1984	Jan-05	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)
CentrePointe	224	San Diego, CA	—	3,405	7,743	26,010	3,442	33,716	37,158	(28,633)	1974	Jun-97	3-30
Century Towers	376	San Jose, CA	—	14,865	157,787	1,618	14,865	159,405	174,270	(7,235)	2017	Sep-24	3-30
Chestnut Street	96	Santa Cruz, CA	—	6,582	15,689	4,485	6,582	20,174	26,756	(11,677)	2002	Jul-08	3-30
City View	572	Hayward, CA	—	9,883	37,670	46,307	10,350	83,510	93,860	(71,224)	1975	Mar-98	3-30
Collins on Pine	76	Seattle, WA	—	7,276	22,226	1,526	7,276	23,752	31,028	(9,510)	2013	May-14	3-30
Connolly Station	309	Dublin, CA	—	19,949	123,428	6,284	19,949	129,712	149,661	(29,007)	2014	Jan-20	3-30
Corbella at Juanita Bay	169	Kirkland, WA	—	5,801	17,415	7,255	5,801	24,670	30,471	(13,648)	1978	Nov-10	3-30
Cortesia	308	Rancho Santa Margarita, CA	—	13,912	55,649	8,526	13,912	64,175	78,087	(27,089)	1999	Apr-14	5-30
Country Villas	180	Oceanside, CA	—	4,174	16,583	9,832	4,187	26,402	30,589	(19,405)	1976	Dec-02	3-30
Courtyard off Main	110	Bellevue, WA	—	7,465	21,405	9,518	7,465	30,923	38,388	(16,857)	2000	Oct-10	3-30
Crow Canyon	400	San Ramon, CA	—	37,579	87,685	21,737	37,579	109,422	147,001	(51,114)	1992	Apr-14	5-30
Deer Valley	171	San Rafael, CA	—	21,478	50,116	7,450	21,478	57,566	79,044	(25,183)	1996	Apr-14	5-30
Domaine	92	Seattle, WA	—	9,059	27,177	2,241	9,059	29,418	38,477	(13,730)	2009	Sep-12	3-30
Elevation	158	Redmond, WA	—	4,758	14,285	9,530	4,757	23,816	28,573	(15,410)	1986	Jun-10	3-30
Ellington	220	Bellevue, WA	—	15,066	45,249	8,505	15,066	53,754	68,820	(22,695)	1994	Jul-14	3-30
Emerald Pointe	160	Diamond Bar, CA	—	8,458	33,832	4,692	8,458	38,524	46,982	(16,726)	1989	Apr-14	5-30
Emerald Ridge	180	Bellevue, WA	—	3,449	7,801	9,895	3,449	17,696	21,145	(15,747)	1987	Nov-94	3-30
Emerson Valley Village	144	Los Angeles, CA	—	13,378	53,240	3,597	13,378	56,837	70,215	(18,418)	2012	Dec-16	3-30
Emme	190	Emeryville, CA	—	15,039	80,532	2,645	15,039	83,177	98,216	(17,866)	2015	Jan-20	3-30
Enso	183	San Jose, CA	—	21,397	71,135	6,522	21,397	77,657	99,054	(27,012)	2014	Dec-15	3-30
Epic	769	San Jose, CA	—	89,111	307,769	8,982	89,111	316,751	405,862	(66,730)	2013	Jan-20	3-30
Esplanade	278	San Jose, CA	—	18,170	40,086	20,864	18,429	60,691	79,120	(45,294)	2002	Apr-04	3-30
Esplanade San Diego	614	San Diego, CA	—	56,327	167,072	4,852	56,327	171,924	228,251	(10,755)	1986	Mar-24	3-30
Evergreen Heights	200	Kirkland, WA	—	3,566	13,395	10,976	3,649	24,288	27,937	(21,022)	1990	Jun-97	3-30
Fairhaven	164	Santa Ana, CA	—	2,626	10,485	13,885	2,957	24,039	26,996	(18,760)	1970	Nov-01	3-30
Fairway at Big Canyon (5)	74	Newport Beach, CA	—	—	7,850	10,207	—	18,057	18,057	(16,954)	1972	Jun-99	3-28
Fairwood Pond	194	Renton, WA	—	5,296	15,564	8,334	5,297	23,897	29,194	(16,692)	1997	Oct-04	3-30
Foothill Commons	394	Bellevue, WA	—	2,435	9,821	46,499	2,440	56,315	58,755	(52,928)	1978	Mar-90	3-30
Foothill Gardens/Twin Creeks	176	San Ramon, CA	—	5,875	13,992	17,675	5,964	31,578	37,542	(26,673)	1985	Feb-97	3-30
Forest View	192	Renton, WA	—	3,731	14,530	6,412	3,731	20,942	24,673	(15,232)	1998	Oct-03	3-30
Form 15	242	San Diego, CA	—	24,510	72,221	16,535	25,540	87,726	113,266	(31,683)	2014	Mar-16	3-30
Foster’s Landing	490	Foster City, CA	—	61,714	144,000	22,272	61,714	166,272	227,986	(73,329)	1987	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)
Fountain Court	320	Seattle, WA	—	6,702	27,306	17,933	6,985	44,956	51,941	(38,560)	2000	Mar-00	3-30
Fountains at River Oaks	226	San Jose, CA	—	26,046	60,773	10,138	26,046	70,911	96,957	(31,886)	1990	Apr-14	3-30
Fox Plaza	445	San Francisco, CA	—	39,731	92,706	45,825	39,731	138,531	178,262	(77,012)	1968	Feb-13	3-30
Hacienda at Camarillo Oaks	73	Camarillo, CA	—	5,497	17,572	3,779	5,497	21,351	26,848	(2,597)	1984	Apr-23	3-30
The Henley I/The Henley II	215	Glendale, CA	—	6,695	16,753	32,997	6,733	49,712	56,445	(43,942)	1970	Jun-99	3-30
Highlands at Wynhaven	333	Issaquah, WA	—	16,271	48,932	19,790	16,271	68,722	84,993	(44,552)	2000	Aug-08	3-30
Hillcrest Park	608	Newbury Park, CA	—	15,318	40,601	35,169	15,755	75,333	91,088	(60,913)	1973	Mar-98	3-30
Hillsborough Park	235	La Habra, CA	—	13,381	85,332	817	13,381	86,149	99,530	(3,638)	1999	Oct-24	3-30
Hope Ranch	108	Santa Barbara, CA	—	4,078	16,877	4,583	4,208	21,330	25,538	(13,483)	1965	Mar-07	3-30
Huntington Breakers	344	Huntington Beach, CA	—	9,306	22,720	27,729	9,315	50,440	59,755	(45,360)	1984	Oct-97	3-30
Inglenook Court	224	Bothell, WA	—	3,467	7,881	11,762	3,474	19,636	23,110	(17,340)	1985	Oct-94	3-30
Lafayette Highlands	150	Lafayette, CA	—	17,774	41,473	17,905	17,774	59,378	77,152	(24,214)	1973	Apr-14	5-30
Lakeshore Landing	308	San Mateo, CA	—	38,155	89,028	18,003	38,155	107,031	145,186	(47,766)	1988	Apr-14	5-30
Laurels at Mill Creek	164	Mill Creek, WA	—	1,559	6,430	10,583	1,595	16,977	18,572	(14,844)	1981	Dec-96	3-30
Le Parc	140	Santa Clara, CA	—	3,090	7,421	16,943	3,092	24,362	27,454	(21,573)	1975	Feb-94	3-30
Marbrisa	202	Long Beach, CA	—	4,700	18,605	13,786	4,760	32,331	37,091	(25,240)	1987	Sep-02	3-30
Marina City Club (6)	101	Marina Del Rey, CA	—	—	28,167	36,402	—	64,569	64,569	(46,402)	1971	Jan-04	3-30
Marina Cove (7)	292	Santa Clara, CA	—	5,320	16,431	23,732	5,324	40,159	45,483	(35,246)	1974	Jun-94	3-30
Mariner’s Place	106	Oxnard, CA	—	1,555	6,103	4,465	1,562	10,561	12,123	(8,371)	1987	May-00	3-30
Maxwell Sunnyvale	75	San Jose, CA	—	9,710	37,292	454	9,710	37,746	47,456	(2,295)	2022	Apr-24	3-30
MB 360	360	San Francisco, CA	—	42,001	212,648	24,659	42,001	237,307	279,308	(89,142)	2014	Apr-14	3-30
Meadowood	320	Simi Valley, CA	—	19,080	98,881	1,750	19,080	100,631	119,711	(4,324)	1986	Oct-24	3-30
Mesa Village	133	Clairemont, CA	—	1,888	7,498	3,927	1,894	11,419	13,313	(8,819)	1963	Dec-02	3-30
Mill Creek at Windermere	400	San Ramon, CA	—	29,551	69,032	16,181	29,551	85,213	114,764	(52,568)	2005	Sep-07	3-30
Mio	103	San Jose, CA	—	11,012	39,982	3,154	11,012	43,136	54,148	(15,036)	2015	Jan-16	3-30
Mirabella	188	Marina Del Rey, CA	—	6,180	26,673	22,137	6,270	48,720	54,990	(37,519)	2000	May-00	3-30
Mira Monte	356	Mira Mesa, CA	—	7,165	28,459	19,200	7,186	47,638	54,824	(36,551)	1982	Dec-02	3-30
Miracle Mile/Marbella	236	Los Angeles, CA	—	7,791	23,075	22,833	7,886	45,813	53,699	(37,872)	1988	Aug-97	3-30
Mission Hills	282	Oceanside, CA	—	10,099	38,778	18,363	10,167	57,073	67,240	(40,293)	1984	Jul-05	3-30
Mission Peaks	453	Fremont, CA	—	46,499	108,498	16,126	46,499	124,624	171,123	(54,923)	1995	Apr-14	5-30
Mission Peaks II	336	Fremont, CA	—	31,429	73,334	14,268	31,429	87,602	119,031	(39,802)	1989	Apr-14	5-30
Montanosa	472	San Diego, CA	—	26,697	106,787	18,437	26,697	125,224	151,921	(53,799)	1990	Apr-14	5-30
Montclaire	390	Sunnyvale, CA	—	4,842	19,776	36,272	4,997	55,893	60,890	(49,685)	1973	Dec-88	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)
Montebello	248	Kirkland, WA	—	13,857	41,575	19,686	13,858	61,260	75,118	(29,398)	1996	Jul-12	3-30
Montejo	124	Garden Grove, CA	—	1,925	7,685	7,525	2,194	14,941	17,135	(10,887)	1974	Nov-01	3-30
Monterey Villas	122	Oxnard, CA	—	2,349	5,579	10,382	2,424	15,886	18,310	(12,639)	1974	Jul-97	3-30
Muse	152	North Hollywood, CA	—	7,822	33,436	8,053	7,823	41,488	49,311	(23,052)	2011	Feb-11	3-30
Mylo	476	Santa Clara, CA	—	6,472	206,098	1,663	6,472	207,761	214,233	(55,159)	2021	Jun-21	3-30
One Hundred Grand	166	Foster City, CA	—	20,150	84,535	809	20,150	85,344	105,494	(2,373)	2016	Feb-25	3-30
1000 Kiely	121	Santa Clara, CA	—	9,359	21,845	12,262	9,359	34,107	43,466	(20,493)	1971	Mar-11	3-30
Palm Valley	1,100	San Jose, CA	—	133,802	312,205	44,690	133,802	356,895	490,697	(121,062)	2008	Jan-17	3-30
Park Catalina	90	Los Angeles, CA	—	4,710	18,839	6,065	4,710	24,904	29,614	(12,755)	2002	Jun-12	3-30
Park Highland	250	Bellevue, WA	—	9,391	38,224	17,232	9,391	55,456	64,847	(30,163)	1993	Apr-14	5-30
Park Hill at Issaquah	245	Issaquah, WA	—	7,284	21,937	16,526	7,284	38,463	45,747	(28,447)	1999	Feb-99	3-30
Park Viridian	326	Anaheim, CA	—	15,894	63,574	11,194	15,894	74,768	90,662	(31,790)	2008	Apr-14	5-30
Park West	126	San Francisco, CA	—	9,424	21,988	15,349	9,424	37,337	46,761	(23,388)	1958	Sep-12	3-30
Parkside Court	210	Santa Ana, CA	—	11,276	47,272	2,064	11,276	49,336	60,612	(3,249)	1986	Mar-24	3-30
Parkwood at Mill Creek	240	Mill Creek, WA	—	10,680	42,722	6,340	10,680	49,062	59,742	(21,340)	1989	Apr-14	5-30
Patina at Midtown	269	San Jose, CA	—	13,472	102,940	1,672	13,472	104,612	118,084	(5,338)	2021	Jul-24	3-30
Patent 523	295	Seattle, WA	—	14,558	69,417	10,017	14,558	79,434	93,992	(44,131)	2010	Mar-10	3-30
Pathways at Bixby Village	296	Long Beach, CA	—	4,083	16,757	25,367	6,239	39,968	46,207	(37,123)	1975	Feb-91	3-30
Piedmont	396	Bellevue, WA	—	19,848	59,606	23,707	19,848	83,313	103,161	(40,540)	1969	May-14	3-30
Pinehurst (8)	28	Ventura, CA	—	—	1,711	1,353	—	3,064	3,064	(2,447)	1973	Dec-04	3-24
Pinnacle at Fullerton	192	Fullerton, CA	—	11,019	45,932	8,438	11,019	54,370	65,389	(24,148)	2004	Apr-14	5-30
Pinnacle on Lake Washington	180	Renton, WA	—	7,760	31,041	7,127	7,760	38,168	45,928	(17,485)	2001	Apr-14	5-30
Pinnacle at MacArthur Place	253	Santa Ana, CA	—	15,810	66,401	14,089	15,810	80,490	96,300	(34,315)	2002	Apr-14	5-30
Pinnacle at Otay Ranch I & II	364	Chula Vista, CA	—	17,023	68,093	11,055	17,023	79,148	96,171	(34,138)	2001	Apr-14	5-30
Pinnacle at Talega	362	San Clemente, CA	—	19,292	77,168	14,312	19,292	91,480	110,772	(38,001)	2002	Apr-14	5-30
Pinnacle Sonata	268	Bothell, WA	—	14,647	58,586	11,380	14,647	69,966	84,613	(31,246)	2000	Apr-14	5-30
Pointe at Cupertino	116	Cupertino, CA	—	4,505	17,605	15,816	4,505	33,421	37,926	(26,248)	1963	Aug-98	3-30
Pure Redmond	105	Redmond, WA	—	7,461	31,363	3,071	7,461	34,434	41,895	(8,064)	2016	Dec-19	3-30
Radius	264	Redwood City, CA	—	11,702	152,336	6,188	11,702	158,524	170,226	(66,016)	2015	Apr-14	3-30
Reed Square	100	Sunnyvale, CA	—	6,873	16,037	10,366	6,873	26,403	33,276	(16,440)	1970	Jan-12	3-30
Regency at Encino	75	Encino, CA	—	3,184	12,737	6,485	3,184	19,222	22,406	(11,618)	1989	Dec-09	3-30
Regency Palm Court	116	Los Angeles, CA	—	7,763	28,019	2,273	7,763	30,292	38,055	(4,013)	1987	Jul-22	3-30
Renaissance at Uptown Orange	460	Orange, CA	—	27,870	111,482	17,727	27,870	129,209	157,079	(53,979)	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)
Reveal	438	Woodland Hills, CA	—	25,073	121,314	9,794	25,073	131,108	156,181	(52,605)	2010	Apr-15	3-30
Revere Campbell	168	Campbell, CA	—	22,535	93,977	941	22,535	94,918	117,453	(2,064)	2015	May-25	3-30
ROEN Menlo Park	146	Menlo Park, CA	—	19,319	59,233	468	19,319	59,701	79,020	(1,682)	2017	Feb-25	3-30
Salmon Run at Perry Creek	132	Bothell, WA	—	3,717	11,483	6,065	3,801	17,464	21,265	(13,242)	2000	Oct-00	3-30
Sammamish View	153	Bellevue, WA	—	3,324	7,501	10,147	3,331	17,641	20,972	(15,826)	1986	Nov-94	3-30
San Marcos	432	Richmond, CA	—	15,563	36,204	43,841	22,866	72,742	95,608	(52,605)	2003	Nov-03	3-30
Santee Court/Santee Village	238	Los Angeles, CA	—	9,581	40,317	20,704	9,582	61,020	70,602	(34,687)	2004	Oct-10	3-30
Shadow Point	172	Spring Valley, CA	—	2,812	11,170	9,718	2,820	20,880	23,700	(14,937)	1983	Dec-02	3-30
Shadowbrook	418	Redmond, WA	—	19,292	77,168	16,012	19,292	93,180	112,472	(40,204)	1986	Apr-14	5-30
Skye at Bunker Hill	456	Los Angeles, CA	—	11,498	27,871	109,048	11,639	136,778	148,417	(122,182)	1968	Mar-98	3-30
Slater 116	108	Kirkland, WA	—	7,379	22,138	2,425	7,379	24,563	31,942	(10,825)	2013	Sep-13	3-30
Solstice	280	Sunnyvale, CA	—	34,444	147,262	11,027	34,444	158,289	192,733	(68,715)	2014	Apr-14	5-30
Station Park Green	599	San Mateo, CA	—	54,782	314,694	107,881	67,204	410,153	477,357	(118,706)	2018	Mar-18	3-30
Stevenson Place	200	Fremont, CA	—	996	5,582	16,993	1,001	22,570	23,571	(20,321)	1975	Apr-00	3-30
Stonehedge Village	196	Bothell, WA	—	3,167	12,603	14,500	3,201	27,069	30,270	(22,633)	1986	Oct-97	3-30
Summerhill Park	100	Sunnyvale, CA	—	2,654	4,918	12,254	2,656	17,170	19,826	(16,473)	1988	Sep-88	3-30
Summit Park	300	San Diego, CA	—	5,959	23,670	13,684	5,977	37,336	43,313	(27,927)	1972	Dec-02	3-30
Taylor 28	197	Seattle, WA	—	13,915	57,700	6,851	13,915	64,551	78,466	(27,990)	2008	Apr-14	5-30
TENTEN Downtown	376	Los Angeles, CA	—	22,671	144,203	—	22,671	144,203	166,874	(629)	2021	Nov-25	3-30
The Audrey at Belltown	137	Seattle, WA	—	9,228	36,911	3,757	9,228	40,668	49,896	(17,421)	1992	Apr-14	5-30
The Avery	122	Los Angeles, CA	—	6,964	29,922	3,055	6,964	32,977	39,941	(13,287)	2014	Mar-14	3-30
The Bernard	63	Seattle, WA	—	3,699	11,345	1,306	3,689	12,661	16,350	(6,459)	2008	Sep-11	3-30
The Blake LA	196	Los Angeles, CA	—	4,023	9,527	26,560	4,031	36,079	40,110	(31,310)	1979	Jun-97	3-30
The Cairns	99	Seattle, WA	—	6,937	20,679	4,172	6,939	24,849	31,788	(15,798)	2006	Jun-07	3-30
The Carlyle	132	San Jose, CA	—	6,344	48,086	1,216	6,344	49,302	55,646	(2,115)	2000	Oct-24	3-30
The Elliot at Mukilteo	301	Mukilteo, WA	—	2,498	10,595	21,773	2,824	32,042	34,866	(28,687)	1981	Jan-97	3-30
The Hallie	292	Pasadena, CA	—	2,202	4,794	59,333	8,385	57,944	66,329	(52,643)	1972	Apr-97	3-30
The Havens	440	Fountain Valley, CA	—	26,138	137,933	2,374	26,138	140,307	166,445	(8,782)	1969	Mar-24	3-30
The Huntington	276	Huntington Beach, CA	—	10,374	41,495	11,291	10,374	52,786	63,160	(26,703)	1975	Jun-12	3-30
The Landing at Jack London Square	282	Oakland, CA	—	33,554	78,292	11,952	33,554	90,244	123,798	(40,461)	2001	Apr-14	5-30
The Lofts at Pinehurst	118	Ventura, CA	—	1,570	3,912	7,172	1,618	11,036	12,654	(9,008)	1971	Jun-97	3-30
The Palisades	192	Bellevue, WA	—	1,560	6,242	17,956	1,565	24,193	25,758	(21,385)	1977	May-90	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)
The Palms at Laguna Niguel	460	Laguna Niguel, CA	—		23,584		94,334		19,723		23,584		114,057		137,641		(51,662)		1988	Apr-14	5-30
The Parc at Pruneyard	252	Campbell, CA	—		31,068		91,156		570		31,068		91,726		122,794		(2,045)		1968	May-25	3-30
The Plaza	307	Foster City, CA	—		34,341		126,428		846		34,341		127,274		161,615		(3,908)		2013	Jan-25	3-30
The Stuart	188	Pasadena, CA	—		13,574		54,298		6,488		13,574		60,786		74,360		(26,076)		2007	Apr-14	5-30
The Trails of Redmond	423	Redmond, WA	—		21,930		87,720		12,417		21,930		100,137		122,067		(43,636)		1985	Apr-14	5-30
The Village at Toluca Lake	146	Burbank, CA	—		14,634		48,297		3,002		14,634		51,299		65,933		(8,728)		1974	Jun-21	3-30
Tierra Vista	404	Oxnard, CA	—		13,652		53,336		14,508		13,661		67,835		81,496		(48,040)		2001	Jan-01	3-30
Tiffany Court	101	Los Angeles, CA	—		6,949		27,796		4,046		6,949		31,842		38,791		(13,810)		1987	Apr-14	5-30
Township	132	Redwood City, CA	—		19,812		70,619		3,080		19,812		73,699		93,511		(16,851)		2014	Sep-19	3-30
Trabuco Villas	132	Lake Forest, CA	—		3,638		8,640		7,997		3,890		16,385		20,275		(13,058)		1985	Oct-97	3-30
Valley Park	160	Fountain Valley, CA	—		3,361		13,420		10,140		3,761		23,160		26,921		(17,173)		1969	Nov-01	3-30
Via	284	Sunnyvale, CA	—		22,000		82,270		9,543		22,016		91,797		113,813		(47,333)		2011	Jul-11	3-30
Villa Angelina	256	Placentia, CA	—		4,498		17,962		11,835		4,962		29,333		34,295		(22,697)		1970	Nov-01	3-30
Villa Granada	270	Santa Clara, CA	—		38,299		89,365		6,220		38,299		95,585		133,884		(39,711)		2010	Apr-14	5-30
Villa Siena	274	Costa Mesa, CA	—		13,842		55,367		20,855		13,842		76,222		90,064		(34,434)		1974	Apr-14	5-30
Village Green	272	La Habra, CA	—		6,488		36,768		9,356		6,488		46,124		52,612		(20,184)		1971	Apr-14	5-30
ViO	234	San Jose, CA	—		13,577		87,059		225		13,577		87,284		100,861		(645)		2016	Sep-25	3-30
Vista Belvedere	76	Tiburon, CA	—		5,573		11,901		12,111		5,573		24,012		29,585		(17,827)		1963	Aug-04	3-30
Vox	58	Seattle, WA	—		5,545		16,635		1,326		5,545		17,961		23,506		(7,359)		2013	Oct-13	3-30
Wallace on Sunset	200	Los Angeles, CA	—		24,005		80,466		7,131		24,005		87,597		111,602		(29,720)		2021	Dec-21	3-30
Walnut Heights	163	Walnut, CA	—		4,858		19,168		8,641		4,887		27,780		32,667		(20,452)		1964	Oct-03	3-30
Wandering Creek	156	Kent, WA	—		1,285		4,980		8,096		1,296		13,065		14,361		(11,054)		1986	Nov-95	3-30
Waterford Place	238	San Jose, CA	—		11,808		24,500		21,004		15,165		42,147		57,312		(34,779)		2000	Jun-00	3-30
Wharfside Pointe	155	Seattle, WA	—		2,245		7,020		15,087		2,258		22,094		24,352		(20,138)		1990	Jun-94	3-30
Willow Lake	508	San Jose, CA	—		43,194		101,030		24,146		43,194		125,176		168,370		(63,519)		1989	Oct-12	3-30
5600 Wilshire	284	Los Angeles, CA	—		30,535		91,604		12,243		30,535		103,847		134,382		(44,045)		2008	Apr-14	5-30
Wilshire La Brea	478	Los Angeles, CA	—		56,932		211,998		25,890		56,932		237,888		294,820		(102,009)		2014	Apr-14	5-30
Wilshire Promenade	149	Fullerton, CA	—		3,118		7,385		18,073		3,797		24,779		28,576		(19,680)		1992	Jan-97	3-30
Windsor Court	95	Los Angeles, CA	—		6,383		23,420		1,602		6,383		25,022		31,405		(3,255)		1987	Jul-22	3-30
Windsor Ridge	216	Sunnyvale, CA	—		4,017		10,315		19,201		4,021		29,512		33,533		(28,010)		1989	Mar-89	3-30
Woodland Commons	302	Bellevue, WA	—		2,040		8,727		29,289		2,044		38,012		40,056		(30,366)		1978	Mar-90	3-30
Woodside Village	145	Ventura, CA	—		5,331		21,036		8,308		5,341		29,334		34,675		(20,892)		1987	Dec-04	3-30
	51,468		$	—	$	2,980,852	$	10,981,195	$	2,848,506	$	3,031,096	$	13,779,457	$	16,810,553	$	(5,957,556)


								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	—		46,781		16,585		18,191		48,142		33,415		81,557		(22,994)
		$	—	$	46,781	$	16,585	$	18,191	$	48,142	$	33,415	$	81,557	$	(22,994)

Total		$	784,347	$	3,308,897	$	12,060,444	$	3,067,244	$	3,363,169	$	15,073,416	$	18,436,585	$	(6,532,003)

(1) The aggregate cost for federal income tax purposes is approximately $14.6 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:


	Year Ended December 31,							Year Ended December 31,
	2025		2024		2023			2025		2024		2023
Rental properties:							Accumulated depreciation:
Balance at beginning of year	$	17,589,518	$	16,135,223	$	15,966,227	Balance at beginning of year	$	6,150,618	$	5,664,931	$	5,152,133
Acquisition, development, and improvement of real estate	1,279,457		1,614,570		235,423		Depreciation expense	595,867		571,813		545,702
Disposition of real estate and other	(432,390)		(160,275)		(66,427)		Accumulated depreciation - Disposals and other	(214,482)		(86,126)		(32,904)
Balance at the end of year	$	18,436,585	$	17,589,518	$	16,135,223	Balance at the end of year	$	6,532,003	$	6,150,618	$	5,664,931

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
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

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company has developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity and availability of its critical systems and information. We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF). Accordingly, we use NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. The Company’s cybersecurity risk management program is integrated into our overall risk management program, and shares common methodologies, reporting channels and governance processes that apply across the risk management program to other legal, compliance, strategic, operational and financial risk areas. The Company’s cybersecurity risk management program employs several different measures, including perimeter monitoring, endpoint monitoring and user management, designed to assess and identify cybersecurity risks. The Company’s technology management team is principally responsible for managing the Company’s cybersecurity risk assessment and management processes. The Company’s technology management team conducts risk assessments designed to help identify material cybersecurity risks to our critical systems and information. The Company’s technology management team and third-party professionals perform penetration tests, vulnerability scans, and patch management to assess and protect the confidentiality, integrity and availability of its critical systems and information. The Company's risk assessment and management processes also address emerging cybersecurity threats, including those that are AI-enabled. The Company provides training to its employees on cybersecurity matters, conducts periodic tabletop incident response exercises, performs recurring awareness testing to facilitate compliance with the Company’s cybersecurity policies, and maintains a method for its employees and consultants to communicate any suspected cybersecurity incident. Furthermore, the Company has adopted internal guidelines designed to address employee use of third-party artificial intelligence tools and protect confidential Company information from unauthorized disclosure to such tools. In addition, the Company evaluates key third-party service providers before the Company grants the service provider access to its information systems and has a process in place to ensure that future access is appropriate. The Company has an established incident response plan for responding to cybersecurity incidents. The goal of the incident response plan is to detect and react to cybersecurity incidents, evaluate the scope and risk, respond appropriately, communicate effectively to all stakeholders, and ultimately reduce the likelihood of an incident recurrence. The Company’s incident response team consists of seasoned information technology, legal and financial reporting Company personnel. The incident response plan, members of the incident response team and the steps to respond to a security incident are evaluated for appropriateness and effectiveness, and key personnel from cross-functional departments are involved. The Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of enterprise level risks, including any cybersecurity-related risks faced by the Company. At least quarterly, the Audit Committee reviews cyber risks and mitigation strategies with senior management. The Audit Committee periodically reports to the full Board regarding its activities, including those relating to cybersecurity. Additionally, on an annual basis, the Chief Technology Officer (“CTO”) presents to the Audit Committee on any material updates to the cybersecurity program, such as process improvements, new initiatives and key vendor performance. Material cybersecurity events, if any, are escalated to the Board on an ongoing basis. The Board is also briefed annually on all major enterprise risks, including cybersecurity risks. The Company’s management team, including the CTO, is responsible for assessing and managing the Company’s material risks from cybersecurity threats. The CTO leads the technology management team and has extensive cybersecurity knowledge and expertise developed through a career of serving in various roles in information technology for over 20 years. The CTO oversees the Company’s initiatives to address existing or evolving cyber risks and is a member of the Enterprise Risk Committee. The CTO reports to the Chief Executive Officer and provides updates to the Company’s senior leadership team on a regular basis, at least quarterly, about risks from cybersecurity threats, the results of penetration tests, vulnerability scans and userbase issues. The CTO and other members of the Company’s management team take steps to stay informed about and monitor efforts to prevent, detect, mitigate and remediate cybersecurity risks and incidents through various means, such as briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged; and alerts and reports produced by security tools deployed in our IT environment. Over the past fiscal year, the Company has not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Company, including its operations, business strategy, results of operations or financial condition. See the discussion under the caption, “Risks Related to Our Real Estate Investments and Operations - We are subject to laws and regulations relating to the handling of personal information and we rely on information technology to sustain our operations. Any material failure, inadequacy, interruption or breach of the Company’s privacy or information systems, or those of our vendors or other third parties, could materially adversely affect the Company’s business, financial condition and results of operations.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company has developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity and availability of its critical systems and information. We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF). Accordingly, we use NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. The Company’s cybersecurity risk management program is integrated into our overall risk management program, and shares common methodologies, reporting channels and governance processes that apply across the risk management program to other legal, compliance, strategic, operational and financial risk areas. The Company’s cybersecurity risk management program employs several different measures, including perimeter monitoring, endpoint monitoring and user management, designed to assess and identify cybersecurity risks. The Company’s technology management team is principally responsible for managing the Company’s cybersecurity risk assessment and management processes. The Company’s technology management team conducts risk assessments designed to help identify material cybersecurity risks to our critical systems and information.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of enterprise level risks, including any cybersecurity-related risks faced by the Company. At least quarterly, the Audit Committee reviews cyber risks and mitigation strategies with senior management. The Audit Committee periodically reports to the full Board regarding its activities, including those relating to cybersecurity. Additionally, on an annual basis, the Chief Technology Officer (“CTO”) presents to the Audit Committee on any material updates to the cybersecurity program, such as process improvements, new initiatives and key vendor performance. Material cybersecurity events, if any, are escalated to the Board on an ongoing basis. The Board is also briefed annually on all major enterprise risks, including cybersecurity risks. The Company’s management team, including the CTO, is responsible for assessing and managing the Company’s material risks from cybersecurity threats. The CTO leads the technology management team and has extensive cybersecurity knowledge and expertise developed through a career of serving in various roles in information technology for over 20 years. The CTO oversees the Company’s initiatives to address existing or evolving cyber risks and is a member of the Enterprise Risk Committee. The CTO reports to the Chief Executive Officer and provides updates to the Company’s senior leadership team on a regular basis, at least quarterly, about risks from cybersecurity threats, the results of penetration tests, vulnerability scans and userbase issues. The CTO and other members of the Company’s management team take steps to stay informed about and monitor efforts to prevent, detect, mitigate and remediate cybersecurity risks and incidents through various means, such as briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged; and alerts and reports produced by security tools deployed in our IT environment.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of enterprise level risks, including any cybersecurity-related risks faced by the Company.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The CTO reports to the Chief Executive Officer and provides updates to the Company’s senior leadership team on a regular basis, at least quarterly, about risks from cybersecurity threats, the results of penetration tests, vulnerability scans and userbase issues. The CTO and other members of the Company’s management team take steps to stay informed about and monitor efforts to prevent, detect, mitigate and remediate cybersecurity risks and incidents through various means, such as briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged; and alerts and reports produced by security tools deployed in our IT environment.
Cybersecurity Risk Role of Management [Text Block]	The Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of enterprise level risks, including any cybersecurity-related risks faced by the Company. At least quarterly, the Audit Committee reviews cyber risks and mitigation strategies with senior management. The Audit Committee periodically reports to the full Board regarding its activities, including those relating to cybersecurity. Additionally, on an annual basis, the Chief Technology Officer (“CTO”) presents to the Audit Committee on any material updates to the cybersecurity program, such as process improvements, new initiatives and key vendor performance. Material cybersecurity events, if any, are escalated to the Board on an ongoing basis. The Board is also briefed annually on all major enterprise risks, including cybersecurity risks. The Company’s management team, including the CTO, is responsible for assessing and managing the Company’s material risks from cybersecurity threats. The CTO leads the technology management team and has extensive cybersecurity knowledge and expertise developed through a career of serving in various roles in information technology for over 20 years. The CTO oversees the Company’s initiatives to address existing or evolving cyber risks and is a member of the Enterprise Risk Committee. The CTO reports to the Chief Executive Officer and provides updates to the Company’s senior leadership team on a regular basis, at least quarterly, about risks from cybersecurity threats, the results of penetration tests, vulnerability scans and userbase issues. The CTO and other members of the Company’s management team take steps to stay informed about and monitor efforts to prevent, detect, mitigate and remediate cybersecurity risks and incidents through various means, such as briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged; and alerts and reports produced by security tools deployed in our IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of enterprise level risks, including any cybersecurity-related risks faced by the Company. At least quarterly, the Audit Committee reviews cyber risks and mitigation strategies with senior management. The Audit Committee periodically reports to the full Board regarding its activities, including those relating to cybersecurity. Additionally, on an annual basis, the Chief Technology Officer (“CTO”) presents to the Audit Committee on any material updates to the cybersecurity program, such as process improvements, new initiatives and key vendor performance. Material cybersecurity events, if any, are escalated to the Board on an ongoing basis. The Board is also briefed annually on all major enterprise risks, including cybersecurity risks. The Company’s management team, including the CTO, is responsible for assessing and managing the Company’s material risks from cybersecurity threats. The CTO leads the technology management team and has extensive cybersecurity knowledge and expertise developed through a career of serving in various roles in information technology for over 20 years. The CTO oversees the Company’s initiatives to address existing or evolving cyber risks and is a member of the Enterprise Risk Committee. The CTO reports to the Chief Executive Officer and provides updates to the Company’s senior leadership team on a regular basis, at least quarterly, about risks from cybersecurity threats, the results of penetration tests, vulnerability scans and userbase issues. The CTO and other members of the Company’s management team take steps to stay informed about and monitor efforts to prevent, detect, mitigate and remediate cybersecurity risks and incidents through various means, such as briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged; and alerts and reports produced by security tools deployed in our IT environment.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CTO leads the technology management team and has extensive cybersecurity knowledge and expertise developed through a career of serving in various roles in information technology for over 20 years.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The CTO oversees the Company’s initiatives to address existing or evolving cyber risks and is a member of the Enterprise Risk Committee. The CTO reports to the Chief Executive Officer and provides updates to the Company’s senior leadership team on a regular basis, at least quarterly, about risks from cybersecurity threats, the results of penetration tests, vulnerability scans and userbase issues. The CTO and other members of the Company’s management team take steps to stay informed about and monitor efforts to prevent, detect, mitigate and remediate cybersecurity risks and incidents through various means, such as briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged; and alerts and reports produced by security tools deployed in our IT environment.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Critical and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

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.

Principles of Consolidation and Basis of Presentation

Recently Adopted Accounting Pronouncements

Real Estate Rental Properties

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

Co-investments

The Company evaluates its 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.

Revenues and Gains on Sale of Real Estate and Land

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

Marketable Securities

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.

Capitalization Policy

Capitalization PolicyThe 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 $26.2 million, $20.2 million and $19.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. The Company amortizes the capitalized costs over the useful life of the development.

Fair Value of Financial Instruments

Interest Rate Protection, Swap, and Forward Contracts

Income Taxes

Equity-based Compensation

Changes in Accumulated Other Comprehensive Income, by Component

Accounting Estimates

Variable Interest Entities

As of December 31, 2025 and 2024, the Company was not deemed to be the primary beneficiary of any other VIEs and did not have any VIEs of which it was not deemed to be the primary beneficiary.

Gain Contingencies

Gain Contingencies Contingencies, commonly resulting from legal settlements, will periodically arise that may result in a gain. Gain contingencies are typically not recognized in the financial statements until all uncertainties related to the contingency have been resolved. In the case of legal settlements, the Company determines that all uncertainties have been resolved when cash or other consideration has been received by the Company.

Summary of Critical and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

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


	December 31,
	2025		2024		2023
Cash and cash equivalents - unrestricted	$	76,241	$	66,795	$	391,749
Cash and cash equivalents - restricted	9,345		9,051		8,585
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows	$	85,586	$	75,846	$	400,334

Schedule of Restricted Cash Reconciliation


	December 31,
	2025		2024		2023
Cash and cash equivalents - unrestricted	$	76,241	$	66,795	$	391,749
Cash and cash equivalents - restricted	9,345		9,051		8,585
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows	$	85,586	$	75,846	$	400,334

Schedule of Marketable Securities

As of December 31, 2025 and 2024, marketable securities consisted of the following ($ in thousands):


	December 31, 2025
	Amortized Cost		Gross Unrealized Gain		Carrying Value
Equity securities:
Investment funds - debt securities	$	2,677	$	6	$	2,683
Common stock, preferred stock and stock funds	48,738		21,736		70,474

Available for sale debt securities:
U.S. Treasury and agency securities	10,186		103		10,289
Certificates of deposit	5,000		—		5,000
Corporate debt securities	8,954		105		9,059
Municipal debt securities	556		9		565


Total - Marketable securities	$	76,111	$	21,959	$	98,070


	December 31, 2024
	Amortized Cost		Gross Unrealized Gain (Loss)		Carrying Value
Equity securities:
Investment funds - debt securities	$	2,645	$	(67)	$	2,578
Common stock, preferred stock and stock funds	49,195		18,021		67,216




Total - Marketable securities	$	51,840	$	17,954	$	69,794

Schedule of Cash Dividends Distributed

Cash dividends on Essex’s common stock for the years ended December 31, 2025, 2024 and 2023 were classified for federal income tax purposes as follows:


	Year Ended December 31,
	2025		2024		2023
Common Stock
Ordinary income	96.74	%	98.19	%	88.46	%
Capital gain	1.43	%	1.81	%	8.32	%
Unrecaptured section 1250 capital gain	1.83	%	—	%	3.22	%
	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 value of derivatives and amortization of swap settlements		Unrealized gain on available for sale debt securities		Total
Balance at December 31, 2024	$	24,655	$	—	$	24,655
Other comprehensive (loss) income before reclassification	(23,990)		236		(23,754)
Amounts reclassified from accumulated other comprehensive income	5,172		(26)		5,146
Other comprehensive (loss) income	(18,818)		210		(18,608)
Balance at December 31, 2025	$	5,837	$	210	$	6,047

Essex Portfolio, L.P.

($ in thousands)


	Change in fair value of derivatives and amortization of swap settlements		Unrealized gain on available for sale debt securities		Total
Balance at December 31, 2024	$	29,429	$	—	$	29,429
Other comprehensive (loss) income before reclassification	(24,863)		244		(24,619)
Amounts reclassified from accumulated other comprehensive income	5,355		(27)		5,328
Other comprehensive (loss) income	(19,508)		217		(19,291)
Balance at December 31, 2025	$	9,921	$	217	$	10,138

Schedule of Changes in the Redemption Value of Redeemable Noncontrolling Interests

The changes in the redemption value of redeemable noncontrolling interest for the years ended December 31, 2025, 2024 and 2023 were as follows:


	2025		2024		2023
Balance at January 1,	$	30,849	$	32,205	$	27,150
Reclassifications due to change in redemption value and other	(2,209)		(835)		5,055
Redemptions	(377)		(521)		—

Balance at December 31,	$	28,263	$	30,849	$	32,205

Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2025

Real Estate Investments, Net [Abstract]

Schedule of Acquisition Activity

The table below summarizes acquisition activity for the year ended December 31, 2025 ($ in millions):


Property Name	Location	Date	Apartment Homes	Contract Price at Pro Rata Share
The Plaza	CA	Jan-25	307	$	161.4
One Hundred Grand	CA	Feb-25	166	105.3		(1)
ROEN Menlo Park	CA	Feb-25	146	78.8
Revere Campbell	CA	May-25	168	118.0		(1)
The Parc at Pruneyard	CA	May-25	252	122.5
ViO	CA	Sep-25	234	100.0
1250 Lakeside	CA	Nov-25	250	143.5

Total acquisitions			1,523	$	829.5

Schedule of Disposition Activity

The table below summarizes disposition activity for the year ended December 31, 2025 ($ in millions):


Property Name	Location	Date	Apartment Homes	Sale Price at Pro Rata Share
Highridge	CA	Feb-25	255	$	127.0	(1)
Essex Skyline	CA	Apr-25	350	239.6		(2)
The Grand	CA	Jul-25	243	97.5		(3)
Fourth & U	CA	Sep-25	171	52.3		(4)
Total dispositions			1,019	$	516.4

(2)The Company recognized a $126.2 million gain on sale of real estate and land in the consolidated statements of income.

(3)The Company recognized a $47.8 million gain on sale of real estate and land in the consolidated statements of income.

(4)The Company recognized a $14.5 million gain on sale of real estate and land in the consolidated statements of income.

Schedule of Co-Investment

The carrying values of the Company’s co-investments as of December 31, 2025 and 2024 were as follows ($ in thousands, except in parenthetical):


	Weighted Average Essex Ownership Percentage (1)	December 31,
		2025		2024
Ownership interest in:
Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI (2)	54%	$	73,002	$	147,232
BEX IV and 500 Folsom	50%	135,518		146,142
Other (2)	53%	95,851		86,089
Total operating and other co-investments, net		304,371		379,463

Total preferred equity co-investments (3) (includes related party investments of $52.8 million and $48.1 million as of December 31, 2025 and 2024, respectively. See Note 6, Related Party Transactions, for further discussion)		227,342		476,278
Total co-investments, net		$	531,713	$	855,741

(1)Weighted average Company ownership percentages are as of December 31, 2025.

(3)Includes one preferred equity investment held by Wesco VII, LLC.

Schedule of Financial Information of Co-Investments

The combined summarized financial information of co-investments was as follows ($ in thousands):


	December 31,
	2025		2024
Combined balance sheets: (1)
Rental properties and real estate under development	$	3,220,390	$	4,094,826
Other assets	194,413		277,420
Total assets	$	3,414,803	$	4,372,246
Debt	$	2,412,106	$	3,001,303
Other liabilities	163,358		235,111
Equity	839,339		1,135,832
Total liabilities and equity	$	3,414,803	$	4,372,246


	Year Ended December 31,
	2025		2024		2023
Combined statements of income: (1)
Property revenues	$	332,330	$	390,850	$	409,910
Property operating expenses	(124,504)		(154,245)		(158,520)
Net operating income	207,826		236,605		251,390
Gain on sale of real estate	10,378		—		—
Interest expense	(104,097)		(142,601)		(154,038)
General and administrative	(17,237)		(21,157)		(20,594)

Depreciation and amortization	(138,729)		(167,875)		(174,028)
Net loss	$	(41,859)	$	(95,028)	$	(97,270)
Company’s share of net income (2)	$	35,464	$	48,206	$	10,561

(1)Includes preferred equity investments held by the Company and excludes investments in technology co-investments.

Revenues (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table presents the Company’s revenues disaggregated by revenue source for the periods presented ($ in thousands):


	Year Ended December 31,
	2025		2024		2023
Rental income	$	1,850,551	$	1,735,411	$	1,636,070
Other property	27,413		28,774		22,194
Management and other fees from affiliates	9,381		10,265		11,131
Total revenues	$	1,887,345	$	1,774,450	$	1,669,395

The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment for the periods presented ($ in thousands):


	Year Ended December 31,
	2025		2024		2023
Southern California	$	763,124	$	714,975	$	654,422
Northern California	760,821		663,825		628,880
Seattle Metro	313,410		295,002		282,092
Other real estate assets (1)	40,609		90,383		92,870
Total rental and other property revenues	$	1,877,964	$	1,764,185	$	1,658,264

The following table presents the Company’s rental and other property revenues disaggregated by current property category status for the periods presented ($ in thousands):


	Year Ended December 31,
	2025		2024		2023
Same-property (1)	$	1,642,989	$	1,590,404	$	1,540,045
Acquisitions (2)	169,002		58,158		1,037


Non-residential/other, net (3)	64,952		115,644		119,725
Straight line rent concessions (4)	1,021		(21)		(2,543)
Total rental and other property revenues	$	1,877,964	$	1,764,185	$	1,658,264

(2)Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2024.

Notes and Other Receivables (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of Notes and Other Receivables

Notes and other receivables consisted of the following as of December 31, 2025 and 2024 ($ in thousands):


	December 31,
	2025		2024
Note receivable, secured, bearing interest at 9.00%, due October 2026 (Originated October 2021)	$	64,193	$	60,538
Note receivable, secured, bearing interest at 12.00%, due January 2025 (Originated August 2022)	—		3,167
Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022)	43,941		39,187
Receivable from preferred equity investment sponsor (1)	—		72,002
Other receivables from affiliates (2)	5,215		5,646
Straight line rent receivables (3)	10,259		9,235
Other receivables	18,538		17,460
Allowance for credit losses	(555)		(529)
Total notes and other receivables	$	141,591	$	206,706

(3)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 receivable, secured for the periods presented ($ in thousands):


	Notes Receivable, Secured
Balance as of December 31, 2022	$	334
Provision for credit losses	353
Balance as of December 31, 2023	$	687
Provision for credit losses	(158)
Balance as of December 31, 2024	$	529
Provision for credit losses	26
Balance as of December 31, 2025	$	555

Unsecured Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Unsecured Debt

Unsecured debt consisted of the following as of December 31, 2025 and 2024 ($ in thousands):


							Weighted Average Maturity In Years as of December 31, 2025


	December 31,
	2025			2024

Term loan - variable rate, net	$	596,668		$	298,571		4.7
Bonds public offering - fixed rate, net	5,419,253			5,175,217			7.1
Unsecured debt, net (1)	6,015,921			5,473,788
Lines of credit	—			137,945			N/A
Commercial paper	—			—			N/A
Total unsecured debt	$	6,015,921		$	5,611,733
Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering	3.7		%	3.4		%
Weighted average interest rate on variable rate term loan	4.1		%	4.2		%
Weighted average interest rate on lines of credit	4.8		%	5.7		%
Weighted average interest rate on commercial paper	—		%	N/A

Schedule of Senior Unsecured Notes

The following is a summary of the Company’s senior unsecured notes as of December 31, 2025 and 2024 ($ in thousands):


	December 31,
Maturity	2025		2024		Coupon Rate
April 2025	$	—	$	500,000	3.500%
April 2026	450,000		450,000		3.375%
May 2027	350,000		350,000		3.625%
March 2028	450,000		450,000		1.700%
March 2029	500,000		500,000		4.000%
January 2030	550,000		550,000		3.000%
January 2031	300,000		300,000		1.650%
June 2031	300,000		300,000		2.550%
March 2032	650,000		650,000		2.650%
April 2034	550,000		550,000		5.500%
April 2035	400,000		—		5.375%
February 2036	350,000		—		4.875%
March 2048	300,000		300,000		4.500%
September 2050	300,000		300,000		2.650%
Total	$	5,450,000	$	5,200,000

Mortgage notes payable consisted of the following as of December 31, 2025 and 2024 ($ in thousands):


	December 31,
	2025			2024
Fixed rate mortgage notes payable	$	526,662		$	674,092
Variable rate mortgage notes payable (1)	257,686			315,792
Total mortgage notes payable (2)	$	784,348		$	989,884
Number of properties securing mortgage notes	14			19
Remaining terms	1-21 years			1-22 years
Weighted average interest rate	4.4		%	4.2		%

Schedule of Unsecured Debt Principal Payments Excluding Lines of Credit

The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit and commercial paper, as of December 31, 2025 were as follows ($ in thousands):


2026	$	450,000
2027	350,000
2028	450,000
2029	500,000
2030	850,000
Thereafter	3,450,000
Total	$	6,050,000

The aggregate scheduled principal payments of mortgage notes payable as of December 31, 2025 were as follows ($ in thousands):


2026	$	99,405
2027	84,397
2028	68,332
2029	1,456
2030	66,592
Thereafter	466,889
Total	$	787,071

(2)Includes total unamortized discount of $0.2 million and reduced by unamortized debt issuance costs of $2.5 million and $2.6 million as of December 31, 2025 and 2024, respectively.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Mortgage Notes Payable (Tables)

12 Months Ended

Dec. 31, 2025

Notes Payable [Abstract]

Schedule of Mortgages Notes Payable

The following is a summary of the Company’s senior unsecured notes as of December 31, 2025 and 2024 ($ in thousands):


	December 31,
Maturity	2025		2024		Coupon Rate
April 2025	$	—	$	500,000	3.500%
April 2026	450,000		450,000		3.375%
May 2027	350,000		350,000		3.625%
March 2028	450,000		450,000		1.700%
March 2029	500,000		500,000		4.000%
January 2030	550,000		550,000		3.000%
January 2031	300,000		300,000		1.650%
June 2031	300,000		300,000		2.550%
March 2032	650,000		650,000		2.650%
April 2034	550,000		550,000		5.500%
April 2035	400,000		—		5.375%
February 2036	350,000		—		4.875%
March 2048	300,000		300,000		4.500%
September 2050	300,000		300,000		2.650%
Total	$	5,450,000	$	5,200,000

Mortgage notes payable consisted of the following as of December 31, 2025 and 2024 ($ in thousands):


	December 31,
	2025			2024
Fixed rate mortgage notes payable	$	526,662		$	674,092
Variable rate mortgage notes payable (1)	257,686			315,792
Total mortgage notes payable (2)	$	784,348		$	989,884
Number of properties securing mortgage notes	14			19
Remaining terms	1-21 years			1-22 years
Weighted average interest rate	4.4		%	4.2		%

Schedule of Aggregate Principal Payments of Mortgage Notes Payable

The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit and commercial paper, as of December 31, 2025 were as follows ($ in thousands):


2026	$	450,000
2027	350,000
2028	450,000
2029	500,000
2030	850,000
Thereafter	3,450,000
Total	$	6,050,000

The aggregate scheduled principal payments of mortgage notes payable as of December 31, 2025 were as follows ($ in thousands):


2026	$	99,405
2027	84,397
2028	68,332
2029	1,456
2030	66,592
Thereafter	466,889
Total	$	787,071

(2)Includes total unamortized discount of $0.2 million and reduced by unamortized debt issuance costs of $2.5 million and $2.6 million as of December 31, 2025 and 2024, respectively.

- Definition

+ References

+ Details

Lease Agreements - Company as Lessor (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule 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, 2025 is summarized as follows ($ in thousands):


	Future Minimum Rent
2026	$	891,434
2027	19,955
2028	16,913
2029	14,034
2030	7,044
Thereafter	16,055
Total	$	965,435

Lease Agreements - Company as Lessee (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Balance Sheet Information Related to Leases

Supplemental consolidated balance sheet information related to leases as of December 31, 2025 and 2024 was as follows ($ in thousands):


	December 31,
	2025		2024
Assets
Operating lease right-of-use assets	$	50,833	$	51,556

Total leased assets	$	50,833	$	51,556

Liabilities
Operating lease liabilities	$	51,487	$	52,473

Total lease liabilities	$	51,487	$	52,473

Schedule of Components of Lease Expense/Discount Rate Information

The components of lease expense for the years ended December 31, 2025, 2024 and 2023 were as follows ($ in thousands):


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	6,131	$	6,480	$	6,789
Variable lease cost	2,069		1,980		1,961



Short-term lease cost	90		183		186
Sublease income	(144)		(560)		(500)
Total lease cost	$	8,146	$	8,083	$	8,436

Lease term and discount rate information for leases as of December 31, 2025 and 2024 was as follows:


	December 31,
	2025		2024
Weighted-average of remaining lease terms (years)
Operating Leases	40		41

Weighted-average of discount rates
Operating Leases	5.08	%	5.04	%

Schedule of Maturity Analysis of Operating Lease Liabilities

A maturity analysis of lease liabilities as of December 31, 2025 is as follows ($ in thousands):


	Operating Leases
2026	$	6,280
2027	3,750
2028	2,765
2029	2,756
2030	2,733
Thereafter	103,678
Total lease payments	$	121,962
Less: Imputed interest	(70,475)
Present value of lease liabilities	$	51,487

Net Income Per Common Share and Net Income Per Common Unit (Tables)

12 Months Ended

Dec. 31, 2025

Net Income Per Share and Net Income Per Unit [Line Items]

Schedule of Net Income Per Common Share

Basic and diluted income per share was calculated as follows ($ in thousands, except per share amounts):


	Year Ended December 31,
	2025					2024					2023
	Income		Weighted- average Common Shares	Per Common Share Amount		Income		Weighted- average Common Shares	Per Common Share Amount		Income		Weighted- average Common Shares	Per Common Share Amount
Basic:
Net income available to common stockholders	$	669,666	64,379,418	$	10.40	$	741,522	64,228,356	$	11.55	$	405,825	64,252,232	$	6.32
Effect of dilutive securities
Stock options	—		20,041			—		22,878			—		1,153

Diluted:
Net income available to common stockholders	$	669,666	64,399,459	$	10.40	$	741,522	64,251,234	$	11.54	$	405,825	64,253,385	$	6.32

Essex Portfolio, L.P.

Net Income Per Share and Net Income Per Unit [Line Items]

Schedule of Net Income Per Common Share

Basic and diluted income per unit was calculated as follows ($ in thousands, except per unit amounts):


	Year Ended December 31,
	2025					2024					2023
	Income		Weighted- average Common Units	Per Common Unit Amount		Income		Weighted- average Common Units	Per Common Unit Amount		Income		Weighted- average Common Units	Per Common Unit Amount
Basic:
Net income available to common unitholders	$	693,315	66,649,608	$	10.40	$	767,936	66,511,030	$	11.55	$	420,109	66,513,303	$	6.32
Effect of dilutive securities
Stock options	—		20,041			—		22,878			—		1,153

Diluted:
Net income available to common unitholders	$	693,315	66,669,649	$	10.40	$	767,936	66,533,908	$	11.54	$	420,109	66,514,456	$	6.32

Equity Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of Restricted Stock Activity

The following table summarizes information about the Company’s restricted stock awards:


	Year Ended December 31,
	2025			2024			2023
	Shares	Weighted- average grant date fair value		Shares	Weighted- average grant date fair value		Shares	Weighted- average grant date fair value
Unvested at beginning of year	101,929	$	211.27	101,701	$	197.22	182,915	$	222.90
Granted	57,550	260.90		52,300	212.02		2,315	220.40
Vested	(61,477)	218.50		(24,002)	187.32		(37,075)	247.07
Forfeited and canceled	(2,855)	235.94		(28,070)	182.25		(46,454)	259.71
Unvested at end of year	95,147	$	235.88	101,929	$	211.27	101,701	$	197.22

Schedule of Weighted Average Assumptions Used to Estimate Fair Value of Stock Options

Stock options have the following weighted average assumptions:


	2025		2024		2023
Stock price	$	—	$	—	$	216.31
Risk-free interest rates	—		—		4.06		%
Expected lives	—		—		6 years
Volatility	—		—		36.00		%
Dividend yield	—		—		3.30		%

Schedule of Options Activity

The following table summarizes information about the Company’s stock options:


	Year Ended December 31,
	2025			2024			2023
	Options	Weighted- average exercise price		Options	Weighted- average exercise price		Options	Weighted- average exercise price
Outstanding at beginning of year	471,383	$	280.11	530,812	$	273.51	487,446	$	279.46
Granted	—	—		—	—		49,908	216.31
Exercised	(41,408)	215.65		(56,304)	218.68		—	—
Forfeited and canceled	(10,286)	327.52		(3,125)	266.21		(6,542)	280.21
Outstanding at end of year	419,689	$	285.31	471,383	$	280.11	530,812	$	273.51
Exercisable at year end	419,689	$	285.31	453,240	$	282.73	417,739	$	282.30

Schedule of Long Term Incentive Plan - Z Units

The following table summarizes information about the Company’s 2015 and 2014 LTIP awards:


	Total Vested and Outstanding Units	Weighted- average Grant-date Fair Value
Balance as of December 31, 2023	97,637	$	86.16
Converted	(30,142)
Balance as of December 31, 2024	67,495	$	85.80
Converted	(12,948)
Balance as of December 31, 2025	54,547	$	85.60

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Revenues and Operating Profit (Loss) from Segments to Consolidated

The revenues and NOI for each of the reportable operating segments are summarized as follows for the years ended December 31, 2025, 2024 and 2023 ($ in thousands):


	Year Ended December 31,
	2025						2024						2023
	Rental and other property revenue		Property operating expenses, including real estate taxes		Net operating income		Rental and other property revenue		Property operating expenses, including real estate taxes		Net operating income		Rental and other property revenue		Property operating expenses, including real estate taxes		Net operating income
Southern California	$	763,124	$	225,015	$	538,109	$	714,975	$	208,380	$	506,595	$	654,422	$	190,897	$	463,525
Northern California	760,821		235,979		524,842		663,825		202,059		461,766		628,880		188,041		440,839
Seattle Metro	313,410		90,967		222,443		295,002		87,558		207,444		282,092		81,334		200,758
Other real estate assets	40,609		7,025		33,584		90,383		23,539		66,844		92,870		27,486		65,384
Total	$	1,877,964	$	558,986	$	1,318,978	$	1,764,185	$	521,536	$	1,242,649	$	1,658,264	$	487,758	$	1,170,506

Total net operating income					$	1,318,978					$	1,242,649					$	1,170,506
Management and other fees from affiliates					9,381						10,265						11,131
Corporate-level property management expenses					(49,052)						(46,208)						(43,593)
Depreciation and amortization					(607,542)						(580,220)						(548,438)
General and administrative					(71,948)						(98,902)						(63,474)

Expensed acquisition and investment related costs					(25)						(72)						(595)
Casualty loss					—						—						(433)
Gain on sale of real estate and land					299,524						175,583						59,238
Interest expense					(258,404)						(235,529)						(212,905)
Total return swap income					4,729						3,099						3,148
Interest and other income					20,004						80,951						46,259
Equity income from co-investments					35,464						48,206						10,561

Tax benefit (expense) on unconsolidated co-investments					2,096						929						(697)
Loss on early retirement of debt					(762)						—						—
Gain on remeasurement of co-investment					330						210,555						—
Net income					$	702,773					$	811,306					$	430,708

Schedule of Reconciliation of Assets from Segment to Consolidated

Total assets for each of the reportable operating segments as of December 31, 2025 and 2024 are summarized as follows ($ in thousands):


	December 31,
	2025		2024
Assets:
Southern California	$	4,194,554	$	4,162,462
Northern California	6,136,977		5,414,689
Seattle Metro	1,412,405		1,460,865
Other real estate assets (1)	160,646		400,884
Net reportable operating segments - real estate assets	11,904,582		11,438,900
Real estate under development	157,122		52,682
Co-investments	630,550		935,014

Cash and cash equivalents, including restricted cash	85,586		75,846
Marketable securities	98,070		69,794
Notes and other receivables	141,591		206,706
Operating lease right-of-use assets	50,833		51,556
Prepaid expenses and other assets	90,675		96,861
Total assets	$	13,159,009	$	12,927,359

(1) Includes retail space, commercial properties, held for sale properties and disposition properties.

Organization (Details) $ in Millions	12 Months Ended
Organization (Details) $ in Millions	Dec. 31, 2025 USD ($) apartment building project community shares	Dec. 31, 2024 USD ($) property shares
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Limited partner - ownership percentage	3.40%	3.50%
Number of apartment communities owned	259	13
Number of apartment units owned \| apartment	63,077
Ownership interests, number of commercial buildings \| building	2
Number of consolidated project \| project	1
Essex Portfolio, L.P.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Operating partnership units outstanding (in shares) \| shares	2,250,339	2,331,251
Redemption value of operating partnership units outstanding \| $	$ 588.9	$ 665.4
Operating Partnership
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest in partnership	96.60%	96.50%

Summary of Critical and Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) investment community property partnership shares	Dec. 31, 2024 USD ($) community investment property partnership lawsuit shares	Dec. 31, 2023 USD ($) community	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Limited partner - ownership percentage	3.40%	3.50%
Threshold useful life of assets for capitalization	1 year
Acquired in-place lease value, net	$ 7,500,000	$ 7,700,000
Number of properties held-for-sale \| property	0	0
Casualty loss	$ 0	$ 0	$ 0
Equity securities, FV-NI	100,000	100,000
Capitalized internal costs related to development and redevelopment projects	26,200,000	20,200,000	19,500,000
Fixed rate debt carrying amount	5,900,000,000	5,800,000,000
Fixed rate debt fair value	5,800,000,000	5,500,000,000
Variable rate debt carrying amount	854,400,000	752,300,000
Variable rate debt fair value	853,200,000	749,400,000
Redeemable noncontrolling interest	$ 28,263,000	$ 30,849,000	$ 32,205,000	$ 27,150,000
DownREIT limited partnerships consolidated by company (in partnerships) \| partnership	18	18
Communities within DownREIT partnerships (in communities) \| community	10	9
Number of consolidated co-investments that now meet the definition of a VIE \| investment	4	5
Assets related to variable interest entities net of intercompany eliminations	$ 970,600,000	$ 893,000,000.0
Liabilities related to variable interest entities net of intercompany eliminations	242,500,000	319,100,000
Noncontrolling interests in VIE	$ 101,200,000	$ 105,100,000
Number of common stock shares per unit basis (in shares) \| shares	1
Units of limited partnership interest amount (in shares) \| shares	892,572	914,505
Redemption value of variable interest entities	$ 233,600,000	$ 261,000,000.0
Redeemable noncontrolling interest, units of limited partners' interests in DownREIT VIEs	8,900,000	9,000,000.0
Noncontrolling interest in limited partnerships	$ 96,600,000	$ 96,900,000
Number of company settled lawsuits \| lawsuit		2
Construction defects at communities \| community		2	1
Gain (loss) from litigation settlement		$ 42,500,000	$ 7,700,000
Minimum
Real Estate Properties [Line Items]
Apartment lease term	9 months
Maximum
Real Estate Properties [Line Items]
Apartment lease term	12 months

Summary of Critical and Significant Accounting Policies - Schedule of Depreciable Life of Various Categories of Fixed Assets (Details)	Dec. 31, 2025
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 Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents - unrestricted	$ 76,241	$ 66,795	$ 391,749
Cash and cash equivalents - restricted	9,345	9,051	8,585
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows	$ 85,586	$ 75,846	$ 400,334	$ 42,681

Organization and Basis of Presentation - Schedule of Components of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Equity securities:
Equity securities, carrying value	$ 98,070	$ 69,794
Total - Marketable securities
Available for sale debt securities:
Marketable securities, amortized cost	76,111	51,840
Marketable securities, unrealized gain (loss)	21,959	17,954
Marketable securities, carrying value	98,070	69,794
Investment funds - debt securities
Equity securities:
Equity securities, amortized cost	2,677	2,645
Equity securities, unrealized gain (loss)	6	(67)
Equity securities, carrying value	2,683	2,578
Common stock, preferred stock and stock funds
Equity securities:
Equity securities, amortized cost	48,738	49,195
Equity securities, unrealized gain (loss)	21,736	18,021
Equity securities, carrying value	70,474	$ 67,216
U.S. Treasury and agency securities
Available for sale debt securities:
Debt securities, amortized cost	10,186
Debt securities, unrealized gain (loss)	103
Debt securities, carrying value	10,289
Certificates of deposit
Available for sale debt securities:
Debt securities, amortized cost	5,000
Debt securities, unrealized gain (loss)	0
Debt securities, carrying value	5,000
Corporate debt securities
Available for sale debt securities:
Debt securities, amortized cost	8,954
Debt securities, unrealized gain (loss)	105
Debt securities, carrying value	9,059
Municipal debt securities
Available for sale debt securities:
Debt securities, amortized cost	556
Debt securities, unrealized gain (loss)	9
Debt securities, carrying value	$ 565

Summary of Critical and Significant Accounting Policies - Schedule of Cash Dividends Distributed (Details) - Common stock	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Dividend Distribution [Line Items]
Ordinary income	96.74%	98.19%	88.46%
Capital gain	1.43%	1.81%	8.32%
Unrecaptured section 1250 capital gain	1.83%	0.00%	3.22%
Status of dividend total cash dividends distributed percentage	100.00%	100.00%	100.00%

Summary of Critical and Significant Accounting Policies - Schedule of Changes in Accumulated Other Comprehensive Income, Net by Component (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 5,720,390	$ 5,593,978	$ 5,895,116
Total other comprehensive loss	(19,291)	(9,217)	(13,364)
Ending balance	5,708,632	5,720,390	5,593,978
Essex Portfolio, L.P.
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total other comprehensive loss	(19,291)	(9,217)	$ (13,364)
Change in fair value of derivatives and amortization of swap settlements
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	24,655
Other comprehensive (loss) income before reclassification	(23,990)
Amounts reclassified from accumulated other comprehensive income	5,172
Total other comprehensive loss	(18,818)
Ending balance	5,837	24,655
Change in fair value of derivatives and amortization of swap settlements \| Essex Portfolio, L.P.
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	29,429
Other comprehensive (loss) income before reclassification	(24,863)
Amounts reclassified from accumulated other comprehensive income	5,355
Total other comprehensive loss	(19,508)
Ending balance	9,921	29,429
Unrealized gain on available for sale debt securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	0
Other comprehensive (loss) income before reclassification	236
Amounts reclassified from accumulated other comprehensive income	(26)
Total other comprehensive loss	210
Ending balance	210	0
Unrealized gain on available for sale debt securities \| Essex Portfolio, L.P.
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	0
Other comprehensive (loss) income before reclassification	244
Amounts reclassified from accumulated other comprehensive income	(27)
Total other comprehensive loss	217
Ending balance	217	0
AOCI Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	24,655
Other comprehensive (loss) income before reclassification	(23,754)
Amounts reclassified from accumulated other comprehensive income	5,146
Total other comprehensive loss	(18,608)
Ending balance	6,047	24,655
AOCI Including Portion Attributable to Noncontrolling Interest \| Essex Portfolio, L.P.
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	29,429
Other comprehensive (loss) income before reclassification	(24,619)
Amounts reclassified from accumulated other comprehensive income	5,328
Total other comprehensive loss	(19,291)
Ending balance	$ 10,138	$ 29,429

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482739/220-10-55-15

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
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Amount after tax of reclassification adjustments of other comprehensive income (loss).

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Summary of Critical and Significant Accounting Policies - Schedule of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 30,849	$ 32,205	$ 27,150
Reclassifications due to change in redemption value and other	(2,209)	(835)	5,055
Redemptions	(377)	(521)	0
Ending balance	$ 28,263	$ 30,849	$ 32,205

Real Estate Investments - Schedule of Acquisition Activity (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) apartment	Dec. 31, 2024 USD ($)
Schedule of Equity Method Investments [Line Items]
Contract Price at Pro Rata Share		$ 849.4
Apartment Building
Schedule of Equity Method Investments [Line Items]
Apartment Homes \| apartment	1,523
Contract Price at Pro Rata Share	$ 829.5
Apartment Building \| The Plaza
Schedule of Equity Method Investments [Line Items]
Apartment Homes \| apartment	307
Contract Price at Pro Rata Share	$ 161.4
Apartment Building \| One Hundred Grand
Schedule of Equity Method Investments [Line Items]
Apartment Homes \| apartment	166
Contract Price at Pro Rata Share	$ 105.3
Apartment Building \| ROEN Menlo Park
Schedule of Equity Method Investments [Line Items]
Apartment Homes \| apartment	146
Contract Price at Pro Rata Share	$ 78.8
Apartment Building \| Revere Campbell
Schedule of Equity Method Investments [Line Items]
Apartment Homes \| apartment	168
Contract Price at Pro Rata Share	$ 118.0
Apartment Building \| The Parc at Pruneyard
Schedule of Equity Method Investments [Line Items]
Apartment Homes \| apartment	252
Contract Price at Pro Rata Share	$ 122.5
Apartment Building \| ViO
Schedule of Equity Method Investments [Line Items]
Apartment Homes \| apartment	234
Contract Price at Pro Rata Share	$ 100.0
Apartment Building \| 1250 Lakeside
Schedule of Equity Method Investments [Line Items]
Apartment Homes \| apartment	250
Contract Price at Pro Rata Share	$ 143.5

Real Estate Investments - Narrative (Details) $ in Thousands	1 Months Ended				3 Months Ended	12 Months Ended
	Nov. 30, 2025 USD ($) unit	Sep. 30, 2025 USD ($) community	Jul. 31, 2025 USD ($) unit	Oct. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) property apartment community unit investment	Dec. 31, 2025 USD ($) investment apartment project community	Dec. 31, 2024 USD ($) property apartment community investment	Dec. 31, 2023 USD ($) apartment
Schedule of Equity Method Investments [Line Items]
Contract Price at Pro Rata Share							$ 849,400
Apartment communities owned (in communities)					13	259	13
Gain on remeasurement of co-investment						$ 330	$ 210,555	$ 0
Number of apartments owned through joint ventures \| community					10		10
Management and other fees from affiliates						9,381	$ 10,265	11,131
Co-investment, committed capital					$ 86,000	86,000	86,000
Co-investment					57,300	74,700	57,300
Equity income from co-investments						35,464	48,206	10,561
Co-investments					855,741	$ 531,713	855,741
Number of investments with a commitment to fund \| investment						10
Preferred equity investment, commitment to fund						$ 206,700
Preferred equity investment, funded loan commitments						$ 171,700
Annualized preferred return rate						10.50%
Co-investment					$ 935,014	$ 630,550	935,014
Payments to acquire equity method investments						33,752	34,073	37,405
Impairment loss from unconsolidated co-investments						12,600	3,700	$ 33,700
Proceeds from dispositions of co-investments						$ 186,500	$ 58,800
Number of consolidated project \| project						1
Apartment Building
Schedule of Equity Method Investments [Line Items]
Contract Price at Pro Rata Share						$ 829,500
Apartment Homes \| apartment						1,019	697	239
Proceeds from sale of real estate						$ 516,400	$ 205,700	$ 91,700
Gain (loss) on sale of properties							$ 175,600	54,500
Apartment Homes \| apartment						1,523
Land
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of real estate								8,700
Gain (loss) on sale of properties								$ 4,700
Highridge
Schedule of Equity Method Investments [Line Items]
Joint venture ownership percent					81.50%		81.50%
Proceeds from sale of real estate							$ 252,400
Wesco V, LLC
Schedule of Equity Method Investments [Line Items]
Joint venture ownership percent		50.00%
Proceeds from sale of real estate		$ 94,900
Number of apartment communities sold \| community		1
Equity income from co-investments		$ 5,200
Total operating and other co-investments, net
Schedule of Equity Method Investments [Line Items]
Number of apartments owned through joint ventures \| apartment					7,694	7,483	7,694
Co-investments					$ 379,500	$ 304,400	$ 379,500
Apartment Home Community Located In Los Angeles
Schedule of Equity Method Investments [Line Items]
Co-investment	$ 79,500
Debt instrument, repaid, principal	88,200
Apartment Home Community Located In Los Angeles \| Apartment Building
Schedule of Equity Method Investments [Line Items]
Contract Price at Pro Rata Share	$ 167,700
Apartment Homes \| unit	376
Wesco VII LLC
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments			$ 50,000
Ownership percentage			50.00%
Preferred equity investment			$ 42,600
Apartment homes \| unit			480
Annualized preferred return rate			13.50%
Stabilized Apartment Home Community Located In Oakland
Schedule of Equity Method Investments [Line Items]
Gain on remeasurement of co-investment					$ 300
Co-investment				$ 22,700
Apartment Homes \| unit					241
Value of property					$ 95,000
Debt instrument, repaid, principal				$ 72,000	$ 72,000
Preferred Equity Investment
Schedule of Equity Method Investments [Line Items]
Number of investments with a commitment to fund \| investment					2	8	2
Preferred Equity Investment Property In Washington and California
Schedule of Equity Method Investments [Line Items]
Number of investments with a commitment to fund \| investment					1		1
Land and Land Improvements
Schedule of Equity Method Investments [Line Items]
Contract Price at Pro Rata Share						$ 156,100
Land and Land Improvements \| CPPIB Interest
Schedule of Equity Method Investments [Line Items]
Contract Price at Pro Rata Share							$ 231,600
Building and Improvements
Schedule of Equity Method Investments [Line Items]
Contract Price at Pro Rata Share						670,700
Building and Improvements \| CPPIB Interest
Schedule of Equity Method Investments [Line Items]
Contract Price at Pro Rata Share							1,178,000
Prepaid Expenses and Other Assets
Schedule of Equity Method Investments [Line Items]
Contract Price at Pro Rata Share						$ 7,300
Prepaid Expenses and Other Assets \| CPPIB Interest
Schedule of Equity Method Investments [Line Items]
Contract Price at Pro Rata Share							9,000
Real Estate Under Development
Schedule of Equity Method Investments [Line Items]
Contract Price at Pro Rata Share							26,300
Fixed rate mortgage notes payable
Schedule of Equity Method Investments [Line Items]
Contract Price at Pro Rata Share							$ 106,000

Real Estate Investments - Schedule of Disposition Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) apartment	Dec. 31, 2024 USD ($) apartment	Dec. 31, 2023 USD ($) apartment
Real Estate Properties [Line Items]
Gain on sale of real estate and land	$ 299,524	$ 175,583	$ 59,238
Debt associated with the property	808,611	403,108	302,429
Loss on early retirement of debt	$ (762)	$ 0	$ 0
Apartment Building
Real Estate Properties [Line Items]
Apartment Homes \| apartment	1,019	697	239
Sale Price at Pro Rata Share	$ 516,400	$ 205,700	$ 91,700
Apartment Building \| Highridge
Real Estate Properties [Line Items]
Apartment Homes \| apartment	255
Sale Price at Pro Rata Share	$ 127,000
Gain on sale of real estate and land	111,000
Debt associated with the property	69,600
Loss on early retirement of debt	$ (800)
Apartment Building \| Essex Skyline
Real Estate Properties [Line Items]
Apartment Homes \| apartment	350
Sale Price at Pro Rata Share	$ 239,600
Gain on sale of real estate and land	$ 126,200
Apartment Building \| The Grand
Real Estate Properties [Line Items]
Apartment Homes \| apartment	243
Sale Price at Pro Rata Share	$ 97,500
Gain on sale of real estate and land	$ 47,800
Apartment Building \| Fourth & U
Real Estate Properties [Line Items]
Apartment Homes \| apartment	171
Sale Price at Pro Rata Share	$ 52,300
Gain on sale of real estate and land	$ 14,500

Real Estate Investments - Schedule of Co-Investment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) community	Dec. 31, 2024 USD ($) property
Schedule of Equity Method Investments [Line Items]
Co-investments	$ 531,713	$ 855,741
Distributions in excess of investments in co-investments	$ 98,837	$ 79,273
Apartment communities owned (in communities)	259	13
Total operating and other co-investments, net
Schedule of Equity Method Investments [Line Items]
Co-investments	$ 304,371	$ 379,463
Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI
Schedule of Equity Method Investments [Line Items]
Weighted Average Essex Ownership Percentage	54.00%
Co-investments	$ 73,002	147,232
BEXAEW, BEX II, BEX IV, and 500 Folsom
Schedule of Equity Method Investments [Line Items]
Weighted Average Essex Ownership Percentage	50.00%
Co-investments	$ 135,518	146,142
Other
Schedule of Equity Method Investments [Line Items]
Weighted Average Essex Ownership Percentage	53.00%
Co-investments	$ 95,851	86,089
Total preferred interest co-investments
Schedule of Equity Method Investments [Line Items]
Co-investments	227,342	476,278
Total preferred interest co-investments \| Investments in Majority-Owned Subsidiaries
Schedule of Equity Method Investments [Line Items]
Co-investments	52,800	48,100
Wesco I, Wesco III, and Wesco IV
Schedule of Equity Method Investments [Line Items]
Distributions in excess of investments in co-investments	$ 98,800	$ 79,300

Real Estate Investments - Schedule of Financial Information of Co-Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Total assets	$ 13,159,009	$ 12,927,359
Debt	7,422,114	7,176,120
Other liabilities	51,729	50,220
Equity	5,708,632	5,720,390	$ 5,593,978	$ 5,895,116
Total liabilities and equity	13,159,009	12,927,359
Equity Method Investment, Summarized Financial Information [Abstract]
Property revenues	1,887,345	1,774,450	1,669,395
Net operating income	1,318,978	1,242,649	1,170,506
Interest expense	(258,404)	(235,529)	(212,905)
General and administrative	(71,948)	(98,902)	(63,474)
Equity income from co-investments	35,464	48,206	10,561
Net income	702,773	811,306	430,708
Total co-investment \| Related Party
Equity Method Investment, Summarized Financial Information [Abstract]
Company's share of net income	5,100	4,600	7,600
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Rental properties and real estate under development	3,220,390	4,094,826
Other assets	194,413	277,420
Total assets	3,414,803	4,372,246
Debt	2,412,106	3,001,303
Other liabilities	163,358	235,111
Equity	839,339	1,135,832
Total liabilities and equity	3,414,803	4,372,246
Equity Method Investment, Summarized Financial Information [Abstract]
Property revenues	332,330	390,850	409,910
Property operating expenses	(124,504)	(154,245)	(158,520)
Net operating income	207,826	236,605	251,390
Gain on sale of real estate	10,378	0	0
Interest expense	(104,097)	(142,601)	(154,038)
General and administrative	(17,237)	(21,157)	(20,594)
Depreciation and amortization	(138,729)	(167,875)	(174,028)
Net income	(41,859)	(95,028)	(97,270)
Company's share of net income	$ 35,464	$ 48,206	$ 10,561

Revenues - Schedule of Disaggregation of Revenue (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) community	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Total rental and other property revenues	$ 1,877,964	$ 1,764,185	$ 1,658,264
Management and other fees from affiliates	9,381	10,265	11,131
Total revenues	$ 1,887,345	$ 1,774,450	1,669,395
Apartment communities owned (in communities)	259	13
Operating segments \| Southern California
Disaggregation of Revenue [Line Items]
Total rental and other property revenues	$ 763,124	$ 714,975	654,422
Operating segments \| Northern California
Disaggregation of Revenue [Line Items]
Total rental and other property revenues	760,821	663,825	628,880
Operating segments \| Seattle Metro
Disaggregation of Revenue [Line Items]
Total rental and other property revenues	313,410	295,002	282,092
Other real estate assets
Disaggregation of Revenue [Line Items]
Total rental and other property revenues	40,609	90,383	92,870
Rental income
Disaggregation of Revenue [Line Items]
Total rental and other property revenues	1,850,551	1,735,411	1,636,070
Other property
Disaggregation of Revenue [Line Items]
Total rental and other property revenues	27,413	28,774	22,194
Total rental and other property revenues
Disaggregation of Revenue [Line Items]
Total rental and other property revenues	1,877,964	1,764,185	1,658,264
Total rental and other property revenues \| Same-property
Disaggregation of Revenue [Line Items]
Total rental and other property revenues	$ 1,642,989	1,590,404	1,540,045
Occupancy threshold for classification as stabilized	90.00%
Total rental and other property revenues \| Acquisitions
Disaggregation of Revenue [Line Items]
Total rental and other property revenues	$ 169,002	58,158	1,037
Total rental and other property revenues \| Non-residential/other, net
Disaggregation of Revenue [Line Items]
Total rental and other property revenues	$ 64,952	115,644	119,725
Apartment communities owned (in communities) \| community	2
Total rental and other property revenues \| Straight line rent concession
Disaggregation of Revenue [Line Items]
Straight line rent concession	$ 1,021	(21)	(2,543)
Total rental and other property revenues \| Operating segments \| Southern California
Disaggregation of Revenue [Line Items]
Total rental and other property revenues	763,124	714,975	654,422
Total rental and other property revenues \| Operating segments \| Northern California
Disaggregation of Revenue [Line Items]
Total rental and other property revenues	760,821	663,825	628,880
Total rental and other property revenues \| Operating segments \| Seattle Metro
Disaggregation of Revenue [Line Items]
Total rental and other property revenues	313,410	295,002	282,092
Total rental and other property revenues \| Other real estate assets
Disaggregation of Revenue [Line Items]
Total rental and other property revenues	$ 40,609	$ 90,383	$ 92,870

Revenues - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 0.3	$ 0.2
Deferred revenue, revenue recognized	$ 0.1
Deferred revenue balance from contracts with remaining performance obligations		$ 0.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligations due per period		74.00%
Expected timing of performance obligation satisfaction, period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligations due per period		26.00%
Expected timing of performance obligation satisfaction, period		2 years

Notes and Other Receivables - Schedule of Notes and Other Receivables (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) unit	Dec. 31, 2025 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses		$ (529)	$ (555)
Total notes and other receivables		206,706	$ 141,591
Stabilized Apartment Home Community Located In Oakland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, repaid, principal	$ 72,000	$ 72,000
Apartment Homes \| unit		241
Note receivable, secured, bearing interest at 9.00%, due October 2026 (Originated October 2021)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stated interest rate			9.00%
Note receivables		$ 60,538	$ 64,193
Note receivable, secured, bearing interest at 12.00%, due January 2025 (Originated August 2022)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stated interest rate			12.00%
Note receivables		3,167	$ 0
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		39,187	$ 43,941
Receivable from preferred equity investment sponsor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables		72,002	0
Other receivables from affiliates (2)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables		5,646	5,215
Straight line rent receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables		9,235	10,259
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables		$ 17,460	$ 18,538

Notes and Other Receivables - Schedule of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 529
Provision for credit losses	26	$ (179)	$ 70
Ending balance	555	529
Notes Receivable, Secured
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	529	687	334
Provision for credit losses	26	(158)	353
Ending balance	$ 555	$ 529	$ 687

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Related Party Transactions (Details)	1 Months Ended							12 Months Ended
Related Party Transactions (Details)	Aug. 31, 2025 USD ($)	Apr. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)	Nov. 30, 2021 USD ($)	Feb. 28, 2019 USD ($)	Oct. 31, 2018 USD ($) unit	May 31, 2018 USD ($) apartment	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Aug. 31, 2022 USD ($) community
Related Party Transaction [Line Items]
Notes and other receivables								$ 141,591,000	$ 206,706,000
Payments to acquire equity method investments								$ 33,752,000	$ 34,073,000	$ 37,405,000
Annualized preferred return rate								10.50%
Preferred equity investment, commitment to fund								$ 206,700,000
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]
Purchase commitment, funded amount				$ 18,300,000				11,000,000.0
Commitment to fund preferred equity investment in the project				$ 13,000,000.0
Commitment to unfund preferred equity investment in the project								2,000,000.0
Related Party
Related Party Transaction [Line Items]
Notes receivable											$ 11,200,000
Number of communities owned \| community											3
Annualized preferred return rate											9.50%
Related Party \| Apartments Located In Mountain View
Related Party Transaction [Line Items]
Payments to acquire equity method investments					$ 24,500,000
Annualized preferred return rate					11.00%					9.00%
Related Party \| Home Community Development in Burlingame, California
Related Party Transaction [Line Items]
Payments to acquire equity method investments						$ 18,600,000
Annualized preferred return rate			11.00%			12.00%			9.00%
Apartment homes \| unit						268
Related Party \| Related Party Bridge Loan On Property Acquired By Wesco I
Related Party Transaction [Line Items]
Notes receivable	$ 81,200,000
Interest rate	5.50%
Related Party \| Related Party Bridge Loan On Property Acquired By BEX II
Related Party Transaction [Line Items]
Notes receivable		$ 53,600,000
Interest rate		1.50%
Related Party \| Management And Other Fees From Affiliates
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction								9,500,000	$ 11,100,000	$ 12,700,000
Related Party \| Revenues From Development And Redevelopment Fees
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction								200,000	800,000	1,800,000
Affiliated Entity
Related Party Transaction [Line Items]
Notes and other receivables								5,200,000	5,600,000
Marcus and Millichap Company \| Related Party
Related Party Transaction [Line Items]
Sales commissions and fees								$ 0	$ 0	$ 0
Marcus and Millichap Company \| Related Party \| Apartment Home Community in Ventura, California
Related Party Transaction [Line Items]
Annualized preferred return rate							10.25%	9.00%
Apartment homes \| apartment							400
Preferred equity investment, commitment to fund							$ 26,500,000

Unsecured Debt - Schedule of Unsecured Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Unsecured debt, net	$ 6,015,921	$ 5,473,788
Total unsecured debt	$ 6,015,921	$ 5,611,733
Variable Rate Term Loan
Debt Instrument [Line Items]
Weighted average interest rate	4.10%	4.20%
Line of Credit
Debt Instrument [Line Items]
Lines of credit	$ 0	$ 137,945
Weighted average interest rate	4.80%	5.70%
Commercial Paper
Debt Instrument [Line Items]
Commercial paper	$ 0	$ 0
Weighted average interest rate	0.00%
Fixed Rate Public Offering Bond
Debt Instrument [Line Items]
Weighted average interest rate	3.70%	3.40%
Unsecured Debt
Debt Instrument [Line Items]
Unsecured debt, net	$ 6,015,921	$ 5,473,788
Unsecured Debt \| Variable Rate Term Loan
Debt Instrument [Line Items]
Term loan - variable rate, net	$ 596,668	298,571
Weighted average maturity	4 years 8 months 12 days
Unsecured Debt \| Bonds public offering - fixed rate, net
Debt Instrument [Line Items]
Weighted average maturity	7 years 1 month 6 days
Unsecured debt, net	$ 5,419,253	$ 5,175,217

Unsecured Debt - Narrative (Details)	1 Months Ended					3 Months Ended	12 Months Ended
Unsecured Debt - Narrative (Details)	Jul. 31, 2025 USD ($)	May 31, 2025 USD ($) extensionOption	May 31, 2024 USD ($)	Oct. 31, 2022 USD ($) extensionOption	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2025 USD ($) property lineOfCredit	Jul. 01, 2025 USD ($)	Jun. 30, 2025 USD ($)	Apr. 30, 2025 USD ($)	Feb. 28, 2025 USD ($)	Dec. 31, 2024 USD ($)	Aug. 31, 2024 USD ($)	Jul. 01, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2022 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							$ 600,000,000.0
Unsecured debt, net							$ 6,015,921,000					$ 5,473,788,000
Number of lines of credit \| lineOfCredit							2
Commercial Paper
Debt Instrument [Line Items]
Debt instrument, term		397 days
Maximum amount authorized		$ 750,000,000.0
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 1,500,000,000	$ 1,200,000,000					$ 75,000,000.0	$ 35,000,000.0
CPPIB Interest
Debt Instrument [Line Items]
Investment interest acquired						45.00%
Essex Portfolio, L.P.
Debt Instrument [Line Items]
Unsecured debt, net							$ 6,015,921,000					5,473,788,000
Interest Rate Swap
Debt Instrument [Line Items]
Debt instrument face amount							$ 600,000,000.0			$ 300,000,000.0							$ 300,000,000.0
Derivative hedged item		$ 197,500,000
Fixed interest rate		4.10%					4.10%
Bonds public offering - fixed rate, net
Debt Instrument [Line Items]
Unamortized debt issuance expense							$ 549,900,000					549,800,000
Bonds public offering - fixed rate, net \| Essex Portfolio, L.P.
Debt Instrument [Line Items]
Aggregate principal amount										$ 500,000,000.0
Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount							5,450,000,000					5,200,000,000
Debt instrument, repaid, principal			$ 400,000,000.0
Senior Notes \| Essex Portfolio, L.P.
Debt Instrument [Line Items]
Debt instrument face amount																				$ 600,000,000.0
Line of Credit
Debt Instrument [Line Items]
Lines of credit and commercial paper							0					137,945,000
Line of Credit \| Line of Credit Working Capital
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 75,000,000.0
Unsecured Line of Credit
Debt Instrument [Line Items]
Basis spread on rate							0.775%
Number of extension options \| property							2
Number of extension options (in extensions)							6 months
Unsecured Line of Credit \| Line of Credit Working Capital
Debt Instrument [Line Items]
Lines of credit and commercial paper							$ 0					62,900,000
Unsecured Debt
Debt Instrument [Line Items]
Total debt							6,050,000,000
Unamortized debt issuance expense							30,400,000					26,300,000
Unsecured debt, net							6,015,921,000					5,473,788,000
Unamortized discount (premium), net							3,600,000					100,000
Unsecured Debt \| Variable Rate Term Loan
Debt Instrument [Line Items]
Debt instrument face amount				$ 300,000,000.0
Basis spread on rate				0.85%
Number of extension options \| extensionOption				3
Term extension period				12 months
Coupon rate				4.20%
Unsecured Debt \| Bonds public offering - fixed rate, net
Debt Instrument [Line Items]
Unsecured debt, net							5,419,253,000					5,175,217,000
Unsecured Term Loan 0.850%, Due May 2028
Debt Instrument [Line Items]
Number of extension options \| extensionOption		2
Number of extension options (in extensions)		1 year
Unsecured Term Loan 0.850%, Due May 2028 \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument face amount		$ 300,000,000.0
Coupon rate		0.85%
Total debt							300,000,000.0
Unsecured Term Loan 0.850%, Due May 2028 \| Unsecured Debt \| Maximum
Debt Instrument [Line Items]
Debt instrument face amount		$ 600,000,000.0
Unsecured Bonds 4.875% \| Bonds public offering - fixed rate, net \| Essex Portfolio, L.P.
Debt Instrument [Line Items]
Debt instrument face amount							$ 350,000,000.0
Coupon rate							4.875%
Debt instrument, debt offering price, percentage of principal							99.093%
Unamortized debt issuance expense							$ 344,000,000.0					0
Unsecured Bonds 4.875% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount							$ 350,000,000					0
Coupon rate							4.875%
Unsecured Bonds 3.375% \| Bonds public offering - fixed rate, net \| Essex Portfolio, L.P.
Debt Instrument [Line Items]
Debt instrument face amount							$ 450,000,000.0
Coupon rate							3.375%
Unsecured Bonds 3.375% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount							$ 450,000,000					450,000,000																$ 450,000,000.0
Coupon rate							3.375%																					3.375%
Debt offering price																												99.386%
Unsecured debt, net							$ 449,800,000					449,100,000
Unsecured Bonds 5.375% \| Bonds public offering - fixed rate, net
Debt Instrument [Line Items]
Unamortized debt issuance expense							395,000,000.0					0
Unsecured Bonds 5.375% \| Bonds public offering - fixed rate, net \| Essex Portfolio, L.P.
Debt Instrument [Line Items]
Debt instrument face amount											$ 400,000,000.0
Coupon rate											5.375%
Debt instrument, debt offering price, percentage of principal											99.604%
Unsecured Bonds 5.375% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount							$ 400,000,000					0
Coupon rate							5.375%
Unsecured Bonds 5.500% \| Bonds public offering - fixed rate, net \| Essex Portfolio, L.P.
Debt Instrument [Line Items]
Debt instrument face amount																$ 350,000,000.0
Coupon rate																5.50%
Debt instrument, debt offering price, percentage of principal																99.752%
Unsecured Bonds 5.500% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount							$ 550,000,000					550,000,000	$ 200,000,000.0
Coupon rate							5.50%
Debt instrument, debt offering price, percentage of principal amount													102.871%
Debt instrument, debt offering price, effective yield percentage													5.11%
Unsecured Bonds 2.550% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount							$ 300,000,000					300,000,000
Coupon rate							2.55%
Unsecured debt, net							$ 297,600,000					297,100,000
Unsecured Bonds 2.550% \| Senior Notes \| Essex Portfolio, L.P.
Debt Instrument [Line Items]
Debt instrument face amount																		$ 300,000,000.0
Coupon rate																		2.55%
Debt offering price																		99.367%
Unsecured Bonds 3.375% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount																		$ 300,000,000.0
Coupon rate																		3.375%
Unsecured Bonds 1.700% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount							$ 450,000,000					450,000,000
Coupon rate							1.70%
Unsecured debt, net							$ 448,200,000					447,200,000
Unsecured Bonds 1.700% \| Senior Notes \| Essex Portfolio, L.P.
Debt Instrument [Line Items]
Debt instrument face amount																			$ 450,000,000.0
Coupon rate																			1.70%
Debt offering price																			99.423%
Unsecured Bonds 2.650% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount					$ 150,000,000.0		$ 650,000,000					650,000,000
Coupon rate							2.65%
Debt offering price					105.66%
Unsecured debt, net							$ 650,500,000					650,600,000
Reoffer yield percentage					2.093%
Unsecured Bonds 2.650% \| Senior Notes \| Essex Portfolio, L.P.
Debt Instrument [Line Items]
Debt instrument face amount																					$ 500,000,000.0
Coupon rate																					2.65%
Debt offering price																					99.628%
Repayments of secured debt						$ 100,300,000
Unsecured Bonds 1.650% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount							$ 300,000,000					300,000,000
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																				$ 300,000,000.0
Coupon rate																				1.65%
Unsecured debt, net							$ 297,200,000					296,700,000
Unsecured Bonds 2.650% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount							$ 300,000,000					300,000,000
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																				$ 300,000,000.0
Coupon rate																				2.65%
Unsecured debt, net							$ 296,300,000					296,100,000
Unsecured Bonds 3.625% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount																				$ 300,000,000.0
Coupon rate																				3.625%
Unsecured Bonds 3.000% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount							$ 550,000,000					550,000,000										$ 150,000,000.0	$ 400,000,000.0
Coupon rate							3.00%																3.00%
Debt offering price																						101.685%	98.632%
Unsecured debt, net							$ 547,000,000.0					546,200,000
Unsecured Bonds 4.000% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount							$ 500,000,000					500,000,000												$ 150,000,000.0	$ 350,000,000.0
Coupon rate							4.00%																		4.00%
Debt offering price																								100.717%	99.188%
Unsecured debt, net							$ 498,000,000.0					497,300,000
Unsecured Bonds 4.500% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount							$ 300,000,000					300,000,000														$ 300,000,000.0
Coupon rate							4.50%																			4.50%
Debt offering price																										99.591%
Unsecured debt, net							$ 296,500,000					296,400,000
Unsecured Bonds 3.625% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount							$ 350,000,000					350,000,000															$ 350,000,000.0
Coupon rate							3.625%																				3.625%
Debt offering price																											99.423%
Unsecured debt, net							$ 349,300,000					348,800,000
Senior Unsecured Notes Maturing April 1, 2025 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount																													$ 500,000,000.0
Coupon rate																													3.50%
Debt offering price																													99.747%
Unsecured debt, net												499,900,000
Unsecured Bonds 3.875% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount																														$ 400,000,000.0
Coupon rate																														3.875%
Debt offering price																														99.234%
Unsecured debt, net							0					0
New Credit Facility \| Unsecured Debt \| Line of Credit
Debt Instrument [Line Items]
Debt instrument face amount							1,580,000,000
Unamortized debt issuance expense							7,300,000					6,200,000
Line of credit facility increase amount	$ 1,000,000,000.0
Option to increase	$ 2,500,000,000
Unsecured Line of Credit \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,500,000,000					1,500,000,000
Lines of credit and commercial paper							0					$ 75,000,000.0
Commerical Paper Program \| Commercial Paper
Debt Instrument [Line Items]
Unamortized debt issuance expense							$ 400,000

Unsecured Debt - Schedule of Senior Unsecured Notes (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Aug. 31, 2024	Jun. 30, 2020	Oct. 31, 2019	Aug. 31, 2019	Mar. 31, 2019	Feb. 28, 2019	Mar. 31, 2018	Apr. 30, 2017	Apr. 30, 2016
Debt Instrument [Line Items]
Debt instrument face amount	$ 600,000,000.0
Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount	5,450,000,000	$ 5,200,000,000
Unsecured Bonds 3.500% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount	$ 0	500,000,000
Coupon Rate	3.50%
Unsecured Bonds 3.375% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount	$ 450,000,000	450,000,000									$ 450,000,000.0
Coupon Rate	3.375%										3.375%
Unsecured Bonds 3.625% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount	$ 350,000,000	350,000,000								$ 350,000,000.0
Coupon Rate	3.625%									3.625%
Unsecured Bonds 1.700% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount	$ 450,000,000	450,000,000
Coupon Rate	1.70%
Unsecured Bonds 4.000% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount	$ 500,000,000	500,000,000					$ 150,000,000.0	$ 350,000,000.0
Coupon Rate	4.00%							4.00%
Unsecured Bonds 3.000% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount	$ 550,000,000	550,000,000			$ 150,000,000.0	$ 400,000,000.0
Coupon Rate	3.00%					3.00%
Unsecured Bonds 1.650% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount	$ 300,000,000	300,000,000
Coupon Rate	1.65%
Unsecured Bonds 2.550% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount	$ 300,000,000	300,000,000
Coupon Rate	2.55%
Unsecured Bonds 2.650% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount	$ 650,000,000	650,000,000		$ 150,000,000.0
Coupon Rate	2.65%
Unsecured Bonds 5.500% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount	$ 550,000,000	550,000,000	$ 200,000,000.0
Coupon Rate	5.50%
Unsecured Bonds 5.375% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount	$ 400,000,000	0
Coupon Rate	5.375%
Unsecured Bonds 4.875% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount	$ 350,000,000	0
Coupon Rate	4.875%
Unsecured Bonds 4.500% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount	$ 300,000,000	300,000,000							$ 300,000,000.0
Coupon Rate	4.50%								4.50%
Unsecured Bonds 2.650% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount	$ 300,000,000	$ 300,000,000
Coupon Rate	2.65%

Unsecured Debt - Schedule of Aggregate Principal Payments of Mortgage Notes Payable (Details) - Unsecured Debt $ in Thousands	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
2026	$ 450,000
2027	350,000
2028	450,000
2029	500,000
2030	850,000
Thereafter	3,450,000
Total	$ 6,050,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) $ in Thousands	Dec. 31, 2025 USD ($) property	Dec. 31, 2024 USD ($) property
Debt Instrument [Line Items]
Number of properties securing mortgage notes \| property	14	19
Weighted average interest rate	4.40%	4.20%
Minimum
Debt Instrument [Line Items]
Remaining terms (in years)	1 year	1 year
Maximum
Debt Instrument [Line Items]
Remaining terms (in years)	21 years	22 years
Mortgages
Debt Instrument [Line Items]
Total mortgage notes payable	$ 784,348	$ 989,884
Mortgages \| Fixed rate mortgage notes payable
Debt Instrument [Line Items]
Total mortgage notes payable	526,662	674,092
Mortgages \| Variable rate mortgage notes payable
Debt Instrument [Line Items]
Total mortgage notes payable	$ 257,686	$ 315,792

Mortgage Notes Payable - Schedule of Unsecured Debt Principal Payments Excluding Lines of Credit (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 31, 2024
Debt Instrument [Line Items]
Debt instrument face amount		$ 600,000
Repayments of debt		808,611	$ 403,108	$ 302,429
Secured debt
Debt Instrument [Line Items]
2026		99,405
2027		84,397
2028		68,332
2029		1,456
2030		66,592
Thereafter		466,889
Total		787,071
Debt instrument, unamortized premium		200	200
Unamortized debt issuance expense		(2,500)	$ (2,600)
Fixed rate mortgage notes payable \| Total Return Swap Callable \| Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative notional amount		$ 258,800
Variable rate mortgage notes payable
Debt Instrument [Line Items]
Multifamily housing mortgage revenue bonds, variable interest rate (in hundredths)		3.60%	4.20%
Percentage of units subject to tenant income criteria		20.00%
Mortgage Notes
Debt Instrument [Line Items]
Debt instrument face amount					$ 95,000
Repayments of debt	$ 95,000

Mortgage Notes Payable - Narrative (Details) $ in Millions	12 Months Ended
Mortgage Notes Payable - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
Notes Payable [Abstract]
Monthly interest expense	$ 3.5
Monthly principal amortization	$ 0.2
Prepayment penalty, percent of principal prepaid	1.00%

Derivative Instruments and Hedging Activities (Details)	12 Months Ended
Derivative Instruments and Hedging Activities (Details)	Dec. 31, 2025 USD ($) swap instrument loan	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	May 31, 2025	Apr. 30, 2025 USD ($) swap	Sep. 30, 2022 USD ($) swap
Derivative [Line Items]
Debt instrument face amount	$ 600,000,000.0
Number of interest rate swaps \| swap	2
Total return swap income	$ 4,729,000	$ 3,099,000	$ 3,148,000
Not Designated as Hedging Instrument
Derivative [Line Items]
Total return swap income	4,700,000	3,100,000	$ 3,100,000
Interest Rate Swap
Derivative [Line Items]
Debt instrument face amount	$ 600,000,000.0						$ 300,000,000.0	$ 300,000,000.0
Number of derivative instruments held \| swap	5						3	1
Derivative notional amount	$ 497,500,000			$ 47,500,000
Fixed interest rate	4.10%					4.10%
Derivative fair value	$ 2,000,000.0	5,500,000
Interest Rate Swap One
Derivative [Line Items]
Derivative notional amount	150,000,000.0
Interest Rate Swap Two
Derivative [Line Items]
Derivative notional amount					$ 50,000,000.0
Interest Rate Swap Three
Derivative [Line Items]
Derivative notional amount	$ 100,000,000.0
Total Return Swap Callable \| Not Designated as Hedging Instrument
Derivative [Line Items]
Number of derivative instruments held \| instrument	5
Total Return Swap \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative fair value	$ 0	$ 0
Unsecured Debt
Derivative [Line Items]
Number of unsecured term loans \| loan	2
Fixed rate mortgage notes payable \| Total Return Swap Callable \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative notional amount	$ 258,800,000
Variable Rate Mortgage Notes Payable
Derivative [Line Items]
Bond subject to interest rate caps	$ 258,800,000

Lease Agreements - Company as Lessor - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 building
Lessor, Lease, Description [Line Items]
Number of commercial buildings under lease agreements	2
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 Lessor - Schedule of Lessor Future Minimum Base Rent (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 891,434
2027	19,955
2028	16,913
2029	14,034
2030	7,044
Thereafter	16,055
Total	$ 965,435

Lease Agreements - Company as Lessee - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 lease
Lessee, Lease, Description [Line Items]
Office leases, number of contracts	3
Ground lease, number of leases	7
Office lease, renewal term	5 years
Minimum
Lessee, Lease, Description [Line Items]
Ground lease, renewal term	10 years
Maximum
Lessee, Lease, Description [Line Items]
Ground lease, renewal term	39 years

Lease Agreements - Company as Lessee - Schedule of Components of Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 50,833	$ 51,556
Total leased assets	50,833	51,556
Operating lease liabilities	51,487	52,473
Total lease liabilities	51,487	52,473
Lease, Cost [Abstract]
Operating lease cost	6,131	6,480	$ 6,789
Variable lease cost	2,069	1,980	1,961
Short-term lease cost	90	183	186
Sublease income	(144)	(560)	(500)
Total lease cost	$ 8,146	$ 8,083	$ 8,436

Lease Agreements - Company as Lessee - Schedule of Maturity Analysis of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 6,280
2027	3,750
2028	2,765
2029	2,756
2030	2,733
Thereafter	103,678
Total lease payments	121,962
Less: Imputed interest	(70,475)
Present value of lease liabilities	$ 51,487	$ 52,473

Lease Agreements - Company as Lessee - Schedule of Lease Term and Discount Rate (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating leases, weighted-average of remaining lease terms (years)	40 years	41 years
Operating leases, weighted-average of discount rates	5.08%	5.04%

Equity Transactions (Details)	1 Months Ended		12 Months Ended
Equity Transactions (Details)	Sep. 30, 2024 USD ($) unit	Aug. 31, 2024 USD ($)	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 shares
Class of Stock [Line Items]
Units of limited partnership interest amount (in shares)			892,572	914,505
The Parc at Pruneyard
Class of Stock [Line Items]
Joint venture ownership percent	50.00%
Number of OP units issued \| unit	81,737
Number of OP units agreed price, per unit \| $	$ 305
Operating Partnership
Class of Stock [Line Items]
Ownership interest in partnership			96.60%	96.50%
Operating Partnership Units
Class of Stock [Line Items]
Units of limited partnership interest amount (in shares)			2,195,792	2,263,756
Long Term Incentive Plan 2014 Units
Class of Stock [Line Items]
Units of limited partnership interest amount (in shares)			54,547	67,495
Equity Forward Sale Agreements
Class of Stock [Line Items]
Common stock, aggregate gross sales price \| $		$ 900,000,000.0
Sale of stock (in shares)			52,600
Weighted average forward price (in dollars per share) \| $ / shares			$ 314.06
Remaining authorized repurchase amount \| $			$ 900,000,000.0

Net Income Per Common Share and Net Income Per Common Unit - Schedule of Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Basic:
Net income available to common stockholders	$ 669,666	$ 741,522	$ 405,825
Weighted average common shares/units (in shares)	64,379,418	64,228,356	64,252,232
Per common share/unit amount (in dollars per share)	$ 10.40	$ 11.55	$ 6.32
Diluted:
Net income available to common stockholders/unitholders	$ 669,666	$ 741,522	$ 405,825
Weighted average number of shares outstanding during the year (in shares)	64,399,459	64,251,234	64,253,385
Per common share/unit amount (in dollars per share)	$ 10.40	$ 11.54	$ 6.32
Essex Portfolio, L.P.
Basic:
Net income available to common stockholders	$ 693,315	$ 767,936	$ 420,109
Weighted average common shares/units (in shares)	66,649,608	66,511,030	66,513,303
Per common share/unit amount (in dollars per share)	$ 10.40	$ 11.55	$ 6.32
Diluted:
Net income available to common stockholders/unitholders	$ 693,315	$ 767,936	$ 420,109
Weighted average number of shares outstanding during the year (in shares)	66,669,649	66,533,908	66,514,456
Per common share/unit amount (in dollars per share)	$ 10.40	$ 11.54	$ 6.32
Stock Options
Basic:
Effect of dilutive securities	$ 0	$ 0	$ 0
Effect of dilutive securities (in shares)	20,041	22,878	1,153
Stock Options \| Essex Portfolio, L.P.
Basic:
Effect of dilutive securities	$ 0	$ 0	$ 0
Effect of dilutive securities (in shares)	20,041	22,878	1,153

Net Income Per Common Share and Net Income Per Common Unit - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Convertible units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,270,190	2,282,675	2,261,071
Income allocated to convertible OP Units	$ 23.6	$ 26.4	$ 14.3
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	253,048	265,378	508,276
Stock Options \| Essex Portfolio, L.P.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	253,048	265,378	508,276

Equity Based Compensation Plans - Narrative (Details) - USD ($)	1 Months Ended		12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)						2,000,000
Accelerated share-based compensation cost					$ 3,500,000
Intrinsic value of the options outstanding and fully vested			$ 2,800,000	$ 9,500,000
Contractual life			10 years
Percentage of estimated fair value of shares			100.00%
Average fair value of stock options granted (in dollars per share)					$ 21.24
Cap on the appreciation of the market price over the exercise price			$ 100
Share-based payment award, award vesting Period			3 years
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense			$ 10,200,000	7,700,000	$ 12,100,000
Stock-based compensation capitalized			600,000	500,000	600,000
Intrinsic value of options exercised			3,500,000	4,500,000	0
Unrecognized compensation cost			0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost			$ 15,400,000
Unrecognized compensation cost, period for recognition			1 year 8 months 12 days
2015 LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage of units per year	20.00%
Share-based payment award, award vesting Period	5 years
Conversion ratio, incentive units	1
2014 LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage of units per year		25.00%
Share-based payment award, award vesting Period		4 years
Conversion ratio, incentive units		1
Long Term Incentive Plan Z Units and LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense			$ 0	$ 0	$ 0
Intrinsic value of vested and unvested LTIP units			$ 14,300,000

Equity Based Compensation Plans - Schedule of Weighted Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares
Weighted average assumptions used to estimate fair value of stock options [Abstract]
Stock price (in dollars per share)	$ 216.31
Risk-free interest rates	4.06%
Expected lives	6 years
Volatility	36.00%
Dividend yield	3.30%

Equity Based Compensation Plans - Schedule of Options Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Options
Outstanding at beginning of year (in shares)	471,383	530,812	487,446
Granted (in shares)	0	0	49,908
Exercised (in shares)	(41,408)	(56,304)	0
Forfeited and canceled (in shares)	(10,286)	(3,125)	(6,542)
Outstanding at end of year (in shares)	419,689	471,383	530,812
Exercisable at year end (in shares)	419,689	453,240	417,739
Weighted- average exercise price
Outstanding at beginning of year (in dollars per share)	$ 280.11	$ 273.51	$ 279.46
Granted (in dollars per share)	0	0	216.31
Exercised (in dollars per share)	215.65	218.68	0
Forfeited and canceled (in dollars per share)	327.52	266.21	280.21
Outstanding at end of year (in dollars per share)	285.31	280.11	273.51
Exercisable at year end (in dollars per share)	$ 285.31	$ 282.73	$ 282.30

Equity Based Compensation Plans - Schedule of Restricted Stock Activity and LITP Units (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock
Shares
Unvested at beginning of year (in shares)	95,147	101,929	101,701	182,915
Granted (in shares)	57,550	52,300	2,315
Vested (in shares)	(61,477)	(24,002)	(37,075)
Forfeited and canceled (in shares)	(2,855)	(28,070)	(46,454)
Unvested at end of year (in shares)	95,147	101,929	101,701	182,915
Weighted- average grant date fair value
Unvested at beginning of year (in dollars per share)	$ 211.27	$ 197.22	$ 222.90
Granted (in dollars per share)	260.90	212.02	220.40
Vested (in dollars per share)	218.50	187.32	247.07
Forfeited and canceled (in dollars per share)	235.94	182.25	259.71
Unvested at end of year (in dollars per share)	235.88	211.27	197.22
Long Term Incentive Plans - Z Units and 2014 LTIP Units
Weighted- average grant date fair value
Unvested at beginning of year (in dollars per share)	85.80	86.16
Unvested at end of year (in dollars per share)	$ 85.60	$ 85.80	$ 86.16
Total Vested and Outstanding Units
Total outstanding units, beginning balance (in shares)	67,495	97,637
Total outstanding units, converted (in shares)	(12,948)	(30,142)
Total outstanding units, ending balance (in shares)	54,547	67,495	97,637

Segment Reporting - Narrative (Details)	12 Months Ended
Segment Reporting - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments	3

Segment Reporting - Schedule of Reportable Operating Segments of Revenue and NOI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Rental and other property	$ 1,877,964	$ 1,764,185	$ 1,658,264
Property operating expenses, including real estate taxes	558,986	521,536	487,758
Net operating income	1,318,978	1,242,649	1,170,506
Management and other fees from affiliates	9,381	10,265	11,131
Corporate-level property management expenses	(49,052)	(46,208)	(43,593)
Depreciation and amortization	(607,542)	(580,220)	(548,438)
General and administrative	(71,948)	(98,902)	(63,474)
Expensed acquisition and investment related costs	(25)	(72)	(595)
Casualty loss	0	0	(433)
Gain on sale of real estate and land	299,524	175,583	59,238
Interest expense	(258,404)	(235,529)	(212,905)
Total return swap income	4,729	3,099	3,148
Interest and other income	20,004	80,951	46,259
Equity income from co-investments	35,464	48,206	10,561
Tax benefit (expense) on unconsolidated co-investments	2,096	929	(697)
Loss on early retirement of debt	(762)	0	0
Gain on remeasurement of co-investment	330	210,555	0
Net income	702,773	811,306	430,708
Operating segments \| Southern California
Revenues from External Customers and Long-Lived Assets [Line Items]
Rental and other property	763,124	714,975	654,422
Property operating expenses, including real estate taxes	225,015	208,380	190,897
Net operating income	538,109	506,595	463,525
Operating segments \| Northern California
Revenues from External Customers and Long-Lived Assets [Line Items]
Rental and other property	760,821	663,825	628,880
Property operating expenses, including real estate taxes	235,979	202,059	188,041
Net operating income	524,842	461,766	440,839
Operating segments \| Seattle Metro
Revenues from External Customers and Long-Lived Assets [Line Items]
Rental and other property	313,410	295,002	282,092
Property operating expenses, including real estate taxes	90,967	87,558	81,334
Net operating income	222,443	207,444	200,758
Other real estate assets
Revenues from External Customers and Long-Lived Assets [Line Items]
Rental and other property	40,609	90,383	92,870
Property operating expenses, including real estate taxes	7,025	23,539	27,486
Net operating income	$ 33,584	$ 66,844	$ 65,384

Segment Information - Schedule of Total Assets from Reportable Operating Segments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net reportable operating segments - real estate assets	$ 11,904,582	$ 11,438,900
Real estate under development	157,122	52,682
Co-investments	630,550	935,014
Cash and cash equivalents, including restricted cash	85,586	75,846	$ 400,334	$ 42,681
Marketable securities	98,070	69,794
Notes and other receivables	141,591	206,706
Operating lease right-of-use assets	50,833	51,556
Prepaid expenses and other assets	90,675	96,861
Total assets	13,159,009	12,927,359
Operating segments \| Southern California
Revenues from External Customers and Long-Lived Assets [Line Items]
Net reportable operating segments - real estate assets	4,194,554	4,162,462
Operating segments \| Northern California
Revenues from External Customers and Long-Lived Assets [Line Items]
Net reportable operating segments - real estate assets	6,136,977	5,414,689
Operating segments \| Seattle Metro
Revenues from External Customers and Long-Lived Assets [Line Items]
Net reportable operating segments - real estate assets	1,412,405	1,460,865
Other real estate assets
Revenues from External Customers and Long-Lived Assets [Line Items]
Net reportable operating segments - real estate assets	$ 160,646	$ 400,884

401(k) Plan (Details) - USD ($) $ in Millions	12 Months Ended
401(k) Plan (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Employer matching contribution, percent	50.00%
Company contributions to benefit plan	$ 4.0	$ 3.8	$ 3.8

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2025 USD ($)
Guarantor Obligations [Line Items]
Property casualty insurance deductible per incident	$ 5.0
Pacific Western Insurance LLC
Guarantor Obligations [Line Items]
Cash and marketable securities	$ 106.7

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) apartment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 784,347
Initial cost
Land	3,308,897
Buildings and improvements	12,060,444
Costs capitalized subsequent to acquisition	3,067,244
Gross amount carried at close of period
Land and improvements	3,363,169
Buildings and improvements	15,073,416
Total	18,436,585
Accumulated depreciation	(6,532,003)	$ (6,150,618)	$ (5,664,931)
Aggregate cost for federal income tax purpose	14,600,000
Rental properties:
Acquisition, development, and improvement of real estate	1,279,457	1,614,570	235,423
Disposition of real estate and other	(432,390)	(160,275)	(66,427)
Balance at the end of year	18,436,585
Accumulated depreciation:
Balance at beginning of year	6,150,618	5,664,931	5,152,133
Depreciation expense	595,867	571,813	545,702
Accumulated depreciation - Disposals and other	(214,482)	(86,126)	(32,904)
Balance at the end of year	$ 6,532,003	6,150,618	5,664,931
Encumbered Apartment Communities
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	4,126
Encumbrance	$ 784,347
Initial cost
Land	281,264
Buildings and improvements	1,062,664
Costs capitalized subsequent to acquisition	200,547
Gross amount carried at close of period
Land and improvements	283,931
Buildings and improvements	1,260,544
Total	1,544,475
Accumulated depreciation	(551,453)
Rental properties:
Balance at the end of year	1,544,475
Accumulated depreciation:
Balance at the end of year	$ 551,453
Encumbered Apartment Communities \| 101 San Fernando
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	323
Encumbrance	$ 37,681
Initial cost
Land	4,173
Buildings and improvements	58,961
Costs capitalized subsequent to acquisition	23,239
Gross amount carried at close of period
Land and improvements	4,173
Buildings and improvements	82,200
Total	86,373
Accumulated depreciation	$ (47,536)
Date of construction	2001
Date acquired	Jul-10
Rental properties:
Balance at the end of year	$ 86,373
Accumulated depreciation:
Balance at the end of year	$ 47,536
Encumbered Apartment Communities \| Belmont Station
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	275
Encumbrance	$ 29,361
Initial cost
Land	8,100
Buildings and improvements	66,666
Costs capitalized subsequent to acquisition	11,984
Gross amount carried at close of period
Land and improvements	8,267
Buildings and improvements	78,483
Total	86,750
Accumulated depreciation	$ (48,159)
Date of construction	2009
Date acquired	Mar-09
Rental properties:
Balance at the end of year	$ 86,750
Accumulated depreciation:
Balance at the end of year	$ 48,159
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	$ 64,860
Initial cost
Land	16,885
Buildings and improvements	151,741
Costs capitalized subsequent to acquisition	5,796
Gross amount carried at close of period
Land and improvements	16,885
Buildings and improvements	157,537
Total	174,422
Accumulated depreciation	$ (38,823)
Date of construction	2015
Date acquired	Jun-19
Rental properties:
Balance at the end of year	$ 174,422
Accumulated depreciation:
Balance at the end of year	$ 38,823
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	$ 83,135
Initial cost
Land	25,073
Buildings and improvements	94,980
Costs capitalized subsequent to acquisition	50,647
Gross amount carried at close of period
Land and improvements	25,203
Buildings and improvements	145,497
Total	170,700
Accumulated depreciation	$ (109,028)
Date of construction	2002
Date acquired	Feb-04
Rental properties:
Balance at the end of year	$ 170,700
Accumulated depreciation:
Balance at the end of year	$ 109,028
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 \| Lawrence Station
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	336
Encumbrance	$ 76,925
Initial cost
Land	45,532
Buildings and improvements	106,735
Costs capitalized subsequent to acquisition	8,367
Gross amount carried at close of period
Land and improvements	45,532
Buildings and improvements	115,102
Total	160,634
Accumulated depreciation	$ (51,465)
Date of construction	2012
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 160,634
Accumulated depreciation:
Balance at the end of year	$ 51,465
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	$ 52,465
Initial cost
Land	8,190
Buildings and improvements	24,736
Costs capitalized subsequent to acquisition	20,412
Gross amount carried at close of period
Land and improvements	8,191
Buildings and improvements	45,147
Total	53,338
Accumulated depreciation	$ (33,965)
Date of construction	1963
Date acquired	Sep-07
Rental properties:
Balance at the end of year	$ 53,338
Accumulated depreciation:
Balance at the end of year	$ 33,965
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	$ 45,601
Initial cost
Land	20,495
Buildings and improvements	47,823
Costs capitalized subsequent to acquisition	3,731
Gross amount carried at close of period
Land and improvements	20,495
Buildings and improvements	51,554
Total	72,049
Accumulated depreciation	$ (12,731)
Date of construction	2015
Date acquired	Dec-18
Rental properties:
Balance at the end of year	$ 72,049
Accumulated depreciation:
Balance at the end of year	$ 12,731
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
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	301
Encumbrance	$ 59,232
Initial cost
Land	32,230
Buildings and improvements	77,320
Costs capitalized subsequent to acquisition	7,552
Gross amount carried at close of period
Land and improvements	32,230
Buildings and improvements	84,872
Total	117,102
Accumulated depreciation	$ (33,369)
Date of construction	2013
Date acquired	Jul-14
Rental properties:
Balance at the end of year	$ 117,102
Accumulated depreciation:
Balance at the end of year	$ 33,369
Encumbered Apartment Communities \| Paragon \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Paragon \| 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	$ 51,917
Initial cost
Land	35,719
Buildings and improvements	53,449
Costs capitalized subsequent to acquisition	17,222
Gross amount carried at close of period
Land and improvements	35,719
Buildings and improvements	70,671
Total	106,390
Accumulated depreciation	$ (26,859)
Date of construction	1971
Date acquired	Mar-17
Rental properties:
Balance at the end of year	$ 106,390
Accumulated depreciation:
Balance at the end of year	$ 26,859
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	$ 14,958
Initial cost
Land	0
Buildings and improvements	8,520
Costs capitalized subsequent to acquisition	10,294
Gross amount carried at close of period
Land and improvements	2,353
Buildings and improvements	16,461
Total	18,814
Accumulated depreciation	$ (14,676)
Date of construction	1984
Date acquired	Apr-00
Rental properties:
Balance at the end of year	$ 18,814
Accumulated depreciation:
Balance at the end of year	$ 14,676
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	$ 57,765
Initial cost
Land	12,555
Buildings and improvements	29,307
Costs capitalized subsequent to acquisition	14,675
Gross amount carried at close of period
Land and improvements	12,556
Buildings and improvements	43,981
Total	56,537
Accumulated depreciation	$ (26,334)
Date of construction	1973
Date acquired	Jul-10
Rental properties:
Balance at the end of year	$ 56,537
Accumulated depreciation:
Balance at the end of year	$ 26,334
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	$ 56,286
Initial cost
Land	19,984
Buildings and improvements	82,286
Costs capitalized subsequent to acquisition	7,322
Gross amount carried at close of period
Land and improvements	19,990
Buildings and improvements	89,602
Total	109,592
Accumulated depreciation	$ (33,847)
Date of construction	2015
Date acquired	Mar-15
Rental properties:
Balance at the end of year	$ 109,592
Accumulated depreciation:
Balance at the end of year	$ 33,847
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	$ 102,939
Initial cost
Land	32,966
Buildings and improvements	184,499
Costs capitalized subsequent to acquisition	10,840
Gross amount carried at close of period
Land and improvements	32,966
Buildings and improvements	195,339
Total	228,305
Accumulated depreciation	$ (42,736)
Date of construction	2016
Date acquired	Jan-20
Rental properties:
Balance at the end of year	$ 228,305
Accumulated depreciation:
Balance at the end of year	$ 42,736
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	$ 51,222
Initial cost
Land	19,362
Buildings and improvements	75,641
Costs capitalized subsequent to acquisition	8,466
Gross amount carried at close of period
Land and improvements	19,371
Buildings and improvements	84,098
Total	103,469
Accumulated depreciation	$ (31,925)
Date of construction	2014
Date acquired	Mar-15
Rental properties:
Balance at the end of year	$ 103,469
Accumulated depreciation:
Balance at the end of year	$ 31,925
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 \| 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 \| Bridgeport \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Bridgeport \| 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 \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Fairhaven \| 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 \| Hillsborough Park
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	235
Initial cost
Land	$ 13,381
Buildings and improvements	85,332
Costs capitalized subsequent to acquisition	817
Gross amount carried at close of period
Land and improvements	13,381
Buildings and improvements	86,149
Total	99,530
Accumulated depreciation	$ (3,638)
Date of construction	1999
Date acquired	Oct-24
Rental properties:
Balance at the end of year	$ 99,530
Accumulated depreciation:
Balance at the end of year	$ 3,638
Encumbered Apartment Communities \| Hillsborough Park \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Hillsborough Park \| 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 \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Montejo \| 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 \| The Carlyle
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	132
Initial cost
Land	$ 6,344
Buildings and improvements	48,086
Costs capitalized subsequent to acquisition	1,216
Gross amount carried at close of period
Land and improvements	6,344
Buildings and improvements	49,302
Total	55,646
Accumulated depreciation	$ (2,115)
Date of construction	2000
Date acquired	Oct-24
Rental properties:
Balance at the end of year	$ 55,646
Accumulated depreciation:
Balance at the end of year	$ 2,115
Encumbered Apartment Communities \| The Carlyle \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| The Carlyle \| 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
Initial cost
Land	$ 19,812
Buildings and improvements	70,619
Costs capitalized subsequent to acquisition	3,080
Gross amount carried at close of period
Land and improvements	19,812
Buildings and improvements	73,699
Total	93,511
Accumulated depreciation	$ (16,851)
Date of construction	2014
Date acquired	Sep-19
Rental properties:
Balance at the end of year	$ 93,511
Accumulated depreciation:
Balance at the end of year	$ 16,851
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 \| 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
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
Unencumbered Apartment Communities
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	51,468
Initial cost
Land	$ 2,980,852
Buildings and improvements	10,981,195
Costs capitalized subsequent to acquisition	2,848,506
Gross amount carried at close of period
Land and improvements	3,031,096
Buildings and improvements	13,779,457
Total	16,810,553
Accumulated depreciation	(5,957,556)
Rental properties:
Balance at the end of year	16,810,553
Accumulated depreciation:
Balance at the end of year	$ 5,957,556
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 \| 1250 Lakeside
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	250
Initial cost
Land	$ 15,104
Buildings and improvements	128,290
Costs capitalized subsequent to acquisition	8
Gross amount carried at close of period
Land and improvements	15,104
Buildings and improvements	128,298
Total	143,402
Accumulated depreciation	$ (555)
Date of construction	2021
Date acquired	Nov-25
Rental properties:
Balance at the end of year	$ 143,402
Accumulated depreciation:
Balance at the end of year	$ 555
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	3,391
Gross amount carried at close of period
Land and improvements	4,934
Buildings and improvements	63,812
Total	68,746
Accumulated depreciation	$ (13,274)
Date of construction	2016
Date acquired	Jan-20
Rental properties:
Balance at the end of year	$ 68,746
Accumulated depreciation:
Balance at the end of year	$ 13,274
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	28,316
Gross amount carried at close of period
Land and improvements	32,136
Buildings and improvements	156,859
Total	188,995
Accumulated depreciation	$ (71,301)
Date of construction	2001
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 188,995
Accumulated depreciation:
Balance at the end of year	$ 71,301
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	4,543
Gross amount carried at close of period
Land and improvements	5,869
Buildings and improvements	28,520
Total	34,389
Accumulated depreciation	$ (16,423)
Date of construction	2010
Date acquired	Oct-10
Rental properties:
Balance at the end of year	$ 34,389
Accumulated depreciation:
Balance at the end of year	$ 16,423
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	7,043
Gross amount carried at close of period
Land and improvements	11,923
Buildings and improvements	54,733
Total	66,656
Accumulated depreciation	$ (22,720)
Date of construction	2002
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 66,656
Accumulated depreciation:
Balance at the end of year	$ 22,720
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	18,911
Gross amount carried at close of period
Land and improvements	4,982
Buildings and improvements	38,624
Total	43,606
Accumulated depreciation	$ (27,056)
Date of construction	1971
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 43,606
Accumulated depreciation:
Balance at the end of year	$ 27,056
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	1,365
Gross amount carried at close of period
Land and improvements	4,726
Buildings and improvements	15,595
Total	20,321
Accumulated depreciation	$ (7,121)
Date of construction	2009
Date acquired	Jan-13
Rental properties:
Balance at the end of year	$ 20,321
Accumulated depreciation:
Balance at the end of year	$ 7,121
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	14,518
Gross amount carried at close of period
Land and improvements	44,240
Buildings and improvements	117,769
Total	162,009
Accumulated depreciation	$ (47,685)
Date of construction	2014
Date acquired	Aug-14
Rental properties:
Balance at the end of year	$ 162,009
Accumulated depreciation:
Balance at the end of year	$ 47,685
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	30,058
Gross amount carried at close of period
Land and improvements	58,442
Buildings and improvements	205,384
Total	263,826
Accumulated depreciation	$ (91,041)
Date of construction	2001
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 263,826
Accumulated depreciation:
Balance at the end of year	$ 91,041
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 \| ROEN Menlo Park
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	164
Initial cost
Land	$ 19,918
Buildings and improvements	80,377
Costs capitalized subsequent to acquisition	778
Gross amount carried at close of period
Land and improvements	19,918
Buildings and improvements	81,155
Total	101,073
Accumulated depreciation	$ (4,709)
Date of construction	2018
Date acquired	May-24
Rental properties:
Balance at the end of year	$ 101,073
Accumulated depreciation:
Balance at the end of year	$ 4,709
Unencumbered Apartment Communities \| ROEN Menlo Park \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| ROEN Menlo Park \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Artizan
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	241
Initial cost
Land	$ 12,560
Buildings and improvements	81,356
Costs capitalized subsequent to acquisition	0
Gross amount carried at close of period
Land and improvements	12,560
Buildings and improvements	81,356
Total	93,916
Accumulated depreciation	$ (2,746)
Date of construction	2022
Date acquired	Jan-25
Rental properties:
Balance at the end of year	$ 93,916
Accumulated depreciation:
Balance at the end of year	$ 2,746
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	4,240
Gross amount carried at close of period
Land and improvements	3,924
Buildings and improvements	16,102
Total	20,026
Accumulated depreciation	$ (8,304)
Date of construction	1988
Date acquired	Oct-12
Rental properties:
Balance at the end of year	$ 20,026
Accumulated depreciation:
Balance at the end of year	$ 8,304
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	5,933
Gross amount carried at close of period
Land and improvements	23,550
Buildings and improvements	99,744
Total	123,294
Accumulated depreciation	$ (31,630)
Date of construction	2014
Date acquired	Dec-16
Rental properties:
Balance at the end of year	$ 123,294
Accumulated depreciation:
Balance at the end of year	$ 31,630
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	443
Initial cost
Land	$ 32,379
Buildings and improvements	137,940
Costs capitalized subsequent to acquisition	14,138
Gross amount carried at close of period
Land and improvements	32,379
Buildings and improvements	152,078
Total	184,457
Accumulated depreciation	$ (54,402)
Date of construction	2014
Date acquired	Jun-15
Rental properties:
Balance at the end of year	$ 184,457
Accumulated depreciation:
Balance at the end of year	$ 54,402
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	19,769
Gross amount carried at close of period
Land and improvements	27,235
Buildings and improvements	84,172
Total	111,407
Accumulated depreciation	$ (34,930)
Date of construction	2007
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 111,407
Accumulated depreciation:
Balance at the end of year	$ 34,930
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	3,874
Gross amount carried at close of period
Land and improvements	0
Buildings and improvements	53,687
Total	53,687
Accumulated depreciation	$ (23,265)
Date of construction	2013
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 53,687
Accumulated depreciation:
Balance at the end of year	$ 23,265
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	36,827
Gross amount carried at close of period
Land and improvements	10,601
Buildings and improvements	61,284
Total	71,885
Accumulated depreciation	$ (49,756)
Date of construction	1970
Date acquired	Jan-99
Rental properties:
Balance at the end of year	$ 71,885
Accumulated depreciation:
Balance at the end of year	$ 49,756
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 \| Beaumont
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	344
Initial cost
Land	$ 22,101
Buildings and improvements	113,737
Costs capitalized subsequent to acquisition	1,200
Gross amount carried at close of period
Land and improvements	22,101
Buildings and improvements	114,937
Total	137,038
Accumulated depreciation	$ (4,221)
Date of construction	2009
Date acquired	Nov-24
Rental properties:
Balance at the end of year	$ 137,038
Accumulated depreciation:
Balance at the end of year	$ 4,221
Unencumbered Apartment Communities \| Beaumont \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Beaumont \| 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	54,136
Gross amount carried at close of period
Land and improvements	12,682
Buildings and improvements	71,811
Total	84,493
Accumulated depreciation	$ (60,381)
Date of construction	1988
Date acquired	Jan-95
Rental properties:
Balance at the end of year	$ 84,493
Accumulated depreciation:
Balance at the end of year	$ 60,381
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	9,120
Gross amount carried at close of period
Land and improvements	21,725
Buildings and improvements	101,211
Total	122,936
Accumulated depreciation	$ (42,200)
Date of construction	2009
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 122,936
Accumulated depreciation:
Balance at the end of year	$ 42,200
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	12,577
Gross amount carried at close of period
Land and improvements	17,247
Buildings and improvements	52,920
Total	70,167
Accumulated depreciation	$ (27,614)
Date of construction	2004
Date acquired	Sep-10
Rental properties:
Balance at the end of year	$ 70,167
Accumulated depreciation:
Balance at the end of year	$ 27,614
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	8,749
Gross amount carried at close of period
Land and improvements	16,197
Buildings and improvements	75,956
Total	92,153
Accumulated depreciation	$ (33,591)
Date of construction	2001
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 92,153
Accumulated depreciation:
Balance at the end of year	$ 33,591
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	2,272
Gross amount carried at close of period
Land and improvements	5,401
Buildings and improvements	24,075
Total	29,476
Accumulated depreciation	$ (12,649)
Date of construction	2011
Date acquired	Aug-11
Rental properties:
Balance at the end of year	$ 29,476
Accumulated depreciation:
Balance at the end of year	$ 12,649
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	9,433
Gross amount carried at close of period
Land and improvements	4,473
Buildings and improvements	19,696
Total	24,169
Accumulated depreciation	$ (14,459)
Date of construction	1974
Date acquired	Oct-06
Rental properties:
Balance at the end of year	$ 24,169
Accumulated depreciation:
Balance at the end of year	$ 14,459
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	178
Initial cost
Land	$ 21,771
Buildings and improvements	50,800
Costs capitalized subsequent to acquisition	36,359
Gross amount carried at close of period
Land and improvements	28,371
Buildings and improvements	80,559
Total	108,930
Accumulated depreciation	$ (40,548)
Date of construction	2004
Date acquired	Dec-12
Rental properties:
Balance at the end of year	$ 108,930
Accumulated depreciation:
Balance at the end of year	$ 40,548
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	218
Initial cost
Land	$ 10,802
Buildings and improvements	43,209
Costs capitalized subsequent to acquisition	11,183
Gross amount carried at close of period
Land and improvements	10,802
Buildings and improvements	54,392
Total	65,194
Accumulated depreciation	$ (24,327)
Date of construction	1988
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 65,194
Accumulated depreciation:
Balance at the end of year	$ 24,327
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	9,062
Gross amount carried at close of period
Land and improvements	2,503
Buildings and improvements	18,968
Total	21,471
Accumulated depreciation	$ (14,016)
Date of construction	1983
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 21,471
Accumulated depreciation:
Balance at the end of year	$ 14,016
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 \| Bothell Ridge
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	214
Initial cost
Land	$ 7,440
Buildings and improvements	48,321
Costs capitalized subsequent to acquisition	3,176
Gross amount carried at close of period
Land and improvements	7,440
Buildings and improvements	51,497
Total	58,937
Accumulated depreciation	$ (3,323)
Date of construction	1988
Date acquired	Mar-24
Rental properties:
Balance at the end of year	$ 58,937
Accumulated depreciation:
Balance at the end of year	$ 3,323
Unencumbered Apartment Communities \| Bothell Ridge \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Bothell Ridge \| 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	18,054
Gross amount carried at close of period
Land and improvements	3,580
Buildings and improvements	26,176
Total	29,756
Accumulated depreciation	$ (23,476)
Date of construction	1978
Date acquired	Jan-96
Rental properties:
Balance at the end of year	$ 29,756
Accumulated depreciation:
Balance at the end of year	$ 23,476
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	30,763
Gross amount carried at close of period
Land and improvements	10,328
Buildings and improvements	44,046
Total	54,374
Accumulated depreciation	$ (34,764)
Date of construction	1973
Date acquired	Jun-00
Rental properties:
Balance at the end of year	$ 54,374
Accumulated depreciation:
Balance at the end of year	$ 34,764
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	8,218
Gross amount carried at close of period
Land and improvements	1,531
Buildings and improvements	14,117
Total	15,648
Accumulated depreciation	$ (12,002)
Date of construction	1986
Date acquired	Oct-97
Rental properties:
Balance at the end of year	$ 15,648
Accumulated depreciation:
Balance at the end of year	$ 12,002
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 \| Bridgeport
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	184
Initial cost
Land	$ 11,825
Buildings and improvements	52,268
Costs capitalized subsequent to acquisition	507
Gross amount carried at close of period
Land and improvements	11,825
Buildings and improvements	52,775
Total	64,600
Accumulated depreciation	$ (2,257)
Date of construction	1987
Date acquired	Oct-24
Rental properties:
Balance at the end of year	$ 64,600
Accumulated depreciation:
Balance at the end of year	$ 2,257
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	12,886
Gross amount carried at close of period
Land and improvements	2,656
Buildings and improvements	23,653
Total	26,309
Accumulated depreciation	$ (19,098)
Date of construction	1986
Date acquired	Dec-96
Rental properties:
Balance at the end of year	$ 26,309
Accumulated depreciation:
Balance at the end of year	$ 19,098
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	13,548
Gross amount carried at close of period
Land and improvements	5,293
Buildings and improvements	25,386
Total	30,679
Accumulated depreciation	$ (22,492)
Date of construction	1989
Date acquired	Jan-95
Rental properties:
Balance at the end of year	$ 30,679
Accumulated depreciation:
Balance at the end of year	$ 22,492
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 \| 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	14,334
Gross amount carried at close of period
Land and improvements	11,075
Buildings and improvements	39,466
Total	50,541
Accumulated depreciation	$ (34,938)
Date of construction	1985
Date acquired	Jul-96
Rental properties:
Balance at the end of year	$ 50,541
Accumulated depreciation:
Balance at the end of year	$ 34,938
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	9,555
Gross amount carried at close of period
Land and improvements	18,185
Buildings and improvements	82,294
Total	100,479
Accumulated depreciation	$ (35,042)
Date of construction	1998
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 100,479
Accumulated depreciation:
Balance at the end of year	$ 35,042
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	4,427
Gross amount carried at close of period
Land and improvements	6,931
Buildings and improvements	30,486
Total	37,417
Accumulated depreciation	$ (19,561)
Date of construction	1990
Date acquired	Dec-06
Rental properties:
Balance at the end of year	$ 37,417
Accumulated depreciation:
Balance at the end of year	$ 19,561
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	1,913
Gross amount carried at close of period
Land and improvements	10,489
Buildings and improvements	38,837
Total	49,326
Accumulated depreciation	$ (5,773)
Date of construction	2014
Date acquired	Dec-21
Rental properties:
Balance at the end of year	$ 49,326
Accumulated depreciation:
Balance at the end of year	$ 5,773
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	15,441
Gross amount carried at close of period
Land and improvements	19,088
Buildings and improvements	59,914
Total	79,002
Accumulated depreciation	$ (35,642)
Date of construction	2005
Date acquired	May-07
Rental properties:
Balance at the end of year	$ 79,002
Accumulated depreciation:
Balance at the end of year	$ 35,642
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	13,218
Gross amount carried at close of period
Land and improvements	4,693
Buildings and improvements	31,505
Total	36,198
Accumulated depreciation	$ (23,951)
Date of construction	1990
Date acquired	Oct-03
Rental properties:
Balance at the end of year	$ 36,198
Accumulated depreciation:
Balance at the end of year	$ 23,951
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	13,897
Gross amount carried at close of period
Land and improvements	4,048
Buildings and improvements	26,506
Total	30,554
Accumulated depreciation	$ (20,441)
Date of construction	1961
Date acquired	Sep-01
Rental properties:
Balance at the end of year	$ 30,554
Accumulated depreciation:
Balance at the end of year	$ 20,441
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	16,563
Gross amount carried at close of period
Land and improvements	26,842
Buildings and improvements	123,931
Total	150,773
Accumulated depreciation	$ (52,929)
Date of construction	2000
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 150,773
Accumulated depreciation:
Balance at the end of year	$ 52,929
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	21,464
Gross amount carried at close of period
Land and improvements	16,725
Buildings and improvements	88,365
Total	105,090
Accumulated depreciation	$ (40,328)
Date of construction	1989
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 105,090
Accumulated depreciation:
Balance at the end of year	$ 40,328
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	248
Initial cost
Land	$ 14,968
Buildings and improvements	59,871
Costs capitalized subsequent to acquisition	12,291
Gross amount carried at close of period
Land and improvements	14,968
Buildings and improvements	72,162
Total	87,130
Accumulated depreciation	$ (31,030)
Date of construction	1989
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 87,130
Accumulated depreciation:
Balance at the end of year	$ 31,030
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	9,075
Gross amount carried at close of period
Land and improvements	4,833
Buildings and improvements	24,419
Total	29,252
Accumulated depreciation	$ (22,039)
Date of construction	1998
Date acquired	Dec-98
Rental properties:
Balance at the end of year	$ 29,252
Accumulated depreciation:
Balance at the end of year	$ 22,039
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	5,639
Gross amount carried at close of period
Land and improvements	6,714
Buildings and improvements	32,495
Total	39,209
Accumulated depreciation	$ (14,064)
Date of construction	1987
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 39,209
Accumulated depreciation:
Balance at the end of year	$ 14,064
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	12,412
Gross amount carried at close of period
Land and improvements	5,652
Buildings and improvements	28,745
Total	34,397
Accumulated depreciation	$ (20,784)
Date of construction	1984
Date acquired	Jan-05
Rental properties:
Balance at the end of year	$ 34,397
Accumulated depreciation:
Balance at the end of year	$ 20,784
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	26,010
Gross amount carried at close of period
Land and improvements	3,442
Buildings and improvements	33,716
Total	37,158
Accumulated depreciation	$ (28,633)
Date of construction	1974
Date acquired	Jun-97
Rental properties:
Balance at the end of year	$ 37,158
Accumulated depreciation:
Balance at the end of year	$ 28,633
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 \| The Parc at Pruneyard
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	376
Initial cost
Land	$ 14,865
Buildings and improvements	157,787
Costs capitalized subsequent to acquisition	1,618
Gross amount carried at close of period
Land and improvements	14,865
Buildings and improvements	159,405
Total	174,270
Accumulated depreciation	$ (7,235)
Date of construction	2017
Date acquired	Sep-24
Rental properties:
Balance at the end of year	$ 174,270
Accumulated depreciation:
Balance at the end of year	$ 7,235
Unencumbered Apartment Communities \| The Parc at Pruneyard \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| The Parc at Pruneyard \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Chestnut Street
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	4,485
Gross amount carried at close of period
Land and improvements	6,582
Buildings and improvements	20,174
Total	26,756
Accumulated depreciation	$ (11,677)
Date of construction	2002
Date acquired	Jul-08
Rental properties:
Balance at the end of year	$ 26,756
Accumulated depreciation:
Balance at the end of year	$ 11,677
Unencumbered Apartment Communities \| Chestnut Street \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Chestnut Street \| 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	46,307
Gross amount carried at close of period
Land and improvements	10,350
Buildings and improvements	83,510
Total	93,860
Accumulated depreciation	$ (71,224)
Date of construction	1975
Date acquired	Mar-98
Rental properties:
Balance at the end of year	$ 93,860
Accumulated depreciation:
Balance at the end of year	$ 71,224
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	1,526
Gross amount carried at close of period
Land and improvements	7,276
Buildings and improvements	23,752
Total	31,028
Accumulated depreciation	$ (9,510)
Date of construction	2013
Date acquired	May-14
Rental properties:
Balance at the end of year	$ 31,028
Accumulated depreciation:
Balance at the end of year	$ 9,510
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	6,284
Gross amount carried at close of period
Land and improvements	19,949
Buildings and improvements	129,712
Total	149,661
Accumulated depreciation	$ (29,007)
Date of construction	2014
Date acquired	Jan-20
Rental properties:
Balance at the end of year	$ 149,661
Accumulated depreciation:
Balance at the end of year	$ 29,007
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	7,255
Gross amount carried at close of period
Land and improvements	5,801
Buildings and improvements	24,670
Total	30,471
Accumulated depreciation	$ (13,648)
Date of construction	1978
Date acquired	Nov-10
Rental properties:
Balance at the end of year	$ 30,471
Accumulated depreciation:
Balance at the end of year	$ 13,648
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	8,526
Gross amount carried at close of period
Land and improvements	13,912
Buildings and improvements	64,175
Total	78,087
Accumulated depreciation	$ (27,089)
Date of construction	1999
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 78,087
Accumulated depreciation:
Balance at the end of year	$ 27,089
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	9,832
Gross amount carried at close of period
Land and improvements	4,187
Buildings and improvements	26,402
Total	30,589
Accumulated depreciation	$ (19,405)
Date of construction	1976
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 30,589
Accumulated depreciation:
Balance at the end of year	$ 19,405
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	9,518
Gross amount carried at close of period
Land and improvements	7,465
Buildings and improvements	30,923
Total	38,388
Accumulated depreciation	$ (16,857)
Date of construction	2000
Date acquired	Oct-10
Rental properties:
Balance at the end of year	$ 38,388
Accumulated depreciation:
Balance at the end of year	$ 16,857
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	21,737
Gross amount carried at close of period
Land and improvements	37,579
Buildings and improvements	109,422
Total	147,001
Accumulated depreciation	$ (51,114)
Date of construction	1992
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 147,001
Accumulated depreciation:
Balance at the end of year	$ 51,114
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	7,450
Gross amount carried at close of period
Land and improvements	21,478
Buildings and improvements	57,566
Total	79,044
Accumulated depreciation	$ (25,183)
Date of construction	1996
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 79,044
Accumulated depreciation:
Balance at the end of year	$ 25,183
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	2,241
Gross amount carried at close of period
Land and improvements	9,059
Buildings and improvements	29,418
Total	38,477
Accumulated depreciation	$ (13,730)
Date of construction	2009
Date acquired	Sep-12
Rental properties:
Balance at the end of year	$ 38,477
Accumulated depreciation:
Balance at the end of year	$ 13,730
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	9,530
Gross amount carried at close of period
Land and improvements	4,757
Buildings and improvements	23,816
Total	28,573
Accumulated depreciation	$ (15,410)
Date of construction	1986
Date acquired	Jun-10
Rental properties:
Balance at the end of year	$ 28,573
Accumulated depreciation:
Balance at the end of year	$ 15,410
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	8,505
Gross amount carried at close of period
Land and improvements	15,066
Buildings and improvements	53,754
Total	68,820
Accumulated depreciation	$ (22,695)
Date of construction	1994
Date acquired	Jul-14
Rental properties:
Balance at the end of year	$ 68,820
Accumulated depreciation:
Balance at the end of year	$ 22,695
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	4,692
Gross amount carried at close of period
Land and improvements	8,458
Buildings and improvements	38,524
Total	46,982
Accumulated depreciation	$ (16,726)
Date of construction	1989
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 46,982
Accumulated depreciation:
Balance at the end of year	$ 16,726
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	9,895
Gross amount carried at close of period
Land and improvements	3,449
Buildings and improvements	17,696
Total	21,145
Accumulated depreciation	$ (15,747)
Date of construction	1987
Date acquired	Nov-94
Rental properties:
Balance at the end of year	$ 21,145
Accumulated depreciation:
Balance at the end of year	$ 15,747
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	3,597
Gross amount carried at close of period
Land and improvements	13,378
Buildings and improvements	56,837
Total	70,215
Accumulated depreciation	$ (18,418)
Date of construction	2012
Date acquired	Dec-16
Rental properties:
Balance at the end of year	$ 70,215
Accumulated depreciation:
Balance at the end of year	$ 18,418
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	2,645
Gross amount carried at close of period
Land and improvements	15,039
Buildings and improvements	83,177
Total	98,216
Accumulated depreciation	$ (17,866)
Date of construction	2015
Date acquired	Jan-20
Rental properties:
Balance at the end of year	$ 98,216
Accumulated depreciation:
Balance at the end of year	$ 17,866
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	6,522
Gross amount carried at close of period
Land and improvements	21,397
Buildings and improvements	77,657
Total	99,054
Accumulated depreciation	$ (27,012)
Date of construction	2014
Date acquired	Dec-15
Rental properties:
Balance at the end of year	$ 99,054
Accumulated depreciation:
Balance at the end of year	$ 27,012
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	8,982
Gross amount carried at close of period
Land and improvements	89,111
Buildings and improvements	316,751
Total	405,862
Accumulated depreciation	$ (66,730)
Date of construction	2013
Date acquired	Jan-20
Rental properties:
Balance at the end of year	$ 405,862
Accumulated depreciation:
Balance at the end of year	$ 66,730
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	20,864
Gross amount carried at close of period
Land and improvements	18,429
Buildings and improvements	60,691
Total	79,120
Accumulated depreciation	$ (45,294)
Date of construction	2002
Date acquired	Apr-04
Rental properties:
Balance at the end of year	$ 79,120
Accumulated depreciation:
Balance at the end of year	$ 45,294
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 \| Esplanade San Diego
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	614
Initial cost
Land	$ 56,327
Buildings and improvements	167,072
Costs capitalized subsequent to acquisition	4,852
Gross amount carried at close of period
Land and improvements	56,327
Buildings and improvements	171,924
Total	228,251
Accumulated depreciation	$ (10,755)
Date of construction	1986
Date acquired	Mar-24
Rental properties:
Balance at the end of year	$ 228,251
Accumulated depreciation:
Balance at the end of year	$ 10,755
Unencumbered Apartment Communities \| Esplanade San Diego \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Esplanade San Diego \| 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	10,976
Gross amount carried at close of period
Land and improvements	3,649
Buildings and improvements	24,288
Total	27,937
Accumulated depreciation	$ (21,022)
Date of construction	1990
Date acquired	Jun-97
Rental properties:
Balance at the end of year	$ 27,937
Accumulated depreciation:
Balance at the end of year	$ 21,022
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
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	13,885
Gross amount carried at close of period
Land and improvements	2,957
Buildings and improvements	24,039
Total	26,996
Accumulated depreciation	$ (18,760)
Date of construction	1970
Date acquired	Nov-01
Rental properties:
Balance at the end of year	$ 26,996
Accumulated depreciation:
Balance at the end of year	$ 18,760
Unencumbered Apartment Communities \| Fairway 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	10,207
Gross amount carried at close of period
Land and improvements	0
Buildings and improvements	18,057
Total	18,057
Accumulated depreciation	$ (16,954)
Date of construction	1972
Date acquired	Jun-99
Rental properties:
Balance at the end of year	$ 18,057
Accumulated depreciation:
Balance at the end of year	$ 16,954
Unencumbered Apartment Communities \| Fairway at Big Canyon \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Fairway 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	8,334
Gross amount carried at close of period
Land and improvements	5,297
Buildings and improvements	23,897
Total	29,194
Accumulated depreciation	$ (16,692)
Date of construction	1997
Date acquired	Oct-04
Rental properties:
Balance at the end of year	$ 29,194
Accumulated depreciation:
Balance at the end of year	$ 16,692
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	46,499
Gross amount carried at close of period
Land and improvements	2,440
Buildings and improvements	56,315
Total	58,755
Accumulated depreciation	$ (52,928)
Date of construction	1978
Date acquired	Mar-90
Rental properties:
Balance at the end of year	$ 58,755
Accumulated depreciation:
Balance at the end of year	$ 52,928
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	17,675
Gross amount carried at close of period
Land and improvements	5,964
Buildings and improvements	31,578
Total	37,542
Accumulated depreciation	$ (26,673)
Date of construction	1985
Date acquired	Feb-97
Rental properties:
Balance at the end of year	$ 37,542
Accumulated depreciation:
Balance at the end of year	$ 26,673
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	6,412
Gross amount carried at close of period
Land and improvements	3,731
Buildings and improvements	20,942
Total	24,673
Accumulated depreciation	$ (15,232)
Date of construction	1998
Date acquired	Oct-03
Rental properties:
Balance at the end of year	$ 24,673
Accumulated depreciation:
Balance at the end of year	$ 15,232
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	16,535
Gross amount carried at close of period
Land and improvements	25,540
Buildings and improvements	87,726
Total	113,266
Accumulated depreciation	$ (31,683)
Date of construction	2014
Date acquired	Mar-16
Rental properties:
Balance at the end of year	$ 113,266
Accumulated depreciation:
Balance at the end of year	$ 31,683
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	22,272
Gross amount carried at close of period
Land and improvements	61,714
Buildings and improvements	166,272
Total	227,986
Accumulated depreciation	$ (73,329)
Date of construction	1987
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 227,986
Accumulated depreciation:
Balance at the end of year	$ 73,329
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	17,933
Gross amount carried at close of period
Land and improvements	6,985
Buildings and improvements	44,956
Total	51,941
Accumulated depreciation	$ (38,560)
Date of construction	2000
Date acquired	Mar-00
Rental properties:
Balance at the end of year	$ 51,941
Accumulated depreciation:
Balance at the end of year	$ 38,560
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	10,138
Gross amount carried at close of period
Land and improvements	26,046
Buildings and improvements	70,911
Total	96,957
Accumulated depreciation	$ (31,886)
Date of construction	1990
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 96,957
Accumulated depreciation:
Balance at the end of year	$ 31,886
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 \| 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	45,825
Gross amount carried at close of period
Land and improvements	39,731
Buildings and improvements	138,531
Total	178,262
Accumulated depreciation	$ (77,012)
Date of construction	1968
Date acquired	Feb-13
Rental properties:
Balance at the end of year	$ 178,262
Accumulated depreciation:
Balance at the end of year	$ 77,012
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	3,779
Gross amount carried at close of period
Land and improvements	5,497
Buildings and improvements	21,351
Total	26,848
Accumulated depreciation	$ (2,597)
Date of construction	1984
Date acquired	Apr-23
Rental properties:
Balance at the end of year	$ 26,848
Accumulated depreciation:
Balance at the end of year	$ 2,597
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	32,997
Gross amount carried at close of period
Land and improvements	6,733
Buildings and improvements	49,712
Total	56,445
Accumulated depreciation	$ (43,942)
Date of construction	1970
Date acquired	Jun-99
Rental properties:
Balance at the end of year	$ 56,445
Accumulated depreciation:
Balance at the end of year	$ 43,942
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	19,790
Gross amount carried at close of period
Land and improvements	16,271
Buildings and improvements	68,722
Total	84,993
Accumulated depreciation	$ (44,552)
Date of construction	2000
Date acquired	Aug-08
Rental properties:
Balance at the end of year	$ 84,993
Accumulated depreciation:
Balance at the end of year	$ 44,552
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	35,169
Gross amount carried at close of period
Land and improvements	15,755
Buildings and improvements	75,333
Total	91,088
Accumulated depreciation	$ (60,913)
Date of construction	1973
Date acquired	Mar-98
Rental properties:
Balance at the end of year	$ 91,088
Accumulated depreciation:
Balance at the end of year	$ 60,913
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 \| 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	4,583
Gross amount carried at close of period
Land and improvements	4,208
Buildings and improvements	21,330
Total	25,538
Accumulated depreciation	$ (13,483)
Date of construction	1965
Date acquired	Mar-07
Rental properties:
Balance at the end of year	$ 25,538
Accumulated depreciation:
Balance at the end of year	$ 13,483
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	344
Initial cost
Land	$ 9,306
Buildings and improvements	22,720
Costs capitalized subsequent to acquisition	27,729
Gross amount carried at close of period
Land and improvements	9,315
Buildings and improvements	50,440
Total	59,755
Accumulated depreciation	$ (45,360)
Date of construction	1984
Date acquired	Oct-97
Rental properties:
Balance at the end of year	$ 59,755
Accumulated depreciation:
Balance at the end of year	$ 45,360
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	11,762
Gross amount carried at close of period
Land and improvements	3,474
Buildings and improvements	19,636
Total	23,110
Accumulated depreciation	$ (17,340)
Date of construction	1985
Date acquired	Oct-94
Rental properties:
Balance at the end of year	$ 23,110
Accumulated depreciation:
Balance at the end of year	$ 17,340
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	17,905
Gross amount carried at close of period
Land and improvements	17,774
Buildings and improvements	59,378
Total	77,152
Accumulated depreciation	$ (24,214)
Date of construction	1973
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 77,152
Accumulated depreciation:
Balance at the end of year	$ 24,214
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	18,003
Gross amount carried at close of period
Land and improvements	38,155
Buildings and improvements	107,031
Total	145,186
Accumulated depreciation	$ (47,766)
Date of construction	1988
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 145,186
Accumulated depreciation:
Balance at the end of year	$ 47,766
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	10,583
Gross amount carried at close of period
Land and improvements	1,595
Buildings and improvements	16,977
Total	18,572
Accumulated depreciation	$ (14,844)
Date of construction	1981
Date acquired	Dec-96
Rental properties:
Balance at the end of year	$ 18,572
Accumulated depreciation:
Balance at the end of year	$ 14,844
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	16,943
Gross amount carried at close of period
Land and improvements	3,092
Buildings and improvements	24,362
Total	27,454
Accumulated depreciation	$ (21,573)
Date of construction	1975
Date acquired	Feb-94
Rental properties:
Balance at the end of year	$ 27,454
Accumulated depreciation:
Balance at the end of year	$ 21,573
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	13,786
Gross amount carried at close of period
Land and improvements	4,760
Buildings and improvements	32,331
Total	37,091
Accumulated depreciation	$ (25,240)
Date of construction	1987
Date acquired	Sep-02
Rental properties:
Balance at the end of year	$ 37,091
Accumulated depreciation:
Balance at the end of year	$ 25,240
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	36,402
Gross amount carried at close of period
Land and improvements	0
Buildings and improvements	64,569
Total	64,569
Accumulated depreciation	$ (46,402)
Date of construction	1971
Date acquired	Jan-04
Rental properties:
Balance at the end of year	$ 64,569
Accumulated depreciation:
Balance at the end of year	$ 46,402
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	23,732
Gross amount carried at close of period
Land and improvements	5,324
Buildings and improvements	40,159
Total	45,483
Accumulated depreciation	$ (35,246)
Date of construction	1974
Date acquired	Jun-94
Rental properties:
Balance at the end of year	$ 45,483
Accumulated depreciation:
Balance at the end of year	$ 35,246
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	106
Initial cost
Land	$ 1,555
Buildings and improvements	6,103
Costs capitalized subsequent to acquisition	4,465
Gross amount carried at close of period
Land and improvements	1,562
Buildings and improvements	10,561
Total	12,123
Accumulated depreciation	$ (8,371)
Date of construction	1987
Date acquired	May-00
Rental properties:
Balance at the end of year	$ 12,123
Accumulated depreciation:
Balance at the end of year	$ 8,371
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 \| One Hundred Grand
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	75
Initial cost
Land	$ 9,710
Buildings and improvements	37,292
Costs capitalized subsequent to acquisition	454
Gross amount carried at close of period
Land and improvements	9,710
Buildings and improvements	37,746
Total	47,456
Accumulated depreciation	$ (2,295)
Date of construction	2022
Date acquired	Apr-24
Rental properties:
Balance at the end of year	$ 47,456
Accumulated depreciation:
Balance at the end of year	$ 2,295
Unencumbered Apartment Communities \| One Hundred Grand \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| One Hundred Grand \| 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	24,659
Gross amount carried at close of period
Land and improvements	42,001
Buildings and improvements	237,307
Total	279,308
Accumulated depreciation	$ (89,142)
Date of construction	2014
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 279,308
Accumulated depreciation:
Balance at the end of year	$ 89,142
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 \| Meadowood
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	320
Initial cost
Land	$ 19,080
Buildings and improvements	98,881
Costs capitalized subsequent to acquisition	1,750
Gross amount carried at close of period
Land and improvements	19,080
Buildings and improvements	100,631
Total	119,711
Accumulated depreciation	$ (4,324)
Date of construction	1986
Date acquired	Oct-24
Rental properties:
Balance at the end of year	$ 119,711
Accumulated depreciation:
Balance at the end of year	$ 4,324
Unencumbered Apartment Communities \| Meadowood \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Meadowood \| 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	3,927
Gross amount carried at close of period
Land and improvements	1,894
Buildings and improvements	11,419
Total	13,313
Accumulated depreciation	$ (8,819)
Date of construction	1963
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 13,313
Accumulated depreciation:
Balance at the end of year	$ 8,819
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	16,181
Gross amount carried at close of period
Land and improvements	29,551
Buildings and improvements	85,213
Total	114,764
Accumulated depreciation	$ (52,568)
Date of construction	2005
Date acquired	Sep-07
Rental properties:
Balance at the end of year	$ 114,764
Accumulated depreciation:
Balance at the end of year	$ 52,568
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	3,154
Gross amount carried at close of period
Land and improvements	11,012
Buildings and improvements	43,136
Total	54,148
Accumulated depreciation	$ (15,036)
Date of construction	2015
Date acquired	Jan-16
Rental properties:
Balance at the end of year	$ 54,148
Accumulated depreciation:
Balance at the end of year	$ 15,036
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	22,137
Gross amount carried at close of period
Land and improvements	6,270
Buildings and improvements	48,720
Total	54,990
Accumulated depreciation	$ (37,519)
Date of construction	2000
Date acquired	May-00
Rental properties:
Balance at the end of year	$ 54,990
Accumulated depreciation:
Balance at the end of year	$ 37,519
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	356
Initial cost
Land	$ 7,165
Buildings and improvements	28,459
Costs capitalized subsequent to acquisition	19,200
Gross amount carried at close of period
Land and improvements	7,186
Buildings and improvements	47,638
Total	54,824
Accumulated depreciation	$ (36,551)
Date of construction	1982
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 54,824
Accumulated depreciation:
Balance at the end of year	$ 36,551
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	22,833
Gross amount carried at close of period
Land and improvements	7,886
Buildings and improvements	45,813
Total	53,699
Accumulated depreciation	$ (37,872)
Date of construction	1988
Date acquired	Aug-97
Rental properties:
Balance at the end of year	$ 53,699
Accumulated depreciation:
Balance at the end of year	$ 37,872
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	18,363
Gross amount carried at close of period
Land and improvements	10,167
Buildings and improvements	57,073
Total	67,240
Accumulated depreciation	$ (40,293)
Date of construction	1984
Date acquired	Jul-05
Rental properties:
Balance at the end of year	$ 67,240
Accumulated depreciation:
Balance at the end of year	$ 40,293
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	16,126
Gross amount carried at close of period
Land and improvements	46,499
Buildings and improvements	124,624
Total	171,123
Accumulated depreciation	$ (54,923)
Date of construction	1995
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 171,123
Accumulated depreciation:
Balance at the end of year	$ 54,923
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	14,268
Gross amount carried at close of period
Land and improvements	31,429
Buildings and improvements	87,602
Total	119,031
Accumulated depreciation	$ (39,802)
Date of construction	1989
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 119,031
Accumulated depreciation:
Balance at the end of year	$ 39,802
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	18,437
Gross amount carried at close of period
Land and improvements	26,697
Buildings and improvements	125,224
Total	151,921
Accumulated depreciation	$ (53,799)
Date of construction	1990
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 151,921
Accumulated depreciation:
Balance at the end of year	$ 53,799
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	36,272
Gross amount carried at close of period
Land and improvements	4,997
Buildings and improvements	55,893
Total	60,890
Accumulated depreciation	$ (49,685)
Date of construction	1973
Date acquired	Dec-88
Rental properties:
Balance at the end of year	$ 60,890
Accumulated depreciation:
Balance at the end of year	$ 49,685
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	19,686
Gross amount carried at close of period
Land and improvements	13,858
Buildings and improvements	61,260
Total	75,118
Accumulated depreciation	$ (29,398)
Date of construction	1996
Date acquired	Jul-12
Rental properties:
Balance at the end of year	$ 75,118
Accumulated depreciation:
Balance at the end of year	$ 29,398
Unencumbered Apartment Communities \| Montejo
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	7,525
Gross amount carried at close of period
Land and improvements	2,194
Buildings and improvements	14,941
Total	17,135
Accumulated depreciation	$ (10,887)
Date of construction	1974
Date acquired	Nov-01
Rental properties:
Balance at the end of year	$ 17,135
Accumulated depreciation:
Balance at the end of year	$ 10,887
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	10,382
Gross amount carried at close of period
Land and improvements	2,424
Buildings and improvements	15,886
Total	18,310
Accumulated depreciation	$ (12,639)
Date of construction	1974
Date acquired	Jul-97
Rental properties:
Balance at the end of year	$ 18,310
Accumulated depreciation:
Balance at the end of year	$ 12,639
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	8,053
Gross amount carried at close of period
Land and improvements	7,823
Buildings and improvements	41,488
Total	49,311
Accumulated depreciation	$ (23,052)
Date of construction	2011
Date acquired	Feb-11
Rental properties:
Balance at the end of year	$ 49,311
Accumulated depreciation:
Balance at the end of year	$ 23,052
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	1,663
Gross amount carried at close of period
Land and improvements	6,472
Buildings and improvements	207,761
Total	214,233
Accumulated depreciation	$ (55,159)
Date of construction	2021
Date acquired	Jun-21
Rental properties:
Balance at the end of year	$ 214,233
Accumulated depreciation:
Balance at the end of year	$ 55,159
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 \| One Hundred Grand
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	166
Initial cost
Land	$ 20,150
Buildings and improvements	84,535
Costs capitalized subsequent to acquisition	809
Gross amount carried at close of period
Land and improvements	20,150
Buildings and improvements	85,344
Total	105,494
Accumulated depreciation	$ (2,373)
Date of construction	2016
Date acquired	Feb-25
Rental properties:
Balance at the end of year	$ 105,494
Accumulated depreciation:
Balance at the end of year	$ 2,373
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	12,262
Gross amount carried at close of period
Land and improvements	9,359
Buildings and improvements	34,107
Total	43,466
Accumulated depreciation	$ (20,493)
Date of construction	1971
Date acquired	Mar-11
Rental properties:
Balance at the end of year	$ 43,466
Accumulated depreciation:
Balance at the end of year	$ 20,493
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	44,690
Gross amount carried at close of period
Land and improvements	133,802
Buildings and improvements	356,895
Total	490,697
Accumulated depreciation	$ (121,062)
Date of construction	2008
Date acquired	Jan-17
Rental properties:
Balance at the end of year	$ 490,697
Accumulated depreciation:
Balance at the end of year	$ 121,062
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	6,065
Gross amount carried at close of period
Land and improvements	4,710
Buildings and improvements	24,904
Total	29,614
Accumulated depreciation	$ (12,755)
Date of construction	2002
Date acquired	Jun-12
Rental properties:
Balance at the end of year	$ 29,614
Accumulated depreciation:
Balance at the end of year	$ 12,755
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	17,232
Gross amount carried at close of period
Land and improvements	9,391
Buildings and improvements	55,456
Total	64,847
Accumulated depreciation	$ (30,163)
Date of construction	1993
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 64,847
Accumulated depreciation:
Balance at the end of year	$ 30,163
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	16,526
Gross amount carried at close of period
Land and improvements	7,284
Buildings and improvements	38,463
Total	45,747
Accumulated depreciation	$ (28,447)
Date of construction	1999
Date acquired	Feb-99
Rental properties:
Balance at the end of year	$ 45,747
Accumulated depreciation:
Balance at the end of year	$ 28,447
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	326
Initial cost
Land	$ 15,894
Buildings and improvements	63,574
Costs capitalized subsequent to acquisition	11,194
Gross amount carried at close of period
Land and improvements	15,894
Buildings and improvements	74,768
Total	90,662
Accumulated depreciation	$ (31,790)
Date of construction	2008
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 90,662
Accumulated depreciation:
Balance at the end of year	$ 31,790
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	15,349
Gross amount carried at close of period
Land and improvements	9,424
Buildings and improvements	37,337
Total	46,761
Accumulated depreciation	$ (23,388)
Date of construction	1958
Date acquired	Sep-12
Rental properties:
Balance at the end of year	$ 46,761
Accumulated depreciation:
Balance at the end of year	$ 23,388
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 \| Parkside Court
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	210
Initial cost
Land	$ 11,276
Buildings and improvements	47,272
Costs capitalized subsequent to acquisition	2,064
Gross amount carried at close of period
Land and improvements	11,276
Buildings and improvements	49,336
Total	60,612
Accumulated depreciation	$ (3,249)
Date of construction	1986
Date acquired	Mar-24
Rental properties:
Balance at the end of year	$ 60,612
Accumulated depreciation:
Balance at the end of year	$ 3,249
Unencumbered Apartment Communities \| Parkside Court \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Parkside Court \| 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	6,340
Gross amount carried at close of period
Land and improvements	10,680
Buildings and improvements	49,062
Total	59,742
Accumulated depreciation	$ (21,340)
Date of construction	1989
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 59,742
Accumulated depreciation:
Balance at the end of year	$ 21,340
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 \| Revere Campbell
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	269
Initial cost
Land	$ 13,472
Buildings and improvements	102,940
Costs capitalized subsequent to acquisition	1,672
Gross amount carried at close of period
Land and improvements	13,472
Buildings and improvements	104,612
Total	118,084
Accumulated depreciation	$ (5,338)
Date of construction	2021
Date acquired	Jul-24
Rental properties:
Balance at the end of year	$ 118,084
Accumulated depreciation:
Balance at the end of year	$ 5,338
Unencumbered Apartment Communities \| Revere Campbell \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Revere Campbell \| 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	10,017
Gross amount carried at close of period
Land and improvements	14,558
Buildings and improvements	79,434
Total	93,992
Accumulated depreciation	$ (44,131)
Date of construction	2010
Date acquired	Mar-10
Rental properties:
Balance at the end of year	$ 93,992
Accumulated depreciation:
Balance at the end of year	$ 44,131
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	25,367
Gross amount carried at close of period
Land and improvements	6,239
Buildings and improvements	39,968
Total	46,207
Accumulated depreciation	$ (37,123)
Date of construction	1975
Date acquired	Feb-91
Rental properties:
Balance at the end of year	$ 46,207
Accumulated depreciation:
Balance at the end of year	$ 37,123
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	23,707
Gross amount carried at close of period
Land and improvements	19,848
Buildings and improvements	83,313
Total	103,161
Accumulated depreciation	$ (40,540)
Date of construction	1969
Date acquired	May-14
Rental properties:
Balance at the end of year	$ 103,161
Accumulated depreciation:
Balance at the end of year	$ 40,540
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	1,353
Gross amount carried at close of period
Land and improvements	0
Buildings and improvements	3,064
Total	3,064
Accumulated depreciation	$ (2,447)
Date of construction	1973
Date acquired	Dec-04
Rental properties:
Balance at the end of year	$ 3,064
Accumulated depreciation:
Balance at the end of year	$ 2,447
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	8,438
Gross amount carried at close of period
Land and improvements	11,019
Buildings and improvements	54,370
Total	65,389
Accumulated depreciation	$ (24,148)
Date of construction	2004
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 65,389
Accumulated depreciation:
Balance at the end of year	$ 24,148
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	7,127
Gross amount carried at close of period
Land and improvements	7,760
Buildings and improvements	38,168
Total	45,928
Accumulated depreciation	$ (17,485)
Date of construction	2001
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 45,928
Accumulated depreciation:
Balance at the end of year	$ 17,485
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	14,089
Gross amount carried at close of period
Land and improvements	15,810
Buildings and improvements	80,490
Total	96,300
Accumulated depreciation	$ (34,315)
Date of construction	2002
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 96,300
Accumulated depreciation:
Balance at the end of year	$ 34,315
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	11,055
Gross amount carried at close of period
Land and improvements	17,023
Buildings and improvements	79,148
Total	96,171
Accumulated depreciation	$ (34,138)
Date of construction	2001
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 96,171
Accumulated depreciation:
Balance at the end of year	$ 34,138
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	14,312
Gross amount carried at close of period
Land and improvements	19,292
Buildings and improvements	91,480
Total	110,772
Accumulated depreciation	$ (38,001)
Date of construction	2002
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 110,772
Accumulated depreciation:
Balance at the end of year	$ 38,001
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	11,380
Gross amount carried at close of period
Land and improvements	14,647
Buildings and improvements	69,966
Total	84,613
Accumulated depreciation	$ (31,246)
Date of construction	2000
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 84,613
Accumulated depreciation:
Balance at the end of year	$ 31,246
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	15,816
Gross amount carried at close of period
Land and improvements	4,505
Buildings and improvements	33,421
Total	37,926
Accumulated depreciation	$ (26,248)
Date of construction	1963
Date acquired	Aug-98
Rental properties:
Balance at the end of year	$ 37,926
Accumulated depreciation:
Balance at the end of year	$ 26,248
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	3,071
Gross amount carried at close of period
Land and improvements	7,461
Buildings and improvements	34,434
Total	41,895
Accumulated depreciation	$ (8,064)
Date of construction	2016
Date acquired	Dec-19
Rental properties:
Balance at the end of year	$ 41,895
Accumulated depreciation:
Balance at the end of year	$ 8,064
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	6,188
Gross amount carried at close of period
Land and improvements	11,702
Buildings and improvements	158,524
Total	170,226
Accumulated depreciation	$ (66,016)
Date of construction	2015
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 170,226
Accumulated depreciation:
Balance at the end of year	$ 66,016
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	10,366
Gross amount carried at close of period
Land and improvements	6,873
Buildings and improvements	26,403
Total	33,276
Accumulated depreciation	$ (16,440)
Date of construction	1970
Date acquired	Jan-12
Rental properties:
Balance at the end of year	$ 33,276
Accumulated depreciation:
Balance at the end of year	$ 16,440
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	6,485
Gross amount carried at close of period
Land and improvements	3,184
Buildings and improvements	19,222
Total	22,406
Accumulated depreciation	$ (11,618)
Date of construction	1989
Date acquired	Dec-09
Rental properties:
Balance at the end of year	$ 22,406
Accumulated depreciation:
Balance at the end of year	$ 11,618
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	2,273
Gross amount carried at close of period
Land and improvements	7,763
Buildings and improvements	30,292
Total	38,055
Accumulated depreciation	$ (4,013)
Date of construction	1987
Date acquired	Jul-22
Rental properties:
Balance at the end of year	$ 38,055
Accumulated depreciation:
Balance at the end of year	$ 4,013
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	17,727
Gross amount carried at close of period
Land and improvements	27,870
Buildings and improvements	129,209
Total	157,079
Accumulated depreciation	$ (53,979)
Date of construction	2007
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 157,079
Accumulated depreciation:
Balance at the end of year	$ 53,979
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	9,794
Gross amount carried at close of period
Land and improvements	25,073
Buildings and improvements	131,108
Total	156,181
Accumulated depreciation	$ (52,605)
Date of construction	2010
Date acquired	Apr-15
Rental properties:
Balance at the end of year	$ 156,181
Accumulated depreciation:
Balance at the end of year	$ 52,605
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 \| Revere Campbell
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	168
Initial cost
Land	$ 22,535
Buildings and improvements	93,977
Costs capitalized subsequent to acquisition	941
Gross amount carried at close of period
Land and improvements	22,535
Buildings and improvements	94,918
Total	117,453
Accumulated depreciation	$ (2,064)
Date of construction	2015
Date acquired	May-25
Rental properties:
Balance at the end of year	$ 117,453
Accumulated depreciation:
Balance at the end of year	$ 2,064
Unencumbered Apartment Communities \| ROEN Menlo Park
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	146
Initial cost
Land	$ 19,319
Buildings and improvements	59,233
Costs capitalized subsequent to acquisition	468
Gross amount carried at close of period
Land and improvements	19,319
Buildings and improvements	59,701
Total	79,020
Accumulated depreciation	$ (1,682)
Date of construction	2017
Date acquired	Feb-25
Rental properties:
Balance at the end of year	$ 79,020
Accumulated depreciation:
Balance at the end of year	$ 1,682
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	6,065
Gross amount carried at close of period
Land and improvements	3,801
Buildings and improvements	17,464
Total	21,265
Accumulated depreciation	$ (13,242)
Date of construction	2000
Date acquired	Oct-00
Rental properties:
Balance at the end of year	$ 21,265
Accumulated depreciation:
Balance at the end of year	$ 13,242
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	10,147
Gross amount carried at close of period
Land and improvements	3,331
Buildings and improvements	17,641
Total	20,972
Accumulated depreciation	$ (15,826)
Date of construction	1986
Date acquired	Nov-94
Rental properties:
Balance at the end of year	$ 20,972
Accumulated depreciation:
Balance at the end of year	$ 15,826
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 \| 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	43,841
Gross amount carried at close of period
Land and improvements	22,866
Buildings and improvements	72,742
Total	95,608
Accumulated depreciation	$ (52,605)
Date of construction	2003
Date acquired	Nov-03
Rental properties:
Balance at the end of year	$ 95,608
Accumulated depreciation:
Balance at the end of year	$ 52,605
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	20,704
Gross amount carried at close of period
Land and improvements	9,582
Buildings and improvements	61,020
Total	70,602
Accumulated depreciation	$ (34,687)
Date of construction	2004
Date acquired	Oct-10
Rental properties:
Balance at the end of year	$ 70,602
Accumulated depreciation:
Balance at the end of year	$ 34,687
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	9,718
Gross amount carried at close of period
Land and improvements	2,820
Buildings and improvements	20,880
Total	23,700
Accumulated depreciation	$ (14,937)
Date of construction	1983
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 23,700
Accumulated depreciation:
Balance at the end of year	$ 14,937
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	16,012
Gross amount carried at close of period
Land and improvements	19,292
Buildings and improvements	93,180
Total	112,472
Accumulated depreciation	$ (40,204)
Date of construction	1986
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 112,472
Accumulated depreciation:
Balance at the end of year	$ 40,204
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 \| Skye at 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	109,048
Gross amount carried at close of period
Land and improvements	11,639
Buildings and improvements	136,778
Total	148,417
Accumulated depreciation	$ (122,182)
Date of construction	1968
Date acquired	Mar-98
Rental properties:
Balance at the end of year	$ 148,417
Accumulated depreciation:
Balance at the end of year	$ 122,182
Unencumbered Apartment Communities \| Skye at Bunker Hill \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Skye at Bunker Hill \| 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	2,425
Gross amount carried at close of period
Land and improvements	7,379
Buildings and improvements	24,563
Total	31,942
Accumulated depreciation	$ (10,825)
Date of construction	2013
Date acquired	Sep-13
Rental properties:
Balance at the end of year	$ 31,942
Accumulated depreciation:
Balance at the end of year	$ 10,825
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	11,027
Gross amount carried at close of period
Land and improvements	34,444
Buildings and improvements	158,289
Total	192,733
Accumulated depreciation	$ (68,715)
Date of construction	2014
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 192,733
Accumulated depreciation:
Balance at the end of year	$ 68,715
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	107,881
Gross amount carried at close of period
Land and improvements	67,204
Buildings and improvements	410,153
Total	477,357
Accumulated depreciation	$ (118,706)
Date of construction	2018
Date acquired	Mar-18
Rental properties:
Balance at the end of year	$ 477,357
Accumulated depreciation:
Balance at the end of year	$ 118,706
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	16,993
Gross amount carried at close of period
Land and improvements	1,001
Buildings and improvements	22,570
Total	23,571
Accumulated depreciation	$ (20,321)
Date of construction	1975
Date acquired	Apr-00
Rental properties:
Balance at the end of year	$ 23,571
Accumulated depreciation:
Balance at the end of year	$ 20,321
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	14,500
Gross amount carried at close of period
Land and improvements	3,201
Buildings and improvements	27,069
Total	30,270
Accumulated depreciation	$ (22,633)
Date of construction	1986
Date acquired	Oct-97
Rental properties:
Balance at the end of year	$ 30,270
Accumulated depreciation:
Balance at the end of year	$ 22,633
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	12,254
Gross amount carried at close of period
Land and improvements	2,656
Buildings and improvements	17,170
Total	19,826
Accumulated depreciation	$ (16,473)
Date of construction	1988
Date acquired	Sep-88
Rental properties:
Balance at the end of year	$ 19,826
Accumulated depreciation:
Balance at the end of year	$ 16,473
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	13,684
Gross amount carried at close of period
Land and improvements	5,977
Buildings and improvements	37,336
Total	43,313
Accumulated depreciation	$ (27,927)
Date of construction	1972
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 43,313
Accumulated depreciation:
Balance at the end of year	$ 27,927
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	6,851
Gross amount carried at close of period
Land and improvements	13,915
Buildings and improvements	64,551
Total	78,466
Accumulated depreciation	$ (27,990)
Date of construction	2008
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 78,466
Accumulated depreciation:
Balance at the end of year	$ 27,990
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 \| TENTEN Downtown
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	376
Initial cost
Land	$ 22,671
Buildings and improvements	144,203
Costs capitalized subsequent to acquisition	0
Gross amount carried at close of period
Land and improvements	22,671
Buildings and improvements	144,203
Total	166,874
Accumulated depreciation	$ (629)
Date of construction	2021
Date acquired	Nov-25
Rental properties:
Balance at the end of year	$ 166,874
Accumulated depreciation:
Balance at the end of year	$ 629
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	3,757
Gross amount carried at close of period
Land and improvements	9,228
Buildings and improvements	40,668
Total	49,896
Accumulated depreciation	$ (17,421)
Date of construction	1992
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 49,896
Accumulated depreciation:
Balance at the end of year	$ 17,421
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	122
Initial cost
Land	$ 6,964
Buildings and improvements	29,922
Costs capitalized subsequent to acquisition	3,055
Gross amount carried at close of period
Land and improvements	6,964
Buildings and improvements	32,977
Total	39,941
Accumulated depreciation	$ (13,287)
Date of construction	2014
Date acquired	Mar-14
Rental properties:
Balance at the end of year	$ 39,941
Accumulated depreciation:
Balance at the end of year	$ 13,287
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	1,306
Gross amount carried at close of period
Land and improvements	3,689
Buildings and improvements	12,661
Total	16,350
Accumulated depreciation	$ (6,459)
Date of construction	2008
Date acquired	Sep-11
Rental properties:
Balance at the end of year	$ 16,350
Accumulated depreciation:
Balance at the end of year	$ 6,459
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	26,560
Gross amount carried at close of period
Land and improvements	4,031
Buildings and improvements	36,079
Total	40,110
Accumulated depreciation	$ (31,310)
Date of construction	1979
Date acquired	Jun-97
Rental properties:
Balance at the end of year	$ 40,110
Accumulated depreciation:
Balance at the end of year	$ 31,310
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	4,172
Gross amount carried at close of period
Land and improvements	6,939
Buildings and improvements	24,849
Total	31,788
Accumulated depreciation	$ (15,798)
Date of construction	2006
Date acquired	Jun-07
Rental properties:
Balance at the end of year	$ 31,788
Accumulated depreciation:
Balance at the end of year	$ 15,798
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	21,773
Gross amount carried at close of period
Land and improvements	2,824
Buildings and improvements	32,042
Total	34,866
Accumulated depreciation	$ (28,687)
Date of construction	1981
Date acquired	Jan-97
Rental properties:
Balance at the end of year	$ 34,866
Accumulated depreciation:
Balance at the end of year	$ 28,687
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 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	59,333
Gross amount carried at close of period
Land and improvements	8,385
Buildings and improvements	57,944
Total	66,329
Accumulated depreciation	$ (52,643)
Date of construction	1972
Date acquired	Apr-97
Rental properties:
Balance at the end of year	$ 66,329
Accumulated depreciation:
Balance at the end of year	$ 52,643
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 Havens
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	440
Initial cost
Land	$ 26,138
Buildings and improvements	137,933
Costs capitalized subsequent to acquisition	2,374
Gross amount carried at close of period
Land and improvements	26,138
Buildings and improvements	140,307
Total	166,445
Accumulated depreciation	$ (8,782)
Date of construction	1969
Date acquired	Mar-24
Rental properties:
Balance at the end of year	$ 166,445
Accumulated depreciation:
Balance at the end of year	$ 8,782
Unencumbered Apartment Communities \| The Havens \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| The Havens \| 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	11,291
Gross amount carried at close of period
Land and improvements	10,374
Buildings and improvements	52,786
Total	63,160
Accumulated depreciation	$ (26,703)
Date of construction	1975
Date acquired	Jun-12
Rental properties:
Balance at the end of year	$ 63,160
Accumulated depreciation:
Balance at the end of year	$ 26,703
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	11,952
Gross amount carried at close of period
Land and improvements	33,554
Buildings and improvements	90,244
Total	123,798
Accumulated depreciation	$ (40,461)
Date of construction	2001
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 123,798
Accumulated depreciation:
Balance at the end of year	$ 40,461
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	7,172
Gross amount carried at close of period
Land and improvements	1,618
Buildings and improvements	11,036
Total	12,654
Accumulated depreciation	$ (9,008)
Date of construction	1971
Date acquired	Jun-97
Rental properties:
Balance at the end of year	$ 12,654
Accumulated depreciation:
Balance at the end of year	$ 9,008
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	17,956
Gross amount carried at close of period
Land and improvements	1,565
Buildings and improvements	24,193
Total	25,758
Accumulated depreciation	$ (21,385)
Date of construction	1977
Date acquired	May-90
Rental properties:
Balance at the end of year	$ 25,758
Accumulated depreciation:
Balance at the end of year	$ 21,385
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	19,723
Gross amount carried at close of period
Land and improvements	23,584
Buildings and improvements	114,057
Total	137,641
Accumulated depreciation	$ (51,662)
Date of construction	1988
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 137,641
Accumulated depreciation:
Balance at the end of year	$ 51,662
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 Parc at Pruneyard
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	252
Initial cost
Land	$ 31,068
Buildings and improvements	91,156
Costs capitalized subsequent to acquisition	570
Gross amount carried at close of period
Land and improvements	31,068
Buildings and improvements	91,726
Total	122,794
Accumulated depreciation	$ (2,045)
Date of construction	1968
Date acquired	May-25
Rental properties:
Balance at the end of year	$ 122,794
Accumulated depreciation:
Balance at the end of year	$ 2,045
Unencumbered Apartment Communities \| The Plaza
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	307
Initial cost
Land	$ 34,341
Buildings and improvements	126,428
Costs capitalized subsequent to acquisition	846
Gross amount carried at close of period
Land and improvements	34,341
Buildings and improvements	127,274
Total	161,615
Accumulated depreciation	$ (3,908)
Date of construction	2013
Date acquired	Jan-25
Rental properties:
Balance at the end of year	$ 161,615
Accumulated depreciation:
Balance at the end of year	$ 3,908
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	6,488
Gross amount carried at close of period
Land and improvements	13,574
Buildings and improvements	60,786
Total	74,360
Accumulated depreciation	$ (26,076)
Date of construction	2007
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 74,360
Accumulated depreciation:
Balance at the end of year	$ 26,076
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	12,417
Gross amount carried at close of period
Land and improvements	21,930
Buildings and improvements	100,137
Total	122,067
Accumulated depreciation	$ (43,636)
Date of construction	1985
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 122,067
Accumulated depreciation:
Balance at the end of year	$ 43,636
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	146
Initial cost
Land	$ 14,634
Buildings and improvements	48,297
Costs capitalized subsequent to acquisition	3,002
Gross amount carried at close of period
Land and improvements	14,634
Buildings and improvements	51,299
Total	65,933
Accumulated depreciation	$ (8,728)
Date of construction	1974
Date acquired	Jun-21
Rental properties:
Balance at the end of year	$ 65,933
Accumulated depreciation:
Balance at the end of year	$ 8,728
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 \| 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	14,508
Gross amount carried at close of period
Land and improvements	13,661
Buildings and improvements	67,835
Total	81,496
Accumulated depreciation	$ (48,040)
Date of construction	2001
Date acquired	Jan-01
Rental properties:
Balance at the end of year	$ 81,496
Accumulated depreciation:
Balance at the end of year	$ 48,040
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	4,046
Gross amount carried at close of period
Land and improvements	6,949
Buildings and improvements	31,842
Total	38,791
Accumulated depreciation	$ (13,810)
Date of construction	1987
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 38,791
Accumulated depreciation:
Balance at the end of year	$ 13,810
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	7,997
Gross amount carried at close of period
Land and improvements	3,890
Buildings and improvements	16,385
Total	20,275
Accumulated depreciation	$ (13,058)
Date of construction	1985
Date acquired	Oct-97
Rental properties:
Balance at the end of year	$ 20,275
Accumulated depreciation:
Balance at the end of year	$ 13,058
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	10,140
Gross amount carried at close of period
Land and improvements	3,761
Buildings and improvements	23,160
Total	26,921
Accumulated depreciation	$ (17,173)
Date of construction	1969
Date acquired	Nov-01
Rental properties:
Balance at the end of year	$ 26,921
Accumulated depreciation:
Balance at the end of year	$ 17,173
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	9,543
Gross amount carried at close of period
Land and improvements	22,016
Buildings and improvements	91,797
Total	113,813
Accumulated depreciation	$ (47,333)
Date of construction	2011
Date acquired	Jul-11
Rental properties:
Balance at the end of year	$ 113,813
Accumulated depreciation:
Balance at the end of year	$ 47,333
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	11,835
Gross amount carried at close of period
Land and improvements	4,962
Buildings and improvements	29,333
Total	34,295
Accumulated depreciation	$ (22,697)
Date of construction	1970
Date acquired	Nov-01
Rental properties:
Balance at the end of year	$ 34,295
Accumulated depreciation:
Balance at the end of year	$ 22,697
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	6,220
Gross amount carried at close of period
Land and improvements	38,299
Buildings and improvements	95,585
Total	133,884
Accumulated depreciation	$ (39,711)
Date of construction	2010
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 133,884
Accumulated depreciation:
Balance at the end of year	$ 39,711
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	274
Initial cost
Land	$ 13,842
Buildings and improvements	55,367
Costs capitalized subsequent to acquisition	20,855
Gross amount carried at close of period
Land and improvements	13,842
Buildings and improvements	76,222
Total	90,064
Accumulated depreciation	$ (34,434)
Date of construction	1974
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 90,064
Accumulated depreciation:
Balance at the end of year	$ 34,434
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	9,356
Gross amount carried at close of period
Land and improvements	6,488
Buildings and improvements	46,124
Total	52,612
Accumulated depreciation	$ (20,184)
Date of construction	1971
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 52,612
Accumulated depreciation:
Balance at the end of year	$ 20,184
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 \| ViO
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	234
Initial cost
Land	$ 13,577
Buildings and improvements	87,059
Costs capitalized subsequent to acquisition	225
Gross amount carried at close of period
Land and improvements	13,577
Buildings and improvements	87,284
Total	100,861
Accumulated depreciation	$ (645)
Date of construction	2016
Date acquired	Sep-25
Rental properties:
Balance at the end of year	$ 100,861
Accumulated depreciation:
Balance at the end of year	$ 645
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	12,111
Gross amount carried at close of period
Land and improvements	5,573
Buildings and improvements	24,012
Total	29,585
Accumulated depreciation	$ (17,827)
Date of construction	1963
Date acquired	Aug-04
Rental properties:
Balance at the end of year	$ 29,585
Accumulated depreciation:
Balance at the end of year	$ 17,827
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
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	1,326
Gross amount carried at close of period
Land and improvements	5,545
Buildings and improvements	17,961
Total	23,506
Accumulated depreciation	$ (7,359)
Date of construction	2013
Date acquired	Oct-13
Rental properties:
Balance at the end of year	$ 23,506
Accumulated depreciation:
Balance at the end of year	$ 7,359
Unencumbered Apartment Communities \| Vox \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Vox \| 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	7,131
Gross amount carried at close of period
Land and improvements	24,005
Buildings and improvements	87,597
Total	111,602
Accumulated depreciation	$ (29,720)
Date of construction	2021
Date acquired	Dec-21
Rental properties:
Balance at the end of year	$ 111,602
Accumulated depreciation:
Balance at the end of year	$ 29,720
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	8,641
Gross amount carried at close of period
Land and improvements	4,887
Buildings and improvements	27,780
Total	32,667
Accumulated depreciation	$ (20,452)
Date of construction	1964
Date acquired	Oct-03
Rental properties:
Balance at the end of year	$ 32,667
Accumulated depreciation:
Balance at the end of year	$ 20,452
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	8,096
Gross amount carried at close of period
Land and improvements	1,296
Buildings and improvements	13,065
Total	14,361
Accumulated depreciation	$ (11,054)
Date of construction	1986
Date acquired	Nov-95
Rental properties:
Balance at the end of year	$ 14,361
Accumulated depreciation:
Balance at the end of year	$ 11,054
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 \| Waterford Place
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	21,004
Gross amount carried at close of period
Land and improvements	15,165
Buildings and improvements	42,147
Total	57,312
Accumulated depreciation	$ (34,779)
Date of construction	2000
Date acquired	Jun-00
Rental properties:
Balance at the end of year	$ 57,312
Accumulated depreciation:
Balance at the end of year	$ 34,779
Unencumbered Apartment Communities \| Waterford Place \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Waterford Place \| 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	15,087
Gross amount carried at close of period
Land and improvements	2,258
Buildings and improvements	22,094
Total	24,352
Accumulated depreciation	$ (20,138)
Date of construction	1990
Date acquired	Jun-94
Rental properties:
Balance at the end of year	$ 24,352
Accumulated depreciation:
Balance at the end of year	$ 20,138
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	24,146
Gross amount carried at close of period
Land and improvements	43,194
Buildings and improvements	125,176
Total	168,370
Accumulated depreciation	$ (63,519)
Date of construction	1989
Date acquired	Oct-12
Rental properties:
Balance at the end of year	$ 168,370
Accumulated depreciation:
Balance at the end of year	$ 63,519
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	12,243
Gross amount carried at close of period
Land and improvements	30,535
Buildings and improvements	103,847
Total	134,382
Accumulated depreciation	$ (44,045)
Date of construction	2008
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 134,382
Accumulated depreciation:
Balance at the end of year	$ 44,045
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	25,890
Gross amount carried at close of period
Land and improvements	56,932
Buildings and improvements	237,888
Total	294,820
Accumulated depreciation	$ (102,009)
Date of construction	2014
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 294,820
Accumulated depreciation:
Balance at the end of year	$ 102,009
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	18,073
Gross amount carried at close of period
Land and improvements	3,797
Buildings and improvements	24,779
Total	28,576
Accumulated depreciation	$ (19,680)
Date of construction	1992
Date acquired	Jan-97
Rental properties:
Balance at the end of year	$ 28,576
Accumulated depreciation:
Balance at the end of year	$ 19,680
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	1,602
Gross amount carried at close of period
Land and improvements	6,383
Buildings and improvements	25,022
Total	31,405
Accumulated depreciation	$ (3,255)
Date of construction	1987
Date acquired	Jul-22
Rental properties:
Balance at the end of year	$ 31,405
Accumulated depreciation:
Balance at the end of year	$ 3,255
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	19,201
Gross amount carried at close of period
Land and improvements	4,021
Buildings and improvements	29,512
Total	33,533
Accumulated depreciation	$ (28,010)
Date of construction	1989
Date acquired	Mar-89
Rental properties:
Balance at the end of year	$ 33,533
Accumulated depreciation:
Balance at the end of year	$ 28,010
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	29,289
Gross amount carried at close of period
Land and improvements	2,044
Buildings and improvements	38,012
Total	40,056
Accumulated depreciation	$ (30,366)
Date of construction	1978
Date acquired	Mar-90
Rental properties:
Balance at the end of year	$ 40,056
Accumulated depreciation:
Balance at the end of year	$ 30,366
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	8,308
Gross amount carried at close of period
Land and improvements	5,341
Buildings and improvements	29,334
Total	34,675
Accumulated depreciation	$ (20,892)
Date of construction	1987
Date acquired	Dec-04
Rental properties:
Balance at the end of year	$ 34,675
Accumulated depreciation:
Balance at the end of year	$ 20,892
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 \| 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 \| 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 \| 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 \| 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 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 \| 17461 Derian Ave \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| 17461 Derian Ave \| 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	46,781
Buildings and improvements	16,585
Costs capitalized subsequent to acquisition	18,191
Gross amount carried at close of period
Land and improvements	48,142
Buildings and improvements	33,415
Total	81,557
Accumulated depreciation	(22,994)
Rental properties:
Balance at the end of year	81,557
Accumulated depreciation:
Balance at the end of year	22,994
Other Property \| Other real estate assets
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	0
Initial cost
Land	46,781
Buildings and improvements	16,585
Costs capitalized subsequent to acquisition	18,191
Gross amount carried at close of period
Land and improvements	48,142
Buildings and improvements	33,415
Total	81,557
Accumulated depreciation	(22,994)
Rental properties:
Balance at the end of year	81,557
Accumulated depreciation:
Balance at the end of year	22,994
Real Estate Rental Property
Gross amount carried at close of period
Total	18,436,585	17,589,518	16,135,223
Rental properties:
Balance at beginning of year	17,589,518	16,135,223	15,966,227
Balance at the end of year	$ 18,436,585	$ 17,589,518	$ 16,135,223