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, 2024	Feb. 19, 2025	Jun. 28, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
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			$ 17.4
Entity Common Stock, Shares Outstanding		64,325,080
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 2025 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, 2024.
Entity Central Index Key	0000920522
Document Fiscal Year Focus	2024
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, 2024
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, 2024	Dec. 31, 2023
Rental properties:
Land and land improvements	$ 3,246,789	$ 3,036,912
Buildings and improvements	14,342,729	13,098,311
Total rental properties	17,589,518	16,135,223
Less: accumulated depreciation	(6,150,618)	(5,664,931)
Net real estate	11,438,900	10,470,292
Real estate under development	52,682	23,724
Co-investments	935,014	1,061,733
Total real estate	12,426,596	11,555,749
Cash and cash equivalents-unrestricted	66,795	391,749
Cash and cash equivalents-restricted	9,051	8,585
Marketable securities	69,794	87,795
Notes and other receivables, net of allowance for credit losses of $0.5 million and $0.7 million as of December 31, 2024 and December 31, 2023, respectively	206,706	174,621
Operating lease right-of-use assets	51,556	63,757
Prepaid expenses and other assets	96,861	79,171
Total assets	12,927,359	12,361,427
LIABILITIES AND EQUITY
Unsecured debt, net	5,473,788	5,318,531
Mortgage notes payable, net	989,884	887,204
Lines of credit	137,945	0
Accounts payable and accrued liabilities	212,747	176,401
Construction payable	14,347	20,659
Dividends payable	165,443	155,695
Distributions in excess of investments in co-investments	79,273	65,488
Operating lease liabilities	52,473	65,091
Other liabilities	50,220	46,175
Total liabilities	7,176,120	6,735,244
Commitments and contingencies (Note 17)
Redeemable noncontrolling interest	30,849	32,205
Equity:
Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,280,466 and 64,203,497 shares issued and outstanding, respectively	6	6
Additional paid-in capital	6,668,047	6,656,720
Distributions in excess of accumulated earnings	(1,155,662)	(1,267,536)
Accumulated other comprehensive income, net	24,655	33,556
Total stockholders’ equity	5,537,046	5,422,746
Noncontrolling interest	183,344	171,232
Total equity	5,720,390	5,593,978
Total liabilities and equity	$ 12,927,359	$ 12,361,427

EPT - Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Notes and other receivable, allowance for credit loss	$ 529	$ 687
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)	64,280,466	64,203,497
Common stock, shares outstanding (in shares)	64,280,466	64,203,497

- 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, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Rental and other property	$ 1,764,185	$ 1,658,264	$ 1,595,675
Management and other fees from affiliates	10,265	11,131	11,139
Total revenues	1,774,450	1,669,395	1,606,814
Expenses:
Property operating, excluding real estate taxes	326,113	299,672	283,351
Real estate taxes	193,413	185,807	183,918
Corporate-level property management expenses	48,218	45,872	40,704
Depreciation and amortization	580,220	548,438	539,319
General and administrative	98,902	63,474	56,577
Expensed acquisition and investment related costs	72	595	2,132
Casualty loss	0	433	0
Total expenses	1,246,938	1,144,291	1,106,001
Gain on sale of real estate and land	175,583	59,238	94,416
Earnings from operations	703,095	584,342	595,229
Interest expense	(235,529)	(212,905)	(204,798)
Total return swap income	3,099	3,148	7,907
Interest and other income (loss)	80,951	46,259	(19,040)
Equity income from co-investments	48,206	10,561	26,030
Tax benefit (expense) on unconsolidated co-investments	929	(697)	10,236
Loss on early retirement of debt, net	0	0	(2)
Gain on remeasurement of co-investments	210,555	0	17,423
Net income	811,306	430,708	432,985
Net income attributable to noncontrolling interest	(69,784)	(24,883)	(24,670)
Net income available to common stockholders	$ 741,522	$ 405,825	$ 408,315
Basic:
Net income available to common stockholders (in dollars per share)	$ 11.55	$ 6.32	$ 6.27
Weighted average number of shares outstanding during the year (in shares)	64,228,356	64,252,232	65,079,764
Diluted:
Net income available to common stockholders (in dollars per share)	$ 11.54	$ 6.32	$ 6.27
Weighted average number of shares outstanding during the year (in shares)	64,251,234	64,253,385	65,098,186

EPT - Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 811,306	$ 430,708	$ 432,985
Other comprehensive (loss) income:
Change in fair value of derivatives and amortization of swap settlements	(9,217)	(13,364)	54,158
Change in fair value of marketable debt securities, net	0	0	233
Reversal of unrealized gains upon the sale of marketable debt securities	0	0	(577)
Total other comprehensive (loss) income	(9,217)	(13,364)	53,814
Comprehensive income	802,089	417,344	486,799
Comprehensive income attributable to noncontrolling interest	(69,468)	(24,429)	(26,466)
Comprehensive income attributable to controlling interest	$ 732,621	$ 392,915	$ 460,333

EPT - Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Distributions in excess of accumulated earnings	Accumulated other comprehensive income (loss), net	Noncontrolling interest
Balance at period beginning (in shares) at Dec. 31, 2021		65,248
Balance at period beginning at Dec. 31, 2021	$ 6,176,508	$ 7	$ 6,915,981	$ (916,833)	$ (5,552)	$ 182,905
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	432,985			408,315		24,670
Reversal of unrealized gains upon the sale of marketable debt securities	(577)				(557)	(20)
Change in fair value of derivatives and amortization of swap settlements	54,158				52,351	1,807
Change in fair value of marketable debt securities, net	233				224	9
Issuance of common stock under:
Stock option and restricted stock plans, net (in shares)		89
Stock option and restricted stock plans, net	17,309		17,309
Sale of common stock, net	(314)		(314)
Equity based compensation costs	11,446		11,059			387
Retirement of common stock, net (in shares)		(740)
Retirement of common stock, net	(189,726)	$ (1)	(189,725)
Changes in the redemption value of redeemable noncontrolling interest	7,038		6,230			808
Contributions from noncontrolling interest	125					125
Distributions to noncontrolling interest	(30,959)					(30,959)
Redemptions of noncontrolling interest (in shares)		8
Redemptions of noncontrolling interest	11,452		10,464			988
Common stock dividends	(571,658)			(571,658)
Balance at period end (in shares) at Dec. 31, 2022		64,605
Balance at period end at Dec. 31, 2022	5,895,116	$ 6	6,750,076	(1,080,176)	46,466	178,744
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	430,708			405,825		24,883
Reversal of unrealized gains upon the sale of marketable debt securities	0
Change in fair value of derivatives and amortization of swap settlements	(13,364)				(12,910)	(454)
Change in fair value of marketable debt securities, net	0
Issuance of common stock under:
Stock option and restricted stock plans, net (in shares)		21
Stock option and restricted stock plans, net	(3,825)		(3,825)
Sale of common stock, net	(347)		(347)
Equity based compensation costs	12,135		11,723			412
Retirement of common stock, net (in shares)		(437)
Retirement of common stock, net	(95,657)		(95,657)
Changes in the redemption value of redeemable noncontrolling interest	(5,055)		(5,150)			95
Distributions to noncontrolling interest	(31,939)					(31,939)
Redemptions of noncontrolling interest (in shares)		14
Redemptions of noncontrolling interest	609		100			509
Common stock dividends	(593,185)			(593,185)
Balance at period end (in shares) at Dec. 31, 2023		64,203
Balance at period end at Dec. 31, 2023	5,593,978	$ 6	6,656,720	(1,267,536)	33,556	171,232
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)
Balance at period end (in shares) at Dec. 31, 2024		64,280
Balance at period end at Dec. 31, 2024	$ 5,720,390	$ 6	$ 6,668,047	$ (1,155,662)	$ 24,655	$ 183,344

EPT - Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 9.80	$ 9.24	$ 8.80

EPT - Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 811,306	$ 430,708	$ 432,985
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents	34	2,773	3,330
Depreciation and amortization	580,220	548,438	539,319
Amortization of discount and debt financing costs, net	7,795	6,911	6,712
Realized and unrealized (gains) losses on marketable securities, net	(8,347)	(10,006)	45,547
Income from early redemption of notes receivable	0	0	(811)
Provision for credit losses	(179)	70	381
Equity income from co-investments	(48,206)	(10,561)	(26,030)
Operating distributions from co-investments	62,868	76,787	95,256
Accrued interest from notes and other receivables	(13,497)	(12,631)	(13,953)
Casualty loss	0	433	0
Gain on the sale of real estate and land	(175,583)	(59,238)	(94,416)
Equity-based compensation	7,158	8,031	7,206
Loss on early retirement of debt, net	0	0	2
Gain on remeasurement of co-investments	(210,555)	0	(17,423)
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets	32,007	(9,721)	5,183
Accounts payable, accrued liabilities, and operating lease liabilities	25,194	5,335	(17,266)
Other liabilities	(1,910)	2,735	9,627
Net cash provided by operating activities	1,068,305	980,064	975,649
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	(940,440)	(25,098)	(21,870)
Redevelopment	(70,572)	(72,577)	(96,718)
Development acquisitions of and additions to development real estate	(2,874)	(7,872)	(27,713)
Capital expenditures on rental properties	(136,395)	(140,371)	(163,193)
Investments in notes receivable	(130,635)	(58,127)	(168,095)
Collections of notes and other receivables	33,504	0	412,006
Proceeds from insurance for property losses	2,299	3,431	4,325
Proceeds from dispositions of real estate	247,286	99,388	157,985
Contributions to co-investments	(34,073)	(37,405)	(163,188)
Changes in refundable deposits	(8,000)	10,200	(16,318)
Purchases of marketable securities	(1,002)	(20,780)	(18,109)
Sales and maturities of marketable securities	27,348	64,320	71,222
Non-operating distributions from co-investments	40,503	39,751	175,624
Net cash (used in) provided by investing activities	(973,051)	(145,140)	145,958
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes	554,875	598,000	0
Payments on unsecured debt and mortgage notes	(403,108)	(302,429)	(64,542)
Proceeds from lines of credit	1,667,476	844,046	1,376,452
Repayments of lines of credit	(1,529,531)	(896,119)	(1,665,636)
Retirement of common stock	0	(95,657)	(189,726)
Additions to deferred charges	(9,568)	(1,736)	(2,638)
Net proceeds from issuance of common stock	(296)	(347)	(314)
Net proceeds from stock options exercised	12,313	0	19,525
Payments related to tax withholding for share-based compensation	(3,217)	(3,825)	(2,216)
Contributions from noncontrolling interest	0	0	125
Distributions to noncontrolling interest	(81,246)	(31,619)	(30,740)
Redemption of noncontrolling interest	(6,453)	(609)	(11,452)
Redemption of redeemable noncontrolling interest	(521)	0	(478)
Common stock dividends paid	(620,466)	(586,976)	(565,924)
Net cash used in financing activities	(419,742)	(477,271)	(1,137,564)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents	(324,488)	357,653	(15,957)
Unrestricted and restricted cash and cash equivalents at beginning of year	400,334	42,681	58,638
Unrestricted and restricted cash and cash equivalents at end of year	75,846	400,334	42,681
Supplemental disclosure of cash flow information:
Cash paid for interest, net of capitalized interest	223,220	207,038	198,323
Interest capitalized	251	823	2,272
Operating cash flows from operating leases	6,934	6,962	6,987
Supplemental disclosure of noncash investing and financing activities:
Issuance of Operating Partnership units in connection with acquisition	24,930	0	0
Redemption of preferred equity investments upon acquisition of co-investments	44,670	0	0
Transfers between real estate under development and rental properties, net	514	1,497	100,737
Transfer from real estate under development to co-investments	707	1,732	2,276
Reclassifications to (from) redeemable noncontrolling interest from additional paid in capital and noncontrolling interest	(835)	5,055	(7,038)
Debt assumed in connection with acquisition	95,000	0	21,303
Debt financed by seller in connection with acquisition	$ 11,000	$ 0	$ 0

EPLP - Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Rental properties:
Land and land improvements	$ 3,246,789	$ 3,036,912
Buildings and improvements	14,342,729	13,098,311
Total rental properties	17,589,518	16,135,223
Less: accumulated depreciation	(6,150,618)	(5,664,931)
Net real estate	11,438,900	10,470,292
Real estate under development	52,682	23,724
Co-investments	935,014	1,061,733
Total real estate	12,426,596	11,555,749
Cash and cash equivalents-unrestricted	66,795	391,749
Cash and cash equivalents-restricted	9,051	8,585
Marketable securities	69,794	87,795
Notes and other receivables, net of allowance for credit losses of $0.5 million and $0.7 million as of December 31, 2024 and December 31, 2023, respectively	206,706	174,621
Operating lease right-of-use assets	51,556	63,757
Prepaid expenses and other assets	96,861	79,171
Total assets	12,927,359	12,361,427
LIABILITIES AND CAPITAL
Unsecured debt, net	5,473,788	5,318,531
Mortgage notes payable, net	989,884	887,204
Lines of credit	137,945	0
Accounts payable and accrued liabilities	212,747	176,401
Construction payable	14,347	20,659
Dividends payable	165,443	155,695
Distributions in excess of investments in co-investments	79,273	65,488
Operating lease liabilities	52,473	65,091
Other liabilities	50,220	46,175
Total liabilities	7,176,120	6,735,244
Commitments and contingencies (Note 17)
Redeemable noncontrolling interest	30,849	32,205
Limited Partners:
Accumulated other comprehensive income	24,655	33,556
Noncontrolling interest	183,344	171,232
Total liabilities and equity	12,927,359	12,361,427
Essex Portfolio, L.P.
Rental properties:
Land and land improvements	3,246,789	3,036,912
Buildings and improvements	14,342,729	13,098,311
Total rental properties	17,589,518	16,135,223
Less: accumulated depreciation	(6,150,618)	(5,664,931)
Net real estate	11,438,900	10,470,292
Real estate under development	52,682	23,724
Co-investments	935,014	1,061,733
Total real estate	12,426,596	11,555,749
Cash and cash equivalents-unrestricted	66,795	391,749
Cash and cash equivalents-restricted	9,051	8,585
Marketable securities	69,794	87,795
Notes and other receivables, net of allowance for credit losses of $0.5 million and $0.7 million as of December 31, 2024 and December 31, 2023, respectively	206,706	174,621
Operating lease right-of-use assets	51,556	63,757
Prepaid expenses and other assets	96,861	79,171
Total assets	12,927,359	12,361,427
LIABILITIES AND CAPITAL
Unsecured debt, net	5,473,788	5,318,531
Mortgage notes payable, net	989,884	887,204
Lines of credit	137,945	0
Accounts payable and accrued liabilities	212,747	176,401
Construction payable	14,347	20,659
Dividends payable	165,443	155,695
Distributions in excess of investments in co-investments	79,273	65,488
Operating lease liabilities	52,473	65,091
Other liabilities	50,220	46,175
Total liabilities	7,176,120	6,735,244
Commitments and contingencies (Note 17)
Redeemable noncontrolling interest	30,849	32,205
Limited Partners:
Accumulated other comprehensive income	29,429	38,646
Total partners’ capital	5,615,238	5,472,827
Noncontrolling interest	105,152	121,151
Total capital	5,720,390	5,593,978
Total liabilities and equity	12,927,359	12,361,427
Essex Portfolio, L.P. \| General Partner
General Partner:
Common equity (64,280,466 and 64,203,497 units issued and outstanding, respectively)	5,512,391	5,389,190
Essex Portfolio, L.P. \| General Partner \| Common Equity
General Partner:
Common equity (64,280,466 and 64,203,497 units issued and outstanding, respectively)	5,512,391	5,389,190
Limited Partners:
Total capital	5,512,391	5,389,190
Essex Portfolio, L.P. \| Limited Partner
Limited Partners:
Common equity (2,331,251 and 2,258,812 units issued and outstanding, respectively)	73,418	44,991
Essex Portfolio, L.P. \| Limited Partner \| Common Equity
Limited Partners:
Total capital	$ 73,418	$ 44,991

EPLP - Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Notes and other receivable, allowance for credit loss	$ 529	$ 687
Common stock, shares issued (in shares)	64,280,466	64,203,497
Common stock, shares outstanding (in shares)	64,280,466	64,203,497
Essex Portfolio, L.P.
Notes and other receivable, allowance for credit loss	$ 500	$ 700
Essex Portfolio, L.P. \| General Partner
Common stock, shares issued (in shares)	64,280,466	64,203,497
Common stock, shares outstanding (in shares)	64,280,466	64,203,497
Essex Portfolio, L.P. \| Limited Partner
Common stock, shares issued (in shares)	2,331,251	2,258,812
Common stock, shares outstanding (in shares)	2,331,251	2,258,812

- 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, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Rental and other property	$ 1,764,185	$ 1,658,264	$ 1,595,675
Management and other fees from affiliates	10,265	11,131	11,139
Total revenues	1,774,450	1,669,395	1,606,814
Expenses:
Property operating, excluding real estate taxes	326,113	299,672	283,351
Real estate taxes	193,413	185,807	183,918
Corporate-level property management expenses	48,218	45,872	40,704
Depreciation and amortization	580,220	548,438	539,319
General and administrative	98,902	63,474	56,577
Expensed acquisition and investment related costs	72	595	2,132
Casualty loss	0	433	0
Total expenses	1,246,938	1,144,291	1,106,001
Gain on sale of real estate and land	175,583	59,238	94,416
Earnings from operations	703,095	584,342	595,229
Interest expense	(235,529)	(212,905)	(204,798)
Total return swap income	3,099	3,148	7,907
Interest and other income (loss)	80,951	46,259	(19,040)
Equity income from co-investments	48,206	10,561	26,030
Tax benefit (expense) on unconsolidated co-investments	929	(697)	10,236
Loss on early retirement of debt, net	0	0	(2)
Gain on remeasurement of co-investments	210,555	0	17,423
Net income	811,306	430,708	432,985
Net income attributable to noncontrolling interest	(69,784)	(24,883)	(24,670)
Net income available to common stockholders	$ 741,522	$ 405,825	$ 408,315
Basic:
Net income available to common unitholders (in dollars per share)	$ 11.55	$ 6.32	$ 6.27
Weighted average number of common units outstanding during the year (in shares)	64,228,356	64,252,232	65,079,764
Diluted:
Net income available to common unitholders (in dollars per share)	$ 11.54	$ 6.32	$ 6.27
Weighted average number of common units outstanding during the year (in shares)	64,251,234	64,253,385	65,098,186
Essex Portfolio, L.P.
Revenues:
Rental and other property	$ 1,764,185	$ 1,658,264	$ 1,595,675
Management and other fees from affiliates	10,265	11,131	11,139
Total revenues	1,774,450	1,669,395	1,606,814
Expenses:
Property operating, excluding real estate taxes	326,113	299,672	283,351
Real estate taxes	193,413	185,807	183,918
Corporate-level property management expenses	48,218	45,872	40,704
Depreciation and amortization	580,220	548,438	539,319
General and administrative	98,902	63,474	56,577
Expensed acquisition and investment related costs	72	595	2,132
Casualty loss	0	433	0
Total expenses	1,246,938	1,144,291	1,106,001
Gain on sale of real estate and land	175,583	59,238	94,416
Earnings from operations	703,095	584,342	595,229
Interest expense	(235,529)	(212,905)	(204,798)
Total return swap income	3,099	3,148	7,907
Interest and other income (loss)	80,951	46,259	(19,040)
Equity income from co-investments	48,206	10,561	26,030
Tax benefit (expense) on unconsolidated co-investments	929	(697)	10,236
Loss on early retirement of debt, net	0	0	(2)
Gain on remeasurement of co-investments	210,555	0	17,423
Net income	811,306	430,708	432,985
Net income attributable to noncontrolling interest	(43,370)	(10,599)	(10,373)
Net income available to common stockholders	$ 767,936	$ 420,109	$ 422,612
Basic:
Net income available to common unitholders (in dollars per share)	$ 11.55	$ 6.32	$ 6.27
Weighted average number of common units outstanding during the year (in shares)	66,511,030	66,513,303	67,356,105
Diluted:
Net income available to common unitholders (in dollars per share)	$ 11.54	$ 6.32	$ 6.27
Weighted average number of common units outstanding during the year (in shares)	66,533,908	66,514,456	67,374,527

EPLP - Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net income	$ 811,306	$ 430,708	$ 432,985
Other comprehensive (loss) income:
Change in fair value of derivatives and amortization of swap settlements	(9,217)	(13,364)	54,158
Change in fair value of marketable debt securities, net	0	0	233
Reversal of unrealized gains upon the sale of marketable debt securities	0	0	(577)
Total other comprehensive (loss) income	(9,217)	(13,364)	53,814
Comprehensive income	802,089	417,344	486,799
Comprehensive income attributable to noncontrolling interest	(69,468)	(24,429)	(26,466)
Comprehensive income attributable to controlling interest	732,621	392,915	460,333
Essex Portfolio, L.P.
Net income	811,306	430,708	432,985
Other comprehensive (loss) income:
Change in fair value of derivatives and amortization of swap settlements	(9,217)	(13,364)	54,158
Change in fair value of marketable debt securities, net	0	0	233
Reversal of unrealized gains upon the sale of marketable debt securities	0	0	(577)
Total other comprehensive (loss) income	(9,217)	(13,364)	53,814
Comprehensive income	802,089	417,344	486,799
Comprehensive income attributable to noncontrolling interest	(43,370)	(10,599)	(10,373)
Comprehensive income attributable to controlling interest	$ 758,719	$ 406,745	$ 476,426

EPLP - Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	$ 811,306	$ 430,708	$ 432,985
Change in fair value of derivatives and amortization of swap settlements	(9,217)	(13,364)	54,158
Change in fair value of marketable debt securities, net	0	0	233
Issuance of common stock under:
General partner’s stock based compensation, net	9,096	(3,825)	17,309
Sale of common stock by general partner, net	(296)	(347)	(314)
Retirement of common units, net		(95,657)	(189,726)
Changes in the redemption value of redeemable noncontrolling interest	835	(5,055)	7,038
Contributions from noncontrolling interest			125
Issuance of OP units to noncontrolling interest	24,930
Distributions to noncontrolling interest	(81,812)	(31,939)	(30,959)
Redemptions	6,453	609	11,452
Essex Portfolio, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning	5,593,978	5,895,116	6,176,508
Net income	811,306	430,708	432,985
Reversal of unrealized gains upon the sale of marketable debt securities			(577)
Change in fair value of derivatives and amortization of swap settlements	(9,217)	(13,364)	54,158
Change in fair value of marketable debt securities, net	0	0	233
Issuance of common stock under:
General partner’s stock based compensation, net	9,096	(3,825)	17,309
Sale of common stock by general partner, net	(296)	(347)	(314)
Equity based compensation costs	7,671	12,135	11,446
Retirement of common units, net		(95,657)	(189,726)
Changes in the redemption value of redeemable noncontrolling interest	835	(5,055)	7,038
Contributions from noncontrolling interest			125
Issuance of OP units to noncontrolling interest	24,930
Distributions to noncontrolling interest	(59,317)	(11,060)	(10,935)
Redemptions	6,453	609	11,452
Distributions declared	(652,143)	(614,064)	(591,682)
Balance at period end	$ 5,720,390	$ 5,593,978	$ 5,895,116
Common Equity \| General Partner \| Essex Portfolio, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning (in shares)	64,203	64,605	65,248
Balance at period beginning	$ 5,389,190	$ 5,669,906	$ 5,999,155
Net income	$ 741,522	$ 405,825	$ 408,315
Issuance of common stock under:
General partner’s stock based compensation, net (in shares)	70	21	89
General partner’s stock based compensation, net	$ 9,096	$ (3,825)	$ 17,309
Sale of common stock by general partner, net	(296)	(347)	(314)
Equity based compensation costs	7,408	$ 11,723	$ 11,059
Retirement of common units, net (in shares)		(437)	(740)
Retirement of common units, net		$ (95,657)	$ (189,726)
Changes in the redemption value of redeemable noncontrolling interest	$ 373	$ (5,150)	$ 6,230
Redemptions (in shares)	7	14	8
Redemptions	$ 5,254	$ 100	$ 10,464
Distributions declared	$ (629,648)	$ (593,185)	$ (571,658)
Balance at period end (in shares)	64,280	64,203	64,605
Balance at period end	$ 5,512,391	$ 5,389,190	$ 5,669,906
Common Equity \| Limited Partner \| Essex Portfolio, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning (in shares)	2,259	2,272	2,282
Balance at period beginning	$ 44,991	$ 51,454	$ 56,502
Net income	26,414	14,284	14,297
Issuance of common stock under:
Equity based compensation costs	263	412	387
Changes in the redemption value of redeemable noncontrolling interest	$ 99	$ 75	$ 386
Issuance of OP units to noncontrolling interest (in shares)	82
Issuance of OP units to noncontrolling interest	$ 24,930
Redemptions (in shares)	(10)	(13)	(10)
Redemptions	$ 784	$ 355	$ 94
Distributions declared	$ (22,495)	$ (20,879)	$ (20,024)
Balance at period end (in shares)	2,331	2,259	2,272
Balance at period end	$ 73,418	$ 44,991	$ 51,454
Accumulated other comprehensive income (loss), net \| Essex Portfolio, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning	38,646	52,010	(1,804)
Reversal of unrealized gains upon the sale of marketable debt securities			(577)
Change in fair value of derivatives and amortization of swap settlements	(9,217)	(13,364)	54,158
Change in fair value of marketable debt securities, net			233
Issuance of common stock under:
Balance at period end	29,429	38,646	52,010
Noncontrolling interest \| Essex Portfolio, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning	121,151	121,746	122,655
Net income	43,370	10,599	10,373
Issuance of common stock under:
Changes in the redemption value of redeemable noncontrolling interest	363	20	422
Contributions from noncontrolling interest			125
Distributions to noncontrolling interest	(59,317)	(11,060)	(10,935)
Redemptions	415	154	894
Balance at period end	$ 105,152	$ 121,151	$ 121,746

EPLP - Consolidated Statements of Capital (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Essex Portfolio, L.P.
Common stock dividends (in dollars per share)	$ 9.80	$ 9.24	$ 8.80

EPLP - Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 811,306	$ 430,708	$ 432,985
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents	34	2,773	3,330
Depreciation and amortization	580,220	548,438	539,319
Amortization of discount and debt financing costs, net	7,795	6,911	6,712
Realized and unrealized (gains) losses on marketable securities, net	(8,347)	(10,006)	45,547
Income from early redemption of notes receivable	0	0	(811)
Provision for credit losses	(179)	70	381
Equity income from co-investments	(48,206)	(10,561)	(26,030)
Operating distributions from co-investments	62,868	76,787	95,256
Accrued interest from notes and other receivables	(13,497)	(12,631)	(13,953)
Casualty loss	0	433	0
Gain on the sale of real estate and land	(175,583)	(59,238)	(94,416)
Equity-based compensation	7,158	8,031	7,206
Loss on early retirement of debt, net	0	0	2
Gain on remeasurement of co-investments	(210,555)	0	(17,423)
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets	32,007	(9,721)	5,183
Accounts payable, accrued liabilities, and operating lease liabilities	25,194	5,335	(17,266)
Other liabilities	(1,910)	2,735	9,627
Net cash provided by operating activities	1,068,305	980,064	975,649
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	(940,440)	(25,098)	(21,870)
Redevelopment	(70,572)	(72,577)	(96,718)
Development acquisitions of and additions to development real estate	(2,874)	(7,872)	(27,713)
Capital expenditures on rental properties	(136,395)	(140,371)	(163,193)
Investments in notes receivable	(130,635)	(58,127)	(168,095)
Collections of notes and other receivables	33,504	0	412,006
Proceeds from insurance for property losses	2,299	3,431	4,325
Proceeds from dispositions of real estate	247,286	99,388	157,985
Contributions to co-investments	(34,073)	(37,405)	(163,188)
Changes in refundable deposits	(8,000)	10,200	(16,318)
Purchases of marketable securities	(1,002)	(20,780)	(18,109)
Sales and maturities of marketable securities	27,348	64,320	71,222
Non-operating distributions from co-investments	40,503	39,751	175,624
Net cash (used in) provided by investing activities	(973,051)	(145,140)	145,958
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes	554,875	598,000	0
Payments on unsecured debt and mortgage notes	(403,108)	(302,429)	(64,542)
Proceeds from lines of credit	1,667,476	844,046	1,376,452
Repayments of lines of credit	(1,529,531)	(896,119)	(1,665,636)
Retirement of common units	0	(95,657)	(189,726)
Additions to deferred charges	(9,568)	(1,736)	(2,638)
Net proceeds from issuance of common units	(296)	(347)	(314)
Net proceeds from stock options exercised	12,313	0	19,525
Payments related to tax withholding for share-based compensation	(3,217)	(3,825)	(2,216)
Contributions from noncontrolling interest	0	0	125
Distributions to noncontrolling interest	(81,246)	(31,619)	(30,740)
Redemption of noncontrolling interest	(6,453)	(609)	(11,452)
Redemption of redeemable noncontrolling interests	(521)	0	(478)
Common units distributions paid	(620,466)	(586,976)	(565,924)
Net cash used in financing activities	(419,742)	(477,271)	(1,137,564)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents	(324,488)	357,653	(15,957)
Unrestricted and restricted cash and cash equivalents at beginning of year	400,334	42,681	58,638
Unrestricted and restricted cash and cash equivalents at end of year	75,846	400,334	42,681
Supplemental disclosure of cash flow information:
Cash paid for interest, net of capitalized interest	223,220	207,038	198,323
Interest capitalized	251	823	2,272
Operating cash flows from operating leases	6,934	6,962	6,987
Supplemental disclosure of noncash investing and financing activities:
Issuance of Operating Partnership units in connection with acquisition	24,930	0	0
Redemption of preferred equity investments upon acquisition of co-investments	44,670	0	0
Transfers between real estate under development and rental properties, net	514	1,497	100,737
Transfer from real estate under development to co-investments	707	1,732	2,276
Reclassifications to (from) redeemable noncontrolling interest from general and limited partner capital and noncontrolling interest	(835)	5,055	(7,038)
Debt assumed in connection with acquisition	95,000	0	21,303
Debt financed by seller in connection with acquisition	11,000	0	0
Essex Portfolio, L.P.
Cash flows from operating activities:
Net income	811,306	430,708	432,985
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents	34	2,773	3,330
Depreciation and amortization	580,220	548,438	539,319
Amortization of discount and debt financing costs, net	7,795	6,911	6,712
Realized and unrealized (gains) losses on marketable securities, net	(8,347)	(10,006)	45,547
Income from early redemption of notes receivable	0	0	(811)
Provision for credit losses	(179)	70	381
Equity income from co-investments	(48,206)	(10,561)	(26,030)
Operating distributions from co-investments	62,868	76,787	95,256
Accrued interest from notes and other receivables	(13,497)	(12,631)	(13,953)
Casualty loss	0	433	0
Gain on the sale of real estate and land	(175,583)	(59,238)	(94,416)
Equity-based compensation	7,158	8,031	7,206
Loss on early retirement of debt, net	0	0	2
Gain on remeasurement of co-investments	(210,555)	0	(17,423)
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets	32,007	(9,721)	5,183
Accounts payable, accrued liabilities, and operating lease liabilities	25,194	5,335	(17,266)
Other liabilities	(1,910)	2,735	9,627
Net cash provided by operating activities	1,068,305	980,064	975,649
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	(940,440)	(25,098)	(21,870)
Redevelopment	(70,572)	(72,577)	(96,718)
Development acquisitions of and additions to development real estate	(2,874)	(7,872)	(27,713)
Capital expenditures on rental properties	(136,395)	(140,371)	(163,193)
Investments in notes receivable	(130,635)	(58,127)	(168,095)
Collections of notes and other receivables	33,504	0	412,006
Proceeds from insurance for property losses	2,299	3,431	4,325
Proceeds from dispositions of real estate	247,286	99,388	157,985
Contributions to co-investments	(34,073)	(37,405)	(163,188)
Changes in refundable deposits	(8,000)	10,200	(16,318)
Purchases of marketable securities	(1,002)	(20,780)	(18,109)
Sales and maturities of marketable securities	27,348	64,320	71,222
Non-operating distributions from co-investments	40,503	39,751	175,624
Net cash (used in) provided by investing activities	(973,051)	(145,140)	145,958
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes	554,875	598,000	0
Payments on unsecured debt and mortgage notes	(403,108)	(302,429)	(64,542)
Proceeds from lines of credit	1,667,476	844,046	1,376,452
Repayments of lines of credit	(1,529,531)	(896,119)	(1,665,636)
Retirement of common units	0	(95,657)	(189,726)
Additions to deferred charges	(9,568)	(1,736)	(2,638)
Net proceeds from issuance of common units	(296)	(347)	(314)
Net proceeds from stock options exercised	12,313	0	19,525
Payments related to tax withholding for share-based compensation	(3,217)	(3,825)	(2,216)
Contributions from noncontrolling interest	0	0	125
Distributions to noncontrolling interest	(56,582)	(8,558)	(8,450)
Redemption of noncontrolling interest	(6,453)	(609)	(11,452)
Redemption of redeemable noncontrolling interests	(521)	0	(478)
Common units distributions paid	(645,130)	(610,037)	(588,214)
Net cash used in financing activities	(419,742)	(477,271)	(1,137,564)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents	(324,488)	357,653	(15,957)
Unrestricted and restricted cash and cash equivalents at beginning of year	400,334	42,681	58,638
Unrestricted and restricted cash and cash equivalents at end of year	75,846	400,334	42,681
Supplemental disclosure of cash flow information:
Cash paid for interest, net of capitalized interest	223,220	207,038	198,323
Interest capitalized	251	823	2,272
Operating cash flows from operating leases	6,934	6,962	6,987
Supplemental disclosure of noncash investing and financing activities:
Issuance of Operating Partnership units in connection with acquisition	24,930	0	0
Transfers between real estate under development and rental properties, net	514	1,497	100,737
Transfer from real estate under development to co-investments	707	1,732	2,276
Reclassifications to (from) redeemable noncontrolling interest from general and limited partner capital and noncontrolling interest	(835)	5,055	(7,038)
Debt assumed in connection with acquisition	95,000	0	21,303
Debt financed by seller in connection with acquisition	$ 11,000	$ 0	$ 0

Organization	12 Months Ended
Organization	Dec. 31, 2024
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 96.5% general partner interest and the limited partners owned a 3.5% interest as of December 31, 2024. 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 2,331,251 and 2,258,812 as of December 31, 2024 and 2023, respectively, and the redemption value of the OP Units, based on the closing price of the Company’s common stock, totaled $665.4 million and $560.0 million, as of December 31, 2024 and 2023, respectively. The Company has reserved shares of common stock for such conversions. As of December 31, 2024, the Company owned or had ownership interests in 255 operating apartment communities, comprising 62,157 apartment homes, excluding the Company’s ownership interests in preferred equity co-investments, loan investments, and two operating commercial buildings. 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, 2024

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.

Noncontrolling interest includes the 3.5% and 3.4% limited partner interests in the Operating Partnership not held by the Company as of December 31, 2024 and 2023, 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 November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” Among other new disclosure requirements, ASU 2023-07 requires companies to disclose significant segment expenses that are regularly provided to the chief operating decision maker. The Company adopted ASU 2023-07 effective January 1, 2024 using retrospective approach. The adoption of this guidance did not have a material impact on its consolidated financial statements and 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, including inventory purchases, employee compensation, depreciation, amortization, and depletion, to be presented in certain expense captions on the face of the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective 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 this standard on its consolidated results of operations and financial position.

In August 2023, the FASB issued ASU No. 2023-05 “Business Combinations —Joint Venture Formations (Subtopic 805-60)” under which an entity that qualifies as a joint venture is required to apply a new basis of accounting upon the formation of the joint venture. The amendments in ASU 2023-05 require that a joint venture must initially measure its assets and liabilities at fair value on the formation date. ASU 2023-05 is effective for all joint ventures that are formed on or after January 1, 2025 and early adoption is permitted. The Company does not expect the adoption to have a material impact on its consolidated results of operations and financial position.

(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 are associated with the construction or expansion of real property. Such capitalized costs include land, land improvements, allocated costs of the Company’s project management staff, construction costs, as well as interest and related loan fees, property taxes and insurance. Capitalization begins for predevelopment, development, and redevelopment projects when activity commences. Capitalization ends when the apartment home is completed and the property is available for a new tenant or if the development activities cease.

The Company allocates the purchase price of real estate on a fair value basis to land and building including personal property, and identifiable intangible assets, such as the value of above, below and in-place leases. In making estimates of relative fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent land and building appraisals which consider comparable market transactions, its own analysis of recently acquired or developed comparable properties in our portfolio for land comparables and building replacement costs, and other publicly available market data. In calculating the fair value of identified intangible assets of an acquired property, the in-place leases are valued based on in-place rent rates and amortized over the average remaining term of all acquired leases.

The values of the above and below market leases are amortized and recorded as either a decrease (in the case of above market leases) or an increase (in the case of below market leases) to rental revenue over the remaining term of the associated leases acquired. The value of acquired in-place leases are amortized to expense over the average remaining term of the leases acquired. The net carrying value of acquired in-place leases was $7.7 million and $6.1 million as of December 31, 2024 and 2023, 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, 2024 and 2023, 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, 2024, 2023 and 2022.

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 co-investments in the consolidated statement of income equal to the amount by which the fair value of the co-investment 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. Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible. Any promote fees are reflected in equity income from co-investments.

The Company evaluates its investments in co-investments for impairment and records a loss if the carrying value is greater than the fair value of the investment and the impairment is other-than-temporary.

(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 is determined each quarter based on the management fee calculated and earned for that month or quarter. The contract will contain a description of the service and the fee percentage for management services. Payments from such services are one month or one quarter in arrears of the service performed.

The Company recognizes any gains on sales of real estate when it transfers control of a property and when it is probable that the Company will collect substantially all of the related consideration.

(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,
	2024		2023		2022
Cash and cash equivalents - unrestricted	$	66,795	$	391,749	$	33,295
Cash and cash equivalents - restricted	9,051		8,585		9,386
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows	$	75,846	$	400,334	$	42,681

(h) Marketable Securities

The Company reports its available for sale equity securities at fair value, based on quoted market prices (Level 1 for the common stock and investment funds and Level 2 for the unsecured debt, as defined by the FASB standard for fair value measurements). As of both December 31, 2024 and 2023, 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 realized and unrealized gains and losses in equity 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, 2024, 2023 and 2022.

As of December 31, 2024 and 2023, equity securities consisted primarily of investment funds-debt securities, common stock, preferred stock and stock funds.

As of December 31, 2024 and 2023, marketable securities consisted of the following ($ in thousands):


	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


	December 31, 2023
	Amortized Cost		Gross Unrealized Gain (Loss)		Carrying Value
Equity securities:
Investment funds - debt securities	$	26,460	$	(1,584)	$	24,876
Common stock, preferred stock, and stock funds	51,328		11,591		62,919




Total - Marketable securities	$	77,788	$	10,007	$	87,795

(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 $20.2 million, $19.5 million and $20.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. The Company capitalizes leasing costs associated with the lease-up of development communities and amortizes the costs over the life of the leases. The amounts capitalized are immaterial for all periods presented.

(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, and notes and other receivables approximate fair value as of December 31, 2024 and 2023, 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 $5.8 billion and $5.7 billion as of December 31, 2024 and 2023, respectively, was approximately $5.5 billion and $5.3 billion, respectively. Management has estimated that the fair value of the Company’s $752.3 million and $520.0 million of variable rate debt as of December 31, 2024 and 2023, respectively, was approximately $749.4 million and $519.0 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, 2024 and 2023 due to the short-term maturity of these instruments. Marketable securities are carried at fair value as of December 31, 2024 and 2023.

(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 swap is considered a cash flow hedge.

(m) Income Taxes

Generally in any year in which Essex qualifies as a real estate investment trust (“REIT”) under the Internal Revenue Code (the “IRC”), it is not subject to federal income tax on that portion of its income that it distributes to stockholders. No provision for federal income taxes, other than 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, 2024 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 distributed for the years ended December 31, 2024, 2023 and 2022 related to common stock were classified for federal income tax purposes as follows:


	Year Ended December 31,
	2024		2023		2022
Common Stock
Ordinary income	98.19	%	88.46	%	80.17	%
Capital gain	1.81	%	8.32	%	16.78	%
Unrecaptured section 1250 capital gain	—	%	3.22	%	3.05	%
	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 and amortization of swap settlements
Balance at December 31, 2023	$	33,556

Other comprehensive loss before reclassification	(8,955)
Amounts reclassified from accumulated other comprehensive loss	54
Other comprehensive loss	(8,901)
Balance at December 31, 2024	$	24,655

Essex Portfolio, L.P.

($ in thousands)


	Change in fair value and amortization of swap settlements
Balance at December 31, 2023	$	38,646

Other comprehensive loss before reclassification	(9,273)
Amounts reclassified from accumulated other comprehensive loss	56
Other comprehensive loss	(9,217)
Balance at December 31, 2024	$	29,429

Amounts reclassified from accumulated other comprehensive loss in connection with derivatives are recorded in interest expense in the consolidated statements of income.

(p) Redeemable Noncontrolling Interest

The carrying value of redeemable noncontrolling interest in the accompanying consolidated balance sheets was $30.8 million and $32.2 million as of December 31, 2024 and 2023, 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, 2024, 2023 and 2022 were as follows:


	2024		2023		2022
Balance at January 1,	$	32,205	$	27,150	$	34,666
Reclassifications due to change in redemption value and other	(835)		5,055		(7,038)
Redemptions	(521)		—		(478)

Balance at December 31,	$	30,849	$	32,205	$	27,150

(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 nine communities), and five co-investments as of December 31, 2024. The Company consolidated the Operating Partnership, 18 DownREIT entities (comprising nine communities), and six co-investments as of December 31, 2023. The Company consolidated these entities because it was the primary beneficiary. The Company had 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 $893.0 million and $319.1 million, respectively, as of December 31, 2024, and $956.7 million and $324.5 million, respectively, as of December 31, 2023. Noncontrolling interests in these entities were $105.1 million and $121.1 million as of December 31, 2024 and 2023, respectively. The Company’s financial risk in each VIE is limited to its equity investment in the VIE.

The DownREIT VIEs collectively own nine apartment communities in which the Company is the general partner or manager of the DownREIT entity, the Operating Partnership is a special limited partner or member, and the other limited partners or members were granted rights of redemption for their interests. Such limited partners or members can request to be redeemed and the Company, subject to certain restrictions, can elect to redeem their rights for cash or by issuing shares of its common stock on a one share per unit basis. Conversion values will be based on the market value of the Company’s common stock at the time of redemption multiplied by the number of units stipulated under various arrangements, as noted above. The other limited partners or members receive distributions based on the Company’s current dividend rate multiplied by the number of units held. Total DownREIT units outstanding were 914,505 and 936,343 as of December 31, 2024 and 2023, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled $261.0 million and $232.2 million, as of December 31, 2024 and 2023, respectively. The carrying value of redeemable noncontrolling interest in the accompanying balance sheets was $30.8 million and $32.2 million as of December 31, 2024 and 2023, respectively. Of these amounts, $9.0 million and $12.1 million as of December 31, 2024 and 2023, 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 $96.9 million and $97.0 million as of December 31, 2024 and 2023, and are classified within noncontrolling interests in the accompanying consolidated balance sheets.

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

As of December 31, 2024 and 2023, 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) Government Assistance

The Employee Retention Credit, as originally enacted by the Coronavirus Aid, Relief and Economic Security Act in March 2020, is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020 and before January 1, 2021. The purpose of the Employee Retention Credit was to encourage employers to keep employees on their payroll, even if they were not working during the covered period because of the effects of the COVID-19 pandemic. In December 2020, the Employee Retention Credit was amended and extended by the Taxpayer Certainty and Disaster Tax Relief Act in which eligible employers may claim a refundable tax credit against certain employment taxes equal to 70% of the qualified wages an eligible employer pays to employees after December 31, 2020 through June 30, 2021. The Company adopted a policy to recognize a receivable when earned and to offset the credit against related expenses. Accordingly, the Company recorded no Employee Retention Credit for the years ended December 31, 2024 and 2023, and $4.1 million for the year ended December 31, 2022, and is reflected in general and administrative expenses, property operating, excluding real estate taxes, expenses and equity income from co-investments in the consolidated statements of income.

(t) 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. Gain contingencies resulting from legal settlements of $42.5 million, $7.7 million and $4.2 million were recognized for the years ended December 31, 2024, 2023 and 2022 respectively, and are included in interest and other income in the consolidated statements of income.

Real Estate Investments

12 Months Ended

Dec. 31, 2024

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, 2024 ($ in millions):


Property Name	Location	Apartment Homes	Essex Ownership Percentage	Contract Price at Pro Rata Share
BEXAEW Portfolio	CA and WA	1,480	100%	$	252.0	(1)
Maxwell Sunnyvale	CA	75	100%	46.6		(2)
ARLO Mountain View	CA	164	100%	101.1
Patina at Midtown	CA	269	100%	58.4		(3)
Century Towers	CA	376	100%	86.8		(4)
BEX II Portfolio	CA	871	100%	168.4		(5)
Beaumont	WA	344	100%	136.1
Total acquisitions		3,579		$	849.4

(1)In March 2024, the Company acquired its joint venture partner's 49.9% interest in the BEXAEW portfolio comprised of four communities for a total contract price of $505.0 million on a gross basis. Concurrent with the acquisition, the Company repaid $219.9 million of debt. The Company recorded $138.3 million as a gain on remeasurement of co-investments and $1.5 million promote income from co-investments in the consolidated statements of income.

(2)In April 2024, the Company accepted the third-party sponsor’s common equity interest affiliated with its $14.7 million preferred equity investment. The community was consolidated on the Company’s financial statements at a $46.6 million valuation.

(3)In July 2024, the Company acquired its joint venture partner's 49.9% common equity interest in Patina at Midtown for a total purchase price of $117.0 million on a gross basis. Concurrent with the acquisition, the Company repaid $95.0 million of debt and was fully redeemed on a preferred equity investment affiliated with the partnership. The Company recorded $2.2 million as a gain on remeasurement of co-investments in the consolidated statements of income.

(4)In September 2024, the Company acquired its joint venture partner's 50% common equity interest in Century Towers for a total purchase price of $173.5 million on a gross basis. As part of the acquisition, the Company issued 81,737 OP Units at an agreed upon price of $305 per unit. Concurrent with the acquisition, the Company repaid $110.5 million of debt and was fully redeemed on a preferred equity investment affiliated with the partnership. The Company recorded $29.4 million as a gain on remeasurement of co-investments in the consolidated statements of income.

(5)In October 2024, the Company acquired its joint venture partner’s 49.9% interest in the BEX II portfolio, comprised of four communities for a total contract price of $337.5 million on a gross basis. Concurrent with the acquisition, the Company assumed $95.0 million of debt. The Company recorded $40.6 million as a gain on remeasurement of co-investments in the consolidated statements of income.

The consolidated fair value of the acquisitions listed above 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. The fair value upon the acquisition of a controlling interest of a co-investment was determined using Level 2 inputs.

For the year ended December 31, 2023, the Company acquired an apartment community, Hacienda at Camarillo Oaks, consisting of 73 apartment homes for a total purchase price of $23.1 million. The consolidated fair value of the acquisition was included on the Company’s consolidated balance sheet as follows: $5.5 million addition to land and land improvements, $18.0 million addition to buildings and improvements, and a $0.1 million addition to prepaid expenses and other assets.

(b) Dispositions of Real Estate Interests

The table below summarizes the disposition activity for the year ended December 31, 2024 ($ in millions):


Property Name	Location	Apartment Homes	Sale Price at Pro Rata Share
Hillsdale Garden	CA	697	$	205.7	(1)
Total dispositions		697	$	205.7

(1)In October 2024, the Company sold its 81.5% interest in a consolidated co-investment, Hillsdale Garden, 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.

For the year ended December 31, 2022, the Company sold an apartment community consisting of 250 apartment homes for $160.0 million, resulting in a gain on sale of $94.4 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 communities. Additionally, the Company has invested in five technology co-investments and as of December 31, 2024, the co-investment balance of these investments was $57.3 million and the aggregate commitment was $86.0 million.

As of December 31, 2023, the Company had five technology co-investments and the co-investment balance of these investments was $44.2 million and the aggregate commitment was $86.0 million.

The carrying values of the Company’s co-investments as of December 31, 2024 and 2023 was as follows ($ in thousands, except in parenthetical):


	Weighted Average Essex Ownership Percentage (1)	December 31,
		2024		2023
Ownership interest in:
Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI (2)	54%	$	147,232	$	144,766
BEXAEW (3), BEX II (4), BEX IV and 500 Folsom	50%	146,142		224,119
Other (5) (6)	53%	86,089		68,493
Total operating and other co-investments, net		379,463		437,378
Total development co-investments	—%	—		14,605
Total preferred equity co-investments (includes related party investments of $48.1 million and $42.7 million as of December 31, 2024 and 2023, respectively. See Note 6, Related Party Transactions, for further discussion)		476,278		544,262
Total co-investments, net		$	855,741	$	996,245

(1)Weighted average Company ownership percentages are as of December 31, 2024.

(2)As of December 31, 2024 and 2023, the Company’s investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $77.2 million and $61.8 million, respectively, due to distributions received in excess of the Company’s investment.

(3)In March 2024, the Company acquired BEXAEW's 49.9% interest in four apartment communities consisting of 1,480 apartment homes.

(4)In October 2024, the Company acquired BEX II LLC's 49.9% interest in four communities totaling 871 apartment homes.

(5)In the third quarter of 2024, the Company acquired its joint venture partner's interest of 49.9% in Patina at Midtown comprising 269 apartment homes, followed by the acquisition of its joint venture partner's interest of 50% in Century Towers comprising 376 apartment homes.

(6)As of December 31, 2024 the Company’s investment in Expo was classified as a liability of $2.0 million due to distributions received in excess of the Company’s investment. As of December 31, 2023 the Company’s investments in Expo and Century Towers were classified as a liability of $3.7 million 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.

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


	December 31,
	2024		2023
Combined balance sheets: (1)
Rental properties and real estate under development	$	4,094,826	$	5,123,164
Other assets	277,420		279,237
Total assets	$	4,372,246	$	5,402,401
Debt	$	3,001,303	$	3,622,609
Other liabilities	235,111		317,208
Equity	1,135,832		1,462,584
Total liabilities and equity	$	4,372,246	$	5,402,401


	Year Ended December 31,
	2024		2023		2022
Combined statements of income: (1)
Property revenues	$	390,850	$	409,910	$	373,074
Property operating expenses	(154,245)		(158,520)		(140,175)
Net operating income	236,605		251,390		232,899

Interest expense	(142,601)		(154,038)		(100,913)
General and administrative	(21,157)		(20,594)		(20,579)

Depreciation and amortization	(167,875)		(174,028)		(164,186)
Net loss	$	(95,028)	$	(97,270)	$	(52,779)
Company’s share of net income (2)	$	48,206	$	10,561	$	26,030

(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 $4.6 million, $7.6 million and $7.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Operating Co-investments

As of December 31, 2024 and 2023, the Company, through several co-investments, owned 7,694 and 10,425 apartment homes, respectively, in operating communities. The Company’s book value of these co-investments was $379.5 million and $437.4 million as of December 31, 2024 and 2023, respectively.

Predevelopment and Development Co-investments

As of December 31, 2024 the Company did not have any projects in unconsolidated predevelopment or development communities. As of December 31, 2023, the Company, through its co-investments, owned 264 apartment homes in predevelopment and development communities. The Company’s book value of these co-investments was $14.6 million as of December 31, 2023.

Preferred Equity Investments

As of December 31, 2024 and 2023, the Company held preferred equity investment interests in several joint ventures which own real estate. The Company’s book value of these preferred equity investments was $476.3 million and $544.3 million as of December 31, 2024 and 2023, respectively, and is included in the co-investments line in the accompanying consolidated balance sheets.

As of December 31, 2024, the Company had 19 preferred equity investments with total commitments of $399.4 million, of which $364.4 million had been funded, with maturities ranging from January 2025 to September 2032, and a weighted average rate of return on the outstanding balances of 9.0%.

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

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

During 2023, the Company made commitments to fund $18.8 million of preferred equity investment in two real estate ventures and received cash proceeds of $72.3 million, including an early redemption fee of $0.3 million, for the full redemption of two preferred equity investments and partial redemption of two preferred equity investments in joint ventures that hold properties located in California.

During 2022, the Company made commitments to fund $84.9 million of preferred equity investment in seven real estate ventures, including one with a related party. See Note 6, Related Party Transactions, for additional details. During 2022, the Company received cash proceeds of $132.6 million, including an early redemption fee of $0.9 million, for the full redemption of three preferred equity investments and partial redemption of two preferred equity investments in joint ventures that hold properties located in 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. As of December 31, 2024, the Company’s development pipeline was comprised of various consolidated predevelopment projects, with total incurred costs of $52.7 million.

Revenues

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Rental income	$	1,735,411	$	1,636,070	$	1,573,368
Other property	28,774		22,194		22,307
Management and other fees from affiliates	10,265		11,131		11,139
Total revenues	$	1,774,450	$	1,669,395	$	1,606,814

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,
	2024		2023		2022
Southern California	$	744,004	$	682,116	$	646,252
Northern California	677,393		642,658		615,677
Seattle Metro	295,002		282,092		271,248
Other real estate assets (1)	47,786		51,398		62,498
Total rental and other property revenues	$	1,764,185	$	1,658,264	$	1,595,675

(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,
	2024		2023		2022
Same-property (1)	$	1,636,531	$	1,585,007	$	1,513,864
Acquisitions (2)	58,158		1,037		—

Redevelopment	6,519		6,232		5,765
Non-residential/other, net (3)	62,998		68,531		81,604
Straight line rent concession (4)	(21)		(2,543)		(5,558)
Total rental and other property revenues	$	1,764,185	$	1,658,264	$	1,595,675

(1)Properties that have comparable stabilized results as of January 1, 2023 and are consolidated by the Company for the years ended December 31, 2024, 2023 and 2022. 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, 2023.

(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 $0.3 million and $1.0 million as of December 31, 2024 and 2023, 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, 2024 that was included in the December 31, 2023 deferred revenue balance was $0.7 million, which was included in rental and other property revenue within the consolidated statements of income and comprehensive income.

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in the new revenue recognition accounting standard. As of December 31, 2024, the Company had $0.3 million of remaining performance obligations. The Company expects to recognize approximately 36% of these remaining performance obligations in 2025 and the remaining 64% 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 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: 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, 2024

Receivables [Abstract]

Notes and Other Receivables

Notes and other receivables consisted of the following as of December 31, 2024 and 2023 ($ in thousands):


	December 31,
	2024		2023
Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020)	$	—	$	37,582
Note receivable, secured, bearing interest at 9.00%, due October 2026 (Originated October 2021)	60,538		50,146
Note receivable, secured, bearing interest at 12.00%, due January 2025 (Originated August 2022)	3,167		11,743
Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022)	39,187		34,929
Receivable from preferred equity investment sponsor (1)	72,002		—
Other receivables from affiliates	5,646		6,111
Straight line rent receivables (2)	9,235		9,353
Other receivables	17,460		25,444
Allowance for credit losses	(529)		(687)
Total notes and other receivables	$	206,706	$	174,621

(1) In the fourth quarter of 2024, the Company repaid a $72.0 million senior mortgage associated with a preferred equity investment in a stabilized apartment home community located in Oakland, CA and concurrently recorded a receivable from the sponsor of the investment, for which the Company did not accrue interest on. The Company subsequently issued a default notice and assumed full managerial control in January 2025. See Note 18, Subsequent Events, for additional details.

(2) These amounts are receivables from lease concessions recorded on a straight-line basis for the Company’s operating properties.

The following table presents the activity in the allowance for credit losses for notes receivable, secured for the periods presented ($ in thousands):


	Mezzanine Loans		Bridge Loans		Total
Balance as of December 31, 2021	$	671	$	85	$	756
Provision for credit losses	(337)		(85)		(422)
Balance as of December 31, 2022	$	334	$	—	$	334
Provision for credit losses	353		—		353
Balance as of December 31, 2023	$	687	$	—	$	687
Provision for credit losses	(158)		—		(158)
Balance as of December 31, 2024	$	529	$	—	$	529

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2024
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, 2024, 2023 and 2022, 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 $11.1 million, $12.7 million, and $14.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. All of these fees are net of intercompany amounts eliminated by the Company. The Company netted development and redevelopment fees of $0.8 million, $1.8 million, and $3.0 million against general and administrative expenses for the years ended December 31, 2024, 2023 and 2022, respectively. As described in Note 5, Notes and Other Receivables, the Company has provided short-term loans to affiliates. As of December 31, 2024 and 2023, $5.6 million and $6.1 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 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 2022, the Company provided a $32.8 million related party bridge loan to BEX II in connection with the payoff of a debt related to one of its properties located in Southern California. The note receivable was scheduled to mature in March 2022, but was subsequently paid off in April 2022. In January 2022, the Company provided a $100.7 million related party bridge loan to Wesco VI in connection with the acquisition of Vela. The note receivable accrued interest at 2.64% and was scheduled to mature in February 2022, but was paid off in January 2022. Additionally, the Company received cash of $121.3 million in January 2022 for the payoff of the remaining related party bridge loans to Wesco VI as detailed below. In November 2021, the Company provided a $48.4 million related party bridge loan in connection with the purchase of an interest in a single asset entity owning an apartment home community in Vista, CA. The note receivable accrued interest at 2.36% and was scheduled to mature in February 2022 but was paid off in January 2022. In November 2021, the Company provided a $61.9 million related party bridge loan to Wesco VI in connection with the acquisition of The Rexford. The note receivable accrued interest at 2.36% and was scheduled to mature in February 2022, but was paid off in January 2022. In October 2021, the Company provided a $30.3 million related party bridge loan to Wesco VI in connection with the acquisition of Monterra in Mill Creek. The note receivable accrued interest at 2.30% and was scheduled to mature in April 2022, but was paid off in January 2022. In September 2021, the Company provided a $29.2 million related party bridge loan to Wesco VI in connection with the acquisition of Martha Lake Apartments. The note receivable accrued interest at 2.15% and was scheduled to mature in December 2021. In December 2021, the maturity date of the note receivable was extended to March 2022, and in January 2022, the note receivable was paid off. In 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, 2024, $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 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 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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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
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Unsecured Debt

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023 ($ in thousands):


							Weighted Average Maturity In Years as of December 31, 2024


	December 31,
	2024			2023

Term loan - variable rate, net (1)	$	298,571		$	298,552		2.8
Bonds public offering - fixed rate, net	5,175,217			5,019,979			7.0
Unsecured debt, net (2)	5,473,788			5,318,531
Lines of credit (3)	137,945			—			N/A
Total unsecured debt	$	5,611,733		$	5,318,531
Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering	3.4		%	3.3		%
Weighted average interest rate on variable rate term loan	4.2		%	4.2		%
Weighted average interest rate on lines of credit	5.7		%	6.3		%

(1)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. This loan has been swapped to an all-in fixed rate of 4.2% and the swap has a termination date of October 2026. In April 2023, the Company drew down the $300.0 million unsecured term loan and in May 2023 used the proceeds to repay the Company’s $300.0 million unsecured notes due in May 2023.

(2)Includes unamortized premiums, net of discounts, of $0.1 million and unamortized discounts, net of premiums, of $6.1 million and unamortized debt issuance costs of $26.3 million and $25.3 million as of December 31, 2024 and 2023, respectively.

(3)Lines of credit, related to the Company’s two lines of unsecured credit aggregating $1.28 billion, excludes unamortized debt issuance costs of $6.2 million and $3.8 million as of December 31, 2024 and 2023, respectively. These debt issuance costs are included in prepaid expenses and other assets in the consolidated balance sheets. As of December 31, 2024, the Company’s $1.2 billion credit facility had an interest rate at the Adjusted SOFR plus 0.765%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the facility’s sustainability metric adjustment feature, and a scheduled maturity of January 2029 with two six-month extension options, exercisable at the Company’s option. In September 2024, the scheduled maturity date was extended from January 2027 to January 2029. As of December 31, 2024, the Company’s $75.0 million working capital unsecured line of credit had an interest rate of Adjusted SOFR plus 0.765%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the facility’s sustainability metric adjustment feature. 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.

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, 2024, and 2023, the carrying value of the 2034 Notes, net of discount and debt issuance costs, was $549.8 million and zero, 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, 2024, and 2023, the carrying value of the June 2031 Notes, net of discount and debt issuance costs, was $297.1 million and $296.7 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, 2024, and 2023, the carrying value of the 2028 Notes, net of discount and debt issuance costs, was $447.2 million and $446.3 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, 2024, and 2023, the carrying value of the 2032 Notes, net of premiums and debt issuance costs, was $650.6 million and $650.7 million respectively.

In August 2020, the Operating Partnership issued $600.0 million of senior unsecured notes, consisting of $300.0 million aggregate principal amount due on January 15, 2031 with a coupon rate of 1.650% (the “January 2031 Notes”) and $300.0 million aggregate principal amount due on September 1, 2050 with a coupon rate of 2.650% (the “2050 Notes” and together with the January 2031 Notes, the “Notes”). The January 2031 Notes were offered to investors at a price of 99.035% of par value and the 2050 Notes at 99.691% of par value. Interest is payable on the January 2031 Notes semiannually on January 15 and July 15 of each year, beginning on January 15, 2021. Interest is payable on the 2050 Notes semiannually on March 1 and September 1 of each year, beginning on March 1, 2021. The Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex. The Company used the net proceeds of this offering to repay debt maturities, including certain unsecured private placement notes, secured mortgage notes, and to fund the redemption of $300.0 million aggregate principal amount of its outstanding 3.625% senior unsecured notes due August 2022, and for other general corporate and working capital purposes. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, the carrying value of the January 2031 Notes and 2050 Notes, net of discount and debt issuance costs was $296.7 million and $296.1 million, respectively as of December 31, 2024, and $296.1 million and $296.0 million, respectively as of December 31, 2023.

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, 2024, and 2023, the carrying value of the 2030 Notes, net of discount and debt issuance costs, was $546.2 million and $545.5 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, 2024, and 2023, the carrying value of the 2029 Notes, net of discount and debt issuance costs was $497.3 million and $496.7 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, 2024 and 2023, the carrying value of the 2048 Notes, net of discount and debt issuance costs was $296.4 million and $296.2 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, 2024 and 2023, the carrying value of the 2027 Notes, net of discount and debt issuance costs was $348.8 million and $348.3 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, 2024 and 2023, the carrying value of the 2026 Notes, net of discount and debt issuance costs was $449.1 million and $448.4 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. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2024 and 2023, the carrying value of the 2025 Notes, net of discount and debt issuance costs was $499.9 million and $499.3 million, respectively.

In April 2014, the Operating Partnership issued $400.0 million of senior unsecured notes due on May 1, 2024 with a coupon rate of 3.875% per annum and 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 as of December 31, 2024, had no amount outstanding. As of December 31, 2023, the carrying value of the 2024 Notes, net of discount and debt issuance costs was $399.8 million.

In April 2013, the Operating Partnership issued $300.0 million of senior unsecured notes due on May 1, 2023 with a coupon rate of 3.25% per annum and were payable on May 1 and November 1 of each year, beginning November 1, 2013 (the “2023 Notes”). The 2023 Notes were offered to investors at a price of 99.152% of par value. The 2023 Notes 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, 2024 and 2023, respectively.

The following is a summary of the Company’s senior unsecured notes as of December 31, 2024 and 2023 ($ in thousands):


	December 31,
Maturity	2024		2023		Coupon Rate
May 2024	$	—	$	400,000	3.875%
April 2025	500,000		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		—		5.500%
March 2048	300,000		300,000		4.500%
September 2050	300,000		300,000		2.650%
	$	5,200,000	$	5,050,000

The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, as of December 31, 2024 were as follows ($ in thousands):


2025	$	500,000
2026	450,000
2027	650,000
2028	450,000
2029	500,000
Thereafter	2,950,000
	$	5,500,000

As of December 31, 2024, the Company had two unsecured lines of credit aggregating $1.28 billion, including a $1.2 billion unsecured line of credit and a $75.0 million working capital unsecured line of credit.

As of December 31, 2024 and 2023, there was $75.0 million and no amount outstanding on the $1.2 billion unsecured line of credit, respectively. As of December 31, 2024 this credit facility had a scheduled maturity date of January 2029 with two six-month extension options, exercisable at the Company’s option. In September 2024, the scheduled maturity date was extended from January 2027 to January 2029. The underlying interest rate on the line is based on a tiered rate structure tied to the

Company’s credit ratings, adjusted for the facility’s sustainability metric adjustment feature, and is at the Adjusted SOFR plus 0.765%.

As of December 31, 2024 and 2023, there was $62.9 million and no amount outstanding on the Company’s $75.0 million working capital unsecured line of credit, respectively. As of December 31, 2024, the line of credit facility had a scheduled maturity date of July 2026. 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 underlying interest rate on this line is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the facility’s sustainability metric adjustment feature, and is at the Adjusted SOFR plus 0.765%.

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, 2024 and 2023.

- 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 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: 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 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Mortgage Notes Payable

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023 ($ in thousands):


	December 31,
	2024			2023
Fixed rate mortgage notes payable	$	674,092		$	665,711
Variable rate mortgage notes payable (1)	315,792			221,493
Total mortgage notes payable (2)	$	989,884		$	887,204
Number of properties securing mortgage notes	19			15
Remaining terms	1-22 years			1-23 years
Weighted average interest rate	4.2		%	4.3		%

The aggregate scheduled principal payments of mortgage notes payable as of December 31, 2024 were as follows ($ in thousands):


2025	$	144,054
2026	194,405
2027	153,955
2028	68,332
2029	1,456
Thereafter	430,481
	$	992,683

(1)Variable rate mortgage notes payable, including $220.8 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 as defined in the Loan Agreement (approximately 4.2% as of December 2024 and 4.6% as of December 2023) 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 April 2026 through December 2046. The Company had no interest rate cap agreements as of December 31, 2024 and 2023, respectively.

(2)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. Includes total unamortized discount, net of premiums, of $0.2 million and total unamortized premiums, net of discount, of $0.5 million and reduced by unamortized debt issuance costs of $2.6 million and $3.1 million as of December 31, 2024 and 2023, respectively.

For the Company’s mortgage notes payable as of December 31, 2024, monthly interest expense and principal amortization, excluding balloon payments, totaled approximately $3.5 million and $0.3 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 are computed by the greater of (a) 1% of the amount of the principal being prepaid or (b) the present value of the principal being prepaid multiplied by the difference between the interest rate of the mortgage note and the stated yield rate on a U.S. treasury security which generally has an equivalent remaining term as the mortgage note.

Derivative Instruments and Hedging Activities	12 Months Ended
Derivative Instruments and Hedging Activities	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company uses interest rate swaps, interest rate caps, and total return swap contracts to manage certain interest rate risks. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps and total return swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In October 2024, the Company acquired its joint venture partner’s interest in the BEX II portfolio and assumed $95.0 million of variable rate mortgage notes payable with one interest rate swap that effectively converts $47.5 million to an all-in fixed rate of 2.83%. This variable rate mortgage notes payable matures in April 2026 with one 12-month extension option, exercisable at the Company’s option and the swap has a termination date of March 2026. This derivative qualifies for hedge accounting. In September 2022, the Company entered into one forward starting interest rate swap, with settlement payments commencing in May 2023, related to the $300.0 million unsecured term loan entered into in October 2022. In April 2023, the Company drew down the $300.0 million term loan priced at Adjusted SOFR plus 0.85%, which has been swapped to an all-in fixed rate of 4.2%. The term loan matures in October 2025 with two 12-month extension options, each exercisable at the Company’s option and the swap has a termination date of October 2026. This derivative qualifies for hedge accounting. As of December 31, 2024 and 2023, the Company had an outstanding balance on the unsecured term loan of $300.0 million. As of December 31, 2024 and 2023, the aggregate carrying value of the interest rate swap contracts was an asset of $5.5 million and $4.3 million, respectively, included in prepaid expenses and other assets in the consolidated balance sheets. The Company has four total return swap contracts, with an aggregate notional amount of $220.8 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 four total return swaps with $220.8 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, 2024 and 2023, respectively. The Company’s total return swaps are scheduled to mature between December 2027 and December 2034. Realized gains of $3.1 million, $3.1 million, and $7.9 million for the years ended December 31, 2024, 2023 and 2022, respectively, were reported in the consolidated statements of income as total return swap income.

Lease Agreements - Company as Lessor

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lease Agreements - Company as Lessor

As of December 31, 2024, 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 initial option to renew for commercial leases will typically be based on a fixed price while any subsequent renewal options will generally be based on the current market rate at the time of the renewal. Certain commercial leases contain lease termination options that would require the lessee to pay termination fees based on the expected amount of time it would take the Company to re-lease the space.

The Company’s apartment home and commercial lease agreements do not contain residual value guarantees. As the Company is the lessor of real estate assets which tend to either hold their value or appreciate, residual value risk is not deemed to be substantial. Furthermore, the Company carries comprehensive liability, fire, extended coverage, and rental loss insurance for each of its communities as well as limited insurance coverage for certain types of extraordinary losses, such as, for example, losses from terrorism or earthquakes.

A maturity analysis of undiscounted future minimum non-cancelable base rent to be received under the above operating leases as of December 31, 2024 is summarized as follows ($ in thousands):


	Future Minimum Rent
2025	$	853,544
2026	26,058
2027	16,788
2028	14,623
2029	11,766
Thereafter	15,826
	$	938,605

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, 2024

Leases [Abstract]

Lease Agreements - Company as Lessee

As of December 31, 2024, 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 four office leases with lease expiration dates ranging from 2025 to 2026, and seven ground leases and the parking lease with lease expiration dates ranging from to 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, 2024 and 2023, the Company had no material finance leases.

Supplemental consolidated balance sheet information related to leases as of December 31, 2024 and 2023 was as follows ($ in thousands):


	December 31,
	2024		2023
Assets
Operating lease right-of-use assets	$	51,556	$	63,757

Total leased assets	$	51,556	$	63,757

Liabilities
Operating lease liabilities	$	52,473	$	65,091

Total lease liabilities	$	52,473	$	65,091

The components of lease expense for the years ended December 31, 2024, 2023 and 2022 were as follows ($ in thousands):


	Year Ended December 31,
	2024		2023		2022
Operating lease cost	$	6,480	$	6,789	$	6,697
Variable lease cost	1,980		1,961		1,750



Short-term lease cost	183		186		204
Sublease income	(560)		(500)		(418)
Total lease cost	$	8,083	$	8,436	$	8,233

A maturity analysis of lease liabilities as of December 31, 2024 is as follows ($ in thousands):


	Operating Leases
2025	$	6,408
2026	4,556
2027	2,942
2028	2,623
2029	2,609
Thereafter	105,932
Total lease payments	$	125,070
Less: Imputed interest	(72,597)
Present value of lease liabilities	$	52,473

Lease term and discount rate information for leases as of December 31, 2024 and 2023 was as follows:


	December 31,
	2024		2023
Weighted-average of remaining lease terms (years)
Operating Leases	41		40

Weighted-average of discount rates
Operating Leases	5.04	%	5.03	%

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, 2024
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, 2024 and 2023, the Company did not sell any shares of its common stock through either agreement. As of December 31, 2024 a total of $900.0 million of shares remain available to be sold. Operating Partnership Units and Long-Term Incentive Plan (“LTIP”) Units As of December 31, 2024 and 2023, the Operating Partnership had outstanding 2,263,756 and 2,161,175 OP Units respectively. As of December 31, 2024 and 2023 the Operating Partnership had 67,495 and 97,637 vested LTIP units respectively. The Operating Partnership’s general partner, Essex, owned 96.5% and 96.6% of the partnership interests in the Operating Partnership as of December 31, 2024 and 2023, 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 $665.4 million and $560.0 million based on the closing price of Essex’s common stock as of December 31, 2024 and 2023, 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. See Note 3, Real Estate Investments, for additional details.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Net Income Per Common Share and Net Income Per Common Unit

12 Months Ended

Dec. 31, 2024

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 share and per share amounts):


	Year Ended December 31,
	2024					2023					2022
	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	$	741,522	64,228,356	$	11.55	$	405,825	64,252,232	$	6.32	$	408,315	65,079,764	$	6.27
Effect of dilutive securities
Stock options	—		22,878			—		1,153			—		18,422

Diluted:
Net income available to common stockholders	$	741,522	64,251,234	$	11.54	$	405,825	64,253,385	$	6.32	$	408,315	65,098,186	$	6.27

The table above excludes from the calculations of diluted earnings per share weighted average convertible OP Units of 2,282,675, 2,261,071 and 2,276,341, which include vested 2014 Long-Term Incentive Plan Units and 2015 Long-Term Incentive Plan Units, for the years ended December 31, 2024, 2023 and 2022, respectively, because they were anti-dilutive. The related income allocated to these convertible OP Units aggregated $26.4 million, $14.3 million and $14.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Stock options of 265,378, 508,276, and 253,845 for the years ended December 31, 2024, 2023 and 2022, respectively, were excluded from the calculation of diluted earnings per share because the assumed proceeds per share of such options plus the average unearned compensation were greater than the average market price of the common stock for the years ended and, therefore, were anti-dilutive.

Essex Portfolio, L.P.

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


	Year Ended December 31,
	2024					2023					2022
	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	$	767,936	66,511,030	$	11.55	$	420,109	66,513,303	$	6.32	$	422,612	67,356,105	$	6.27
Effect of dilutive securities
Stock options	—		22,878			—		1,153			—		18,422

Diluted:
Net income available to common unitholders	$	767,936	66,533,908	$	11.54	$	420,109	66,514,456	$	6.32	$	422,612	67,374,527	$	6.27

Stock options of 265,378, 508,276, and 253,845, for the years ended December 31, 2024, 2023 and 2022, 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 the years ended and, therefore, were anti-dilutive.

Equity Based Compensation Plans

12 Months Ended

Dec. 31, 2024

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 $7.7 million, $12.1 million, and $11.4 million for years ended December 31, 2024, 2023 and 2022, respectively. For each of the years ended December 31, 2023, and 2022 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 $0.5 million, $0.6 million, and $0.7 million for the years ended December 31, 2024, 2023 and 2022, respectively. The intrinsic value of stock options exercised totaled $4.5 million, zero, and $7.6 million, for the years ended December 31, 2024, 2023 and 2022 respectively. The intrinsic value of stock options exercisable totaled $9.5 million and $4.5 million as of December 31, 2024 and 2023, respectively.

Restricted stock awards

The Company estimates the fair value of 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 forfeit if required conditions are not met.

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


	Year Ended December 31,
	2024			2023			2022
	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	101,701	$	197.22	182,915	$	222.90	159,401	$	251.03
Granted	52,300	212.02		2,315	220.40		72,838	215.73
Vested	(24,002)	187.32		(37,075)	247.07		(44,945)	306.25
Forfeited and canceled	(28,070)	182.25		(46,454)	259.71		(4,379)	272.12
Unvested at end of year	101,929	$	211.27	101,701	$	197.22	182,915	$	222.90

The unrecognized compensation cost related to unvested restricted stock totaled $10.2 million as of December 31, 2024 and is expected to be recognized over a period of 1.9 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 forfeit if required conditions are not met.

Total unrecognized compensation cost related to unvested stock options totaled $0.4 million as of December 31, 2024 and the unrecognized compensation cost is expected to be recognized over a period of 0.9 years.

The average fair value of stock options granted for the years ended December 31, 2023 and 2022 was $21.24 and $23.39, respectively. No stock options were granted during the year ended December 31, 2024. Stock options granted in 2023 and 2022 include a $100 cap on the appreciation of the market price over the exercise price. Stock options have the following weighted average assumptions:


	2024		2023			2022
Stock price	$	—	$	216.31		$	245.17
Risk-free interest rates	—		4.06		%	3.50		%
Expected lives	—		6 years			6 years
Volatility	—		36.00		%	27.98		%
Dividend yield	—		3.30		%	3.06		%

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


	Year Ended December 31,
	2024			2023			2022
	Options	Weighted- average exercise price		Options	Weighted- average exercise price		Options	Weighted- average exercise price
Outstanding at beginning of year	530,812	$	273.51	487,446	$	279.46	463,863	$	284.82
Granted	—	—		49,908	216.31		111,757	245.17
Exercised	(56,304)	218.68		—	—		(76,246)	245.43
Forfeited and canceled	(3,125)	266.21		(6,542)	280.21		(11,928)	281.19
Outstanding at end of year	471,383	$	280.11	530,812	$	273.51	487,446	$	279.46
Exercisable at year end	453,240	$	282.73	417,739	$	282.30	293,377	$	285.76

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 were 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 Plans:


	Total Vested and Outstanding Units	Weighted- average Grant-date Fair Value
Balance as of December 31, 2022	106,137	$	84.47
Converted	(8,500)
Balance as of December 31, 2023	97,637	$	86.16
Converted	(30,142)
Balance as of December 31, 2024	67,495	$	85.80

Equity-based compensation costs and total unrecognized compensation costs for 2015 and 2014 Plan awards under the fair value method totaled zero for the years ended December 31, 2024, 2023 and 2022. The intrinsic value of vested awards totaled $19.3 million as of December 31, 2024.

Segment Information

12 Months Ended

Dec. 31, 2024

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). Non-segment revenues, property operating expenses, including real estate taxes, and NOI included in the following schedule also consist of revenues generated from retail space, commercial properties, held for sale properties and disposition properties. 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, 2024, 2023 and 2022 ($ in thousands):


	Year Ended December 31,
	2024						2023						2022
	Rental and other property revenue (1)		Property operating expenses, including real estate taxes		Net operating income		Rental and other property revenue (1)		Property operating expenses, including real estate taxes		Net operating income		Rental and other property revenue (1)		Property operating expenses, including real estate taxes		Net operating income
Southern California	$	744,004	$	216,355	$	527,649	$	682,116	$	199,103	$	483,013	$	646,252	$	186,490	$	459,762
Northern California	677,393		207,484		469,909		642,658		193,161		449,497		615,677		185,403		430,274
Seattle Metro	295,002		87,144		207,858		282,092		80,864		201,228		271,248		80,018		191,230
Other real estate assets (2)	47,786		8,543		39,243		51,398		12,351		39,047		62,498		15,358		47,140
Total	$	1,764,185	$	519,526	$	1,244,659	$	1,658,264	$	485,479	$	1,172,785	$	1,595,675	$	467,269	$	1,128,406

Total net operating income					$	1,244,659					$	1,172,785					$	1,128,406
Management and other fees from affiliates					10,265						11,131						11,139
Corporate-level property management expenses					(48,218)						(45,872)						(40,704)
Depreciation and amortization					(580,220)						(548,438)						(539,319)
General and administrative					(98,902)						(63,474)						(56,577)

Expensed acquisition and investment related costs					(72)						(595)						(2,132)
Casualty loss					—						(433)						—
Gain on sale of real estate and land					175,583						59,238						94,416
Interest expense					(235,529)						(212,905)						(204,798)
Total return swap income					3,099						3,148						7,907
Interest and other income (loss)					80,951						46,259						(19,040)
Equity income from co-investments					48,206						10,561						26,030

Tax benefit (expense) on unconsolidated co-investments					929						(697)						10,236
Loss on early retirement of debt, net					—						—						(2)
Gain on remeasurement of co-investments					210,555						—						17,423
Net income					$	811,306					$	430,708					$	432,985

(1) Segment revenue excludes management and other fees from affiliates and interest and other income.

(2) 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.

Total assets for each of the reportable operating segments as of December 31, 2024 and 2023 are summarized as follows ($ in thousands):


	December 31,
	2024		2023
Assets:
Southern California	$	4,290,547	$	3,763,745
Northern California	5,501,160		5,124,987
Seattle Metro	1,460,865		1,316,421
Other real estate assets (1)	186,328		265,139
Net reportable operating segments - real estate assets	11,438,900		10,470,292
Real estate under development	52,682		23,724
Co-investments	935,014		1,061,733

Cash and cash equivalents, including restricted cash	75,846		400,334
Marketable securities	69,794		87,795
Notes and other receivables	206,706		174,621
Operating lease right-of-use assets	51,556		63,757
Prepaid expenses and other assets	96,861		79,171
Total assets	$	12,927,359	$	12,361,427

(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

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+ Details

401(k) Plan	12 Months Ended
401(k) Plan	Dec. 31, 2024
Retirement Benefits [Abstract]
401(k) Plan	401(k) Plan The Company has a 401(k) benefit plan (the “Plan”) for all eligible employees. Employee contributions are limited by the maximum allowed under Section 401(k) of the Internal Revenue Code. The Company matches 50% of the employee contributions up to a specified maximum. Company contributions to the Plan were $3.8 million, $3.8 million, and $3.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company’s total minimum lease payment commitments, underground leases, parking leases, and operating leases are disclosed in Note 11, Lease Agreements - Company as Lessee. To the extent that an environmental matter arises or is identified in the future that has other than a remote risk of having a material impact on the financial statements, the Company will disclose the estimated range of possible outcomes associated with it and, if an outcome is probable, accrue an appropriate liability for that matter. The Company will consider whether any such matter results in an impairment of value on the affected property and, if so, the impairment will be recognized. The Company cannot determine the magnitude of any potential liability to which it may be subject arising out of unknown environmental conditions with respect to the communities currently or formerly owned by the Company. No assurance can be given that: existing environmental assessments conducted with respect to any of these communities have revealed all environmental conditions or potential liabilities associated with such conditions; any prior owner or operator of a property did not create any material environmental condition not known to the Company; or a material unknown environmental condition does not otherwise exist as to any one or more of the communities. The Company has limited insurance coverage for some of the types of environmental conditions and associated liabilities described above. The Company has entered into transactions that may require the Company to pay the tax liabilities of the partners or members in the Operating Partnership or in the DownREIT entities. These transactions are within the Company’s control. Although the Company intends to hold the contributed assets or defer recognition of gain on their sale pursuant to like-kind exchange rules under Section 1031 of the Internal Revenue Code, if the Company were to sell the contributed assets, the tax liabilities incurred may have a material impact on the Company’s financial position. There continue to be lawsuits against owners and managers of certain of the Company’s apartment communities alleging personal injury and property damage caused by the presence of mold in the residential units and common areas of those communities. Some of these lawsuits have resulted in substantial monetary judgments or settlements in the past. The Company has been sued for mold related matters and has settled some, but not all, of such suits. Insurance carriers have reacted to the increase in mold related liability awards by excluding mold related claims from standard general liability policies and pricing mold endorsements at prohibitively high rates. The Company has, however, purchased pollution liability insurance which includes coverage for some mold claims. The Company has also adopted policies intended to promptly address and resolve reports of mold and to minimize any impact mold might have on tenants of its properties. The Company believes its mold policies and proactive response to address reported mold exposures reduces its risk of loss from mold claims. While no assurances can be given that the Company has identified and responded to all mold occurrences, the Company promptly addresses and responds to all known mold reports. Liabilities resulting from such mold related matters are not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. As of December 31, 2024, potential liabilities for mold and other environmental liabilities are not quantifiable and an estimate of possible loss cannot be made. The Company carries comprehensive liability, fire, extended coverage and rental loss insurance for each of the communities. There are, however, certain types of extraordinary losses, such as, for example, losses from terrorism or earthquakes, for which the Company has limited insurance coverage. Substantially all of the communities are located in areas that are subject to earthquake activity. The Company has established a wholly-owned insurance subsidiary, Pacific Western Insurance LLC (“PWI”). Through PWI, the Company is self-insured for earthquake related losses. Additionally, 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, 2024, PWI had cash and marketable securities of $98.9 million. These assets were consolidated in the Company’s financial statements. The Company has obtained limited third party seismic insurance on selected assets in the Company’s co-investments. A number of purported class actions were filed against RealPage, Inc., a seller of revenue management software, and various lessors of multifamily housing which utilize this software, including the Company. The complaints allege collusion among defendants to artificially increase rents of multifamily residential real estate above competitive levels. The Company intends to vigorously defend against these lawsuits. The Company is unable to predict the outcome or estimate the amount of loss, if any, that may result from such matters. The Company is also subject to various other legal and/or regulatory proceedings arising in the normal course of its business operations. The Company believes that, with respect to such matters that it is currently a party to, the ultimate disposition of any such matter will not result in a material adverse effect on the Company’s financial condition, results of operations or cash flows. To the extent that such a matter arises or is identified in the future that has other than a remote risk of having a material impact on the consolidated financial statements, the Company will disclose the estimated range of possible outcomes associated with it, and, if an outcome is probable, accrue an appropriate liability for that matter. The Company will consider whether any such matter results in an impairment of value on the affected property and, if so, impairment will be recognized.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In January 2025, the Company acquired The Plaza, a 307-unit apartment home community located in Foster City, CA for a contract price of $161.4 million. In the fourth quarter of 2024, the Company repaid a $72.0 million senior mortgage associated with a preferred equity investment in a stabilized apartment home community located in Oakland, CA and subsequently issued a default notice in January 2025 and assumed full managerial control. In February 2025, the Company issued $400.0 million aggregate principal amount of senior unsecured notes due April 1, 2035. The notes are priced at 99.60% of par value with interest payable semiannually at a per annum rate of 5.375% with the first interest payment due October 1, 2025.

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION


									Costs
					Initial cost				capitalized		Gross amount carried at close of period
	Apartment						Buildings and		subsequent to		Land and		Buildings and				Accumulated		Date of	Date	Lives
Property	Homes	Location	Encumbrance		Land		improvements		acquisition		improvements		improvements		Total (1)		depreciation		construction	acquired	(years)
Encumbered communities
Belmont Station	275	Los Angeles, CA	$	29,312	$	8,100	$	66,666	$	11,218	$	8,267	$	77,717	$	85,984	$	(45,182)	2009	Mar-09	3-30
Bridgeport	184	Newark, CA	29,600		11,825		52,268		95		11,825		52,363		64,188		(382)		1987	Oct-24	3-30
Brio	300	Walnut Creek, CA	87,983		16,885		151,741		5,350		16,885		157,091		173,976		(32,715)		2015	Jun-19	3-30
Fountain Park	705	Playa Vista, CA	82,956		25,073		94,980		49,004		25,203		143,854		169,057		(103,524)		2002	Feb-04	3-30
Highridge	255	Rancho Palos Verdes, CA	69,487		5,419		18,347		40,501		6,073		58,194		64,267		(49,226)		1972	May-97	3-30
Hillsborough Park	235	La Habra, CA	41,300		13,381		85,332		123		13,381		85,455		98,836		(616)		1999	Oct-24	3-30
Lawrence Station	336	Sunnyvale, CA	76,886		45,532		106,735		8,038		45,532		114,773		160,305		(46,829)		2012	Apr-14	5-30
Magnolia Square/Magnolia Lane (2)	188	Sunnyvale, CA	52,433		8,190		24,736		19,883		8,191		44,618		52,809		(32,664)		1963	Sep-07	3-30
Marquis	166	San Jose, CA	45,297		20,495		47,823		3,049		20,495		50,872		71,367		(10,558)		2015	Dec-18	3-30
Paragon	301	Fremont, CA	59,200		32,230		77,320		5,375		32,230		82,695		114,925		(30,090)		2013	Jul-14	3-30
Sage at Cupertino	230	San Jose, CA	51,886		35,719		53,449		15,668		35,719		69,117		104,836		(23,624)		1971	Mar-17	3-30
The Barkley (3)	161	Anaheim, CA	14,941		—		8,520		9,639		2,353		15,806		18,159		(13,716)		1984	Apr-00	3-30
The Carlyle	132	San Jose, CA	24,100		6,344		48,086		202		6,344		48,288		54,632		(351)		2000	Oct-24	3-30
The Commons	264	Campbell, CA	57,734		12,555		29,307		13,505		12,556		42,811		55,367		(24,527)		1973	Jul-10	3-30
The Dylan	184	West Hollywood, CA	56,815		19,984		82,286		5,478		19,990		87,758		107,748		(30,333)		2015	Mar-15	3-30
The Galloway	506	Pleasanton, CA	102,890		32,966		184,499		9,159		32,966		193,658		226,624		(35,244)		2016	Jan-20	3-30
The Huxley	187	West Hollywood, CA	51,710		19,362		75,641		7,448		19,371		83,080		102,451		(28,514)		2014	Mar-15	3-30
Township	132	Redwood City, CA	44,353		19,812		70,619		2,854		19,812		73,473		93,285		(14,052)		2014	Sep-19	3-30
	4,741		$	978,883	$	333,872	$	1,278,355	$	206,589	$	337,193	$	1,481,623	$	1,818,816	$	(522,147)

Unencumbered Communities
Agora	49	Walnut Creek, CA	—		4,932		60,423		2,551		4,934		62,972		67,906		(10,873)		2016	Jan-20	3-30
Alessio	624	Los Angeles, CA	—		32,136		128,543		26,920		32,136		155,463		187,599		(64,587)		2001	Apr-14	5-30
Allegro	97	Valley Village, CA	—		5,869		23,977		4,220		5,869		28,197		34,066		(15,358)		2010	Oct-10	3-30
Allure at Scripps Ranch	194	San Diego, CA	—		11,923		47,690		6,172		11,923		53,862		65,785		(20,375)		2002	Apr-14	5-30
Alpine Village	301	Alpine, CA	—		4,967		19,728		15,720		4,982		35,433		40,415		(24,897)		1971	Dec-02	3-30
Annaliese	56	Seattle, WA	—		4,727		14,229		1,269		4,726		15,499		20,225		(6,537)		2009	Jan-13	3-30
Apex	367	Milpitas, CA	—		44,240		103,251		13,675		44,240		116,926		161,166		(41,819)		2014	Aug-14	3-30
Aqua Marina Del Rey	500	Marina Del Rey, CA	—		58,442		175,326		28,902		58,442		204,228		262,670		(83,065)		2001	Apr-14	5-30
ARLO Mountain View	164	Mountain View, CA	—		19,918		80,377		501		19,918		80,878		100,796		(1,770)		2018	May-24	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)
Ascent	90	Kirkland, WA	—	3,924	11,862	3,847	3,924	15,709	19,633	(7,589)	1988	Oct-12	3-30
Ashton Sherman Village	264	Los Angeles, CA	—	23,550	93,811	4,297	23,550	98,108	121,658	(27,769)	2014	Dec-16	3-30
Avant	443	Los Angeles, CA	—	32,379	137,940	11,972	32,379	149,912	182,291	(48,437)	2014	Jun-15	3-30
Avenue 64	224	Emeryville, CA	—	27,235	64,403	18,868	27,235	83,271	110,506	(31,582)	2007	Apr-14	5-30
Aviara (4)	166	Mercer Island, WA	—	—	49,813	3,355	—	53,168	53,168	(21,301)	2013	Apr-14	5-30
Avondale at Warner Center	446	Woodland Hills, CA	—	10,536	24,522	35,351	10,601	59,808	70,409	(46,904)	1970	Jan-99	3-30
Beaumont	344	Woodinville, WA	—	22,101	113,737	183	22,101	113,920	136,021	(166)	2009	Nov-24	3-30
Bel Air	462	San Ramon, CA	—	12,105	18,252	52,007	12,682	69,682	82,364	(56,969)	1988	Jan-95	3-30
Belcarra	296	Bellevue, WA	—	21,725	92,091	8,630	21,725	100,721	122,446	(37,991)	2009	Apr-14	5-30
Bella Villagio	231	San Jose, CA	—	17,247	40,343	11,052	17,247	51,395	68,642	(24,776)	2004	Sep-10	3-30
BellCentre	249	Bellevue, WA	—	16,197	67,207	8,243	16,197	75,450	91,647	(30,744)	2001	Apr-14	5-30
Bellerive	63	Los Angeles, CA	—	5,401	21,803	2,074	5,401	23,877	29,278	(11,807)	2011	Aug-11	3-30
Belmont Terrace	71	Belmont, CA	—	4,446	10,290	8,946	4,473	19,209	23,682	(13,701)	1974	Oct-06	3-30
Bennett Lofts	178	San Francisco, CA	—	21,771	50,800	36,147	28,371	80,347	108,718	(36,936)	2004	Dec-12	3-30
Bernardo Crest	216	San Diego, CA	—	10,802	43,209	10,642	10,802	53,851	64,653	(21,713)	1988	Apr-14	5-30
Bonita Cedars	120	Bonita, CA	—	2,496	9,913	8,239	2,503	18,145	20,648	(13,147)	1983	Dec-02	3-30
Bothell Ridge	214	Bothell, WA	—	7,440	48,321	1,211	7,440	49,532	56,972	(1,420)	1988	Mar-24	3-30
Boulevard	172	Fremont, CA	—	3,520	8,182	17,696	3,580	25,818	29,398	(22,499)	1978	Jan-96	3-30
Brookside Oaks	170	Sunnyvale, CA	—	7,301	16,310	30,143	10,328	43,426	53,754	(33,191)	1973	Jun-00	3-30
Bridle Trails	108	Kirkland, WA	—	1,500	5,930	7,905	1,531	13,804	15,335	(11,449)	1986	Oct-97	3-30
Brighton Ridge	264	Renton, WA	—	2,623	10,800	11,607	2,656	22,374	25,030	(17,721)	1986	Dec-96	3-30
Bristol Commons	188	Sunnyvale, CA	—	5,278	11,853	13,005	5,293	24,843	30,136	(21,457)	1989	Jan-95	3-30
Camarillo Oaks	564	Camarillo, CA	—	10,953	25,254	12,642	11,075	37,774	48,849	(33,205)	1985	Jul-96	3-30
Cambridge Park	320	San Diego, CA	—	18,185	72,739	8,823	18,185	81,562	99,747	(31,764)	1998	Apr-14	5-30
Camino Ruiz Square	160	Camarillo, CA	—	6,871	26,119	4,154	6,931	30,213	37,144	(18,391)	1990	Dec-06	3-30
Canvas	123	Seattle, WA	—	10,489	36,924	1,728	10,489	38,652	49,141	(4,220)	2014	Dec-21	3-30
Canyon Oaks	250	San Ramon, CA	—	19,088	44,473	11,359	19,088	55,832	74,920	(33,197)	2005	May-07	3-30
Canyon Pointe	250	Bothell, WA	—	4,692	18,288	12,290	4,693	30,577	35,270	(22,571)	1990	Oct-03	3-30
Capri at Sunny Hills	102	Fullerton, CA	—	3,337	13,320	13,258	4,048	25,867	29,915	(19,266)	1961	Sep-01	3-30
Carmel Creek	348	San Diego, CA	—	26,842	107,368	12,890	26,842	120,258	147,100	(48,324)	2000	Apr-14	5-30
Carmel Landing	356	San Diego, CA	—	16,725	66,901	19,042	16,725	85,943	102,668	(36,184)	1989	Apr-14	5-30
Carmel Summit	246	San Diego, CA	—	14,968	59,871	11,257	14,968	71,128	86,096	(27,630)	1989	Apr-14	5-30
Castle Creek	216	Newcastle, WA	—	4,149	16,028	8,580	4,833	23,924	28,757	(20,786)	1998	Dec-98	3-30


						Costs
				Initial cost		capitalized	Gross amount carried at close of period
	Apartment				Buildings and	subsequent to	Land and	Buildings and		Accumulated	Date of	Date	Lives
Property	Homes	Location	Encumbrance	Land	improvements	acquisition	improvements	improvements	Total (1)	depreciation	construction	acquired	(years)
Catalina Gardens	128	Los Angeles, CA	—	6,714	26,856	5,127	6,714	31,983	38,697	(12,629)	1987	Apr-14	5-30
Cedar Terrace	180	Bellevue, WA	—	5,543	16,442	11,939	5,652	28,272	33,924	(19,391)	1984	Jan-05	3-30
CentrePointe	224	San Diego, CA	—	3,405	7,743	24,676	3,442	32,382	35,824	(27,577)	1974	Jun-97	3-30
Century Towers	376	San Jose, CA	—	14,865	157,787	745	14,865	158,532	173,397	(1,600)	2017	Sep-24	3-30
Chestnut Street	96	Santa Cruz, CA	—	6,582	15,689	3,684	6,582	19,373	25,955	(10,806)	2002	Jul-08	3-30
City View	572	Hayward, CA	—	9,883	37,670	43,985	10,350	81,188	91,538	(67,528)	1975	Mar-98	3-30
Collins on Pine	76	Seattle, WA	—	7,276	22,226	1,119	7,276	23,345	30,621	(8,653)	2013	May-14	3-30
Connolly Station	309	Dublin, CA	—	19,949	123,428	5,898	19,949	129,326	149,275	(23,954)	2014	Jan-20	3-30
Corbella at Juanita Bay	169	Kirkland, WA	—	5,801	17,415	6,433	5,801	23,848	29,649	(12,483)	1978	Nov-10	3-30
Cortesia	308	Rancho Santa Margarita, CA	—	13,912	55,649	7,266	13,912	62,915	76,827	(24,416)	1999	Apr-14	5-30
Country Villas	180	Oceanside, CA	—	4,174	16,583	8,529	4,187	25,099	29,286	(18,157)	1976	Dec-02	3-30
Courtyard off Main	110	Bellevue, WA	—	7,465	21,405	8,318	7,465	29,723	37,188	(15,430)	2000	Oct-10	3-30
Crow Canyon	400	San Ramon, CA	—	37,579	87,685	20,779	37,579	108,464	146,043	(46,233)	1992	Apr-14	5-30
Deer Valley	171	San Rafael, CA	—	21,478	50,116	6,589	21,478	56,705	78,183	(22,859)	1996	Apr-14	5-30
Domaine	92	Seattle, WA	—	9,059	27,177	2,099	9,059	29,276	38,335	(12,666)	2009	Sep-12	3-30
Elevation	158	Redmond, WA	—	4,758	14,285	9,197	4,757	23,483	28,240	(14,554)	1986	Jun-10	3-30
Ellington	220	Bellevue, WA	—	15,066	45,249	7,484	15,066	52,733	67,799	(20,386)	1994	Jul-14	3-30
Emerald Pointe	160	Diamond Bar, CA	—	8,458	33,832	4,343	8,458	38,175	46,633	(15,205)	1989	Apr-14	5-30
Emerald Ridge	180	Bellevue, WA	—	3,449	7,801	9,070	3,449	16,871	20,320	(15,099)	1987	Nov-94	3-30
Emerson Valley Village	144	Los Angeles, CA	—	13,378	53,240	3,156	13,378	56,396	69,774	(16,181)	2012	Dec-16	3-30
Emme	190	Emeryville, CA	—	15,039	80,532	2,260	15,039	82,792	97,831	(14,703)	2015	Jan-20	3-30
Enso	183	San Jose, CA	—	21,397	71,135	5,060	21,397	76,195	97,592	(24,023)	2014	Dec-15	3-30
Epic	769	San Jose, CA	—	89,111	307,769	7,086	89,111	314,855	403,966	(55,274)	2013	Jan-20	3-30
Esplanade	278	San Jose, CA	—	18,170	40,086	19,572	18,429	59,399	77,828	(43,040)	2002	Apr-04	3-30
Esplanade San Diego	616	San Diego, CA	—	56,327	167,072	1,877	56,327	168,949	225,276	(4,588)	1986	Mar'24	3-30
Essex Skyline	350	Santa Ana, CA	—	21,537	146,099	21,482	21,537	167,581	189,118	(76,073)	2008	Apr-10	3-30
Evergreen Heights	200	Kirkland, WA	—	3,566	13,395	9,922	3,649	23,234	26,883	(19,870)	1990	Jun-97	3-30
Fairhaven	164	Santa Ana, CA	—	2,626	10,485	12,166	2,957	22,320	25,277	(17,941)	1970	Nov-01	3-30
Fairway at Big Canyon (5)	74	Newport Beach, CA	—	—	7,850	9,938	—	17,788	17,788	(16,123)	1972	Jun-99	3-28
Fairwood Pond	194	Renton, WA	—	5,296	15,564	7,554	5,297	23,117	28,414	(15,439)	1997	Oct-04	3-30
Foothill Commons	394	Bellevue, WA	—	2,435	9,821	45,633	2,440	55,449	57,889	(51,958)	1978	Mar-90	3-30
Foothill Gardens/Twin Creeks	176	San Ramon, CA	—	5,875	13,992	15,883	5,964	29,786	35,750	(25,371)	1985	Feb-97	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)
Forest View	192	Renton, WA	—	3,731	14,530	6,058	3,731	20,588	24,319	(14,204)	1998	Oct-03	3-30
Form 15	242	San Diego, CA	—	24,510	72,221	15,679	25,540	86,870	112,410	(27,976)	2014	Mar-16	3-30
Foster’s Landing	490	Foster City, CA	—	61,714	144,000	20,558	61,714	164,558	226,272	(66,777)	1987	Apr-14	5-30
Fountain Court	320	Seattle, WA	—	6,702	27,306	16,992	6,985	44,015	51,000	(36,974)	2000	Mar-00	3-30
Fountains at River Oaks	226	San Jose, CA	—	26,046	60,773	9,393	26,046	70,166	96,212	(29,054)	1990	Apr-14	3-30
Fourth & U	171	Berkeley, CA	—	8,879	52,351	6,399	8,879	58,750	67,629	(30,066)	2010	Apr-10	3-30
Fox Plaza	445	San Francisco, CA	—	39,731	92,706	44,873	39,731	137,579	177,310	(70,634)	1968	Feb-13	3-30
Hacienda at Camarillo Oaks	73	Camarillo, CA	—	5,497	17,572	3,458	5,497	21,030	26,527	(1,502)	1984	Apr-23	3-30
The Henley I/The Henley II	215	Glendale, CA	—	6,695	16,753	32,482	6,733	49,197	55,930	(41,717)	1970	Jun-99	3-30
Highlands at Wynhaven	333	Issaquah, WA	—	16,271	48,932	18,660	16,271	67,592	83,863	(41,843)	2000	Aug-08	3-30
Hillcrest Park	608	Newbury Park, CA	—	15,318	40,601	31,956	15,755	72,120	87,875	(57,299)	1973	Mar-98	3-30
Hope Ranch	108	Santa Barbara, CA	—	4,078	16,877	4,461	4,208	21,208	25,416	(12,645)	1965	Mar-07	3-30
Huntington Breakers	344	Huntington Beach, CA	—	9,306	22,720	27,255	9,315	49,966	59,281	(43,531)	1984	Oct-97	3-30
Inglenook Court	224	Bothell, WA	—	3,467	7,881	11,193	3,474	19,067	22,541	(16,748)	1985	Oct-94	3-30
Lafayette Highlands	150	Lafayette, CA	—	17,774	41,473	10,779	17,774	52,252	70,026	(21,184)	1973	Apr-14	5-30
Lakeshore Landing	308	San Mateo, CA	—	38,155	89,028	17,132	38,155	106,160	144,315	(43,318)	1988	Apr-14	5-30
Laurels at Mill Creek	164	Mill Creek, WA	—	1,559	6,430	10,003	1,595	16,397	17,992	(14,195)	1981	Dec-96	3-30
Le Parc	140	Santa Clara, CA	—	3,090	7,421	16,616	3,092	24,035	27,127	(20,884)	1975	Feb-94	3-30
Marbrisa	202	Long Beach, CA	—	4,700	18,605	12,968	4,760	31,513	36,273	(23,986)	1987	Sep-02	3-30
Marina City Club (6)	101	Marina Del Rey, CA	—	—	28,167	35,838	—	64,005	64,005	(43,803)	1971	Jan-04	3-30
Marina Cove (7)	292	Santa Clara, CA	—	5,320	16,431	21,114	5,324	37,541	42,865	(33,764)	1974	Jun-94	3-30
Mariner’s Place	105	Oxnard, CA	—	1,555	6,103	4,191	1,562	10,287	11,849	(7,896)	1987	May-00	3-30
Maxwell Sunnyvale	75	San Jose, CA	—	9,710	37,292	354	9,710	37,646	47,356	(941)	2022	Apr-24	3-30
MB 360	360	San Francisco, CA	—	42,001	212,648	21,774	42,001	234,422	276,423	(81,350)	2014	Apr-14	3-30
Meadowood	320	Simi Valley, CA	—	19,080	98,881	326	19,080	99,207	118,287	(723)	1986	Oct-24	3-30
Mesa Village	133	Clairemont, CA	—	1,888	7,498	3,722	1,894	11,214	13,108	(8,287)	1963	Dec-02	3-30
Mill Creek at Windermere	400	San Ramon, CA	—	29,551	69,032	15,451	29,551	84,483	114,034	(48,820)	2005	Sep-07	3-30
Mio	103	San Jose, CA	—	11,012	39,982	2,459	11,012	42,441	53,453	(13,235)	2015	Jan-16	3-30
Mirabella	188	Marina Del Rey, CA	—	6,180	26,673	20,688	6,270	47,271	53,541	(35,477)	2000	May-00	3-30
Mira Monte	356	Mira Mesa, CA	—	7,165	28,459	17,894	7,186	46,332	53,518	(34,344)	1982	Dec-02	3-30
Miracle Mile/Marbella	236	Los Angeles, CA	—	7,791	23,075	21,894	7,886	44,874	52,760	(35,911)	1988	Aug-97	3-30
Mission Hills	282	Oceanside, CA	—	10,099	38,778	17,118	10,167	55,828	65,995	(37,759)	1984	Jul-05	3-30
Mission Peaks	453	Fremont, CA	—	46,499	108,498	15,207	46,499	123,705	170,204	(49,879)	1995	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)
Mission Peaks II	336	Fremont, CA	—	31,429	73,334	13,448	31,429	86,782	118,211	(36,113)	1989	Apr-14	5-30
Montanosa	472	San Diego, CA	—	26,697	106,787	17,053	26,697	123,840	150,537	(48,451)	1990	Apr-14	5-30
Montclaire	390	Sunnyvale, CA	—	4,842	19,776	32,880	4,997	52,501	57,498	(48,678)	1973	Dec-88	3-30
Montebello	248	Kirkland, WA	—	13,857	41,575	17,797	13,858	59,371	73,229	(26,304)	1996	Jul-12	3-30
Montejo	124	Garden Grove, CA	—	1,925	7,685	6,515	2,194	13,931	16,125	(10,164)	1974	Nov-01	3-30
Monterey Villas	122	Oxnard, CA	—	2,349	5,579	9,583	2,424	15,087	17,511	(11,828)	1974	Jul-97	3-30
Muse	152	North Hollywood, CA	—	7,822	33,436	7,562	7,823	40,997	48,820	(21,412)	2011	Feb-11	3-30
Mylo	476	Santa Clara, CA	—	6,472	206,098	1,347	6,472	207,445	213,917	(45,311)	2021	Jun-21	3-30
1000 Kiely	121	Santa Clara, CA	—	9,359	21,845	11,909	9,359	33,754	43,113	(19,179)	1971	Mar-11	3-30
Palm Valley	1,100	San Jose, CA	—	133,802	312,205	39,204	133,802	351,409	485,211	(106,045)	2008	Jan-17	3-30
Park Catalina	90	Los Angeles, CA	—	4,710	18,839	5,786	4,710	24,625	29,335	(11,750)	2002	Jun-12	3-30
Park Highland	250	Bellevue, WA	—	9,391	38,224	16,556	9,391	54,780	64,171	(27,673)	1993	Apr-14	5-30
Park Hill at Issaquah	245	Issaquah, WA	—	7,284	21,937	15,787	7,284	37,724	45,008	(26,506)	1999	Feb-99	3-30
Park Viridian	320	Anaheim, CA	—	15,894	63,574	10,145	15,894	73,719	89,613	(28,459)	2008	Apr-14	5-30
Park West	126	San Francisco, CA	—	9,424	21,988	14,958	9,424	36,946	46,370	(21,882)	1958	Sep-12	3-30
Parkside Court	210	Santa Ana, CA	—	11,276	47,272	1,121	11,276	48,393	59,669	(1,357)	1986	Mar-24	3-30
Parkwood at Mill Creek	240	Mill Creek, WA	—	10,680	42,722	5,267	10,680	47,989	58,669	(19,461)	1989	Apr-14	5-30
Patina at Midtown	269	San Jose, CA	—	13,472	102,940	685	13,472	103,625	117,097	(1,645)	2021	Jul-24	3-30
Patent 523	295	Seattle, WA	—	14,558	69,417	9,468	14,558	78,885	93,443	(41,215)	2010	Mar-10	3-30
Pathways at Bixby Village	296	Long Beach, CA	—	4,083	16,757	24,767	6,239	39,368	45,607	(36,342)	1975	Feb-91	3-30
Piedmont	396	Bellevue, WA	—	19,848	59,606	22,517	19,848	82,123	101,971	(36,329)	1969	May-14	3-30
Pinehurst (8)	28	Ventura, CA	—	—	1,711	1,151	—	2,862	2,862	(2,217)	1973	Dec-04	3-24
Pinnacle at Fullerton	192	Fullerton, CA	—	11,019	45,932	8,000	11,019	53,932	64,951	(21,868)	2004	Apr-14	5-30
Pinnacle on Lake Washington	180	Renton, WA	—	7,760	31,041	6,549	7,760	37,590	45,350	(15,814)	2001	Apr-14	5-30
Pinnacle at MacArthur Place	253	Santa Ana, CA	—	15,810	66,401	11,852	15,810	78,253	94,063	(30,868)	2002	Apr-14	5-30
Pinnacle at Otay Ranch I & II	364	Chula Vista, CA	—	17,023	68,093	9,703	17,023	77,796	94,819	(30,820)	2001	Apr-14	5-30
Pinnacle at Talega	362	San Clemente, CA	—	19,292	77,168	11,717	19,292	88,885	108,177	(33,864)	2002	Apr-14	5-30
Pinnacle Sonata	268	Bothell, WA	—	14,647	58,586	10,548	14,647	69,134	83,781	(28,131)	2000	Apr-14	5-30
Pointe at Cupertino	116	Cupertino, CA	—	4,505	17,605	15,116	4,505	32,721	37,226	(25,250)	1963	Aug-98	3-30
Pure Redmond	105	Redmond, WA	—	7,461	31,363	3,593	7,461	34,956	42,417	(6,539)	2016	Dec-19	3-30
Radius	264	Redwood City, CA	—	11,702	152,336	5,809	11,702	158,145	169,847	(60,239)	2015	Apr-14	3-30
Reed Square	100	Sunnyvale, CA	—	6,873	16,037	9,631	6,873	25,668	32,541	(15,675)	1970	Jan-12	3-30
Regency at Encino	75	Encino, CA	—	3,184	12,737	6,233	3,184	18,970	22,154	(10,764)	1989	Dec-09	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)
Regency Palm Court	116	Los Angeles, CA	—	7,763	28,019	1,915	7,763	29,934	37,697	(2,778)	1987	Jul-22	3-30
Renaissance at Uptown Orange	460	Orange, CA	—	27,870	111,482	12,929	27,870	124,411	152,281	(48,860)	2007	Apr-14	5-30
Reveal	438	Woodland Hills, CA	—	25,073	121,314	9,109	25,073	130,423	155,496	(47,465)	2010	Apr-15	3-30
Salmon Run at Perry Creek	132	Bothell, WA	—	3,717	11,483	5,361	3,801	16,760	20,561	(12,345)	2000	Oct-00	3-30
Sammamish View	153	Bellevue, WA	—	3,324	7,501	9,619	3,331	17,113	20,444	(15,341)	1986	Nov-94	3-30
101 San Fernando	323	San Jose, CA	—	4,173	58,961	21,977	4,173	80,938	85,111	(43,538)	2001	Jul-10	3-30
San Marcos	432	Richmond, CA	—	15,563	36,204	42,181	22,866	71,082	93,948	(49,007)	2003	Nov-03	3-30
Santee Court/Santee Village	238	Los Angeles, CA	—	9,581	40,317	19,772	9,582	60,088	69,670	(31,764)	2004	Oct-10	3-30
Shadow Point	172	Spring Valley, CA	—	2,812	11,170	8,776	2,820	19,938	22,758	(13,582)	1983	Dec-02	3-30
Shadowbrook	418	Redmond, WA	—	19,292	77,168	13,470	19,292	90,638	109,930	(35,986)	1986	Apr-14	5-30
Skye at Bunker Hill	456	Los Angeles, CA	—	11,498	27,871	107,120	11,639	134,850	146,489	(115,795)	1968	Mar-98	3-30
Slater 116	108	Kirkland, WA	—	7,379	22,138	2,356	7,379	24,494	31,873	(9,868)	2013	Sep-13	3-30
Solstice	280	Sunnyvale, CA	—	34,444	147,262	10,015	34,444	157,277	191,721	(63,133)	2014	Apr-14	5-30
Station Park Green	599	San Mateo, CA	—	54,782	314,694	113,516	67,204	415,788	482,992	(100,714)	2018	Mar-18	3-30
Stevenson Place	200	Fremont, CA	—	996	5,582	16,572	1,001	22,149	23,150	(19,530)	1975	Apr-00	3-30
Stonehedge Village	196	Bothell, WA	—	3,167	12,603	13,031	3,201	25,600	28,801	(21,210)	1986	Oct-97	3-30
Summerhill Park	100	Sunnyvale, CA	—	2,654	4,918	12,020	2,656	16,936	19,592	(15,844)	1988	Sep-88	3-30
Summit Park	300	San Diego, CA	—	5,959	23,670	12,974	5,977	36,626	42,603	(26,132)	1972	Dec-02	3-30
Taylor 28	197	Seattle, WA	—	13,915	57,700	6,398	13,915	64,098	78,013	(25,441)	2008	Apr-14	5-30
The Audrey at Belltown	137	Seattle, WA	—	9,228	36,911	3,479	9,228	40,390	49,618	(15,811)	1992	Apr-14	5-30
The Avery	121	Los Angeles, CA	—	6,964	29,922	2,556	6,964	32,478	39,442	(11,881)	2014	Mar-14	3-30
The Bernard	63	Seattle, WA	—	3,699	11,345	1,259	3,689	12,614	16,303	(5,995)	2008	Sep-11	3-30
The Blake LA	196	Los Angeles, CA	—	4,023	9,527	26,285	4,031	35,804	39,835	(29,543)	1979	Jun-97	3-30
The Cairns	99	Seattle, WA	—	6,937	20,679	3,934	6,939	24,611	31,550	(14,834)	2006	Jun-07	3-30
The Elliot at Mukilteo	301	Mukilteo, WA	—	2,498	10,595	21,212	2,824	31,481	34,305	(27,582)	1981	Jan-97	3-30
The Grand	243	Oakland, CA	—	4,531	89,208	9,975	4,531	99,183	103,714	(54,725)	2009	Jan-09	3-30
The Hallie	292	Pasadena, CA	—	2,202	4,794	58,528	8,385	57,139	65,524	(50,894)	1972	Apr-97	3-30
The Havens	440	Fountain Valley, CA	—	26,138	137,933	1,180	26,138	139,113	165,251	(3,795)	1969	Mar-24	3-30
The Huntington	276	Huntington Beach, CA	—	10,374	41,495	10,171	10,374	51,666	62,040	(24,482)	1975	Jun-12	3-30
The Landing at Jack London Square	282	Oakland, CA	—	33,554	78,292	11,428	33,554	89,720	123,274	(37,007)	2001	Apr-14	5-30
The Lofts at Pinehurst	118	Ventura, CA	—	1,570	3,912	6,896	1,618	10,760	12,378	(8,497)	1971	Jun-97	3-30
The Palisades	192	Bellevue, WA	—	1,560	6,242	17,314	1,565	23,551	25,116	(20,615)	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		18,881		23,584		113,215		136,799		(46,948)		1988	Apr-14	5-30
The Stuart	188	Pasadena, CA	—		13,574		54,298		6,105		13,574		60,403		73,977		(23,692)		2007	Apr-14	5-30
The Trails of Redmond	423	Redmond, WA	—		21,930		87,720		10,906		21,930		98,626		120,556		(39,541)		1985	Apr-14	5-30
The Village at Toluca Lake	146	Burbank, CA	—		14,634		48,297		2,707		14,634		51,004		65,638		(6,649)		1974	Jun-21	3-30
Tierra Vista	404	Oxnard, CA	—		13,652		53,336		13,304		13,661		66,631		80,292		(45,036)		2001	Jan-01	3-30
Tiffany Court	101	Los Angeles, CA	—		6,949		27,796		3,858		6,949		31,654		38,603		(12,494)		1987	Apr-14	5-30
Trabuco Villas	132	Lake Forest, CA	—		3,638		8,640		7,340		3,890		15,728		19,618		(12,111)		1985	Oct-97	3-30
Valley Park	160	Fountain Valley, CA	—		3,361		13,420		8,761		3,761		21,781		25,542		(16,169)		1969	Nov-01	3-30
Via	284	Sunnyvale, CA	—		22,000		82,270		8,331		22,016		90,585		112,601		(43,846)		2011	Jul-11	3-30
Villa Angelina	256	Placentia, CA	—		4,498		17,962		10,982		4,962		28,480		33,442		(21,505)		1970	Nov-01	3-30
Villa Granada	270	Santa Clara, CA	—		38,299		89,365		5,290		38,299		94,655		132,954		(36,131)		2010	Apr-14	5-30
Villa Siena	274	Costa Mesa, CA	—		13,842		55,367		18,292		13,842		73,659		87,501		(30,803)		1974	Apr-14	5-30
Village Green	272	La Habra, CA	—		6,488		36,768		7,732		6,488		44,500		50,988		(18,280)		1971	Apr-14	5-30
Vista Belvedere	76	Tiburon, CA	—		5,573		11,901		11,193		5,573		23,094		28,667		(16,903)		1963	Aug-04	3-30
Vox	58	Seattle, WA	—		5,545		16,635		1,126		5,545		17,761		23,306		(6,693)		2013	Oct-13	3-30
Wallace on Sunset	200	Los Angeles, CA	—		24,005		80,466		4,988		24,005		85,454		109,459		(24,171)		2021	Dec-21	3-30
Walnut Heights	163	Walnut, CA	—		4,858		19,168		7,839		4,887		26,978		31,865		(19,322)		1964	Oct-03	3-30
Wandering Creek	156	Kent, WA	—		1,285		4,980		7,084		1,296		12,053		13,349		(10,422)		1986	Nov-95	3-30
Waterford Place	238	San Jose, CA	—		11,808		24,500		20,387		15,165		41,530		56,695		(33,077)		2000	Jun-00	3-30
Wharfside Pointe	155	Seattle, WA	—		2,245		7,020		14,645		2,258		21,652		23,910		(19,644)		1990	Jun-94	3-30
Willow Lake	508	San Jose, CA	—		43,194		101,030		22,930		43,194		123,960		167,154		(58,677)		1989	Oct-12	3-30
5600 Wilshire	284	Los Angeles, CA	—		30,535		91,604		11,585		30,535		103,189		133,724		(39,637)		2008	Apr-14	5-30
Wilshire La Brea	478	Los Angeles, CA	—		56,932		211,998		24,184		56,932		236,182		293,114		(93,087)		2014	Apr-14	5-30
Wilshire Promenade	149	Fullerton, CA	—		3,118		7,385		16,539		3,797		23,245		27,042		(18,348)		1992	Jan-97	3-30
Windsor Court	95	Los Angeles, CA			6,383		23,420		1,325		6,383		24,745		31,128		(2,259)		1987	Jul-22	3-30
Windsor Ridge	216	Sunnyvale, CA	—		4,017		10,315		18,459		4,021		28,770		32,791		(27,636)		1989	Mar-89	3-30
Woodland Commons	302	Bellevue, WA	—		2,040		8,727		28,565		2,044		37,288		39,332		(29,242)		1978	Mar-90	3-30
Woodside Village	145	Ventura, CA	—		5,331		21,036		8,042		5,341		29,068		34,409		(19,683)		1987	Dec-04	3-30
	49,722		$	—	$	2,777,285	$	10,175,272	$	2,704,152	$	2,827,529	$	12,829,180	$	15,656,709	$	(5,605,177)


								Costs
				Initial cost				capitalized		Gross amount carried at close of period
						Buildings and		subsequent		Land and		Buildings and				Accumulated
	Property	Encumbrance		Land		improvements		to acquisition		improvements		improvements		Total(1)		depreciation
	Other real estate assets	—		80,706		16,587		16,700		82,067		31,926		113,993		(23,294)
		$	—	$	80,706	$	16,587	$	16,700	$	82,067	$	31,926	$	113,993	$	(23,294)

Total		$	978,883	$	3,191,863	$	11,470,214	$	2,927,441	$	3,246,789	$	14,342,729	$	17,589,518	$	(6,150,618)

(1) The aggregate cost for federal income tax purposes is approximately $13.6 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,
	2024		2023		2022			2024		2023		2022
Rental properties:							Accumulated depreciation:
Balance at beginning of year	$	16,135,223	$	15,966,227	$	15,629,927	Balance at beginning of year	$	5,664,931	$	5,152,133	$	4,646,854
Acquisition, development, and improvement of real estate	1,614,570		235,423		427,668		Depreciation expense	571,813		545,702		536,202
Disposition of real estate and other	(160,275)		(66,427)		(91,368)		Accumulated depreciation - Disposals and other	(86,126)		(32,904)		(30,923)
Balance at the end of year	$	17,589,518	$	16,135,223	$	15,966,227	Balance at the end of year	$	6,150,618	$	5,664,931	$	5,152,133

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2024 shares	Dec. 31, 2024 shares
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
Amal Johnson [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 18, 2024, Amal Johnson, a director, modified a previously adopted “Rule 10b5-1 trading arrangement”, as such item is defined in Item 408(a) of Regulation S-K, that provides for the potential exercise of stock options and associated sale of up to 15,258 shares of common stock. The plan had an initial adoption date of February 8, 2024 and will expire on November 20, 2026, subject to early termination for certain specified events as set forth in the plan.
Name	Amal Johnson
Title	director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 18, 2024
Expiration Date	November 20, 2026
Arrangement Duration	1016 days
Aggregate Available	15,258	15,258

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
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, 2024
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. 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 performs enterprise-level risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment. 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 provides training to its employees on cybersecurity matters, performs periodic 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. 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 (“CEO”) 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 takes 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. 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 performs enterprise-level risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment.
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 (“CEO”) 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 takes 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 (“CEO”) 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 takes 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 (“CEO”) 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 takes 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 (“CEO”) 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 takes 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 (“CEO”) 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 takes 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, 2024

Accounting Policies [Abstract]

Principles of Consolidation and Basis of Presentation

Recent Accounting Pronouncements

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

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

As of December 31, 2024 and 2023, equity securities consisted primarily of investment funds-debt securities, common stock, preferred stock and stock funds.

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

Fair Value of Financial Instruments

Interest Rate Protection, Swap, and Forward Contracts

For derivatives not designated for accounting purposes as cash flow hedges, changes in fair value are recognized in earnings. The Company’s interest rate swap is considered a cash flow hedge.

Income Taxes

Equity-based Compensation

Changes in Accumulated Other Comprehensive Income, by Component

Amounts reclassified from accumulated other comprehensive loss in connection with derivatives are recorded in interest expense in the consolidated statements of income.

Accounting Estimates

Variable Interest Entities

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, 2024

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,
	2024		2023		2022
Cash and cash equivalents - unrestricted	$	66,795	$	391,749	$	33,295
Cash and cash equivalents - restricted	9,051		8,585		9,386
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows	$	75,846	$	400,334	$	42,681

Schedule of Restricted Cash Reconciliation


	December 31,
	2024		2023		2022
Cash and cash equivalents - unrestricted	$	66,795	$	391,749	$	33,295
Cash and cash equivalents - restricted	9,051		8,585		9,386
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows	$	75,846	$	400,334	$	42,681

Schedule of Components of Marketable Securities

As of December 31, 2024 and 2023, marketable securities consisted of the following ($ in thousands):


	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


	December 31, 2023
	Amortized Cost		Gross Unrealized Gain (Loss)		Carrying Value
Equity securities:
Investment funds - debt securities	$	26,460	$	(1,584)	$	24,876
Common stock, preferred stock, and stock funds	51,328		11,591		62,919




Total - Marketable securities	$	77,788	$	10,007	$	87,795

Summary of Status of Cash Dividends Distributed

Cash dividends distributed for the years ended December 31, 2024, 2023 and 2022 related to common stock were classified for federal income tax purposes as follows:


	Year Ended December 31,
	2024		2023		2022
Common Stock
Ordinary income	98.19	%	88.46	%	80.17	%
Capital gain	1.81	%	8.32	%	16.78	%
Unrecaptured section 1250 capital gain	—	%	3.22	%	3.05	%
	100.00	%	100.00	%	100.00	%

Schedule of Changes in Accumulated Other Comprehensive Income, Net by Component

Essex Property Trust, Inc.

($ in thousands)


	Change in fair value and amortization of swap settlements
Balance at December 31, 2023	$	33,556

Other comprehensive loss before reclassification	(8,955)
Amounts reclassified from accumulated other comprehensive loss	54
Other comprehensive loss	(8,901)
Balance at December 31, 2024	$	24,655

Essex Portfolio, L.P.

($ in thousands)


	Change in fair value and amortization of swap settlements
Balance at December 31, 2023	$	38,646

Other comprehensive loss before reclassification	(9,273)
Amounts reclassified from accumulated other comprehensive loss	56
Other comprehensive loss	(9,217)
Balance at December 31, 2024	$	29,429

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, 2024, 2023 and 2022 were as follows:


	2024		2023		2022
Balance at January 1,	$	32,205	$	27,150	$	34,666
Reclassifications due to change in redemption value and other	(835)		5,055		(7,038)
Redemptions	(521)		—		(478)

Balance at December 31,	$	30,849	$	32,205	$	27,150

Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2024

Real Estate Investments, Net [Abstract]

Schedule of Real Estate Properties

The table below summarizes acquisition activity for the year ended December 31, 2024 ($ in millions):


Property Name	Location	Apartment Homes	Essex Ownership Percentage	Contract Price at Pro Rata Share
BEXAEW Portfolio	CA and WA	1,480	100%	$	252.0	(1)
Maxwell Sunnyvale	CA	75	100%	46.6		(2)
ARLO Mountain View	CA	164	100%	101.1
Patina at Midtown	CA	269	100%	58.4		(3)
Century Towers	CA	376	100%	86.8		(4)
BEX II Portfolio	CA	871	100%	168.4		(5)
Beaumont	WA	344	100%	136.1
Total acquisitions		3,579		$	849.4

Sales of Real Estate Investments

The table below summarizes the disposition activity for the year ended December 31, 2024 ($ in millions):


Property Name	Location	Apartment Homes	Sale Price at Pro Rata Share
Hillsdale Garden	CA	697	$	205.7	(1)
Total dispositions		697	$	205.7

Summary of Co-Investment

The carrying values of the Company’s co-investments as of December 31, 2024 and 2023 was as follows ($ in thousands, except in parenthetical):


	Weighted Average Essex Ownership Percentage (1)	December 31,
		2024		2023
Ownership interest in:
Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI (2)	54%	$	147,232	$	144,766
BEXAEW (3), BEX II (4), BEX IV and 500 Folsom	50%	146,142		224,119
Other (5) (6)	53%	86,089		68,493
Total operating and other co-investments, net		379,463		437,378
Total development co-investments	—%	—		14,605
Total preferred equity co-investments (includes related party investments of $48.1 million and $42.7 million as of December 31, 2024 and 2023, respectively. See Note 6, Related Party Transactions, for further discussion)		476,278		544,262
Total co-investments, net		$	855,741	$	996,245

(1)Weighted average Company ownership percentages are as of December 31, 2024.

(3)In March 2024, the Company acquired BEXAEW's 49.9% interest in four apartment communities consisting of 1,480 apartment homes.

(4)In October 2024, the Company acquired BEX II LLC's 49.9% interest in four communities totaling 871 apartment homes.

Summarized Financial Statement for Co-Investment Accounted for Under the Equity Method

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


	December 31,
	2024		2023
Combined balance sheets: (1)
Rental properties and real estate under development	$	4,094,826	$	5,123,164
Other assets	277,420		279,237
Total assets	$	4,372,246	$	5,402,401
Debt	$	3,001,303	$	3,622,609
Other liabilities	235,111		317,208
Equity	1,135,832		1,462,584
Total liabilities and equity	$	4,372,246	$	5,402,401


	Year Ended December 31,
	2024		2023		2022
Combined statements of income: (1)
Property revenues	$	390,850	$	409,910	$	373,074
Property operating expenses	(154,245)		(158,520)		(140,175)
Net operating income	236,605		251,390		232,899

Interest expense	(142,601)		(154,038)		(100,913)
General and administrative	(21,157)		(20,594)		(20,579)

Depreciation and amortization	(167,875)		(174,028)		(164,186)
Net loss	$	(95,028)	$	(97,270)	$	(52,779)
Company’s share of net income (2)	$	48,206	$	10,561	$	26,030

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

Revenues (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Summary 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,
	2024		2023		2022
Rental income	$	1,735,411	$	1,636,070	$	1,573,368
Other property	28,774		22,194		22,307
Management and other fees from affiliates	10,265		11,131		11,139
Total revenues	$	1,774,450	$	1,669,395	$	1,606,814

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,
	2024		2023		2022
Southern California	$	744,004	$	682,116	$	646,252
Northern California	677,393		642,658		615,677
Seattle Metro	295,002		282,092		271,248
Other real estate assets (1)	47,786		51,398		62,498
Total rental and other property revenues	$	1,764,185	$	1,658,264	$	1,595,675

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,
	2024		2023		2022
Same-property (1)	$	1,636,531	$	1,585,007	$	1,513,864
Acquisitions (2)	58,158		1,037		—

Redevelopment	6,519		6,232		5,765
Non-residential/other, net (3)	62,998		68,531		81,604
Straight line rent concession (4)	(21)		(2,543)		(5,558)
Total rental and other property revenues	$	1,764,185	$	1,658,264	$	1,595,675

(2)Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2023.

Notes and Other Receivables (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Schedule of Notes and Other Receivables

Notes and other receivables consisted of the following as of December 31, 2024 and 2023 ($ in thousands):


	December 31,
	2024		2023
Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020)	$	—	$	37,582
Note receivable, secured, bearing interest at 9.00%, due October 2026 (Originated October 2021)	60,538		50,146
Note receivable, secured, bearing interest at 12.00%, due January 2025 (Originated August 2022)	3,167		11,743
Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022)	39,187		34,929
Receivable from preferred equity investment sponsor (1)	72,002		—
Other receivables from affiliates	5,646		6,111
Straight line rent receivables (2)	9,235		9,353
Other receivables	17,460		25,444
Allowance for credit losses	(529)		(687)
Total notes and other receivables	$	206,706	$	174,621

(2) These amounts are receivables from lease concessions recorded on a straight-line basis for the Company’s operating properties.

Schedule of Allowance For Credit Losses

The following table presents the activity in the allowance for credit losses for notes receivable, secured for the periods presented ($ in thousands):


	Mezzanine Loans		Bridge Loans		Total
Balance as of December 31, 2021	$	671	$	85	$	756
Provision for credit losses	(337)		(85)		(422)
Balance as of December 31, 2022	$	334	$	—	$	334
Provision for credit losses	353		—		353
Balance as of December 31, 2023	$	687	$	—	$	687
Provision for credit losses	(158)		—		(158)
Balance as of December 31, 2024	$	529	$	—	$	529

Unsecured Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Unsecured Debt

Unsecured debt consisted of the following as of December 31, 2024 and 2023 ($ in thousands):


							Weighted Average Maturity In Years as of December 31, 2024


	December 31,
	2024			2023

Term loan - variable rate, net (1)	$	298,571		$	298,552		2.8
Bonds public offering - fixed rate, net	5,175,217			5,019,979			7.0
Unsecured debt, net (2)	5,473,788			5,318,531
Lines of credit (3)	137,945			—			N/A
Total unsecured debt	$	5,611,733		$	5,318,531
Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering	3.4		%	3.3		%
Weighted average interest rate on variable rate term loan	4.2		%	4.2		%
Weighted average interest rate on lines of credit	5.7		%	6.3		%

Summary of Senior Unsecured Notes

The following is a summary of the Company’s senior unsecured notes as of December 31, 2024 and 2023 ($ in thousands):


	December 31,
Maturity	2024		2023		Coupon Rate
May 2024	$	—	$	400,000	3.875%
April 2025	500,000		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		—		5.500%
March 2048	300,000		300,000		4.500%
September 2050	300,000		300,000		2.650%
	$	5,200,000	$	5,050,000

Mortgage notes payable consisted of the following as of December 31, 2024 and 2023 ($ in thousands):


	December 31,
	2024			2023
Fixed rate mortgage notes payable	$	674,092		$	665,711
Variable rate mortgage notes payable (1)	315,792			221,493
Total mortgage notes payable (2)	$	989,884		$	887,204
Number of properties securing mortgage notes	19			15
Remaining terms	1-22 years			1-23 years
Weighted average interest rate	4.2		%	4.3		%

Schedule of Unsecured Debt Principal Payments Excluding Lines of Credit

The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, as of December 31, 2024 were as follows ($ in thousands):


2025	$	500,000
2026	450,000
2027	650,000
2028	450,000
2029	500,000
Thereafter	2,950,000
	$	5,500,000

The aggregate scheduled principal payments of mortgage notes payable as of December 31, 2024 were as follows ($ in thousands):


2025	$	144,054
2026	194,405
2027	153,955
2028	68,332
2029	1,456
Thereafter	430,481
	$	992,683

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Mortgage Notes Payable (Tables)

12 Months Ended

Dec. 31, 2024

Notes Payable [Abstract]

Summary of Mortgages Notes Payable

The following is a summary of the Company’s senior unsecured notes as of December 31, 2024 and 2023 ($ in thousands):


	December 31,
Maturity	2024		2023		Coupon Rate
May 2024	$	—	$	400,000	3.875%
April 2025	500,000		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		—		5.500%
March 2048	300,000		300,000		4.500%
September 2050	300,000		300,000		2.650%
	$	5,200,000	$	5,050,000

Mortgage notes payable consisted of the following as of December 31, 2024 and 2023 ($ in thousands):


	December 31,
	2024			2023
Fixed rate mortgage notes payable	$	674,092		$	665,711
Variable rate mortgage notes payable (1)	315,792			221,493
Total mortgage notes payable (2)	$	989,884		$	887,204
Number of properties securing mortgage notes	19			15
Remaining terms	1-22 years			1-23 years
Weighted average interest rate	4.2		%	4.3		%

Schedule of Aggregate Principal Payments of Mortgage Notes Payable

The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, as of December 31, 2024 were as follows ($ in thousands):


2025	$	500,000
2026	450,000
2027	650,000
2028	450,000
2029	500,000
Thereafter	2,950,000
	$	5,500,000

The aggregate scheduled principal payments of mortgage notes payable as of December 31, 2024 were as follows ($ in thousands):


2025	$	144,054
2026	194,405
2027	153,955
2028	68,332
2029	1,456
Thereafter	430,481
	$	992,683

- Definition

+ References

+ Details

Lease Agreements - Company as Lessor (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Summary of Lessor Future Minimum Base Rent

A maturity analysis of undiscounted future minimum non-cancelable base rent to be received under the above operating leases as of December 31, 2024 is summarized as follows ($ in thousands):


	Future Minimum Rent
2025	$	853,544
2026	26,058
2027	16,788
2028	14,623
2029	11,766
Thereafter	15,826
	$	938,605

Lease Agreements - Company as Lessee (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Balance Sheet Information Related to Leases

Supplemental consolidated balance sheet information related to leases as of December 31, 2024 and 2023 was as follows ($ in thousands):


	December 31,
	2024		2023
Assets
Operating lease right-of-use assets	$	51,556	$	63,757

Total leased assets	$	51,556	$	63,757

Liabilities
Operating lease liabilities	$	52,473	$	65,091

Total lease liabilities	$	52,473	$	65,091

Schedule of Components of Lease Expense/Discount Rate Information

The components of lease expense for the years ended December 31, 2024, 2023 and 2022 were as follows ($ in thousands):


	Year Ended December 31,
	2024		2023		2022
Operating lease cost	$	6,480	$	6,789	$	6,697
Variable lease cost	1,980		1,961		1,750



Short-term lease cost	183		186		204
Sublease income	(560)		(500)		(418)
Total lease cost	$	8,083	$	8,436	$	8,233

Lease term and discount rate information for leases as of December 31, 2024 and 2023 was as follows:


	December 31,
	2024		2023
Weighted-average of remaining lease terms (years)
Operating Leases	41		40

Weighted-average of discount rates
Operating Leases	5.04	%	5.03	%

Schedule of Maturity Analysis of Operating Lease Liabilities

A maturity analysis of lease liabilities as of December 31, 2024 is as follows ($ in thousands):


	Operating Leases
2025	$	6,408
2026	4,556
2027	2,942
2028	2,623
2029	2,609
Thereafter	105,932
Total lease payments	$	125,070
Less: Imputed interest	(72,597)
Present value of lease liabilities	$	52,473

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

12 Months Ended

Dec. 31, 2024

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

Schedule of Net Income Per Common Share and Net Income Per Unit

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


	Year Ended December 31,
	2024					2023					2022
	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	$	741,522	64,228,356	$	11.55	$	405,825	64,252,232	$	6.32	$	408,315	65,079,764	$	6.27
Effect of dilutive securities
Stock options	—		22,878			—		1,153			—		18,422

Diluted:
Net income available to common stockholders	$	741,522	64,251,234	$	11.54	$	405,825	64,253,385	$	6.32	$	408,315	65,098,186	$	6.27

Essex Portfolio, L.P.

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

Schedule of Net Income Per Common Share and Net Income Per Unit

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


	Year Ended December 31,
	2024					2023					2022
	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	$	767,936	66,511,030	$	11.55	$	420,109	66,513,303	$	6.32	$	422,612	67,356,105	$	6.27
Effect of dilutive securities
Stock options	—		22,878			—		1,153			—		18,422

Diluted:
Net income available to common unitholders	$	767,936	66,533,908	$	11.54	$	420,109	66,514,456	$	6.32	$	422,612	67,374,527	$	6.27

Equity Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Summary of Restricted Stock Activity

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


	Year Ended December 31,
	2024			2023			2022
	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	101,701	$	197.22	182,915	$	222.90	159,401	$	251.03
Granted	52,300	212.02		2,315	220.40		72,838	215.73
Vested	(24,002)	187.32		(37,075)	247.07		(44,945)	306.25
Forfeited and canceled	(28,070)	182.25		(46,454)	259.71		(4,379)	272.12
Unvested at end of year	101,929	$	211.27	101,701	$	197.22	182,915	$	222.90

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

Stock options have the following weighted average assumptions:


	2024		2023			2022
Stock price	$	—	$	216.31		$	245.17
Risk-free interest rates	—		4.06		%	3.50		%
Expected lives	—		6 years			6 years
Volatility	—		36.00		%	27.98		%
Dividend yield	—		3.30		%	3.06		%

Summary of Options Activity

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


	Year Ended December 31,
	2024			2023			2022
	Options	Weighted- average exercise price		Options	Weighted- average exercise price		Options	Weighted- average exercise price
Outstanding at beginning of year	530,812	$	273.51	487,446	$	279.46	463,863	$	284.82
Granted	—	—		49,908	216.31		111,757	245.17
Exercised	(56,304)	218.68		—	—		(76,246)	245.43
Forfeited and canceled	(3,125)	266.21		(6,542)	280.21		(11,928)	281.19
Outstanding at end of year	471,383	$	280.11	530,812	$	273.51	487,446	$	279.46
Exercisable at year end	453,240	$	282.73	417,739	$	282.30	293,377	$	285.76

Summary of Long Term Incentive Plan - Z Units

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


	Total Vested and Outstanding Units	Weighted- average Grant-date Fair Value
Balance as of December 31, 2022	106,137	$	84.47
Converted	(8,500)
Balance as of December 31, 2023	97,637	$	86.16
Converted	(30,142)
Balance as of December 31, 2024	67,495	$	85.80

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summary of Total Assets from Reportable Operating Segments

The revenues and NOI for each of the reportable operating segments are summarized as follows for the years ended December 31, 2024, 2023 and 2022 ($ in thousands):


	Year Ended December 31,
	2024						2023						2022
	Rental and other property revenue (1)		Property operating expenses, including real estate taxes		Net operating income		Rental and other property revenue (1)		Property operating expenses, including real estate taxes		Net operating income		Rental and other property revenue (1)		Property operating expenses, including real estate taxes		Net operating income
Southern California	$	744,004	$	216,355	$	527,649	$	682,116	$	199,103	$	483,013	$	646,252	$	186,490	$	459,762
Northern California	677,393		207,484		469,909		642,658		193,161		449,497		615,677		185,403		430,274
Seattle Metro	295,002		87,144		207,858		282,092		80,864		201,228		271,248		80,018		191,230
Other real estate assets (2)	47,786		8,543		39,243		51,398		12,351		39,047		62,498		15,358		47,140
Total	$	1,764,185	$	519,526	$	1,244,659	$	1,658,264	$	485,479	$	1,172,785	$	1,595,675	$	467,269	$	1,128,406

Total net operating income					$	1,244,659					$	1,172,785					$	1,128,406
Management and other fees from affiliates					10,265						11,131						11,139
Corporate-level property management expenses					(48,218)						(45,872)						(40,704)
Depreciation and amortization					(580,220)						(548,438)						(539,319)
General and administrative					(98,902)						(63,474)						(56,577)

Expensed acquisition and investment related costs					(72)						(595)						(2,132)
Casualty loss					—						(433)						—
Gain on sale of real estate and land					175,583						59,238						94,416
Interest expense					(235,529)						(212,905)						(204,798)
Total return swap income					3,099						3,148						7,907
Interest and other income (loss)					80,951						46,259						(19,040)
Equity income from co-investments					48,206						10,561						26,030

Tax benefit (expense) on unconsolidated co-investments					929						(697)						10,236
Loss on early retirement of debt, net					—						—						(2)
Gain on remeasurement of co-investments					210,555						—						17,423
Net income					$	811,306					$	430,708					$	432,985

(1) Segment revenue excludes management and other fees from affiliates and interest and other income.

Total assets for each of the reportable operating segments as of December 31, 2024 and 2023 are summarized as follows ($ in thousands):


	December 31,
	2024		2023
Assets:
Southern California	$	4,290,547	$	3,763,745
Northern California	5,501,160		5,124,987
Seattle Metro	1,460,865		1,316,421
Other real estate assets (1)	186,328		265,139
Net reportable operating segments - real estate assets	11,438,900		10,470,292
Real estate under development	52,682		23,724
Co-investments	935,014		1,061,733

Cash and cash equivalents, including restricted cash	75,846		400,334
Marketable securities	69,794		87,795
Notes and other receivables	206,706		174,621
Operating lease right-of-use assets	51,556		63,757
Prepaid expenses and other assets	96,861		79,171
Total assets	$	12,927,359	$	12,361,427

(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, 2024 USD ($) community apartment building shares	Dec. 31, 2023 USD ($) shares
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Limited partner - ownership percentage	3.50%	3.40%
Operating Partnership units outstanding (in shares) \| shares	2,331,251	2,258,812
Redemption value of operating partnership units outstanding \| $	$ 665.4	$ 560.0
Number of apartment communities owned \| community	255
Number of apartment units owned \| apartment	62,157
Ownership interests, number of commercial buildings \| building	2
Operating Partnership
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
General partner ownership interest	96.50%	96.60%

Summary of Critical and Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) community investment partnership property shares	Dec. 31, 2023 USD ($) investment community property partnership shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounting Policies [Abstract]
Limited partner - ownership percentage	3.50%	3.40%
Threshold useful life of assets for capitalization	1 year
Acquired in-place lease value, net	$ 7,700,000	$ 6,100,000
Number of properties held-for-sale \| property	0	0
Casualty loss	$ 0	$ 0	$ 0
Lease term, minimum	9 months
Lease term, maximum	12 months
Original maturities highly liquid investments term classification as cash equivalents, maximum	3 months
Equity securities, FV-NI	$ 100,000	100,000
Capitalized internal costs related to development and redevelopment projects	20,200,000	19,500,000	20,400,000
Fixed rate debt carrying amount	5,800,000,000	5,700,000,000
Fixed rate debt fair value	5,500,000,000	5,300,000,000
Variable rate debt carrying amount	752,300,000	520,000,000.0
Variable rate debt fair value	749,400,000	519,000,000.0
Redeemable noncontrolling interest	$ 30,849,000	$ 32,205,000	27,150,000	$ 34,666,000
DownREIT limited partnerships consolidated by company (in partnerships) \| partnership	18	18
Communities within DownREIT partnerships (in communities) \| community	9	9
Number of consolidated co-investments that now meet the definition of a VIE \| investment	5	6
Assets related to variable interest entities net of intercompany eliminations	$ 893,000,000.0	$ 956,700,000
Liabilities related to variable interest entities net of intercompany eliminations	319,100,000	324,500,000
Noncontrolling interests in VIE	$ 105,100,000	$ 121,100,000
Number of common stock shares per unit basis (in shares) \| shares	1
Units of limited partnership interest amount (in shares) \| shares	914,505	936,343
Redemption value of variable interest entities	$ 261,000,000.0	$ 232,200,000
Redeemable noncontrolling interest, units of limited partners' interests in DownREIT VIEs	9,000,000.0	12,100,000
Noncontrolling interest in limited partnerships	96,900,000	97,000,000.0
Employee retention credit	0	0	4,100,000
Gain (loss) from litigation settlement	$ 42,500,000	$ 7,700,000	$ 4,200,000

Summary of Critical and Significant Accounting Policies - Summary of Depreciable Life of Various Categories of Fixed Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Cash and cash equivalents, including restricted cash	$ 75,846	$ 400,334	$ 42,681	$ 58,638
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 - Cash, Cash Equivalents and Restricted Cash And Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents - unrestricted	$ 66,795	$ 391,749	$ 33,295
Cash and cash equivalents - restricted	9,051	8,585	9,386
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows	$ 75,846	$ 400,334	$ 42,681	$ 58,638

Summary of Critical and Significant Accounting Policies - Marketable Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Equity securities:
Carrying Value	$ 100	$ 100
Total - marketable securities, amortized cost	51,840	77,788
Total - marketable securities, gross unrealized gain (loss)	17,954	10,007
Total - marketable securities, carrying value	69,794	87,795
Investment funds - debt securities
Equity securities:
Amortized Cost	2,645	26,460
Gross Unrealized Gain (Loss)	(67)	(1,584)
Carrying Value	2,578	24,876
Common stock, preferred stock, and stock funds
Equity securities:
Amortized Cost	49,195	51,328
Gross Unrealized Gain (Loss)	18,021	11,591
Carrying Value	$ 67,216	$ 62,919

Summary of Critical and Significant Accounting Policies - Summary of Status of Cash Dividends Distributed (Details) - Common stock	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Dividend Distribution [Line Items]
Ordinary income	98.19%	88.46%	80.17%
Capital gain	1.81%	8.32%	16.78%
Unrecaptured section 1250 capital gain	0.00%	3.22%	3.05%
Status of dividend total cash dividends distributed percentage	100.00%	100.00%	100.00%

Summary of Critical and Significant Accounting Policies - AOCI (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at period beginning	$ 5,593,978
Balance at period end	5,720,390
Accumulated other comprehensive income (loss), net
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at period beginning	33,556
Balance at period end	24,655
Change in fair value and amortization of swap settlements
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at period beginning	33,556
Other comprehensive loss before reclassification	(8,955)
Amounts reclassified from accumulated other comprehensive loss	54
Other comprehensive loss	(8,901)
Balance at period end	24,655
Change in fair value and amortization of swap settlements \| Essex Portfolio, L.P.
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at period beginning	38,646
Other comprehensive loss before reclassification	(9,273)
Amounts reclassified from accumulated other comprehensive loss	56
Other comprehensive loss	(9,217)
Balance at period end	$ 29,429

- Definition

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

+ References

Reference 1: 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 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(3)(iii)(03)
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-Subparagraph (c)(3)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Critical and Significant Accounting Policies - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance at January 1,	$ 32,205	$ 27,150	$ 34,666
Reclassifications due to change in redemption value and other	(835)	5,055	(7,038)
Redemptions of noncontrolling interest	(521)	0	(478)
Balance at December 31,	$ 30,849	$ 32,205	$ 27,150

Real Estate Investments - Acquisitions of Real Estate Interests (Details) $ in Thousands	1 Months Ended					3 Months Ended	12 Months Ended
	Oct. 31, 2024 USD ($) community	Sep. 30, 2024 USD ($) unit	Jul. 31, 2024 USD ($)	Apr. 30, 2024 USD ($)	Mar. 31, 2024 USD ($) community apartment	Sep. 30, 2024 apartment	Dec. 31, 2024 USD ($) apartment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Gain on remeasurement of co-investments							$ 210,555	$ 0	$ 17,423
Equity income from co-investments							48,206	10,561	$ 26,030
Preferred equity investment, commitment to fund							399,400
Co-investment							$ 935,014	$ 1,061,733
Membership Interest in BEXAEW
Schedule of Equity Method Investments [Line Items]
Apartment Homes \| apartment					1,480
Limited partnership interest					49.90%
BEX II Portfolio
Schedule of Equity Method Investments [Line Items]
Contract Price at Pro Rata Share	$ 337,500
Number of communities owned \| community	4
Debt instrument, repaid, principal	$ 95,000
Gain on remeasurement of co-investments	$ 40,600
Joint venture ownership percent	49.90%
BEXAEW Portfolio
Schedule of Equity Method Investments [Line Items]
Contract Price at Pro Rata Share					$ 505,000
Number of communities owned \| community					4
Debt instrument, repaid, principal					$ 219,900
Equity income from co-investments					$ 1,500
BEXAEW Portfolio \| Membership Interest in BEXAEW
Schedule of Equity Method Investments [Line Items]
Limited partnership interest					49.90%
Patina at Midtown
Schedule of Equity Method Investments [Line Items]
Apartment Homes \| apartment						269
Contract Price at Pro Rata Share			$ 117,000
Debt instrument, repaid, principal			$ 95,000
Joint venture ownership percent		49.90%	49.90%			49.90%
Century Towers
Schedule of Equity Method Investments [Line Items]
Apartment Homes \| apartment						376
Contract Price at Pro Rata Share		$ 173,500
Debt instrument, repaid, principal		110,500
Gain on remeasurement of co-investments		$ 29,400
Joint venture ownership percent		50.00%				50.00%
Number of OP units issued \| unit		81,737
Number of OP units agreed price, per unit		$ 305
Apartment Homes Located In Sunnyvale, CA
Schedule of Equity Method Investments [Line Items]
Repayments of secured debt				$ 46,600
Co-investment				$ 14,700
Apartment Building
Schedule of Equity Method Investments [Line Items]
Apartment Homes \| apartment							3,579
Contract Price at Pro Rata Share							$ 849,400
Apartment Building \| Patina at Midtown
Schedule of Equity Method Investments [Line Items]
Gain on remeasurement of co-investments			$ 2,200
Apartment Building \| BEXAEW Portfolio
Schedule of Equity Method Investments [Line Items]
Apartment Homes \| apartment							1,480
Essex Ownership Percentage							100.00%
Contract Price at Pro Rata Share							$ 252,000
Apartment Building \| Maxwell Sunnyvale
Schedule of Equity Method Investments [Line Items]
Apartment Homes \| apartment							75
Essex Ownership Percentage							100.00%
Contract Price at Pro Rata Share							$ 46,600
Apartment Building \| ARLO Mountain View
Schedule of Equity Method Investments [Line Items]
Apartment Homes \| apartment							164
Essex Ownership Percentage							100.00%
Contract Price at Pro Rata Share							$ 101,100
Apartment Building \| Patina at Midtown
Schedule of Equity Method Investments [Line Items]
Apartment Homes \| apartment							269
Essex Ownership Percentage							100.00%
Contract Price at Pro Rata Share							$ 58,400
Apartment Building \| Century Towers
Schedule of Equity Method Investments [Line Items]
Apartment Homes \| apartment							376
Essex Ownership Percentage							100.00%
Contract Price at Pro Rata Share							$ 86,800
Apartment Building \| BEX II Portfolio
Schedule of Equity Method Investments [Line Items]
Apartment Homes \| apartment							871
Essex Ownership Percentage							100.00%
Contract Price at Pro Rata Share							$ 168,400
Apartment Building \| Beaumont
Schedule of Equity Method Investments [Line Items]
Apartment Homes \| apartment							344
Essex Ownership Percentage							100.00%
Contract Price at Pro Rata Share							$ 136,100
Apartment Building \| Regency Palm Court and Windsor Court
Schedule of Equity Method Investments [Line Items]
Gain on remeasurement of co-investments					$ 138,300

Real Estate Investments - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) apartment investment	Dec. 31, 2023 USD ($) investment property apartment	Dec. 31, 2022 USD ($) apartment investment
Schedule of Equity Method Investments [Line Items]
Management and other fees from affiliates	$ 10,265	$ 11,131	$ 11,139
Number of technology co-investments \| investment	5	5
Co-investment	$ 57,300	$ 44,200
Co-investment, committed capital	86,000	86,000
Co-investments	855,741	996,245
Co-investment	$ 935,014	$ 1,061,733
Number of investments with a commitment to fund \| investment	19	2	7
Preferred equity investment, commitment to fund	$ 399,400
Preferred equity investment, funded loan commitments	$ 364,400
Annualized preferred return rate	9.00%
Impairment loss from unconsolidated co-investment	$ 3,700	$ 33,700
Proceeds from dispositions of co-investments	$ 58,800	72,300	$ 132,600
Commitment to fund preferred equity investment in the project		$ 18,800	$ 84,900
Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Number of investments with a commitment to fund \| investment	2	2	3
Real Estate Predevelopment Projects
Schedule of Equity Method Investments [Line Items]
Actual cost of active development projects	$ 52,700
Total operating and other co-investments, net
Schedule of Equity Method Investments [Line Items]
Number of apartments owned through joint ventures \| apartment	7,694	10,425
Co-investments	$ 379,500	$ 437,400
Total development co-investments
Schedule of Equity Method Investments [Line Items]
Number of apartments owned through joint ventures \| property		264
Co-investments		$ 14,600
Total preferred interest co-investments
Schedule of Equity Method Investments [Line Items]
Co-investment	$ 476,300	$ 544,300
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
Preferred Equity Investment Property in Southern California
Schedule of Equity Method Investments [Line Items]
Number of investments with a commitment to fund \| investment		2	2
Early redemption fee		$ 300	$ 900
Apartment Building
Schedule of Equity Method Investments [Line Items]
Purchase price	$ 849,400
Number of units acquired \| apartment	3,579
Number of apartment units \| apartment	697	239	250
Proceeds from sale of real estate		$ 91,700	$ 160,000
Gain (loss) on sale of properties		54,500	$ 94,400
Management and other fees from affiliates	$ 205,700
Apartment Building \| Hacienda at Camarillo Oaks
Schedule of Equity Method Investments [Line Items]
Purchase price		$ 23,100
Number of units acquired \| apartment		73
Land
Schedule of Equity Method Investments [Line Items]
Gain (loss) on sale of properties		$ 4,700
Management and other fees from affiliates		8,700
Land and Land Improvements
Schedule of Equity Method Investments [Line Items]
Purchase price	231,600
Land and Land Improvements \| CPPIB Interest
Schedule of Equity Method Investments [Line Items]
Purchase price		5,500
Building and Improvements
Schedule of Equity Method Investments [Line Items]
Purchase price	1,178,000
Building and Improvements \| CPPIB Interest
Schedule of Equity Method Investments [Line Items]
Purchase price		18,000
Prepaid Expenses and Other Assets
Schedule of Equity Method Investments [Line Items]
Purchase price	9,000
Prepaid Expenses and Other Assets \| CPPIB Interest
Schedule of Equity Method Investments [Line Items]
Purchase price		$ 100
Real Estate Under Development
Schedule of Equity Method Investments [Line Items]
Purchase price	26,300
Fixed rate mortgage notes payable
Schedule of Equity Method Investments [Line Items]
Purchase price	$ 106,000

Real Estate Investments - Sales of Real Estate Investments (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2024 USD ($) apartment	Dec. 31, 2024 USD ($) apartment	Dec. 31, 2023 USD ($) apartment	Dec. 31, 2022 USD ($) apartment
Real Estate Properties [Line Items]
Sale Price at Pro Rata Share		$ 10,265	$ 11,131	$ 11,139
Gain on sale of real estate and land		$ 175,583	$ 59,238	$ 94,416
Hillsdale Garden
Real Estate Properties [Line Items]
Joint venture ownership percent	81.50%
Number of units \| apartment	697
Proceeds from sale of real estate	$ 252,400
Apartment Building
Real Estate Properties [Line Items]
Apartment Homes \| apartment		697	239	250
Sale Price at Pro Rata Share		$ 205,700
Proceeds from sale of real estate			$ 91,700	$ 160,000
Apartment Building \| Hillsdale Garden
Real Estate Properties [Line Items]
Apartment Homes \| apartment		697
Sale Price at Pro Rata Share		$ 205,700
Gain on sale of real estate and land	$ 175,600

- Definition

The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Real Estate Investments - Co-Investments (Details) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Oct. 31, 2024 apartment community	Mar. 31, 2024 community apartment	Sep. 30, 2024 apartment	Dec. 31, 2024 USD ($) community	Jul. 31, 2024	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Co-investments				$ 855,741		$ 996,245
Distributions in excess of investments in co-investments				$ 79,273		65,488
Apartment communities owned (in communities) \| community				255
Patina at Midtown
Schedule of Equity Method Investments [Line Items]
Joint venture ownership percent			49.90%		49.90%
Apartment Homes \| apartment			269
Century Towers
Schedule of Equity Method Investments [Line Items]
Joint venture ownership percent			50.00%
Apartment Homes \| apartment			376
Total operating and other co-investments, net
Schedule of Equity Method Investments [Line Items]
Co-investments				$ 379,463		437,378
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				$ 147,232		144,766
BEXAEW, BEX II, BEX IV, and 500 Folsom
Schedule of Equity Method Investments [Line Items]
Weighted Average Essex Ownership Percentage				50.00%
Co-investments				$ 146,142		224,119
Other
Schedule of Equity Method Investments [Line Items]
Weighted Average Essex Ownership Percentage				53.00%
Co-investments				$ 86,089		68,493
Distributions in excess of investments in co-investments				$ 2,000		3,700
Total development co-investments
Schedule of Equity Method Investments [Line Items]
Weighted Average Essex Ownership Percentage				0.00%
Co-investments				$ 0		14,605
Total preferred interest co-investments
Schedule of Equity Method Investments [Line Items]
Co-investments				476,278		544,262
Total preferred interest co-investments \| Investments in Majority-Owned Subsidiaries
Schedule of Equity Method Investments [Line Items]
Co-investments				48,100		42,700
Wesco I, Wesco III, and Wesco IV
Schedule of Equity Method Investments [Line Items]
Distributions in excess of investments in co-investments				$ 77,200		$ 61,800
Membership Interest in BEXAEW
Schedule of Equity Method Investments [Line Items]
Weighted Average Essex Ownership Percentage		49.90%
Apartment communities owned (in communities) \| community		4
Apartment Homes \| apartment		1,480
BEX II LLC
Schedule of Equity Method Investments [Line Items]
Weighted Average Essex Ownership Percentage	49.90%
Apartment communities owned (in communities) \| community	4
Apartment Homes \| apartment	871

Real Estate Investments - Combined Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Total assets	$ 12,927,359	$ 12,361,427
Debt	7,176,120	6,735,244
Other liabilities	50,220	46,175
Equity	5,720,390	5,593,978	$ 5,895,116	$ 6,176,508
Total liabilities and equity	12,927,359	12,361,427
Equity Method Investment, Summarized Financial Information [Abstract]
Property revenues	1,774,450	1,669,395	1,606,814
Net operating income	1,244,659	1,172,785	1,128,406
Interest expense	(235,529)	(212,905)	(204,798)
General and administrative	(98,902)	(63,474)	(56,577)
Net income	811,306	430,708	432,985
Related Party \| Total co-investment
Equity Method Investment, Summarized Financial Information [Abstract]
Company's share of net income	4,600	7,600	7,400
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Rental properties and real estate under development	4,094,826	5,123,164
Other assets	277,420	279,237
Total assets	4,372,246	5,402,401
Debt	3,001,303	3,622,609
Other liabilities	235,111	317,208
Equity	1,135,832	1,462,584
Total liabilities and equity	4,372,246	5,402,401
Equity Method Investment, Summarized Financial Information [Abstract]
Property revenues	390,850	409,910	373,074
Property operating expenses	(154,245)	(158,520)	(140,175)
Net operating income	236,605	251,390	232,899
Interest expense	(142,601)	(154,038)	(100,913)
General and administrative	(21,157)	(20,594)	(20,579)
Depreciation and amortization	(167,875)	(174,028)	(164,186)
Net income	(95,028)	(97,270)	(52,779)
Company's share of net income	$ 48,206	$ 10,561	$ 26,030

Revenues - Disaggregation of Revenue (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) community	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Rental and other property	$ 1,764,185	$ 1,658,264	$ 1,595,675
Management and other fees from affiliates	10,265	11,131	11,139
Total revenues	$ 1,774,450	1,669,395	1,606,814
Apartment communities owned (in communities) \| community	255
Operating segments \| Southern California
Disaggregation of Revenue [Line Items]
Rental and other property	$ 744,004	682,116	646,252
Operating segments \| Northern California
Disaggregation of Revenue [Line Items]
Rental and other property	677,393	642,658	615,677
Operating segments \| Seattle Metro
Disaggregation of Revenue [Line Items]
Rental and other property	295,002	282,092	271,248
Other real estate assets
Disaggregation of Revenue [Line Items]
Rental and other property	47,786	51,398	62,498
Rental income
Disaggregation of Revenue [Line Items]
Rental and other property	1,735,411	1,636,070	1,573,368
Other property
Disaggregation of Revenue [Line Items]
Rental and other property	28,774	22,194	22,307
Rental and other property
Disaggregation of Revenue [Line Items]
Rental and other property	1,764,185	1,658,264	1,595,675
Rental and other property \| Same-property
Disaggregation of Revenue [Line Items]
Rental and other property	$ 1,636,531	1,585,007	1,513,864
Occupancy threshold for classification as stabilized	90.00%
Rental and other property \| Acquisitions
Disaggregation of Revenue [Line Items]
Rental and other property	$ 58,158	1,037	0
Rental and other property \| Redevelopment
Disaggregation of Revenue [Line Items]
Rental and other property	6,519	6,232	5,765
Rental and other property \| Non-residential/other, net
Disaggregation of Revenue [Line Items]
Rental and other property	$ 62,998	68,531	81,604
Apartment communities owned (in communities) \| community	2
Rental and other property \| Straight line rent concession
Disaggregation of Revenue [Line Items]
Straight line rent concession	$ (21)	(2,543)	(5,558)
Rental and other property \| Operating segments \| Southern California
Disaggregation of Revenue [Line Items]
Rental and other property	744,004	682,116	646,252
Rental and other property \| Operating segments \| Northern California
Disaggregation of Revenue [Line Items]
Rental and other property	677,393	642,658	615,677
Rental and other property \| Operating segments \| Seattle Metro
Disaggregation of Revenue [Line Items]
Rental and other property	295,002	282,092	271,248
Rental and other property \| Other real estate assets
Disaggregation of Revenue [Line Items]
Rental and other property	$ 47,786	$ 51,398	$ 62,498

Revenues - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 1.0	$ 0.3
Deferred revenue, revenue recognized	$ 0.7
Deferred revenue balance from contracts with remaining performance obligations		$ 0.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligations due per period		36.00%
Expected timing of performance obligation satisfaction, period		1 year
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		64.00%
Expected timing of performance obligation satisfaction, period		2 years

Notes and Other Receivables - Schedule of Notes and Other Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (529)	$ (687)
Total notes and other receivables	$ 206,706	174,621
Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stated interest rate	11.50%
Note receivables	$ 0	37,582
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	50,146
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	11,743
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	34,929
Receivable from preferred equity investment sponsor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	72,002	0
Other receivables from affiliates
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	5,646	6,111
Allowance for credit losses	(529)	(687)	$ (334)	$ (671)
Straight line rent receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	9,235	9,353
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	$ 17,460	$ 25,444

Notes and Other Receivables - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 687
Financing Receivable, Credit Loss, Expense (Reversal)	179	$ (70)	$ (381)
Ending balance	529	687
Total
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	687	334	756
Financing Receivable, Credit Loss, Expense (Reversal)	(158)	353	(422)
Ending balance	529	687	334
Mezzanine Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	687	334	671
Financing Receivable, Credit Loss, Expense (Reversal)	(158)	353	(337)
Ending balance	529	687	334
Bridge Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	0	85
Financing Receivable, Credit Loss, Expense (Reversal)	0	0	(85)
Ending balance	$ 0	$ 0	$ 0

- 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)	Apr. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)	Aug. 31, 2022 USD ($) community	Jan. 31, 2022 USD ($)	Nov. 30, 2021 USD ($)	Oct. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Feb. 28, 2019 USD ($)	Oct. 31, 2018 USD ($) apartment	May 31, 2018 USD ($) apartment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)
Related Party Transaction [Line Items]
Notes and other receivables											$ 206,706,000	$ 174,621,000
Payments to acquire equity method investments											$ 34,073,000	37,405,000	$ 163,188,000
Annualized preferred return rate											9.00%
Preferred equity investment, commitment to fund											$ 399,400,000
Commitment to fund preferred equity investment in the project												18,800,000	84,900,000
Home Community Development in Burlingame, California
Related Party Transaction [Line Items]
Purchase commitment, funded amount		$ 11,200,000
Apartment Home Community in Ventura, California
Related Party Transaction [Line Items]
Purchase commitment, funded amount					$ 18,300,000						11,000,000
Commitment to fund preferred equity investment in the project					13,000,000
Commitment to unfund preferred equity investment in the project											$ 2,000,000
Related Party
Related Party Transaction [Line Items]
Notes receivable			$ 11,200,000
Interest rate			9.50%
Number of communities owned \| community			3
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 \| apartment									268
Related Party \| Related Party Bridge Loan On Property Acquired By BEX II
Related Party Transaction [Line Items]
Notes receivable	$ 53,600,000													$ 32,800,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Interest rate	1.50%
Related Party \| Related Party Bridge Loan On Property Acquired By Wesco VI
Related Party Transaction [Line Items]
Notes receivable				$ 100,700,000
Interest rate				2.64%
Cash received from collection of note receivable				$ 121,300,000
Related Party \| Related Party Bridge Loan On Property Acquired By Wesco VI \| The Rexford
Related Party Transaction [Line Items]
Notes receivable					$ 61,900,000
Interest rate					2.36%
Related Party \| Related Party Bridge Loan On Property Acquired By Wesco VI \| Monterra In Mill Creek
Related Party Transaction [Line Items]
Notes receivable						$ 30,300,000
Interest rate						2.30%
Related Party \| Related Party Bridge Loan On Property Acquired By Wesco VI \| Martha Lake Apartments
Related Party Transaction [Line Items]
Notes receivable							$ 29,200,000
Interest rate							2.15%
Related Party \| Related Party Bridge Loan on Property in Vista, CA
Related Party Transaction [Line Items]
Notes receivable					$ 48,400,000
Interest rate					2.36%
Related Party \| Management And Other Fees From Affiliates
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction											$ 11,100,000	12,700,000	14,100,000
Related Party \| Revenues From Development And Redevelopment Fees
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction											800,000	1,800,000	3,000,000.0
Affiliated Entity
Related Party Transaction [Line Items]
Notes and other receivables											5,600,000	6,100,000
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 - Summary (Details)	1 Months Ended			12 Months Ended
Unsecured Debt - Summary (Details)	May 31, 2023 USD ($)	Apr. 30, 2023 USD ($)	Oct. 31, 2022 USD ($) extension_option	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) extension_option	Dec. 31, 2024 USD ($) instrument	Dec. 31, 2024 USD ($) line_of_credit	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Unsecured debt, net				$ 5,473,788,000	$ 5,473,788,000	$ 5,473,788,000	$ 5,473,788,000	$ 5,473,788,000	$ 5,318,531,000
Lines of credit				137,945,000	137,945,000	137,945,000	137,945,000	137,945,000	0
Total unsecured debt				5,611,733,000	5,611,733,000	5,611,733,000	5,611,733,000	5,611,733,000	5,318,531,000
Debt instrument face amount				$ 5,200,000,000	$ 5,200,000,000	$ 5,200,000,000	$ 5,200,000,000	$ 5,200,000,000	$ 5,050,000,000
Number of lines of credit							2	2
Variable Rate Term Loan
Debt Instrument [Line Items]
Weighted average interest rate				4.20%	4.20%	4.20%	4.20%	4.20%	4.20%
Fixed Rate Bond
Debt Instrument [Line Items]
Unamortized debt issuance expense				$ 549,800,000	$ 549,800,000	$ 549,800,000	$ 549,800,000	$ 549,800,000	$ 0
Line of Credit
Debt Instrument [Line Items]
Lines of credit				$ 137,945,000	$ 137,945,000	$ 137,945,000	$ 137,945,000	$ 137,945,000	$ 0
Weighted average interest rate				5.70%	5.70%	5.70%	5.70%	5.70%	6.30%
Debt instrument face amount				$ 1,280,000,000	$ 1,280,000,000	$ 1,280,000,000	$ 1,280,000,000	$ 1,280,000,000	$ 1,280,000,000
Basis spread on rate					0.765%
Number of extension options \| extension_option						2
Unamortized debt issuance expense				6,200,000	$ 6,200,000	$ 6,200,000	6,200,000	6,200,000	$ 3,800,000
Maximum borrowing capacity				$ 1,200,000,000	1,200,000,000	1,200,000,000	1,200,000,000	1,200,000,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) [Member]		Secured Overnight Financing Rate (SOFR) [Member]
Extension period				6 months
Line of Credit \| Line of Credit Working Capital
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 75,000,000.0	$ 75,000,000.0	$ 75,000,000.0	$ 75,000,000.0	$ 75,000,000.0
Fixed Rate Public Offering Bond
Debt Instrument [Line Items]
Weighted average interest rate				3.40%	3.40%	3.40%	3.40%	3.40%	3.30%
Unsecured Debt
Debt Instrument [Line Items]
Debt instrument face amount				$ 300,000,000	$ 300,000,000	$ 300,000,000	$ 300,000,000	$ 300,000,000	$ 300,000,000
Proceeds from issuance of unsecured debt		$ 300,000,000
Repayments of unsecured debt	$ 300,000,000
Unsecured Debt
Debt Instrument [Line Items]
Unsecured debt, net				5,473,788,000	5,473,788,000	5,473,788,000	5,473,788,000	5,473,788,000	5,318,531,000
Unamortized debt issuance expense				26,300,000	26,300,000	26,300,000	26,300,000	26,300,000	25,300,000
Debt instrument, unamortized discount (premium), net				100,000	100,000	100,000	100,000	100,000	6,100,000
Unsecured Debt \| Variable Rate Term Loan
Debt Instrument [Line Items]
Term loan - variable rate, net				$ 298,571,000	298,571,000	298,571,000	298,571,000	298,571,000	298,552,000
Weighted Average Maturity In Years as of December 31, 2024				2 years 9 months 18 days
Debt instrument face amount			$ 300,000,000
Basis spread on rate			0.85%
Number of extension options \| extension_option			3
Term extension period			12 months
Coupon rate			4.20%
Unsecured Debt \| Fixed Rate Bond
Debt Instrument [Line Items]
Weighted Average Maturity In Years as of December 31, 2024				7 years
Unsecured debt, net				$ 5,175,217,000	$ 5,175,217,000	$ 5,175,217,000	$ 5,175,217,000	$ 5,175,217,000	$ 5,019,979,000

Unsecured Debt - Narrative (Details)	1 Months Ended			3 Months Ended	12 Months Ended
Unsecured Debt - Narrative (Details)	May 31, 2024 USD ($)	Jun. 30, 2020 USD ($)	Apr. 30, 2013 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) extension_option	Dec. 31, 2024 USD ($) instrument	Dec. 31, 2024 USD ($) line_of_credit	Aug. 31, 2024 USD ($)	Jul. 01, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Aug. 31, 2020 USD ($)	Feb. 29, 2020 USD ($)	Oct. 31, 2019 USD ($)	Aug. 31, 2019 USD ($)	Mar. 31, 2019 USD ($)	Feb. 28, 2019 USD ($)	Mar. 31, 2018 USD ($)	Apr. 30, 2017 USD ($)	Apr. 30, 2016 USD ($)	Mar. 31, 2015 USD ($)	Apr. 30, 2014 USD ($)
Debt Instrument [Line Items]
Debt instrument face amount					$ 5,200,000,000	$ 5,200,000,000	$ 5,200,000,000	$ 5,200,000,000	$ 5,200,000,000					$ 5,050,000,000
Unsecured debt, net					5,473,788,000	5,473,788,000	5,473,788,000	$ 5,473,788,000	$ 5,473,788,000					5,318,531,000
Number of lines of credit								2	2
Lines of credit					137,945,000	137,945,000	137,945,000	$ 137,945,000	$ 137,945,000					0
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity											$ 75,000,000	$ 35,000,000
CPPIB Interest
Debt Instrument [Line Items]
Investment interest acquired				45.00%
Essex Portfolio, L.P.
Debt Instrument [Line Items]
Unsecured debt, net					5,473,788,000	5,473,788,000	5,473,788,000	5,473,788,000	5,473,788,000					5,318,531,000
Lines of credit					137,945,000	137,945,000	137,945,000	137,945,000	137,945,000					0
Fixed Rate Bond
Debt Instrument [Line Items]
Unamortized debt issuance expense					549,800,000	549,800,000	549,800,000	549,800,000	549,800,000					0
Senior Notes
Debt Instrument [Line Items]
Debt instrument, repaid, principal	$ 400,000,000
Senior Notes \| Essex Portfolio, L.P.
Debt Instrument [Line Items]
Debt instrument face amount																	$ 600,000,000
Line of Credit
Debt Instrument [Line Items]
Debt instrument face amount					1,280,000,000	1,280,000,000	1,280,000,000	1,280,000,000	1,280,000,000					1,280,000,000
Unamortized debt issuance expense					6,200,000	6,200,000	6,200,000	6,200,000	6,200,000					3,800,000
Maximum borrowing capacity					1,200,000,000	1,200,000,000	1,200,000,000	1,200,000,000	1,200,000,000
Lines of credit					$ 137,945,000	$ 137,945,000	$ 137,945,000	137,945,000	137,945,000					0
Number of extension options \| extension_option							2
Extension period					6 months
Basis spread on rate						0.765%
Line of Credit \| Line of Credit Working Capital
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 75,000,000.0	$ 75,000,000.0	$ 75,000,000.0	75,000,000.0	75,000,000.0
Unsecured Line of Credit
Debt Instrument [Line Items]
Number of extension options \| extension_option							2
Extension period					6 months
Basis spread on rate						0.765%
Unsecured Line of Credit \| Line of Credit Working Capital
Debt Instrument [Line Items]
Lines of credit					$ 62,900,000	$ 62,900,000	$ 62,900,000	62,900,000	62,900,000					0
Unsecured Bonds 5.500%, Due March 2028 \| Fixed Rate Bond \| Essex Portfolio, L.P.
Debt Instrument [Line Items]
Debt instrument face amount													$ 350,000,000
Coupon rate													5.50%
Debt instrument, debt offering price, percentage of principal													99.752%
Unsecured Bonds 5.500%
Debt Instrument [Line Items]
Debt instrument face amount					$ 550,000,000	$ 550,000,000	$ 550,000,000	$ 550,000,000	$ 550,000,000					0
Unsecured Bonds 5.500% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount										$ 200,000,000
Coupon rate					5.50%	5.50%	5.50%	5.50%	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%
Debt Instrument [Line Items]
Debt instrument face amount					$ 300,000,000	$ 300,000,000	$ 300,000,000	$ 300,000,000	$ 300,000,000					300,000,000
Unsecured Bonds 2.550% \| Senior Notes
Debt Instrument [Line Items]
Coupon rate					2.55%	2.55%	2.55%	2.55%	2.55%
Unsecured debt, net					$ 297,100,000	$ 297,100,000	$ 297,100,000	$ 297,100,000	$ 297,100,000					296,700,000
Unsecured Bonds 2.550% \| Senior Notes \| Essex Portfolio, L.P.
Debt Instrument [Line Items]
Debt instrument face amount															$ 300,000,000
Coupon rate															2.55%
Debt offering price															99.367%
Unsecured Bonds 3.375% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount															$ 300,000,000
Coupon rate															3.375%
Unsecured Bonds 1.700%
Debt Instrument [Line Items]
Debt instrument face amount					$ 450,000,000	$ 450,000,000	$ 450,000,000	$ 450,000,000	$ 450,000,000					450,000,000
Unsecured Bonds 1.700% \| Senior Notes
Debt Instrument [Line Items]
Coupon rate					1.70%	1.70%	1.70%	1.70%	1.70%
Unsecured debt, net					$ 447,200,000	$ 447,200,000	$ 447,200,000	$ 447,200,000	$ 447,200,000					446,300,000
Unsecured Bonds 1.700% \| Senior Notes \| Essex Portfolio, L.P.
Debt Instrument [Line Items]
Debt instrument face amount																$ 450,000,000
Coupon rate																1.70%
Debt offering price																99.423%
Unsecured Bonds 2.650%
Debt Instrument [Line Items]
Debt instrument face amount					$ 650,000,000	$ 650,000,000	$ 650,000,000	$ 650,000,000	$ 650,000,000					650,000,000
Unsecured Bonds 2.650% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount		$ 150,000,000
Coupon rate					2.65%	2.65%	2.65%	2.65%	2.65%
Debt offering price		105.66%
Unsecured debt, net					$ 650,600,000	$ 650,600,000	$ 650,600,000	$ 650,600,000	$ 650,600,000					650,700,000
Reoffer yield percentage		2.093%
Unsecured Bonds 2.650% \| Senior Notes \| Essex Portfolio, L.P.
Debt Instrument [Line Items]
Debt instrument face amount																		$ 500,000,000
Coupon rate																		2.65%
Debt offering price																		99.628%
Repayments of secured debt				$ 100,300,000
Unsecured Bonds 1.650%
Debt Instrument [Line Items]
Debt instrument face amount					$ 300,000,000	$ 300,000,000	$ 300,000,000	$ 300,000,000	$ 300,000,000					300,000,000
Unsecured Bonds 1.650% \| Senior Notes
Debt Instrument [Line Items]
Coupon rate					1.65%	1.65%	1.65%	1.65%	1.65%
Debt offering price																	99.035%
Unsecured Bonds 1.650% \| Senior Notes \| Essex Portfolio, L.P.
Debt Instrument [Line Items]
Debt instrument face amount																	$ 300,000,000
Coupon rate																	1.65%
Unsecured debt, net					$ 296,700,000	$ 296,700,000	$ 296,700,000	$ 296,700,000	$ 296,700,000					296,100,000
Unsecured Bonds 2.650%
Debt Instrument [Line Items]
Debt instrument face amount					$ 300,000,000	$ 300,000,000	$ 300,000,000	$ 300,000,000	$ 300,000,000					300,000,000
Unsecured Bonds 2.650% \| Senior Notes
Debt Instrument [Line Items]
Coupon rate					2.65%	2.65%	2.65%	2.65%	2.65%
Debt offering price																	99.691%
Unsecured Bonds 2.650% \| Senior Notes \| Essex Portfolio, L.P.
Debt Instrument [Line Items]
Debt instrument face amount																	$ 300,000,000
Coupon rate																	2.65%
Unsecured debt, net					$ 296,100,000	$ 296,100,000	$ 296,100,000	$ 296,100,000	$ 296,100,000					296,000,000
Unsecured Bonds 3.625% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount																	$ 300,000,000
Coupon rate																	3.625%
Unsecured Bonds 3.000%
Debt Instrument [Line Items]
Debt instrument face amount					$ 550,000,000	$ 550,000,000	$ 550,000,000	$ 550,000,000	$ 550,000,000					550,000,000
Unsecured Bonds 3.000% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount																			$ 150,000,000.0	$ 400,000,000.0
Coupon rate					3.00%	3.00%	3.00%	3.00%	3.00%											3.00%
Debt offering price																			101.685%	98.632%
Unsecured debt, net					$ 546,200,000	$ 546,200,000	$ 546,200,000	$ 546,200,000	$ 546,200,000					545,500,000
Unsecured Bonds 4.000%
Debt Instrument [Line Items]
Debt instrument face amount					$ 500,000,000	$ 500,000,000	$ 500,000,000	$ 500,000,000	$ 500,000,000					500,000,000
Unsecured Bonds 4.000% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount																					$ 150,000,000.0	$ 350,000,000.0
Coupon rate					4.00%	4.00%	4.00%	4.00%	4.00%													4.00%
Debt offering price																					100.717%	99.188%
Unsecured debt, net					$ 497,300,000	$ 497,300,000	$ 497,300,000	$ 497,300,000	$ 497,300,000					496,700,000
Unsecured Bonds 4.500%
Debt Instrument [Line Items]
Debt instrument face amount					$ 300,000,000	$ 300,000,000	$ 300,000,000	$ 300,000,000	$ 300,000,000					300,000,000
Unsecured Bonds 4.500% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount																							$ 300,000,000.0
Coupon rate					4.50%	4.50%	4.50%	4.50%	4.50%														4.50%
Debt offering price																							99.591%
Unsecured debt, net					$ 296,400,000	$ 296,400,000	$ 296,400,000	$ 296,400,000	$ 296,400,000					296,200,000
Unsecured Bonds 3.625%
Debt Instrument [Line Items]
Debt instrument face amount					$ 350,000,000	$ 350,000,000	$ 350,000,000	$ 350,000,000	$ 350,000,000					350,000,000
Unsecured Bonds 3.625% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount																								$ 350,000,000.0
Coupon rate					3.625%	3.625%	3.625%	3.625%	3.625%															3.625%
Debt offering price																								99.423%
Unsecured debt, net					$ 348,800,000	$ 348,800,000	$ 348,800,000	$ 348,800,000	$ 348,800,000					348,300,000
Unsecured Bonds 3.375%, Due April 2026
Debt Instrument [Line Items]
Debt instrument face amount					$ 450,000,000	$ 450,000,000	$ 450,000,000	$ 450,000,000	$ 450,000,000					450,000,000
Unsecured Bonds 3.375%, Due April 2026 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount																									$ 450,000,000.0
Coupon rate					3.375%	3.375%	3.375%	3.375%	3.375%																3.375%
Debt offering price																									99.386%
Unsecured debt, net					$ 449,100,000	$ 449,100,000	$ 449,100,000	$ 449,100,000	$ 449,100,000					448,400,000
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	499,900,000	499,900,000	499,900,000	499,900,000					499,300,000
Unsecured Bonds 3.875%
Debt Instrument [Line Items]
Debt instrument face amount					$ 0	$ 0	$ 0	$ 0	$ 0					400,000,000
Unsecured Bonds 3.875% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount																											$ 400,000,000.0
Coupon rate					3.875%	3.875%	3.875%	3.875%	3.875%																		3.875%
Debt offering price																											99.234%
Unsecured debt, net					$ 0	$ 0	$ 0	$ 0	$ 0					399,800,000
Unsecured Bonds 3.250% \| Senior Notes
Debt Instrument [Line Items]
Coupon rate			3.25%
Debt offering price			99.152%
Proceeds from issuance of unsecured debt			$ 300,000,000.0
Unsecured Line of Credit \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					1,200,000,000	1,200,000,000	1,200,000,000	1,200,000,000	1,200,000,000
Lines of credit					$ 75,000,000.0	$ 75,000,000.0	$ 75,000,000.0	$ 75,000,000.0	$ 75,000,000.0					$ 0

Unsecured Debt - Senior Unsecured Notes (Details) - USD ($)	Dec. 31, 2024	Aug. 31, 2024	Dec. 31, 2023	Jun. 30, 2020	Oct. 31, 2019	Aug. 31, 2019	Mar. 31, 2019	Feb. 28, 2019	Mar. 31, 2018	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2014
Debt Instrument [Line Items]
Debt instrument face amount	$ 5,200,000,000		$ 5,050,000,000
Unsecured Bonds 3.875%
Debt Instrument [Line Items]
Debt instrument face amount	$ 0		400,000,000
Unsecured Bonds 3.875% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount												$ 400,000,000.0
Coupon Rate	3.875%											3.875%
Unsecured Bonds 3.500%
Debt Instrument [Line Items]
Debt instrument face amount	$ 500,000,000		500,000,000
Unsecured Bonds 3.500% \| Senior Notes
Debt Instrument [Line Items]
Coupon Rate	3.50%
Unsecured Bonds 3.375%
Debt Instrument [Line Items]
Debt instrument face amount	$ 450,000,000		450,000,000
Unsecured Bonds 3.375% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount											$ 450,000,000.0
Coupon Rate	3.375%										3.375%
Unsecured Bonds 3.625%
Debt Instrument [Line Items]
Debt instrument face amount	$ 350,000,000		350,000,000
Unsecured Bonds 3.625% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount										$ 350,000,000.0
Coupon Rate	3.625%									3.625%
Unsecured Bonds 1.700%
Debt Instrument [Line Items]
Debt instrument face amount	$ 450,000,000		450,000,000
Unsecured Bonds 1.700% \| Senior Notes
Debt Instrument [Line Items]
Coupon Rate	1.70%
Unsecured Bonds 4.000%
Debt Instrument [Line Items]
Debt instrument face amount	$ 500,000,000		500,000,000
Unsecured Bonds 4.000% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount							$ 150,000,000.0	$ 350,000,000.0
Coupon Rate	4.00%							4.00%
Unsecured Bonds 3.000%
Debt Instrument [Line Items]
Debt instrument face amount	$ 550,000,000		550,000,000
Unsecured Bonds 3.000% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount					$ 150,000,000.0	$ 400,000,000.0
Coupon Rate	3.00%					3.00%
Unsecured Bonds 1.650%
Debt Instrument [Line Items]
Debt instrument face amount	$ 300,000,000		300,000,000
Unsecured Bonds 1.650% \| Senior Notes
Debt Instrument [Line Items]
Coupon Rate	1.65%
Unsecured Bonds 2.550%
Debt Instrument [Line Items]
Debt instrument face amount	$ 300,000,000		300,000,000
Unsecured Bonds 2.550% \| Senior Notes
Debt Instrument [Line Items]
Coupon Rate	2.55%
Unsecured Bonds 2.650%
Debt Instrument [Line Items]
Debt instrument face amount	$ 650,000,000		650,000,000
Unsecured Bonds 2.650% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount				$ 150,000,000
Coupon Rate	2.65%
Unsecured Bonds 5.500%
Debt Instrument [Line Items]
Debt instrument face amount	$ 550,000,000		0
Unsecured Bonds 5.500% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount		$ 200,000,000
Coupon Rate	5.50%
Unsecured Bonds 4.500%
Debt Instrument [Line Items]
Debt instrument face amount	$ 300,000,000		300,000,000
Unsecured Bonds 4.500% \| Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount									$ 300,000,000.0
Coupon Rate	4.50%								4.50%
Unsecured Bonds 2.650%
Debt Instrument [Line Items]
Debt instrument face amount	$ 300,000,000		$ 300,000,000
Unsecured Bonds 2.650% \| Senior Notes
Debt Instrument [Line Items]
Coupon Rate	2.65%

Unsecured Debt - Future Obligations (Details) - Unsecured Debt $ in Thousands	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
2025	$ 500,000
2026	450,000
2027	650,000
2028	450,000
2029	500,000
Thereafter	2,950,000
Total Debt	$ 5,500,000

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

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

+ References + Details

Mortgage Notes Payable - Summary of Mortgage Notes Payable (Details) $ in Thousands	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property
Debt Instrument [Line Items]
Number of properties securing mortgage notes \| property	19	15
Weighted average interest rate	4.20%	4.30%
Minimum
Debt Instrument [Line Items]
Remaining terms (in years)	1 year	1 year
Maximum
Debt Instrument [Line Items]
Remaining terms (in years)	22 years	23 years
Mortgages
Debt Instrument [Line Items]
Total mortgage notes payable	$ 989,884	$ 887,204
Mortgages \| Fixed rate mortgage notes payable
Debt Instrument [Line Items]
Total mortgage notes payable	674,092	665,711
Mortgages \| Variable rate mortgage notes payable
Debt Instrument [Line Items]
Total mortgage notes payable	$ 315,792	$ 221,493

Mortgage Notes Payable - Future Maturities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Oct. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt instrument face amount	$ 5,200,000		$ 5,050,000
Secured debt
Debt Instrument [Line Items]
2025	144,054
2026	194,405
2027	153,955
2028	68,332
2029	1,456
Thereafter	430,481
Total Debt	992,683
Debt instrument, unamortized premium	200		500
Unamortized debt issuance expense	(2,600)		$ (3,100)
Fixed rate mortgage notes payable \| Total Return Swap Callable \| Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative notional amount	$ 220,800
Variable rate mortgage notes payable
Debt Instrument [Line Items]
Multifamily housing mortgage revenue bonds, variable interest rate (in hundredths)	4.20%		4.60%
Percentage of units subject to tenant income criteria	20.00%
Mortgage Notes
Debt Instrument [Line Items]
Debt instrument face amount		$ 95,000

Mortgage Notes Payable - Narrative (Details) $ in Millions	12 Months Ended
Mortgage Notes Payable - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)
Notes Payable [Abstract]
Monthly interest expense	$ 3.5
Monthly principal amortization	$ 0.3
Prepayment penalty, percent of principal prepaid	1.00%

Derivative Instruments and Hedging Activities (Details)	1 Months Ended			12 Months Ended
Derivative Instruments and Hedging Activities (Details)	Oct. 31, 2024 USD ($) swap extension_option	Apr. 30, 2023 USD ($)	Sep. 30, 2022 USD ($) extension_option swap	Dec. 31, 2024 USD ($) extension_option instrument	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Number of interest rate swaps \| swap			1
Weighted average interest rate				4.20%	4.30%
Debt instrument face amount				$ 5,200,000,000	$ 5,050,000,000
Total return swap income				3,099,000	3,148,000	$ 7,907,000
Not Designated as Hedging Instrument
Derivative [Line Items]
Total return swap income				3,100,000	3,100,000	$ 7,900,000
Interest Rate Swap
Derivative [Line Items]
Total Debt	$ 95,000,000
Number of interest rate swaps \| swap	1
Derivative hedged item	$ 47,500,000
Fixed interest rate	2.83%
Number of extension options \| extension_option	1
Extension period	12 months
Interest Rate Swap \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative fair value				$ 5,500,000	4,300,000
Total Return Swap Callable \| Not Designated as Hedging Instrument
Derivative [Line Items]
Number of derivative instruments held \| instrument				4
Total Return Swap \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative fair value				$ 0	0
Fixed rate mortgage notes payable \| Total Return Swap Callable \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative notional amount				220,800,000
Unsecured Debt
Derivative [Line Items]
Debt instrument face amount				$ 300,000,000	300,000,000
Proceeds from issuance of unsecured debt		$ 300,000,000
Line of Credit
Derivative [Line Items]
Number of extension options \| extension_option				2
Extension period				6 months
Debt instrument face amount				$ 1,280,000,000	1,280,000,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) [Member]		Secured Overnight Financing Rate (SOFR) [Member]
Basis spread on rate				0.765%
Term Loan
Derivative [Line Items]
Number of extension options \| extension_option			2
Extension period			12 months
Variable Rate Mortgage Notes Payable
Derivative [Line Items]
Bond subject to interest rate caps				$ 220,800,000
Mortgages
Derivative [Line Items]
Total Debt				989,884,000	887,204,000
Mortgages \| Fixed rate mortgage notes payable
Derivative [Line Items]
Total Debt				674,092,000	665,711,000
Mortgages \| Variable Rate Mortgage Notes Payable
Derivative [Line Items]
Total Debt				$ 315,792,000	$ 221,493,000
Unsecured Bonds 0.850%
Derivative [Line Items]
Debt instrument face amount			$ 300,000,000
Basis spread on rate		0.85%
Coupon rate			4.20%

Lease Agreements - Company as Lessor (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) building
Lessor, Lease, Description [Line Items]
Number of commercial buildings under lease agreements \| building	2
Future Minimum Rent
2025	$ 853,544
2026	26,058
2027	16,788
2028	14,623
2029	11,766
Thereafter	15,826
Operating leases	$ 938,605
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 Lessee - Narrative and Components of Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) lease	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Office leases, number of contracts \| lease	4
Ground lease, number of leases \| lease	7
Office lease, renewal term	5 years
Operating lease right-of-use assets	$ 51,556	$ 63,757
Total leased assets	51,556	63,757
Operating lease liabilities	52,473	65,091
Total lease liabilities	52,473	65,091
Lease, Cost [Abstract]
Operating lease cost	6,480	6,789	$ 6,697
Variable lease cost	1,980	1,961	1,750
Short-term lease cost	183	186	204
Sublease income	(560)	(500)	(418)
Total lease cost	$ 8,083	$ 8,436	$ 8,233
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 - Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 6,408
2026	4,556
2027	2,942
2028	2,623
2029	2,609
Thereafter	105,932
Total lease payments	125,070
Less: Imputed interest	(72,597)
Present value of lease liabilities	$ 52,473	$ 65,091

Lease Agreements - Company as Lessee - Additional Information (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating leases, weighted-average of remaining lease terms (years)	41 years	40 years
Operating leases, weighted-average of discount rates	5.04%	5.03%

Equity Transactions (Details) $ in Thousands	1 Months Ended		12 Months Ended
Equity Transactions (Details) $ in Thousands	Sep. 30, 2024 USD ($) unit	Aug. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares
Class of Stock [Line Items]
Redemption value of operating partnership units outstanding			$ 665,400	$ 560,000
Units of limited partnership interest amount (in shares) \| shares			914,505	936,343
Century Towers
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			96.50%	96.60%
Operating Partnership Units
Class of Stock [Line Items]
Units of limited partnership interest amount (in shares) \| shares			2,263,756	2,161,175
Long Term Incentive Plan 2014 Units
Class of Stock [Line Items]
Units of limited partnership interest amount (in shares) \| shares			67,495	97,637
2024 ATM Program
Class of Stock [Line Items]
Common stock, aggregate gross sales price		$ 900,000
Remaining authorized repurchase amount			$ 900,000

Net Income Per Common Share and Net Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Basic:
Net income available to common stockholders	$ 741,522	$ 405,825	$ 408,315
Weighted average common shares/units (in shares)	64,228,356	64,252,232	65,079,764
Per common share/unit amount (in dollars per share)	$ 11.55	$ 6.32	$ 6.27
Diluted:
Net income available to common stockholders/unitholders	$ 741,522	$ 405,825	$ 408,315
Weighted average number of shares outstanding during the year (in shares)	64,251,234	64,253,385	65,098,186
Per common share/unit amount (in dollars per share)	$ 11.54	$ 6.32	$ 6.27
Essex Portfolio, L.P.
Basic:
Net income available to common stockholders	$ 767,936	$ 420,109	$ 422,612
Weighted average common shares/units (in shares)	66,511,030	66,513,303	67,356,105
Per common share/unit amount (in dollars per share)	$ 11.55	$ 6.32	$ 6.27
Diluted:
Net income available to common stockholders/unitholders	$ 767,936	$ 420,109	$ 422,612
Weighted average number of shares outstanding during the year (in shares)	66,533,908	66,514,456	67,374,527
Per common share/unit amount (in dollars per share)	$ 11.54	$ 6.32	$ 6.27
Stock options
Basic:
Income effect of dilutive securities	$ 0	$ 0	$ 0
Effect of dilutive securities (in shares)	22,878	1,153	18,422
Diluted:
Anti-dilutive securities (in shares)	265,378	508,276	253,845
Stock options \| Essex Portfolio, L.P.
Basic:
Income effect of dilutive securities	$ 0	$ 0	$ 0
Effect of dilutive securities (in shares)	22,878	1,153	18,422
Diluted:
Anti-dilutive securities (in shares)	265,378	508,276	253,845
Convertible Limited Partnership Units
Diluted:
Anti-dilutive securities (in shares)	2,282,675	2,261,071	2,276,341
Income allocated to convertible OP Units	$ 26,400	$ 14,300	$ 14,300

Equity Based Compensation Plans - Narrative (Details) - USD ($)	1 Months Ended		12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	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	$ 3,500,000
Intrinsic value of the options outstanding and fully vested			$ 9,500,000	$ 4,500,000
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	$ 23.39
Grants in period (in shares)			0	49,908	111,757
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			$ 7,700,000	$ 12,100,000	$ 11,400,000
Stock-based compensation capitalized			500,000	600,000	700,000
Intrinsic value of options exercised			4,500,000	0	7,600,000
Unrecognized compensation cost			$ 400,000
Unrecognized compensation cost, period for recognition			10 months 24 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost			$ 10,200,000
Unrecognized compensation cost, period for recognition			1 year 10 months 24 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			$ 19,300,000

Equity Based Compensation Plans - Weighted Average Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Weighted average assumptions used to estimate fair value of stock options [Abstract]
Stock price (in dollars per share)	$ 216.31	$ 245.17
Risk-free interest rates	4.06%	3.50%
Expected lives	6 years	6 years
Volatility	36.00%	27.98%
Dividend yield	3.30%	3.06%

Equity Based Compensation Plans - Summary of Options Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Options
Outstanding at beginning of year (in shares)	530,812	487,446	463,863
Granted (in shares)	0	49,908	111,757
Exercised (in shares)	(56,304)	0	(76,246)
Forfeited and canceled (in shares)	(3,125)	(6,542)	(11,928)
Outstanding at end of year (in shares)	471,383	530,812	487,446
Exercisable at year end (in shares)	453,240	417,739	293,377
Weighted- average exercise price
Outstanding at beginning of year (in dollars per share)	$ 273.51	$ 279.46	$ 284.82
Granted (in dollars per share)	0	216.31	245.17
Exercised (in dollars per share)	218.68	0	245.43
Forfeited and canceled (in dollars per share)	266.21	280.21	281.19
Outstanding at end of year (in dollars per share)	280.11	273.51	279.46
Exercisable at year end (in dollars per share)	$ 282.73	$ 282.30	$ 285.76

Equity Based Compensation Plans - Restricted Stock Activity and LITP Units (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock
Shares
Unvested at beginning of year (in shares)	101,929	101,701	182,915	159,401
Granted (in shares)	52,300	2,315	72,838
Vested (in shares)	(24,002)	(37,075)	(44,945)
Forfeited and canceled (in shares)	(28,070)	(46,454)	(4,379)
Unvested at end of year (in shares)	101,929	101,701	182,915	159,401
Weighted- average grant date fair value
Unvested at beginning of year (in dollars per share)	$ 197.22	$ 222.90	$ 251.03
Granted (in dollars per share)	212.02	220.40	215.73
Vested (in dollars per share)	187.32	247.07	306.25
Forfeited and canceled (in dollars per share)	182.25	259.71	272.12
Unvested at end of year (in dollars per share)	211.27	197.22	222.90
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)	86.16	84.47
Unvested at end of year (in dollars per share)	$ 85.80	$ 86.16	$ 84.47
Total Vested and Outstanding Units
Total outstanding units, beginning balance (in shares)	97,637	106,137
Total outstanding units, converted (in shares)	(30,142)	(8,500)
Total outstanding units, ending balance (in shares)	67,495	97,637	106,137

Segment Reporting - Narrative (Details)	12 Months Ended
Segment Reporting - Narrative (Details)	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments	3

Segment Reporting - Reportable Operating Segments of Revenue and NOI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Rental and other property	$ 1,764,185	$ 1,658,264	$ 1,595,675
Property operating expenses, including real estate taxes	519,526	485,479	467,269
Total net operating income	1,244,659	1,172,785	1,128,406
Management and other fees from affiliates	10,265	11,131	11,139
Corporate-level property management expenses	(48,218)	(45,872)	(40,704)
Depreciation and amortization	(580,220)	(548,438)	(539,319)
General and administrative	(98,902)	(63,474)	(56,577)
Expensed acquisition and investment related costs	(72)	(595)	(2,132)
Casualty loss	0	(433)	0
Gain on sale of real estate and land	175,583	59,238	94,416
Interest expense	(235,529)	(212,905)	(204,798)
Total return swap income	3,099	3,148	7,907
Interest and other income (loss)	80,951	46,259	(19,040)
Equity income from co-investments	48,206	10,561	26,030
Tax benefit (expense) on unconsolidated co-investments	929	(697)	10,236
Loss on early retirement of debt, net	0	0	(2)
Gain on remeasurement of co-investments	210,555	0	17,423
Net income	811,306	430,708	432,985
Operating segments \| Southern California
Revenues from External Customers and Long-Lived Assets [Line Items]
Rental and other property	744,004	682,116	646,252
Property operating expenses, including real estate taxes	216,355	199,103	186,490
Total net operating income	527,649	483,013	459,762
Operating segments \| Northern California
Revenues from External Customers and Long-Lived Assets [Line Items]
Rental and other property	677,393	642,658	615,677
Property operating expenses, including real estate taxes	207,484	193,161	185,403
Total net operating income	469,909	449,497	430,274
Operating segments \| Seattle Metro
Revenues from External Customers and Long-Lived Assets [Line Items]
Rental and other property	295,002	282,092	271,248
Property operating expenses, including real estate taxes	87,144	80,864	80,018
Total net operating income	207,858	201,228	191,230
Other real estate assets
Revenues from External Customers and Long-Lived Assets [Line Items]
Rental and other property	47,786	51,398	62,498
Property operating expenses, including real estate taxes	8,543	12,351	15,358
Total net operating income	$ 39,243	$ 39,047	$ 47,140

Segment Information - Total Assets from Reportable Operating Segments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net reportable operating segments - real estate assets	$ 11,438,900	$ 10,470,292
Real estate under development	52,682	23,724
Co-investments	935,014	1,061,733
Cash and cash equivalents, including restricted cash	75,846	400,334	$ 42,681	$ 58,638
Marketable securities	69,794	87,795
Notes and other receivables	206,706	174,621
Operating lease right-of-use assets	51,556	63,757
Prepaid expenses and other assets	96,861	79,171
Total assets	12,927,359	12,361,427
Operating segments \| Southern California
Revenues from External Customers and Long-Lived Assets [Line Items]
Net reportable operating segments - real estate assets	4,290,547	3,763,745
Operating segments \| Northern California
Revenues from External Customers and Long-Lived Assets [Line Items]
Net reportable operating segments - real estate assets	5,501,160	5,124,987
Operating segments \| Seattle Metro
Revenues from External Customers and Long-Lived Assets [Line Items]
Net reportable operating segments - real estate assets	1,460,865	1,316,421
Other real estate assets
Revenues from External Customers and Long-Lived Assets [Line Items]
Net reportable operating segments - real estate assets	$ 186,328	$ 265,139

401(k) Plan (Details) - USD ($) $ in Millions	12 Months Ended
401(k) Plan (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Employer matching contribution, percent	50.00%
Company contributions to benefit plan	$ 3.8	$ 3.8	$ 3.3

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2024 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	$ 98.9

Subsequent Events (Details) $ in Thousands	1 Months Ended		3 Months Ended
Subsequent Events (Details) $ in Thousands	Jan. 31, 2025 USD ($) apartment	May 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Feb. 21, 2025 USD ($)	Dec. 31, 2023 USD ($)
Subsequent Event [Line Items]
Debt instrument face amount			$ 5,200,000		$ 5,050,000
Senior Notes
Subsequent Event [Line Items]
Debt instrument, repaid, principal		$ 400,000
Subsequent Event \| Unsecured Bonds 5.375%, Due April 2035 \| Senior Notes
Subsequent Event [Line Items]
Debt instrument face amount				$ 400,000
Debt instrument, debt offering price, percentage of principal amount				99.60%
Debt instrument, interest payable percentage				0.05375
Plaza Apartment Home Community Located In Foster City \| Subsequent Event
Subsequent Event [Line Items]
Number of units acquired \| apartment	307
Purchase price	$ 161,400
Stabilized Apartment Home Community Located In Oakland
Subsequent Event [Line Items]
Debt instrument, repaid, principal			$ 72,000

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) apartment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 978,883
Initial cost
Land	3,191,863
Buildings and improvements	11,470,214
Costs capitalized subsequent to acquisition	2,927,441
Gross amount carried at close of period
Land and improvements	3,246,789
Buildings and improvements	14,342,729
Total	17,589,518
Accumulated depreciation	(6,150,618)	$ (5,664,931)	$ (5,152,133)
Aggregate cost for federal income tax purpose	13,600,000
Rental properties:
Acquisition, development, and improvement of real estate	1,614,570	235,423	427,668
Disposition of real estate and other	(160,275)	(66,427)	(91,368)
Balance at the end of year	17,589,518
Accumulated depreciation:
Balance at beginning of year	5,664,931	5,152,133	4,646,854
Depreciation expense	571,813	545,702	536,202
Accumulated depreciation - Disposals and other	(86,126)	(32,904)	(30,923)
Balance at the end of year	$ 6,150,618	5,664,931	5,152,133
Encumbered Apartment Communities
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	4,741
Encumbrance	$ 978,883
Initial cost
Land	333,872
Buildings and improvements	1,278,355
Costs capitalized subsequent to acquisition	206,589
Gross amount carried at close of period
Land and improvements	337,193
Buildings and improvements	1,481,623
Total	1,818,816
Accumulated depreciation	(522,147)
Rental properties:
Balance at the end of year	1,818,816
Accumulated depreciation:
Balance at the end of year	$ 522,147
Encumbered Apartment Communities \| Belmont Station
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	275
Encumbrance	$ 29,312
Initial cost
Land	8,100
Buildings and improvements	66,666
Costs capitalized subsequent to acquisition	11,218
Gross amount carried at close of period
Land and improvements	8,267
Buildings and improvements	77,717
Total	85,984
Accumulated depreciation	$ (45,182)
Date of construction	2009
Date acquired	Mar-09
Rental properties:
Balance at the end of year	$ 85,984
Accumulated depreciation:
Balance at the end of year	$ 45,182
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 \| Bridgeport
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	184
Encumbrance	$ 29,600
Initial cost
Land	11,825
Buildings and improvements	52,268
Costs capitalized subsequent to acquisition	95
Gross amount carried at close of period
Land and improvements	11,825
Buildings and improvements	52,363
Total	64,188
Accumulated depreciation	$ (382)
Date of construction	1987
Date acquired	Oct-24
Rental properties:
Balance at the end of year	$ 64,188
Accumulated depreciation:
Balance at the end of year	$ 382
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 \| Brio
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	300
Encumbrance	$ 87,983
Initial cost
Land	16,885
Buildings and improvements	151,741
Costs capitalized subsequent to acquisition	5,350
Gross amount carried at close of period
Land and improvements	16,885
Buildings and improvements	157,091
Total	173,976
Accumulated depreciation	$ (32,715)
Date of construction	2015
Date acquired	Jun-19
Rental properties:
Balance at the end of year	$ 173,976
Accumulated depreciation:
Balance at the end of year	$ 32,715
Encumbered Apartment Communities \| Brio \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Brio \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Fountain Park
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	705
Encumbrance	$ 82,956
Initial cost
Land	25,073
Buildings and improvements	94,980
Costs capitalized subsequent to acquisition	49,004
Gross amount carried at close of period
Land and improvements	25,203
Buildings and improvements	143,854
Total	169,057
Accumulated depreciation	$ (103,524)
Date of construction	2002
Date acquired	Feb-04
Rental properties:
Balance at the end of year	$ 169,057
Accumulated depreciation:
Balance at the end of year	$ 103,524
Encumbered Apartment Communities \| Fountain Park \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Fountain Park \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Highridge
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	255
Encumbrance	$ 69,487
Initial cost
Land	5,419
Buildings and improvements	18,347
Costs capitalized subsequent to acquisition	40,501
Gross amount carried at close of period
Land and improvements	6,073
Buildings and improvements	58,194
Total	64,267
Accumulated depreciation	$ (49,226)
Date of construction	1972
Date acquired	May-97
Rental properties:
Balance at the end of year	$ 64,267
Accumulated depreciation:
Balance at the end of year	$ 49,226
Encumbered Apartment Communities \| Highridge \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Highridge \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Hillsborough Park
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	235
Encumbrance	$ 41,300
Initial cost
Land	13,381
Buildings and improvements	85,332
Costs capitalized subsequent to acquisition	123
Gross amount carried at close of period
Land and improvements	13,381
Buildings and improvements	85,455
Total	98,836
Accumulated depreciation	$ (616)
Date of construction	1999
Date acquired	Oct-24
Rental properties:
Balance at the end of year	$ 98,836
Accumulated depreciation:
Balance at the end of year	$ 616
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 \| Lawrence Station
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	336
Encumbrance	$ 76,886
Initial cost
Land	45,532
Buildings and improvements	106,735
Costs capitalized subsequent to acquisition	8,038
Gross amount carried at close of period
Land and improvements	45,532
Buildings and improvements	114,773
Total	160,305
Accumulated depreciation	$ (46,829)
Date of construction	2012
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 160,305
Accumulated depreciation:
Balance at the end of year	$ 46,829
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	$ 52,433
Initial cost
Land	8,190
Buildings and improvements	24,736
Costs capitalized subsequent to acquisition	19,883
Gross amount carried at close of period
Land and improvements	8,191
Buildings and improvements	44,618
Total	52,809
Accumulated depreciation	$ (32,664)
Date of construction	1963
Date acquired	Sep-07
Rental properties:
Balance at the end of year	$ 52,809
Accumulated depreciation:
Balance at the end of year	$ 32,664
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	$ 45,297
Initial cost
Land	20,495
Buildings and improvements	47,823
Costs capitalized subsequent to acquisition	3,049
Gross amount carried at close of period
Land and improvements	20,495
Buildings and improvements	50,872
Total	71,367
Accumulated depreciation	$ (10,558)
Date of construction	2015
Date acquired	Dec-18
Rental properties:
Balance at the end of year	$ 71,367
Accumulated depreciation:
Balance at the end of year	$ 10,558
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	$ 59,200
Initial cost
Land	32,230
Buildings and improvements	77,320
Costs capitalized subsequent to acquisition	5,375
Gross amount carried at close of period
Land and improvements	32,230
Buildings and improvements	82,695
Total	114,925
Accumulated depreciation	$ (30,090)
Date of construction	2013
Date acquired	Jul-14
Rental properties:
Balance at the end of year	$ 114,925
Accumulated depreciation:
Balance at the end of year	$ 30,090
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	$ 51,886
Initial cost
Land	35,719
Buildings and improvements	53,449
Costs capitalized subsequent to acquisition	15,668
Gross amount carried at close of period
Land and improvements	35,719
Buildings and improvements	69,117
Total	104,836
Accumulated depreciation	$ (23,624)
Date of construction	1971
Date acquired	Mar-17
Rental properties:
Balance at the end of year	$ 104,836
Accumulated depreciation:
Balance at the end of year	$ 23,624
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	$ 14,941
Initial cost
Land	0
Buildings and improvements	8,520
Costs capitalized subsequent to acquisition	9,639
Gross amount carried at close of period
Land and improvements	2,353
Buildings and improvements	15,806
Total	18,159
Accumulated depreciation	$ (13,716)
Date of construction	1984
Date acquired	Apr-00
Rental properties:
Balance at the end of year	$ 18,159
Accumulated depreciation:
Balance at the end of year	$ 13,716
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 Carlyle
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	132
Encumbrance	$ 24,100
Initial cost
Land	6,344
Buildings and improvements	48,086
Costs capitalized subsequent to acquisition	202
Gross amount carried at close of period
Land and improvements	6,344
Buildings and improvements	48,288
Total	54,632
Accumulated depreciation	$ (351)
Date of construction	2000
Date acquired	Oct-24
Rental properties:
Balance at the end of year	$ 54,632
Accumulated depreciation:
Balance at the end of year	$ 351
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 \| The Commons
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	264
Encumbrance	$ 57,734
Initial cost
Land	12,555
Buildings and improvements	29,307
Costs capitalized subsequent to acquisition	13,505
Gross amount carried at close of period
Land and improvements	12,556
Buildings and improvements	42,811
Total	55,367
Accumulated depreciation	$ (24,527)
Date of construction	1973
Date acquired	Jul-10
Rental properties:
Balance at the end of year	$ 55,367
Accumulated depreciation:
Balance at the end of year	$ 24,527
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	$ 56,815
Initial cost
Land	19,984
Buildings and improvements	82,286
Costs capitalized subsequent to acquisition	5,478
Gross amount carried at close of period
Land and improvements	19,990
Buildings and improvements	87,758
Total	107,748
Accumulated depreciation	$ (30,333)
Date of construction	2015
Date acquired	Mar-15
Rental properties:
Balance at the end of year	$ 107,748
Accumulated depreciation:
Balance at the end of year	$ 30,333
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	$ 102,890
Initial cost
Land	32,966
Buildings and improvements	184,499
Costs capitalized subsequent to acquisition	9,159
Gross amount carried at close of period
Land and improvements	32,966
Buildings and improvements	193,658
Total	226,624
Accumulated depreciation	$ (35,244)
Date of construction	2016
Date acquired	Jan-20
Rental properties:
Balance at the end of year	$ 226,624
Accumulated depreciation:
Balance at the end of year	$ 35,244
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	$ 51,710
Initial cost
Land	19,362
Buildings and improvements	75,641
Costs capitalized subsequent to acquisition	7,448
Gross amount carried at close of period
Land and improvements	19,371
Buildings and improvements	83,080
Total	102,451
Accumulated depreciation	$ (28,514)
Date of construction	2014
Date acquired	Mar-15
Rental properties:
Balance at the end of year	$ 102,451
Accumulated depreciation:
Balance at the end of year	$ 28,514
Encumbered Apartment Communities \| The Huxley \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| The Huxley \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Township
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	132
Encumbrance	$ 44,353
Initial cost
Land	19,812
Buildings and improvements	70,619
Costs capitalized subsequent to acquisition	2,854
Gross amount carried at close of period
Land and improvements	19,812
Buildings and improvements	73,473
Total	93,285
Accumulated depreciation	$ (14,052)
Date of construction	2014
Date acquired	Sep-19
Rental properties:
Balance at the end of year	$ 93,285
Accumulated depreciation:
Balance at the end of year	$ 14,052
Encumbered Apartment Communities \| Township \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Township \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Brookside Oaks \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Brookside Oaks \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| City View \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| City View \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Domaine \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Domaine \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Fairhaven \| 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 \| 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 \| Valley Park \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Valley Park \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Encumbered Apartment Communities \| Villa Angelina \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Encumbered Apartment Communities \| Villa Angelina \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	49,722
Initial cost
Land	$ 2,777,285
Buildings and improvements	10,175,272
Costs capitalized subsequent to acquisition	2,704,152
Gross amount carried at close of period
Land and improvements	2,827,529
Buildings and improvements	12,829,180
Total	15,656,709
Accumulated depreciation	(5,605,177)
Rental properties:
Balance at the end of year	15,656,709
Accumulated depreciation:
Balance at the end of year	$ 5,605,177
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	2,551
Gross amount carried at close of period
Land and improvements	4,934
Buildings and improvements	62,972
Total	67,906
Accumulated depreciation	$ (10,873)
Date of construction	2016
Date acquired	Jan-20
Rental properties:
Balance at the end of year	$ 67,906
Accumulated depreciation:
Balance at the end of year	$ 10,873
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	26,920
Gross amount carried at close of period
Land and improvements	32,136
Buildings and improvements	155,463
Total	187,599
Accumulated depreciation	$ (64,587)
Date of construction	2001
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 187,599
Accumulated depreciation:
Balance at the end of year	$ 64,587
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	4,220
Gross amount carried at close of period
Land and improvements	5,869
Buildings and improvements	28,197
Total	34,066
Accumulated depreciation	$ (15,358)
Date of construction	2010
Date acquired	Oct-10
Rental properties:
Balance at the end of year	$ 34,066
Accumulated depreciation:
Balance at the end of year	$ 15,358
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	6,172
Gross amount carried at close of period
Land and improvements	11,923
Buildings and improvements	53,862
Total	65,785
Accumulated depreciation	$ (20,375)
Date of construction	2002
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 65,785
Accumulated depreciation:
Balance at the end of year	$ 20,375
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	15,720
Gross amount carried at close of period
Land and improvements	4,982
Buildings and improvements	35,433
Total	40,415
Accumulated depreciation	$ (24,897)
Date of construction	1971
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 40,415
Accumulated depreciation:
Balance at the end of year	$ 24,897
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	1,269
Gross amount carried at close of period
Land and improvements	4,726
Buildings and improvements	15,499
Total	20,225
Accumulated depreciation	$ (6,537)
Date of construction	2009
Date acquired	Jan-13
Rental properties:
Balance at the end of year	$ 20,225
Accumulated depreciation:
Balance at the end of year	$ 6,537
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	13,675
Gross amount carried at close of period
Land and improvements	44,240
Buildings and improvements	116,926
Total	161,166
Accumulated depreciation	$ (41,819)
Date of construction	2014
Date acquired	Aug-14
Rental properties:
Balance at the end of year	$ 161,166
Accumulated depreciation:
Balance at the end of year	$ 41,819
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	28,902
Gross amount carried at close of period
Land and improvements	58,442
Buildings and improvements	204,228
Total	262,670
Accumulated depreciation	$ (83,065)
Date of construction	2001
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 262,670
Accumulated depreciation:
Balance at the end of year	$ 83,065
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 \| ARLO Mountain View
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	501
Gross amount carried at close of period
Land and improvements	19,918
Buildings and improvements	80,878
Total	100,796
Accumulated depreciation	$ (1,770)
Date of construction	2018
Date acquired	May-24
Rental properties:
Balance at the end of year	$ 100,796
Accumulated depreciation:
Balance at the end of year	$ 1,770
Unencumbered Apartment Communities \| ARLO Mountain View \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| ARLO Mountain View \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Ascent
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	90
Initial cost
Land	$ 3,924
Buildings and improvements	11,862
Costs capitalized subsequent to acquisition	3,847
Gross amount carried at close of period
Land and improvements	3,924
Buildings and improvements	15,709
Total	19,633
Accumulated depreciation	$ (7,589)
Date of construction	1988
Date acquired	Oct-12
Rental properties:
Balance at the end of year	$ 19,633
Accumulated depreciation:
Balance at the end of year	$ 7,589
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	4,297
Gross amount carried at close of period
Land and improvements	23,550
Buildings and improvements	98,108
Total	121,658
Accumulated depreciation	$ (27,769)
Date of construction	2014
Date acquired	Dec-16
Rental properties:
Balance at the end of year	$ 121,658
Accumulated depreciation:
Balance at the end of year	$ 27,769
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	11,972
Gross amount carried at close of period
Land and improvements	32,379
Buildings and improvements	149,912
Total	182,291
Accumulated depreciation	$ (48,437)
Date of construction	2014
Date acquired	Jun-15
Rental properties:
Balance at the end of year	$ 182,291
Accumulated depreciation:
Balance at the end of year	$ 48,437
Unencumbered Apartment Communities \| Avant \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Avant \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Avenue 64
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	224
Initial cost
Land	$ 27,235
Buildings and improvements	64,403
Costs capitalized subsequent to acquisition	18,868
Gross amount carried at close of period
Land and improvements	27,235
Buildings and improvements	83,271
Total	110,506
Accumulated depreciation	$ (31,582)
Date of construction	2007
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 110,506
Accumulated depreciation:
Balance at the end of year	$ 31,582
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	3,355
Gross amount carried at close of period
Land and improvements	0
Buildings and improvements	53,168
Total	53,168
Accumulated depreciation	$ (21,301)
Date of construction	2013
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 53,168
Accumulated depreciation:
Balance at the end of year	$ 21,301
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	35,351
Gross amount carried at close of period
Land and improvements	10,601
Buildings and improvements	59,808
Total	70,409
Accumulated depreciation	$ (46,904)
Date of construction	1970
Date acquired	Jan-99
Rental properties:
Balance at the end of year	$ 70,409
Accumulated depreciation:
Balance at the end of year	$ 46,904
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	183
Gross amount carried at close of period
Land and improvements	22,101
Buildings and improvements	113,920
Total	136,021
Accumulated depreciation	$ (166)
Date of construction	2009
Date acquired	Nov-24
Rental properties:
Balance at the end of year	$ 136,021
Accumulated depreciation:
Balance at the end of year	$ 166
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	52,007
Gross amount carried at close of period
Land and improvements	12,682
Buildings and improvements	69,682
Total	82,364
Accumulated depreciation	$ (56,969)
Date of construction	1988
Date acquired	Jan-95
Rental properties:
Balance at the end of year	$ 82,364
Accumulated depreciation:
Balance at the end of year	$ 56,969
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	8,630
Gross amount carried at close of period
Land and improvements	21,725
Buildings and improvements	100,721
Total	122,446
Accumulated depreciation	$ (37,991)
Date of construction	2009
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 122,446
Accumulated depreciation:
Balance at the end of year	$ 37,991
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	11,052
Gross amount carried at close of period
Land and improvements	17,247
Buildings and improvements	51,395
Total	68,642
Accumulated depreciation	$ (24,776)
Date of construction	2004
Date acquired	Sep-10
Rental properties:
Balance at the end of year	$ 68,642
Accumulated depreciation:
Balance at the end of year	$ 24,776
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	8,243
Gross amount carried at close of period
Land and improvements	16,197
Buildings and improvements	75,450
Total	91,647
Accumulated depreciation	$ (30,744)
Date of construction	2001
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 91,647
Accumulated depreciation:
Balance at the end of year	$ 30,744
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	2,074
Gross amount carried at close of period
Land and improvements	5,401
Buildings and improvements	23,877
Total	29,278
Accumulated depreciation	$ (11,807)
Date of construction	2011
Date acquired	Aug-11
Rental properties:
Balance at the end of year	$ 29,278
Accumulated depreciation:
Balance at the end of year	$ 11,807
Unencumbered Apartment Communities \| Bellerive \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Bellerive \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Belmont Terrace
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	71
Initial cost
Land	$ 4,446
Buildings and improvements	10,290
Costs capitalized subsequent to acquisition	8,946
Gross amount carried at close of period
Land and improvements	4,473
Buildings and improvements	19,209
Total	23,682
Accumulated depreciation	$ (13,701)
Date of construction	1974
Date acquired	Oct-06
Rental properties:
Balance at the end of year	$ 23,682
Accumulated depreciation:
Balance at the end of year	$ 13,701
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	36,147
Gross amount carried at close of period
Land and improvements	28,371
Buildings and improvements	80,347
Total	108,718
Accumulated depreciation	$ (36,936)
Date of construction	2004
Date acquired	Dec-12
Rental properties:
Balance at the end of year	$ 108,718
Accumulated depreciation:
Balance at the end of year	$ 36,936
Unencumbered Apartment Communities \| Bennett Lofts \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Bennett Lofts \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Bernardo Crest
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	216
Initial cost
Land	$ 10,802
Buildings and improvements	43,209
Costs capitalized subsequent to acquisition	10,642
Gross amount carried at close of period
Land and improvements	10,802
Buildings and improvements	53,851
Total	64,653
Accumulated depreciation	$ (21,713)
Date of construction	1988
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 64,653
Accumulated depreciation:
Balance at the end of year	$ 21,713
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	8,239
Gross amount carried at close of period
Land and improvements	2,503
Buildings and improvements	18,145
Total	20,648
Accumulated depreciation	$ (13,147)
Date of construction	1983
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 20,648
Accumulated depreciation:
Balance at the end of year	$ 13,147
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	1,211
Gross amount carried at close of period
Land and improvements	7,440
Buildings and improvements	49,532
Total	56,972
Accumulated depreciation	$ (1,420)
Date of construction	1988
Date acquired	Mar-24
Rental properties:
Balance at the end of year	$ 56,972
Accumulated depreciation:
Balance at the end of year	$ 1,420
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	17,696
Gross amount carried at close of period
Land and improvements	3,580
Buildings and improvements	25,818
Total	29,398
Accumulated depreciation	$ (22,499)
Date of construction	1978
Date acquired	Jan-96
Rental properties:
Balance at the end of year	$ 29,398
Accumulated depreciation:
Balance at the end of year	$ 22,499
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	30,143
Gross amount carried at close of period
Land and improvements	10,328
Buildings and improvements	43,426
Total	53,754
Accumulated depreciation	$ (33,191)
Date of construction	1973
Date acquired	Jun-00
Rental properties:
Balance at the end of year	$ 53,754
Accumulated depreciation:
Balance at the end of year	$ 33,191
Unencumbered Apartment Communities \| Bridle Trails
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	108
Initial cost
Land	$ 1,500
Buildings and improvements	5,930
Costs capitalized subsequent to acquisition	7,905
Gross amount carried at close of period
Land and improvements	1,531
Buildings and improvements	13,804
Total	15,335
Accumulated depreciation	$ (11,449)
Date of construction	1986
Date acquired	Oct-97
Rental properties:
Balance at the end of year	$ 15,335
Accumulated depreciation:
Balance at the end of year	$ 11,449
Unencumbered Apartment Communities \| Bridle Trails \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Bridle Trails \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Brighton Ridge
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	264
Initial cost
Land	$ 2,623
Buildings and improvements	10,800
Costs capitalized subsequent to acquisition	11,607
Gross amount carried at close of period
Land and improvements	2,656
Buildings and improvements	22,374
Total	25,030
Accumulated depreciation	$ (17,721)
Date of construction	1986
Date acquired	Dec-96
Rental properties:
Balance at the end of year	$ 25,030
Accumulated depreciation:
Balance at the end of year	$ 17,721
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	13,005
Gross amount carried at close of period
Land and improvements	5,293
Buildings and improvements	24,843
Total	30,136
Accumulated depreciation	$ (21,457)
Date of construction	1989
Date acquired	Jan-95
Rental properties:
Balance at the end of year	$ 30,136
Accumulated depreciation:
Balance at the end of year	$ 21,457
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	12,642
Gross amount carried at close of period
Land and improvements	11,075
Buildings and improvements	37,774
Total	48,849
Accumulated depreciation	$ (33,205)
Date of construction	1985
Date acquired	Jul-96
Rental properties:
Balance at the end of year	$ 48,849
Accumulated depreciation:
Balance at the end of year	$ 33,205
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	8,823
Gross amount carried at close of period
Land and improvements	18,185
Buildings and improvements	81,562
Total	99,747
Accumulated depreciation	$ (31,764)
Date of construction	1998
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 99,747
Accumulated depreciation:
Balance at the end of year	$ 31,764
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	4,154
Gross amount carried at close of period
Land and improvements	6,931
Buildings and improvements	30,213
Total	37,144
Accumulated depreciation	$ (18,391)
Date of construction	1990
Date acquired	Dec-06
Rental properties:
Balance at the end of year	$ 37,144
Accumulated depreciation:
Balance at the end of year	$ 18,391
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	1,728
Gross amount carried at close of period
Land and improvements	10,489
Buildings and improvements	38,652
Total	49,141
Accumulated depreciation	$ (4,220)
Date of construction	2014
Date acquired	Dec-21
Rental properties:
Balance at the end of year	$ 49,141
Accumulated depreciation:
Balance at the end of year	$ 4,220
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	11,359
Gross amount carried at close of period
Land and improvements	19,088
Buildings and improvements	55,832
Total	74,920
Accumulated depreciation	$ (33,197)
Date of construction	2005
Date acquired	May-07
Rental properties:
Balance at the end of year	$ 74,920
Accumulated depreciation:
Balance at the end of year	$ 33,197
Unencumbered Apartment Communities \| Canyon Oaks \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Canyon Oaks \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Canyon Pointe
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	250
Initial cost
Land	$ 4,692
Buildings and improvements	18,288
Costs capitalized subsequent to acquisition	12,290
Gross amount carried at close of period
Land and improvements	4,693
Buildings and improvements	30,577
Total	35,270
Accumulated depreciation	$ (22,571)
Date of construction	1990
Date acquired	Oct-03
Rental properties:
Balance at the end of year	$ 35,270
Accumulated depreciation:
Balance at the end of year	$ 22,571
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	13,258
Gross amount carried at close of period
Land and improvements	4,048
Buildings and improvements	25,867
Total	29,915
Accumulated depreciation	$ (19,266)
Date of construction	1961
Date acquired	Sep-01
Rental properties:
Balance at the end of year	$ 29,915
Accumulated depreciation:
Balance at the end of year	$ 19,266
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	12,890
Gross amount carried at close of period
Land and improvements	26,842
Buildings and improvements	120,258
Total	147,100
Accumulated depreciation	$ (48,324)
Date of construction	2000
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 147,100
Accumulated depreciation:
Balance at the end of year	$ 48,324
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	19,042
Gross amount carried at close of period
Land and improvements	16,725
Buildings and improvements	85,943
Total	102,668
Accumulated depreciation	$ (36,184)
Date of construction	1989
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 102,668
Accumulated depreciation:
Balance at the end of year	$ 36,184
Unencumbered Apartment Communities \| Carmel Landing \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Carmel Landing \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Carmel Summit
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	246
Initial cost
Land	$ 14,968
Buildings and improvements	59,871
Costs capitalized subsequent to acquisition	11,257
Gross amount carried at close of period
Land and improvements	14,968
Buildings and improvements	71,128
Total	86,096
Accumulated depreciation	$ (27,630)
Date of construction	1989
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 86,096
Accumulated depreciation:
Balance at the end of year	$ 27,630
Unencumbered Apartment Communities \| Carmel Summit \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Carmel Summit \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Castle Creek
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	216
Initial cost
Land	$ 4,149
Buildings and improvements	16,028
Costs capitalized subsequent to acquisition	8,580
Gross amount carried at close of period
Land and improvements	4,833
Buildings and improvements	23,924
Total	28,757
Accumulated depreciation	$ (20,786)
Date of construction	1998
Date acquired	Dec-98
Rental properties:
Balance at the end of year	$ 28,757
Accumulated depreciation:
Balance at the end of year	$ 20,786
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	5,127
Gross amount carried at close of period
Land and improvements	6,714
Buildings and improvements	31,983
Total	38,697
Accumulated depreciation	$ (12,629)
Date of construction	1987
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 38,697
Accumulated depreciation:
Balance at the end of year	$ 12,629
Unencumbered Apartment Communities \| Catalina Gardens \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Catalina Gardens \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Cedar Terrace
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	180
Initial cost
Land	$ 5,543
Buildings and improvements	16,442
Costs capitalized subsequent to acquisition	11,939
Gross amount carried at close of period
Land and improvements	5,652
Buildings and improvements	28,272
Total	33,924
Accumulated depreciation	$ (19,391)
Date of construction	1984
Date acquired	Jan-05
Rental properties:
Balance at the end of year	$ 33,924
Accumulated depreciation:
Balance at the end of year	$ 19,391
Unencumbered Apartment Communities \| Cedar Terrace \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Cedar Terrace \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| CentrePointe
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	224
Initial cost
Land	$ 3,405
Buildings and improvements	7,743
Costs capitalized subsequent to acquisition	24,676
Gross amount carried at close of period
Land and improvements	3,442
Buildings and improvements	32,382
Total	35,824
Accumulated depreciation	$ (27,577)
Date of construction	1974
Date acquired	Jun-97
Rental properties:
Balance at the end of year	$ 35,824
Accumulated depreciation:
Balance at the end of year	$ 27,577
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 \| Century Towers
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	745
Gross amount carried at close of period
Land and improvements	14,865
Buildings and improvements	158,532
Total	173,397
Accumulated depreciation	$ (1,600)
Date of construction	2017
Date acquired	Sep-24
Rental properties:
Balance at the end of year	$ 173,397
Accumulated depreciation:
Balance at the end of year	$ 1,600
Unencumbered Apartment Communities \| Century Towers \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Century Towers \| 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	3,684
Gross amount carried at close of period
Land and improvements	6,582
Buildings and improvements	19,373
Total	25,955
Accumulated depreciation	$ (10,806)
Date of construction	2002
Date acquired	Jul-08
Rental properties:
Balance at the end of year	$ 25,955
Accumulated depreciation:
Balance at the end of year	$ 10,806
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	43,985
Gross amount carried at close of period
Land and improvements	10,350
Buildings and improvements	81,188
Total	91,538
Accumulated depreciation	$ (67,528)
Date of construction	1975
Date acquired	Mar-98
Rental properties:
Balance at the end of year	$ 91,538
Accumulated depreciation:
Balance at the end of year	$ 67,528
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	1,119
Gross amount carried at close of period
Land and improvements	7,276
Buildings and improvements	23,345
Total	30,621
Accumulated depreciation	$ (8,653)
Date of construction	2013
Date acquired	May-14
Rental properties:
Balance at the end of year	$ 30,621
Accumulated depreciation:
Balance at the end of year	$ 8,653
Unencumbered Apartment Communities \| Collins on Pine \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Collins on Pine \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Connolly Station
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	309
Initial cost
Land	$ 19,949
Buildings and improvements	123,428
Costs capitalized subsequent to acquisition	5,898
Gross amount carried at close of period
Land and improvements	19,949
Buildings and improvements	129,326
Total	149,275
Accumulated depreciation	$ (23,954)
Date of construction	2014
Date acquired	Jan-20
Rental properties:
Balance at the end of year	$ 149,275
Accumulated depreciation:
Balance at the end of year	$ 23,954
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	6,433
Gross amount carried at close of period
Land and improvements	5,801
Buildings and improvements	23,848
Total	29,649
Accumulated depreciation	$ (12,483)
Date of construction	1978
Date acquired	Nov-10
Rental properties:
Balance at the end of year	$ 29,649
Accumulated depreciation:
Balance at the end of year	$ 12,483
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	7,266
Gross amount carried at close of period
Land and improvements	13,912
Buildings and improvements	62,915
Total	76,827
Accumulated depreciation	$ (24,416)
Date of construction	1999
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 76,827
Accumulated depreciation:
Balance at the end of year	$ 24,416
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	8,529
Gross amount carried at close of period
Land and improvements	4,187
Buildings and improvements	25,099
Total	29,286
Accumulated depreciation	$ (18,157)
Date of construction	1976
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 29,286
Accumulated depreciation:
Balance at the end of year	$ 18,157
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	8,318
Gross amount carried at close of period
Land and improvements	7,465
Buildings and improvements	29,723
Total	37,188
Accumulated depreciation	$ (15,430)
Date of construction	2000
Date acquired	Oct-10
Rental properties:
Balance at the end of year	$ 37,188
Accumulated depreciation:
Balance at the end of year	$ 15,430
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	20,779
Gross amount carried at close of period
Land and improvements	37,579
Buildings and improvements	108,464
Total	146,043
Accumulated depreciation	$ (46,233)
Date of construction	1992
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 146,043
Accumulated depreciation:
Balance at the end of year	$ 46,233
Unencumbered Apartment Communities \| Crow Canyon \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Crow Canyon \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Deer Valley
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	171
Initial cost
Land	$ 21,478
Buildings and improvements	50,116
Costs capitalized subsequent to acquisition	6,589
Gross amount carried at close of period
Land and improvements	21,478
Buildings and improvements	56,705
Total	78,183
Accumulated depreciation	$ (22,859)
Date of construction	1996
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 78,183
Accumulated depreciation:
Balance at the end of year	$ 22,859
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	2,099
Gross amount carried at close of period
Land and improvements	9,059
Buildings and improvements	29,276
Total	38,335
Accumulated depreciation	$ (12,666)
Date of construction	2009
Date acquired	Sep-12
Rental properties:
Balance at the end of year	$ 38,335
Accumulated depreciation:
Balance at the end of year	$ 12,666
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	9,197
Gross amount carried at close of period
Land and improvements	4,757
Buildings and improvements	23,483
Total	28,240
Accumulated depreciation	$ (14,554)
Date of construction	1986
Date acquired	Jun-10
Rental properties:
Balance at the end of year	$ 28,240
Accumulated depreciation:
Balance at the end of year	$ 14,554
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	7,484
Gross amount carried at close of period
Land and improvements	15,066
Buildings and improvements	52,733
Total	67,799
Accumulated depreciation	$ (20,386)
Date of construction	1994
Date acquired	Jul-14
Rental properties:
Balance at the end of year	$ 67,799
Accumulated depreciation:
Balance at the end of year	$ 20,386
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	4,343
Gross amount carried at close of period
Land and improvements	8,458
Buildings and improvements	38,175
Total	46,633
Accumulated depreciation	$ (15,205)
Date of construction	1989
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 46,633
Accumulated depreciation:
Balance at the end of year	$ 15,205
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	9,070
Gross amount carried at close of period
Land and improvements	3,449
Buildings and improvements	16,871
Total	20,320
Accumulated depreciation	$ (15,099)
Date of construction	1987
Date acquired	Nov-94
Rental properties:
Balance at the end of year	$ 20,320
Accumulated depreciation:
Balance at the end of year	$ 15,099
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	3,156
Gross amount carried at close of period
Land and improvements	13,378
Buildings and improvements	56,396
Total	69,774
Accumulated depreciation	$ (16,181)
Date of construction	2012
Date acquired	Dec-16
Rental properties:
Balance at the end of year	$ 69,774
Accumulated depreciation:
Balance at the end of year	$ 16,181
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	2,260
Gross amount carried at close of period
Land and improvements	15,039
Buildings and improvements	82,792
Total	97,831
Accumulated depreciation	$ (14,703)
Date of construction	2015
Date acquired	Jan-20
Rental properties:
Balance at the end of year	$ 97,831
Accumulated depreciation:
Balance at the end of year	$ 14,703
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	5,060
Gross amount carried at close of period
Land and improvements	21,397
Buildings and improvements	76,195
Total	97,592
Accumulated depreciation	$ (24,023)
Date of construction	2014
Date acquired	Dec-15
Rental properties:
Balance at the end of year	$ 97,592
Accumulated depreciation:
Balance at the end of year	$ 24,023
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	7,086
Gross amount carried at close of period
Land and improvements	89,111
Buildings and improvements	314,855
Total	403,966
Accumulated depreciation	$ (55,274)
Date of construction	2013
Date acquired	Jan-20
Rental properties:
Balance at the end of year	$ 403,966
Accumulated depreciation:
Balance at the end of year	$ 55,274
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	19,572
Gross amount carried at close of period
Land and improvements	18,429
Buildings and improvements	59,399
Total	77,828
Accumulated depreciation	$ (43,040)
Date of construction	2002
Date acquired	Apr-04
Rental properties:
Balance at the end of year	$ 77,828
Accumulated depreciation:
Balance at the end of year	$ 43,040
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	616
Initial cost
Land	$ 56,327
Buildings and improvements	167,072
Costs capitalized subsequent to acquisition	1,877
Gross amount carried at close of period
Land and improvements	56,327
Buildings and improvements	168,949
Total	225,276
Accumulated depreciation	$ (4,588)
Date of construction	1986
Date acquired	Mar'24
Rental properties:
Balance at the end of year	$ 225,276
Accumulated depreciation:
Balance at the end of year	$ 4,588
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 \| Essex Skyline
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	350
Initial cost
Land	$ 21,537
Buildings and improvements	146,099
Costs capitalized subsequent to acquisition	21,482
Gross amount carried at close of period
Land and improvements	21,537
Buildings and improvements	167,581
Total	189,118
Accumulated depreciation	$ (76,073)
Date of construction	2008
Date acquired	Apr-10
Rental properties:
Balance at the end of year	$ 189,118
Accumulated depreciation:
Balance at the end of year	$ 76,073
Unencumbered Apartment Communities \| Essex Skyline \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Essex Skyline \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Evergreen Heights
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	200
Initial cost
Land	$ 3,566
Buildings and improvements	13,395
Costs capitalized subsequent to acquisition	9,922
Gross amount carried at close of period
Land and improvements	3,649
Buildings and improvements	23,234
Total	26,883
Accumulated depreciation	$ (19,870)
Date of construction	1990
Date acquired	Jun-97
Rental properties:
Balance at the end of year	$ 26,883
Accumulated depreciation:
Balance at the end of year	$ 19,870
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	12,166
Gross amount carried at close of period
Land and improvements	2,957
Buildings and improvements	22,320
Total	25,277
Accumulated depreciation	$ (17,941)
Date of construction	1970
Date acquired	Nov-01
Rental properties:
Balance at the end of year	$ 25,277
Accumulated depreciation:
Balance at the end of year	$ 17,941
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	9,938
Gross amount carried at close of period
Land and improvements	0
Buildings and improvements	17,788
Total	17,788
Accumulated depreciation	$ (16,123)
Date of construction	1972
Date acquired	Jun-99
Rental properties:
Balance at the end of year	$ 17,788
Accumulated depreciation:
Balance at the end of year	$ 16,123
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	7,554
Gross amount carried at close of period
Land and improvements	5,297
Buildings and improvements	23,117
Total	28,414
Accumulated depreciation	$ (15,439)
Date of construction	1997
Date acquired	Oct-04
Rental properties:
Balance at the end of year	$ 28,414
Accumulated depreciation:
Balance at the end of year	$ 15,439
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	45,633
Gross amount carried at close of period
Land and improvements	2,440
Buildings and improvements	55,449
Total	57,889
Accumulated depreciation	$ (51,958)
Date of construction	1978
Date acquired	Mar-90
Rental properties:
Balance at the end of year	$ 57,889
Accumulated depreciation:
Balance at the end of year	$ 51,958
Unencumbered Apartment Communities \| Foothill Commons \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Foothill Commons \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Foothill Gardens/Twin Creeks
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	176
Initial cost
Land	$ 5,875
Buildings and improvements	13,992
Costs capitalized subsequent to acquisition	15,883
Gross amount carried at close of period
Land and improvements	5,964
Buildings and improvements	29,786
Total	35,750
Accumulated depreciation	$ (25,371)
Date of construction	1985
Date acquired	Feb-97
Rental properties:
Balance at the end of year	$ 35,750
Accumulated depreciation:
Balance at the end of year	$ 25,371
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	6,058
Gross amount carried at close of period
Land and improvements	3,731
Buildings and improvements	20,588
Total	24,319
Accumulated depreciation	$ (14,204)
Date of construction	1998
Date acquired	Oct-03
Rental properties:
Balance at the end of year	$ 24,319
Accumulated depreciation:
Balance at the end of year	$ 14,204
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	15,679
Gross amount carried at close of period
Land and improvements	25,540
Buildings and improvements	86,870
Total	112,410
Accumulated depreciation	$ (27,976)
Date of construction	2014
Date acquired	Mar-16
Rental properties:
Balance at the end of year	$ 112,410
Accumulated depreciation:
Balance at the end of year	$ 27,976
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	20,558
Gross amount carried at close of period
Land and improvements	61,714
Buildings and improvements	164,558
Total	226,272
Accumulated depreciation	$ (66,777)
Date of construction	1987
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 226,272
Accumulated depreciation:
Balance at the end of year	$ 66,777
Unencumbered Apartment Communities \| Fountain Court
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	320
Initial cost
Land	$ 6,702
Buildings and improvements	27,306
Costs capitalized subsequent to acquisition	16,992
Gross amount carried at close of period
Land and improvements	6,985
Buildings and improvements	44,015
Total	51,000
Accumulated depreciation	$ (36,974)
Date of construction	2000
Date acquired	Mar-00
Rental properties:
Balance at the end of year	$ 51,000
Accumulated depreciation:
Balance at the end of year	$ 36,974
Unencumbered Apartment Communities \| Fountain Court \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Fountain Court \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Fountains at River Oaks
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	226
Initial cost
Land	$ 26,046
Buildings and improvements	60,773
Costs capitalized subsequent to acquisition	9,393
Gross amount carried at close of period
Land and improvements	26,046
Buildings and improvements	70,166
Total	96,212
Accumulated depreciation	$ (29,054)
Date of construction	1990
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 96,212
Accumulated depreciation:
Balance at the end of year	$ 29,054
Unencumbered Apartment Communities \| Fountains at River Oaks \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Fountains at River Oaks \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Fourth & U
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	171
Initial cost
Land	$ 8,879
Buildings and improvements	52,351
Costs capitalized subsequent to acquisition	6,399
Gross amount carried at close of period
Land and improvements	8,879
Buildings and improvements	58,750
Total	67,629
Accumulated depreciation	$ (30,066)
Date of construction	2010
Date acquired	Apr-10
Rental properties:
Balance at the end of year	$ 67,629
Accumulated depreciation:
Balance at the end of year	$ 30,066
Unencumbered Apartment Communities \| Fourth & U \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Fourth & U \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Fox Plaza
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	445
Initial cost
Land	$ 39,731
Buildings and improvements	92,706
Costs capitalized subsequent to acquisition	44,873
Gross amount carried at close of period
Land and improvements	39,731
Buildings and improvements	137,579
Total	177,310
Accumulated depreciation	$ (70,634)
Date of construction	1968
Date acquired	Feb-13
Rental properties:
Balance at the end of year	$ 177,310
Accumulated depreciation:
Balance at the end of year	$ 70,634
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	3,458
Gross amount carried at close of period
Land and improvements	5,497
Buildings and improvements	21,030
Total	26,527
Accumulated depreciation	$ (1,502)
Date of construction	1984
Date acquired	Apr-23
Rental properties:
Balance at the end of year	$ 26,527
Accumulated depreciation:
Balance at the end of year	$ 1,502
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	32,482
Gross amount carried at close of period
Land and improvements	6,733
Buildings and improvements	49,197
Total	55,930
Accumulated depreciation	$ (41,717)
Date of construction	1970
Date acquired	Jun-99
Rental properties:
Balance at the end of year	$ 55,930
Accumulated depreciation:
Balance at the end of year	$ 41,717
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	18,660
Gross amount carried at close of period
Land and improvements	16,271
Buildings and improvements	67,592
Total	83,863
Accumulated depreciation	$ (41,843)
Date of construction	2000
Date acquired	Aug-08
Rental properties:
Balance at the end of year	$ 83,863
Accumulated depreciation:
Balance at the end of year	$ 41,843
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	31,956
Gross amount carried at close of period
Land and improvements	15,755
Buildings and improvements	72,120
Total	87,875
Accumulated depreciation	$ (57,299)
Date of construction	1973
Date acquired	Mar-98
Rental properties:
Balance at the end of year	$ 87,875
Accumulated depreciation:
Balance at the end of year	$ 57,299
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	4,461
Gross amount carried at close of period
Land and improvements	4,208
Buildings and improvements	21,208
Total	25,416
Accumulated depreciation	$ (12,645)
Date of construction	1965
Date acquired	Mar-07
Rental properties:
Balance at the end of year	$ 25,416
Accumulated depreciation:
Balance at the end of year	$ 12,645
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	27,255
Gross amount carried at close of period
Land and improvements	9,315
Buildings and improvements	49,966
Total	59,281
Accumulated depreciation	$ (43,531)
Date of construction	1984
Date acquired	Oct-97
Rental properties:
Balance at the end of year	$ 59,281
Accumulated depreciation:
Balance at the end of year	$ 43,531
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	11,193
Gross amount carried at close of period
Land and improvements	3,474
Buildings and improvements	19,067
Total	22,541
Accumulated depreciation	$ (16,748)
Date of construction	1985
Date acquired	Oct-94
Rental properties:
Balance at the end of year	$ 22,541
Accumulated depreciation:
Balance at the end of year	$ 16,748
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	10,779
Gross amount carried at close of period
Land and improvements	17,774
Buildings and improvements	52,252
Total	70,026
Accumulated depreciation	$ (21,184)
Date of construction	1973
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 70,026
Accumulated depreciation:
Balance at the end of year	$ 21,184
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	17,132
Gross amount carried at close of period
Land and improvements	38,155
Buildings and improvements	106,160
Total	144,315
Accumulated depreciation	$ (43,318)
Date of construction	1988
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 144,315
Accumulated depreciation:
Balance at the end of year	$ 43,318
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	10,003
Gross amount carried at close of period
Land and improvements	1,595
Buildings and improvements	16,397
Total	17,992
Accumulated depreciation	$ (14,195)
Date of construction	1981
Date acquired	Dec-96
Rental properties:
Balance at the end of year	$ 17,992
Accumulated depreciation:
Balance at the end of year	$ 14,195
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	16,616
Gross amount carried at close of period
Land and improvements	3,092
Buildings and improvements	24,035
Total	27,127
Accumulated depreciation	$ (20,884)
Date of construction	1975
Date acquired	Feb-94
Rental properties:
Balance at the end of year	$ 27,127
Accumulated depreciation:
Balance at the end of year	$ 20,884
Unencumbered Apartment Communities \| Le Parc \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Le Parc \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Marbrisa
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	202
Initial cost
Land	$ 4,700
Buildings and improvements	18,605
Costs capitalized subsequent to acquisition	12,968
Gross amount carried at close of period
Land and improvements	4,760
Buildings and improvements	31,513
Total	36,273
Accumulated depreciation	$ (23,986)
Date of construction	1987
Date acquired	Sep-02
Rental properties:
Balance at the end of year	$ 36,273
Accumulated depreciation:
Balance at the end of year	$ 23,986
Unencumbered Apartment Communities \| Marbrisa \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Marbrisa \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Marina City Club
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	101
Initial cost
Land	$ 0
Buildings and improvements	28,167
Costs capitalized subsequent to acquisition	35,838
Gross amount carried at close of period
Land and improvements	0
Buildings and improvements	64,005
Total	64,005
Accumulated depreciation	$ (43,803)
Date of construction	1971
Date acquired	Jan-04
Rental properties:
Balance at the end of year	$ 64,005
Accumulated depreciation:
Balance at the end of year	$ 43,803
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	21,114
Gross amount carried at close of period
Land and improvements	5,324
Buildings and improvements	37,541
Total	42,865
Accumulated depreciation	$ (33,764)
Date of construction	1974
Date acquired	Jun-94
Rental properties:
Balance at the end of year	$ 42,865
Accumulated depreciation:
Balance at the end of year	$ 33,764
Unencumbered Apartment Communities \| Marina Cove \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Marina Cove \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Mariner’s Place
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	105
Initial cost
Land	$ 1,555
Buildings and improvements	6,103
Costs capitalized subsequent to acquisition	4,191
Gross amount carried at close of period
Land and improvements	1,562
Buildings and improvements	10,287
Total	11,849
Accumulated depreciation	$ (7,896)
Date of construction	1987
Date acquired	May-00
Rental properties:
Balance at the end of year	$ 11,849
Accumulated depreciation:
Balance at the end of year	$ 7,896
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 \| Maxwell Sunnyvale
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	354
Gross amount carried at close of period
Land and improvements	9,710
Buildings and improvements	37,646
Total	47,356
Accumulated depreciation	$ (941)
Date of construction	2022
Date acquired	Apr-24
Rental properties:
Balance at the end of year	$ 47,356
Accumulated depreciation:
Balance at the end of year	$ 941
Unencumbered Apartment Communities \| Maxwell Sunnyvale \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Maxwell Sunnyvale \| 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	21,774
Gross amount carried at close of period
Land and improvements	42,001
Buildings and improvements	234,422
Total	276,423
Accumulated depreciation	$ (81,350)
Date of construction	2014
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 276,423
Accumulated depreciation:
Balance at the end of year	$ 81,350
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	326
Gross amount carried at close of period
Land and improvements	19,080
Buildings and improvements	99,207
Total	118,287
Accumulated depreciation	$ (723)
Date of construction	1986
Date acquired	Oct-24
Rental properties:
Balance at the end of year	$ 118,287
Accumulated depreciation:
Balance at the end of year	$ 723
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	3,722
Gross amount carried at close of period
Land and improvements	1,894
Buildings and improvements	11,214
Total	13,108
Accumulated depreciation	$ (8,287)
Date of construction	1963
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 13,108
Accumulated depreciation:
Balance at the end of year	$ 8,287
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	15,451
Gross amount carried at close of period
Land and improvements	29,551
Buildings and improvements	84,483
Total	114,034
Accumulated depreciation	$ (48,820)
Date of construction	2005
Date acquired	Sep-07
Rental properties:
Balance at the end of year	$ 114,034
Accumulated depreciation:
Balance at the end of year	$ 48,820
Unencumbered Apartment Communities \| Mill Creek at Windermere \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Mill Creek at Windermere \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Mio
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	103
Initial cost
Land	$ 11,012
Buildings and improvements	39,982
Costs capitalized subsequent to acquisition	2,459
Gross amount carried at close of period
Land and improvements	11,012
Buildings and improvements	42,441
Total	53,453
Accumulated depreciation	$ (13,235)
Date of construction	2015
Date acquired	Jan-16
Rental properties:
Balance at the end of year	$ 53,453
Accumulated depreciation:
Balance at the end of year	$ 13,235
Unencumbered Apartment Communities \| Mio \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Mio \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Mirabella
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	188
Initial cost
Land	$ 6,180
Buildings and improvements	26,673
Costs capitalized subsequent to acquisition	20,688
Gross amount carried at close of period
Land and improvements	6,270
Buildings and improvements	47,271
Total	53,541
Accumulated depreciation	$ (35,477)
Date of construction	2000
Date acquired	May-00
Rental properties:
Balance at the end of year	$ 53,541
Accumulated depreciation:
Balance at the end of year	$ 35,477
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	17,894
Gross amount carried at close of period
Land and improvements	7,186
Buildings and improvements	46,332
Total	53,518
Accumulated depreciation	$ (34,344)
Date of construction	1982
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 53,518
Accumulated depreciation:
Balance at the end of year	$ 34,344
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	21,894
Gross amount carried at close of period
Land and improvements	7,886
Buildings and improvements	44,874
Total	52,760
Accumulated depreciation	$ (35,911)
Date of construction	1988
Date acquired	Aug-97
Rental properties:
Balance at the end of year	$ 52,760
Accumulated depreciation:
Balance at the end of year	$ 35,911
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	17,118
Gross amount carried at close of period
Land and improvements	10,167
Buildings and improvements	55,828
Total	65,995
Accumulated depreciation	$ (37,759)
Date of construction	1984
Date acquired	Jul-05
Rental properties:
Balance at the end of year	$ 65,995
Accumulated depreciation:
Balance at the end of year	$ 37,759
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	15,207
Gross amount carried at close of period
Land and improvements	46,499
Buildings and improvements	123,705
Total	170,204
Accumulated depreciation	$ (49,879)
Date of construction	1995
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 170,204
Accumulated depreciation:
Balance at the end of year	$ 49,879
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	13,448
Gross amount carried at close of period
Land and improvements	31,429
Buildings and improvements	86,782
Total	118,211
Accumulated depreciation	$ (36,113)
Date of construction	1989
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 118,211
Accumulated depreciation:
Balance at the end of year	$ 36,113
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	17,053
Gross amount carried at close of period
Land and improvements	26,697
Buildings and improvements	123,840
Total	150,537
Accumulated depreciation	$ (48,451)
Date of construction	1990
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 150,537
Accumulated depreciation:
Balance at the end of year	$ 48,451
Unencumbered Apartment Communities \| Montclaire
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	390
Initial cost
Land	$ 4,842
Buildings and improvements	19,776
Costs capitalized subsequent to acquisition	32,880
Gross amount carried at close of period
Land and improvements	4,997
Buildings and improvements	52,501
Total	57,498
Accumulated depreciation	$ (48,678)
Date of construction	1973
Date acquired	Dec-88
Rental properties:
Balance at the end of year	$ 57,498
Accumulated depreciation:
Balance at the end of year	$ 48,678
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	17,797
Gross amount carried at close of period
Land and improvements	13,858
Buildings and improvements	59,371
Total	73,229
Accumulated depreciation	$ (26,304)
Date of construction	1996
Date acquired	Jul-12
Rental properties:
Balance at the end of year	$ 73,229
Accumulated depreciation:
Balance at the end of year	$ 26,304
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	6,515
Gross amount carried at close of period
Land and improvements	2,194
Buildings and improvements	13,931
Total	16,125
Accumulated depreciation	$ (10,164)
Date of construction	1974
Date acquired	Nov-01
Rental properties:
Balance at the end of year	$ 16,125
Accumulated depreciation:
Balance at the end of year	$ 10,164
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	9,583
Gross amount carried at close of period
Land and improvements	2,424
Buildings and improvements	15,087
Total	17,511
Accumulated depreciation	$ (11,828)
Date of construction	1974
Date acquired	Jul-97
Rental properties:
Balance at the end of year	$ 17,511
Accumulated depreciation:
Balance at the end of year	$ 11,828
Unencumbered Apartment Communities \| Monterey Villas \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Monterey Villas \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Muse
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	152
Initial cost
Land	$ 7,822
Buildings and improvements	33,436
Costs capitalized subsequent to acquisition	7,562
Gross amount carried at close of period
Land and improvements	7,823
Buildings and improvements	40,997
Total	48,820
Accumulated depreciation	$ (21,412)
Date of construction	2011
Date acquired	Feb-11
Rental properties:
Balance at the end of year	$ 48,820
Accumulated depreciation:
Balance at the end of year	$ 21,412
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	1,347
Gross amount carried at close of period
Land and improvements	6,472
Buildings and improvements	207,445
Total	213,917
Accumulated depreciation	$ (45,311)
Date of construction	2021
Date acquired	Jun-21
Rental properties:
Balance at the end of year	$ 213,917
Accumulated depreciation:
Balance at the end of year	$ 45,311
Unencumbered Apartment Communities \| Mylo \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Mylo \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| 1000 Kiely
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	121
Initial cost
Land	$ 9,359
Buildings and improvements	21,845
Costs capitalized subsequent to acquisition	11,909
Gross amount carried at close of period
Land and improvements	9,359
Buildings and improvements	33,754
Total	43,113
Accumulated depreciation	$ (19,179)
Date of construction	1971
Date acquired	Mar-11
Rental properties:
Balance at the end of year	$ 43,113
Accumulated depreciation:
Balance at the end of year	$ 19,179
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	39,204
Gross amount carried at close of period
Land and improvements	133,802
Buildings and improvements	351,409
Total	485,211
Accumulated depreciation	$ (106,045)
Date of construction	2008
Date acquired	Jan-17
Rental properties:
Balance at the end of year	$ 485,211
Accumulated depreciation:
Balance at the end of year	$ 106,045
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	5,786
Gross amount carried at close of period
Land and improvements	4,710
Buildings and improvements	24,625
Total	29,335
Accumulated depreciation	$ (11,750)
Date of construction	2002
Date acquired	Jun-12
Rental properties:
Balance at the end of year	$ 29,335
Accumulated depreciation:
Balance at the end of year	$ 11,750
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	16,556
Gross amount carried at close of period
Land and improvements	9,391
Buildings and improvements	54,780
Total	64,171
Accumulated depreciation	$ (27,673)
Date of construction	1993
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 64,171
Accumulated depreciation:
Balance at the end of year	$ 27,673
Unencumbered Apartment Communities \| Park Highland \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Park Highland \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Park Hill at Issaquah
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	245
Initial cost
Land	$ 7,284
Buildings and improvements	21,937
Costs capitalized subsequent to acquisition	15,787
Gross amount carried at close of period
Land and improvements	7,284
Buildings and improvements	37,724
Total	45,008
Accumulated depreciation	$ (26,506)
Date of construction	1999
Date acquired	Feb-99
Rental properties:
Balance at the end of year	$ 45,008
Accumulated depreciation:
Balance at the end of year	$ 26,506
Unencumbered Apartment Communities \| Park Hill at Issaquah \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Park Hill at Issaquah \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Park Viridian
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	320
Initial cost
Land	$ 15,894
Buildings and improvements	63,574
Costs capitalized subsequent to acquisition	10,145
Gross amount carried at close of period
Land and improvements	15,894
Buildings and improvements	73,719
Total	89,613
Accumulated depreciation	$ (28,459)
Date of construction	2008
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 89,613
Accumulated depreciation:
Balance at the end of year	$ 28,459
Unencumbered Apartment Communities \| Park Viridian \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Park Viridian \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Park West
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	126
Initial cost
Land	$ 9,424
Buildings and improvements	21,988
Costs capitalized subsequent to acquisition	14,958
Gross amount carried at close of period
Land and improvements	9,424
Buildings and improvements	36,946
Total	46,370
Accumulated depreciation	$ (21,882)
Date of construction	1958
Date acquired	Sep-12
Rental properties:
Balance at the end of year	$ 46,370
Accumulated depreciation:
Balance at the end of year	$ 21,882
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	1,121
Gross amount carried at close of period
Land and improvements	11,276
Buildings and improvements	48,393
Total	59,669
Accumulated depreciation	$ (1,357)
Date of construction	1986
Date acquired	Mar-24
Rental properties:
Balance at the end of year	$ 59,669
Accumulated depreciation:
Balance at the end of year	$ 1,357
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	5,267
Gross amount carried at close of period
Land and improvements	10,680
Buildings and improvements	47,989
Total	58,669
Accumulated depreciation	$ (19,461)
Date of construction	1989
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 58,669
Accumulated depreciation:
Balance at the end of year	$ 19,461
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 \| Patina at Midtown
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	685
Gross amount carried at close of period
Land and improvements	13,472
Buildings and improvements	103,625
Total	117,097
Accumulated depreciation	$ (1,645)
Date of construction	2021
Date acquired	Jul-24
Rental properties:
Balance at the end of year	$ 117,097
Accumulated depreciation:
Balance at the end of year	$ 1,645
Unencumbered Apartment Communities \| Patina at Midtown \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Patina at Midtown \| 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	9,468
Gross amount carried at close of period
Land and improvements	14,558
Buildings and improvements	78,885
Total	93,443
Accumulated depreciation	$ (41,215)
Date of construction	2010
Date acquired	Mar-10
Rental properties:
Balance at the end of year	$ 93,443
Accumulated depreciation:
Balance at the end of year	$ 41,215
Unencumbered Apartment Communities \| Patent 523 \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Patent 523 \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Pathways at Bixby Village
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	296
Initial cost
Land	$ 4,083
Buildings and improvements	16,757
Costs capitalized subsequent to acquisition	24,767
Gross amount carried at close of period
Land and improvements	6,239
Buildings and improvements	39,368
Total	45,607
Accumulated depreciation	$ (36,342)
Date of construction	1975
Date acquired	Feb-91
Rental properties:
Balance at the end of year	$ 45,607
Accumulated depreciation:
Balance at the end of year	$ 36,342
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	22,517
Gross amount carried at close of period
Land and improvements	19,848
Buildings and improvements	82,123
Total	101,971
Accumulated depreciation	$ (36,329)
Date of construction	1969
Date acquired	May-14
Rental properties:
Balance at the end of year	$ 101,971
Accumulated depreciation:
Balance at the end of year	$ 36,329
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	1,151
Gross amount carried at close of period
Land and improvements	0
Buildings and improvements	2,862
Total	2,862
Accumulated depreciation	$ (2,217)
Date of construction	1973
Date acquired	Dec-04
Rental properties:
Balance at the end of year	$ 2,862
Accumulated depreciation:
Balance at the end of year	$ 2,217
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	8,000
Gross amount carried at close of period
Land and improvements	11,019
Buildings and improvements	53,932
Total	64,951
Accumulated depreciation	$ (21,868)
Date of construction	2004
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 64,951
Accumulated depreciation:
Balance at the end of year	$ 21,868
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	6,549
Gross amount carried at close of period
Land and improvements	7,760
Buildings and improvements	37,590
Total	45,350
Accumulated depreciation	$ (15,814)
Date of construction	2001
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 45,350
Accumulated depreciation:
Balance at the end of year	$ 15,814
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	11,852
Gross amount carried at close of period
Land and improvements	15,810
Buildings and improvements	78,253
Total	94,063
Accumulated depreciation	$ (30,868)
Date of construction	2002
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 94,063
Accumulated depreciation:
Balance at the end of year	$ 30,868
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	9,703
Gross amount carried at close of period
Land and improvements	17,023
Buildings and improvements	77,796
Total	94,819
Accumulated depreciation	$ (30,820)
Date of construction	2001
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 94,819
Accumulated depreciation:
Balance at the end of year	$ 30,820
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	11,717
Gross amount carried at close of period
Land and improvements	19,292
Buildings and improvements	88,885
Total	108,177
Accumulated depreciation	$ (33,864)
Date of construction	2002
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 108,177
Accumulated depreciation:
Balance at the end of year	$ 33,864
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	10,548
Gross amount carried at close of period
Land and improvements	14,647
Buildings and improvements	69,134
Total	83,781
Accumulated depreciation	$ (28,131)
Date of construction	2000
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 83,781
Accumulated depreciation:
Balance at the end of year	$ 28,131
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	15,116
Gross amount carried at close of period
Land and improvements	4,505
Buildings and improvements	32,721
Total	37,226
Accumulated depreciation	$ (25,250)
Date of construction	1963
Date acquired	Aug-98
Rental properties:
Balance at the end of year	$ 37,226
Accumulated depreciation:
Balance at the end of year	$ 25,250
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	3,593
Gross amount carried at close of period
Land and improvements	7,461
Buildings and improvements	34,956
Total	42,417
Accumulated depreciation	$ (6,539)
Date of construction	2016
Date acquired	Dec-19
Rental properties:
Balance at the end of year	$ 42,417
Accumulated depreciation:
Balance at the end of year	$ 6,539
Unencumbered Apartment Communities \| Pure Redmond \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Pure Redmond \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Radius
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	264
Initial cost
Land	$ 11,702
Buildings and improvements	152,336
Costs capitalized subsequent to acquisition	5,809
Gross amount carried at close of period
Land and improvements	11,702
Buildings and improvements	158,145
Total	169,847
Accumulated depreciation	$ (60,239)
Date of construction	2015
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 169,847
Accumulated depreciation:
Balance at the end of year	$ 60,239
Unencumbered Apartment Communities \| Radius \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Radius \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Reed Square
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	100
Initial cost
Land	$ 6,873
Buildings and improvements	16,037
Costs capitalized subsequent to acquisition	9,631
Gross amount carried at close of period
Land and improvements	6,873
Buildings and improvements	25,668
Total	32,541
Accumulated depreciation	$ (15,675)
Date of construction	1970
Date acquired	Jan-12
Rental properties:
Balance at the end of year	$ 32,541
Accumulated depreciation:
Balance at the end of year	$ 15,675
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	6,233
Gross amount carried at close of period
Land and improvements	3,184
Buildings and improvements	18,970
Total	22,154
Accumulated depreciation	$ (10,764)
Date of construction	1989
Date acquired	Dec-09
Rental properties:
Balance at the end of year	$ 22,154
Accumulated depreciation:
Balance at the end of year	$ 10,764
Unencumbered Apartment Communities \| Regency at Encino \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Regency at Encino \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Regency Palm Court
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	116
Initial cost
Land	$ 7,763
Buildings and improvements	28,019
Costs capitalized subsequent to acquisition	1,915
Gross amount carried at close of period
Land and improvements	7,763
Buildings and improvements	29,934
Total	37,697
Accumulated depreciation	$ (2,778)
Date of construction	1987
Date acquired	Jul-22
Rental properties:
Balance at the end of year	$ 37,697
Accumulated depreciation:
Balance at the end of year	$ 2,778
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	12,929
Gross amount carried at close of period
Land and improvements	27,870
Buildings and improvements	124,411
Total	152,281
Accumulated depreciation	$ (48,860)
Date of construction	2007
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 152,281
Accumulated depreciation:
Balance at the end of year	$ 48,860
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	9,109
Gross amount carried at close of period
Land and improvements	25,073
Buildings and improvements	130,423
Total	155,496
Accumulated depreciation	$ (47,465)
Date of construction	2010
Date acquired	Apr-15
Rental properties:
Balance at the end of year	$ 155,496
Accumulated depreciation:
Balance at the end of year	$ 47,465
Unencumbered Apartment Communities \| Reveal \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Reveal \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Salmon Run at Perry Creek
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	132
Initial cost
Land	$ 3,717
Buildings and improvements	11,483
Costs capitalized subsequent to acquisition	5,361
Gross amount carried at close of period
Land and improvements	3,801
Buildings and improvements	16,760
Total	20,561
Accumulated depreciation	$ (12,345)
Date of construction	2000
Date acquired	Oct-00
Rental properties:
Balance at the end of year	$ 20,561
Accumulated depreciation:
Balance at the end of year	$ 12,345
Unencumbered Apartment Communities \| Salmon Run at Perry Creek \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Salmon Run at Perry Creek \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Sammamish View
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	153
Initial cost
Land	$ 3,324
Buildings and improvements	7,501
Costs capitalized subsequent to acquisition	9,619
Gross amount carried at close of period
Land and improvements	3,331
Buildings and improvements	17,113
Total	20,444
Accumulated depreciation	$ (15,341)
Date of construction	1986
Date acquired	Nov-94
Rental properties:
Balance at the end of year	$ 20,444
Accumulated depreciation:
Balance at the end of year	$ 15,341
Unencumbered Apartment Communities \| Sammamish View \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Sammamish View \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| 101 San Fernando
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	323
Initial cost
Land	$ 4,173
Buildings and improvements	58,961
Costs capitalized subsequent to acquisition	21,977
Gross amount carried at close of period
Land and improvements	4,173
Buildings and improvements	80,938
Total	85,111
Accumulated depreciation	$ (43,538)
Date of construction	2001
Date acquired	Jul-10
Rental properties:
Balance at the end of year	$ 85,111
Accumulated depreciation:
Balance at the end of year	$ 43,538
Unencumbered Apartment Communities \| 101 San Fernando \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| 101 San Fernando \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| San Marcos
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	432
Initial cost
Land	$ 15,563
Buildings and improvements	36,204
Costs capitalized subsequent to acquisition	42,181
Gross amount carried at close of period
Land and improvements	22,866
Buildings and improvements	71,082
Total	93,948
Accumulated depreciation	$ (49,007)
Date of construction	2003
Date acquired	Nov-03
Rental properties:
Balance at the end of year	$ 93,948
Accumulated depreciation:
Balance at the end of year	$ 49,007
Unencumbered Apartment Communities \| San Marcos \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| San Marcos \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Santee Court/Santee Village
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	238
Initial cost
Land	$ 9,581
Buildings and improvements	40,317
Costs capitalized subsequent to acquisition	19,772
Gross amount carried at close of period
Land and improvements	9,582
Buildings and improvements	60,088
Total	69,670
Accumulated depreciation	$ (31,764)
Date of construction	2004
Date acquired	Oct-10
Rental properties:
Balance at the end of year	$ 69,670
Accumulated depreciation:
Balance at the end of year	$ 31,764
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	8,776
Gross amount carried at close of period
Land and improvements	2,820
Buildings and improvements	19,938
Total	22,758
Accumulated depreciation	$ (13,582)
Date of construction	1983
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 22,758
Accumulated depreciation:
Balance at the end of year	$ 13,582
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	13,470
Gross amount carried at close of period
Land and improvements	19,292
Buildings and improvements	90,638
Total	109,930
Accumulated depreciation	$ (35,986)
Date of construction	1986
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 109,930
Accumulated depreciation:
Balance at the end of year	$ 35,986
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	107,120
Gross amount carried at close of period
Land and improvements	11,639
Buildings and improvements	134,850
Total	146,489
Accumulated depreciation	$ (115,795)
Date of construction	1968
Date acquired	Mar-98
Rental properties:
Balance at the end of year	$ 146,489
Accumulated depreciation:
Balance at the end of year	$ 115,795
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	2,356
Gross amount carried at close of period
Land and improvements	7,379
Buildings and improvements	24,494
Total	31,873
Accumulated depreciation	$ (9,868)
Date of construction	2013
Date acquired	Sep-13
Rental properties:
Balance at the end of year	$ 31,873
Accumulated depreciation:
Balance at the end of year	$ 9,868
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	10,015
Gross amount carried at close of period
Land and improvements	34,444
Buildings and improvements	157,277
Total	191,721
Accumulated depreciation	$ (63,133)
Date of construction	2014
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 191,721
Accumulated depreciation:
Balance at the end of year	$ 63,133
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	113,516
Gross amount carried at close of period
Land and improvements	67,204
Buildings and improvements	415,788
Total	482,992
Accumulated depreciation	$ (100,714)
Date of construction	2018
Date acquired	Mar-18
Rental properties:
Balance at the end of year	$ 482,992
Accumulated depreciation:
Balance at the end of year	$ 100,714
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	16,572
Gross amount carried at close of period
Land and improvements	1,001
Buildings and improvements	22,149
Total	23,150
Accumulated depreciation	$ (19,530)
Date of construction	1975
Date acquired	Apr-00
Rental properties:
Balance at the end of year	$ 23,150
Accumulated depreciation:
Balance at the end of year	$ 19,530
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	13,031
Gross amount carried at close of period
Land and improvements	3,201
Buildings and improvements	25,600
Total	28,801
Accumulated depreciation	$ (21,210)
Date of construction	1986
Date acquired	Oct-97
Rental properties:
Balance at the end of year	$ 28,801
Accumulated depreciation:
Balance at the end of year	$ 21,210
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	12,020
Gross amount carried at close of period
Land and improvements	2,656
Buildings and improvements	16,936
Total	19,592
Accumulated depreciation	$ (15,844)
Date of construction	1988
Date acquired	Sep-88
Rental properties:
Balance at the end of year	$ 19,592
Accumulated depreciation:
Balance at the end of year	$ 15,844
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	12,974
Gross amount carried at close of period
Land and improvements	5,977
Buildings and improvements	36,626
Total	42,603
Accumulated depreciation	$ (26,132)
Date of construction	1972
Date acquired	Dec-02
Rental properties:
Balance at the end of year	$ 42,603
Accumulated depreciation:
Balance at the end of year	$ 26,132
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	6,398
Gross amount carried at close of period
Land and improvements	13,915
Buildings and improvements	64,098
Total	78,013
Accumulated depreciation	$ (25,441)
Date of construction	2008
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 78,013
Accumulated depreciation:
Balance at the end of year	$ 25,441
Unencumbered Apartment Communities \| Taylor 28 \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Taylor 28 \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Audrey at Belltown
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	137
Initial cost
Land	$ 9,228
Buildings and improvements	36,911
Costs capitalized subsequent to acquisition	3,479
Gross amount carried at close of period
Land and improvements	9,228
Buildings and improvements	40,390
Total	49,618
Accumulated depreciation	$ (15,811)
Date of construction	1992
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 49,618
Accumulated depreciation:
Balance at the end of year	$ 15,811
Unencumbered Apartment Communities \| The Audrey at Belltown \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| The Audrey at Belltown \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Avery
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	121
Initial cost
Land	$ 6,964
Buildings and improvements	29,922
Costs capitalized subsequent to acquisition	2,556
Gross amount carried at close of period
Land and improvements	6,964
Buildings and improvements	32,478
Total	39,442
Accumulated depreciation	$ (11,881)
Date of construction	2014
Date acquired	Mar-14
Rental properties:
Balance at the end of year	$ 39,442
Accumulated depreciation:
Balance at the end of year	$ 11,881
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	1,259
Gross amount carried at close of period
Land and improvements	3,689
Buildings and improvements	12,614
Total	16,303
Accumulated depreciation	$ (5,995)
Date of construction	2008
Date acquired	Sep-11
Rental properties:
Balance at the end of year	$ 16,303
Accumulated depreciation:
Balance at the end of year	$ 5,995
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	26,285
Gross amount carried at close of period
Land and improvements	4,031
Buildings and improvements	35,804
Total	39,835
Accumulated depreciation	$ (29,543)
Date of construction	1979
Date acquired	Jun-97
Rental properties:
Balance at the end of year	$ 39,835
Accumulated depreciation:
Balance at the end of year	$ 29,543
Unencumbered Apartment Communities \| The Blake LA \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| The Blake LA \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Cairns
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	99
Initial cost
Land	$ 6,937
Buildings and improvements	20,679
Costs capitalized subsequent to acquisition	3,934
Gross amount carried at close of period
Land and improvements	6,939
Buildings and improvements	24,611
Total	31,550
Accumulated depreciation	$ (14,834)
Date of construction	2006
Date acquired	Jun-07
Rental properties:
Balance at the end of year	$ 31,550
Accumulated depreciation:
Balance at the end of year	$ 14,834
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	21,212
Gross amount carried at close of period
Land and improvements	2,824
Buildings and improvements	31,481
Total	34,305
Accumulated depreciation	$ (27,582)
Date of construction	1981
Date acquired	Jan-97
Rental properties:
Balance at the end of year	$ 34,305
Accumulated depreciation:
Balance at the end of year	$ 27,582
Unencumbered Apartment Communities \| The Elliot at Mukilteo \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| The Elliot at Mukilteo \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Grand
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	243
Initial cost
Land	$ 4,531
Buildings and improvements	89,208
Costs capitalized subsequent to acquisition	9,975
Gross amount carried at close of period
Land and improvements	4,531
Buildings and improvements	99,183
Total	103,714
Accumulated depreciation	$ (54,725)
Date of construction	2009
Date acquired	Jan-09
Rental properties:
Balance at the end of year	$ 103,714
Accumulated depreciation:
Balance at the end of year	$ 54,725
Unencumbered Apartment Communities \| The Grand \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| The Grand \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Hallie
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	292
Initial cost
Land	$ 2,202
Buildings and improvements	4,794
Costs capitalized subsequent to acquisition	58,528
Gross amount carried at close of period
Land and improvements	8,385
Buildings and improvements	57,139
Total	65,524
Accumulated depreciation	$ (50,894)
Date of construction	1972
Date acquired	Apr-97
Rental properties:
Balance at the end of year	$ 65,524
Accumulated depreciation:
Balance at the end of year	$ 50,894
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	1,180
Gross amount carried at close of period
Land and improvements	26,138
Buildings and improvements	139,113
Total	165,251
Accumulated depreciation	$ (3,795)
Date of construction	1969
Date acquired	Mar-24
Rental properties:
Balance at the end of year	$ 165,251
Accumulated depreciation:
Balance at the end of year	$ 3,795
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	10,171
Gross amount carried at close of period
Land and improvements	10,374
Buildings and improvements	51,666
Total	62,040
Accumulated depreciation	$ (24,482)
Date of construction	1975
Date acquired	Jun-12
Rental properties:
Balance at the end of year	$ 62,040
Accumulated depreciation:
Balance at the end of year	$ 24,482
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	11,428
Gross amount carried at close of period
Land and improvements	33,554
Buildings and improvements	89,720
Total	123,274
Accumulated depreciation	$ (37,007)
Date of construction	2001
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 123,274
Accumulated depreciation:
Balance at the end of year	$ 37,007
Unencumbered Apartment Communities \| The Landing at Jack London Square \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| The Landing at Jack London Square \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Lofts at Pinehurst
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	118
Initial cost
Land	$ 1,570
Buildings and improvements	3,912
Costs capitalized subsequent to acquisition	6,896
Gross amount carried at close of period
Land and improvements	1,618
Buildings and improvements	10,760
Total	12,378
Accumulated depreciation	$ (8,497)
Date of construction	1971
Date acquired	Jun-97
Rental properties:
Balance at the end of year	$ 12,378
Accumulated depreciation:
Balance at the end of year	$ 8,497
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	17,314
Gross amount carried at close of period
Land and improvements	1,565
Buildings and improvements	23,551
Total	25,116
Accumulated depreciation	$ (20,615)
Date of construction	1977
Date acquired	May-90
Rental properties:
Balance at the end of year	$ 25,116
Accumulated depreciation:
Balance at the end of year	$ 20,615
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	18,881
Gross amount carried at close of period
Land and improvements	23,584
Buildings and improvements	113,215
Total	136,799
Accumulated depreciation	$ (46,948)
Date of construction	1988
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 136,799
Accumulated depreciation:
Balance at the end of year	$ 46,948
Unencumbered Apartment Communities \| The Palms at Laguna Niguel \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| The Palms at Laguna Niguel \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| The Stuart
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	188
Initial cost
Land	$ 13,574
Buildings and improvements	54,298
Costs capitalized subsequent to acquisition	6,105
Gross amount carried at close of period
Land and improvements	13,574
Buildings and improvements	60,403
Total	73,977
Accumulated depreciation	$ (23,692)
Date of construction	2007
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 73,977
Accumulated depreciation:
Balance at the end of year	$ 23,692
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	10,906
Gross amount carried at close of period
Land and improvements	21,930
Buildings and improvements	98,626
Total	120,556
Accumulated depreciation	$ (39,541)
Date of construction	1985
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 120,556
Accumulated depreciation:
Balance at the end of year	$ 39,541
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	2,707
Gross amount carried at close of period
Land and improvements	14,634
Buildings and improvements	51,004
Total	65,638
Accumulated depreciation	$ (6,649)
Date of construction	1974
Date acquired	Jun-21
Rental properties:
Balance at the end of year	$ 65,638
Accumulated depreciation:
Balance at the end of year	$ 6,649
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	13,304
Gross amount carried at close of period
Land and improvements	13,661
Buildings and improvements	66,631
Total	80,292
Accumulated depreciation	$ (45,036)
Date of construction	2001
Date acquired	Jan-01
Rental properties:
Balance at the end of year	$ 80,292
Accumulated depreciation:
Balance at the end of year	$ 45,036
Unencumbered Apartment Communities \| Tierra Vista \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Tierra Vista \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Tiffany Court
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	101
Initial cost
Land	$ 6,949
Buildings and improvements	27,796
Costs capitalized subsequent to acquisition	3,858
Gross amount carried at close of period
Land and improvements	6,949
Buildings and improvements	31,654
Total	38,603
Accumulated depreciation	$ (12,494)
Date of construction	1987
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 38,603
Accumulated depreciation:
Balance at the end of year	$ 12,494
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	7,340
Gross amount carried at close of period
Land and improvements	3,890
Buildings and improvements	15,728
Total	19,618
Accumulated depreciation	$ (12,111)
Date of construction	1985
Date acquired	Oct-97
Rental properties:
Balance at the end of year	$ 19,618
Accumulated depreciation:
Balance at the end of year	$ 12,111
Unencumbered Apartment Communities \| Trabuco Villas \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Trabuco Villas \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Valley Park
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	160
Initial cost
Land	$ 3,361
Buildings and improvements	13,420
Costs capitalized subsequent to acquisition	8,761
Gross amount carried at close of period
Land and improvements	3,761
Buildings and improvements	21,781
Total	25,542
Accumulated depreciation	$ (16,169)
Date of construction	1969
Date acquired	Nov-01
Rental properties:
Balance at the end of year	$ 25,542
Accumulated depreciation:
Balance at the end of year	$ 16,169
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	8,331
Gross amount carried at close of period
Land and improvements	22,016
Buildings and improvements	90,585
Total	112,601
Accumulated depreciation	$ (43,846)
Date of construction	2011
Date acquired	Jul-11
Rental properties:
Balance at the end of year	$ 112,601
Accumulated depreciation:
Balance at the end of year	$ 43,846
Unencumbered Apartment Communities \| Via \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Via \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Villa Angelina
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	256
Initial cost
Land	$ 4,498
Buildings and improvements	17,962
Costs capitalized subsequent to acquisition	10,982
Gross amount carried at close of period
Land and improvements	4,962
Buildings and improvements	28,480
Total	33,442
Accumulated depreciation	$ (21,505)
Date of construction	1970
Date acquired	Nov-01
Rental properties:
Balance at the end of year	$ 33,442
Accumulated depreciation:
Balance at the end of year	$ 21,505
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	5,290
Gross amount carried at close of period
Land and improvements	38,299
Buildings and improvements	94,655
Total	132,954
Accumulated depreciation	$ (36,131)
Date of construction	2010
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 132,954
Accumulated depreciation:
Balance at the end of year	$ 36,131
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	18,292
Gross amount carried at close of period
Land and improvements	13,842
Buildings and improvements	73,659
Total	87,501
Accumulated depreciation	$ (30,803)
Date of construction	1974
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 87,501
Accumulated depreciation:
Balance at the end of year	$ 30,803
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	7,732
Gross amount carried at close of period
Land and improvements	6,488
Buildings and improvements	44,500
Total	50,988
Accumulated depreciation	$ (18,280)
Date of construction	1971
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 50,988
Accumulated depreciation:
Balance at the end of year	$ 18,280
Unencumbered Apartment Communities \| Village Green \| Minimum
Gross amount carried at close of period
Life used for depreciation	5 years
Unencumbered Apartment Communities \| Village Green \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Vista Belvedere
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	76
Initial cost
Land	$ 5,573
Buildings and improvements	11,901
Costs capitalized subsequent to acquisition	11,193
Gross amount carried at close of period
Land and improvements	5,573
Buildings and improvements	23,094
Total	28,667
Accumulated depreciation	$ (16,903)
Date of construction	1963
Date acquired	Aug-04
Rental properties:
Balance at the end of year	$ 28,667
Accumulated depreciation:
Balance at the end of year	$ 16,903
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	1,126
Gross amount carried at close of period
Land and improvements	5,545
Buildings and improvements	17,761
Total	23,306
Accumulated depreciation	$ (6,693)
Date of construction	2013
Date acquired	Oct-13
Rental properties:
Balance at the end of year	$ 23,306
Accumulated depreciation:
Balance at the end of year	$ 6,693
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	4,988
Gross amount carried at close of period
Land and improvements	24,005
Buildings and improvements	85,454
Total	109,459
Accumulated depreciation	$ (24,171)
Date of construction	2021
Date acquired	Dec-21
Rental properties:
Balance at the end of year	$ 109,459
Accumulated depreciation:
Balance at the end of year	$ 24,171
Unencumbered Apartment Communities \| Wallace on Sunset \| Minimum
Gross amount carried at close of period
Life used for depreciation	3 years
Unencumbered Apartment Communities \| Wallace on Sunset \| Maximum
Gross amount carried at close of period
Life used for depreciation	30 years
Unencumbered Apartment Communities \| Walnut Heights
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	163
Initial cost
Land	$ 4,858
Buildings and improvements	19,168
Costs capitalized subsequent to acquisition	7,839
Gross amount carried at close of period
Land and improvements	4,887
Buildings and improvements	26,978
Total	31,865
Accumulated depreciation	$ (19,322)
Date of construction	1964
Date acquired	Oct-03
Rental properties:
Balance at the end of year	$ 31,865
Accumulated depreciation:
Balance at the end of year	$ 19,322
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	7,084
Gross amount carried at close of period
Land and improvements	1,296
Buildings and improvements	12,053
Total	13,349
Accumulated depreciation	$ (10,422)
Date of construction	1986
Date acquired	Nov-95
Rental properties:
Balance at the end of year	$ 13,349
Accumulated depreciation:
Balance at the end of year	$ 10,422
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	20,387
Gross amount carried at close of period
Land and improvements	15,165
Buildings and improvements	41,530
Total	56,695
Accumulated depreciation	$ (33,077)
Date of construction	2000
Date acquired	Jun-00
Rental properties:
Balance at the end of year	$ 56,695
Accumulated depreciation:
Balance at the end of year	$ 33,077
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	14,645
Gross amount carried at close of period
Land and improvements	2,258
Buildings and improvements	21,652
Total	23,910
Accumulated depreciation	$ (19,644)
Date of construction	1990
Date acquired	Jun-94
Rental properties:
Balance at the end of year	$ 23,910
Accumulated depreciation:
Balance at the end of year	$ 19,644
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	22,930
Gross amount carried at close of period
Land and improvements	43,194
Buildings and improvements	123,960
Total	167,154
Accumulated depreciation	$ (58,677)
Date of construction	1989
Date acquired	Oct-12
Rental properties:
Balance at the end of year	$ 167,154
Accumulated depreciation:
Balance at the end of year	$ 58,677
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	11,585
Gross amount carried at close of period
Land and improvements	30,535
Buildings and improvements	103,189
Total	133,724
Accumulated depreciation	$ (39,637)
Date of construction	2008
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 133,724
Accumulated depreciation:
Balance at the end of year	$ 39,637
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	24,184
Gross amount carried at close of period
Land and improvements	56,932
Buildings and improvements	236,182
Total	293,114
Accumulated depreciation	$ (93,087)
Date of construction	2014
Date acquired	Apr-14
Rental properties:
Balance at the end of year	$ 293,114
Accumulated depreciation:
Balance at the end of year	$ 93,087
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	16,539
Gross amount carried at close of period
Land and improvements	3,797
Buildings and improvements	23,245
Total	27,042
Accumulated depreciation	$ (18,348)
Date of construction	1992
Date acquired	Jan-97
Rental properties:
Balance at the end of year	$ 27,042
Accumulated depreciation:
Balance at the end of year	$ 18,348
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	1,325
Gross amount carried at close of period
Land and improvements	6,383
Buildings and improvements	24,745
Total	31,128
Accumulated depreciation	$ (2,259)
Date of construction	1987
Date acquired	Jul-22
Rental properties:
Balance at the end of year	$ 31,128
Accumulated depreciation:
Balance at the end of year	$ 2,259
Unencumbered Apartment Communities \| Windsor Ridge
Real Estate and Accumulated Depreciation [Line Items]
Apartment Homes \| apartment	216
Initial cost
Land	$ 4,017
Buildings and improvements	10,315
Costs capitalized subsequent to acquisition	18,459
Gross amount carried at close of period
Land and improvements	4,021
Buildings and improvements	28,770
Total	32,791
Accumulated depreciation	$ (27,636)
Date of construction	1989
Date acquired	Mar-89
Rental properties:
Balance at the end of year	$ 32,791
Accumulated depreciation:
Balance at the end of year	$ 27,636
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	28,565
Gross amount carried at close of period
Land and improvements	2,044
Buildings and improvements	37,288
Total	39,332
Accumulated depreciation	$ (29,242)
Date of construction	1978
Date acquired	Mar-90
Rental properties:
Balance at the end of year	$ 39,332
Accumulated depreciation:
Balance at the end of year	$ 29,242
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	8,042
Gross amount carried at close of period
Land and improvements	5,341
Buildings and improvements	29,068
Total	34,409
Accumulated depreciation	$ (19,683)
Date of construction	1987
Date acquired	Dec-04
Rental properties:
Balance at the end of year	$ 34,409
Accumulated depreciation:
Balance at the end of year	$ 19,683
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
Other Property
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial cost
Land	80,706
Buildings and improvements	16,587
Costs capitalized subsequent to acquisition	16,700
Gross amount carried at close of period
Land and improvements	82,067
Buildings and improvements	31,926
Total	113,993
Accumulated depreciation	(23,294)
Rental properties:
Balance at the end of year	113,993
Accumulated depreciation:
Balance at the end of year	23,294
Other Property \| Other real estate assets
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	0
Initial cost
Land	80,706
Buildings and improvements	16,587
Costs capitalized subsequent to acquisition	16,700
Gross amount carried at close of period
Land and improvements	82,067
Buildings and improvements	31,926
Total	113,993
Accumulated depreciation	(23,294)
Rental properties:
Balance at the end of year	113,993
Accumulated depreciation:
Balance at the end of year	23,294
Real Estate Rental Property
Gross amount carried at close of period
Total	17,589,518	16,135,223	15,966,227
Rental properties:
Balance at beginning of year	16,135,223	15,966,227	15,629,927
Balance at the end of year	$ 17,589,518	$ 16,135,223	$ 15,966,227