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Maryland
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77-0369576
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(Essex Property Trust, Inc.)
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(Essex Property Trust, Inc.)
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California
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77-0369575
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(Essex Portfolio, L.P.)
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(Essex Portfolio, L.P.)
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(State or Other Jurisdiction of Incorporation or Organization)
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(I.R.S. Employer Identification Number)
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Common Stock, $.0001 par value (Essex Property Trust, Inc.)
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ESS
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New York Stock Exchange
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Essex Property Trust, Inc.
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Yes
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☒
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No
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☐
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Essex Portfolio, L.P.
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Yes
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☐
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No
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☒
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Essex Property Trust, Inc.
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Yes
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☐
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No
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☒
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Essex Portfolio, L.P.
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Yes
|
☐
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No
|
☒
|
Essex Property Trust, Inc.
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Yes
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☒
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No
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☐
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Essex Portfolio, L.P.
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Yes
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☒
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No
|
☐
|
Essex Property Trust, Inc.
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Yes
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☒
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No
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☐
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Essex Portfolio, L.P.
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Yes
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☒
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No
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☐
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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|
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Emerging growth company
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☐
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Large accelerated filer
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☐
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Accelerated filer
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☐
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Non-accelerated filer
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☒
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Smaller reporting company
|
☐
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|
|
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|
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Emerging growth company
|
☐
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Essex Property Trust, Inc.
|
☐
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Essex Portfolio, L.P.
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☐
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Essex Property Trust, Inc.
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Yes
|
☐
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No
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☒
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Essex Portfolio, L.P.
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Yes
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☐
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No
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☒
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•
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enhances investors' understanding of Essex and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
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•
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eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both Essex and the Operating Partnership; and
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•
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creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
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Part I.
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Page
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Item 1.
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||
Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Part II.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Part III.
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Part IV.
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Item 15.
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Item 16.
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||
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•
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Major metropolitan areas that have regional population in excess of one million;
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•
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Constraints on new supply driven by: (i) low availability of developable land sites where competing housing could be economically built; (ii) political growth barriers, such as protected land, urban growth boundaries, and potential lengthy and expensive development permit processes; and (iii) natural limitations to development, such as mountains or waterways;
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•
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Rental demand enhanced by affordability of rents relative to costs of for-sale housing; and
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•
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Housing demand based on job growth, proximity to jobs, high median incomes and the quality of life including related commuting factors.
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•
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Property Management – Oversee delivery and quality of the housing provided to our tenants and manage the properties financial performance.
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•
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Capital Preservation – The Company's asset management services are responsible for the planning, budgeting and completion of major capital improvement projects at the Company’s communities.
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•
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Business Planning and Control – Comprehensive business plans are implemented in conjunction with significant investment decisions. These plans include benchmarks for future financial performance based on collaborative discussions between on-site managers, the operations leadership team, and senior management.
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•
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Development and Redevelopment – The Company focuses on acquiring and developing apartment communities in supply constrained markets, and redeveloping its existing communities to improve the financial and physical aspects of the Company’s communities.
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Property Name
|
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Location
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Apartment Homes
|
|
Essex Ownership Percentage
|
|
Ownership
|
|
Quarter in 2019
|
|
Purchase Price
|
|
||||
One South Market(1)
|
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San Jose, CA
|
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312
|
|
|
100
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%
|
|
EPLP
|
|
Q1
|
|
$
|
80.6
|
|
|
Brio(2)
|
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Walnut Creek, CA
|
|
300
|
|
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N/A
|
|
|
EPLP
|
|
Q2
|
|
164.9
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(3)
|
|
The Courtyards at 65th Street
|
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Emeryville, CA
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331
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|
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50
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%
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WESCO V
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Q3
|
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178.0
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(3)
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777 Hamilton
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Menlo Park, CA
|
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195
|
|
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50
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%
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BEX IV
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Q3
|
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148.0
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(3)
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Township
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Redwood City, CA
|
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132
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|
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100
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%
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EPLP
|
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Q3
|
|
88.7
|
|
|
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Velo and Ray
|
|
Seattle, WA
|
|
308
|
|
|
50
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%
|
|
WESCO V
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Q4
|
|
133.0
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(3)
|
|
Pure Redmond
|
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Redmond, WA
|
|
105
|
|
|
100
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%
|
|
EPLP
|
|
Q4
|
|
39.1
|
|
|
|
Hidden Valley(4)
|
|
Simi Valley, CA
|
|
324
|
|
|
100
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%
|
|
EPLP
|
|
Q4
|
|
24.2
|
|
|
|
Total 2019
|
|
2,007
|
|
|
|
|
|
|
|
|
|
$
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856.5
|
|
|
(1)
|
In March 2019, the Company purchased the joint venture partner's 45% membership interest in the One South Market co-investment based on an estimated property valuation of $179.0 million. In conjunction with the acquisition, $86.0 million of mortgage debt that encumbered the property was repaid.
|
(2)
|
In June 2019, the Company acquired Brio for a total contract price of $164.9 million in a DownREIT transaction. As part of the acquisition, the Company assumed $98.7 million of mortgage debt in the community.
|
(3)
|
Contract prices represent the total contract price at 100%.
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(4)
|
In December 2019, the Company purchased the joint venture partner's 25% ownership interest in Hidden Valley, a consolidated community, based on an estimated property valuation of $97.0 million and an encumbrance of $29.7 million of mortgage debt.
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|
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As of
|
|||||||
|
|
|
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|
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|
|
12/31/2019
|
|||||||
|
|
|
|
Essex
|
|
Estimated
|
|
Incurred
|
|
Estimated
|
|||||
Development Pipeline
|
|
Location
|
|
Ownership%
|
|
Apartment Homes
|
|
Project Cost (1)
|
|
Project Cost(1)
|
|||||
Development Projects - Consolidated
|
|
|
|
|
|
|
|
|
|
|
|||||
Station Park Green - Phase II
|
|
San Mateo, CA
|
|
100%
|
|
199
|
|
|
$
|
135
|
|
|
$
|
141
|
|
Station Park Green - Phase III
|
|
San Mateo, CA
|
|
100%
|
|
172
|
|
|
119
|
|
|
134
|
|
||
Station Park Green - Phase IV
|
|
San Mateo, CA
|
|
100%
|
|
107
|
|
|
16
|
|
|
94
|
|
||
Mylo (2)
|
|
Santa Clara, CA
|
|
100%
|
|
476
|
|
|
197
|
|
|
226
|
|
||
Wallace on Sunset (3)
|
|
Hollywood, CA
|
|
100%
|
|
200
|
|
|
70
|
|
|
105
|
|
||
Total Development Projects - Consolidated
|
|
|
|
|
|
1,154
|
|
|
537
|
|
|
700
|
|
||
Development Projects - Joint Venture
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Patina at Midtown (4)
|
|
San Jose, CA
|
|
50%
|
|
269
|
|
|
115
|
|
|
136
|
|
||
500 Folsom (5)
|
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San Francisco, CA
|
|
50%
|
|
537
|
|
|
377
|
|
|
415
|
|
||
Total Development Projects - Joint Venture
|
|
|
|
|
|
806
|
|
|
492
|
|
|
551
|
|
||
Predevelopment Projects - Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Other Projects
|
|
Various
|
|
100%
|
|
—
|
|
|
20
|
|
|
20
|
|
||
Total - Consolidated Predevelopment Projects
|
|
|
|
|
|
—
|
|
|
20
|
|
|
20
|
|
||
Grand Total - Development and Predevelopment Pipeline
|
|
|
|
|
|
1,960
|
|
|
$
|
1,049
|
|
|
$
|
1,271
|
|
(1)
|
Includes costs related to the entire project, including both the Company's and joint venture partners' costs. Includes incurred costs and estimated costs to complete these development projects. For predevelopment projects, only incurred costs are included in estimated costs.
|
(2)
|
Mylo was previously named Gateway Village.
|
(3)
|
Wallace on Sunset was previously named Essex Hollywood.
|
(4)
|
Patina at Midtown was previously named Ohlone.
|
(5)
|
Estimated project cost for this development is net of a projected value for low-income housing tax credit proceeds and the value of the tax exempt bond structure.
|
•
|
changes in the general or local economic climate, including layoffs, plant closings, industry slowdowns, relocations of significant local employers and other events negatively impacting local employment rates and wages and the local economy;
|
•
|
local economic conditions in which the communities are located, such as oversupply of housing or a reduction in demand for rental housing;
|
•
|
the attractiveness and desirability of our communities to tenants, including, without limitation, our technology offerings and our ability to identify and cost effectively implement new, relevant technologies, and to keep up with constantly changing consumer demand for the latest innovations;
|
•
|
inflationary environments in which the costs to operate and maintain communities increase at a rate greater than our ability to increase rents, or deflationary environments where we may be exposed to declining rents more quickly under our short-term leases;
|
•
|
competition from other available housing alternatives;
|
•
|
changes in rent control or stabilization laws or other laws regulating housing;
|
•
|
the Company’s ability to provide for adequate maintenance and insurance;
|
•
|
declines in the financial condition of our tenants, which may make it more difficult for us to collect rents from some tenants;
|
•
|
tenants' perceptions of the safety, convenience and attractiveness of our communities and the neighborhoods where they are located; and
|
•
|
changes in interest rates and availability of financing.
|
•
|
funds may be expended and management's time devoted to projects that may not be completed on time or at all;
|
•
|
construction costs of a project may exceed original estimates possibly making the project economically unfeasible;
|
•
|
projects may be delayed due to, without limitation, adverse weather conditions, labor or material shortage, or environmental remediation;
|
•
|
occupancy rates and rents at a completed project may be less than anticipated;
|
•
|
expenses at completed development or redevelopment projects may be higher than anticipated, including, without limitation, due to costs of environmental remediation or increased costs for labor, materials and leasing;
|
•
|
we may be unable to obtain, or experience a delay in obtaining, necessary zoning, occupancy, or other required governmental or third party permits and authorizations, which could result in increased costs or delay or abandonment of opportunities;
|
•
|
we may be unable to obtain financing with favorable terms, or at all, for the proposed development or redevelopment of a community, which may cause us to delay or abandon an opportunity; and
|
•
|
we may incur liabilities to third parties during the development process, for example, in connection with managing existing improvements on the site prior to tenant terminations and demolition (such as commercial space) or in connection with providing services to third parties (such as the construction of shared infrastructure or other improvements.)
|
•
|
the economic climate, which may be adversely impacted by a reduction in jobs or income levels, industry slowdowns, changing demographics and other factors;
|
•
|
local conditions, such as oversupply of, or reduced demand for, apartment homes;
|
•
|
declines in household formation or employment or lack of employment growth;
|
•
|
rent control or stabilization laws, or other laws regulating rental housing, which could prevent the Company from raising rents to offset increases in operating costs, or the inability or unwillingness of tenants to pay rent increases;
|
•
|
competition from other available apartments and other housing alternatives and changes in market rental rates;
|
•
|
economic conditions that could cause an increase in our operating expenses, including increases in property taxes, utilities and routine maintenance; and
|
•
|
regional specific acts of nature (e.g., earthquakes, fires, floods, etc.).
|
•
|
that the value of mortgaged property may be less than the amounts owed, causing realized or unrealized losses;
|
•
|
the borrower may not pay indebtedness under the mortgage when due, requiring the Company to foreclose, and the amount recovered in connection with the foreclosure may be less than the amount owed;
|
•
|
that interest rates payable on the mortgages may be lower than the Company’s cost of funds;
|
•
|
in the case of junior mortgages, that foreclosure of a senior mortgage could eliminate the junior mortgage; and
|
•
|
delays in the collection of principal and interest if a borrower claims bankruptcy.
|
•
|
an inability to evaluate accurately local apartment market conditions and local economies;
|
•
|
an inability to identify appropriate acquisition opportunities or to obtain land for development;
|
•
|
an inability to hire and retain key personnel; and
|
•
|
lack of familiarity with local governmental and permitting procedures.
|
•
|
cash flow may not be sufficient to meet required payments of principal and interest;
|
•
|
inability to refinance maturing indebtedness on encumbered apartment communities;
|
•
|
inability to comply with debt covenants could cause defaults and an acceleration of maturity dates; and
|
•
|
paying debt before the scheduled maturity date could result in prepayment penalties.
|
•
|
consummate a merger, consolidation or sale of all or substantially all of our assets; and
|
•
|
incur additional secured and unsecured indebtedness.
|
•
|
regional, national and global economic conditions;
|
•
|
actual or anticipated variations in the Company’s quarterly operating results or dividends;
|
•
|
changes in the Company’s funds from operations or earnings estimates;
|
•
|
issuances of common stock, preferred stock or convertible debt securities, or the perception that such issuances might occur;
|
•
|
publication of research reports about the Company or the real estate industry;
|
•
|
the general reputation of REITs and the attractiveness of their equity securities in comparison to other equity securities (including securities issued by other real estate based companies);
|
•
|
general stock and bond market conditions, including changes in interest rates on fixed income securities, that may lead prospective purchasers of the Company’s stock to demand a higher annual yield from dividends;
|
•
|
shifts in our investor base to a higher concentration of passive investors such as exchange traded fund and index funds, which may adversely affect our ability to communicate effectively with our investors;
|
•
|
the resale of substantial amounts of the Company's stock, or the anticipation of such resale, by large holders of our securities;
|
•
|
availability of capital markets and cost of capital;
|
•
|
a change in analyst ratings or the Company’s credit ratings;
|
•
|
terrorist activity adversely affecting the markets in which the Company’s securities trade, possibly increasing market volatility and causing erosion of business and consumer confidence and spending;
|
•
|
natural disasters such as earthquakes;
|
•
|
changes in public policy and tax law; and
|
•
|
the issuance of ratings and scores related to corporate social responsibility ("CSR") and environmental, social and governance ("ESG") reports and disclosures.
|
•
|
the election of Essex’s Board of Directors or the removal of any member of Essex’s Board of Directors;
|
•
|
any amendment of Essex’s Charter, except that Essex’s Board of Directors may amend the Charter without stockholder approval to:
|
◦
|
change our name or the name or other designation or the par value of any class or series of our stock and the aggregate par value of our stock;
|
◦
|
increase or decrease the number of our shares of any class or series of stock that we have the authority to issue;
|
◦
|
classify or reclassify any unissued shares of stock by setting or changing the preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications or terms and conditions of redemption of such shares; and
|
◦
|
effect certain reverse stock splits;
|
•
|
our liquidation and dissolution; and
|
•
|
except as otherwise permitted by law, our being a party to any merger, consolidation, conversion, sale or other disposition of all or substantially all of our assets or similar reorganization.
|
•
|
80% of the votes entitled to be cast by holders of outstanding voting shares; and
|
•
|
two-thirds of the votes entitled to be cast by holders of outstanding voting shares other than shares held by the interested stockholder with whom the business combination is to be effected.
|
•
|
directors may be removed by stockholders, without cause, only upon the affirmative vote of at least two-thirds of the votes entitled to be cast generally in the election of the directors, and with cause, only upon the affirmative vote of a majority of the votes entitled to be cast generally in the election of the directors;
|
•
|
Essex’s Board of Directors can fix the number of directors and fill vacant directorships upon the vote of a majority of the directors and Essex's Board of Directors can classify the board such that the entire board is not up for re-election annually;
|
•
|
stockholders must give advance notice to nominate directors or propose business for consideration at a stockholders’ meeting; and
|
•
|
for stockholders to call a special meeting, the meeting must be requested by not less than a majority of all the votes entitled to be cast at the meeting.
|
•
|
located near employment centers;
|
•
|
attractive communities that are well maintained; and
|
•
|
proactive customer service.
|
|
|
|
|
|
|
Apartment
|
|
Year
|
|
Year
|
|
|
|
Communities (1)
|
|
Location
|
|
Type
|
|
Homes
|
|
Built
|
|
Acquired
|
|
Occupancy(2)
|
|
Southern California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpine Village
|
|
Alpine, CA
|
|
Garden
|
|
301
|
|
|
1971
|
|
2002
|
|
97%
|
Anavia
|
|
Anaheim, CA
|
|
Mid-rise
|
|
250
|
|
|
2009
|
|
2010
|
|
97%
|
Barkley, The (3)(4)
|
|
Anaheim, CA
|
|
Garden
|
|
161
|
|
|
1984
|
|
2000
|
|
97%
|
Park Viridian
|
|
Anaheim, CA
|
|
Mid-rise
|
|
320
|
|
|
2008
|
|
2014
|
|
97%
|
Bonita Cedars
|
|
Bonita, CA
|
|
Garden
|
|
120
|
|
|
1983
|
|
2002
|
|
97%
|
Village at Toluca Lake (5)
|
|
Burbank, CA
|
|
Mid-rise
|
|
145
|
|
|
1974
|
|
2017
|
|
96%
|
Camarillo Oaks
|
|
Camarillo, CA
|
|
Garden
|
|
564
|
|
|
1985
|
|
1996
|
|
97%
|
Camino Ruiz Square
|
|
Camarillo, CA
|
|
Garden
|
|
159
|
|
|
1990
|
|
2006
|
|
97%
|
Pinnacle at Otay Ranch I & II
|
|
Chula Vista, CA
|
|
Mid-rise
|
|
364
|
|
|
2001
|
|
2014
|
|
96%
|
Mesa Village
|
|
Clairemont, CA
|
|
Garden
|
|
133
|
|
|
1963
|
|
2002
|
|
98%
|
Villa Siena
|
|
Costa Mesa, CA
|
|
Garden
|
|
272
|
|
|
1974
|
|
2014
|
|
96%
|
Emerald Pointe
|
|
Diamond Bar, CA
|
|
Garden
|
|
160
|
|
|
1989
|
|
2014
|
|
98%
|
Regency at Encino
|
|
Encino, CA
|
|
Mid-rise
|
|
75
|
|
|
1989
|
|
2009
|
|
97%
|
The Havens (6)
|
|
Fountain Valley, CA
|
|
Garden
|
|
440
|
|
|
1969
|
|
2014
|
|
96%
|
Valley Park
|
|
Fountain Valley, CA
|
|
Garden
|
|
160
|
|
|
1969
|
|
2001
|
|
97%
|
Capri at Sunny Hills (4)
|
|
Fullerton, CA
|
|
Garden
|
|
102
|
|
|
1961
|
|
2001
|
|
96%
|
Haver Hill (7)
|
|
Fullerton, CA
|
|
Garden
|
|
264
|
|
|
1973
|
|
2012
|
|
97%
|
Pinnacle at Fullerton
|
|
Fullerton, CA
|
|
Mid-rise
|
|
192
|
|
|
2004
|
|
2014
|
|
96%
|
Wilshire Promenade
|
|
Fullerton, CA
|
|
Mid-rise
|
|
149
|
|
|
1992
|
|
1997
|
|
97%
|
Montejo Apartments
|
|
Garden Grove, CA
|
|
Garden
|
|
124
|
|
|
1974
|
|
2001
|
|
98%
|
416 on Broadway
|
|
Glendale, CA
|
|
Mid-rise
|
|
115
|
|
|
2009
|
|
2010
|
|
97%
|
The Henley I
|
|
Glendale, CA
|
|
Mid-rise
|
|
83
|
|
|
1974
|
|
1999
|
|
97%
|
The Henley II
|
|
Glendale, CA
|
|
Mid-rise
|
|
132
|
|
|
1970
|
|
1999
|
|
97%
|
CBC and The Sweeps
|
|
Goleta, CA
|
|
Garden
|
|
239
|
|
|
1962
|
|
2006
|
|
98%
|
Devonshire
|
|
Hemet, CA
|
|
Garden
|
|
276
|
|
|
1988
|
|
2002
|
|
97%
|
Huntington Breakers
|
|
Huntington Beach, CA
|
|
Mid-rise
|
|
342
|
|
|
1984
|
|
1997
|
|
97%
|
The Huntington
|
|
Huntington Beach, CA
|
|
Garden
|
|
276
|
|
|
1975
|
|
2012
|
|
96%
|
Axis 2300
|
|
Irvine, CA
|
|
Mid-rise
|
|
115
|
|
|
2010
|
|
2010
|
|
97%
|
Hillsborough Park (8)
|
|
La Habra, CA
|
|
Garden
|
|
235
|
|
|
1999
|
|
1999
|
|
97%
|
Village Green
|
|
La Habra, CA
|
|
Garden
|
|
272
|
|
|
1971
|
|
2014
|
|
96%
|
The Palms at Laguna Niguel
|
|
Laguna Niguel, CA
|
|
Garden
|
|
460
|
|
|
1988
|
|
2014
|
|
97%
|
Trabuco Villas
|
|
Lake Forest, CA
|
|
Mid-rise
|
|
132
|
|
|
1985
|
|
1997
|
|
97%
|
Marbrisa
|
|
Long Beach, CA
|
|
Mid-rise
|
|
202
|
|
|
1987
|
|
2002
|
|
97%
|
Pathways at Bixby Village
|
|
Long Beach, CA
|
|
Garden
|
|
296
|
|
|
1975
|
|
1991
|
|
96%
|
5600 Wilshire
|
|
Los Angeles, CA
|
|
Mid-rise
|
|
284
|
|
|
2008
|
|
2014
|
|
97%
|
Alessio
|
|
Los Angeles, CA
|
|
Mid-rise
|
|
624
|
|
|
2001
|
|
2014
|
|
96%
|
Ashton Sherman Village
|
|
Los Angeles, CA
|
|
Mid-rise
|
|
264
|
|
|
2014
|
|
2016
|
|
97%
|
Avant
|
|
Los Angeles, CA
|
|
Mid-rise
|
|
440
|
|
|
2014
|
|
2015
|
|
95%
|
The Avery
|
|
Los Angeles, CA
|
|
Mid-rise
|
|
121
|
|
|
2014
|
|
2014
|
|
97%
|
Bellerive
|
|
Los Angeles, CA
|
|
Mid-rise
|
|
63
|
|
|
2011
|
|
2011
|
|
98%
|
Belmont Station
|
|
Los Angeles, CA
|
|
Mid-rise
|
|
275
|
|
|
2009
|
|
2009
|
|
97%
|
Bunker Hill
|
|
Los Angeles, CA
|
|
High-rise
|
|
456
|
|
|
1968
|
|
1998
|
|
92%
|
Catalina Gardens
|
|
Los Angeles, CA
|
|
Mid-rise
|
|
128
|
|
|
1987
|
|
2014
|
|
96%
|
Cochran Apartments
|
|
Los Angeles, CA
|
|
Mid-rise
|
|
58
|
|
|
1989
|
|
1998
|
|
97%
|
|
|
|
|
|
|
Apartment
|
|
Year
|
|
Year
|
|
|
|
Communities (1)
|
|
Location
|
|
Type
|
|
Homes
|
|
Built
|
|
Acquired
|
|
Occupancy(2)
|
|
Emerson Valley Village
|
|
Los Angeles, CA
|
|
Mid-rise
|
|
144
|
|
|
2012
|
|
2016
|
|
97%
|
Gas Company Lofts (7)
|
|
Los Angeles, CA
|
|
High-rise
|
|
251
|
|
|
2004
|
|
2013
|
|
97%
|
The Blake LA
|
|
Los Angeles, CA
|
|
Mid-rise
|
|
196
|
|
|
1979
|
|
1997
|
|
97%
|
Marbella
|
|
Los Angeles, CA
|
|
Mid-rise
|
|
60
|
|
|
1991
|
|
2005
|
|
97%
|
Pacific Electric Lofts (9)
|
|
Los Angeles, CA
|
|
High-rise
|
|
314
|
|
|
2006
|
|
2012
|
|
95%
|
Park Catalina
|
|
Los Angeles, CA
|
|
Mid-rise
|
|
90
|
|
|
2002
|
|
2012
|
|
97%
|
Park Place
|
|
Los Angeles, CA
|
|
Mid-rise
|
|
60
|
|
|
1988
|
|
1997
|
|
97%
|
Regency Palm Court (7)
|
|
Los Angeles, CA
|
|
Mid-rise
|
|
116
|
|
|
1987
|
|
2014
|
|
96%
|
Santee Court
|
|
Los Angeles, CA
|
|
High-rise
|
|
165
|
|
|
2004
|
|
2010
|
|
96%
|
Santee Village
|
|
Los Angeles, CA
|
|
High-rise
|
|
73
|
|
|
2011
|
|
2011
|
|
96%
|
Tiffany Court
|
|
Los Angeles, CA
|
|
Mid-rise
|
|
101
|
|
|
1987
|
|
2014
|
|
97%
|
Wilshire La Brea
|
|
Los Angeles, CA
|
|
Mid-rise
|
|
478
|
|
|
2014
|
|
2014
|
|
97%
|
Windsor Court (7)
|
|
Los Angeles, CA
|
|
Mid-rise
|
|
95
|
|
|
1987
|
|
2014
|
|
96%
|
Windsor Court
|
|
Los Angeles, CA
|
|
Mid-rise
|
|
58
|
|
|
1988
|
|
1997
|
|
97%
|
Aqua Marina Del Rey
|
|
Marina Del Rey, CA
|
|
Mid-rise
|
|
500
|
|
|
2001
|
|
2014
|
|
97%
|
Marina City Club (10)
|
|
Marina Del Rey, CA
|
|
Mid-rise
|
|
101
|
|
|
1971
|
|
2004
|
|
97%
|
Mirabella
|
|
Marina Del Rey, CA
|
|
Mid-rise
|
|
188
|
|
|
2000
|
|
2000
|
|
97%
|
Mira Monte
|
|
Mira Mesa, CA
|
|
Garden
|
|
354
|
|
|
1982
|
|
2002
|
|
97%
|
Hillcrest Park
|
|
Newbury Park, CA
|
|
Garden
|
|
608
|
|
|
1973
|
|
1998
|
|
97%
|
Fairway Apartments at Big Canyon (11)
|
|
Newport Beach, CA
|
|
Mid-rise
|
|
74
|
|
|
1972
|
|
1999
|
|
96%
|
Muse
|
|
North Hollywood, CA
|
|
Mid-rise
|
|
152
|
|
|
2011
|
|
2011
|
|
96%
|
Country Villas
|
|
Oceanside, CA
|
|
Garden
|
|
180
|
|
|
1976
|
|
2002
|
|
97%
|
Mission Hills
|
|
Oceanside, CA
|
|
Garden
|
|
282
|
|
|
1984
|
|
2005
|
|
97%
|
Renaissance at Uptown Orange
|
|
Orange, CA
|
|
Mid-rise
|
|
460
|
|
|
2007
|
|
2014
|
|
97%
|
Mariner's Place
|
|
Oxnard, CA
|
|
Garden
|
|
105
|
|
|
1987
|
|
2000
|
|
97%
|
Monterey Villas
|
|
Oxnard, CA
|
|
Garden
|
|
122
|
|
|
1974
|
|
1997
|
|
97%
|
Tierra Vista
|
|
Oxnard, CA
|
|
Mid-rise
|
|
404
|
|
|
2001
|
|
2001
|
|
97%
|
Arbors at Parc Rose (9)
|
|
Oxnard, CA
|
|
Mid-rise
|
|
373
|
|
|
2001
|
|
2011
|
|
97%
|
The Hallie
|
|
Pasadena, CA
|
|
Mid-rise
|
|
292
|
|
|
1972
|
|
1997
|
|
96%
|
The Stuart
|
|
Pasadena, CA
|
|
Mid-rise
|
|
188
|
|
|
2007
|
|
2014
|
|
97%
|
Villa Angelina
|
|
Placentia, CA
|
|
Garden
|
|
256
|
|
|
1970
|
|
2001
|
|
97%
|
Fountain Park
|
|
Playa Vista, CA
|
|
Mid-rise
|
|
705
|
|
|
2002
|
|
2004
|
|
96%
|
Highridge (4)
|
|
Rancho Palos Verdes, CA
|
|
Mid-rise
|
|
255
|
|
|
1972
|
|
1997
|
|
96%
|
Cortesia
|
|
Rancho Santa Margarita, CA
|
|
Garden
|
|
308
|
|
|
1999
|
|
2014
|
|
97%
|
Pinnacle at Talega
|
|
San Clemente, CA
|
|
Mid-rise
|
|
362
|
|
|
2002
|
|
2014
|
|
96%
|
Allure at Scripps Ranch
|
|
San Diego, CA
|
|
Mid-rise
|
|
194
|
|
|
2002
|
|
2014
|
|
97%
|
Bernardo Crest
|
|
San Diego, CA
|
|
Garden
|
|
216
|
|
|
1988
|
|
2014
|
|
96%
|
Cambridge Park
|
|
San Diego, CA
|
|
Mid-rise
|
|
320
|
|
|
1998
|
|
2014
|
|
97%
|
Carmel Creek
|
|
San Diego, CA
|
|
Garden
|
|
348
|
|
|
2000
|
|
2014
|
|
96%
|
Carmel Landing
|
|
San Diego, CA
|
|
Garden
|
|
356
|
|
|
1989
|
|
2014
|
|
96%
|
Carmel Summit
|
|
San Diego, CA
|
|
Mid-rise
|
|
246
|
|
|
1989
|
|
2014
|
|
97%
|
CentrePointe
|
|
San Diego, CA
|
|
Garden
|
|
224
|
|
|
1974
|
|
1997
|
|
97%
|
Esplanade (6)
|
|
San Diego, CA
|
|
Garden
|
|
616
|
|
|
1986
|
|
2014
|
|
96%
|
Form 15
|
|
San Diego, CA
|
|
Mid-rise
|
|
242
|
|
|
2014
|
|
2016
|
|
96%
|
Montanosa
|
|
San Diego, CA
|
|
Garden
|
|
472
|
|
|
1990
|
|
2014
|
|
97%
|
Summit Park
|
|
San Diego, CA
|
|
Garden
|
|
300
|
|
|
1972
|
|
2002
|
|
97%
|
Essex Skyline (12)
|
|
Santa Ana, CA
|
|
High-rise
|
|
349
|
|
|
2008
|
|
2010
|
|
93%
|
Fairhaven Apartments (4)
|
|
Santa Ana, CA
|
|
Garden
|
|
164
|
|
|
1970
|
|
2001
|
|
97%
|
|
|
|
|
|
|
Apartment
|
|
Year
|
|
Year
|
|
|
|
Communities (1)
|
|
Location
|
|
Type
|
|
Homes
|
|
Built
|
|
Acquired
|
|
Occupancy(2)
|
|
Parkside Court (6)
|
|
Santa Ana, CA
|
|
Mid-rise
|
|
210
|
|
|
1986
|
|
2014
|
|
97%
|
Pinnacle at MacArthur Place
|
|
Santa Ana, CA
|
|
Mid-rise
|
|
253
|
|
|
2002
|
|
2014
|
|
97%
|
Hope Ranch
|
|
Santa Barbara, CA
|
|
Garden
|
|
108
|
|
|
1965
|
|
2007
|
|
99%
|
Bridgeport Coast (13)
|
|
Santa Clarita, CA
|
|
Mid-rise
|
|
188
|
|
|
2006
|
|
2014
|
|
96%
|
Hidden Valley
|
|
Simi Valley, CA
|
|
Garden
|
|
324
|
|
|
2004
|
|
2004
|
|
97%
|
Meadowood (8)
|
|
Simi Valley, CA
|
|
Garden
|
|
320
|
|
|
1986
|
|
1996
|
|
96%
|
Shadow Point
|
|
Spring Valley, CA
|
|
Garden
|
|
172
|
|
|
1983
|
|
2002
|
|
97%
|
The Fairways at Westridge (13)
|
|
Valencia, CA
|
|
Mid-rise
|
|
234
|
|
|
2004
|
|
2014
|
|
96%
|
The Vistas of West Hills (13)
|
|
Valencia, CA
|
|
Mid-rise
|
|
220
|
|
|
2009
|
|
2014
|
|
96%
|
Allegro
|
|
Valley Village, CA
|
|
Mid-rise
|
|
97
|
|
|
2010
|
|
2010
|
|
97%
|
Lofts at Pinehurst, The
|
|
Ventura, CA
|
|
Garden
|
|
118
|
|
|
1971
|
|
1997
|
|
97%
|
Pinehurst (14)
|
|
Ventura, CA
|
|
Garden
|
|
28
|
|
|
1973
|
|
2004
|
|
99%
|
Woodside Village
|
|
Ventura, CA
|
|
Garden
|
|
145
|
|
|
1987
|
|
2004
|
|
97%
|
Walnut Heights
|
|
Walnut, CA
|
|
Garden
|
|
163
|
|
|
1964
|
|
2003
|
|
96%
|
The Dylan
|
|
West Hollywood, CA
|
|
Mid-rise
|
|
184
|
|
|
2014
|
|
2014
|
|
96%
|
The Huxley
|
|
West Hollywood, CA
|
|
Mid-rise
|
|
187
|
|
|
2014
|
|
2014
|
|
96%
|
Reveal
|
|
Woodland Hills, CA
|
|
Mid-rise
|
|
438
|
|
|
2010
|
|
2011
|
|
97%
|
Avondale at Warner Center
|
|
Woodland Hills, CA
|
|
Mid-rise
|
|
446
|
|
|
1970
|
|
1999
|
|
97%
|
|
|
|
|
|
|
26,695
|
|
|
|
|
|
|
97%
|
Northern California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Belmont Terrace
|
|
Belmont, CA
|
|
Mid-rise
|
|
71
|
|
|
1974
|
|
2006
|
|
96%
|
Fourth & U
|
|
Berkeley, CA
|
|
Mid-rise
|
|
171
|
|
|
2010
|
|
2010
|
|
97%
|
The Commons
|
|
Campbell, CA
|
|
Garden
|
|
264
|
|
|
1973
|
|
2010
|
|
96%
|
Pointe at Cupertino
|
|
Cupertino, CA
|
|
Garden
|
|
116
|
|
|
1963
|
|
1998
|
|
97%
|
Connolly Station (15)
|
|
Dublin, CA
|
|
Mid-rise
|
|
309
|
|
|
2014
|
|
2014
|
|
97%
|
Avenue 64
|
|
Emeryville, CA
|
|
Mid-rise
|
|
224
|
|
|
2007
|
|
2014
|
|
96%
|
The Courtyards at 65th Street (16)
|
|
Emeryville, CA
|
|
Mid-rise
|
|
331
|
|
|
2004
|
|
2019
|
|
96%
|
Emme (15)
|
|
Emeryville, CA
|
|
Mid-rise
|
|
190
|
|
|
2015
|
|
2015
|
|
96%
|
Foster's Landing
|
|
Foster City, CA
|
|
Garden
|
|
490
|
|
|
1987
|
|
2014
|
|
95%
|
Stevenson Place
|
|
Fremont, CA
|
|
Garden
|
|
200
|
|
|
1975
|
|
2000
|
|
97%
|
Mission Peaks
|
|
Fremont, CA
|
|
Mid-rise
|
|
453
|
|
|
1995
|
|
2014
|
|
97%
|
Mission Peaks II
|
|
Fremont, CA
|
|
Garden
|
|
336
|
|
|
1989
|
|
2014
|
|
97%
|
Paragon Apartments
|
|
Fremont, CA
|
|
Mid-rise
|
|
301
|
|
|
2013
|
|
2014
|
|
97%
|
Boulevard
|
|
Fremont, CA
|
|
Garden
|
|
172
|
|
|
1978
|
|
1996
|
|
96%
|
Briarwood (9)
|
|
Fremont, CA
|
|
Garden
|
|
160
|
|
|
1978
|
|
2011
|
|
97%
|
The Woods (9)
|
|
Fremont, CA
|
|
Garden
|
|
160
|
|
|
1978
|
|
2011
|
|
97%
|
City Centre (13)
|
|
Hayward, CA
|
|
Mid-rise
|
|
192
|
|
|
2000
|
|
2014
|
|
96%
|
City View
|
|
Hayward, CA
|
|
Garden
|
|
572
|
|
|
1975
|
|
1998
|
|
96%
|
Lafayette Highlands
|
|
Lafayette, CA
|
|
Garden
|
|
150
|
|
|
1973
|
|
2014
|
|
97%
|
777 Hamilton (17)
|
|
Menlo Park, CA
|
|
Mid-rise
|
|
195
|
|
|
2017
|
|
2019
|
|
94%
|
Apex
|
|
Milpitas, CA
|
|
Mid-rise
|
|
366
|
|
|
2014
|
|
2014
|
|
97%
|
Regency at Mountain View (7)
|
|
Mountain View, CA
|
|
Mid-rise
|
|
142
|
|
|
1970
|
|
2013
|
|
97%
|
Bridgeport (8)
|
|
Newark, CA
|
|
Garden
|
|
184
|
|
|
1987
|
|
1987
|
|
97%
|
The Landing at Jack London Square
|
|
Oakland, CA
|
|
Mid-rise
|
|
282
|
|
|
2001
|
|
2014
|
|
96%
|
The Grand
|
|
Oakland, CA
|
|
High-rise
|
|
243
|
|
|
2009
|
|
2009
|
|
96%
|
The Galloway (15)
|
|
Pleasanton, CA
|
|
Mid-rise
|
|
506
|
|
|
2016
|
|
2016
|
|
97%
|
Radius
|
|
Redwood City, CA
|
|
Mid-rise
|
|
264
|
|
|
2015
|
|
2015
|
|
97%
|
Township
|
|
Redwood City, CA
|
|
Mid-rise
|
|
132
|
|
|
2014
|
|
2019
|
|
97%
|
|
|
|
|
|
|
Apartment
|
|
Year
|
|
Year
|
|
|
|
Communities (1)
|
|
Location
|
|
Type
|
|
Homes
|
|
Built
|
|
Acquired
|
|
Occupancy(2)
|
|
San Marcos
|
|
Richmond, CA
|
|
Mid-rise
|
|
432
|
|
|
2003
|
|
2003
|
|
97%
|
Bennett Lofts
|
|
San Francisco, CA
|
|
Mid-rise
|
|
165
|
|
|
2004
|
|
2012
|
|
95%
|
Fox Plaza
|
|
San Francisco, CA
|
|
High-rise
|
|
445
|
|
|
1968
|
|
2013
|
|
95%
|
MB 360
|
|
San Francisco, CA
|
|
Mid-rise
|
|
360
|
|
|
2014
|
|
2014
|
|
97%
|
Park West
|
|
San Francisco, CA
|
|
Mid-rise
|
|
126
|
|
|
1958
|
|
2012
|
|
95%
|
101 San Fernando
|
|
San Jose, CA
|
|
Mid-rise
|
|
323
|
|
|
2001
|
|
2010
|
|
96%
|
360 Residences (16)
|
|
San Jose, CA
|
|
Mid-rise
|
|
213
|
|
|
2010
|
|
2017
|
|
95%
|
Bella Villagio
|
|
San Jose, CA
|
|
Mid-rise
|
|
231
|
|
|
2004
|
|
2010
|
|
96%
|
Century Towers (18)
|
|
San Jose, CA
|
|
High-rise
|
|
376
|
|
|
2017
|
|
2017
|
|
95%
|
Enso
|
|
San Jose, CA
|
|
Mid-rise
|
|
183
|
|
|
2014
|
|
2015
|
|
97%
|
Epic (15)
|
|
San Jose, CA
|
|
Mid-rise
|
|
769
|
|
|
2013
|
|
2013
|
|
96%
|
Esplanade
|
|
San Jose, CA
|
|
Mid-rise
|
|
278
|
|
|
2002
|
|
2004
|
|
96%
|
Fountains at River Oaks
|
|
San Jose, CA
|
|
Mid-rise
|
|
226
|
|
|
1990
|
|
2014
|
|
96%
|
Marquis
|
|
San Jose, CA
|
|
Mid-rise
|
|
166
|
|
|
2015
|
|
2016
|
|
96%
|
Meridian at Midtown (16)
|
|
San Jose, CA
|
|
Mid-rise
|
|
218
|
|
|
2015
|
|
2018
|
|
95%
|
Mio
|
|
San Jose, CA
|
|
Mid-rise
|
|
103
|
|
|
2015
|
|
2016
|
|
97%
|
Museum Park
|
|
San Jose, CA
|
|
Mid-rise
|
|
117
|
|
|
2002
|
|
2014
|
|
97%
|
One South Market (19)
|
|
San Jose, CA
|
|
High-rise
|
|
312
|
|
|
2015
|
|
2015
|
|
96%
|
Palm Valley
|
|
San Jose, CA
|
|
Mid-rise
|
|
1,099
|
|
|
2008
|
|
2014
|
|
97%
|
Sage at Cupertino (4)
|
|
San Jose, CA
|
|
Garden
|
|
230
|
|
|
1971
|
|
2017
|
|
96%
|
The Carlyle (8)
|
|
San Jose, CA
|
|
Garden
|
|
132
|
|
|
2000
|
|
2000
|
|
97%
|
The Waterford
|
|
San Jose, CA
|
|
Mid-rise
|
|
238
|
|
|
2000
|
|
2000
|
|
96%
|
Willow Lake
|
|
San Jose, CA
|
|
Mid-rise
|
|
508
|
|
|
1989
|
|
2012
|
|
96%
|
Lakeshore Landing
|
|
San Mateo, CA
|
|
Mid-rise
|
|
308
|
|
|
1988
|
|
2014
|
|
96%
|
Hillsdale Garden
|
|
San Mateo, CA
|
|
Garden
|
|
697
|
|
|
1948
|
|
2006
|
|
97%
|
Park 20 (15)
|
|
San Mateo, CA
|
|
Mid-rise
|
|
197
|
|
|
2015
|
|
2015
|
|
97%
|
Station Park Green - Phase I
|
|
San Mateo, CA
|
|
Mid-rise
|
|
121
|
|
|
2018
|
|
2018
|
|
95%
|
Deer Valley
|
|
San Rafael, CA
|
|
Garden
|
|
171
|
|
|
1996
|
|
2014
|
|
97%
|
Bel Air
|
|
San Ramon, CA
|
|
Garden
|
|
462
|
|
|
1988
|
|
1995
|
|
97%
|
Canyon Oaks
|
|
San Ramon, CA
|
|
Mid-rise
|
|
250
|
|
|
2005
|
|
2007
|
|
97%
|
Crow Canyon
|
|
San Ramon, CA
|
|
Mid-rise
|
|
400
|
|
|
1992
|
|
2014
|
|
96%
|
Foothill Gardens
|
|
San Ramon, CA
|
|
Garden
|
|
132
|
|
|
1985
|
|
1997
|
|
97%
|
Mill Creek at Windermere
|
|
San Ramon, CA
|
|
Mid-rise
|
|
400
|
|
|
2005
|
|
2007
|
|
97%
|
Twin Creeks
|
|
San Ramon, CA
|
|
Garden
|
|
44
|
|
|
1985
|
|
1997
|
|
97%
|
1000 Kiely
|
|
Santa Clara, CA
|
|
Garden
|
|
121
|
|
|
1971
|
|
2011
|
|
97%
|
Le Parc
|
|
Santa Clara, CA
|
|
Garden
|
|
140
|
|
|
1975
|
|
1994
|
|
97%
|
Marina Cove (20)
|
|
Santa Clara, CA
|
|
Garden
|
|
292
|
|
|
1974
|
|
1994
|
|
97%
|
Riley Square (9)
|
|
Santa Clara, CA
|
|
Garden
|
|
156
|
|
|
1972
|
|
2012
|
|
97%
|
Villa Granada
|
|
Santa Clara, CA
|
|
Mid-rise
|
|
270
|
|
|
2010
|
|
2014
|
|
97%
|
Chestnut Street Apartments
|
|
Santa Cruz, CA
|
|
Garden
|
|
96
|
|
|
2002
|
|
2008
|
|
95%
|
Bristol Commons
|
|
Sunnyvale, CA
|
|
Garden
|
|
188
|
|
|
1989
|
|
1995
|
|
97%
|
Brookside Oaks (4)
|
|
Sunnyvale, CA
|
|
Garden
|
|
170
|
|
|
1973
|
|
2000
|
|
97%
|
Lawrence Station
|
|
Sunnyvale, CA
|
|
Mid-rise
|
|
336
|
|
|
2012
|
|
2014
|
|
97%
|
Magnolia Lane (21)
|
|
Sunnyvale, CA
|
|
Garden
|
|
32
|
|
|
2001
|
|
2007
|
|
97%
|
Magnolia Square (4)
|
|
Sunnyvale, CA
|
|
Garden
|
|
156
|
|
|
1963
|
|
2007
|
|
97%
|
Montclaire
|
|
Sunnyvale, CA
|
|
Mid-rise
|
|
390
|
|
|
1973
|
|
1988
|
|
97%
|
Reed Square
|
|
Sunnyvale, CA
|
|
Garden
|
|
100
|
|
|
1970
|
|
2011
|
|
98%
|
Solstice
|
|
Sunnyvale, CA
|
|
Mid-rise
|
|
280
|
|
|
2014
|
|
2014
|
|
98%
|
|
|
|
|
|
|
Apartment
|
|
Year
|
|
Year
|
|
|
|
Communities (1)
|
|
Location
|
|
Type
|
|
Homes
|
|
Built
|
|
Acquired
|
|
Occupancy(2)
|
|
Summerhill Park
|
|
Sunnyvale, CA
|
|
Garden
|
|
100
|
|
|
1988
|
|
1988
|
|
98%
|
Via
|
|
Sunnyvale, CA
|
|
Mid-rise
|
|
284
|
|
|
2011
|
|
2011
|
|
97%
|
Windsor Ridge
|
|
Sunnyvale, CA
|
|
Mid-rise
|
|
216
|
|
|
1989
|
|
1989
|
|
98%
|
Vista Belvedere
|
|
Tiburon, CA
|
|
Mid-rise
|
|
76
|
|
|
1963
|
|
2004
|
|
96%
|
Verandas (13)
|
|
Union City, CA
|
|
Mid-rise
|
|
282
|
|
|
1989
|
|
2014
|
|
97%
|
Agora (22)
|
|
Walnut Creek, CA
|
|
Mid-rise
|
|
49
|
|
|
2016
|
|
2016
|
|
99%
|
Brio (4)
|
|
Walnut Creek, CA
|
|
Mid-rise
|
|
300
|
|
|
2015
|
|
2019
|
|
97%
|
|
|
|
|
|
|
21,642
|
|
|
|
|
|
|
96%
|
Seattle, Washington Metropolitan Area
|
|
|
|
|
|
|
|
|
|
|
|||
Belcarra
|
|
Bellevue, WA
|
|
Mid-rise
|
|
296
|
|
|
2009
|
|
2014
|
|
97%
|
BellCentre
|
|
Bellevue, WA
|
|
Mid-rise
|
|
248
|
|
|
2001
|
|
2014
|
|
97%
|
Cedar Terrace
|
|
Bellevue, WA
|
|
Garden
|
|
180
|
|
|
1984
|
|
2005
|
|
96%
|
Courtyard off Main
|
|
Bellevue, WA
|
|
Mid-rise
|
|
110
|
|
|
2000
|
|
2010
|
|
96%
|
Ellington
|
|
Bellevue, WA
|
|
Mid-rise
|
|
220
|
|
|
1994
|
|
2014
|
|
97%
|
Emerald Ridge
|
|
Bellevue, WA
|
|
Garden
|
|
180
|
|
|
1987
|
|
1994
|
|
97%
|
Foothill Commons
|
|
Bellevue, WA
|
|
Mid-rise
|
|
394
|
|
|
1978
|
|
1990
|
|
96%
|
Palisades, The
|
|
Bellevue, WA
|
|
Garden
|
|
192
|
|
|
1977
|
|
1990
|
|
97%
|
Park Highland
|
|
Bellevue, WA
|
|
Mid-rise
|
|
250
|
|
|
1993
|
|
2014
|
|
96%
|
Piedmont
|
|
Bellevue, WA
|
|
Garden
|
|
396
|
|
|
1969
|
|
2014
|
|
97%
|
Sammamish View
|
|
Bellevue, WA
|
|
Garden
|
|
153
|
|
|
1986
|
|
1994
|
|
98%
|
Woodland Commons
|
|
Bellevue, WA
|
|
Garden
|
|
302
|
|
|
1978
|
|
1990
|
|
97%
|
Bothell Ridge (6)
|
|
Bothell, WA
|
|
Garden
|
|
214
|
|
|
1988
|
|
2014
|
|
96%
|
Canyon Pointe
|
|
Bothell, WA
|
|
Garden
|
|
250
|
|
|
1990
|
|
2003
|
|
96%
|
Inglenook Court
|
|
Bothell, WA
|
|
Garden
|
|
224
|
|
|
1985
|
|
1994
|
|
96%
|
Pinnacle Sonata
|
|
Bothell, WA
|
|
Mid-rise
|
|
268
|
|
|
2000
|
|
2014
|
|
96%
|
Salmon Run at Perry Creek
|
|
Bothell, WA
|
|
Garden
|
|
132
|
|
|
2000
|
|
2000
|
|
97%
|
Stonehedge Village
|
|
Bothell, WA
|
|
Garden
|
|
196
|
|
|
1986
|
|
1997
|
|
96%
|
Highlands at Wynhaven
|
|
Issaquah, WA
|
|
Mid-rise
|
|
333
|
|
|
2000
|
|
2008
|
|
97%
|
Park Hill at Issaquah
|
|
Issaquah, WA
|
|
Garden
|
|
245
|
|
|
1999
|
|
1999
|
|
97%
|
Wandering Creek
|
|
Kent, WA
|
|
Garden
|
|
156
|
|
|
1986
|
|
1995
|
|
98%
|
Ascent
|
|
Kirkland, WA
|
|
Garden
|
|
90
|
|
|
1988
|
|
2012
|
|
96%
|
Bridle Trails
|
|
Kirkland, WA
|
|
Garden
|
|
108
|
|
|
1986
|
|
1997
|
|
97%
|
Corbella at Juanita Bay
|
|
Kirkland, WA
|
|
Garden
|
|
169
|
|
|
1978
|
|
2010
|
|
96%
|
Evergreen Heights
|
|
Kirkland, WA
|
|
Garden
|
|
200
|
|
|
1990
|
|
1997
|
|
96%
|
Slater 116
|
|
Kirkland, WA
|
|
Mid-rise
|
|
108
|
|
|
2013
|
|
2013
|
|
97%
|
Montebello
|
|
Kirkland, WA
|
|
Garden
|
|
248
|
|
|
1996
|
|
2012
|
|
96%
|
Aviara (23)
|
|
Mercer Island, WA
|
|
Mid-rise
|
|
166
|
|
|
2013
|
|
2014
|
|
96%
|
Laurels at Mill Creek
|
|
Mill Creek, WA
|
|
Garden
|
|
164
|
|
|
1981
|
|
1996
|
|
96%
|
Parkwood at Mill Creek
|
|
Mill Creek, WA
|
|
Garden
|
|
240
|
|
|
1989
|
|
2014
|
|
96%
|
The Elliot at Mukilteo (4)
|
|
Mukilteo, WA
|
|
Garden
|
|
301
|
|
|
1981
|
|
1997
|
|
96%
|
Castle Creek
|
|
Newcastle, WA
|
|
Garden
|
|
216
|
|
|
1998
|
|
1998
|
|
97%
|
Delano
|
|
Redmond, WA
|
|
Mid-rise
|
|
126
|
|
|
2005
|
|
2011
|
|
97%
|
Elevation
|
|
Redmond, WA
|
|
Garden
|
|
158
|
|
|
1986
|
|
2010
|
|
97%
|
Pure Redmond
|
|
Redmond, WA
|
|
Mid-rise
|
|
105
|
|
|
2016
|
|
2019
|
|
99%
|
Redmond Hill (9)
|
|
Redmond, WA
|
|
Garden
|
|
442
|
|
|
1985
|
|
2011
|
|
96%
|
Shadowbrook
|
|
Redmond, WA
|
|
Garden
|
|
418
|
|
|
1986
|
|
2014
|
|
96%
|
The Trails of Redmond
|
|
Redmond, WA
|
|
Garden
|
|
423
|
|
|
1985
|
|
2014
|
|
97%
|
Vesta (9)
|
|
Redmond, WA
|
|
Garden
|
|
440
|
|
|
1998
|
|
2011
|
|
97%
|
|
|
|
|
|
|
Apartment
|
|
Year
|
|
Year
|
|
|
|
Communities (1)
|
|
Location
|
|
Type
|
|
Homes
|
|
Built
|
|
Acquired
|
|
Occupancy(2)
|
|
Brighton Ridge
|
|
Renton, WA
|
|
Garden
|
|
264
|
|
|
1986
|
|
1996
|
|
96%
|
Fairwood Pond
|
|
Renton, WA
|
|
Garden
|
|
194
|
|
|
1997
|
|
2004
|
|
97%
|
Forest View
|
|
Renton, WA
|
|
Garden
|
|
192
|
|
|
1998
|
|
2003
|
|
97%
|
Pinnacle on Lake Washington
|
|
Renton, WA
|
|
Mid-rise
|
|
180
|
|
|
2001
|
|
2014
|
|
96%
|
8th & Republican (16)
|
|
Seattle, WA
|
|
Mid-rise
|
|
211
|
|
|
2016
|
|
2017
|
|
97%
|
Annaliese
|
|
Seattle, WA
|
|
Mid-rise
|
|
56
|
|
|
2009
|
|
2013
|
|
98%
|
The Audrey at Belltown
|
|
Seattle, WA
|
|
Mid-rise
|
|
137
|
|
|
1992
|
|
2014
|
|
96%
|
The Bernard
|
|
Seattle, WA
|
|
Mid-rise
|
|
63
|
|
|
2008
|
|
2011
|
|
98%
|
Cairns, The
|
|
Seattle, WA
|
|
Mid-rise
|
|
99
|
|
|
2006
|
|
2007
|
|
97%
|
Collins on Pine
|
|
Seattle, WA
|
|
Mid-rise
|
|
76
|
|
|
2013
|
|
2014
|
|
98%
|
Domaine
|
|
Seattle, WA
|
|
Mid-rise
|
|
92
|
|
|
2009
|
|
2012
|
|
98%
|
Expo (18)
|
|
Seattle, WA
|
|
Mid-rise
|
|
275
|
|
|
2012
|
|
2012
|
|
96%
|
Fountain Court
|
|
Seattle, WA
|
|
Mid-rise
|
|
320
|
|
|
2000
|
|
2000
|
|
97%
|
Patent 523
|
|
Seattle, WA
|
|
Mid-rise
|
|
295
|
|
|
2010
|
|
2010
|
|
97%
|
Taylor 28
|
|
Seattle, WA
|
|
Mid-rise
|
|
197
|
|
|
2008
|
|
2014
|
|
97%
|
Velo and Ray (16)
|
|
Seattle, WA
|
|
Mid-rise
|
|
308
|
|
|
2014
|
|
2019
|
|
96%
|
Vox Apartments
|
|
Seattle, WA
|
|
Mid-rise
|
|
58
|
|
|
2013
|
|
2013
|
|
97%
|
Wharfside Pointe
|
|
Seattle, WA
|
|
Mid-rise
|
|
155
|
|
|
1990
|
|
1994
|
|
97%
|
|
|
|
|
|
|
12,233
|
|
|
|
|
|
|
97%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total/Weighted Average
|
|
|
|
|
|
60,570
|
|
|
|
|
|
|
97%
|
(1)
|
Unless otherwise specified, the Company consolidates each community in accordance with U.S. GAAP.
|
(2)
|
For communities, occupancy rates are based on financial occupancy for the year ended December 31, 2019. For an explanation of how financial occupancy is calculated, see "Occupancy Rates" in this Item 2.
|
(3)
|
The community is subject to a ground lease, which, unless extended, will expire in 2082.
|
(4)
|
Each of these communities is part of a DownREIT structure in which the Company is the general partner or manager and the other limited partners or members are granted rights of redemption for their interests.
|
(5)
|
This community is owned by BEX III, LLC ("BEX III"). The Company has a 50% interest in BEX III, which is accounted for using the equity method of accounting.
|
(6)
|
This community is owned by BEXAEW. The Company has a 50% interest in BEXAEW, which is accounted for using the equity method of accounting.
|
(7)
|
This community is owned by Wesco III. The Company has a 50% interest in Wesco III, which is accounted for using the equity method of accounting.
|
(8)
|
This community is owned by BEX II, LLC ("BEX II"). The Company has a 50% interest in BEX II, which is accounted for using the equity method of accounting.
|
(9)
|
This community is owned by Wesco I, LLC ("Wesco I"). The Company has a 58% interest in Wesco I, which is accounted for using the equity method of accounting.
|
(10)
|
This community is subject to a ground lease, which, unless extended, will expire in 2067.
|
(11)
|
This community is subject to a ground lease, which, unless extended, will expire in 2027.
|
(12)
|
The Company has a 97% interest and an Executive Vice President of the Company has a 3% interest in this community.
|
(13)
|
This community is owned by Wesco IV, LLC ("Wesco IV") The Company has a 50% interest in Wesco IV, which is accounted for using the equity method of accounting.
|
(14)
|
This community is subject to a ground lease, which, unless extended, will expire in 2028.
|
(15)
|
This community is owned by an entity that, as of December 31, 2019, was co-owned by the Company and the Canada Pension Plan Investment Board ("CPPIB" or "CPP"). The Company had a 55% ownership in this community, which is accounted for using the equity method of accounting. In January 2020, the Company purchased CPPIB's 45% interest.
|
(16)
|
This community is owned by Wesco V, LLC ("Wesco V"). The Company has a 50% interest in Wesco V, which is accounted for using the equity method of accounting.
|
(17)
|
This community is owned by BEX IV, LLC ("BEX IV"). The Company has a 50.1% interest in BEX IV, which is accounted for using the equity method of accounting.
|
(18)
|
The Company has 50% ownership in this community, which is accounted for using the equity method of accounting.
|
(19)
|
In March 2019, the Company purchased its joint venture partner's 45.0% interest in the One South Market co-investment. As a result of this purchase, the Company consolidates One South Market.
|
(20)
|
A portion of this community on which 84 apartment homes are presently located is subject to a ground lease, which, unless extended, will expire in 2028.
|
(21)
|
The community is subject to a ground lease, which, unless extended, will expire in 2070.
|
(22)
|
This community is owned by an entity that, as of December 31, 2019, was co-owned primarily by the Company and CPPIB. The Company had a 51% membership interest in this community, which is accounted for using the equity method of accounting. In January 2020, the Company purchased CPPIB's 45% interest.
|
(23)
|
This community is subject to a ground lease, which, unless extended, will expire in 2070.
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Common Stock
|
|
|
|
|
|
|
|||
Ordinary income
|
|
83.81
|
%
|
|
79.72
|
%
|
|
84.04
|
%
|
Capital gain
|
|
13.78
|
%
|
|
15.35
|
%
|
|
13.20
|
%
|
Unrecaptured section 1250 capital gain
|
|
2.41
|
%
|
|
4.93
|
%
|
|
2.76
|
%
|
|
|
100.00
|
%
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
Period Ending
|
||||||||||||||||
Index
|
|
12/31/2014
|
|
|
12/31/2015
|
|
|
12/31/2016
|
|
|
12/31/2017
|
|
|
12/31/2018
|
|
|
12/31/2019
|
|
Essex Property Trust, Inc.
|
|
100.00
|
|
|
118.87
|
|
|
118.71
|
|
|
126.79
|
|
|
132.83
|
|
|
167.25
|
|
NAREIT All Equity REIT Index
|
|
100.00
|
|
|
102.83
|
|
|
111.70
|
|
|
121.39
|
|
|
116.48
|
|
|
149.86
|
|
S&P 500 Index
|
|
100.00
|
|
|
101.38
|
|
|
113.51
|
|
|
138.29
|
|
|
132.23
|
|
|
173.86
|
|
(1)
|
Common stock performance data is provided by S&P Global Market Intelligence (formerly SNL Financial).
|
|
|
Years Ended December 31,
|
||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
|
($ in thousands, except per share amounts)
|
||||||||||||||||||
OPERATING DATA:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental and other property
|
|
$
|
1,450,628
|
|
|
$
|
1,390,870
|
|
|
$
|
1,354,325
|
|
|
$
|
1,285,723
|
|
|
$
|
1,185,498
|
|
Management and other fees from affiliates
|
|
9,527
|
|
|
9,183
|
|
|
9,574
|
|
|
8,278
|
|
|
8,909
|
|
|||||
Net income
|
|
464,448
|
|
|
413,599
|
|
|
458,043
|
|
|
438,410
|
|
|
248,239
|
|
|||||
Net income available to common stockholders
|
|
$
|
439,286
|
|
|
$
|
390,153
|
|
|
$
|
433,059
|
|
|
$
|
411,124
|
|
|
$
|
226,865
|
|
Per share data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income available to common stockholders
|
|
$
|
6.67
|
|
|
$
|
5.91
|
|
|
$
|
6.58
|
|
|
$
|
6.28
|
|
|
$
|
3.50
|
|
Weighted average common stock outstanding
|
|
65,840
|
|
|
66,041
|
|
|
65,829
|
|
|
65,472
|
|
|
64,872
|
|
|||||
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income available to common stockholders
|
|
$
|
6.66
|
|
|
$
|
5.90
|
|
|
$
|
6.57
|
|
|
$
|
6.27
|
|
|
$
|
3.49
|
|
Weighted average common stock outstanding
|
|
65,939
|
|
|
66,085
|
|
|
65,898
|
|
|
65,588
|
|
|
65,062
|
|
|||||
Cash dividend per common share
|
|
$
|
7.80
|
|
|
$
|
7.44
|
|
|
$
|
7.00
|
|
|
$
|
6.40
|
|
|
$
|
5.76
|
|
|
|
As of December 31,
|
||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
|
($ in thousands)
|
||||||||||||||||||
BALANCE SHEET DATA:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment in rental properties (before accumulated depreciation)
|
|
$
|
14,038,142
|
|
|
$
|
13,366,101
|
|
|
$
|
13,362,073
|
|
|
$
|
12,687,722
|
|
|
$
|
12,338,129
|
|
Net investment in rental properties
|
|
10,348,660
|
|
|
10,156,553
|
|
|
10,592,776
|
|
|
10,376,176
|
|
|
10,388,237
|
|
|||||
Real estate under development
|
|
546,075
|
|
|
454,629
|
|
|
355,735
|
|
|
190,505
|
|
|
242,326
|
|
|||||
Co-investments
|
|
1,335,339
|
|
|
1,300,140
|
|
|
1,155,984
|
|
|
1,161,275
|
|
|
1,036,047
|
|
|||||
Total assets
|
|
12,705,405
|
|
|
12,383,596
|
|
|
12,495,706
|
|
|
12,217,408
|
|
|
12,008,384
|
|
|||||
Total indebtedness, net
|
|
5,808,873
|
|
|
5,605,942
|
|
|
5,689,126
|
|
|
5,563,260
|
|
|
5,318,757
|
|
|||||
Redeemable noncontrolling interest
|
|
37,410
|
|
|
35,475
|
|
|
39,206
|
|
|
44,684
|
|
|
45,452
|
|
|||||
Cumulative redeemable preferred stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73,750
|
|
|||||
Stockholders' equity
|
|
6,220,427
|
|
|
6,267,073
|
|
|
6,277,406
|
|
|
6,192,178
|
|
|
6,237,733
|
|
|
|
As of and for the years ended December 31,
|
||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
|
($ in thousands, except per share amounts)
|
||||||||||||||||||
OTHER DATA:
|
|
|
||||||||||||||||||
Funds from operations ("FFO")(1) attributable to common stockholders and unitholders:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common stockholders
|
|
$
|
439,286
|
|
|
$
|
390,153
|
|
|
$
|
433,059
|
|
|
$
|
411,124
|
|
|
$
|
226,865
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization
|
|
483,750
|
|
|
479,884
|
|
|
468,881
|
|
|
441,682
|
|
|
453,423
|
|
|||||
Gains not included in FFO attributable to common stockholders and unitholders
|
|
(79,468
|
)
|
|
(73,683
|
)
|
|
(159,901
|
)
|
|
(167,607
|
)
|
|
(81,347
|
)
|
|||||
Impairment loss
|
|
7,105
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Impairment loss from unconsolidated co-investments
|
|
11,484
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Deferred tax expense on sale of real estate and land - taxable REIT subsidiary activity
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,410
|
|
|
—
|
|
|||||
Depreciation and amortization from unconsolidated co-investments
|
|
60,655
|
|
|
62,954
|
|
|
55,531
|
|
|
50,956
|
|
|
49,826
|
|
|||||
Noncontrolling interest related to Operating Partnership units
|
|
15,343
|
|
|
13,452
|
|
|
14,825
|
|
|
14,089
|
|
|
7,824
|
|
|||||
Insurance reimbursements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,751
|
)
|
|||||
Depreciation attributable to third party ownership and other
|
|
(1,805
|
)
|
|
(940
|
)
|
|
(286
|
)
|
|
(9
|
)
|
|
(781
|
)
|
|||||
Funds from operations attributable to common stockholders and unitholders
|
|
$
|
936,350
|
|
|
$
|
871,820
|
|
|
$
|
812,109
|
|
|
$
|
754,645
|
|
|
$
|
654,059
|
|
Non-core items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Merger and integration expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,798
|
|
|||||
Expensed acquisition and investment related costs
|
|
168
|
|
|
194
|
|
|
1,569
|
|
|
1,841
|
|
|
2,414
|
|
|||||
Deferred tax expense on unrealized gain on unconsolidated co-investment (2)
|
|
1,457
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Gain on sale of marketable securities
|
|
(1,271
|
)
|
|
(737
|
)
|
|
(1,909
|
)
|
|
(5,719
|
)
|
|
(598
|
)
|
|||||
Unrealized (gains) losses on marketable securities
|
|
(5,710
|
)
|
|
5,159
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Equity income from non-core co-investment (3)
|
|
(4,143
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Interest rate hedge ineffectiveness (4)
|
|
181
|
|
|
148
|
|
|
(78
|
)
|
|
(250
|
)
|
|
—
|
|
|||||
(Gain) loss on early retirement of debt, net
|
|
(3,717
|
)
|
|
—
|
|
|
1,796
|
|
|
606
|
|
|
6,114
|
|
|||||
Gain on early retirement of debt from unconsolidated co-investment
|
|
—
|
|
|
(3,662
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Co-investment promote income
|
|
(809
|
)
|
|
(20,541
|
)
|
|
—
|
|
|
—
|
|
|
(192
|
)
|
|||||
Income from early redemption of preferred equity investments
|
|
(3,562
|
)
|
|
(1,652
|
)
|
|
(356
|
)
|
|
—
|
|
|
(1,954
|
)
|
|||||
Accelerated interest income from maturity of investment in mortgage backed security
|
|
(7,032
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Excess of redemption value of preferred stock over carrying value
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,541
|
|
|
—
|
|
|||||
General and administrative and other, net
|
|
1,181
|
|
|
8,745
|
|
|
(1,083
|
)
|
|
—
|
|
|
(651
|
)
|
|||||
Insurance reimbursements and legal settlements, net
|
|
(858
|
)
|
|
(561
|
)
|
|
(25
|
)
|
|
(4,470
|
)
|
|
(2,319
|
)
|
|||||
Core funds from operations ("Core FFO")(1) attributable to common stockholders and unitholders
|
|
$
|
912,235
|
|
|
$
|
858,913
|
|
|
$
|
812,023
|
|
|
$
|
749,194
|
|
|
$
|
660,671
|
|
Weighted average number of shares outstanding, diluted (FFO)(5)
|
|
68,199
|
|
|
68,322
|
|
|
68,194
|
|
|
67,890
|
|
|
67,310
|
|
|||||
Funds from operations attributable to common stockholders and unitholders
per share - diluted
|
|
$
|
13.73
|
|
|
$
|
12.76
|
|
|
$
|
11.91
|
|
|
$
|
11.12
|
|
|
$
|
9.72
|
|
Core funds from operations attributable to common stockholders and unitholders
per share - diluted
|
|
$
|
13.38
|
|
|
$
|
12.57
|
|
|
$
|
11.91
|
|
|
$
|
11.04
|
|
|
$
|
9.82
|
|
(1)
|
FFO is a financial measure that is commonly used in the REIT industry. The Company presents FFO and FFO excluding non-core items (referred to as "Core FFO") as supplemental operating performance measures. FFO and Core FFO are not used by the Company as, nor should they be considered to be, alternatives to net income computed under U.S. GAAP as an indicator of the Company’s operating performance or as alternatives to cash from operating activities computed under U.S. GAAP as an indicator of the Company's ability to fund its cash needs.
|
(a)
|
historical cost accounting for real estate assets in accordance with U.S. GAAP assumes, through depreciation charges, that the value of real estate assets diminishes predictably over time. NAREIT stated in its White Paper on Funds from Operations “since real estate asset values have historically risen or fallen with market conditions, many industry investors have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves." Consequently, NAREIT’s definition of FFO reflects the fact that real estate, as an asset class, generally appreciates over time and depreciation charges required by U.S. GAAP do not reflect the underlying economic realities.
|
(b)
|
REITs were created as a legal form of organization in order to encourage public ownership of real estate as an asset class through investment in firms that were in the business of long-term ownership and management of real estate. The exclusion, in NAREIT’s definition of FFO, of gains and losses from the sales of previously depreciated operating real estate assets allows investors and analysts to readily identify the operating results of the long-term assets that form the core of a REIT’s activity and assists in comparing those operating results between periods.
|
(2)
|
A deferred tax expense was recorded during the year ended December 31, 2019 related to the $4.4 million net unrealized gain on Real Estate Technology Ventures, L.P. co-investment discussed below.
|
(3)
|
Represents the Company's share of co-investment income from Real Estate Technology Ventures, L.P. Income for the year ended December 31, 2019 includes a net unrealized gain of $4.4 million.
|
(4)
|
Interest rate swaps are generally adjusted to fair value through other comprehensive income (loss). However, because certain of the Company's interest rate swaps do not have a 0% LIBOR floor, while related hedged debt in these cases is subject to a 0% LIBOR floor, the portion of the change in fair value of these interest rate swaps attributable to this mismatch, if any, is recorded as a non-cash interest rate hedge ineffectiveness through interest expense. On January 1, 2019, the Company adopted ASU No. 2017-12 "Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities," which resulted in a cumulative effect adjustment of approximately $181,000 from interest expense to accumulated other comprehensive income.
|
(5)
|
Assumes conversion of all outstanding OP Units into shares of the Company's common stock and excludes all DownREIT units for which the Operating Partnership has the ability and intention to redeem the units for cash and does not consider them to be common stock equivalents.
|
|
|
Years Ended December 31,
|
||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
|
($ in thousands, except per unit amounts)
|
||||||||||||||||||
OPERATING DATA:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental and other property
|
|
$
|
1,450,628
|
|
|
$
|
1,390,870
|
|
|
$
|
1,354,325
|
|
|
$
|
1,285,723
|
|
|
$
|
1,185,498
|
|
Management and other fees from affiliates
|
|
9,527
|
|
|
9,183
|
|
|
9,574
|
|
|
8,278
|
|
|
8,909
|
|
|||||
Net income
|
|
464,448
|
|
|
413,599
|
|
|
458,043
|
|
|
438,410
|
|
|
248,239
|
|
|||||
Net income available to common unitholders
|
|
$
|
454,629
|
|
|
$
|
403,605
|
|
|
$
|
447,884
|
|
|
$
|
425,213
|
|
|
$
|
234,689
|
|
Per unit data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income available to common unitholders
|
|
$
|
6.67
|
|
|
$
|
5.91
|
|
|
$
|
6.58
|
|
|
$
|
6.28
|
|
|
$
|
3.50
|
|
Weighted average common units outstanding
|
|
68,141
|
|
|
68,316
|
|
|
68,082
|
|
|
67,696
|
|
|
67,054
|
|
|||||
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income available to common unitholders
|
|
$
|
6.66
|
|
|
$
|
5.90
|
|
|
$
|
6.57
|
|
|
$
|
6.27
|
|
|
$
|
3.49
|
|
Weighted average common units outstanding
|
|
68,240
|
|
|
68,360
|
|
|
68,151
|
|
|
67,812
|
|
|
67,244
|
|
|||||
Cash distributions per common unit
|
|
$
|
7.80
|
|
|
$
|
7.44
|
|
|
$
|
7.00
|
|
|
$
|
6.40
|
|
|
$
|
5.76
|
|
|
|
As of December 31,
|
||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
|
($ in thousands)
|
||||||||||||||||||
BALANCE SHEET DATA:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment in rental properties (before accumulated depreciation)
|
|
$
|
14,038,142
|
|
|
$
|
13,366,101
|
|
|
$
|
13,362,073
|
|
|
$
|
12,687,722
|
|
|
$
|
12,338,129
|
|
Net investment in rental properties
|
|
10,348,660
|
|
|
10,156,553
|
|
|
10,592,776
|
|
|
10,376,176
|
|
|
10,388,237
|
|
|||||
Real estate under development
|
|
546,075
|
|
|
454,629
|
|
|
355,735
|
|
|
190,505
|
|
|
242,326
|
|
|||||
Co-investments
|
|
1,335,339
|
|
|
1,300,140
|
|
|
1,155,984
|
|
|
1,161,275
|
|
|
1,036,047
|
|
|||||
Total assets
|
|
12,705,405
|
|
|
12,383,596
|
|
|
12,495,706
|
|
|
12,217,408
|
|
|
12,008,384
|
|
|||||
Total indebtedness, net
|
|
5,808,873
|
|
|
5,605,942
|
|
|
5,689,126
|
|
|
5,563,260
|
|
|
5,318,757
|
|
|||||
Redeemable noncontrolling interest
|
|
37,410
|
|
|
35,475
|
|
|
39,206
|
|
|
44,684
|
|
|
45,452
|
|
|||||
Cumulative redeemable preferred interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
71,209
|
|
|||||
Partners' capital
|
|
6,281,242
|
|
|
6,329,613
|
|
|
6,330,415
|
|
|
6,244,364
|
|
|
6,287,381
|
|
|
As of
|
|
As of
|
||||||||
|
December 31, 2019
|
|
December 31, 2018
|
||||||||
|
Apartment Homes
|
|
%
|
|
Apartment Homes
|
|
%
|
||||
Southern California
|
22,674
|
|
|
45
|
%
|
|
22,674
|
|
|
46
|
%
|
Northern California
|
17,556
|
|
|
35
|
%
|
|
16,136
|
|
|
33
|
%
|
Seattle Metro
|
10,343
|
|
|
20
|
%
|
|
10,238
|
|
|
21
|
%
|
Total
|
50,573
|
|
|
100
|
%
|
|
49,048
|
|
|
100
|
%
|
|
|
Number of Apartment
|
|
Years Ended
December 31,
|
|
Dollar
|
|
Percentage
|
||||||||||
Property Revenues ($ in thousands)
|
|
Homes
|
|
2019
|
|
2018
|
|
Change
|
|
Change
|
||||||||
2019 Same-Properties:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Southern California
|
|
21,979
|
|
|
$
|
590,943
|
|
|
$
|
573,658
|
|
|
$
|
17,285
|
|
|
3.0
|
%
|
Northern California
|
|
15,685
|
|
|
530,970
|
|
|
511,679
|
|
|
19,291
|
|
|
3.8
|
%
|
|||
Seattle Metro
|
|
10,238
|
|
|
245,398
|
|
|
236,525
|
|
|
8,873
|
|
|
3.8
|
%
|
|||
Total 2019 Same-Property revenues
|
|
47,902
|
|
|
1,367,311
|
|
|
1,321,862
|
|
|
45,449
|
|
|
3.4
|
%
|
|||
2019 Non-Same Property Revenues
|
|
|
|
|
83,317
|
|
|
69,008
|
|
|
14,309
|
|
|
20.7
|
%
|
|||
Total property revenues
|
|
|
|
|
$
|
1,450,628
|
|
|
$
|
1,390,870
|
|
|
$
|
59,758
|
|
|
4.3
|
%
|
|
|
Number of Apartment
|
|
Years Ended
December 31,
|
|
Dollar
|
|
Percentage
|
||||||||||
Property Revenues ($ in thousands)
|
|
Homes
|
|
2018
|
|
2017
|
|
Change
|
|
Change
|
||||||||
2018 Same-Properties:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Southern California
|
|
21,979
|
|
|
$
|
573,658
|
|
|
$
|
556,630
|
|
|
$
|
17,028
|
|
|
3.1
|
%
|
Northern California
|
|
14,356
|
|
|
469,457
|
|
|
458,241
|
|
|
11,216
|
|
|
2.4
|
%
|
|||
Seattle Metro
|
|
10,238
|
|
|
236,525
|
|
|
229,872
|
|
|
6,653
|
|
|
2.9
|
%
|
|||
Total 2018 Same-Property revenues
|
|
46,573
|
|
|
1,279,640
|
|
|
1,244,743
|
|
|
34,897
|
|
|
2.8
|
%
|
|||
2018 Non-Same Property Revenues
|
|
|
|
|
111,230
|
|
|
109,582
|
|
|
1,648
|
|
|
1.5
|
%
|
|||
Total property revenues
|
|
|
|
|
$
|
1,390,870
|
|
|
$
|
1,354,325
|
|
|
$
|
36,545
|
|
|
2.7
|
%
|
|
|
For the year ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flow provided by (used in):
|
|
|
|
|
|
|
||||||
Operating activities
|
|
$
|
919,079
|
|
|
$
|
826,554
|
|
|
$
|
769,607
|
|
Investing activities
|
|
$
|
(527,691
|
)
|
|
$
|
(59,893
|
)
|
|
$
|
(567,940
|
)
|
Financing activities
|
|
$
|
(461,689
|
)
|
|
$
|
(676,392
|
)
|
|
$
|
(310,843
|
)
|
|
|
For the Fiscal Years Ending
|
||||||||||||||||||
|
|
2020
|
|
2021 and
2022
|
|
2023 and
2024
|
|
Thereafter
|
|
Total
|
||||||||||
Mortgage notes payable
|
|
$
|
288,057
|
|
|
$
|
74,841
|
|
|
$
|
6,054
|
|
|
$
|
618,383
|
|
|
$
|
987,335
|
|
Unsecured debt
|
|
—
|
|
|
1,150,000
|
|
|
1,000,000
|
|
|
2,650,000
|
|
|
4,800,000
|
|
|||||
Lines of credit
|
|
—
|
|
|
—
|
|
|
55,000
|
|
|
—
|
|
|
55,000
|
|
|||||
Interest on indebtedness (1)
|
|
209,711
|
|
|
343,462
|
|
|
254,353
|
|
|
622,817
|
|
|
1,430,343
|
|
|||||
Ground leases
|
|
3,506
|
|
|
7,012
|
|
|
7,012
|
|
|
124,991
|
|
|
142,521
|
|
|||||
Operating leases
|
|
3,349
|
|
|
6,753
|
|
|
6,433
|
|
|
21,682
|
|
|
38,217
|
|
|||||
|
|
$
|
504,623
|
|
|
$
|
1,582,068
|
|
|
$
|
1,328,852
|
|
|
$
|
4,037,873
|
|
|
$
|
7,453,416
|
|
(1)
|
Interest on indebtedness for variable debt was calculated using interest rates as of December 31, 2019.
|
|
|
Number of Properties
|
|
Investment
|
|
Remaining Commitment
|
|||||
Joint ventures:
|
|
|
|
|
|
|
|||||
Preferred equity investments
|
|
7
|
|
|
$
|
166,500
|
|
|
$
|
20,300
|
|
Real estate under development (1)
|
|
2
|
|
|
245,825
|
|
|
29,500
|
|
||
|
|
|
|
|
|
|
|||||
Consolidated:
|
|
|
|
|
|
|
|||||
Real estate under development
|
|
5
|
|
|
557,415
|
|
|
162,900
|
|
||
|
|
|
|
|
$
|
969,740
|
|
|
$
|
212,700
|
|
(1)
|
Estimated project cost for development of the Company's 500 Folsom project is net of a projected value for low-income housing tax credit proceeds and the value of the tax exempt bond structure.
|
|
2019
|
|
2018
|
|
2017
|
||||||
Earnings from operations
|
$
|
481,112
|
|
|
$
|
511,989
|
|
|
$
|
472,945
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|||
Corporate-level property management expenses
|
32,899
|
|
|
31,062
|
|
|
30,156
|
|
|||
Depreciation and amortization
|
483,750
|
|
|
479,884
|
|
|
468,881
|
|
|||
Management and other fees from affiliates
|
(9,527
|
)
|
|
(9,183
|
)
|
|
(9,574
|
)
|
|||
General and administrative
|
54,262
|
|
|
53,451
|
|
|
41,385
|
|
|||
Expensed acquisition and investment related costs
|
168
|
|
|
194
|
|
|
1,569
|
|
|||
Impairment loss
|
7,105
|
|
|
—
|
|
|
—
|
|
|||
(Gain) Loss on sale of real estate and land
|
3,164
|
|
|
(61,861
|
)
|
|
(26,423
|
)
|
|||
NOI
|
1,052,933
|
|
|
1,005,536
|
|
|
978,939
|
|
|||
Less: Non Same-Property NOI
|
(63,492
|
)
|
|
(53,044
|
)
|
|
(55,389
|
)
|
|||
Same-Property NOI
|
$
|
989,441
|
|
|
$
|
952,492
|
|
|
$
|
923,550
|
|
|
|
|
|
|
|
Carrying and
|
|
Estimated Carrying Value
|
||||||||||
|
|
|
|
Maturity
|
|
Estimated
|
|
+ 50
|
|
- 50
|
||||||||
($ in thousands)
|
|
Notional Amount
|
|
Date Range
|
|
Fair Value
|
|
Basis Points
|
|
Basis Points
|
||||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate swaps
|
|
$
|
175,000
|
|
|
2022
|
|
$
|
794
|
|
|
$
|
2,556
|
|
|
$
|
989
|
|
Total cash flow hedges
|
|
$
|
175,000
|
|
|
2022
|
|
$
|
794
|
|
|
$
|
2,556
|
|
|
$
|
989
|
|
|
For the Years Ended December 31,
|
|||||||||||||
($ in thousands, except for interest rates)
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
Total
|
|
Fair value
|
Fixed rate debt
|
$287,405
|
|
$530,940
|
|
$342,408
|
|
$602,093
|
|
$402,177
|
|
$3,016,884
|
$5,181,907
|
|
$5,410,106
|
Average interest rate
|
5.8%
|
|
4.3%
|
|
3.7%
|
|
3.7%
|
|
4.0%
|
|
3.7%
|
|
|
|
Variable rate debt (1)
|
$652
|
|
$713
|
|
$405,780
|
|
$852
|
|
$932
|
|
$251,499
|
$660,428
|
|
$655,849
|
Average interest rate
|
2.4%
|
|
2.4%
|
|
2.7%
|
|
2.4%
|
|
2.4%
|
|
2.3%
|
|
|
|
(1)
|
$175.0 million is subject to interest rate protection agreements ($175.0 million is subject to interest rate swaps). $255.4 million is subject to total return swaps.
|
(1) Consolidated Financial Statements of Essex Property Trust, Inc.
|
Page
|
|
|
Reports of Independent Registered Public Accounting Firm
|
|
|
|
Consolidated Balance Sheets: As of December 31, 2019 and 2018
|
|
|
|
Consolidated Statements of Income: Years ended December 31, 2019, 2018, and 2017
|
|
|
|
Consolidated Statements of Comprehensive Income: Years ended December 31, 2019, 2018, and 2017
|
|
|
|
Consolidated Statements of Equity: Years ended December 31, 2019, 2018, and 2017
|
|
|
|
Consolidated Statements of Cash Flows: Years ended December 31, 2019, 2018, and 2017
|
|
|
|
Notes to Consolidated Financial Statements
|
|
|
|
(2) Consolidated Financial Statements of Essex Portfolio, L.P.
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
|
Consolidated Balance Sheets: As of December 31, 2019 and 2018
|
|
|
|
Consolidated Statements of Income: Years ended December 31, 2019, 2018, and 2017
|
|
|
|
Consolidated Statements of Comprehensive Income: Years ended December 31, 2019, 2018, and 2017
|
|
|
|
Consolidated Statements of Capital: Years ended December 31, 2019, 2018, and 2017
|
|
|
|
Consolidated Statements of Cash Flows: Years ended December 31, 2019, 2018, and 2017
|
|
|
|
Notes to Consolidated Financial Statements
|
|
|
|
(3) Financial Statement Schedule – Schedule III – Real Estate and Accumulated Depreciation as of December 31, 2019
|
|
|
|
(4) See the Exhibit Index immediately preceding the signature page and certifications for a list of exhibits filed or incorporated by reference as part of this report.
|
|
/s/ KPMG LLP
|
/s/ KPMG LLP
|
/s/ KPMG LLP
|
|
2019
|
|
2018
|
||||
ASSETS
|
|||||||
Real estate:
|
|
|
|
||||
Rental properties:
|
|
|
|
||||
Land and land improvements
|
$
|
2,773,805
|
|
|
$
|
2,701,356
|
|
Buildings and improvements
|
11,264,337
|
|
|
10,664,745
|
|
||
|
14,038,142
|
|
|
13,366,101
|
|
||
Less: accumulated depreciation
|
(3,689,482
|
)
|
|
(3,209,548
|
)
|
||
|
10,348,660
|
|
|
10,156,553
|
|
||
Real estate under development
|
546,075
|
|
|
454,629
|
|
||
Co-investments
|
1,335,339
|
|
|
1,300,140
|
|
||
|
12,230,074
|
|
|
11,911,322
|
|
||
Cash and cash equivalents-unrestricted
|
70,087
|
|
|
134,465
|
|
||
Cash and cash equivalents-restricted
|
11,007
|
|
|
16,930
|
|
||
Marketable securities
|
144,193
|
|
|
209,545
|
|
||
Notes and other receivables (includes related party receivables of $90.2 million and
$11.1 million as of December 31, 2019 and December 31, 2018, respectively) |
134,365
|
|
|
71,895
|
|
||
Operating lease right-of-use assets
|
74,744
|
|
|
—
|
|
||
Prepaid expenses and other assets
|
40,935
|
|
|
39,439
|
|
||
Total assets
|
$
|
12,705,405
|
|
|
$
|
12,383,596
|
|
LIABILITIES AND EQUITY
|
|||||||
Unsecured debt, net
|
$
|
4,763,206
|
|
|
$
|
3,799,316
|
|
Mortgage notes payable, net
|
990,667
|
|
|
1,806,626
|
|
||
Lines of credit
|
55,000
|
|
|
—
|
|
||
Accounts payable and accrued liabilities
|
158,017
|
|
|
127,086
|
|
||
Construction payable
|
48,912
|
|
|
59,345
|
|
||
Dividends payable
|
135,384
|
|
|
128,529
|
|
||
Operating lease liabilities
|
76,740
|
|
|
—
|
|
||
Other liabilities
|
36,565
|
|
|
33,375
|
|
||
Total liabilities
|
6,264,491
|
|
|
5,954,277
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Redeemable noncontrolling interest
|
37,410
|
|
|
35,475
|
|
||
Equity:
|
|
|
|
|
|
||
Common stock; $.0001 par value, 670,000,000 shares authorized; 66,091,954 and 65,890,322 shares issued and outstanding, respectively
|
7
|
|
|
7
|
|
||
Additional paid-in capital
|
7,121,927
|
|
|
7,093,079
|
|
||
Distributions in excess of accumulated earnings
|
(887,619
|
)
|
|
(812,796
|
)
|
||
Accumulated other comprehensive loss, net
|
(13,888
|
)
|
|
(13,217
|
)
|
||
Total stockholders' equity
|
6,220,427
|
|
|
6,267,073
|
|
||
Noncontrolling interest
|
183,077
|
|
|
126,771
|
|
||
Total equity
|
6,403,504
|
|
|
6,393,844
|
|
||
Total liabilities and equity
|
$
|
12,705,405
|
|
|
$
|
12,383,596
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Rental and other property
|
$
|
1,450,628
|
|
|
$
|
1,390,870
|
|
|
$
|
1,354,325
|
|
Management and other fees from affiliates
|
9,527
|
|
|
9,183
|
|
|
9,574
|
|
|||
|
1,460,155
|
|
|
1,400,053
|
|
|
1,363,899
|
|
|||
Expenses:
|
|
|
|
|
|
|
|
|
|||
Property operating, excluding real estate taxes
|
242,525
|
|
|
233,764
|
|
|
229,076
|
|
|||
Real estate taxes
|
155,170
|
|
|
151,570
|
|
|
146,310
|
|
|||
Corporate-level property management expenses
|
32,899
|
|
|
31,062
|
|
|
30,156
|
|
|||
Depreciation and amortization
|
483,750
|
|
|
479,884
|
|
|
468,881
|
|
|||
General and administrative
|
54,262
|
|
|
53,451
|
|
|
41,385
|
|
|||
Expensed acquisition and investment related costs
|
168
|
|
|
194
|
|
|
1,569
|
|
|||
Impairment loss
|
7,105
|
|
|
—
|
|
|
—
|
|
|||
|
975,879
|
|
|
949,925
|
|
|
917,377
|
|
|||
Gain (loss) on sale of real estate and land
|
(3,164
|
)
|
|
61,861
|
|
|
26,423
|
|
|||
Earnings from operations
|
481,112
|
|
|
511,989
|
|
|
472,945
|
|
|||
Interest expense
|
(217,339
|
)
|
|
(220,492
|
)
|
|
(222,894
|
)
|
|||
Total return swap income
|
8,446
|
|
|
8,707
|
|
|
10,098
|
|
|||
Interest and other income
|
46,298
|
|
|
23,010
|
|
|
24,604
|
|
|||
Equity income from co-investments
|
112,136
|
|
|
89,132
|
|
|
86,445
|
|
|||
Deferred tax expense on unrealized gain on unconsolidated co-investment
|
(1,457
|
)
|
|
—
|
|
|
—
|
|
|||
Gain (loss) on early retirement of debt, net
|
3,717
|
|
|
—
|
|
|
(1,796
|
)
|
|||
Gain on remeasurement of co-investment
|
31,535
|
|
|
1,253
|
|
|
88,641
|
|
|||
Net income
|
464,448
|
|
|
413,599
|
|
|
458,043
|
|
|||
Net income attributable to noncontrolling interest
|
(25,162
|
)
|
|
(23,446
|
)
|
|
(24,984
|
)
|
|||
Net income available to common stockholders
|
$
|
439,286
|
|
|
$
|
390,153
|
|
|
$
|
433,059
|
|
Per share data:
|
|
|
|
|
|
|
|
|
|||
Basic:
|
|
|
|
|
|
|
|
|
|||
Net income available to common stockholders
|
$
|
6.67
|
|
|
$
|
5.91
|
|
|
$
|
6.58
|
|
Weighted average number of shares outstanding during the year
|
65,840,422
|
|
|
66,041,058
|
|
|
65,829,155
|
|
|||
Diluted:
|
|
|
|
|
|
|
|
|
|||
Net income available to common stockholders
|
$
|
6.66
|
|
|
$
|
5.90
|
|
|
$
|
6.57
|
|
Weighted average number of shares outstanding during the year
|
65,939,455
|
|
|
66,085,089
|
|
|
65,898,255
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
$
|
464,448
|
|
|
$
|
413,599
|
|
|
$
|
458,043
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|||
Change in fair value of derivatives and amortization of swap settlements
|
(2,948
|
)
|
|
7,824
|
|
|
12,744
|
|
|||
Cash flow hedge losses reclassified to earnings
|
1,824
|
|
|
—
|
|
|
—
|
|
|||
Change in fair value of marketable debt securities, net
|
281
|
|
|
(118
|
)
|
|
3,284
|
|
|||
Reversal of unrealized (gains) losses upon the sale of marketable debt securities
|
(32
|
)
|
|
13
|
|
|
(1,909
|
)
|
|||
Total other comprehensive income (loss)
|
(875
|
)
|
|
7,719
|
|
|
14,119
|
|
|||
Comprehensive income
|
463,573
|
|
|
421,318
|
|
|
472,162
|
|
|||
Comprehensive income attributable to noncontrolling interest
|
(25,133
|
)
|
|
(23,702
|
)
|
|
(25,451
|
)
|
|||
Comprehensive income attributable to controlling interest
|
$
|
438,440
|
|
|
$
|
397,616
|
|
|
$
|
446,711
|
|
|
Common stock
|
|
Additional
paid-in
|
|
Distributions
in excess of
accumulated
|
|
Accumulated
other
comprehensive
|
|
Noncontrolling
|
|
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
capital
|
|
earnings
|
|
loss, net
|
|
Interest
|
|
Total
|
|||||||||||||
Balances at December 31, 2016
|
65,528
|
|
|
$
|
6
|
|
|
$
|
7,029,679
|
|
|
$
|
(805,409
|
)
|
|
$
|
(32,098
|
)
|
|
$
|
100,059
|
|
|
$
|
6,292,237
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
433,059
|
|
|
—
|
|
|
24,984
|
|
|
458,043
|
|
||||||
Reversal of unrealized gains upon the sale of marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,846
|
)
|
|
(63
|
)
|
|
(1,909
|
)
|
||||||
Change in fair value of derivatives and amortization of swap settlements
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,322
|
|
|
422
|
|
|
12,744
|
|
||||||
Change in fair value of marketable securities, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,176
|
|
|
108
|
|
|
3,284
|
|
||||||
Issuance of common stock under:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Stock option and restricted stock plans, net
|
179
|
|
|
—
|
|
|
26,635
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,635
|
|
||||||
Sale of common stock, net
|
345
|
|
|
1
|
|
|
89,054
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
89,055
|
|
||||||
Equity based compensation costs
|
—
|
|
|
—
|
|
|
9,529
|
|
|
—
|
|
|
—
|
|
|
1,773
|
|
|
11,302
|
|
||||||
Changes in the redemption value of redeemable noncontrolling interest
|
—
|
|
|
—
|
|
|
(136
|
)
|
|
—
|
|
|
—
|
|
|
71
|
|
|
(65
|
)
|
||||||
Changes in noncontrolling interest from acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,506
|
|
|
22,506
|
|
||||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27,051
|
)
|
|
(27,051
|
)
|
||||||
Redemptions of noncontrolling interest
|
2
|
|
|
—
|
|
|
(25,190
|
)
|
|
—
|
|
|
—
|
|
|
(3,390
|
)
|
|
(28,580
|
)
|
||||||
Common stock dividends ($7.00 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(461,376
|
)
|
|
—
|
|
|
—
|
|
|
(461,376
|
)
|
||||||
Balances at December 31, 2017
|
66,054
|
|
|
$
|
7
|
|
|
$
|
7,129,571
|
|
|
$
|
(833,726
|
)
|
|
$
|
(18,446
|
)
|
|
$
|
119,419
|
|
|
$
|
6,396,825
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
390,153
|
|
|
—
|
|
|
23,446
|
|
|
413,599
|
|
||||||
Reversal of unrealized losses upon the sale of marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
13
|
|
||||||
Change in fair value of derivatives and amortization of swap settlements
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,564
|
|
|
260
|
|
|
7,824
|
|
||||||
Change in fair value of marketable debt securities, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(114
|
)
|
|
(4
|
)
|
|
(118
|
)
|
||||||
Issuance of common stock under:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Stock option and restricted stock plans, net
|
41
|
|
|
—
|
|
|
6,213
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,213
|
|
||||||
Sale of common stock, net
|
—
|
|
|
—
|
|
|
(919
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(919
|
)
|
||||||
Equity based compensation costs
|
—
|
|
|
—
|
|
|
11,651
|
|
|
—
|
|
|
—
|
|
|
1,200
|
|
|
12,851
|
|
||||||
Retirement of common stock, net
|
(210
|
)
|
|
—
|
|
|
(51,233
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51,233
|
)
|
Cumulative effect upon adoption of ASU No. 2016-01
|
—
|
|
|
—
|
|
|
—
|
|
|
2,234
|
|
|
(2,234
|
)
|
|
—
|
|
|
—
|
|
||||||
Cumulative effect upon adoption of ASU No. 2017-05
|
—
|
|
|
—
|
|
|
—
|
|
|
119,651
|
|
|
—
|
|
|
4,057
|
|
|
123,708
|
|
||||||
Changes in the redemption value of redeemable noncontrolling interest
|
—
|
|
|
—
|
|
|
(1,143
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
(1,164
|
)
|
||||||
Changes in noncontrolling interest from acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,919
|
|
|
7,919
|
|
||||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29,233
|
)
|
|
(29,233
|
)
|
||||||
Redemptions of noncontrolling interest
|
5
|
|
|
—
|
|
|
(1,061
|
)
|
|
—
|
|
|
—
|
|
|
(272
|
)
|
|
(1,333
|
)
|
||||||
Common stock dividends ($7.44 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(491,108
|
)
|
|
—
|
|
|
—
|
|
|
(491,108
|
)
|
||||||
Balances at December 31, 2018
|
65,890
|
|
|
$
|
7
|
|
|
$
|
7,093,079
|
|
|
$
|
(812,796
|
)
|
|
$
|
(13,217
|
)
|
|
$
|
126,771
|
|
|
$
|
6,393,844
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
439,286
|
|
|
—
|
|
|
25,162
|
|
|
464,448
|
|
||||||
Reversal of unrealized gains upon the sale of marketable debt securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(1
|
)
|
|
(32
|
)
|
||||||
Cash flow hedge losses reclassified to earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,762
|
|
|
62
|
|
|
1,824
|
|
||||||
Change in fair value of derivatives and amortization of swap settlements
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,849
|
)
|
|
(99
|
)
|
|
(2,948
|
)
|
||||||
Change in fair value of marketable debt securities, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
272
|
|
|
9
|
|
|
281
|
|
||||||
Issuance of common stock under:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Stock option and restricted stock plans, net
|
195
|
|
|
—
|
|
|
33,779
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,779
|
|
||||||
Sale of common stock, net
|
228
|
|
|
—
|
|
|
72,539
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
72,539
|
|
||||||
Equity based compensation costs
|
—
|
|
|
—
|
|
|
11,029
|
|
|
—
|
|
|
—
|
|
|
1,254
|
|
|
12,283
|
|
||||||
Retirement of common stock, net
|
(234
|
)
|
|
—
|
|
|
(56,989
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(56,989
|
)
|
||||||
Cumulative effect upon adoption of ASU No. 2017-12
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
175
|
|
|
6
|
|
|
181
|
|
||||||
Changes in the redemption value of redeemable noncontrolling interest
|
—
|
|
|
—
|
|
|
(3,427
|
)
|
|
—
|
|
|
—
|
|
|
1,419
|
|
|
(2,008
|
)
|
||||||
Changes in noncontrolling interest from acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
65,472
|
|
|
65,472
|
|
||||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28,493
|
)
|
|
(28,493
|
)
|
||||||
Redemptions of noncontrolling interest
|
13
|
|
|
—
|
|
|
(28,083
|
)
|
|
—
|
|
|
—
|
|
|
(8,485
|
)
|
|
(36,568
|
)
|
||||||
Common stock dividends ($7.80 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(514,109
|
)
|
|
—
|
|
|
—
|
|
|
(514,109
|
)
|
||||||
Balances at December 31, 2019
|
66,092
|
|
|
$
|
7
|
|
|
$
|
7,121,927
|
|
|
$
|
(887,619
|
)
|
|
$
|
(13,888
|
)
|
|
$
|
183,077
|
|
|
$
|
6,403,504
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
464,448
|
|
|
$
|
413,599
|
|
|
$
|
458,043
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
483,750
|
|
|
479,884
|
|
|
468,881
|
|
|||
Amortization of discount on marketable securities
|
(28,491
|
)
|
|
(17,637
|
)
|
|
(15,119
|
)
|
|||
Amortization of (premium) discount and debt financing costs, net
|
5,689
|
|
|
(2,587
|
)
|
|
(5,948
|
)
|
|||
Gain on sale of marketable securities
|
(1,271
|
)
|
|
(737
|
)
|
|
(1,909
|
)
|
|||
Unrealized (gain) loss on equity securities recognized through income
|
(5,710
|
)
|
|
5,159
|
|
|
—
|
|
|||
Company's share of gain on the sales of co-investments
|
(51,097
|
)
|
|
(10,569
|
)
|
|
(44,837
|
)
|
|||
Earnings from co-investments
|
(61,039
|
)
|
|
(78,563
|
)
|
|
(41,608
|
)
|
|||
Operating distributions from co-investments
|
99,277
|
|
|
99,593
|
|
|
76,764
|
|
|||
Accrued interest from notes and other receivables
|
(6,012
|
)
|
|
(5,436
|
)
|
|
(4,030
|
)
|
|||
Impairment loss
|
7,105
|
|
|
—
|
|
|
—
|
|
|||
(Gain) loss on the sale of real estate and land
|
3,164
|
|
|
(61,861
|
)
|
|
(26,423
|
)
|
|||
Equity-based compensation
|
7,010
|
|
|
7,135
|
|
|
9,286
|
|
|||
(Gain) loss on early retirement of debt, net
|
(3,717
|
)
|
|
—
|
|
|
1,796
|
|
|||
Gain on remeasurement of co-investment
|
(31,535
|
)
|
|
(1,253
|
)
|
|
(88,641
|
)
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|||
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets
|
5,751
|
|
|
(1,203
|
)
|
|
(3,004
|
)
|
|||
Accounts payable, accrued liabilities, and operating lease liabilities
|
29,551
|
|
|
(145
|
)
|
|
(13,474
|
)
|
|||
Other liabilities
|
2,206
|
|
|
1,175
|
|
|
(170
|
)
|
|||
Net cash provided by operating activities
|
919,079
|
|
|
826,554
|
|
|
769,607
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|||
Additions to real estate:
|
|
|
|
|
|
|
|
|
|||
Acquisitions of real estate and acquisition related capital expenditures
|
(133,825
|
)
|
|
(15,311
|
)
|
|
(206,194
|
)
|
|||
Redevelopment
|
(70,295
|
)
|
|
(73,000
|
)
|
|
(69,928
|
)
|
|||
Development acquisitions of and additions to real estate under development
|
(158,234
|
)
|
|
(182,772
|
)
|
|
(137,733
|
)
|
|||
Capital expenditures on rental properties
|
(101,689
|
)
|
|
(81,684
|
)
|
|
(72,812
|
)
|
|||
Investments in notes receivable
|
(231,400
|
)
|
|
—
|
|
|
(106,461
|
)
|
|||
Collections of notes and other receivables
|
168,720
|
|
|
29,500
|
|
|
55,000
|
|
|||
Proceeds from insurance for property losses
|
3,734
|
|
|
1,408
|
|
|
648
|
|
|||
Proceeds from dispositions of real estate
|
23,214
|
|
|
347,587
|
|
|
132,039
|
|
|||
Contributions to co-investments
|
(402,284
|
)
|
|
(162,437
|
)
|
|
(293,363
|
)
|
|||
Changes in refundable deposits
|
5
|
|
|
(414
|
)
|
|
837
|
|
|||
Purchases of marketable securities
|
(46,458
|
)
|
|
(37,952
|
)
|
|
(67,893
|
)
|
|||
Sales and maturities of marketable securities
|
147,531
|
|
|
31,521
|
|
|
35,481
|
|
|||
Non-operating distributions from co-investments
|
273,290
|
|
|
83,661
|
|
|
162,439
|
|
|||
Net cash used in investing activities
|
(527,691
|
)
|
|
(59,893
|
)
|
|
(567,940
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from unsecured debt and mortgage notes
|
1,045,290
|
|
|
298,773
|
|
|
597,981
|
|
|||
Payments on unsecured debt and mortgage notes
|
(1,026,616
|
)
|
|
(230,398
|
)
|
|
(561,160
|
)
|
|||
Proceeds from lines of credit
|
1,939,213
|
|
|
742,961
|
|
|
982,246
|
|
|||
Repayments of lines of credit
|
(1,884,213
|
)
|
|
(921,961
|
)
|
|
(928,246
|
)
|
|||
Retirement of common stock
|
(56,989
|
)
|
|
(51,233
|
)
|
|
—
|
|
|||
Additions to deferred charges
|
(10,898
|
)
|
|
(4,250
|
)
|
|
(4,108
|
)
|
|||
Payments related to debt prepayment penalties
|
(1,406
|
)
|
|
—
|
|
|
(1,630
|
)
|
|||
Net proceeds from issuance of common stock
|
72,539
|
|
|
(919
|
)
|
|
89,055
|
|
|||
Net proceeds from stock options exercised
|
37,467
|
|
|
6,213
|
|
|
26,635
|
|
|||
Payments related to tax withholding for share-based compensation
|
(3,688
|
)
|
|
(869
|
)
|
|
(316
|
)
|
|||
Distributions to noncontrolling interest
|
(27,993
|
)
|
|
(29,050
|
)
|
|
(26,552
|
)
|
|||
Redemption of noncontrolling interest
|
(36,568
|
)
|
|
(1,333
|
)
|
|
(28,580
|
)
|
|||
Redemption of redeemable noncontrolling interest
|
(73
|
)
|
|
(144
|
)
|
|
(5,543
|
)
|
|||
Common and preferred stock dividends paid
|
(507,754
|
)
|
|
(484,182
|
)
|
|
(450,625
|
)
|
|||
Net cash used in financing activities
|
(461,689
|
)
|
|
(676,392
|
)
|
|
(310,843
|
)
|
|||
Net increase (decrease) in unrestricted and restricted cash and cash equivalents
|
(70,301
|
)
|
|
90,269
|
|
|
(109,176
|
)
|
|||
Unrestricted and restricted cash and cash equivalents at beginning of period
|
151,395
|
|
|
61,126
|
|
|
170,302
|
|
|||
Unrestricted and restricted cash and cash equivalents at end of period
|
$
|
81,094
|
|
|
$
|
151,395
|
|
|
$
|
61,126
|
|
|
|
|
|
|
|
||||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||||||
Cash paid for interest, net of capitalized interest
|
$
|
194,418
|
|
|
$
|
203,803
|
|
|
$
|
212,163
|
|
Interest capitalized
|
$
|
24,169
|
|
|
$
|
18,708
|
|
|
$
|
13,860
|
|
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
|
|
|
||||||
Operating cash flows from operating leases
|
$
|
6,811
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
||||||
Supplemental disclosure of noncash investing and financing activities:
|
|
|
|
|
|
|
|
|
|||
Issuance of Operating Partnership units for contributed properties
|
$
|
—
|
|
|
$
|
7,919
|
|
|
$
|
—
|
|
Issuance of DownREIT units in connection with acquisition of real estate
|
$
|
65,472
|
|
|
$
|
—
|
|
|
$
|
22,506
|
|
Transfers between real estate under development to rental properties, net
|
$
|
19,812
|
|
|
$
|
100,415
|
|
|
$
|
2,413
|
|
Transfer from real estate under development to co-investments
|
$
|
671
|
|
|
$
|
853
|
|
|
$
|
5,075
|
|
Reclassifications to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest
|
$
|
2,008
|
|
|
$
|
1,165
|
|
|
$
|
65
|
|
Redemption of redeemable noncontrolling interest via reduction of note receivable
|
$
|
—
|
|
|
$
|
4,751
|
|
|
$
|
—
|
|
Initial recognition of operating lease right-of-use assets
|
$
|
77,645
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Initial recognition of operating lease liabilities
|
$
|
79,693
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Debt assumed in connection with acquisition
|
$
|
143,006
|
|
|
$
|
45,804
|
|
|
$
|
51,882
|
|
Repayment of mortgage note from new financing proceeds
|
$
|
—
|
|
|
$
|
52,000
|
|
|
$
|
—
|
|
|
2019
|
|
2018
|
||||
ASSETS
|
|||||||
Real estate:
|
|
|
|
||||
Rental properties:
|
|
|
|
||||
Land and land improvements
|
$
|
2,773,805
|
|
|
$
|
2,701,356
|
|
Buildings and improvements
|
11,264,337
|
|
|
10,664,745
|
|
||
|
14,038,142
|
|
|
13,366,101
|
|
||
Less: accumulated depreciation
|
(3,689,482
|
)
|
|
(3,209,548
|
)
|
||
|
10,348,660
|
|
|
10,156,553
|
|
||
Real estate under development
|
546,075
|
|
|
454,629
|
|
||
Co-investments
|
1,335,339
|
|
|
1,300,140
|
|
||
|
12,230,074
|
|
|
11,911,322
|
|
||
Cash and cash equivalents-unrestricted
|
70,087
|
|
|
134,465
|
|
||
Cash and cash equivalents-restricted
|
11,007
|
|
|
16,930
|
|
||
Marketable securities
|
144,193
|
|
|
209,545
|
|
||
Notes and other receivables (related party receivables of $90.2 million and $11.1 million as of December 31, 2019 and December 31, 2018, respectively)
|
134,365
|
|
|
71,895
|
|
||
Operating lease right-of-use assets
|
74,744
|
|
|
—
|
|
||
Prepaid expenses and other assets
|
40,935
|
|
|
39,439
|
|
||
Total assets
|
$
|
12,705,405
|
|
|
$
|
12,383,596
|
|
LIABILITIES AND CAPITAL
|
|||||||
Unsecured debt, net
|
$
|
4,763,206
|
|
|
$
|
3,799,316
|
|
Mortgage notes payable, net
|
990,667
|
|
|
1,806,626
|
|
||
Lines of credit
|
55,000
|
|
|
—
|
|
||
Accounts payable and accrued liabilities
|
158,017
|
|
|
127,086
|
|
||
Construction payable
|
48,912
|
|
|
59,345
|
|
||
Distributions payable
|
135,384
|
|
|
128,529
|
|
||
Operating lease liabilities
|
76,740
|
|
|
—
|
|
||
Other liabilities
|
36,565
|
|
|
33,375
|
|
||
Total liabilities
|
6,264,491
|
|
|
5,954,277
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Redeemable noncontrolling interest
|
37,410
|
|
|
35,475
|
|
||
Capital:
|
|
|
|
|
|
||
General Partner:
|
|
|
|
|
|
||
Common equity (66,091,954 and 65,890,322 units issued and outstanding, respectively)
|
6,234,315
|
|
|
6,280,290
|
|
||
|
6,234,315
|
|
|
6,280,290
|
|
||
Limited Partners:
|
|
|
|
|
|
||
Common equity (2,301,653 and 2,305,389 units issued and outstanding, respectively)
|
57,359
|
|
|
59,061
|
|
||
Accumulated other comprehensive loss
|
(10,432
|
)
|
|
(9,738
|
)
|
||
Total partners' capital
|
6,281,242
|
|
|
6,329,613
|
|
||
Noncontrolling interest
|
122,262
|
|
|
64,231
|
|
||
Total capital
|
6,403,504
|
|
|
6,393,844
|
|
||
Total liabilities and capital
|
$
|
12,705,405
|
|
|
$
|
12,383,596
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Rental and other property
|
$
|
1,450,628
|
|
|
$
|
1,390,870
|
|
|
$
|
1,354,325
|
|
Management and other fees from affiliates
|
9,527
|
|
|
9,183
|
|
|
9,574
|
|
|||
|
1,460,155
|
|
|
1,400,053
|
|
|
1,363,899
|
|
|||
Expenses:
|
|
|
|
|
|
|
|
|
|||
Property operating, excluding real estate taxes
|
242,525
|
|
|
233,764
|
|
|
229,076
|
|
|||
Real estate taxes
|
155,170
|
|
|
151,570
|
|
|
146,310
|
|
|||
Corporate-level property management expenses
|
32,899
|
|
|
31,062
|
|
|
30,156
|
|
|||
Depreciation and amortization
|
483,750
|
|
|
479,884
|
|
|
468,881
|
|
|||
General and administrative
|
54,262
|
|
|
53,451
|
|
|
41,385
|
|
|||
Expensed acquisition and investment related costs
|
168
|
|
|
194
|
|
|
1,569
|
|
|||
Impairment loss
|
7,105
|
|
|
—
|
|
|
—
|
|
|||
|
975,879
|
|
|
949,925
|
|
|
917,377
|
|
|||
Gain (loss) on sale of real estate and land
|
(3,164
|
)
|
|
61,861
|
|
|
26,423
|
|
|||
Earnings from operations
|
481,112
|
|
|
511,989
|
|
|
472,945
|
|
|||
Interest expense
|
(217,339
|
)
|
|
(220,492
|
)
|
|
(222,894
|
)
|
|||
Total return swap income
|
8,446
|
|
|
8,707
|
|
|
10,098
|
|
|||
Interest and other income
|
46,298
|
|
|
23,010
|
|
|
24,604
|
|
|||
Equity income from co-investments
|
112,136
|
|
|
89,132
|
|
|
86,445
|
|
|||
Deferred tax expense on unrealized gain on unconsolidated co-investment
|
(1,457
|
)
|
|
—
|
|
|
—
|
|
|||
Gain (loss) on early retirement of debt, net
|
3,717
|
|
|
—
|
|
|
(1,796
|
)
|
|||
Gain on remeasurement of co-investment
|
31,535
|
|
|
1,253
|
|
|
88,641
|
|
|||
Net income
|
464,448
|
|
|
413,599
|
|
|
458,043
|
|
|||
Net income attributable to noncontrolling interest
|
(9,819
|
)
|
|
(9,994
|
)
|
|
(10,159
|
)
|
|||
Net income available to common unitholders
|
$
|
454,629
|
|
|
$
|
403,605
|
|
|
$
|
447,884
|
|
Per unit data:
|
|
|
|
|
|
|
|
|
|||
Basic:
|
|
|
|
|
|
|
|
|
|||
Net income available to common unitholders
|
$
|
6.67
|
|
|
$
|
5.91
|
|
|
$
|
6.58
|
|
Weighted average number of common units outstanding during the year
|
68,140,900
|
|
|
68,315,999
|
|
|
68,081,730
|
|
|||
Diluted:
|
|
|
|
|
|
|
|
|
|||
Net income available to common unitholders
|
$
|
6.66
|
|
|
$
|
5.90
|
|
|
$
|
6.57
|
|
Weighted average number of common units outstanding during the year
|
68,239,933
|
|
|
68,360,030
|
|
|
68,150,830
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
$
|
464,448
|
|
|
$
|
413,599
|
|
|
$
|
458,043
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|||
Change in fair value of derivatives and amortization of swap settlements
|
(2,948
|
)
|
|
7,824
|
|
|
12,744
|
|
|||
Cash flow hedge losses reclassified to earnings
|
1,824
|
|
|
—
|
|
|
—
|
|
|||
Change in fair value of marketable debt securities, net
|
281
|
|
|
(118
|
)
|
|
3,284
|
|
|||
Reversal of unrealized (gains) losses upon the sale of marketable debt securities
|
(32
|
)
|
|
13
|
|
|
(1,909
|
)
|
|||
Total other comprehensive income (loss)
|
(875
|
)
|
|
7,719
|
|
|
14,119
|
|
|||
Comprehensive income
|
463,573
|
|
|
421,318
|
|
|
472,162
|
|
|||
Comprehensive income attributable to noncontrolling interest
|
(9,819
|
)
|
|
(9,994
|
)
|
|
(10,159
|
)
|
|||
Comprehensive income attributable to controlling interest
|
$
|
453,754
|
|
|
$
|
411,324
|
|
|
$
|
462,003
|
|
|
General Partner
|
Limited Partners
|
|
Accumulated
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
other
|
|
|
|
|
||||||||||||
|
Common Equity
|
|
Common Equity
|
|
comprehensive
|
|
Noncontrolling
|
|
|
||||||||||||||||
|
Units
|
|
Amount
|
|
Units
|
|
Amount
|
|
loss, net
|
|
Interest
|
|
Total
|
||||||||||||
Balances at December 31, 2016
|
65,528
|
|
|
$
|
6,224,276
|
|
|
2,237
|
|
|
$
|
49,436
|
|
|
$
|
(29,348
|
)
|
|
$
|
47,873
|
|
|
$
|
6,292,237
|
|
Net income
|
—
|
|
|
433,059
|
|
|
—
|
|
|
14,825
|
|
|
—
|
|
|
10,159
|
|
|
458,043
|
|
|||||
Reversal of unrealized gains upon the sale of marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,909
|
)
|
|
—
|
|
|
(1,909
|
)
|
|||||
Change in fair value of derivatives and amortization of swap settlements
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,744
|
|
|
—
|
|
|
12,744
|
|
|||||
Change in fair value of marketable securities, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,284
|
|
|
—
|
|
|
3,284
|
|
|||||
Issuance of common units under:
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||||
General partner's stock based compensation, net
|
179
|
|
|
26,635
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,635
|
|
|||||
Sale of common stock by general partner, net
|
345
|
|
|
89,055
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
89,055
|
|
|||||
Equity based compensation costs
|
—
|
|
|
9,529
|
|
|
33
|
|
|
1,773
|
|
|
—
|
|
|
—
|
|
|
11,302
|
|
|||||
Changes in the redemption value of redeemable noncontrolling interest
|
—
|
|
|
(136
|
)
|
|
—
|
|
|
136
|
|
|
—
|
|
|
(65
|
)
|
|
(65
|
)
|
|||||
Changes in noncontrolling interest from acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,506
|
|
|
22,506
|
|
|||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,078
|
)
|
|
(11,078
|
)
|
|||||
Redemptions
|
2
|
|
|
(25,190
|
)
|
|
(2
|
)
|
|
(405
|
)
|
|
—
|
|
|
(2,985
|
)
|
|
(28,580
|
)
|
|||||
Distributions declared ($7.00 per unit)
|
—
|
|
|
(461,376
|
)
|
|
—
|
|
|
(15,973
|
)
|
|
—
|
|
|
—
|
|
|
(477,349
|
)
|
|||||
Balances at December 31, 2017
|
66,054
|
|
|
$
|
6,295,852
|
|
|
2,268
|
|
|
$
|
49,792
|
|
|
$
|
(15,229
|
)
|
|
$
|
66,410
|
|
|
$
|
6,396,825
|
|
Net income
|
—
|
|
|
390,153
|
|
|
—
|
|
|
13,452
|
|
|
—
|
|
|
9,994
|
|
|
413,599
|
|
|||||
Reversal of unrealized gains upon the sale of marketable debt securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
13
|
|
|||||
Change in fair value of derivatives and amortization of swap settlements
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,824
|
|
|
—
|
|
|
7,824
|
|
|||||
Change in fair value of marketable debt securities, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(118
|
)
|
|
—
|
|
|
(118
|
)
|
|||||
Issuance of common units under:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
General partner's stock based compensation, net
|
41
|
|
|
6,213
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,213
|
|
|||||
Sale of common stock by general partner, net
|
—
|
|
|
(919
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(919
|
)
|
|||||
Equity based compensation costs
|
—
|
|
|
11,651
|
|
|
11
|
|
|
1,200
|
|
|
—
|
|
|
—
|
|
|
12,851
|
|
|||||
Retirement of common units, net
|
(210
|
)
|
|
(51,233
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51,233
|
)
|
Cumulative effect upon adoption of ASU No. 2016-01
|
—
|
|
|
2,234
|
|
|
—
|
|
|
(6
|
)
|
|
(2,228
|
)
|
|
—
|
|
|
—
|
|
|||||
Cumulative effect upon adoption of ASU No. 2017-05
|
—
|
|
|
119,651
|
|
|
—
|
|
|
4,057
|
|
|
—
|
|
|
—
|
|
|
123,708
|
|
|||||
Changes in redemption value of redeemable noncontrolling interest
|
—
|
|
|
(1,143
|
)
|
|
—
|
|
|
(89
|
)
|
|
—
|
|
|
68
|
|
|
(1,164
|
)
|
|||||
Changes in noncontrolling interest from acquisition
|
—
|
|
|
—
|
|
|
31
|
|
|
7,919
|
|
|
—
|
|
|
—
|
|
|
7,919
|
|
|||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,174
|
)
|
|
(12,174
|
)
|
|||||
Redemptions
|
5
|
|
|
(1,061
|
)
|
|
(5
|
)
|
|
(205
|
)
|
|
—
|
|
|
(67
|
)
|
|
(1,333
|
)
|
|||||
Distributions declared ($7.44 per unit)
|
—
|
|
|
(491,108
|
)
|
|
—
|
|
|
(17,059
|
)
|
|
—
|
|
|
—
|
|
|
(508,167
|
)
|
|||||
Balances at December 31, 2018
|
65,890
|
|
|
$
|
6,280,290
|
|
|
2,305
|
|
|
$
|
59,061
|
|
|
$
|
(9,738
|
)
|
|
$
|
64,231
|
|
|
$
|
6,393,844
|
|
Net income
|
—
|
|
|
439,286
|
|
|
—
|
|
|
15,343
|
|
|
—
|
|
|
9,819
|
|
|
464,448
|
|
|||||
Reversal of unrealized gains upon the sale of marketable debt securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
|
—
|
|
|
(32
|
)
|
|||||
Cash flow hedge losses reclassified to earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,824
|
|
|
—
|
|
|
1,824
|
|
|||||
Change in fair value of derivatives and amortization of swap settlements
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,948
|
)
|
|
—
|
|
|
(2,948
|
)
|
|||||
Change in fair value of marketable debt securities, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
281
|
|
|
—
|
|
|
281
|
|
|||||
Issuance of common units under:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
General partner's stock based compensation, net
|
195
|
|
|
33,779
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,779
|
|
|||||
Sale of common stock by general partner, net
|
228
|
|
|
72,539
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
72,539
|
|
|||||
Equity based compensation costs
|
—
|
|
|
11,029
|
|
|
10
|
|
|
1,254
|
|
|
—
|
|
|
—
|
|
|
12,283
|
|
|||||
Retirement of common units, net
|
(234
|
)
|
|
(56,989
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(56,989
|
)
|
|||||
Cumulative effect upon adoption of ASU No. 2017-12
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
181
|
|
|
—
|
|
|
181
|
|
|||||
Changes in the redemption value of redeemable noncontrolling interest
|
—
|
|
|
(3,427
|
)
|
|
—
|
|
|
109
|
|
|
—
|
|
|
1,310
|
|
|
(2,008
|
)
|
|||||
Changes in noncontrolling interest from acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
65,472
|
|
|
65,472
|
|
|||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,521
|
)
|
|
(10,521
|
)
|
|||||
Redemptions
|
13
|
|
|
(28,083
|
)
|
|
(13
|
)
|
|
(436
|
)
|
|
—
|
|
|
(8,049
|
)
|
|
(36,568
|
)
|
|||||
Distributions declared ($7.80 per unit)
|
—
|
|
|
(514,109
|
)
|
|
—
|
|
|
(17,972
|
)
|
|
—
|
|
|
—
|
|
|
(532,081
|
)
|
|||||
Balances at December 31, 2019
|
66,092
|
|
|
$
|
6,234,315
|
|
|
2,302
|
|
|
$
|
57,359
|
|
|
$
|
(10,432
|
)
|
|
$
|
122,262
|
|
|
$
|
6,403,504
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
464,448
|
|
|
$
|
413,599
|
|
|
$
|
458,043
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
483,750
|
|
|
479,884
|
|
|
468,881
|
|
|||
Amortization of discount on marketable securities
|
(28,491
|
)
|
|
(17,637
|
)
|
|
(15,119
|
)
|
|||
Amortization of (premium) discount and debt financing costs, net
|
5,689
|
|
|
(2,587
|
)
|
|
(5,948
|
)
|
|||
Gain on sale of marketable securities
|
(1,271
|
)
|
|
(737
|
)
|
|
(1,909
|
)
|
|||
Unrealized (gain) loss on equity securities recognized through income
|
(5,710
|
)
|
|
5,159
|
|
|
—
|
|
|||
Company's share of gain on the sales of co-investments
|
(51,097
|
)
|
|
(10,569
|
)
|
|
(44,837
|
)
|
|||
Earnings from co-investments
|
(61,039
|
)
|
|
(78,563
|
)
|
|
(41,608
|
)
|
|||
Operating distributions from co-investments
|
99,277
|
|
|
99,593
|
|
|
76,764
|
|
|||
Accrued interest from notes and other receivables
|
(6,012
|
)
|
|
(5,436
|
)
|
|
(4,030
|
)
|
|||
Impairment loss
|
7,105
|
|
|
—
|
|
|
—
|
|
|||
(Gain) loss on the sale of real estate and land
|
3,164
|
|
|
(61,861
|
)
|
|
(26,423
|
)
|
|||
Equity-based compensation
|
7,010
|
|
|
7,135
|
|
|
9,286
|
|
|||
(Gain) loss on early retirement of debt, net
|
(3,717
|
)
|
|
—
|
|
|
1,796
|
|
|||
Gain on remeasurement of co-investment
|
(31,535
|
)
|
|
(1,253
|
)
|
|
(88,641
|
)
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|||
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets
|
5,751
|
|
|
(1,203
|
)
|
|
(3,004
|
)
|
|||
Accounts payable, accrued liabilities, and operating lease liabilities
|
29,551
|
|
|
(145
|
)
|
|
(13,474
|
)
|
|||
Other liabilities
|
2,206
|
|
|
1,175
|
|
|
(170
|
)
|
|||
Net cash provided by operating activities
|
919,079
|
|
|
826,554
|
|
|
769,607
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|||
Additions to real estate:
|
|
|
|
|
|
|
|
|
|||
Acquisitions of real estate and acquisition related capital expenditures
|
(133,825
|
)
|
|
(15,311
|
)
|
|
(206,194
|
)
|
|||
Redevelopment
|
(70,295
|
)
|
|
(73,000
|
)
|
|
(69,928
|
)
|
|||
Development acquisitions of and additions to real estate under development
|
(158,234
|
)
|
|
(182,772
|
)
|
|
(137,733
|
)
|
|||
Capital expenditures on rental properties
|
(101,689
|
)
|
|
(81,684
|
)
|
|
(72,812
|
)
|
|||
Investments in notes receivable
|
(231,400
|
)
|
|
—
|
|
|
(106,461
|
)
|
|||
Collections of notes and other receivables
|
168,720
|
|
|
29,500
|
|
|
55,000
|
|
|||
Proceeds from insurance for property losses
|
3,734
|
|
|
1,408
|
|
|
648
|
|
|||
Proceeds from dispositions of real estate
|
23,214
|
|
|
347,587
|
|
|
132,039
|
|
|||
Contributions to co-investments
|
(402,284
|
)
|
|
(162,437
|
)
|
|
(293,363
|
)
|
|||
Changes in refundable deposits
|
5
|
|
|
(414
|
)
|
|
837
|
|
|||
Purchases of marketable securities
|
(46,458
|
)
|
|
(37,952
|
)
|
|
(67,893
|
)
|
|||
Sales and maturities of marketable securities
|
147,531
|
|
|
31,521
|
|
|
35,481
|
|
|||
Non-operating distributions from co-investments
|
273,290
|
|
|
83,661
|
|
|
162,439
|
|
|||
Net cash used in investing activities
|
(527,691
|
)
|
|
(59,893
|
)
|
|
(567,940
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from unsecured debt and mortgage notes
|
1,045,290
|
|
|
298,773
|
|
|
597,981
|
|
|||
Payments on unsecured debt and mortgage notes
|
(1,026,616
|
)
|
|
(230,398
|
)
|
|
(561,160
|
)
|
|||
Proceeds from lines of credit
|
1,939,213
|
|
|
742,961
|
|
|
982,246
|
|
|||
Repayments of lines of credit
|
(1,884,213
|
)
|
|
(921,961
|
)
|
|
(928,246
|
)
|
|||
Retirement of common units
|
(56,989
|
)
|
|
(51,233
|
)
|
|
—
|
|
|||
Additions to deferred charges
|
(10,898
|
)
|
|
(4,250
|
)
|
|
(4,108
|
)
|
|||
Payments related to debt prepayment penalties
|
(1,406
|
)
|
|
—
|
|
|
(1,630
|
)
|
|||
Net proceeds from issuance of common units
|
72,539
|
|
|
(919
|
)
|
|
89,055
|
|
|||
Net proceeds from stock options exercised
|
37,467
|
|
|
6,213
|
|
|
26,635
|
|
|||
Payments related to tax withholding for share-based compensation
|
(3,688
|
)
|
|
(869
|
)
|
|
(316
|
)
|
|||
Distributions to noncontrolling interest
|
(7,288
|
)
|
|
(8,518
|
)
|
|
(7,752
|
)
|
|||
Redemption of noncontrolling interests
|
(36,568
|
)
|
|
(1,333
|
)
|
|
(28,580
|
)
|
|||
Redemption of redeemable noncontrolling interests
|
(73
|
)
|
|
(144
|
)
|
|
(5,543
|
)
|
|||
Common and preferred units and preferred interest distributions paid
|
(528,459
|
)
|
|
(504,714
|
)
|
|
(469,425
|
)
|
|||
Net cash used in financing activities
|
(461,689
|
)
|
|
(676,392
|
)
|
|
(310,843
|
)
|
|||
Net increase (decrease) in unrestricted and restricted cash and cash equivalents
|
(70,301
|
)
|
|
90,269
|
|
|
(109,176
|
)
|
|||
Unrestricted and restricted cash and cash equivalents at beginning of period
|
151,395
|
|
|
61,126
|
|
|
170,302
|
|
|||
Unrestricted and restricted cash and cash equivalents at end of period
|
$
|
81,094
|
|
|
$
|
151,395
|
|
|
$
|
61,126
|
|
|
|
|
|
|
|
||||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||||||
Cash paid for interest, net of capitalized interest
|
$
|
194,418
|
|
|
$
|
203,803
|
|
|
$
|
212,163
|
|
Interest capitalized
|
$
|
24,169
|
|
|
$
|
18,708
|
|
|
$
|
13,860
|
|
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
|
|
|
||||||
Operating cash flows from operating leases
|
$
|
6,811
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
||||||
Supplemental disclosure of noncash investing and financing activities:
|
|
|
|
|
|
|
|
|
|||
Issuance of Operating Partnership units for contributed properties
|
$
|
—
|
|
|
$
|
7,919
|
|
|
$
|
—
|
|
Issuance of DownREIT units in connection with acquisition of real estate
|
$
|
65,472
|
|
|
$
|
—
|
|
|
$
|
22,506
|
|
Transfers between real estate under development to rental properties, net
|
$
|
19,812
|
|
|
$
|
100,415
|
|
|
$
|
2,413
|
|
Transfer from real estate under development to co-investments
|
$
|
671
|
|
|
$
|
853
|
|
|
$
|
5,075
|
|
Reclassifications to redeemable noncontrolling interest from general and limited partner capital and noncontrolling interest
|
$
|
2,008
|
|
|
$
|
1,165
|
|
|
$
|
65
|
|
Redemption of redeemable noncontrolling interest via reduction of note receivable
|
$
|
—
|
|
|
$
|
4,751
|
|
|
$
|
—
|
|
Initial recognition of operating lease right-of-use assets
|
$
|
77,645
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Initial recognition of operating lease liabilities
|
$
|
79,693
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Debt assumed in connection with acquisition
|
$
|
143,006
|
|
|
$
|
45,804
|
|
|
$
|
51,882
|
|
Repayment of mortgage note from new financing proceeds
|
$
|
—
|
|
|
$
|
52,000
|
|
|
$
|
—
|
|
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
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cash and cash equivalents - unrestricted
|
$
|
70,087
|
|
|
$
|
134,465
|
|
|
$
|
44,620
|
|
Cash and cash equivalents - restricted
|
11,007
|
|
|
16,930
|
|
|
16,506
|
|
|||
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows
|
$
|
81,094
|
|
|
$
|
151,395
|
|
|
$
|
61,126
|
|
|
December 31, 2019
|
||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gain
|
|
Carrying
Value
|
||||||
Equity securities:
|
|
|
|
|
|
||||||
Investment funds - debt securities
|
$
|
29,588
|
|
|
$
|
544
|
|
|
$
|
30,132
|
|
Common stock and stock funds
|
34,941
|
|
|
2,927
|
|
|
37,868
|
|
|||
|
|
|
|
|
|
||||||
Debt securities:
|
|
|
|
|
|
||||||
Available for sale
|
|
|
|
|
|
||||||
U.S. treasury securities
|
2,421
|
|
|
13
|
|
|
2,434
|
|
|||
Investment-grade unsecured bonds
|
1,048
|
|
|
60
|
|
|
1,108
|
|
|||
Held to maturity:
|
|
|
|
|
|
|
|
|
|||
Mortgage backed securities
|
72,651
|
|
|
—
|
|
|
72,651
|
|
|||
Total - Marketable securities
|
$
|
140,649
|
|
|
$
|
3,544
|
|
|
$
|
144,193
|
|
|
December 31, 2018
|
||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Loss
|
|
Carrying
Value
|
||||||
Equity securities:
|
|
|
|
|
|
||||||
Investment funds - debt securities
|
$
|
31,934
|
|
|
$
|
(568
|
)
|
|
$
|
31,366
|
|
Common stock and stock funds
|
39,731
|
|
|
(1,671
|
)
|
|
38,060
|
|
|||
|
|
|
|
|
|
||||||
Debt securities:
|
|
|
|
|
|
||||||
Available for sale
|
|
|
|
|
|
||||||
U.S. treasury securities
|
8,983
|
|
|
(31
|
)
|
|
8,952
|
|
|||
Investment-grade unsecured bonds
|
4,125
|
|
|
(145
|
)
|
|
3,980
|
|
|||
Held to maturity:
|
|
|
|
|
|
|
|
|
|||
Mortgage backed securities
|
127,187
|
|
|
—
|
|
|
127,187
|
|
|||
Total - Marketable securities
|
$
|
211,960
|
|
|
$
|
(2,415
|
)
|
|
$
|
209,545
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Common Stock
|
|
|
|
|
|
|||
Ordinary income
|
83.81
|
%
|
|
79.72
|
%
|
|
84.04
|
%
|
Capital gain
|
13.78
|
%
|
|
15.35
|
%
|
|
13.20
|
%
|
Unrecaptured section 1250 capital gain
|
2.41
|
%
|
|
4.93
|
%
|
|
2.76
|
%
|
|
100.00
|
%
|
|
100.00
|
%
|
|
100.00
|
%
|
|
Change in fair
value and
amortization
of swap settlements
|
|
Unrealized
gain (loss) on
available for sale
securities
|
|
Total
|
||||||
Balance at December 31, 2018
|
$
|
(13,077
|
)
|
|
$
|
(140
|
)
|
|
$
|
(13,217
|
)
|
Cumulative effect upon adoption of ASU No. 2017-12
|
175
|
|
|
—
|
|
|
175
|
|
|||
Other comprehensive income before reclassification
|
7,836
|
|
|
272
|
|
|
8,108
|
|
|||
Amounts reclassified from accumulated other comprehensive loss
|
(8,923
|
)
|
|
(31
|
)
|
|
(8,954
|
)
|
|||
Other comprehensive income (loss)
|
(912
|
)
|
|
241
|
|
|
(671
|
)
|
|||
Balance at December 31, 2019
|
$
|
(13,989
|
)
|
|
$
|
101
|
|
|
$
|
(13,888
|
)
|
|
Change in fair
value and
amortization
of swap settlements
|
|
Unrealized
gain (loss) on
available for sale
securities
|
|
Total
|
||||||
Balance at December 31, 2018
|
$
|
(9,593
|
)
|
|
$
|
(145
|
)
|
|
$
|
(9,738
|
)
|
Cumulative effect upon adoption of ASU No. 2017-12
|
181
|
|
|
—
|
|
|
181
|
|
|||
Other comprehensive income before reclassification
|
8,111
|
|
|
281
|
|
|
8,392
|
|
|||
Amounts reclassified from accumulated other comprehensive loss
|
(9,235
|
)
|
|
(32
|
)
|
|
(9,267
|
)
|
|||
Other comprehensive income (loss)
|
(943
|
)
|
|
249
|
|
|
(694
|
)
|
|||
Balance at December 31, 2019
|
$
|
(10,536
|
)
|
|
$
|
104
|
|
|
$
|
(10,432
|
)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Balance at January 1,
|
$
|
35,475
|
|
|
$
|
39,206
|
|
|
$
|
44,684
|
|
Reclassifications due to change in redemption value and other
|
2,008
|
|
|
1,164
|
|
|
65
|
|
|||
Redemptions
|
(73
|
)
|
|
(4,895
|
)
|
|
(5,543
|
)
|
|||
Balance at December 31,
|
$
|
37,410
|
|
|
$
|
35,475
|
|
|
$
|
39,206
|
|
Property Name
|
Location
|
Apartment Homes
|
Essex Ownership Percentage
|
Quarter in 2019
|
Purchase Price
|
||||
One South Market(1)
|
San Jose, CA
|
312
|
|
100
|
%
|
Q1
|
$
|
80.6
|
|
Brio(2)
|
Walnut Creek, CA
|
300
|
|
N/A
|
|
Q2
|
164.9
|
|
|
Township
|
Redwood City, CA
|
132
|
|
100
|
%
|
Q3
|
88.7
|
|
|
Pure Redmond
|
Redmond, WA
|
105
|
|
100
|
%
|
Q4
|
39.1
|
|
|
Total 2019
|
849
|
|
|
|
|
$
|
373.3
|
|
(1)
|
In March 2019, the Company purchased the joint venture partner's 45% membership interest in the One South Market co-investment based on an estimated property valuation of $179.0 million. In conjunction with the acquisition, $86.0 million of mortgage debt that encumbered the property was repaid.
|
(2)
|
In June 2019, the Company acquired Brio for a total contract price of $164.9 million in a DownREIT transaction. As part of the acquisition, the Company assumed $98.7 million of mortgage debt in the community. Based on a VIE analysis performed by the Company, the property was consolidated.
|
|
Weighted Average Essex Ownership
|
|
December 31,
|
|||||||
|
Percentage (1)
|
|
2019
|
|
2018
|
|||||
Ownership interest in:
|
|
|
|
|
|
|||||
CPPIB
|
55
|
%
|
|
$
|
345,466
|
|
|
$
|
482,507
|
|
Wesco I, Wesco III, Wesco IV, and Wesco V
|
51
|
%
|
|
216,756
|
|
|
194,890
|
|
||
BEXAEW, BEX II, BEX III, and BEX IV
|
50
|
%
|
|
160,888
|
|
|
121,780
|
|
||
Other
|
48
|
%
|
|
20,351
|
|
|
34,093
|
|
||
Total operating and other co-investments, net
|
|
|
743,461
|
|
|
833,270
|
|
|||
Total predevelopment and development co-investments
|
50
|
%
|
|
146,944
|
|
|
94,060
|
|
||
Total preferred interest co-investments (includes related party investments of $73.2 million and $51.8 million as of December 31, 2019 and December 31, 2018, respectively - Note 6 - Related Party Transactions for further discussion)
|
|
|
444,934
|
|
|
372,810
|
|
|||
Total co-investments, net
|
|
|
$
|
1,335,339
|
|
|
$
|
1,300,140
|
|
(1)
|
Weighted average Company ownership percentages are as of December 31, 2019.
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Combined balance sheets: (1)
|
|
|
|
||||
Rental properties and real estate under development
|
$
|
4,733,762
|
|
|
$
|
4,367,987
|
|
Other assets
|
139,562
|
|
|
104,119
|
|
||
Total assets
|
$
|
4,873,324
|
|
|
$
|
4,472,106
|
|
Debt
|
$
|
2,442,213
|
|
|
$
|
2,190,764
|
|
Other liabilities
|
117,160
|
|
|
106,316
|
|
||
Equity
|
2,313,951
|
|
|
2,175,026
|
|
||
Total liabilities and equity
|
$
|
4,873,324
|
|
|
$
|
4,472,106
|
|
Company's share of equity
|
$
|
1,335,339
|
|
|
$
|
1,300,140
|
|
|
Years ended
December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Combined statements of income: (1)
|
|
|
|
|
|
||||||
Property revenues
|
$
|
336,922
|
|
|
$
|
332,164
|
|
|
$
|
312,841
|
|
Property operating expenses
|
(115,658
|
)
|
|
(107,584
|
)
|
|
(110,583
|
)
|
|||
Net operating income
|
221,264
|
|
|
224,580
|
|
|
202,258
|
|
|||
Gain on sale of real estate
|
112,918
|
|
|
24,218
|
|
|
90,663
|
|
|||
Interest expense
|
(65,665
|
)
|
|
(63,913
|
)
|
|
(62,844
|
)
|
|||
General and administrative
|
(9,575
|
)
|
|
(6,379
|
)
|
|
(9,091
|
)
|
|||
Depreciation and amortization
|
(121,006
|
)
|
|
(126,485
|
)
|
|
(118,048
|
)
|
|||
Net income
|
$
|
137,936
|
|
|
$
|
52,021
|
|
|
$
|
102,938
|
|
Company's share of net income (2)
|
$
|
112,136
|
|
|
$
|
89,132
|
|
|
$
|
86,445
|
|
(1)
|
Includes preferred equity investments held by the Company.
|
(2)
|
Includes the Company's share of equity income from joint ventures and preferred equity investments, gain on sales of co-investments, co-investment promote income and income from early redemption of preferred equity investments. Includes related party income of $7.5 million, $2.0 million, and $1.9 million for the years ended December 31, 2019, 2018, and 2017, respectively.
|
|
2019
|
|
2018
|
|
2017
|
||||||
Rental income (1)
|
$
|
1,425,585
|
|
|
$
|
1,366,590
|
|
|
$
|
1,326,464
|
|
Other property (1)
|
25,043
|
|
|
24,280
|
|
|
27,861
|
|
|||
Management and other fees from affiliates
|
9,527
|
|
|
9,183
|
|
|
9,574
|
|
|||
Total revenues
|
$
|
1,460,155
|
|
|
$
|
1,400,053
|
|
|
$
|
1,363,899
|
|
(1)
|
On January 1, 2019, the Company adopted ASU No. 2016-02 and ASU No. 2018-11. As a result of this adoption, certain amounts previously classified as other property revenue have been reclassified to rental income. Prior period amounts have been adjusted to conform to the current period's presentation.
|
|
2019
|
|
2018
|
|
2017
|
||||||
Southern California
|
$
|
610,240
|
|
|
$
|
592,281
|
|
|
$
|
574,552
|
|
Northern California
|
569,556
|
|
|
522,561
|
|
|
505,313
|
|
|||
Seattle Metro
|
245,476
|
|
|
236,525
|
|
|
229,871
|
|
|||
Other real estate assets (1)
|
25,356
|
|
|
39,503
|
|
|
44,589
|
|
|||
Total rental and other property revenues
|
$
|
1,450,628
|
|
|
$
|
1,390,870
|
|
|
$
|
1,354,325
|
|
(1)
|
Other real estate assets consists of revenue generated from retail space, commercial properties, held for sale properties, and disposition properties. Executive management does not evaluate such operating performance geographically.
|
|
2019
|
|
2018
|
|
2017
|
||||||
Same-property (1)
|
$
|
1,367,311
|
|
|
$
|
1,321,862
|
|
|
$
|
1,284,030
|
|
Acquisitions (2)
|
22,924
|
|
|
259
|
|
|
—
|
|
|||
Development (3)
|
7,562
|
|
|
2,713
|
|
|
—
|
|
|||
Redevelopment
|
20,988
|
|
|
20,345
|
|
|
19,641
|
|
|||
Non-residential/other, net (4)
|
31,843
|
|
|
45,691
|
|
|
50,654
|
|
|||
Total rental and other property revenues
|
$
|
1,450,628
|
|
|
$
|
1,390,870
|
|
|
$
|
1,354,325
|
|
(1)
|
Properties that have comparable stabilized results as of January 1, 2018 and are consolidated by the Company for the years ended December 31, 2019, 2018, and 2017. A community is generally considered to have reach stabilized operations once it achieves an initial occupancy of 95%.
|
(2)
|
Acquisitions includes properties acquired which did not have comparable stabilized results as of January 1, 2018.
|
(3)
|
Development includes properties developed which did not have stabilized results as of January 1, 2018.
|
(4)
|
Non-residential/other, net consists of revenue generated from retail space, commercial properties, held for sale properties, disposition properties and student housing.
|
(1)
|
In December 2019, the Company received cash of $36.1 million for the payoff of this note receivable.
|
(2)
|
In October 2019, the Company received cash of $6.7 million for the payoff of this note receivable.
|
(3)
|
See Note 6, Related Party Transactions, for additional details.
|
(4)
|
These amounts consist of short-term loans outstanding and due from various joint ventures as of December 31, 2019 and 2018, respectively. See Note 6, Related Party Transactions, for additional details.
|
|
2019
|
|
2018
|
|
Weighted Average
Maturity
In Years
|
||||
Unsecured bonds private placement - fixed rate
|
$
|
199,820
|
|
|
$
|
274,624
|
|
|
1.5
|
Term loan - variable rate
|
349,189
|
|
|
348,813
|
|
|
2.1
|
||
Bonds public offering - fixed rate
|
4,214,197
|
|
|
3,175,879
|
|
|
7.4
|
||
Unsecured debt, net (1)
|
4,763,206
|
|
|
3,799,316
|
|
|
|
||
Lines of credit (2)
|
55,000
|
|
|
—
|
|
|
|
||
Total unsecured debt
|
$
|
4,818,206
|
|
|
$
|
3,799,316
|
|
|
|
Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering
|
3.8
|
%
|
|
3.9
|
%
|
|
|
||
Weighted average interest rate on variable rate term loan
|
2.7
|
%
|
|
3.0
|
%
|
|
|
||
Weighted average interest rate on lines of credit
|
2.5
|
%
|
|
3.2
|
%
|
|
|
(1)
|
Includes unamortized discount, net of premiums, of $12.2 million and $7.1 million and unamortized debt issuance costs of $24.5 million and $18.5 million as of December 31, 2019 and 2018, respectively.
|
(2)
|
Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion, excludes unamortized debt issuance costs of $3.8 million and $3.9 million as of December 31, 2019 and 2018, respectively. These debt issuance costs are included in prepaid expenses and other assets on the consolidated balance sheets.
|
|
Maturity
|
|
2019
|
|
2018
|
|
Coupon
Rate
|
|||||
Senior unsecured private placement notes
|
December 2019
|
|
—
|
|
|
75,000
|
|
|
4.92
|
%
|
||
Senior unsecured private placement notes
|
April 2021
|
|
100,000
|
|
|
100,000
|
|
|
4.27
|
%
|
||
Senior unsecured private placement notes
|
June 2021
|
|
50,000
|
|
|
50,000
|
|
|
4.30
|
%
|
||
Senior unsecured private placement notes
|
August 2021
|
|
50,000
|
|
|
50,000
|
|
|
4.37
|
%
|
||
|
|
|
$
|
200,000
|
|
|
$
|
275,000
|
|
|
|
|
|
Maturity
|
|
2019
|
|
2018
|
|
Coupon
Rate |
|||||
Senior notes
|
March 2021
|
|
$
|
300,000
|
|
|
$
|
300,000
|
|
|
5.200
|
%
|
Senior notes
|
August 2022
|
|
300,000
|
|
|
300,000
|
|
|
3.625
|
%
|
||
Senior notes
|
January 2023
|
|
300,000
|
|
|
300,000
|
|
|
3.375
|
%
|
||
Senior notes
|
May 2023
|
|
300,000
|
|
|
300,000
|
|
|
3.250
|
%
|
||
Senior notes
|
May 2024
|
|
400,000
|
|
|
400,000
|
|
|
3.875
|
%
|
||
Senior notes
|
April 2025
|
|
500,000
|
|
|
500,000
|
|
|
3.500
|
%
|
||
Senior notes
|
April 2026
|
|
450,000
|
|
|
450,000
|
|
|
3.375
|
%
|
||
Senior notes
|
May 2027
|
|
350,000
|
|
|
350,000
|
|
|
3.625
|
%
|
||
Senior notes
|
March 2029
|
|
500,000
|
|
|
—
|
|
|
4.000
|
%
|
||
Senior notes
|
January 2030
|
|
550,000
|
|
|
—
|
|
|
3.000
|
%
|
||
Senior notes
|
March 2048
|
|
300,000
|
|
|
300,000
|
|
|
4.500
|
%
|
||
|
|
|
$
|
4,250,000
|
|
|
$
|
3,200,000
|
|
|
|
2020
|
$
|
—
|
|
2021
|
500,000
|
|
|
2022
|
650,000
|
|
|
2023
|
600,000
|
|
|
2024
|
400,000
|
|
|
Thereafter
|
2,650,000
|
|
|
|
$
|
4,800,000
|
|
|
2019
|
|
2018
|
||||
Fixed rate mortgage notes payable
|
$
|
736,490
|
|
|
$
|
1,538,488
|
|
Variable rate mortgage notes payable (1)
|
254,177
|
|
|
268,138
|
|
||
Total mortgage notes payable (2)
|
$
|
990,667
|
|
|
$
|
1,806,626
|
|
Number of properties securing mortgage notes
|
24
|
|
|
50
|
|
||
Remaining terms
|
1-27 years
|
|
|
1-28 years
|
|
||
Weighted average interest rate
|
4.1
|
%
|
|
4.3
|
%
|
2020
|
$
|
288,057
|
|
2021
|
31,653
|
|
|
2022
|
43,188
|
|
|
2023
|
2,945
|
|
|
2024
|
3,109
|
|
|
Thereafter
|
618,383
|
|
|
|
$
|
987,335
|
|
(1)
|
Variable rate mortgage notes payable, including $255.4 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
|
(2)
|
Includes total unamortized premium, net of discounts, of $5.9 million and $14.9 million and reduced by unamortized debt issuance costs of $2.6 million and $4.2 million as of December 31, 2019 and 2018, respectively.
|
|
Future Minimum Rent
|
||
2020
|
$
|
746,150
|
|
2021
|
17,986
|
|
|
2022
|
14,482
|
|
|
2023
|
13,302
|
|
|
2024
|
11,542
|
|
|
Thereafter
|
26,967
|
|
|
|
$
|
830,429
|
|
|
Future Minimum Rent
|
||
2019
|
$
|
16,386
|
|
2020
|
15,842
|
|
|
2021
|
14,412
|
|
|
2022
|
13,324
|
|
|
2023
|
12,181
|
|
|
Thereafter
|
33,034
|
|
|
|
$
|
105,179
|
|
|
Classification
|
|
December 31, 2019
|
||
Assets
|
|
|
|
||
Operating lease right-of-use assets
|
Operating lease right-of-use assets
|
|
$
|
74,744
|
|
Total leased assets
|
|
|
$
|
74,744
|
|
|
|
|
|
||
Liabilities
|
|
|
|
||
Operating lease liabilities
|
Operating lease liabilities
|
|
76,740
|
|
|
Total lease liabilities
|
|
|
$
|
76,740
|
|
|
December 31, 2019
|
||
Operating lease cost
|
$
|
6,745
|
|
Variable lease cost
|
783
|
|
|
Short-term lease cost
|
610
|
|
|
Sublease income
|
(436
|
)
|
|
Total lease cost
|
$
|
7,702
|
|
|
Operating Leases
|
||
2020
|
$
|
6,855
|
|
2021
|
6,877
|
|
|
2022
|
6,888
|
|
|
2023
|
6,860
|
|
|
2024
|
6,585
|
|
|
Thereafter
|
146,673
|
|
|
Total lease payments
|
$
|
180,738
|
|
Less: Imputed interest
|
(103,998
|
)
|
|
Present Value of lease liabilities
|
$
|
76,740
|
|
Weighted-average of remaining lease terms (years)
|
|
|
Operating Leases
|
39
|
|
Weighted-average of discount rates
|
|
|
Operating Leases
|
4.99
|
%
|
|
Future Minimum Rent
|
||
2019
|
$
|
6,811
|
|
2020
|
6,855
|
|
|
2021
|
6,877
|
|
|
2022
|
6,888
|
|
|
2023
|
6,860
|
|
|
Thereafter
|
153,258
|
|
|
|
$
|
187,549
|
|
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||||||||||||||
|
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
|
$
|
439,286
|
|
|
65,840,422
|
|
|
$
|
6.67
|
|
|
$
|
390,153
|
|
|
66,041,058
|
|
|
$
|
5.91
|
|
|
$
|
433,059
|
|
|
65,829,155
|
|
|
$
|
6.58
|
|
Effect of Dilutive Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Stock options
|
—
|
|
|
99,033
|
|
|
|
|
—
|
|
|
44,031
|
|
|
|
|
—
|
|
|
69,100
|
|
|
|
|||||||||
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income available to common stockholders
|
$
|
439,286
|
|
|
65,939,455
|
|
|
$
|
6.66
|
|
|
$
|
390,153
|
|
|
66,085,089
|
|
|
$
|
5.90
|
|
|
$
|
433,059
|
|
|
65,898,255
|
|
|
$
|
6.57
|
|
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||||||||||||||
|
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
|
$
|
454,629
|
|
|
68,140,900
|
|
|
$
|
6.67
|
|
|
$
|
403,605
|
|
|
68,315,999
|
|
|
$
|
5.91
|
|
|
$
|
447,884
|
|
|
68,081,730
|
|
|
$
|
6.58
|
|
Effect of Dilutive Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Stock options
|
—
|
|
|
99,033
|
|
|
|
|
|
—
|
|
|
44,031
|
|
|
|
|
|
—
|
|
|
69,100
|
|
|
|
|
||||||
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income available to common unitholders
|
$
|
454,629
|
|
|
68,239,933
|
|
|
$
|
6.66
|
|
|
$
|
403,605
|
|
|
68,360,030
|
|
|
$
|
5.90
|
|
|
$
|
447,884
|
|
|
68,150,830
|
|
|
$
|
6.57
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Stock price
|
$
|
304.85
|
|
|
$
|
262.09
|
|
|
$
|
240.56
|
|
Risk-free interest rates
|
2.01
|
%
|
|
2.76
|
%
|
|
2.30
|
%
|
|||
Expected lives
|
6 years
|
|
|
6 years
|
|
|
6 years
|
|
|||
Volatility
|
19.56
|
%
|
|
24.89
|
%
|
|
24.10
|
%
|
|||
Dividend yield
|
2.72
|
%
|
|
2.81
|
%
|
|
2.90
|
%
|
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
|
Shares
|
|
Weighted-
average
exercise
price
|
|
Shares
|
|
Weighted-
average
exercise
price
|
|
Shares
|
|
Weighted-
average
exercise
price
|
|||||||||
Outstanding at beginning of year
|
612,954
|
|
|
$
|
224.57
|
|
|
536,208
|
|
|
$
|
211.41
|
|
|
557,648
|
|
|
$
|
181.50
|
|
Granted
|
148,147
|
|
|
304.85
|
|
|
119,361
|
|
|
262.09
|
|
|
164,677
|
|
|
240.56
|
|
|||
Exercised
|
(182,817
|
)
|
|
205.25
|
|
|
(39,175
|
)
|
|
159.05
|
|
|
(176,489
|
)
|
|
146.86
|
|
|||
Forfeited and canceled
|
(5,313
|
)
|
|
257.87
|
|
|
(3,440
|
)
|
|
221.80
|
|
|
(9,628
|
)
|
|
160.40
|
|
|||
Outstanding at end of year
|
572,971
|
|
|
251.10
|
|
|
612,954
|
|
|
224.57
|
|
|
536,208
|
|
|
211.41
|
|
|||
Options exercisable at year end
|
305,379
|
|
|
223.90
|
|
|
322,837
|
|
|
206.63
|
|
|
223,796
|
|
|
191.09
|
|
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
|
Shares
|
|
Weighted-
average
grant
price
|
|
Shares
|
|
Weighted-
average
grant
price
|
|
Shares
|
|
Weighted-
average
grant
price
|
|||||||||
Unvested at beginning of year
|
91,058
|
|
|
$
|
180.99
|
|
|
90,823
|
|
|
$
|
163.49
|
|
|
58,349
|
|
|
$
|
149.11
|
|
Granted
|
41,643
|
|
|
235.93
|
|
|
51,945
|
|
|
194.70
|
|
|
62,706
|
|
|
177.28
|
|
|||
Vested
|
(13,222
|
)
|
|
143.56
|
|
|
(48,212
|
)
|
|
150.76
|
|
|
(29,675
|
)
|
|
170.17
|
|
|||
Forfeited and canceled
|
(4,602
|
)
|
|
158.06
|
|
|
(3,498
|
)
|
|
158.71
|
|
|
(557
|
)
|
|
119.37
|
|
|||
Unvested at end of year
|
114,877
|
|
|
197.62
|
|
|
91,058
|
|
|
180.99
|
|
|
90,823
|
|
|
163.49
|
|
|
Long-Term Incentive Plan - LTIP Units
|
|||||||||||||
|
Total
Vested
Units
|
|
Total
Unvested
Units
|
|
Total
Outstanding
Units
|
|
Weighted-
average
Grant-date
Fair Value
|
|
Weighted-
average
Remaining
Contractual
Life (years)
|
|||||
Balance, December 31, 2016
|
181,027
|
|
|
60,027
|
|
|
241,054
|
|
|
$
|
75.11
|
|
|
8.5
|
Granted
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
Vested
|
32,961
|
|
|
(32,961
|
)
|
|
—
|
|
|
|
|
|
|
|
Converted
|
(688
|
)
|
|
—
|
|
|
(688
|
)
|
|
|
|
|
|
|
Cancelled
|
—
|
|
|
(3,854
|
)
|
|
(3,854
|
)
|
|
|
|
|
|
|
Balance, December 31, 2017
|
213,300
|
|
|
23,212
|
|
|
236,512
|
|
|
$
|
75.03
|
|
|
7.5
|
Granted
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
Vested
|
12,051
|
|
|
(12,051
|
)
|
|
—
|
|
|
|
|
|
|
|
Converted
|
(91,270
|
)
|
|
—
|
|
|
(91,270
|
)
|
|
|
|
|
|
|
Cancelled
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
Balance, December 31, 2018
|
134,081
|
|
|
11,161
|
|
|
145,242
|
|
|
$
|
75.03
|
|
|
6.5
|
Granted
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
||
Vested
|
9,176
|
|
|
(9,176
|
)
|
|
—
|
|
|
|
|
|
||
Converted
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
||
Cancelled
|
—
|
|
|
(95
|
)
|
|
(95
|
)
|
|
|
|
|
||
Balance, December 31, 2019
|
143,257
|
|
|
1,890
|
|
|
145,147
|
|
|
$
|
75.03
|
|
|
5.2
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Southern California
|
$
|
610,240
|
|
|
$
|
592,281
|
|
|
$
|
574,552
|
|
Northern California
|
569,556
|
|
|
522,561
|
|
|
505,313
|
|
|||
Seattle Metro
|
245,476
|
|
|
236,525
|
|
|
229,871
|
|
|||
Other real estate assets
|
25,356
|
|
|
39,503
|
|
|
44,589
|
|
|||
Total property revenues
|
$
|
1,450,628
|
|
|
$
|
1,390,870
|
|
|
$
|
1,354,325
|
|
Net operating income:
|
|
|
|
|
|
|
|
|
|||
Southern California
|
$
|
434,267
|
|
|
$
|
421,274
|
|
|
$
|
407,771
|
|
Northern California
|
420,320
|
|
|
385,483
|
|
|
371,597
|
|
|||
Seattle Metro
|
173,875
|
|
|
165,244
|
|
|
162,111
|
|
|||
Other real estate assets
|
24,471
|
|
|
33,535
|
|
|
37,460
|
|
|||
Total net operating income
|
1,052,933
|
|
|
1,005,536
|
|
|
978,939
|
|
|||
Management and other fees from affiliates
|
9,527
|
|
|
9,183
|
|
|
9,574
|
|
|||
Corporate-level property management expenses
|
(32,899
|
)
|
|
(31,062
|
)
|
|
(30,156
|
)
|
|||
Depreciation and amortization
|
(483,750
|
)
|
|
(479,884
|
)
|
|
(468,881
|
)
|
|||
General and administrative
|
(54,262
|
)
|
|
(53,451
|
)
|
|
(41,385
|
)
|
|||
Expensed acquisition and investment related costs
|
(168
|
)
|
|
(194
|
)
|
|
(1,569
|
)
|
|||
Impairment loss
|
(7,105
|
)
|
|
—
|
|
|
—
|
|
|||
Gain (loss) on sale of real estate and land
|
(3,164
|
)
|
|
61,861
|
|
|
26,423
|
|
|||
Interest expense
|
(217,339
|
)
|
|
(220,492
|
)
|
|
(222,894
|
)
|
|||
Total return swap income
|
8,446
|
|
|
8,707
|
|
|
10,098
|
|
|||
Interest and other income
|
46,298
|
|
|
23,010
|
|
|
24,604
|
|
|||
Equity income from co-investments
|
112,136
|
|
|
89,132
|
|
|
86,445
|
|
|||
Deferred tax expense on unrealized gain on unconsolidated co-investment
|
(1,457
|
)
|
|
—
|
|
|
—
|
|
|||
Gain (loss) on early retirement of debt, net
|
3,717
|
|
|
—
|
|
|
(1,796
|
)
|
|||
Gain on remeasurement of co-investment
|
31,535
|
|
|
1,253
|
|
|
88,641
|
|
|||
Net income
|
$
|
464,448
|
|
|
$
|
413,599
|
|
|
$
|
458,043
|
|
|
As of December 31,
|
||||||
|
2019
|
|
2018
|
||||
Assets:
|
|
|
|
||||
Southern California
|
$
|
4,233,110
|
|
|
$
|
4,368,882
|
|
Northern California
|
4,622,268
|
|
|
4,289,232
|
|
||
Seattle Metro
|
1,481,061
|
|
|
1,485,040
|
|
||
Other real estate assets
|
12,221
|
|
|
13,399
|
|
||
Net reportable operating segments - real estate assets
|
10,348,660
|
|
|
10,156,553
|
|
||
Real estate under development
|
546,075
|
|
|
454,629
|
|
||
Co-investments
|
1,335,339
|
|
|
1,300,140
|
|
||
Cash and cash equivalents, including restricted cash
|
81,094
|
|
|
151,395
|
|
||
Marketable securities
|
144,193
|
|
|
209,545
|
|
||
Notes and other receivables
|
134,365
|
|
|
71,895
|
|
||
Operating lease right-of-use assets
|
74,744
|
|
|
—
|
|
||
Prepaid expenses and other assets
|
40,935
|
|
|
39,439
|
|
||
Total assets
|
$
|
12,705,405
|
|
|
$
|
12,383,596
|
|
|
Quarter ended
December 31
|
|
Quarter ended
September 30
|
|
Quarter ended
June 30
|
|
Quarter ended
March 31
|
||||||||
2019:
|
|
|
|
|
|
|
|
||||||||
Total property revenues
|
$
|
372,861
|
|
|
$
|
364,504
|
|
|
$
|
359,375
|
|
|
$
|
353,888
|
|
Net income
|
$
|
135,182
|
|
|
$
|
105,700
|
|
|
$
|
98,061
|
|
|
$
|
125,505
|
|
Net income available to common stockholders
|
$
|
128,818
|
|
|
$
|
99,335
|
|
|
$
|
92,275
|
|
|
$
|
118,858
|
|
Per share data:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic (1)
|
$
|
1.95
|
|
|
$
|
1.51
|
|
|
$
|
1.40
|
|
|
$
|
1.81
|
|
Diluted (1)
|
$
|
1.95
|
|
|
$
|
1.51
|
|
|
$
|
1.40
|
|
|
$
|
1.81
|
|
Dividends declared
|
$
|
1.95
|
|
|
$
|
1.95
|
|
|
$
|
1.95
|
|
|
$
|
1.95
|
|
2018:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total property revenues
|
$
|
350,787
|
|
|
$
|
348,610
|
|
|
$
|
346,526
|
|
|
$
|
344,947
|
|
Net income
|
$
|
124,440
|
|
|
$
|
86,110
|
|
|
$
|
106,410
|
|
|
$
|
96,639
|
|
Net income available to common stockholders
|
$
|
117,820
|
|
|
$
|
80,975
|
|
|
$
|
100,440
|
|
|
$
|
90,918
|
|
Per share data:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic (1)
|
$
|
1.78
|
|
|
$
|
1.23
|
|
|
$
|
1.52
|
|
|
$
|
1.38
|
|
Diluted (1)
|
$
|
1.78
|
|
|
$
|
1.22
|
|
|
$
|
1.52
|
|
|
$
|
1.38
|
|
Dividends declared
|
$
|
1.86
|
|
|
$
|
1.86
|
|
|
$
|
1.86
|
|
|
$
|
1.86
|
|
(1)
|
Quarterly earnings per common share amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common shares outstanding and included in the calculation of basic and diluted shares.
|
|
Quarter ended
December 31
|
|
Quarter ended
September 30
|
|
Quarter ended
June 30
|
|
Quarter ended
March 31
|
||||||||
2019:
|
|
|
|
|
|
|
|
||||||||
Total property revenues
|
$
|
372,861
|
|
|
$
|
364,504
|
|
|
$
|
359,375
|
|
|
$
|
353,888
|
|
Net income
|
$
|
135,182
|
|
|
$
|
105,700
|
|
|
$
|
98,061
|
|
|
$
|
125,505
|
|
Net income available to common unitholders
|
$
|
133,298
|
|
|
$
|
102,799
|
|
|
$
|
95,503
|
|
|
$
|
123,029
|
|
Per unit data:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic (1)
|
$
|
1.95
|
|
|
$
|
1.51
|
|
|
$
|
1.40
|
|
|
$
|
1.81
|
|
Diluted (1)
|
$
|
1.95
|
|
|
$
|
1.51
|
|
|
$
|
1.40
|
|
|
$
|
1.81
|
|
Distributions declared
|
$
|
1.95
|
|
|
$
|
1.95
|
|
|
$
|
1.95
|
|
|
$
|
1.95
|
|
2018:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total property revenues
|
$
|
350,787
|
|
|
$
|
348,610
|
|
|
$
|
346,526
|
|
|
$
|
344,947
|
|
Net income
|
$
|
124,440
|
|
|
$
|
86,110
|
|
|
$
|
106,410
|
|
|
$
|
96,639
|
|
Net income available to common unitholders
|
$
|
121,891
|
|
|
$
|
83,764
|
|
|
$
|
103,900
|
|
|
$
|
94,050
|
|
Per unit data:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic (1)
|
$
|
1.78
|
|
|
$
|
1.23
|
|
|
$
|
1.52
|
|
|
$
|
1.38
|
|
Diluted (1)
|
$
|
1.78
|
|
|
$
|
1.23
|
|
|
$
|
1.52
|
|
|
$
|
1.38
|
|
Distributions declared
|
$
|
1.86
|
|
|
$
|
1.86
|
|
|
$
|
1.86
|
|
|
$
|
1.86
|
|
(1)
|
Quarterly earnings per common unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common units outstanding and included in the calculation of basic and diluted units.
|
|
|
|
|
|
|
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
|
29,703
|
|
8,100
|
|
66,666
|
|
6,642
|
|
8,267
|
|
73,141
|
|
81,408
|
|
(31,302
|
)
|
2009
|
Mar-09
|
3-30
|
||||||||
Brio
|
300
|
|
Walnut Creek, CA
|
101,540
|
|
16,885
|
|
151,741
|
|
704
|
|
16,885
|
|
152,445
|
|
169,330
|
|
(2,972
|
)
|
2015
|
Jun-19
|
3-30
|
||||||||
Brookside Oaks
|
170
|
|
Sunnyvale, CA
|
17,318
|
|
7,301
|
|
16,310
|
|
27,158
|
|
10,328
|
|
40,441
|
|
50,769
|
|
(24,680
|
)
|
1973
|
Jun-00
|
3-30
|
||||||||
City View
|
572
|
|
Hayward, CA
|
60,841
|
|
9,883
|
|
37,670
|
|
31,487
|
|
10,350
|
|
68,690
|
|
79,040
|
|
(50,256
|
)
|
1975
|
Mar-98
|
3-30
|
||||||||
Domaine
|
92
|
|
Seattle, WA
|
12,845
|
|
9,059
|
|
27,177
|
|
1,296
|
|
9,059
|
|
28,473
|
|
37,532
|
|
(7,309
|
)
|
2009
|
Sep-12
|
3-30
|
||||||||
Fairhaven Apartments
|
164
|
|
Santa Ana, CA
|
17,602
|
|
2,626
|
|
10,485
|
|
9,757
|
|
2,957
|
|
19,911
|
|
22,868
|
|
(12,157
|
)
|
1970
|
Nov-01
|
3-30
|
||||||||
Form 15
|
242
|
|
San Diego, CA
|
43,616
|
|
24,510
|
|
72,221
|
|
8,167
|
|
25,540
|
|
79,358
|
|
104,898
|
|
(10,490
|
)
|
2014
|
Mar-16
|
3-30
|
||||||||
Fountain Park
|
705
|
|
Playa Vista, CA
|
82,639
|
|
25,073
|
|
94,980
|
|
34,339
|
|
25,203
|
|
129,189
|
|
154,392
|
|
(74,993
|
)
|
2002
|
Feb-04
|
3-30
|
||||||||
Hidden Valley
|
324
|
|
Simi Valley, CA
|
29,392
|
|
14,174
|
|
34,065
|
|
7,501
|
|
9,674
|
|
46,066
|
|
55,740
|
|
(22,843
|
)
|
2004
|
Dec-04
|
3-30
|
||||||||
Highridge
|
255
|
|
Rancho Palos Verdes, CA
|
69,309
|
|
5,419
|
|
18,347
|
|
32,286
|
|
6,073
|
|
49,979
|
|
56,052
|
|
(39,463
|
)
|
1972
|
May-97
|
3-30
|
||||||||
1000 Kiely
|
121
|
|
Santa Clara, CA
|
33,260
|
|
9,359
|
|
21,845
|
|
8,294
|
|
9,359
|
|
30,139
|
|
39,498
|
|
(12,313
|
)
|
1971
|
Mar-11
|
3-30
|
||||||||
Magnolia Square/Magnolia
Lane (2) |
188
|
|
Sunnyvale, CA
|
52,270
|
|
8,190
|
|
24,736
|
|
18,388
|
|
8,191
|
|
43,123
|
|
51,314
|
|
(23,557
|
)
|
1963
|
Sep-07
|
3-30
|
||||||||
Marquis
|
166
|
|
San Jose, CA
|
43,772
|
|
20,495
|
|
47,823
|
|
46
|
|
20,495
|
|
47,869
|
|
68,364
|
|
(1,664
|
)
|
2015
|
Dec-18
|
3-30
|
||||||||
Montanosa
|
472
|
|
San Diego, CA
|
59,723
|
|
26,697
|
|
106,787
|
|
6,299
|
|
26,697
|
|
113,086
|
|
139,783
|
|
(24,590
|
)
|
1990
|
Apr-14
|
5-30
|
||||||||
Montebello
|
248
|
|
Kirkland, WA
|
23,682
|
|
13,857
|
|
41,575
|
|
5,542
|
|
13,858
|
|
47,116
|
|
60,974
|
|
(13,781
|
)
|
1996
|
Jul-12
|
3-30
|
||||||||
Montejo Apartments
|
124
|
|
Garden Grove, CA
|
12,536
|
|
1,925
|
|
7,685
|
|
4,365
|
|
2,194
|
|
11,781
|
|
13,975
|
|
(7,013
|
)
|
1974
|
Nov-01
|
3-30
|
||||||||
Sage at Cupertino
|
230
|
|
San Jose, CA
|
51,724
|
|
35,719
|
|
53,449
|
|
6,442
|
|
35,719
|
|
59,891
|
|
95,610
|
|
(6,349
|
)
|
1971
|
Mar-17
|
3-30
|
||||||||
The Barkley (3)
|
161
|
|
Anaheim, CA
|
14,857
|
|
—
|
|
8,520
|
|
7,440
|
|
2,353
|
|
13,607
|
|
15,960
|
|
(9,240
|
)
|
1984
|
Apr-00
|
3-30
|
||||||||
The Dylan
|
184
|
|
West Hollywood, CA
|
58,854
|
|
19,984
|
|
82,286
|
|
1,202
|
|
19,990
|
|
83,482
|
|
103,472
|
|
(15,578
|
)
|
2015
|
Mar-15
|
3-30
|
||||||||
The Huxley
|
187
|
|
West Hollywood, CA
|
53,589
|
|
19,362
|
|
75,641
|
|
1,385
|
|
19,371
|
|
77,017
|
|
96,388
|
|
(14,609
|
)
|
2014
|
Mar-15
|
3-30
|
||||||||
The Waterford
|
238
|
|
San Jose, CA
|
28,713
|
|
11,808
|
|
24,500
|
|
17,347
|
|
15,165
|
|
38,490
|
|
53,655
|
|
(23,732
|
)
|
2000
|
Jun-00
|
3-30
|
||||||||
Township
|
132
|
|
Redwood City, CA
|
46,087
|
|
19,812
|
|
70,619
|
|
251
|
|
19,812
|
|
70,870
|
|
90,682
|
|
(713
|
)
|
2014
|
Sep-19
|
3-30
|
||||||||
Valley Park
|
160
|
|
Fountain Valley, CA
|
20,327
|
|
3,361
|
|
13,420
|
|
6,186
|
|
3,761
|
|
19,206
|
|
22,967
|
|
(11,634
|
)
|
1969
|
Nov-01
|
3-30
|
||||||||
Villa Angelina
|
256
|
|
Placentia, CA
|
26,468
|
|
4,498
|
|
17,962
|
|
7,744
|
|
4,962
|
|
25,242
|
|
30,204
|
|
(15,684
|
)
|
1970
|
Nov-01
|
3-30
|
||||||||
|
5,966
|
|
|
$
|
990,667
|
|
$
|
318,097
|
|
$
|
1,126,510
|
|
$
|
250,268
|
|
$
|
326,263
|
|
$
|
1,368,612
|
|
$
|
1,694,875
|
|
$
|
(456,922
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unencumbered Communities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Alessio
|
624
|
|
Los Angeles, CA
|
—
|
|
32,136
|
|
128,543
|
|
12,865
|
|
32,136
|
|
141,408
|
|
173,544
|
|
(31,530
|
)
|
2001
|
Apr-14
|
5-30
|
||||||||
Allegro
|
97
|
|
Valley Village, CA
|
—
|
|
5,869
|
|
23,977
|
|
2,530
|
|
5,869
|
|
26,507
|
|
32,376
|
|
(10,365
|
)
|
2010
|
Oct-10
|
3-30
|
||||||||
Allure at Scripps Ranch
|
194
|
|
San Diego, CA
|
—
|
|
11,923
|
|
47,690
|
|
1,653
|
|
11,923
|
|
49,343
|
|
61,266
|
|
(10,557
|
)
|
2002
|
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)
|
||||||||
Alpine Village
|
301
|
|
Alpine, CA
|
—
|
|
4,967
|
|
19,728
|
|
9,094
|
|
4,982
|
|
28,807
|
|
33,789
|
|
(16,958
|
)
|
1971
|
Dec-02
|
3-30
|
||||||||
Anavia
|
250
|
|
Anaheim, CA
|
—
|
|
15,925
|
|
63,712
|
|
8,796
|
|
15,925
|
|
72,508
|
|
88,433
|
|
(22,599
|
)
|
2009
|
Dec-10
|
3-30
|
||||||||
Annaliese
|
56
|
|
Seattle, WA
|
—
|
|
4,727
|
|
14,229
|
|
701
|
|
4,726
|
|
14,931
|
|
19,657
|
|
(3,613
|
)
|
2009
|
Jan-13
|
3-30
|
||||||||
Apex
|
366
|
|
Milpitas, CA
|
—
|
|
44,240
|
|
103,251
|
|
3,857
|
|
44,240
|
|
107,108
|
|
151,348
|
|
(19,343
|
)
|
2014
|
Aug-14
|
3-30
|
||||||||
Aqua Marina Del Rey
|
500
|
|
Marina Del Rey, CA
|
—
|
|
58,442
|
|
175,326
|
|
14,430
|
|
58,442
|
|
189,756
|
|
248,198
|
|
(44,329
|
)
|
2001
|
Apr-14
|
5-30
|
||||||||
Ascent
|
90
|
|
Kirkland, WA
|
—
|
|
3,924
|
|
11,862
|
|
2,172
|
|
3,924
|
|
14,034
|
|
17,958
|
|
(4,169
|
)
|
1988
|
Oct-12
|
3-30
|
||||||||
Ashton Sherman Village
|
264
|
|
Los Angeles, CA
|
—
|
|
23,550
|
|
93,811
|
|
976
|
|
23,550
|
|
94,787
|
|
118,337
|
|
(10,157
|
)
|
2014
|
Dec-16
|
3-30
|
||||||||
Avant
|
440
|
|
Los Angeles, CA
|
—
|
|
32,379
|
|
137,940
|
|
3,203
|
|
32,379
|
|
141,143
|
|
173,522
|
|
(21,614
|
)
|
2014
|
Jun-15
|
3-30
|
||||||||
Avenue 64
|
224
|
|
Emeryville, CA
|
—
|
|
27,235
|
|
64,403
|
|
14,656
|
|
27,235
|
|
79,059
|
|
106,294
|
|
(15,897
|
)
|
2007
|
Apr-14
|
5-30
|
||||||||
Aviara (4)
|
166
|
|
Mercer Island, WA
|
—
|
|
—
|
|
49,813
|
|
1,412
|
|
—
|
|
51,225
|
|
51,225
|
|
(11,908
|
)
|
2013
|
Apr-14
|
5-30
|
||||||||
Avondale at Warner Center
|
446
|
|
Woodland Hills, CA
|
—
|
|
10,536
|
|
24,522
|
|
24,703
|
|
10,601
|
|
49,160
|
|
59,761
|
|
(34,453
|
)
|
1970
|
Jan-99
|
3-30
|
||||||||
Axis 2300
|
115
|
|
Irvine, CA
|
—
|
|
5,405
|
|
33,585
|
|
1,963
|
|
5,405
|
|
35,548
|
|
40,953
|
|
(13,576
|
)
|
2010
|
Aug-10
|
3-30
|
||||||||
Bel Air
|
462
|
|
San Ramon, CA
|
—
|
|
12,105
|
|
18,252
|
|
40,856
|
|
12,682
|
|
58,531
|
|
71,213
|
|
(40,414
|
)
|
1988
|
Jan-95
|
3-30
|
||||||||
Belcarra
|
296
|
|
Bellevue, WA
|
—
|
|
21,725
|
|
92,091
|
|
2,283
|
|
21,725
|
|
94,374
|
|
116,099
|
|
(19,774
|
)
|
2009
|
Apr-14
|
5-30
|
||||||||
Bella Villagio
|
231
|
|
San Jose, CA
|
—
|
|
17,247
|
|
40,343
|
|
4,001
|
|
17,247
|
|
44,344
|
|
61,591
|
|
(14,888
|
)
|
2004
|
Sep-10
|
3-30
|
||||||||
BellCentre
|
248
|
|
Bellevue, WA
|
—
|
|
16,197
|
|
67,207
|
|
5,041
|
|
16,197
|
|
72,248
|
|
88,445
|
|
(15,892
|
)
|
2001
|
Apr-14
|
5-30
|
||||||||
Bellerive
|
63
|
|
Los Angeles, CA
|
—
|
|
5,401
|
|
21,803
|
|
1,312
|
|
5,401
|
|
23,115
|
|
28,516
|
|
(7,768
|
)
|
2011
|
Aug-11
|
3-30
|
||||||||
Belmont Terrace
|
71
|
|
Belmont, CA
|
—
|
|
4,446
|
|
10,290
|
|
7,294
|
|
4,473
|
|
17,557
|
|
22,030
|
|
(9,414
|
)
|
1974
|
Oct-06
|
3-30
|
||||||||
Bennett Lofts
|
165
|
|
San Francisco, CA
|
—
|
|
21,771
|
|
50,800
|
|
30,544
|
|
28,371
|
|
74,744
|
|
103,115
|
|
(19,437
|
)
|
2004
|
Dec-12
|
3-30
|
||||||||
Bernardo Crest
|
216
|
|
San Diego, CA
|
—
|
|
10,802
|
|
43,209
|
|
4,737
|
|
10,802
|
|
47,946
|
|
58,748
|
|
(10,574
|
)
|
1988
|
Apr-14
|
5-30
|
||||||||
Bonita Cedars
|
120
|
|
Bonita, CA
|
—
|
|
2,496
|
|
9,913
|
|
5,583
|
|
2,503
|
|
15,489
|
|
17,992
|
|
(8,551
|
)
|
1983
|
Dec-02
|
3-30
|
||||||||
Boulevard
|
172
|
|
Fremont, CA
|
—
|
|
3,520
|
|
8,182
|
|
14,248
|
|
3,580
|
|
22,370
|
|
25,950
|
|
(17,944
|
)
|
1978
|
Jan-96
|
3-30
|
||||||||
Bridle Trails
|
108
|
|
Kirkland, WA
|
—
|
|
1,500
|
|
5,930
|
|
6,614
|
|
1,531
|
|
12,513
|
|
14,044
|
|
(8,949
|
)
|
1986
|
Oct-97
|
3-30
|
||||||||
Brighton Ridge
|
264
|
|
Renton, WA
|
—
|
|
2,623
|
|
10,800
|
|
6,174
|
|
2,656
|
|
16,941
|
|
19,597
|
|
(12,601
|
)
|
1986
|
Dec-96
|
3-30
|
||||||||
Bristol Commons
|
188
|
|
Sunnyvale, CA
|
—
|
|
5,278
|
|
11,853
|
|
10,206
|
|
5,293
|
|
22,044
|
|
27,337
|
|
(15,631
|
)
|
1989
|
Jan-95
|
3-30
|
||||||||
416 on Broadway
|
115
|
|
Glendale, CA
|
—
|
|
8,557
|
|
34,235
|
|
3,407
|
|
8,557
|
|
37,642
|
|
46,199
|
|
(12,466
|
)
|
2009
|
Dec-10
|
3-30
|
||||||||
Bunker Hill
|
456
|
|
Los Angeles, CA
|
—
|
|
11,498
|
|
27,871
|
|
91,959
|
|
11,639
|
|
119,689
|
|
131,328
|
|
(67,010
|
)
|
1968
|
Mar-98
|
3-30
|
||||||||
Camarillo Oaks
|
564
|
|
Camarillo, CA
|
—
|
|
10,953
|
|
25,254
|
|
8,562
|
|
11,075
|
|
33,694
|
|
44,769
|
|
(25,023
|
)
|
1985
|
Jul-96
|
3-30
|
||||||||
Cambridge Park
|
320
|
|
San Diego, CA
|
—
|
|
18,185
|
|
72,739
|
|
3,642
|
|
18,185
|
|
76,381
|
|
94,566
|
|
(16,732
|
)
|
1998
|
Apr-14
|
5-30
|
||||||||
Camino Ruiz Square
|
159
|
|
Camarillo, CA
|
—
|
|
6,871
|
|
26,119
|
|
2,349
|
|
6,931
|
|
28,408
|
|
35,339
|
|
(12,693
|
)
|
1990
|
Dec-06
|
3-30
|
||||||||
Canyon Oaks
|
250
|
|
San Ramon, CA
|
—
|
|
19,088
|
|
44,473
|
|
4,988
|
|
19,088
|
|
49,461
|
|
68,549
|
|
(21,478
|
)
|
2005
|
May-07
|
3-30
|
||||||||
Canyon Pointe
|
250
|
|
Bothell, WA
|
—
|
|
4,692
|
|
18,288
|
|
9,096
|
|
4,693
|
|
27,383
|
|
32,076
|
|
(15,931
|
)
|
1990
|
Oct-03
|
3-30
|
|
|
|
|
|
|
Costs
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Initial cost
|
|
capitalized
|
|
Gross amount carried at close of period
|
|
|
|
|
|
|||||||||||||||||
|
Apartment
|
|
|
|
|
Buildings and
|
|
subsequent to
|
|
Land and
|
|
Buildings and
|
|
|
Accumulated
|
|
Date of
|
Date
|
Lives
|
|||||||||||
Property
|
Homes
|
|
Location
|
Encumbrance
|
|
Land
|
|
improvements
|
|
acquisition
|
|
improvements
|
|
improvements
|
|
Total (1)
|
|
depreciation
|
|
construction
|
acquired
|
(years)
|
||||||||
Capri at Sunny Hills
|
102
|
|
Fullerton, CA
|
—
|
|
3,337
|
|
13,320
|
|
9,503
|
|
4,048
|
|
22,112
|
|
26,160
|
|
(14,445
|
)
|
1961
|
Sep-01
|
3-30
|
||||||||
Carmel Creek
|
348
|
|
San Diego, CA
|
—
|
|
26,842
|
|
107,368
|
|
6,878
|
|
26,842
|
|
114,246
|
|
141,088
|
|
(25,679
|
)
|
2000
|
Apr-14
|
5-30
|
||||||||
Carmel Landing
|
356
|
|
San Diego, CA
|
—
|
|
16,725
|
|
66,901
|
|
9,043
|
|
16,725
|
|
75,944
|
|
92,669
|
|
(16,943
|
)
|
1989
|
Apr-14
|
5-30
|
||||||||
Carmel Summit
|
246
|
|
San Diego, CA
|
—
|
|
14,968
|
|
59,871
|
|
4,154
|
|
14,968
|
|
64,025
|
|
78,993
|
|
(13,876
|
)
|
1989
|
Apr-14
|
5-30
|
||||||||
Castle Creek
|
216
|
|
Newcastle, WA
|
—
|
|
4,149
|
|
16,028
|
|
5,185
|
|
4,833
|
|
20,529
|
|
25,362
|
|
(14,880
|
)
|
1998
|
Dec-98
|
3-30
|
||||||||
Catalina Gardens
|
128
|
|
Los Angeles, CA
|
—
|
|
6,714
|
|
26,856
|
|
1,970
|
|
6,714
|
|
28,826
|
|
35,540
|
|
(6,159
|
)
|
1987
|
Apr-14
|
5-30
|
||||||||
CBC Apartments & The Sweeps
|
239
|
|
Goleta, CA
|
—
|
|
11,841
|
|
45,320
|
|
6,718
|
|
11,906
|
|
51,973
|
|
63,879
|
|
(26,615
|
)
|
1962
|
Jan-06
|
3-30
|
||||||||
Cedar Terrace
|
180
|
|
Bellevue, WA
|
—
|
|
5,543
|
|
16,442
|
|
8,092
|
|
5,652
|
|
24,425
|
|
30,077
|
|
(12,765
|
)
|
1984
|
Jan-05
|
3-30
|
||||||||
CentrePointe
|
224
|
|
San Diego, CA
|
—
|
|
3,405
|
|
7,743
|
|
21,698
|
|
3,442
|
|
29,404
|
|
32,846
|
|
(20,349
|
)
|
1974
|
Jun-97
|
3-30
|
||||||||
Chestnut Street Apartments
|
96
|
|
Santa Cruz, CA
|
—
|
|
6,582
|
|
15,689
|
|
2,057
|
|
6,582
|
|
17,746
|
|
24,328
|
|
(7,206
|
)
|
2002
|
Jul-08
|
3-30
|
||||||||
Collins on Pine
|
76
|
|
Seattle, WA
|
—
|
|
7,276
|
|
22,226
|
|
562
|
|
7,276
|
|
22,788
|
|
30,064
|
|
(4,337
|
)
|
2013
|
May-14
|
3-30
|
||||||||
Corbella at Juanita Bay
|
169
|
|
Kirkland, WA
|
—
|
|
5,801
|
|
17,415
|
|
3,815
|
|
5,801
|
|
21,230
|
|
27,031
|
|
(7,273
|
)
|
1978
|
Nov-10
|
3-30
|
||||||||
Cortesia
|
308
|
|
Rancho Santa Margarita, CA
|
—
|
|
13,912
|
|
55,649
|
|
3,034
|
|
13,912
|
|
58,683
|
|
72,595
|
|
(12,706
|
)
|
1999
|
Apr-14
|
5-30
|
||||||||
Country Villas
|
180
|
|
Oceanside, CA
|
—
|
|
4,174
|
|
16,583
|
|
5,358
|
|
4,187
|
|
21,928
|
|
26,115
|
|
(12,942
|
)
|
1976
|
Dec-02
|
3-30
|
||||||||
Courtyard off Main
|
110
|
|
Bellevue, WA
|
—
|
|
7,465
|
|
21,405
|
|
4,911
|
|
7,465
|
|
26,316
|
|
33,781
|
|
(8,924
|
)
|
2000
|
Oct-10
|
3-30
|
||||||||
Crow Canyon
|
400
|
|
San Ramon, CA
|
—
|
|
37,579
|
|
87,685
|
|
11,695
|
|
37,579
|
|
99,380
|
|
136,959
|
|
(22,121
|
)
|
1992
|
Apr-14
|
5-30
|
||||||||
Deer Valley
|
171
|
|
San Rafael, CA
|
—
|
|
21,478
|
|
50,116
|
|
3,175
|
|
21,478
|
|
53,291
|
|
74,769
|
|
(11,659
|
)
|
1996
|
Apr-14
|
5-30
|
||||||||
Delano
|
126
|
|
Redmond, WA
|
—
|
|
7,470
|
|
22,511
|
|
1,655
|
|
7,470
|
|
24,166
|
|
31,636
|
|
(6,762
|
)
|
2005
|
Dec-11
|
3-30
|
||||||||
Devonshire
|
276
|
|
Hemet, CA
|
—
|
|
3,470
|
|
13,786
|
|
5,988
|
|
3,482
|
|
19,762
|
|
23,244
|
|
(11,177
|
)
|
1988
|
Dec-02
|
3-30
|
||||||||
Elevation
|
158
|
|
Redmond, WA
|
—
|
|
4,758
|
|
14,285
|
|
7,182
|
|
4,757
|
|
21,468
|
|
26,225
|
|
(9,807
|
)
|
1986
|
Jun-10
|
3-30
|
||||||||
Ellington
|
220
|
|
Bellevue, WA
|
—
|
|
15,066
|
|
45,249
|
|
3,914
|
|
15,066
|
|
49,163
|
|
64,229
|
|
(9,897
|
)
|
1994
|
Jul-14
|
3-30
|
||||||||
Emerald Pointe
|
160
|
|
Diamond Bar, CA
|
—
|
|
8,458
|
|
33,832
|
|
2,098
|
|
8,458
|
|
35,930
|
|
44,388
|
|
(7,907
|
)
|
1989
|
Apr-14
|
5-30
|
||||||||
Emerald Ridge
|
180
|
|
Bellevue, WA
|
—
|
|
3,449
|
|
7,801
|
|
6,444
|
|
3,449
|
|
14,245
|
|
17,694
|
|
(10,963
|
)
|
1987
|
Nov-94
|
3-30
|
||||||||
Emerson Valley Village
|
144
|
|
Los Angeles, CA
|
—
|
|
13,378
|
|
53,240
|
|
979
|
|
13,378
|
|
54,219
|
|
67,597
|
|
(5,806
|
)
|
2012
|
Dec-16
|
3-30
|
||||||||
Enso
|
183
|
|
San Jose, CA
|
—
|
|
21,397
|
|
71,135
|
|
1,630
|
|
21,397
|
|
72,765
|
|
94,162
|
|
(10,555
|
)
|
2014
|
Dec-15
|
3-30
|
||||||||
Esplanade
|
278
|
|
San Jose, CA
|
—
|
|
18,170
|
|
40,086
|
|
15,809
|
|
18,429
|
|
55,636
|
|
74,065
|
|
(29,746
|
)
|
2002
|
Apr-04
|
3-30
|
||||||||
Essex Skyline
|
349
|
|
Santa Ana, CA
|
—
|
|
21,537
|
|
146,099
|
|
10,028
|
|
21,537
|
|
156,127
|
|
177,664
|
|
(41,718
|
)
|
2008
|
Apr-10
|
3-30
|
||||||||
Evergreen Heights
|
200
|
|
Kirkland, WA
|
—
|
|
3,566
|
|
13,395
|
|
6,886
|
|
3,649
|
|
20,198
|
|
23,847
|
|
(14,843
|
)
|
1990
|
Jun-97
|
3-30
|
||||||||
Fairway Apartments at Big Canyon (5)
|
74
|
|
Newport Beach, CA
|
—
|
|
—
|
|
7,850
|
|
8,180
|
|
—
|
|
16,030
|
|
16,030
|
|
(11,744
|
)
|
1972
|
Jun-99
|
3-28
|
||||||||
Fairwood Pond
|
194
|
|
Renton, WA
|
—
|
|
5,296
|
|
15,564
|
|
4,408
|
|
5,297
|
|
19,971
|
|
25,268
|
|
(10,643
|
)
|
1997
|
Oct-04
|
3-30
|
||||||||
Foothill Commons
|
394
|
|
Bellevue, WA
|
—
|
|
2,435
|
|
9,821
|
|
41,492
|
|
2,440
|
|
51,308
|
|
53,748
|
|
(45,513
|
)
|
1978
|
Mar-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)
|
||||||||
Foothill Gardens/Twin Creeks
|
176
|
|
San Ramon, CA
|
—
|
|
5,875
|
|
13,992
|
|
11,404
|
|
5,964
|
|
25,307
|
|
31,271
|
|
(18,366
|
)
|
1985
|
Feb-97
|
3-30
|
||||||||
Forest View
|
192
|
|
Renton, WA
|
—
|
|
3,731
|
|
14,530
|
|
3,095
|
|
3,731
|
|
17,625
|
|
21,356
|
|
(9,840
|
)
|
1998
|
Oct-03
|
3-30
|
||||||||
Foster's Landing
|
490
|
|
Foster City, CA
|
—
|
|
61,714
|
|
144,000
|
|
10,178
|
|
61,714
|
|
154,178
|
|
215,892
|
|
(35,111
|
)
|
1987
|
Apr-14
|
5-30
|
||||||||
Fountain Court
|
320
|
|
Seattle, WA
|
—
|
|
6,702
|
|
27,306
|
|
13,162
|
|
6,985
|
|
40,185
|
|
47,170
|
|
(28,006
|
)
|
2000
|
Mar-00
|
3-30
|
||||||||
Fountains at River Oaks
|
226
|
|
San Jose, CA
|
—
|
|
26,046
|
|
60,773
|
|
5,104
|
|
26,046
|
|
65,877
|
|
91,923
|
|
(14,742
|
)
|
1990
|
Apr-14
|
3-30
|
||||||||
Fourth & U
|
171
|
|
Berkeley, CA
|
—
|
|
8,879
|
|
52,351
|
|
3,967
|
|
8,879
|
|
56,318
|
|
65,197
|
|
(19,549
|
)
|
2010
|
Apr-10
|
3-30
|
||||||||
Fox Plaza
|
445
|
|
San Francisco, CA
|
—
|
|
39,731
|
|
92,706
|
|
35,532
|
|
39,731
|
|
128,238
|
|
167,969
|
|
(34,285
|
)
|
1968
|
Feb-13
|
3-30
|
||||||||
The Henley I/The Henley II
|
215
|
|
Glendale, CA
|
—
|
|
6,695
|
|
16,753
|
|
27,953
|
|
6,733
|
|
44,668
|
|
51,401
|
|
(26,394
|
)
|
1970
|
Jun-99
|
3-30
|
||||||||
Highlands at Wynhaven
|
333
|
|
Issaquah, WA
|
—
|
|
16,271
|
|
48,932
|
|
14,851
|
|
16,271
|
|
63,783
|
|
80,054
|
|
(27,806
|
)
|
2000
|
Aug-08
|
3-30
|
||||||||
Hillcrest Park
|
608
|
|
Newbury Park, CA
|
—
|
|
15,318
|
|
40,601
|
|
21,179
|
|
15,755
|
|
61,343
|
|
77,098
|
|
(42,560
|
)
|
1973
|
Mar-98
|
3-30
|
||||||||
Hillsdale Garden
|
697
|
|
San Mateo, CA
|
—
|
|
22,000
|
|
94,681
|
|
28,988
|
|
22,000
|
|
123,669
|
|
145,669
|
|
(58,877
|
)
|
1948
|
Sep-06
|
3-30
|
||||||||
Hope Ranch
|
108
|
|
Santa Barbara, CA
|
—
|
|
4,078
|
|
16,877
|
|
2,989
|
|
4,208
|
|
19,736
|
|
23,944
|
|
(8,757
|
)
|
1965
|
Mar-07
|
3-30
|
||||||||
Huntington Breakers
|
342
|
|
Huntington Beach, CA
|
—
|
|
9,306
|
|
22,720
|
|
21,487
|
|
9,315
|
|
44,198
|
|
53,513
|
|
(32,546
|
)
|
1984
|
Oct-97
|
3-30
|
||||||||
Inglenook Court
|
224
|
|
Bothell, WA
|
—
|
|
3,467
|
|
7,881
|
|
8,307
|
|
3,474
|
|
16,181
|
|
19,655
|
|
(13,291
|
)
|
1985
|
Oct-94
|
3-30
|
||||||||
Lafayette Highlands
|
150
|
|
Lafayette, CA
|
—
|
|
17,774
|
|
41,473
|
|
3,526
|
|
17,774
|
|
44,999
|
|
62,773
|
|
(9,732
|
)
|
1973
|
Apr-14
|
5-30
|
||||||||
Lakeshore Landing
|
308
|
|
San Mateo, CA
|
—
|
|
38,155
|
|
89,028
|
|
8,183
|
|
38,155
|
|
97,211
|
|
135,366
|
|
(22,592
|
)
|
1988
|
Apr-14
|
5-30
|
||||||||
Laurels at Mill Creek
|
164
|
|
Mill Creek, WA
|
—
|
|
1,559
|
|
6,430
|
|
8,202
|
|
1,595
|
|
14,596
|
|
16,191
|
|
(10,517
|
)
|
1981
|
Dec-96
|
3-30
|
||||||||
Lawrence Station
|
336
|
|
Sunnyvale, CA
|
—
|
|
45,532
|
|
106,735
|
|
2,006
|
|
45,532
|
|
108,741
|
|
154,273
|
|
(27,218
|
)
|
2012
|
Apr-14
|
5-30
|
||||||||
Le Parc
|
140
|
|
Santa Clara, CA
|
—
|
|
3,090
|
|
7,421
|
|
13,782
|
|
3,092
|
|
21,201
|
|
24,293
|
|
(16,474
|
)
|
1975
|
Feb-94
|
3-30
|
||||||||
Marbrisa
|
202
|
|
Long Beach, CA
|
—
|
|
4,700
|
|
18,605
|
|
9,755
|
|
4,760
|
|
28,300
|
|
33,060
|
|
(17,214
|
)
|
1987
|
Sep-02
|
3-30
|
||||||||
Marina City Club (6)
|
101
|
|
Marina Del Rey, CA
|
—
|
|
—
|
|
28,167
|
|
31,783
|
|
—
|
|
59,950
|
|
59,950
|
|
(28,367
|
)
|
1971
|
Jan-04
|
3-30
|
||||||||
Marina Cove (7)
|
292
|
|
Santa Clara, CA
|
—
|
|
5,320
|
|
16,431
|
|
15,948
|
|
5,324
|
|
32,375
|
|
37,699
|
|
(26,197
|
)
|
1974
|
Jun-94
|
3-30
|
||||||||
Mariner's Place
|
105
|
|
Oxnard, CA
|
—
|
|
1,555
|
|
6,103
|
|
2,589
|
|
1,562
|
|
8,685
|
|
10,247
|
|
(6,020
|
)
|
1987
|
May-00
|
3-30
|
||||||||
MB 360
|
360
|
|
San Francisco, CA
|
—
|
|
42,001
|
|
212,648
|
|
11,373
|
|
42,001
|
|
224,021
|
|
266,022
|
|
(41,021
|
)
|
2014
|
Apr-14
|
3-30
|
||||||||
Mesa Village
|
133
|
|
Clairemont, CA
|
—
|
|
1,888
|
|
7,498
|
|
2,591
|
|
1,894
|
|
10,083
|
|
11,977
|
|
(5,624
|
)
|
1963
|
Dec-02
|
3-30
|
||||||||
Mill Creek at Windermere
|
400
|
|
San Ramon, CA
|
—
|
|
29,551
|
|
69,032
|
|
6,201
|
|
29,551
|
|
75,233
|
|
104,784
|
|
(31,986
|
)
|
2005
|
Sep-07
|
3-30
|
||||||||
Mio
|
103
|
|
San Jose, CA
|
—
|
|
11,012
|
|
39,982
|
|
557
|
|
11,012
|
|
40,539
|
|
51,551
|
|
(5,695
|
)
|
2015
|
Jan-16
|
3-30
|
||||||||
Mirabella
|
188
|
|
Marina Del Rey, CA
|
—
|
|
6,180
|
|
26,673
|
|
16,790
|
|
6,270
|
|
43,373
|
|
49,643
|
|
(26,253
|
)
|
2000
|
May-00
|
3-30
|
||||||||
Mira Monte
|
354
|
|
Mira Mesa, CA
|
—
|
|
7,165
|
|
28,459
|
|
11,933
|
|
7,186
|
|
40,371
|
|
47,557
|
|
(25,280
|
)
|
1982
|
Dec-02
|
3-30
|
||||||||
Miracle Mile/Marbella
|
236
|
|
Los Angeles, CA
|
—
|
|
7,791
|
|
23,075
|
|
15,151
|
|
7,886
|
|
38,131
|
|
46,017
|
|
(27,856
|
)
|
1988
|
Aug-97
|
3-30
|
||||||||
Mission Hills
|
282
|
|
Oceanside, CA
|
—
|
|
10,099
|
|
38,778
|
|
11,134
|
|
10,167
|
|
49,844
|
|
60,011
|
|
(24,458
|
)
|
1984
|
Jul-05
|
3-30
|
||||||||
Mission Peaks
|
453
|
|
Fremont, CA
|
—
|
|
46,499
|
|
108,498
|
|
7,387
|
|
46,499
|
|
115,885
|
|
162,384
|
|
(25,036
|
)
|
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
|
|
7,308
|
|
31,429
|
|
80,642
|
|
112,071
|
|
(17,908
|
)
|
1989
|
Apr-14
|
5-30
|
||||||||
Montclaire
|
390
|
|
Sunnyvale, CA
|
—
|
|
4,842
|
|
19,776
|
|
28,185
|
|
4,997
|
|
47,806
|
|
52,803
|
|
(41,752
|
)
|
1973
|
Dec-88
|
3-30
|
||||||||
Monterey Villas
|
122
|
|
Oxnard, CA
|
—
|
|
2,349
|
|
5,579
|
|
6,873
|
|
2,424
|
|
12,377
|
|
14,801
|
|
(8,553
|
)
|
1974
|
Jul-97
|
3-30
|
||||||||
Muse
|
152
|
|
North Hollywood, CA
|
—
|
|
7,822
|
|
33,436
|
|
3,466
|
|
7,823
|
|
36,901
|
|
44,724
|
|
(13,932
|
)
|
2011
|
Feb-11
|
3-30
|
||||||||
Museum Park
|
117
|
|
San Jose, CA
|
—
|
|
13,864
|
|
32,348
|
|
2,012
|
|
13,864
|
|
34,360
|
|
48,224
|
|
(7,530
|
)
|
2002
|
Apr-14
|
5-30
|
||||||||
One South Market
|
312
|
|
San Jose, CA
|
—
|
|
28,290
|
|
148,649
|
|
162
|
|
28,290
|
|
148,811
|
|
177,101
|
|
(3,931
|
)
|
2015
|
Mar-19
|
3-30
|
||||||||
Palm Valley
|
1,099
|
|
San Jose, CA
|
—
|
|
133,802
|
|
312,205
|
|
15,296
|
|
133,802
|
|
327,501
|
|
461,303
|
|
(35,244
|
)
|
2008
|
Jan-17
|
3-30
|
||||||||
Paragon Apartments
|
301
|
|
Fremont, CA
|
—
|
|
32,230
|
|
77,320
|
|
2,173
|
|
32,230
|
|
79,493
|
|
111,723
|
|
(14,796
|
)
|
2013
|
Jul-14
|
3-30
|
||||||||
Park Catalina
|
90
|
|
Los Angeles, CA
|
—
|
|
4,710
|
|
18,839
|
|
3,372
|
|
4,710
|
|
22,211
|
|
26,921
|
|
(7,029
|
)
|
2002
|
Jun-12
|
3-30
|
||||||||
Park Highland
|
250
|
|
Bellevue, WA
|
—
|
|
9,391
|
|
38,224
|
|
12,981
|
|
9,391
|
|
51,205
|
|
60,596
|
|
(13,942
|
)
|
1993
|
Apr-14
|
5-30
|
||||||||
Park Hill at Issaquah
|
245
|
|
Issaquah, WA
|
—
|
|
7,284
|
|
21,937
|
|
10,119
|
|
7,284
|
|
32,056
|
|
39,340
|
|
(16,614
|
)
|
1999
|
Feb-99
|
3-30
|
||||||||
Park Viridian
|
320
|
|
Anaheim, CA
|
—
|
|
15,894
|
|
63,574
|
|
3,789
|
|
15,894
|
|
67,363
|
|
83,257
|
|
(14,776
|
)
|
2008
|
Apr-14
|
5-30
|
||||||||
Park West
|
126
|
|
San Francisco, CA
|
—
|
|
9,424
|
|
21,988
|
|
12,500
|
|
9,424
|
|
34,488
|
|
43,912
|
|
(11,971
|
)
|
1958
|
Sep-12
|
3-30
|
||||||||
Parkwood at Mill Creek
|
240
|
|
Mill Creek, WA
|
—
|
|
10,680
|
|
42,722
|
|
3,376
|
|
10,680
|
|
46,098
|
|
56,778
|
|
(10,263
|
)
|
1989
|
Apr-14
|
5-30
|
||||||||
Patent 523
|
295
|
|
Seattle, WA
|
—
|
|
14,558
|
|
69,417
|
|
5,923
|
|
14,558
|
|
75,340
|
|
89,898
|
|
(26,798
|
)
|
2010
|
Mar-10
|
3-30
|
||||||||
Pathways at Bixby Village
|
296
|
|
Long Beach, CA
|
—
|
|
4,083
|
|
16,757
|
|
21,850
|
|
6,239
|
|
36,451
|
|
42,690
|
|
(31,839
|
)
|
1975
|
Feb-91
|
3-30
|
||||||||
Piedmont
|
396
|
|
Bellevue, WA
|
—
|
|
19,848
|
|
59,606
|
|
12,913
|
|
19,848
|
|
72,519
|
|
92,367
|
|
(16,747
|
)
|
1969
|
May-14
|
3-30
|
||||||||
Pinehurst (8)
|
28
|
|
Ventura, CA
|
—
|
|
—
|
|
1,711
|
|
731
|
|
—
|
|
2,442
|
|
2,442
|
|
(1,517
|
)
|
1973
|
Dec-04
|
3-24
|
||||||||
Pinnacle at Fullerton
|
192
|
|
Fullerton, CA
|
—
|
|
11,019
|
|
45,932
|
|
3,983
|
|
11,019
|
|
49,915
|
|
60,934
|
|
(11,134
|
)
|
2004
|
Apr-14
|
5-30
|
||||||||
Pinnacle on Lake Washington
|
180
|
|
Renton, WA
|
—
|
|
7,760
|
|
31,041
|
|
3,513
|
|
7,760
|
|
34,554
|
|
42,314
|
|
(7,545
|
)
|
2001
|
Apr-14
|
5-30
|
||||||||
Pinnacle at MacArthur Place
|
253
|
|
Santa Ana, CA
|
—
|
|
15,810
|
|
66,401
|
|
5,238
|
|
15,810
|
|
71,639
|
|
87,449
|
|
(15,689
|
)
|
2002
|
Apr-14
|
5-30
|
||||||||
Pinnacle at Otay Ranch I & II
|
364
|
|
Chula Vista, CA
|
—
|
|
17,023
|
|
68,093
|
|
4,227
|
|
17,023
|
|
72,320
|
|
89,343
|
|
(15,862
|
)
|
2001
|
Apr-14
|
5-30
|
||||||||
Pinnacle at Talega
|
362
|
|
San Clemente, CA
|
—
|
|
19,292
|
|
77,168
|
|
3,097
|
|
19,292
|
|
80,265
|
|
99,557
|
|
(17,314
|
)
|
2002
|
Apr-14
|
5-30
|
||||||||
Pinnacle Sonata
|
268
|
|
Bothell, WA
|
—
|
|
14,647
|
|
58,586
|
|
4,597
|
|
14,647
|
|
63,183
|
|
77,830
|
|
(13,613
|
)
|
2000
|
Apr-14
|
5-30
|
||||||||
Pointe at Cupertino
|
116
|
|
Cupertino, CA
|
—
|
|
4,505
|
|
17,605
|
|
12,637
|
|
4,505
|
|
30,242
|
|
34,747
|
|
(19,206
|
)
|
1963
|
Aug-98
|
3-30
|
||||||||
Pure Redmond
|
105
|
|
Redmond, WA
|
—
|
|
7,461
|
|
31,363
|
|
—
|
|
7,461
|
|
31,363
|
|
38,824
|
|
(46
|
)
|
2016
|
Dec-19
|
3-30
|
||||||||
Radius
|
264
|
|
Redwood City, CA
|
—
|
|
11,702
|
|
152,336
|
|
904
|
|
11,702
|
|
153,240
|
|
164,942
|
|
(33,929
|
)
|
2015
|
Apr-14
|
3-30
|
||||||||
Reed Square
|
100
|
|
Sunnyvale, CA
|
—
|
|
6,873
|
|
16,037
|
|
8,451
|
|
6,873
|
|
24,488
|
|
31,361
|
|
(10,156
|
)
|
1970
|
Jan-12
|
3-30
|
||||||||
Regency at Encino
|
75
|
|
Encino, CA
|
—
|
|
3,184
|
|
12,737
|
|
3,911
|
|
3,184
|
|
16,648
|
|
19,832
|
|
(6,945
|
)
|
1989
|
Dec-09
|
3-30
|
||||||||
Renaissance at Uptown Orange
|
460
|
|
Orange, CA
|
—
|
|
27,870
|
|
111,482
|
|
6,212
|
|
27,870
|
|
117,694
|
|
145,564
|
|
(25,469
|
)
|
2007
|
Apr-14
|
5-30
|
||||||||
Reveal
|
438
|
|
Woodland Hills, CA
|
—
|
|
25,073
|
|
121,314
|
|
2,446
|
|
25,073
|
|
123,760
|
|
148,833
|
|
(22,720
|
)
|
2010
|
Apr-15
|
3-30
|
||||||||
Salmon Run at Perry Creek
|
132
|
|
Bothell, WA
|
—
|
|
3,717
|
|
11,483
|
|
2,941
|
|
3,801
|
|
14,340
|
|
18,141
|
|
(8,857
|
)
|
2000
|
Oct-00
|
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)
|
||||||||
Sammamish View
|
153
|
|
Bellevue, WA
|
—
|
|
3,324
|
|
7,501
|
|
7,285
|
|
3,331
|
|
14,779
|
|
18,110
|
|
(12,571
|
)
|
1986
|
Nov-94
|
3-30
|
||||||||
101 San Fernando
|
323
|
|
San Jose, CA
|
—
|
|
4,173
|
|
58,961
|
|
13,374
|
|
4,173
|
|
72,335
|
|
76,508
|
|
(26,862
|
)
|
2001
|
Jul-10
|
3-30
|
||||||||
San Marcos
|
432
|
|
Richmond, CA
|
—
|
|
15,563
|
|
36,204
|
|
33,430
|
|
22,866
|
|
62,331
|
|
85,197
|
|
(33,909
|
)
|
2003
|
Nov-03
|
3-30
|
||||||||
Santee Court/Santee Village
|
238
|
|
Los Angeles, CA
|
—
|
|
9,581
|
|
40,317
|
|
11,607
|
|
9,582
|
|
51,923
|
|
61,505
|
|
(17,070
|
)
|
2004
|
Oct-10
|
3-30
|
||||||||
Shadow Point
|
172
|
|
Spring Valley, CA
|
—
|
|
2,812
|
|
11,170
|
|
4,305
|
|
2,820
|
|
15,467
|
|
18,287
|
|
(8,864
|
)
|
1983
|
Dec-02
|
3-30
|
||||||||
Shadowbrook
|
418
|
|
Redmond, WA
|
—
|
|
19,292
|
|
77,168
|
|
5,704
|
|
19,292
|
|
82,872
|
|
102,164
|
|
(18,117
|
)
|
1986
|
Apr-14
|
5-30
|
||||||||
Slater 116
|
108
|
|
Kirkland, WA
|
—
|
|
7,379
|
|
22,138
|
|
1,194
|
|
7,379
|
|
23,332
|
|
30,711
|
|
(5,181
|
)
|
2013
|
Sep-13
|
3-30
|
||||||||
Solstice
|
280
|
|
Sunnyvale, CA
|
—
|
|
34,444
|
|
147,262
|
|
6,544
|
|
34,444
|
|
153,806
|
|
188,250
|
|
(36,993
|
)
|
2014
|
Apr-14
|
5-30
|
||||||||
Station Park Green - Phase I
|
121
|
|
San Mateo, CA
|
—
|
|
14,923
|
|
96,229
|
|
5,610
|
|
14,924
|
|
101,838
|
|
116,762
|
|
(8,241
|
)
|
2018
|
Mar-18
|
3-30
|
||||||||
Stevenson Place
|
200
|
|
Fremont, CA
|
—
|
|
996
|
|
5,582
|
|
13,651
|
|
1,001
|
|
19,228
|
|
20,229
|
|
(14,432
|
)
|
1975
|
Apr-00
|
3-30
|
||||||||
Stonehedge Village
|
196
|
|
Bothell, WA
|
—
|
|
3,167
|
|
12,603
|
|
8,669
|
|
3,201
|
|
21,238
|
|
24,439
|
|
(14,829
|
)
|
1986
|
Oct-97
|
3-30
|
||||||||
Summerhill Park
|
100
|
|
Sunnyvale, CA
|
—
|
|
2,654
|
|
4,918
|
|
11,180
|
|
2,656
|
|
16,096
|
|
18,752
|
|
(11,728
|
)
|
1988
|
Sep-88
|
3-30
|
||||||||
Summit Park
|
300
|
|
San Diego, CA
|
—
|
|
5,959
|
|
23,670
|
|
8,485
|
|
5,977
|
|
32,137
|
|
38,114
|
|
(18,375
|
)
|
1972
|
Dec-02
|
3-30
|
||||||||
Taylor 28
|
197
|
|
Seattle, WA
|
—
|
|
13,915
|
|
57,700
|
|
3,391
|
|
13,915
|
|
61,091
|
|
75,006
|
|
(13,005
|
)
|
2008
|
Apr-14
|
5-30
|
||||||||
The Audrey at Belltown
|
137
|
|
Seattle, WA
|
—
|
|
9,228
|
|
36,911
|
|
1,290
|
|
9,228
|
|
38,201
|
|
47,429
|
|
(8,013
|
)
|
1992
|
Apr-14
|
5-30
|
||||||||
The Avery
|
121
|
|
Los Angeles, CA
|
—
|
|
6,964
|
|
29,922
|
|
726
|
|
6,964
|
|
30,648
|
|
37,612
|
|
(5,957
|
)
|
2014
|
Mar-14
|
3-30
|
||||||||
The Bernard
|
63
|
|
Seattle, WA
|
—
|
|
3,699
|
|
11,345
|
|
800
|
|
3,689
|
|
12,155
|
|
15,844
|
|
(3,574
|
)
|
2008
|
Sep-11
|
3-30
|
||||||||
The Blake LA
|
196
|
|
Los Angeles, CA
|
—
|
|
4,023
|
|
9,527
|
|
22,158
|
|
4,031
|
|
31,677
|
|
35,708
|
|
(18,135
|
)
|
1979
|
Jun-97
|
3-30
|
||||||||
The Cairns
|
99
|
|
Seattle, WA
|
—
|
|
6,937
|
|
20,679
|
|
2,389
|
|
6,939
|
|
23,066
|
|
30,005
|
|
(9,915
|
)
|
2006
|
Jun-07
|
3-30
|
||||||||
The Commons
|
264
|
|
Campbell, CA
|
—
|
|
12,555
|
|
29,307
|
|
9,206
|
|
12,556
|
|
38,512
|
|
51,068
|
|
(14,792
|
)
|
1973
|
Jul-10
|
3-30
|
||||||||
The Elliot at Mukilteo
|
301
|
|
Mukilteo, WA
|
—
|
|
2,498
|
|
10,595
|
|
17,699
|
|
2,824
|
|
27,968
|
|
30,792
|
|
(21,381
|
)
|
1981
|
Jan-97
|
3-30
|
||||||||
The Grand
|
243
|
|
Oakland, CA
|
—
|
|
4,531
|
|
89,208
|
|
7,334
|
|
4,531
|
|
96,542
|
|
101,073
|
|
(37,589
|
)
|
2009
|
Jan-09
|
3-30
|
||||||||
The Hallie
|
292
|
|
Pasadena, CA
|
—
|
|
2,202
|
|
4,794
|
|
54,674
|
|
8,385
|
|
53,285
|
|
61,670
|
|
(35,599
|
)
|
1972
|
Apr-97
|
3-30
|
||||||||
The Huntington
|
276
|
|
Huntington Beach, CA
|
—
|
|
10,374
|
|
41,495
|
|
5,741
|
|
10,374
|
|
47,236
|
|
57,610
|
|
(13,725
|
)
|
1975
|
Jun-12
|
3-30
|
||||||||
The Landing at Jack London Square
|
282
|
|
Oakland, CA
|
—
|
|
33,554
|
|
78,292
|
|
6,329
|
|
33,554
|
|
84,621
|
|
118,175
|
|
(19,726
|
)
|
2001
|
Apr-14
|
5-30
|
||||||||
The Lofts at Pinehurst
|
118
|
|
Ventura, CA
|
—
|
|
1,570
|
|
3,912
|
|
5,499
|
|
1,618
|
|
9,363
|
|
10,981
|
|
(6,164
|
)
|
1971
|
Jun-97
|
3-30
|
||||||||
The Palisades
|
192
|
|
Bellevue, WA
|
—
|
|
1,560
|
|
6,242
|
|
13,743
|
|
1,565
|
|
19,980
|
|
21,545
|
|
(17,648
|
)
|
1977
|
May-90
|
3-30
|
||||||||
The Palms at Laguna Niguel
|
460
|
|
Laguna Niguel, CA
|
—
|
|
23,584
|
|
94,334
|
|
9,442
|
|
23,584
|
|
103,776
|
|
127,360
|
|
(23,149
|
)
|
1988
|
Apr-14
|
5-30
|
||||||||
The Stuart
|
188
|
|
Pasadena, CA
|
—
|
|
13,574
|
|
54,298
|
|
2,693
|
|
13,574
|
|
56,991
|
|
70,565
|
|
(12,753
|
)
|
2007
|
Apr-14
|
5-30
|
||||||||
The Trails of Redmond
|
423
|
|
Redmond, WA
|
—
|
|
21,930
|
|
87,720
|
|
5,406
|
|
21,930
|
|
93,126
|
|
115,056
|
|
(20,366
|
)
|
1985
|
Apr-14
|
5-30
|
||||||||
Tierra Vista
|
404
|
|
Oxnard, CA
|
—
|
|
13,652
|
|
53,336
|
|
6,023
|
|
13,661
|
|
59,350
|
|
73,011
|
|
(32,123
|
)
|
2001
|
Jan-01
|
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)
|
||||||||
Tiffany Court
|
101
|
|
Los Angeles, CA
|
—
|
|
6,949
|
|
27,796
|
|
1,857
|
|
6,949
|
|
29,653
|
|
36,602
|
|
(6,429
|
)
|
1987
|
Apr-14
|
5-30
|
||||||||
Trabuco Villas
|
132
|
|
Lake Forest, CA
|
—
|
|
3,638
|
|
8,640
|
|
4,061
|
|
3,890
|
|
12,449
|
|
16,339
|
|
(8,740
|
)
|
1985
|
Oct-97
|
3-30
|
||||||||
Via
|
284
|
|
Sunnyvale, CA
|
—
|
|
22,000
|
|
82,270
|
|
3,189
|
|
22,016
|
|
85,443
|
|
107,459
|
|
(27,803
|
)
|
2011
|
Jul-11
|
3-30
|
||||||||
Villa Granada
|
270
|
|
Santa Clara, CA
|
—
|
|
38,299
|
|
89,365
|
|
2,200
|
|
38,299
|
|
91,565
|
|
129,864
|
|
(19,559
|
)
|
2010
|
Apr-14
|
5-30
|
||||||||
Villa Siena
|
272
|
|
Costa Mesa, CA
|
—
|
|
13,842
|
|
55,367
|
|
8,399
|
|
13,842
|
|
63,766
|
|
77,608
|
|
(14,671
|
)
|
1974
|
Apr-14
|
5-30
|
||||||||
Village Green
|
272
|
|
La Habra, CA
|
—
|
|
6,488
|
|
36,768
|
|
4,061
|
|
6,488
|
|
40,829
|
|
47,317
|
|
(9,428
|
)
|
1971
|
Apr-14
|
5-30
|
||||||||
Vista Belvedere
|
76
|
|
Tiburon, CA
|
—
|
|
5,573
|
|
11,901
|
|
8,844
|
|
5,573
|
|
20,745
|
|
26,318
|
|
(12,068
|
)
|
1963
|
Aug-04
|
3-30
|
||||||||
Vox Apartments
|
58
|
|
Seattle, WA
|
—
|
|
5,545
|
|
16,635
|
|
408
|
|
5,545
|
|
17,043
|
|
22,588
|
|
(3,543
|
)
|
2013
|
Oct-13
|
3-30
|
||||||||
Walnut Heights
|
163
|
|
Walnut, CA
|
—
|
|
4,858
|
|
19,168
|
|
5,645
|
|
4,887
|
|
24,784
|
|
29,671
|
|
(13,726
|
)
|
1964
|
Oct-03
|
3-30
|
||||||||
Wandering Creek
|
156
|
|
Kent, WA
|
—
|
|
1,285
|
|
4,980
|
|
5,152
|
|
1,296
|
|
10,121
|
|
11,417
|
|
(7,945
|
)
|
1986
|
Nov-95
|
3-30
|
||||||||
Wharfside Pointe
|
155
|
|
Seattle, WA
|
—
|
|
2,245
|
|
7,020
|
|
12,465
|
|
2,258
|
|
19,472
|
|
21,730
|
|
(14,892
|
)
|
1990
|
Jun-94
|
3-30
|
||||||||
Willow Lake
|
508
|
|
San Jose, CA
|
—
|
|
43,194
|
|
101,030
|
|
15,998
|
|
43,194
|
|
117,028
|
|
160,222
|
|
(32,271
|
)
|
1989
|
Oct-12
|
3-30
|
||||||||
5600 Wilshire
|
284
|
|
Los Angeles, CA
|
—
|
|
30,535
|
|
91,604
|
|
4,495
|
|
30,535
|
|
96,099
|
|
126,634
|
|
(20,175
|
)
|
2008
|
Apr-14
|
5-30
|
||||||||
Wilshire La Brea
|
478
|
|
Los Angeles, CA
|
—
|
|
56,932
|
|
211,998
|
|
11,252
|
|
56,932
|
|
223,250
|
|
280,182
|
|
(52,822
|
)
|
2014
|
Apr-14
|
5-30
|
||||||||
Wilshire Promenade
|
149
|
|
Fullerton, CA
|
—
|
|
3,118
|
|
7,385
|
|
10,727
|
|
3,797
|
|
17,433
|
|
21,230
|
|
(11,640
|
)
|
1992
|
Jan-97
|
3-30
|
||||||||
Windsor Ridge
|
216
|
|
Sunnyvale, CA
|
—
|
|
4,017
|
|
10,315
|
|
16,759
|
|
4,021
|
|
27,070
|
|
31,091
|
|
(22,682
|
)
|
1989
|
Mar-89
|
3-30
|
||||||||
Woodland Commons
|
302
|
|
Bellevue, WA
|
—
|
|
2,040
|
|
8,727
|
|
24,610
|
|
2,044
|
|
33,333
|
|
35,377
|
|
(22,838
|
)
|
1978
|
Mar-90
|
3-30
|
||||||||
Woodside Village
|
145
|
|
Ventura, CA
|
—
|
|
5,331
|
|
21,036
|
|
5,387
|
|
5,341
|
|
26,413
|
|
31,754
|
|
(13,691
|
)
|
1987
|
Dec-04
|
3-30
|
||||||||
|
43,932
|
|
|
$
|
—
|
|
$
|
2,415,080
|
|
$
|
8,256,799
|
|
$
|
1,643,811
|
|
$
|
2,443,633
|
|
$
|
9,872,057
|
|
$
|
12,315,690
|
|
$
|
(3,217,204
|
)
|
|
|
|
|
|
|
|
|
|
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
|
—
|
|
3,079
|
|
12,315
|
|
12,183
|
|
3,909
|
|
23,668
|
|
27,577
|
|
(15,356
|
)
|
|
|
|
||||||||
|
|
|
$
|
—
|
|
$
|
3,079
|
|
$
|
12,315
|
|
$
|
12,183
|
|
$
|
3,909
|
|
$
|
23,668
|
|
$
|
27,577
|
|
$
|
(15,356
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
|
$
|
990,667
|
|
$
|
2,736,256
|
|
$
|
9,395,624
|
|
$
|
1,906,262
|
|
$
|
2,773,805
|
|
$
|
11,264,337
|
|
$
|
14,038,142
|
|
$
|
(3,689,482
|
)
|
|
|
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Rental properties:
|
|
|
|
|
|
Accumulated depreciation:
|
|
|
|
|
|
||||||||||||
Balance at beginning of year
|
$
|
13,366,101
|
|
|
$
|
13,362,073
|
|
|
$
|
12,687,722
|
|
Balance at beginning of year
|
$
|
3,209,548
|
|
|
$
|
2,769,297
|
|
|
$
|
2,311,546
|
|
Acquisition, development, and improvement of real estate
|
672,041
|
|
|
325,986
|
|
|
700,892
|
|
Depreciation expense
|
479,934
|
|
|
478,721
|
|
|
464,043
|
|
||||||
Disposition of real estate and other
|
—
|
|
|
(321,958
|
)
|
|
(28,367
|
)
|
Depreciation expense - Disposals and other
|
—
|
|
|
(38,470
|
)
|
|
(6,292
|
)
|
||||||
Reclassification from other assets and into building and improvements, net
|
—
|
|
|
—
|
|
|
1,826
|
|
Balance at the end of year
|
$
|
3,689,482
|
|
|
$
|
3,209,548
|
|
|
$
|
2,769,297
|
|
|||
Balance at the end of year
|
$
|
14,038,142
|
|
|
$
|
13,366,101
|
|
|
$
|
13,362,073
|
|
|
|
|
|
|
|
|
|
|
Exhibit No.
|
Document
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101
|
The following financial statements from the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Consolidated Balance Sheets of Essex Property Trust, Inc., (ii) Consolidated Statements of Income of Essex Property Trust, Inc., (iii) Consolidated Statements of Comprehensive Income of Essex Property Trust, Inc., (iv) Consolidated Statements of Equity of Essex Property Trust, Inc., (v) Consolidated Statements of Cash Flows of Essex Property Trust, Inc., (vi) Notes to Consolidated Financial Statements of Essex Property Trust, Inc., (vii) Consolidated Balance Sheets of Essex Portfolio, L.P., (viii) Consolidated Statements of Income of Essex Portfolio, L.P., (ix) Consolidated Statements of Comprehensive Income of Essex Portfolio, L.P., (x) Consolidated Statements of Capital of Essex Portfolio, L.P., (xi) Consolidated Statements of Cash Flows of Essex Portfolio, L.P. and (xii) Notes to Consolidated Financial Statements of Essex Portfolio, L.P., tagged as blocks of text and including detailed tags.
|
|
|
104
|
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).
|
|
ESSEX PROPERTY TRUST, INC.
|
|
|
|
By: /s/ ANGELA L. KLEIMAN
|
|
Angela L. Kleiman
|
|
Executive Vice President, Chief Financial Officer
(Authorized Officer, Principal Financial Officer)
|
|
|
|
By: /s/ JOHN FARIAS
|
|
John Farias
|
|
Senior Vice President, Chief Accounting Officer
|
|
|
|
ESSEX PORTFOLIO, L.P.
By: Essex Property Trust, Inc., its general partner
|
|
|
|
By: /s/ ANGELA L. KLEIMAN
|
|
Angela L. Kleiman
|
|
Executive Vice President, Chief Financial Officer
(Authorized Officer, Principal Financial Officer) |
|
|
|
By: /s/ JOHN FARIAS
|
|
John Farias
|
|
Senior Vice President, Chief Accounting Officer
|
Signature
|
Title
|
Date
|
|
|
|
/s/ GEORGE M. MARCUS
George M. Marcus
|
Director and Chairman of the Board
|
February 20, 2020
|
|
|
|
/s/ KEITH R. GUERICKE
Keith R. Guericke
|
Director, and Vice Chairman of the Board
|
February 20, 2020
|
|
|
|
/s/ IRVING F. LYONS, III
Irving F. Lyons, III
|
Lead Director
|
February 20, 2020
|
|
|
|
/s/ AMAL M. JOHNSON
Amal M. Johnson
|
Director
|
February 20, 2020
|
|
|
|
/s/ MARY KASARIS
Mary Kasaris
|
Director
|
February 20, 2020
|
|
|
|
/s/ THOMAS E. ROBINSON
Thomas E. Robinson
|
Director
|
February 20, 2020
|
|
|
|
/s/ MICHAEL J. SCHALL
Michael J. Schall
|
Chief Executive Officer and President, and Director (Principal Executive Officer)
|
February 20, 2020
|
|
|
|
/s/ BYRON A. SCORDELIS
Byron A. Scordelis
|
Director
|
February 20, 2020
|
|
|
|
/s/ JANICE L. SEARS
Janice L. Sears
|
Director
|
February 20, 2020
|
•
|
any person who beneficially owns 10% or more of the voting power of our outstanding voting stock, or
|
•
|
an affiliate or associate of ours who, at any time within the two-year period immediately prior to the date in question, was the beneficial owner of 10% or more of the voting power of our then-outstanding stock.
|
•
|
80% of the votes entitled to be cast by holders of our then-outstanding shares of voting stock, and
|
•
|
two-thirds of the votes entitled to be cast by holders of our voting stock other than stock held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or stock held by an affiliate or associate of the interested stockholder.
|
•
|
one-tenth or more but less than one-third,
|
•
|
one-third or more but less than a majority, or
|
•
|
a majority or more of all voting power.
|
•
|
a classified board,
|
•
|
a two-thirds vote requirement to remove a director,
|
•
|
a requirement that the number of directors be fixed only by the vote of the directors,
|
•
|
a requirement that a vacancy on the board be filled only by the remaining directors and for the remainder of the full term of the directorship in which the vacancy occurred, and
|
•
|
a majority requirement for the calling of a special meeting of stockholders.
|
Equity REIT Relative TSR
|
|
Percentage of
Stock Units Earned
|
|
Number of
Stock Units
Earned
|
Below 5th percentile
|
|
[____]
|
|
[____]
|
Equal to or above 5th percentile but below 25th percentile
|
|
[____]
|
|
[____]
|
Equal to or above 25th percentile but below 50th percentile
|
|
[____]
|
|
[____]
|
Equal to or above 50th percentile
|
|
[____]
|
|
[____]
|
|
ESSEX PROPERTY TRUST, INC.
|
|
|
|
|
|
By
|
|
|
|
|
|
|
Hereunto duly authorized
|
Agreed and Accepted:
|
|
|
|
|
|
Name:
|
|
AvalonBay Communities, Inc.
|
AVB
|
BRT Apartments Corp.
|
BRT
|
Equity Residential
|
EQR
|
Essex Property Trust, Inc.
|
ESS
|
Mid-America Apartment Communities, Inc.
|
MAA
|
UDR, Inc.
|
UDR
|
Camden Property Trust
|
CPT
|
Apartment Investment and Management Co
|
AIV
|
Independence Realty Trust, Inc.
|
IRT
|
Investors Real Estate Trust
|
IRET
|
Preferred Apartment Communities, Inc.
|
APTS
|
NexPoint Residential Trust Inc.
|
NXRT
|
Bluerock Residential Growth REIT, Inc.
|
BRG
|
Equity REIT Relative TSR
|
|
Percentage of
Stock Units Earned
|
|
Number of
Stock Units
Earned
|
Below 5th percentile
|
|
[____]
|
|
[____]
|
Equal to or above 5th percentile but below 25th percentile
|
|
[____]
|
|
[____]
|
Equal to or above 25th percentile but below 50th percentile
|
|
[____]
|
|
[____]
|
Equal to or above 50th percentile
|
|
[____]
|
|
[____]
|
|
ESSEX PROPERTY TRUST, INC.
|
|
|
|
|
|
By:
|
|
|
|
|
|
|
Hereunto duly authorized
|
Agreed and Accepted:
|
|
|
|
|
|
Name:
|
|
AvalonBay Communities, Inc.
|
AVB
|
BRT Apartments Corp.
|
BRT
|
Equity Residential
|
EQR
|
Essex Property Trust, Inc.
|
ESS
|
Mid-America Apartment Communities, Inc.
|
MAA
|
UDR, Inc.
|
UDR
|
Camden Property Trust
|
CPT
|
Apartment Investment and Management Co
|
AIV
|
Independence Realty Trust, Inc.
|
IRT
|
Investors Real Estate Trust
|
IRET
|
Preferred Apartment Communities, Inc.
|
APTS
|
NexPoint Residential Trust Inc.
|
NXRT
|
Bluerock Residential Growth REIT, Inc.
|
BRG
|
Equity REIT Relative TSR
|
|
Percentage of
Eligible Stock Units
Earned
|
|
Number of Eligible
Stock Units Earned
|
Below 5th percentile
|
|
[____]
|
|
[____]
|
Equal to or above 5th percentile but below 25th percentile
|
|
[____]
|
|
[____]
|
Equal to or above 25th percentile but below 50th percentile
|
|
[____]
|
|
[____]
|
Equal to or above 50th percentile
|
|
[____]
|
|
[____]
|
|
ESSEX PROPERTY TRUST, INC.
|
|
|
|
|
|
By:
|
|
|
|
|
|
|
Hereunto duly authorized
|
Agreed and Accepted:
|
|
|
|
|
|
Name:
|
|
AvalonBay Communities, Inc.
|
AVB
|
BRT Apartments Corp.
|
BRT
|
Equity Residential
|
EQR
|
Essex Property Trust, Inc.
|
ESS
|
Mid-America Apartment Communities, Inc.
|
MAA
|
UDR, Inc.
|
UDR
|
Camden Property Trust
|
CPT
|
Apartment Investment and Management Co
|
AIV
|
Independence Realty Trust, Inc.
|
IRT
|
Investors Real Estate Trust
|
IRET
|
Preferred Apartment Communities, Inc.
|
APTS
|
NexPoint Residential Trust Inc.
|
NXRT
|
Bluerock Residential Growth REIT, Inc.
|
BRG
|
Grantee’s Name and Address:
|
|
|
|
|
|
Award Number
|
|
|
Grant Date
|
|
[_____________]
|
Exercise Price per Share (*)
|
|
$
|
Total Number of Shares Subject to the Option (the “Shares”)
|
|
|
|
|
|
Total Exercise Price
|
|
$
|
Type of Option
|
|
|
Incentive Stock Option
|
|
|
|
|
|
|
|
Non-Qualified Stock Option
|
|
|
|
|
Expiration Date
|
[_____________]
|
By:
|
|
|
Title:
|
|
|
Dated:
|
|
|
Signed:
|
|
|
|
|
|
|
|
|
|
|
Grantee
|
|
Award Number:
|
|
BY:
|
ESSEX PROPERTY TRUST, INC.,
|
1.
|
Essex Portfolio, L.P., a California limited partnership (a subsidiary of Essex Property Trust, Inc.)
|
2.
|
Essex Management Corporation, a California corporation
|
3.
|
Essex-Palisades Facilitator, a California limited partnership
|
4.
|
Essex Mirabella Marina Apartments, L.P., a California limited partnership
|
5.
|
Essex San Ramon Partners L.P., a California limited partnership
|
6.
|
Essex Fidelity I Corporation, a California corporation
|
7.
|
Essex Camarillo Corporation, a California corporation
|
8.
|
Essex Camarillo, L.P., a California limited partnership
|
9.
|
Essex Meadowood, L.P., a California limited partnership
|
10.
|
Essex Bunker Hill, L.P., a California limited partnership
|
11.
|
Essex Treetops, L.P., a California limited partnership
|
12.
|
Essex Bluffs, L.P., a California limited partnership
|
13.
|
Essex Huntington Breakers, L.P., a California limited partnership
|
14.
|
Essex Stonehedge Village, L.P., a California limited partnership
|
15.
|
Essex Inglenook Court, LLC, a Delaware limited liability company
|
16.
|
Essex Wandering Creek, LLC, a Delaware limited liability company
|
17.
|
Essex Columbus, L.P., a California limited partnership
|
18.
|
Essex Lorraine, L.P., a California limited partnership
|
19.
|
Essex Glenbrook, L.P., a California limited partnership
|
20.
|
Essex Euclid, L.P., a California limited partnership
|
21.
|
Richmond Essex L.P., a California limited partnership
|
22.
|
Essex Wilshire, L.P., a California limited partnership
|
23.
|
Essex Wynhaven, L.P., a California limited partnership
|
24.
|
Jackson School Village Limited Partnership, a California limited partnership
|
25.
|
Essex Carlyle, L.P., a California limited partnership
|
26.
|
Essex Dupont Lofts, L.P., a California limited partnership
|
27.
|
ESG Properties I, LLC, a Delaware limited liability company
|
28.
|
Essex Cochran, L.P., a California limited partnership
|
29.
|
Essex Kings Road, L.P., a California limited partnership
|
30.
|
Essex Le Parc, L.P., a California limited partnership
|
31.
|
Essex Monterey Villas, L.P., a California limited partnership
|
32.
|
Essex Monterey Villas, LLC, a Delaware limited liability company
|
33.
|
Essex Jaysac Tasman, L.P., a California limited partnership
|
34.
|
Western Blossom Hill Investors, a California limited partnership
|
35.
|
Western-Los Gatos I Investors, a California limited partnership
|
36.
|
Western Highridge Investors, a California limited partnership
|
37.
|
Western-San Jose III Investors, a California limited partnership
|
38.
|
Western Riviera Investors, a California limited partnership
|
39.
|
Western-Palo Alto II Investors, a California limited partnership
|
40.
|
Irvington Square Associates, a California limited partnership
|
41.
|
Western-Seven Trees Investors, a California limited partnership
|
42.
|
Western-Las Hadas Investors, a California limited partnership
|
43.
|
San Pablo Medical Investors, Ltd., a California limited partnership
|
44.
|
Gilroy Associates, a California limited partnership
|
45.
|
The Oakbrook Company, an Ohio limited partnership
|
46.
|
Pine Grove Apartment Fund, Ltd., a California limited partnership
|
47.
|
Valley Park Apartments, Ltd., a California limited partnership
|
48.
|
Fairhaven Apartment Fund, Ltd., a California limited partnership
|
49.
|
K-H Properties, a California limited partnership
|
50.
|
Villa Angelina Apartment Fund, Ltd., a California limited partnership
|
51.
|
Essex Camarillo Oaks 789, L.P., a California limited partnership
|
52.
|
Essex Emerald Ridge, L.P., a California limited partnership
|
53.
|
Essex CAL-WA, L.P., a California limited partnership
|
54.
|
Essex Marina City Club, L.P., a California limited partnership
|
55.
|
Essex Fountain Park Apartments, L.P., a California limited partnership
|
56.
|
Essex SPE, LLC, a Delaware limited liability company
|
57.
|
Essex MCC, LLC, a Delaware limited liability company
|
58.
|
Essex Excess Assets TRS, Inc., a Delaware corporation
|
59.
|
Essex The Pointe, L.P., a California limited partnership
|
60.
|
Essex Tierra Vista, L.P., a California limited partnership
|
61.
|
EMC SPE, LLC, a Delaware limited liability company
|
62.
|
Essex Vista Belvedere, L.P., a California limited partnership
|
63.
|
Essex Marbrisa Long Beach, L.P., a California limited partnership
|
64.
|
Essex Marina City Club, LLC, a Delaware limited liability company
|
65.
|
Essex Northwest Gateway, LLC, a Delaware limited liability company
|
66.
|
Essex Fairwood Pond, L.P., a California limited partnership
|
67.
|
Park Hill LLC, a Washington limited liability company
|
68.
|
Essex NBN SPE, LLC, a Delaware limited liability company
|
69.
|
Essex Gateway Management, LLC, a California limited liability company
|
70.
|
Essex Property Financial Corporation, a California corporation
|
71.
|
Northwest Gateway Apartments, L.P., a California limited partnership
|
72.
|
Essex Alamo, L.P., a Delaware limited partnership
|
73.
|
Essex Broadway, LLC, a Washington limited liability company
|
74.
|
Essex HGA, LLC, a Delaware limited liability company
|
75.
|
Essex Hillsdale Garden Apartments, L.P., a California limited partnership
|
76.
|
Essex Camino Ruiz Apartments, L.P., a California limited partnership
|
77.
|
Belmont Affordable Partners, L.P., a California limited partnership
|
78.
|
Essex Chestnut Apartments, L.P., a California limited partnership
|
79.
|
Essex Canyon Oaks Apartments, L.P., a California limited partnership
|
80.
|
Essex Esplanade, L.P., a California limited partnership
|
81.
|
Pacific Western Insurance LLC, a Hawaii limited liability company
|
82.
|
Western-Mountain View II Investors, a California limited partnership
|
83.
|
Western-San Jose IV Investors Limited Partnership, a California limited partnership
|
84.
|
Essex Berkeley 4th Street, L.P., a California limited partnership
|
85.
|
Newport Beach North LLC, a Delaware limited liability company
|
86.
|
Essex Summerhill Park, L.P., a California limited partnership
|
87.
|
Essex Skyline, L.P., a Delaware limited partnership
|
88.
|
Essex San Fernando, L.P., a California limited partnership
|
89.
|
Essex Eagle Rim, L.P., a California limited partnership
|
90.
|
Essex Hillcrest Park, L.P., a California limited partnership
|
91.
|
Essex The Commons, L.P., a California limited partnership
|
92.
|
Essex Derian, L.P., a California limited partnership
|
93.
|
Essex Bella Villagio, L.P., a California limited partnership
|
94.
|
Essex NoHo Apartments, L.P., a California limited partnership
|
95.
|
Essex Hillsborough Park, L.P., a California limited partnership
|
96.
|
Essex Santee Court, L.P., a California limited partnership
|
97.
|
Essex City View, L.P., a California limited partnership
|
98.
|
Essex Courtyard, L.P., a California limited partnership
|
99.
|
Essex Anavia, L.P., a California limited partnership
|
100.
|
Essex Waterford, L.P., a California limited partnership
|
101.
|
Essex 416 on Broadway, L.P., a California limited partnership
|
102.
|
RP/Essex Skyline Holdings, L.L.C., a Delaware limited liability company
|
103.
|
Essex Valley Village Magnolia, LLC, a Delaware limited liability company
|
104.
|
Essex Queen Anne, LLC, a Washington limited liability company
|
105.
|
Essex Wesco, L.P., a California limited partnership
|
106.
|
Essex Arbors, L.P., a California limited partnership
|
107.
|
Essex Cadence GP, L.P., a Delaware limited partnership
|
108.
|
Essex Cadence Owner, L.P., a California limited partnership
|
109.
|
Cadence San Jose, L.P., a Delaware limited partnership
|
110.
|
Essex Warner Center, L.P., a California limited partnership
|
111.
|
Essex Bellerive, L.P., a California limited partnership
|
112.
|
Essex Bernard, L.P., a California limited partnership
|
113.
|
Essex Dublin GP, L.P., a Delaware limited partnership
|
114.
|
Essex Dublin Owner, L.P., a California limited partnership
|
115.
|
West Dublin Bart, L.P., a Delaware limited partnership
|
116.
|
Essex Redmond Hill CW, L.P., a California limited partnership
|
117.
|
Essex Redmond Hill NE, L.P., a California limited partnership
|
118.
|
Essex Monarch I, L.P., a Delaware limited partnership
|
119.
|
Essex Monarch La Brea Apartments, L.P., a California limited partnership
|
120.
|
Essex Monarch II, L.P., a Delaware limited partnership
|
121.
|
Essex Monarch Santa Monica Apartments, L.P., a California limited partnership
|
122.
|
Essex Briarwood, L.P., a California limited partnership
|
123.
|
Essex The Woods, L.P., a California limited partnership
|
124.
|
Essex JMS Acquisition, L.P., a California limited partnership
|
125.
|
Wesco I, LLC, a Delaware limited liability company
|
126.
|
Santa Clara Square, LLC, a California limited liability company
|
127.
|
Wesco GP, LLC, a Delaware limited liability company
|
128.
|
Cadence REIT, LLC, a Delaware limited liability company
|
129.
|
LINC REIT, LLC, a Delaware limited liability company
|
130.
|
EssexMonarch GP I, LLC, a Delaware limited liability company
|
131.
|
EssexMonarch GP II, LLC, a Delaware limited liability company
|
132.
|
Wesco Redmond CW GP, LLC, a Delaware limited liability company
|
133.
|
Wesco Redmond NE GP, LLC, a Delaware limited liability company
|
134.
|
Essex CPP GP, L.P., a Delaware limited partnership
|
135.
|
Essex CPP, L.P., a Delaware limited partnership
|
136.
|
Essex CPP REIT, LLC, a Delaware limited liability company
|
137.
|
Essex SF GP, L.P., a California limited partnership
|
138.
|
Essex SF Owner, L.P., a California limited partnership
|
139.
|
Essex SF, L.P., a Delaware limited partnership
|
140.
|
Essex SF Manager, L.P., a California limited partnership
|
141.
|
Essex SF REIT, LLC, a Delaware limited liability company
|
142.
|
Essex Huntington on Edinger, L.P., a California limited partnership
|
143.
|
Essex Montebello, L.P., a California limited partnership
|
144.
|
Essex Elkhorn Owner, L.P., a California limited partnership
|
145.
|
Essex PE Lofts, L.P., a California limited partnership
|
146.
|
Essex Riley Square, L.P., a California limited partnership
|
147.
|
Essex Moorpark GP, L.P., a California limited partnership
|
148.
|
Essex Moorpark Owner, L.P., a California limited partnership
|
149.
|
Essex Moorpark, L.P., a Delaware limited partnership
|
150.
|
Essex Moorpark REIT, LLC, a Delaware limited liability company
|
151.
|
Essex Wesco III, L.P. a California limited partnership
|
152.
|
Wesco III, LLC, a Delaware limited liability company
|
153.
|
Wesco III GP, LLC, a Delaware limited liability company
|
154.
|
Essex Haver Hill, L.P., a California limited partnership
|
155.
|
Essex Walnut REIT, LLC, a Delaware limited liability company
|
156.
|
Essex OSM REIT, LCC, a Delaware limited liability company
|
157.
|
Essex Fox Plaza, L.P., a California limited partnership
|
158.
|
Essex Walnut GP, L.P., a Delaware limited partnership
|
159.
|
Essex Walnut Owner, L.P., a California limited partnership
|
160.
|
Essex Walnut, L.P., a Delaware limited partnership
|
161.
|
Essex OSM GP, L.P., a Delaware limited partnership
|
162.
|
Essex OSM, L.P., a Delaware limited partnership
|
163.
|
Essex Regency Escuela, L.P., a California limited partnership
|
164.
|
La Brea Affordable Partners, L.P., a California limited partnership
|
165.
|
Santa Monica Affordable Partners, L.P., a California limited partnership
|
166.
|
Essex Gas Company Lofts, L.P., a California limited partnership
|
167.
|
BEXAEW Bothell Ridge, LP, a Washington limited partnership
|
168.
|
BEXAEW Parkside Court, LP, a California limited partnership
|
169.
|
BEXAEW Esplanade, LP, a California limited partnership
|
170.
|
BEXAEW The Havens, LP, a California limited partnership
|
171.
|
Essex Piedmont, L.P., a California limited partnership
|
172.
|
Essex Bellevue Park, L.P., a California limited partnership
|
173.
|
Essex Emeryville GP, L.P., a Delaware limited partnership
|
174.
|
Essex Emeryville, L.P., a Delaware limited partnership
|
175.
|
Essex Emeryville Owner, L.P., a California limited partnership
|
176.
|
Essex Pleasanton GP, L.P., a Delaware limited partnership
|
177.
|
Essex Pleasanton, L.P., a Delaware limited partnership
|
178.
|
Essex Pleasanton Owner, L.P., a California limited partnership
|
179.
|
Essex Cadence Phase III Owner, L.P., a California limited partnership
|
180.
|
Block 9 Transbay, LLC, a Delaware limited liability company
|
181.
|
BEX Portfolio, LLC, a Delaware limited liability company
|
182.
|
Wesco III BEX, LLC, a Delaware limited liability company
|
183.
|
Essex Wesco IV, LLC, a Delaware limited liability company
|
184.
|
Wesco IV, LLC, a Delaware limited liability company
|
185.
|
Essex BEXAEW, LLC, a Delaware limited liability company
|
186.
|
BEXAEW, LLC, a Delaware limited liability company
|
187.
|
BEXAEW GP, LLC, a Delaware limited liability company
|
188.
|
BRE-FMCA, LLC, a Delaware limited liability company
|
189.
|
BEX FMCA, LLC, a Delaware limited liability company
|
190.
|
Emerald Pointe Apartments, LLC, a Delaware limited liability company
|
191.
|
Essex Emeryville REIT, LLC, a Delaware limited liability company
|
192.
|
Essex Pleasanton REIT, LLC, a Delaware limited liability company
|
193.
|
Cadence Phase III REIT, LLC, a Delaware limited liability company
|
194.
|
GBR Palm Valley LLC, a Delaware limited liability company
|
195.
|
Palm Valley Roll-Up LLC, a Delaware limited liability company
|
196.
|
New Century Towers, LLC, a Delaware limited liability company
|
197.
|
BRE Builders, Inc., a Delaware corporation
|
198.
|
Block 9 Residential, LLC, a Delaware limited liability company
|
199.
|
Essex Block 9 Manager, LLC, a Delaware limited liability company
|
200.
|
Essex Form 15, LP, a California limited partnership
|
201.
|
Essex Park Catalina, LP, a California limited partnership
|
202.
|
500 Folsom, LP, a California limited partnership
|
203.
|
Essex Bridgeport, LP, a California limited partnership
|
204.
|
Essex 500 Folsom, LLC, a Delaware limited liability company
|
205.
|
Block 9 MRU Residential, LLC, a Delaware limited liability company
|
206.
|
BEX II, LLC, a Delaware limited liability company
|
207.
|
BEX II GP, LLC, a Delaware limited liability company
|
208.
|
Essex Kiely, LP, a California limited partnership
|
209.
|
Block 9 UPPER MRU and Retail, LLC, a Delaware limited liability company
|
210.
|
Japantown Associates, LLC, a Delaware limited liability company
|
211.
|
Essex BEX II, LLC, a Delaware limited liability company
|
212.
|
Essex Portfolio Management, L.P., a California limited partnership
|
213.
|
360 Residences, L.P., a California limited partnership
|
214.
|
Essex Toluca Lake, L.P., a California limited partnership
|
215.
|
GBR Palma Sorrento LLC, a Delaware limited liability company
|
216.
|
GBR Villa Veneto LLC, a Delaware limited liability company
|
217.
|
GBR Santa Palmia LLC, a Delaware limited liability company
|
218.
|
GBR Palm Valley Podium LLC, a Delaware limited liability company
|
219.
|
PPC Sage LLC, a Delaware limited liability company
|
220.
|
PPC Sage Apartments Manager II LLC, a Delaware limited liability company
|
221.
|
GR Block B LLC, a Delaware limited liability company
|
222.
|
EPT SPE LLC, a Delaware limited liability company
|
223.
|
Essex Wesco V, LLC, a California limited liability company
|
224.
|
Wesco V, LLC, a Delaware limited liability company
|
225.
|
Wesco V GP, LLC, a Delaware limited liability company
|
226.
|
Wesco V Sub, LLC, a Delaware limited liability company
|
227.
|
Wesco V Sub GP, LLC, a Delaware limited liability company
|
228.
|
8th and Republican, LLC, a Washington limited liability company
|
229.
|
8th & Republican REIT LP, a Delaware limited partnership
|
230.
|
8th & Republican REIT GP LLC, a Delaware limited liability company
|
231.
|
8th & Republican TRS, LLC, a Delaware limited liability company
|
232.
|
8th & Republican SPE, LLC, a Delaware limited liability company
|
233.
|
Essex BEX III, LLC, a Delaware limited liability company
|
234.
|
BEX III, LLC, a Delaware limited liability company
|
235.
|
BEX III GP, LLC, a Delaware limited liability company
|
236.
|
Essex Meridian, LLC, a Delaware limited liability company
|
237.
|
Essex Madison, LLC, a Delaware limited liability company
|
238.
|
PacWest Insurance Services, LLC, a California limited liability company
|
239.
|
Essex Scripps, LLC, a Delaware limited liability company
|
240.
|
Zarsion Essex, LLC, a Delaware limited liability company
|
241.
|
Courtyards at 65th, L.P., a California limited partnership
|
242.
|
Essex Township, L.P., a California limited partnership
|
243.
|
Essex Hamilton, L.P., a California limited partnership
|
244.
|
Scripps MRU Owner, L.P., a California limited partnership
|
245.
|
Scripps AU Owner, L.P., a California limited partnership
|
246.
|
Essex Velo Ray, L.P., a California limited partnership
|
247.
|
WC Brio Apartments LLC, a Delaware limited liability company
|
248.
|
SAC Redwood City Apartments LLC, a Delaware limited liability company
|
249.
|
Essex BEX IV, LLC, a Delaware limited liability company
|
250.
|
BEX IV, LLC, a Delaware limited liability company
|
251.
|
BEX IV GP, LLC, a Delaware limited liability company
|
252.
|
EPLP CA, LLC, a Delaware limited liability company
|
1.
|
I have reviewed this annual report on Form 10-K of Essex Property Trust, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Michael J. Schall
|
|
Michael J. Schall
|
|
Chief Executive Officer and President
|
|
Essex Property Trust, Inc.
|
|
1.
|
I have reviewed this annual report on Form 10-K of Essex Property Trust, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Angela L. Kleiman
|
|
Angela L. Kleiman
|
|
Chief Financial Officer and Executive Vice President
|
|
Essex Property Trust, Inc.
|
|
1.
|
I have reviewed this annual report on Form 10-K of Essex Portfolio, L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Michael J. Schall
|
|
Michael J. Schall
|
|
Chief Executive Officer and President
|
|
Essex Property Trust, Inc., general partner of
|
|
Essex Portfolio, L.P.
|
|
1.
|
I have reviewed this annual report on Form 10-K of Essex Portfolio, L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Angela L. Kleiman
|
|
Angela L. Kleiman
|
|
Chief Financial Officer and Executive Vice President
|
|
Essex Property Trust, Inc., general partner of
|
|
Essex Portfolio, L.P.
|
|
|
/s/ Michael J. Schall
|
|
|
Michael J. Schall
|
|
|
Chief Executive Officer and President
|
|
|
Essex Property Trust, Inc.
|
|
|
/s/ Angela L. Kleiman
|
|
|
Angela L. Kleiman
|
|
|
Chief Financial Officer and Executive Vice President
|
|
|
Essex Property Trust, Inc.
|
|
|
/s/ Michael J. Schall
|
|
|
Michael J. Schall
|
|
|
Chief Executive Officer and President
|
|
|
Essex Property Trust, Inc., general partner of
|
|
|
Essex Portfolio, L.P.
|
|
|
/s/ Angela L. Kleiman
|
|
|
Angela L. Kleiman
|
|
|
Chief Financial Officer and Executive Vice President
|
|
|
Essex Property Trust, Inc., general partner of
|
|
|
Essex Portfolio, L.P.
|
|