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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Lease Obligations The Company owns 11 apartment communities, one community under development and two commercial properties, located on land subject to ground leases expiring between October 2026 and March 2142. The Company has purchase options for all ground leases expiring prior to 2030, which allow the Company to buyout the respective leases for nominal consideration as such leases were structured public finance vehicles. The ground leases for 10 of 11 of the apartment communities and the rest of the ground leases are accounted for as operating leases, with rental expense recognized on a straight-line basis over the lease term. In addition, the Company is party to 15 leases for its corporate and regional offices with varying terms through 2031, all of which are accounted for or will be accounted for as operating leases. As of September 30, 2020 and December 31, 2019, the Company has total operating lease assets of $135,885,000 and $103,063,000, respectively, and total operating lease obligations of $162,683,000 and $120,261,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Condensed Consolidated Balance Sheets. The Company incurred costs of $3,958,000 and $3,618,000 for the three months ended September 30, 2020 and 2019, respectively, and $12,115,000 and $10,723,000 for the nine months ended September 30, 2020 and 2019, respectively, related to operating leases. The Company has one apartment community located on land subject to a ground lease and two leases for portions of parking garages, adjacent to apartment communities, that are accounted for as finance leases. As of September 30, 2020 and December 31, 2019, the Company has total finance lease assets of $21,738,000 and $21,898,000, respectively, and total finance lease obligations of $20,176,000 and $20,207,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Condensed Consolidated Balance Sheets.
Commitments and Contingencies | Commitments and Contingencies Lease Obligations The Company owns 11 apartment communities, one community under development and two commercial properties, located on land subject to ground leases expiring between October 2026 and March 2142. The Company has purchase options for all ground leases expiring prior to 2030, which allow the Company to buyout the respective leases for nominal consideration as such leases were structured public finance vehicles. The ground leases for 10 of 11 of the apartment communities and the rest of the ground leases are accounted for as operating leases, with rental expense recognized on a straight-line basis over the lease term. In addition, the Company is party to 15 leases for its corporate and regional offices with varying terms through 2031, all of which are accounted for or will be accounted for as operating leases. As of September 30, 2020 and December 31, 2019, the Company has total operating lease assets of $135,885,000 and $103,063,000, respectively, and total operating lease obligations of $162,683,000 and $120,261,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Condensed Consolidated Balance Sheets. The Company incurred costs of $3,958,000 and $3,618,000 for the three months ended September 30, 2020 and 2019, respectively, and $12,115,000 and $10,723,000 for the nine months ended September 30, 2020 and 2019, respectively, related to operating leases. The Company has one apartment community located on land subject to a ground lease and two leases for portions of parking garages, adjacent to apartment communities, that are accounted for as finance leases. As of September 30, 2020 and December 31, 2019, the Company has total finance lease assets of $21,738,000 and $21,898,000, respectively, and total finance lease obligations of $20,176,000 and $20,207,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Condensed Consolidated Balance Sheets.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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