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Significant Transactions During the Second Quarter of 2016 and Subsequent Events | 6 Months Ended
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Jun. 30, 2016
Business Combinations [Abstract] |
Significant Transactions During the Second Quarter of 2016 and Subsequent Events | Significant Transactions During the Second Quarter of 2016 and Subsequent Events Significant Transactions Dispositions In April 2016, a Company co-investment, BEXAEW, LLC, sold Canyon Creek, a 200 unit apartment community, located in Northridge, CA for $53.5 million. The Company's share of the gain on sale was $5.6 million, which the Company recorded in the statement of income and comprehensive income as equity income in co-investments. BEXAEW, LLC used $26.3 million of proceeds to repay the loan on the property. The Company has a 50% ownership interest in the BEXAEW, LLC joint venture. Preferred Equity Investments In May 2016, the Company made a $23.7 million preferred equity investment in a limited liability company that owns 624 Yale, a 206 apartment home community development project located in Seattle, WA. This investment is scheduled to mature in November 2020 and will accrue interest based on a 10.0% compounded preferred return for the first 30 months, after which the rate may drop to 8.0% if certain loan-to-value thresholds are met. Series H Cumulative Redeemable Preferred Stock Redemption In April 2016, the Company redeemed all of the issued and outstanding 2,950,000 shares of the Company's 7.125% Series H Cumulative Redeemable Preferred Stock for $25.00 per share for $73.8 million in cash. As the notice of redemption was given in March 2016, the $2.5 million excess of redemption value over carrying value was recorded as a charge to net income attributable to common stockholders for the quarter ended March 31, 2016. Issuance of Unsecured Debt In April 2016, the Company issued $450 million of 3.375% senior unsecured notes that mature in April 2026. The interest is paid semi-annually in arrears on April 15 and October 15 of each year, commencing on October 15, 2016 until the maturity date of April 15, 2026. The Company used the net proceeds of this offering to repay indebtedness under its unsecured lines of credit and for other general corporate and working capital purposes.

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