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Significant Transactions During the Second Quarter of 2017 and Subsequent Event | 6 Months Ended
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Jun. 30, 2017
Business Combinations [Abstract] |
Significant Transactions During the Second Quarter of 2017 and Subsequent Event | Significant Transactions During the Second Quarter of 2017 and Subsequent Event Significant Transactions Preferred Equity Investment In April 2017, the Company received cash of $12.6 million from the partial redemption of a preferred equity investment in a joint venture that holds a property located in Seattle, WA. The Company recorded a reduction of $12.4 million in its preferred equity investment. The Company recognized a gain of $0.2 million as a result of this early redemption, which is included in equity income from co-investments in the condensed consolidated statement of income and comprehensive income. Notes Receivable In May 2017, the Company made a commitment to fund a mezzanine loan of $13.2 million to a limited liability company that owns Jefferson Stadium Park Apartments, a development project located in Anaheim, CA. The investment will initially accrue interest based on a 10.0% compounded return. This investment is scheduled to mature in May 2021. As of June 30, 2017, the Company had funded $4.0 million of the $13.2 million commitment. Senior Unsecured Debt In April 2017, the Company issued $350 million of 10-year 3.625% senior unsecured notes. The interest is paid semi-annually in arrears on May 1 and November 1 of each year commencing on November 1, 2017 until the maturity date of May 1, 2027. 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. Common Stock During the second quarter of 2017, the Company issued 311,873 shares of common stock, through our equity distribution program at an average price of $260.30 per share for net proceeds of $80.6 million. Subsequent to quarter end through July 27, 2017, the Company did no t sell any additional shares of common stock through its equity distribution program or through other means. Subsequent Events In July 2017, the Company repaid $40.0 million in private placement bonds with a coupon rate of 4.5% and a stated maturity date of September 2017. In July 2017, the Company made a commitment to fund an $11.9 million preferred equity investment in a multifamily development project located in Seattle, WA with an 11.0% initial preferred return and a July 2020 maturity date.

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