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v3.24.2

Significant Transactions During the Six Months Ended June 30, 2024 and Subsequent Events (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended
--- | --- | --- | ---
Jul. 31, 2024 USD ($) apartment | May 31, 2024 USD ($) apartment | Apr. 30, 2024 USD ($) apartment | Mar. 31, 2024 USD ($) apartment community | Aug. 31, 2022 USD ($) community | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($)
Other Commitments [Line Items] |  |  |  |  |  |  |  |  |
Gain on remeasurement of co-investment |  |  |  |  |  | $ 0 | $ 0 | $ 138,326,000 | $ 0
Income (Loss) from Equity Method Investments |  |  |  |  |  | 9,652,000 | 12,237,000 | 22,018,000 | 23,108,000
Proceeds from dispositions of co-investments |  | $ 10,300,000 |  |  |  |  |  |  |
Preferred return rate |  | 12.00% |  |  |  |  |  |  |
Subsequent Event |  |  |  |  |  |  |  |  |
Other Commitments [Line Items] |  |  |  |  |  |  |  |  |
Proceeds from debt repayment | $ 40,100,000 |  |  |  |  |  |  |  |
Essex Portfolio, L.P. |  |  |  |  |  |  |  |  |
Other Commitments [Line Items] |  |  |  |  |  |  |  |  |
Gain on remeasurement of co-investment |  |  |  |  |  | 0 | 0 | 138,326,000 | 0
Income (Loss) from Equity Method Investments |  |  |  |  |  | $ 9,652,000 | $ 12,237,000 | $ 22,018,000 | $ 23,108,000
Senior Notes |  |  |  |  |  |  |  |  |
Other Commitments [Line Items] |  |  |  |  |  |  |  |  |
Debt instrument, repaid, principal |  | $ 400,000,000 |  |  |  |  |  |  |
Unsecured Bonds 5.500%, Due April 2034 | Bonds public offering - fixed rate, net | Essex Portfolio, L.P. |  |  |  |  |  |  |  |  |
Other Commitments [Line Items] |  |  |  |  |  |  |  |  |
Debt instrument face amount |  |  |  | $ 350,000,000 |  |  |  |  |
Interest rate |  |  |  | 5.50% |  |  |  |  |
Debt instrument, debt offering price, percentage of principal |  |  |  | 99.752% |  |  |  |  |
Related Party |  |  |  |  |  |  |  |  |
Other Commitments [Line Items] |  |  |  |  |  |  |  |  |
Number of communities owned | community |  |  |  |  | 3 |  |  |  |
Notes receivable |  |  |  |  | $ 11,200,000 |  |  |  |
Notes receivable, interest rate |  |  |  |  | 9.50% |  |  |  |
Related Party Bridge Loan On Property Acquired By BEX II | Related Party |  |  |  |  |  |  |  |  |
Other Commitments [Line Items] |  |  |  |  |  |  |  |  |
Notes receivable |  |  | $ 53,600,000 | $ 53,600,000 |  |  |  |  |
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] |  |  | Secured Overnight Financing Rate (SOFR) [Member] |  |  |  |  |  |
Notes receivable, interest rate |  |  | 1.50% |  |  |  |  |  |
Apartment Building | Regency Palm Court and Windsor Court |  |  |  |  |  |  |  |  |
Other Commitments [Line Items] |  |  |  |  |  |  |  |  |
Gain on remeasurement of co-investment |  |  |  | $ 138,300,000 |  |  |  |  |
BEXAEW LLC |  |  |  |  |  |  |  |  |
Other Commitments [Line Items] |  |  |  |  |  |  |  |  |
Number of units acquired | apartment |  |  |  | 1,480 |  |  |  |  |
Payments to acquire real estate |  |  |  | $ 505,000,000 |  |  |  |  |
Debt instrument, repaid, principal |  |  |  | $ 219,900,000 |  |  |  |  |
Number of communities owned | community |  |  |  | 4 |  |  |  |  |
Income (Loss) from Equity Method Investments |  |  |  | $ 1,500,000 |  |  |  |  |
BEXAEW LLC | Related Party Bridge Loan On Property Acquired By BEX II | Related Party |  |  |  |  |  |  |  |  |
Other Commitments [Line Items] |  |  |  |  |  |  |  |  |
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] |  |  |  | Secured Overnight Financing Rate (SOFR) [Member] |  |  |  |  |
Notes receivable, interest rate |  |  |  | 1.50% |  |  |  |  |
Patina at Midtown | Subsequent Event |  |  |  |  |  |  |  |  |
Other Commitments [Line Items] |  |  |  |  |  |  |  |  |
Debt instrument, repaid, principal | $ 95,000,000 |  |  |  |  |  |  |  |
Joint venture ownership percent | 49.90% |  |  |  |  |  |  |  |
Number of units | apartment | 269 |  |  |  |  |  |  |  |
Total purchase price | $ 117,000,000 |  |  |  |  |  |  |  |
ARLO Apartments Located in Mountain View |  |  |  |  |  |  |  |  |
Other Commitments [Line Items] |  |  |  |  |  |  |  |  |
Number of units acquired | apartment |  | 164 |  |  |  |  |  |  |
Payments to acquire real estate |  | $ 101,100,000 |  |  |  |  |  |  |
Apartment Homes Located in Sunnyvale, CA |  |  |  |  |  |  |  |  |
Other Commitments [Line Items] |  |  |  |  |  |  |  |  |
Number of units acquired | apartment |  |  | 75 |  |  |  |  |  |
Commitment to fund preferred equity investment |  |  | $ 14,700,000 |  |  |  |  |  |
Debt instrument, repaid, principal |  |  | 32,100,000 |  |  |  |  |  |
Repayments of secured debt |  |  | $ 46,600,000 |  |  |  |  |  |
Membership Interest in BEXAEW |  |  |  |  |  |  |  |  |
Other Commitments [Line Items] |  |  |  |  |  |  |  |  |
Number of units acquired | apartment |  |  |  | 1,480 |  |  |  |  |
Membership Interest in BEXAEW | BEXAEW LLC |  |  |  |  |  |  |  |  |
Other Commitments [Line Items] |  |  |  |  |  |  |  |  |
Joint venture ownership percent |  |  |  | 49.90% |  |  |  |  |

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