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Significant Transactions During the Six Months Ended June 30, 2025 and Subsequent Events (Tables) | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Acquired Real Estate Investments | The table below summarizes acquisition activity for the six months ended June 30, 2025 ($ in millions):
Property Name |  | Location |  | Date |  | Apartment Homes |  | Contract Price at Pro Rata Share |
The Plaza |  | CA |  | Jan-25 |  | 307 |  | $ | 161.4 |  |
One Hundred Grand |  | CA |  | Feb-25 |  | 166 |  | 105.3 |  | (1)
ROEN Menlo Park |  | CA |  | Feb-25 |  | 146 |  | 78.8 |  |
Revere Campbell |  | CA |  | May-25 |  | 168 |  | 118.0 |  | (1)
The Parc at Pruneyard |  | CA |  | May-25 |  | 252 |  | 122.5 |  |
Total acquisitions |  |  |  | 1,039 |  | $ | 586.0 |  |
(1) One Hundred Grand and Revere Campbell replaced Highridge, an apartment community owned by DownREIT entities that are consolidated by the Company, within the DownREIT structures of those entities pursuant to the like-kind exchange rules under Section 1031 of the Internal Revenue Code of 1986, as amended (“Section 1031 Exchange”).
Schedule of Sales Of Real Estate Investments | The table below summarizes disposition activity for the six months ended June 30, 2025 ($ in millions):
Property Name |  | Location |  | Date |  | Apartment Homes |  | Sale Price at Pro Rata Share |
Highridge |  | CA |  | Feb-25 |  | 255 |  | $ | 127.0 |  | (1)
Essex Skyline |  | CA |  | Apr-25 |  | 350 |  | 239.6 | (2)
Total dispositions |  |  |  | 605 |  | $ | 366.6 |  |
(1) Highridge, an apartment community owned by DownREIT entities that are consolidated by the Company, was replaced by One Hundred Grand and Revere Campbell within the DownREIT structures of those entities pursuant to a Section 1031 Exchange. The Company recognized a $111.0 million gain on sale of real estate and land in the condensed consolidated statements of income and comprehensive income. In conjunction with the sale, $69.6 million in debt associated with the property was paid off and the Company recorded a $0.8 million loss on early extinguishment of debt. (2) The Company recognized a $126.2 million gain on sale in the condensed consolidated statements of income and comprehensive income.

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