XML 66 R33.htm IDEA: XBRL DOCUMENT v3.19.3
Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details 2) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
Aug. 31, 2019
May 31, 2019
Apr. 30, 2019
Mar. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Dec. 31, 2018
Sep. 30, 2018
Notes Payable, Unsecured Notes and Credit Facility                
Cash in escrow         $ 88,329,000   $ 126,205,000 $ 225,704,000
Net carrying value of apartment communities and improved land parcels securing debt         1,693,511,000      
Unsecured Notes 3.30 Percent [Domain]                
Notes Payable, Unsecured Notes and Credit Facility                
Debt Instrument, Face Amount           $ 450,000,000    
Proceeds from Issuance of Debt   $ 446,877,000            
Notes Payable Maturities 2029 [Member] | Secured Debt [Member]                
Notes Payable, Unsecured Notes and Credit Facility                
Debt Instrument, Face Amount         $ 30,250,000      
Current interest rate (as a percent)         3.26%      
Notes Payable Maturities 2029 [Member] | Unsecured notes                
Notes Payable, Unsecured Notes and Credit Facility                
Debt Instrument, Interest Rate, Stated Percentage         3.30%      
Variable Rate Unsecured Term Loan $250 Million [Member] | Unsecured notes                
Notes Payable, Unsecured Notes and Credit Facility                
Debt Instrument, Face Amount       $ 250,000,000        
Variable Rate Unsecured Term Loan $100 Million | Unsecured notes                
Notes Payable, Unsecured Notes and Credit Facility                
Debt Instrument, Face Amount       $ 100,000,000        
Variable Rate Unsecured Term Loan $100 Million | LIBOR | Unsecured notes                
Notes Payable, Unsecured Notes and Credit Facility                
Debt instrument, basis spread on variable rate (as a percent)       0.90% 0.90%      
Variable Rate Unsecured Term Loan $150 Million | Unsecured notes                
Notes Payable, Unsecured Notes and Credit Facility                
Debt Instrument, Face Amount       $ 150,000,000        
Variable Rate Unsecured Term Loan $150 Million | LIBOR | Unsecured notes                
Notes Payable, Unsecured Notes and Credit Facility                
Debt instrument, basis spread on variable rate (as a percent)         0.85%      
Unsecured Notes 3.30 Percent [Domain] | Unsecured notes                
Notes Payable, Unsecured Notes and Credit Facility                
Debt Instrument, Interest Rate, Stated Percentage           3.30%    
Current interest rate (as a percent)           3.66%    
Line of Credit [Member]                
Notes Payable, Unsecured Notes and Credit Facility                
Available borrowing capacity         $ 1,750,000,000   1,500,000,000  
Percent of Credit Facility Available to Competitive Bid Option         65.00%      
Annual facility fee, percentage         0.125%      
Annual facility fee         $ 2,188,000      
Outstanding balance of letters of credit         $ 17,813,000   $ 39,810,000  
Line of Credit [Member] | LIBOR                
Notes Payable, Unsecured Notes and Credit Facility                
Debt instrument, basis spread on variable rate (as a percent)         0.775%      
Current interest rate (as a percent)         2.79%      
Other Letter of Credit [Member]                
Notes Payable, Unsecured Notes and Credit Facility                
Outstanding balance of letters of credit         $ 18,964,000      
Fixed Rate Mortgage Notes Payable [Member]                
Notes Payable, Unsecured Notes and Credit Facility                
Weighted average interest rate, debt (as a percent)         3.80%   3.80%  
Variable Rate Mortgage Notes Payable Unsecured Term Loan and Credit Facility [Member]                
Notes Payable, Unsecured Notes and Credit Facility                
Weighted average interest rate, debt (as a percent)         3.20%   3.40%  
Minimum | Variable Rate Unsecured Term Loan $150 Million | LIBOR | Unsecured notes                
Notes Payable, Unsecured Notes and Credit Facility                
Debt instrument, basis spread on variable rate (as a percent)       0.85%        
Minimum | Line of Credit [Member] | LIBOR                
Notes Payable, Unsecured Notes and Credit Facility                
Debt instrument, basis spread on variable rate (as a percent)         0.70%      
Maximum | Variable Rate Unsecured Term Loan $150 Million | LIBOR | Unsecured notes                
Notes Payable, Unsecured Notes and Credit Facility                
Debt instrument, basis spread on variable rate (as a percent)       1.50%        
Maximum | Line of Credit [Member] | LIBOR                
Notes Payable, Unsecured Notes and Credit Facility                
Debt instrument, basis spread on variable rate (as a percent)         1.45%      
Avalon Natick [Member] | Notes Payable Maturities 2019, Fixed Rate [Member] | Secured Debt [Member]                
Notes Payable, Unsecured Notes and Credit Facility                
Repayments of Secured Debt     $ 13,363,000          
Avalon Natick [Member] | Notes Payable Maturities 2019, Variable Rate [Member] | Secured Debt [Member]                
Notes Payable, Unsecured Notes and Credit Facility                
Repayments of Secured Debt     $ 33,854,000          
Eaves Mission Viejo [Member]                
Notes Payable, Unsecured Notes and Credit Facility                
Cash in escrow           $ 3,706,000    
Eaves Mission Viejo [Member] | Notes Payable Maturities 2025 | Secured Debt [Member]                
Notes Payable, Unsecured Notes and Credit Facility                
Repayments of Secured Debt   7,635,000            
AVA Nob Hill [Member]                
Notes Payable, Unsecured Notes and Credit Facility                
Cash in escrow           10,584,000    
AVA Nob Hill [Member] | Notes Payable Maturities 2025 | Secured Debt [Member]                
Notes Payable, Unsecured Notes and Credit Facility                
Repayments of Secured Debt   20,800,000            
Avalon Campbell [Member]                
Notes Payable, Unsecured Notes and Credit Facility                
Cash in escrow           22,622,000    
Avalon Campbell [Member] | Notes Payable Maturities 2025 | Secured Debt [Member]                
Notes Payable, Unsecured Notes and Credit Facility                
Repayments of Secured Debt   38,800,000            
Eaves Pacifica [Member]                
Notes Payable, Unsecured Notes and Credit Facility                
Cash in escrow           $ 10,263,000    
Eaves Pacifica [Member] | Notes Payable Maturities 2025 | Secured Debt [Member]                
Notes Payable, Unsecured Notes and Credit Facility                
Repayments of Secured Debt   $ 17,600,000            
Archstone Lexington [Member] | Notes Payable Maturities 2020 [Member] | Secured Debt [Member]                
Notes Payable, Unsecured Notes and Credit Facility                
Repayments of Secured Debt $ 21,700,000