Significant Transactions During the First Quarter of 2015 and Subsequent Events	3 Months Ended
Mar. 31, 2015
Significant Transactions During the First Quarter of 2015 and Subsequent Events [Abstract]
Significant Transactions During the First Quarter of 2015 and Subsequent Events	Significant Transactions During the First Quarter of 2015 and Subsequent Events Significant Transactions Acquisitions In February 2015, the Company formed a joint venture, Block 9 Residential, LLC ("500 Folsom"), to purchase a land parcel located at the intersection of Folsom and First Streets in downtown San Francisco, CA for a contract price of $43.6 million. The site is located near the Transbay Terminal transportation hub, which is currently under construction. 500 Folsom plans to develop a forty-two story apartment community comprising 545 homes and 5,900 square feet of ground floor retail space. The Company has an approximately 50% interest in the joint venture. In February 2015, the Company acquired 8th and Hope, a 290 unit community in Los Angeles, CA for $200 million. The property was completed in 2014 and has approximately 4,000 square feet of ground floor retail space. In March 2015, the Company acquired Station Park Green, a parcel of land located in San Mateo, CA for a contract price of $67.0 million. The Company plans to develop an apartment community comprising 599 homes and approximately 35,000 square feet of office and retail space. In March 2015, the Company acquired an additional 50% interest in The Huxley and The Dylan communities, located in Los Angeles, CA, for a contract price of $100.1 million. As a result of the acquisition, the properties and related debt are now consolidated and the Company recorded a $21.4 million gain to remeasure the Company’s investment in the co-investments to fair value. Dispositions In January 2015, the Company sold Pinnacle South Mountain, a 552 unit community located in Phoenix, AZ for gross proceeds of $63.8 million and a net gain of $4.7 million. Issuance of Unsecured Debt In March 2015, the Company issued $500.0 million of 3.50% senior unsecured notes that mature in April 1 2025. The interest is payable semi-annually in arrears on April 1 and October 1 of each year, commencing October 1, 2015 until the maturity date in April 2025. The Company used the net proceeds of this offering to repay indebtedness under the Company’s $1.0 billion unsecured line of credit facility, its $25.0 million unsecured working capital line and for other general corporate purposes. Common Stock During the first quarter, the Company issued 822,071 shares of common stock, through our equity distribution program, at an average price of $225.51 for net proceeds of $184.2 million. Subsequent Events Subsequent to quarter end, the Company purchased the joint venture partners 49.5% interest in Reveal, from the Wesco I, LLC co-investment, for a contract price of $73.0 million. Reveal has 438 apartment homes located in Woodland Hills, CA. Starting in the second quarter of 2015, the property will be consolidated. During the second quarter through May 4, 2015, the Company sold 34,125 shares of common stock for $7.8 million, net of fees and commissions, at an average price of $229.50.

Significant Transactions During the First Quarter of 2015 and Subsequent Events

Significant Transactions

Acquisitions

In February 2015, the Company formed a joint venture, Block 9 Residential, LLC ("500 Folsom"), to purchase a land parcel located at the intersection of Folsom and First Streets in downtown San Francisco, CA for a contract price of $43.6 million. The site is located near the Transbay Terminal transportation hub, which is currently under construction. 500 Folsom plans to develop a forty-two story apartment community comprising 545 homes and 5,900 square feet of ground floor retail space. The Company has an approximately 50% interest in the joint venture.

In February 2015, the Company acquired 8th and Hope, a 290 unit community in Los Angeles, CA for $200 million. The property was completed in 2014 and has approximately 4,000 square feet of ground floor retail space.

In March 2015, the Company acquired Station Park Green, a parcel of land located in San Mateo, CA for a contract price of $67.0 million. The Company plans to develop an apartment community comprising 599 homes and approximately 35,000 square feet of office and retail space.

In March 2015, the Company acquired an additional 50% interest in The Huxley and The Dylan communities, located in Los Angeles, CA, for a contract price of $100.1 million. As a result of the acquisition, the properties and related debt are now consolidated and the Company recorded a $21.4 million gain to remeasure the Company’s investment in the co-investments to fair value.

Dispositions

In January 2015, the Company sold Pinnacle South Mountain, a 552 unit community located in Phoenix, AZ for gross proceeds of $63.8 million and a net gain of $4.7 million.

Issuance of Unsecured Debt

In March 2015, the Company issued $500.0 million of 3.50% senior unsecured notes that mature in April 1 2025. The interest is payable semi-annually in arrears on April 1 and October 1 of each year, commencing October 1, 2015 until the maturity date in April 2025. The Company used the net proceeds of this offering to repay indebtedness under the Company’s $1.0 billion unsecured line of credit facility, its $25.0 million unsecured working capital line and for other general corporate purposes.

Common Stock

During the first quarter, the Company issued 822,071 shares of common stock, through our equity distribution program, at an average price of $225.51 for net proceeds of $184.2 million.

Subsequent Events

Subsequent to quarter end, the Company purchased the joint venture partners 49.5% interest in Reveal, from the Wesco I, LLC co-investment, for a contract price of $73.0 million. Reveal has 438 apartment homes located in Woodland Hills, CA. Starting in the second quarter of 2015, the property will be consolidated.

During the second quarter through May 4, 2015, the Company sold 34,125 shares of common stock for $7.8 million, net of fees and commissions, at an average price of $229.50.