Significant Transactions During the First Quarter of 2016 and Subsequent Events	3 Months Ended
Mar. 31, 2016
Business Combinations [Abstract]
Significant Transactions During the First Quarter of 2016 and Subsequent Events	Significant Transactions During the First Quarter of 2016 and Subsequent Events Significant Transactions Acquisitions In January 2016, the Company acquired Mio, a 103 unit apartment community, located in San Jose, CA for $51.3 million. In March 2016, the Company acquired Form 15, a 242 apartment unit community, located in San Diego, CA for $97.4 million. In connection with this acquisition, the Company assumed $44.8 million in mortgage loans. Both properties were acquired via like kind exchange with disposition proceeds. The $148.7 million aggregate purchase price for the acquisitions listed above were included on the Company's consolidated balance sheet as follows: $35.6 million was included in land and land improvements, $112.2 million was included in buildings and improvements, and $0.9 million was recorded as acquired in-place lease value and was included in prepaid expenses and other assets in the Company's consolidated balance sheets. Dispositions In January 2016, the Company sold its former headquarters office building, located in Palo Alto, CA for $18.0 million, resulting in a gain of $9.6 million. In January 2016, a Company co-investment, BEXAEW, LLC sold The Heights, a 332 unit apartment community, located in Chino Hills, CA for $93.8 million, which resulted in a gain of $7.4 million for the Company, recorded in the statement of income as equity income in co-investments. BEXAEW, LLC used $50.3 million of proceeds to repay the loan on the property. The Company has a 50% ownership interest in the BEXAEW, LLC joint venture. In February 2016, the Company sold Harvest Park, a 104 unit apartment community, located in Santa Rosa, CA, which was owned by the Company's wholly owned taxable REIT subsidiary, for $30.5 million, resulting in a gain of $6.4 million, net of $4.3 million deferred tax on gain on sale of real estate. Preferred Equity Investments In March 2016, the Company made a commitment to fund a $47.1 million preferred equity investment in a limited liability company that owns 201 Lexington, a development located in Glendale, CA. As of March 31, 2016, $31.8 million of this commitment had been funded. This investment earns a 12.0% preferred return and is scheduled to mature in March 2020. Private Placement Bond Redemption In January 2016, the Company paid off $150.0 million in private placement unsecured bonds that had an interest rate of 4.36% and a stated maturity date of March 2016. This represented the total outstanding balance of these unsecured bonds. Subsequent Events In April 2016, the Company issued $450 million of 3.375% senior unsecured notes that mature in April 2026. The interest is paid semi-annually in arrears on April 15 and October 15 of each year, commencing on October 15, 2016 until the maturity date of April 15, 2026. 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. In April 2016, the Company redeemed all of the issued and outstanding 2,950,000 shares of the Company's 7.125% Series H Cumulative Redeemable Preferred Stock for $25.00 per share. Since the notice of redemption was given in March 2016, the preferred stock was presented at redemption value as a liability as of March 31, 2016, and the excess of redemption value over carrying value was recorded as a charge to net income attributable to common stockholders for the quarter ended March 31, 2016. In April 2016, a Company co-investment, BEXAEW, LLC, sold Canyon Creek, a 200 apartment home community, located in Northridge, CA for $53.5 million. BEXAEW, LLC used $26.3 million of proceeds to repay the loan on the property. The Company has a 50% ownership interest in the BEXAEW, LLC joint venture.

Significant Transactions During the First Quarter of 2016 and Subsequent Events

Significant Transactions

Acquisitions

In January 2016, the Company acquired Mio, a 103 unit apartment community, located in San Jose, CA for $51.3 million.

In March 2016, the Company acquired Form 15, a 242 apartment unit community, located in San Diego, CA for $97.4 million. In connection with this acquisition, the Company assumed $44.8 million in mortgage loans.

Both properties were acquired via like kind exchange with disposition proceeds.

The $148.7 million aggregate purchase price for the acquisitions listed above were included on the Company's consolidated balance sheet as follows: $35.6 million was included in land and land improvements, $112.2 million was included in buildings and improvements, and $0.9 million was recorded as acquired in-place lease value and was included in prepaid expenses and other assets in the Company's consolidated balance sheets.

Dispositions

In January 2016, the Company sold its former headquarters office building, located in Palo Alto, CA for $18.0 million, resulting in a gain of $9.6 million.

In January 2016, a Company co-investment, BEXAEW, LLC sold The Heights, a 332 unit apartment community, located in Chino Hills, CA for $93.8 million, which resulted in a gain of $7.4 million for the Company, recorded in the statement of income as equity income in co-investments. BEXAEW, LLC used $50.3 million of proceeds to repay the loan on the property. The Company has a 50% ownership interest in the BEXAEW, LLC joint venture.

In February 2016, the Company sold Harvest Park, a 104 unit apartment community, located in Santa Rosa, CA, which was owned by the Company's wholly owned taxable REIT subsidiary, for $30.5 million, resulting in a gain of $6.4 million, net of $4.3 million deferred tax on gain on sale of real estate.

Preferred Equity Investments

In March 2016, the Company made a commitment to fund a $47.1 million preferred equity investment in a limited liability company that owns 201 Lexington, a development located in Glendale, CA. As of March 31, 2016, $31.8 million of this commitment had been funded. This investment earns a 12.0% preferred return and is scheduled to mature in March 2020.

Private Placement Bond Redemption

In January 2016, the Company paid off $150.0 million in private placement unsecured bonds that had an interest rate of 4.36% and a stated maturity date of March 2016. This represented the total outstanding balance of these unsecured bonds.

Subsequent Events

In April 2016, the Company issued $450 million of 3.375% senior unsecured notes that mature in April 2026. The interest is paid semi-annually in arrears on April 15 and October 15 of each year, commencing on October 15, 2016 until the maturity date of April 15, 2026. 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.

In April 2016, the Company redeemed all of the issued and outstanding 2,950,000 shares of the Company's 7.125% Series H Cumulative Redeemable Preferred Stock for $25.00 per share. Since the notice of redemption was given in March 2016, the preferred stock was presented at redemption value as a liability as of March 31, 2016, and the excess of redemption value over carrying value was recorded as a charge to net income attributable to common stockholders for the quarter ended March 31, 2016.

In April 2016, a Company co-investment, BEXAEW, LLC, sold Canyon Creek, a 200 apartment home community, located in Northridge, CA for $53.5 million. BEXAEW, LLC used $26.3 million of proceeds to repay the loan on the property. The Company has a 50% ownership interest in the BEXAEW, LLC joint venture.