Significant Transactions During the Second Quarter of 2012 and Subsequent Events	6 Months Ended
Jun. 30, 2012
Significant Transactions During the Second Quarter of 2012 and Subsequent Events [Abstract]
Significant Transactions During the Second Quarter of 2012 and Subsequent Events [Text Block]	(2) Significant Transactions During the Second Quarter of 2012 and Subsequent Events Acquisitions In April, the Company purchased the joint venture partner's membership interest in the co-investment Essex Skyline at MacArthur Place, a 349-unit premier high-rise apartment community containing luxury amenities located in Santa Ana, California, for a total purchase price of $85.0 million. During the second quarter, the Company recorded promote income of $2.3 million included in interest and other income on the condensed consolidated statements of operations, earned as a result of achieving certain performance hurdles as defined in the joint venture agreement. Upon the acquisition of partner's membership interest, the property was consolidated and a gain on remeasurement of the Company's co-investment interest of $21.9 million was recorded equal to the amount by which the fair value of the Company's previously owned noncontrolling interest exceeded its carrying value. The secured $80.0 million loan was repaid early as part of this transaction, and the property is now an unencumbered asset. In June, the Company purchased Park Catalina, a 90-unit property located in the Koreatown submarket of Los Angeles, California containing a mix of studio, one and two bedrooms apartments, for a total purchase price of $23.7 million. Also, at the end of June, the Company purchased The Huntington, a 276-unit property located in Huntington Beach, California containing a pool, spa, fitness center and clubhouse, for a purchase price of $48.3 million. The Company assumed a $30.3 million loan secured by the property at a fixed rate of 5.7% for seven years. The interest rate on the loan was unfavorable compared to currently available market rates for mortgage loans, and thus in conjunction with the purchase price allocation, the Company recorded a $4.3 million loan premium to reflect the debt at fair value. This results in an effective interest rate for this loan of 3.3%. In July, the Company purchased Montebello, a 248-unit property located in Kirkland, Washington, containing a mix of one, two and three bedroom units and townhomes, for a purchase price of $52.0 million from a related party entity. The Company assumed a $26.5 million mortgage loan secured by the property at a fixed rate of 5.6% for eight years. The interest rate on the loan was unfavorable compared to currently available market rates for mortgage loans, and thus in conjunction with the purchase price allocation, the Company is expected to record a $4.1 million loan premium to reflect the debt at fair value. This resulted in an effective interest rate for this loan of 3.1%. Development In April, the Company acquired an entity that owns a land parcel in Emeryville, California for the development of a 190-unit apartment and total estimated costs of $58.2 million. Initial occupancy is expected in the third quarter of 2014. In June, the Company in a co-investment partnership with the Canada Pension Plan Investment Board ("CPPIB"), acquired two adjacent land parcels in San Francisco, California for the development of two nine story apartment communities containing a total of 463 units and approximately 9,300 square feet of retail space. The Company expects initial occupancy in the second quarter of 2014 for a total estimated cost of $250 million. The Company holds a 55% noncontrolling interest in the venture and will earn customary management fees and may earn a promoted interest if certain performance hurdles as defined in the joint venture agreement are achieved. In July, the Company entered into an agreement to purchase a 121-unit community under construction in Valley Village a district of Los Angeles, California. The Company made a $1.0 million deposit and will take ownership of the property upon receipt of a temporary certificate of occupancy for total estimated costs of $37.6 million, which is expected in the first quarter of 2014. Co-investments In early July, the Company made a $14.0 million preferred equity investment in a related party entity that owns an apartment community located in Cupertino, California. The investment has a preferred return of 9.5% and matures in May 2016. The Company will invest an additional $4.0 million in preferred equity to fund renovation costs. Common Stock During the second quarter, the Company sold 920,281 shares of common stock for $139.4 million, net of commissions, at an average per share price of $152.94. Year to date through July, the Company has sold 1,769,989 shares of common stock for $268.2 million, net of commissions, at an average price of $153.01. Mortgage Notes Payable During late June, the Company repaid $137.7 million in secured mortgage loans with a weighted average interest rate of 5.6% related to eight communities with the net proceeds from the unsecured note offering announced in March 2012. Also, the $80.0 million Essex Skyline secured loan was repaid in April. The Company incurred $1.5 million in losses from early retirement of debt, and these nine communities are now unencumbered assets. Unsecured Term Loan In July, the Company increased the capacity of its five-year, $200 million unsecured term loan to $350 million, and the tiered pricing structure was reduced from LIBOR + 142.5 basis points to LIBOR + 130 basis points. The $150 million of additional funds can be drawn between August and December 31, 2012. Unsecured Line of Credit In May, the Company amended its $425 million unsecured revolving credit facility by increasing the borrowing capacity to $500 million. The amended facility, which matures in December 2015, contains two one-year extension options and an accordion feature that allows the Company to borrow up to $600 million. Based on the Company's current BBB credit rating, the facility carries an interest rate of LIBOR + 120 basis points and a facility fee of 20 basis points. Interest Rate Swaps During the second quarter, the Company entered into interest rate swap contracts with an aggregate notional amount of $125 million. The first $50 million notional amount effectively converted the interest rate on the remaining $50 million of the $200 million term loan originated the in fourth quarter of 2011 to a fixed rate of 2.46%. The remaining $75 million notional amount effectively fixed $75 million of the Company's unsecured line of credit at 2.2%.

(2) Significant Transactions During the Second Quarter of 2012 and Subsequent Events

Acquisitions

In April, the Company purchased the joint venture partner's membership interest in the co-investment Essex Skyline at MacArthur Place, a 349-unit premier high-rise apartment community containing luxury amenities located in Santa Ana, California, for a total purchase price of $85.0 million. During the second quarter, the Company recorded promote income of $2.3 million included in interest and other income on the condensed consolidated statements of operations, earned as a result of achieving certain performance hurdles as defined in the joint venture agreement. Upon the acquisition of partner's membership interest, the property was consolidated and a gain on remeasurement of the Company's co-investment interest of $21.9 million was recorded equal to the amount by which the fair value of the Company's previously owned noncontrolling interest exceeded its carrying value. The secured $80.0 million loan was repaid early as part of this transaction, and the property is now an unencumbered asset.

In June, the Company purchased Park Catalina, a 90-unit property located in the Koreatown submarket of Los Angeles, California containing a mix of studio, one and two bedrooms apartments, for a total purchase price of $23.7 million. Also, at the end of June, the Company purchased The Huntington, a 276-unit property located in Huntington Beach, California containing a pool, spa, fitness center and clubhouse, for a purchase price of $48.3 million. The Company assumed a $30.3 million loan secured by the property at a fixed rate of 5.7% for seven years. The interest rate on the loan was unfavorable compared to currently available market rates for mortgage loans, and thus in conjunction with the purchase price allocation, the Company recorded a $4.3 million loan premium to reflect the debt at fair value. This results in an effective interest rate for this loan of 3.3%.

In July, the Company purchased Montebello, a 248-unit property located in Kirkland, Washington, containing a mix of one, two and three bedroom units and townhomes, for a purchase price of $52.0 million from a related party entity. The Company assumed a $26.5 million mortgage loan secured by the property at a fixed rate of 5.6% for eight years. The interest rate on the loan was unfavorable compared to currently available market rates for mortgage loans, and thus in conjunction with the purchase price allocation, the Company is expected to record a $4.1 million loan premium to reflect the debt at fair value. This resulted in an effective interest rate for this loan of 3.1%.

Development

In April, the Company acquired an entity that owns a land parcel in Emeryville, California for the development of a 190-unit apartment and total estimated costs of $58.2 million. Initial occupancy is expected in the third quarter of 2014.

In June, the Company in a co-investment partnership with the Canada Pension Plan Investment Board ("CPPIB"), acquired two adjacent land parcels in San Francisco, California for the development of two nine story apartment communities containing a total of 463 units and approximately 9,300 square feet of retail space. The Company expects initial occupancy in the second quarter of 2014 for a total estimated cost of $250 million. The Company holds a 55% noncontrolling interest in the venture and will earn customary management fees and may earn a promoted interest if certain performance hurdles as defined in the joint venture agreement are achieved.

In July, the Company entered into an agreement to purchase a 121-unit community under construction in Valley Village a district of Los Angeles, California. The Company made a $1.0 million deposit and will take ownership of the property upon receipt of a temporary certificate of occupancy for total estimated costs of $37.6 million, which is expected in the first quarter of 2014.

Co-investments

In early July, the Company made a $14.0 million preferred equity investment in a related party entity that owns an apartment community located in Cupertino, California. The investment has a preferred return of 9.5% and matures in May 2016. The Company will invest an additional $4.0 million in preferred equity to fund renovation costs.

Common Stock

During the second quarter, the Company sold 920,281 shares of common stock for $139.4 million, net of commissions, at an average per share price of $152.94. Year to date through July, the Company has sold 1,769,989 shares of common stock for $268.2 million, net of commissions, at an average price of $153.01.

Mortgage Notes Payable

During late June, the Company repaid $137.7 million in secured mortgage loans with a weighted average interest rate of 5.6% related to eight communities with the net proceeds from the unsecured note offering announced in March 2012. Also, the $80.0 million Essex Skyline secured loan was repaid in April. The Company incurred $1.5 million in losses from early retirement of debt, and these nine communities are now unencumbered assets.

Unsecured Term Loan

In July, the Company increased the capacity of its five-year, $200 million unsecured term loan to $350 million, and the tiered pricing structure was reduced from LIBOR + 142.5 basis points to LIBOR + 130 basis points. The $150 million of additional funds can be drawn between August and December 31, 2012.

Unsecured Line of Credit

In May, the Company amended its $425 million unsecured revolving credit facility by increasing the borrowing capacity to $500 million. The amended facility, which matures in December 2015, contains two one-year extension options and an accordion feature that allows the Company to borrow up to $600 million. Based on the Company's current BBB credit rating, the facility carries an interest rate of LIBOR + 120 basis points and a facility fee of 20 basis points.

Interest Rate Swaps

During the second quarter, the Company entered into interest rate swap contracts with an aggregate notional amount of $125 million. The first $50 million notional amount effectively converted the interest rate on the remaining $50 million of the $200 million term loan originated the in fourth quarter of 2011 to a fixed rate of 2.46%. The remaining $75 million notional amount effectively fixed $75 million of the Company's unsecured line of credit at 2.2%.