Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2012

Schedule Of Equity And Cost Method Investments [Line Items]

Purchases/sale of communities

During the fourth quarter 2012, Fund II sold seven communities for gross proceeds of $413.0 million, consisting of the following communities ($ in thousands):

Communities	Location	Purchase Price		Units
Parcwood	Corona, CA	$	42,200		312
Regency Tower	Oakland, CA		31,000		178
Studio 40-41	Studio City, CA		56,300		149
Tower @ 801	Seattle, WA		50,100		173
Cielo	Chatsworth, CA		33,100		119
Echo Ridge	Snoqualmie, WA		26,500		120
The Enclave	San Jose, CA		173,750		637
Total 2012 sales		$	412,950		1,688

Joint venture developments

The following are the CPPIB development joint ventures:

		Ownership			Estimated		Construction
Development Projects - CPPIB Joint Venture	Location	%	Units		Total Cost		Start
Epic -  Phase I and II	San Jose, CA	55%		569	$	191.6	Aug-11
Connolly Station (fka Linc)	Dublin, CA	55%		309		94.5	Aug-11
Folsom and Fifth	San Francisco, CA	55%		463		250.0	Jun-12
Elkhorn	San Mateo, CA	55%		197		76.1	Aug-12
Total - CPPIB Joint Venture Development Projects				1,538	$	612.2

Investments in Joint Ventures Accounted for under the Equity Method and Preferred Stock Accounted for under the Cost Method

	2012		2011
Investments in joint ventures accounted for under the equity method of accounting:
Membership interest in Wesco I	$	143,874	$	75,588
Partnership interest in Fund II		53,601		64,294
Membership interest in Wesco III		9,941		-
Membership interest in a limited liability company that owns Essex Skyline at MacArthur Place		-		24,063
Total operating co-investments		207,416		163,945
Membership interests in limited liability companies that own and are developing Epic, Connolly Station, Folsom and Fifth, and Elkhorn		186,362		62,897
Membership interest in a limited liability company that owns and is developing Expo		18,752		17,981
Membership interests in limited liability companies that own and are developing The Huxley and The Dylan		16,552		15,194
Total development co-investments		221,666		96,072
Membership interest in Wesco II that owns a preferred equity interest in Parkmerced with a perferred return of 10.1%		91,843		88,075
Preferred interests in limited liability companies that own apartment communities in downtown Los Angeles with preferred returns of 9% and 10%		22,807		22,792
Preferred interests in related party limited liability company that owns Sage at Cupertino with a preferred return of  9.5%		14,438		-
Preferred interest in a related party limited liability company that owns Madison Park at Anaheim with a preferred return of 13%		13,175		12,528
Total preferred interest investments		142,263		123,395
Total co-investments	$	571,345	$	383,412

Combined Financial Information of Co-investments Accounted for under the Equity Method

The combined summarized financial information of co-investments, which are accounted for under the equity method, is as follows ($ in thousands):

	December 31,
	2012		2011
Balance sheets:
Rental properties and real estate under development	$	1,745,147	$	1,659,078
Other assets		168,061		63,847
Total assets	$	1,913,208	$	1,722,925
Debt	$	820,895	$	900,095
Other liabilities		91,922		48,518
Equity		1,000,391		774,312
Total liabilities and partners' equity	$	1,913,208	$	1,722,925
Company's share of equity	$	571,345	$	383,412

	Years ended
	December 31,
	2012			2011			2010
Statements of operations:
Property revenues	$	130,128		$	106,386		$	54,699
Property operating expenses		(55,990	)		(43,066	)		(24,098	)
Net operating income		74,138			63,320			30,601
Gain on sale of real estate		106,016			-			-
Interest expense		(34,959	)		(27,843	)		(13,619	)
General and administrative		(3,697	)		(1,748	)		(709	)
Depreciation and amortization		(47,917	)		(44,412	)		(20,850	)
Net income (loss)	$	93,581		$	(10,683	)	$	(4,577	)
Company's share of net income (loss)	$	41,745		$	(467	)	$	(1,715	)

Wesco I LLC [Member]

Schedule Of Equity And Cost Method Investments [Line Items]

Purchases/sale of communities

For the year ended December 31, 2011, the Company purchased five communities for approximately $103.3 million, consisting of the following communities ($ in thousands):

Communities	Location	Purchase Price		Units
Delano	Redmond, WA	$	14,100		66
Bernard	Seattle, WA		13,800		63
Bellerive	Los Angeles, CA		27,000		63
Santee Village	Los Angeles, CA		17,000		73
1000 Kiely	Santa Clara, CA		31,400		121
Total 2011 purchases		$	103,300		386

Essex Apartment Value Fund II, L.P. Fund II [Member]

Schedule Of Equity And Cost Method Investments [Line Items]

Purchases/sale of communities

For the year ended December 31, 2011, the Company purchased five communities under the Wesco I joint venture for approximately $429.2 million, consisting of the following communities ($ in thousands):

Communities	Location	Purchase Price		Units
Arbors Parc Rose	Oxnard, CA	$	92,000		373
Redmond Hill	Redmond, WA		151,300		882
Reveal	Woodland Hills, CA		132,900		438
Briarwood	Fremont, CA		27,800		160
The Woods	Fremont, CA		25,200		160
Total 2011 purchases		$	429,200		2,013