Significant Transactions During the First Quarter of 2014 and Subsequent Events	3 Months Ended
Mar. 31, 2014
Significant Transactions During the First Quarter of 2014 and Subsequent Events [Abstract]
Significant Transactions During the First Quarter of 2014 and Subsequent Events	(2) Significant Transactions During the First Quarter of 2014 and Subsequent Events Acquisitions In March 2014, the Company purchased Avery, a 121-unit apartment community located in Valley Village, California, for a total purchase price of $35.0 million. In May 2014, the Company acquired Piedmont Apartments for $76.8 million. The 396 unit community was built in 1969 and subsequently renovated in 1997 and 2005. The Company assumed a $44.8 million mortgage loan secured by the property at a fixed rate of 5.6% for a remaining term of 3 years. The property is located in the East Bellevue submarket of Seattle. Dispositions In March 2014, Essex Apartment Value Fund II, L.P. (“Fund II”) sold one of the two remaining communities owned by Fund II for $23.8 million which resulted in a gain of $11.4 million. The Company has a 28.2% ownership stake in Fund II and received a promote income allocation of $3.8 million which is included within equity income from co-investments in the accompanying condensed consolidated statement of income for the three months ended March 31, 2014. The remaining Fund II property is expected to be sold in 2014. Common Stock During the first quarter of 2014, the Company issued 958,055 shares of common stock, through our equity distribution program, at an average share price of $166.24 for proceeds of $157.6 million, net of fees and commissions. During the second quarter of 2014 through May 8, 2014, Essex has issued 197,600 shares of common stock at an average price of $171.62 for proceeds of $33.7 million, net of fees and commissions. Unsecured Bond Offering In April 2014, the Company issued $400 million aggregate principal amount of its 3.875% Senior Notes due 2024 (the 2024 Notes). The net proceeds from the issuance of the 2024 Notes were approximately $394 million, after deducting the underwriters’ discounts and estimated offering expenses.

(2) Significant Transactions During the First Quarter of 2014 and Subsequent Events

Acquisitions

In March 2014, the Company purchased Avery, a 121-unit apartment community located in Valley Village, California, for a total purchase price of $35.0 million. In May 2014, the Company acquired Piedmont Apartments for $76.8 million. The 396 unit community was built in 1969 and subsequently renovated in 1997 and 2005. The Company assumed a $44.8 million mortgage loan secured by the property at a fixed rate of 5.6% for a remaining term of 3 years. The property is located in the East Bellevue submarket of Seattle.

Dispositions

In March 2014, Essex Apartment Value Fund II, L.P. (“Fund II”) sold one of the two remaining communities owned by Fund II for $23.8 million which resulted in a gain of $11.4 million. The Company has a 28.2% ownership stake in Fund II and received a promote income allocation of $3.8 million which is included within equity income from co-investments in the accompanying condensed consolidated statement of income for the three months ended March 31, 2014. The remaining Fund II property is expected to be sold in 2014.

Common Stock

During the first quarter of 2014, the Company issued 958,055 shares of common stock, through our equity distribution program, at an average share price of $166.24 for proceeds of $157.6 million, net of fees and commissions. During the second quarter of 2014 through May 8, 2014, Essex has issued 197,600 shares of common stock at an average price of $171.62 for proceeds of $33.7 million, net of fees and commissions.

Unsecured Bond Offering

In April 2014, the Company issued $400 million aggregate principal amount of its 3.875% Senior Notes due 2024 (the 2024 Notes). The net proceeds from the issuance of the 2024 Notes were approximately $394 million, after deducting the underwriters’ discounts and estimated offering expenses.