Unsecured Debt and Lines of Credit

3 Months Ended

Mar. 31, 2014

Unsecured Debt and Lines of Credit [Abstract]

(6) Unsecured Debt and Lines of Credit

Essex does not have any indebtedness as all debt is incurred by the Operating Partnership. Essex guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities for the full term of such facilities.

Unsecured debt and lines of credit consist of the following as of March 31, 2014 and December 31, 2013 ($ in thousands):

							Weighted Average
	March 31,			December 31,			Maturity
	2014			2013			In Years

Bonds private placement - fixed rate	$	465,000		$	465,000			5.0
Term loan - variable rate		350,000			350,000			2.9
Bonds public offering - fixed rate		595,162			595,023			8.7
Unsecured debt		1,410,162			1,410,023
Lines of credit		135,903			219,421			5.0
Total unsecured debt and lines of credit	$	1,546,065		$	1,629,444

Weighted average interest rate on fixed rate unsecured bonds		4.0	%		4.0	%
Weighted average interest rate on variable rate term loan		2.4	%		2.5	%
Weighted average interest rate on line of credit		1.6	%		2.2	%

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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