Significant Transactions During the First Quarter of 2013 and Subsequent Events	6 Months Ended
Jun. 30, 2013
Significant Transactions During the First Quarter of 2013 and Subsequent Events [Abstract]
Significant Transactions During the First Quarter of 2013 and Subsequent Events	(2) Significant Transactions During the Second Quarter of 2013 and Subsequent Events Acquisitions In May, the Wesco III, LLC ("Wesco III") joint venture of which the Company has a 50% interest, acquired Regency at Mountain View located in Mountain View, California for $42.5 million. Built in 1970, the property has 142 units and is located in close proximity to high tech jobs, retail and entertainment venues. In late June, Wesco III purchased Gas Company Lofts located in Los Angeles, California for $71.0 million. The property contains 251 apartment homes in three buildings which were built in 1924, 1940 and 1959, respectively, and the property went through a full adaptive reuse renovation in 2004 to convert space into loft-style apartments. Dispositions In May, the Essex Apartment Value Fund II L.P. ("Fund II") joint venture of which the Company has a 28.2% ownership interest, sold Morning Run which has 222 apartment homes for gross proceeds of $26.4 million. In connection with the sale, Fund II incurred a prepayment penalty on debt of which the Company's pro rata share was $0.2 million. Subsequent to quarter end, Fund II sold three additional properties for gross proceeds of $244.0 million. Secured Debt During the quarter, the Company repaid two secured loans totaling $27.3 million and incurred $0.2 million loss on early retirement of debt. In addition, the Company repaid $14.2 million of Mello Roos bonds related to one property which resulted in a $1.5 million gain on early retirement of debt. As of June 30, 2013, the Company had $621 million in undrawn capacity on its unsecured credit facilities. Structured Financing In June, the Company received cash of $13.1 million from the redemption of a preferred equity investment related to one property located in Los Angeles. The Company recorded $0.5 million of income from prepayment penalties due to the early termination of the agreement.

(2) Significant Transactions During the Second Quarter of 2013 and Subsequent Events

Acquisitions

In May, the Wesco III, LLC ("Wesco III") joint venture of which the Company has a 50% interest, acquired Regency at Mountain View located in Mountain View, California for $42.5 million. Built in 1970, the property has 142 units and is located in close proximity to high tech jobs, retail and entertainment venues.

In late June, Wesco III purchased Gas Company Lofts located in Los Angeles, California for $71.0 million. The property contains 251 apartment homes in three buildings which were built in 1924, 1940 and 1959, respectively, and the property went through a full adaptive reuse renovation in 2004 to convert space into loft-style apartments.

Dispositions

In May, the Essex Apartment Value Fund II L.P. ("Fund II") joint venture of which the Company has a 28.2% ownership interest, sold Morning Run which has 222 apartment homes for gross proceeds of $26.4 million. In connection with the sale, Fund II incurred a prepayment penalty on debt of which the Company's pro rata share was $0.2 million.

Subsequent to quarter end, Fund II sold three additional properties for gross proceeds of $244.0 million.

Secured Debt

During the quarter, the Company repaid two secured loans totaling $27.3 million and incurred $0.2 million loss on early retirement of debt. In addition, the Company repaid $14.2 million of Mello Roos bonds related to one property which resulted in a $1.5 million gain on early retirement of debt. As of June 30, 2013, the Company had $621 million in undrawn capacity on its unsecured credit facilities.

Structured Financing

In June, the Company received cash of $13.1 million from the redemption of a preferred equity investment related to one property located in Los Angeles. The Company recorded $0.5 million of income from prepayment penalties due to the early termination of the agreement.