## Table 0 ##
(1) FFO is a financial measure that is commonly used in the REIT industry.
The Company presents funds from operations as a supplemental operating performance measure.
FFO is not used by the Company, nor should it be considered to be, as an alternative to net earnings computed under GAAP as an indicator of the Company’s operating performance or as an alternative to cash from operating activities computed under GAAP as an indicator of the Company’s ability to fund its cash needs.
FFO is not meant to represent a comprehensive system of financial reporting and does not present, nor does it intend to present, a complete picture of the Company’s financial condition and operating performance.
The Company believes that net earnings computed under GAAP remain the primary measure of performance and that FFO is only meaningful when it is used in conjunction with net
Such forward-looking statements involve known and unknown risks, uncertainties and other factors including, but not limited to, that the Company will fail to achieve its business objectives, that the actual completion of development and redevelopment projects will be subject to delays, that the stabilization dates of such projects will be delayed, that the total projected costs of current development and redevelopment projects will exceed expectations, that such development and redevelopment projects will not be completed, that development and redevelopment projects and acquisitions will fail to meet expectations, that estimates of future income from an acquired property may prove to be inaccurate, that future cash flows will be inadequate to meet operating requirements and/or will be insufficient to provide for dividend payments in accordance with REIT requirements, that the actual non-revenue generating capital expenditures will exceed the Company’s current expectations, that there may be a downturn in the markets in which the Company’s communities are located, that the terms of any refinancing may not be as favorable as the terms of existing indebtedness, as well as those risks, special considerations, and other factors discussed in Item 1A, Risk Factors, of this Form 10-K, and those risk factors and special considerations set forth in the Company’s other filings with the SEC which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
All forward-looking statements are made as of today, and the Company assumes no obligation to update this information.
Item 7A.
Quantitative and Qualitative Disclosures About Market Risks Interest Rate Hedging Activities The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks.
To accomplish this objective, the Company entered into interest rate swaps as part of its cash flow hedging strategy.
As of December 31, 2015, the Company has seven interest rate swap contracts to mitigate the risk of changes in the interest-related cash outflows on $225.0 million of the five-year unsecured term debt.
As of December 31, 2015, the Company also had $291.7 million of variable rate indebtedness, of which $20.7 million is subject to interest rate cap protection.
All of the Company’s interest rate swaps are designated as cash flow hedges as of December 31, 2015.
The following table summarizes the notional amount, carrying value, and estimated fair value of the Company’s derivative instruments used to hedge interest rates as of December 31, 2015.
The notional amount represents the aggregate amount of a particular security that is currently hedged at one time, but does not represent exposure to credit, interest rates or market risks.
The table also includes a sensitivity analysis to demonstrate the impact on the Company’s derivative instruments from an increase or decrease in 10-year Treasury bill interest rates by 50 basis points, as of December 31, 2015.
## Table 1 ##
Additionally, the Company has entered into total return swap contracts, with an aggregate notional amount of $257.3 million, that effectively converts $257.3 million of mortgage notes payable to a floating interest rate based on SIFMA plus a spread and had a carrying value of $4 thousand at December 31, 2015.
These derivatives do not qualify for hedge accounting.
Interest Rate Sensitive Liabilities The Company is exposed to interest rate changes primarily as a result of its line of credit and long-term debt used to maintain liquidity and fund capital expenditures and expansion of the Company’s real estate investment portfolio and operations.
The Company’s interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flows and to lower its overall borrowing costs.
To achieve its objectives the Company borrows primarily at fixed rates and may enter into derivative financial instruments such as interest rate swaps, caps and treasury locks in order to mitigate its interest rate risk on a related financial instrument.
The Company does not enter into derivative or interest rate transactions for speculative purposes.
ESSEX PORTFOLIO, L. P.  AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2015, 2014, and 2013
## Table 2 ##
The Company uses the specific identification method to determine the cost basis of a security sold and to reclassify amounts from accumulated other comprehensive income for securities sold.
For the years ended December 31, 2015, 2014 and 2013, the proceeds from sales of available for sale securities totaled $3.3 million, $8.8 million and $24.2 million, respectively.
For the years ended December 31, 2015, 2014 and 2013 these sales resulted in no net gains or losses, gains of $0.9 million and $1.8 million, respectively.
For the year ended December 31, 2015, the proceeds from the sale of other investments totaled $5.6 million, which resulted in a realized gain of $0.6 million recorded in interest and other income on the consolidated statements of income.
For the years ended December 31, 2014 and 2013, there were no such sales.
(h) Notes Receivable Notes receivable relate to real estate financing arrangements including mezzanine and bridge loans and are secured by real estate.
Interest is recognized over the life of the note as interest income.
Each note is analyzed to determine if it is impaired.
A note is impaired if it is probable that the Company will not collect all contractually due principal and interest.
The Company does not accrue interest when a note is considered impaired and an allowance is recorded for any principal and previously accrued interest that are not believed to be collectible.
All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income.
As of December 31, 2015 and 2014, no notes were impaired.
(i) Capitalization Policy The Company capitalizes all direct and certain indirect costs, including interest, real estate taxes and insurance, incurred during development and redevelopment activities.
Interest is capitalized on real estate assets that require a period of time to get them ready for their intended use.
The amount of interest capitalized is based upon the average amount of accumulated development expenditures during the reporting period.
Included in capitalized costs are management’s estimates of the direct and incremental personnel costs and indirect project costs associated with the Company’s development and redevelopment activities.
Indirect project costs consist primarily of personnel costs associated with construction administration and development, including accounting, legal fees, and various corporate and community onsite costs that clearly relate to projects under development.
The Company’s capitalized internal costs related to development and redevelopment projects were comprised primarily of employee compensation and totaled $10.9 million, $10.4 million and $7.5 million for the years ended December 31, 2015, 2014 and 2013, respectively, most of which relates to development projects.
The Company capitalizes leasing costs associated with the lease-up of development communities and amortizes the costs over the life of the leases.
The amounts capitalized are immaterial for all periods presented.
(j) Fair Value of Financial Instruments The Company values its financial instruments based on the fair value hierarchy of valuation techniques described in the FASB’s accounting standard for fair value measurements.
Level 1 inputs are unadjusted, quoted prices in
ITEM 1B.
UNRESOLVED STAFF COMMENTS Not applicable.
ITEM 2.
PROPERTIES As of December 28, 2013, our major facilities consisted of:

<table><tr><td></td><td colspan="5">As of and for the years ended December 31,</td></tr><tr><td></td><td>2015</td><td>2014</td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td></td><td colspan="5">($ in thousands, except per share amounts)</td></tr><tr><td>OTHER DATA:</td><td colspan="5"></td></tr><tr><td>Funds from operations (FFO)<sup>(1)</sup>attributable to common stockholders and unitholders:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income available to common stockholders</td><td>$226,865</td><td>$116,859</td><td>$150,811</td><td>$119,812</td><td>$40,368</td></tr><tr><td>Adjustments:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Depreciation and amortization</td><td>453,423</td><td>360,592</td><td>193,518</td><td>170,686</td><td>152,543</td></tr><tr><td>Gains not included in FFO attributable to common stockholders and unitholders</td><td>-81,347</td><td>-50,064</td><td>-67,975</td><td>-60,842</td><td>-7,543</td></tr><tr><td>Depreciation add back from unconsolidated co-investments</td><td>49,826</td><td>33,975</td><td>15,748</td><td>14,467</td><td>12,642</td></tr><tr><td>Noncontrolling interest related to Operating Partnership units</td><td>7,824</td><td>4,911</td><td>8,938</td><td>7,950</td><td>3,228</td></tr><tr><td>Insurance reimbursements</td><td>-1,751</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Depreciation attributable to third party ownership and other</td><td>-781</td><td>-1,331</td><td>-1,309</td><td>-1,223</td><td>-1,066</td></tr><tr><td>Funds from operations attributable to common stockholders and unitholders</td><td>$654,059</td><td>$464,942</td><td>$299,731</td><td>$250,850</td><td>$200,172</td></tr><tr><td>Non-core items:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Merger and integration expenses</td><td>3,798</td><td>53,530</td><td>4,284</td><td>—</td><td>—</td></tr><tr><td>Acquisition and investment related costs</td><td>2,414</td><td>1,878</td><td>1,161</td><td>2,255</td><td>1,231</td></tr><tr><td>Gain on sale of marketable securities, note prepayment, and other investments</td><td>-598</td><td>-886</td><td>-2,519</td><td>-819</td><td>-4,956</td></tr><tr><td>Gain on sale of co-investments</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-919</td></tr><tr><td>Gain on sale of land</td><td>—</td><td>-2,533</td><td>-1,503</td><td>—</td><td>-180</td></tr><tr><td>Loss on early retirement of debt</td><td>6,114</td><td>268</td><td>300</td><td>5,009</td><td>1,163</td></tr><tr><td>Co-investment promote income</td><td>-192</td><td>-10,640</td><td>—</td><td>-2,299</td><td>—</td></tr><tr><td>Income from early redemption of preferred equity investments</td><td>-1,954</td><td>-5,250</td><td>-1,358</td><td>—</td><td>—</td></tr><tr><td>Insurance reimbursements</td><td>-2,319</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Other non-core items, net<sup>-2</sup></td><td>-651</td><td>1,852</td><td>—</td><td>—</td><td>268</td></tr><tr><td>Core funds from operations (Core FFO) attributable to common stockholders and unitholders</td><td>$660,671</td><td>$503,161</td><td>$300,096</td><td>$254,996</td><td>$196,779</td></tr><tr><td>Weighted average number of shares outstanding, diluted (FFO)<sup>(3)</sup></td><td>67,310</td><td>58,921</td><td>39,501</td><td>37,378</td><td>34,861</td></tr><tr><td>Funds from operations attributable to common stockholders and unitholdersper share - diluted</td><td>$9.72</td><td>$7.89</td><td>$7.59</td><td>$6.71</td><td>$5.74</td></tr><tr><td>Core funds from operations attributable to common stockholders and unitholdersper share - diluted</td><td>$9.82</td><td>$8.54</td><td>$7.60</td><td>$6.82</td><td>$5.64</td></tr></table>
<table><tr><td></td><td></td><td></td><td rowspan="2">Carrying and Estimated Fair Value</td><td colspan="2">Estimated Carrying Value</td></tr><tr><td>($ in thousands)</td><td>Notional Amount</td><td>Maturity Date Range</td><td>+ 50 Basis Points</td><td>- 50 Basis Points</td></tr><tr><td>Cash flow hedges:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest rate swaps</td><td>$225,000</td><td>2016-2017</td><td>$-1,032</td><td>$-56</td><td>$-2,003</td></tr><tr><td>Interest rate caps</td><td>20,674</td><td>2018-2019</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Total cash flow hedges</td><td>$245,674</td><td>2016-2019</td><td>$-1,032</td><td>$-56</td><td>$-2,003</td></tr></table>
<table><tr><td></td><td colspan="3">December 31, 2014</td></tr><tr><td></td><td>AmortizedCost</td><td>GrossUnrealizedGain</td><td>CarryingValue</td></tr><tr><td>Available for sale:</td><td></td><td></td><td></td></tr><tr><td>Investment-grade unsecured bonds</td><td>$9,435</td><td>$145</td><td>$9,580</td></tr><tr><td>Investment funds - US treasuries</td><td>3,769</td><td>3</td><td>3,772</td></tr><tr><td>Common stock and stock funds</td><td>25,755</td><td>5,137</td><td>30,892</td></tr><tr><td>Held to maturity:</td><td></td><td></td><td></td></tr><tr><td>Mortgage backed securities</td><td>67,996</td><td>—</td><td>67,996</td></tr><tr><td>Total - Marketable securities</td><td>106,955</td><td>5,285</td><td>112,240</td></tr><tr><td>Other investments</td><td>5,000</td><td>—</td><td>5,000</td></tr><tr><td>Total - Marketable securities and other investments</td><td>$111,955</td><td>$5,285</td><td>$117,240</td></tr></table>

Question: Which year is Acquisition and investment related costs the lowest?
Answer: 2013