Organization and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Components of Marketable Securities

As of March 31, 2015 and December 31, 2014, marketable securities consist of the following ($ in thousands):

	March 31, 2015
	Amortized Cost		Gross Unrealized Gain		Carrying Value
Available for sale:
Investment-grade unsecured bonds	$	8,762	$	176	$	8,938
Investment funds - US treasuries	5,019		7		5,026
Common stock and stock funds	31,753		6,975		38,728
Held to maturity:
Mortgage backed securities	70,810		—		70,810
Total - Marketable securities	$	116,344	$	7,158	$	123,502
Other investments (1)	5,000		—		5,000
Total - Marketable securities and other investments	$	121,344	$	7,158	$	128,502
	December 31, 2014
	Amortized Cost		Gross Unrealized Gain		Carrying Value
Available for sale:
Investment-grade unsecured bonds	$	9,435	$	145	$	9,580
Investment funds - US treasuries	3,769		3		3,772
Common stock and stock funds	25,755		5,137		30,892
Held to maturity:
Mortgage backed securities	67,996		—		67,996
Total - marketable securities	$	106,955	$	5,285	$	112,240
Other investments (1)	5,000		—		5,000
Total - Marketable securities and other investments	$	111,955	$	5,285	$	117,240

(1) Limited partnership interests

Changes in Accumulated Other Comprehensive Loss, Net by Component

Essex Property Trust, Inc.

(in thousands):

	Change in fair value and amortization of derivatives			Unrealized gains on available for sale securities		Total
Balance at December 31, 2014	$	(56,003	)	$	4,551	$	(51,452	)
Other comprehensive income before reclassification	(3,211		)	1,873		(1,338		)
Amounts reclassified from accumulated other comprehensive loss	1,922			—		1,922
Net other comprehensive income	(1,289		)	1,873		584
Balance at March 31, 2015	$	(57,292	)	$	6,424	$	(50,868	)

Essex Portfolio, L.P.

(in thousands):

	Change in fair value and amortization of derivatives			Unrealized gains on available for sale securities		Total
Balance at December 31, 2014	$	(53,980	)	$	4,624	$	(49,356	)
Other comprehensive income before reclassification	(3,257		)	1,934		(1,323		)
Amounts reclassified from accumulated other comprehensive loss	1,922			—		1,922
Net other comprehensive income	(1,335		)	1,934		599
Balance at March 31, 2015	$	(55,315	)	$	6,558	$	(48,757	)

Preliminary Fair Values of Assets and Liabilities Acquired

A summary of the fair value of the assets and liabilities acquired on April 1, 2014 was as follows (includes the 14 properties acquired on March 31, 2014 as the OP units issued were retired on April 1, 2014) (in millions):

Cash assumed	$	140
Rental properties and real estate under development	5,605
Real estate held for sale, net	108
Co-investments	224
Acquired in-place lease value	77
Other assets	16
Mortgage notes payable and unsecured debt	(1,747		)
Other liabilities	(87		)
Redeemable noncontrolling interest	(5		)
	$	4,331
Cash consideration for BRE merger	$	556
Equity consideration for BRE merger	3,775
Total consideration for BRE merger	$	4,331