XML 25 R4.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenues:      
Rental and other property $ 1,185,498 $ 961,591 $ 603,327
Management and other fees from affiliates 8,909 9,347 7,263
Total revenues 1,194,407 970,938 610,590
Expenses:      
Property operating, excluding real estate taxes 234,953 204,673 140,060
Real estate taxes 128,555 107,873 57,276
Depreciation and amortization 453,423 360,592 192,420
General and administrative 40,090 40,878 26,684
Merger and integration expenses 3,798 53,530 4,284
Acquisition and investment related costs 2,414 1,878 1,161
Total expenses 863,233 769,424 421,885
Earnings from operations 331,174 201,514 188,705
Interest expense (204,827) (164,551) (116,524)
Total return swap income 5,655 0 0
Interest and other income 19,143 11,811 11,633
Equity income from co-investments 21,861 39,893 55,865
Loss on early retirement of debt, net (6,114) (268) (300)
Gains on sale of real estate and land 47,333 46,039 1,503
Gains on remeasurement of co-investment 34,014 0 0
Income before discontinued operations 248,239 134,438 140,882
Income from discontinued operations 0 0 31,173
Net income 248,239 134,438 172,055
Net income attributable to noncontrolling interest (16,119) (12,288) (15,772)
Net income attributable to controlling interest 232,120 122,150 156,283
Dividends to preferred stockholders (5,255) (5,291) (5,472)
Net income available to common stockholders $ 226,865 $ 116,859 $ 150,811
Basic:      
Income before discontinued operations available to common stockholders (in dollars per share) $ 3.50 $ 2.07 $ 3.26
Income from discontinued operations available to common stockholders (in dollars per share) 0.00 0.00 0.79
Net income available to common stockholders (in dollars per share) $ 3.50 $ 2.07 $ 4.05
Weighted average number of shares outstanding during the year 64,871,717 56,546,959 37,248,960
Diluted:      
Income before discontinued operations available to common stockholders (in dollars per share) $ 3.49 $ 2.06 $ 3.25
Income from discontinued operations available to common stockholders (in dollars per share) 0.00 0.00 0.79
Net income available to common stockholders (in dollars per share) $ 3.49 $ 2.06 $ 4.04
Weighted average number of shares outstanding during the year 65,061,685 56,696,525 37,335,295
Essex Portfolio, L.P. [Member]      
Revenues:      
Rental and other property $ 1,185,498 $ 961,591 $ 603,327
Management and other fees from affiliates 8,909 9,347 7,263
Total revenues 1,194,407 970,938 610,590
Expenses:      
Property operating, excluding real estate taxes 234,953 204,673 140,060
Real estate taxes 128,555 107,873 57,276
Depreciation and amortization 453,423 360,592 192,420
General and administrative 40,090 40,878 26,684
Merger and integration expenses 3,798 53,530 4,284
Acquisition and investment related costs 2,414 1,878 1,161
Total expenses 863,233 769,424 421,885
Earnings from operations 331,174 201,514 188,705
Interest expense (204,827) (164,551) (116,524)
Total return swap income 5,655 0 0
Interest and other income 19,143 11,811 11,633
Equity income from co-investments 21,861 39,893 55,865
Loss on early retirement of debt, net (6,114) (268) (300)
Gains on sale of real estate and land 47,333 46,039 1,503
Gains on remeasurement of co-investment 34,014 0 0
Income before discontinued operations 248,239 134,438 140,882
Income from discontinued operations 0 0 31,173
Net income 248,239 134,438 172,055
Net income attributable to noncontrolling interest (8,295) (7,421) (6,834)
Net income attributable to controlling interest 239,944 127,017 165,221
Preferred interest distributions (5,255) (5,291) (5,472)
Net income available to common stockholders $ 234,689 $ 121,726 $ 159,749
Basic:      
Income before discontinued operations available to common stockholders (in dollars per share) $ 3.50 $ 2.07 $ 3.27
Income from discontinued operations available to common stockholders (in dollars per share) 0.00 0.00 0.79
Net income available to common stockholders (in dollars per share) $ 3.50 $ 2.07 $ 4.06
Weighted average number of shares outstanding during the year 67,054,184 58,771,666 39,380,385
Diluted:      
Income before discontinued operations available to common stockholders (in dollars per share) $ 3.49 $ 2.07 $ 3.26
Income from discontinued operations available to common stockholders (in dollars per share) 0.00 0.00 0.79
Net income available to common stockholders (in dollars per share) $ 3.49 $ 2.07 $ 4.05
Weighted average number of shares outstanding during the year 67,244,152 58,921,232 39,466,720