XML 25 R4.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenues:      
Rental and other property $ 1,285,723 $ 1,185,498 $ 961,591
Management and other fees from affiliates 8,278 8,909 9,347
Total revenues 1,294,001 1,194,407 970,938
Expenses:      
Property operating, excluding real estate taxes 249,765 234,953 204,673
Real estate taxes 139,162 128,555 107,873
Depreciation and amortization 441,682 453,423 360,592
General and administrative 40,751 40,090 40,878
Merger and integration expenses 0 3,798 53,530
Acquisition and investment related costs 1,841 2,414 1,878
Total expenses 873,201 863,233 769,424
Earnings from operations 420,800 331,174 201,514
Interest expense (219,654) (204,827) (164,551)
Total return swap income 11,716 5,655 0
Interest and other income 27,305 19,143 11,811
Equity income from co-investments 48,698 21,861 39,893
Loss on early retirement of debt (606) (6,114) (268)
Gain on sale of real estate and land 154,561 47,333 46,039
Deferred tax expense on gain on sale of real estate and land (4,410) 0 0
Gain on remeasurement of co-investment 0 34,014 0
Net income 438,410 248,239 134,438
Net income attributable to noncontrolling interest (23,431) (16,119) (12,288)
Net income attributable to controlling interest 414,979 232,120 122,150
Dividends to preferred stockholders (1,314) (5,255) (5,291)
Excess of redemption value of preferred stock over the carrying value (2,541) 0 0
Net income available to common stockholders $ 411,124 $ 226,865 $ 116,859
Basic:      
Net income available to common stockholders - basic (in dollars per share) $ 6.28 $ 3.50 $ 2.07
Weighted average number of shares outstanding during the year 65,471,540 64,871,717 56,546,959
Diluted:      
Net income available to common stockholders - diluted (in dollars per share) $ 6.27 $ 3.49 $ 2.06
Weighted average number of shares outstanding during the year 65,587,816 65,061,685 56,696,525
Essex Portfolio, L.P. [Member]      
Revenues:      
Rental and other property $ 1,285,723 $ 1,185,498 $ 961,591
Management and other fees from affiliates 8,278 8,909 9,347
Total revenues 1,294,001 1,194,407 970,938
Expenses:      
Property operating, excluding real estate taxes 249,765 234,953 204,673
Real estate taxes 139,162 128,555 107,873
Depreciation and amortization 441,682 453,423 360,592
General and administrative 40,751 40,090 40,878
Merger and integration expenses 0 3,798 53,530
Acquisition and investment related costs 1,841 2,414 1,878
Total expenses 873,201 863,233 769,424
Earnings from operations 420,800 331,174 201,514
Interest expense (219,654) (204,827) (164,551)
Total return swap income 11,716 5,655 0
Interest and other income 27,305 19,143 11,811
Equity income from co-investments 48,698 21,861 39,893
Loss on early retirement of debt (606) (6,114) (268)
Gain on sale of real estate and land 154,561 47,333 46,039
Deferred tax expense on gain on sale of real estate and land (4,410) 0 0
Gain on remeasurement of co-investment 0 34,014 0
Net income 438,410 248,239 134,438
Net income attributable to noncontrolling interest (9,342) (8,295) (7,421)
Net income attributable to controlling interest 429,068 239,944 127,017
Dividends to preferred stockholders (1,314) (5,255) (5,291)
Excess of redemption value of preferred stock over the carrying value (2,541) 0 0
Net income available to common stockholders $ 425,213 $ 234,689 $ 121,726
Basic:      
Net income available to common stockholders - basic (in dollars per share) $ 6.28 $ 3.50 $ 2.07
Weighted average number of shares outstanding during the year 67,695,640 67,054,184 58,771,666
Diluted:      
Net income available to common stockholders - diluted (in dollars per share) $ 6.27 $ 3.49 $ 2.07
Weighted average number of shares outstanding during the year 67,811,916 67,244,152 58,921,232