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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income $ 187,551 $ 86,907
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 115,503 109,707
Amortization of discount on marketable securities and other investments (3,573) (3,756)
Amortization of (premium) discount and debt financing costs, net (3,309) (3,795)
Gain on sale of marketable securities and other investments (1,605) (740)
Company's share of gain on the sales of co-investments 0 (7,435)
Earnings from co-investments (10,899) (7,633)
Operating distributions from co-investments 12,358 9,753
Gain on the sale of real estate and land (26,174) (20,258)
Equity-based compensation 1,253 1,490
Gain on remeasurement of co-investment (86,482) 0
Changes in operating assets and liabilities:    
Prepaid expenses, receivables and other assets (4,536) 846
Accounts payable and accrued liabilities 42,449 35,200
Other liabilities 737 324
Net cash provided by operating activities 223,273 200,610
Additions to real estate:    
Acquisitions of real estate and acquisition related capital expenditures (187,917) (110,309)
Redevelopment (12,240) (24,151)
Development acquisitions of and additions to real estate under development (30,457) (22,656)
Capital expenditures on rental properties (10,885) (5,688)
Investments in notes receivable (8,750) 0
Proceeds from insurance for property losses 435 435
Proceeds from dispositions of real estate 131,230 48,008
Contributions to co-investments (120,816) (50,591)
Changes in restricted cash and refundable deposits 89,985 59,346
Purchases of marketable securities (20,939) (1,344)
Sales and maturities of marketable securities and other investments 24,903 5,045
Non-operating distributions from co-investments 55,025 21,146
Net cash used in investing activities (90,426) (80,759)
Cash flows from financing activities:    
Borrowings under debt agreements 654,562 305,895
Repayment of debt (661,349) (309,903)
Additions to deferred charges (1,014) (1,037)
Net proceeds from issuance of common stock (65) (134)
Net proceeds from stock options exercised 5,794 5,232
Distributions to noncontrolling interest (5,425) (4,858)
Redemption of noncontrolling interest (1,070) (1,089)
Common stock dividends paid (104,857) (95,476)
Net cash used in financing activities (113,424) (101,370)
Net increase in cash and cash equivalents 19,423 18,481
Cash and cash equivalents at beginning of period 64,921 29,683
Cash and cash equivalents at end of period 84,344 48,164
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of $3.3 million and $3.1 million capitalized in 2017 and 2016, respectively 48,397 48,109
Supplemental disclosure of noncash investing and financing activities:    
Issuance of DownREIT units in connection with acquisition of real estate 22,506 0
Transfers between real estate under development to rental properties, net 747 107,643
Transfer from real estate under development to co-investments 2,080 2,338
Reclassifications to redeemable noncontrolling interest to or from additional paid in capital and noncontrolling interest 731 751
Debt assumed in connection with acquisition 51,882 48,832
Essex Portfolio, L.P. [Member]    
Cash flows from operating activities:    
Net income 187,551 86,907
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 115,503 109,707
Amortization of discount on marketable securities and other investments (3,573) (3,756)
Amortization of (premium) discount and debt financing costs, net (3,309) (3,795)
Gain on sale of marketable securities and other investments (1,605) (740)
Company's share of gain on the sales of co-investments 0 (7,435)
Earnings from co-investments (10,899) (7,633)
Operating distributions from co-investments 12,358 9,753
Gain on the sale of real estate and land (26,174) (20,258)
Equity-based compensation 1,253 1,490
Gain on remeasurement of co-investment (86,482) 0
Changes in operating assets and liabilities:    
Prepaid expenses, receivables and other assets (4,536) 846
Accounts payable and accrued liabilities 42,449 35,200
Other liabilities 737 324
Net cash provided by operating activities 223,273 200,610
Additions to real estate:    
Acquisitions of real estate and acquisition related capital expenditures (187,917) (110,309)
Redevelopment (12,240) (24,151)
Development acquisitions of and additions to real estate under development (30,457) (22,656)
Capital expenditures on rental properties (10,885) (5,688)
Investments in notes receivable (8,750) 0
Proceeds from insurance for property losses 435 435
Proceeds from dispositions of real estate 131,230 48,008
Contributions to co-investments (120,816) (50,591)
Changes in restricted cash and refundable deposits 89,985 59,346
Purchases of marketable securities (20,939) (1,344)
Sales and maturities of marketable securities and other investments 24,903 5,045
Non-operating distributions from co-investments 55,025 21,146
Net cash used in investing activities (90,426) (80,759)
Cash flows from financing activities:    
Borrowings under debt agreements 654,562 305,895
Repayment of debt (661,349) (309,903)
Additions to deferred charges (1,014) (1,037)
Net proceeds from issuance of common stock (65) (134)
Net proceeds from stock options exercised 5,794 5,232
Distributions to noncontrolling interest (5,425) (1,528)
Redemption of noncontrolling interest (1,070) (1,089)
Common stock dividends paid (104,857) (98,806)
Net cash used in financing activities (113,424) (101,370)
Cash acquired from consolidation of co-investment 0 0
Net increase in cash and cash equivalents 19,423 18,481
Cash and cash equivalents at beginning of period 64,921 29,683
Cash and cash equivalents at end of period 84,344 48,164
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of $3.3 million and $3.1 million capitalized in 2017 and 2016, respectively 48,397 48,109
Supplemental disclosure of noncash investing and financing activities:    
Issuance of DownREIT units in connection with acquisition of real estate 22,506 0
Transfers between real estate under development to rental properties, net 747 107,643
Transfer from real estate under development to co-investments 2,080 2,338
Reclassifications to redeemable noncontrolling interest to or from additional paid in capital and noncontrolling interest 731 751
Debt assumed in connection with acquisition $ 51,882 $ 48,832