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Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues:        
Rental and other property $ 341,974 $ 327,078 $ 1,011,908 $ 958,818
Management and other fees from affiliates 2,395 2,093 6,927 6,145
Total revenues 344,369 329,171 1,018,835 964,963
Expenses:        
Property operating, excluding real estate taxes 66,606 63,781 193,632 185,390
Real estate taxes 37,531 35,580 108,283 104,540
Depreciation and amortization 117,451 110,467 350,893 329,847
General and administrative 9,788 9,647 30,726 28,527
Acquisition and investment related costs 324 284 1,154 1,379
Total expenses 231,700 219,759 684,688 649,683
Earnings from operations 112,669 109,412 334,147 315,280
Interest expense (55,938) (56,693) (167,333) (164,727)
Total return swap income 2,538 3,143 7,653 9,080
Interest and other income 5,790 4,943 17,916 19,560
Equity income from co-investments 19,727 9,568 40,934 38,932
Loss on early retirement of debt 0 (211) 0 (211)
Gain on sale of real estate and land 249 0 26,423 20,258
Deferred tax expense on gain on sale of real estate and land 0 0 0 (4,279)
Gain on remeasurement of co-investment 0 0 88,641 0
Net income 85,035 70,162 348,381 233,893
Net income attributable to noncontrolling interest (5,312) (4,601) (18,935) (14,483)
Net income attributable to controlling interest 79,723 65,561 329,446 219,410
Dividends to preferred stockholders 0 0 0 (1,314)
Excess of redemption value of preferred stock over the carrying value 0 0 0 (2,541)
Net income available to common stockholders 79,723 65,561 329,446 215,555
Comprehensive income 88,870 73,173 356,102 235,874
Comprehensive income attributable to noncontrolling interest (5,438) (4,700) (19,190) (14,548)
Comprehensive income attributable to controlling interest $ 83,432 $ 68,473 $ 336,912 $ 221,326
Basic:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.21 $ 1.00 $ 5.01 $ 3.29
Weighted average number of shares/common units outstanding during the period (in shares) 65,994,896 65,507,669 65,759,450 65,455,004
Diluted:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.21 $ 1.00 $ 5.00 $ 3.29
Weighted average number of shares/common units outstanding during the period (in shares) 66,078,283 65,617,551 65,836,965 65,578,661
Dividends/Distributions per common share/unit (in dollars per share) $ 1.75 $ 1.60 $ 5.25 $ 4.8
Essex Portfolio, L.P. [Member]        
Revenues:        
Rental and other property $ 341,974 $ 327,078 $ 1,011,908 $ 958,818
Management and other fees from affiliates 2,395 2,093 6,927 6,145
Total revenues 344,369 329,171 1,018,835 964,963
Expenses:        
Property operating, excluding real estate taxes 66,606 63,781 193,632 185,390
Real estate taxes 37,531 35,580 108,283 104,540
Depreciation and amortization 117,451 110,467 350,893 329,847
General and administrative 9,788 9,647 30,726 28,527
Acquisition and investment related costs 324 284 1,154 1,379
Total expenses 231,700 219,759 684,688 649,683
Earnings from operations 112,669 109,412 334,147 315,280
Interest expense (55,938) (56,693) (167,333) (164,727)
Total return swap income 2,538 3,143 7,653 9,080
Interest and other income 5,790 4,943 17,916 19,560
Equity income from co-investments 19,727 9,568 40,934 38,932
Loss on early retirement of debt 0 (211) 0 (211)
Gain on sale of real estate and land 249 0 26,423 20,258
Deferred tax expense on gain on sale of real estate and land 0 0 0 (4,279)
Gain on remeasurement of co-investment 0 0 88,641 0
Net income 85,035 70,162 348,381 233,893
Net income attributable to noncontrolling interest (2,591) (2,378) (7,646) (7,026)
Net income attributable to controlling interest 82,444 67,784 340,735 226,867
Dividends to preferred stockholders 0 0 0 (1,314)
Excess of redemption value of preferred stock over the carrying value 0 0 0 (2,541)
Net income available to common stockholders 82,444 67,784 340,735 223,012
Comprehensive income 88,870 73,173 356,102 235,874
Comprehensive income attributable to noncontrolling interest (2,591) (2,378) (7,646) (7,026)
Comprehensive income attributable to controlling interest $ 86,279 $ 70,795 $ 348,456 $ 228,848
Basic:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.21 $ 1.00 $ 5.01 $ 3.30
Weighted average number of shares/common units outstanding during the period (in shares) 68,246,008 67,728,621 68,011,123 67,679,240
Diluted:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.21 $ 1.00 $ 5.00 $ 3.29
Weighted average number of shares/common units outstanding during the period (in shares) 68,329,395 67,838,503 68,088,638 67,802,897
Dividends/Distributions per common share/unit (in dollars per share) $ 1.75 $ 1.60 $ 5.25 $ 4.8