XML 24 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues:      
Rental and other property $ 1,354,325 $ 1,285,723 $ 1,185,498
Management and other fees from affiliates 9,574 8,278 8,909
Total revenues 1,363,899 1,294,001 1,194,407
Expenses:      
Property operating, excluding real estate taxes 259,232 249,765 234,953
Real estate taxes 146,310 139,162 128,555
Depreciation and amortization 468,881 441,682 453,423
General and administrative 41,385 40,751 40,090
Merger and integration expenses 0 0 3,798
Acquisition and investment related costs 1,569 1,841 2,414
Total expenses 917,377 873,201 863,233
Earnings from operations 446,522 420,800 331,174
Interest expense (222,894) (219,654) (204,827)
Total return swap income 10,098 11,716 5,655
Interest and other income 24,604 27,305 19,143
Equity income from co-investments 86,445 48,698 21,861
Loss on early retirement of debt (1,796) (606) (6,114)
Gain on sale of real estate and land 26,423 154,561 47,333
Deferred tax expense on gain on sale of real estate and land 0 (4,410) 0
Gain on remeasurement of co-investment 88,641 0 34,014
Net income 458,043 438,410 248,239
Net income attributable to noncontrolling interest (24,984) (23,431) (16,119)
Net income attributable to controlling interest 433,059 414,979 232,120
Dividends to preferred stockholders 0 (1,314) (5,255)
Excess of redemption value of preferred stock over the carrying value 0 (2,541) 0
Net income available to common stockholders $ 433,059 $ 411,124 $ 226,865
Basic:      
Net income available to common stockholders - basic (in dollars per share) $ 6.58 $ 6.28 $ 3.50
Weighted average number of shares outstanding during the year 65,829,155 65,471,540 64,871,717
Diluted:      
Net income available to common stockholders - diluted (in dollars per share) $ 6.57 $ 6.27 $ 3.49
Weighted average number of shares outstanding during the year 65,898,255 65,587,816 65,061,685
Essex Portfolio, L.P. [Member]      
Revenues:      
Rental and other property $ 1,354,325 $ 1,285,723 $ 1,185,498
Management and other fees from affiliates 9,574 8,278 8,909
Total revenues 1,363,899 1,294,001 1,194,407
Expenses:      
Property operating, excluding real estate taxes 259,232 249,765 234,953
Real estate taxes 146,310 139,162 128,555
Depreciation and amortization 468,881 441,682 453,423
General and administrative 41,385 40,751 40,090
Merger and integration expenses 0 0 3,798
Acquisition and investment related costs 1,569 1,841 2,414
Total expenses 917,377 873,201 863,233
Earnings from operations 446,522 420,800 331,174
Interest expense (222,894) (219,654) (204,827)
Total return swap income 10,098 11,716 5,655
Interest and other income 24,604 27,305 19,143
Equity income from co-investments 86,445 48,698 21,861
Loss on early retirement of debt (1,796) (606) (6,114)
Gain on sale of real estate and land 26,423 154,561 47,333
Deferred tax expense on gain on sale of real estate and land 0 (4,410) 0
Gain on remeasurement of co-investment 88,641 0 34,014
Net income 458,043 438,410 248,239
Net income attributable to noncontrolling interest (10,159) (9,342) (8,295)
Net income attributable to controlling interest 447,884 429,068 239,944
Dividends to preferred stockholders 0 (1,314) (5,255)
Excess of redemption value of preferred stock over the carrying value 0 (2,541) 0
Net income available to common stockholders $ 447,884 $ 425,213 $ 234,689
Basic:      
Net income available to common stockholders - basic (in dollars per share) $ 6.58 $ 6.28 $ 3.50
Weighted average number of shares outstanding during the year 68,081,730 67,695,640 67,054,184
Diluted:      
Net income available to common stockholders - diluted (in dollars per share) $ 6.57 $ 6.27 $ 3.49
Weighted average number of shares outstanding during the year 68,150,830 67,811,916 67,244,152