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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 223,566 $ 203,049
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 240,033 238,435
Amortization of discount on marketable securities (10,869) (8,469)
Amortization of discount (premium) and debt financing costs, net 1,726 (1,352)
Gain on sale of marketable securities (498) (549)
Unrealized (gain) loss on equity securities recognized through income (4,454) 754
Company's share of gain on the sales of co-investments (870) 0
Earnings from co-investments (32,365) (47,823)
Operating distributions from co-investments 38,699 61,107
Accrued interest from notes and other receivables (2,896) (2,633)
Gain on the sale of real estate and land 0 (22,244)
Equity-based compensation 5,321 5,906
Gain on early retirement of debt, net (1,668) 0
Gain on remeasurement of co-investment (31,535) 0
Changes in operating assets and liabilities:    
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets (7,925) (6,078)
Accounts payable, accrued liabilities, and operating lease liabilities 12,486 2,839
Other liabilities 1,082 579
Net cash provided by operating activities 429,833 423,521
Additions to real estate:    
Acquisitions of real estate and acquisition related capital expenditures (47,585) (5,476)
Redevelopment (30,804) (36,466)
Development acquisitions of and additions to real estate under development (86,108) (75,303)
Capital expenditures on rental properties (41,927) (30,975)
Collections of notes and other receivables 2,500 29,500
Proceeds from insurance for property losses 2,698 917
Proceeds from dispositions of real estate 0 130,730
Contributions to co-investments (167,278) (97,826)
Changes in refundable deposits 252 (3,785)
Purchases of marketable securities (40,098) (27,995)
Sales and maturities of marketable securities 50,226 18,975
Non-operating distributions from co-investments 26,657 38,696
Net cash used in investing activities (331,467) (59,008)
Cash flows from financing activities:    
Proceeds from unsecured debt and mortgage notes 498,234 298,773
Payments on unsecured debt and mortgage notes (473,528) (110,829)
Proceeds from lines of credit 975,832 438,528
Repayments of lines of credit (858,832) (614,858)
Retirement of common stock (56,989) (3,774)
Additions to deferred charges (5,873) (3,771)
Net proceeds from issuance of common stock (82) (353)
Net proceeds from stock options exercised 8,743 1,864
Payments related to tax withholding for share-based compensation (3,515) (23)
Distributions to noncontrolling interest (13,842) (15,066)
Redemption of noncontrolling interest (14,179) (57)
Redemption of redeemable noncontrolling interest (73) (43)
Common and preferred stock dividends paid (250,686) (238,454)
Net cash used in financing activities (194,790) (248,063)
Net (decrease) increase in unrestricted and restricted cash and cash equivalents (96,424) 116,450
Unrestricted and restricted cash and cash equivalents at beginning of period 151,395 61,126
Unrestricted and restricted cash and cash equivalents at end of period 54,971 177,576
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of $12.3 million and $8.4 million capitalized in 2019 and 2018, respectively) 94,925 100,496
Operating cash flows from operating leases 3,392 0
Supplemental disclosure of noncash investing and financing activities:    
Issuance of DownREIT limited partnership units in connection with acquisition of real estate 65,472 0
Transfers between real estate under development to rental properties, net 138 98,318
Transfer from real estate under development to co-investments 240 640
Reclassifications to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest 1,428 1,845
Redemption of redeemable noncontrolling interest via reduction of note receivable 0 4,751
Initial recognition of operating lease right-of-use assets 77,645 0
Initial recognition of operating lease liabilities 79,693 0
Debt assumed in connection with acquisition 98,681 0
Essex Portfolio, L.P. [Member]    
Cash flows from operating activities:    
Net income 223,566 203,049
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 240,033 238,435
Amortization of discount on marketable securities (10,869) (8,469)
Amortization of discount (premium) and debt financing costs, net 1,726 (1,352)
Gain on sale of marketable securities (498) (549)
Unrealized (gain) loss on equity securities recognized through income (4,454) 754
Company's share of gain on the sales of co-investments (870) 0
Earnings from co-investments (32,365) (47,823)
Operating distributions from co-investments 38,699 61,107
Accrued interest from notes and other receivables (2,896) (2,633)
Gain on the sale of real estate and land 0 (22,244)
Equity-based compensation 5,321 5,906
Gain on early retirement of debt, net (1,668) 0
Gain on remeasurement of co-investment (31,535) 0
Changes in operating assets and liabilities:    
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets (7,925) (6,078)
Accounts payable, accrued liabilities, and operating lease liabilities 12,486 2,839
Other liabilities 1,082 579
Net cash provided by operating activities 429,833 423,521
Additions to real estate:    
Acquisitions of real estate and acquisition related capital expenditures (47,585) (5,476)
Redevelopment (30,804) (36,466)
Development acquisitions of and additions to real estate under development (86,108) (75,303)
Capital expenditures on rental properties (41,927) (30,975)
Collections of notes and other receivables 2,500 29,500
Proceeds from insurance for property losses 2,698 917
Proceeds from dispositions of real estate 0 130,730
Contributions to co-investments (167,278) (97,826)
Changes in refundable deposits 252 (3,785)
Purchases of marketable securities (40,098) (27,995)
Sales and maturities of marketable securities 50,226 18,975
Non-operating distributions from co-investments 26,657 38,696
Net cash used in investing activities (331,467) (59,008)
Cash flows from financing activities:    
Proceeds from unsecured debt and mortgage notes 498,234 298,773
Payments on unsecured debt and mortgage notes (473,528) (110,829)
Proceeds from lines of credit 975,832 438,528
Repayments of lines of credit (858,832) (614,858)
Retirement of common stock (56,989) (3,774)
Additions to deferred charges (5,873) (3,771)
Net proceeds from issuance of common stock (82) (353)
Net proceeds from stock options exercised 8,743 1,864
Payments related to tax withholding for share-based compensation (3,515) (23)
Distributions to noncontrolling interest (3,925) (4,460)
Redemption of noncontrolling interest (14,179) (57)
Redemption of redeemable noncontrolling interest (73) (43)
Common and preferred stock dividends paid (260,603) (249,060)
Net cash used in financing activities (194,790) (248,063)
Net (decrease) increase in unrestricted and restricted cash and cash equivalents (96,424) 116,450
Unrestricted and restricted cash and cash equivalents at beginning of period 151,395 61,126
Unrestricted and restricted cash and cash equivalents at end of period 54,971 177,576
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of $12.3 million and $8.4 million capitalized in 2019 and 2018, respectively) 94,925 100,496
Operating cash flows from operating leases 3,392 0
Supplemental disclosure of noncash investing and financing activities:    
Issuance of DownREIT limited partnership units in connection with acquisition of real estate 65,472 0
Transfers between real estate under development to rental properties, net 138 98,318
Transfer from real estate under development to co-investments 240 640
Reclassifications to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest 1,428 1,845
Redemption of redeemable noncontrolling interest via reduction of note receivable 0 4,571
Initial recognition of operating lease right-of-use assets 77,645 0
Initial recognition of operating lease liabilities $ 79,693 $ 0