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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Jan. 31, 2019
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Cash flows from operating activities:              
Net income     $ 105,700 $ 86,110 $ 329,266 $ 289,159  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization         360,842 359,287  
Amortization of discount on marketable securities         (16,673) (12,949)  
Amortization of discount (premium) and debt financing costs, net         3,454 (1,958)  
Gain on sale of marketable securities         (737) (669)  
Unrealized (gain) loss on equity securities recognized through income         (4,280) (426)  
Company's share of gain on the sales of co-investments         (870) 0  
Earnings from co-investments         (54,065) (64,611)  
Operating distributions from co-investments         64,628 80,232  
Accrued interest from notes and other receivables         (4,523) (4,016)  
Gain on the sale of real estate and land         0 (22,244)  
Equity-based compensation         6,748 7,209  
Gain on early retirement of debt, net $ (5,500) $ (1,400) (5,475) 0 (7,143) 0  
Gain on remeasurement of co-investment     0 0 (31,535) 0  
Changes in operating assets and liabilities:              
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets         (4,192) (4,044)  
Accounts payable, accrued liabilities, and operating lease liabilities         64,281 55,469  
Other liabilities         1,726 698  
Net cash provided by operating activities         706,927 681,137  
Additions to real estate:              
Acquisitions of real estate and acquisition related capital expenditures         (93,389) (7,807)  
Redevelopment         (55,027) (54,656)  
Development acquisitions of and additions to real estate under development         (130,593) (131,867)  
Capital expenditures on rental properties         (69,348) (54,890)  
Investments in notes receivable         (140,663) 0  
Collections of notes and other receivables         2,500 29,500  
Proceeds from insurance for property losses         3,599 1,237  
Proceeds from dispositions of real estate         0 130,730  
Contributions to co-investments         (306,233) (100,202)  
Changes in refundable deposits         325 (3,804)  
Purchases of marketable securities         (42,653) (29,130)  
Sales and maturities of marketable securities         57,165 22,501  
Non-operating distributions from co-investments         70,064 62,564  
Net cash used in investing activities         (704,253) (135,824)  
Cash flows from financing activities:              
Proceeds from unsecured debt and mortgage notes         892,762 298,773  
Payments on unsecured debt and mortgage notes         (800,746) (162,317)  
Proceeds from lines of credit         1,485,034 454,170  
Repayments of lines of credit         (1,265,034) (633,170)  
Retirement of common stock         (56,989) (3,774)  
Additions to deferred charges         (9,446) (4,093)  
Net proceeds from issuance of common stock         72,549 (483)  
Net proceeds from stock options exercised         36,422 2,751  
Payments related to tax withholding for share-based compensation         (3,515) (23)  
Distributions to noncontrolling interest         (20,269) (22,137)  
Redemption of noncontrolling interest         (14,180) (157)  
Redemption of redeemable noncontrolling interest         (73) (43)  
Common and preferred stock dividends paid         (378,858) (361,310)  
Net cash used in financing activities         (62,343) (431,813)  
Net (decrease) increase in unrestricted and restricted cash and cash equivalents         (59,669) 113,500  
Unrestricted and restricted cash and cash equivalents at beginning of period   151,395     151,395 61,126 $ 61,126
Unrestricted and restricted cash and cash equivalents at end of period 91,726   91,726 174,626 91,726 174,626 151,395
Supplemental disclosure of cash flow information:              
Cash paid for interest (net of $19.0 million and $13.3 million capitalized in 2019 and 2018, respectively)         145,001 146,039  
Operating cash flows from operating leases         5,097 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         14,501 99,547  
Transfer from real estate under development to co-investments         106 640  
Reclassifications to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest         3,675 2,253  
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         143,006 0  
Repayment of mortgage note from new financing proceeds         0 52,000  
Essex Portfolio, L.P. [Member]              
Cash flows from operating activities:              
Net income     105,700 86,110 329,266 289,159  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization         360,842 359,287  
Amortization of discount on marketable securities         (16,673) (12,949)  
Amortization of discount (premium) and debt financing costs, net         3,454 (1,958)  
Gain on sale of marketable securities         (737) (669)  
Unrealized (gain) loss on equity securities recognized through income         (4,280) (426)  
Company's share of gain on the sales of co-investments         (870) 0  
Earnings from co-investments         (54,065) (64,611)  
Operating distributions from co-investments         64,628 80,232  
Accrued interest from notes and other receivables         (4,523) (4,016)  
Gain on the sale of real estate and land         0 (22,244)  
Equity-based compensation         6,748 7,209  
Gain on early retirement of debt, net     (5,475) 0 (7,143) 0  
Gain on remeasurement of co-investment     0 0 (31,535) 0  
Changes in operating assets and liabilities:              
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets         (4,192) (4,044)  
Accounts payable, accrued liabilities, and operating lease liabilities         64,281 55,469  
Other liabilities         1,726 698  
Net cash provided by operating activities         706,927 681,137  
Additions to real estate:              
Acquisitions of real estate and acquisition related capital expenditures         (93,389) (7,807)  
Redevelopment         (55,027) (54,656)  
Development acquisitions of and additions to real estate under development         (130,593) (131,867)  
Capital expenditures on rental properties         (69,348) (54,890)  
Investments in notes receivable         (140,663) 0  
Collections of notes and other receivables         2,500 29,500  
Proceeds from insurance for property losses         3,599 1,237  
Proceeds from dispositions of real estate         0 130,730  
Contributions to co-investments         (306,233) (100,202)  
Changes in refundable deposits         325 (3,804)  
Purchases of marketable securities         (42,653) (29,130)  
Sales and maturities of marketable securities         57,165 22,501  
Non-operating distributions from co-investments         70,064 62,564  
Net cash used in investing activities         (704,253) (135,824)  
Cash flows from financing activities:              
Proceeds from unsecured debt and mortgage notes         892,762 298,773  
Payments on unsecured debt and mortgage notes         (800,746) (162,317)  
Proceeds from lines of credit         1,485,034 454,170  
Repayments of lines of credit         (1,265,034) (633,170)  
Retirement of common stock         (56,989) (3,774)  
Additions to deferred charges         (9,446) (4,093)  
Net proceeds from issuance of common stock         72,549 (483)  
Net proceeds from stock options exercised         36,422 2,751  
Payments related to tax withholding for share-based compensation         (3,515) (23)  
Distributions to noncontrolling interest         (5,978) (6,615)  
Redemption of noncontrolling interest         (14,180) (157)  
Redemption of redeemable noncontrolling interest         (73) (43)  
Common and preferred stock dividends paid         (393,149) (376,832)  
Net cash used in financing activities         (62,343) (431,813)  
Net (decrease) increase in unrestricted and restricted cash and cash equivalents         (59,669) 113,500  
Unrestricted and restricted cash and cash equivalents at beginning of period   $ 151,395     151,395 61,126 61,126
Unrestricted and restricted cash and cash equivalents at end of period $ 91,726   $ 91,726 $ 174,626 91,726 174,626 $ 151,395
Supplemental disclosure of cash flow information:              
Cash paid for interest (net of $19.0 million and $13.3 million capitalized in 2019 and 2018, respectively)         145,001 146,039  
Operating cash flows from operating leases         5,097 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         14,501 99,547  
Transfer from real estate under development to co-investments         106 640  
Reclassifications to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest         3,675 2,253  
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  
Debt assumed in connection with acquisition         143,006 0  
Repayment of mortgage note from new financing proceeds         $ 0 $ 52,000