XML 76 R10.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 464,448 $ 413,599 $ 458,043
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 483,750 479,884 468,881
Amortization of discount on marketable securities (28,491) (17,637) (15,119)
Amortization of (premium) discount and debt financing costs, net 5,689 (2,587) (5,948)
Gain on sale of marketable securities (1,271) (737) (1,909)
Unrealized (gain) loss on equity securities recognized through income (5,710) 5,159 0
Company's share of gain on the sales of co-investments (51,097) (10,569) (44,837)
Earnings from co-investments (61,039) (78,563) (41,608)
Operating distributions from co-investments 99,277 99,593 76,764
Accrued interest from notes and other receivables (6,012) (5,436) (4,030)
Impairment loss 7,105 0 0
(Gain) loss on the sale of real estate and land 3,164 (61,861) (26,423)
Equity-based compensation 7,010 7,135 9,286
(Gain) loss on early retirement of debt, net (3,717) 0 1,796
Gain on remeasurement of co-investment (31,535) (1,253) (88,641)
Changes in operating assets and liabilities:      
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets 5,751 (1,203) (3,004)
Accounts payable, accrued liabilities, and operating lease liabilities 29,551 (145) (13,474)
Other liabilities 2,206 1,175 (170)
Net cash provided by operating activities 919,079 826,554 769,607
Additions to real estate:      
Acquisitions of real estate and acquisition related capital expenditures (133,825) (15,311) (206,194)
Redevelopment (70,295) (73,000) (69,928)
Development acquisitions of and additions to real estate under development (158,234) (182,772) (137,733)
Capital expenditures on rental properties (101,689) (81,684) (72,812)
Investments in notes receivable (231,400) 0 (106,461)
Collections of notes and other receivables 168,720 29,500 55,000
Proceeds from insurance for property losses 3,734 1,408 648
Proceeds from dispositions of real estate 23,214 347,587 132,039
Contributions to co-investments (402,284) (162,437) (293,363)
Changes in refundable deposits 5 (414) 837
Purchases of marketable securities (46,458) (37,952) (67,893)
Sales and maturities of marketable securities (147,531) (31,521) (35,481)
Non-operating distributions from co-investments 273,290 83,661 162,439
Net cash used in investing activities (527,691) (59,893) (567,940)
Cash flows from financing activities:      
Proceeds from unsecured debt and mortgage notes 1,045,290 298,773 597,981
Payments on unsecured debt and mortgage notes (1,026,616) (230,398) (561,160)
Proceeds from lines of credit 1,939,213 742,961 982,246
Repayments of lines of credit (1,884,213) (921,961) (928,246)
Retirement of common stock (56,989) (51,233) 0
Additions to deferred charges (10,898) (4,250) (4,108)
Payments related to debt prepayment penalties (1,406) 0 (1,630)
Net proceeds from issuance of common stock 72,539 (919) 89,055
Net proceeds from stock options exercised 37,467 6,213 26,635
Payments related to tax withholding for share-based compensation (3,688) (869) (316)
Distributions to noncontrolling interest (27,993) (29,050) (26,552)
Redemption of noncontrolling interest (36,568) (1,333) (28,580)
Redemption of redeemable noncontrolling interest (73) (144) (5,543)
Common and preferred stock dividends paid (507,754) (484,182) (450,625)
Net cash used in financing activities (461,689) (676,392) (310,843)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents (70,301) 90,269 (109,176)
Unrestricted and restricted cash and cash equivalents at beginning of period 151,395 61,126 170,302
Unrestricted and restricted cash and cash equivalents at end of period 81,094 151,395 61,126
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of capitalized interest 194,418 203,803 212,163
Interest capitalized 24,169 18,708 13,860
Operating cash flows from operating leases 6,811 0 0
Supplemental disclosure of noncash investing and financing activities:      
Issuance of Operating Partnership units for contributed properties 0 7,919 0
Issuance of DownREIT units in connection with acquisition of real estate 65,472 0 22,506
Transfers between real estate under development to rental properties, net 19,812 100,415 2,413
Transfer from real estate under development to co-investments 671 853 5,075
Reclassifications to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest 2,008 1,165 65
Redemption of redeemable noncontrolling interest via reduction of note receivable 0 4,751 0
Debt assumed in connection with acquisition 143,006 45,804 51,882
Repayment of mortgage note from new financing proceeds 0 52,000 0
Essex Portfolio, L.P.      
Cash flows from operating activities:      
Net income 464,448 413,599 458,043
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 483,750 479,884 468,881
Amortization of discount on marketable securities (28,491) (17,637) (15,119)
Amortization of (premium) discount and debt financing costs, net 5,689 (2,587) (5,948)
Gain on sale of marketable securities (1,271) (737) (1,909)
Unrealized (gain) loss on equity securities recognized through income (5,710) 5,159 0
Company's share of gain on the sales of co-investments (51,097) (10,569) (44,837)
Earnings from co-investments (61,039) (78,563) (41,608)
Operating distributions from co-investments 99,277 99,593 76,764
Accrued interest from notes and other receivables (6,012) (5,436) (4,030)
Impairment loss 7,105 0 0
(Gain) loss on the sale of real estate and land 3,164 (61,861) (26,423)
Equity-based compensation 7,010 7,135 9,286
(Gain) loss on early retirement of debt, net (3,717) 0 1,796
Gain on remeasurement of co-investment (31,535) (1,253) (88,641)
Changes in operating assets and liabilities:      
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets 5,751 (1,203) (3,004)
Accounts payable, accrued liabilities, and operating lease liabilities 29,551 (145) (13,474)
Other liabilities 2,206 1,175 (170)
Net cash provided by operating activities 919,079 826,554 769,607
Additions to real estate:      
Acquisitions of real estate and acquisition related capital expenditures (133,825) (15,311) (206,194)
Redevelopment (70,295) (73,000) (69,928)
Development acquisitions of and additions to real estate under development (158,234) (182,772) (137,733)
Capital expenditures on rental properties (101,689) (81,684) (72,812)
Investments in notes receivable (231,400) 0 (106,461)
Collections of notes and other receivables 168,720 29,500 55,000
Proceeds from insurance for property losses 3,734 1,408 648
Proceeds from dispositions of real estate 23,214 347,587 132,039
Contributions to co-investments (402,284) (162,437) (293,363)
Changes in refundable deposits 5 (414) 837
Purchases of marketable securities (46,458) (37,952) (67,893)
Sales and maturities of marketable securities (147,531) (31,521) (35,481)
Non-operating distributions from co-investments 273,290 83,661 162,439
Net cash used in investing activities (527,691) (59,893) (567,940)
Cash flows from financing activities:      
Proceeds from unsecured debt and mortgage notes 1,045,290 298,773 597,981
Payments on unsecured debt and mortgage notes (1,026,616) (230,398) (561,160)
Proceeds from lines of credit 1,939,213 742,961 982,246
Repayments of lines of credit (1,884,213) (921,961) (928,246)
Retirement of common stock (56,989) (51,233) 0
Additions to deferred charges (10,898) (4,250) (4,108)
Payments related to debt prepayment penalties (1,406) 0 (1,630)
Net proceeds from issuance of common stock 72,539 (919) 89,055
Net proceeds from stock options exercised 37,467 6,213 26,635
Payments related to tax withholding for share-based compensation (3,688) (869) (316)
Distributions to noncontrolling interest (7,288) (8,518) (7,752)
Redemption of noncontrolling interest (36,568) (1,333) (28,580)
Redemption of redeemable noncontrolling interest (73) (144) (5,543)
Common and preferred stock dividends paid (528,459) (504,714) (469,425)
Net cash used in financing activities (461,689) (676,392) (310,843)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents (70,301) 90,269 (109,176)
Unrestricted and restricted cash and cash equivalents at beginning of period 151,395 61,126 170,302
Unrestricted and restricted cash and cash equivalents at end of period 81,094 151,395 61,126
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of capitalized interest 194,418 203,803 212,163
Interest capitalized 24,169 18,708 13,860
Operating cash flows from operating leases 6,811 0 0
Supplemental disclosure of noncash investing and financing activities:      
Issuance of Operating Partnership units for contributed properties 0 7,919 0
Issuance of DownREIT units in connection with acquisition of real estate 65,472 0 22,506
Transfers between real estate under development to rental properties, net 19,812 100,415 2,413
Transfer from real estate under development to co-investments 671 853 5,075
Reclassifications to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest 2,008 1,165 65
Redemption of redeemable noncontrolling interest via reduction of note receivable 0 4,751 0
Initial recognition of operating lease right-of-use assets 77,645 0 0
Initial recognition of operating lease liabilities 79,693 0 0
Debt assumed in connection with acquisition 143,006 45,804 51,882
Repayment of mortgage note from new financing proceeds $ 0 $ 52,000 $ 0