XML 113 R32.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Summary of Critical and Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2019
Summary of Critical and Significant Accounting Policies [Abstract]  
Summary of Depreciable Life of Various Categories of Fixed Assets
The depreciable life of various categories of fixed assets is as follows:
Computer software and equipment
3 - 5 years
Interior apartment home improvements
5 years
Furniture, fixtures and equipment
5 - 10 years
Land improvements and certain exterior components of real property
10 years
Real estate structures
30 years
Schedule of Restricted Cash Reconciliation
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows ($ in thousands):
 
2019
 
2018
 
2017
Cash and cash equivalents - unrestricted
$
70,087

 
$
134,465

 
$
44,620

Cash and cash equivalents - restricted
11,007

 
16,930

 
16,506

Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows
$
81,094

 
$
151,395

 
$
61,126
Schedule of Cash and Cash Equivalents Reconciliation
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows ($ in thousands):
 
2019
 
2018
 
2017
Cash and cash equivalents - unrestricted
$
70,087

 
$
134,465

 
$
44,620

Cash and cash equivalents - restricted
11,007

 
16,930

 
16,506

Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows
$
81,094

 
$
151,395

 
$
61,126
Components of Marketable Securities
As of December 31, 2019 and 2018 marketable securities consist of the following ($ in thousands):

 
December 31, 2019
 
Amortized
Cost
 
Gross
Unrealized
Gain
 
Carrying
Value
Equity securities:
 
 
 
 
 
Investment funds - debt securities
$
29,588

 
$
544

 
$
30,132

Common stock and stock funds
34,941

 
2,927

 
37,868

 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 Available for sale
 
 
 
 
 
U.S. treasury securities
2,421

 
13

 
2,434

Investment-grade unsecured bonds
1,048

 
60

 
1,108

Held to maturity:
 

 
 

 
 

Mortgage backed securities
72,651

 
—

 
72,651

Total - Marketable securities
$
140,649

 
$
3,544

 
$
144,193


 
December 31, 2018
 
Amortized
Cost
 
Gross
Unrealized
Loss
 
Carrying
Value
Equity securities:
 
 
 
 
 
Investment funds - debt securities
$
31,934

 
$
(568
)
 
$
31,366

Common stock and stock funds
39,731

 
(1,671
)
 
38,060

 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 Available for sale
 
 
 
 
 
U.S. treasury securities
8,983

 
(31
)
 
8,952

Investment-grade unsecured bonds
4,125

 
(145
)
 
3,980

Held to maturity:
 

 
 

 
 

Mortgage backed securities
127,187

 
—

 
127,187

Total - Marketable securities
$
211,960

 
$
(2,415
)
 
$
209,545
Summary of Status of Cash Dividends Distributed
The status of cash dividends distributed for the years ended December 31, 2019, 2018, and 2017 related to common stock are classified for tax purposes as follows:
 
 
2019
 
2018
 
2017
Common Stock
 
 
 
 
 
Ordinary income
83.81
%
 
79.72
%
 
84.04
%
Capital gain
13.78
%
 
15.35
%
 
13.20
%
Unrecaptured section 1250 capital gain
2.41
%
 
4.93
%
 
2.76
%
 
100.00
%
 
100.00
%
 
100.00
%
Changes in Accumulated Other Comprehensive Income (Loss), Net by Component
Changes in Accumulated Other Comprehensive Loss, Net, by Component
Essex Property Trust, Inc. ($ in thousands)
 
Change in fair
value and
amortization
of swap settlements
 
Unrealized
gain (loss) on
available for sale
securities
 
Total
Balance at December 31, 2018
$
(13,077
)
 
$
(140
)
 
$
(13,217
)
Cumulative effect upon adoption of ASU No. 2017-12
175

 
—

 
175

Other comprehensive income before reclassification
7,836

 
272

 
8,108

Amounts reclassified from accumulated other comprehensive loss
(8,923
)
 
(31
)
 
(8,954
)
Other comprehensive income (loss)
(912
)
 
241

 
(671
)
Balance at December 31, 2019
$
(13,989
)
 
$
101

 
$
(13,888
)
Changes in the Redemption Value of Redeemable Noncontrolling Interests
The changes in the redemption value of redeemable noncontrolling interests for the years ended December 31, 2019, 2018, and 2017 is as follows:

 
2019
 
2018
 
2017
Balance at January 1,
$
35,475

 
$
39,206

 
$
44,684

Reclassifications due to change in redemption value and other
2,008

 
1,164

 
65

Redemptions
(73
)
 
(4,895
)
 
(5,543
)
Balance at December 31,
$
37,410

 
$
35,475

 
$
39,206
Essex Portfolio, L.P.  
Summary of Critical and Significant Accounting Policies [Abstract]  
Changes in Accumulated Other Comprehensive Income (Loss), Net by Component
Changes in Accumulated Other Comprehensive Loss, by Component
Essex Portfolio, L.P. ($ in thousands)
 
Change in fair
value and
amortization
of swap settlements
 
Unrealized
gain (loss) on
available for sale
securities
 
Total
Balance at December 31, 2018
$
(9,593
)
 
$
(145
)
 
$
(9,738
)
Cumulative effect upon adoption of ASU No. 2017-12
181

 
—

 
181

Other comprehensive income before reclassification
8,111

 
281

 
8,392

Amounts reclassified from accumulated other comprehensive loss
(9,235
)
 
(32
)
 
(9,267
)
Other comprehensive income (loss)
(943
)
 
249

 
(694
)
Balance at December 31, 2019
$
(10,536
)
 
$
104

 
$
(10,432
)