XML 53 R4.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues:    
Rental and other property $ 389,750 $ 353,888
Management and other fees from affiliates 2,617 2,335
Revenues 392,367 356,223
Expenses:    
Property operating, excluding real estate taxes 64,131 58,622
Real estate taxes 43,012 39,418
Corporate-level property management expenses 8,759 8,429
Depreciation and amortization 131,559 120,568
General and administrative 13,982 13,459
Expensed acquisition and investment related costs 87 32
Total expenses 261,530 240,528
Earnings from operations 130,837 115,695
Interest expense (55,147) (53,643)
Total return swap income 1,984 2,045
Interest and other income (loss) (5,221) 12,261
Equity income from co-investments 21,297 16,276
Gain on early retirement of debt, net 321 1,336
Gain on remeasurement of co-investment 234,694 31,535
Net income 328,765 125,505
Net income attributable to noncontrolling interest (13,759) (6,647)
Net income available to common stockholders 315,006 118,858
Comprehensive income 319,678 123,668
Comprehensive income attributable to noncontrolling interest (13,452) (6,585)
Comprehensive income attributable to controlling interest $ 306,226 $ 117,083
Basic:    
Net income available to common stockholders/unitholders (in dollars per share) $ 4.77 $ 1.81
Weighted average number of shares/common units outstanding during the period (in shares) 66,043,831 65,702,788
Diluted:    
Net income available to common stockholders/unitholders (in dollars per share) $ 4.76 $ 1.81
Weighted average number of shares/common units outstanding during the period (in shares) 66,195,415 65,783,869
Essex Portfolio, L.P.    
Revenues:    
Rental and other property $ 389,750 $ 353,888
Management and other fees from affiliates 2,617 2,335
Revenues 392,367 356,223
Expenses:    
Property operating, excluding real estate taxes 64,131 58,622
Real estate taxes 43,012 39,418
Corporate-level property management expenses 8,759 8,429
Depreciation and amortization 131,559 120,568
General and administrative 13,982 13,459
Expensed acquisition and investment related costs 87 32
Total expenses 261,530 240,528
Earnings from operations 130,837 115,695
Interest expense (55,147) (53,643)
Total return swap income 1,984 2,045
Interest and other income (loss) (5,221) 12,261
Equity income from co-investments 21,297 16,276
Gain on early retirement of debt, net 321 1,336
Gain on remeasurement of co-investment 234,694 31,535
Net income 328,765 125,505
Net income attributable to noncontrolling interest (2,773) (2,476)
Net income available to common stockholders 325,992 123,029
Comprehensive income 319,678 123,668
Comprehensive income attributable to noncontrolling interest (2,773) (2,476)
Comprehensive income attributable to controlling interest $ 316,905 $ 121,192
Basic:    
Net income available to common stockholders/unitholders (in dollars per share) $ 4.77 $ 1.81
Weighted average number of shares/common units outstanding during the period (in shares) 68,344,012 68,007,852
Diluted:    
Net income available to common stockholders/unitholders (in dollars per share) $ 4.76 $ 1.81
Weighted average number of shares/common units outstanding during the period (in shares) 68,495,596 68,088,933