XML 63 R9.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 328,765 $ 125,505  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 131,559 120,568  
Amortization of discount on marketable securities (2,394) (5,311)  
Amortization of discount and debt financing costs, net 2,297 529  
Loss on sale of marketable securities 13 58  
Provision for credit losses (50)    
Unrealized (gain) loss on equity securities recognized through income 8,696 (4,510)  
Earnings from co-investments (21,297) (16,276)  
Operating distributions from co-investments 19,388 17,804  
Accrued interest from notes and other receivables (355) (1,424)  
Equity-based compensation 1,405 2,068  
Gain on early retirement of debt, net (321) (1,336)  
Gain on remeasurement of co-investment (234,694) (31,535)  
Changes in operating assets and liabilities:      
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets (172) (4,730)  
Accounts payable, accrued liabilities, and operating lease liabilities 32,808 53,895  
Other liabilities 1,278 454  
Net cash provided by operating activities 266,926 255,759  
Additions to real estate:      
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired (458,302) (44,984)  
Redevelopment (18,296) (14,157)  
Development acquisitions of and additions to real estate under development (25,681) (39,306)  
Capital expenditures on rental properties (17,151) (17,075)  
Collections of notes and other receivables 98,711 2,500  
Proceeds from insurance for property losses 457 1,583  
Contributions to co-investments (21,905) (126,248)  
Changes in refundable deposits 96 5  
Purchases of marketable securities (10,731) (8,413)  
Sales and maturities of marketable securities 165 16,847  
Non-operating distributions from co-investments 7,000 10,000  
Net cash used in investing activities (445,637) (219,248)  
Cash flows from financing activities:      
Proceeds from unsecured debt and mortgage notes 498,140 498,234  
Payments on unsecured debt and mortgage notes (102,563) (360,975)  
Proceeds from lines of credit 1,038,426 567,029  
Repayments of lines of credit (743,426) (567,029)  
Retirement of common stock (176,311) (56,989)  
Additions to deferred charges (5,172) (5,445)  
Net proceeds from issuance of common stock (70) (20)  
Net proceeds from stock options exercised 14,329 6,699  
Payments related to tax withholding for share-based compensation (5,664) (3,495)  
Distributions to noncontrolling interest (7,478) (6,978)  
Redemption of noncontrolling interest (1,368) (12,213)  
Redemption of redeemable noncontrolling interest 0 (73)  
Common stock dividends paid (128,879) (122,525)  
Net cash provided by (used in) financing activities 379,964 (63,780)  
Net increase (decrease) in unrestricted and restricted cash and cash equivalents 201,253 (27,269)  
Unrestricted and restricted cash and cash equivalents at beginning of period 81,094 151,395 $ 151,395
Unrestricted and restricted cash and cash equivalents at end of period 282,347 124,126 81,094
Supplemental disclosure of cash flow information:      
Cash paid for interest (net of $4.8 million and $5.9 million capitalized in 2020 and 2019, respectively) 52,487 41,914  
Operating cash flows from operating leases 1,715 1,694  
Supplemental disclosure of noncash investing and financing activities:      
Transfers between real estate under development and rental properties, net 131,841 0  
Transfer from real estate under development to co-investments 824 313  
Reclassifications (from) to redeemable noncontrolling interest to/from additional paid in capital and noncontrolling interest (4,767) 1,767  
Initial recognition of operating lease right-of-use assets 0 77,645  
Initial recognition of operating lease liabilities 0 79,693  
Essex Portfolio, L.P.      
Cash flows from operating activities:      
Net income 328,765 125,505  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 131,559 120,568  
Amortization of discount on marketable securities (2,394) (5,311)  
Amortization of discount and debt financing costs, net 2,297 529  
Loss on sale of marketable securities 13 58  
Unrealized (gain) loss on equity securities recognized through income 8,696 (4,510)  
Earnings from co-investments (21,297) (16,276)  
Operating distributions from co-investments 19,388 17,804  
Accrued interest from notes and other receivables (355) (1,424)  
Equity-based compensation 1,405 2,068  
Gain on early retirement of debt, net (321) (1,336)  
Gain on remeasurement of co-investment (234,694) (31,535)  
Changes in operating assets and liabilities:      
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets (172) (4,730)  
Accounts payable, accrued liabilities, and operating lease liabilities 32,808 53,895  
Other liabilities 1,278 454  
Net cash provided by operating activities 266,926 255,759  
Additions to real estate:      
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired (458,302) (44,984)  
Redevelopment (18,296) (14,157)  
Development acquisitions of and additions to real estate under development (25,681) (39,306)  
Capital expenditures on rental properties (17,151) (17,075)  
Collections of notes and other receivables 98,711 2,500  
Proceeds from insurance for property losses 457 1,583  
Contributions to co-investments (21,905) (126,248)  
Changes in refundable deposits 96 5  
Purchases of marketable securities (10,731) (8,413)  
Sales and maturities of marketable securities 165 16,847  
Non-operating distributions from co-investments 7,000 10,000  
Net cash used in investing activities (445,637) (219,248)  
Cash flows from financing activities:      
Proceeds from unsecured debt and mortgage notes 498,140 498,234  
Payments on unsecured debt and mortgage notes (102,563) (360,975)  
Proceeds from lines of credit 1,038,426 567,029  
Repayments of lines of credit (743,426) (567,029)  
Retirement of common stock (176,311) (56,989)  
Additions to deferred charges (5,172) (5,445)  
Net proceeds from issuance of common stock (70) (20)  
Net proceeds from stock options exercised 14,329 6,699  
Payments related to tax withholding for share-based compensation (5,664) (3,495)  
Distributions to noncontrolling interest (2,016) (1,959)  
Redemption of noncontrolling interest (1,368) (12,213)  
Redemption of redeemable noncontrolling interest 0 (73)  
Common stock dividends paid (134,341) (127,544)  
Net cash provided by (used in) financing activities 379,964 (63,780)  
Net increase (decrease) in unrestricted and restricted cash and cash equivalents 201,253 (27,269)  
Unrestricted and restricted cash and cash equivalents at beginning of period 81,094 151,395 151,395
Unrestricted and restricted cash and cash equivalents at end of period 282,347 124,126 $ 81,094
Supplemental disclosure of cash flow information:      
Cash paid for interest (net of $4.8 million and $5.9 million capitalized in 2020 and 2019, respectively) 52,487 41,914  
Operating cash flows from operating leases 1,715 1,694  
Supplemental disclosure of noncash investing and financing activities:      
Transfers between real estate under development and rental properties, net 131,841 0  
Transfer from real estate under development to co-investments 824 313  
Reclassifications (from) to redeemable noncontrolling interest to/from additional paid in capital and noncontrolling interest (4,767) 1,767  
Initial recognition of operating lease right-of-use assets 0 77,645  
Initial recognition of operating lease liabilities $ 0 $ 79,693