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Organization and Basis of Presentation (Tables)
 6 Months Ended
Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Components of marketable securities
As of June 30, 2020 and December 31, 2019, marketable securities consist of the following ($ in thousands):
 
June 30, 2020
 
Amortized
Cost/Cost
 
Gross
Unrealized
Gain (Loss)
 
Carrying Value
 
Allowance for Credit Losses
Equity securities:
 
 
 
 
 
 
 
Investment funds - debt securities
$
28,153

 
$
721

 
$
28,874

 
 
Common stock and stock funds
45,518

 
1,677

 
47,195

 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
Available for sale
 
 
 
 
 
 
 
Investment-grade unsecured debt
1,050

 
(197
)
 
853

 
—

Held to maturity
 
 
 

 
 

 
 
Mortgage backed securities
77,511

 
—

 
77,511

 
13,644

Total - Marketable securities
$
152,232

 
$
2,201

 
$
154,433

 
$
13,644


 
December 31, 2019
 
Amortized
Cost/Cost
 
Gross
Unrealized
Gain (Loss)
 
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
Schedule of allowance for credit loss The following table presents the allowance for credit losses rollforward for the mortgage backed security ($ in thousands):

Balance at December 31, 2019
$
—

Impact of adoption ASC 326 (1)
13,644

Provision for credit losses
—

Balance at June 30, 2020
$
13,644


(1) As part of the adoption of ASC 326, effective January 1, 2020, the Company recorded a gross up of the mortgage backed security and related allowance for credit losses of $13.6 million. This gross up had no effect on the Company's consolidated results of operations or financial position.
The following table presents the activity in the allowance for credit losses for notes and other receivables by loan type ($ in thousands):

 
Mezzanine Loans
 
Bridge Loans
 
Total
Balance at December 31, 2019
$
—

 
$
—

 
$
—

Impact of adoption ASC 326
147

 
43

 
190

Provision for credit losses
(47
)
 
(43
)
 
(90
)
Balance at June 30, 2020
$
100

 
$
—

 
$
100
Changes in accumulated other comprehensive income (loss)
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, 2019
$
(13,989
)
 
$
101

 
$
(13,888
)
Other comprehensive loss before reclassification
(920
)
 
(261
)
 
(1,181
)
Amounts reclassified from accumulated other comprehensive loss
(3,641
)
 
—

 
(3,641
)
Other comprehensive loss
(4,561
)
 
(261
)
 
(4,822
)
Balance at June 30, 2020
$
(18,550
)
 
$
(160
)
 
$
(18,710
)

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, 2019
$
(10,536
)
 
$
104

 
$
(10,432
)
Other comprehensive loss before reclassification
(952
)
 
(270
)
 
(1,222
)
Amounts reclassified from accumulated other comprehensive loss
(3,769
)
 
—

 
(3,769
)
Other comprehensive loss
(4,721
)
 
(270
)
 
(4,991
)
Balance at June 30, 2020
$
(15,257
)
 
$
(166
)
 
$
(15,423
)
Schedule of changes to the redemption value of noncontrolling interests
The changes to the redemption value of redeemable noncontrolling interests for the six months ended June 30, 2020 is as follows ($ in thousands):
Balance at December 31, 2019
$
37,410

Reclassification due to change in redemption value and other
(4,169
)
Redemptions
—

Balance at June 30, 2020
$
33,241
Schedule of cash and cash equivalents
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows ($ in thousands):
 
June 30, 2020
 
December 31, 2019
 
June 30, 2019
 
December 31, 2018
Cash and cash equivalents - unrestricted
$
246,204

 
$
70,087

 
$
38,168

 
$
134,465

Cash and cash equivalents - restricted
10,271

 
11,007

 
16,803

 
16,930

Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows
$
256,475

 
$
81,094

 
$
54,971

 
$
151,395
Schedule of restricted cash and cash equivalents
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows ($ in thousands):
 
June 30, 2020
 
December 31, 2019
 
June 30, 2019
 
December 31, 2018
Cash and cash equivalents - unrestricted
$
246,204

 
$
70,087

 
$
38,168

 
$
134,465

Cash and cash equivalents - restricted
10,271

 
11,007

 
16,803

 
16,930

Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows
$
256,475

 
$
81,094

 
$
54,971

 
$
151,395