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Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues:        
Rental and other property $ 368,149 $ 359,375 $ 757,899 $ 713,263
Management and other fees from affiliates 2,348 2,260 4,965 4,595
Revenues 370,497 361,635 762,864 717,858
Expenses:        
Property operating, excluding real estate taxes 65,142 58,905 129,273 117,527
Real estate taxes 44,994 36,285 88,006 75,703
Corporate-level property management expenses 8,646 8,469 17,405 16,898
Depreciation and amortization 133,609 119,465 265,168 240,033
General and administrative 14,952 13,927 28,934 27,386
Expensed acquisition and investment related costs 15 24 102 56
Total expenses 267,358 237,075 528,888 477,603
Gain on sale of real estate and land 16,597 0 16,597 0
Earnings from operations 119,736 124,560 250,573 240,255
Interest expense (54,447) (54,112) (109,594) (107,755)
Total return swap income 2,788 1,975 4,772 4,020
Interest and other income 11,405 8,347 6,184 20,608
Equity income from co-investments 17,257 16,959 38,554 33,235
Deferred tax expense on unrealized gain on unconsolidated co-investment 1,636 0 1,636 0
(Loss) gain on early retirement of debt, net (5,027) 332 (4,706) 1,668
Gain on remeasurement of co-investment 0 0 234,694 31,535
Net income 90,076 98,061 418,841 223,566
Net income attributable to noncontrolling interest (5,618) (5,786) (19,377) (12,433)
Net income available to common stockholders 84,458 92,275 399,464 211,133
Comprehensive income 94,172 93,740 413,850 217,408
Comprehensive income attributable to noncontrolling interest (5,756) (5,640) (19,208) (12,225)
Comprehensive income attributable to controlling interest $ 88,416 $ 88,100 $ 394,642 $ 205,183
Basic:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.29 $ 1.40 $ 6.08 $ 3.21
Weighted average number of shares/common units outstanding during the period (in shares) 65,412,407 65,718,806 65,728,119 65,710,842
Diluted:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.29 $ 1.40 $ 6.07 $ 3.21
Weighted average number of shares/common units outstanding during the period (in shares) 65,427,935 65,821,815 65,855,347 65,802,417
Essex Portfolio, L.P.        
Revenues:        
Rental and other property $ 368,149 $ 359,375 $ 757,899 $ 713,263
Management and other fees from affiliates 2,348 2,260 4,965 4,595
Revenues 370,497 361,635 762,864 717,858
Expenses:        
Property operating, excluding real estate taxes 65,142 58,905 129,273 117,527
Real estate taxes 44,994 36,285 88,006 75,703
Corporate-level property management expenses 8,646 8,469 17,405 16,898
Depreciation and amortization 133,609 119,465 265,168 240,033
General and administrative 14,952 13,927 28,934 27,386
Expensed acquisition and investment related costs 15 24 102 56
Total expenses 267,358 237,075 528,888 477,603
Gain on sale of real estate and land 16,597 0 16,597 0
Earnings from operations 119,736 124,560 250,573 240,255
Interest expense (54,447) (54,112) (109,594) (107,755)
Total return swap income 2,788 1,975 4,772 4,020
Interest and other income 11,405 8,347 6,184 20,608
Equity income from co-investments 17,257 16,959 38,554 33,235
Deferred tax expense on unrealized gain on unconsolidated co-investment 1,636 0 1,636 0
(Loss) gain on early retirement of debt, net (5,027) 332 (4,706) 1,668
Gain on remeasurement of co-investment 0 0 234,694 31,535
Net income 90,076 98,061 418,841 223,566
Net income attributable to noncontrolling interest (2,654) (2,558) (5,427) (5,034)
Net income available to common stockholders 87,422 95,503 413,414 218,532
Comprehensive income 94,172 93,740 413,850 217,408
Comprehensive income attributable to noncontrolling interest (2,654) (2,558) (5,427) (5,034)
Comprehensive income attributable to controlling interest $ 91,518 $ 91,182 $ 408,423 $ 212,374
Basic:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.29 $ 1.40 $ 6.08 $ 3.21
Weighted average number of shares/common units outstanding during the period (in shares) 67,708,157 68,018,090 68,026,084 68,012,999
Diluted:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.29 $ 1.40 $ 6.07 $ 3.21
Weighted average number of shares/common units outstanding during the period (in shares) 67,723,685 68,121,099 68,153,312 68,104,574