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Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues:        
Rental and other property $ 368,464 $ 364,504 $ 1,126,363 $ 1,077,767
Management and other fees from affiliates 2,347 2,428 7,312 7,023
Revenues 370,811 366,932 1,133,675 1,084,790
Expenses:        
Property operating, excluding real estate taxes 68,037 62,883 197,310 180,410
Real estate taxes 44,358 39,290 132,364 114,993
Corporate-level property management expenses 8,619 8,553 26,024 25,451
Depreciation and amortization 130,202 120,809 395,370 360,842
General and administrative 13,310 11,345 42,244 38,731
Expensed acquisition and investment related costs 2 13 104 69
Total expenses 264,528 242,893 793,416 720,496
Gain on sale of real estate and land 22,654 0 39,251 0
Earnings from operations 128,937 124,039 379,510 364,294
Interest expense (55,430) (54,896) (165,024) (162,651)
Total return swap income 2,977 2,154 7,749 6,174
Interest and other income 6,512 8,685 12,696 29,293
Equity income from co-investments 14,960 21,700 53,514 54,935
Deferred tax expense on unrealized gain on unconsolidated co-investment 0 (1,457) (1,636) (1,457)
(Loss) gain on early retirement of debt, net (19,114) 5,475 (23,820) 7,143
Gain on remeasurement of co-investment 0 0 234,694 31,535
Net income 78,842 105,700 497,683 329,266
Net income attributable to noncontrolling interest (5,181) (6,365) (24,558) (18,798)
Net income available to common stockholders 73,661 99,335 473,125 310,468
Comprehensive income 80,818 105,663 494,668 323,071
Comprehensive income attributable to noncontrolling interest (5,247) (6,364) (24,455) (18,589)
Comprehensive income attributable to controlling interest $ 75,571 $ 99,299 $ 470,213 $ 304,482
Basic:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.13 $ 1.51 $ 7.22 $ 4.72
Weighted average number of shares/common units outstanding during the period (in shares) 65,232,837 65,850,524 65,561,820 65,757,914
Diluted:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.13 $ 1.51 $ 7.21 $ 4.71
Weighted average number of shares/common units outstanding during the period (in shares) 65,241,428 65,973,085 65,676,093 65,857,660
Essex Portfolio, L.P.        
Revenues:        
Rental and other property $ 368,464 $ 364,504 $ 1,126,363 $ 1,077,767
Management and other fees from affiliates 2,347 2,428 7,312 7,023
Revenues 370,811 366,932 1,133,675 1,084,790
Expenses:        
Property operating, excluding real estate taxes 68,037 62,883 197,310 180,410
Real estate taxes 44,358 39,290 132,364 114,993
Corporate-level property management expenses 8,619 8,553 26,024 25,451
Depreciation and amortization 130,202 120,809 395,370 360,842
General and administrative 13,310 11,345 42,244 38,731
Expensed acquisition and investment related costs 2 13 104 69
Total expenses 264,528 242,893 793,416 720,496
Gain on sale of real estate and land 22,654 0 39,251 0
Earnings from operations 128,937 124,039 379,510 364,294
Interest expense (55,430) (54,896) (165,024) (162,651)
Total return swap income 2,977 2,154 7,749 6,174
Interest and other income 6,512 8,685 12,696 29,293
Equity income from co-investments 14,960 21,700 53,514 54,935
Deferred tax expense on unrealized gain on unconsolidated co-investment 0 (1,457) (1,636) (1,457)
(Loss) gain on early retirement of debt, net (19,114) 5,475 (23,820) 7,143
Gain on remeasurement of co-investment 0 0 234,694 31,535
Net income 78,842 105,700 497,683 329,266
Net income attributable to noncontrolling interest (2,588) (2,901) (8,015) (7,935)
Net income available to common stockholders 76,254 102,799 489,668 321,331
Comprehensive income 80,818 105,663 494,668 323,071
Comprehensive income attributable to noncontrolling interest (2,588) (2,901) (8,015) (7,935)
Comprehensive income attributable to controlling interest $ 78,230 $ 102,762 $ 486,653 $ 315,136
Basic:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.13 $ 1.51 $ 7.22 $ 4.72
Weighted average number of shares/common units outstanding during the period (in shares) 67,528,346 68,148,913 67,858,961 68,058,802
Diluted:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.13 $ 1.51 $ 7.21 $ 4.71
Weighted average number of shares/common units outstanding during the period (in shares) 67,536,937 68,271,474 67,973,234 68,158,548