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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Cash flows from operating activities:          
Net income $ 78,842 $ 105,700 $ 497,683 $ 329,266  
Adjustments to reconcile net income to net cash provided by operating activities:          
Straight-lined rents     (15,485) (230)  
Depreciation and amortization     395,370 360,842  
Amortization of discount on marketable securities     (6,598) (16,673)  
Amortization of discount and debt financing costs, net     5,177 3,454  
Gain on sale of marketable securities     (124) (737)  
Provision for credit losses     100    
Unrealized gains on equity securities recognized through income     (2,215) (4,280)  
Company's share of gain on the sales of co-investments     0 (870)  
Earnings from co-investments     (53,514) (54,065)  
Operating distributions from co-investments     41,202 64,628  
Accrued interest from notes and other receivables     (1,574) (4,523)  
Gain on the sale of real estate and land     (39,251) 0  
Equity-based compensation     4,923 6,748  
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)  
Changes in operating assets and liabilities:          
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets     (5,088) (3,962)  
Accounts payable, accrued liabilities, and operating lease liabilities     43,095 64,281  
Other liabilities     610 1,726  
Net cash provided by operating activities     653,437 706,927  
Additions to real estate:          
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired     (459,355) (93,389)  
Redevelopment     (41,592) (55,027)  
Development acquisitions of and additions to real estate under development     (90,273) (130,593)  
Capital expenditures on rental properties     (64,269) (69,348)  
Investments in notes receivable     (20,431) (140,663)  
Collections of notes and other receivables     98,711 2,500  
Proceeds from insurance for property losses     612 3,599  
Proceeds from dispositions of real estate     280,246 0  
Contributions to co-investments     (61,056) (306,233)  
Changes in refundable deposits     96 325  
Purchases of marketable securities     (38,909) (42,653)  
Sales and maturities of marketable securities     56,890 57,165  
Non-operating distributions from co-investments     37,342 70,064  
Net cash used in investing activities     (301,988) (704,253)  
Cash flows from financing activities:          
Proceeds from unsecured debt and mortgage notes     1,452,808 892,762  
Payments on unsecured debt and mortgage notes     (587,057) (800,746)  
Proceeds from lines of credit     1,038,426 1,485,034  
Repayments of lines of credit     (1,093,426) (1,265,034)  
Retirement of common stock     (222,990) (56,989)  
Additions to deferred charges     (13,761) (9,446)  
Payments related to debt prepayments penalties     (19,605) 0  
Net proceeds from issuance of common stock     (228) 72,549  
Net proceeds from stock options exercised     14,865 36,422  
Payments related to tax withholding for share-based compensation     (5,664) (3,515)  
Distributions to noncontrolling interest     (23,302) (20,269)  
Redemption of noncontrolling interest     (2,971) (14,180)  
Redemption of redeemable noncontrolling interest     0 (73)  
Common stock dividends paid     (400,563) (378,858)  
Net cash provided by (used in) financing activities     136,532 (62,343)  
Net increase (decrease) in unrestricted and restricted cash and cash equivalents     487,981 (59,669)  
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 569,075 91,726 569,075 91,726 81,094
Supplemental disclosure of cash flow information:          
Cash paid for interest (net of $12.3 million and $19.0 million capitalized in 2020 and 2019, respectively)     160,927 145,001  
Operating cash flows from operating leases     5,192 5,097  
Supplemental disclosure of noncash investing and financing activities:          
Issuance of DownREIT units in connection with acquisition of real estate     0 65,472  
Transfers between real estate under development and rental properties, net     252,946 14,501  
Transfer from real estate under development to co-investments     1,387 106  
Reclassifications (from) to redeemable noncontrolling interest to/from additional paid in capital and noncontrolling interest     (6,691) 3,675  
Initial recognition of operating lease right-of-use assets     0 77,645  
Initial recognition of operating lease liabilities     0 79,693  
Debt assumed in connection with acquisition     0 143,006  
Interest capitalized     12,300 19,000  
Essex Portfolio, L.P.          
Cash flows from operating activities:          
Net income 78,842 105,700 497,683 329,266  
Adjustments to reconcile net income to net cash provided by operating activities:          
Straight-lined rents     (15,485) (230)  
Depreciation and amortization     395,370 360,842  
Amortization of discount on marketable securities     (6,598) (16,673)  
Amortization of discount and debt financing costs, net     5,177 3,454  
Gain on sale of marketable securities     (124) (737)  
Provision for credit losses     100 0  
Unrealized gains on equity securities recognized through income     (2,215) (4,280)  
Company's share of gain on the sales of co-investments     0 (870)  
Earnings from co-investments     (53,514) (54,065)  
Operating distributions from co-investments     41,202 64,628  
Accrued interest from notes and other receivables     (1,574) (4,523)  
Gain on the sale of real estate and land     (39,251) 0  
Equity-based compensation     4,923 6,748  
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)  
Changes in operating assets and liabilities:          
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets     (5,088) (3,962)  
Accounts payable, accrued liabilities, and operating lease liabilities     43,095 64,281  
Other liabilities     610 1,726  
Net cash provided by operating activities     653,437 706,927  
Additions to real estate:          
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired     (459,355) (93,389)  
Redevelopment     (41,592) (55,027)  
Development acquisitions of and additions to real estate under development     (90,273) (130,593)  
Capital expenditures on rental properties     (64,269) (69,348)  
Investments in notes receivable     (20,431) (140,663)  
Collections of notes and other receivables     98,711 2,500  
Proceeds from insurance for property losses     612 3,599  
Proceeds from dispositions of real estate     280,246 0  
Contributions to co-investments     (61,056) (306,233)  
Changes in refundable deposits     96 325  
Purchases of marketable securities     (38,909) (42,653)  
Sales and maturities of marketable securities     56,890 57,165  
Non-operating distributions from co-investments     37,342 70,064  
Net cash used in investing activities     (301,988) (704,253)  
Cash flows from financing activities:          
Proceeds from unsecured debt and mortgage notes     1,452,808 892,762  
Payments on unsecured debt and mortgage notes     (587,057) (800,746)  
Proceeds from lines of credit     1,038,426 1,485,034  
Repayments of lines of credit     (1,093,426) (1,265,034)  
Retirement of common stock     (222,990) (56,989)  
Additions to deferred charges     (13,761) (9,446)  
Payments related to debt prepayments penalties     (19,605) 0  
Net proceeds from issuance of common stock     (228) 72,549  
Net proceeds from stock options exercised     14,865 36,422  
Payments related to tax withholding for share-based compensation     (5,664) (3,515)  
Distributions to noncontrolling interest     (6,287) (5,978)  
Redemption of noncontrolling interest     (2,971) (14,180)  
Redemption of redeemable noncontrolling interest     0 (73)  
Common stock dividends paid     (417,578) (393,149)  
Net cash provided by (used in) financing activities     136,532 (62,343)  
Net increase (decrease) in unrestricted and restricted cash and cash equivalents     487,981 (59,669)  
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 $ 569,075 $ 91,726 569,075 91,726 $ 81,094
Supplemental disclosure of cash flow information:          
Cash paid for interest (net of $12.3 million and $19.0 million capitalized in 2020 and 2019, respectively)     160,927 145,001  
Operating cash flows from operating leases     5,192 5,097  
Supplemental disclosure of noncash investing and financing activities:          
Issuance of DownREIT units in connection with acquisition of real estate     0 65,472  
Transfers between real estate under development and rental properties, net     252,946 14,501  
Transfer from real estate under development to co-investments     1,387 106  
Reclassifications (from) to redeemable noncontrolling interest to/from additional paid in capital and noncontrolling interest     (6,691) 3,675  
Initial recognition of operating lease right-of-use assets     0 77,645  
Initial recognition of operating lease liabilities     0 79,693  
Debt assumed in connection with acquisition     0 143,006  
Interest capitalized     $ 12,300 $ 19,000