XML 31 R10.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 599,332 $ 464,448 $ 413,599
Adjustments to reconcile net income to net cash provided by operating activities:      
Straight-lined rents (19,426) (1,218) (347)
Depreciation and amortization 525,497 483,750 479,884
Amortization of discount on marketable securities (19,075) (28,491) (17,637)
Amortization of (premium) discount and debt financing costs, net 6,674 5,689 (2,587)
Gain on sale of marketable securities (2,131) (1,271) (737)
Provision for credit losses 687 0 0
Unrealized (gains) losses on equity securities recognized through income (12,515) (5,710) 5,159
Company's share of gain on the sales of co-investments (2,225) (51,097) (10,569)
Earnings from co-investments (64,287) (61,039) (78,563)
Operating distributions from co-investments 74,419 99,277 99,593
Accrued interest from notes and other receivables (3,683) (6,012) (5,436)
Impairment loss 1,825 7,105 0
(Gain) loss on the sale of real estate and land (64,967) 3,164 (61,861)
Equity-based compensation 8,157 7,010 7,135
Loss (gain) on early retirement of debt, net 22,883 (3,717) 0
Gain on remeasurement of co-investment (234,694) (31,535) (1,253)
Changes in operating assets and liabilities:      
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets (3,730) 6,969 (856)
Accounts payable, accrued liabilities, and operating lease liabilities (10,382) 29,551 (145)
Other liabilities 749 2,206 1,175
Net cash provided by operating activities 803,108 919,079 826,554
Additions to real estate:      
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired (460,421) (133,825) (15,311)
Redevelopment (48,980) (70,295) (73,000)
Development acquisitions of and additions to real estate under development (108,781) (158,234) (182,772)
Capital expenditures on rental properties (90,085) (101,689) (81,684)
Investments in notes receivable (135,343) (231,400) 0
Collections of notes and other receivables 98,711 168,720 29,500
Proceeds from insurance for property losses 723 3,734 1,408
Proceeds from dispositions of real estate 339,165 23,214 347,587
Contributions to co-investments (114,017) (402,284) (162,437)
Changes in refundable deposits 96 5 (414)
Purchases of marketable securities (83,379) (46,458) (37,952)
Sales and maturities of marketable securities 113,465 147,531 31,521
Non-operating distributions from co-investments 71,946 273,290 83,661
Net cash used in investing activities (416,900) (527,691) (59,893)
Cash flows from financing activities:      
Proceeds from unsecured debt and mortgage notes 1,452,808 1,045,290 298,773
Payments on unsecured debt and mortgage notes (916,209) (1,026,616) (230,398)
Proceeds from lines of credit 1,038,426 1,939,213 742,961
Repayments of lines of credit (1,093,426) (1,884,213) (921,961)
Retirement of common stock (269,315) (56,989) (51,233)
Additions to deferred charges (13,772) (10,898) (4,250)
Payments related to debt prepayment penalties (19,605) (1,406) 0
Net proceeds from issuance of common stock (296) 72,539 (919)
Net proceeds from stock options exercised 14,865 37,467 6,213
Payments related to tax withholding for share-based compensation (5,664) (3,688) (869)
Distributions to noncontrolling interest (30,990) (27,993) (29,050)
Redemption of noncontrolling interest (3,113) (36,568) (1,333)
Redemption of redeemable noncontrolling interest (872) (73) (144)
Common stock dividends paid (536,098) (507,754) (484,182)
Net cash used in financing activities (383,261) (461,689) (676,392)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents 2,947 (70,301) 90,269
Unrestricted and restricted cash and cash equivalents at beginning of period 81,094 151,395 61,126
Unrestricted and restricted cash and cash equivalents at end of period 84,041 81,094 151,395
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of capitalized interest 211,732 194,418 203,803
Interest capitalized 14,615 24,169 18,708
Operating cash flows from operating leases 6,892 6,811 0
Supplemental disclosure of noncash investing and financing activities:      
Issuance of Operating Partnership units for contributed properties 0 0 7,919
Issuance of DownREIT units in connection with acquisition of real estate 0 65,472 0
Transfers between real estate under development and rental properties, net 253,039 19,812 100,415
Transfer from real estate under development to co-investments 1,739 671 853
Reclassifications (from) to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest (4,299) 2,008 1,165
Redemption of redeemable noncontrolling interest via reduction of note receivable 0 0 4,751
Initial recognition of operating lease right-of-use assets 0 77,645 0
Initial recognition of operating lease liabilities 0 79,693 0
Debt assumed in connection with acquisition 0 143,006 45,804
Repayment of mortgage note from new financing proceeds 0 0 52,000
Essex Portfolio, L.P.      
Cash flows from operating activities:      
Net income 599,332 464,448 413,599
Adjustments to reconcile net income to net cash provided by operating activities:      
Straight-lined rents (19,426) (1,218) (347)
Depreciation and amortization 525,497 483,750 479,884
Amortization of discount on marketable securities (19,075) (28,491) (17,637)
Amortization of (premium) discount and debt financing costs, net 6,674 5,689 (2,587)
Gain on sale of marketable securities (2,131) (1,271) (737)
Provision for credit losses 687 0 0
Unrealized (gains) losses on equity securities recognized through income (12,515) (5,710) 5,159
Company's share of gain on the sales of co-investments (2,225) (51,097) (10,569)
Earnings from co-investments (64,287) (61,039) (78,563)
Operating distributions from co-investments 74,419 99,277 99,593
Accrued interest from notes and other receivables (3,683) (6,012) (5,436)
Impairment loss 1,825 7,105 0
(Gain) loss on the sale of real estate and land (64,967) 3,164 (61,861)
Equity-based compensation 8,157 7,010 7,135
Loss (gain) on early retirement of debt, net 22,883 (3,717) 0
Gain on remeasurement of co-investment (234,694) (31,535) (1,253)
Changes in operating assets and liabilities:      
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets (3,730) 6,969 (856)
Accounts payable, accrued liabilities, and operating lease liabilities (10,382) 29,551 (145)
Other liabilities 749 2,206 1,175
Net cash provided by operating activities 803,108 919,079 826,554
Additions to real estate:      
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired (460,421) (133,825) (15,311)
Redevelopment (48,980) (70,295) (73,000)
Development acquisitions of and additions to real estate under development (108,781) (158,234) (182,772)
Capital expenditures on rental properties (90,085) (101,689) (81,684)
Investments in notes receivable (135,343) (231,400) 0
Collections of notes and other receivables 98,711 168,720 29,500
Proceeds from insurance for property losses 723 3,734 1,408
Proceeds from dispositions of real estate 339,165 23,214 347,587
Contributions to co-investments (114,017) (402,284) (162,437)
Changes in refundable deposits 96 5 (414)
Purchases of marketable securities (83,379) (46,458) (37,952)
Sales and maturities of marketable securities 113,465 147,531 31,521
Non-operating distributions from co-investments 71,946 273,290 83,661
Net cash used in investing activities (416,900) (527,691) (59,893)
Cash flows from financing activities:      
Proceeds from unsecured debt and mortgage notes 1,452,808 1,045,290 298,773
Payments on unsecured debt and mortgage notes (916,209) (1,026,616) (230,398)
Proceeds from lines of credit 1,038,426 1,939,213 742,961
Repayments of lines of credit (1,093,426) (1,884,213) (921,961)
Retirement of common stock (269,315) (56,989) (51,233)
Additions to deferred charges (13,772) (10,898) (4,250)
Payments related to debt prepayment penalties (19,605) (1,406) 0
Net proceeds from issuance of common stock (296) 72,539 (919)
Net proceeds from stock options exercised 14,865 37,467 6,213
Payments related to tax withholding for share-based compensation (5,664) (3,688) (869)
Distributions to noncontrolling interest (8,409) (7,288) (8,518)
Redemption of noncontrolling interest (3,113) (36,568) (1,333)
Redemption of redeemable noncontrolling interest (872) (73) (144)
Common stock dividends paid (558,679) (528,459) (504,714)
Net cash used in financing activities (383,261) (461,689) (676,392)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents 2,947 (70,301) 90,269
Unrestricted and restricted cash and cash equivalents at beginning of period 81,094 151,395 61,126
Unrestricted and restricted cash and cash equivalents at end of period 84,041 81,094 151,395
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of capitalized interest 211,732 194,418 203,803
Interest capitalized 14,615 24,169 18,708
Operating cash flows from operating leases 6,892 6,811 0
Supplemental disclosure of noncash investing and financing activities:      
Issuance of Operating Partnership units for contributed properties 0 0 7,919
Issuance of DownREIT units in connection with acquisition of real estate 0 65,472 0
Transfers between real estate under development and rental properties, net 253,039 19,812 100,415
Transfer from real estate under development to co-investments 1,739 671 853
Reclassifications (from) to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest (4,299) 2,008 1,165
Redemption of redeemable noncontrolling interest via reduction of note receivable 0 0 4,751
Initial recognition of operating lease right-of-use assets 0 77,645 0
Initial recognition of operating lease liabilities 0 79,693 0
Debt assumed in connection with acquisition 0 143,006 45,804
Repayment of mortgage note from new financing proceeds $ 0 $ 0 $ 52,000