Organization and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Components of Marketable Securities

As of March 31, 2021 and December 31, 2020, marketable securities consist of the following ($ in thousands):

	March 31, 2021
	Cost		Gross Unrealized Gain (Loss)		Carrying Value
Equity securities:
Investment funds - debt securities	$	61,430	$	(647)	$	60,783
Common stock and stock funds	80,425		22,909		103,334
Debt securities:
Available for sale
Investment-grade unsecured debt	1,051		97		1,148
Total - Marketable securities	$	142,906	$	22,359	$	165,265

	December 31, 2020
	Cost		Gross Unrealized Gain (Loss)		Carrying Value
Equity securities:
Investment funds - debt securities	$	49,646	$	985	$	50,631
Common stock and stock funds	81,074		15,001		96,075
Debt securities:
Available for sale
Investment-grade unsecured debt	1,050		12		1,062
Total - Marketable securities	$	131,770	$	15,998	$	147,768

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 on available for sale securities		Total
Balance at December 31, 2020	$	(14,771)	$	42	$	(14,729)
Other comprehensive income before reclassification	4,255		82		4,337
Amounts reclassified from accumulated other comprehensive loss	2		—		2
Other comprehensive income	4,257		82		4,339
Balance at March 31, 2021	$	(10,514)	$	124	$	(10,390)

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, 2020	$	(11,346)	$	43	$	(11,303)
Other comprehensive income before reclassification	4,405		85		4,490
Amounts reclassified from accumulated other comprehensive loss	2		—		2
Other comprehensive income	4,407		85		4,492
Balance at March 31, 2021	$	(6,939)	$	128	$	(6,811)

Schedule of Changes to the Redemption Value of Noncontrolling Interests

The changes to the redemption value of redeemable noncontrolling interests for the three months ended March 31, 2021 is as follows ($ in thousands):

Balance at December 31, 2020	$	32,239
Reclassification due to change in redemption value and other	4,083
Redemptions	—
Balance at March 31, 2021	$	36,322

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):

	March 31, 2021		December 31, 2020		March 31, 2020		December 31, 2019
Cash and cash equivalents - unrestricted	$	103,442	$	73,629	$	271,877	$	70,087
Cash and cash equivalents - restricted	9,918		10,412		10,470		11,007
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows	$	113,360	$	84,041	$	282,347	$	81,094

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):

	March 31, 2021		December 31, 2020		March 31, 2020		December 31, 2019
Cash and cash equivalents - unrestricted	$	103,442	$	73,629	$	271,877	$	70,087
Cash and cash equivalents - restricted	9,918		10,412		10,470		11,007
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows	$	113,360	$	84,041	$	282,347	$	81,094