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Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues:        
Rental and other property $ 348,757 $ 368,149 $ 701,633 $ 757,899
Management and other fees from affiliates 2,221 2,348 4,470 4,965
Revenues 350,978 370,497 706,103 762,864
Expenses:        
Property operating, excluding real estate taxes 63,215 65,142 128,366 129,273
Real estate taxes 44,278 44,994 89,606 88,006
Corporate-level property management expenses 9,105 8,646 18,052 17,405
Depreciation and amortization 128,736 133,609 257,323 265,168
General and administrative 12,222 14,952 22,034 28,934
Expensed acquisition and investment related costs 41 15 56 102
Total expenses 257,597 267,358 515,437 528,888
Gain on sale of real estate and land 0 16,597 100,096 16,597
Earnings from operations 93,381 119,736 290,762 250,573
Interest expense (50,971) (54,447) (102,620) (109,594)
Total return swap income 2,633 2,788 5,477 4,772
Interest and other income 22,371 11,405 36,758 6,184
Equity income from co-investments 18,248 17,257 35,259 38,554
Deferred tax expense on unrealized gain on unconsolidated co-investment (1,842) (1,636) (2,350) (1,636)
Loss on early retirement of debt, net (16,465) (5,027) (18,982) (4,706)
Gain on remeasurement of co-investment 2,260 0 2,260 234,694
Net income 69,615 90,076 246,564 418,841
Net income attributable to noncontrolling interest (4,769) (5,618) (13,274) (19,377)
Net income available to common stockholders 64,846 84,458 233,290 399,464
Comprehensive income 70,259 94,172 251,700 413,850
Comprehensive income attributable to noncontrolling interest (4,791) (5,756) (13,449) (19,208)
Comprehensive income attributable to controlling interest $ 65,468 $ 88,416 $ 238,251 $ 394,642
Basic:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.00 $ 1.29 $ 3.59 $ 6.08
Weighted average number of shares/common units outstanding during the period (in shares) 65,001,677 65,412,407 64,995,682 65,728,119
Diluted:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.00 $ 1.29 $ 3.59 $ 6.07
Weighted average number of shares/common units outstanding during the period (in shares) 65,080,746 65,427,935 65,048,016 65,855,347
Essex Portfolio, L.P.        
Revenues:        
Rental and other property $ 348,757 $ 368,149 $ 701,633 $ 757,899
Management and other fees from affiliates 2,221 2,348 4,470 4,965
Revenues 350,978 370,497 706,103 762,864
Expenses:        
Property operating, excluding real estate taxes 63,215 65,142 128,366 129,273
Real estate taxes 44,278 44,994 89,606 88,006
Corporate-level property management expenses 9,105 8,646 18,052 17,405
Depreciation and amortization 128,736 133,609 257,323 265,168
General and administrative 12,222 14,952 22,034 28,934
Expensed acquisition and investment related costs 41 15 56 102
Total expenses 257,597 267,358 515,437 528,888
Gain on sale of real estate and land 0 16,597 100,096 16,597
Earnings from operations 93,381 119,736 290,762 250,573
Interest expense (50,971) (54,447) (102,620) (109,594)
Total return swap income 2,633 2,788 5,477 4,772
Interest and other income 22,371 11,405 36,758 6,184
Equity income from co-investments 18,248 17,257 35,259 38,554
Deferred tax expense on unrealized gain on unconsolidated co-investment (1,842) (1,636) (2,350) (1,636)
Loss on early retirement of debt, net (16,465) (5,027) (18,982) (4,706)
Gain on remeasurement of co-investment 2,260 0 2,260 234,694
Net income 69,615 90,076 246,564 418,841
Net income attributable to noncontrolling interest (2,481) (2,654) (5,039) (5,427)
Net income available to common stockholders 67,134 87,422 241,525 413,414
Comprehensive income 70,259 94,172 251,700 413,850
Comprehensive income attributable to noncontrolling interest (2,481) (2,654) (5,039) (5,427)
Comprehensive income attributable to controlling interest $ 67,778 $ 91,518 $ 246,661 $ 408,423
Basic:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.00 $ 1.29 $ 3.59 $ 6.08
Weighted average number of shares/common units outstanding during the period (in shares) 67,295,437 67,708,157 67,289,464 68,026,084
Diluted:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.00 $ 1.29 $ 3.59 $ 6.07
Weighted average number of shares/common units outstanding during the period (in shares) 67,374,506 67,723,685 67,341,798 68,153,312