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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Cash flows from operating activities:          
Net income $ 69,615 $ 90,076 $ 246,564 $ 418,841  
Adjustments to reconcile net income to net cash provided by operating activities:          
Straight-lined rents     5,825 (2,803)  
Depreciation and amortization     257,323 265,168  
Amortization of discount on marketable securities     0 (4,862)  
Amortization of discount and debt financing costs, net     6,311 3,973  
Loss on sale of marketable securities     (2,499) (33)  
Income form early redemption of notes receivable     (4,747) 0  
Provision for credit losses     (107) 97  
Unrealized (gains) losses on equity securities recognized through income     (16,681) 1,073  
Earnings from co-investments     (35,259) (38,554)  
Operating distributions from co-investments     57,364 29,613  
Accrued interest from notes and other receivables     (8,530) (835)  
Gain on the sale of real estate and land     (100,096) (16,597)  
Equity-based compensation     3,776 4,043  
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)  
Changes in operating assets and liabilities:          
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets     (5,348) (6,421)  
Accounts payable, accrued liabilities, and operating lease liabilities     3,209 2,565  
Other liabilities     4,244 830  
Net cash provided by operating activities     428,071 426,110  
Additions to real estate:          
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired     (18,418) (458,857)  
Redevelopment     (19,981) (32,211)  
Development acquisitions of and additions to real estate under development     (34,640) (54,994)  
Capital expenditures on rental properties     (49,044) (40,013)  
Investments in notes receivable     (71,613) (6,669)  
Collections of notes and other receivables     36,244 98,711  
Proceeds from insurance for property losses     117 568  
Proceeds from dispositions of real estate     243,365 230,935  
Contributions to co-investments     (160,719) (43,817)  
Changes in refundable deposits     (968) 96  
Purchases of marketable securities     (23,509) (10,989)  
Sales and maturities of marketable securities     14,931 4,301  
Non-operating distributions from co-investments     78,600 25,136  
Net cash used in investing activities     (5,635) (287,803)  
Cash flows from financing activities:          
Proceeds from unsecured debt and mortgage notes     745,505 856,630  
Payments on unsecured debt and mortgage notes     (951,727) (286,074)  
Proceeds from lines of credit     453,359 1,038,426  
Repayments of lines of credit     (368,359) (1,093,426)  
Retirement of common stock     (9,172) (196,404)  
Additions to deferred charges     (6,361) (7,297)  
Payments related to debt prepayment penalties     (18,342) (1,696)  
Net proceeds from issuance of common stock     (84) (133)  
Net proceeds from stock options exercised     2,275 14,865  
Payments related to tax withholding for share-based compensation     (5,445) (5,664)  
Contributions from noncontrolling interest     1,900 0  
Distributions to noncontrolling interest     (14,787) (15,613)  
Redemption of noncontrolling interest     (2,318) (1,703)  
Redemption of redeemable noncontrolling interest     (3,808) 0  
Common stock dividends paid     (270,937) (264,837)  
Net cash (used in) provided by financing activities     (448,301) 37,074  
Net (decrease) increase in unrestricted and restricted cash and cash equivalents     (25,865) 175,381  
Unrestricted and restricted cash and cash equivalents at beginning of period     84,041 81,094 $ 81,094
Unrestricted and restricted cash and cash equivalents at end of period 58,176 256,475 58,176 256,475 84,041
Supplemental disclosure of cash flow information:          
Cash paid for interest (net of $3.8 million and $9.0 million capitalized in 2021 and 2020, respectively)     96,541 98,358  
Operating cash flows from operating leases     5,316 3,430  
Supplemental disclosure of noncash investing and financing activities:          
Transfers between real estate under development and rental properties, net     218,835 131,960  
Transfer from real estate under development to co-investments     1,337 1,473  
Reclassifications to (from) redeemable noncontrolling interest to/from additional paid in capital and noncontrolling interest     6,593 (4,169)  
Essex Portfolio, L.P.          
Cash flows from operating activities:          
Net income 69,615 90,076 246,564 418,841  
Adjustments to reconcile net income to net cash provided by operating activities:          
Straight-lined rents     5,825 (2,803)  
Depreciation and amortization     257,323 265,168  
Amortization of discount on marketable securities     0 (4,862)  
Amortization of discount and debt financing costs, net     6,311 3,973  
Loss on sale of marketable securities     (2,499) (33)  
Income form early redemption of notes receivable     (4,747) 0  
Provision for credit losses     (107) 97  
Unrealized (gains) losses on equity securities recognized through income     (16,681) 1,073  
Earnings from co-investments     (35,259) (38,554)  
Operating distributions from co-investments     57,364 29,613  
Accrued interest from notes and other receivables     (8,530) (835)  
Gain on the sale of real estate and land     (100,096) (16,597)  
Equity-based compensation     3,776 4,043  
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)  
Changes in operating assets and liabilities:          
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets     (5,348) (6,421)  
Accounts payable, accrued liabilities, and operating lease liabilities     3,209 2,565  
Other liabilities     4,244 830  
Net cash provided by operating activities     428,071 426,110  
Additions to real estate:          
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired     (18,418) (458,857)  
Redevelopment     (19,981) (32,211)  
Development acquisitions of and additions to real estate under development     (34,640) (54,994)  
Capital expenditures on rental properties     (49,044) (40,013)  
Investments in notes receivable     (71,613) (6,669)  
Collections of notes and other receivables     36,244 98,711  
Proceeds from insurance for property losses     117 568  
Proceeds from dispositions of real estate     243,365 230,935  
Contributions to co-investments     (160,719) (43,817)  
Changes in refundable deposits     (968) 96  
Purchases of marketable securities     (23,509) (10,989)  
Sales and maturities of marketable securities     14,931 4,301  
Non-operating distributions from co-investments     78,600 25,136  
Net cash used in investing activities     (5,635) (287,803)  
Cash flows from financing activities:          
Proceeds from unsecured debt and mortgage notes     745,505 856,630  
Payments on unsecured debt and mortgage notes     (951,727) (286,074)  
Proceeds from lines of credit     453,359 1,038,426  
Repayments of lines of credit     (368,359) (1,093,426)  
Retirement of common stock     (9,172) (196,404)  
Additions to deferred charges     (6,361) (7,297)  
Payments related to debt prepayment penalties     (18,342) (1,696)  
Net proceeds from issuance of common stock     (84) (133)  
Net proceeds from stock options exercised     2,275 14,865  
Payments related to tax withholding for share-based compensation     (5,445) (5,664)  
Contributions from noncontrolling interest     1,900 0  
Distributions to noncontrolling interest     (4,238) (4,152)  
Redemption of noncontrolling interest     (2,318) (1,703)  
Common stock dividends paid     (281,486) (276,298)  
Net cash (used in) provided by financing activities     (448,301) 37,074  
Net (decrease) increase in unrestricted and restricted cash and cash equivalents     (25,865) 175,381  
Unrestricted and restricted cash and cash equivalents at beginning of period     84,041 81,094 81,094
Unrestricted and restricted cash and cash equivalents at end of period $ 58,176 $ 256,475 58,176 256,475 $ 84,041
Supplemental disclosure of cash flow information:          
Cash paid for interest (net of $3.8 million and $9.0 million capitalized in 2021 and 2020, respectively)     96,541 98,358  
Operating cash flows from operating leases     5,316 3,430  
Supplemental disclosure of noncash investing and financing activities:          
Transfers between real estate under development and rental properties, net     218,835 131,960  
Transfer from real estate under development to co-investments     1,337 1,473  
Reclassifications to (from) redeemable noncontrolling interest to/from additional paid in capital and noncontrolling interest     $ 6,593 $ (4,169)