Organization and Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Components of Marketable Securities

As of September 30, 2021 and December 31, 2020, marketable securities consisted of the following ($ in thousands):

	September 30, 2021
	Cost		Gross Unrealized Gain (Loss)		Carrying Value
Equity securities:
Investment funds - debt securities	$	61,885	$	24	$	61,909
Common stock and stock funds	80,079		39,734		119,813
Debt securities:
Available for sale
Investment-grade unsecured debt	1,050		368		1,418
Total - Marketable securities	$	143,014	$	40,126	$	183,140

	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	5,406		344		5,750
Amounts reclassified from accumulated other comprehensive loss	11		—		11
Other comprehensive income	5,417		344		5,761
Balance at September 30, 2021	$	(9,354)	$	386	$	(8,968)

Essex Portfolio, L.P.

($ in thousands):

	Change in fair value and amortization of swap settlements		Unrealized gain on available for sale securities		Total
Balance at December 31, 2020	$	(11,346)	$	43	$	(11,303)
Other comprehensive income before reclassification	5,595		356		5,951
Amounts reclassified from accumulated other comprehensive loss	12		—		12
Other comprehensive income	5,607		356		5,963
Balance at September 30, 2021	$	(5,739)	$	399	$	(5,340)

Schedule of Changes to the Redemption Value of Noncontrolling Interests

The changes to the redemption value of redeemable noncontrolling interests for the nine months ended September 30, 2021 is as follows ($ in thousands):

Balance at December 31, 2020	$	32,239
Reclassification due to change in redemption value and other	4,922
Redemptions	(4,463)
Balance at September 30, 2021	$	32,698

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):

	September 30, 2021		December 31, 2020		September 30, 2020		December 31, 2019
Cash and cash equivalents - unrestricted	$	49,910	$	73,629	$	558,446	$	70,087
Cash and cash equivalents - restricted	11,042		10,412		10,629		11,007
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows	$	60,952	$	84,041	$	569,075	$	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):

	September 30, 2021		December 31, 2020		September 30, 2020		December 31, 2019
Cash and cash equivalents - unrestricted	$	49,910	$	73,629	$	558,446	$	70,087
Cash and cash equivalents - restricted	11,042		10,412		10,629		11,007
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows	$	60,952	$	84,041	$	569,075	$	81,094