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Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues:        
Rental and other property $ 360,620 $ 368,464 $ 1,062,253 $ 1,126,363
Management and other fees from affiliates 2,237 2,347 6,707 7,312
Revenues 362,857 370,811 1,068,960 1,133,675
Expenses:        
Property operating, excluding real estate taxes 69,529 68,037 197,895 197,310
Real estate taxes 45,802 44,358 135,408 132,364
Corporate-level property management expenses 9,068 8,619 27,120 26,024
Depreciation and amortization 130,564 130,202 387,887 395,370
General and administrative 12,712 13,310 34,746 42,244
Expensed acquisition and investment related costs 108 2 164 104
Total expenses 267,783 264,528 783,220 793,416
Gain on sale of real estate and land 42,897 22,654 142,993 39,251
Earnings from operations 137,971 128,937 428,733 379,510
Interest expense (50,019) (55,430) (152,639) (165,024)
Total return swap income 2,660 2,977 8,137 7,749
Interest and other income 11,998 6,512 48,756 12,696
Equity income from co-investments 25,433 14,960 60,692 53,514
Deferred tax expense on unrealized gain on unconsolidated co-investment (3,041) 0 (5,391) (1,636)
Loss on early retirement of debt, net 0 (19,114) (18,982) (23,820)
Gain on remeasurement of co-investment 0 0 2,260 234,694
Net income (loss) 125,002 78,842 371,566 497,683
Net income attributable to noncontrolling interest (6,612) (5,181) (19,886) (24,558)
Net income available to common stockholders 118,390 73,661 351,680 473,125
Comprehensive income 125,829 80,818 377,529 494,668
Comprehensive income attributable to noncontrolling interest (6,639) (5,247) (20,088) (24,455)
Comprehensive income attributable to controlling interest $ 119,190 $ 75,571 $ 357,441 $ 470,213
Basic:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.82 $ 1.13 $ 5.41 $ 7.22
Weighted average number of shares/common units outstanding during the period (in shares) 65,048,486 65,232,837 65,013,477 65,561,820
Diluted:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.82 $ 1.13 $ 5.40 $ 7.21
Weighted average number of shares/common units outstanding during the period (in shares) 65,147,781 65,241,428 65,075,174 65,676,093
Essex Portfolio, L.P.        
Revenues:        
Rental and other property $ 360,620 $ 368,464 $ 1,062,253 $ 1,126,363
Management and other fees from affiliates 2,237 2,347 6,707 7,312
Revenues 362,857 370,811 1,068,960 1,133,675
Expenses:        
Property operating, excluding real estate taxes 69,529 68,037 197,895 197,310
Real estate taxes 45,802 44,358 135,408 132,364
Corporate-level property management expenses 9,068 8,619 27,120 26,024
Depreciation and amortization 130,564 130,202 387,887 395,370
General and administrative 12,712 13,310 34,746 42,244
Expensed acquisition and investment related costs 108 2 164 104
Total expenses 267,783 264,528 783,220 793,416
Gain on sale of real estate and land 42,897 22,654 142,993 39,251
Earnings from operations 137,971 128,937 428,733 379,510
Interest expense (50,019) (55,430) (152,639) (165,024)
Total return swap income 2,660 2,977 8,137 7,749
Interest and other income 11,998 6,512 48,756 12,696
Equity income from co-investments 25,433 14,960 60,692 53,514
Deferred tax expense on unrealized gain on unconsolidated co-investment (3,041) 0 (5,391) (1,636)
Loss on early retirement of debt, net 0 (19,114) (18,982) (23,820)
Gain on remeasurement of co-investment 0 0 2,260 234,694
Net income (loss) 125,002 78,842 371,566 497,683
Net income attributable to noncontrolling interest (2,444) (2,588) (7,483) (8,015)
Net income available to common stockholders 122,558 76,254 364,083 489,668
Comprehensive income 125,829 80,818 377,529 494,668
Comprehensive income attributable to noncontrolling interest (2,444) (2,588) (7,483) (8,015)
Comprehensive income attributable to controlling interest $ 123,385 $ 78,230 $ 370,046 $ 486,653
Basic:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.82 $ 1.13 $ 5.41 $ 7.22
Weighted average number of shares/common units outstanding during the period (in shares) 67,336,164 67,528,346 67,307,259 67,858,961
Diluted:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.82 $ 1.13 $ 5.40 $ 7.21
Weighted average number of shares/common units outstanding during the period (in shares) 67,435,459 67,536,937 67,368,956 67,973,234