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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Cash flows from operating activities:          
Net income $ 125,002 $ 78,842 $ 371,566 $ 497,683  
Adjustments to reconcile net income to net cash provided by operating activities:          
Straight-lined rents     8,734 (15,485)  
Depreciation and amortization     387,887 395,370  
Amortization of discount on marketable securities     0 (6,598)  
Amortization of discount and debt financing costs, net     7,987 5,177  
Gain on sale of marketable securities     (2,499) (124)  
Income from early redemption of notes receivable     (4,747) 0  
Provision for credit losses     (110) 100  
Unrealized gains on equity securities recognized through income     (23,772) (2,215)  
Earnings from co-investments     (60,692) (53,514)  
Operating distributions from co-investments     78,360 41,202  
Accrued interest from notes and other receivables     (12,253) (1,574)  
Gain on the sale of real estate and land     (142,993) (39,251)  
Equity-based compensation     5,399 4,923  
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)  
Changes in operating assets and liabilities:          
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets     2,470 (5,088)  
Accounts payable, accrued liabilities, and operating lease liabilities     62,699 43,095  
Other liabilities     5,119 610  
Net cash provided by operating activities     699,877 653,437  
Additions to real estate:          
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired     (105,469) (459,355)  
Redevelopment     (39,092) (41,592)  
Development acquisitions of and additions to real estate under development     (45,381) (90,273)  
Capital expenditures on rental properties     (81,063) (64,269)  
Investments in notes receivable     (102,012) (20,431)  
Collections of notes and other receivables     88,744 98,711  
Proceeds from insurance for property losses     591 612  
Proceeds from dispositions of real estate     297,454 280,246  
Contributions to co-investments     (223,175) (61,056)  
Changes in refundable deposits     (8,356) 96  
Purchases of marketable securities     (23,740) (38,909)  
Sales and maturities of marketable securities     14,995 56,890  
Non-operating distributions from co-investments     131,297 37,342  
Net cash used in investing activities     (95,207) (301,988)  
Cash flows from financing activities:          
Proceeds from unsecured debt and mortgage notes     745,505 1,452,808  
Payments on unsecured debt and mortgage notes     (952,608) (587,057)  
Proceeds from lines of credit     601,435 1,038,426  
Repayments of lines of credit     (558,773) (1,093,426)  
Retirement of common stock     (9,172) (222,990)  
Additions to deferred charges     (8,237) (13,761)  
Payments related to debt prepayment penalties     (18,342) (19,605)  
Net proceeds from issuance of common stock     (202) (228)  
Net proceeds from stock options exercised     17,847 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     (21,979) (23,302)  
Redemption of noncontrolling interest     (8,407) (2,971)  
Redemption of redeemable noncontrolling interest     (4,463) 0  
Common stock dividends paid     (406,818) (400,563)  
Net cash (used in) provided by financing activities     (627,759) 136,532  
Net (decrease) increase in unrestricted and restricted cash and cash equivalents     (23,089) 487,981  
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 60,952 569,075 60,952 569,075 84,041
Supplemental disclosure of cash flow information:          
Cash paid for interest (net of $5.0 million and $12.3 million capitalized in 2021 and 2020, respectively)     147,371 160,927  
Operating cash flows from operating leases     5,225 5,192  
Supplemental disclosure of noncash investing and financing activities:          
Transfers between real estate under development and rental properties, net     222,055 252,946  
Transfer from real estate under development to co-investments     1,853 1,387  
Reclassifications to (from) redeemable noncontrolling interest to/from additional paid in capital and noncontrolling interest     4,922 (6,691)  
Essex Portfolio, L.P.          
Cash flows from operating activities:          
Net income 125,002 78,842 371,566 497,683  
Adjustments to reconcile net income to net cash provided by operating activities:          
Straight-lined rents     8,734 (15,485)  
Depreciation and amortization     387,887 395,370  
Amortization of discount on marketable securities     0 (6,598)  
Amortization of discount and debt financing costs, net     7,987 5,177  
Gain on sale of marketable securities     (2,499) (124)  
Income from early redemption of notes receivable     (4,747) 0  
Provision for credit losses     (110) 100  
Unrealized gains on equity securities recognized through income     (23,772) (2,215)  
Earnings from co-investments     (60,692) (53,514)  
Operating distributions from co-investments     78,360 41,202  
Accrued interest from notes and other receivables     (12,253) (1,574)  
Gain on the sale of real estate and land     (142,993) (39,251)  
Equity-based compensation     5,399 4,923  
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)  
Changes in operating assets and liabilities:          
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets     2,470 (5,088)  
Accounts payable, accrued liabilities, and operating lease liabilities     62,699 43,095  
Other liabilities     5,119 610  
Net cash provided by operating activities     699,877 653,437  
Additions to real estate:          
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired     (105,469) (459,355)  
Redevelopment     (39,092) (41,592)  
Development acquisitions of and additions to real estate under development     (45,381) (90,273)  
Capital expenditures on rental properties     (81,063) (64,269)  
Investments in notes receivable     (102,012) (20,431)  
Collections of notes and other receivables     88,744 98,711  
Proceeds from insurance for property losses     591 612  
Proceeds from dispositions of real estate     297,454 280,246  
Contributions to co-investments     (223,175) (61,056)  
Changes in refundable deposits     (8,356) 96  
Purchases of marketable securities     (23,740) (38,909)  
Sales and maturities of marketable securities     14,995 56,890  
Non-operating distributions from co-investments     131,297 37,342  
Net cash used in investing activities     (95,207) (301,988)  
Cash flows from financing activities:          
Proceeds from unsecured debt and mortgage notes     745,505 1,452,808  
Payments on unsecured debt and mortgage notes     (952,608) (587,057)  
Proceeds from lines of credit     601,435 1,038,426  
Repayments of lines of credit     (558,773) (1,093,426)  
Retirement of common stock     (9,172) (222,990)  
Additions to deferred charges     (8,237) (13,761)  
Payments related to debt prepayment penalties     (18,342) (19,605)  
Net proceeds from issuance of common stock     (202) (228)  
Net proceeds from stock options exercised     17,847 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     (6,323) (6,287)  
Redemption of noncontrolling interest     (8,407) (2,971)  
Redemption of redeemable noncontrolling interest     (4,463) 0  
Common stock dividends paid     (422,474) (417,578)  
Net cash (used in) provided by financing activities     (627,759) 136,532  
Net (decrease) increase in unrestricted and restricted cash and cash equivalents     (23,089) 487,981  
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 $ 60,952 $ 569,075 60,952 569,075 $ 84,041
Supplemental disclosure of cash flow information:          
Cash paid for interest (net of $5.0 million and $12.3 million capitalized in 2021 and 2020, respectively)     147,371 160,927  
Operating cash flows from operating leases     5,225 5,192  
Supplemental disclosure of noncash investing and financing activities:          
Transfers between real estate under development and rental properties, net     222,055 252,946  
Transfer from real estate under development to co-investments     1,853 1,387  
Reclassifications to (from) redeemable noncontrolling interest to/from additional paid in capital and noncontrolling interest     $ 4,922 $ (6,691)