Organization and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Components of Marketable Securities

As of March 31, 2022 and December 31, 2021, marketable securities consisted of the following ($ in thousands):

	March 31, 2022
	Cost		Gross Unrealized Gain (Loss)		Carrying Value
Equity securities:
Investment funds - debt securities	$	62,382	$	(4,638)	$	57,744
Common stock and stock funds	81,026		29,143		110,169
Debt securities:
Available for sale
Investment-grade unsecured debt	1,050		739		1,789
Total - Marketable securities	$	144,458	$	25,244	$	169,702

	December 31, 2021
	Cost		Gross Unrealized (Loss) Gain		Carrying Value
Equity securities:
Investment funds - debt securities	$	62,192	$	(502)	$	61,690
Common stock and stock funds	79,155		49,592		128,747
Debt securities:
Available for sale
Investment-grade unsecured debt	1,051		341		1,392
Total - Marketable securities	$	142,398	$	49,431	$	191,829

Changes in Accumulated Other Comprehensive Income (Loss), Net by Component

Changes in Accumulated Other Comprehensive Income (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, 2021	$	(5,912)	$	360	$	(5,552)
Other comprehensive income before reclassification	19,399		385		19,784
Amounts reclassified from accumulated other comprehensive loss	5		—		5
Other comprehensive income	19,404		385		19,789
Balance at March 31, 2022	$	13,492	$	745	$	14,237

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, 2021	$	(2,176)	$	372	$	(1,804)
Other comprehensive income before reclassification	20,078		398		20,476
Amounts reclassified from accumulated other comprehensive loss	5		—		5
Other comprehensive income	20,083		398		20,481
Balance at March 31, 2022	$	17,907	$	770	$	18,677

Schedule of Changes to the Redemption Value of Noncontrolling Interests

The changes to the redemption value of redeemable noncontrolling interests for the three months ended March 31, 2022 is as follows ($ in thousands):

Balance at December 31, 2021	$	34,666
Reclassification due to change in redemption value and other	5,072
Balance at March 31, 2022	$	39,738

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):

	March 31, 2022		December 31, 2021		March 31, 2021		December 31, 2020
Cash and cash equivalents - unrestricted	$	98,107	$	48,420	$	103,442	$	73,629
Cash and cash equivalents - restricted	10,446		10,218		9,918		10,412
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows	$	108,553	$	58,638	$	113,360	$	84,041

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):

	March 31, 2022		December 31, 2021		March 31, 2021		December 31, 2020
Cash and cash equivalents - unrestricted	$	98,107	$	48,420	$	103,442	$	73,629
Cash and cash equivalents - restricted	10,446		10,218		9,918		10,412
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows	$	108,553	$	58,638	$	113,360	$	84,041