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EPLP - Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues:        
Rental and other property $ 397,240 $ 348,757 $ 776,456 $ 701,633
Management and other fees from affiliates 2,738 2,221 5,427 4,470
Revenues 399,978 350,978 781,883 706,103
Expenses:        
Property operating, excluding real estate taxes 69,761 63,258 138,619 128,343
Real estate taxes 43,759 44,278 91,001 89,606
Corporate-level property management expenses 10,176 9,062 20,348 18,075
Depreciation and amortization 134,517 128,736 268,050 257,323
General and administrative 13,127 12,222 25,369 22,034
Expensed acquisition and investment related costs 10 41 18 56
Total expenses 271,350 257,597 543,405 515,437
Gain on sale of real estate and land 0 0 0 100,096
Earnings from operations 128,628 93,381 238,478 290,762
Interest expense (50,477) (50,971) (100,854) (102,620)
Total return swap income 2,283 2,633 4,827 5,477
Interest and other (loss) income (17,208) 22,371 (24,775) 36,758
Equity (loss) income from co-investments (8,400) 18,248 12,771 35,259
Deferred tax benefit (expense) on unconsolidated co-investments 6,864 (1,842) 9,618 (2,350)
Loss on early retirement of debt, net 0 (16,465) 0 (18,982)
Gain on remeasurement of co-investment 0 2,260 0 2,260
Net income (loss) 61,690 69,615 140,065 246,564
Net income attributable to noncontrolling interest (4,636) (4,769) (9,757) (13,274)
Net income available to common stockholders 57,054 64,846 130,308 233,290
Comprehensive income 73,400 70,259 172,256 251,700
Comprehensive income attributable to noncontrolling interest (5,029) (4,791) (10,842) (13,449)
Comprehensive income attributable to controlling interest $ 68,371 $ 65,468 $ 161,414 $ 238,251
Basic:        
Net income available to common stockholders/unitholders (in dollars per share) $ 0.87 $ 1.00 $ 2.00 $ 3.59
Weighted average number of shares/common units outstanding during the period (in shares) 65,262,517 65,001,677 65,269,109 64,995,682
Diluted:        
Net income available to common stockholders/unitholders (in dollars per share) $ 0.87 $ 1.00 $ 2.00 $ 3.59
Weighted average number of shares/common units outstanding during the period (in shares) 65,289,603 65,080,746 65,307,572 65,048,016
Essex Portfolio, L.P.        
Revenues:        
Rental and other property $ 397,240 $ 348,757 $ 776,456 $ 701,633
Management and other fees from affiliates 2,738 2,221 5,427 4,470
Revenues 399,978 350,978 781,883 706,103
Expenses:        
Property operating, excluding real estate taxes 69,761 63,258 138,619 128,343
Real estate taxes 43,759 44,278 91,001 89,606
Corporate-level property management expenses 10,176 9,062 20,348 18,075
Depreciation and amortization 134,517 128,736 268,050 257,323
General and administrative 13,127 12,222 25,369 22,034
Expensed acquisition and investment related costs 10 41 18 56
Total expenses 271,350 257,597 543,405 515,437
Gain on sale of real estate and land 0 0 0 100,096
Earnings from operations 128,628 93,381 238,478 290,762
Interest expense (50,477) (50,971) (100,854) (102,620)
Total return swap income 2,283 2,633 4,827 5,477
Interest and other (loss) income (17,208) 22,371 (24,775) 36,758
Equity (loss) income from co-investments (8,400) 18,248 12,771 35,259
Deferred tax benefit (expense) on unconsolidated co-investments 6,864 (1,842) 9,618 (2,350)
Loss on early retirement of debt, net 0 (16,465) 0 (18,982)
Gain on remeasurement of co-investment 0 2,260 0 2,260
Net income (loss) 61,690 69,615 140,065 246,564
Net income attributable to noncontrolling interest (2,646) (2,481) (5,204) (5,039)
Net income available to common stockholders 59,044 67,134 134,861 241,525
Comprehensive income 73,400 70,259 172,256 251,700
Comprehensive income attributable to noncontrolling interest (2,646) (2,481) (5,204) (5,039)
Comprehensive income attributable to controlling interest $ 70,754 $ 67,778 $ 167,052 $ 246,661
Basic:        
Net income available to common stockholders/unitholders (in dollars per share) $ 0.87 $ 1.00 $ 2.00 $ 3.59
Weighted average number of shares/common units outstanding during the period (in shares) 67,539,662 67,295,437 67,548,899 67,289,464
Diluted:        
Net income available to common stockholders/unitholders (in dollars per share) $ 0.87 $ 1.00 $ 2.00 $ 3.59
Weighted average number of shares/common units outstanding during the period (in shares) 67,566,748 67,374,506 67,587,362 67,341,798