Organization and Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Components of Marketable Securities

As of September 30, 2022 and December 31, 2021, marketable securities consisted of the following ($ in thousands):

	September 30, 2022
	Cost		Gross Unrealized (Loss) Gain		Carrying Value
Equity securities:
Investment funds - debt securities	$	63,681	$	(11,582)	$	52,099
Common stock, preferred stock, and stock funds	90,890		(2,884)		88,006
Debt securities:
Available for sale
Investment-grade unsecured debt	1,049		545		1,594
Total - Marketable securities	$	155,620	$	(13,921)	$	141,699

	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	56,109		197		56,306
Amounts reclassified from accumulated other comprehensive loss	15		—		15
Other comprehensive income	56,124		197		56,321
Balance at September 30, 2022	$	50,212	$	557	$	50,769

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	58,069		204		58,273
Amounts reclassified from accumulated other comprehensive loss	15		—		15
Other comprehensive income	58,084		204		58,288
Balance at September 30, 2022	$	55,908	$	576	$	56,484

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, 2022 is as follows ($ in thousands):

Balance at December 31, 2021	$	34,666
Reclassification due to change in redemption value and other	(4,950)
Redemptions	(478)
Balance at September 30, 2022	$	29,238

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, 2022		December 31, 2021		September 30, 2021		December 31, 2020
Cash and cash equivalents - unrestricted	$	42,711	$	48,420	$	49,910	$	73,629
Cash and cash equivalents - restricted	10,858		10,218		11,042		10,412
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows	$	53,569	$	58,638	$	60,952	$	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):

	September 30, 2022		December 31, 2021		September 30, 2021		December 31, 2020
Cash and cash equivalents - unrestricted	$	42,711	$	48,420	$	49,910	$	73,629
Cash and cash equivalents - restricted	10,858		10,218		11,042		10,412
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows	$	53,569	$	58,638	$	60,952	$	84,041