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EPLP - Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Rental and other property $ 406,862 $ 360,620 $ 1,183,318 $ 1,062,253
Management and other fees from affiliates 2,886 2,237 8,313 6,707
Revenues 409,748 362,857 1,191,631 1,068,960
Expenses:        
Property operating, excluding real estate taxes 73,450 69,537 212,069 197,880
Real estate taxes 46,593 45,802 137,594 135,408
Corporate-level property management expenses 10,184 9,060 30,532 27,135
Depreciation and amortization 135,511 130,564 403,561 387,887
General and administrative 15,172 12,712 40,541 34,746
Expensed acquisition and investment related costs 230 108 248 164
Total expenses 281,140 267,783 824,545 783,220
Gain on sale of real estate and land 0 42,897 0 142,993
Earnings from operations 128,608 137,971 367,086 428,733
Interest expense (51,645) (50,019) (152,499) (152,639)
Total return swap income 1,882 2,660 6,709 8,137
Interest and other (loss) income (6,796) 11,998 (31,571) 48,756
Equity income from co-investments 10,985 25,433 23,756 60,692
Deferred tax (expense) benefit on unconsolidated co-investments (1,755) (3,041) 7,863 (5,391)
Loss on early retirement of debt, net (2) 0 (2) (18,982)
Gain on remeasurement of co-investment 17,423 0 17,423 2,260
Net income 98,700 125,002 238,765 371,566
Net income attributable to noncontrolling interest (5,858) (6,612) (15,615) (19,886)
Net income available to common stockholders 92,842 118,390 223,150 351,680
Comprehensive income 124,797 125,829 297,053 377,529
Comprehensive income attributable to noncontrolling interest (6,740) (6,639) (17,582) (20,088)
Comprehensive income attributable to controlling interest $ 118,057 $ 119,190 $ 279,471 $ 357,441
Basic:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.43 $ 1.82 $ 3.42 $ 5.41
Weighted average number of shares/common units outstanding during the period (in shares) 65,059,678 65,048,486 65,198,532 65,013,477
Diluted:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.43 $ 1.82 $ 3.42 $ 5.40
Weighted average number of shares/common units outstanding during the period (in shares) 65,067,790 65,147,781 65,225,767 65,075,174
Essex Portfolio, L.P.        
Revenues:        
Rental and other property $ 406,862 $ 360,620 $ 1,183,318 $ 1,062,253
Management and other fees from affiliates 2,886 2,237 8,313 6,707
Revenues 409,748 362,857 1,191,631 1,068,960
Expenses:        
Property operating, excluding real estate taxes 73,450 69,537 212,069 197,880
Real estate taxes 46,593 45,802 137,594 135,408
Corporate-level property management expenses 10,184 9,060 30,532 27,135
Depreciation and amortization 135,511 130,564 403,561 387,887
General and administrative 15,172 12,712 40,541 34,746
Expensed acquisition and investment related costs 230 108 248 164
Total expenses 281,140 267,783 824,545 783,220
Gain on sale of real estate and land 0 42,897 0 142,993
Earnings from operations 128,608 137,971 367,086 428,733
Interest expense (51,645) (50,019) (152,499) (152,639)
Total return swap income 1,882 2,660 6,709 8,137
Interest and other (loss) income (6,796) 11,998 (31,571) 48,756
Equity income from co-investments 10,985 25,433 23,756 60,692
Deferred tax (expense) benefit on unconsolidated co-investments (1,755) (3,041) 7,863 (5,391)
Loss on early retirement of debt, net (2) 0 (2) (18,982)
Gain on remeasurement of co-investment 17,423 0 17,423 2,260
Net income 98,700 125,002 238,765 371,566
Net income attributable to noncontrolling interest (2,611) (2,444) (7,815) (7,483)
Net income available to common stockholders 96,089 122,558 230,950 364,083
Comprehensive income 124,797 125,829 297,053 377,529
Comprehensive income attributable to noncontrolling interest (2,611) (2,444) (7,815) (7,483)
Comprehensive income attributable to controlling interest $ 122,186 $ 123,385 $ 289,238 $ 370,046
Basic:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.43 $ 1.82 $ 3.42 $ 5.41
Weighted average number of shares/common units outstanding during the period (in shares) 67,333,077 67,336,164 67,476,168 67,307,259
Diluted:        
Net income available to common stockholders/unitholders (in dollars per share) $ 1.43 $ 1.82 $ 3.42 $ 5.40
Weighted average number of shares/common units outstanding during the period (in shares) 67,341,189 67,435,459 67,503,403 67,368,956