Summary of Critical and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Depreciable Life of Various Categories of Fixed Assets

The depreciable life of various categories of fixed assets is as follows:

Computer software and equipment	3 - 5 years
Interior apartment home improvements	5 years
Furniture, fixtures and equipment	5 - 10 years
Land improvements and certain exterior components of real property	10 years
Real estate structures	30 years

Schedule of Cash and Cash Equivalents Reconciliation

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows ($ in thousands):

	2022		2021		2020
Cash and cash equivalents - unrestricted	$	33,295	$	48,420	$	73,629
Cash and cash equivalents - restricted	9,386		10,218		10,412
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows	$	42,681	$	58,638	$	84,041

Schedule of Restricted Cash Reconciliation

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows ($ in thousands):

	2022		2021		2020
Cash and cash equivalents - unrestricted	$	33,295	$	48,420	$	73,629
Cash and cash equivalents - restricted	9,386		10,218		10,412
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows	$	42,681	$	58,638	$	84,041

Schedule of Components of Marketable Securities

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

	December 31, 2022
	Amortized Cost		Gross Unrealized Loss		Carrying Value
Equity securities:
Investment funds - debt securities	$	43,155	$	(6,771)	$	36,384
Common stock, preferred stock, and stock funds	78,481		(2,122)		76,359
Total - Marketable securities	$	121,636	$	(8,893)	$	112,743

	December 31, 2021
	Amortized 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

Summary of Status of Cash Dividends Distributed

The status of cash dividends distributed for the years ended December 31, 2022, 2021, and 2020 related to common stock are classified for tax purposes as follows:

 

	2022		2021		2020
Common Stock
Ordinary income	80.17	%	70.92	%	85.23	%
Capital gain	16.78	%	22.07	%	10.68	%
Unrecaptured section 1250 capital gain	3.05	%	7.01	%	4.09	%
	100.00	%	100.00	%	100.00	%

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

Changes in Accumulated Other Comprehensive 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	52,331		224		52,555
Amounts reclassified from accumulated other comprehensive loss	20		(557)		(537)
Other comprehensive income	52,351		(333)		52,018
Balance at December 31, 2022	$	46,439	$	27	$	46,466

Changes in Accumulated Other Comprehensive Loss, by Component

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	54,138		233		54,371
Amounts reclassified from accumulated other comprehensive loss	20		(577)		(557)
Other comprehensive income	54,158		(344)		53,814
Balance at December 31, 2022	$	51,982	$	28	$	52,010

Schedule of Changes in the Redemption Value of Redeemable Noncontrolling Interests

The changes in the redemption value of redeemable noncontrolling interests for the years ended December 31, 2022, 2021, and 2020 are as follows:

	2022		2021		2020
Balance at January 1,	$	34,666	$	32,239	$	37,410
Reclassifications due to change in redemption value and other	(7,038)		6,890		(4,299)
Redemptions	(478)		(4,463)		(872)
Balance at December 31,	$	27,150	$	34,666	$	32,239