XML 28 R14.htm IDEA: XBRL DOCUMENT v3.23.2
EPLP - Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 267,350 $ 140,065
Adjustments to reconcile net income to net cash provided by operating activities:    
Straight-lined rents 170 4,570
Depreciation and amortization 273,065 268,050
Amortization of discount and debt financing costs, net 3,170 3,332
Realized and unrealized (gains) losses on marketable securities, net (8,871) 34,011
Provision for credit losses 34 63
Earnings from co-investments (23,108) (12,771)
Operating distributions from co-investments 31,168 67,834
Accrued interest from notes and other receivables (4,743) (6,974)
Casualty loss 433 0
Gain on the sale of real estate and land (59,238) 0
Equity-based compensation 3,795 4,788
Changes in operating assets and liabilities:    
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets 457 15,406
Accounts payable, accrued liabilities, and operating lease liabilities 3,646 (10,887)
Other liabilities 999 2,058
Net cash provided by operating activities 488,327 509,545
Additions to real estate:    
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired (23,182) (223)
Redevelopment (41,675) (47,674)
Development acquisitions of and additions to real estate under development (5,248) (12,862)
Capital expenditures on rental properties (56,025) (62,576)
Investments in notes receivable (44,984) (136,513)
Collections of notes and other receivables 0 303,088
Proceeds from insurance for property losses 2,851 135
Proceeds from dispositions of real estate 99,388 0
Contributions to co-investments (15,571) (96,187)
Changes in refundable deposits 10,200 (16,318)
Purchases of marketable securities (11,302) (12,168)
Sales and maturities of marketable securities 39,372 30,025
Non-operating distributions from co-investments 11,655 152,924
Net cash (used in) provided by investing activities (34,521) 101,651
Cash flows from financing activities:    
Proceeds from unsecured debt and mortgage notes 300,000 0
Payments on unsecured debt and mortgage notes (300,937) (1,820)
Proceeds from lines of credit 728,709 670,758
Repayments of lines of credit (746,354) (948,840)
Changes in refundable deposits (6,012) 0
Retirement of common stock (95,657) (60,830)
Additions to deferred charges (358) 0
Net (costs) proceeds from issuance of common stock (125) (207)
Net proceeds from stock options exercised 0 19,255
Payments related to tax withholding for share-based compensation 0 (2,216)
Contributions from noncontrolling interest 0 125
Distributions to noncontrolling interest (15,622) (14,858)
Redemption of noncontrolling interest (609) (2,361)
Redemption of redeemable noncontrolling interest 0 (230)
Common stock dividends paid (290,408) (280,147)
Net cash used in financing activities (427,373) (621,371)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents 26,433 (10,175)
Unrestricted and restricted cash and cash equivalents at beginning of period 42,681 58,638
Unrestricted and restricted cash and cash equivalents at end of period 69,114 48,463
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of $0.5 million and $1.5 million capitalized in 2023 and 2022, respectively) 101,784 97,688
Operating cash flows from operating leases 3,528 3,480
Supplemental disclosure of noncash investing and financing activities:    
Transfers between real estate under development and rental properties, net 365 96,887
Transfers from real estate under development to co-investments 961 1,827
Reclassifications to (from) redeemable noncontrolling interest from general and limited partner capital and noncontrolling interest 4,205 (1,223)
Essex Portfolio, L.P.    
Cash flows from operating activities:    
Net income 267,350 140,065
Adjustments to reconcile net income to net cash provided by operating activities:    
Straight-lined rents 170 4,570
Depreciation and amortization 273,065 268,050
Amortization of discount and debt financing costs, net 3,170 3,332
Realized and unrealized (gains) losses on marketable securities, net (8,871) 34,011
Provision for credit losses 34 63
Earnings from co-investments (23,108) (12,771)
Operating distributions from co-investments 31,168 67,834
Accrued interest from notes and other receivables (4,743) (6,974)
Casualty loss 433 0
Gain on the sale of real estate and land (59,238) 0
Equity-based compensation 3,795 4,788
Changes in operating assets and liabilities:    
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets 457 15,406
Accounts payable, accrued liabilities, and operating lease liabilities 3,646 (10,887)
Other liabilities 999 2,058
Net cash provided by operating activities 488,327 509,545
Additions to real estate:    
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired (23,182) (223)
Redevelopment (41,675) (47,674)
Development acquisitions of and additions to real estate under development (5,248) (12,862)
Capital expenditures on rental properties (56,025) (62,576)
Investments in notes receivable (44,984) (136,513)
Collections of notes and other receivables 0 303,088
Proceeds from insurance for property losses 2,851 135
Proceeds from dispositions of real estate 99,388 0
Contributions to co-investments (15,571) (96,187)
Changes in refundable deposits 10,200 (16,318)
Purchases of marketable securities (11,302) (12,168)
Sales and maturities of marketable securities 39,372 30,025
Non-operating distributions from co-investments 11,655 152,924
Net cash (used in) provided by investing activities (34,521) 101,651
Cash flows from financing activities:    
Proceeds from unsecured debt and mortgage notes 300,000 0
Payments on unsecured debt and mortgage notes (300,937) (1,820)
Proceeds from lines of credit 728,709 670,758
Repayments of lines of credit (746,354) (948,840)
Changes in refundable deposits (6,012) 0
Retirement of common stock (95,657) (60,830)
Additions to deferred charges (358) 0
Net (costs) proceeds from issuance of common stock (125) (207)
Net proceeds from stock options exercised 0 19,255
Payments related to tax withholding for share-based compensation 0 (2,216)
Contributions from noncontrolling interest 0 125
Distributions to noncontrolling interest (4,228) (4,197)
Redemption of noncontrolling interest (609) (2,361)
Redemption of redeemable noncontrolling interest 0 (230)
Common stock dividends paid (301,802) (290,808)
Net cash used in financing activities (427,373) (621,371)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents 26,433 (10,175)
Unrestricted and restricted cash and cash equivalents at beginning of period 42,681 58,638
Unrestricted and restricted cash and cash equivalents at end of period 69,114 48,463
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of $0.5 million and $1.5 million capitalized in 2023 and 2022, respectively) 101,784 97,688
Operating cash flows from operating leases 3,528 3,480
Supplemental disclosure of noncash investing and financing activities:    
Transfers between real estate under development and rental properties, net 365 96,887
Transfers from real estate under development to co-investments 961 1,827
Reclassifications to (from) redeemable noncontrolling interest from general and limited partner capital and noncontrolling interest $ 4,205 $ (1,223)