XML 40 R16.htm IDEA: XBRL DOCUMENT v3.24.0.1
EPLP - Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 430,708 $ 432,985 $ 515,691
Adjustments to reconcile net income to net cash provided by operating activities:      
Straight-lined rents 2,773 3,330 9,672
Depreciation and amortization 548,438 539,319 520,066
Amortization of discount and debt financing costs, net 6,911 6,712 9,538
Realized and unrealized (gains) losses on marketable securities, net (10,006) 45,547 (36,504)
Income from early redemption of notes receivable 0 (811) (4,939)
Provision for credit losses 70 381 141
Equity income from co-investments (10,561) (26,030) (111,721)
Operating distributions from co-investments 76,787 95,256 104,833
Accrued interest from notes and other receivables (12,631) (13,953) (15,902)
Casualty loss 433 0 0
Gain on the sale of real estate and land (59,238) (94,416) (142,993)
Equity-based compensation 8,031 7,206 7,308
Loss on early retirement of debt, net 0 2 19,010
Gain on remeasurement of co-investment 0 (17,423) (2,260)
Changes in operating assets and liabilities:      
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets (9,721) 5,183 4,878
Accounts payable, accrued liabilities, and operating lease liabilities 5,335 (17,266) 22,298
Other liabilities 2,735 9,627 6,143
Net cash provided by operating activities 980,064 975,649 905,259
Additions to real estate:      
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired (25,098) (21,870) (153,481)
Redevelopment (72,577) (96,718) (61,671)
Development acquisitions of and additions to development real estate (7,872) (27,713) (49,784)
Capital expenditures on rental properties (140,371) (163,193) (121,195)
Investments in notes receivable (58,127) (168,095) (245,144)
Collections of notes and other receivables 0 412,006 104,405
Proceeds from insurance for property losses 3,431 4,325 879
Proceeds from dispositions of real estate 99,388 157,985 297,454
Contributions to co-investments (37,405) (163,188) (306,266)
Changes in refundable deposits 10,200 (16,318) (9,486)
Purchases of marketable securities (20,780) (18,109) (23,805)
Sales and maturities of marketable securities 64,320 71,222 16,577
Non-operating distributions from co-investments 39,751 175,624 154,120
Net cash (used in) provided by investing activities (145,140) 145,958 (397,397)
Cash flows from financing activities:      
Proceeds from unsecured debt and mortgage notes 598,000 0 745,505
Payments on unsecured debt and mortgage notes (302,429) (64,542) (1,053,501)
Proceeds from lines of credit 844,046 1,376,452 1,050,589
Repayments of lines of credit (896,119) (1,665,636) (709,332)
Retirement of common units (95,657) (189,726) (9,172)
Additions to deferred charges (1,736) (2,638) (8,350)
Payments related to debt prepayment penalties 0 0 (18,342)
Net proceeds from issuance of common units (347) (314) (455)
Net proceeds from stock options exercised 0 19,525 58,497
Payments related to tax withholding for share-based compensation (3,825) (2,216) (5,445)
Contributions from noncontrolling interest 0 125 1,900
Distributions to noncontrolling interest (31,619) (30,740) (29,379)
Redemption of noncontrolling interest (609) (11,452) (8,457)
Redemption of redeemable noncontrolling interests 0 (478) (4,463)
Common units distributions paid (586,976) (565,924) (542,860)
Net cash used in financing activities (477,271) (1,137,564) (533,265)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents 357,653 (15,957) (25,403)
Unrestricted and restricted cash and cash equivalents at beginning of period 42,681 58,638 84,041
Unrestricted and restricted cash and cash equivalents at end of period 400,334 42,681 58,638
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of capitalized interest 207,038 198,323 194,203
Interest capitalized 823 2,272 6,153
Operating cash flows from operating leases 6,962 6,987 6,963
Supplemental disclosure of noncash investing and financing activities:      
Transfers between real estate under development and rental properties, net 1,497 100,737 328,393
Transfer from real estate under development to co-investments 1,732 2,276 3,068
Reclassifications to (from) redeemable noncontrolling interest from additional paid in capital and noncontrolling interest 5,055 (7,038) 6,890
Debt assumed in connection with acquisition 0 21,303 0
Essex Portfolio, L.P.      
Cash flows from operating activities:      
Net income 430,708 432,985 515,691
Adjustments to reconcile net income to net cash provided by operating activities:      
Straight-lined rents 2,773 3,330 9,672
Depreciation and amortization 548,438 539,319 520,066
Amortization of discount and debt financing costs, net 6,911 6,712 9,538
Realized and unrealized (gains) losses on marketable securities, net (10,006) 45,547 (36,504)
Income from early redemption of notes receivable 0 (811) (4,939)
Provision for credit losses 70 381 141
Equity income from co-investments (10,561) (26,030) (111,721)
Operating distributions from co-investments 76,787 95,256 104,833
Accrued interest from notes and other receivables (12,631) (13,953) (15,902)
Casualty loss 433 0 0
Gain on the sale of real estate and land (59,238) (94,416) (142,993)
Equity-based compensation 8,031 7,206 7,308
Loss on early retirement of debt, net 0 2 19,010
Gain on remeasurement of co-investment 0 (17,423) (2,260)
Changes in operating assets and liabilities:      
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets (9,721) 5,183 4,878
Accounts payable, accrued liabilities, and operating lease liabilities 5,335 (17,266) 22,298
Other liabilities 2,735 9,627 6,143
Net cash provided by operating activities 980,064 975,649 905,259
Additions to real estate:      
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired (25,098) (21,870) (153,481)
Redevelopment (72,577) (96,718) (61,671)
Development acquisitions of and additions to development real estate (7,872) (27,713) (49,784)
Capital expenditures on rental properties (140,371) (163,193) (121,195)
Investments in notes receivable (58,127) (168,095) (245,144)
Collections of notes and other receivables 0 412,006 104,405
Proceeds from insurance for property losses 3,431 4,325 879
Proceeds from dispositions of real estate 99,388 157,985 297,454
Contributions to co-investments (37,405) (163,188) (306,266)
Changes in refundable deposits 10,200 (16,318) (9,486)
Purchases of marketable securities (20,780) (18,109) (23,805)
Sales and maturities of marketable securities 64,320 71,222 16,577
Non-operating distributions from co-investments 39,751 175,624 154,120
Net cash (used in) provided by investing activities (145,140) 145,958 (397,397)
Cash flows from financing activities:      
Proceeds from unsecured debt and mortgage notes 598,000 0 745,505
Payments on unsecured debt and mortgage notes (302,429) (64,542) (1,053,501)
Proceeds from lines of credit 844,046 1,376,452 1,050,589
Repayments of lines of credit (896,119) (1,665,636) (709,332)
Retirement of common units (95,657) (189,726) (9,172)
Additions to deferred charges (1,736) (2,638) (8,350)
Payments related to debt prepayment penalties 0 0 (18,342)
Net proceeds from issuance of common units (347) (314) (455)
Net proceeds from stock options exercised 0 19,525 58,497
Payments related to tax withholding for share-based compensation (3,825) (2,216) (5,445)
Contributions from noncontrolling interest 0 125 1,900
Distributions to noncontrolling interest (8,558) (8,450) (8,369)
Redemption of noncontrolling interest (609) (11,452) (8,457)
Redemption of redeemable noncontrolling interests 0 (478) (4,463)
Common units distributions paid (610,037) (588,214) (563,870)
Net cash used in financing activities (477,271) (1,137,564) (533,265)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents 357,653 (15,957) (25,403)
Unrestricted and restricted cash and cash equivalents at beginning of period 42,681 58,638 84,041
Unrestricted and restricted cash and cash equivalents at end of period 400,334 42,681 58,638
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of capitalized interest 207,038 198,323 194,203
Interest capitalized 823 2,272 6,153
Operating cash flows from operating leases 6,962 6,987 6,963
Supplemental disclosure of noncash investing and financing activities:      
Transfers between real estate under development and rental properties, net 1,497 100,737 328,393
Transfer from real estate under development to co-investments 1,732 2,276 3,068
Reclassifications to (from) redeemable noncontrolling interest from additional paid in capital and noncontrolling interest 5,055 (7,038) 6,890
Debt assumed in connection with acquisition $ 0 $ 21,303 $ 0