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EPLP - Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenues:    
Rental and other property $ 424,215 $ 409,656
Management and other fees from affiliates 2,713 2,765
Revenues 426,928 412,421
Expenses:    
Property operating, excluding real estate taxes 78,946 73,882
Real estate taxes 46,920 46,530
Corporate-level property management expenses 11,731 11,432
Depreciation and amortization 139,733 136,347
General and administrative 17,171 15,311
Expensed acquisition and investment related costs 68 339
Casualty loss 0 433
Total expenses 294,569 284,274
Gain on sale of real estate and land 0 59,238
Earnings from operations 132,359 187,385
Interest expense (55,933) (51,045)
Total return swap income 796 1,033
Interest and other income 57,275 12,450
Equity income from co-investments 12,366 10,871
Tax (expense) benefit on unconsolidated co-investments (49) 900
Gain on remeasurement of co-investment 138,326 0
Net income 285,140 161,594
Net income attributable to noncontrolling interest (12,409) (8,062)
Net income available to common stockholders 272,731 153,532
Comprehensive income 293,135 151,300
Comprehensive income attributable to noncontrolling interest (12,681) (7,712)
Comprehensive income attributable to controlling interest $ 280,454 $ 143,588
Basic:    
Net income available to common unitholders (in dollars per share) $ 4.25 $ 2.38
Weighted average number of common units outstanding during the period (in shares) 64,205,086 64,458,535
Diluted:    
Net income available to common unitholders (in dollars per share) $ 4.25 $ 2.38
Weighted average number of common units outstanding during the period (in shares) 64,212,006 64,459,689
Essex Portfolio, L.P.    
Revenues:    
Rental and other property $ 424,215 $ 409,656
Management and other fees from affiliates 2,713 2,765
Revenues 426,928 412,421
Expenses:    
Property operating, excluding real estate taxes 78,946 73,882
Real estate taxes 46,920 46,530
Corporate-level property management expenses 11,731 11,432
Depreciation and amortization 139,733 136,347
General and administrative 17,171 15,311
Expensed acquisition and investment related costs 68 339
Casualty loss 0 433
Total expenses 294,569 284,274
Gain on sale of real estate and land 0 59,238
Earnings from operations 132,359 187,385
Interest expense (55,933) (51,045)
Total return swap income 796 1,033
Interest and other income 57,275 12,450
Equity income from co-investments 12,366 10,871
Tax (expense) benefit on unconsolidated co-investments (49) 900
Gain on remeasurement of co-investment 138,326 0
Net income 285,140 161,594
Net income attributable to noncontrolling interest (2,810) (2,658)
Net income available to common stockholders 282,330 158,936
Comprehensive income 293,135 151,300
Comprehensive income attributable to noncontrolling interest (2,810) (2,658)
Comprehensive income attributable to controlling interest $ 290,325 $ 148,642
Basic:    
Net income available to common unitholders (in dollars per share) $ 4.25 $ 2.38
Weighted average number of common units outstanding during the period (in shares) 66,463,899 66,724,428
Diluted:    
Net income available to common unitholders (in dollars per share) $ 4.25 $ 2.38
Weighted average number of common units outstanding during the period (in shares) 66,470,819 66,725,582