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EPLP - Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 285,140 $ 161,594
Adjustments to reconcile net income to net cash provided by operating activities:    
Straight-lined rents 94 (381)
Depreciation and amortization 139,733 136,347
Amortization of discount and debt financing costs, net 2,341 1,282
Realized and unrealized gains on marketable securities, net (3,351) (1,280)
Provision for credit losses 47 18
Earnings from co-investments (12,366) (10,871)
Operating distributions from co-investments 9,080 6,784
Accrued interest from notes and other receivables (3,953) (2,165)
Casualty loss 0 433
Gain on the sale of real estate and land 0 (59,238)
Equity-based compensation 1,592 1,971
Gain on remeasurement of co-investment (138,326) 0
Changes in operating assets and liabilities:    
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets (1,493) 2,457
Accounts payable, accrued liabilities, and operating lease liabilities 39,141 39,687
Other liabilities (2,824) 281
Net cash provided by operating activities 314,855 276,919
Additions to real estate:    
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired (355,309) 0
Redevelopment (11,417) (21,265)
Development acquisitions of and additions to real estate under development (1,348) (3,791)
Capital expenditures on rental properties (26,388) (21,084)
Investments in notes receivable (1,059) (14,883)
Proceeds from insurance for property losses 301 152
Proceeds from dispositions of real estate 0 99,388
Contributions to co-investments (2,074) (7,967)
Changes in refundable deposits 0 9,000
Purchases of marketable securities (163) (11,073)
Sales and maturities of marketable securities 14 26,681
Net cash (used in) provided by investing activities (397,443) 55,158
Cash flows from financing activities:    
Proceeds from unsecured debt and mortgage notes 349,132 0
Payments on unsecured debt and mortgage notes (761) (206)
Proceeds from lines of credit 0 327,524
Repayments of lines of credit 0 (379,141)
Retirement of common stock 0 (95,657)
Additions to deferred charges (2,692) (166)
Net costs from issuance of common units (8) (72)
Net proceeds from stock options exercised 962 0
Distributions to noncontrolling interest (7,901) (7,580)
Redemption of noncontrolling interests (279) (173)
Common units distributions paid (148,329) (142,129)
Net cash provided by (used in) financing activities 190,124 (297,600)
Net increase in unrestricted and restricted cash and cash equivalents 107,536 34,477
Unrestricted and restricted cash and cash equivalents at beginning of period 400,334 42,681
Unrestricted and restricted cash and cash equivalents at end of period 507,870 77,158
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of $0.1 million and $0.3 million capitalized in 2024 and 2023, respectively) 58,241 52,686
Operating cash flows from operating leases 1,803 1,762
Supplemental disclosure of noncash investing and financing activities:    
Transfers between real estate under development and rental properties, net 97 121
Transfers from real estate under development to co-investments 481 467
Reclassifications (from) to redeemable noncontrolling interest (to) from general and limited partner capital and noncontrolling interest (13) 3,058
Essex Portfolio, L.P.    
Cash flows from operating activities:    
Net income 285,140 161,594
Adjustments to reconcile net income to net cash provided by operating activities:    
Straight-lined rents 94 (381)
Depreciation and amortization 139,733 136,347
Amortization of discount and debt financing costs, net 2,341 1,282
Realized and unrealized gains on marketable securities, net (3,351) (1,280)
Provision for credit losses 47 18
Earnings from co-investments (12,366) (10,871)
Operating distributions from co-investments 9,080 6,784
Accrued interest from notes and other receivables (3,953) (2,165)
Casualty loss 0 433
Gain on the sale of real estate and land 0 (59,238)
Equity-based compensation 1,592 1,971
Gain on remeasurement of co-investment (138,326) 0
Changes in operating assets and liabilities:    
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets (1,493) 2,457
Accounts payable, accrued liabilities, and operating lease liabilities 39,141 39,687
Other liabilities (2,824) 281
Net cash provided by operating activities 314,855 276,919
Additions to real estate:    
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired (355,309) 0
Redevelopment (11,417) (21,265)
Development acquisitions of and additions to real estate under development (1,348) (3,791)
Capital expenditures on rental properties (26,388) (21,084)
Investments in notes receivable (1,059) (14,883)
Proceeds from insurance for property losses 301 152
Proceeds from dispositions of real estate 0 99,388
Contributions to co-investments (2,074) (7,967)
Changes in refundable deposits 0 9,000
Purchases of marketable securities (163) (11,073)
Sales and maturities of marketable securities 14 26,681
Net cash (used in) provided by investing activities (397,443) 55,158
Cash flows from financing activities:    
Proceeds from unsecured debt and mortgage notes 349,132 0
Payments on unsecured debt and mortgage notes (761) (206)
Proceeds from lines of credit 0 327,524
Repayments of lines of credit 0 (379,141)
Retirement of common stock 0 (95,657)
Additions to deferred charges (2,692) (166)
Net costs from issuance of common units (8) (72)
Net proceeds from stock options exercised 962 0
Distributions to noncontrolling interest (2,163) (2,065)
Redemption of noncontrolling interests (279) (173)
Common units distributions paid (154,067) (147,644)
Net cash provided by (used in) financing activities 190,124 (297,600)
Net increase in unrestricted and restricted cash and cash equivalents 107,536 34,477
Unrestricted and restricted cash and cash equivalents at beginning of period 400,334 42,681
Unrestricted and restricted cash and cash equivalents at end of period 507,870 77,158
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of $0.1 million and $0.3 million capitalized in 2024 and 2023, respectively) 58,241 52,686
Operating cash flows from operating leases 1,803 1,762
Supplemental disclosure of noncash investing and financing activities:    
Transfers between real estate under development and rental properties, net 97 121
Transfers from real estate under development to co-investments 481 467
Reclassifications (from) to redeemable noncontrolling interest (to) from general and limited partner capital and noncontrolling interest $ (13) $ 3,058