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Organization and Basis of Presentation (Tables)
 9 Months Ended
Sep. 30, 2014
Organization and Basis of Presentation [Abstract]  
Components of Marketable Securities
As of September 30, 2014 and December 31, 2013, marketable securities consist of the following ($ in thousands):

  
September 30, 2014
 
  
Cost/
Amortized
Cost
  
Gross
Unrealized
Gain
  
Carrying Value
 
Available for sale:
      
Investment-grade unsecured bonds
 
$
14,396
  
$
(51
)
 
$
14,345
 
Investment funds - US treasuries
  
5,018
   
7
   
5,025
 
Common stock
  
22,523
   
957
   
23,480
 
Held to maturity:
            
Mortgage backed securities
  
65,297
   
-
   
65,297
 
Total
 
$
107,234
  
$
913
  
$
108,147
 
             
  
December 31, 2013
 
  
Cost/
Amortized
Cost
  
Gross
Unrealized
Gain (Loss)
  
Carrying Value
 
Available for sale:
            
Investment-grade unsecured bonds
 
$
15,446
  
$
509
  
$
15,955
 
Investment funds - US treasuries
  
3,675
   
3
   
3,678
 
Common stock
  
13,104
   
(1,304
)
  
11,800
 
Held to maturity:
            
Mortgage backed securities
  
58,651
   
-
   
58,651
 
Total
 
$
90,876
  
$
(792
)
 
$
90,084
 
Changes in Accumulated Other Comprehensive 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 derivatives
  
Unrealized
gains/(losses) on
available for sale
securities
  
Total
 
Balance at December 31, 2013
 
$
(59,724
)
 
$
(748
)
 
$
(60,472
)
Other comprehensive income before reclassification
  
1,428
   
2,479
   
3,907
 
Amounts reclassified from accumulated other comprehensive loss
  
5,997
   
(841
)
  
5,156
 
Net other comprehensive income
  
7,425
   
1,638
   
9,063
 
Balance at September 30, 2014
 
$
(52,298
)
 
$
890
  
$
(51,408
)
 
Essex Portfolio, L.P.
(in thousands):

  
Change in fair
value and amortization
of derivatives
  
Unrealized
gains/(losses) on
available for sale
securities
  
Total
 
Balance at December 31, 2013
 
$
(58,148
)
 
$
(792
)
 
$
(58,940
)
Other comprehensive income before reclassification
  
1,487
   
2,591
   
4,078
 
Amounts reclassified from accumulated other comprehensive loss
  
6,245
   
(886
)
  
5,359
 
Net other comprehensive income
  
7,732
   
1,705
   
9,437
 
Balance at September 30, 2014
 
$
(50,416
)
 
$
913
  
$
(49,503
)
Preliminary Fair Values of Assets and Liabilities Acquired
A summary of the preliminary fair value of the assets and liabilities acquired on April 1, 2014 and adjustments to the provisional valuations during the measurement period was as follows (includes the 14 properties acquired on March 31, 2014 as the OP units issued were retired on April 1, 2014) (in millions):

Cash assumed
 
$
140
 
Rental properties and real estate under development
  
5,618
 
Real estate held for sale, net
  
108
 
Co-investments
  
218
 
Acquired in-place lease value
  
80
 
Other assets
  
16
 
Mortgage notes payable and unsecured debt
  
(1,747
)
Other liabilities
  
(94
)
Redeemable noncontrolling interest
  
(5
)
   
4,334
 
     
Cash consideration for BRE merger
 
$
556
 
Equity consideration for BRE merger
  
3,778
 
Total consideration for BRE merger
 
$
4,334
 
Pro Forma Information
The unaudited pro forma adjustments primarily relate to merger expenses, depreciation expense on acquired buildings and improvements, amortization of acquired intangibles, and estimated interest expense related to assumed debt.
 
Essex Property Trust, Inc.

  
Pro forma (unaudited)
three months ended September 30
(in thousands, except per share data)
 
  
2014
  
2013
 
Total revenue
 
$
270,479
  
$
238,668
 
Net income available to common stockholders (1)
 
$
59,341
  
$
59,361
 
Earnings per share, diluted (1)
 
$
0.91
  
$
0.95
 
         
  
Pro forma (unaudited)
nine months ended September 30
(in thousands, except per share data)
 
   
2014
   
2013
 
Total revenue
 
$
776,761
  
$
699,701
 
Net income available to common stockholders (1) (2)
 
$
214,549
  
$
66,806
 
Earnings per share, diluted (1)
 
$
3.34
  
$
1.07
 

Essex Portfolio, L.P.

  
Pro forma (unaudited)
three months ended September 30
(in thousands, except per unit data)
 
  
2014
  
2013
 
Total revenue
 
$
270,479
  
$
238,668
 
Net income available to common unitholders (1)
 
$
59,341
  
$
59,361
 
Earnings per unit, diluted (1)
 
$
0.91
  
$
0.95
 

  
Pro forma (unaudited)
nine months ended September 30
(in thousands, except per unit data)
 
  
2014
  
2013
 
Total revenue
 
$
776,761
  
$
699,701
 
Net income available to common unitholders (1) (2)
 
$
214,549
  
$
66,690
 
Earnings per unit, diluted (1)
 
$
3.34
  
$
1.07
 

(1)The supplemental unaudited pro forma net income available to common stockholders were adjusted to exclude $3.9 million and $46.4 million of merger related costs incurred by Essex during the three and nine months ended September 30, 2014. The 2013 supplemental unaudited pro forma net income available to common stockholders was adjusted to include the above adjustments plus $4.3 million of merger related costs incurred by Essex during the three months ended December 31, 2013. The supplemental 2014 and 2013 unaudited proforma earnings per share, diluted, was adjusted by approximately 23.1 million shares due to the common stock issued in connection with the merger.

(2)The supplemental unaudited pro forma net income available to common stockholders for the nine months ended September 30, 2014, include approximately $105 million from discontinued operations related to the sale of three BRE properties during the quarter ended March 31, 2014 that are non-recurring transactions.