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Segment Information | 9 Months Ended
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Sep. 30, 2017
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company's segment disclosures present the measure used by the chief operating decision makers for purposes of assessing each segment's performance. Essex's chief operating decision makers are comprised of several members of its executive management team who use net operating income ("NOI") to assess the performance of the business for the Company's reportable operating segments. NOI represents total property revenue less direct property operating expenses. The executive management team evaluates the Company's operating performance geographically. The Company defines its reportable operating segments as the three geographical regions in which its communities are located: Southern California, Northern California, and Seattle Metro. Excluded from segment revenues and NOI are management and other fees from affiliates and interest and other income. Non-segment revenues and NOI included in the following schedule also consist of revenue generated from commercial properties and properties that have been sold. Other non-segment assets include real estate under development, co-investments, real estate held for sale, net, cash and cash equivalents, marketable securities, notes and other receivables, and prepaid expenses and other assets. The revenues and NOI for each of the reportable operating segments are summarized as follows for the three and nine months ended September 30, 2017 and 2016 ($ in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Revenues: |  |  |  |  |  |  |
Southern California | $ | 150,413 |  |  | $ | 142,112 |  |  | $ | 445,296 |  |  | $ | 417,114 |
Northern California | 127,673 |  |  | 115,318 |  |  | 377,531 |  |  | 338,761 |
Seattle Metro | 58,285 |  |  | 55,543 |  |  | 171,564 |  |  | 161,192 |
Other real estate assets | 5,603 |  |  | 14,105 |  |  | 17,517 |  |  | 41,751 |
Total property revenues | $ | 341,974 |  |  | $ | 327,078 |  |  | $ | 1,011,908 |  |  | $ | 958,818 |
Net operating income: |  |  |  |  |  |  |
Southern California | $ | 102,699 |  |  | $ | 96,486 |  |  | $ | 305,894 |  |  | $ | 284,345 |
Northern California | 91,018 |  |  | 83,042 |  |  | 271,224 |  |  | 243,876 |
Seattle Metro | 39,674 |  |  | 37,688 |  |  | 116,733 |  |  | 109,352 |
Other real estate assets | 4,446 |  |  | 10,501 |  |  | 16,142 |  |  | 31,315 |
Total net operating income | 237,837 |  |  | 227,717 |  |  | 709,993 |  |  | 668,888 |
Management and other fees from affiliates | 2,395 |  |  | 2,093 |  |  | 6,927 |  |  | 6,145 |
Depreciation and amortization | (117,451 | ) |  | (110,467 | ) |  | (350,893 | ) |  | (329,847 | )
General and administrative | (9,788 | ) |  | (9,647 | ) |  | (30,726 | ) |  | (28,527 | )
Acquisition and investment related costs | (324 | ) |  | (284 | ) |  | (1,154 | ) |  | (1,379 | )
Interest expense | (55,938 | ) |  | (56,693 | ) |  | (167,333 | ) |  | (164,727 | )
Total return swap income | 2,538 |  |  | 3,143 |  |  | 7,653 |  |  | 9,080 |
Interest and other income | 5,790 |  |  | 4,943 |  |  | 17,916 |  |  | 19,560 |
Equity income from co-investments | 19,727 |  |  | 9,568 |  |  | 40,934 |  |  | 38,932 |
Loss on early retirement of debt | — |  |  | (211 | ) |  | — |  |  | (211 | )
Gain on sale of real estate and land | 249 |  |  | — |  |  | 26,423 |  |  | 20,258 |
Deferred tax expense on gain on sale of real estate and land | — |  |  | — |  |  | — |  |  | (4,279 | )
Gain on remeasurement of co-investment | — |  |  | — |  |  | 88,641 |  |  | — |
Net income | $ | 85,035 |  |  | $ | 70,162 |  |  | $ | 348,381 |  |  | $ | 233,893 |
Total assets for each of the reportable operating segments are summarized as follows as of September 30, 2017 and December 31, 2016 ($ in thousands):
| September 30, 2017 |  | December 31, 2016
Assets: |  |  |
Southern California | $ | 4,822,941 |  |  | $ | 4,924,792 |
Northern California | 4,241,460 |  |  | 3,791,549 |
Seattle Metro | 1,532,784 |  |  | 1,570,340 |
Other real estate assets | 56,079 |  |  | 78,079 |
Net reportable operating segment - real estate assets | 10,653,264 |  |  | 10,364,760 |
Real estate under development | 313,825 |  |  | 190,505 |
Co-investments | 1,124,577 |  |  | 1,161,275 |
Real estate held for sale, net | — |  |  | 101,957 |
Cash and cash equivalents, including restricted cash | 63,273 |  |  | 170,302 |
Marketable securities | 184,574 |  |  | 139,189 |
Notes and other receivables | 121,557 |  |  | 40,970 |
Prepaid expenses and other assets | 51,453 |  |  | 48,450 |
Total assets | $ | 12,512,523 |  |  | $ | 12,217,408 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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