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v3.10.0.1

Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016
Revenues: |  |  |
Revenues | $ 1,400,053 | $ 1,363,899 | $ 1,294,001
Expenses: |  |  |
Property operating, excluding real estate taxes | 233,809 | 229,076 | 219,655
Real estate taxes | 151,525 | 146,310 | 139,162
Corporate-level property management expenses | 31,062 | 30,156 | 30,110
Depreciation and amortization | 479,884 | 468,881 | 441,682
General and administrative | 53,451 | 41,385 | 40,751
Expensed acquisition and investment related costs | 194 | 1,569 | 1,841
Total expenses | 949,925 | 917,377 | 873,201
Earnings from operations | 450,128 | 446,522 | 420,800
Interest expense | (220,492) | (222,894) | (219,654)
Total return swap income | 8,707 | 10,098 | 11,716
Interest and other income | 23,010 | 24,604 | 27,305
Equity income from co-investments | 89,132 | 86,445 | 48,698
Loss on early retirement of debt | 0 | (1,796) | (606)
Gain on sale of real estate and land | 61,861 | 26,423 | 154,561
Deferred tax expense on gain on sale of real estate and land | 0 | 0 | (4,410)
Gain on remeasurement of co-investment | 1,253 | 88,641 | 0
Net income | 413,599 | 458,043 | 438,410
Net income attributable to noncontrolling interest | (23,446) | (24,984) | (23,431)
Net income attributable to controlling interest | 390,153 | 433,059 | 414,979
Dividends to preferred stockholders | 0 | 0 | (1,314)
Excess of redemption value of preferred stock over the carrying value | 0 | 0 | (2,541)
Net income available to common stockholders | $ 390,153 | $ 433,059 | $ 411,124
Basic: |  |  |
Net income available to common stockholders/unitholders (in dollars per share) | $ 5.91 | $ 6.58 | $ 6.28
Weighted average number of shares/units outstanding during the year (in shares) | 66,041,058 | 65,829,155 | 65,471,540
Diluted: |  |  |
Net income available to common stockholders/unitholders (in dollars per share) | $ 5.90 | $ 6.57 | $ 6.27
Weighted average number of shares/units outstanding during the year (in shares) | 66,085,089 | 65,898,255 | 65,587,816
Essex Portfolio, L.P. [Member] |  |  |
Revenues: |  |  |
Revenues | $ 1,400,053 | $ 1,363,899 | $ 1,294,001
Expenses: |  |  |
Property operating, excluding real estate taxes | 233,809 | 229,076 | 219,655
Real estate taxes | 151,525 | 146,310 | 139,162
Corporate-level property management expenses | 31,062 | 30,156 | 30,110
Depreciation and amortization | 479,884 | 468,881 | 441,682
General and administrative | 53,451 | 41,385 | 40,751
Expensed acquisition and investment related costs | 194 | 1,569 | 1,841
Total expenses | 949,925 | 917,377 | 873,201
Earnings from operations | 450,128 | 446,522 | 420,800
Interest expense | (220,492) | (222,894) | (219,654)
Total return swap income | 8,707 | 10,098 | 11,716
Interest and other income | 23,010 | 24,604 | 27,305
Equity income from co-investments | 89,132 | 86,445 | 48,698
Loss on early retirement of debt | 0 | (1,796) | (606)
Gain on sale of real estate and land | 61,861 | 26,423 | 154,561
Deferred tax expense on gain on sale of real estate and land | 0 | 0 | (4,410)
Gain on remeasurement of co-investment | 1,253 | 88,641 | 0
Net income | 413,599 | 458,043 | 438,410
Net income attributable to noncontrolling interest | (9,994) | (10,159) | (9,342)
Net income attributable to controlling interest | 403,605 | 447,884 | 429,068
Dividends to preferred stockholders | 0 | 0 | (1,314)
Excess of redemption value of preferred stock over the carrying value | 0 | 0 | (2,541)
Net income available to common stockholders | $ 403,605 | $ 447,884 | $ 425,213
Basic: |  |  |
Net income available to common stockholders/unitholders (in dollars per share) | $ 5.91 | $ 6.58 | $ 6.28
Weighted average number of shares/units outstanding during the year (in shares) | 68,315,999 | 68,081,730 | 67,695,640
Diluted: |  |  |
Net income available to common stockholders/unitholders (in dollars per share) | $ 5.90 | $ 6.57 | $ 6.27
Weighted average number of shares/units outstanding during the year (in shares) | 68,360,030 | 68,150,830 | 67,811,916
Rental and other property [Member] |  |  |
Revenues: |  |  |
Revenues | $ 1,390,870 | $ 1,354,325 | $ 1,285,723
Rental and other property [Member] | Essex Portfolio, L.P. [Member] |  |  |
Revenues: |  |  |
Revenues | 1,390,870 | 1,354,325 | 1,285,723
Management and other fees from affiliates [Member] |  |  |
Revenues: |  |  |
Revenues | 9,183 | 9,574 | 8,278
Management and other fees from affiliates [Member] | Essex Portfolio, L.P. [Member] |  |  |
Revenues: |  |  |
Revenues | $ 9,183 | $ 9,574 | $ 8,278

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