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v3.19.3

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018
Revenues: |  |  |  |
Total revenues | $ 366,932 | $ 350,917 | $ 1,084,790 | $ 1,046,895
Expenses: |  |  |  |
Property operating, excluding real estate taxes | 63,181 | 59,100 | 181,241 | 174,461
Real estate taxes | 39,290 | 38,675 | 114,993 | 112,423
Corporate-level property management expenses | 8,255 | 7,761 | 24,620 | 23,313
Depreciation and amortization | 120,809 | 120,852 | 360,842 | 359,287
General and administrative | 11,345 | 10,601 | 38,731 | 36,539
Expensed acquisition and investment related costs | 13 | 31 | 69 | 156
Total expenses | 242,893 | 237,020 | 720,496 | 706,179
Gain on sale of real estate and land | 0 | 0 | 0 | 22,244
Earnings from operations | 124,039 | 113,897 | 364,294 | 362,960
Interest expense | (54,896) | (55,196) | (162,651) | (166,335)
Total return swap income | 2,154 | 2,184 | 6,174 | 6,682
Interest and other income | 8,685 | 8,437 | 29,293 | 21,241
Equity income from co-investments | 21,700 | 16,788 | 54,935 | 64,611
Deferred tax expense on unrealized gain on unconsolidated co-investment | (1,457) | 0 | (1,457) | 0
Gain on early retirement of debt, net | 5,475 | 0 | 7,143 | 0
Gain on remeasurement of co-investment | 0 | 0 | 31,535 | 0
Net income | 105,700 | 86,110 | 329,266 | 289,159
Net income attributable to noncontrolling interest | (6,365) | (5,135) | (18,798) | (16,826)
Net income available to common stockholders | 99,335 | 80,975 | 310,468 | 272,333
Comprehensive income | 105,663 | 89,100 | 323,071 | 301,708
Comprehensive income attributable to noncontrolling interest | (6,364) | (5,235) | (18,589) | (17,243)
Comprehensive income attributable to controlling interest | $ 99,299 | $ 83,865 | $ 304,482 | $ 284,465
Basic: |  |  |  |
Net income available to common stockholders/unitholders (in dollars per share) | $ 1.51 | $ 1.23 | $ 4.72 | $ 4.12
Weighted average number of shares/common units outstanding during the period (in shares) | 65,850,524 | 66,052,108 | 65,757,914 | 66,047,990
Diluted: |  |  |  |
Net income available to common stockholders/unitholders (in dollars per share) | $ 1.51 | $ 1.22 | $ 4.71 | $ 4.12
Weighted average number of shares/common units outstanding during the period (in shares) | 65,973,085 | 66,103,812 | 65,857,660 | 66,093,004
Rental and Other Property Revenues [Member] |  |  |  |
Revenues: |  |  |  |
Total revenues | $ 364,504 | $ 348,610 | $ 1,077,767 | $ 1,040,083
Management and Other Fees From Affiliates Income [Member] |  |  |  |
Revenues: |  |  |  |
Total revenues | 2,428 | 2,307 | 7,023 | 6,812
Essex Portfolio, L.P. [Member] |  |  |  |
Revenues: |  |  |  |
Total revenues | 366,932 | 350,917 | 1,084,790 | 1,046,895
Expenses: |  |  |  |
Property operating, excluding real estate taxes | 63,181 | 59,100 | 181,241 | 174,461
Real estate taxes | 39,290 | 38,675 | 114,993 | 112,423
Corporate-level property management expenses | 8,255 | 7,761 | 24,620 | 23,313
Depreciation and amortization | 120,809 | 120,852 | 360,842 | 359,287
General and administrative | 11,345 | 10,601 | 38,731 | 36,539
Expensed acquisition and investment related costs | 13 | 31 | 69 | 156
Total expenses | 242,893 | 237,020 | 720,496 | 706,179
Gain on sale of real estate and land | 0 | 0 | 0 | 22,244
Earnings from operations | 124,039 | 113,897 | 364,294 | 362,960
Interest expense | (54,896) | (55,196) | (162,651) | (166,335)
Total return swap income | 2,154 | 2,184 | 6,174 | 6,682
Interest and other income | 8,685 | 8,437 | 29,293 | 21,241
Equity income from co-investments | 21,700 | 16,788 | 54,935 | 64,611
Deferred tax expense on unrealized gain on unconsolidated co-investment | (1,457) | 0 | (1,457) | 0
Gain on early retirement of debt, net | 5,475 | 0 | 7,143 | 0
Gain on remeasurement of co-investment | 0 | 0 | 31,535 | 0
Net income | 105,700 | 86,110 | 329,266 | 289,159
Net income attributable to noncontrolling interest | (2,901) | (2,346) | (7,935) | (7,445)
Net income available to common stockholders | 102,799 | 83,764 | 321,331 | 281,714
Comprehensive income | 105,663 | 89,100 | 323,071 | 301,708
Comprehensive income attributable to noncontrolling interest | (2,901) | (2,346) | (7,935) | (7,445)
Comprehensive income attributable to controlling interest | $ 102,762 | $ 86,754 | $ 315,136 | $ 294,263
Basic: |  |  |  |
Net income available to common stockholders/unitholders (in dollars per share) | $ 1.51 | $ 1.23 | $ 4.72 | $ 4.12
Weighted average number of shares/common units outstanding during the period (in shares) | 68,148,913 | 68,325,091 | 68,058,802 | 68,321,153
Diluted: |  |  |  |
Net income available to common stockholders/unitholders (in dollars per share) | $ 1.51 | $ 1.23 | $ 4.71 | $ 4.12
Weighted average number of shares/common units outstanding during the period (in shares) | 68,271,474 | 68,376,795 | 68,158,548 | 68,366,167
Essex Portfolio, L.P. [Member] | Rental and Other Property Revenues [Member] |  |  |  |
Revenues: |  |  |  |
Total revenues | $ 364,504 | $ 348,610 | $ 1,077,767 | $ 1,040,083
Essex Portfolio, L.P. [Member] | Management and Other Fees From Affiliates Income [Member] |  |  |  |
Revenues: |  |  |  |
Total revenues | $ 2,428 | $ 2,307 | $ 7,023 | $ 6,812

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