XML 112 R36.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Unsecured Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Debt Disclosure [Abstract] |
Schedule of Unsecured Debt | Unsecured debt consists of the following as of December 31, 2019 and 2018 ($ in thousands):
| 2019 |  | 2018 |  | Weighted Average Maturity In Years
Unsecured bonds private placement - fixed rate | $ | 199,820 |  |  | $ | 274,624 |  |  | 1.5
Term loan - variable rate | 349,189 |  |  | 348,813 |  |  | 2.1
Bonds public offering - fixed rate | 4,214,197 |  |  | 3,175,879 |  |  | 7.4
Unsecured debt, net (1) | 4,763,206 |  |  | 3,799,316 |  |  |
Lines of credit (2) | 55,000 |  |  | — |  |  |
Total unsecured debt | $ | 4,818,206 |  |  | $ | 3,799,316 |  |  |
Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering | 3.8 | % |  | 3.9 | % |  |
Weighted average interest rate on variable rate term loan | 2.7 | % |  | 3.0 | % |  |
Weighted average interest rate on lines of credit | 2.5 | % |  | 3.2 | % |  |
(1) | Includes unamortized discount, net of premiums, of $12.2 million and $7.1 million and unamortized debt issuance costs of $24.5 million and $18.5 million as of December 31, 2019 and 2018, respectively.
(2) | Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion, excludes unamortized debt issuance costs of $3.8 million and $3.9 million as of December 31, 2019 and 2018, respectively. These debt issuance costs are included in prepaid expenses and other assets on the consolidated balance sheets.
Summary of Unsecured Private Placement Bonds | The following is a summary of the Company’s unsecured private placement bonds as of December 31, 2019 and 2018 ($ in thousands):
| Maturity |  | 2019 |  | 2018 |  | Coupon Rate
Senior unsecured private placement notes | December 2019 |  | — |  |  | 75,000 |  |  | 4.92 | %
Senior unsecured private placement notes | April 2021 |  | 100,000 |  |  | 100,000 |  |  | 4.27 | %
Senior unsecured private placement notes | June 2021 |  | 50,000 |  |  | 50,000 |  |  | 4.30 | %
Senior unsecured private placement notes | August 2021 |  | 50,000 |  |  | 50,000 |  |  | 4.37 | %
|  |  | $ | 200,000 |  |  | $ | 275,000 |  |  |  |
Summary of Senior Unsecured Notes | The following is a summary of the Company’s senior unsecured notes as of December 31, 2019 and 2018 ($ in thousands):
| Maturity |  | 2019 |  | 2018 |  | Coupon Rate
Senior notes | March 2021 |  | $ | 300,000 |  |  | $ | 300,000 |  |  | 5.200 | %
Senior notes | August 2022 |  | 300,000 |  |  | 300,000 |  |  | 3.625 | %
Senior notes | January 2023 |  | 300,000 |  |  | 300,000 |  |  | 3.375 | %
Senior notes | May 2023 |  | 300,000 |  |  | 300,000 |  |  | 3.250 | %
Senior notes | May 2024 |  | 400,000 |  |  | 400,000 |  |  | 3.875 | %
Senior notes | April 2025 |  | 500,000 |  |  | 500,000 |  |  | 3.500 | %
Senior notes | April 2026 |  | 450,000 |  |  | 450,000 |  |  | 3.375 | %
Senior notes | May 2027 |  | 350,000 |  |  | 350,000 |  |  | 3.625 | %
Senior notes | March 2029 |  | 500,000 |  |  | — |  |  | 4.000 | %
Senior notes | January 2030 |  | 550,000 |  |  | — |  |  | 3.000 | %
Senior notes | March 2048 |  | 300,000 |  |  | 300,000 |  |  | 4.500 | %
|  |  | $ | 4,250,000 |  |  | $ | 3,200,000 |  |  |
Mortgage notes payable consist of the following as of December 31, 2019 and 2018 ($ in thousands):
| 2019 |  | 2018
Fixed rate mortgage notes payable | $ | 736,490 |  |  | $ | 1,538,488 |
Variable rate mortgage notes payable (1) | 254,177 |  |  | 268,138 |
Total mortgage notes payable (2) | $ | 990,667 |  |  | $ | 1,806,626 |
Number of properties securing mortgage notes | 24 |  |  | 50 |
Remaining terms | 1-27 years |  |  | 1-28 years |
Weighted average interest rate | 4.1 | % |  | 4.3 | %
Schedule of Unsecured Debt Principal Payments Excluding Lines of Credit | The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2019 are as follows ($ in thousands):
2020 | $ | — |
2021 | 500,000 |
2022 | 650,000 |
2023 | 600,000 |
2024 | 400,000 |
Thereafter | 2,650,000 |
| $ | 4,800,000 |
The aggregate scheduled principal payments of mortgage notes payable at December 31, 2019 are as follows ($ in thousands):
2020 | $ | 288,057 |
2021 | 31,653 |
2022 | 43,188 |
2023 | 2,945 |
2024 | 3,109 |
Thereafter | 618,383 |
| $ | 987,335 |
(1) | Variable rate mortgage notes payable, including $255.4 million in bonds that have been converted to variable rate through total return swap contracts, consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental
properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 2.3% at December 2019 and 2.5% at December 2018) including credit enhancement and underwriting fees. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the apartment homes are subject to tenant income criteria. Once the bonds have been repaid, the properties may no longer be obligated to comply with such tenant income criteria. Principal balances are due in full at various maturity dates from December 2027 through December 2046. The Company had no interest rate cap agreements as of December 31, 2019. As of December 31, 2018, $9.9 million of these bonds was subject to various interest rate cap agreements that limit the maximum interest rate to such bonds. The interest rate cap agreements matured in December 2019. (2) Includes total unamortized premium, net of discounts, of $5.9 million and $14.9 million and reduced by unamortized debt issuance costs of $2.6 million and $4.2 million as of December 31, 2019 and 2018, respectively.

X
- Definition Tabular disclosure of information pertaining to long-debt instruments, line of credit or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | ess_ScheduleOfUnsecuredDebtAndLineOfCreditTableTextBlock
Namespace Prefix: | ess_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to unsecured private placement bond including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | ess_ScheduleOfUnsecuredPrivatePlacementBondTableTextBlock
Namespace Prefix: | ess_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration