XML 38 R23.htm IDEA: XBRL DOCUMENT
v3.20.2

Organization and Basis of Presentation (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Components of marketable securities | As of June 30, 2020 and December 31, 2019, marketable securities consist of the following ($ in thousands):
| June 30, 2020
| Amortized Cost/Cost |  | Gross Unrealized Gain (Loss) |  | Carrying Value |  | Allowance for Credit Losses
Equity securities: |  |  |  |  |  |  |
Investment funds - debt securities | $ | 28,153 |  |  | $ | 721 |  |  | $ | 28,874 |  |  |
Common stock and stock funds | 45,518 |  |  | 1,677 |  |  | 47,195 |  |  |
Debt securities: |  |  |  |  |  |  |
Available for sale |  |  |  |  |  |  |
Investment-grade unsecured debt | 1,050 |  |  | (197 | ) |  | 853 |  |  | — |
Held to maturity |  |  |  |  |  |  |  |  |
Mortgage backed securities | 77,511 |  |  | — |  |  | 77,511 |  |  | 13,644 |
Total - Marketable securities | $ | 152,232 |  |  | $ | 2,201 |  |  | $ | 154,433 |  |  | $ | 13,644 |
| December 31, 2019
| Amortized Cost/Cost |  | Gross Unrealized Gain (Loss) |  | Carrying Value
Equity securities: |  |  |  |  |
Investment funds - debt securities | $ | 29,588 |  |  | $ | 544 |  |  | $ | 30,132 |
Common stock and stock funds | 34,941 |  |  | 2,927 |  |  | 37,868 |
Debt securities: |  |  |  |  |
Available for sale |  |  |  |  |
U.S. treasury securities | 2,421 |  |  | 13 |  |  | 2,434 |
Investment-grade unsecured bonds | 1,048 |  |  | 60 |  |  | 1,108 |
Held to maturity |  |  |  |  |  |  |  |
Mortgage backed securities | 72,651 |  |  | — |  |  | 72,651 |
Total - Marketable securities | $ | 140,649 |  |  | $ | 3,544 |  |  | $ | 144,193 |
Schedule of allowance for credit loss | The following table presents the allowance for credit losses rollforward for the mortgage backed security ($ in thousands):
Balance at December 31, 2019 | $ | — |
Impact of adoption ASC 326 (1) | 13,644 |
Provision for credit losses | — |
Balance at June 30, 2020 | $ | 13,644 |
(1) As part of the adoption of ASC 326, effective January 1, 2020, the Company recorded a gross up of the mortgage backed security and related allowance for credit losses of $13.6 million. This gross up had no effect on the Company's consolidated results of operations or financial position. The following table presents the activity in the allowance for credit losses for notes and other receivables by loan type ($ in thousands):
| Mezzanine Loans |  | Bridge Loans |  | Total
Balance at December 31, 2019 | $ | — |  |  | $ | — |  |  | $ | — |
Impact of adoption ASC 326 | 147 |  |  | 43 |  |  | 190 |
Provision for credit losses | (47 | ) |  | (43 | ) |  | (90 | )
Balance at June 30, 2020 | $ | 100 |  |  | $ | — |  |  | $ | 100 |
Changes in accumulated other comprehensive income (loss) | Changes in Accumulated Other Comprehensive Loss, Net by Component Essex Property Trust, Inc. ($ in thousands):
| Change in fair value and amortization of swap settlements |  | Unrealized gain/(loss) on available for sale securities |  | Total
Balance at December 31, 2019 | $ | (13,989 | ) |  | $ | 101 |  |  | $ | (13,888 | )
Other comprehensive loss before reclassification | (920 | ) |  | (261 | ) |  | (1,181 | )
Amounts reclassified from accumulated other comprehensive loss | (3,641 | ) |  | — |  |  | (3,641 | )
Other comprehensive loss | (4,561 | ) |  | (261 | ) |  | (4,822 | )
Balance at June 30, 2020 | $ | (18,550 | ) |  | $ | (160 | ) |  | $ | (18,710 | )
Changes in Accumulated Other Comprehensive Loss, by Component Essex Portfolio, L.P. ($ in thousands):
| Change in fair value and amortization of swap settlements |  | Unrealized gain/(loss) on available for sale securities |  | Total
Balance at December 31, 2019 | $ | (10,536 | ) |  | $ | 104 |  |  | $ | (10,432 | )
Other comprehensive loss before reclassification | (952 | ) |  | (270 | ) |  | (1,222 | )
Amounts reclassified from accumulated other comprehensive loss | (3,769 | ) |  | — |  |  | (3,769 | )
Other comprehensive loss | (4,721 | ) |  | (270 | ) |  | (4,991 | )
Balance at June 30, 2020 | $ | (15,257 | ) |  | $ | (166 | ) |  | $ | (15,423 | )
Schedule of changes to the redemption value of noncontrolling interests | The changes to the redemption value of redeemable noncontrolling interests for the six months ended June 30, 2020 is as follows ($ in thousands):
Balance at December 31, 2019 | $ | 37,410 |
Reclassification due to change in redemption value and other | (4,169 | )
Redemptions | — |
Balance at June 30, 2020 | $ | 33,241 |
Schedule of cash and cash equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows ($ in thousands):
| June 30, 2020 |  | December 31, 2019 |  | June 30, 2019 |  | December 31, 2018
Cash and cash equivalents - unrestricted | $ | 246,204 |  |  | $ | 70,087 |  |  | $ | 38,168 |  |  | $ | 134,465 |
Cash and cash equivalents - restricted | 10,271 |  |  | 11,007 |  |  | 16,803 |  |  | 16,930 |
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows | $ | 256,475 |  |  | $ | 81,094 |  |  | $ | 54,971 |  |  | $ | 151,395 |
Schedule of restricted cash and cash equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows ($ in thousands):
| June 30, 2020 |  | December 31, 2019 |  | June 30, 2019 |  | December 31, 2018
Cash and cash equivalents - unrestricted | $ | 246,204 |  |  | $ | 70,087 |  |  | $ | 38,168 |  |  | $ | 134,465 |
Cash and cash equivalents - restricted | 10,271 |  |  | 11,007 |  |  | 16,803 |  |  | 16,930 |
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows | $ | 256,475 |  |  | $ | 81,094 |  |  | $ | 54,971 |  |  | $ | 151,395 |

X
- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -URI http://asc.fasb.org/extlink&oid=121611835&loc=SL6953423-111524 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919249-210447 + Details
Name: | us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References No definition available. + Details
Name: | us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity. + References No definition available. + Details
Name: | us-gaap_RedeemableNoncontrollingInterestTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669686-108580 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 45 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of cash and cash equivalents. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cash and cash equivalents restricted as to withdrawal or usage. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(1)(a)) -URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121583591&loc=SL98516268-108586 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910 Reference 4: 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(1)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration