XML 34 R19.htm IDEA: XBRL DOCUMENT
v3.20.2

Net Income Per Common Share and Net Income Per Common Unit | 6 Months Ended
--- | ---
Jun. 30, 2020
Earnings Per Share [Abstract] |
Net Income Per Common Share and Net Income Per Common Unit | Net Income Per Common Share and Net Income Per Common Unit ($ in thousands, except share and unit data): Essex Property Trust, Inc.
| Three Months Ended June 30, 2020 |  | Three Months Ended June 30, 2019
| Income |  | Weighted- average Common Shares |  | Per Common Share Amount |  | Income |  | Weighted- average Common Shares |  | Per Common Share Amount
Basic: |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders | $ | 84,458 |  |  | 65,412,407 |  |  | $ | 1.29 |  |  | $ | 92,275 |  |  | 65,718,806 |  |  | $ | 1.40 |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |  |  |  |
Stock options | — |  |  | 15,528 |  |  |  |  | — |  |  | 103,009 |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders | $ | 84,458 |  |  | 65,427,935 |  |  | $ | 1.29 |  |  | $ | 92,275 |  |  | 65,821,815 |  |  | $ | 1.40 |
| Six Months Ended June 30, 2020 |  | Six Months Ended June 30, 2019
| Income |  | Weighted- average Common Shares |  | Per Common Share Amount |  | Income |  | Weighted- average Common Shares |  | Per Common Share Amount
Basic: |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders | $ | 399,464 |  |  | 65,728,119 |  |  | $ | 6.08 |  |  | $ | 211,133 |  |  | 65,710,842 |  |  | $ | 3.21 |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |  |  |  |
Stock options | — |  |  | 32,981 |  |  |  |  | — |  |  | 91,575 |  |  |
DownREIT units | 392 |  |  | 94,247 |  |  |  |  | — |  |  | — |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders | $ | 399,856 |  |  | 65,855,347 |  |  | $ | 6.07 |  |  | $ | 211,133 |  |  | 65,802,417 |  |  | $ | 3.21 |
The table above excludes from the calculations of diluted earnings per share weighted average convertible OP Units of 2,295,750 and 2,299,284, which include vested Series Z-1 Incentive Units, 2014 Long-Term Incentive Plan Units, and 2015 Long-Term Incentive Plan Units for the three months ended June 30, 2020 and 2019, respectively, and 2,297,966 and 2,302,158 for the six months ended June 30, 2020 and 2019, respectively, because they were anti-dilutive. The related income allocated to these convertible OP Units aggregated $3.0 million and $3.2 million for the three months ended June 30, 2020 and 2019, respectively, and $14.0 million and $7.4 million for the six months ended June 30, 2020 and 2019, respectively. Additionally, the table excludes all DownREIT units for which the Operating Partnership has the ability and intention to redeem the units for cash and does not consider them to be common stock equivalents. Stock options of 431,253 and zero for the three months ended June 30, 2020 and 2019, and 290,570 and 106,029 for the six months ended June 30, 2020 and 2019, respectively, were excluded from the calculation of diluted earnings per share because the assumed proceeds per share of such options plus the average unearned compensation were greater than the average market price of the common stock for the periods ended and, therefore, were anti-dilutive. Essex Portfolio, L.P.
| Three Months Ended June 30, 2020 |  | Three Months Ended June 30, 2019
| Income |  | Weighted- average Common Units |  | Per Common Unit Amount |  | Income |  | Weighted- average Common Units |  | Per Common Unit Amount
Basic: |  |  |  |  |  |  |  |  |  |  |
Net income available to common unitholders | $ | 87,422 |  |  | 67,708,157 |  |  | $ | 1.29 |  |  | $ | 95,503 |  |  | 68,018,090 |  |  | $ | 1.40 |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |  |  |  |
Stock options | — |  |  | 15,528 |  |  |  |  | — |  |  | 103,009 |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common unitholders | $ | 87,422 |  |  | 67,723,685 |  |  | $ | 1.29 |  |  | $ | 95,503 |  |  | 68,121,099 |  |  | $ | 1.40 |
| Six Months Ended June 30, 2020 |  | Six Months Ended June 30, 2019
| Income |  | Weighted- average Common Units |  | Per Common Unit Amount |  | Income |  | Weighted- average Common Units |  | Per Common Unit Amount
Basic: |  |  |  |  |  |  |  |  |  |  |
Net income available to common unitholders | $ | 413,414 |  |  | 68,026,084 |  |  | $ | 6.08 |  |  | $ | 218,532 |  |  | 68,012,999 |  |  | $ | 3.21 |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |  |  |  |
Stock options | — |  |  | 32,981 |  |  |  |  | — |  |  | 91,575 |  |  |
DownREIT units | 392 |  |  | 94,247 |  |  |  |  | — |  |  | — |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common unitholders | $ | 413,806 |  |  | 68,153,312 |  |  | $ | 6.07 |  |  | $ | 218,532 |  |  | 68,104,574 |  |  | $ | 3.21 |
Stock options of 431,253 and zero for the three months ended June 30, 2020 and 2019, respectively, and 290,570 and 106,029 for the six months ended June 30, 2020 and 2019, respectively, were excluded from the calculation of diluted earnings per unit because the assumed proceeds per unit of these options plus the average unearned compensation were greater than the average market price of the common unit for the period ended and, therefore, were anti-dilutive. Additionally, the table excludes all DownREIT units for which the Operating Partnership has the ability and intention to redeem the units for cash and does not consider them to be common stock equivalents.

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

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration