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Summary of Critical and Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2020
Summary of Critical and Significant Accounting Policies [Abstract] |
Summary of Depreciable Life of Various Categories of Fixed Assets | The depreciable life of various categories of fixed assets is as follows:
Computer software and equipment | 3 - 5 years
Interior apartment home improvements | 5 years
Furniture, fixtures and equipment | 5 - 10 years
Land improvements and certain exterior components of real property | 10 years
Real estate structures | 30 years
Schedule of Cash and Cash Equivalents Reconciliation | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows ($ in thousands):
| 2020 |  | 2019 |  | 2018
Cash and cash equivalents - unrestricted | $ | 73,629 |  |  | $ | 70,087 |  |  | $ | 134,465 |
Cash and cash equivalents - restricted | 10,412 |  |  | 11,007 |  |  | 16,930 |
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows | $ | 84,041 |  |  | $ | 81,094 |  |  | $ | 151,395 |
Schedule of Restricted Cash Reconciliation | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows ($ in thousands):
| 2020 |  | 2019 |  | 2018
Cash and cash equivalents - unrestricted | $ | 73,629 |  |  | $ | 70,087 |  |  | $ | 134,465 |
Cash and cash equivalents - restricted | 10,412 |  |  | 11,007 |  |  | 16,930 |
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows | $ | 84,041 |  |  | $ | 81,094 |  |  | $ | 151,395 |
Components of Marketable Securities | As of December 31, 2020 and 2019, marketable securities consist of the following ($ in thousands):
| December 31, 2020
| Amortized Cost |  | Gross Unrealized Gain |  | Carrying Value |  | Allowance for Credit Losses
Equity securities: |  |  |  |  |  |  |
Investment funds - debt securities | $ | 49,646 |  |  | $ | 985 |  |  | $ | 50,631 |  |  | $ | — |
Common stock and stock funds | 81,074 |  |  | 15,001 |  |  | 96,075 |  |  | — |
Debt securities: |  |  |  |  |  |  |
Available for sale |  |  |  |  |  |  |
Investment-grade unsecured debt | 1,050 |  |  | 12 |  |  | 1,062 |  |  | — |
Total - Marketable securities | $ | 131,770 |  |  | $ | 15,998 |  |  | $ | 147,768 |  |  | $ | — |
| December 31, 2019
| Amortized Cost |  | Gross Unrealized Gain |  | 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 debt | 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 Losses | 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 |
Reversal of provision for credit losses | (13,644) |
Balance at December 31, 2020 | $ | — |
(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. The allowance was reversed upon maturity of the mortgage backed security in December 2020. The Company recorded $11.8 million of accelerated interest income related to this maturity. The following table presents the activity in the allowance for credit losses for notes and other receivables by loan type ($ in thousands):
| Mezzanine Loans |  | Bridge Loans |  | Total
Balance at December 31, 2019 | $ | — |  |  | $ | — |  |  | $ | — |
Impact of adoption ASC 326 | 147 |  |  | 43 |  |  | 190 |
Provision for credit losses | 604 |  |  | (43) |  |  | 561 |
Balance at December 31, 2020 | $ | 751 |  |  | $ | — |  |  | $ | 751 |
Summary of Status of Cash Dividends Distributed | The status of cash dividends distributed for the years ended December 31, 2020, 2019, and 2018 related to common stock are classified for tax purposes as follows:
| 2020 |  | 2019 |  | 2018
Common Stock |  |  |  |  |
Ordinary income | 85.23 | % |  | 83.81 | % |  | 79.72 | %
Capital gain | 10.68 | % |  | 13.78 | % |  | 15.35 | %
Unrecaptured section 1250 capital gain | 4.09 | % |  | 2.41 | % |  | 4.93 | %
| 100.00 | % |  | 100.00 | % |  | 100.00 | %
Changes in Accumulated Other Comprehensive Income (Loss), Net by Component | 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 income before reclassification | 4,274 |  |  | (59) |  |  | 4,215 |
Amounts reclassified from accumulated other comprehensive loss | (5,056) |  |  | — |  |  | (5,056) |
Other comprehensive loss | (782) |  |  | (59) |  |  | (841) |
Balance at December 31, 2020 | $ | (14,771) |  |  | $ | 42 |  |  | $ | (14,729) |
Changes in the Redemption Value of Redeemable Noncontrolling Interests | The changes in the redemption value of redeemable noncontrolling interests for the years ended December 31, 2020, 2019, and 2018 are as follows:
| 2020 |  | 2019 |  | 2018
Balance at January 1, | $ | 37,410 |  |  | $ | 35,475 |  |  | $ | 39,206 |
Reclassifications due to change in redemption value and other | (4,299) |  |  | 2,008 |  |  | 1,164 |
Redemptions | (872) |  |  | (73) |  |  | (4,895) |
Balance at December 31, | $ | 32,239 |  |  | $ | 37,410 |  |  | $ | 35,475 |
Essex Portfolio, L.P. |
Summary of Critical and Significant Accounting Policies [Abstract] |
Changes in Accumulated Other Comprehensive Income (Loss), Net by Component | 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 income before reclassification | 4,424 |  |  | (61) |  |  | 4,363 |
Amounts reclassified from accumulated other comprehensive loss | (5,234) |  |  | — |  |  | (5,234) |
Other comprehensive loss | (810) |  |  | (61) |  |  | (871) |
Balance at December 31, 2020 | $ | (11,346) |  |  | $ | 43 |  |  | $ | (11,303) |

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