XML 43 R28.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Organization and Basis of Presentation (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Components of Marketable Securities | As of September 30, 2022 and December 31, 2021, marketable securities consisted of the following ($ in thousands):
| September 30, 2022
| Cost |  | Gross Unrealized (Loss) Gain |  | Carrying Value |  |
Equity securities: |  |  |  |  |  |  |
Investment funds - debt securities | $ | 63,681 |  |  | $ | (11,582) |  |  | $ | 52,099 |  |  |
Common stock, preferred stock, and stock funds | 90,890 |  |  | (2,884) |  |  | 88,006 |  |  |
Debt securities: |  |  |  |  |  |  |
Available for sale |  |  |  |  |  |  |
Investment-grade unsecured debt | 1,049 |  |  | 545 |  |  | 1,594 |  |  |
Total - Marketable securities | $ | 155,620 |  |  | $ | (13,921) |  |  | $ | 141,699 |  |  |
| December 31, 2021
| Cost |  | Gross Unrealized (Loss) Gain |  | Carrying Value |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |
Investment funds - debt securities | $ | 62,192 |  |  | $ | (502) |  |  | $ | 61,690 |  |  |  |  |
Common stock and stock funds | 79,155 |  |  | 49,592 |  |  | 128,747 |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |
Available for sale |  |  |  |  |  |  |  |  |
Investment-grade unsecured debt | 1,051 |  |  | 341 |  |  | 1,392 |  |  |  |  |
Total - Marketable securities | $ | 142,398 |  |  | $ | 49,431 |  |  | $ | 191,829 |  |  |  |  |
Changes in Accumulated Other Comprehensive Income (Loss), Net by Component | Changes in Accumulated Other Comprehensive Income (Loss), Net by Component Essex Property Trust, Inc. ($ in thousands):
| Change in fair value and amortization of swap settlements |  | Unrealized gain on available for sale securities |  | Total
Balance at December 31, 2021 | $ | (5,912) |  |  | $ | 360 |  |  | $ | (5,552) |
Other comprehensive income before reclassification | 56,109 |  |  | 197 |  |  | 56,306 |
Amounts reclassified from accumulated other comprehensive loss | 15 |  |  | — |  |  | 15 |
Other comprehensive income | 56,124 |  |  | 197 |  |  | 56,321 |
Balance at September 30, 2022 | $ | 50,212 |  |  | $ | 557 |  |  | $ | 50,769 |
Essex Portfolio, L.P. ($ in thousands):
| Change in fair value and amortization of swap settlements |  | Unrealized gain on available for sale securities |  | Total
Balance at December 31, 2021 | $ | (2,176) |  |  | $ | 372 |  |  | $ | (1,804) |
Other comprehensive income before reclassification | 58,069 |  |  | 204 |  |  | 58,273 |
Amounts reclassified from accumulated other comprehensive loss | 15 |  |  | — |  |  | 15 |
Other comprehensive income | 58,084 |  |  | 204 |  |  | 58,288 |
Balance at September 30, 2022 | $ | 55,908 |  |  | $ | 576 |  |  | $ | 56,484 |
Schedule of Changes to the Redemption Value of Noncontrolling Interests | The changes to the redemption value of redeemable noncontrolling interests for the nine months ended September 30, 2022 is as follows ($ in thousands):
Balance at December 31, 2021 | $ | 34,666 |
Reclassification due to change in redemption value and other | (4,950) |
Redemptions | (478) |
Balance at September 30, 2022 | $ | 29,238 |
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):
| September 30, 2022 |  | December 31, 2021 |  | September 30, 2021 |  | December 31, 2020
Cash and cash equivalents - unrestricted | $ | 42,711 |  |  | $ | 48,420 |  |  | $ | 49,910 |  |  | $ | 73,629 |
Cash and cash equivalents - restricted | 10,858 |  |  | 10,218 |  |  | 11,042 |  |  | 10,412 |
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows | $ | 53,569 |  |  | $ | 58,638 |  |  | $ | 60,952 |  |  | $ | 84,041 |
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):
| September 30, 2022 |  | December 31, 2021 |  | September 30, 2021 |  | December 31, 2020
Cash and cash equivalents - unrestricted | $ | 42,711 |  |  | $ | 48,420 |  |  | $ | 49,910 |  |  | $ | 73,629 |
Cash and cash equivalents - restricted | 10,858 |  |  | 10,218 |  |  | 11,042 |  |  | 10,412 |
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows | $ | 53,569 |  |  | $ | 58,638 |  |  | $ | 60,952 |  |  | $ | 84,041 |

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: | dtr-types: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: | dtr-types: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 https://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 https://asc.fasb.org/extlink&oid=126968391&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 https://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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: | dtr-types: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 https://asc.fasb.org/extlink&oid=126897435&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 https://asc.fasb.org/extlink&oid=126999549&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 https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910 + Details
Name: | us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration