XML 31 R17.htm IDEA: XBRL DOCUMENT
v3.23.2

Significant Transactions During the Six Months Ended June 30, 2023 and Subsequent Events | 6 Months Ended
--- | ---
Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Significant Transactions During the Six Months Ended June 30, 2023 and Subsequent Events | Significant Transactions During the Six Months Ended June 30, 2023 and Subsequent Events Significant Transactions Acquisitions In April 2023, the Company acquired Hacienda at Camarillo Oaks, a 73-unit apartment home community located in Camarillo, CA, for a total contract price of $23.1 million. Dispositions In March 2023, the Company sold CBC and The Sweeps, a non-core apartment home community with 239 apartment homes, located in Goleta, CA, for a total contract price of $91.7 million. The Company recognized a $54.5 million gain on sale. Preferred Equity Investments In April 2023, the Company received cash of $11.2 million for the partial redemption of a preferred equity investment whose sponsors include a related party, in a joint venture that holds property located in Northern California. See Note 6, Related Party Transactions, for additional details. In June 2023, the Company received cash of $14.7 million, including an early redemption fee of $0.3 million, for the full redemption of a preferred equity investment in a joint venture that holds property located in Southern California. Common Stock During the six months ended June 30, 2023, the Company repurchased and retired 437,026 shares of the Company's common stock through the Company's stock repurchase plan, totaling $95.7 million, including commissions, at an average price per share of $218.88. As a result, as of June 30, 2023, the Company had $302.7 million of purchase authority remaining under the Company's $500.0 million stock repurchase plan. Subsequent events Subsequent to quarter end, the Company closed $298.0 million in 10-year secured loans priced at 5.08% fixed interest rates. The proceeds are intended to repay a majority of the Company’s $400.0 million unsecured notes due in May 2024 at maturity.

X
- Definition Significant Transactions And Subsequent Events + References No definition available. + Details
Name: | ess_SignificantTransactionsAndSubsequentEventsTextBlock
Namespace Prefix: | ess_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

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