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Summary of Critical and Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
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):
| 2023 |  | 2022 |  | 2021
Cash and cash equivalents - unrestricted | $ | 391,749 |  |  | $ | 33,295 |  |  | $ | 48,420 |
Cash and cash equivalents - restricted | 8,585 |  |  | 9,386 |  |  | 10,218 |
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows | $ | 400,334 |  |  | $ | 42,681 |  |  | $ | 58,638 |
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):
| 2023 |  | 2022 |  | 2021
Cash and cash equivalents - unrestricted | $ | 391,749 |  |  | $ | 33,295 |  |  | $ | 48,420 |
Cash and cash equivalents - restricted | 8,585 |  |  | 9,386 |  |  | 10,218 |
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows | $ | 400,334 |  |  | $ | 42,681 |  |  | $ | 58,638 |
Schedule of Components of Marketable Securities | As of December 31, 2023 and 2022, marketable securities consist of the following ($ in thousands):
| December 31, 2023
| Amortized Cost |  | Gross Unrealized Gain (loss) |  | Carrying Value |  |
Equity securities: |  |  |  |  |  |  |
Investment funds - debt securities | $ | 26,460 |  |  | $ | (1,584) |  |  | $ | 24,876 |  |  |
Common stock, preferred stock, and stock funds | 51,328 |  |  | 11,591 |  |  | 62,919 |  |  |
Total - Marketable securities | $ | 77,788 |  |  | $ | 10,007 |  |  | $ | 87,795 |  |  |
| December 31, 2022
| Amortized Cost |  | Gross Unrealized Loss |  | Carrying Value
Equity securities: |  |  |  |  |
Investment funds - debt securities | $ | 43,155 |  |  | $ | (6,771) |  |  | $ | 36,384 |
Common stock, preferred stock, and stock funds | 78,481 |  |  | (2,122) |  |  | 76,359 |
Total - Marketable securities | $ | 121,636 |  |  | $ | (8,893) |  |  | $ | 112,743 |
Summary of Status of Cash Dividends Distributed | The status of cash dividends distributed for the years ended December 31, 2023, 2022, and 2021 related to common stock are classified for tax purposes as follows:
| 2023 |  | 2022 |  | 2021
Common Stock |  |  |  |  |
Ordinary income | 88.46 | % |  | 80.17 | % |  | 70.92 | %
Capital gain | 8.32 | % |  | 16.78 | % |  | 22.07 | %
Unrecaptured section 1250 capital gain | 3.22 | % |  | 3.05 | % |  | 7.01 | %
| 100.00 | % |  | 100.00 | % |  | 100.00 | %
Schedule of Changes in Accumulated Other Comprehensive Income, Net by Component | Changes in Accumulated Other Comprehensive Income, Net, by Component Essex Property Trust, Inc. ($ in thousands)
| Change in fair value and amortization of swap settlements |  |  |  |
Balance at December 31, 2022 | $ | 46,466 |  |  |  |  |
Other comprehensive loss before reclassification | (12,930) |  |  |  |  |
Amounts reclassified from accumulated other comprehensive loss | 20 |  |  |  |  |
Other comprehensive loss | (12,910) |  |  |  |  |
Balance at December 31, 2023 | $ | 33,556 |  |  |  |  |
Changes in Accumulated Other Comprehensive Income, by Component Essex Portfolio, L.P. ($ in thousands)
| Change in fair value and amortization of swap settlements |  |  |  |
Balance at December 31, 2022 | $ | 52,010 |  |  |  |  |
Other comprehensive loss before reclassification | (13,384) |  |  |  |  |
Amounts reclassified from accumulated other comprehensive loss | 20 |  |  |  |  |
Other comprehensive loss | (13,364) |  |  |  |  |
Balance at December 31, 2023 | $ | 38,646 |  |  |  |  |
Schedule of 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, 2023, 2022, and 2021 are as follows:
| 2023 |  | 2022 |  | 2021
Balance at January 1, | $ | 27,150 |  |  | $ | 34,666 |  |  | $ | 32,239 |
Reclassifications due to change in redemption value and other | 5,055 |  |  | (7,038) |  |  | 6,890 |
Redemptions | — |  |  | (478) |  |  | (4,463) |
Balance at December 31, | $ | 32,205 |  |  | $ | 27,150 |  |  | $ | 34,666 |

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