Maryland | 77-0369576 | |||||||
(Essex Property Trust, Inc.) | (Essex Property Trust, Inc.) | |||||||
California | 77-0369575 | |||||||
(Essex Portfolio, L.P.) | ||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $.0001 par value (Essex Property Trust, Inc.) | ESS | New York Stock Exchange |
Essex Property Trust, Inc. | Yes | ☒ | No | ☐ | Essex Portfolio, L.P. | Yes | ☒ | No | ☐ |
Essex Property Trust, Inc. | Yes | ☒ | No | ☐ | Essex Portfolio, L.P. | Yes | ☒ | No | ☐ |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||
Emerging growth company | ☐ |
Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ | ||||||||||||||||
Emerging growth company | ☐ | ||||||||||||||||||||||
Essex Property Trust, Inc. | ☐ | Essex Portfolio, L.P. | ☐ |
Essex Property Trust, Inc. | Yes | ☐ | No | ☒ | Essex Portfolio, L.P. | Yes | ☐ | No | ☒ |
PART I. FINANCIAL INFORMATION | Page No. | |||||||
Item 1. | Condensed Consolidated Financial Statements of Essex Property Trust, Inc. (Unaudited) | |||||||
Condensed Consolidated Financial Statements of Essex Portfolio, L.P. (Unaudited) | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
ASSETS | September 30, 2017 | December 31, 2016 | ASSETS | September 30, 2023 | December 31, 2022 | |||||||||||||
Real estate: | Real estate: | |||||||||||||||||
Rental properties: | Rental properties: | |||||||||||||||||
Land and land improvements | $ | 2,719,064 | $ | 2,559,743 | Land and land improvements | $ | 3,036,912 | $ | 3,043,321 | |||||||||
Buildings and improvements | 10,585,742 | 10,116,563 | Buildings and improvements | 13,036,033 | 12,922,906 | |||||||||||||
13,304,806 | 12,676,306 | 16,072,945 | 15,966,227 | |||||||||||||||
Less: accumulated depreciation | (2,651,542 | ) | (2,311,546 | ) | Less: accumulated depreciation | (5,527,559) | (5,152,133) | |||||||||||
10,653,264 | 10,364,760 | 10,545,386 | 10,814,094 | |||||||||||||||
Real estate under development | 313,825 | 190,505 | Real estate under development | 23,067 | 24,857 | |||||||||||||
Co-investments | 1,124,577 | 1,161,275 | Co-investments | 1,133,515 | 1,127,491 | |||||||||||||
Real estate held for sale, net | — | 101,957 | ||||||||||||||||
12,091,666 | 11,818,497 | 11,701,968 | 11,966,442 | |||||||||||||||
Cash and cash equivalents-unrestricted | 46,507 | 64,921 | Cash and cash equivalents-unrestricted | 391,994 | 33,295 | |||||||||||||
Cash and cash equivalents-restricted | 16,766 | 105,381 | Cash and cash equivalents-restricted | 8,503 | 9,386 | |||||||||||||
Marketable securities | 184,574 | 139,189 | ||||||||||||||||
Notes and other receivables (includes related party receivables of $65.6 million and $11.3 million as of September 30, 2017 and December 31, 2016, respectively) | 121,557 | 40,970 | ||||||||||||||||
Marketable securities, net of allowance for credit losses of zero as of both September 30, 2023 and December 31, 2022 | Marketable securities, net of allowance for credit losses of zero as of both September 30, 2023 and December 31, 2022 | 90,186 | 112,743 | |||||||||||||||
Notes and other receivables, net of allowance for credit losses of $0.6 million and $0.3 million as of September 30, 2023 and December 31, 2022, respectively (includes related party receivables of $7.2 million and $7.0 million as of September 30, 2023 and December 31, 2022, respectively) | Notes and other receivables, net of allowance for credit losses of $0.6 million and $0.3 million as of September 30, 2023 and December 31, 2022, respectively (includes related party receivables of $7.2 million and $7.0 million as of September 30, 2023 and December 31, 2022, respectively) | 164,603 | 103,045 | |||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 64,636 | 67,239 | |||||||||||||||
Prepaid expenses and other assets | 51,453 | 48,450 | Prepaid expenses and other assets | 75,757 | 80,755 | |||||||||||||
Total assets | $ | 12,512,523 | $ | 12,217,408 | Total assets | $ | 12,497,647 | $ | 12,372,905 | |||||||||
LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | |||||||||||||||||
Unsecured debt, net | $ | 3,501,146 | $ | 3,246,779 | Unsecured debt, net | $ | 5,316,929 | $ | 5,312,168 | |||||||||
Mortgage notes payable, net | 2,111,467 | 2,191,481 | Mortgage notes payable, net | 888,010 | 593,943 | |||||||||||||
Lines of credit | 2,609 | 125,000 | Lines of credit | — | 52,073 | |||||||||||||
Accounts payable and accrued liabilities | 222,122 | 138,226 | Accounts payable and accrued liabilities | 215,201 | 165,461 | |||||||||||||
Construction payable | 59,767 | 35,909 | Construction payable | 22,709 | 23,159 | |||||||||||||
Dividends payable | 121,496 | 110,170 | Dividends payable | 155,806 | 149,166 | |||||||||||||
Distributions in excess of investments in co-investments | 36,245 | — | Distributions in excess of investments in co-investments | 50,686 | 42,532 | |||||||||||||
Operating lease liabilities | Operating lease liabilities | 65,927 | 68,696 | |||||||||||||||
Other liabilities | 33,733 | 32,922 | Other liabilities | 45,972 | 43,441 | |||||||||||||
Total liabilities | 6,088,585 | 5,880,487 | Total liabilities | 6,761,240 | 6,450,639 | |||||||||||||
Commitments and contingencies | Commitments and contingencies | |||||||||||||||||
Redeemable noncontrolling interest | 40,044 | 44,684 | Redeemable noncontrolling interest | 29,960 | 27,150 | |||||||||||||
Equity: | Equity: | |||||||||||||||||
Common stock; $0.0001 par value, 670,000,000 shares authorized; 66,002,487 and 65,527,993 shares issued and outstanding, respectively | 6 | 6 | ||||||||||||||||
Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,184,604 and 64,604,603 shares issued and outstanding, respectively | Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,184,604 and 64,604,603 shares issued and outstanding, respectively | 6 | 6 | |||||||||||||||
Additional paid-in capital | 7,111,866 | 7,029,679 | Additional paid-in capital | 6,660,916 | 6,750,076 | |||||||||||||
Distributions in excess of accumulated earnings | (821,732 | ) | (805,409 | ) | Distributions in excess of accumulated earnings | (1,184,597) | (1,080,176) | |||||||||||
Accumulated other comprehensive loss, net | (24,632 | ) | (32,098 | ) | ||||||||||||||
Accumulated other comprehensive income, net | Accumulated other comprehensive income, net | 55,358 | 46,466 | |||||||||||||||
Total stockholders' equity | 6,265,508 | 6,192,178 | Total stockholders' equity | 5,531,683 | 5,716,372 | |||||||||||||
Noncontrolling interest | 118,386 | 100,059 | Noncontrolling interest | 174,764 | 178,744 | |||||||||||||
Total equity | 6,383,894 | 6,292,237 | Total equity | 5,706,447 | 5,895,116 | |||||||||||||
Total liabilities and equity | $ | 12,512,523 | $ | 12,217,408 | Total liabilities and equity | $ | 12,497,647 | $ | 12,372,905 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental and other property | $ | 416,398 | $ | 406,862 | $ | 1,239,319 | $ | 1,183,318 | |||||||||||||||
Management and other fees from affiliates | 2,785 | 2,886 | 8,328 | 8,313 | |||||||||||||||||||
419,183 | 409,748 | 1,247,647 | 1,191,631 | ||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating, excluding real estate taxes | 77,020 | 73,450 | 224,745 | 212,069 | |||||||||||||||||||
Real estate taxes | 46,876 | 46,593 | 138,787 | 137,594 | |||||||||||||||||||
Corporate-level property management expenses | 11,504 | 10,184 | 34,387 | 30,532 | |||||||||||||||||||
Depreciation and amortization | 137,357 | 135,511 | 410,422 | 403,561 | |||||||||||||||||||
General and administrative | 14,611 | 15,172 | 43,735 | 40,541 | |||||||||||||||||||
Expensed acquisition and investment related costs | 31 | 230 | 375 | 248 | |||||||||||||||||||
Casualty loss | — | — | 433 | — | |||||||||||||||||||
287,399 | 281,140 | 852,884 | 824,545 | ||||||||||||||||||||
Gain on sale of real estate and land | — | — | 59,238 | — | |||||||||||||||||||
Earnings from operations | 131,784 | 128,608 | 454,001 | 367,086 | |||||||||||||||||||
Interest expense | (54,161) | (51,645) | (157,806) | (152,499) | |||||||||||||||||||
Total return swap income | 690 | 1,882 | 2,544 | 6,709 | |||||||||||||||||||
Interest and other income (loss) | 4,406 | (6,796) | 29,055 | (31,571) | |||||||||||||||||||
Equity income from co-investments | 10,694 | 10,985 | 33,802 | 23,756 | |||||||||||||||||||
Tax (expense) benefit on unconsolidated co-investments | (404) | (1,755) | (1,237) | 7,863 | |||||||||||||||||||
Loss on early retirement of debt, net | — | (2) | — | (2) | |||||||||||||||||||
Gain on remeasurement of co-investment | — | 17,423 | — | 17,423 | |||||||||||||||||||
Net income | 93,009 | 98,700 | 360,359 | 238,765 | |||||||||||||||||||
Net income attributable to noncontrolling interest | (5,727) | (5,858) | (19,925) | (15,615) | |||||||||||||||||||
Net income available to common stockholders | $ | 87,282 | $ | 92,842 | $ | 340,434 | $ | 223,150 | |||||||||||||||
Comprehensive income | $ | 97,122 | $ | 124,797 | $ | 369,564 | $ | 297,053 | |||||||||||||||
Comprehensive income attributable to noncontrolling interest | (5,867) | (6,740) | (20,238) | (17,582) | |||||||||||||||||||
Comprehensive income attributable to controlling interest | $ | 91,255 | $ | 118,057 | $ | 349,326 | $ | 279,471 | |||||||||||||||
Per share data: | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Net income available to common stockholders | $ | 1.36 | $ | 1.43 | $ | 5.30 | $ | 3.42 | |||||||||||||||
Weighted average number of shares outstanding during the period | 64,184,180 | 65,059,678 | 64,274,085 | 65,198,532 | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||
Net income available to common stockholders | $ | 1.36 | $ | 1.43 | $ | 5.30 | $ | 3.42 | |||||||||||||||
Weighted average number of shares outstanding during the period | 64,186,020 | 65,067,790 | 64,275,279 | 65,225,767 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Rental and other property | $ | 341,974 | $ | 327,078 | $ | 1,011,908 | $ | 958,818 | |||||||
Management and other fees from affiliates | 2,395 | 2,093 | 6,927 | 6,145 | |||||||||||
344,369 | 329,171 | 1,018,835 | 964,963 | ||||||||||||
Expenses: | |||||||||||||||
Property operating, excluding real estate taxes | 66,606 | 63,781 | 193,632 | 185,390 | |||||||||||
Real estate taxes | 37,531 | 35,580 | 108,283 | 104,540 | |||||||||||
Depreciation and amortization | 117,451 | 110,467 | 350,893 | 329,847 | |||||||||||
General and administrative | 9,788 | 9,647 | 30,726 | 28,527 | |||||||||||
Acquisition and investment related costs | 324 | 284 | 1,154 | 1,379 | |||||||||||
231,700 | 219,759 | 684,688 | 649,683 | ||||||||||||
Earnings from operations | 112,669 | 109,412 | 334,147 | 315,280 | |||||||||||
Interest expense | (55,938 | ) | (56,693 | ) | (167,333 | ) | (164,727 | ) | |||||||
Total return swap income | 2,538 | 3,143 | 7,653 | 9,080 | |||||||||||
Interest and other income | 5,790 | 4,943 | 17,916 | 19,560 | |||||||||||
Equity income from co-investments | 19,727 | 9,568 | 40,934 | 38,932 | |||||||||||
Loss on early retirement of debt | — | (211 | ) | — | (211 | ) | |||||||||
Gain on sale of real estate and land | 249 | — | 26,423 | 20,258 | |||||||||||
Deferred tax expense on gain on sale of real estate and land | — | — | — | (4,279 | ) | ||||||||||
Gain on remeasurement of co-investment | — | — | 88,641 | — | |||||||||||
Net income | 85,035 | 70,162 | 348,381 | 233,893 | |||||||||||
Net income attributable to noncontrolling interest | (5,312 | ) | (4,601 | ) | (18,935 | ) | (14,483 | ) | |||||||
Net income attributable to controlling interest | 79,723 | 65,561 | 329,446 | 219,410 | |||||||||||
Dividends to preferred stockholders | — | — | — | (1,314 | ) | ||||||||||
Excess of redemption value of preferred stock over the carrying value | — | — | — | (2,541 | ) | ||||||||||
Net income available to common stockholders | $ | 79,723 | $ | 65,561 | $ | 329,446 | $ | 215,555 | |||||||
Comprehensive income | $ | 88,870 | $ | 73,173 | $ | 356,102 | $ | 235,874 | |||||||
Comprehensive income attributable to noncontrolling interest | (5,438 | ) | (4,700 | ) | (19,190 | ) | (14,548 | ) | |||||||
Comprehensive income attributable to controlling interest | $ | 83,432 | $ | 68,473 | $ | 336,912 | $ | 221,326 | |||||||
Per share data: | |||||||||||||||
Basic: | |||||||||||||||
Net income available to common stockholders | $ | 1.21 | $ | 1.00 | $ | 5.01 | $ | 3.29 | |||||||
Weighted average number of shares outstanding during the period | 65,994,896 | 65,507,669 | 65,759,450 | 65,455,004 | |||||||||||
Diluted: | |||||||||||||||
Net income available to common stockholders | $ | 1.21 | $ | 1.00 | $ | 5.00 | $ | 3.29 | |||||||
Weighted average number of shares outstanding during the period | 66,078,283 | 65,617,551 | 65,836,965 | 65,578,661 | |||||||||||
Dividend per common share | $ | 1.75 | $ | 1.60 | $ | 5.25 | $ | 4.80 |
Common stock | Additional paid-in capital | Distributions in excess of accumulated earnings | Accumulated other comprehensive income, net | Noncontrolling interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2023 | 64,183 | $ | 6 | $ | 6,657,481 | $ | (1,123,594) | $ | 51,385 | $ | 176,727 | $ | 5,762,005 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 87,282 | — | 5,727 | 93,009 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 3,973 | 140 | 4,113 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, net | — | — | (106) | — | — | — | (106) | ||||||||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | — | 2,211 | — | — | 78 | 2,289 | ||||||||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | — | 1,317 | — | — | 78 | 1,395 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (7,973) | (7,973) | ||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of noncontrolling interest | 2 | — | 13 | — | — | (13) | — | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($2.31 per share) | — | — | — | (148,285) | — | — | (148,285) | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2023 | 64,185 | $ | 6 | $ | 6,660,916 | $ | (1,184,597) | $ | 55,358 | $ | 174,764 | $ | 5,706,447 |
Common stock | Additional paid-in capital | Distributions in excess of accumulated earnings | Accumulated other comprehensive income, net | Noncontrolling interest | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2022 | Balances at December 31, 2022 | 64,605 | $ | 6 | $ | 6,750,076 | $ | (1,080,176) | $ | 46,466 | $ | 178,744 | $ | 5,895,116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 340,434 | — | 19,925 | 360,359 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | Additional paid-in capital | Distributions in excess of accumulated earnings | Accumulated other comprehensive loss, net | Noncontrolling Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2016 | 65,528 | $ | 6 | $ | 7,029,679 | $ | (805,409 | ) | $ | (32,098 | ) | $ | 100,059 | $ | 6,292,237 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 329,446 | — | 18,935 | 348,381 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable securities | — | — | — | — | (1,596 | ) | (54 | ) | (1,650 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 7,160 | 245 | 7,405 | Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 8,892 | 313 | 9,205 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable securities, net | — | — | — | — | 1,902 | 64 | 1,966 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | Issuance of common stock under: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock plans, net | 160 | — | 24,079 | — | — | — | 24,079 | Stock option and restricted stock plans, net | 3 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, net | 312 | — | 80,377 | — | — | — | 80,377 | Sale of common stock, net | — | — | (231) | — | — | — | (231) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | — | 3,814 | — | — | 1,080 | 4,894 | Equity based compensation costs | — | — | 9,598 | — | — | 337 | 9,935 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement of common stock, net | Retirement of common stock, net | (437) | — | (95,657) | — | — | — | (95,657) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | — | (916 | ) | — | — | 13 | (903 | ) | Changes in the redemption value of redeemable noncontrolling interest | — | — | (2,770) | — | — | (40) | (2,810) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | 22,506 | 22,506 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (21,072 | ) | (21,072 | ) | Distributions to noncontrolling interest | — | — | — | — | — | (24,006) | (24,006) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of noncontrolling interest | 2 | — | (25,167 | ) | — | — | (3,390 | ) | (28,557 | ) | Redemptions of noncontrolling interest | 14 | — | (100) | — | — | (509) | (609) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends | — | — | — | (345,769 | ) | — | — | (345,769 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2017 | 66,002 | $ | 6 | $ | 7,111,866 | $ | (821,732 | ) | $ | (24,632 | ) | $ | 118,386 | $ | 6,383,894 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($6.93 per share) | Common stock dividends ($6.93 per share) | — | — | — | (444,855) | — | — | (444,855) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2023 | Balances at September 30, 2023 | 64,185 | $ | 6 | $ | 6,660,916 | $ | (1,184,597) | $ | 55,358 | $ | 174,764 | $ | 5,706,447 |
Common stock | Additional paid-in capital | Distributions in excess of accumulated earnings | Accumulated other comprehensive income, net | Noncontrolling Interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | 65,124 | $ | 7 | $ | 6,875,863 | $ | (1,073,577) | $ | 25,554 | $ | 178,738 | $ | 6,006,585 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 92,842 | — | 5,858 | 98,700 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 25,304 | 885 | 26,189 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | (89) | (3) | (92) | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock plans, net | 1 | — | 155 | — | — | — | 155 | ||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, net | — | — | (107) | — | — | — | (107) | ||||||||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | — | 1,891 | — | — | 66 | 1,957 | ||||||||||||||||||||||||||||||||||||||||||||||
Retirement of common stock, net | (372) | (1) | (97,120) | — | — | — | (97,121) | ||||||||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | — | 3,195 | — | — | 532 | 3,727 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (7,748) | (7,748) | ||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of noncontrolling interest | — | — | (8,005) | — | — | (563) | (8,568) | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($2.20 per share) | — | — | — | (142,480) | — | — | (142,480) | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | 64,753 | $ | 6 | $ | 6,775,872 | $ | (1,123,215) | $ | 50,769 | $ | 177,765 | $ | 5,881,197 |
Common stock | Additional paid-in capital | Distributions in excess of accumulated earnings | Accumulated other comprehensive income (loss), net | Noncontrolling Interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | 65,248 | $ | 7 | $ | 6,915,981 | $ | (916,833) | $ | (5,552) | $ | 182,905 | $ | 6,176,508 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 223,150 | — | 15,615 | 238,765 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 56,124 | 1,960 | 58,084 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | 197 | 7 | 204 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock plans, net | 88 | — | 17,194 | — | — | — | 17,194 | ||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, net | — | — | (314) | — | — | — | (314) | ||||||||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | — | 6,843 | — | — | 239 | 7,082 | ||||||||||||||||||||||||||||||||||||||||||||||
Retirement of common stock, net | (591) | (1) | (157,950) | — | — | — | (157,951) | ||||||||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | — | 4,246 | — | — | 704 | 4,950 | ||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | 125 | 125 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (22,989) | (22,989) | ||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of noncontrolling interest | 8 | — | (10,128) | — | — | (801) | (10,929) | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($6.60 per share) | — | — | — | (429,532) | — | — | (429,532) | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | 64,753 | $ | 6 | $ | 6,775,872 | $ | (1,123,215) | $ | 50,769 | $ | 177,765 | $ | 5,881,197 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 360,359 | $ | 238,765 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Straight-lined rents | 1,650 | 5,529 | |||||||||
Depreciation and amortization | 410,422 | 403,561 | |||||||||
Amortization of discount and debt financing costs, net | 5,028 | 4,916 | |||||||||
Realized and unrealized (gains) losses on marketable securities, net | (4,294) | 51,126 | |||||||||
Provision for credit losses | 51 | 64 | |||||||||
Earnings from co-investments | (33,802) | (23,756) | |||||||||
Operating distributions from co-investments | 48,229 | 86,854 | |||||||||
Accrued interest from notes and other receivables | (8,919) | (10,748) | |||||||||
Casualty loss | 433 | — | |||||||||
Gain on the sale of real estate and land | (59,238) | — | |||||||||
Equity-based compensation | 5,943 | 6,589 | |||||||||
Loss on early retirement of debt, net | — | 2 | |||||||||
Gain on remeasurement of co-investment | — | (17,423) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets | 3,024 | 15,406 | |||||||||
Accounts payable, accrued liabilities, and operating lease liabilities | 44,971 | 38,948 | |||||||||
Other liabilities | 2,533 | 8,902 | |||||||||
Net cash provided by operating activities | 776,390 | 808,735 | |||||||||
Cash flows from investing activities: | |||||||||||
Additions to real estate: | |||||||||||
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired | (23,845) | (21,759) | |||||||||
Redevelopment | (56,168) | (67,974) | |||||||||
Development acquisitions of and additions to real estate under development | (6,317) | (22,754) | |||||||||
Capital expenditures on rental properties | (94,304) | (107,105) | |||||||||
Investments in notes receivable | (52,888) | (160,013) | |||||||||
Collections of notes and other receivables | — | 303,088 | |||||||||
Proceeds from insurance for property losses | 2,991 | 4,325 | |||||||||
Proceeds from dispositions of real estate | 99,388 | — | |||||||||
Contributions to co-investments | (32,169) | (159,461) | |||||||||
Changes in refundable deposits | 10,200 | (16,318) | |||||||||
Purchases of marketable securities | (11,552) | (12,760) | |||||||||
Sales and maturities of marketable securities | 46,989 | 30,025 | |||||||||
Non-operating distributions from co-investments | 15,251 | 161,324 | |||||||||
Net cash used in investing activities | (102,424) | (69,382) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from unsecured debt and mortgage notes | 598,000 | — | |||||||||
Payments on unsecured debt and mortgage notes | (301,678) | (24,103) | |||||||||
Proceeds from lines of credit | 844,021 | 1,053,663 | |||||||||
Repayments of lines of credit | (896,094) | (1,175,440) | |||||||||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 348,381 | $ | 233,893 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 350,893 | 329,847 | |||||
Amortization of discount on marketable securities and other investments | (11,128 | ) | (10,771 | ) | |||
Amortization of (premium) discount and debt financing costs, net | (5,132 | ) | (11,432 | ) | |||
Gain on sale of marketable securities and other investments | (1,650 | ) | (2,876 | ) | |||
Company's share of gain on the sales of co-investments | (10,058 | ) | (13,046 | ) | |||
Earnings from co-investments | (30,876 | ) | (25,886 | ) | |||
Operating distributions from co-investments | 47,702 | 45,342 | |||||
Gain on the sale of real estate and land | (26,423 | ) | (20,258 | ) | |||
Equity-based compensation | 4,894 | 4,436 | |||||
Loss on early retirement of debt, net | — | 211 | |||||
Gain on remeasurement of co-investment | (88,641 | ) | — | ||||
Changes in operating assets and liabilities: | |||||||
Prepaid expenses, receivables and other assets | (7,862 | ) | 656 | ||||
Accounts payable and accrued liabilities | 50,788 | 49,961 | |||||
Other liabilities | 399 | 420 | |||||
Net cash provided by operating activities | 621,287 | 580,497 | |||||
Cash flows from investing activities: | |||||||
Additions to real estate: | |||||||
Acquisitions of real estate and acquisition related capital expenditures | (200,028 | ) | (124,054 | ) | |||
Redevelopment | (50,642 | ) | (62,983 | ) | |||
Development acquisitions of and additions to real estate under development | (92,936 | ) | (58,575 | ) | |||
Capital expenditures on rental properties | (46,455 | ) | (40,503 | ) | |||
Investments in notes receivable | (76,961 | ) | (4,375 | ) | |||
Proceeds from insurance for property losses | 648 | 3,288 | |||||
Proceeds from dispositions of real estate | 132,039 | 48,008 | |||||
Contributions to co-investments | (231,552 | ) | (121,972 | ) | |||
Changes in restricted cash and refundable deposits | 91,209 | 65,858 | |||||
Purchases of marketable securities | (65,668 | ) | (18,779 | ) | |||
Sales and maturities of marketable securities and other investments | 33,377 | 14,708 | |||||
Non-operating distributions from co-investments | 112,572 | 34,564 | |||||
Net cash used in investing activities | (394,397 | ) | (264,815 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from unsecured debt and mortgage notes | 597,981 | 499,724 | |||||
Payments on unsecured debt and mortgage notes | (460,040 | ) | (244,583 | ) | |||
Proceeds from lines of credit | 564,833 | 321,373 | |||||
Repayments of lines of credit | (687,224 | ) | (336,373 | ) | |||
Repayment of cumulative redeemable preferred stock | — | (73,750 | ) | ||||
Additions to deferred charges | (4,108 | ) | (5,300 | ) | |||
Net proceeds from issuance of common stock | 80,377 | (382 | ) | ||||
Net proceeds from stock options exercised | 24,079 | 17,878 | |||||
Payments related to tax withholding for share-based compensation | (118 | ) | (222 | ) | |||
Distributions to noncontrolling interest | (20,405 | ) | (19,844 | ) | |||
Redemption of noncontrolling interest | (4,849 | ) | (2,435 | ) | |||
Redemption of redeemable noncontrolling interest | (720 | ) | — |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Retirement of common stock | (95,657) | (157,951) | |||||||||
Additions to deferred charges | (1,681) | (140) | |||||||||
Net costs from issuance of common stock | (231) | (314) | |||||||||
Net proceeds from stock options exercised | — | 19,410 | |||||||||
Payments related to tax withholding for share-based compensation | — | (2,216) | |||||||||
Contributions from noncontrolling interest | — | 125 | |||||||||
Distributions to noncontrolling interest | (23,532) | (22,606) | |||||||||
Redemption of noncontrolling interest | (609) | (10,929) | |||||||||
Redemption of redeemable noncontrolling interest | — | (478) | |||||||||
Common stock dividends paid | (438,689) | (423,443) | |||||||||
Net cash used in financing activities | (316,150) | (744,422) | |||||||||
Net increase (decrease) in unrestricted and restricted cash and cash equivalents | 357,816 | (5,069) | |||||||||
Unrestricted and restricted cash and cash equivalents at beginning of period | 42,681 | 58,638 | |||||||||
Unrestricted and restricted cash and cash equivalents at end of period | $ | 400,497 | $ | 53,569 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest (net of $0.7 million and $1.9 million capitalized in 2023 and 2022, respectively) | $ | 159,758 | $ | 149,970 | |||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | 5,298 | $ | 5,225 | |||||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||
Transfers between real estate under development and rental properties, net | $ | 827 | $ | 98,024 | |||||||
Transfers from real estate under development to co-investments | $ | 1,322 | $ | 2,090 | |||||||
Reclassifications to (from) redeemable noncontrolling interest from additional paid in capital and noncontrolling interest | $ | 2,810 | $ | (4,950) | |||||||
Debt assumed in connection with acquisition | $ | — | $ | 21,303 | |||||||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Common and preferred stock dividends paid | (335,110 | ) | (306,284 | ) | |||
Net cash used in financing activities | (245,304 | ) | (150,198 | ) | |||
Net (decrease) increase in cash and cash equivalents | (18,414 | ) | 165,484 | ||||
Cash and cash equivalents at beginning of period | 64,921 | 29,683 | |||||
Cash and cash equivalents at end of period | $ | 46,507 | $ | 195,167 | |||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for interest, net of $10.0 million and $9.4 million capitalized in 2017 and 2016, respectively | $ | 148,742 | $ | 140,183 | |||
Supplemental disclosure of noncash investing and financing activities: | |||||||
Issuance of DownREIT units in connection with acquisition of real estate | $ | 22,506 | $ | — | |||
Transfers between real estate under development to rental properties, net | $ | 2,195 | $ | 106,255 | |||
Transfer from real estate under development to co-investments | $ | 4,122 | $ | 8,332 | |||
Reclassifications to (from) redeemable noncontrolling interest to or from additional paid in capital and noncontrolling interest | $ | 903 | $ | (1,343 | ) | ||
Debt assumed in connection with acquisition | $ | 51,882 | $ | 48,832 |
ASSETS | September 30, 2023 | December 31, 2022 | |||||||||
Real estate: | |||||||||||
Rental properties: | |||||||||||
Land and land improvements | $ | 3,036,912 | $ | 3,043,321 | |||||||
Buildings and improvements | 13,036,033 | 12,922,906 | |||||||||
16,072,945 | 15,966,227 | ||||||||||
Less: accumulated depreciation | (5,527,559) | (5,152,133) | |||||||||
10,545,386 | 10,814,094 | ||||||||||
Real estate under development | 23,067 | 24,857 | |||||||||
Co-investments | 1,133,515 | 1,127,491 | |||||||||
11,701,968 | 11,966,442 | ||||||||||
Cash and cash equivalents-unrestricted | 391,994 | 33,295 | |||||||||
Cash and cash equivalents-restricted | 8,503 | 9,386 | |||||||||
Marketable securities, net of allowance for credit losses of zero as of both September 30, 2023 and December 31, 2022 | 90,186 | 112,743 | |||||||||
Notes and other receivables, net of allowance for credit losses of $0.6 million and $0.3 million as of September 30, 2023 and December 31, 2022, respectively (includes related party receivables of $7.2 million and $7.0 million as of September 30, 2023 and December 31, 2022, respectively) | 164,603 | 103,045 | |||||||||
Operating lease right-of-use assets | 64,636 | 67,239 | |||||||||
Prepaid expenses and other assets | 75,757 | 80,755 | |||||||||
Total assets | $ | 12,497,647 | $ | 12,372,905 | |||||||
LIABILITIES AND CAPITAL | |||||||||||
Unsecured debt, net | $ | 5,316,929 | $ | 5,312,168 | |||||||
Mortgage notes payable, net | 888,010 | 593,943 | |||||||||
Lines of credit | — | 52,073 | |||||||||
Accounts payable and accrued liabilities | 215,201 | 165,461 | |||||||||
Construction payable | 22,709 | 23,159 | |||||||||
Distributions payable | 155,806 | 149,166 | |||||||||
Distributions in excess of investments in co-investments | 50,686 | 42,532 | |||||||||
Operating lease liabilities | 65,927 | 68,696 | |||||||||
Other liabilities | 45,972 | 43,441 | |||||||||
Total liabilities | 6,761,240 | 6,450,639 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interest | 29,960 | 27,150 | |||||||||
Capital: | |||||||||||
General Partner: | |||||||||||
Common equity (64,184,604 and 64,604,603 units issued and outstanding, respectively) | 5,476,325 | 5,669,906 | |||||||||
5,476,325 | 5,669,906 | ||||||||||
Limited Partners: | |||||||||||
Common equity (2,258,812 and 2,272,496 units issued and outstanding, respectively) | 47,714 | 51,454 | |||||||||
Accumulated other comprehensive income, net | 61,215 | 52,010 | |||||||||
Total partners' capital | 5,585,254 | 5,773,370 | |||||||||
Noncontrolling interest | 121,193 | 121,746 | |||||||||
Total capital | 5,706,447 | 5,895,116 | |||||||||
Total liabilities and capital | $ | 12,497,647 | $ | 12,372,905 |
September 30, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Real estate: | |||||||
Rental properties: | |||||||
Land and land improvements | $ | 2,719,064 | $ | 2,559,743 | |||
Buildings and improvements | 10,585,742 | 10,116,563 | |||||
13,304,806 | 12,676,306 | ||||||
Less: accumulated depreciation | (2,651,542 | ) | (2,311,546 | ) | |||
10,653,264 | 10,364,760 | ||||||
Real estate under development | 313,825 | 190,505 | |||||
Co-investments | 1,124,577 | 1,161,275 | |||||
Real estate held for sale, net | — | 101,957 | |||||
12,091,666 | 11,818,497 | ||||||
Cash and cash equivalents-unrestricted | 46,507 | 64,921 | |||||
Cash and cash equivalents-restricted | 16,766 | 105,381 | |||||
Marketable securities | 184,574 | 139,189 | |||||
Notes and other receivables (includes related party receivables of $65.6 million and $11.3 million as of September 30, 2017 and December 31, 2016, respectively) | 121,557 | 40,970 | |||||
Prepaid expenses and other assets | 51,453 | 48,450 | |||||
Total assets | $ | 12,512,523 | $ | 12,217,408 | |||
LIABILITIES AND CAPITAL | |||||||
Unsecured debt, net | $ | 3,501,146 | $ | 3,246,779 | |||
Mortgage notes payable, net | 2,111,467 | 2,191,481 | |||||
Lines of credit | 2,609 | 125,000 | |||||
Accounts payable and accrued liabilities | 222,122 | 138,226 | |||||
Construction payable | 59,767 | 35,909 | |||||
Distributions payable | 121,496 | 110,170 | |||||
Distributions in excess of investments in co-investments | 36,245 | — | |||||
Other liabilities | 33,733 | 32,922 | |||||
Total liabilities | 6,088,585 | 5,880,487 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interest | 40,044 | 44,684 | |||||
Capital: | |||||||
General Partner: | |||||||
Common equity (66,002,487 and 65,527,993 units issued and outstanding, respectively) | 6,290,140 | 6,224,276 | |||||
6,290,140 | 6,224,276 | ||||||
Limited Partners: | |||||||
Common equity (2,251,112 and 2,237,290 units issued and outstanding, respectively) | 49,498 | 49,436 | |||||
Accumulated other comprehensive loss | (21,627 | ) | (29,348 | ) | |||
Total partners' capital | 6,318,011 | 6,244,364 | |||||
Noncontrolling interest | 65,883 | 47,873 | |||||
Total capital | 6,383,894 | 6,292,237 | |||||
Total liabilities and capital | $ | 12,512,523 | $ | 12,217,408 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental and other property | $ | 416,398 | $ | 406,862 | $ | 1,239,319 | $ | 1,183,318 | |||||||||||||||
Management and other fees from affiliates | 2,785 | 2,886 | 8,328 | 8,313 | |||||||||||||||||||
419,183 | 409,748 | 1,247,647 | 1,191,631 | ||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating, excluding real estate taxes | 77,020 | 73,450 | 224,745 | 212,069 | |||||||||||||||||||
Real estate taxes | 46,876 | 46,593 | 138,787 | 137,594 | |||||||||||||||||||
Corporate-level property management expenses | 11,504 | 10,184 | 34,387 | 30,532 | |||||||||||||||||||
Depreciation and amortization | 137,357 | 135,511 | 410,422 | 403,561 | |||||||||||||||||||
General and administrative | 14,611 | 15,172 | 43,735 | 40,541 | |||||||||||||||||||
Expensed acquisition and investment related costs | 31 | 230 | 375 | 248 | |||||||||||||||||||
Casualty loss | — | — | 433 | — | |||||||||||||||||||
287,399 | 281,140 | 852,884 | 824,545 | ||||||||||||||||||||
Gain on sale of real estate and land | — | — | 59,238 | — | |||||||||||||||||||
Earnings from operations | 131,784 | 128,608 | 454,001 | 367,086 | |||||||||||||||||||
Interest expense | (54,161) | (51,645) | (157,806) | (152,499) | |||||||||||||||||||
Total return swap income | 690 | 1,882 | 2,544 | 6,709 | |||||||||||||||||||
Interest and other income (loss) | 4,406 | (6,796) | 29,055 | (31,571) | |||||||||||||||||||
Equity income from co-investments | 10,694 | 10,985 | 33,802 | 23,756 | |||||||||||||||||||
Tax (expense) benefit on unconsolidated co-investments | (404) | (1,755) | (1,237) | 7,863 | |||||||||||||||||||
Loss on early retirement of debt, net | — | (2) | — | (2) | |||||||||||||||||||
Gain on remeasurement of co-investment | — | 17,423 | — | 17,423 | |||||||||||||||||||
Net income | 93,009 | 98,700 | 360,359 | 238,765 | |||||||||||||||||||
Net income attributable to noncontrolling interest | (2,655) | (2,611) | (7,943) | (7,815) | |||||||||||||||||||
Net income available to common unitholders | $ | 90,354 | $ | 96,089 | $ | 352,416 | $ | 230,950 | |||||||||||||||
Comprehensive income | $ | 97,122 | $ | 124,797 | $ | 369,564 | $ | 297,053 | |||||||||||||||
Comprehensive income attributable to noncontrolling interest | (2,655) | (2,611) | (7,943) | (7,815) | |||||||||||||||||||
Comprehensive income attributable to controlling interest | $ | 94,467 | $ | 122,186 | $ | 361,621 | $ | 289,238 | |||||||||||||||
Per unit data: | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Net income available to common unitholders | $ | 1.36 | $ | 1.43 | $ | 5.30 | $ | 3.42 | |||||||||||||||
Weighted average number of common units outstanding during the period | 66,443,416 | 67,333,077 | 66,535,917 | 67,476,168 | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||
Net income available to common unitholders | $ | 1.36 | $ | 1.43 | $ | 5.30 | $ | 3.42 | |||||||||||||||
Weighted average number of common units outstanding during the period | 66,445,256 | 67,341,189 | 66,537,111 | 67,503,403 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Rental and other property | $ | 341,974 | $ | 327,078 | $ | 1,011,908 | $ | 958,818 | |||||||
Management and other fees from affiliates | 2,395 | 2,093 | 6,927 | 6,145 | |||||||||||
344,369 | 329,171 | 1,018,835 | 964,963 | ||||||||||||
Expenses: | |||||||||||||||
Property operating, excluding real estate taxes | 66,606 | 63,781 | 193,632 | 185,390 | |||||||||||
Real estate taxes | 37,531 | 35,580 | 108,283 | 104,540 | |||||||||||
Depreciation and amortization | 117,451 | 110,467 | 350,893 | 329,847 | |||||||||||
General and administrative | 9,788 | 9,647 | 30,726 | 28,527 | |||||||||||
Acquisition and investment related costs | 324 | 284 | 1,154 | 1,379 | |||||||||||
231,700 | 219,759 | 684,688 | 649,683 | ||||||||||||
Earnings from operations | 112,669 | 109,412 | 334,147 | 315,280 | |||||||||||
Interest expense | (55,938 | ) | (56,693 | ) | (167,333 | ) | (164,727 | ) | |||||||
Total return swap income | 2,538 | 3,143 | 7,653 | 9,080 | |||||||||||
Interest and other income | 5,790 | 4,943 | 17,916 | 19,560 | |||||||||||
Equity income from co-investments | 19,727 | 9,568 | 40,934 | 38,932 | |||||||||||
Loss on early retirement of debt, net | — | (211 | ) | — | (211 | ) | |||||||||
Gain on sale of real estate and land | 249 | — | 26,423 | 20,258 | |||||||||||
Deferred tax expense on gain on sale of real estate and land | — | — | — | (4,279 | ) | ||||||||||
Gain on remeasurement of co-investment | — | — | 88,641 | — | |||||||||||
Net income | 85,035 | 70,162 | 348,381 | 233,893 | |||||||||||
Net income attributable to noncontrolling interest | (2,591 | ) | (2,378 | ) | (7,646 | ) | (7,026 | ) | |||||||
Net income attributable to controlling interest | 82,444 | 67,784 | 340,735 | 226,867 | |||||||||||
Preferred interest distributions | — | — | — | (1,314 | ) | ||||||||||
Excess of redemption value of preferred units over the carrying value | — | — | — | (2,541 | ) | ||||||||||
Net income available to common unitholders | $ | 82,444 | $ | 67,784 | $ | 340,735 | $ | 223,012 | |||||||
Comprehensive income | $ | 88,870 | $ | 73,173 | $ | 356,102 | $ | 235,874 | |||||||
Comprehensive income attributable to noncontrolling interest | (2,591 | ) | (2,378 | ) | (7,646 | ) | (7,026 | ) | |||||||
Comprehensive income attributable to controlling interest | $ | 86,279 | $ | 70,795 | $ | 348,456 | $ | 228,848 | |||||||
Per unit data: | |||||||||||||||
Basic: | |||||||||||||||
Net income available to common unitholders | $ | 1.21 | $ | 1.00 | $ | 5.01 | $ | 3.30 | |||||||
Weighted average number of common units outstanding during the period | 68,246,008 | 67,728,621 | 68,011,123 | 67,679,240 | |||||||||||
Diluted: | |||||||||||||||
Net income available to common unitholders | $ | 1.21 | $ | 1.00 | $ | 5.00 | $ | 3.29 | |||||||
Weighted average number of common units outstanding during the period | 68,329,395 | 67,838,503 | 68,088,638 | 67,802,897 | |||||||||||
Distribution per common unit | $ | 1.75 | $ | 1.60 | $ | 5.25 | $ | 4.80 |
General Partner | Limited Partners | Accumulated other comprehensive income, net | Noncontrolling interest | Total | |||||||||||||||||||||||||||||||||||||||||||
Common Equity | Common Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2023 | 64,183 | $ | 5,533,893 | 2,260 | $ | 49,704 | $ | 57,102 | $ | 121,306 | $ | 5,762,005 | |||||||||||||||||||||||||||||||||||
Net income | — | 87,282 | — | 3,072 | — | 2,655 | 93,009 | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 4,113 | — | 4,113 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common units under: | |||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock by general partner, net | — | (106) | — | — | — | — | (106) | ||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | 2,211 | — | 78 | — | — | 2,289 | ||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | 1,317 | — | 90 | — | (12) | 1,395 | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (2,754) | (2,754) | ||||||||||||||||||||||||||||||||||||||||
Redemptions | 2 | 13 | (1) | (11) | — | (2) | — | ||||||||||||||||||||||||||||||||||||||||
Distributions declared ($2.31 per unit) | — | (148,285) | — | (5,219) | — | — | (153,504) | ||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2023 | 64,185 | $ | 5,476,325 | 2,259 | $ | 47,714 | $ | 61,215 | $ | 121,193 | $ | 5,706,447 |
General Partner | Limited Partners | Accumulated other comprehensive income, net | Noncontrolling interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Partner | Limited Partners | Accumulated other comprehensive loss | Common Equity | Common Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | Units | Amount | Units | Amount | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2022 | Balances at December 31, 2022 | 64,605 | $ | 5,669,906 | 2,272 | $ | 51,454 | $ | 52,010 | $ | 121,746 | $ | 5,895,116 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | 340,434 | — | 11,982 | — | 7,943 | 360,359 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity | Common Equity | Accumulated other comprehensive loss | Noncontrolling Interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2016 | 65,528 | $ | 6,224,276 | 2,237 | $ | 49,436 | $ | 47,873 | $ | 6,292,237 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | 329,446 | — | 11,289 | — | 7,646 | 348,381 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable securities | — | — | — | — | (1,650 | ) | — | (1,650 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 7,405 | — | 7,405 | Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 9,205 | — | 9,205 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable securities, net | — | — | — | — | 1,966 | — | 1,966 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common units under: | Issuance of common units under: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General partner's stock based compensation, net | 160 | 24,079 | — | — | — | — | 24,079 | General partner's stock based compensation, net | 3 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock by general partner, net | 312 | 80,377 | — | — | — | — | 80,377 | Sale of common stock by general partner, net | — | (231) | — | — | — | — | (231) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | 3,814 | 16 | 1,080 | — | — | 4,894 | Equity based compensation costs | — | 9,598 | — | 337 | — | — | 9,935 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in redemption value of redeemable noncontrolling interest | — | (916 | ) | — | 78 | — | (65 | ) | (903 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | 22,506 | 22,506 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement of common units, net | Retirement of common units, net | (437) | (95,657) | — | — | — | — | (95,657) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | Changes in the redemption value of redeemable noncontrolling interest | — | (2,770) | — | (42) | — | 2 | (2,810) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (9,092 | ) | (9,092 | ) | Distributions to noncontrolling interest | — | — | — | — | — | (8,344) | (8,344) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions | 2 | (25,167 | ) | (2 | ) | (405 | ) | — | (2,985 | ) | (28,557 | ) | Redemptions | 14 | (100) | (13) | (355) | — | (154) | (609) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared | — | (345,769 | ) | — | (11,980 | ) | — | — | (357,749 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2017 | 66,002 | $ | 6,290,140 | 2,251 | $ | 49,498 | $ | (21,627 | ) | $ | 65,883 | $ | 6,383,894 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared ($6.93 per unit) | Distributions declared ($6.93 per unit) | — | (444,855) | — | (15,662) | — | — | (460,517) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2023 | Balances at September 30, 2023 | 64,185 | $ | 5,476,325 | 2,259 | $ | 47,714 | $ | 61,215 | $ | 121,193 | $ | 5,706,447 |
General Partner | Limited Partners | Accumulated other comprehensive income, net | Noncontrolling interest | Total | |||||||||||||||||||||||||||||||||||||||||||
Common Equity | Common Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | 65,124 | $ | 5,802,293 | 2,273 | $ | 51,233 | $ | 30,387 | $ | 122,672 | $ | 6,006,585 | |||||||||||||||||||||||||||||||||||
Net income | — | 92,842 | — | 3,247 | — | 2,611 | 98,700 | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 26,189 | — | 26,189 | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | (92) | — | (92) | ||||||||||||||||||||||||||||||||||||||||
Issuance of common units under: | |||||||||||||||||||||||||||||||||||||||||||||||
General partner's stock based compensation, net | 1 | 155 | — | — | — | — | 155 | ||||||||||||||||||||||||||||||||||||||||
Sale of common stock by general partner, net | — | (107) | — | — | — | — | (107) | ||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | 1,891 | — | 66 | — | — | 1,957 | ||||||||||||||||||||||||||||||||||||||||
Retirement of common units, net | (372) | (97,121) | — | — | — | — | (97,121) | ||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | 3,195 | — | 172 | — | 360 | 3,727 | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (2,747) | (2,747) | ||||||||||||||||||||||||||||||||||||||||
Redemptions | — | (8,005) | (1) | — | — | (563) | (8,568) | ||||||||||||||||||||||||||||||||||||||||
Distributions declared ($2.20 per unit) | — | (142,480) | — | (5,001) | — | — | (147,481) | ||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | 64,753 | $ | 5,652,663 | 2,272 | $ | 49,717 | $ | 56,484 | $ | 122,333 | $ | 5,881,197 |
General Partner | Limited Partners | Accumulated other comprehensive income (loss), net | Noncontrolling interest | Total | |||||||||||||||||||||||||||||||||||||||||||
Common Equity | Common Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | 65,248 | $ | 5,999,155 | 2,282 | $ | 56,502 | $ | (1,804) | $ | 122,655 | $ | 6,176,508 | |||||||||||||||||||||||||||||||||||
Net income | — | 223,150 | — | 7,800 | — | 7,815 | 238,765 | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 58,084 | — | 58,084 | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | 204 | — | 204 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common units under: | |||||||||||||||||||||||||||||||||||||||||||||||
General partner's stock based compensation, net | 88 | 17,194 | — | — | — | — | 17,194 | ||||||||||||||||||||||||||||||||||||||||
Sale of common stock by general partner, net | — | (314) | — | — | — | — | (314) | ||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | 6,843 | — | 239 | — | — | 7,082 | ||||||||||||||||||||||||||||||||||||||||
Retirement of common units, net | (591) | (157,951) | — | — | — | — | (157,951) | ||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | 4,246 | — | 294 | — | 410 | 4,950 | ||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | 125 | 125 | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (7,965) | (7,965) | ||||||||||||||||||||||||||||||||||||||||
Redemptions | 8 | (10,128) | (10) | (94) | — | (707) | (10,929) | ||||||||||||||||||||||||||||||||||||||||
Distributions declared ($6.60 per unit) | — | (429,532) | — | (15,024) | — | — | (444,556) | ||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | 64,753 | $ | 5,652,663 | 2,272 | $ | 49,717 | $ | 56,484 | $ | 122,333 | $ | 5,881,197 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 360,359 | $ | 238,765 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Straight-lined rents | 1,650 | 5,529 | |||||||||
Depreciation and amortization | 410,422 | 403,561 | |||||||||
Amortization of discount and debt financing costs, net | 5,028 | 4,916 | |||||||||
Realized and unrealized (gains) losses on marketable securities, net | (4,294) | 51,126 | |||||||||
Provision for credit losses | 51 | 64 | |||||||||
Earnings from co-investments | (33,802) | (23,756) | |||||||||
Operating distributions from co-investments | 48,229 | 86,854 | |||||||||
Accrued interest from notes and other receivables | (8,919) | (10,748) | |||||||||
Casualty loss | 433 | — | |||||||||
Gain on the sale of real estate and land | (59,238) | — | |||||||||
Equity-based compensation | 5,943 | 6,589 | |||||||||
Loss on early retirement of debt, net | — | 2 | |||||||||
Gain on remeasurement of co-investment | — | (17,423) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets | 3,024 | 15,406 | |||||||||
Accounts payable, accrued liabilities, and operating lease liabilities | 44,971 | 38,948 | |||||||||
Other liabilities | 2,533 | 8,902 | |||||||||
Net cash provided by operating activities | 776,390 | 808,735 | |||||||||
Cash flows from investing activities: | |||||||||||
Additions to real estate: | |||||||||||
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired | (23,845) | (21,759) | |||||||||
Redevelopment | (56,168) | (67,974) | |||||||||
Development acquisitions of and additions to real estate under development | (6,317) | (22,754) | |||||||||
Capital expenditures on rental properties | (94,304) | (107,105) | |||||||||
Investments in notes receivable | (52,888) | (160,013) | |||||||||
Collections of notes and other receivables | — | 303,088 | |||||||||
Proceeds from insurance for property losses | 2,991 | 4,325 | |||||||||
Proceeds from dispositions of real estate | 99,388 | — | |||||||||
Contributions to co-investments | (32,169) | (159,461) | |||||||||
Changes in refundable deposits | 10,200 | (16,318) | |||||||||
Purchases of marketable securities | (11,552) | (12,760) | |||||||||
Sales and maturities of marketable securities | 46,989 | 30,025 | |||||||||
Non-operating distributions from co-investments | 15,251 | 161,324 | |||||||||
Net cash used in investing activities | (102,424) | (69,382) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from unsecured debt and mortgage notes | 598,000 | — | |||||||||
Payments on unsecured debt and mortgage notes | (301,678) | (24,103) | |||||||||
Proceeds from lines of credit | 844,021 | 1,053,663 | |||||||||
Repayments of lines of credit | (896,094) | (1,175,440) | |||||||||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 348,381 | $ | 233,893 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 350,893 | 329,847 | |||||
Amortization of discount on marketable securities and other investments | (11,128 | ) | (10,771 | ) | |||
Amortization of (premium) discount and debt financing costs, net | (5,132 | ) | (11,432 | ) | |||
Gain on sale of marketable securities and other investments | (1,650 | ) | (2,876 | ) | |||
Company's share of gain on the sales of co-investment | (10,058 | ) | (13,046 | ) | |||
Earnings from co-investments | (30,876 | ) | (25,886 | ) | |||
Operating distributions from co-investments | 47,702 | 45,342 | |||||
Gain on the sale of real estate and land | (26,423 | ) | (20,258 | ) | |||
Equity-based compensation | 4,894 | 4,436 | |||||
Loss on early retirement of debt | — | 211 | |||||
Gain on remeasurement of co-investment | (88,641 | ) | — | ||||
Changes in operating assets and liabilities: | |||||||
Prepaid expense, receivables and other assets | (7,862 | ) | 656 | ||||
Accounts payable and accrued liabilities | 50,788 | 49,961 | |||||
Other liabilities | 399 | 420 | |||||
Net cash provided by operating activities | 621,287 | 580,497 | |||||
Cash flows from investing activities: | |||||||
Additions to real estate: | |||||||
Acquisitions of real estate and acquisition related capital expenditures | (200,028 | ) | (124,054 | ) | |||
Redevelopment | (50,642 | ) | (62,983 | ) | |||
Development acquisitions of and additions to real estate under development | (92,936 | ) | (58,575 | ) | |||
Capital expenditures on rental properties | (46,455 | ) | (40,503 | ) | |||
Investments in notes receivable | (76,961 | ) | (4,375 | ) | |||
Proceeds from insurance for property losses | 648 | 3,288 | |||||
Proceeds from dispositions of real estate | 132,039 | 48,008 | |||||
Contributions to co-investments | (231,552 | ) | (121,972 | ) | |||
Changes in restricted cash and refundable deposits | 91,209 | 65,858 | |||||
Purchases of marketable securities | (65,668 | ) | (18,779 | ) | |||
Sales and maturities of marketable securities and other investments | 33,377 | 14,708 | |||||
Non-operating distributions from co-investments | 112,572 | 34,564 | |||||
Net cash used in investing activities | (394,397 | ) | (264,815 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from unsecured debt and mortgage notes | 597,981 | 499,724 | |||||
Payments on unsecured debt and mortgage notes | (460,040 | ) | (244,583 | ) | |||
Proceeds from lines of credit | 564,833 | 321,373 | |||||
Repayments of lines of credit | (687,224 | ) | (336,373 | ) | |||
Repayment of cumulative redeemable preferred stock | — | (73,750 | ) | ||||
Additions to deferred charges | (4,108 | ) | (5,300 | ) | |||
Net proceeds from issuance of common units | 80,377 | (382 | ) | ||||
Net proceeds from stock options exercised | 24,079 | 17,878 | |||||
Payments related to tax withholding for share-based compensation | (118 | ) | (222 | ) | |||
Distributions to noncontrolling interest | (5,568 | ) | (5,171 | ) | |||
Redemption of noncontrolling interest | (4,849 | ) | (2,435 | ) | |||
Redemption of redeemable noncontrolling interest | (720 | ) | — |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Retirement of common units | (95,657) | (157,951) | |||||||||
Additions to deferred charges | (1,681) | (140) | |||||||||
Net costs from issuance of common units | (231) | (314) | |||||||||
Net proceeds from stock options exercised | — | 19,410 | |||||||||
Payments related to tax withholding for share-based compensation | — | (2,216) | |||||||||
Contributions from noncontrolling interest | — | 125 | |||||||||
Distributions to noncontrolling interest | (6,395) | (6,380) | |||||||||
Redemption of noncontrolling interests | (609) | (10,929) | |||||||||
Redemption of redeemable noncontrolling interests | — | (478) | |||||||||
Common units distributions paid | (455,826) | (439,669) | |||||||||
Net cash used in financing activities | (316,150) | (744,422) | |||||||||
Net increase (decrease) in unrestricted and restricted cash and cash equivalents | 357,816 | (5,069) | |||||||||
Unrestricted and restricted cash and cash equivalents at beginning of period | 42,681 | 58,638 | |||||||||
Unrestricted and restricted cash and cash equivalents at end of period | $ | 400,497 | $ | 53,569 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest (net of $0.7 million and $1.9 million capitalized in 2023 and 2022, respectively) | $ | 159,758 | $ | 149,970 | |||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | 5,298 | $ | 5,225 | |||||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||
Transfers between real estate under development and rental properties, net | $ | 827 | $ | 98,024 | |||||||
Transfers from real estate under development to co-investments | $ | 1,322 | $ | 2,090 | |||||||
Reclassifications to (from) redeemable noncontrolling interest from general and limited partner capital and noncontrolling interest | $ | 2,810 | $ | (4,950) | |||||||
Debt assumed in connection with acquisition | $ | — | $ | 21,303 | |||||||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Common and preferred units and preferred interest distributions paid | (349,947 | ) | (320,957 | ) | |||
Net cash used in financing activities | (245,304 | ) | (150,198 | ) | |||
Net (decrease) increase in cash and cash equivalents | (18,414 | ) | 165,484 | ||||
Cash and cash equivalents at beginning of period | 64,921 | 29,683 | |||||
Cash and cash equivalents at end of period | $ | 46,507 | $ | 195,167 | |||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for interest, net of $10.0 million and $9.4 million capitalized in 2017 and 2016, respectively | $ | 148,742 | $ | 140,183 | |||
Supplemental disclosure of noncash investing and financing activities: | |||||||
Issuance of DownREIT units in connection with acquisition of real estate | $ | 22,506 | $ | — | |||
Transfers between real estate under development to rental properties, net | $ | 2,195 | $ | 106,255 | |||
Transfer from real estate under development to co-investments | $ | 4,122 | $ | 8,332 | |||
Reclassifications to (from) redeemable noncontrolling interest to or from general partner capital and noncontrolling interest | $ | 903 | $ | (1,343 | ) | ||
Debt assumed in connection with acquisition | $ | 51,882 | $ | 48,832 |
September 30, 2023 | |||||||||||||||||||||||||||||
Cost | Gross Unrealized (Loss) Gain | Carrying Value | |||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
Investment funds - debt securities | $ | 38,886 | $ | (6,814) | $ | 32,072 | |||||||||||||||||||||||
Common stock, preferred stock, and stock funds | 51,026 | 7,088 | 58,114 | ||||||||||||||||||||||||||
Total - Marketable securities | $ | 89,912 | $ | 274 | $ | 90,186 |
December 31, 2022 | |||||||||||||||||||||||||||||
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 |
September 30, 2017 | |||||||||||
Amortized Cost | Gross Unrealized Gain (Loss) | Carrying Value | |||||||||
Available for sale: | |||||||||||
Investment-grade unsecured bonds | $ | 4,450 | $ | (14 | ) | $ | 4,436 | ||||
Investment funds - debt securities | 28,067 | 146 | 28,213 | ||||||||
Investment funds - U.S. treasuries | 10,910 | (29 | ) | 10,881 | |||||||
Common stock and stock funds | 33,816 | 1,687 | 35,503 | ||||||||
Held to maturity: | |||||||||||
Mortgage backed securities | 105,541 | — | 105,541 | ||||||||
Total - Marketable securities | $ | 182,784 | $ | 1,790 | $ | 184,574 | |||||
December 31, 2016 | |||||||||||
Amortized Cost | Gross Unrealized Gain (Loss) | Carrying Value | |||||||||
Available for sale: | |||||||||||
Investment funds - debt securities | $ | 19,604 | $ | (73 | ) | $ | 19,531 | ||||
Investment funds - U.S. treasuries | 10,022 | (22 | ) | 10,000 | |||||||
Common stock and stock funds | 13,696 | 1,569 | 15,265 | ||||||||
Held to maturity: | |||||||||||
Mortgage backed securities | 94,393 | — | 94,393 | ||||||||
Total - Marketable securities | $ | 137,715 | $ | 1,474 | $ | 139,189 |
Change in fair value and amortization of swap settlements | Unrealized gains/(losses) on available for sale securities | Total | |||||||||
Balance at December 31, 2016 | $ | (32,963 | ) | $ | 865 | $ | (32,098 | ) | |||
Other comprehensive income before reclassification | 13,512 | 1,902 | 15,414 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | (6,352 | ) | (1,596 | ) | (7,948 | ) | |||||
Other comprehensive income | 7,160 | 306 | 7,466 | ||||||||
Balance at September 30, 2017 | $ | (25,803 | ) | $ | 1,171 | $ | (24,632 | ) |
Change in fair value and amortization of swap settlements | |||||||||||||||||
Balance at December 31, 2022 | $ | 46,466 | |||||||||||||||
Other comprehensive income before reclassification | 8,877 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 15 | ||||||||||||||||
Other comprehensive income | 8,892 | ||||||||||||||||
Balance at September 30, 2023 | $ | 55,358 |
Change in fair value and amortization of swap settlements | |||||||||||||||||
Balance at December 31, 2022 | $ | 52,010 | |||||||||||||||
Other comprehensive income before reclassification | 9,190 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 15 | ||||||||||||||||
Other comprehensive income | 9,205 | ||||||||||||||||
Balance at September 30, 2023 | $ | 61,215 |
Change in fair value and amortization of swap settlements | Unrealized gains/(losses) on available for sale securities | Total | |||||||||
Balance at December 31, 2016 | $ | (30,161 | ) | $ | 813 | $ | (29,348 | ) | |||
Other comprehensive income before reclassification | 13,974 | 1,966 | 15,940 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | (6,569 | ) | (1,650 | ) | (8,219 | ) | |||||
Other comprehensive income | 7,405 | 316 | 7,721 | ||||||||
Balance at September 30, 2017 | $ | (22,756 | ) | $ | 1,129 | $ | (21,627 | ) |
Balance at December 31, 2022 | $ | 27,150 | |||
Reclassification due to change in redemption value and other | 2,810 | ||||
Balance at September 30, 2023 | $ | 29,960 |
Balance at December 31, 2016 | $ | 44,684 | |
Reclassification due to change in redemption value and other | 903 | ||
Redemptions | (5,543 | ) | |
Balance at September 30, 2017 | $ | 40,044 |
September 30, 2023 | December 31, 2022 | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||
Cash and cash equivalents - unrestricted | $ | 391,994 | $ | 33,295 | $ | 42,711 | $ | 48,420 | |||||||||||||||
Cash and cash equivalents - restricted | 8,503 | 9,386 | 10,858 | 10,218 | |||||||||||||||||||
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows | $ | 400,497 | $ | 42,681 | $ | 53,569 | $ | 58,638 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Rental income | $ | 410,438 | $ | 401,467 | $ | 1,222,859 | $ | 1,166,670 | |||||||||||||||
Other property | 5,960 | 5,395 | 16,460 | 16,648 | |||||||||||||||||||
Management and other fees from affiliates | 2,785 | 2,886 | 8,328 | 8,313 | |||||||||||||||||||
Total revenues | $ | 419,183 | $ | 409,748 | $ | 1,247,647 | $ | 1,191,631 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Southern California | $ | 172,139 | $ | 164,954 | $ | 508,873 | $ | 479,102 | |||||||||||||||
Northern California | 168,224 | 163,157 | 498,263 | 476,415 | |||||||||||||||||||
Seattle Metro | 70,631 | 69,054 | 210,885 | 200,964 | |||||||||||||||||||
Other real estate assets (1) | 5,404 | 9,697 | 21,298 | 26,837 | |||||||||||||||||||
Total rental and other property revenues | $ | 416,398 | $ | 406,862 | $ | 1,239,319 | $ | 1,183,318 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Same-property (1) | $ | 398,460 | $ | 386,200 | $ | 1,181,559 | $ | 1,126,489 | |||||||||||||||
Acquisitions (2) | 1,528 | 675 | 3,881 | 675 | |||||||||||||||||||
Development (3) | 5,808 | 5,410 | 17,018 | 15,008 | |||||||||||||||||||
Redevelopment | 1,564 | 1,422 | 4,696 | 4,348 | |||||||||||||||||||
Non-residential/other, net (4) | 10,432 | 14,783 | 33,658 | 44,403 | |||||||||||||||||||
Straight line rent concession (5) | (1,394) | (1,628) | (1,493) | (7,605) | |||||||||||||||||||
Total rental and other property revenues | $ | 416,398 | $ | 406,862 | $ | 1,239,319 | $ | 1,183,318 |
Weighted Average Essex Ownership Percentage | September 30, 2017 | December 31, 2016 | ||||||||
Membership interest/Partnership interest in: | ||||||||||
CPPIB | 54 | % | $ | 502,419 | $ | 422,068 | ||||
Wesco I, III, IV, and V | 50 | % | 225,041 | 180,687 | ||||||
Palm Valley (1) | 50 | % | — | 68,396 | ||||||
BEXAEW | 50 | % | 45,523 | 47,963 | ||||||
BEX II (2) | 50 | % | (36,245 | ) | 19,078 | |||||
Other | 53 | % | 40,471 | 43,713 | ||||||
Total operating and other co-investments, net | 777,209 | 781,905 | ||||||||
Total development co-investments, net | 50 | % | 85,670 | 157,317 | ||||||
Total preferred interest co-investments (includes related party investments of $20.7 million and $35.9 million as of September 30, 2017 and December 31, 2016, respectively) | 225,453 | 222,053 | ||||||||
Total co-investments, net | $ | 1,088,332 | $ | 1,161,275 |
Weighted Average Company Ownership Percentage (1) | September 30, 2023 | December 31, 2022 | |||||||||||||||
Ownership interest in: | |||||||||||||||||
Wesco I, Wesco III, Wesco IV, Wesco V, and Wesco VI (2) | 54 | % | $ | 164,756 | $ | 178,552 | |||||||||||
BEXAEW, BEX II, BEX IV, and 500 Folsom | 50 | % | 228,926 | 238,537 | |||||||||||||
Other (3) | 52 | % | 67,653 | 74,742 | |||||||||||||
Total operating and other co-investments, net | 461,335 | 491,831 | |||||||||||||||
Total development co-investments | 51 | % | 14,612 | 12,994 | |||||||||||||
Total preferred interest co-investments (includes related party investments of $81.5 million and $87.1 million as of September 30, 2023 and December 31, 2022, respectively. See Note 6 - Related Party Transactions for further discussion) | 606,882 | 580,134 | |||||||||||||||
Total co-investments, net | $ | 1,082,829 | $ | 1,084,959 |
September 30, 2023 | December 31, 2022 | ||||||||||
Combined balance sheets: (1) | |||||||||||
Rental properties and real estate under development | $ | 5,099,914 | $ | 4,955,051 | |||||||
Other assets | 286,663 | 294,663 | |||||||||
Total assets | $ | 5,386,577 | $ | 5,249,714 | |||||||
Debt | $ | 3,561,368 | $ | 3,397,113 | |||||||
Other liabilities | 330,099 | 264,872 | |||||||||
Equity | 1,495,110 | 1,587,729 | |||||||||
Total liabilities and equity | $ | 5,386,577 | $ | 5,249,714 | |||||||
Company's share of equity | $ | 1,082,829 | $ | 1,084,959 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Combined statements of income: (1) | |||||||||||||||||||||||
Property revenues | $ | 103,379 | $ | 94,791 | $ | 303,926 | $ | 272,967 | |||||||||||||||
Property operating expenses | (37,603) | (36,950) | (116,549) | (102,252) | |||||||||||||||||||
Net operating income | 65,776 | 57,841 | 187,377 | 170,715 | |||||||||||||||||||
Interest expense | (41,802) | (27,507) | (111,800) | (67,588) | |||||||||||||||||||
General and administrative | (1,635) | (5,028) | (13,171) | (15,387) | |||||||||||||||||||
Depreciation and amortization | (44,704) | (42,200) | (129,009) | (120,388) | |||||||||||||||||||
Net loss | $ | (22,365) | $ | (16,894) | $ | (66,603) | $ | (32,648) | |||||||||||||||
Company's share of net income (2) | $ | 10,694 | $ | 10,985 | $ | 33,802 | $ | 23,756 |
September 30, 2017 | December 31, 2016 | ||||||
Combined balance sheets: | |||||||
Rental properties and real estate under development | $ | 3,671,101 | $ | 3,807,245 | |||
Other assets | 111,372 | 121,505 | |||||
Total assets | $ | 3,782,473 | $ | 3,928,750 | |||
Debt | $ | 1,597,597 | $ | 1,617,639 | |||
Other liabilities | 65,865 | 74,607 | |||||
Equity (1) | 2,119,011 | 2,236,504 | |||||
Total liabilities and equity | $ | 3,782,473 | $ | 3,928,750 | |||
Company's share of equity | $ | 1,088,332 | $ | 1,161,275 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Combined statements of income: | |||||||||||||||
Property revenues | $ | 76,303 | $ | 72,124 | $ | 224,319 | $ | 216,434 | |||||||
Property operating expenses | (27,753 | ) | (24,976 | ) | (79,028 | ) | (75,377 | ) | |||||||
Net operating income | 48,550 | 47,148 | 145,291 | 141,057 | |||||||||||
Gain on sale of real estate | 10,058 | — | 10,058 | 28,291 | |||||||||||
Interest expense | (13,718 | ) | (10,978 | ) | (39,663 | ) | (35,260 | ) | |||||||
General and administrative | (2,452 | ) | (1,496 | ) | (6,147 | ) | (4,276 | ) | |||||||
Depreciation and amortization | (27,884 | ) | (25,569 | ) | (84,211 | ) | (79,676 | ) | |||||||
Net income | $ | 14,554 | $ | 9,105 | $ | 25,328 | $ | 50,136 | |||||||
Company's share of net income (1) | $ | 19,727 | $ | 9,568 | $ | 40,934 | $ | 38,932 |
September 30, 2023 | December 31, 2022 | ||||||||||
Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020) | $ | 36,573 | $ | 33,477 | |||||||
Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021) | 43,569 | 21,452 | |||||||||
Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022) | 11,377 | 10,350 | |||||||||
Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022) | 33,933 | — | |||||||||
Notes and other receivables from affiliates (1) | 7,218 | 6,975 | |||||||||
Straight line rent receivables (2) | 10,486 | 12,164 | |||||||||
Other receivables | 22,089 | 18,961 | |||||||||
Allowance for credit losses | (642) | (334) | |||||||||
Total notes and other receivables | $ | 164,603 | $ | 103,045 |
September 30, 2017 | December 31, 2016 | ||||||
Notes receivable, secured, bearing interest at 10.00%, due May 2021 | $ | 13,416 | $ | — | |||
Notes receivable, secured, bearing interest at 10.75%, due September 2020 | 28,532 | 17,685 | |||||
Related party note receivable, secured, bearing interest at 9.50%, due October 2019(1) | 6,599 | 6,593 | |||||
Related party note receivable, secured, bearing interest at 3.50%, due December 2017(1) | 55,000 | — | |||||
Notes and other receivables from affiliates (2) | 3,981 | 4,695 | |||||
Other receivables | 14,029 | 11,997 | |||||
Total notes and other receivables | $ | 121,557 | $ | 40,970 |
Notes Receivable, Secured | |||||||||||||||||
Balance at December 31, 2022 | $ | 334 | |||||||||||||||
Provision for credit losses | 308 | ||||||||||||||||
Balance at September 30, 2023 | $ | 642 |
September 30, 2023 | December 31, 2022 | Weighted Average Maturity In Years as of September 30, 2023 | |||||||||||||||
Term loan - variable rate, net (1) | $ | 298,456 | $ | (1,611) | 4.1 | ||||||||||||
Bonds public offering - fixed rate, net | 5,018,473 | 5,313,779 | 7.4 | ||||||||||||||
Unsecured debt, net (2) | 5,316,929 | 5,312,168 | |||||||||||||||
Lines of credit (3) | — | 52,073 | |||||||||||||||
Mortgage notes payable, net (4) | 888,010 | 593,943 | 8.1 | ||||||||||||||
Total debt, net | $ | 6,204,939 | $ | 5,958,184 | |||||||||||||
Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering | 3.3 | % | 3.3 | % | |||||||||||||
Weighted average interest rate on variable rate term loan (1) | 4.2 | % | — | % | |||||||||||||
Weighted average interest rate on lines of credit | 6.2 | % | 4.4 | % | |||||||||||||
Weighted average interest rate on mortgage notes payable | 4.3 | % | 3.5 | % |
September 30, 2017 | December 31, 2016 | Weighted Average Maturity In Years | |||||||
Unsecured bonds private placement - fixed rate | $ | 274,378 | $ | 314,190 | 3.3 | ||||
Term loan - variable rate | 348,457 | 98,189 | 4.4 | ||||||
Bonds public offering - fixed rate | 2,878,311 | 2,834,400 | 6.7 | ||||||
Unsecured debt, net (1) | 3,501,146 | 3,246,779 | |||||||
Lines of credit (2) | 2,609 | 125,000 | |||||||
Mortgage notes payable, net (3) | 2,111,467 | 2,191,481 | 5.4 | ||||||
Total debt, net | $ | 5,615,222 | $ | 5,563,260 | |||||
Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering | 3.7 | % | 3.6 | % | |||||
Weighted average interest rate on variable rate term loan | 2.4 | % | 2.3 | % | |||||
Weighted average interest rate on lines of credit | 1.9 | % | 1.8 | % | |||||
Weighted average interest rate on mortgage notes payable | 4.2 | % | 4.3 | % |
2023 | $ | 751 | |||
2024 (1) | 403,109 | ||||
2025 | 633,054 | ||||
2026 | 549,405 | ||||
2027 | 803,955 | ||||
Thereafter | 3,850,269 | ||||
Total | $ | 6,240,543 |
Remaining in 2017 | $ | 7,719 | |
2018 | 257,108 | ||
2019 | 661,318 | ||
2020 | 694,887 | ||
2021 | 544,810 | ||
Thereafter | 3,439,209 | ||
Total | $ | 5,605,051 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Southern California | $ | 150,413 | $ | 142,112 | $ | 445,296 | $ | 417,114 | |||||||
Northern California | 127,673 | 115,318 | 377,531 | 338,761 | |||||||||||
Seattle Metro | 58,285 | 55,543 | 171,564 | 161,192 | |||||||||||
Other real estate assets | 5,603 | 14,105 | 17,517 | 41,751 | |||||||||||
Total property revenues | $ | 341,974 | $ | 327,078 | $ | 1,011,908 | $ | 958,818 | |||||||
Net operating income: | |||||||||||||||
Southern California | $ | 102,699 | $ | 96,486 | $ | 305,894 | $ | 284,345 | |||||||
Northern California | 91,018 | 83,042 | 271,224 | 243,876 | |||||||||||
Seattle Metro | 39,674 | 37,688 | 116,733 | 109,352 | |||||||||||
Other real estate assets | 4,446 | 10,501 | 16,142 | 31,315 | |||||||||||
Total net operating income | 237,837 | 227,717 | 709,993 | 668,888 | |||||||||||
Management and other fees from affiliates | 2,395 | 2,093 | 6,927 | 6,145 | |||||||||||
Depreciation and amortization | (117,451 | ) | (110,467 | ) | (350,893 | ) | (329,847 | ) | |||||||
General and administrative | (9,788 | ) | (9,647 | ) | (30,726 | ) | (28,527 | ) | |||||||
Acquisition and investment related costs | (324 | ) | (284 | ) | (1,154 | ) | (1,379 | ) | |||||||
Interest expense | (55,938 | ) | (56,693 | ) | (167,333 | ) | (164,727 | ) | |||||||
Total return swap income | 2,538 | 3,143 | 7,653 | 9,080 | |||||||||||
Interest and other income | 5,790 | 4,943 | 17,916 | 19,560 | |||||||||||
Equity income from co-investments | 19,727 | 9,568 | 40,934 | 38,932 | |||||||||||
Loss on early retirement of debt | — | (211 | ) | — | (211 | ) | |||||||||
Gain on sale of real estate and land | 249 | — | 26,423 | 20,258 | |||||||||||
Deferred tax expense on gain on sale of real estate and land | — | — | — | (4,279 | ) | ||||||||||
Gain on remeasurement of co-investment | — | — | 88,641 | — | |||||||||||
Net income | $ | 85,035 | $ | 70,162 | $ | 348,381 | $ | 233,893 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Southern California | $ | 172,139 | $ | 164,954 | $ | 508,873 | $ | 479,102 | |||||||||||||||
Northern California | 168,224 | 163,157 | 498,263 | 476,415 | |||||||||||||||||||
Seattle Metro | 70,631 | 69,054 | 210,885 | 200,964 | |||||||||||||||||||
Other real estate assets | 5,404 | 9,697 | 21,298 | 26,837 | |||||||||||||||||||
Total property revenues | $ | 416,398 | $ | 406,862 | $ | 1,239,319 | $ | 1,183,318 | |||||||||||||||
Net operating income: | |||||||||||||||||||||||
Southern California | $ | 121,110 | $ | 117,014 | $ | 359,975 | $ | 339,992 | |||||||||||||||
Northern California | 116,958 | 113,401 | 347,594 | 331,636 | |||||||||||||||||||
Seattle Metro | 49,611 | 48,816 | 149,894 | 141,380 | |||||||||||||||||||
Other real estate assets | 4,823 | 7,588 | 18,324 | 20,647 | |||||||||||||||||||
Total net operating income | 292,502 | 286,819 | 875,787 | 833,655 | |||||||||||||||||||
Management and other fees from affiliates | 2,785 | 2,886 | 8,328 | 8,313 | |||||||||||||||||||
Corporate-level property management expenses | (11,504) | (10,184) | (34,387) | (30,532) | |||||||||||||||||||
Depreciation and amortization | (137,357) | (135,511) | (410,422) | (403,561) | |||||||||||||||||||
General and administrative | (14,611) | (15,172) | (43,735) | (40,541) | |||||||||||||||||||
Expensed acquisition and investment related costs | (31) | (230) | (375) | (248) | |||||||||||||||||||
Casualty loss | — | — | (433) | — | |||||||||||||||||||
Gain on sale of real estate and land | — | — | 59,238 | — | |||||||||||||||||||
Interest expense | (54,161) | (51,645) | (157,806) | (152,499) | |||||||||||||||||||
Total return swap income | 690 | 1,882 | 2,544 | 6,709 | |||||||||||||||||||
Interest and other income (loss) | 4,406 | (6,796) | 29,055 | (31,571) | |||||||||||||||||||
Equity income from co-investments | 10,694 | 10,985 | 33,802 | 23,756 | |||||||||||||||||||
Tax (expense) benefit on unconsolidated co-investments | (404) | (1,755) | (1,237) | 7,863 | |||||||||||||||||||
Loss on early retirement of debt, net | — | (2) | — | (2) | |||||||||||||||||||
Gain on remeasurement of co-investment | — | 17,423 | — | 17,423 | |||||||||||||||||||
Net income | $ | 93,009 | $ | 98,700 | $ | 360,359 | $ | 238,765 |
September 30, 2017 | December 31, 2016 | ||||||
Assets: | |||||||
Southern California | $ | 4,822,941 | $ | 4,924,792 | |||
Northern California | 4,241,460 | 3,791,549 | |||||
Seattle Metro | 1,532,784 | 1,570,340 | |||||
Other real estate assets | 56,079 | 78,079 | |||||
Net reportable operating segment - real estate assets | 10,653,264 | 10,364,760 | |||||
Real estate under development | 313,825 | 190,505 | |||||
Co-investments | 1,124,577 | 1,161,275 | |||||
Real estate held for sale, net | — | 101,957 | |||||
Cash and cash equivalents, including restricted cash | 63,273 | 170,302 | |||||
Marketable securities | 184,574 | 139,189 | |||||
Notes and other receivables | 121,557 | 40,970 | |||||
Prepaid expenses and other assets | 51,453 | 48,450 | |||||
Total assets | $ | 12,512,523 | $ | 12,217,408 |
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | ||||||||||||||||||||
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 | $ | 79,723 | 65,994,896 | $ | 1.21 | $ | 65,561 | 65,507,669 | $ | 1.00 | |||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||
Stock options | — | 83,387 | — | 109,882 | |||||||||||||||||
Diluted: | |||||||||||||||||||||
Net income available to common stockholders | $ | 79,723 | 66,078,283 | $ | 1.21 | $ | 65,561 | 65,617,551 | $ | 1.00 |
September 30, 2023 | December 31, 2022 | ||||||||||
Assets: | |||||||||||
Southern California | $ | 3,824,670 | $ | 3,892,003 | |||||||
Northern California | 5,282,972 | 5,414,467 | |||||||||
Seattle Metro | 1,345,028 | 1,374,379 | |||||||||
Other real estate assets | 92,716 | 133,245 | |||||||||
Net reportable operating segment - real estate assets | 10,545,386 | 10,814,094 | |||||||||
Real estate under development | 23,067 | 24,857 | |||||||||
Co-investments | 1,133,515 | 1,127,491 | |||||||||
Cash and cash equivalents, including restricted cash | 400,497 | 42,681 | |||||||||
Marketable securities | 90,186 | 112,743 | |||||||||
Notes and other receivables | 164,603 | 103,045 | |||||||||
Operating lease right-of-use assets | 64,636 | 67,239 | |||||||||
Prepaid expenses and other assets | 75,757 | 80,755 | |||||||||
Total assets | $ | 12,497,647 | $ | 12,372,905 |
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||
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 | $ | 87,282 | 64,184,180 | $ | 1.36 | $ | 92,842 | 65,059,678 | $ | 1.43 | |||||||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||
Stock options | — | 1,840 | — | 8,112 | |||||||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 87,282 | 64,186,020 | $ | 1.36 | $ | 92,842 | 65,067,790 | $ | 1.43 |
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income | Weighted- average Common Shares | Per Common Share Amount | Income | Weighted- average Common Shares | Per Common Share Amount | Income | Weighted- average Common Units | Per Common Unit Amount | Income | Weighted- average Common Units | Per Common Unit Amount | |||||||||||||||||||||||||||||||||||||||||||||
Basic: | Basic: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 329,446 | 65,759,450 | $ | 5.01 | $ | 215,555 | 65,455,004 | $ | 3.29 | ||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common unitholders | Net income available to common unitholders | $ | 340,434 | 64,274,085 | $ | 5.30 | $ | 223,150 | 65,198,532 | $ | 3.42 | |||||||||||||||||||||||||||||||||||||||||||||
Effect of Dilutive Securities: | Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options | — | 77,515 | — | 123,657 | Stock options | — | 1,194 | — | 27,235 | |||||||||||||||||||||||||||||||||||||||||||||||
Diluted: | Diluted: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 329,446 | 65,836,965 | $ | 5.00 | $ | 215,555 | 65,578,661 | $ | 3.29 | ||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common unitholders | Net income available to common unitholders | $ | 340,434 | 64,275,279 | $ | 5.30 | $ | 223,150 | 65,225,767 | $ | 3.42 |
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income | Weighted- average Common Units | Per Common Unit Amount | Income | Weighted- average Common Units | Per Common Unit Amount | Income | Weighted- average Common Units | Per Common Unit Amount | Income | Weighted- average Common Units | Per Common Unit Amount | |||||||||||||||||||||||||||||||||||||||||||||
Basic: | Basic: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common unitholders | $ | 82,444 | 68,246,008 | $ | 1.21 | $ | 67,784 | 67,728,621 | $ | 1.00 | Net income available to common unitholders | $ | 90,354 | 66,443,416 | $ | 1.36 | $ | 96,089 | 67,333,077 | $ | 1.43 | |||||||||||||||||||||||||||||||||||
Effect of Dilutive Securities: | Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options | — | 83,387 | — | 109,882 | Stock options | — | 1,840 | — | 8,112 | |||||||||||||||||||||||||||||||||||||||||||||||
Diluted: | Diluted: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common unitholders | $ | 82,444 | 68,329,395 | $ | 1.21 | $ | 67,784 | 67,838,503 | $ | 1.00 | Net income available to common unitholders | $ | 90,354 | 66,445,256 | $ | 1.36 | $ | 96,089 | 67,341,189 | $ | 1.43 |
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income | Weighted- average Common Units | Per Common Unit Amount | Income | Weighted- average Common Units | Per Common Unit Amount | Income | Weighted- average Common Units | Per Common Unit Amount | Income | Weighted- average Common Units | Per Common Unit Amount | |||||||||||||||||||||||||||||||||||||||||||||
Basic: | Basic: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common unitholders | $ | 340,735 | 68,011,123 | $ | 5.01 | $ | 223,012 | 67,679,240 | $ | 3.30 | Net income available to common unitholders | $ | 352,416 | 66,535,917 | $ | 5.30 | $ | 230,950 | 67,476,168 | $ | 3.42 | |||||||||||||||||||||||||||||||||||
Effect of Dilutive Securities: | Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options | — | 77,515 | — | 123,657 | Stock options | — | 1,115 | — | 27,235 | |||||||||||||||||||||||||||||||||||||||||||||||
Diluted: | Diluted: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common unitholders | $ | 340,735 | 68,088,638 | $ | 5.00 | $ | 223,012 | 67,802,897 | $ | 3.29 | Net income available to common unitholders | $ | 352,416 | 66,537,111 | $ | 5.30 | $ | 230,950 | 67,503,403 | $ | 3.42 |
As of September 30, 2023 | As of September 30, 2022 | ||||||||||||||||||||||
Apartment Homes | % | Apartment Homes | % | ||||||||||||||||||||
Southern California | 21,986 | 43 | % | 22,401 | 43 | % | |||||||||||||||||
Northern California | 19,245 | 37 | % | 19,230 | 37 | % | |||||||||||||||||
Seattle Metro | 10,341 | 20 | % | 10,341 | 20 | % | |||||||||||||||||
Total | 51,572 | 100 | % | 51,972 | 100 | % |
As of September 30, 2017 | As of September 30, 2016 | ||||||||||
Apartment Homes | % | Apartment Homes | % | ||||||||
Southern California | 23,343 | 47 | % | 23,949 | 49 | % | |||||
Northern California | 15,848 | 32 | % | 14,865 | 30 | % | |||||
Seattle Metro | 10,238 | 21 | % | 10,239 | 21 | % | |||||
Total | 49,429 | 100 | % | 49,053 | 100 | % |
Three Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Southern California | 96.3 | % | 96.2 | % | |||||||
Northern California | 96.5 | % | 96.0 | % | |||||||
Seattle Metro | 96.3 | % | 95.3 | % |
Three Months Ended September 30, | |||||
2017 | 2016 | ||||
Southern California | 96.8 | % | 96.7 | % | |
Northern California | 96.9 | % | 96.5 | % | |
Seattle Metro | 96.2 | % | 96.1 | % |
Number of Apartment | Three Months Ended September 30, | Dollar | Percentage | |||||||||||||||||||||||||||||
Property Revenues ($ in thousands) | Homes | 2023 | 2022 | Change | Change | |||||||||||||||||||||||||||
Same-Property Revenues: | ||||||||||||||||||||||||||||||||
Southern California | 21,352 | $ | 167,926 | $ | 161,793 | $ | 6,133 | 3.8 | % | |||||||||||||||||||||||
Northern California | 18,371 | 159,903 | 155,353 | 4,550 | 2.9 | % | ||||||||||||||||||||||||||
Seattle Metro | 10,341 | 70,631 | 69,054 | 1,577 | 2.3 | % | ||||||||||||||||||||||||||
Total Same-Property Revenues | 50,064 | 398,460 | 386,200 | 12,260 | 3.2 | % | ||||||||||||||||||||||||||
Non-Same Property Revenues | 17,938 | 20,662 | (2,724) | (13.2) | % | |||||||||||||||||||||||||||
Total Property Revenues | $ | 416,398 | $ | 406,862 | $ | 9,536 | 2.3 | % |
Number of Apartment | Three Months Ended September 30, | Dollar | Percentage | |||||||||||||||
Property Revenues ($ in thousands) | Homes | 2017 | 2016 | Change | Change | |||||||||||||
Same-Property Revenues: | ||||||||||||||||||
Southern California | 21,998 | $ | 141,203 | $ | 136,368 | $ | 4,835 | 3.5 | % | |||||||||
Northern California | 13,892 | 109,820 | 108,156 | 1,664 | 1.5 | % | ||||||||||||
Seattle Metro | 10,238 | 58,285 | 55,545 | 2,740 | 4.9 | % | ||||||||||||
Total Same-Property Revenues | 46,128 | 309,308 | 300,069 | 9,239 | 3.1 | % | ||||||||||||
Non-Same Property Revenues | 32,666 | 27,009 | 5,657 | 20.9 | % | |||||||||||||
Total Property Revenues | $ | 341,974 | $ | 327,078 | $ | 14,896 | 4.6 | % |
Nine Months Ended September 30, | |||||
2017 | 2016 | ||||
Southern California | 96.5 | % | 96.2 | % | |
Northern California | 96.8 | % | 96.2 | % | |
Seattle Metro | 96.3 | % | 95.9 | % |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Southern California | 96.5 | % | 96.1 | % | |||||||
Northern California | 96.6 | % | 96.2 | % | |||||||
Seattle Metro | 96.6 | % | 95.8 | % |
Number of Apartment | Nine Months Ended September 30, | Dollar | Percentage | Number of Apartment | Nine Months Ended September 30, | Dollar | Percentage | |||||||||||||||||||||||||||||||||||||||||||
Property Revenues ($ in thousands) | Homes | 2017 | 2016 | Change | Change | Property Revenues ($ in thousands) | Homes | 2023 | 2022 | Change | Change | |||||||||||||||||||||||||||||||||||||||
Same-Property Revenues: | Same-Property Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||
Southern California | 21,998 | $ | 417,651 | $ | 401,321 | $ | 16,330 | 4.1 | % | Southern California | 21,352 | $ | 497,071 | $ | 471,267 | $ | 25,804 | 5.5 | % | |||||||||||||||||||||||||||||||
Northern California | 13,892 | 326,880 | 318,498 | 8,382 | 2.6 | % | Northern California | 18,371 | 473,602 | 454,258 | 19,344 | 4.3 | % | |||||||||||||||||||||||||||||||||||||
Seattle Metro | 10,238 | 171,564 | 161,193 | 10,371 | 6.4 | % | Seattle Metro | 10,341 | 210,886 | 200,964 | 9,922 | 4.9 | % | |||||||||||||||||||||||||||||||||||||
Total Same-Property Revenues | 46,128 | 916,095 | 881,012 | 35,083 | 4.0 | % | Total Same-Property Revenues | 50,064 | 1,181,559 | 1,126,489 | 55,070 | 4.9 | % | |||||||||||||||||||||||||||||||||||||
Non-Same Property Revenues | 95,813 | 77,806 | 18,007 | 23.1 | % | Non-Same Property Revenues | 57,760 | 56,829 | 931 | 1.6 | % | |||||||||||||||||||||||||||||||||||||||
Total Property Revenues | $ | 1,011,908 | $ | 958,818 | $ | 53,090 | 5.5 | % | Total Property Revenues | $ | 1,239,319 | $ | 1,183,318 | $ | 56,001 | 4.7 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income available to common stockholders | $ | 79,723 | $ | 65,561 | $ | 329,446 | $ | 215,555 | |||||||
Adjustments: | |||||||||||||||
Depreciation and amortization | 117,451 | 110,467 | 350,893 | 329,847 | |||||||||||
Gains not included in Funds from Operations attributable to common stockholders and unitholders | (10,307 | ) | — | (125,122 | ) | (33,304 | ) | ||||||||
Deferred tax expense on sale of real estate and land - taxable REIT subsidiary activity | — | — | — | 4,279 | |||||||||||
Depreciation and amortization add back from unconsolidated co-investments | 13,854 | 12,857 | 40,335 | 37,337 | |||||||||||
Noncontrolling interest related to Operating Partnership units | 2,721 | 2,223 | 11,289 | 7,457 | |||||||||||
Depreciation attributable to third party ownership and other | (23 | ) | (5 | ) | (74 | ) | (3 | ) | |||||||
Funds from Operations attributable to common stockholders and unitholders | $ | 203,419 | $ | 191,103 | $ | 606,767 | $ | 561,168 | |||||||
Funds from Operations attributable to common stockholders and unitholders per share - diluted | $ | 2.97 | $ | 2.81 | $ | 8.90 | $ | 8.27 | |||||||
Non-core items: | |||||||||||||||
Acquisition and investment related costs | 324 | 284 | 1,154 | 1,379 | |||||||||||
Gain on sale of marketable securities and other investments | (32 | ) | (1,033 | ) | (1,650 | ) | (2,876 | ) | |||||||
Interest rate hedge ineffectiveness (1) | 1 | — | (19 | ) | — | ||||||||||
Loss on early retirement of debt | — | 211 | — | 211 | |||||||||||
Income from early redemption of preferred equity investments | (8 | ) | — | (256 | ) | — | |||||||||
Excess of redemption value of preferred stock over carrying value | — | — | — | 2,541 | |||||||||||
Insurance reimbursements, legal settlements, and other, net | 335 | (31 | ) | 310 | (4,041 | ) | |||||||||
Core Funds from Operations attributable to common stockholders and unitholders | $ | 204,039 | $ | 190,534 | $ | 606,306 | $ | 558,382 | |||||||
Core Funds from Operations attributable to common stockholders and unitholders per share-diluted | $ | 2.98 | $ | 2.81 | $ | 8.90 | $ | 8.23 | |||||||
Weighted average number shares outstanding diluted (2) | 68,392,419 | 67,914,123 | 68,159,766 | 67,881,126 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income available to common stockholders | $ | 87,282 | $ | 92,842 | $ | 340,434 | $ | 223,150 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Depreciation and amortization | 137,357 | 135,511 | 410,422 | 403,561 | |||||||||||||||||||
Gains not included in FFO | — | (17,423) | (59,238) | (17,423) | |||||||||||||||||||
Casualty loss | — | — | 433 | — | |||||||||||||||||||
Depreciation and amortization from unconsolidated co-investments | 18,029 | 18,288 | 53,486 | 54,532 | |||||||||||||||||||
Noncontrolling interest related to Operating Partnership units | 3,072 | 3,247 | 11,982 | 7,800 | |||||||||||||||||||
Depreciation attributable to third party ownership and other (1) | (371) | (357) | (1,095) | (1,064) | |||||||||||||||||||
Funds from Operations attributable to common stockholders and unitholders | $ | 245,369 | $ | 232,108 | $ | 756,424 | $ | 670,556 | |||||||||||||||
FFO per share-diluted | $ | 3.69 | $ | 3.45 | $ | 11.37 | $ | 9.93 | |||||||||||||||
Non-core items: | |||||||||||||||||||||||
Expensed acquisition and investment related costs | $ | 31 | $ | 230 | $ | 375 | $ | 248 | |||||||||||||||
Tax expense (benefit) on unconsolidated co-investments (2) | 404 | 1,755 | 1,237 | (7,863) | |||||||||||||||||||
Realized and unrealized losses (gains) on marketable securities, net | 4,577 | 17,115 | (4,294) | 51,126 | |||||||||||||||||||
Provision for credit losses | 17 | (1) | 51 | (64) | |||||||||||||||||||
Equity (income) loss from non-core co-investments (3) | (538) | 1,563 | (1,422) | 31,117 | |||||||||||||||||||
Loss on early retirement of debt, net | — | 2 | — | 2 | |||||||||||||||||||
Loss on early retirement of debt from unconsolidated co-investments | — | 1 | — | 988 | |||||||||||||||||||
Co-investment promote income | — | — | — | (17,076) | |||||||||||||||||||
Income from early redemption of preferred equity investments and notes receivable | — | — | (285) | (858) | |||||||||||||||||||
General and administrative and other, net | 1,743 | 882 | 2,570 | 2,327 | |||||||||||||||||||
Insurance reimbursements, legal settlements, and other, net | (283) | (5,069) | (9,082) | (5,077) | |||||||||||||||||||
Core Funds from Operations attributable to common stockholders and unitholders | $ | 251,320 | $ | 248,586 | $ | 745,574 | $ | 725,426 | |||||||||||||||
Core FFO per share-diluted | $ | 3.78 | $ | 3.69 | $ | 11.21 | $ | 10.75 | |||||||||||||||
Weighted average number of shares outstanding, diluted (4) | 66,445,256 | 67,341,189 | 66,537,111 | 67,503,403 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Earnings from operations | $ | 112,669 | $ | 109,412 | $ | 334,147 | $ | 315,280 | Earnings from operations | $ | 131,784 | $ | 128,608 | $ | 454,001 | $ | 367,086 | |||||||||||||||||||||
Adjustments: | Adjustments: | |||||||||||||||||||||||||||||||||||||
Corporate-level property management expenses | Corporate-level property management expenses | 11,504 | 10,184 | 34,387 | 30,532 | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 117,451 | 110,467 | 350,893 | 329,847 | Depreciation and amortization | 137,357 | 135,511 | 410,422 | 403,561 | |||||||||||||||||||||||||||||
Management and other fees from affiliates | (2,395 | ) | (2,093 | ) | (6,927 | ) | (6,145 | ) | Management and other fees from affiliates | (2,785) | (2,886) | (8,328) | (8,313) | |||||||||||||||||||||||||
General and administrative | 9,788 | 9,647 | 30,726 | 28,527 | General and administrative | 14,611 | 15,172 | 43,735 | 40,541 | |||||||||||||||||||||||||||||
Acquisition and investment related costs | 324 | 284 | 1,154 | 1,379 | ||||||||||||||||||||||||||||||||||
Expensed acquisition and investment related costs | Expensed acquisition and investment related costs | 31 | 230 | 375 | 248 | |||||||||||||||||||||||||||||||||
Casualty Loss | Casualty Loss | — | — | 433 | — | |||||||||||||||||||||||||||||||||
Gain on sale of real estate and land | Gain on sale of real estate and land | — | — | (59,238) | — | |||||||||||||||||||||||||||||||||
NOI | 237,837 | 227,717 | 709,993 | 668,888 | NOI | 292,502 | 286,819 | 875,787 | 833,655 | |||||||||||||||||||||||||||||
Less: Non-Same Property NOI | (22,550 | ) | (18,909 | ) | (68,682 | ) | (54,927 | ) | Less: Non-Same Property NOI | (12,523) | (14,108) | (40,918) | (38,755) | |||||||||||||||||||||||||
Same-Property NOI | $ | 215,287 | $ | 208,808 | $ | 641,311 | $ | 613,961 | Same-Property NOI | $ | 279,979 | $ | 272,711 | $ | 834,869 | $ | 794,900 |
Notional Amount | Maturity Date Range | Carrying and Estimated Fair Value | Estimated Carrying Value | ||||||||||||||||||||||||||
+50 | -50 | ||||||||||||||||||||||||||||
($ in thousands) | Basis Points | Basis Points | |||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Interest rate swaps | $ | 300,000 | 2026 | $ | 11,220 | $ | 15,143 | $ | 7,285 | ||||||||||||||||||||
Total cash flow hedges | $ | 300,000 | 2026 | $ | 11,220 | $ | 15,143 | $ | 7,285 |
Carrying and | Estimated Carrying Value | ||||||||||||||||
Notional | Maturity | Estimated | 50 | -50 | |||||||||||||
(in thousands) | Amount | Date Range | Fair Value | Basis Points | Basis Points | ||||||||||||
Cash flow hedges: | |||||||||||||||||
Interest rate swaps | $ | 175,000 | 2022 | $ | 3,814 | $ | 7,389 | $ | 214 | ||||||||
Interest rate caps | 20,674 | 2018-2019 | — | — | — | ||||||||||||
Total cash flow hedges | $ | 195,674 | 2018-2022 | $ | 3,814 | $ | 7,389 | $ | 214 |
For the Years Ended | 2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | Fair value | For the Years Ended | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | Fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except for interest rates) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands, except for interest rates) | ($ in thousands, except for interest rates) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate debt | $ | 7,590 | 256,567 | 660,726 | 694,241 | 544,103 | 2,810,732 | $ | 4,973,959 | $ | 5,102,418 | Fixed rate debt | $ | 531 | 402,177 | 632,035 | 548,291 | 419,558 | 3,715,000 | $ | 5,717,592 | $ | 5,114,324 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average interest rate | 4.5 | % | 5.7 | % | 4.2 | % | 4.8 | % | 4.3 | % | 3.6 | % | 4.0 | % | Average interest rate | 3.2 | % | 4.0 | % | 3.5 | % | 3.5 | % | 3.8 | % | 3.1 | % | 3.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Variable rate debt (1) | $ | 2,738 | 541 | 592 | 646 | 707 | 628,477 | (2) (3) | $ | 633,701 | $ | 629,127 | Variable rate debt (1) | $ | 220 | 932 | 1,019 | 1,114 | 384,397 | 135,269 | $ | 522,951 | $ | 519,221 | |||||||||||||||||||||||||||||||||||||||||||||||||
Average interest rate | 1.9 | % | 1.9 | % | 1.9 | % | 1.9 | % | 1.9 | % | 2.1 | % | 2.1 | % | Average interest rate | 4.6 | % | 4.6 | % | 4.6 | % | 4.6 | % | 4.2 | % | 4.5 | % | 4.3 | % |
A. Exhibits | |||||
10.1* | |||||
31.2* | |||||
31.3* | |||||
31.4* | |||||
32.1* | |||||
32.2* | |||||
32.3* | |||||
32.4* | |||||
101.INS | XBRL Instance Document - the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | XBRL Taxonomy Extension Schema Document | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
ESSEX PROPERTY TRUST, INC. | |||||
(Registrant) | |||||
By: /s/ BARBARA PAK | |||||
Barbara Pak | |||||
Executive Vice President and Chief Financial Officer (Authorized Officer, Principal Financial Officer) |
Date: October 27, 2023 | |||||
By: /s/ JOHN FARIAS | |||||
Senior Vice President and Chief Accounting Officer |
ESSEX PORTFOLIO, L.P. By Essex Property Trust, Inc., its general partner | |||||
(Registrant) | |||||
Date: | |||||
By: | |||||
Executive Vice President and Chief Financial Officer (Authorized Officer, Principal Financial Officer) |
Date: October 27, 2023 | |||||
By: /s/ JOHN FARIAS | |||||
Senior Vice President and Chief Accounting Officer |