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EPLP - Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Rental and other property $ 439,782 $ 413,265 $ 863,997 $ 822,921
Management and other fees from affiliates 2,573 2,778 5,286 5,543
Revenues 442,355 416,043 869,283 828,464
Expenses:        
Property operating, excluding real estate taxes 78,721 73,843 157,667 147,725
Real estate taxes 47,312 45,381 94,232 91,911
Corporate-level property management expenses 12,123 11,451 23,854 22,883
Depreciation and amortization 145,613 136,718 285,346 273,065
General and administrative 21,136 13,813 38,307 29,124
Expensed acquisition and investment related costs 0 5 68 344
Casualty loss 0 0 0 433
Total expenses 304,905 281,211 599,474 565,485
Gain on sale of real estate and land 0 0 0 59,238
Earnings from operations 137,450 134,832 269,809 322,217
Interest expense (59,120) (52,600) (115,053) (103,645)
Total return swap income 629 821 1,425 1,854
Interest and other income 9,568 12,199 66,843 24,649
Equity income from co-investments 9,652 12,237 22,018 23,108
Tax benefit (expense) on unconsolidated co-investments 807 (1,733) 758 (833)
Gain on remeasurement of co-investment 0 0 138,326 0
Net income 98,986 105,756 384,126 267,350
Net income attributable to noncontrolling interest (6,072) (6,136) (18,481) (14,198)
Net income available to common stockholders 92,914 99,620 365,645 253,152
Comprehensive income 96,499 121,142 389,634 272,442
Comprehensive income attributable to noncontrolling interest (5,987) (6,659) (18,668) (14,371)
Comprehensive income attributable to controlling interest $ 90,512 $ 114,483 $ 370,966 $ 258,071
Basic:        
Net income available to common unitholders (in dollars per share) $ 1.45 $ 1.55 $ 5.69 $ 3.94
Weighted average number of common units outstanding during the period (in shares) 64,209,878 64,182,555 64,207,482 64,319,783
Diluted:        
Net income available to common unitholders (in dollars per share) $ 1.45 $ 1.55 $ 5.69 $ 3.94
Weighted average number of common units outstanding during the period (in shares) 64,227,651 64,183,675 64,218,911 64,320,898
Essex Portfolio, L.P.        
Revenues:        
Rental and other property $ 439,782 $ 413,265 $ 863,997 $ 822,921
Management and other fees from affiliates 2,573 2,778 5,286 5,543
Revenues 442,355 416,043 869,283 828,464
Expenses:        
Property operating, excluding real estate taxes 78,721 73,843 157,667 147,725
Real estate taxes 47,312 45,381 94,232 91,911
Corporate-level property management expenses 12,123 11,451 23,854 22,883
Depreciation and amortization 145,613 136,718 285,346 273,065
General and administrative 21,136 13,813 38,307 29,124
Expensed acquisition and investment related costs 0 5 68 344
Casualty loss 0 0 0 433
Total expenses 304,905 281,211 599,474 565,485
Gain on sale of real estate and land 0 0 0 59,238
Earnings from operations 137,450 134,832 269,809 322,217
Interest expense (59,120) (52,600) (115,053) (103,645)
Total return swap income 629 821 1,425 1,854
Interest and other income 9,568 12,199 66,843 24,649
Equity income from co-investments 9,652 12,237 22,018 23,108
Tax benefit (expense) on unconsolidated co-investments 807 (1,733) 758 (833)
Gain on remeasurement of co-investment 0 0 138,326 0
Net income 98,986 105,756 384,126 267,350
Net income attributable to noncontrolling interest (2,802) (2,630) (5,612) (5,288)
Net income available to common stockholders 96,184 103,126 378,514 262,062
Comprehensive income 96,499 121,142 389,634 272,442
Comprehensive income attributable to noncontrolling interest (2,802) (2,630) (5,612) (5,288)
Comprehensive income attributable to controlling interest $ 93,697 $ 118,512 $ 384,022 $ 267,154
Basic:        
Net income available to common unitholders (in dollars per share) $ 1.45 $ 1.55 $ 5.69 $ 3.94
Weighted average number of common units outstanding during the period (in shares) 66,468,691 66,442,994 66,466,295 66,582,934
Diluted:        
Net income available to common unitholders (in dollars per share) $ 1.45 $ 1.55 $ 5.69 $ 3.94
Weighted average number of common units outstanding during the period (in shares) 66,486,464 66,444,114 66,477,724 66,584,049