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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, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Rental and other property $ 467,610 $ 439,782 $ 929,699 $ 863,997
Management and other fees from affiliates 2,223 2,573 4,717 5,286
Revenues 469,833 442,355 934,416 869,283
Expenses:        
Property operating, excluding real estate taxes 86,394 79,222 172,421 158,800
Real estate taxes 49,035 47,312 101,629 94,232
Corporate-level property management expenses 12,220 11,622 24,552 22,721
Depreciation and amortization 151,501 145,613 302,788 285,346
General and administrative 17,157 21,136 33,449 38,307
Expensed acquisition and investment related costs 0 0 0 68
Total expenses 316,307 304,905 634,839 599,474
Gain on sale of real estate and land 126,174 0 237,204 0
Earnings from operations 279,700 137,450 536,781 269,809
Interest expense (65,262) (59,120) (127,994) (115,053)
Total return swap income 1,071 629 2,271 1,425
Interest and other income 6,808 9,568 11,097 66,843
Equity income from co-investments 8,977 9,652 22,186 22,018
Tax benefit on unconsolidated technology co-investments 232 807 395 758
Loss on early retirement of debt 0 0 (762) 0
Gain on remeasurement of co-investment 0 0 330 138,326
Net income 231,526 98,986 444,304 384,126
Net income attributable to noncontrolling interest (10,164) (6,072) (19,832) (18,481)
Net income available to common stockholders 221,362 92,914 424,472 365,645
Comprehensive income 227,447 96,499 430,870 389,634
Comprehensive income attributable to noncontrolling interest (10,030) (5,987) (19,378) (18,668)
Comprehensive income attributable to controlling interest $ 217,417 $ 90,512 $ 411,492 $ 370,966
Basic:        
Net income available to common unitholders (in dollars per share) $ 3.44 $ 1.45 $ 6.60 $ 5.69
Weighted average number of common units outstanding during the period (in shares) 64,385,988 64,209,878 64,350,640 64,207,482
Diluted:        
Net income available to common unitholders (in dollars per share) $ 3.44 $ 1.45 $ 6.59 $ 5.69
Weighted average number of common units outstanding during the period (in shares) 64,407,613 64,227,651 64,378,953 64,218,911
Essex Portfolio, L.P.        
Revenues:        
Rental and other property $ 467,610 $ 439,782 $ 929,699 $ 863,997
Management and other fees from affiliates 2,223 2,573 4,717 5,286
Revenues 469,833 442,355 934,416 869,283
Expenses:        
Property operating, excluding real estate taxes 86,394 79,222 172,421 158,800
Real estate taxes 49,035 47,312 101,629 94,232
Corporate-level property management expenses 12,220 11,622 24,552 22,721
Depreciation and amortization 151,501 145,613 302,788 285,346
General and administrative 17,157 21,136 33,449 38,307
Expensed acquisition and investment related costs 0 0 0 68
Total expenses 316,307 304,905 634,839 599,474
Gain on sale of real estate and land 126,174 0 237,204 0
Earnings from operations 279,700 137,450 536,781 269,809
Interest expense (65,262) (59,120) (127,994) (115,053)
Total return swap income 1,071 629 2,271 1,425
Interest and other income 6,808 9,568 11,097 66,843
Equity income from co-investments 8,977 9,652 22,186 22,018
Tax benefit on unconsolidated technology co-investments 232 807 395 758
Loss on early retirement of debt 0 0 (762) 0
Gain on remeasurement of co-investment 0 0 330 138,326
Net income 231,526 98,986 444,304 384,126
Net income attributable to noncontrolling interest (2,383) (2,802) (4,772) (5,612)
Net income available to common stockholders 229,143 96,184 439,532 378,514
Comprehensive income 227,447 96,499 430,870 389,634
Comprehensive income attributable to noncontrolling interest (2,383) (2,802) (4,772) (5,612)
Comprehensive income attributable to controlling interest $ 225,064 $ 93,697 $ 426,098 $ 384,022
Basic:        
Net income available to common unitholders (in dollars per share) $ 3.44 $ 1.45 $ 6.60 $ 5.69
Weighted average number of common units outstanding during the period (in shares) 66,649,159 66,468,691 66,635,581 66,466,295
Diluted:        
Net income available to common unitholders (in dollars per share) $ 3.44 $ 1.45 $ 6.59 $ 5.69
Weighted average number of common units outstanding during the period (in shares) 66,670,784 66,486,464 66,663,894 66,477,724