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EPLP - Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Rental and other property $ 448,135 $ 416,398 $ 1,312,132 $ 1,239,319
Management and other fees from affiliates 2,563 2,785 7,849 8,328
Revenues 450,698 419,183 1,319,981 1,247,647
Expenses:        
Property operating, excluding real estate taxes 85,296 77,020 242,963 224,745
Real estate taxes 48,956 46,876 143,188 138,787
Corporate-level property management expenses 12,150 11,504 36,004 34,387
Depreciation and amortization 146,439 137,357 431,785 410,422
General and administrative 29,067 14,611 67,374 43,735
Expensed acquisition and investment related costs 0 31 68 375
Casualty loss 0 0 0 433
Total expenses 321,908 287,399 921,382 852,884
Gain on sale of real estate and land 0 0 0 59,238
Earnings from operations 128,790 131,784 398,599 454,001
Interest expense (59,232) (54,161) (174,285) (157,806)
Total return swap income 807 690 2,232 2,544
Interest and other income 11,449 4,406 78,292 29,055
Equity income from co-investments 11,649 10,694 33,667 33,802
Tax benefit (expense) on unconsolidated co-investments 441 (404) 1,199 (1,237)
Gain on remeasurement of co-investment 31,583 0 169,909 0
Net income 125,487 93,009 509,613 360,359
Net income attributable to noncontrolling interest (7,063) (5,727) (25,544) (19,925)
Net income available to common stockholders 118,424 87,282 484,069 340,434
Comprehensive income 104,054 97,122 493,688 369,564
Comprehensive income attributable to noncontrolling interest (6,333) (5,867) (25,001) (20,238)
Comprehensive income attributable to controlling interest $ 97,721 $ 91,255 $ 468,687 $ 349,326
Basic:        
Net income available to common unitholders (in dollars per share) $ 1.84 $ 1.36 $ 7.54 $ 5.30
Weighted average number of common units outstanding during the period (in shares) 64,227,662 64,184,180 64,214,258 64,274,085
Diluted:        
Net income available to common unitholders (in dollars per share) $ 1.84 $ 1.36 $ 7.54 $ 5.30
Weighted average number of common units outstanding during the period (in shares) 64,271,459 64,186,020 64,234,358 64,275,279
Essex Portfolio, L.P.        
Revenues:        
Rental and other property $ 448,135 $ 416,398 $ 1,312,132 $ 1,239,319
Management and other fees from affiliates 2,563 2,785 7,849 8,328
Revenues 450,698 419,183 1,319,981 1,247,647
Expenses:        
Property operating, excluding real estate taxes 85,296 77,020 242,963 224,745
Real estate taxes 48,956 46,876 143,188 138,787
Corporate-level property management expenses 12,150 11,504 36,004 34,387
Depreciation and amortization 146,439 137,357 431,785 410,422
General and administrative 29,067 14,611 67,374 43,735
Expensed acquisition and investment related costs 0 31 68 375
Casualty loss 0 0 0 433
Total expenses 321,908 287,399 921,382 852,884
Gain on sale of real estate and land 0 0 0 59,238
Earnings from operations 128,790 131,784 398,599 454,001
Interest expense (59,232) (54,161) (174,285) (157,806)
Total return swap income 807 690 2,232 2,544
Interest and other income 11,449 4,406 78,292 29,055
Equity income from co-investments 11,649 10,694 33,667 33,802
Tax benefit (expense) on unconsolidated co-investments 441 (404) 1,199 (1,237)
Gain on remeasurement of co-investment 31,583 0 169,909 0
Net income 125,487 93,009 509,613 360,359
Net income attributable to noncontrolling interest (2,857) (2,655) (8,469) (7,943)
Net income available to common stockholders 122,630 90,354 501,144 352,416
Comprehensive income 104,054 97,122 493,688 369,564
Comprehensive income attributable to noncontrolling interest (2,857) (2,655) (8,469) (7,943)
Comprehensive income attributable to controlling interest $ 101,197 $ 94,467 $ 485,219 $ 361,621
Basic:        
Net income available to common unitholders (in dollars per share) $ 1.84 $ 1.36 $ 7.54 $ 5.30
Weighted average number of common units outstanding during the period (in shares) 66,508,041 66,443,416 66,480,312 66,535,917
Diluted:        
Net income available to common unitholders (in dollars per share) $ 1.84 $ 1.36 $ 7.54 $ 5.30
Weighted average number of common units outstanding during the period (in shares) 66,551,838 66,445,256 66,500,412 66,537,111