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EPLP - Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 509,613 $ 360,359
Adjustments to reconcile net income to net cash provided by operating activities:    
Straight-lined rents 581 1,650
Depreciation and amortization 431,785 410,422
Amortization of discount and debt financing costs, net 5,988 5,028
Realized and unrealized gains on marketable securities, net (10,645) (4,294)
Provision for credit losses (116) 51
Earnings from co-investments (33,667) (33,802)
Operating distributions from co-investments 35,096 48,229
Accrued interest from notes and other receivables (10,805) (8,919)
Casualty loss 0 433
Gain on the sale of real estate and land 0 (59,238)
Equity-based compensation 5,350 5,943
Gain on remeasurement of co-investment (169,909) 0
Changes in operating assets and liabilities:    
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets 23,171 3,024
Accounts payable, accrued liabilities, and operating lease liabilities 65,274 44,971
Other liabilities (1,735) 2,533
Net cash provided by operating activities 849,981 776,390
Additions to real estate:    
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired (695,432) (23,845)
Redevelopment (41,198) (56,168)
Development acquisitions of and additions to real estate under development (2,666) (6,317)
Capital expenditures on rental properties (97,535) (94,304)
Investments in notes receivable (58,633) (52,888)
Collections of notes and other receivables 26,600 0
Proceeds from insurance for property losses 1,700 2,991
Proceeds from dispositions of real estate 0 99,388
Contributions to co-investments (4,977) (32,169)
Changes in refundable deposits (1,250) 10,200
Purchases of marketable securities (428) (11,552)
Sales and maturities of marketable securities 23,623 46,989
Non-operating distributions from co-investments 6,500 15,251
Net cash used in investing activities (843,696) (102,424)
Cash flows from financing activities:    
Proceeds from unsecured debt and mortgage notes 554,875 598,000
Payments on unsecured debt and mortgage notes (402,315) (301,678)
Proceeds from lines of credit 1,052,729 844,021
Repayments of lines of credit (1,044,844) (896,094)
Retirement of common stock 0 (95,657)
Additions to deferred charges (8,521) (1,681)
Net costs from issuance of common units (580) (231)
Net proceeds from stock options exercised 12,313 0
Distributions to noncontrolling interest (25,445) (23,532)
Redemption of noncontrolling interests (1,076) (609)
Redemption of redeemable noncontrolling interest (521) 0
Common units distributions paid (462,971) (438,689)
Net cash used in financing activities (326,356) (316,150)
Net (decrease) increase in unrestricted and restricted cash and cash equivalents (320,071) 357,816
Unrestricted and restricted cash and cash equivalents at beginning of period 400,334 42,681
Unrestricted and restricted cash and cash equivalents at end of period 80,263 400,497
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of $0.2 million and $0.7 million capitalized in 2024 and 2023, respectively) 164,389 159,758
Operating cash flows from operating leases 5,221 5,298
Supplemental disclosure of noncash investing and financing activities:    
Issuance of Operating Partnership units for contributed properties 24,930 0
Redemption of preferred equity investments upon acquisition of co-investments 44,670 0
Transfers between real estate under development and rental properties, net 514 827
Transfers from real estate under development to co-investments 691 1,322
Reclassifications to redeemable noncontrolling interest from general and limited partner capital and noncontrolling interest 2,293 2,810
Essex Portfolio, L.P.    
Cash flows from operating activities:    
Net income 509,613 360,359
Adjustments to reconcile net income to net cash provided by operating activities:    
Straight-lined rents 581 1,650
Depreciation and amortization 431,785 410,422
Amortization of discount and debt financing costs, net 5,988 5,028
Realized and unrealized gains on marketable securities, net (10,645) (4,294)
Provision for credit losses (116) 51
Earnings from co-investments (33,667) (33,802)
Operating distributions from co-investments 35,096 48,229
Accrued interest from notes and other receivables (10,805) (8,919)
Casualty loss 0 433
Gain on the sale of real estate and land 0 (59,238)
Equity-based compensation 5,350 5,943
Gain on remeasurement of co-investment (169,909) 0
Changes in operating assets and liabilities:    
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets 23,171 3,024
Accounts payable, accrued liabilities, and operating lease liabilities 65,274 44,971
Other liabilities (1,735) 2,533
Net cash provided by operating activities 849,981 776,390
Additions to real estate:    
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired (695,432) (23,845)
Redevelopment (41,198) (56,168)
Development acquisitions of and additions to real estate under development (2,666) (6,317)
Capital expenditures on rental properties (97,535) (94,304)
Investments in notes receivable (58,633) (52,888)
Collections of notes and other receivables 26,600 0
Proceeds from insurance for property losses 1,700 2,991
Proceeds from dispositions of real estate 0 99,388
Contributions to co-investments (4,977) (32,169)
Changes in refundable deposits (1,250) 10,200
Purchases of marketable securities (428) (11,552)
Sales and maturities of marketable securities 23,623 46,989
Non-operating distributions from co-investments 6,500 15,251
Net cash used in investing activities (843,696) (102,424)
Cash flows from financing activities:    
Proceeds from unsecured debt and mortgage notes 554,875 598,000
Payments on unsecured debt and mortgage notes (402,315) (301,678)
Proceeds from lines of credit 1,052,729 844,021
Repayments of lines of credit (1,044,844) (896,094)
Retirement of common stock 0 (95,657)
Additions to deferred charges (8,521) (1,681)
Net costs from issuance of common units (580) (231)
Net proceeds from stock options exercised 12,313 0
Distributions to noncontrolling interest (6,739) (6,395)
Redemption of noncontrolling interests (1,076) (609)
Redemption of redeemable noncontrolling interest (521) 0
Common units distributions paid (481,677) (455,826)
Net cash used in financing activities (326,356) (316,150)
Net (decrease) increase in unrestricted and restricted cash and cash equivalents (320,071) 357,816
Unrestricted and restricted cash and cash equivalents at beginning of period 400,334 42,681
Unrestricted and restricted cash and cash equivalents at end of period 80,263 400,497
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of $0.2 million and $0.7 million capitalized in 2024 and 2023, respectively) 164,389 159,758
Operating cash flows from operating leases 5,221 5,298
Supplemental disclosure of noncash investing and financing activities:    
Issuance of Operating Partnership units for contributed properties 24,930 0
Redemption of preferred equity investments upon acquisition of co-investments 44,670 0
Transfers between real estate under development and rental properties, net 514 827
Transfers from real estate under development to co-investments 691 1,322
Reclassifications to redeemable noncontrolling interest from general and limited partner capital and noncontrolling interest $ 2,293 $ 2,810