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EPLP - Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 811,306 $ 430,708 $ 432,985
Adjustments to reconcile net income to net cash provided by operating activities:      
Straight-lined rents 34 2,773 3,330
Depreciation and amortization 580,220 548,438 539,319
Amortization of discount and debt financing costs, net 7,795 6,911 6,712
Realized and unrealized (gains) losses on marketable securities, net (8,347) (10,006) 45,547
Income from early redemption of notes receivable 0 0 (811)
Provision for credit losses (179) 70 381
Equity income from co-investments (48,206) (10,561) (26,030)
Operating distributions from co-investments 62,868 76,787 95,256
Accrued interest from notes and other receivables (13,497) (12,631) (13,953)
Casualty loss 0 433 0
Gain on the sale of real estate and land (175,583) (59,238) (94,416)
Equity-based compensation 7,158 8,031 7,206
Loss on early retirement of debt, net 0 0 2
Gain on remeasurement of co-investments (210,555) 0 (17,423)
Changes in operating assets and liabilities:      
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets 32,007 (9,721) 5,183
Accounts payable, accrued liabilities, and operating lease liabilities 25,194 5,335 (17,266)
Other liabilities (1,910) 2,735 9,627
Net cash provided by operating activities 1,068,305 980,064 975,649
Additions to real estate:      
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired (940,440) (25,098) (21,870)
Redevelopment (70,572) (72,577) (96,718)
Development acquisitions of and additions to development real estate (2,874) (7,872) (27,713)
Capital expenditures on rental properties (136,395) (140,371) (163,193)
Investments in notes receivable (130,635) (58,127) (168,095)
Collections of notes and other receivables 33,504 0 412,006
Proceeds from insurance for property losses 2,299 3,431 4,325
Proceeds from dispositions of real estate 247,286 99,388 157,985
Contributions to co-investments (34,073) (37,405) (163,188)
Changes in refundable deposits (8,000) 10,200 (16,318)
Purchases of marketable securities (1,002) (20,780) (18,109)
Sales and maturities of marketable securities 27,348 64,320 71,222
Non-operating distributions from co-investments 40,503 39,751 175,624
Net cash (used in) provided by investing activities (973,051) (145,140) 145,958
Cash flows from financing activities:      
Proceeds from unsecured debt and mortgage notes 554,875 598,000 0
Payments on unsecured debt and mortgage notes (403,108) (302,429) (64,542)
Proceeds from lines of credit 1,667,476 844,046 1,376,452
Repayments of lines of credit (1,529,531) (896,119) (1,665,636)
Retirement of common units 0 (95,657) (189,726)
Additions to deferred charges (9,568) (1,736) (2,638)
Net proceeds from issuance of common units (296) (347) (314)
Net proceeds from stock options exercised 12,313 0 19,525
Payments related to tax withholding for share-based compensation (3,217) (3,825) (2,216)
Contributions from noncontrolling interest 0 0 125
Distributions to noncontrolling interest (81,246) (31,619) (30,740)
Redemption of noncontrolling interest (6,453) (609) (11,452)
Redemption of redeemable noncontrolling interests (521) 0 (478)
Common units distributions paid (620,466) (586,976) (565,924)
Net cash used in financing activities (419,742) (477,271) (1,137,564)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents (324,488) 357,653 (15,957)
Unrestricted and restricted cash and cash equivalents at beginning of year 400,334 42,681 58,638
Unrestricted and restricted cash and cash equivalents at end of year 75,846 400,334 42,681
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of capitalized interest 223,220 207,038 198,323
Interest capitalized 251 823 2,272
Operating cash flows from operating leases 6,934 6,962 6,987
Supplemental disclosure of noncash investing and financing activities:      
Issuance of Operating Partnership units in connection with acquisition 24,930 0 0
Redemption of preferred equity investments upon acquisition of co-investments 44,670 0 0
Transfers between real estate under development and rental properties, net 514 1,497 100,737
Transfer from real estate under development to co-investments 707 1,732 2,276
Reclassifications to (from) redeemable noncontrolling interest from general and limited partner capital and noncontrolling interest (835) 5,055 (7,038)
Debt assumed in connection with acquisition 95,000 0 21,303
Debt financed by seller in connection with acquisition 11,000 0 0
Essex Portfolio, L.P.      
Cash flows from operating activities:      
Net income 811,306 430,708 432,985
Adjustments to reconcile net income to net cash provided by operating activities:      
Straight-lined rents 34 2,773 3,330
Depreciation and amortization 580,220 548,438 539,319
Amortization of discount and debt financing costs, net 7,795 6,911 6,712
Realized and unrealized (gains) losses on marketable securities, net (8,347) (10,006) 45,547
Income from early redemption of notes receivable 0 0 (811)
Provision for credit losses (179) 70 381
Equity income from co-investments (48,206) (10,561) (26,030)
Operating distributions from co-investments 62,868 76,787 95,256
Accrued interest from notes and other receivables (13,497) (12,631) (13,953)
Casualty loss 0 433 0
Gain on the sale of real estate and land (175,583) (59,238) (94,416)
Equity-based compensation 7,158 8,031 7,206
Loss on early retirement of debt, net 0 0 2
Gain on remeasurement of co-investments (210,555) 0 (17,423)
Changes in operating assets and liabilities:      
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets 32,007 (9,721) 5,183
Accounts payable, accrued liabilities, and operating lease liabilities 25,194 5,335 (17,266)
Other liabilities (1,910) 2,735 9,627
Net cash provided by operating activities 1,068,305 980,064 975,649
Additions to real estate:      
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired (940,440) (25,098) (21,870)
Redevelopment (70,572) (72,577) (96,718)
Development acquisitions of and additions to development real estate (2,874) (7,872) (27,713)
Capital expenditures on rental properties (136,395) (140,371) (163,193)
Investments in notes receivable (130,635) (58,127) (168,095)
Collections of notes and other receivables 33,504 0 412,006
Proceeds from insurance for property losses 2,299 3,431 4,325
Proceeds from dispositions of real estate 247,286 99,388 157,985
Contributions to co-investments (34,073) (37,405) (163,188)
Changes in refundable deposits (8,000) 10,200 (16,318)
Purchases of marketable securities (1,002) (20,780) (18,109)
Sales and maturities of marketable securities 27,348 64,320 71,222
Non-operating distributions from co-investments 40,503 39,751 175,624
Net cash (used in) provided by investing activities (973,051) (145,140) 145,958
Cash flows from financing activities:      
Proceeds from unsecured debt and mortgage notes 554,875 598,000 0
Payments on unsecured debt and mortgage notes (403,108) (302,429) (64,542)
Proceeds from lines of credit 1,667,476 844,046 1,376,452
Repayments of lines of credit (1,529,531) (896,119) (1,665,636)
Retirement of common units 0 (95,657) (189,726)
Additions to deferred charges (9,568) (1,736) (2,638)
Net proceeds from issuance of common units (296) (347) (314)
Net proceeds from stock options exercised 12,313 0 19,525
Payments related to tax withholding for share-based compensation (3,217) (3,825) (2,216)
Contributions from noncontrolling interest 0 0 125
Distributions to noncontrolling interest (56,582) (8,558) (8,450)
Redemption of noncontrolling interest (6,453) (609) (11,452)
Redemption of redeemable noncontrolling interests (521) 0 (478)
Common units distributions paid (645,130) (610,037) (588,214)
Net cash used in financing activities (419,742) (477,271) (1,137,564)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents (324,488) 357,653 (15,957)
Unrestricted and restricted cash and cash equivalents at beginning of year 400,334 42,681 58,638
Unrestricted and restricted cash and cash equivalents at end of year 75,846 400,334 42,681
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of capitalized interest 223,220 207,038 198,323
Interest capitalized 251 823 2,272
Operating cash flows from operating leases 6,934 6,962 6,987
Supplemental disclosure of noncash investing and financing activities:      
Issuance of Operating Partnership units in connection with acquisition 24,930 0 0
Transfers between real estate under development and rental properties, net 514 1,497 100,737
Transfer from real estate under development to co-investments 707 1,732 2,276
Reclassifications to (from) redeemable noncontrolling interest from general and limited partner capital and noncontrolling interest (835) 5,055 (7,038)
Debt assumed in connection with acquisition 95,000 0 21,303
Debt financed by seller in connection with acquisition $ 11,000 $ 0 $ 0