← Filings of ESS

Tables in the 10-Q of ESSEX PROPERTY TRUST, INC.

54 tables with numbers, filed Oct 24, 2019. Each one downloads as a CSV for Excel or Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed. Open the filing on sec.gov ↗

PART I. FINANCIAL INFORMATION	Page No.
Item 1.	Condensed Consolidated Financial Statements of Essex Property Trust, Inc. (Unaudited)
	Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018	2
	Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2019 and 2018	3
	Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2019 and 2018	4
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018	8
	Condensed Consolidated Financial Statements of Essex Portfolio, L.P. (Unaudited)
	Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018	10

ASSETS	September 30, 2019	December 31, 2018
Real estate:
Rental properties:
Land and land improvements	$2,766,344		$2,701,356
Buildings and improvements	11,180,806		10,664,745
	13,947,150		13,366,101
Less: accumulated depreciation	(3,567,632)		(3,209,548)
	10,379,518		10,156,553

	Three Months Ended September 30,	Nine Months Ended September 30,
	2019	2018		2019	2018
Revenues:
Rental and other property	$364,504		$348,610		$1,077,767	$1,040,083
Management and other fees from affiliates	2,428		2,307		7,023	6,812
	366,932		350,917		1,084,790	1,046,895
Expenses:
Property operating, excluding real estate taxes	63,181		59,100		181,241	174,461

	Common stock	Additional paid-in capital		Distributionsin excess of accumulated earnings	Accumulatedothercomprehensive loss, net	Noncontrolling Interest
Three Months Ended September 30, 2019	Shares	Amount				Total
Balances at June 30, 2019	65,727		$7		$7,031,886		$(857,994)	$(18,992)	$190,209	$6,345,116
Net income	—		—		—		99,335	—	6,365	105,700
Change in fair value of derivatives and amortization of swap settlements	—		—		—		—	(12)	—	(12)
Change in fair value of marketable debt securities, net	—		—		—		—	(24)	(1)	(25)
Issuance of common stock under:
Stock option and restricted stock plans, net	126		—		27,679		—	—	—	27,679

	General Partner	Limited Partners		Accumulated other comprehensive loss
	Common Equity	Common Equity			Noncontrolling Interest
Three months ended September 30, 2019	Units	Amount		Units		Amount		Total
Balances at June 30, 2019	65,727		$6,173,899			2,299	$57,726		$(15,715)	$129,206	$6,345,116
Net income	—		99,335			—	3,464		—	2,901	105,700
Change in fair value of derivatives and amortization of swap settlements	—		—			—	—		(12)	—	(12)
Change in fair value of marketable debt securities, net	—		—			—	—		(25)	—	(25)
Issuance of common units under:

	September 30, 2019
	AmortizedCost/Cost	GrossUnrealizedGain (Loss)		Carrying Value
Equity securities:
Investment funds - debt securities	$27,883		$576		$28,459
Common stock and stock funds	37,123		1,465		38,588
Debt securities:
Available for sale
U.S. treasury securities	4,915		(15)		4,900

	Change in fairvalue and amortizationof swap settlements	Unrealizedgains/(losses) onavailable for sale securities		Total
Balance at December 31, 2018	$(13,077)		$(140)		$(13,217)
Cumulative effect upon adoption of ASU No. 2017-12	175		—		175
Other comprehensive (loss) income before reclassification	(490)		197		(293)
Amounts reclassified from accumulated other comprehensive loss	(5,662)		(31)		(5,693)
Other comprehensive income	(5,977)		166		(5,811)
Balance at September 30, 2019	$(19,054)		$26		$(19,028)

Balance at December 31, 2018	$35,475
Reclassification due to change in redemption value and other	3,675
Redemptions	(73)
Balance at September 30, 2019	$39,077

	September 30, 2019	December 31, 2018		September 30, 2018	December 31, 2017
Cash and cash equivalents - unrestricted	$74,031		$134,465		$157,279	$44,620
Cash and cash equivalents - restricted	17,695		16,930		17,347	16,506
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows	$91,726		$151,395		$174,626	$61,126

	Weighted Average Company Ownership Percentage (1)	September 30, 2019		December 31, 2018
Ownership interest in:
CPPIB	54%		$469,288			$482,507
Wesco I, Wesco III, Wesco IV, and Wesco V	52%		212,808			194,890
BEXAEW, BEX II, BEX III, and BEX IV	50%		161,467			121,780
Other	48%		20,281			34,093
Total operating and other co-investments, net		863,844			833,270
Total pre-development and development co-investments	50%		137,626			94,060

	Nine Months Ended September 30,
	2019	2018
Distributions to noncontrolling interest	(20,269)		(22,137)
Redemption of noncontrolling interest	(14,180)		(157)
Redemption of redeemable noncontrolling interest	(73)		(43)
Common and preferred stock dividends paid	(378,858)		(361,310)
Net cash used in financing activities	(62,343)		(431,813)
Net (decrease) increase in unrestricted and restricted cash and cash equivalents	(59,669)		113,500

	Nine Months Ended September 30,
	2019	2018
Distributions to noncontrolling interest	(5,978)		(6,615)
Redemption of noncontrolling interests	(14,180)		(157)
Redemption of redeemable noncontrolling interests	(73)		(43)
Common and preferred units and preferred interest distributions paid	(393,149)		(376,832)
Net cash used in financing activities	(62,343)		(431,813)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents	(59,669)		113,500

	Three Months Ended September 30,	Nine Months Ended September 30,
	2019	2018		2019	2018
Same-property (1)	$342,115		$331,695		$1,019,509	$987,564
Acquisitions (2)	7,309		—		14,416	—
Development (3)	1,859		1,091		4,184	1,560
Redevelopment	5,255		5,125		15,690	15,185
Non-residential/other, net (4)	7,966		10,699		23,968	35,774
Total rental and other property revenues	$364,504		$348,610		$1,077,767	$1,040,083

	September 30, 2019	December 31, 2018
Combined balance sheets: (1)
Rental properties and real estate under development	$4,779,685		$4,367,987
Other assets	110,364		104,119
Total assets	$4,890,049		$4,472,106
Debt	$2,316,618		$2,190,764
Other liabilities	146,643		106,316
Equity	2,426,788		2,175,026

	September 30, 2019	December 31, 2018
Notes receivable, secured, bearing interest at 10.00%, due May 2021	$16,418		$15,226
Notes receivable, secured, bearing interest at 10.75%, due September 2020	35,384		32,650
Notes receivable, secured, bearing interest at 9.90%, due November 2021	7,324		—
Related party note receivable, secured, bearing interest at 9.50%, due October 2019(1)	6,618		6,618
Related party note receivable, bearing variable rate interest, due December 2019(1)	89,221		—
Related party note receivable, bearing interest at 3.25%, due November 2019(1)	44,462		—
Notes and other receivables from affiliates (2)	4,311		4,457

	September 30, 2019	December 31, 2018		Weighted AverageMaturityIn Years as of September 30, 2019
Unsecured bonds private placement - fixed rate	$274,772		$274,624		1.3
Term loan - variable rate	349,088		348,813		2.4
Bonds public offering - fixed rate	4,062,311		3,175,879		7.6
Unsecured debt, net (1)	4,686,171		3,799,316
Lines of credit (2)	220,000		—
Mortgage notes payable, net (3)	1,141,970		1,806,626		6.8
Total debt, net	$6,048,141		$5,605,942

Remaining in 2019	$78,379
2020	408,064
2021	545,537
2022	693,188
2023	602,945
Thereafter	3,535,092
Total	$5,863,205

	September 30, 2019	December 31, 2018
Assets:
Southern California	$4,245,335		$4,350,377
Northern California	4,623,559		4,270,238
Seattle Metro	1,444,045		1,472,916
Other real estate assets	66,579		63,022
Net reportable operating segment - real estate assets	10,379,518		10,156,553
Real estate under development	562,338		454,629

	Three Months Ended September 30, 2019	Three Months Ended September 30, 2018
	Income	Weighted-averageCommonShares		PerCommonShareAmount	Income	Weighted-averageCommonShares		PerCommonShareAmount
Basic:
Net income available to common stockholders	$99,335		65,850,524		$1.51		$80,975			66,052,108	$1.23
Effect of Dilutive Securities:
Stock options	—		122,561			—			51,704
Diluted:
Net income available to common stockholders	$99,335		65,973,085		$1.51		$80,975			66,103,812	$1.22

	Nine Months Ended September 30, 2019	Nine Months Ended September 30, 2018
	Income	Weighted-averageCommonShares		PerCommonShareAmount	Income	Weighted-averageCommonShares		PerCommonShareAmount
Basic:
Net income available to common stockholders	$310,468		65,757,914		$4.72		$272,333			66,047,990	$4.12
Effect of Dilutive Securities:
Stock options	—		99,746			—			45,014
Diluted:
Net income available to common stockholders	$310,468		65,857,660		$4.71		$272,333			66,093,004	$4.12

	Future Minimum Rent
Remaining in 2019	$310,385
2020	489,601
2021	15,105
2022	14,080
2023	12,853
Thereafter	37,940
	$879,964

	Future Minimum Rent
2019	$16,386
2020	15,842
2021	14,412
2022	13,324
2023	12,181
Thereafter	33,034
	$105,179

	Classification	September 30, 2019
Assets
Operating lease right-of-use assets	Operating lease right-of-use assets	$75,478
Total leased assets		$75,478
Liabilities
Operating lease liabilities	Operating lease liabilities	77,495
Total lease liabilities		$77,495

	Three Months Ended September 30, 2019	Nine Months Ended September 30, 2019
Operating lease cost	$1,686		$5,059
Variable lease cost	109		622
Short-term lease cost	171		455
Sublease income	(109)		(326)
Total lease cost	$1,857		$5,810

Tables in the 10-Q of ESSEX PROPERTY TRUST, INC.

Table 1 after “INDEX”

Table 2 after “(In thousands, except parenthetical and share amounts)”

Table 3 after “(In thousands, except share and per share amounts)”

Table 4 after “(In thousands)”

Table 5 after “4”

Table 6 after “5”

Table 7 after “6”

Table 8 after “(In thousands, except parenthetical amounts)”

Table 9 after “8”

Table 10 after “(In thousands, except parenthetical and unit amounts)”

Table 11 after “(In thousands, except unit and per unit amounts)”

Table 12 after “(In thousands)”

Table 13 after “12”

Table 14 after “13”

Table 15 after “14”

Table 16 after “(In thousands, except parenthetical amounts)”

Table 17 after “16”

Table 18 after “, marketable securities consist of the following ($ in thousands):”

Table 19 after “, marketable securities consist of the following ($ in thousands):”

Table 20 after “($ in thousands):”

Table 21 after “($ in thousands):”

Table 22 after “is as follows ($ in thousands):”

Table 23 after “The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated bala”

Table 24 after “The following table presents the Company’s revenues disaggregated by revenue source ($ in thousands):”

Table 25 after “The following table presents the Company’s rental and other property-related revenues disaggregated by geographic operating segment ($ in th”

Table 26 after “The following table presents the Company’s rental and other property-related revenues disaggregated by current property category status ($ i”

Table 27 after “are as follows ($ in thousands, except parenthetical amounts):”

Table 28 after “The combined summarized entity financial information of co-investments is as follows ($ in thousands):”

Table 29 after “(Unaudited)”

Table 30 after “($ in thousands):”

Table 31 after “Debt consists of the following ($ in thousands):”

Table 32 after “are as follows (excluding lines of credit) ($ in thousands):”

Table 33 after “($ in thousands):”

Table 34 after “($ in thousands):”

Table 35 after “Essex Property Trust, Inc.”

Table 36 after “(Unaudited)”

Table 37 after “Essex Portfolio, L.P.”

Table 38 after “(Unaudited)”

Table 39 after “is summarized as follows ($ in thousands):”

Table 40 after “commercial building and commercial portions of mixed use communities, for which the Company was the lessor, was as follows ($ in thousands):”

Table 41 after “is as follows ($ in thousands):”

Table 42 after “were as follows ($ in thousands):”

Table 43 after “are as follows ($ in thousands):”

Table 44 after “As of December 31, 2018, in accordance with previously applicable lease accounting guidance, ASC 840, the total minimum lease commitments un”

Table 45 after “The Company’s consolidated apartment communities are as follows:”

Table 46 after “is as follows:”

Table 47 after “The following table provides a breakdown of revenues amounts, including revenues attributable to the Same-Properties:”

Table 48 after “42”

Table 49 after “The following table provides a breakdown of revenue amounts, including revenues attributable to the Same-Properties:”

Table 50 after “Essex Property Trust, Inc.”

Table 51 after “Net operating income ("NOI") and Same-Property NOI are considered by management to be an important supplemental performance measure to earni”

Table 52 after “.”

Table 53 after “The Company’s interest rate risk is monitored using a variety of techniques. The table below presents the principal amounts and weighted ave”

Table 54 after “Item 6: Exhibits”

	Operating Leases
Remaining in 2019	$1,717
2020	6,855
2021	6,877
2022	6,888
2023	6,860
Thereafter	153,258
Total lease payments	$182,455

	Future Minimum Rent
2019	$6,811
2020	6,855
2021	6,877
2022	6,888
2023	6,860
Thereafter	153,258
	$187,549

	As of September 30, 2019		As of September 30, 2018
	Apartment Homes	%			Apartment Homes	%
Southern California	22,674			45%			22,964	47%
Northern California	17,556			35%			15,970	32%
Seattle Metro	10,238			20%			10,238	21%
Total	50,468			100%			49,172	100%

	Number of Apartment	Three Months Ended September 30,		Dollar	Percentage
Property Revenues ($ in thousands)	Homes	2019		2018	Change	Change
Same-Property Revenues:
Southern California	21,979		$147,557		$144,002		$3,555	2.5%
Northern California	15,685		132,900		128,462		4,438	3.5%
Seattle Metro	10,238		61,658		59,231		2,427	4.1%
Total Same-Property Revenues	47,902		342,115		331,695		10,420	3.1%
Non-Same Property Revenues			22,389		16,915		5,474	32.4%

				Carrying and		Estimated Carrying Value
	Notional	Maturity		Estimated		+50	-50
($ in thousands)	Amount	Date Range		Fair Value		Basis Points	Basis Points
Cash flow hedges:
Interest rate swaps	$175,000		2022		$470		$2,439	$(1,529)
Interest rate caps	9,924		2019		—		—	—
Total cash flow hedges	$184,924		2019-2022		$470		$2,439	$(1,529)

For the Years Ended	2019	2020		2021	2022	2023		Thereafter	Total	Fair value
($ in thousands, except for interest rates)
Fixed rate debt	$78,225		407,412		544,824		342,408		602,093		3,269,061	$5,244,023	$5,472,591
Average interest rate	5.0%		5.8%		4.5%		3.8%		3.7%		3.8%	4.0%
Variable rate debt (1)	$154		652		713		570,780		852		266,031	$839,182	$833,640
Average interest rate	2.5%		2.5%		2.5%		2.9%		2.5%		2.4%	2.7%

A. Exhibits
4.1	Indenture, dated August 7, 2019, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 3.000% Senior Notes due 2030 and the guarantee thereof, attached as Exhibit 4.1 to the Company's Current Report on Form 8-K, filed August 7, 2019, and incorporated herein by reference.
10.1	Executive Transition Services Agreement, effective as of September 5, 2019, by and between Essex Property Trust, Inc. and Craig K. Zimmerman, attached as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed September 6, 2019, and incorporated herein by reference.
31.1*	Certification of Michael J. Schall, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Angela L. Kleiman, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.3*	Certification of Michael J. Schall, Principal Executive Officer of General Partner, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.4*	Certification of Angela L. Kleiman, Principal Financial Officer of General Partner, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of Michael J. Schall, Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**