← Filings of ESS
Tables in the 10-K of ESSEX PROPERTY TRUST, INC.
85 tables with numbers, filed Feb 23, 2024. 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 "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| Part I. | | Page |
| Item 1. | Business | 2 |
| Item 1A. | Risk Factors | 10 |
| Item 1B. | Unresolved Staff Comments | 24 |
| Item 1C. | Cybersecurity | 24 |
| Item 2. | Properties | 25 |
| Item 3. | Legal Proceedings | 32 |
| Item 4. | Mine Safety Disclosures | 32 |
First 8 of 28 rows. The CSV has all of them.
Table 2 after “The table below summarizes acquisition activity for the year ended December 31, 2023 ($ in millions):”
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| Property Name | Location | Apartment Homes | Essex Ownership Percentage | | Ownership | Quarter in 2023 | | Purchase Price | |
| Hacienda at Camarillo Oaks | Camarillo, CA | 73 | | 100% | | EPLP | | Q2 | $23.1 |
| Total 2023 | 73 | | | | | | $23.1 | | |
Table 3 after “The table below summarizes disposition activity for the year ended December 31, 2023 ($ in millions):”
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| Property Name (1) | Location | Apartment Homes | Ownership | | Quarter in 2023 | | Sales Price | | |
| CBC and The Sweeps | Goleta, CA | 239 | | EPLP | | Q1 | | $91.7 | (2) |
| Total 2023 | | 239 | | | | | | $91.7 | |
Table 4 after “The following table sets forth information regarding the Company’s development pipeline ($ in millions):”
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| | | | As of | | | |
| | | | 12/31/2023 | | | |
| | Essex | Estimated | Incurred | | Estimated | |
| Development Pipeline | Location | Ownership% | Apartment Homes | Project Cost (1) | | Project Cost(1) | |
| Development Projects - Joint Venture | | | | | | | |
| LIVIA at Scripps Ranch (2) | San Diego, CA | 51% | 264 | | $90 | | $102 |
| Total Development Projects - Joint Venture | | | 264 | | 90 | | 102 |
| Predevelopment Projects - Consolidated | | | | | | | |
First 8 of 11 rows. The CSV has all of them.
Table 5 after “The table below describes the Company’s operating portfolio as of December 31, 2023. (See Note 8, "Mortgage Notes Payable" to the Company’s ”
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| | | Apartment | Year | | Year | | | |
| Communities (1) | Location | Type | Homes | Built | | Acquired (20) | | Occupancy(2) | |
| Southern California | | | | | | | | | |
| Alpine Village | Alpine, CA | Garden | 301 | | 1971 | | 2002 | | 96% |
| Barkley, The (3)(4) | Anaheim, CA | Garden | 161 | | 1984 | | 2000 | | 96% |
| Park Viridian | Anaheim, CA | Mid-rise | 320 | | 2008 | | 2014 | | 97% |
| Bonita Cedars | Bonita, CA | Garden | 120 | | 1983 | | 2002 | | 96% |
| The Village at Toluca Lake | Burbank, CA | Mid-rise | 145 | | 1974 | | 2017 | | 97% |
First 8 of 44 rows. The CSV has all of them.
| | | Apartment | Year | | Year | | | |
| Communities (1) | Location | Type | Homes | Built | | Acquired (20) | | Occupancy(2) | |
| Gas Company Lofts (6) | Los Angeles, CA | High-rise | 251 | | 2004 | | 2013 | | 95% |
| The Blake LA | Los Angeles, CA | Mid-rise | 196 | | 1979 | | 1997 | | 98% |
| Marbella | Los Angeles, CA | Mid-rise | 60 | | 1991 | | 2005 | | 97% |
| Pacific Electric Lofts (8) | Los Angeles, CA | High-rise | 314 | | 2006 | | 2012 | | 94% |
| Park Catalina | Los Angeles, CA | Mid-rise | 90 | | 2002 | | 2012 | | 93% |
| Park Place | Los Angeles, CA | Mid-rise | 60 | | 1988 | | 1997 | | 97% |
First 8 of 48 rows. The CSV has all of them.
| | | Apartment | Year | | Year | | | |
| Communities (1) | Location | Type | Homes | Built | | Acquired (20) | | Occupancy(2) | |
| Essex Skyline (11) | Santa Ana, CA | High-rise | 350 | | 2008 | | 2010 | | 93% |
| Fairhaven Apartments (4) | Santa Ana, CA | Garden | 164 | | 1970 | | 2001 | | 96% |
| Parkside Court (5) | Santa Ana, CA | Mid-rise | 210 | | 1986 | | 2014 | | 96% |
| Pinnacle at MacArthur Place | Santa Ana, CA | Mid-rise | 253 | | 2002 | | 2014 | | 97% |
| Hope Ranch | Santa Barbara, CA | Garden | 108 | | 1965 | | 2007 | | 98% |
| Bridgeport Coast (12) | Santa Clarita, CA | Mid-rise | 188 | | 2006 | | 2014 | | 98% |
First 8 of 49 rows. The CSV has all of them.
| | | Apartment | Year | | Year | | | |
| Communities (1) | Location | Type | Homes | Built | | Acquired (20) | | Occupancy(2) | |
| The Landing at Jack London Square | Oakland, CA | Mid-rise | 282 | | 2001 | | 2014 | | 95% |
| The Grand | Oakland, CA | High-rise | 243 | | 2009 | | 2009 | | 95% |
| The Galloway | Pleasanton, CA | Mid-rise | 506 | | 2016 | | 2016 | | 97% |
| Radius | Redwood City, CA | Mid-rise | 264 | | 2015 | | 2015 | | 97% |
| Township | Redwood City, CA | Mid-rise | 132 | | 2014 | | 2019 | | 95% |
| San Marcos | Richmond, CA | Mid-rise | 432 | | 2003 | | 2003 | | 96% |
First 8 of 49 rows. The CSV has all of them.
| | | Apartment | Year | | Year | | | |
| Communities (1) | Location | Type | Homes | Built | | Acquired (20) | | Occupancy(2) | |
| Brookside Oaks (4) | Sunnyvale, CA | Garden | 170 | | 1973 | | 2000 | | 97% |
| Lawrence Station | Sunnyvale, CA | Mid-rise | 336 | | 2012 | | 2014 | | 97% |
| Magnolia Lane (19) | Sunnyvale, CA | Garden | 32 | | 2001 | | 2007 | | 97% |
| Magnolia Square (4) | Sunnyvale, CA | Garden | 156 | | 1963 | | 2007 | | 97% |
| Montclaire | Sunnyvale, CA | Mid-rise | 390 | | 1973 | | 1988 | | 97% |
| Reed Square | Sunnyvale, CA | Garden | 100 | | 1970 | | 2011 | | 97% |
First 8 of 49 rows. The CSV has all of them.
| | | Apartment | Year | | Year | | | |
| Communities (1) | Location | Type | Homes | Built | | Acquired (20) | | Occupancy(2) | |
| Parkwood at Mill Creek | Mill Creek, WA | Garden | 240 | | 1989 | | 2014 | | 97% |
| The Elliot at Mukilteo (4) | Mukilteo, WA | Garden | 301 | | 1981 | | 1997 | | 97% |
| Castle Creek | Newcastle, WA | Garden | 216 | | 1998 | | 1998 | | 97% |
| Elevation | Redmond, WA | Garden | 158 | | 1986 | | 2010 | | 97% |
| Pure Redmond | Redmond, WA | Mid-rise | 105 | | 2016 | | 2019 | | 97% |
| Redmond Hill (8) | Redmond, WA | Garden | 442 | | 1985 | | 2011 | | 97% |
First 8 of 32 rows. The CSV has all of them.
Table 11 after “The status of the cash dividends distributed for the years ended December 31, 2023, 2022, and 2021 related to common stock are as follows:”
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| 2023 | 2022 | | 2021 | |
| Common Stock | | | | | |
| Ordinary income | 88.46% | | 80.17% | | 70.92% |
| Capital gain | 8.32% | | 16.78% | | 22.07% |
| Unrecaptured section 1250 capital gain | 3.22% | | 3.05% | | 7.01% |
| 100.00% | | 100.00% | | 100.00% |
| Period Ending | | | | | | | | | |
| Index | 12/31/2018 | 12/31/2019 | | 12/31/2020 | 12/31/2021 | 12/31/2022 | | 12/31/2023 | | |
| Essex Property Trust, Inc. | $100.00 | | $125.92 | | $103.14 | | $157.18 | | $97.83 | $119.33 |
| FTSE NAREIT Equity Apartments Index | $100.00 | | $126.32 | | $106.94 | | $174.97 | | $119.06 | $126.05 |
| S&P 500 Index | $100.00 | | $131.49 | | $155.68 | | $200.37 | | $164.08 | $207.21 |
Table 13 after “The Company’s consolidated operating communities are as follows:”
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| As of | | As of | | | | | |
| December 31, 2023 | | December 31, 2022 | | | | | |
| Apartment Homes | % | | | Apartment Homes | % | | |
| Southern California | 21,986 | | | 43% | | | 22,151 | 43% |
| Northern California | 19,245 | | | 37% | | | 19,230 | 37% |
| Seattle Metro | 10,341 | | | 20% | | | 10,341 | 20% |
| Total | 51,572 | | | 100% | | | 51,722 | 100% |
Table 14 after “The regional breakdown of the Company’s 2023 Same-Property portfolio for financial occupancy for the years ended December 31, 2023 and 2022 ”
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| Years ended December 31, | | |
| 2023 | 2022 | |
| Southern California | 96.3% | | 96.2% |
| Northern California | 96.5% | | 96.1% |
| Seattle Metro | 96.6% | | 95.8% |
Table 15 after “The following table provides a breakdown of revenue amounts, including the revenues attributable to 2023 Same-Properties.”
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| Number of Apartment | Years Ended December 31, | | Dollar | | Percentage | | | | |
| Property Revenues ($ in thousands) | Homes | 2023 | | 2022 | | Change | Change | | | |
| 2023 Same-Properties: | | | | | | | | | | |
| Southern California | 21,352 | | $666,062 | | | $634,996 | | $31,066 | | 4.9% |
| Northern California | 18,371 | | 633,736 | | | 609,261 | | 24,475 | | 4.0% |
| Seattle Metro | 10,341 | | 282,092 | | | 271,248 | | 10,844 | | 4.0% |
| Total 2023 Same-Property Revenues | 50,064 | | 1,581,890 | | | 1,515,505 | | 66,385 | | 4.4% |
| 2023 Non-Same Property Revenues | | 76,374 | | | 80,170 | | (3,796) | | (4.7)% | |
First 8 of 9 rows. The CSV has all of them.
Table 16 after “The following table sets forth the Company’s cash flows for 2023, 2022 and 2021 ($ in thousands):”
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| For the year ended December 31, | | | | |
| 2023 | 2022 | | 2021 | |
| Cash flow provided by (used in): | | | | | |
| Operating activities | $980,064 | | $975,649 | | $905,259 |
| Investing activities | $(145,140) | | $145,958 | | $(397,397) |
| Financing activities | $(477,271) | | $(1,137,564) | | $(533,265) |
Table 17 after “The following table summarizes the Company's unfunded real estate and other future commitments at December 31, 2023 ($ in thousands):”
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| Number of Properties | Investment | | Remaining Commitment | | |
| Joint ventures (1): | | | | | | |
| Preferred equity investments | 2 | | $98,000 | | | $38,000 |
| Non-core co-investments | — | | 86,000 | | | 37,715 |
| Consolidated: | | | | | | |
| Mezzanine loans | 1 | | 50,000 | | | 4,305 |
| | $234,000 | | | $80,020 | |
Table 18 after “The table below is a reconciliation of net income available to common stockholders to FFO and Core FFO for the years ended December 31, 2023”
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| As of and for the years ended December 31, | | | | |
| 2023 | 2022 | | 2021 | |
| ($ in thousands, except per share amounts) | | | | |
| OTHER DATA: | | | | | |
| Funds from operations attributable to common stockholders and unitholders: | | | | | |
| Net income available to common stockholders | $405,825 | | $408,315 | | $488,554 |
| Adjustments: | | | | | |
| Depreciation and amortization | 548,438 | | 539,319 | | 520,066 |
First 8 of 31 rows. The CSV has all of them.
Table 19 after “Net operating income ("NOI") and Same-Property NOI are considered by management to be important supplemental performance measures to earning”
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| 2023 | 2022 | | 2021 | |
| Earnings from operations | $584,342 | | $595,229 | | $529,995 |
| Adjustments: | | | | | |
| Corporate-level property management expenses | 45,872 | | 40,704 | | 36,211 |
| Depreciation and amortization | 548,438 | | 539,319 | | 520,066 |
| Management and other fees from affiliates | (11,131) | | (11,139) | | (9,138) |
| General and administrative | 63,474 | | 56,577 | | 51,838 |
| Expensed acquisition and investment related costs | 595 | | 2,132 | | 203 |
First 8 of 13 rows. The CSV has all of them.
Table 20 after “The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements o”
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| Notional Amount | Maturity Date Range | | Carrying and Estimated Fair Value | | Estimated Carrying Value | | |
| | | +50 | | -50 | | | |
| ($ in thousands) | | | Basis Points | | Basis Points | | | |
| Cash flow hedges: | | | | | | | | |
| Interest rate swaps | $300,000 | | 2026 | | $4,274 | | $7,961 | $502 |
| Total cash flow hedges | $300,000 | | 2026 | | $4,274 | | $7,961 | $502 |
Table 21 after “The Company’s interest rate risk is monitored using a variety of techniques. The table below presents the principal amounts and weighted ave”
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| For the Years Ended December 31, | | | | | | | | | | | | |
| ($ in thousands, except for interest rates) | 2024 | 2025 | | 2026 | 2027 | 2028 | | Thereafter | Total | | Fair value | | |
| Fixed rate debt | $402,177 | $632,035 | | $548,291 | $419,558 | $517,000 | | $3,198,000 | $5,717,061 | | $5,299,805 | | |
| Average interest rate | 4.0% | | 3.5% | | 3.5% | | 3.8% | | | 2.2% | | | 3.3% |
| Variable rate debt (1) | $932 | $1,019 | | $1,114 | $384,397 | $1,332 | | $133,937 | $522,731 | | | $519,003 | |
| Average interest rate | 4.7% | | 4.7% | | 4.7% | | 4.2% | | | 4.7% | | | 4.6% |
| (1) Consolidated Financial Statements of Essex Property Trust, Inc. | Page |
| Reports of Independent Registered Public Accounting Firm (PCAOB ID: 185) | F-1 |
| Consolidated Balance Sheets: As of December 31, 2023 and 2022 | F-6 |
| Consolidated Statements of Income: Years ended December 31, 2023, 2022, and 2021 | F-7 |
| Consolidated Statements of Comprehensive Income: Years ended December 31, 2023, 2022, and 2021 | F-8 |
| Consolidated Statements of Equity: Years ended December 31, 2023, 2022, and 2021 | F-9 |
| Consolidated Statements of Cash Flows: Years ended December 31, 2023, 2022, and 2021 | F-11 |
| Notes to Consolidated Financial Statements | F-20 |
First 8 of 18 rows. The CSV has all of them.
Table 23 after “(Dollars in thousands, except share amounts)”
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| 2023 | 2022 | |
| ASSETS | | | |
| Real estate: | | | |
| Rental properties: | | | |
| Land and land improvements | $3,036,912 | | $3,043,321 |
| Buildings and improvements | 13,098,311 | | 12,922,906 |
| 16,135,223 | | 15,966,227 |
| Less: accumulated depreciation | (5,664,931) | | (5,152,133) |
First 8 of 41 rows. The CSV has all of them.
Table 24 after “(Dollars in thousands, except per share and share amounts)”
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| 2023 | 2022 | | 2021 | |
| Revenues: | | | | | |
| Rental and other property | $1,658,264 | | $1,595,675 | | $1,431,418 |
| Management and other fees from affiliates | 11,131 | | 11,139 | | 9,138 |
| 1,669,395 | | 1,606,814 | | 1,440,556 |
| Expenses: | | | | | |
| Property operating, excluding real estate taxes | 299,672 | | 283,351 | | 264,869 |
| Real estate taxes | 185,807 | | 183,918 | | 180,367 |
First 8 of 33 rows. The CSV has all of them.
| 2023 | 2022 | | 2021 | |
| Net income | $430,708 | | $432,985 | | $515,691 |
| Other comprehensive income (loss): | | | | | |
| Change in fair value of derivatives and amortization of swap settlements | (13,364) | | 54,158 | | 9,170 |
| Change in fair value of marketable debt securities, net | — | | 233 | | 329 |
| Reversal of unrealized gains upon the sale of marketable debt securities | — | | (577) | | — |
| Total other comprehensive (loss) income | (13,364) | | 53,814 | | 9,499 |
| Comprehensive income | 417,344 | | 486,799 | | 525,190 |
First 8 of 10 rows. The CSV has all of them.
Table 26 after “(Dollars and shares in thousands)”
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| Common stock | Additional paid-in capital | Distributions in excess of accumulated earnings | | Accumulated other comprehensive income (loss), net | Noncontrolling interest | Total | | | | |
| | Shares | Amount | | | | | | | | |
| Balances at December 31, 2020 | | 64,999 | | $6 | | $6,876,326 | | $(861,193) | $(14,729) | $182,782 | $6,183,192 |
| Net income | | — | | — | | — | | 488,554 | — | 27,137 | 515,691 |
| Change in fair value of derivatives and amortization of swap settlements | | — | | — | | — | | — | 8,859 | 311 | 9,170 |
| Change in fair value of marketable debt securities, net | | — | | — | | — | | — | 318 | 11 | 329 |
| Issuance of common stock under: | | | | | | | | | | | |
| Stock option and restricted stock plans, net | | 279 | | 1 | | 53,051 | | — | — | — | 53,052 |
First 8 of 26 rows. The CSV has all of them.
| Changes in the redemption value of redeemable noncontrolling interest | — | — | 6,230 | — | — | | 808 | | 7,038 |
| Contributions from noncontrolling interest | — | — | — | — | — | | 125 | | 125 |
| Distributions to noncontrolling interest | — | — | — | — | — | | (30,959) | | (30,959) |
| Redemptions of noncontrolling interest | 8 | — | (10,464) | — | — | | (988) | | (11,452) |
| Common stock dividends ($8.80 per share) | — | — | — | (571,658) | — | | — | | (571,658) |
| Balances at December 31, 2022 | 64,605 | $6 | $6,750,076 | $(1,080,176) | $46,466 | | $178,744 | | $5,895,116 |
| Net income | — | — | — | 405,825 | | 24,883 | | 430,708 | |
| Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | (12,910) | | (454) | | (13,364) |
First 8 of 18 rows. The CSV has all of them.
| 2023 | 2022 | | 2021 | |
| Cash flows from operating activities: | | | | | |
| Net income | $430,708 | | $432,985 | | $515,691 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | |
| Straight-lined rents | 2,773 | | 3,330 | | 9,672 |
| Depreciation and amortization | 548,438 | | 539,319 | | 520,066 |
| Amortization of discount and debt financing costs, net | 6,911 | | 6,712 | | 9,538 |
| Realized and unrealized (gains) losses on marketable securities, net | (10,006) | | 45,547 | | (36,504) |
First 8 of 41 rows. The CSV has all of them.
| Payments on unsecured debt and mortgage notes | (302,429) | (64,542) | (1,053,501) |
| Proceeds from lines of credit | 844,046 | 1,376,452 | 1,050,589 |
| Repayments of lines of credit | (896,119) | (1,665,636) | (709,332) |
| Retirement of common stock | (95,657) | (189,726) | (9,172) |
| Additions to deferred charges | (1,736) | (2,638) | (8,350) |
| Payments related to debt prepayment penalties | — | — | (18,342) |
| Net proceeds from issuance of common stock | (347) | (314) | (455) |
| Net proceeds from stock options exercised | — | 19,525 | 58,497 |
First 8 of 28 rows. The CSV has all of them.
Table 30 after “(Dollars in thousands, except per unit amounts)”
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| 2023 | 2022 | |
| ASSETS | | | |
| Real estate: | | | |
| Rental properties: | | | |
| Land and land improvements | $3,036,912 | | $3,043,321 |
| Buildings and improvements | 13,098,311 | | 12,922,906 |
| 16,135,223 | | 15,966,227 |
| Less: accumulated depreciation | (5,664,931) | | (5,152,133) |
First 8 of 43 rows. The CSV has all of them.
Table 31 after “(Dollars in thousands, except per unit and unit amounts)”
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| 2023 | 2022 | | 2021 | |
| Revenues: | | | | | |
| Rental and other property | $1,658,264 | | $1,595,675 | | $1,431,418 |
| Management and other fees from affiliates | 11,131 | | 11,139 | | 9,138 |
| 1,669,395 | | 1,606,814 | | 1,440,556 |
| Expenses: | | | | | |
| Property operating, excluding real estate taxes | 299,672 | | 283,351 | | 264,869 |
| Real estate taxes | 185,807 | | 183,918 | | 180,367 |
First 8 of 33 rows. The CSV has all of them.
| 2023 | 2022 | | 2021 | |
| Net income | $430,708 | | $432,985 | | $515,691 |
| Other comprehensive income (loss): | | | | | |
| Change in fair value of derivatives and amortization of swap settlements | (13,364) | | 54,158 | | 9,170 |
| Change in fair value of marketable debt securities, net | — | | 233 | | 329 |
| Reversal of unrealized gains upon the sale of marketable debt securities | — | | (577) | | — |
| Total other comprehensive (loss) income | (13,364) | | 53,814 | | 9,499 |
| Comprehensive income | 417,344 | | 486,799 | | 525,190 |
First 8 of 10 rows. The CSV has all of them.
Table 33 after “(Dollars and units in thousands)”
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| | | | Accumulated other comprehensive income (loss), net | | | | | | | | |
| General Partner | Limited Partners | | | Noncontrolling interest | | Total | | | | | |
| Common Equity | | | Common Equity | | | | | | | | |
| Units | Amount | | | | Units | | Amount | | | | |
| Balances at December 31, 2020 | 64,999 | | $6,015,139 | | | | | 2,295 | $58,184 | $(11,303) | $121,172 | $6,183,192 |
| Net income | — | | 488,554 | | | | | — | 17,191 | — | 9,946 | 515,691 |
| Change in fair value of derivatives and amortization of swap settlements | — | | — | | | | | — | — | 9,170 | — | 9,170 |
| Change in fair value of marketable debt securities, net | — | | — | | | | | — | — | 329 | — | 329 |
First 8 of 28 rows. The CSV has all of them.
| Changes in redemption value of redeemable noncontrolling interest | — | 6,230 | — | 386 | — | 422 | 7,038 |
| Contributions from noncontrolling interest | — | — | — | — | — | 125 | 125 |
| Distributions to noncontrolling interest | — | — | — | — | — | (10,935) | (10,935) |
| Redemptions | 8 | (10,464) | (10) | (94) | — | (894) | (11,452) |
| Distributions declared ($8.80 per unit) | — | (571,658) | — | (20,024) | — | — | (591,682) |
| Balances at December 31, 2022 | 64,605 | $5,669,906 | 2,272 | $51,454 | $52,010 | $121,746 | $5,895,116 |
| Net income | — | 405,825 | — | 14,284 | — | 10,599 | 430,708 |
| Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | (13,364) | — | (13,364) |
First 8 of 18 rows. The CSV has all of them.
| 2023 | 2022 | | 2021 | |
| Cash flows from operating activities: | | | | | |
| Net income | $430,708 | | $432,985 | | $515,691 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | |
| Straight-lined rents | 2,773 | | 3,330 | | 9,672 |
| Depreciation and amortization | 548,438 | | 539,319 | | 520,066 |
| Amortization of discount and debt financing costs, net | 6,911 | | 6,712 | | 9,538 |
| Realized and unrealized (gains) losses on marketable securities, net | (10,006) | | 45,547 | | (36,504) |
First 8 of 41 rows. The CSV has all of them.
| Payments on unsecured debt and mortgage notes | (302,429) | (64,542) | (1,053,501) |
| Proceeds from lines of credit | 844,046 | 1,376,452 | 1,050,589 |
| Repayments of lines of credit | (896,119) | (1,665,636) | (709,332) |
| Retirement of common units | (95,657) | (189,726) | (9,172) |
| Additions to deferred charges | (1,736) | (2,638) | (8,350) |
| Payments related to debt prepayment penalties | — | — | (18,342) |
| Net proceeds from issuance of common units | (347) | (314) | (455) |
| Net proceeds from stock options exercised | — | 19,525 | 58,497 |
First 8 of 28 rows. The CSV has all of them.
Table 37 after “The depreciable life of various categories of fixed assets is as follows:”
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| Computer software and equipment | 3 - 5 years |
| Interior apartment home improvements | 5 years |
| Furniture, fixtures and equipment | 5 - 10 years |
| Land improvements and certain exterior components of real property | 10 years |
| Real estate structures | 30 years |
Table 38 after “The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets”
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| 2023 | 2022 | | 2021 | |
| Cash and cash equivalents - unrestricted | $391,749 | | $33,295 | | $48,420 |
| Cash and cash equivalents - restricted | 8,585 | | 9,386 | | 10,218 |
| Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows | $400,334 | | $42,681 | | $58,638 |
Table 39 after “As of December 31, 2023 and 2022, marketable securities consist of the following ($ in thousands):”
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| December 31, 2023 | | | | |
| Amortized Cost | Gross Unrealized Gain (loss) | | Carrying Value | |
| Equity securities: | | | | | |
| Investment funds - debt securities | $26,460 | | $(1,584) | | $24,876 |
| Common stock, preferred stock, and stock funds | 51,328 | | 11,591 | | 62,919 |
| Total - Marketable securities | $77,788 | | $10,007 | | $87,795 |
Table 40 after “As of December 31, 2023 and 2022, marketable securities consist of the following ($ in thousands):”
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| December 31, 2022 | | | | |
| Amortized Cost | Gross Unrealized Loss | | Carrying Value | |
| Equity securities: | | | | | |
| Investment funds - debt securities | $43,155 | | $(6,771) | | $36,384 |
| Common stock, preferred stock, and stock funds | 78,481 | | (2,122) | | 76,359 |
| Total - Marketable securities | $121,636 | | $(8,893) | | $112,743 |
Table 41 after “The status of cash dividends distributed for the years ended December 31, 2023, 2022, and 2021 related to common stock are classified for ta”
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| 2023 | 2022 | | 2021 | |
| Common Stock | | | | | |
| Ordinary income | 88.46% | | 80.17% | | 70.92% |
| Capital gain | 8.32% | | 16.78% | | 22.07% |
| Unrecaptured section 1250 capital gain | 3.22% | | 3.05% | | 7.01% |
| 100.00% | | 100.00% | | 100.00% |
Table 42 after “Essex Property Trust, Inc. ($ in thousands)”
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| Change in fair value and amortization of swap settlements |
| Balance at December 31, 2022 | $46,466 |
| Other comprehensive loss before reclassification | (12,930) |
| Amounts reclassified from accumulated other comprehensive loss | 20 |
| Other comprehensive loss | (12,910) |
| Balance at December 31, 2023 | $33,556 |
Table 43 after “Essex Portfolio, L.P. ($ in thousands)”
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| Change in fair value and amortization of swap settlements |
| Balance at December 31, 2022 | $52,010 |
| Other comprehensive loss before reclassification | (13,384) |
| Amounts reclassified from accumulated other comprehensive loss | 20 |
| Other comprehensive loss | (13,364) |
| Balance at December 31, 2023 | $38,646 |
Table 44 after “The changes in the redemption value of redeemable noncontrolling interests for the years ended December 31, 2023, 2022, and 2021 are as foll”
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| 2023 | 2022 | | 2021 | |
| Balance at January 1, | $27,150 | | $34,666 | | $32,239 |
| Reclassifications due to change in redemption value and other | 5,055 | | (7,038) | | 6,890 |
| Redemptions | — | | (478) | | (4,463) |
| Balance at December 31, | $32,205 | | $27,150 | | $34,666 |
Table 45 after “The table below summarizes acquisition activity for the year ended December 31, 2023 ($ in millions):”
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| Property Name | Location | Apartment Homes | Essex Ownership Percentage | | Quarter in 2023 | | Purchase Price | |
| Hacienda at Camarillo Oaks | Camarillo, CA | 73 | | 100% | | | Q2 | $23.1 |
| Total 2023 | 73 | | | | | $23.1 | | |
Table 46 after “The table below summarizes the disposition activity for the year ended December 31, 2023 ($ in millions):”
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| Property Name (1) | Location | Apartment Homes | Ownership | | Quarter in 2023 | | Sales Price | | |
| CBC and The Sweeps | Goleta, CA | 239 | | EPLP | | Q1 | | $91.7 | (2) |
| Total 2023 | 239 | | | | | $91.7 | | | |
Table 47 after “The carrying values of the Company’s co-investments as of December 31, 2023 and 2022 are as follows ($ in thousands, except in parenthetical”
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| Weighted Average Essex Ownership Percentage (1) | | December 31, | | | |
| | 2023 | | 2022 | | |
| Ownership interest in: | | | | | | |
| Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI (2) | 54% | | | $144,766 | | $178,552 |
| BEXAEW, BEX II, BEX IV and 500 Folsom | 50% | | | 224,119 | | 238,537 |
| Other (3) | 52% | | | 68,493 | | 74,742 |
| Total operating and other co-investments, net | | | 437,378 | | 491,831 | |
| Total development co-investments | 51% | | | 14,605 | | 12,994 |
First 8 of 10 rows. The CSV has all of them.
Table 48 after “The combined summarized financial information of co-investments is as follows ($ in thousands):”
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| December 31, | | |
| 2023 | 2022 | |
| Combined balance sheets: (1) | | | |
| Rental properties and real estate under development | $5,123,164 | | $4,955,051 |
| Other assets | 279,237 | | 294,663 |
| Total assets | $5,402,401 | | $5,249,714 |
| Debt | $3,622,609 | | $3,397,113 |
| Other liabilities | 317,208 | | 264,872 |
First 8 of 11 rows. The CSV has all of them.
Table 49 after “The combined summarized financial information of co-investments is as follows ($ in thousands):”
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| Years ended December 31, | | | | |
| 2023 | 2022 | | 2021 | |
| Combined statements of income: (1) | | | | | |
| Property revenues | $409,910 | | $373,074 | | $289,680 |
| Property operating expenses | (158,520) | | (140,175) | | (115,023) |
| Net operating income | 251,390 | | 232,899 | | 174,657 |
| Interest expense | (154,038) | | (100,913) | | (65,172) |
| General and administrative | (20,594) | | (20,579) | | (17,885) |
First 8 of 11 rows. The CSV has all of them.
Table 50 after “The following table presents the Company’s revenues disaggregated by revenue source ($ in thousands):”
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| 2023 | 2022 | | 2021 | |
| Rental income | $1,636,070 | | $1,573,368 | | $1,410,197 |
| Other property | 22,194 | | 22,307 | | 21,221 |
| Management and other fees from affiliates | 11,131 | | 11,139 | | 9,138 |
| Total revenues | $1,669,395 | | $1,606,814 | | $1,440,556 |
Table 51 after “The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment ($ in thousands)”
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| 2023 | 2022 | | 2021 | |
| Southern California | $682,116 | | $646,252 | | $574,129 |
| Northern California | 666,836 | | 639,306 | | 584,034 |
| Seattle Metro | 282,092 | | 271,248 | | 239,839 |
| Other real estate assets (1) | 27,220 | | 38,869 | | 33,416 |
| Total rental and other property revenues | $1,658,264 | | $1,595,675 | | $1,431,418 |
Table 52 after “The following table presents the Company’s rental and other property revenues disaggregated by current property category status ($ in thousa”
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| 2023 | 2022 | | 2021 | |
| Same-property (1) | $1,581,890 | | $1,515,505 | | $1,364,379 |
| Acquisitions (2) | 5,449 | | 1,561 | | — |
| Development (3) | 22,883 | | 20,425 | | 15,807 |
| Redevelopment | 6,232 | | 5,766 | | 6,170 |
| Non-residential/other, net (4) | 44,353 | | 57,976 | | 56,377 |
| Straight line rent concession (5) | (2,543) | | (5,558) | | (11,315) |
| Total rental and other property revenues | $1,658,264 | | $1,595,675 | | $1,431,418 |
Table 53 after “Notes and other receivables consist of the following as of December 31, 2023 and 2022 ($ in thousands):”
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| 2023 | 2022 | |
| Note receivable, secured, bearing interest at 10.00%, due November 2024 (Originated November 2020) | $37,582 | | $33,477 |
| Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021) | 50,146 | | 21,452 |
| Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022) | 11,743 | | 10,350 |
| Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022) | 34,929 | | — |
| Notes and other receivables from affiliates (1) | 6,111 | | 6,975 |
| Straight line rent receivables (2) | 9,353 | | 12,164 |
| Other receivables | 25,444 | | 18,961 |
First 8 of 10 rows. The CSV has all of them.
Table 54 after “The following table presents the activity in the allowance for credit losses for notes and other receivables by loan type ($ in thousands):”
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| Notes Receivable, Secured |
| Balance at December 31, 2022 | $334 |
| Provision for credit losses | 353 |
| Balance at December 31, 2023 | $687 |
Table 55 after “Unsecured debt consists of the following as of December 31, 2023 and 2022 ($ in thousands):”
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| 2023 | 2022 | | Weighted Average Maturity In Years as of December 31, 2023 |
| Term loan - variable rate, net (1) | $298,552 | $(1,611) | | 3.8 |
| Bonds public offering - fixed rate, net | 5,019,979 | 5,313,779 | | 7.1 |
| Unsecured debt, net (2) | 5,318,531 | 5,312,168 | | |
| Lines of credit (3) | — | 52,073 | | N/A |
| Total unsecured debt | $5,318,531 | $5,364,241 | | |
| Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering | 3.3% | | 3.3% | |
| Weighted average interest rate on variable rate term loan | 4.2% | | —% | |
First 8 of 9 rows. The CSV has all of them.
Table 56 after “The following is a summary of the Company’s senior unsecured notes as of December 31, 2023 and 2022 ($ in thousands):”
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| Maturity | 2023 | 2022 | | Coupon Rate | |
| Senior notes | May 2023 | $— | | $300,000 | | 3.250% |
| Senior notes | May 2024 | 400,000 | | 400,000 | | 3.875% |
| Senior notes | April 2025 | 500,000 | | 500,000 | | 3.500% |
| Senior notes | April 2026 | 450,000 | | 450,000 | | 3.375% |
| Senior notes | May 2027 | 350,000 | | 350,000 | | 3.625% |
| Senior notes | March 2028 | 450,000 | | 450,000 | | 1.700% |
| Senior notes | March 2029 | 500,000 | | 500,000 | | 4.000% |
First 8 of 15 rows. The CSV has all of them.
Table 57 after “The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2023 are as follows ($ in t”
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| 2024 | $400,000 |
| 2025 | 500,000 |
| 2026 | 450,000 |
| 2027 | 650,000 |
| 2028 | 450,000 |
| Thereafter | 2,900,000 |
| $5,350,000 |
Table 58 after “Mortgage notes payable consist of the following as of December 31, 2023 and 2022 ($ in thousands):”
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| 2023 | 2022 | |
| Fixed rate mortgage notes payable | $665,711 | | $371,849 |
| Variable rate mortgage notes payable (1) | 221,493 | | 222,094 |
| Total mortgage notes payable (2) | $887,204 | | $593,943 |
| Number of properties securing mortgage notes | 15 | | 11 |
| Remaining terms | 1-23 years | 2-24 years | |
| Weighted average interest rate | 4.3% | | 3.5% |
Table 59 after “The aggregate scheduled principal payments of mortgage notes payable at December 31, 2023 are as follows ($ in thousands):”
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| 2024 | $3,109 |
| 2025 | 133,054 |
| 2026 | 99,405 |
| 2027 | 153,955 |
| 2028 | 68,332 |
| Thereafter | 431,937 |
| $889,792 |
Table 60 after “A maturity analysis of undiscounted future minimum non-cancelable base rent to be received under the above operating leases as of December 3”
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| Future Minimum Rent |
| 2024 | $751,320 |
| 2025 | 33,230 |
| 2026 | 15,706 |
| 2027 | 13,946 |
| 2028 | 11,978 |
| Thereafter | 20,164 |
| $846,344 |
Table 61 after “Supplemental consolidated balance sheet information related to leases as of December 31, 2023 and 2022 is as follows ($ in thousands):”
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| Classification | December 31, 2023 | December 31, 2022 | |
| Assets | | | | |
| Operating lease right-of-use assets | Operating lease right-of-use assets | $63,757 | | $67,239 |
| Total leased assets | | $63,757 | | $67,239 |
| Liabilities | | | | |
| Operating lease liabilities | Operating lease liabilities | $65,091 | | $68,696 |
| Total lease liabilities | | $65,091 | | $68,696 |
Table 62 after “The components of lease expense for the years ended December 31, 2023 and 2022 were as follows ($ in thousands):”
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| December 31, 2023 | December 31, 2022 | |
| Operating lease cost | $6,789 | | $6,697 |
| Variable lease cost | 1,961 | | 1,750 |
| Short-term lease cost | 186 | | 204 |
| Sublease income | (500) | | (418) |
| Total lease cost | $8,436 | | $8,233 |
Table 63 after “A maturity analysis of lease liabilities as of December 31, 2023 is as follows ($ in thousands):”
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| Operating Leases |
| 2024 | $7,251 |
| 2025 | 6,887 |
| 2026 | 5,035 |
| 2027 | 3,421 |
| 2028 | 3,102 |
| Thereafter | 129,452 |
| Total lease payments | $155,148 |
First 8 of 10 rows. The CSV has all of them.
Table 64 after “Lease term and discount rate information for leases at December 31, 2023 and 2022 are as follows:”
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| December 31, 2023 | December 31, 2022 | |
| Weighted-average of remaining lease terms (years) | | | |
| Operating Leases | 40 | 40 | |
| Weighted-average of discount rates | | | |
| Operating Leases | 5.03% | | 5.01% |
Table 65 after “Basic and diluted income per share is calculated as follows for the years ended December 31 ($ in thousands, except share and per share amou”
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| 2023 | 2022 | | 2021 | | | | | | | | | | | | | |
| Income | Weighted- average Common Shares | | Per Common Share Amount | Income | Weighted- average Common Shares | | Per Common Share Amount | | Income | Weighted- average Common Shares | | Per Common Share Amount | | | | |
| Basic: | | | | | | | | | | | | | | | | | |
| Net income available to common stockholders | $405,825 | | 64,252,232 | | $6.32 | | $408,315 | | | 65,079,764 | | $6.27 | | $488,554 | | 65,051,465 | $7.51 |
| Effect of dilutive securities | | | | | | | | | | | | | | | | | |
| Stock options | — | | 1,153 | | | — | | | 18,422 | | | | — | | 37,409 | | |
| Diluted: | | | | | | | | | | | | | | | | | |
| Net income available to common stockholders | $405,825 | | 64,253,385 | | $6.32 | | $408,315 | | | 65,098,186 | | $6.27 | | $488,554 | | 65,088,874 | $7.51 |
Table 66 after “Basic and diluted income per unit is calculated as follows for the years ended December 31 ($ in thousands, except unit and per unit amounts”
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| 2023 | 2022 | | 2021 | | | | | | | | | | | | | |
| Income | Weighted- average Common Units | | Per Common Unit Amount | Income | Weighted- average Common Units | | Per Common Unit Amount | | Income | Weighted- average Common Units | | Per Common Unit Amount | | | | |
| Basic: | | | | | | | | | | | | | | | | | |
| Net income available to common unitholders | $420,109 | | 66,513,303 | | $6.32 | | $422,612 | | | 67,356,105 | | $6.27 | | $505,745 | | 67,340,856 | $7.51 |
| Effect of dilutive securities | | | | | | | | | | | | | | | | | |
| Stock options | — | | 1,153 | | | — | | | 18,422 | | | | — | | 37,409 | | |
| Diluted: | | | | | | | | | | | | | | | | | |
| Net income available to common unitholders | $420,109 | | 66,514,456 | | $6.32 | | $422,612 | | | 67,374,527 | | $6.27 | | $505,745 | | 67,378,265 | $7.51 |
Table 67 after “The fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted ”
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| 2023 | 2022 | | 2021 | |
| Stock price | $216.31 | $245.17 | | $329.71 | |
| Risk-free interest rates | 4.06% | | 3.50% | | 1.22% |
| Expected lives | 6 years | 6 years | | 6 years | |
| Volatility | 36.00% | | 27.98% | | 27.00% |
| Dividend yield | 3.30% | | 3.06% | | 2.90% |
Table 68 after “December 31, 2023, 2022, and 2021”
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| 2023 | 2022 | | 2021 | | | | | | |
| Shares | Weighted- average exercise price | | Shares | Weighted- average exercise price | Shares | | Weighted- average exercise price | | |
| Outstanding at beginning of year | 487,446 | | $279.46 | | 463,863 | | $284.82 | | 613,109 | $255.86 |
| Granted | 49,908 | | 216.31 | | 111,757 | | 245.17 | | 99,479 | 329.71 |
| Exercised | — | | — | | (76,246) | | 245.43 | | (248,725) | 231.37 |
| Forfeited and canceled | (6,542) | | 280.21 | | (11,928) | | 281.19 | | — | — |
| Outstanding at end of year | 530,812 | | $273.51 | | 487,446 | | $279.46 | | 463,863 | $284.82 |
| Options exercisable at year end | 417,739 | | $282.30 | | 293,377 | | $285.76 | | 274,244 | $270.11 |
Table 69 after “The following table summarizes information about restricted stock outstanding as of December 31, 2023, 2022 and 2021 and changes during the ”
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| 2023 | 2022 | | 2021 | | | | | | |
| Shares | Weighted- average grant price | | Shares | Weighted- average grant price | Shares | | Weighted- average grant price | | |
| Unvested at beginning of year | 182,915 | | $222.90 | | 159,401 | | $251.03 | | 132,603 | $214.34 |
| Granted | 2,315 | | 220.40 | | 72,838 | | 215.73 | | 50,349 | 337.52 |
| Vested | (37,075) | | 247.07 | | (44,945) | | 306.25 | | (22,387) | 229.90 |
| Forfeited and canceled | (46,454) | | 259.71 | | (4,379) | | 272.12 | | (1,164) | 219.30 |
| Unvested at end of year | 101,701 | | $197.22 | | 182,915 | | $222.90 | | 159,401 | $251.03 |
Table 70 after “The following table summarizes information about the LTIP Units outstanding as of December 31, 2023:”
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| Long-Term Incentive Plan - LTIP Units | | | | | | | |
| Total Vested Units | Total Unvested Units | | Total Outstanding Units | Weighted- average Grant-date Fair Value | Weighted- average Remaining Contractual Life (years) | | |
| Balance, December 31, 2020 | 106,137 | | — | | 106,137 | | $84.47 | 3.6 |
| Granted | — | | — | | — | | | |
| Vested | — | | — | | — | | | |
| Converted | — | | — | | — | | | |
| Cancelled | — | | — | | — | | | |
| Balance, December 31, 2021 | 106,137 | | — | | 106,137 | | $84.47 | 2.6 |
First 8 of 18 rows. The CSV has all of them.
Table 71 after “The revenues and NOI for each of the reportable operating segments are summarized as follows for the years ended December 31, 2023, 2022, an”
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| Years Ended December 31, | | | | |
| 2023 | 2022 | | 2021 | |
| Revenues: | | | | | |
| Southern California | $682,116 | | $646,252 | | $574,129 |
| Northern California | 666,836 | | 639,306 | | 584,034 |
| Seattle Metro | 282,092 | | 271,248 | | 239,839 |
| Other real estate assets | 27,220 | | 38,869 | | 33,416 |
| Total property revenues | $1,658,264 | | $1,595,675 | | $1,431,418 |
First 8 of 29 rows. The CSV has all of them.
Table 72 after “Total assets for each of the reportable operating segments are summarized as follows as of December 31, 2023 and 2022 ($ in thousands):”
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| As of December 31, | | |
| 2023 | 2022 | |
| Assets: | | | |
| Southern California | $3,802,648 | | $3,892,003 |
| Northern California | 5,242,343 | | 5,414,467 |
| Seattle Metro | 1,333,030 | | 1,374,379 |
| Other real estate assets | 92,271 | | 133,245 |
| Net reportable operating segments - real estate assets | 10,470,292 | | 10,814,094 |
First 8 of 16 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | | | | | | |
| Apartment | | | | Buildings and | subsequent to | Land and | Buildings and | | Accumulated | Date of | Date | Lives | | | | | | |
| Property | Homes | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | | | | | | |
| Encumbered communities | | | | | | | | | | | | | | | | | | | |
| Belmont Station | 275 | | Los Angeles, CA | $29,263 | | $8,100 | | $66,666 | | $10,397 | | $8,267 | | $76,896 | $85,163 | $(42,204) | 2009 | Mar-09 | 3-30 |
| Brio | 300 | | Walnut Creek, CA | 90,827 | | 16,885 | | 151,741 | | 4,751 | | 16,885 | | 156,492 | 173,377 | (26,551) | 2015 | Jun-19 | 3-30 |
| Fountain Park | 705 | | Playa Vista, CA | 82,776 | | 25,073 | | 94,980 | | 47,232 | | 25,203 | | 142,082 | 167,285 | (97,729) | 2002 | Feb-04 | 3-30 |
First 8 of 34 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | | | | | | |
| Apartment | | | | Buildings and | subsequent to | Land and | Buildings and | | Accumulated | Date of | Date | Lives | | | | | | |
| Property | Homes | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | | | | | | |
| Aviara (4) | 166 | | Mercer Island, WA | — | | — | | 49,813 | | 3,145 | | — | | 52,958 | 52,958 | (19,372) | 2013 | Apr-14 | 5-30 |
| Avondale at Warner Center | 446 | | Woodland Hills, CA | — | | 10,536 | | 24,522 | | 33,446 | | 10,601 | | 57,903 | 68,504 | (44,086) | 1970 | Jan-99 | 3-30 |
| Bel Air | 462 | | San Ramon, CA | — | | 12,105 | | 18,252 | | 50,318 | | 12,682 | | 67,993 | 80,675 | (53,742) | 1988 | Jan-95 | 3-30 |
| Belcarra | 296 | | Bellevue, WA | — | | 21,725 | | 92,091 | | 6,974 | | 21,725 | | 99,065 | 120,790 | (34,031) | 2009 | Apr-14 | 5-30 |
First 8 of 37 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | | | | | | |
| Apartment | | | | Buildings and | subsequent to | Land and | Buildings and | | Accumulated | Date of | Date | Lives | | | | | | |
| Property | Homes | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | | | | | | |
| Collins on Pine | 76 | | Seattle, WA | — | | 7,276 | | 22,226 | | 1,076 | | 7,276 | | 23,302 | 30,578 | (7,783) | 2013 | May-14 | 3-30 |
| Connolly Station | 309 | | Dublin, CA | — | | 19,949 | | 123,428 | | 5,503 | | 19,949 | | 128,931 | 148,880 | (18,748) | 2014 | Jan-20 | 3-30 |
| Corbella at Juanita Bay | 169 | | Kirkland, WA | — | | 5,801 | | 17,415 | | 5,758 | | 5,801 | | 23,173 | 28,974 | (11,369) | 1978 | Nov-10 | 3-30 |
| Cortesia | 308 | | Rancho Santa Margarita, CA | — | | 13,912 | | 55,649 | | 6,220 | | 13,912 | | 61,869 | 75,781 | (21,883) | 1999 | Apr-14 | 5-30 |
First 8 of 36 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | | | | | | |
| Apartment | | | | Buildings and | subsequent to | Land and | Buildings and | | Accumulated | Date of | Date | Lives | | | | | | |
| Property | Homes | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | | | | | | |
| Hacienda at Camarillo Oaks | 73 | | Camarillo, CA | — | | 5,497 | | 17,572 | | 2,464 | | 5,497 | | 20,036 | 25,533 | (522) | 1984 | Apr-23 | 3-30 |
| The Henley I/The Henley II | 215 | | Glendale, CA | — | | 6,695 | | 16,753 | | 31,710 | | 6,733 | | 48,425 | 55,158 | (39,183) | 1970 | Jun-99 | 3-30 |
| Highlands at Wynhaven | 333 | | Issaquah, WA | — | | 16,271 | | 48,932 | | 17,578 | | 16,271 | | 66,510 | 82,781 | (39,218) | 2000 | Aug-08 | 3-30 |
| Hillcrest Park | 608 | | Newbury Park, CA | — | | 15,318 | | 40,601 | | 29,837 | | 15,755 | | 70,001 | 85,756 | (53,986) | 1973 | Mar-98 | 3-30 |
First 8 of 37 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | | | | | | |
| Apartment | | | | Buildings and | subsequent to | Land and | Buildings and | | Accumulated | Date of | Date | Lives | | | | | | |
| Property | Homes | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | | | | | | |
| 1000 Kiely | 121 | | Santa Clara, CA | — | | 9,359 | | 21,845 | | 11,284 | | 9,359 | | 33,129 | 42,488 | (17,925) | 1971 | Mar-11 | 3-30 |
| Palm Valley | 1,100 | | San Jose, CA | — | | 133,802 | | 312,205 | | 33,448 | | 133,802 | | 345,653 | 479,455 | (91,453) | 2008 | Jan-17 | 3-30 |
| Park Catalina | 90 | | Los Angeles, CA | — | | 4,710 | | 18,839 | | 4,825 | | 4,710 | | 23,664 | 28,374 | (10,795) | 2002 | Jun-12 | 3-30 |
| Park Highland | 250 | | Bellevue, WA | — | | 9,391 | | 38,224 | | 15,944 | | 9,391 | | 54,168 | 63,559 | (25,009) | 1993 | Apr-14 | 5-30 |
First 8 of 37 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | | | | | | |
| Apartment | | | | Buildings and | subsequent to | Land and | Buildings and | | Accumulated | Date of | Date | Lives | | | | | | |
| Property | Homes | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | | | | | | |
| Slater 116 | 108 | | Kirkland, WA | — | | 7,379 | | 22,138 | | 2,243 | | 7,379 | | 24,381 | 31,760 | (8,886) | 2013 | Sep-13 | 3-30 |
| Solstice | 280 | | Sunnyvale, CA | — | | 34,444 | | 147,262 | | 9,114 | | 34,444 | | 156,376 | 190,820 | (57,770) | 2014 | Apr-14 | 5-30 |
| Station Park Green | 599 | | San Mateo, CA | — | | 54,782 | | 314,694 | | 111,597 | | 67,204 | | 413,869 | 481,073 | (79,930) | 2018 | Mar-18 | 3-30 |
| Stevenson Place | 200 | | Fremont, CA | — | | 996 | | 5,582 | | 16,131 | | 1,001 | | 21,708 | 22,709 | (18,665) | 1975 | Apr-00 | 3-30 |
First 8 of 36 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | | | | | | | | | |
| Apartment | | | | Buildings and | subsequent to | Land and | Buildings and | | Accumulated | Date of | Date | Lives | | | | | | | | | |
| Property | Homes | Location | Encumbrance | Land | improvements | acquisition | improvements | improvements | Total (1) | depreciation | construction | acquired | (years) | | | | | | | | | |
| Villa Siena | 272 | | Costa Mesa, CA | — | | 13,842 | | 55,367 | | 15,491 | | 13,842 | | 70,858 | | 84,700 | | (27,347) | | 1974 | Apr-14 | 5-30 |
| Village Green | 272 | | La Habra, CA | — | | 6,488 | | 36,768 | | 6,463 | | 6,488 | | 43,231 | | 49,719 | | (16,403) | | 1971 | Apr-14 | 5-30 |
| Vista Belvedere | 76 | | Tiburon, CA | — | | 5,573 | | 11,901 | | 10,717 | | 5,573 | | 22,618 | | 28,191 | | (15,957) | | 1963 | Aug-04 | 3-30 |
| Vox Apartments | 58 | | Seattle, WA | — | | 5,545 | | 16,635 | | 642 | | 5,545 | | 17,277 | | 22,822 | | (6,032) | | 2013 | Oct-13 | 3-30 |
First 8 of 21 rows. The CSV has all of them.
| | | | | | Costs | | | | | | | | |
| | | | Initial cost | capitalized | Gross amount carried at close of period | | | | | | | | |
| | | | | Buildings and | subsequent | Land and | Buildings and | | Accumulated | | | | |
| | Property | Encumbrance | Land | improvements | to acquisition | improvements | improvements | Total(1) | depreciation | | | | |
| | Other real estate assets | — | | 80,706 | | 16,587 | | 15,769 | | 82,067 | 30,995 | 113,062 | (20,791) |
| | | $— | | $80,706 | | $16,587 | | $15,769 | | $82,067 | $30,995 | $113,062 | $(20,791) |
| Total | $887,204 | | $2,981,986 | | $10,387,597 | | $2,765,640 | | $3,036,912 | | $13,098,311 | $16,135,223 | $(5,664,931) | |
Table 81 after “A summary of activity for rental properties and accumulated depreciation is as follows:”
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| 2023 | 2022 | | 2021 | | 2023 | 2022 | | 2021 | | |
| Rental properties: | | | | | Accumulated depreciation: | | | | | | |
| Balance at beginning of year | $15,966,227 | | $15,629,927 | | | $15,061,745 | Balance at beginning of year | $5,152,133 | | $4,646,854 | $4,133,959 |
| Acquisition, development, and improvement of real estate | 235,423 | | 427,668 | | | 707,267 | Depreciation expense | 545,702 | | 536,202 | 528,613 |
| Disposition of real estate and other | (66,427) | | (91,368) | | | (139,085) | Depreciation expense - Disposals and other | (32,904) | | (30,923) | (15,718) |
| Balance at the end of year | $16,135,223 | | $15,966,227 | | | $15,629,927 | Balance at the end of year | $5,664,931 | | $5,152,133 | $4,646,854 |
| EXHIBIT INDEX |
| Exhibit No. | Document |
| 3.1 | Articles of Amendment and Restatement of Essex Property Trust, Inc., attached as Exhibit 3.2 to the Company's Current Report on Form 8-K, filed May 23, 2016, and incorporated herein by reference. |
| 3.2 | Seventh Amended and Restated Bylaws of Essex Property Trust, Inc. (effective as of December 8, 2022), attached as Exhibit 3.1 to the Company's Current Report on Form 8-K, filed December 13, 2022, and incorporated herein by reference. |
| 3.3 | Certificate of Limited Partnership of Essex Portfolio, L.P. and amendments thereto, attached as Exhibit 3.4 to the Company's Annual Report on Form 10-K, filed February 25, 2022, and incorporated herein by reference. |
| 4.2 | Form of Common Stock Certificate of Essex Property Trust, Inc., filed as Exhibit 4.5 to the Company's Form S-4 Registration Statement, filed January 29, 2014, and incorporated herein by reference. |
| 4.3 | Indenture, dated April 15, 2014, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 3.875% Senior Notes due 2024 and the guarantee thereof, attached as Exhibit 4.1 to Essex Property Trust, Inc.'s Current Report on Form 8-K, filed April 16, 2014, and incorporated herein by reference. |
| 4.4 | Indenture, dated March 17, 2015, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 3.500% Senior Notes due 2025 and the guarantee thereof, attached as Exhibit 4.1 to the Company's Current Report on Form 8-K, filed March 17, 2015, and incorporated herein by reference. |
First 8 of 17 rows. The CSV has all of them.
| 4.14 | Description of Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, attached as Exhibit 4.14 to the Company's Annual Report on Form 10-K filed February 23, 2023, and incorporated herein by reference. |
| 10.1 | Agreement between Essex Property Trust, Inc. and George M. Marcus, dated March 27, 2003 attached as Exhibit 10.32 to the Company's Form 10-K for the year ended December 31, 2002, and incorporated herein by reference. |
| 10.2 | Essex Property Trust, Inc. Deferred Compensation Plan, As Amended and Restated As of January 1, 2021, attached as Exhibit 10.2 to the Company's Annual Report on Form 10-K, filed February 25, 2022, and incorporated herein by reference. |
| 10.3 | Form of Indemnification Agreement between Essex Property Trust, Inc. and its directors and officers, attached as Exhibit 10.4 to the Company's Annual Report on Form 10-K, filed February 21, 2019, and incorporated herein by reference.* |
| 10.4 | Modification Agreement, dated July 30, 2012, attached as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, and incorporated herein by reference. |
| 10.5 | Amendment to Agreement, dated as of September 11, 2012, between the Company and George Marcus, attached as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, and incorporated herein by reference. |
| 10.6 | Amended and Restated Essex Property Trust Inc. Executive Severance Plan. * |
| 10.7 | Essex Property Trust, Inc. 2013 Stock Award and Incentive Compensation Plan, attached as Appendix B to the Company's Definitive Proxy Statement on Schedule 14A for the Annual Meeting of Stockholders held May 14, 2013, filed April 1, 2013, and incorporated herein by reference.* |
First 8 of 19 rows. The CSV has all of them.
| 10.19 | Forms of Essex Property Trust, Inc. Long-Term Incentive Award Agreements pursuant to the 2018 Stock Award and Incentive Compensation Plan for awards granted commencing fiscal year 2024.* |
| 10.20 | Separation Agreement and Release, dated as of September 15,2023, by and between Adam W. Berry and Essex Property Trust, Inc., attached as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed October 27, 2023, and incorporated herein by reference.* |
| 10.21 | Fourth Amended and Restated Revolving Credit Agreement, dated as of July 7, 2022, among Essex Portfolio, L.P., PNC Bank, National Association, as Administrative Agent and L/C Issuer and other lenders party thereto, attached as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, and incorporated herein by reference.† |
| 10.22 | Deferred Compensation Plan for Non-Employee Directors, attached as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q, filed May 7, 2020 and incorporated herein by reference.* |
| 10.23 | Executive Transition Services Agreement, dated as of October 3, 2022, by and between Essex Property Trust, Inc. and Michael J. Schall, attached as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed October 3, 2022 and incorporated herein by reference.* |
| 21.1 | List of Subsidiaries of Essex Property Trust, Inc. and Essex Portfolio, L.P. |
| 23.1 | Consent of KPMG LLP, Independent Registered Public Accounting Firm. |
| 23.2 | Consent of KPMG LLP, Independent Registered Public Accounting Firm. |
First 8 of 25 rows. The CSV has all of them.
Table 85 after “Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of”
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| Signature | Title | Date |
| /s/ GEORGE M. MARCUSGeorge M. Marcus | Director and Chairman of the Board | February 23, 2024 |
| /s/ KEITH R. GUERICKEKeith R. Guericke | Director, and Vice Chairman of the Board | February 23, 2024 |
| /s/ IRVING F. LYONS, IIIIrving F. Lyons, III | Lead Director | February 23, 2024 |
| /s/ JOHN V. ARABIAJohn V. Arabia | Director | February 23, 2024 |
| /s/ ANNE B. GUSTAnne B. Gust | Director | February 23, 2024 |
| /s/ MARIA R. HAWTHORNEMaria R. Hawthorne | Director | February 23, 2024 |
| /s/ AMAL M. JOHNSONAmal M. Johnson | Director | February 23, 2024 |
First 8 of 13 rows. The CSV has all of them.