Essex Portfolio 10-Q 28 Apr 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 26, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-13106
Entity Registrant Name	ESSEX PROPERTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	77-0369576
Entity Address, Address Line One	1100 Park Place, Suite 200
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94403
City Area Code	650
Local Phone Number	655-7800
Title of 12(b) Security	Common Stock, $.0001 par value (Essex Property Trust, Inc.)
Trading Symbol	ESS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		64,181,614
Entity Central Index Key	0000920522
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Essex Portfolio, L.P.
Entity Information [Line Items]
Entity File Number	333-44467-01
Entity Registrant Name	ESSEX PORTFOLIO, L.P.
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	77-0369575
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

EPT - Condensed Consolidated Ba

EPT - Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Rental properties:
Land and land improvements	$ 3,031,415	$ 3,043,321
Buildings and improvements	12,910,492	12,922,906
Total rental properties	15,941,907	15,966,227
Less: accumulated depreciation	(5,254,874)	(5,152,133)
Net real estate	10,687,033	10,814,094
Real estate under development	21,909	24,857
Co-investments	1,131,183	1,127,491
Total real estate	11,840,125	11,966,442
Cash and cash equivalents-unrestricted	67,712	33,295
Cash and cash equivalents-restricted	9,446	9,386
Marketable securities, net of allowance for credit losses of zero as of both March 31, 2023 and December 31, 2022	107,002	112,743
Notes and other receivables, net of allowance for credit losses of $0.4 million and $0.3 million as of March 31, 2023 and December 31, 2022, respectively (includes related party receivables of $6.9 million and $7.0 million as of March 31, 2023 and December 31, 2022, respectively)	120,586	103,045
Operating lease right-of-use assets	66,373	67,239
Prepaid expenses and other assets	68,530	80,755
Total assets	12,279,774	12,372,905
LIABILITIES AND EQUITY
Unsecured debt, net	5,313,701	5,312,168
Mortgage notes payable, net	593,147	593,943
Lines of credit	457	52,073
Accounts payable and accrued liabilities	208,072	165,461
Construction payable	19,810	23,159
Dividends payable	155,720	149,166
Distributions in excess of investments in co-investments	50,309	42,532
Operating lease liabilities	67,772	68,696
Other liabilities	43,721	43,441
Total liabilities	6,452,709	6,450,639
Commitments and contingencies
Redeemable noncontrolling interest	30,208	27,150
Equity:
Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,181,614 and 64,604,603 shares issued and outstanding, respectively	6	6
Additional paid-in capital	6,657,183	6,750,076
Distributions in excess of accumulated earnings	(1,074,930)	(1,080,176)
Accumulated other comprehensive income, net	36,522	46,466
Total stockholders' equity	5,618,781	5,716,372
Noncontrolling interest	178,076	178,744
Total equity	5,796,857	5,895,116
Total liabilities and equity	$ 12,279,774	$ 12,372,905

EPT - Condensed Consolidated _2

EPT - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Marketable securities, allowance for credit loss	$ 0	$ 0
Notes and other receivables, allowance for credit loss	418,000	334,000
Related party receivables	$ 6,900,000	$ 7,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	670,000,000	670,000,000
Common stock, shares issued (in shares)	64,181,614	64,604,603
Common stock, shares outstanding (in shares)	64,181,614	64,604,603

EPLP - Condensed Consolidated B

EPLP - Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Rental properties:
Land and land improvements	$ 3,031,415	$ 3,043,321
Buildings and improvements	12,910,492	12,922,906
Total rental properties	15,941,907	15,966,227
Less: accumulated depreciation	(5,254,874)	(5,152,133)
Net real estate	10,687,033	10,814,094
Real estate under development	21,909	24,857
Co-investments	1,131,183	1,127,491
Total real estate	11,840,125	11,966,442
Cash and cash equivalents-unrestricted	67,712	33,295
Cash and cash equivalents-restricted	9,446	9,386
Marketable securities, net of allowance for credit losses of zero as of both March 31, 2023 and December 31, 2022	107,002	112,743
Notes and other receivables, net of allowance for credit losses of $0.4 million and $0.3 million as of March 31, 2023 and December 31, 2022, respectively (includes related party receivables of $6.9 million and $7.0 million as of March 31, 2023 and December 31, 2022, respectively)	120,586	103,045
Operating lease right-of-use assets	66,373	67,239
Prepaid expenses and other assets	68,530	80,755
Total assets	12,279,774	12,372,905
LIABILITIES AND CAPITAL
Unsecured debt, net	5,313,701	5,312,168
Mortgage notes payable, net	593,147	593,943
Lines of credit	457	52,073
Accounts payable and accrued liabilities	208,072	165,461
Construction payable	19,810	23,159
Dividends payable	155,720	149,166
Distributions in excess of investments in co-investments	50,309	42,532
Operating lease liabilities	67,772	68,696
Other liabilities	43,721	43,441
Total liabilities	6,452,709	6,450,639
Commitments and contingencies
Redeemable noncontrolling interest	30,208	27,150
Limited Partners:
Accumulated other comprehensive income	36,522	46,466
Noncontrolling interest	178,076	178,744
Total liabilities and equity	12,279,774	12,372,905
Essex Portfolio, L.P.
Rental properties:
Land and land improvements	3,031,415	3,043,321
Buildings and improvements	12,910,492	12,922,906
Total rental properties	15,941,907	15,966,227
Less: accumulated depreciation	(5,254,874)	(5,152,133)
Net real estate	10,687,033	10,814,094
Real estate under development	21,909	24,857
Co-investments	1,131,183	1,127,491
Total real estate	11,840,125	11,966,442
Cash and cash equivalents-unrestricted	67,712	33,295
Cash and cash equivalents-restricted	9,446	9,386
Marketable securities, net of allowance for credit losses of zero as of both March 31, 2023 and December 31, 2022	107,002	112,743
Notes and other receivables, net of allowance for credit losses of $0.4 million and $0.3 million as of March 31, 2023 and December 31, 2022, respectively (includes related party receivables of $6.9 million and $7.0 million as of March 31, 2023 and December 31, 2022, respectively)	120,586	103,045
Operating lease right-of-use assets	66,373	67,239
Prepaid expenses and other assets	68,530	80,755
Total assets	12,279,774	12,372,905
LIABILITIES AND CAPITAL
Unsecured debt, net	5,313,701	5,312,168
Mortgage notes payable, net	593,147	593,943
Lines of credit	457	52,073
Accounts payable and accrued liabilities	208,072	165,461
Construction payable	19,810	23,159
Dividends payable	155,720	149,166
Distributions in excess of investments in co-investments	50,309	42,532
Operating lease liabilities	67,772	68,696
Other liabilities	43,721	43,441
Total liabilities	6,452,709	6,450,639
Commitments and contingencies
Redeemable noncontrolling interest	30,208	27,150
Limited Partners:
Accumulated other comprehensive income	41,716	52,010
Total partners' capital	5,675,360	5,773,370
Noncontrolling interest	121,497	121,746
Total capital	5,796,857	5,895,116
Total liabilities and equity	12,279,774	12,372,905
Essex Portfolio, L.P. | General Partner
General Partner:
Common equity (64,181,614 and 64,604,603 units issued and outstanding, respectively)	5,582,259	5,669,906
Essex Portfolio, L.P. | Limited Partners
Limited Partners:
Common equity (2,260,842 and 2,272,496 units issued and outstanding, respectively)	51,385	51,454
Essex Portfolio, L.P. | Common Equity | General Partner
General Partner:
Common equity (64,181,614 and 64,604,603 units issued and outstanding, respectively)	5,582,259	5,669,906
Limited Partners:
Total capital	5,582,259	5,669,906
Essex Portfolio, L.P. | Common Equity | Limited Partners
Limited Partners:
Total capital	$ 51,385	$ 51,454

EPLP - Condensed Consolidated_2

EPLP - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Marketable securities, allowance for credit loss	$ 0	$ 0
Notes and other receivables, allowance for credit loss	418,000	334,000
Related party receivables	$ 6,900,000	$ 7,000,000
Common stock, shares issued (in shares)	64,181,614	64,604,603
Common stock, shares outstanding (in shares)	64,181,614	64,604,603
Essex Portfolio, L.P.
Marketable securities, allowance for credit loss	$ 0	$ 0
Notes and other receivables, allowance for credit loss	400,000	300,000
Related party receivables	$ 6,900,000	$ 7,000,000
Essex Portfolio, L.P. | General Partner
Common stock, shares issued (in shares)	64,181,614	64,604,603
Common stock, shares outstanding (in shares)	64,181,614	64,604,603
Essex Portfolio, L.P. | Limited Partners
Common stock, shares issued (in shares)	2,260,842	2,272,496
Common stock, shares outstanding (in shares)	2,260,842	2,272,496

EPT - Condensed Consolidated St

EPT - Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Rental and other property	$ 409,656	$ 379,216
Management and other fees from affiliates	2,765	2,689
Revenues	412,421	381,905
Expenses:
Property operating, excluding real estate taxes	73,882	68,858
Real estate taxes	46,530	47,242
Corporate-level property management expenses	11,432	10,172
Depreciation and amortization	136,347	133,533
General and administrative	15,311	12,242
Expensed acquisition and investment related costs	339	8
Casualty loss	433	0
Total expenses	284,274	272,055
Gain on sale of real estate and land	59,238	0
Earnings from operations	187,385	109,850
Interest expense	(51,045)	(50,377)
Total return swap income	1,033	2,544
Interest and other income (loss)	12,450	(7,567)
Equity income from co-investments	10,871	21,171
Deferred tax benefit on unconsolidated co-investments	900	2,754
Net income	161,594	78,375
Net income attributable to noncontrolling interest	(8,062)	(5,121)
Net income available to common stockholders	153,532	73,254
Comprehensive income	151,300	98,856
Comprehensive income attributable to noncontrolling interest	(7,712)	(5,813)
Comprehensive income attributable to controlling interest	$ 143,588	$ 93,043
Basic:
Net income available to common stockholders (in dollars per share)	$ 2.38	$ 1.12
Weighted average number of shares outstanding during the period (in shares)	64,458,535	65,275,775
Diluted:
Net income available to common stockholders (in dollars per share)	$ 2.38	$ 1.12
Weighted average number of shares outstanding during the period (in shares)	64,459,689	65,339,378

EPLP - Condensed Consolidated S

EPLP - Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Rental and other property	$ 409,656	$ 379,216
Management and other fees from affiliates	2,765	2,689
Revenues	412,421	381,905
Expenses:
Property operating, excluding real estate taxes	73,882	68,858
Real estate taxes	46,530	47,242
Corporate-level property management expenses	11,432	10,172
Depreciation and amortization	136,347	133,533
General and administrative	15,311	12,242
Expensed acquisition and investment related costs	339	8
Casualty loss	433	0
Total expenses	284,274	272,055
Gain on sale of real estate and land	59,238	0
Earnings from operations	187,385	109,850
Interest expense	(51,045)	(50,377)
Total return swap income	1,033	2,544
Interest and other income (loss)	12,450	(7,567)
Equity income from co-investments	10,871	21,171
Deferred tax benefit on unconsolidated co-investments	900	2,754
Net income	161,594	78,375
Net income attributable to noncontrolling interest	(8,062)	(5,121)
Net income available to common stockholders	153,532	73,254
Comprehensive income	151,300	98,856
Comprehensive income attributable to noncontrolling interest	(7,712)	(5,813)
Comprehensive income attributable to controlling interest	$ 143,588	$ 93,043
Basic:
Net income available to common unitholders (in dollars per share)	$ 2.38	$ 1.12
Weighted average number of common units outstanding during the period (in shares)	64,458,535	65,275,775
Diluted:
Net income available to common unitholders (in dollars per share)	$ 2.38	$ 1.12
Weighted average number of common units outstanding during the period (in shares)	64,459,689	65,339,378
Essex Portfolio, L.P.
Revenues:
Rental and other property	$ 409,656	$ 379,216
Management and other fees from affiliates	2,765	2,689
Revenues	412,421	381,905
Expenses:
Property operating, excluding real estate taxes	73,882	68,858
Real estate taxes	46,530	47,242
Corporate-level property management expenses	11,432	10,172
Depreciation and amortization	136,347	133,533
General and administrative	15,311	12,242
Expensed acquisition and investment related costs	339	8
Casualty loss	433	0
Total expenses	284,274	272,055
Gain on sale of real estate and land	59,238	0
Earnings from operations	187,385	109,850
Interest expense	(51,045)	(50,377)
Total return swap income	1,033	2,544
Interest and other income (loss)	12,450	(7,567)
Equity income from co-investments	10,871	21,171
Deferred tax benefit on unconsolidated co-investments	900	2,754
Net income	161,594	78,375
Net income attributable to noncontrolling interest	(2,658)	(2,558)
Net income available to common stockholders	158,936	75,817
Comprehensive income	151,300	98,856
Comprehensive income attributable to noncontrolling interest	(2,658)	(2,558)
Comprehensive income attributable to controlling interest	$ 148,642	$ 96,298
Basic:
Net income available to common unitholders (in dollars per share)	$ 2.38	$ 1.12
Weighted average number of common units outstanding during the period (in shares)	66,724,428	67,558,239
Diluted:
Net income available to common unitholders (in dollars per share)	$ 2.38	$ 1.12
Weighted average number of common units outstanding during the period (in shares)	66,725,582	67,621,842

EPT - Condensed Consolidated _3

EPT - Condensed Consolidated Statements of Equity for the three months ended March 31, 2023 and 2022 (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Distributions in excess of accumulated earnings	Accumulated other comprehensive income, net	Noncontrolling interest
Balance at period beginning (in shares) at Dec. 31, 2021		65,248
Balance at period beginning at Dec. 31, 2021	$ 6,176,508	$ 7	$ 6,915,981	$ (916,833)	$ (5,552)	$ 182,905
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	78,375			73,254		5,121
Change in fair value of derivatives and amortization of swap settlements	20,083				19,404	679
Change in fair value of marketable debt securities, net	398				385	13
Issuance of common stock under:
Stock option and restricted stock plans, net (in shares)		84
Stock option and restricted stock plans, net	16,867		16,867
Sale of common stock, net	(141)		(141)
Equity based compensation costs	2,463		2,380			83
Changes in the redemption value of redeemable noncontrolling interest	(5,072)		(5,014)			(58)
Contributions from noncontrolling interest	125					125
Distributions to noncontrolling interest	(7,619)					(7,619)
Redemptions of noncontrolling interest (in shares)		0
Redemptions of noncontrolling interest	(26)		(1)			(25)
Common stock dividends	(143,754)			(143,754)
Balance at period end (in shares) at Mar. 31, 2022		65,332
Balance at period end at Mar. 31, 2022	6,138,207	$ 7	6,930,072	(987,333)	14,237	181,224
Balance at period beginning (in shares) at Dec. 31, 2022		64,605
Balance at period beginning at Dec. 31, 2022	5,895,116	$ 6	6,750,076	(1,080,176)	46,466	178,744
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	161,594			153,532		8,062
Change in fair value of derivatives and amortization of swap settlements	(10,294)				(9,944)	(350)
Issuance of common stock under:
Stock option and restricted stock plans, net (in shares)		2
Stock option and restricted stock plans, net	0
Sale of common stock, net	(72)		(72)
Equity based compensation costs	5,664		5,472			192
Retirement of common stock, net (in shares)		(437)
Retirement of common stock, net	(95,657)		(95,657)
Changes in the redemption value of redeemable noncontrolling interest	(3,058)		(2,927)			(131)
Distributions to noncontrolling interest	(7,977)					(7,977)
Redemptions of noncontrolling interest (in shares)		12
Redemptions of noncontrolling interest	(173)		291			(464)
Common stock dividends	(148,286)			(148,286)
Balance at period end (in shares) at Mar. 31, 2023		64,182
Balance at period end at Mar. 31, 2023	$ 5,796,857	$ 6	$ 6,657,183	$ (1,074,930)	$ 36,522	$ 178,076

EPT - Condensed Consolidated _4

EPT - Condensed Consolidated Statements of Equity for the three months ended March 31, 2023 and 2022 (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 2.31	$ 2.20

EPLP - Condensed Consolidated_3

EPLP - Condensed Consolidated Statements of Capital for the three and three months ended March 31, 2023 and 2022 (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	$ 161,594	$ 78,375
Change in fair value of derivatives and amortization of swap settlements	(10,294)	20,083
Change in fair value of marketable debt securities, net		398
Issuance of common units under:
Sale of common stock by general partner, net	(72)	(141)
Retirement of common units, net	(95,657)
Changes in the redemption value of redeemable noncontrolling interest	(3,058)	(5,072)
Contributions from noncontrolling interest		125
Distributions to noncontrolling interest	(7,977)	(7,619)
Redemptions	(173)	(26)
Essex Portfolio, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning	5,895,116	6,176,508
Net income	161,594	78,375
Change in fair value of derivatives and amortization of swap settlements	(10,294)	20,083
Change in fair value of marketable debt securities, net		398
Issuance of common units under:
General partner's stock based compensation, net		16,867
Sale of common stock by general partner, net	(72)	(141)
Equity based compensation costs	5,664	2,463
Retirement of common units, net	(95,657)
Changes in the redemption value of redeemable noncontrolling interest	(3,058)	(5,072)
Contributions from noncontrolling interest		125
Distributions to noncontrolling interest	(2,755)	(2,597)
Redemptions	(173)	(26)
Distributions declared	(153,508)	(148,776)
Balance at period end	$ 5,796,857	$ 6,138,207
Essex Portfolio, L.P. | Common Equity | General Partner
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning (in shares)	64,605	65,248
Balance at period beginning	$ 5,669,906	$ 5,999,155
Net income	$ 153,532	$ 73,254
Issuance of common units under:
General partner's stock based compensation, net (in shares)	2	84
General partner's stock based compensation, net		$ 16,867
Sale of common stock by general partner, net	$ (72)	(141)
Equity based compensation costs	$ 5,472	2,380
Retirement of common units, net (in shares)	(437)
Retirement of common units, net	$ (95,657)
Changes in the redemption value of redeemable noncontrolling interest	$ (2,927)	(5,014)
Redemptions (in shares)	12
Redemptions	$ 291	(1)
Distributions declared	$ (148,286)	$ (143,754)
Balance at period end (in shares)	64,182	65,332
Balance at period end	$ 5,582,259	$ 5,942,746
Essex Portfolio, L.P. | Common Equity | Limited Partners
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning (in shares)	2,272	2,282
Balance at period beginning	$ 51,454	$ 56,502
Net income	5,404	2,563
Issuance of common units under:
Equity based compensation costs	192	83
Changes in the redemption value of redeemable noncontrolling interest	$ (106)	(14)
Redemptions (in shares)	(11)
Redemptions	$ (337)
Distributions declared	$ (5,222)	$ (5,022)
Balance at period end (in shares)	2,261	2,282
Balance at period end	$ 51,385	$ 54,112
Essex Portfolio, L.P. | Accumulated other comprehensive income, net
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning	52,010	(1,804)
Change in fair value of derivatives and amortization of swap settlements	(10,294)	20,083
Change in fair value of marketable debt securities, net		398
Issuance of common units under:
Balance at period end	41,716	18,677
Essex Portfolio, L.P. | Noncontrolling interest
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning	121,746	122,655
Net income	2,658	2,558
Issuance of common units under:
Changes in the redemption value of redeemable noncontrolling interest	(25)	(44)
Contributions from noncontrolling interest		125
Distributions to noncontrolling interest	(2,755)	(2,597)
Redemptions	(127)	(25)
Balance at period end	$ 121,497	$ 122,672

EPLP - Condensed Consolidated_4

EPLP - Condensed Consolidated Statements of Capital for the three and three months ended March 31, 2023 and 2022 (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Essex Portfolio, L.P.
Distribution declared (in dollars per share)	$ 2.31	$ 2.20

EPT - Condensed Consolidated _5

EPT - Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 161,594	$ 78,375
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents	(381)	2,074
Depreciation and amortization	136,347	133,533
Amortization of discount and debt financing costs, net	1,282	1,665
Gain on sale of marketable securities	(912)	(12,171)
Provision for credit losses	18	62
Unrealized (gains) losses on equity securities recognized through income	(368)	24,585
Earnings from co-investments	(10,871)	(21,171)
Operating distributions from co-investments	6,784	52,281
Accrued interest from notes and other receivables	(2,165)	(3,447)
Casualty loss	433	0
Gain on the sale of real estate and land	(59,238)	0
Equity-based compensation	1,971	2,296
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets	2,457	16,026
Accounts payable, accrued liabilities, and operating lease liabilities	39,687	40,300
Other liabilities	281	735
Net cash provided by operating activities	276,919	315,143
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	0	(61)
Redevelopment	(21,265)	(18,004)
Development acquisitions of and additions to real estate under development	(3,791)	(6,882)
Capital expenditures on rental properties	(21,084)	(24,917)
Investments in notes receivable	(14,883)	(134,697)
Collections of notes and other receivables	0	270,338
Proceeds from insurance for property losses	152	88
Proceeds from dispositions of real estate	99,388	0
Contributions to co-investments	(7,967)	(79,284)
Changes in refundable deposits	9,000	(6,318)
Purchases of marketable securities	(11,073)	(10,826)
Sales and maturities of marketable securities	26,681	27,911
Non-operating distributions from co-investments	0	88,370
Net cash provided by investing activities	55,158	105,718
Cash flows from financing activities:
Payments on unsecured debt and mortgage notes	(206)	(904)
Proceeds from lines of credit	327,524	391,472
Repayments of lines of credit	(379,141)	(634,729)
Retirement of common stock	(95,657)	0
Additions to deferred charges	(166)	0
Net (costs) proceeds from issuance of common stock	(72)	(141)
Net proceeds from stock options exercised	0	19,083
Payments related to tax withholding for share-based compensation	0	(2,216)
Contributions from noncontrolling interest	0	125
Distributions to noncontrolling interest	(7,580)	(7,218)
Redemption of noncontrolling interest	(173)	(26)
Common stock dividends paid	(142,129)	(136,392)
Net cash used in financing activities	(297,600)	(370,946)
Net increase in unrestricted and restricted cash and cash equivalents	34,477	49,915
Unrestricted and restricted cash and cash equivalents at beginning of period	42,681	58,638	$ 58,638
Unrestricted and restricted cash and cash equivalents at end of period	77,158	108,553	$ 42,681
Supplemental disclosure of cash flow information:
Cash paid for interest (net of $0.3 million and $0.9 million capitalized in 2023 and 2022, respectively)	52,686	51,168
Operating cash flows from operating leases	1,762	1,738
Supplemental disclosure of noncash investing and financing activities:
Transfers between real estate under development and rental properties, net	121	4,346
Transfers from real estate under development to co-investments	467	858
Reclassifications to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest	$ 3,058	$ 5,073

EPT - Condensed Consolidated _6

EPT - Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Interest capitalized	$ 0.3	$ 0.9

EPLP - Condensed Consolidated_5

EPLP - Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 161,594	$ 78,375
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents	(381)	2,074
Depreciation and amortization	136,347	133,533
Amortization of discount and debt financing costs, net	1,282	1,665
Gain on sale of marketable securities	(912)	(12,171)
Provision for credit losses	18	62
Unrealized (gains) losses on equity securities recognized through income	(368)	24,585
Earnings from co-investments	(10,871)	(21,171)
Operating distributions from co-investments	6,784	52,281
Accrued interest from notes and other receivables	(2,165)	(3,447)
Casualty loss	433	0
Gain on the sale of real estate and land	(59,238)	0
Equity-based compensation	1,971	2,296
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets	2,457	16,026
Accounts payable, accrued liabilities, and operating lease liabilities	39,687	40,300
Other liabilities	281	735
Net cash provided by operating activities	276,919	315,143
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	0	(61)
Redevelopment	(21,265)	(18,004)
Development acquisitions of and additions to real estate under development	(3,791)	(6,882)
Capital expenditures on rental properties	(21,084)	(24,917)
Investments in notes receivable	(14,883)	(134,697)
Collections of notes and other receivables	0	270,338
Proceeds from insurance for property losses	152	88
Proceeds from dispositions of real estate	99,388	0
Contributions to co-investments	(7,967)	(79,284)
Changes in refundable deposits	9,000	(6,318)
Purchases of marketable securities	(11,073)	(10,826)
Sales and maturities of marketable securities	26,681	27,911
Non-operating distributions from co-investments	0	88,370
Net cash provided by investing activities	55,158	105,718
Cash flows from financing activities:
Payments on unsecured debt and mortgage notes	(206)	(904)
Proceeds from lines of credit	327,524	391,472
Repayments of lines of credit	(379,141)	(634,729)
Retirement of common stock	(95,657)	0
Additions to deferred charges	(166)	0
Net (costs) proceeds from issuance of common stock	(72)	(141)
Net proceeds from stock options exercised	0	19,083
Payments related to tax withholding for share-based compensation	0	(2,216)
Contributions from noncontrolling interest	0	125
Distributions to noncontrolling interest	(7,580)	(7,218)
Redemption of noncontrolling interest	(173)	(26)
Common stock dividends paid	(142,129)	(136,392)
Net cash used in financing activities	(297,600)	(370,946)
Net increase in unrestricted and restricted cash and cash equivalents	34,477	49,915
Unrestricted and restricted cash and cash equivalents at beginning of period	42,681	58,638	$ 58,638
Unrestricted and restricted cash and cash equivalents at end of period	77,158	108,553	42,681
Supplemental disclosure of cash flow information:
Cash paid for interest (net of $0.3 million and $0.9 million capitalized in 2023 and 2022, respectively)	52,686	51,168
Operating cash flows from operating leases	1,762	1,738
Supplemental disclosure of noncash investing and financing activities:
Transfers between real estate under development and rental properties, net	121	4,346
Transfers from real estate under development to co-investments	467	858
Reclassifications to redeemable noncontrolling interest from general and limited partner capital and noncontrolling interest	3,058	5,073
Essex Portfolio, L.P.
Cash flows from operating activities:
Net income	161,594	78,375
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents	(381)	2,074
Depreciation and amortization	136,347	133,533
Amortization of discount and debt financing costs, net	1,282	1,665
Gain on sale of marketable securities	(912)	(12,171)
Provision for credit losses	18	62
Unrealized (gains) losses on equity securities recognized through income	(368)	24,585
Earnings from co-investments	(10,871)	(21,171)
Operating distributions from co-investments	6,784	52,281
Accrued interest from notes and other receivables	(2,165)	(3,447)
Casualty loss	433	0
Gain on the sale of real estate and land	(59,238)	0
Equity-based compensation	1,971	2,296
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets	2,457	16,026
Accounts payable, accrued liabilities, and operating lease liabilities	39,687	40,300
Other liabilities	281	735
Net cash provided by operating activities	276,919	315,143
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	0	(61)
Redevelopment	(21,265)	(18,004)
Development acquisitions of and additions to real estate under development	(3,791)	(6,882)
Capital expenditures on rental properties	(21,084)	(24,917)
Investments in notes receivable	(14,883)	(134,697)
Collections of notes and other receivables	0	270,338
Proceeds from insurance for property losses	152	88
Proceeds from dispositions of real estate	99,388	0
Contributions to co-investments	(7,967)	(79,284)
Changes in refundable deposits	9,000	(6,318)
Purchases of marketable securities	(11,073)	(10,826)
Sales and maturities of marketable securities	26,681	27,911
Non-operating distributions from co-investments	0	88,370
Net cash provided by investing activities	55,158	105,718
Cash flows from financing activities:
Payments on unsecured debt and mortgage notes	(206)	(904)
Proceeds from lines of credit	327,524	391,472
Repayments of lines of credit	(379,141)	(634,729)
Retirement of common stock	(95,657)	0
Additions to deferred charges	(166)	0
Net (costs) proceeds from issuance of common stock	(72)	(141)
Net proceeds from stock options exercised	0	19,083
Payments related to tax withholding for share-based compensation	0	(2,216)
Contributions from noncontrolling interest	0	125
Distributions to noncontrolling interest	(2,065)	(2,046)
Redemption of noncontrolling interest	(173)	(26)
Common stock dividends paid	(147,644)	(141,564)
Net cash used in financing activities	(297,600)	(370,946)
Net increase in unrestricted and restricted cash and cash equivalents	34,477	49,915
Unrestricted and restricted cash and cash equivalents at beginning of period	42,681	58,638	58,638
Unrestricted and restricted cash and cash equivalents at end of period	77,158	108,553	$ 42,681
Supplemental disclosure of cash flow information:
Cash paid for interest (net of $0.3 million and $0.9 million capitalized in 2023 and 2022, respectively)	52,686	51,168
Operating cash flows from operating leases	1,762	1,738
Supplemental disclosure of noncash investing and financing activities:
Transfers between real estate under development and rental properties, net	121	4,346
Transfers from real estate under development to co-investments	467	858
Reclassifications to redeemable noncontrolling interest from general and limited partner capital and noncontrolling interest	$ 3,058	$ 5,073

EPLP - Condensed Consolidated_6

EPLP - Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest capitalized	$ 0.3	$ 0.9
Essex Portfolio, L.P.
Interest capitalized	$ 0.3	$ 0.9

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation The accompanying unaudited condensed consolidated financial statements present the accounts of Essex Property Trust, Inc. ("Essex" or the "Company"), which include the accounts of the Company and Essex Portfolio, L.P. and its subsidiaries (the "Operating Partnership," which holds the operating assets of the Company), prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and in accordance with the instructions to Form 10-Q. In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods presented have been included and are normal and recurring in nature. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2022. All significant intercompany accounts and transactions have been eliminated in the unaudited condensed consolidated financial statements. The unaudited condensed consolidated financial statements for the three months ended March 31, 2023 and 2022 include the accounts of the Company and the Operating Partnership. Essex is the sole general partner of the Operating Partnership, with a 96.6% general partnership interest as of both March 31, 2023 and December 31, 2022. Total Operating Partnership limited partnership units ("OP Units," and the holders of such OP Units, "Unitholders") outstanding were 2,260,842 and 2,272,496 as of March 31, 2023 and December 31, 2022, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $472.8 million and $481.6 million as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023, the Company owned or had ownership interests in 251 operating apartment communities, comprising 61,924 apartment homes, excluding the Company’s ownership interest in preferred equity co-investments, loan investments, three operating commercial buildings, and a development pipeline comprised of one unconsolidated joint venture project. The operating apartment communities are located in Southern California (primarily Los Angeles, Orange, San Diego, and Ventura counties), Northern California (the San Francisco Bay Area) and the Seattle metropolitan areas. Revenues and Gains on Sale of Real Estate Revenues from tenants renting or leasing apartment homes are recorded when due from tenants and are recognized monthly as they are earned which generally approximates a straight-line basis, else, adjustments are made to conform to a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 9 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. See Note 3, Revenues, for additional information regarding such revenues. The Company also generates other property-related revenue associated with the leasing of apartment homes, including storage income, pet rent, and other miscellaneous revenue. Similar to rental income, such revenues are recorded when due from tenants and recognized monthly as they are earned. Apart from rental and other property-related revenue, revenues from contracts with customers are recognized as control of the promised services is passed to the customer. For customer contracts related to management and other fees from affiliates (which includes asset management and property management), the transaction price and amount of revenue to be recognized is determined each quarter based on the management fee calculated and earned for that month or quarter. The contract will contain a description of the service and the fee percentage for management services. Payments from such services are one month or one quarter in arrears of the service performed. The Company recognizes any gains on sales of real estate when it transfers control of a property and when it is probable that the Company will collect substantially all of the related consideration. Marketable Securities The Company reports its equity securities at fair value, based on quoted market prices (Level 1 for the common stock and investment funds and Level 2 for the unsecured debt, and as defined by the FASB standard for fair value measurements). As of March 31, 2023 and December 31, 2022, $0.1 million and $0.2 million, respectively, of equity securities presented within common stock, preferred stock, and stock funds in the tables below represent investments measured at fair value, using net asset value as a practical expedient, and are not categorized in the fair value hierarchy. Unrealized gains and losses in equity securities and interest income are included in interest and other income on the condensed consolidated statements of income and comprehensive income. As of March 31, 2023 and December 31, 2022, equity securities consisted primarily of investment funds-debt securities, common stock, preferred stock and stock funds. As of March 31, 2023 and December 31, 2022, marketable securities consisted of the following ($ in thousands): March 31, 2023 Cost Gross Carrying Value Equity securities: Investment funds - debt securities $ 38,523 $ (5,174) $ 33,349 Common stock, preferred stock, and stock funds 77,004 (3,351) 73,653 Total - Marketable securities $ 115,527 $ (8,525) $ 107,002 December 31, 2022 Cost Gross 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 The Company uses the specific identification method to determine the cost basis of a debt security sold and to reclassify amounts from accumulated other comprehensive income for such securities. For the three months ended March 31, 2023 and 2022, the proceeds from sales and maturities of marketable securities totaled $26.7 million and $27.9 million, respectively, which resulted in $0.9 million and $12.2 million in realized gains, respectively, for such periods. For the three months ended March 31, 2023 and 2022, the portion of equity security unrealized gains or losses that were recognized in income totaled $0.4 million in gains and $24.6 million in losses, respectively, and were included in interest and other income (loss) on the Company's condensed consolidated statements of income and comprehensive income. Variable Interest Entities In accordance with accounting standards for consolidation of variable interest entities ("VIEs"), the Company consolidated the Operating Partnership, 18 DownREIT entities (comprising nine communities), and six co-investments as of March 31, 2023 and December 31, 2022. The Company consolidates these entities because it is the primary beneficiary. The Company has no assets or liabilities other than its investment in the Operating Partnership. The consolidated total assets and liabilities related to the above consolidated co-investments and DownREIT entities, net of intercompany eliminations, were approximately $945.9 million and $326.7 million, respectively, as of March 31, 2023 and $939.4 million and $324.3 million, respectively, as of December 31, 2022. Noncontrolling interests in these entities was $121.4 million and $121.5 million as of March 31, 2023 and December 31, 2022, respectively. The Company's financial risk in each VIE is limited to its equity investment in the VIE. As of March 31, 2023 and December 31, 2022, the Company did not have any VIEs of which it was not the primary beneficiary. Equity-based Compensation The cost of share- and unit-based compensation awards is measured at the grant date based on the estimated fair value of the awards. The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period. The estimated grant date fair values of the long term incentive plan units (discussed in Note 14, "Equity Based Compensation Plans," in the Company’s annual report on Form 10-K for the year ended December 31, 2022) are being amortized over the expected service periods. Fair Value of Financial Instruments Management believes that the carrying amounts of the outstanding balances under its lines of credit, and notes and other receivables approximate fair value as of March 31, 2023 and December 31, 2022, because interest rates, yields, and other terms for these instruments are consistent with interest rates, yields, and other terms currently available for similar instruments. Management has estimated that the fair value of the Company’s fixed rate debt with a carrying value of $5.7 billion as of both March 31, 2023 and December 31, 2022 was approximately $5.3 billion and $5.2 billion, respectively. Management has estimated that the fair value of the Company’s $222.4 million and $274.2 million of variable rate debt at March 31, 2023 and December 31, 2022, respectively, was approximately $221.6 million and $273.2 million, respectively, based on the terms of existing mortgage notes payable, unsecured debt, and variable rate demand notes compared to those available in the marketplace. Management believes that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payables, other liabilities, and dividends payable approximate fair value as of March 31, 2023 and December 31, 2022 due to the short-term maturity of these instruments. Marketable securities are carried at fair value as of March 31, 2023 and December 31, 2022. Capitalization of Costs The Company’s capitalized internal costs related to development and redevelopment projects were comprised primarily of interest and employee compensation and totaled $4.8 million and $5.4 million during the three months ended March 31, 2023 and 2022, respectively. The Company capitalizes leasing commissions associated with the lease-up of development communities and amortizes the costs over the life of the leases. The amounts capitalized for leasing commissions are immaterial for all periods presented. Co-investments The Company owns investments in joint ventures in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with U.S. GAAP. Therefore, the Company accounts for co-investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company's equity in earnings, less distributions received and the Company's share of losses. The significant accounting policies of the Company’s co-investment entities are consistent with those of the Company in all material respects. Upon the acquisition of a controlling interest of a co-investment, the co-investment entity is consolidated and a gain or loss is recognized upon the remeasurement of co-investments in the consolidated statement of income equal to the amount by which the fair value of the Company's previously owned co-investment interest exceeds its carrying value. A majority of the co-investments, excluding most preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote income if certain financial return benchmarks are achieved. Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible. Any promote fees are reflected in equity income from co-investments. Changes in Accumulated Other Comprehensive Income, Net by Component Essex Property Trust, Inc. ($ in thousands): Change in fair Balance at December 31, 2022 $ 46,466 Other comprehensive loss before reclassification (9,949) Amounts reclassified from accumulated other comprehensive loss 5 Other comprehensive loss (9,944) Balance at March 31, 2023 $ 36,522 Essex Portfolio, L.P. ($ in thousands): Change in fair Balance at December 31, 2022 $ 52,010 Other comprehensive loss before reclassification (10,299) Amounts reclassified from accumulated other comprehensive loss 5 Other comprehensive loss (10,294) Balance at March 31, 2023 $ 41,716 Amounts reclassified from accumulated other comprehensive income in connection with derivatives are recorded in interest expense on the condensed consolidated statements of income and comprehensive income. Redeemable Noncontrolling Interest The carrying value of redeemable noncontrolling interests in the accompanying condensed consolidated balance sheets was $30.2 million and $27.2 million as of March 31, 2023 and December 31, 2022, respectively. The limited partners may redeem their noncontrolling interests for cash in certain circumstances. The changes in the redemption value of redeemable noncontrolling interests for the three months ended March 31, 2023 is as follows ($ in thousands): Balance at December 31, 2022 $ 27,150 Reclassification due to change in redemption value and other 3,058 Balance at March 31, 2023 $ 30,208 Cash, Cash Equivalents and Restricted Cash Highly liquid investments with original maturities of three months or less when purchased are classified as cash equivalents. Restricted cash balances relate primarily to reserve requirements for capital replacement at certain communities in connection with the Company’s mortgage debt. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows ($ in thousands): March 31, 2023 December 31, 2022 March 31, 2022 December 31, 2021 Cash and cash equivalents - unrestricted $ 67,712 $ 33,295 $ 98,107 $ 48,420 Cash and cash equivalents - restricted 9,446 9,386 10,446 10,218 Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows $ 77,158 $ 42,681 $ 108,553 $ 58,638 Accounting Estimates The preparation of condensed consolidated financial statements, in accordance with U.S. GAAP, requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, its notes receivables, and its qualification as a real estate investment trust ("REIT"). The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions.

Significant Transactions During

Significant Transactions During the Three Months Ended March 31, 2023 and Subsequent Events	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Significant Transactions During the Three Months Ended March 31, 2023 and Subsequent Events	Significant Transactions During the Three Months Ended March 31, 2023 and Subsequent Events Significant Transactions Dispositions In March 2023, the Company sold CBC and The Sweeps, a non-core apartment home community with 239 apartment homes, located in Goleta, CA, for a total contract price of $91.7 million. The Company recognized a $54.5 million gain on sale. Common Stock During the three months ended March 31, 2023, the Company repurchased and retired 437,026 shares of the Company's common stock through the Company's stock repurchase plan, totaling $95.7 million, including commissions, at an average price per share of $218.88. As a result, as of March 31, 2023, the Company had $302.7 million of purchase authority remaining under the Company's $500.0 million stock repurchase plan.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Disaggregated Revenue The following table presents the Company’s revenues disaggregated by revenue source ($ in thousands): Three Months Ended March 31, 2023 2022 Rental income $ 404,635 $ 373,425 Other property 5,021 5,791 Management and other fees from affiliates 2,765 2,689 Total revenues $ 412,421 $ 381,905 The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment ($ in thousands): Three Months Ended March 31, 2023 2022 Southern California $ 166,877 $ 153,339 Northern California 163,624 152,745 Seattle Metro 70,038 64,203 Other real estate assets (1) 9,117 8,929 Total rental and other property revenues $ 409,656 $ 379,216 (1) Other real estate assets consist of revenues generated from retail space, commercial properties, held for sale properties, disposition properties and straight-line rent adjustments for concessions. Executive management does not evaluate such operating performance geographically. The following table presents the Company’s rental and other property revenues disaggregated by current property category status ($ in thousands): Three Months Ended March 31, 2023 2022 Same-property (1) $ 388,895 $ 361,415 Acquisitions (2) 1,021 — Development (3) 5,500 4,227 Redevelopment 1,537 1,435 Non-residential/other, net (4) 12,127 15,023 Straight line rent concession (5) 576 (2,884) Total rental and other property revenues $ 409,656 $ 379,216 (1) Same-property includes properties that have comparable stabilized results as of January 1, 2022 and are consolidated by the Company for the three months ended March 31, 2023 and 2022. A community is generally considered to have reached stabilized operations once it achieves an initial occupancy of 90%. (2) Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2022. (3) Development includes properties developed which did not have stabilized results as of January 1, 2022. (4) Non-residential/other, net consists of revenues generated from retail space, commercial properties, held for sale properties, disposition properties, student housing, properties undergoing significant construction activities that do not meet our redevelopment criteria, and two communities located in the California counties of Santa Barbara and Santa Cruz, which the Company does not consider its core markets. (5) Represents straight-line concessions for residential operating communities. Same-property revenues reflect concessions on a cash basis. Total rental and other property revenues reflect concessions on a straight-line basis in accordance with U.S. GAAP. Deferred Revenues and Remaining Performance Obligations When cash payments are received or due in advance of the Company’s performance of contracts with customers, deferred revenue is recorded. The total deferred revenue balance related to such contracts was $1.5 million and $1.7 million as of March 31, 2023 and December 31, 2022, respectively, and was included in accounts payable and accrued liabilities within the accompanying condensed consolidated balance sheets. The amount of revenue recognized for the three months ended March 31, 2023 that was included in the December 31, 2022 deferred revenue balance was $0.2 million, which was included in interest and other income (loss) within the condensed consolidated statements of income and comprehensive income. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in the revenue recognition accounting standard. As of March 31, 2023, the Company had $1.5 million of remaining performance obligations. The Company expects to recognize approximately 34% of these remaining performance obligations in 2023, an additional 53% through 2025, and the remaining balance thereafter.

Co-investments

Co-investments	3 Months Ended
	Mar. 31, 2023
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
Co-investments	Co-investments The Company has joint ventures and preferred equity investments in co-investments which own, operate, and develop apartment communities and are accounted for under the equity method. Additionally, the Company has invested in six technology co-investments and as of March 31, 2023 and December 31, 2022 the co-investment balance of these investments was $32.0 million and $39.4 million, respectively, and the aggregate commitment was $87.0 million as of both March 31, 2023 and December 31, 2022. The carrying values of the Company's co-investments as of March 31, 2023 and December 31, 2022 are as follows ($ in thousands, except parenthetical amounts): Weighted Average Company Ownership Percentage (1) March 31, 2023 December 31, 2022 Ownership interest in: Wesco I, Wesco III, Wesco IV, Wesco V, and Wesco VI (2) 54 % $ 166,941 $ 178,552 BEXAEW, BEX II, BEX IV, and 500 Folsom 50 % 235,559 238,537 Other (3) 52 % 66,282 74,742 Total operating and other co-investments, net 468,782 491,831 Total development co-investments 51 % 13,345 12,994 Total preferred interest co-investments (includes related party investments of $88.9 million and $87.1 million as of March 31, 2023 and December 31, 2022, respectively. See Note 6 - Related Party Transactions for further discussion) 598,747 580,134 Total co-investments, net $ 1,080,874 $ 1,084,959 (1) Weighted average Company ownership percentages are as of March 31, 2023. (2) As of March 31, 2023 and December 31, 2022, the Company's investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $49.0 million and $41.7 million, respectively, due to distributions in excess of the Company's investment. (3) As of March 31, 2023 and December 31, 2022, the Company's investments in Expo and Century Towers were classified as a liability of $1.3 million and $0.8 million, respectively, due to distributions received in excess of the Company's investment. The weighted average Company ownership percentage excludes the Company's investments in non-core technology co-investments which are carried at fair value. The combined summarized financial information of co-investments is as follows ($ in thousands): March 31, 2023 December 31, 2022 Combined balance sheets: (1) Rental properties and real estate under development $ 5,072,989 $ 4,955,051 Other assets 300,986 294,663 Total assets $ 5,373,975 $ 5,249,714 Debt $ 3,456,406 $ 3,397,113 Other liabilities 282,236 264,872 Equity 1,635,333 1,587,729 Total liabilities and equity $ 5,373,975 $ 5,249,714 Company's share of equity $ 1,080,874 $ 1,084,959 Three Months Ended March 31, 2023 2022 Combined statements of income: (1) Property revenues $ 100,593 $ 84,600 Property operating expenses (42,078) (35,793) Net operating income 58,515 48,807 Interest expense (32,684) (18,302) General and administrative (2,980) (3,967) Depreciation and amortization (41,388) (38,807) Net loss $ (18,537) $ (12,269) Company's share of net income (2) $ 10,871 $ 21,171 (1) Includes preferred equity investments held by the Company and excludes investments in technology co-investments. (2) Includes the Company's share of equity income from joint ventures and preferred equity investments, gain on sales of co-investments, co-investment promote income and income from early redemption of preferred equity investments. Includes related party income of $2.0 million and $1.8 million for the three months ended March 31, 2023 and 2022, respectively.

Notes and Other Receivables

Notes and Other Receivables	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Notes and Other Receivables	Notes and Other Receivables Notes and other receivables consist of the following as of March 31, 2023 and December 31, 2022 ($ in thousands): March 31, 2023 December 31, 2022 Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020) $ 34,468 $ 33,477 Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021) 28,773 21,452 Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022) 10,679 10,350 Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022) 6,774 — Notes and other receivables from affiliates (1) 6,861 6,975 Straight line rent receivables (2) 12,536 12,164 Other receivables 20,913 18,961 Allowance for credit losses (418) (334) Total notes and other receivables $ 120,586 $ 103,045 (1) These amounts consist of short-term loans outstanding and due from various joint ventures as of March 31, 2023 and December 31, 2022, respectively. See Note 6, Related Party Transactions, for additional details. (2) These amounts are receivables from lease concessions recorded on a straight-line basis for the Company's operating properties. The following table presents the activity in the allowance for credit losses for notes receivable, secured ($ in thousands): Notes Receivable, Secured Balance at December 31, 2022 $ 334 Provision for credit losses 84 Balance at March 31, 2023 $ 418 No loans were placed on nonaccrual status or charged off during the three months ended March 31, 2023 or 2022.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company charges certain fees relating to its co-investments for asset management, property management, development and redevelopment services. These fees from affiliates totaled $3.3 million and $3.1 million during the three months ended March 31, 2023 and 2022, respectively. All of these fees are net of intercompany amounts eliminated by the Company. The Company netted development and redevelopment fees of approximately $0.5 million and $0.4 million against general and administrative expenses for the three months ended March 31, 2023 and 2022, respectively. The Company’s Chairman and founder, Mr. George M. Marcus, is the Chairman of the Marcus & Millichap Company ("MMC"), which is a parent company of a diversified group of real estate service, investment, and development firms. Mr. Marcus is also the Chairman of Marcus & Millichap, Inc. ("MMI"), and Mr. Marcus owns a controlling interest in MMI, a national brokerage firm listed on the New York Stock Exchange. For the three months ended March 31, 2023 and 2022, the Company did not pay brokerage commissions related to real estate transactions to MMC and its affiliates. In August 2022, the Company funded an $11.2 million preferred equity investment in an entity whose sponsor includes an affiliate of MMC. The entity owns three multifamily communities located in Azusa, CA. The investment initially accrues interest based on a 9.5% preferred return and is scheduled to mature in August 2027. In February 2022, the Company provided a $32.8 million related party bridge loan to BEX II in connection with the payoff of a debt related to one of its properties located in Southern California. The note receivable was scheduled to mature in March 2022, but was subsequently paid off in April 2022. In January 2022, the Company provided a $100.7 million related party bridge loan to Wesco VI in connection with the acquisition of Vela. The note receivable accrued interest at 2.64% and was scheduled to mature in February 2022, but was paid off in January 2022. Additionally, the Company received cash of $121.3 million in January 2022 for the payoff of the remaining related party bridge loans to Wesco VI as detailed below. In November 2021, the Company provided a $48.4 million related party bridge loan in connection with the purchase of an interest in a single asset entity owning an apartment home community in Vista, CA. The note receivable accrued interest at 2.36% and was scheduled to mature in February 2022, but was paid off in January 2022. In November 2021, the Company provided a $61.9 million related party bridge loan to Wesco VI in connection with the acquisition of The Rexford. The note receivable accrued interest at 2.36% and was scheduled to mature in February 2022, but was paid off in January 2022. In October 2021, the Company provided a $30.3 million related party bridge loan to Wesco VI in connection with the acquisition of Monterra in Mill Creek. The note receivable accrued interest at 2.30% and was scheduled to mature in April 2022, but was paid off in January 2022. In September 2021, the Company provided a $29.2 million related party bridge loan to Wesco VI in connection with the acquisition of Martha Lake Apartments. The note receivable accrued interest at 2.15% and was scheduled to mature in December 2021. In December 2021, the maturity date of the note receivable was extended to March 2022, and in January 2022, the note receivable was paid off. In June 2019, the Company acquired Brio, a 300-unit apartment home community located in Walnut Creek, CA. The Company issued DownREIT units to an affiliate of MMC, based on a contract price of $164.9 million. The property was encumbered by $98.7 million of mortgage debt which was assumed by the Company at the time of acquisition. As a result of this transaction, the Company consolidated the property based on a VIE analysis performed by the Company. In February 2019, the Company funded a $24.5 million preferred equity investment in an entity whose sponsor is an affiliate of MMC, which owns a multifamily development community located in Mountain View, CA. The investment initially accrued interest based on an 11.0% preferred return which was reduced to 9.0% upon completion and lease-up of the project. The investment is scheduled to mature in February 2024. In October 2018, the Company funded an $18.6 million preferred equity investment in an entity whose sponsor is an affiliate of MMC. The entity wholly owns a 268-unit apartment home community development located in Burlingame, CA. The investment initially accrued interest based on a 12.0% preferred return which was reduced to 9.0% upon completion and lease-up of the project. The investment is scheduled to mature in April 2024. In May 2018, the Company made a commitment to fund a $26.5 million preferred equity investment in an entity whose sponsors include an affiliate of MMC. The entity wholly owns a 400-unit apartment home community located in Ventura, CA. The investment accrued interest based on a 10.25% initial preferred return. The investment was scheduled to mature in May 2023. In November 2021, the Company received cash of $18.3 million for the partial redemption of this preferred equity investment, and the maturity of the remaining commitment was extended to December 2028. As of March 31, 2023, the Company had a remaining commitment of $13.0 million and continues to accrue interest on a 9.0% preferred return. The remaining committed amount is expected to be funded if and when requested by the sponsors. In March 2017, the Company converted its existing $15.3 million preferred equity investment in Sage at Cupertino, a 230-unit apartment home community located in San Jose, CA, into a 40.5% common equity ownership interest in the property. The Company issued DownREIT units to the other members, including an MMC affiliate, based on an estimated property valuation of $90.0 million. At the time of the conversion, the property was encumbered by $52.0 million of mortgage debt. As a result of this transaction, the Company consolidates the property based on a consolidation analysis performed by the Company. As described in Note 5, Notes and Other Receivables, the Company has provided short-term loans to affiliates. As of March 31, 2023 and December 31, 2022, $6.9 million and $7.0 million, respectively, of short-term loans remained outstanding due from joint venture affiliates and is classified within notes and other receivables in the accompanying condensed consolidated balance sheets.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Essex does not have indebtedness as debt is incurred by the Operating Partnership. Essex guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities for the full term of the facilities. Debt consists of the following ($ in thousands): March 31, 2023 December 31, 2022 Weighted Average Term loan - variable rate (1) $ (1,724) $ (1,611) N/A Bonds public offering - fixed rate, net 5,315,425 5,313,779 7.4 Unsecured debt, net (2) 5,313,701 5,312,168 Lines of credit (3) 457 52,073 Mortgage notes payable, net (4) 593,147 593,943 7.8 Total debt, net $ 5,907,305 $ 5,958,184 Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering 3.3 % 3.3 % Weighted average interest rate on lines of credit 5.3 % 4.4 % Weighted average interest rate on mortgage notes payable 3.6 % 3.5 % (1) In October 2022, the Operating Partnership obtained a $300.0 million unsecured term loan priced at Adjusted SOFR plus 0.85%. The loan has been swapped to an all-in fixed rate of 4.2% and matures in October 2024 with three 12-month extension options, exercisable at the Company's option. The loan includes a six-month delayed draw feature. There was $1.7 million of unamortized debt issuance costs as of March 31, 2023. (2) Unsecured debt, net, consists of fixed rate public bond offerings which includes unamortized discount, net of premiums, of $7.4 million and $7.9 million and unamortized debt issuance costs of $28.9 million and $29.9 million, as of March 31, 2023 and December 31, 2022, respectively. (3) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion as of March 31, 2023, excludes unamortized debt issuance costs of $4.8 million and $5.1 million as of March 31, 2023 and December 31, 2022, respectively. These debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets. As of March 31, 2023, the Company’s $1.2 billion credit facility had an interest rate at the Adjusted Secured Overnight Financing Rate ("Adjusted SOFR") plus 0.75%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity date of January 2027 with two six-month extensions, exercisable at the Company’s option. As of March 31, 2023, the Company’s $35.0 million working capital unsecured line of credit had an interest rate of Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity date of July 2024. (4) Includes total unamortized premium, net of discounts of $1.0 million and $1.2 million, reduced by unamortized debt issuance costs of $1.9 million and $2.0 million, as of March 31, 2023 and December 31, 2022, respectively. The aggregate scheduled principal payments of the Company’s outstanding debt, excluding lines of credit, as of March 31, 2023 are as follows ($ in thousands): 2023 (1) $ 302,223 2024 403,109 2025 633,054 2026 549,405 2027 503,955 Thereafter 3,552,269 Total $ 5,944,015

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information The Company's segment disclosures present the measure used by the chief operating decision makers for purposes of assessing each segment's performance. The Company's chief operating decision makers are comprised of several members of its executive management team who use net operating income ("NOI") to assess the performance of the business for the Company's reportable operating segments. NOI represents total property revenues less direct property operating expenses. The executive management team generally evaluates the Company's operating performance geographically. The Company defines its reportable operating segments as the three geographical regions in which its communities are located: Southern California, Northern California, and Seattle Metro. Excluded from segment revenues and NOI are management and other fees from affiliates and interest and other income. Non-segment revenues and NOI included in the following schedule also consist of revenues generated from commercial properties and properties that have been sold. Other non-segment assets include items such as real estate under development, co-investments, real estate held for sale, cash and cash equivalents, marketable securities, notes and other receivables, and prepaid expenses and other assets. The revenues and NOI for each of the reportable operating segments are summarized as follows for the three months ended March 31, 2023 and 2022 ($ in thousands): Three Months Ended March 31, 2023 2022 Revenues: Southern California $ 166,877 $ 153,339 Northern California 163,624 152,745 Seattle Metro 70,038 64,203 Other real estate assets 9,117 8,929 Total property revenues $ 409,656 $ 379,216 Net operating income: Southern California $ 116,942 $ 107,802 Northern California 114,451 105,140 Seattle Metro 49,894 43,296 Other real estate assets 7,957 6,878 Total net operating income 289,244 263,116 Management and other fees from affiliates 2,765 2,689 Corporate-level property management expenses (11,432) (10,172) Depreciation and amortization (136,347) (133,533) General and administrative (15,311) (12,242) Expensed acquisition and investment related costs (339) (8) Casualty loss (433) — Gain on sale of real estate and land 59,238 — Interest expense (51,045) (50,377) Total return swap income 1,033 2,544 Interest and other income (loss) 12,450 (7,567) Equity income from co-investments 10,871 21,171 Deferred tax benefit on unconsolidated co-investments 900 2,754 Net income $ 161,594 $ 78,375 Total assets for each of the reportable operating segments are summarized as follows as of March 31, 2023 and December 31, 2022 ($ in thousands): March 31, 2023 December 31, 2022 Assets: Southern California $ 3,859,639 $ 3,892,003 Northern California 5,366,386 5,414,467 Seattle Metro 1,364,364 1,374,379 Other real estate assets 96,644 133,245 Net reportable operating segment - real estate assets 10,687,033 10,814,094 Real estate under development 21,909 24,857 Co-investments 1,131,183 1,127,491 Cash and cash equivalents, including restricted cash 77,158 42,681 Marketable securities 107,002 112,743 Notes and other receivables 120,586 103,045 Operating lease right-of-use assets 66,373 67,239 Prepaid expenses and other assets 68,530 80,755 Total assets $ 12,279,774 $ 12,372,905

Net Income Per Common Share and

Net Income Per Common Share and Net Income Per Common Unit	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income Per Common Share and Net Income Per Common Unit	Net Income Per Common Share and Net Income Per Common Unit ($ in thousands, except share and unit data): Essex Property Trust, Inc. Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 153,532 64,458,535 $ 2.38 $ 73,254 65,275,775 $ 1.12 Effect of Dilutive Securities: Stock options — 1,154 — 63,603 Diluted: Net income available to common stockholders $ 153,532 64,459,689 $ 2.38 $ 73,254 65,339,378 $ 1.12 The table above excludes from the calculations of diluted earnings per share weighted average convertible OP Units of 2,265,893 and 2,282,464, which include vested 2014 Long-Term Incentive Plan Units and 2015 Long-Term Incentive Plan Units, for the three months ended March 31, 2023 and 2022, respectively, because they were anti-dilutive. The related income allocated to these convertible OP Units aggregated $5.4 million and $2.6 million for the three months ended March 31, 2023 and 2022, respectively. Stock options of 476,748 and 79,687 for the three months ended March 31, 2023 and 2022, respectively, were excluded from the calculation of diluted earnings per share because the assumed proceeds per share of such options plus the average unearned compensation were greater than the average market price of the common stock for the periods ended and, therefore, were anti-dilutive. Essex Portfolio, L.P. Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 158,936 66,724,428 $ 2.38 $ 75,817 67,558,239 $ 1.12 Effect of Dilutive Securities: Stock options — 1,154 — 63,603 Diluted: Net income available to common unitholders $ 158,936 66,725,582 $ 2.38 $ 75,817 67,621,842 $ 1.12

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities In September 2022, the Company entered into an interest rate swap contract which effectively fixed the interest rate at 4.2% on future draw downs of the $300.0 million unsecured term loan. The term loan matures in October 2024 with three 12-month extension options, each exercisable at the Company's option, and the swap has a termination date of October 2026. The term loan includes a 6-month delayed draw feature and had no balance drawn as of March 31, 2023 and December 31, 2022. This derivative qualifies for hedge accounting. As of March 31, 2023 and December 31, 2022, the swap contracts were presented in the consolidated balance sheets as an asset of $3.0 million and $5.6 million, respectively, and were included in prepaid expenses and other assets on the consolidated balance sheets. As of March 31, 2023 and December 31, 2022, the Company had no interest rate caps. The Company has four total return swap contracts, with an aggregate notional amount of $223.4 million, that effectively convert $223.4 million of mortgage notes payable to a floating interest rate based on the Securities Industry and Financial Markets Association Municipal Swap Index ("SIFMA") plus a spread. The total return swaps provide fair market value protection on the mortgage notes payable to the counterparties during the initial period of the total return swap until the Company's option to call the mortgage notes at par can be exercised. The Company can currently call all four of its total return swaps, with $223.4 million of the outstanding debt at par. These derivatives do not qualify for hedge accounting and had a carrying and fair value of zero at both March 31, 2023 and December 31, 2022. These total return swaps are scheduled to mature between December 2024 and November 2033. The realized gains of $1.0 million and $2.5 million for the three months ended March 31, 2023 and 2022, respectively were reported in the condensed consolidated statements of income and comprehensive income as total return swap income.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various lawsuits in the normal course of its business operations. Such lawsuits have not had a material adverse effect on the Company's financial condition, results of operations or cash flows. While no assurances can be given, the Company does not believe there is any pending or threatened litigation against the Company that, individually or in the aggregate, would reasonably be expected to have a material adverse effect on the Company. In late 2022 and early 2023, a number of purported class actions were filed against RealPage, Inc., a seller of revenue management software, and various lessors of multifamily housing which utilize this software, including the Company. The complaints allege collusion among defendants to artificially increase rents of multifamily residential real estate above competitive levels. The Company believes these lawsuits are without merit and intends to vigorously defend against them. Given their early stage, the Company is unable to predict the outcome or estimate the amount of loss, if any, that may result from such matters. The Company is also subject to various other legal and/or regulatory proceedings arising in the normal course of its business operations. The Company believes that, with respect to such matters that it is currently a party to, the ultimate disposition of any such matter will not result in a material adverse effect on the Company’s financial condition, results of operations or cash flows. To the extent that such a matter arises or is identified in the future that has other than a remote risk of having a material impact on the condensed consolidated financial statements, the Company will disclose the estimated range of possible outcomes associated with it, and, if an outcome is probable, accrue an appropriate liability for that matter. The Company will consider whether any such matter results in an impairment of value on the affected property and, if so, impairment will be recognized.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation Policy	The accompanying unaudited condensed consolidated financial statements present the accounts of Essex Property Trust, Inc. ("Essex" or the "Company"), which include the accounts of the Company and Essex Portfolio, L.P. and its subsidiaries (the "Operating Partnership," which holds the operating assets of the Company), prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and in accordance with the instructions to Form 10-Q. In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods presented have been included and are normal and recurring in nature. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2022.
Revenues and Gains on Sale of Real Estate	Revenues and Gains on Sale of Real Estate Revenues from tenants renting or leasing apartment homes are recorded when due from tenants and are recognized monthly as they are earned which generally approximates a straight-line basis, else, adjustments are made to conform to a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 9 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. See Note 3, Revenues, for additional information regarding such revenues. The Company also generates other property-related revenue associated with the leasing of apartment homes, including storage income, pet rent, and other miscellaneous revenue. Similar to rental income, such revenues are recorded when due from tenants and recognized monthly as they are earned. Apart from rental and other property-related revenue, revenues from contracts with customers are recognized as control of the promised services is passed to the customer. For customer contracts related to management and other fees from affiliates (which includes asset management and property management), the transaction price and amount of revenue to be recognized is determined each quarter based on the management fee calculated and earned for that month or quarter. The contract will contain a description of the service and the fee percentage for management services. Payments from such services are one month or one quarter in arrears of the service performed. The Company recognizes any gains on sales of real estate when it transfers control of a property and when it is probable that the Company will collect substantially all of the related consideration.
Marketable Securities	Marketable Securities The Company reports its equity securities at fair value, based on quoted market prices (Level 1 for the common stock and investment funds and Level 2 for the unsecured debt, and as defined by the FASB standard for fair value measurements). As of March 31, 2023 and December 31, 2022, $0.1 million and $0.2 million, respectively, of equity securities presented within common stock, preferred stock, and stock funds in the tables below represent investments measured at fair value, using net asset value as a practical expedient, and are not categorized in the fair value hierarchy. Unrealized gains and losses in equity securities and interest income are included in interest and other income on the condensed consolidated statements of income and comprehensive income.
Variable Interest Entities	Variable Interest Entities In accordance with accounting standards for consolidation of variable interest entities ("VIEs"), the Company consolidated the Operating Partnership, 18 DownREIT entities (comprising nine communities), and six co-investments as of March 31, 2023 and December 31, 2022. The Company consolidates these entities because it is the primary beneficiary. The Company has no assets or liabilities other than its investment in the Operating Partnership. The consolidated total assets and liabilities related to the above consolidated co-investments and DownREIT entities, net of intercompany eliminations, were approximately $945.9 million and $326.7 million, respectively, as of March 31, 2023 and $939.4 million and $324.3 million, respectively, as of December 31, 2022. Noncontrolling interests in these entities was $121.4 million and $121.5 million as of March 31, 2023 and December 31, 2022, respectively. The Company's financial risk in each VIE is limited to its equity investment in the VIE. As of March 31, 2023 and December 31, 2022, the Company did not have any VIEs of which it was not the primary beneficiary.
Equity-based Compensation	Equity-based Compensation The cost of share- and unit-based compensation awards is measured at the grant date based on the estimated fair value of the awards. The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period. The estimated grant date fair values of the long term incentive plan units (discussed in Note 14, "Equity Based Compensation Plans," in the Company’s annual report on Form 10-K for the year ended December 31, 2022) are being amortized over the expected service periods.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Management believes that the carrying amounts of the outstanding balances under its lines of credit, and notes and other receivables approximate fair value as of March 31, 2023 and December 31, 2022, because interest rates, yields, and other terms for these instruments are consistent with interest rates, yields, and other terms currently available for similar instruments. Management has estimated that the fair value of the Company’s fixed rate debt with a carrying value of $5.7 billion as of both March 31, 2023 and December 31, 2022 was approximately $5.3 billion and $5.2 billion, respectively. Management has estimated that the fair value of the Company’s $222.4 million and $274.2 million of variable rate debt at March 31, 2023 and December 31, 2022, respectively, was approximately $221.6 million and $273.2 million, respectively, based on the terms of existing mortgage notes payable, unsecured debt, and variable rate demand notes compared to those available in the marketplace. Management believes that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payables, other liabilities, and dividends payable approximate fair value as of March 31, 2023 and December 31, 2022 due to the short-term maturity of these instruments. Marketable securities are carried at fair value as of March 31, 2023 and December 31, 2022.
Capitalization of Costs	Capitalization of Costs The Company’s capitalized internal costs related to development and redevelopment projects were comprised primarily of interest and employee compensation and totaled $4.8 million and $5.4 million during the three months ended March 31, 2023 and 2022, respectively. The Company capitalizes leasing commissions associated with the lease-up of development communities and amortizes the costs over the life of the leases. The amounts capitalized for leasing commissions are immaterial for all periods presented.
Co-investments	Co-investments The Company owns investments in joint ventures in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with U.S. GAAP. Therefore, the Company accounts for co-investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company's equity in earnings, less distributions received and the Company's share of losses. The significant accounting policies of the Company’s co-investment entities are consistent with those of the Company in all material respects.
Changes in Accumulated Other Comprehensive Income, Net by Component	Amounts reclassified from accumulated other comprehensive income in connection with derivatives are recorded in interest expense on the condensed consolidated statements of income and comprehensive income.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Highly liquid investments with original maturities of three months or less when purchased are classified as cash equivalents. Restricted cash balances relate primarily to reserve requirements for capital replacement at certain communities in connection with the Company’s mortgage debt.
Accounting Estimates	Accounting Estimates The preparation of condensed consolidated financial statements, in accordance with U.S. GAAP, requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, its notes receivables, and its qualification as a real estate investment trust ("REIT"). The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions.

Organization and Basis of Pre_3

Organization and Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Components of Marketable Securities	As of March 31, 2023 and December 31, 2022, marketable securities consisted of the following ($ in thousands): March 31, 2023 Cost Gross Carrying Value Equity securities: Investment funds - debt securities $ 38,523 $ (5,174) $ 33,349 Common stock, preferred stock, and stock funds 77,004 (3,351) 73,653 Total - Marketable securities $ 115,527 $ (8,525) $ 107,002 December 31, 2022 Cost Gross 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
Changes in Accumulated Other Comprehensive Income, Net by Component	Changes in Accumulated Other Comprehensive Income, Net by Component Essex Property Trust, Inc. ($ in thousands): Change in fair Balance at December 31, 2022 $ 46,466 Other comprehensive loss before reclassification (9,949) Amounts reclassified from accumulated other comprehensive loss 5 Other comprehensive loss (9,944) Balance at March 31, 2023 $ 36,522 Essex Portfolio, L.P. ($ in thousands): Change in fair Balance at December 31, 2022 $ 52,010 Other comprehensive loss before reclassification (10,299) Amounts reclassified from accumulated other comprehensive loss 5 Other comprehensive loss (10,294) Balance at March 31, 2023 $ 41,716
Schedule of Changes to the Redemption Value of Noncontrolling Interests	The changes in the redemption value of redeemable noncontrolling interests for the three months ended March 31, 2023 is as follows ($ in thousands): Balance at December 31, 2022 $ 27,150 Reclassification due to change in redemption value and other 3,058 Balance at March 31, 2023 $ 30,208
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows ($ in thousands): March 31, 2023 December 31, 2022 March 31, 2022 December 31, 2021 Cash and cash equivalents - unrestricted $ 67,712 $ 33,295 $ 98,107 $ 48,420 Cash and cash equivalents - restricted 9,446 9,386 10,446 10,218 Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows $ 77,158 $ 42,681 $ 108,553 $ 58,638
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows ($ in thousands): March 31, 2023 December 31, 2022 March 31, 2022 December 31, 2021 Cash and cash equivalents - unrestricted $ 67,712 $ 33,295 $ 98,107 $ 48,420 Cash and cash equivalents - restricted 9,446 9,386 10,446 10,218 Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows $ 77,158 $ 42,681 $ 108,553 $ 58,638

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents the Company’s revenues disaggregated by revenue source ($ in thousands): Three Months Ended March 31, 2023 2022 Rental income $ 404,635 $ 373,425 Other property 5,021 5,791 Management and other fees from affiliates 2,765 2,689 Total revenues $ 412,421 $ 381,905 The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment ($ in thousands): Three Months Ended March 31, 2023 2022 Southern California $ 166,877 $ 153,339 Northern California 163,624 152,745 Seattle Metro 70,038 64,203 Other real estate assets (1) 9,117 8,929 Total rental and other property revenues $ 409,656 $ 379,216 (1) Other real estate assets consist of revenues generated from retail space, commercial properties, held for sale properties, disposition properties and straight-line rent adjustments for concessions. Executive management does not evaluate such operating performance geographically. The following table presents the Company’s rental and other property revenues disaggregated by current property category status ($ in thousands): Three Months Ended March 31, 2023 2022 Same-property (1) $ 388,895 $ 361,415 Acquisitions (2) 1,021 — Development (3) 5,500 4,227 Redevelopment 1,537 1,435 Non-residential/other, net (4) 12,127 15,023 Straight line rent concession (5) 576 (2,884) Total rental and other property revenues $ 409,656 $ 379,216 (1) Same-property includes properties that have comparable stabilized results as of January 1, 2022 and are consolidated by the Company for the three months ended March 31, 2023 and 2022. A community is generally considered to have reached stabilized operations once it achieves an initial occupancy of 90%. (2) Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2022. (3) Development includes properties developed which did not have stabilized results as of January 1, 2022. (4) Non-residential/other, net consists of revenues generated from retail space, commercial properties, held for sale properties, disposition properties, student housing, properties undergoing significant construction activities that do not meet our redevelopment criteria, and two communities located in the California counties of Santa Barbara and Santa Cruz, which the Company does not consider its core markets. (5) Represents straight-line concessions for residential operating communities. Same-property revenues reflect concessions on a cash basis. Total rental and other property revenues reflect concessions on a straight-line basis in accordance with U.S. GAAP.

Co-investments (Tables)

Co-investments (Tables)	3 Months Ended
	Mar. 31, 2023
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
Summary of Co-Investments	The carrying values of the Company's co-investments as of March 31, 2023 and December 31, 2022 are as follows ($ in thousands, except parenthetical amounts): Weighted Average Company Ownership Percentage (1) March 31, 2023 December 31, 2022 Ownership interest in: Wesco I, Wesco III, Wesco IV, Wesco V, and Wesco VI (2) 54 % $ 166,941 $ 178,552 BEXAEW, BEX II, BEX IV, and 500 Folsom 50 % 235,559 238,537 Other (3) 52 % 66,282 74,742 Total operating and other co-investments, net 468,782 491,831 Total development co-investments 51 % 13,345 12,994 Total preferred interest co-investments (includes related party investments of $88.9 million and $87.1 million as of March 31, 2023 and December 31, 2022, respectively. See Note 6 - Related Party Transactions for further discussion) 598,747 580,134 Total co-investments, net $ 1,080,874 $ 1,084,959 (1) Weighted average Company ownership percentages are as of March 31, 2023. (2) As of March 31, 2023 and December 31, 2022, the Company's investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $49.0 million and $41.7 million, respectively, due to distributions in excess of the Company's investment. (3) As of March 31, 2023 and December 31, 2022, the Company's investments in Expo and Century Towers were classified as a liability of $1.3 million and $0.8 million, respectively, due to distributions received in excess of the Company's investment. The weighted average Company ownership percentage excludes the Company's investments in non-core technology co-investments which are carried at fair value.
Summarized Financial Information for Co-Investments Accounted For Under the Equity Method	The combined summarized financial information of co-investments is as follows ($ in thousands): March 31, 2023 December 31, 2022 Combined balance sheets: (1) Rental properties and real estate under development $ 5,072,989 $ 4,955,051 Other assets 300,986 294,663 Total assets $ 5,373,975 $ 5,249,714 Debt $ 3,456,406 $ 3,397,113 Other liabilities 282,236 264,872 Equity 1,635,333 1,587,729 Total liabilities and equity $ 5,373,975 $ 5,249,714 Company's share of equity $ 1,080,874 $ 1,084,959 Three Months Ended March 31, 2023 2022 Combined statements of income: (1) Property revenues $ 100,593 $ 84,600 Property operating expenses (42,078) (35,793) Net operating income 58,515 48,807 Interest expense (32,684) (18,302) General and administrative (2,980) (3,967) Depreciation and amortization (41,388) (38,807) Net loss $ (18,537) $ (12,269) Company's share of net income (2) $ 10,871 $ 21,171 (1) Includes preferred equity investments held by the Company and excludes investments in technology co-investments. (2) Includes the Company's share of equity income from joint ventures and preferred equity investments, gain on sales of co-investments, co-investment promote income and income from early redemption of preferred equity investments. Includes related party income of $2.0 million and $1.8 million for the three months ended March 31, 2023 and 2022, respectively.

Notes and Other Receivables (Ta

Notes and Other Receivables (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Notes and Other Receivables	Notes and other receivables consist of the following as of March 31, 2023 and December 31, 2022 ($ in thousands): March 31, 2023 December 31, 2022 Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020) $ 34,468 $ 33,477 Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021) 28,773 21,452 Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022) 10,679 10,350 Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022) 6,774 — Notes and other receivables from affiliates (1) 6,861 6,975 Straight line rent receivables (2) 12,536 12,164 Other receivables 20,913 18,961 Allowance for credit losses (418) (334) Total notes and other receivables $ 120,586 $ 103,045 (1) These amounts consist of short-term loans outstanding and due from various joint ventures as of March 31, 2023 and December 31, 2022, respectively. See Note 6, Related Party Transactions, for additional details. (2) These amounts are receivables from lease concessions recorded on a straight-line basis for the Company's operating properties.
Schedule of Allowance for Credit Loss	The following table presents the activity in the allowance for credit losses for notes receivable, secured ($ in thousands): Notes Receivable, Secured Balance at December 31, 2022 $ 334 Provision for credit losses 84 Balance at March 31, 2023 $ 418

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt and Lines of Credit	Debt consists of the following ($ in thousands): March 31, 2023 December 31, 2022 Weighted Average Term loan - variable rate (1) $ (1,724) $ (1,611) N/A Bonds public offering - fixed rate, net 5,315,425 5,313,779 7.4 Unsecured debt, net (2) 5,313,701 5,312,168 Lines of credit (3) 457 52,073 Mortgage notes payable, net (4) 593,147 593,943 7.8 Total debt, net $ 5,907,305 $ 5,958,184 Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering 3.3 % 3.3 % Weighted average interest rate on lines of credit 5.3 % 4.4 % Weighted average interest rate on mortgage notes payable 3.6 % 3.5 % (1) In October 2022, the Operating Partnership obtained a $300.0 million unsecured term loan priced at Adjusted SOFR plus 0.85%. The loan has been swapped to an all-in fixed rate of 4.2% and matures in October 2024 with three 12-month extension options, exercisable at the Company's option. The loan includes a six-month delayed draw feature. There was $1.7 million of unamortized debt issuance costs as of March 31, 2023. (2) Unsecured debt, net, consists of fixed rate public bond offerings which includes unamortized discount, net of premiums, of $7.4 million and $7.9 million and unamortized debt issuance costs of $28.9 million and $29.9 million, as of March 31, 2023 and December 31, 2022, respectively. (3) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion as of March 31, 2023, excludes unamortized debt issuance costs of $4.8 million and $5.1 million as of March 31, 2023 and December 31, 2022, respectively. These debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets. As of March 31, 2023, the Company’s $1.2 billion credit facility had an interest rate at the Adjusted Secured Overnight Financing Rate ("Adjusted SOFR") plus 0.75%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity date of January 2027 with two six-month extensions, exercisable at the Company’s option. As of March 31, 2023, the Company’s $35.0 million working capital unsecured line of credit had an interest rate of Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity date of July 2024. (4) Includes total unamortized premium, net of discounts of $1.0 million and $1.2 million, reduced by unamortized debt issuance costs of $1.9 million and $2.0 million, as of March 31, 2023 and December 31, 2022, respectively.
Summary of Aggregate Scheduled Principal Payments	The aggregate scheduled principal payments of the Company’s outstanding debt, excluding lines of credit, as of March 31, 2023 are as follows ($ in thousands): 2023 (1) $ 302,223 2024 403,109 2025 633,054 2026 549,405 2027 503,955 Thereafter 3,552,269 Total $ 5,944,015

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Reconciliation of Revenues and Operating Profit (Loss) From Segments to Consolidated	The revenues and NOI for each of the reportable operating segments are summarized as follows for the three months ended March 31, 2023 and 2022 ($ in thousands): Three Months Ended March 31, 2023 2022 Revenues: Southern California $ 166,877 $ 153,339 Northern California 163,624 152,745 Seattle Metro 70,038 64,203 Other real estate assets 9,117 8,929 Total property revenues $ 409,656 $ 379,216 Net operating income: Southern California $ 116,942 $ 107,802 Northern California 114,451 105,140 Seattle Metro 49,894 43,296 Other real estate assets 7,957 6,878 Total net operating income 289,244 263,116 Management and other fees from affiliates 2,765 2,689 Corporate-level property management expenses (11,432) (10,172) Depreciation and amortization (136,347) (133,533) General and administrative (15,311) (12,242) Expensed acquisition and investment related costs (339) (8) Casualty loss (433) — Gain on sale of real estate and land 59,238 — Interest expense (51,045) (50,377) Total return swap income 1,033 2,544 Interest and other income (loss) 12,450 (7,567) Equity income from co-investments 10,871 21,171 Deferred tax benefit on unconsolidated co-investments 900 2,754 Net income $ 161,594 $ 78,375
Reconciliation of Assets from Segment to Consolidated	Total assets for each of the reportable operating segments are summarized as follows as of March 31, 2023 and December 31, 2022 ($ in thousands): March 31, 2023 December 31, 2022 Assets: Southern California $ 3,859,639 $ 3,892,003 Northern California 5,366,386 5,414,467 Seattle Metro 1,364,364 1,374,379 Other real estate assets 96,644 133,245 Net reportable operating segment - real estate assets 10,687,033 10,814,094 Real estate under development 21,909 24,857 Co-investments 1,131,183 1,127,491 Cash and cash equivalents, including restricted cash 77,158 42,681 Marketable securities 107,002 112,743 Notes and other receivables 120,586 103,045 Operating lease right-of-use assets 66,373 67,239 Prepaid expenses and other assets 68,530 80,755 Total assets $ 12,279,774 $ 12,372,905

Net Income Per Common Share a_2

Net Income Per Common Share and Net Income Per Common Unit (Tables)	3 Months Ended
	Mar. 31, 2023
Net Income Per Share and Net Income Per Unit [Line Items]
Schedule of Net Income Per Common Share	Essex Property Trust, Inc. Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 153,532 64,458,535 $ 2.38 $ 73,254 65,275,775 $ 1.12 Effect of Dilutive Securities: Stock options — 1,154 — 63,603 Diluted: Net income available to common stockholders $ 153,532 64,459,689 $ 2.38 $ 73,254 65,339,378 $ 1.12
Essex Portfolio, L.P.
Net Income Per Share and Net Income Per Unit [Line Items]
Schedule of Net Income Per Common Share	Essex Portfolio, L.P. Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 158,936 66,724,428 $ 2.38 $ 75,817 67,558,239 $ 1.12 Effect of Dilutive Securities: Stock options — 1,154 — 63,603 Diluted: Net income available to common unitholders $ 158,936 66,725,582 $ 2.38 $ 75,817 67,621,842 $ 1.12

Organization and Basis of Pre_4

Organization and Basis of Presentation - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) apartment project partnership community building investment shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) investment partnership community shares
Real Estate Properties [Line Items]
Apartment communities owned (in communities) | community	251
Apartment units owned (in apartments) | apartment	61,924
Ownership interest, number of commercial buildings (in commercial buildings) | building	3
Ownership interest, number of unconsolidated joint venture projects (in projects) | project	1
Marketable securities	$ 100		$ 200
Sales and maturities of marketable securities	26,700	$ 27,900
Marketable securities, realized gain (loss)	900	12,200
Unrealized gain (loss) on equity securities recognized through income	$ 368	(24,585)
DownREIT limited partnerships consolidated by company (in partnerships) | partnership	18		18
Communities within DownREIT partnerships (in communities) | community	9		9
Number of previously consolidated co-investments considered VIE (in investments) | investment	6		6
Assets related to variable interest entities net of intercompany eliminations	$ 945,900		$ 939,400
Liabilities related to variable interest entities net of intercompany eliminations	326,700		324,300
Noncontrolling interest in variable interest entity	121,400		121,500
Fixed rate debt carrying amount	5,700,000		5,700,000
Fixed rate debt fair value	5,300,000		5,200,000
Variable rate debt, carrying amount	222,400		274,200
Variable rate debt fair value	221,600		273,200
Capitalized internal costs related to development and redevelopment projects	4,800	5,400
Redeemable noncontrolling interest	$ 30,208		$ 27,150
Minimum
Real Estate Properties [Line Items]
Apartment lease term	9 months
Maximum
Real Estate Properties [Line Items]
Apartment lease term	12 months
Interest And Other Income (Expense)
Real Estate Properties [Line Items]
Unrealized gain (loss) on equity securities recognized through income	$ 400	(24,600)
Essex Portfolio, L.P.
Real Estate Properties [Line Items]
Operating Partnership units outstanding (in shares) | shares	2,260,842		2,272,496
Redemption value of operating partnership units outstanding	$ 472,800		$ 481,600
Unrealized gain (loss) on equity securities recognized through income	368	$ (24,585)
Redeemable noncontrolling interest	$ 30,208		$ 27,150
Partnership Interest
Real Estate Properties [Line Items]
Ownership interest in partnership	96.60%		96.60%

Organization and Basis of Pre_5

Organization and Basis of Presentation - Summary of Financial Securities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Equity securities:
Gross Unrealized Loss	$ 368	$ (24,585)
Carrying Value	107,002		$ 112,743
Marketable Securities
Equity securities:
Cost	115,527		121,636
Gross Unrealized Loss	(8,525)		(8,893)
Carrying Value	107,002		112,743
Investment funds - debt securities
Equity securities:
Cost	38,523		43,155
Gross Unrealized Loss	(5,174)		(6,771)
Carrying Value	33,349		36,384
Common stock, preferred stock, and stock funds
Equity securities:
Cost	77,004		78,481
Gross Unrealized Loss	(3,351)		(2,122)
Carrying Value	$ 73,653		$ 76,359

Organization and Basis of Pre_6

Organization and Basis of Presentation - Accumulated Other Comprehensive Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at period beginning	$ 5,895,116
Balance at period end	5,796,857
Accumulated Other Comprehensive Loss, Net
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at period beginning	46,466
Balance at period end	36,522
Change in fair value and amortization of swap settlements
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at period beginning	46,466
Other comprehensive loss before reclassification	(9,949)
Amounts reclassified from accumulated other comprehensive loss	5
Other comprehensive loss	(9,944)
Balance at period end	36,522
Essex Portfolio, L.P. | Change in fair value and amortization of swap settlements
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at period beginning	52,010
Other comprehensive loss before reclassification	(10,299)
Amounts reclassified from accumulated other comprehensive loss	5
Other comprehensive loss	(10,294)
Balance at period end	$ 41,716

Organization and Basis of Pre_7

Organization and Basis of Presentation - Redeemable Noncontrolling Interest (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 27,150
Reclassification due to change in redemption value and other	3,058
Ending balance	$ 30,208

Organization and Basis of Pre_8

Organization and Basis of Presentation - Cash, Cash Equivalents and Restricted Cash And Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents-unrestricted	$ 67,712	$ 33,295	$ 98,107	$ 48,420
Cash and cash equivalents-restricted	9,446	9,386	10,446	10,218
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows	$ 77,158	$ 42,681	$ 108,553	$ 58,638

Significant Transactions Duri_2

Significant Transactions During the Three Months Ended March 31, 2023 and Subsequent Events (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2023 USD ($) apartment	Mar. 31, 2023 USD ($) $ / shares shares
Other Commitments [Line Items]
Treasury stock acquired, average cost per share (in dollars per share) | $ / shares		$ 218.88
Stock Repurchase Plan
Other Commitments [Line Items]
Shares repurchased and retired during period (in shares) | shares		437,026
Shares repurchased and retired during period, value		$ 95.7
Purchase authority remaining under stock repurchase plan	$ 302.7	302.7
Stock repurchase plan amount	$ 500	$ 500
CBC and The Sweeps
Other Commitments [Line Items]
Number of units acquired | apartment	239
Payments to acquire real estate	$ 91.7
Gain on sale of properties	$ 54.5

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) community	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Rental and other property	$ 409,656	$ 379,216
Management and other fees from affiliates	2,765	2,689
Revenues	$ 412,421	381,905
Apartment communities owned (in communities) | community	251
Deferred revenue	$ 1,500		$ 1,700
Deferred revenue, revenue recognized	200
Deferred revenue balance from contracts with remaining performance obligations	1,500
Rental income
Disaggregation of Revenue [Line Items]
Rental and other property	404,635	373,425
Other property
Disaggregation of Revenue [Line Items]
Rental and other property	5,021	5,791
Rental and other property revenues
Disaggregation of Revenue [Line Items]
Rental and other property	409,656	379,216
Rental and other property revenues | Same-property
Disaggregation of Revenue [Line Items]
Rental and other property	$ 388,895	361,415
Occupancy threshold for classification as stabilized	90%
Rental and other property revenues | Acquisitions
Disaggregation of Revenue [Line Items]
Rental and other property	$ 1,021	0
Rental and other property revenues | Development
Disaggregation of Revenue [Line Items]
Rental and other property	5,500	4,227
Rental and other property revenues | Redevelopment
Disaggregation of Revenue [Line Items]
Rental and other property	1,537	1,435
Rental and other property revenues | Non-residential/other, net
Disaggregation of Revenue [Line Items]
Rental and other property	$ 12,127	15,023
Apartment communities owned (in communities) | community	2
Rental and other property revenues | Straight line rent concession
Disaggregation of Revenue [Line Items]
Rental and other property	$ 576	(2,884)
Rental and other property revenues | Operating Segments | Southern California
Disaggregation of Revenue [Line Items]
Rental and other property	166,877	153,339
Rental and other property revenues | Operating Segments | Northern California
Disaggregation of Revenue [Line Items]
Rental and other property	163,624	152,745
Rental and other property revenues | Operating Segments | Seattle Metro
Disaggregation of Revenue [Line Items]
Rental and other property	70,038	64,203
Rental and other property revenues | Other real estate assets
Disaggregation of Revenue [Line Items]
Rental and other property	$ 9,117	$ 8,929

Revenues - Deferred Revenues an

Revenues - Deferred Revenues and Remaining Performance Obligations (Details)	Mar. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligations due per period	34%
Expected timing of performance obligation satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligations due per period	53%
Expected timing of performance obligation satisfaction, period	2 years

Co-investments - Narrative (Det

Co-investments - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($) investment	Dec. 31, 2022 USD ($)
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
Number of technology co-investments | investment	6
Co-investment	$ 32	$ 39.4
Co-investment, committed capital	$ 87	$ 87

Co-investments - Summary of Inv

Co-investments - Summary of Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Co-investments	$ 1,080,874	$ 1,084,959
Distributions in excess of investments in co-investments	50,309	42,532
Total operating and other co-investments, net
Schedule of Equity Method Investments [Line Items]
Co-investments	$ 468,782	491,831
Wesco I, Wesco III, Wesco IV, Wesco V, and Wesco VI
Schedule of Equity Method Investments [Line Items]
Weighted average company ownership percentage	54%
Co-investments	$ 166,941	178,552
BEXAEW, BEX II, BEX IV, and 500 Folsom
Schedule of Equity Method Investments [Line Items]
Weighted average company ownership percentage	50%
Co-investments	$ 235,559	238,537
Other
Schedule of Equity Method Investments [Line Items]
Weighted average company ownership percentage	52%
Co-investments	$ 66,282	74,742
Distributions in excess of investments in co-investments	$ 1,300	800
Total development co-investments
Schedule of Equity Method Investments [Line Items]
Weighted average company ownership percentage	51%
Co-investments	$ 13,345	12,994
Total preferred interest co-investments
Schedule of Equity Method Investments [Line Items]
Co-investments	598,747	580,134
Total preferred interest co-investments | Investments in Majority-owned Subsidiaries
Schedule of Equity Method Investments [Line Items]
Co-investments	88,900	87,100
Wesco I, Wesco III, and Wesco IV
Schedule of Equity Method Investments [Line Items]
Distributions in excess of investments in co-investments	$ 49,000	$ 41,700

Co-investments - Combined Finan

Co-investments - Combined Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Rental properties and real estate under development	$ 21,909		$ 24,857
Total assets	12,279,774		12,372,905
Debt	6,452,709		6,450,639
Other liabilities	43,721		43,441
Equity	5,796,857	$ 6,138,207	5,895,116	$ 6,176,508
Total liabilities and equity	12,279,774		12,372,905
Equity Method Investment, Summarized Financial Information [Abstract]
Property revenues	412,421	381,905
Interest expense	(51,045)	(50,377)
General and administrative	(15,311)	(12,242)
Net income	161,594	78,375
Affiliated Entity | Total co-investment
Equity Method Investment, Summarized Financial Information [Abstract]
Company's share of net income	2,000	1,800
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Rental properties and real estate under development	5,072,989		4,955,051
Other assets	300,986		294,663
Total assets	5,373,975		5,249,714
Debt	3,456,406		3,397,113
Other liabilities	282,236		264,872
Equity	1,635,333		1,587,729
Total liabilities and equity	5,373,975		5,249,714
Company's share of equity	1,080,874		$ 1,084,959
Equity Method Investment, Summarized Financial Information [Abstract]
Property revenues	100,593	84,600
Property operating expenses	(42,078)	(35,793)
Net operating income	58,515	48,807
Interest expense	(32,684)	(18,302)
General and administrative	(2,980)	(3,967)
Depreciation and amortization	(41,388)	(38,807)
Net income	(18,537)	(12,269)
Company's share of net income	$ 10,871	$ 21,171

Notes and Other Receivables (De

Notes and Other Receivables (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (418)	$ (334)
Total notes and other receivables	120,586	103,045
Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	$ 34,468	33,477
Stated interest rate	11.50%
Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	$ 28,773	21,452
Stated interest rate	11%
Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	$ 10,679	10,350
Stated interest rate	12%
Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	$ 6,774	0
Stated interest rate	11.25%
Notes and other receivables from affiliates
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	$ 6,861	6,975
Allowance for credit losses	(418)	(334)
Straight line rent receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	12,536	12,164
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	$ 20,913	$ 18,961

Notes and Other Receivables - A

Notes and Other Receivables - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 334
Provision for credit losses	(18)	$ (62)
Ending balance	418
Notes Receivable, Secured
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	334
Provision for credit losses	84
Ending balance	$ 418

Related Party Transactions (Det

Related Party Transactions (Details)

1 Months Ended

3 Months Ended

59 Months Ended

Aug. 31, 2022 USD ($) community

Jan. 31, 2022 USD ($)

Nov. 30, 2021 USD ($)

Oct. 31, 2021 USD ($)

Sep. 30, 2021 USD ($)

Jun. 30, 2019 USD ($) apartment

Feb. 28, 2019 USD ($)

Oct. 31, 2018 USD ($) apartment

May 31, 2018 USD ($) apartment

Mar. 31, 2017 USD ($) unit

Mar. 31, 2023 USD ($)

Mar. 31, 2022 USD ($)

Mar. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Feb. 28, 2022 USD ($)

Related Party Transaction [Line Items]

Payments to acquire preferred equity investments

$ 7,967,000

$ 79,284,000

Co-investments

1,131,183,000

$ 1,131,183,000

$ 1,127,491,000

Apartment home community in Ventura, CA

Related Party Transaction [Line Items]

Commitment funded amount

$ 18,300,000

Membership Interest In Sage At Cupertino

Related Party Transaction [Line Items]

Number of units acquired | unit

230

Co-investments

$ 15,300,000

Investment interest acquired

40.50%

Contract price

$ 90,000,000

Encumbrance

$ 52,000,000

Affiliated Entity

Related Party Transaction [Line Items]

Management and other fees from affiliates

3,300,000

3,100,000

Development and redevelopment fees

500,000

400,000

Notes receivable

$ 11,200,000

Number of communities owned | community

3

Interest rate

9.50%

Short-term loans outstanding and due from affiliates

$ 6,900,000

6,900,000

$ 7,000,000

Affiliated Entity | Related Party Bridge Loan On Property Acquired By BEX II

Related Party Transaction [Line Items]

Notes receivable

$ 32,800,000

Affiliated Entity | Related Party Bridge Loan on Property Acquired By Wesco VI

Related Party Transaction [Line Items]

Proceeds from redemption of notes receivable

$ 121,300,000

Affiliated Entity | Related Party Bridge Loan on Property Acquired By Wesco VI | The Rexford

Related Party Transaction [Line Items]

Notes receivable

$ 61,900,000

Interest rate

2.36%

Affiliated Entity | Related Party Bridge Loan on Property Acquired By Wesco VI | Monterra in Mill Creek

Related Party Transaction [Line Items]

Notes receivable

$ 30,300,000

Interest rate

2.30%

Affiliated Entity | Related Party Bridge Loan on Property Acquired By Wesco VI | Martha Lake Apartments

Related Party Transaction [Line Items]

Notes receivable

$ 29,200,000

Interest rate

2.15%

Affiliated Entity | Related Party Bridge Loan on Property Acquired By Wesco VI | Vela On Ox

Related Party Transaction [Line Items]

Notes receivable

$ 100,700,000

Interest rate

2.64%

Affiliated Entity | Related Party Bridge Loan on Property In Vista, CA

Related Party Transaction [Line Items]

Notes receivable

$ 48,400,000

Interest rate

2.36%

Chairman and founder | Multifamily development community in Mountain View, CA

Related Party Transaction [Line Items]

Payments to acquire preferred equity investments

$ 24,500,000

Preferred return rate

11%

9%

Chairman and founder | Apartment home community development development in Burlingame, CA

Related Party Transaction [Line Items]

Number of units acquired | apartment

268

Payments to acquire preferred equity investments

$ 18,600,000

Preferred return rate

12%

9%

Chairman and founder | Marcus & Millichap Company (MMC)

Related Party Transaction [Line Items]

Brokerage commissions

$ 0

$ 0

Chairman and founder | Marcus & Millichap Company (MMC) | Brio, Walnut Creek, CA

Related Party Transaction [Line Items]

Number of units acquired | apartment

300

Payments to acquire real estate

$ 164,900,000

Debt assumed in connection with acquisition

$ 98,700,000

Chairman and founder | Marcus & Millichap Company (MMC) | Apartment home community in Ventura, CA

Related Party Transaction [Line Items]

Number of units acquired | apartment

400

Preferred return rate

10.25%

9%

Commitment to fund preferred equity investment

$ 26,500,000

Commitment funded amount

$ 13,000,000

Debt - Debt Summary (Details)

Debt - Debt Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unsecured debt, net	$ 5,313,701	$ 5,312,168
Lines of credit	457	52,073
Mortgage notes payable, net	593,147	593,943
Total debt	5,907,305	5,958,184
Unsecured debt
Debt Instrument [Line Items]
Unsecured debt, net	5,313,701	5,312,168
Term loan - variable rate | Unsecured debt
Debt Instrument [Line Items]
Term loan - variable rate	(1,724)	(1,611)
Bonds public offering - fixed rate, net | Unsecured debt
Debt Instrument [Line Items]
Unsecured debt, net	$ 5,315,425	5,313,779
Weighted average maturity	7 years 4 months 24 days
Lines of credit
Debt Instrument [Line Items]
Lines of credit	$ 457	$ 52,073
Weighted average interest rate	5.30%	4.40%
Mortgage notes payable, net
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 593,147	$ 593,943
Weighted average interest rate	3.60%	3.50%
Weighted average maturity	7 years 9 months 18 days
Fixed rate public offering bond
Debt Instrument [Line Items]
Weighted average interest rate	3.30%	3.30%

Debt - Debt Summary Footnotes (

Debt - Debt Summary Footnotes (Details)	1 Months Ended		3 Months Ended
	Oct. 31, 2022 USD ($) extension	Sep. 30, 2022 USD ($) extension	Mar. 31, 2023 USD ($) extension instrument	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Balance drawn			$ 0	$ 0
Term loan - variable rate | Unsecured debt
Debt Instrument [Line Items]
Debt instrument face amount	$ 300,000,000
Interest rate	4.20%
Number of extension options (in extensions) | extension	3
Term extension period	12 months
Delayed draw feature period	6 months
Unamortized debt issuance expense			$ 1,700,000
Term loan - variable rate | Adjusted SOFR | Unsecured debt
Debt Instrument [Line Items]
Basis spread on variable rate	0.85%
Unsecured debt
Debt Instrument [Line Items]
Debt instrument face amount		$ 300,000,000
Number of extension options (in extensions) | extension		3
Delayed draw feature period			6 months
Unamortized debt issuance expense			$ 28,900,000	29,900,000
Unamortized discount (premium), net			$ (7,400,000)	(7,900,000)
Extension period		12 months
Lines of credit
Debt Instrument [Line Items]
Number of extension options (in extensions) | extension			2
Unamortized debt issuance expense			$ 4,800,000	5,100,000
Number of lines of unsecured credit (in instruments) | instrument			2
Aggregate borrowing capacity			$ 1,240,000,000
Extension period			6 months
Lines of credit | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			0.75%
Lines of credit | Working capital line of credit
Debt Instrument [Line Items]
Aggregate borrowing capacity			$ 35,000,000
Lines of credit | Working capital line of credit | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			0.75%
Mortgage notes payable, net
Debt Instrument [Line Items]
Unamortized debt issuance expense			$ 1,900,000	2,000,000
Unamortized discount (premium), net			$ 1,000,000	$ 1,200,000

Debt - Future Principal Payment

Debt - Future Principal Payments (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Debt Disclosure [Abstract]
Remaining in 2023	$ 302,223
2024	403,109
2025	633,054
2026	549,405
2027	503,955
Thereafter	3,552,269
Total	$ 5,944,015

Debt - Future Principal Payme_2

Debt - Future Principal Payments Footnotes (Details) - Unsecured debt - USD ($) $ in Millions	1 Months Ended
	May 31, 2023	Apr. 30, 2023
Forecast
Debt Instrument [Line Items]
Repayments of unsecured debt	$ 300
Subsequent Event
Debt Instrument [Line Items]
Proceeds from issuance of unsecured debt		$ 300

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of reportable segments | segment	3
Number of operating segments | segment	3
Net operating income	$ 289,244	$ 263,116
Management and other fees from affiliates	2,765	2,689
Corporate-level property management expenses	(11,432)	(10,172)
Depreciation and amortization	(136,347)	(133,533)
General and administrative	(15,311)	(12,242)
Expensed acquisition and investment related costs	(339)	(8)
Casualty loss	(433)	0
Gain on sale of real estate and land	59,238	0
Interest expense	(51,045)	(50,377)
Total return swap income	1,033	2,544
Interest and other income (loss)	12,450	(7,567)
Equity income from co-investments	10,871	21,171
Deferred tax benefit on unconsolidated co-investments	900	2,754
Net income	161,594	78,375
Net reportable operating segment - real estate assets	10,687,033		$ 10,814,094
Real estate under development	21,909		24,857
Co-investments	1,131,183		1,127,491
Cash and cash equivalents, including restricted cash	77,158	108,553	42,681	$ 58,638
Marketable securities, net of allowance for credit losses of zero as of both March 31, 2023 and December 31, 2022	107,002		112,743
Notes and other receivables	120,586		103,045
Operating lease right-of-use assets	66,373		67,239
Prepaid expenses and other assets	68,530		80,755
Total assets	12,279,774		12,372,905
Rental and Other Property Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	409,656	379,216
Management and other fees from affiliates
Revenues from External Customers and Long-Lived Assets [Line Items]
Management and other fees from affiliates	2,765	2,689
Operating Segments | Southern California
Revenues from External Customers and Long-Lived Assets [Line Items]
Net operating income	116,942	107,802
Net reportable operating segment - real estate assets	3,859,639		3,892,003
Operating Segments | Southern California | Rental and Other Property Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	166,877	153,339
Operating Segments | Northern California
Revenues from External Customers and Long-Lived Assets [Line Items]
Net operating income	114,451	105,140
Net reportable operating segment - real estate assets	5,366,386		5,414,467
Operating Segments | Northern California | Rental and Other Property Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	163,624	152,745
Operating Segments | Seattle Metro
Revenues from External Customers and Long-Lived Assets [Line Items]
Net operating income	49,894	43,296
Net reportable operating segment - real estate assets	1,364,364		1,374,379
Operating Segments | Seattle Metro | Rental and Other Property Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	70,038	64,203
Other real estate assets
Revenues from External Customers and Long-Lived Assets [Line Items]
Net operating income	7,957	6,878
Net reportable operating segment - real estate assets	96,644		$ 133,245
Other real estate assets | Rental and Other Property Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 9,117	$ 8,929

Net Income Per Common Share a_3

Net Income Per Common Share and Net Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic:
Net income available to common stockholders	$ 153,532	$ 73,254
Weighted average common shares/units (in shares)	64,458,535	65,275,775
Net income available to common stockholders/unitholders (in dollars per share)	$ 2.38	$ 1.12
Diluted:
Net income available to common stockholders/unitholders	$ 153,532	$ 73,254
Income from continuing operations available to common stockholders (in shares)	64,459,689	65,339,378
Net income available to common stockholders/unitholders (in dollars per share)	$ 2.38	$ 1.12
Essex Portfolio, L.P.
Basic:
Net income available to common stockholders	$ 158,936	$ 75,817
Weighted average common shares/units (in shares)	66,724,428	67,558,239
Net income available to common stockholders/unitholders (in dollars per share)	$ 2.38	$ 1.12
Diluted:
Net income available to common stockholders/unitholders	$ 158,936	$ 75,817
Income from continuing operations available to common stockholders (in shares)	66,725,582	67,621,842
Net income available to common stockholders/unitholders (in dollars per share)	$ 2.38	$ 1.12
Stock options
Basic:
Income effect of dilutive securities	$ 0	$ 0
Effect of dilutive securities (in shares)	1,154	63,603
Diluted:
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	476,748	79,687
Stock options | Essex Portfolio, L.P.
Basic:
Income effect of dilutive securities	$ 0	$ 0
Effect of dilutive securities (in shares)	1,154	63,603
Diluted:
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	476,748	79,687
Convertible units
Diluted:
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,265,893	2,282,464
Income allocated to convertible OP Units	$ 5,400	$ 2,600

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Details)	1 Months Ended	3 Months Ended
	Sep. 30, 2022 USD ($) extension	Mar. 31, 2023 USD ($) instrument	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Balance drawn		$ 0		$ 0
Total return swap income		$ 1,033,000	$ 2,544,000
Unsecured debt
Derivative [Line Items]
Debt instrument face amount	$ 300,000,000
Number of extension options (in extensions) | extension	3
Extension period	12 months
Delayed draw feature period		6 months
Multifamily Housing Mortgage Revenue Bonds
Derivative [Line Items]
Bond subject to interest rate caps		$ 223,400,000
Interest Rate Swap | Unsecured debt
Derivative [Line Items]
Interest rate	4.20%
Total Return Swap, Callable
Derivative [Line Items]
Total return swap income		1,000,000	$ 2,500,000
Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Derivative asset		3,000,000		5,600,000
Not Designated as Hedging Instrument | Total Return Swap, Callable
Derivative [Line Items]
Derivative, notional amount		223,400,000
Derivative, fair value, net		$ 0		$ 0
Not Designated as Hedging Instrument | Total Return Swap, Callable | Multifamily Housing Mortgage Revenue Bonds
Derivative [Line Items]
Number of derivative instruments | instrument		4