Maryland | 77-0369576 | |||||||
(Essex Property Trust, Inc.) | (Essex Property Trust, Inc.) | |||||||
California | 77-0369575 | |||||||
(Essex Portfolio, L.P.) | (Essex Portfolio, L.P.) | |||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |
Title of each class |
Trading
Symbol(s) |
Name of each exchange on which registered | ||||||||||||
Common Stock, $.0001 par value (Essex Property Trust, Inc.) | ESS | New York Stock Exchange |
Essex Property Trust, Inc. | Yes | ☒ | No | ☐ | Essex Portfolio, L.P. | Yes | ☒ | No | ☐ |
Essex Property Trust, Inc. | Yes | ☒ | No | ☐ | Essex Portfolio, L.P. | Yes | ☒ | No | ☐ |
Large accelerated filer |
☒
|
Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||
Emerging growth company
|
☐ |
Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer |
☒
|
Smaller reporting company | ☐ | ||||||||||||||||
Emerging growth company
|
☐ |
Essex Property Trust, Inc. | ☐ | Essex Portfolio, L.P. | ☐ |
Essex Property Trust, Inc. | Yes | ☐ | No | ☒ | Essex Portfolio, L.P. | Yes | ☐ | No | ☒ |
PART I. FINANCIAL INFORMATION | Page No. | |||||||
Item 1. | Condensed Consolidated Financial Statements of Essex Property Trust, Inc. (Unaudited) | |||||||
Condensed Consolidated Financial Statements of Essex Portfolio, L.P. (Unaudited) | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
ASSETS | June 30, 2021 | December 31, 2020 | |||||||||
Real estate: | |||||||||||
Rental properties: | |||||||||||
Land and land improvements | $ | 2,923,508 | $ | 2,929,009 | |||||||
Buildings and improvements | 12,373,299 | 12,132,736 | |||||||||
15,296,807 | 15,061,745 | ||||||||||
Less: accumulated depreciation | (4,392,056) | (4,133,959) | |||||||||
10,904,751 | 10,927,786 | ||||||||||
Real estate under development | 208,330 | 386,047 | |||||||||
Co-investments | 1,037,270 | 1,018,010 | |||||||||
Real estate held for sale | — | 57,938 | |||||||||
12,150,351 | 12,389,781 | ||||||||||
Cash and cash equivalents-unrestricted | 48,155 | 73,629 | |||||||||
Cash and cash equivalents-restricted | 10,021 | 10,412 | |||||||||
Marketable securities, net of allowance for credit losses of zero as of both June 30, 2021 and December 31, 2020
|
175,782 | 147,768 | |||||||||
Notes and other receivables, net of allowance for credit losses of $0.7 million and $0.8 million as of June 30, 2021 and December 31, 2020, respectively (includes related party receivables of $57.9 million and $4.7 million as of June 30, 2021 and December 31, 2020, respectively)
|
238,855 | 195,104 | |||||||||
Operating lease right-of-use assets | 70,551 | 72,143 | |||||||||
Prepaid expenses and other assets | 53,484 | 47,340 | |||||||||
Total assets | $ | 12,747,199 | $ | 12,936,177 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Unsecured debt, net | $ | 5,403,874 | $ | 5,607,985 | |||||||
Mortgage notes payable, net | 641,274 | 643,550 | |||||||||
Lines of credit | 85,000 | — | |||||||||
Accounts payable and accrued liabilities | 160,121 | 152,855 | |||||||||
Construction payable | 31,960 | 31,417 | |||||||||
Dividends payable | 142,810 | 141,917 | |||||||||
Operating lease liabilities | 72,363 | 74,037 | |||||||||
Liabilities associated with real estate held for sale | — | 29,845 | |||||||||
Other liabilities | 38,068 | 39,140 | |||||||||
Total liabilities | 6,575,470 | 6,720,746 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interest | 35,026 | 32,239 | |||||||||
Equity: | |||||||||||
Common stock; $0.0001 par value, 670,000,000 shares authorized; 65,003,996 and 64,999,015 shares issued and outstanding, respectively
|
7 | 6 | |||||||||
Additional paid-in capital | 6,862,879 | 6,876,326 | |||||||||
Distributions in excess of accumulated earnings | (899,663) | (861,193) | |||||||||
Accumulated other comprehensive loss, net | (9,768) | (14,729) | |||||||||
Total stockholders' equity | 5,953,455 | 6,000,410 | |||||||||
Noncontrolling interest | 183,248 | 182,782 | |||||||||
Total equity | 6,136,703 | 6,183,192 | |||||||||
Total liabilities and equity | $ | 12,747,199 | $ | 12,936,177 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental and other property | $ | 348,757 | $ | 368,149 | $ | 701,633 | $ | 757,899 | |||||||||||||||
Management and other fees from affiliates | 2,221 | 2,348 | 4,470 | 4,965 | |||||||||||||||||||
350,978 | 370,497 | 706,103 | 762,864 | ||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating, excluding real estate taxes | 63,215 | 65,142 | 128,366 | 129,273 | |||||||||||||||||||
Real estate taxes | 44,278 | 44,994 | 89,606 | 88,006 | |||||||||||||||||||
Corporate-level property management expenses | 9,105 | 8,646 | 18,052 | 17,405 | |||||||||||||||||||
Depreciation and amortization | 128,736 | 133,609 | 257,323 | 265,168 | |||||||||||||||||||
General and administrative | 12,222 | 14,952 | 22,034 | 28,934 | |||||||||||||||||||
Expensed acquisition and investment related costs | 41 | 15 | 56 | 102 | |||||||||||||||||||
257,597 | 267,358 | 515,437 | 528,888 | ||||||||||||||||||||
Gain on sale of real estate and land | — | 16,597 | 100,096 | 16,597 | |||||||||||||||||||
Earnings from operations | 93,381 | 119,736 | 290,762 | 250,573 | |||||||||||||||||||
Interest expense | (50,971) | (54,447) | (102,620) | (109,594) | |||||||||||||||||||
Total return swap income | 2,633 | 2,788 | 5,477 | 4,772 | |||||||||||||||||||
Interest and other income | 22,371 | 11,405 | 36,758 | 6,184 | |||||||||||||||||||
Equity income from co-investments | 18,248 | 17,257 | 35,259 | 38,554 | |||||||||||||||||||
Deferred tax expense on unrealized gain on unconsolidated co-investment | (1,842) | (1,636) | (2,350) | (1,636) | |||||||||||||||||||
Loss on early retirement of debt, net | (16,465) | (5,027) | (18,982) | (4,706) | |||||||||||||||||||
Gain on remeasurement of co-investment | 2,260 | — | 2,260 | 234,694 | |||||||||||||||||||
Net income | 69,615 | 90,076 | 246,564 | 418,841 | |||||||||||||||||||
Net income attributable to noncontrolling interest | (4,769) | (5,618) | (13,274) | (19,377) | |||||||||||||||||||
Net income available to common stockholders | $ | 64,846 | $ | 84,458 | $ | 233,290 | $ | 399,464 | |||||||||||||||
Comprehensive income | $ | 70,259 | $ | 94,172 | $ | 251,700 | $ | 413,850 | |||||||||||||||
Comprehensive income attributable to noncontrolling interest | (4,791) | (5,756) | (13,449) | (19,208) | |||||||||||||||||||
Comprehensive income attributable to controlling interest | $ | 65,468 | $ | 88,416 | $ | 238,251 | $ | 394,642 | |||||||||||||||
Per share data: | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Net income available to common stockholders | $ | 1.00 | $ | 1.29 | $ | 3.59 | $ | 6.08 | |||||||||||||||
Weighted average number of shares outstanding during the period | 65,001,677 | 65,412,407 | 64,995,682 | 65,728,119 | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||
Net income available to common stockholders | $ | 1.00 | $ | 1.29 | $ | 3.59 | $ | 6.07 | |||||||||||||||
Weighted average number of shares outstanding during the period | 65,080,746 | 65,427,935 | 65,048,016 | 65,855,347 |
Common stock | Additional paid-in capital |
Distributions
in excess of accumulated earnings |
Accumulated
other comprehensive loss, net |
Noncontrolling interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2021 | 64,999 | $ | 6 | $ | 6,864,185 | $ | (828,625) | $ | (10,390) | $ | 185,755 | $ | 6,210,931 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 64,846 | — | 4,769 | 69,615 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 456 | 16 | 472 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | 166 | 6 | 172 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock plans, net | 5 | 1 | 573 | — | — | — | 574 | ||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, net | — | — | (84) | — | — | — | (84) | ||||||||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | — | 2,571 | — | — | 214 | 2,785 | ||||||||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | — | (2,574) | — | — | 62 | (2,512) | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (7,303) | (7,303) | ||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of noncontrolling interest | — | — | (1,792) | — | — | (271) | (2,063) | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($2.09 per share)
|
— | — | — | (135,884) | — | — | (135,884) | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | 65,004 | $ | 7 | $ | 6,862,879 | $ | (899,663) | $ | (9,768) | $ | 183,248 | $ | 6,136,703 |
Common stock | Additional paid-in capital |
Distributions
in excess of accumulated earnings |
Accumulated
other comprehensive loss, net |
Noncontrolling interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2021 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | 64,999 | $ | 6 | $ | 6,876,326 | $ | (861,193) | $ | (14,729) | $ | 182,782 | $ | 6,183,192 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 233,290 | — | 13,274 | 246,564 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 4,713 | 166 | 4,879 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | 248 | 9 | 257 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock plans, net | 44 | 1 | (3,171) | — | — | — | (3,170) | ||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, net | — | — | (84) | — | — | — | (84) | ||||||||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | — | 7,599 | — | — | 268 | 7,867 | ||||||||||||||||||||||||||||||||||||||||||||||
Retirement of common stock, net | (40) | — | (9,172) | — | — | — | (9,172) | ||||||||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | — | (6,752) | — | — | 157 | (6,595) | ||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | 1,900 | 1,900 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (14,857) | (14,857) | ||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of noncontrolling interest | 1 | — | (1,867) | — | — | (451) | (2,318) | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($4.18 per share)
|
— | — | — | (271,760) | — | — | (271,760) | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | 65,004 | $ | 7 | $ | 6,862,879 | $ | (899,663) | $ | (9,768) | $ | 183,248 | $ | 6,136,703 |
Common stock | Additional paid-in capital |
Distributions
in excess of accumulated earnings |
Accumulated
other comprehensive loss, net |
Noncontrolling Interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2020 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2020 | 65,412 | $ | 7 | $ | 6,959,523 | $ | (708,697) | $ | (22,668) | $ | 189,784 | $ | 6,417,949 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 84,458 | — | 5,618 | 90,076 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedge losses reclassified to earnings | — | — | — | — | 3,171 | 111 | 3,282 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 754 | 25 | 779 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | 33 | 2 | 35 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock plans, net | 6 | — | 536 | — | — | — | 536 | ||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, net | — | — | (63) | — | — | — | (63) | ||||||||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | — | 5,058 | — | — | 177 | 5,235 | ||||||||||||||||||||||||||||||||||||||||||||||
Retirement of common stock, net | (88) | — | (20,093) | — | — | — | (20,093) | ||||||||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | — | (199) | — | — | (399) | (598) | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (8,133) | (8,133) | ||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of noncontrolling interest | 1 | — | 43 | — | — | (378) | (335) | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($2.0775 per share)
|
— | — | — | (135,789) | — | — | (135,789) | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2020 | 65,331 | $ | 7 | $ | 6,944,805 | $ | (760,028) | $ | (18,710) | $ | 186,807 | $ | 6,352,881 |
Common stock | Additional paid-in capital |
Distributions
in excess of accumulated earnings |
Accumulated
other comprehensive loss, net |
Noncontrolling Interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2020 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2019 | 66,092 | $ | 7 | $ | 7,121,927 | $ | (887,619) | $ | (13,888) | $ | 183,077 | $ | 6,403,504 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 399,464 | — | 19,377 | 418,841 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedge losses reclassified to earnings | — | — | — | — | 3,171 | 111 | 3,282 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | (7,732) | (271) | (8,003) | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | (261) | (9) | (270) | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock plans, net | 95 | — | 9,201 | — | — | — | 9,201 | ||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, net | — | — | (133) | — | — | — | (133) | ||||||||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | — | 6,677 | — | — | 256 | 6,933 | ||||||||||||||||||||||||||||||||||||||||||||||
Retirement of common stock, net | (864) | — | (196,404) | — | — | — | (196,404) | ||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect upon adoption of ASU No. 2016-13
|
— | — | — | (190) | — | — | (190) | ||||||||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | — | 4,542 | — | — | (373) | 4,169 | ||||||||||||||||||||||||||||||||||||||||||||||
Changes in noncontrolling interest from acquisition | — | — | — | — | — | 1,349 | 1,349 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (16,012) | (16,012) | ||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of noncontrolling interest | 8 | — | (1,005) | — | — | (698) | (1,703) | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($4.155 per share)
|
— | — | — | (271,683) | — | — | (271,683) | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2020 | 65,331 | $ | 7 | $ | 6,944,805 | $ | (760,028) | $ | (18,710) | $ | 186,807 | $ | 6,352,881 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 246,564 | $ | 418,841 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Straight-lined rents | 5,825 | (2,803) | |||||||||
Depreciation and amortization | 257,323 | 265,168 | |||||||||
Amortization of discount on marketable securities | — | (4,862) | |||||||||
Amortization of discount and debt financing costs, net | 6,311 | 3,973 | |||||||||
Loss on sale of marketable securities | (2,499) | (33) | |||||||||
Income form early redemption of notes receivable | (4,747) | — | |||||||||
Provision for credit losses | (107) | 97 | |||||||||
Unrealized (gains) losses on equity securities recognized through income | (16,681) | 1,073 | |||||||||
Earnings from co-investments | (35,259) | (38,554) | |||||||||
Operating distributions from co-investments | 57,364 | 29,613 | |||||||||
Accrued interest from notes and other receivables | (8,530) | (835) | |||||||||
Gain on the sale of real estate and land | (100,096) | (16,597) | |||||||||
Equity-based compensation | 3,776 | 4,043 | |||||||||
Loss on early retirement of debt, net | 18,982 | 4,706 | |||||||||
Gain on remeasurement of co-investment | (2,260) | (234,694) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets | (5,348) | (6,421) | |||||||||
Accounts payable, accrued liabilities, and operating lease liabilities | 3,209 | 2,565 | |||||||||
Other liabilities | 4,244 | 830 | |||||||||
Net cash provided by operating activities | 428,071 | 426,110 | |||||||||
Cash flows from investing activities: | |||||||||||
Additions to real estate: | |||||||||||
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired | (18,418) | (458,857) | |||||||||
Redevelopment | (19,981) | (32,211) | |||||||||
Development acquisitions of and additions to real estate under development | (34,640) | (54,994) | |||||||||
Capital expenditures on rental properties | (49,044) | (40,013) | |||||||||
Investments in notes receivable | (71,613) | (6,669) | |||||||||
Collections of notes and other receivables | 36,244 | 98,711 | |||||||||
Proceeds from insurance for property losses | 117 | 568 | |||||||||
Proceeds from dispositions of real estate | 243,365 | 230,935 | |||||||||
Contributions to co-investments | (160,719) | (43,817) | |||||||||
Changes in refundable deposits | (968) | 96 | |||||||||
Purchases of marketable securities | (23,509) | (10,989) | |||||||||
Sales and maturities of marketable securities | 14,931 | 4,301 | |||||||||
Non-operating distributions from co-investments | 78,600 | 25,136 | |||||||||
Net cash used in investing activities | (5,635) | (287,803) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from unsecured debt and mortgage notes | 745,505 | 856,630 | |||||||||
Payments on unsecured debt and mortgage notes | (951,727) | (286,074) | |||||||||
Proceeds from lines of credit | 453,359 | 1,038,426 | |||||||||
Repayments of lines of credit | (368,359) | (1,093,426) | |||||||||
Retirement of common stock | (9,172) | (196,404) |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Additions to deferred charges | (6,361) | (7,297) | |||||||||
Payments related to debt prepayment penalties | (18,342) | (1,696) | |||||||||
Net proceeds from issuance of common stock | (84) | (133) | |||||||||
Net proceeds from stock options exercised | 2,275 | 14,865 | |||||||||
Payments related to tax withholding for share-based compensation | (5,445) | (5,664) | |||||||||
Contributions from noncontrolling interest | 1,900 | — | |||||||||
Distributions to noncontrolling interest | (14,787) | (15,613) | |||||||||
Redemption of noncontrolling interest | (2,318) | (1,703) | |||||||||
Redemption of redeemable noncontrolling interest | (3,808) | — | |||||||||
Common stock dividends paid | (270,937) | (264,837) | |||||||||
Net cash (used in) provided by financing activities | (448,301) | 37,074 | |||||||||
Net (decrease) increase in unrestricted and restricted cash and cash equivalents | (25,865) | 175,381 | |||||||||
Unrestricted and restricted cash and cash equivalents at beginning of period | 84,041 | 81,094 | |||||||||
Unrestricted and restricted cash and cash equivalents at end of period | $ | 58,176 | $ | 256,475 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest (net of $3.8 million and $9.0 million capitalized in 2021 and 2020, respectively)
|
$ | 96,541 | $ | 98,358 | |||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | 5,316 | $ | 3,430 | |||||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||
Transfers between real estate under development and rental properties, net | $ | 218,835 | $ | 131,960 | |||||||
Transfer from real estate under development to co-investments | $ | 1,337 | $ | 1,473 | |||||||
Reclassifications to (from) redeemable noncontrolling interest to/from additional paid in capital and noncontrolling interest | $ | 6,593 | $ | (4,169) | |||||||
ASSETS | June 30, 2021 | December 31, 2020 | |||||||||
Real estate: | |||||||||||
Rental properties: | |||||||||||
Land and land improvements | $ | 2,923,508 | $ | 2,929,009 | |||||||
Buildings and improvements | 12,373,299 | 12,132,736 | |||||||||
15,296,807 | 15,061,745 | ||||||||||
Less: accumulated depreciation | (4,392,056) | (4,133,959) | |||||||||
10,904,751 | 10,927,786 | ||||||||||
Real estate under development | 208,330 | 386,047 | |||||||||
Co-investments | 1,037,270 | 1,018,010 | |||||||||
Real estate held for sale, net | — | 57,938 | |||||||||
12,150,351 | 12,389,781 | ||||||||||
Cash and cash equivalents-unrestricted | 48,155 | 73,629 | |||||||||
Cash and cash equivalents-restricted | 10,021 | 10,412 | |||||||||
Marketable securities, net of allowance for credit losses of zero as of both June 30, 2021 and December 31, 2020
|
175,782 | 147,768 | |||||||||
Notes and other receivables, net of allowance for credit losses of $0.7 million and $0.8 million as of June 30, 2021 and December 31, 2020, respectively (includes related party receivables of $57.9 million and $4.7 million as of June 30, 2021 and December 31, 2020, respectively)
|
238,855 | 195,104 | |||||||||
Operating lease right-of-use assets | 70,551 | 72,143 | |||||||||
Prepaid expenses and other assets | 53,484 | 47,340 | |||||||||
Total assets | $ | 12,747,199 | $ | 12,936,177 | |||||||
LIABILITIES AND CAPITAL | |||||||||||
Unsecured debt, net | $ | 5,403,874 | $ | 5,607,985 | |||||||
Mortgage notes payable, net | 641,274 | 643,550 | |||||||||
Lines of credit | 85,000 | — | |||||||||
Accounts payable and accrued liabilities | 160,121 | 152,855 | |||||||||
Construction payable | 31,960 | 31,417 | |||||||||
Distributions payable | 142,810 | 141,917 | |||||||||
Operating lease liabilities | 72,363 | 74,037 | |||||||||
Liabilities associated with real estate held for sale | — | 29,845 | |||||||||
Other liabilities | 38,068 | 39,140 | |||||||||
Total liabilities | 6,575,470 | 6,720,746 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interest | 35,026 | 32,239 | |||||||||
Capital: | |||||||||||
General Partner: | |||||||||||
Common equity (65,003,996 and 64,999,015 units issued and outstanding, respectively)
|
5,963,223 | 6,015,139 | |||||||||
5,963,223 | 6,015,139 | ||||||||||
Limited Partners: | |||||||||||
Common equity (2,293,760 and 2,294,760 units issued and outstanding, respectively)
|
56,950 | 58,184 | |||||||||
Accumulated other comprehensive loss | (6,167) | (11,303) | |||||||||
Total partners' capital | 6,014,006 | 6,062,020 | |||||||||
Noncontrolling interest | 122,697 | 121,172 | |||||||||
Total capital | 6,136,703 | 6,183,192 | |||||||||
Total liabilities and capital | $ | 12,747,199 | $ | 12,936,177 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental and other property | $ | 348,757 | $ | 368,149 | $ | 701,633 | $ | 757,899 | |||||||||||||||
Management and other fees from affiliates | 2,221 | 2,348 | 4,470 | 4,965 | |||||||||||||||||||
350,978 | 370,497 | 706,103 | 762,864 | ||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating, excluding real estate taxes | 63,215 | 65,142 | 128,366 | 129,273 | |||||||||||||||||||
Real estate taxes | 44,278 | 44,994 | 89,606 | 88,006 | |||||||||||||||||||
Corporate-level property management expenses | 9,105 | 8,646 | 18,052 | 17,405 | |||||||||||||||||||
Depreciation and amortization | 128,736 | 133,609 | 257,323 | 265,168 | |||||||||||||||||||
General and administrative | 12,222 | 14,952 | 22,034 | 28,934 | |||||||||||||||||||
Expensed acquisition and investment related costs | 41 | 15 | 56 | 102 | |||||||||||||||||||
257,597 | 267,358 | 515,437 | 528,888 | ||||||||||||||||||||
Gain on sale of real estate and land | — | 16,597 | 100,096 | 16,597 | |||||||||||||||||||
Earnings from operations | 93,381 | 119,736 | 290,762 | 250,573 | |||||||||||||||||||
Interest expense | (50,971) | (54,447) | (102,620) | (109,594) | |||||||||||||||||||
Total return swap income | 2,633 | 2,788 | 5,477 | 4,772 | |||||||||||||||||||
Interest and other income | 22,371 | 11,405 | 36,758 | 6,184 | |||||||||||||||||||
Equity income from co-investments | 18,248 | 17,257 | 35,259 | 38,554 | |||||||||||||||||||
Deferred tax expense on unrealized gain on unconsolidated co-investment | (1,842) | (1,636) | (2,350) | (1,636) | |||||||||||||||||||
Loss on early retirement of debt, net | (16,465) | (5,027) | (18,982) | (4,706) | |||||||||||||||||||
Gain on remeasurement of co-investment | 2,260 | — | 2,260 | 234,694 | |||||||||||||||||||
Net income | 69,615 | 90,076 | 246,564 | 418,841 | |||||||||||||||||||
Net income attributable to noncontrolling interest | (2,481) | (2,654) | (5,039) | (5,427) | |||||||||||||||||||
Net income available to common unitholders | $ | 67,134 | $ | 87,422 | $ | 241,525 | $ | 413,414 | |||||||||||||||
Comprehensive income | $ | 70,259 | $ | 94,172 | $ | 251,700 | $ | 413,850 | |||||||||||||||
Comprehensive income attributable to noncontrolling interest | (2,481) | (2,654) | (5,039) | (5,427) | |||||||||||||||||||
Comprehensive income attributable to controlling interest | $ | 67,778 | $ | 91,518 | $ | 246,661 | $ | 408,423 | |||||||||||||||
Per unit data: | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Net income available to common unitholders | $ | 1.00 | $ | 1.29 | $ | 3.59 | $ | 6.08 | |||||||||||||||
Weighted average number of common units outstanding during the period | 67,295,437 | 67,708,157 | 67,289,464 | 68,026,084 | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||
Net income available to common unitholders | $ | 1.00 | $ | 1.29 | $ | 3.59 | $ | 6.07 | |||||||||||||||
Weighted average number of common units outstanding during the period | 67,374,506 | 67,723,685 | 67,341,798 | 68,153,312 |
General Partner | Limited Partners |
Accumulated other
comprehensive loss, net |
Noncontrolling interest | Total | |||||||||||||||||||||||||||||||||||||||||||
Common Equity | Common Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2021 | 64,999 | $ | 6,035,566 | 2,294 | $ | 59,328 | $ | (6,811) | $ | 122,848 | $ | 6,210,931 | |||||||||||||||||||||||||||||||||||
Net income | — | 64,846 | — | 2,288 | — | 2,481 | 69,615 | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 472 | — | 472 | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | 172 | — | 172 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common units under: | |||||||||||||||||||||||||||||||||||||||||||||||
General partner's stock based compensation, net | 5 | 574 | — | — | — | — | 574 | ||||||||||||||||||||||||||||||||||||||||
Sale of common stock by general partner, net | — | (84) | — | — | — | — | (84) | ||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | 2,571 | — | 214 | — | — | 2,785 | ||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | (2,574) | — | (85) | — | 147 | (2,512) | ||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (2,508) | (2,508) | ||||||||||||||||||||||||||||||||||||||||
Redemptions | — | (1,792) | — | — | — | (271) | (2,063) | ||||||||||||||||||||||||||||||||||||||||
Distributions declared ($2.09 per unit)
|
— | (135,884) | — | (4,795) | — | — | (140,679) | ||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | 65,004 | $ | 5,963,223 | 2,294 | $ | 56,950 | $ | (6,167) | $ | 122,697 | $ | 6,136,703 |
General Partner | Limited Partners |
Accumulated other
comprehensive loss, net |
Noncontrolling interest | Total | |||||||||||||||||||||||||||||||||||||||||||
Common Equity | Common Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2021 | Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | 64,999 | $ | 6,015,139 | 2,295 | $ | 58,184 | $ | (11,303) | $ | 121,172 | $ | 6,183,192 | |||||||||||||||||||||||||||||||||||
Net income | — | 233,290 | — | 8,235 | — | 5,039 | 246,564 | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 4,879 | — | 4,879 | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | 257 | — | 257 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common units under: | |||||||||||||||||||||||||||||||||||||||||||||||
General partner's stock based compensation, net | 44 | (3,170) | — | — | — | — | (3,170) | ||||||||||||||||||||||||||||||||||||||||
Sale of common stock by general partner, net | — | (84) | — | — | — | — | (84) | ||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | 7,599 | — | 268 | — | — | 7,867 | ||||||||||||||||||||||||||||||||||||||||
Retirement of common units, net | (40) | (9,172) | — | — | — | — | (9,172) | ||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | (6,752) | — | (12) | — | 169 | (6,595) | ||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | 1,900 | 1,900 | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (5,268) | (5,268) | ||||||||||||||||||||||||||||||||||||||||
Redemptions | 1 | (1,867) | (1) | (136) | — | (315) | (2,318) | ||||||||||||||||||||||||||||||||||||||||
Distributions declared ($4.18 per unit)
|
— | (271,760) | — | (9,589) | — | — | (281,349) | ||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | 65,004 | $ | 5,963,223 | 2,294 | $ | 56,950 | $ | (6,167) | $ | 122,697 | $ | 6,136,703 |
General Partner | Limited Partners |
Accumulated other
comprehensive loss, net |
Noncontrolling interest | Total | |||||||||||||||||||||||||||||||||||||||||||
Common Equity | Common Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2020 | Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2020 | 65,412 | $ | 6,250,833 | 2,296 | $ | 63,550 | $ | (19,519) | $ | 123,085 | $ | 6,417,949 | |||||||||||||||||||||||||||||||||||
Net income | — | 84,458 | — | 2,964 | — | 2,654 | 90,076 | ||||||||||||||||||||||||||||||||||||||||
Cash flow hedge losses reclassified to earnings | — | — | — | — | 3,282 | — | 3,282 | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 779 | — | 779 | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | 35 | — | 35 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common units under: | |||||||||||||||||||||||||||||||||||||||||||||||
General partner's stock based compensation, net | 6 | 536 | — | — | — | — | 536 | ||||||||||||||||||||||||||||||||||||||||
Sale of common stock by general partner, net | — | (63) | — | — | — | — | (63) | ||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | 5,058 | — | 177 | — | — | 5,235 | ||||||||||||||||||||||||||||||||||||||||
Retirement of common units, net | (88) | (20,093) | — | — | — | — | (20,093) | ||||||||||||||||||||||||||||||||||||||||
Changes in redemption value of redeemable noncontrolling interest | — | (199) | — | (398) | — | (1) | (598) | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (3,366) | (3,366) | ||||||||||||||||||||||||||||||||||||||||
Redemptions | 1 | 43 | — | (89) | — | (289) | (335) | ||||||||||||||||||||||||||||||||||||||||
Distributions declared ($2.0775 per unit)
|
— | (135,789) | — | (4,767) | — | — | (140,556) | ||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2020 | 65,331 | $ | 6,184,784 | 2,296 | $ | 61,437 | $ | (15,423) | $ | 122,083 | $ | 6,352,881 |
General Partner | Limited Partners |
Accumulated other
comprehensive loss, net |
Noncontrolling interest | Total | |||||||||||||||||||||||||||||||||||||||||||
Common Equity | Common Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2020 | Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2019 | 66,092 | $ | 6,234,315 | 2,302 | $ | 57,359 | $ | (10,432) | $ | 122,262 | $ | 6,403,504 | |||||||||||||||||||||||||||||||||||
Net income | — | 399,464 | — | 13,950 | — | 5,427 | 418,841 | ||||||||||||||||||||||||||||||||||||||||
Cash flow hedge losses reclassified to earnings | — | — | — | — | 3,282 | — | 3,282 | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | (8,003) | — | (8,003) | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | (270) | — | (270) | ||||||||||||||||||||||||||||||||||||||||
Issuance of common units under: | |||||||||||||||||||||||||||||||||||||||||||||||
General partner's stock based compensation, net | 95 | 9,201 | — | — | — | — | 9,201 | ||||||||||||||||||||||||||||||||||||||||
Sale of common stock by general partner, net | — | (133) | — | — | — | — | (133) | ||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | 6,677 | 2 | 256 | — | — | 6,933 | ||||||||||||||||||||||||||||||||||||||||
Retirement of common units, net | (864) | (196,404) | — | — | — | — | (196,404) | ||||||||||||||||||||||||||||||||||||||||
Cumulative effect upon adoption of ASU No. 2016-13
|
— | (190) | — | — | — | — | (190) | ||||||||||||||||||||||||||||||||||||||||
Changes in redemption value of redeemable noncontrolling interest | — | 4,542 | — | (416) | — | 43 | 4,169 | ||||||||||||||||||||||||||||||||||||||||
Changes in noncontrolling interest from acquisition | — | — | — | — | — | 1,349 | 1,349 | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (6,473) | (6,473) | ||||||||||||||||||||||||||||||||||||||||
Redemptions | 8 | (1,005) | (8) | (173) | — | (525) | (1,703) | ||||||||||||||||||||||||||||||||||||||||
Distributions declared ($4.155 per unit)
|
— | (271,683) | — | (9,539) | — | — | (281,222) | ||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2020 | 65,331 | $ | 6,184,784 | 2,296 | $ | 61,437 | $ | (15,423) | $ | 122,083 | $ | 6,352,881 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 246,564 | $ | 418,841 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Straight-lined rents | 5,825 | (2,803) | |||||||||
Depreciation and amortization | 257,323 | 265,168 | |||||||||
Amortization of discount on marketable securities | — | (4,862) | |||||||||
Amortization of discount and debt financing costs, net | 6,311 | 3,973 | |||||||||
Loss on sale of marketable securities | (2,499) | (33) | |||||||||
Income from early redemption of notes receivable | (4,747) | — | |||||||||
Provision for credit losses | (107) | 97 | |||||||||
Unrealized (gains) losses on equity securities recognized through income | (16,681) | 1,073 | |||||||||
Earnings from co-investments | (35,259) | (38,554) | |||||||||
Operating distributions from co-investments | 57,364 | 29,613 | |||||||||
Accrued interest from notes and other receivables | (8,530) | (835) | |||||||||
Gain on the sale of real estate and land | (100,096) | (16,597) | |||||||||
Equity-based compensation | 3,776 | 4,043 | |||||||||
Loss on early retirement of debt, net | 18,982 | 4,706 | |||||||||
Gain on remeasurement of co-investment | (2,260) | (234,694) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets | (5,348) | (6,421) | |||||||||
Accounts payable, accrued liabilities, and operating lease liabilities | 3,209 | 2,565 | |||||||||
Other liabilities | 4,244 | 830 | |||||||||
Net cash provided by operating activities | 428,071 | 426,110 | |||||||||
Cash flows from investing activities: | |||||||||||
Additions to real estate: | |||||||||||
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired | (18,418) | (458,857) | |||||||||
Redevelopment | (19,981) | (32,211) | |||||||||
Development acquisitions of and additions to real estate under development | (34,640) | (54,994) | |||||||||
Capital expenditures on rental properties | (49,044) | (40,013) | |||||||||
Investments in notes receivable | (71,613) | (6,669) | |||||||||
Collections of notes and other receivables | 36,244 | 98,711 | |||||||||
Proceeds from insurance for property losses | 117 | 568 | |||||||||
Proceeds from dispositions of real estate | 243,365 | 230,935 | |||||||||
Contributions to co-investments | (160,719) | (43,817) | |||||||||
Changes in refundable deposits | (968) | 96 | |||||||||
Purchases of marketable securities | (23,509) | (10,989) | |||||||||
Sales and maturities of marketable securities | 14,931 | 4,301 | |||||||||
Non-operating distributions from co-investments | 78,600 | 25,136 | |||||||||
Net cash used in investing activities | (5,635) | (287,803) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from unsecured debt and mortgage notes | 745,505 | 856,630 | |||||||||
Payments on unsecured debt and mortgage notes | (951,727) | (286,074) | |||||||||
Proceeds from lines of credit | 453,359 | 1,038,426 | |||||||||
Repayments of lines of credit | (368,359) | (1,093,426) | |||||||||
Retirement of common units | (9,172) | (196,404) |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Additions to deferred charges | (6,361) | (7,297) | |||||||||
Payments related to debt prepayment penalties | (18,342) | (1,696) | |||||||||
Net proceeds from issuance of common units | (84) | (133) | |||||||||
Net proceeds from stock options exercised | 2,275 | 14,865 | |||||||||
Payments related to tax withholding for share-based compensation | (5,445) | (5,664) | |||||||||
Contributions from noncontrolling interest | 1,900 | — | |||||||||
Distributions to noncontrolling interest | (4,238) | (4,152) | |||||||||
Redemption of noncontrolling interests | (2,318) | (1,703) | |||||||||
Common units distributions paid | (281,486) | (276,298) | |||||||||
Net cash (used in) provided by financing activities | (448,301) | 37,074 | |||||||||
Net (decrease) increase in unrestricted and restricted cash and cash equivalents | (25,865) | 175,381 | |||||||||
Unrestricted and restricted cash and cash equivalents at beginning of period | 84,041 | 81,094 | |||||||||
Unrestricted and restricted cash and cash equivalents at end of period | $ | 58,176 | $ | 256,475 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest (net of $3.8 million and $9.0 million capitalized in 2021 and 2020, respectively)
|
$ | 96,541 | $ | 98,358 | |||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | 5,316 | $ | 3,430 | |||||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||
Transfers between real estate under development and rental properties, net | $ | 218,835 | $ | 131,960 | |||||||
Transfer from real estate under development to co-investments | $ | 1,337 | $ | 1,473 | |||||||
Reclassifications to (from) redeemable noncontrolling interest to/from general and limited partner capital and noncontrolling interest | $ | 6,593 | $ | (4,169) | |||||||
June 30, 2021 | |||||||||||||||||||||||
Cost |
Gross
Unrealized Gain (Loss) |
Carrying Value | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Investment funds - debt securities | $ | 61,673 | $ | 259 | $ | 61,932 | |||||||||||||||||
Common stock and stock funds | 80,123 | 32,408 | 112,531 | ||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||
Investment-grade unsecured debt | 1,050 | 269 | 1,319 | ||||||||||||||||||||
Total - Marketable securities | $ | 142,846 | $ | 32,936 | $ | 175,782 |
December 31, 2020 | |||||||||||||||||||||||||||||
Cost |
Gross
Unrealized Gain (Loss) |
Carrying Value | |||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
Investment funds - debt securities | $ | 49,646 | $ | 985 | $ | 50,631 | |||||||||||||||||||||||
Common stock and stock funds | 81,074 | 15,001 | 96,075 | ||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||
Investment-grade unsecured debt | 1,050 | 12 | 1,062 | ||||||||||||||||||||||||||
Total - Marketable securities | $ | 131,770 | $ | 15,998 | $ | 147,768 |
Change in fair
value and amortization of swap settlements |
Unrealized
gain on available for sale securities |
Total | |||||||||||||||
Balance at December 31, 2020 | $ | (14,771) | $ | 42 | $ | (14,729) | |||||||||||
Other comprehensive income before reclassification | 4,706 | 248 | 4,954 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 7 | — | 7 | ||||||||||||||
Other comprehensive income | 4,713 | 248 | 4,961 | ||||||||||||||
Balance at June 30, 2021 | $ | (10,058) | $ | 290 | $ | (9,768) |
Change in fair
value and amortization of swap settlements |
Unrealized
gain on available for sale securities |
Total | |||||||||||||||
Balance at December 31, 2020 | $ | (11,346) | $ | 43 | $ | (11,303) | |||||||||||
Other comprehensive income before reclassification | 4,872 | 257 | 5,129 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 7 | — | 7 | ||||||||||||||
Other comprehensive income | 4,879 | 257 | 5,136 | ||||||||||||||
Balance at June 30, 2021 | $ | (6,467) | $ | 300 | $ | (6,167) |
Balance at December 31, 2020 | $ | 32,239 | |||
Reclassification due to change in redemption value and other | 6,595 | ||||
Redemptions | (3,808) | ||||
Balance at June 30, 2021 | $ | 35,026 |
June 30, 2021 | December 31, 2020 | June 30, 2020 | December 31, 2019 | ||||||||||||||||||||
Cash and cash equivalents - unrestricted | $ | 48,155 | $ | 73,629 | $ | 246,204 | $ | 70,087 | |||||||||||||||
Cash and cash equivalents - restricted | 10,021 | 10,412 | 10,271 | 11,007 | |||||||||||||||||||
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows | $ | 58,176 | $ | 84,041 | $ | 256,475 | $ | 81,094 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Rental income | $ | 343,322 | $ | 363,087 | $ | 690,627 | $ | 746,585 | |||||||||||||||
Other property | 5,435 | 5,062 | 11,006 | 11,314 | |||||||||||||||||||
Management and other fees from affiliates | 2,221 | 2,348 | 4,470 | 4,965 | |||||||||||||||||||
Total revenues | $ | 350,978 | $ | 370,497 | $ | 706,103 | $ | 762,864 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Southern California | $ | 143,230 | $ | 140,510 | $ | 286,242 | $ | 292,405 | |||||||||||||||
Northern California | 143,386 | 152,118 | 290,076 | 310,574 | |||||||||||||||||||
Seattle Metro | 59,267 | 60,649 | 117,900 | 123,693 | |||||||||||||||||||
Other real estate assets (1)
|
2,874 | 14,872 | 7,415 | 31,227 | |||||||||||||||||||
Total rental and other property revenues | $ | 348,757 | $ | 368,149 | $ | 701,633 | $ | 757,899 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Same-property (1)
|
$ | 314,949 | $ | 324,654 | $ | 632,755 | $ | 670,306 | |||||||||||||||
Acquisitions (2)
|
13,948 | 13,696 | 27,621 | 26,254 | |||||||||||||||||||
Development (3)
|
7,500 | 4,420 | 14,430 | 8,495 | |||||||||||||||||||
Redevelopment | 4,149 | 5,096 | 8,739 | 10,497 | |||||||||||||||||||
Non-residential/other, net (4)
|
11,156 | 17,308 | 24,402 | 39,372 | |||||||||||||||||||
Straight line rent concession (5)
|
(2,945) | 2,975 | (6,314) | 2,975 | |||||||||||||||||||
Total rental and other property revenues | $ | 348,757 | $ | 368,149 | $ | 701,633 | $ | 757,899 |
Weighted Average Company Ownership Percentage (1)
|
June 30, 2021 | December 31, 2020 | |||||||||||||||
Ownership interest in: | |||||||||||||||||
Wesco I, Wesco III, Wesco IV, and Wesco V | 51 | % | 172,709 | 178,322 | |||||||||||||
BEXAEW, BEX II, BEX III (2), BEX IV, and 500 Folsom (3)
|
50 | % | 276,409 | 152,309 | |||||||||||||
Other | 47 | % | 48,193 | 27,635 | |||||||||||||
Total operating and other co-investments, net | 497,311 | 358,266 | |||||||||||||||
Total development co-investments | 50 | % | 9,532 | 157,433 | |||||||||||||
Total preferred interest co-investments (includes related party investments of $85.3 million and $81.4 million as of June 30, 2021 and December 31, 2020, respectively)
|
530,427 | 502,311 | |||||||||||||||
Total co-investments, net | $ | 1,037,270 | $ | 1,018,010 |
June 30, 2021 | December 31, 2020 | ||||||||||
Combined balance sheets: (1)
|
|||||||||||
Rental properties and real estate under development | $ | 4,082,553 | $ | 4,242,611 | |||||||
Other assets | 225,482 | 200,777 | |||||||||
Total assets | $ | 4,308,035 | $ | 4,443,388 | |||||||
Debt | $ | 2,529,501 | $ | 2,611,365 | |||||||
Other liabilities | 195,048 | 189,515 | |||||||||
Equity | 1,583,486 | 1,642,508 | |||||||||
Total liabilities and equity | $ | 4,308,035 | $ | 4,443,388 | |||||||
Company's share of equity | $ | 1,037,270 | $ | 1,018,010 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Combined statements of income: (1)
|
|||||||||||||||||||||||
Property revenues | $ | 68,405 | $ | 72,175 | $ | 140,164 | $ | 149,544 | |||||||||||||||
Property operating expenses | (27,013) | (25,859) | (54,344) | (51,574) | |||||||||||||||||||
Net operating income | 41,392 | 46,316 | 85,820 | 97,970 | |||||||||||||||||||
Interest expense | (15,965) | (19,478) | (32,665) | (40,331) | |||||||||||||||||||
General and administrative | (4,029) | (3,392) | (8,310) | (7,475) | |||||||||||||||||||
Depreciation and amortization | (31,813) | (28,778) | (64,522) | (57,215) | |||||||||||||||||||
Net loss | $ | (10,415) | $ | (5,332) | $ | (19,677) | $ | (7,051) | |||||||||||||||
Company's share of net income (2)
|
$ | 18,248 | $ | 17,257 | $ | 35,259 | $ | 38,554 |
Mezzanine Loans | Bridge Loans | Total | |||||||||||||||
Balance at December 31, 2020 | $ | 751 | $ | — | $ | 751 | |||||||||||
Provision for credit losses | (37) | 26 | (11) | ||||||||||||||
Balance at June 30, 2021 | $ | 714 | $ | 26 | $ | 740 |
June 30, 2021 | December 31, 2020 |
Weighted Average
Maturity In Years as of June 30, 2021 |
|||||||||||||||
Unsecured bonds private placement - fixed rate | $ | — | $ | 199,950 | 0.0 | ||||||||||||
Term loan - variable rate | 99,941 | 549,380 | 0.6 | ||||||||||||||
Bonds public offering - fixed rate | 5,303,933 | 4,858,655 | 9.2 | ||||||||||||||
Unsecured debt, net (1)
|
5,403,874 | 5,607,985 | |||||||||||||||
Lines of credit (2)
|
85,000 | — | |||||||||||||||
Mortgage notes payable, net (3)
|
641,274 | 643,550 | 9.0 | ||||||||||||||
Total debt, net | $ | 6,130,148 | $ | 6,251,535 | |||||||||||||
Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering | 3.3 | % | 3.4 | % | |||||||||||||
Weighted average interest rate on variable rate term loan | 1.1 | % | 1.7 | % | |||||||||||||
Weighted average interest rate on lines of credit | 1.0 | % | 1.0 | % | |||||||||||||
Weighted average interest rate on mortgage notes payable | 2.6 | % | 2.7 | % |
Remaining in 2021 | $ | 1,774 | |||
2022 | 143,188 | ||||
2023 | 302,945 | ||||
2024 | 403,109 | ||||
2025 | 633,054 | ||||
Thereafter | 4,605,629 | ||||
Total | $ | 6,089,699 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Southern California | $ | 143,230 | $ | 140,510 | $ | 286,242 | $ | 292,405 | |||||||||||||||
Northern California | 143,386 | 152,118 | 290,076 | 310,574 | |||||||||||||||||||
Seattle Metro | 59,267 | 60,649 | 117,900 | 123,693 | |||||||||||||||||||
Other real estate assets | 2,874 | 14,872 | 7,415 | 31,227 | |||||||||||||||||||
Total property revenues | $ | 348,757 | $ | 368,149 | $ | 701,633 | $ | 757,899 | |||||||||||||||
Net operating income: | |||||||||||||||||||||||
Southern California | $ | 99,263 | $ | 96,829 | $ | 198,514 | $ | 205,118 | |||||||||||||||
Northern California | 98,916 | 109,592 | 200,541 | 226,779 | |||||||||||||||||||
Seattle Metro | 40,386 | 40,780 | 79,165 | 85,206 | |||||||||||||||||||
Other real estate assets | 2,699 | 10,812 | 5,441 | 23,517 | |||||||||||||||||||
Total net operating income | 241,264 | 258,013 | 483,661 | 540,620 | |||||||||||||||||||
Management and other fees from affiliates | 2,221 | 2,348 | 4,470 | 4,965 | |||||||||||||||||||
Corporate-level property management expenses | (9,105) | (8,646) | (18,052) | (17,405) | |||||||||||||||||||
Depreciation and amortization | (128,736) | (133,609) | (257,323) | (265,168) | |||||||||||||||||||
General and administrative | (12,222) | (14,952) | (22,034) | (28,934) | |||||||||||||||||||
Expensed acquisition and investment related costs | (41) | (15) | (56) | (102) | |||||||||||||||||||
Gain on sale of real estate and land | — | 16,597 | 100,096 | 16,597 | |||||||||||||||||||
Interest expense | (50,971) | (54,447) | (102,620) | (109,594) | |||||||||||||||||||
Total return swap income | 2,633 | 2,788 | 5,477 | 4,772 | |||||||||||||||||||
Interest and other income | 22,371 | 11,405 | 36,758 | 6,184 | |||||||||||||||||||
Equity income from co-investments | 18,248 | 17,257 | 35,259 | 38,554 | |||||||||||||||||||
Deferred tax expense on unrealized gain on unconsolidated co-investment | (1,842) | (1,636) | (2,350) | (1,636) | |||||||||||||||||||
Loss on early retirement of debt, net | (16,465) | (5,027) | (18,982) | (4,706) | |||||||||||||||||||
Gain on remeasurement of co-investment | 2,260 | — | 2,260 | 234,694 | |||||||||||||||||||
Net income | $ | 69,615 | $ | 90,076 | $ | 246,564 | $ | 418,841 |
June 30, 2021 | December 31, 2020 | ||||||||||
Assets: | |||||||||||
Southern California | $ | 3,985,599 | $ | 3,993,275 | |||||||
Northern California | 5,527,443 | 5,408,019 | |||||||||
Seattle Metro | 1,377,702 | 1,403,678 | |||||||||
Other real estate assets | 14,007 | 122,814 | |||||||||
Net reportable operating segment - real estate assets | 10,904,751 | 10,927,786 | |||||||||
Real estate under development | 208,330 | 386,047 | |||||||||
Co-investments | 1,037,270 | 1,018,010 | |||||||||
Real estate held for sale | — | 57,938 | |||||||||
Cash and cash equivalents, including restricted cash | 58,176 | 84,041 | |||||||||
Marketable securities | 175,782 | 147,768 | |||||||||
Notes and other receivables | 238,855 | 195,104 | |||||||||
Operating lease right-of-use assets | 70,551 | 72,143 | |||||||||
Prepaid expenses and other assets | 53,484 | 47,340 | |||||||||
Total assets | $ | 12,747,199 | $ | 12,936,177 |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||
Income |
Weighted-
average Common Shares |
Per
Common Share Amount |
Income |
Weighted-
average Common Shares |
Per
Common Share Amount |
||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 64,846 | 65,001,677 | $ | 1.00 | $ | 84,458 | 65,412,407 | $ | 1.29 | |||||||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||
Stock options | — | 79,069 | — | 15,528 | |||||||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 64,846 | 65,080,746 | $ | 1.00 | $ | 84,458 | 65,427,935 | $ | 1.29 |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||
Income |
Weighted-
average Common Shares |
Per
Common Share Amount |
Income |
Weighted-
average Common Shares |
Per
Common Share Amount |
||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 233,290 | 64,995,682 | $ | 3.59 | $ | 399,464 | 65,728,119 | $ | 6.08 | |||||||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||
Stock options | — | 52,334 | — | 32,981 | |||||||||||||||||||||||||||||||
DownREIT units | — | — | 392 | 94,247 | |||||||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 233,290 | 65,048,016 | $ | 3.59 | $ | 399,856 | 65,855,347 | $ | 6.07 |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||
Income |
Weighted-
average Common Units |
Per
Common Unit Amount |
Income |
Weighted-
average Common Units |
Per
Common Unit Amount |
||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||
Net income available to common unitholders | $ | 67,134 | 67,295,437 | $ | 1.00 | $ | 87,422 | 67,708,157 | $ | 1.29 | |||||||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||
Stock options | — | 79,069 | — | 15,528 | |||||||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net income available to common unitholders | $ | 67,134 | 67,374,506 | $ | 1.00 | $ | 87,422 | 67,723,685 | $ | 1.29 |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||
Income |
Weighted-
average Common Units |
Per
Common Unit Amount |
Income |
Weighted-
average Common Units |
Per
Common Unit Amount |
||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||
Net income available to common unitholders | $ | 241,525 | 67,289,464 | $ | 3.59 | $ | 413,414 | 68,026,084 | $ | 6.08 | |||||||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||
Stock options | — | 52,334 | — | 32,981 | |||||||||||||||||||||||||||||||
DownREIT units | — | — | 392 | 94,247 | |||||||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net income available to common unitholders | $ | 241,525 | 67,341,798 | $ | 3.59 | $ | 413,806 | 68,153,312 | $ | 6.07 |
As of June 30, 2021 | As of June 30, 2020 | ||||||||||||||||||||||
Apartment Homes | % | Apartment Homes | % | ||||||||||||||||||||
Southern California | 22,466 | 43 | % | 22,675 | 43 | % | |||||||||||||||||
Northern California | 19,123 | 37 | % | 19,319 | 37 | % | |||||||||||||||||
Seattle Metro | 10,218 | 20 | % | 10,343 | 20 | % | |||||||||||||||||
Total | 51,807 | 100 | % | 52,337 | 100 | % |
Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Southern California | 97.0 | % | 94.6 | % | |||||||
Northern California | 96.2 | % | 95.0 | % | |||||||
Seattle Metro | 96.7 | % | 95.3 | % |
Number of Apartment | Three Months Ended June 30, | Dollar | Percentage | |||||||||||||||||||||||||||||
Property Revenues ($ in thousands) | Homes | 2021 | 2020 | Change | Change | |||||||||||||||||||||||||||
Same-Property Revenues: | ||||||||||||||||||||||||||||||||
Southern California | 20,800 | $ | 135,476 | $ | 132,759 | $ | 2,717 | 2.0 | % | |||||||||||||||||||||||
Northern California | 16,072 | 120,206 | 131,246 | (11,040) | (8.4) | % | ||||||||||||||||||||||||||
Seattle Metro | 10,218 | 59,267 | 60,649 | (1,382) | (2.3) | % | ||||||||||||||||||||||||||
Total Same-Property Revenues | 47,090 | 314,949 | 324,654 | (9,705) | (3.0) | % | ||||||||||||||||||||||||||
Non-Same Property Revenues | 33,808 | 43,495 | (9,687) | (22.3) | % | |||||||||||||||||||||||||||
Total Property Revenues | $ | 348,757 | $ | 368,149 | $ | (19,392) | (5.3) | % |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Southern California | 96.9 | % | 95.6 | % | |||||||
Northern California | 96.4 | % | 96.0 | % | |||||||
Seattle Metro | 96.6 | % | 96.1 | % |
Number of Apartment |
Six Months Ended
June 30, |
Dollar | Percentage | |||||||||||||||||||||||||||||
Property Revenues ($ in thousands) | Homes | 2021 | 2020 | Change | Change | |||||||||||||||||||||||||||
Same-Property Revenues: | ||||||||||||||||||||||||||||||||
Southern California | 20,800 | $ | 270,937 | $ | 276,533 | $ | (5,596) | (2.0) | % | |||||||||||||||||||||||
Northern California | 16,072 | 243,918 | 270,080 | (26,162) | (9.7) | % | ||||||||||||||||||||||||||
Seattle Metro | 10,218 | 117,900 | 123,693 | (5,793) | (4.7) | % | ||||||||||||||||||||||||||
Total Same-Property Revenues | 47,090 | 632,755 | 670,306 | (37,551) | (5.6) | % | ||||||||||||||||||||||||||
Non-Same Property Revenues | 68,878 | 87,593 | (18,715) | (21.4) | % | |||||||||||||||||||||||||||
Total Property Revenues | $ | 701,633 | $ | 757,899 | $ | (56,266) | (7.4) | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income available to common stockholders | $ | 64,846 | $ | 84,458 | $ | 233,290 | $ | 399,464 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Depreciation and amortization | 128,736 | 133,609 | 257,323 | 265,168 | |||||||||||||||||||
Gains not included in FFO attributable to common stockholders and unitholders | (2,260) | (16,597) | (102,356) | (251,291) | |||||||||||||||||||
Depreciation and amortization from unconsolidated co-investments | 14,819 | 12,764 | 29,548 | 25,308 | |||||||||||||||||||
Noncontrolling interest related to Operating Partnership units | 2,288 | 2,964 | 8,235 | 13,950 | |||||||||||||||||||
Depreciation attributable to third party ownership and other | (138) | (139) | (267) | (273) | |||||||||||||||||||
Funds from operations attributable to common stockholders and unitholders | $ | 208,291 | $ | 217,059 | $ | 425,773 | $ | 452,326 | |||||||||||||||
Funds from operations attributable to common stockholders and unitholders per share - diluted | $ | 3.09 | $ | 3.21 | $ | 6.33 | $ | 6.65 | |||||||||||||||
Non-core items: | |||||||||||||||||||||||
Expensed acquisition and investment related costs | 41 | 15 | 56 | 102 | |||||||||||||||||||
Deferred tax expense on unrealized gain on unconsolidated co-investment (1)
|
1,842 | 1,636 | 2,350 | 1,636 | |||||||||||||||||||
Loss (gain) on sale of marketable securities | 112 | (46) | (2,499) | (33) | |||||||||||||||||||
Unrealized (gains) losses on marketable securities | (10,405) | (7,623) | (16,681) | 1,073 | |||||||||||||||||||
Provision for credit losses | (145) | 147 | (107) | 97 | |||||||||||||||||||
Equity income from non-core co-investments (2)
|
(6,771) | (4,696) | (8,398) | (4,586) | |||||||||||||||||||
Loss on early retirement of debt, net | 16,465 | 5,027 | 18,982 | 4,706 | |||||||||||||||||||
(Gain) loss on early retirement of debt from unconsolidated co-investment | — | (38) | 3 | (38) | |||||||||||||||||||
Co-investment promote income | — | — | — | (6,455) | |||||||||||||||||||
Income from early redemption of preferred equity investments and notes receivable | (4,747) | — | (8,260) | (210) | |||||||||||||||||||
General and administrative and other, net | 256 | 2,312 | 513 | 3,132 | |||||||||||||||||||
Insurance reimbursements, legal settlements, and other, net | (4) | (106) | (186) | (63) | |||||||||||||||||||
Core Funds from Operations attributable to common stockholders and unitholders | $ | 204,935 | $ | 213,687 | $ | 411,546 | $ | 451,687 | |||||||||||||||
Core Funds from Operations attributable to common stockholders and unitholders per share-diluted | $ | 3.04 | $ | 3.16 | $ | 6.12 | $ | 6.64 | |||||||||||||||
Weighted average number shares outstanding, diluted (3)
|
67,331,877 | 67,682,034 | 67,299,655 | 68,017,414 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Earnings from operations | $ | 93,381 | $ | 119,736 | $ | 290,762 | $ | 250,573 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Corporate-level property management expenses | 9,105 | 8,646 | 18,052 | 17,405 | |||||||||||||||||||
Depreciation and amortization | 128,736 | 133,609 | 257,323 | 265,168 | |||||||||||||||||||
Management and other fees from affiliates | (2,221) | (2,348) | (4,470) | (4,965) | |||||||||||||||||||
General and administrative | 12,222 | 14,952 | 22,034 | 28,934 | |||||||||||||||||||
Expensed acquisition and investment related costs | 41 | 15 | 56 | 102 | |||||||||||||||||||
Gain on sale of real estate and land | — | (16,597) | (100,096) | (16,597) | |||||||||||||||||||
NOI | 241,264 | 258,013 | 483,661 | 540,620 | |||||||||||||||||||
Less: Non-Same Property NOI | (22,621) | (29,815) | (45,037) | (61,649) | |||||||||||||||||||
Same-Property NOI | $ | 218,643 | $ | 228,198 | $ | 438,624 | $ | 478,971 |
For the Years Ended | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | Fair value | |||||||||||||||||||||||||||||||||||||||
($ in thousands, except for interest rates) | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate debt | $ | 1,409 | 42,408 | 302,093 | 402,177 | 632,035 | 4,384,849 | $ | 5,764,971 | $ | 6,087,382 | ||||||||||||||||||||||||||||||||||||
Average interest rate | 3.4 | % | 3.7 | % | 3.4 | % | 4.0 | % | 3.5 | % | 3.1 | % | 3.2 | % | |||||||||||||||||||||||||||||||||
Variable rate debt (1)
|
$ | 365 | 100,780 | 85,852 | 932 | 1,019 | 220,780 | $ | 409,728 | $ | 406,555 | ||||||||||||||||||||||||||||||||||||
Average interest rate | 1.0 | % | 1.1 | % | 1.0 | % | 1.0 | % | 1.0 | % | 0.9 | % | 1.0 | % |
A. Exhibits | |||||
31.1*
|
|||||
31.2*
|
|||||
31.3*
|
|||||
31.4*
|
|||||
32.1*
|
|||||
32.2*
|
|||||
32.3*
|
|||||
32.4*
|
|||||
101.INS | XBRL Instance Document - the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | XBRL Taxonomy Extension Schema Document | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
ESSEX PROPERTY TRUST, INC. | |||||
(Registrant) | |||||
Date: July 30, 2021 | |||||
By: /s/ BARBARA PAK
|
|||||
Barbara Pak | |||||
Executive Vice President, Chief Financial Officer
(Authorized Officer, Principal Financial Officer) |
Date: July 30, 2021 | |||||
By: /s/ JOHN FARIAS
|
|||||
John Farias | |||||
Senior Vice President, Chief Accounting Officer |
ESSEX PORTFOLIO, L.P.
By Essex Property Trust, Inc., its general partner
|
|||||
(Registrant) | |||||
Date: July 30, 2021 | |||||
By: /s/ BARBARA PAK
|
|||||
Barbara Pak | |||||
Executive Vice President, Chief Financial Officer
(Authorized Officer, Principal Financial Officer) |
Date: July 30, 2021 | |||||
By: /s/ JOHN FARIAS
|
|||||
John Farias | |||||
Senior Vice President, Chief Accounting Officer |
/s/ Michael J. Schall | |||||
Michael J. Schall
Chief Executive Officer and President Essex Property Trust, Inc. |
/s/ Barbara Pak | |||||
Barbara Pak
Executive Vice President, Chief Financial Officer Essex Property Trust, Inc. |
/s/ Michael J. Schall | |||||
Michael J. Schall
Chief Executive Officer and President Essex Property Trust, Inc., general partner of Essex Portfolio, L.P. |
/s/ Barbara Pak | |||||
Barbara Pak
Executive Vice President, Chief Financial Officer Essex Property Trust, Inc., general partner of Essex Portfolio, L.P. |
Date: July 30, 2021 | /s/ Michael J. Schall | |||||||
Michael J. Schall | ||||||||
Chief Executive Officer and President | ||||||||
Essex Property Trust, Inc. |
Date: July 30, 2021 | /s/ Barbara Pak | |||||||
Barbara Pak | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
Essex Property Trust, Inc. |
Date: July 30, 2021 | /s/ Michael J. Schall | |||||||
Michael J. Schall | ||||||||
Chief Executive Officer and President | ||||||||
Essex Property Trust, Inc., general partner of | ||||||||
Essex Portfolio, L.P. |
Date: July 30, 2021 | /s/ Barbara Pak | |||||||
Barbara Pak | ||||||||
Executive Vice President, Chief Financial Officer | ||||||||
Essex Property Trust, Inc., general partner of | ||||||||
Essex Portfolio, L.P. |