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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Essex Property Trust Inc | NYSE:ESS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.77 | -0.71% | 246.25 | 248.53 | 245.21 | 245.71 | 599,307 | 01:00:00 |
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 | September 30, 2020 | December 31, 2019 | |||||||||
Real estate: | |||||||||||
Rental properties: | |||||||||||
Land and land improvements | $ | 2,944,521 | $ | 2,773,805 | |||||||
Buildings and improvements | 12,184,957 | 11,264,337 | |||||||||
15,129,478 | 14,038,142 | ||||||||||
Less: accumulated depreciation | (4,043,496) | (3,689,482) | |||||||||
11,085,982 | 10,348,660 | ||||||||||
Real estate under development | 364,875 | 546,075 | |||||||||
Co-investments | 1,018,235 | 1,335,339 | |||||||||
Real estate held for sale, net | 32,878 | — | |||||||||
12,501,970 | 12,230,074 | ||||||||||
Cash and cash equivalents-unrestricted | 558,446 | 70,087 | |||||||||
Cash and cash equivalents-restricted | 10,629 | 11,007 | |||||||||
Marketable securities, net of allowance for credit losses of $13.6 million and zero as of September 30, 2020 and December 31, 2019, respectively
|
134,971 | 144,193 | |||||||||
Notes and other receivables, net of allowance for credit losses of $0.2 million and zero as of September 30, 2020 and December 31, 2019, respectively (includes related party receivables of $5.5 million and $90.2 million as of September 30, 2020 and December 31, 2019, respectively)
|
75,432 | 134,365 | |||||||||
Operating lease right-of-use assets | 72,910 | 74,744 | |||||||||
Prepaid expenses and other assets | 46,684 | 40,935 | |||||||||
Total assets | $ | 13,401,042 | $ | 12,705,405 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Unsecured debt, net | $ | 5,907,805 | $ | 4,763,206 | |||||||
Mortgage notes payable, net | 702,379 | 990,667 | |||||||||
Lines of credit | — | 55,000 | |||||||||
Accounts payable and accrued liabilities | 205,520 | 158,017 | |||||||||
Construction payable | 30,292 | 48,912 | |||||||||
Dividends payable | 142,365 | 135,384 | |||||||||
Operating lease liabilities | 74,844 | 76,740 | |||||||||
Other liabilities | 39,636 | 36,565 | |||||||||
Total liabilities | 7,102,841 | 6,264,491 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interest | 30,719 | 37,410 | |||||||||
Equity: | |||||||||||
Common stock; $.0001 par value, 670,000,000 shares authorized; 65,209,946 and 66,091,954 shares issued and outstanding, respectively
|
7 | 7 | |||||||||
Additional paid-in capital | 6,921,631 | 7,121,927 | |||||||||
Distributions in excess of accumulated earnings | (821,841) | (887,619) | |||||||||
Accumulated other comprehensive loss, net | (16,800) | (13,888) | |||||||||
Total stockholders' equity | 6,082,997 | 6,220,427 | |||||||||
Noncontrolling interest | 184,485 | 183,077 | |||||||||
Total equity | 6,267,482 | 6,403,504 | |||||||||
Total liabilities and equity | $ | 13,401,042 | $ | 12,705,405 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental and other property | $ | 368,464 | $ | 364,504 | $ | 1,126,363 | $ | 1,077,767 | |||||||||||||||
Management and other fees from affiliates | 2,347 | 2,428 | 7,312 | 7,023 | |||||||||||||||||||
370,811 | 366,932 | 1,133,675 | 1,084,790 | ||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating, excluding real estate taxes | 68,037 | 62,883 | 197,310 | 180,410 | |||||||||||||||||||
Real estate taxes | 44,358 | 39,290 | 132,364 | 114,993 | |||||||||||||||||||
Corporate-level property management expenses | 8,619 | 8,553 | 26,024 | 25,451 | |||||||||||||||||||
Depreciation and amortization | 130,202 | 120,809 | 395,370 | 360,842 | |||||||||||||||||||
General and administrative | 13,310 | 11,345 | 42,244 | 38,731 | |||||||||||||||||||
Expensed acquisition and investment related costs | 2 | 13 | 104 | 69 | |||||||||||||||||||
264,528 | 242,893 | 793,416 | 720,496 | ||||||||||||||||||||
Gain on sale of real estate and land | 22,654 | — | 39,251 | — | |||||||||||||||||||
Earnings from operations | 128,937 | 124,039 | 379,510 | 364,294 | |||||||||||||||||||
Interest expense | (55,430) | (54,896) | (165,024) | (162,651) | |||||||||||||||||||
Total return swap income | 2,977 | 2,154 | 7,749 | 6,174 | |||||||||||||||||||
Interest and other income | 6,512 | 8,685 | 12,696 | 29,293 | |||||||||||||||||||
Equity income from co-investments | 14,960 | 21,700 | 53,514 | 54,935 | |||||||||||||||||||
Deferred tax expense on unrealized gain on unconsolidated co-investment | — | (1,457) | (1,636) | (1,457) | |||||||||||||||||||
(Loss) gain on early retirement of debt, net | (19,114) | 5,475 | (23,820) | 7,143 | |||||||||||||||||||
Gain on remeasurement of co-investment | — | — | 234,694 | 31,535 | |||||||||||||||||||
Net income | 78,842 | 105,700 | 497,683 | 329,266 | |||||||||||||||||||
Net income attributable to noncontrolling interest | (5,181) | (6,365) | (24,558) | (18,798) | |||||||||||||||||||
Net income available to common stockholders | $ | 73,661 | $ | 99,335 | $ | 473,125 | $ | 310,468 | |||||||||||||||
Comprehensive income | $ | 80,818 | $ | 105,663 | $ | 494,668 | $ | 323,071 | |||||||||||||||
Comprehensive income attributable to noncontrolling interest | (5,247) | (6,364) | (24,455) | (18,589) | |||||||||||||||||||
Comprehensive income attributable to controlling interest | $ | 75,571 | $ | 99,299 | $ | 470,213 | $ | 304,482 | |||||||||||||||
Per share data: | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Net income available to common stockholders | $ | 1.13 | $ | 1.51 | $ | 7.22 | $ | 4.72 | |||||||||||||||
Weighted average number of shares outstanding during the period | 65,232,837 | 65,850,524 | 65,561,820 | 65,757,914 | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||
Net income available to common stockholders | $ | 1.13 | $ | 1.51 | $ | 7.21 | $ | 4.71 | |||||||||||||||
Weighted average number of shares outstanding during the period | 65,241,428 | 65,973,085 | 65,676,093 | 65,857,660 |
Common stock | Additional paid-in capital |
Distributions
in excess of accumulated earnings |
Accumulated
other comprehensive loss, net |
Noncontrolling interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2020 | 65,331 | $ | 7 | $ | 6,944,805 | $ | (760,028) | $ | (18,710) | $ | 186,807 | $ | 6,352,881 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 73,661 | — | 5,181 | 78,842 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 1,821 | 63 | 1,884 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | 89 | 3 | 92 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, net | — | — | (95) | — | — | — | (95) | ||||||||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | — | 2,279 | — | — | 82 | 2,361 | ||||||||||||||||||||||||||||||||||||||||||||||
Retirement of common stock, net | (121) | — | (26,586) | — | — | — | (26,586) | ||||||||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | — | 2,346 | — | — | 176 | 2,522 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (7,677) | (7,677) | ||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of noncontrolling interest | — | — | (1,118) | — | — | (150) | (1,268) | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($2.0775 per share)
|
— | — | — | (135,474) | — | — | (135,474) | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2020 | 65,210 | $ | 7 | $ | 6,921,631 | $ | (821,841) | $ | (16,800) | $ | 184,485 | $ | 6,267,482 |
Common stock | Additional paid-in capital |
Distributions
in excess of accumulated earnings |
Accumulated
other comprehensive loss, net |
Noncontrolling interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 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 | — | — | — | 473,125 | — | 24,558 | 497,683 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedge losses reclassified to earnings | 3,171 | 111 | 3,282 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | (5,911) | (208) | (6,119) | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | (172) | (6) | (178) | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock plans, net | 95 | — | 9,201 | — | — | — | 9,201 | ||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, net | — | — | (228) | — | — | — | (228) | ||||||||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | — | 8,956 | — | — | 338 | 9,294 | ||||||||||||||||||||||||||||||||||||||||||||||
Retirement of common stock, net | (985) | — | (222,990) | — | — | — | (222,990) | ||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect upon adoption of ASU No. 2016-13
|
— | — | — | (190) | — | — | (190) | ||||||||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | — | 6,888 | — | — | (197) | 6,691 | ||||||||||||||||||||||||||||||||||||||||||||||
Changes in noncontrolling interest from acquisition | — | — | — | — | — | 1,349 | 1,349 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (23,689) | (23,689) | ||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of noncontrolling interest | 8 | — | (2,123) | — | — | (848) | (2,971) | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($6.2325 per share)
|
— | — | — | (407,157) | — | — | (407,157) | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2020 | 65,210 | $ | 7 | $ | 6,921,631 | $ | (821,841) | $ | (16,800) | $ | 184,485 | $ | 6,267,482 |
Common stock | Additional paid-in capital |
Distributions
in excess of accumulated earnings |
Accumulated
other comprehensive loss, net |
Noncontrolling Interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2019 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2019 | 65,727 | $ | 7 | $ | 7,031,886 | $ | (857,994) | $ | (18,992) | $ | 190,209 | $ | 6,345,116 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 99,335 | — | 6,365 | 105,700 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | (12) | — | (12) | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | (24) | (1) | (25) | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock plans, net | 126 | — | 27,679 | — | — | — | 27,679 | ||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, net | 228 | — | 72,631 | — | — | — | 72,631 | ||||||||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | — | 1,544 | — | — | 270 | 1,814 | ||||||||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | — | (2,309) | — | — | 62 | (2,247) | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (6,789) | (6,789) | ||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of noncontrolling interest | 1 | — | 211 | — | — | (212) | (1) | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($1.95 per share)
|
— | — | — | (128,862) | — | — | (128,862) | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2019 | 66,082 | $ | 7 | $ | 7,131,642 | $ | (887,521) | $ | (19,028) | $ | 189,904 | $ | 6,415,004 |
Common stock | Additional paid-in capital |
Distributions
in excess of accumulated earnings |
Accumulated
other comprehensive loss, net |
Noncontrolling Interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2018 | 65,890 | $ | 7 | $ | 7,093,079 | $ | (812,796) | $ | (13,217) | $ | 126,771 | $ | 6,393,844 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 310,468 | — | 18,798 | 329,266 | ||||||||||||||||||||||||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable debt securities | — | — | — | — | (31) | (1) | (32) | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | (6,152) | (214) | (6,366) | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | 197 | 6 | 203 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock plans, net | 188 | — | 32,907 | — | — | — | 32,907 | ||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, net | 228 | — | 72,549 | — | — | — | 72,549 | ||||||||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | — | 7,016 | — | — | 898 | 7,914 | ||||||||||||||||||||||||||||||||||||||||||||||
Retirement of common stock, net | (234) | — | (56,989) | — | — | — | (56,989) | ||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect upon adoption of ASU No. 2017-12
|
— | — | — | — | 175 | 6 | 181 | ||||||||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | — | (5,048) | — | — | 1,373 | (3,675) | ||||||||||||||||||||||||||||||||||||||||||||||
Changes in noncontrolling interest from acquisition | — | — | — | — | — | 65,472 | 65,472 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (20,897) | (20,897) | ||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of noncontrolling interest | 10 | — | (11,872) | — | — | (2,308) | (14,180) | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($5.85 per share)
|
— | — | — | (385,193) | — | — | (385,193) | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2019 | 66,082 | $ | 7 | $ | 7,131,642 | $ | (887,521) | $ | (19,028) | $ | 189,904 | $ | 6,415,004 |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 497,683 | $ | 329,266 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Straight-lined rents | (15,485) | (230) | |||||||||
Depreciation and amortization | 395,370 | 360,842 | |||||||||
Amortization of discount on marketable securities | (6,598) | (16,673) | |||||||||
Amortization of discount and debt financing costs, net | 5,177 | 3,454 | |||||||||
Gain on sale of marketable securities | (124) | (737) | |||||||||
Provision for credit losses | 100 | — | |||||||||
Unrealized gains on equity securities recognized through income | (2,215) | (4,280) | |||||||||
Company's share of gain on the sales of co-investments | — | (870) | |||||||||
Earnings from co-investments | (53,514) | (54,065) | |||||||||
Operating distributions from co-investments | 41,202 | 64,628 | |||||||||
Accrued interest from notes and other receivables | (1,574) | (4,523) | |||||||||
Gain on the sale of real estate and land | (39,251) | — | |||||||||
Equity-based compensation | 4,923 | 6,748 | |||||||||
Loss (gain) on early retirement of debt, net | 23,820 | (7,143) | |||||||||
Gain on remeasurement of co-investment | (234,694) | (31,535) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets | (5,088) | (3,962) | |||||||||
Accounts payable, accrued liabilities, and operating lease liabilities | 43,095 | 64,281 | |||||||||
Other liabilities | 610 | 1,726 | |||||||||
Net cash provided by operating activities | 653,437 | 706,927 | |||||||||
Cash flows from investing activities: | |||||||||||
Additions to real estate: | |||||||||||
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired | (459,355) | (93,389) | |||||||||
Redevelopment | (41,592) | (55,027) | |||||||||
Development acquisitions of and additions to real estate under development | (90,273) | (130,593) | |||||||||
Capital expenditures on rental properties | (64,269) | (69,348) | |||||||||
Investments in notes receivable | (20,431) | (140,663) | |||||||||
Collections of notes and other receivables | 98,711 | 2,500 | |||||||||
Proceeds from insurance for property losses | 612 | 3,599 | |||||||||
Proceeds from dispositions of real estate | 280,246 | — | |||||||||
Contributions to co-investments | (61,056) | (306,233) | |||||||||
Changes in refundable deposits | 96 | 325 | |||||||||
Purchases of marketable securities | (38,909) | (42,653) | |||||||||
Sales and maturities of marketable securities | 56,890 | 57,165 | |||||||||
Non-operating distributions from co-investments | 37,342 | 70,064 | |||||||||
Net cash used in investing activities | (301,988) | (704,253) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from unsecured debt and mortgage notes | 1,452,808 | 892,762 | |||||||||
Payments on unsecured debt and mortgage notes | (587,057) | (800,746) | |||||||||
Proceeds from lines of credit | 1,038,426 | 1,485,034 | |||||||||
Repayments of lines of credit | (1,093,426) | (1,265,034) | |||||||||
Retirement of common stock | (222,990) | (56,989) | |||||||||
Additions to deferred charges | (13,761) | (9,446) |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Payments related to debt prepayment penalties | (19,605) | — | |||||||||
Net proceeds from issuance of common stock | (228) | 72,549 | |||||||||
Net proceeds from stock options exercised | 14,865 | 36,422 | |||||||||
Payments related to tax withholding for share-based compensation | (5,664) | (3,515) | |||||||||
Distributions to noncontrolling interest | (23,302) | (20,269) | |||||||||
Redemption of noncontrolling interest | (2,971) | (14,180) | |||||||||
Redemption of redeemable noncontrolling interest | — | (73) | |||||||||
Common stock dividends paid | (400,563) | (378,858) | |||||||||
Net cash provided by (used in) financing activities | 136,532 | (62,343) | |||||||||
Net increase (decrease) in unrestricted and restricted cash and cash equivalents | 487,981 | (59,669) | |||||||||
Unrestricted and restricted cash and cash equivalents at beginning of period | 81,094 | 151,395 | |||||||||
Unrestricted and restricted cash and cash equivalents at end of period | $ | 569,075 | $ | 91,726 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest (net of $12.3 million and $19.0 million capitalized in 2020 and 2019, respectively)
|
$ | 160,927 | $ | 145,001 | |||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | 5,192 | $ | 5,097 | |||||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||
Issuance of DownREIT units in connection with acquisition of real estate | $ | — | $ | 65,472 | |||||||
Transfers between real estate under development and rental properties, net | $ | 252,946 | $ | 14,501 | |||||||
Transfer from real estate under development to co-investments | $ | 1,387 | $ | 106 | |||||||
Reclassifications (from) to redeemable noncontrolling interest to/from additional paid in capital and noncontrolling interest | $ | (6,691) | $ | 3,675 | |||||||
Initial recognition of operating lease right-of-use assets | $ | — | $ | 77,645 | |||||||
Initial recognition of operating lease liabilities | $ | — | $ | 79,693 | |||||||
Debt assumed in connection with acquisition | $ | — | $ | 143,006 | |||||||
ASSETS | September 30, 2020 | December 31, 2019 | |||||||||
Real estate: | |||||||||||
Rental properties: | |||||||||||
Land and land improvements | $ | 2,944,521 | $ | 2,773,805 | |||||||
Buildings and improvements | 12,184,957 | 11,264,337 | |||||||||
15,129,478 | 14,038,142 | ||||||||||
Less: accumulated depreciation | (4,043,496) | (3,689,482) | |||||||||
11,085,982 | 10,348,660 | ||||||||||
Real estate under development | 364,875 | 546,075 | |||||||||
Co-investments | 1,018,235 | 1,335,339 | |||||||||
Real estate held for sale, net | 32,878 | — | |||||||||
12,501,970 | 12,230,074 | ||||||||||
Cash and cash equivalents-unrestricted | 558,446 | 70,087 | |||||||||
Cash and cash equivalents-restricted | 10,629 | 11,007 | |||||||||
Marketable securities, net of allowance for credit losses of $13.6 million and zero as of September 30, 2020 and December 31, 2019, respectively
|
134,971 | 144,193 | |||||||||
Notes and other receivables, net of allowance for credit losses of $0.2 million and zero as of September 30, 2020 and December 31, 2019, respectively (includes related party receivables of $5.5 million and $90.2 million as of September 30, 2020 and December 31, 2019, respectively)
|
75,432 | 134,365 | |||||||||
Operating lease right-of-use assets | 72,910 | 74,744 | |||||||||
Prepaid expenses and other assets | 46,684 | 40,935 | |||||||||
Total assets | $ | 13,401,042 | $ | 12,705,405 | |||||||
LIABILITIES AND CAPITAL | |||||||||||
Unsecured debt, net | $ | 5,907,805 | $ | 4,763,206 | |||||||
Mortgage notes payable, net | 702,379 | 990,667 | |||||||||
Lines of credit | — | 55,000 | |||||||||
Accounts payable and accrued liabilities | 205,520 | 158,017 | |||||||||
Construction payable | 30,292 | 48,912 | |||||||||
Distributions payable | 142,365 | 135,384 | |||||||||
Operating lease liabilities | 74,844 | 76,740 | |||||||||
Other liabilities | 39,636 | 36,565 | |||||||||
Total liabilities | 7,102,841 | 6,264,491 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interest | 30,719 | 37,410 | |||||||||
Capital: | |||||||||||
General Partner: | |||||||||||
Common equity (65,209,946 and 66,091,954 units issued and outstanding, respectively)
|
6,099,797 | 6,234,315 | |||||||||
6,099,797 | 6,234,315 | ||||||||||
Limited Partners: | |||||||||||
Common equity (2,295,510 and 2,301,653 units issued and outstanding, respectively)
|
59,441 | 57,359 | |||||||||
Accumulated other comprehensive loss | (13,447) | (10,432) | |||||||||
Total partners' capital | 6,145,791 | 6,281,242 | |||||||||
Noncontrolling interest | 121,691 | 122,262 | |||||||||
Total capital | 6,267,482 | 6,403,504 | |||||||||
Total liabilities and capital | $ | 13,401,042 | $ | 12,705,405 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental and other property | $ | 368,464 | $ | 364,504 | $ | 1,126,363 | $ | 1,077,767 | |||||||||||||||
Management and other fees from affiliates | 2,347 | 2,428 | 7,312 | 7,023 | |||||||||||||||||||
370,811 | 366,932 | 1,133,675 | 1,084,790 | ||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating, excluding real estate taxes | 68,037 | 62,883 | 197,310 | 180,410 | |||||||||||||||||||
Real estate taxes | 44,358 | 39,290 | 132,364 | 114,993 | |||||||||||||||||||
Corporate-level property management expenses | 8,619 | 8,553 | 26,024 | 25,451 | |||||||||||||||||||
Depreciation and amortization | 130,202 | 120,809 | 395,370 | 360,842 | |||||||||||||||||||
General and administrative | 13,310 | 11,345 | 42,244 | 38,731 | |||||||||||||||||||
Expensed acquisition and investment related costs | 2 | 13 | 104 | 69 | |||||||||||||||||||
264,528 | 242,893 | 793,416 | 720,496 | ||||||||||||||||||||
Gain on sale of real estate and land | 22,654 | — | 39,251 | — | |||||||||||||||||||
Earnings from operations | 128,937 | 124,039 | 379,510 | 364,294 | |||||||||||||||||||
Interest expense | (55,430) | (54,896) | (165,024) | (162,651) | |||||||||||||||||||
Total return swap income | 2,977 | 2,154 | 7,749 | 6,174 | |||||||||||||||||||
Interest and other income | 6,512 | 8,685 | 12,696 | 29,293 | |||||||||||||||||||
Equity income from co-investments | 14,960 | 21,700 | 53,514 | 54,935 | |||||||||||||||||||
Deferred tax expense on unrealized gain on unconsolidated co-investment | — | (1,457) | (1,636) | (1,457) | |||||||||||||||||||
(Loss) gain on early retirement of debt, net | (19,114) | 5,475 | (23,820) | 7,143 | |||||||||||||||||||
Gain on remeasurement of co-investment | — | — | 234,694 | 31,535 | |||||||||||||||||||
Net income | 78,842 | 105,700 | 497,683 | 329,266 | |||||||||||||||||||
Net income attributable to noncontrolling interest | (2,588) | (2,901) | (8,015) | (7,935) | |||||||||||||||||||
Net income available to common unitholders | $ | 76,254 | $ | 102,799 | $ | 489,668 | $ | 321,331 | |||||||||||||||
Comprehensive income | $ | 80,818 | $ | 105,663 | $ | 494,668 | $ | 323,071 | |||||||||||||||
Comprehensive income attributable to noncontrolling interest | (2,588) | (2,901) | (8,015) | (7,935) | |||||||||||||||||||
Comprehensive income attributable to controlling interest | $ | 78,230 | $ | 102,762 | $ | 486,653 | $ | 315,136 | |||||||||||||||
Per unit data: | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Net income available to common unitholders | $ | 1.13 | $ | 1.51 | $ | 7.22 | $ | 4.72 | |||||||||||||||
Weighted average number of common units outstanding during the period | 67,528,346 | 68,148,913 | 67,858,961 | 68,058,802 | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||
Net income available to common unitholders | $ | 1.13 | $ | 1.51 | $ | 7.21 | $ | 4.71 | |||||||||||||||
Weighted average number of common units outstanding during the period | 67,536,937 | 68,271,474 | 67,973,234 | 68,158,548 |
General Partner | Limited Partners |
Accumulated other
comprehensive loss |
Noncontrolling interest | Total | |||||||||||||||||||||||||||||||||||||||||||
Common Equity | Common Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2020 | Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2020 | 65,331 | $ | 6,184,784 | 2,296 | $ | 61,437 | $ | (15,423) | $ | 122,083 | $ | 6,352,881 | |||||||||||||||||||||||||||||||||||
Net income | — | 73,661 | — | 2,593 | — | 2,588 | 78,842 | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 1,884 | — | 1,884 | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | 92 | — | 92 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common units under: | |||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock by general partner, net | — | (95) | — | — | — | — | (95) | ||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | 2,279 | — | 82 | — | — | 2,361 | ||||||||||||||||||||||||||||||||||||||||
Retirement of common units, net | (121) | (26,586) | — | — | — | — | (26,586) | ||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | 2,346 | — | 98 | — | 78 | 2,522 | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (2,908) | (2,908) | ||||||||||||||||||||||||||||||||||||||||
Redemptions | — | (1,118) | — | — | (150) | (1,268) | |||||||||||||||||||||||||||||||||||||||||
Distributions declared ($2.0775 per unit)
|
— | (135,474) | — | (4,769) | — | — | (140,243) | ||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2020 | 65,210 | $ | 6,099,797 | 2,296 | $ | 59,441 | $ | (13,447) | $ | 121,691 | $ | 6,267,482 |
General Partner | Limited Partners |
Accumulated other
comprehensive loss |
Noncontrolling interest | Total | |||||||||||||||||||||||||||||||||||||||||||
Common Equity | Common Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 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 | — | 473,125 | — | 16,543 | — | 8,015 | 497,683 | ||||||||||||||||||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable debt securities | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Cash flow hedge losses reclassified to earnings | — | — | — | — | 3,282 | — | 3,282 | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | (6,119) | — | (6,119) | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | (178) | — | (178) | ||||||||||||||||||||||||||||||||||||||||
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 | — | (228) | — | — | — | — | (228) | ||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | 8,956 | 2 | 338 | — | — | 9,294 | ||||||||||||||||||||||||||||||||||||||||
Retirement of common units, net | (985) | (222,990) | — | — | — | — | (222,990) | ||||||||||||||||||||||||||||||||||||||||
Cumulative effect upon adoption of ASU No. 2016-13
|
— | (190) | — | — | — | — | (190) | ||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | 6,888 | — | (318) | — | 121 | 6,691 | ||||||||||||||||||||||||||||||||||||||||
Changes in noncontrolling interest from acquisition | — | — | — | — | — | 1,349 | 1,349 | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (9,381) | (9,381) | ||||||||||||||||||||||||||||||||||||||||
Redemptions | 8 | (2,123) | (8) | (173) | — | (675) | (2,971) | ||||||||||||||||||||||||||||||||||||||||
Distributions declared ($6.2325 per unit)
|
— | (407,157) | — | (14,308) | — | — | (421,465) | ||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2020 | 65,210 | $ | 6,099,797 | 2,296 | $ | 59,441 | $ | (13,447) | $ | 121,691 | $ | 6,267,482 |
General Partner | Limited Partners |
Accumulated other
comprehensive loss |
Noncontrolling interest | Total | |||||||||||||||||||||||||||||||||||||||||||
Common Equity | Common Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2019 | Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2019 | 65,727 | $ | 6,173,899 | 2,299 | $ | 57,726 | $ | (15,715) | $ | 129,206 | $ | 6,345,116 | |||||||||||||||||||||||||||||||||||
Net income | — | 99,335 | — | 3,464 | — | 2,901 | 105,700 | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | (12) | — | (12) | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | (25) | — | (25) | ||||||||||||||||||||||||||||||||||||||||
Issuance of common units under: | |||||||||||||||||||||||||||||||||||||||||||||||
General partner's stock based compensation, net | 126 | 27,679 | — | — | — | — | 27,679 | ||||||||||||||||||||||||||||||||||||||||
Sale of common stock by general partner, net | 228 | 72,631 | — | — | — | — | 72,631 | ||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | 1,544 | — | 270 | — | — | 1,814 | ||||||||||||||||||||||||||||||||||||||||
Changes in redemption value of redeemable noncontrolling interest | — | (2,309) | — | 61 | — | 1 | (2,247) | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (2,302) | (2,302) | ||||||||||||||||||||||||||||||||||||||||
Redemptions | 1 | 211 | (1) | (32) | — | (180) | (1) | ||||||||||||||||||||||||||||||||||||||||
Distributions declared ($1.95 per unit)
|
— | (128,862) | — | (4,487) | — | — | (133,349) | ||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2019 | 66,082 | $ | 6,244,128 | 2,298 | $ | 57,002 | $ | (15,752) | $ | 129,626 | $ | 6,415,004 |
General Partner | Limited Partners |
Accumulated other
comprehensive loss |
Noncontrolling interest | Total | |||||||||||||||||||||||||||||||||||||||||||
Common Equity | Common Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2019 | Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2018 | 65,890 | $ | 6,280,290 | 2,305 | $ | 59,061 | $ | (9,738) | $ | 64,231 | $ | 6,393,844 | |||||||||||||||||||||||||||||||||||
Net income | — | 310,468 | — | 10,863 | — | 7,935 | 329,266 | ||||||||||||||||||||||||||||||||||||||||
Reversal of unrealized gains upon the sale of marketable debt securities | — | — | — | — | (32) | — | (32) | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | (6,366) | — | (6,366) | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | 203 | — | 203 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common units under: | |||||||||||||||||||||||||||||||||||||||||||||||
General partner's stock based compensation, net | 188 | 32,907 | — | — | — | — | 32,907 | ||||||||||||||||||||||||||||||||||||||||
Sale of common stock by general partner, net | 228 | 72,549 | — | — | — | — | 72,549 | ||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | 7,016 | 3 | 898 | — | — | 7,914 | ||||||||||||||||||||||||||||||||||||||||
Retirement of common units, net | (234) | (56,989) | — | — | — | — | (56,989) | ||||||||||||||||||||||||||||||||||||||||
Cumulative effect upon adoption of ASU No. 2017-12
|
— | — | — | — | 181 | — | 181 | ||||||||||||||||||||||||||||||||||||||||
Changes in redemption value of redeemable noncontrolling interest | — | (5,048) | — | 63 | — | 1,310 | (3,675) | ||||||||||||||||||||||||||||||||||||||||
Changes in noncontrolling interest from acquisition | — | — | — | — | — | 65,472 | 65,472 | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (7,412) | (7,412) | ||||||||||||||||||||||||||||||||||||||||
Redemptions | 10 | (11,872) | (10) | (398) | — | (1,910) | (14,180) | ||||||||||||||||||||||||||||||||||||||||
Distributions declared ($5.85 per unit)
|
— | (385,193) | — | (13,485) | — | — | (398,678) | ||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2019 | 66,082 | $ | 6,244,128 | 2,298 | $ | 57,002 | $ | (15,752) | $ | 129,626 | $ | 6,415,004 |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 497,683 | $ | 329,266 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Straight-lined rents | (15,485) | (230) | |||||||||
Depreciation and amortization | 395,370 | 360,842 | |||||||||
Amortization of discount on marketable securities | (6,598) | (16,673) | |||||||||
Amortization of discount and debt financing costs, net | 5,177 | 3,454 | |||||||||
Gain on sale of marketable securities | (124) | (737) | |||||||||
Provision for credit losses | 100 | — | |||||||||
Unrealized gains on equity securities recognized through income | (2,215) | (4,280) | |||||||||
Company's share of gain on the sales of co-investment | — | (870) | |||||||||
Earnings from co-investments | (53,514) | (54,065) | |||||||||
Operating distributions from co-investments | 41,202 | 64,628 | |||||||||
Accrued interest from notes and other receivables | (1,574) | (4,523) | |||||||||
Gain on the sale of real estate and land | (39,251) | — | |||||||||
Equity-based compensation | 4,923 | 6,748 | |||||||||
Loss (gain) on early retirement of debt, net | 23,820 | (7,143) | |||||||||
Gain on remeasurement of co-investment | (234,694) | (31,535) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets | (5,088) | (3,962) | |||||||||
Accounts payable, accrued liabilities, and operating lease liabilities | 43,095 | 64,281 | |||||||||
Other liabilities | 610 | 1,726 | |||||||||
Net cash provided by operating activities | 653,437 | 706,927 | |||||||||
Cash flows from investing activities: | |||||||||||
Additions to real estate: | |||||||||||
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired | (459,355) | (93,389) | |||||||||
Redevelopment | (41,592) | (55,027) | |||||||||
Development acquisitions of and additions to real estate under development | (90,273) | (130,593) | |||||||||
Capital expenditures on rental properties | (64,269) | (69,348) | |||||||||
Investments in notes receivable | (20,431) | (140,663) | |||||||||
Collections of notes and other receivables | 98,711 | 2,500 | |||||||||
Proceeds from insurance for property losses | 612 | 3,599 | |||||||||
Proceeds from dispositions of real estate | 280,246 | — | |||||||||
Contributions to co-investments | (61,056) | (306,233) | |||||||||
Changes in refundable deposits | 96 | 325 | |||||||||
Purchases of marketable securities | (38,909) | (42,653) | |||||||||
Sales and maturities of marketable securities | 56,890 | 57,165 | |||||||||
Non-operating distributions from co-investments | 37,342 | 70,064 | |||||||||
Net cash used in investing activities | (301,988) | (704,253) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from unsecured debt and mortgage notes | 1,452,808 | 892,762 | |||||||||
Payments on unsecured debt and mortgage notes | (587,057) | (800,746) | |||||||||
Proceeds from lines of credit | 1,038,426 | 1,485,034 | |||||||||
Repayments of lines of credit | (1,093,426) | (1,265,034) | |||||||||
Retirement of common units | (222,990) | (56,989) | |||||||||
Additions to deferred charges | (13,761) | (9,446) |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Payments related to debt prepayments penalties | (19,605) | — | |||||||||
Net proceeds from issuance of common units | (228) | 72,549 | |||||||||
Net proceeds from stock options exercised | 14,865 | 36,422 | |||||||||
Payments related to tax withholding for share-based compensation | (5,664) | (3,515) | |||||||||
Distributions to noncontrolling interest | (6,287) | (5,978) | |||||||||
Redemption of noncontrolling interests | (2,971) | (14,180) | |||||||||
Redemption of redeemable noncontrolling interests | — | (73) | |||||||||
Common units distributions paid | (417,578) | (393,149) | |||||||||
Net cash provided by (used in) financing activities | 136,532 | (62,343) | |||||||||
Net increase (decrease) in unrestricted and restricted cash and cash equivalents | 487,981 | (59,669) | |||||||||
Unrestricted and restricted cash and cash equivalents at beginning of period | 81,094 | 151,395 | |||||||||
Unrestricted and restricted cash and cash equivalents at end of period | $ | 569,075 | $ | 91,726 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest (net of $12.3 million and $19.0 million capitalized in 2020 and 2019, respectively)
|
$ | 160,927 | $ | 145,001 | |||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | 5,192 | $ | 5,097 | |||||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||
Issuance of DownREIT units in connection with acquisition of real estate | $ | — | $ | 65,472 | |||||||
Transfers between real estate under development and rental properties, net | $ | 252,946 | $ | 14,501 | |||||||
Transfer from real estate under development to co-investments | $ | 1,387 | $ | 106 | |||||||
Reclassifications (from) to redeemable noncontrolling interest to/from general and limited partner capital and noncontrolling interest | $ | (6,691) | $ | 3,675 | |||||||
Initial recognition of operating lease right-of-use assets | $ | — | $ | 77,645 | |||||||
Initial recognition of operating lease liabilities | $ | — | $ | 79,693 | |||||||
Debt assumed in connection with acquisition | $ | — | $ | 143,006 | |||||||
September 30, 2020 | |||||||||||||||||||||||
Amortized
Cost/Cost |
Gross
Unrealized Gain (Loss) |
Carrying Value | Allowance for Credit Losses | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Investment funds - debt securities | $ | 31,127 | $ | 1,135 | $ | 32,262 | |||||||||||||||||
Common stock and stock funds | 67,636 | 4,551 | 72,187 | ||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||
Investment-grade unsecured debt | 1,049 | (105) | 944 | — | |||||||||||||||||||
Held to maturity | |||||||||||||||||||||||
Mortgage backed security | 29,578 | — | 29,578 | 13,644 | |||||||||||||||||||
Total - Marketable securities | $ | 129,390 | $ | 5,581 | $ | 134,971 | $ | 13,644 |
December 31, 2019 | |||||||||||||||||||||||
Amortized
Cost/Cost |
Gross
Unrealized Gain (Loss) |
Carrying Value | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Investment funds - debt securities | $ | 29,588 | $ | 544 | $ | 30,132 | |||||||||||||||||
Common stock and stock funds | 34,941 | 2,927 | 37,868 | ||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||
U.S. treasury securities | 2,421 | 13 | 2,434 | ||||||||||||||||||||
Investment-grade unsecured bonds | 1,048 | 60 | 1,108 | ||||||||||||||||||||
Held to maturity | |||||||||||||||||||||||
Mortgage backed securities | 72,651 | — | 72,651 | ||||||||||||||||||||
Total - Marketable securities | $ | 140,649 | $ | 3,544 | $ | 144,193 |
Balance at December 31, 2019 | $ | — | |||
Impact of adoption ASC 326 (1)
|
13,644 | ||||
Provision for credit losses | — | ||||
Balance at September 30, 2020 | $ | 13,644 |
Change in fair
value and amortization of swap settlements |
Unrealized
gain/(loss) on available for sale securities |
Total | |||||||||||||||
Balance at December 31, 2019 | $ | (13,989) | $ | 101 | $ | (13,888) | |||||||||||
Other comprehensive loss before reclassification | 2,263 | (172) | 2,091 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (5,003) | — | (5,003) | ||||||||||||||
Other comprehensive loss | (2,740) | (172) | (2,912) | ||||||||||||||
Balance at September 30, 2020 | $ | (16,729) | $ | (71) | $ | (16,800) |
Change in fair
value and amortization of swap settlements |
Unrealized
gain/(loss) on available for sale securities |
Total | |||||||||||||||
Balance at December 31, 2019 | $ | (10,536) | $ | 104 | $ | (10,432) | |||||||||||
Other comprehensive loss before reclassification | 2,341 | (178) | 2,163 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (5,178) | — | (5,178) | ||||||||||||||
Other comprehensive loss | (2,837) | (178) | (3,015) | ||||||||||||||
Balance at September 30, 2020 | $ | (13,373) | $ | (74) | $ | (13,447) |
Balance at December 31, 2019 | $ | 37,410 | |||
Reclassification due to change in redemption value and other | (6,691) | ||||
Redemptions | — | ||||
Balance at September 30, 2020 | $ | 30,719 |
September 30, 2020 | December 31, 2019 | September 30, 2019 | December 31, 2018 | ||||||||||||||||||||
Cash and cash equivalents - unrestricted | $ | 558,446 | $ | 70,087 | $ | 74,031 | $ | 134,465 | |||||||||||||||
Cash and cash equivalents - restricted | 10,629 | 11,007 | 17,695 | 16,930 | |||||||||||||||||||
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows | $ | 569,075 | $ | 81,094 | $ | 91,726 | $ | 151,395 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Rental income | $ | 362,073 | $ | 358,001 | $ | 1,108,658 | $ | 1,058,973 | |||||||||||||||
Other property | 6,391 | 6,503 | 17,705 | 18,794 | |||||||||||||||||||
Management and other fees from affiliates | 2,347 | 2,428 | 7,312 | 7,023 | |||||||||||||||||||
Total revenues | $ | 370,811 | $ | 366,932 | $ | 1,133,675 | $ | 1,084,790 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Southern California | $ | 140,271 | $ | 151,841 | $ | 438,087 | $ | 453,873 | |||||||||||||||
Northern California | 148,712 | 140,509 | 462,558 | 411,694 | |||||||||||||||||||
Seattle Metro | 60,617 | 61,052 | 184,310 | 180,942 | |||||||||||||||||||
Other real estate assets (1)
|
18,864 | 11,102 | 41,408 | 31,258 | |||||||||||||||||||
Total rental and other property revenues | $ | 368,464 | $ | 364,504 | $ | 1,126,363 | $ | 1,077,767 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Same-property (1)
|
$ | 314,958 | $ | 337,691 | $ | 981,437 | $ | 1,006,232 | |||||||||||||||
Acquisitions (2)
|
20,143 | 2,991 | 58,907 | 3,466 | |||||||||||||||||||
Development (3)
|
5,461 | 1,883 | 13,956 | 4,258 | |||||||||||||||||||
Redevelopment | 4,277 | 5,272 | 14,774 | 15,741 | |||||||||||||||||||
Non-residential/other, net (4)
|
23,625 | 16,667 | 57,289 | 48,070 | |||||||||||||||||||
Total rental and other property revenues | $ | 368,464 | $ | 364,504 | $ | 1,126,363 | $ | 1,077,767 |
Weighted Average Company Ownership Percentage (1)
|
September 30, 2020 | December 31, 2019 | |||||||||||||||
Ownership interest in: | |||||||||||||||||
CPPIB (2)
|
— | % | $ | — | $ | 345,466 | |||||||||||
Wesco I, Wesco III, Wesco IV, and Wesco V | 51 | % | 181,621 | 216,756 | |||||||||||||
BEXAEW, BEX II, BEX III, and BEX IV | 50 | % | 154,367 | 160,888 | |||||||||||||
Other | 47 | % | 27,618 | 20,351 | |||||||||||||
Total operating and other co-investments, net | 363,606 | 743,461 | |||||||||||||||
Total predevelopment and development co-investments | 50 | % | 170,314 | 146,944 | |||||||||||||
Total preferred interest co-investments (includes related party investments of $79.3 million and $73.2 million as of September 30, 2020 and December 31, 2019, respectively)
|
484,315 | 444,934 | |||||||||||||||
Total co-investments, net | $ | 1,018,235 | $ | 1,335,339 |
September 30, 2020 | December 31, 2019 | ||||||||||
Combined balance sheets: (1)
|
|||||||||||
Rental properties and real estate under development | $ | 4,391,064 | $ | 4,733,762 | |||||||
Other assets | 216,357 | 139,562 | |||||||||
Total assets | $ | 4,607,421 | $ | 4,873,324 | |||||||
Debt | $ | 2,692,418 | $ | 2,442,213 | |||||||
Other liabilities | 179,121 | 117,160 | |||||||||
Equity | 1,735,882 | 2,313,951 | |||||||||
Total liabilities and equity | $ | 4,607,421 | $ | 4,873,324 | |||||||
Company's share of equity | $ | 1,018,235 | $ | 1,335,339 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Combined statements of income: (1)
|
|||||||||||||||||||||||
Property revenues | $ | 76,581 | $ | 84,071 | $ | 226,125 | $ | 249,628 | |||||||||||||||
Property operating expenses | (28,047) | (29,214) | (79,621) | (85,768) | |||||||||||||||||||
Net operating income | 48,534 | 54,857 | 146,504 | 163,860 | |||||||||||||||||||
Interest expense | (19,369) | (16,089) | (59,700) | (47,284) | |||||||||||||||||||
General and administrative | (5,161) | (2,603) | (12,636) | (6,774) | |||||||||||||||||||
Depreciation and amortization | (29,732) | (30,411) | (86,947) | (89,283) | |||||||||||||||||||
Net (loss) income | $ | (5,728) | $ | 5,754 | $ | (12,779) | $ | 20,519 | |||||||||||||||
Company's share of net income (2)
|
$ | 14,960 | $ | 21,700 | $ | 53,514 | $ | 54,935 |
Mezzanine Loans | Bridge Loans | Total | |||||||||||||||
Balance at December 31, 2019 | $ | — | $ | — | $ | — | |||||||||||
Impact of adoption ASC 326 | 147 | 43 | 190 | ||||||||||||||
Provision for credit losses | 25 | (43) | (18) | ||||||||||||||
Balance at September 30, 2020 | $ | 172 | $ | — | $ | 172 |
September 30, 2020 | December 31, 2019 |
Weighted Average
Maturity In Years as of September 30, 2020 |
|||||||||||||||
Unsecured bonds private placement - fixed rate | $ | 199,917 | $ | 199,820 | 0.7 | ||||||||||||
Term loan - variable rate | 549,138 | 349,189 | 1.8 | ||||||||||||||
Bonds public offering - fixed rate | 5,158,750 | 4,214,197 | 9.1 | ||||||||||||||
Unsecured debt, net (1)
|
5,907,805 | 4,763,206 | |||||||||||||||
Lines of credit (2)
|
— | 55,000 | |||||||||||||||
Mortgage notes payable, net (3)
|
702,379 | 990,667 | 9.3 | ||||||||||||||
Total debt, net | $ | 6,610,184 | $ | 5,808,873 | |||||||||||||
Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering | 3.5 | % | 3.8 | % | |||||||||||||
Weighted average interest rate on variable rate term loan | 1.7 | % | 2.7 | % | |||||||||||||
Weighted average interest rate on lines of credit | 1.0 | % | 2.5 | % | |||||||||||||
Weighted average interest rate on mortgage notes payable | 2.7 | % | 4.1 | % |
Remaining in 2020 | $ | 1,000 | |||
2021 | 531,653 | ||||
2022 | 393,188 | ||||
2023 | 802,945 | ||||
2024 | 403,109 | ||||
Thereafter | 4,518,383 | ||||
Total | $ | 6,650,278 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Southern California | $ | 140,271 | $ | 151,841 | $ | 438,087 | $ | 453,873 | |||||||||||||||
Northern California | 148,712 | 140,509 | 462,558 | 411,694 | |||||||||||||||||||
Seattle Metro | 60,617 | 61,052 | 184,310 | 180,942 | |||||||||||||||||||
Other real estate assets | 18,864 | 11,102 | 41,408 | 31,258 | |||||||||||||||||||
Total property revenues | $ | 368,464 | $ | 364,504 | $ | 1,126,363 | $ | 1,077,767 | |||||||||||||||
Net operating income: | |||||||||||||||||||||||
Southern California | $ | 94,163 | $ | 106,926 | $ | 303,328 | $ | 322,891 | |||||||||||||||
Northern California | 103,657 | 103,232 | 332,566 | 304,975 | |||||||||||||||||||
Seattle Metro | 41,216 | 43,401 | 126,422 | 128,081 | |||||||||||||||||||
Other real estate assets | 17,033 | 8,772 | 34,373 | 26,417 | |||||||||||||||||||
Total net operating income | 256,069 | 262,331 | 796,689 | 782,364 | |||||||||||||||||||
Management and other fees from affiliates | 2,347 | 2,428 | 7,312 | 7,023 | |||||||||||||||||||
Corporate-level property management expenses | (8,619) | (8,553) | (26,024) | (25,451) | |||||||||||||||||||
Depreciation and amortization | (130,202) | (120,809) | (395,370) | (360,842) | |||||||||||||||||||
General and administrative | (13,310) | (11,345) | (42,244) | (38,731) | |||||||||||||||||||
Expensed acquisition and investment related costs | (2) | (13) | (104) | (69) | |||||||||||||||||||
Gain on sale of real estate and land | 22,654 | — | 39,251 | — | |||||||||||||||||||
Interest expense | (55,430) | (54,896) | (165,024) | (162,651) | |||||||||||||||||||
Total return swap income | 2,977 | 2,154 | 7,749 | 6,174 | |||||||||||||||||||
Interest and other income | 6,512 | 8,685 | 12,696 | 29,293 | |||||||||||||||||||
Equity income from co-investments | 14,960 | 21,700 | 53,514 | 54,935 | |||||||||||||||||||
Deferred tax expense on unrealized gain on unconsolidated co-investment | — | (1,457) | (1,636) | (1,457) | |||||||||||||||||||
(Loss) gain on early retirement of debt, net | (19,114) | 5,475 | (23,820) | 7,143 | |||||||||||||||||||
Gain on remeasurement of co-investment | — | — | 234,694 | 31,535 | |||||||||||||||||||
Net income | $ | 78,842 | $ | 105,700 | $ | 497,683 | $ | 329,266 |
September 30, 2020 | December 31, 2019 | ||||||||||
Assets: | |||||||||||
Southern California | $ | 4,089,875 | $ | 4,199,377 | |||||||
Northern California | 5,566,802 | 4,408,404 | |||||||||
Seattle Metro | 1,417,753 | 1,456,187 | |||||||||
Other real estate assets | 11,552 | 284,692 | |||||||||
Net reportable operating segment - real estate assets | 11,085,982 | 10,348,660 | |||||||||
Real estate under development | 364,875 | 546,075 | |||||||||
Co-investments | 1,018,235 | 1,335,339 | |||||||||
Real estate held for sale, net | 32,878 | — | |||||||||
Cash and cash equivalents, including restricted cash | 569,075 | 81,094 | |||||||||
Marketable securities | 134,971 | 144,193 | |||||||||
Notes and other receivables | 75,432 | 134,365 | |||||||||
Operating lease right-of-use assets | 72,910 | 74,744 | |||||||||
Prepaid expenses and other assets | 46,684 | 40,935 | |||||||||
Total assets | $ | 13,401,042 | $ | 12,705,405 |
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||
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 | $ | 73,661 | 65,232,837 | $ | 1.13 | $ | 99,335 | 65,850,524 | $ | 1.51 | |||||||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||
Stock options | — | 8,591 | — | 122,561 | |||||||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 73,661 | 65,241,428 | $ | 1.13 | $ | 99,335 | 65,973,085 | $ | 1.51 |
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||
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 | $ | 473,125 | 65,561,820 | $ | 7.22 | $ | 310,468 | 65,757,914 | $ | 4.72 | |||||||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||
Stock options | — | 20,026 | — | 99,746 | |||||||||||||||||||||||||||||||
DownREIT units | 587 | 94,247 | — | — | |||||||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 473,712 | 65,676,093 | $ | 7.21 | $ | 310,468 | 65,857,660 | $ | 4.71 |
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||
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 | $ | 76,254 | 67,528,346 | $ | 1.13 | $ | 102,799 | 68,148,913 | $ | 1.51 | |||||||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||
Stock options | — | 8,591 | — | 122,561 | |||||||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net income available to common unitholders | $ | 76,254 | 67,536,937 | $ | 1.13 | $ | 102,799 | 68,271,474 | $ | 1.51 |
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||
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 | $ | 489,668 | 67,858,961 | $ | 7.22 | $ | 321,331 | 68,058,802 | $ | 4.72 | |||||||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||
Stock options | — | 20,026 | — | 99,746 | |||||||||||||||||||||||||||||||
DownREIT units | 587 | 94,247 | — | — | |||||||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net income available to common unitholders | $ | 490,255 | 67,973,234 | $ | 7.21 | $ | 321,331 | 68,158,548 | $ | 4.71 |
As of September 30, 2020 | As of September 30, 2019 | ||||||||||||||||||||||
Apartment Homes | % | Apartment Homes | % | ||||||||||||||||||||
Southern California | 22,675 | 43 | % | 22,674 | 45 | % | |||||||||||||||||
Northern California | 19,319 | 37 | % | 17,556 | 35 | % | |||||||||||||||||
Seattle Metro | 10,217 | 20 | % | 10,238 | 20 | % | |||||||||||||||||
Total | 52,211 | 100 | % | 50,468 | 100 | % |
Three Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Southern California | 95.9 | % | 96.1 | % | |||||||
Northern California | 96.2 | % | 95.9 | % | |||||||
Seattle Metro | 95.9 | % | 95.9 | % |
Number of Apartment | Three Months Ended September 30, | Dollar | Percentage | |||||||||||||||||||||||||||||
Property Revenues ($ in thousands) | Homes | 2020 | 2019 | Change | Change | |||||||||||||||||||||||||||
Same-Property Revenues: | ||||||||||||||||||||||||||||||||
Southern California | 21,239 | $ | 133,422 | $ | 143,877 | $ | (10,455) | (7.3) | % | |||||||||||||||||||||||
Northern California | 15,638 | 121,474 | 132,763 | (11,289) | (8.5) | % | ||||||||||||||||||||||||||
Seattle Metro | 10,112 | 60,062 | 61,051 | (989) | (1.6) | % | ||||||||||||||||||||||||||
Total Same-Property Revenues | 46,989 | 314,958 | 337,691 | (22,733) | (6.7) | % | ||||||||||||||||||||||||||
Non-Same Property Revenues | 53,506 | 26,813 | 26,693 | 99.6 | % | |||||||||||||||||||||||||||
Total Property Revenues | $ | 368,464 | $ | 364,504 | $ | 3,960 | 1.1 | % |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Southern California | 95.7 | % | 96.5 | % | |||||||
Northern California | 96.0 | % | 96.5 | % | |||||||
Seattle Metro | 96.0 | % | 96.4 | % |
Number of Apartment |
Nine Months Ended
September 30, |
Dollar | Percentage | |||||||||||||||||||||||||||||
Property Revenues ($ in thousands) | Homes | 2020 | 2019 | Change | Change | |||||||||||||||||||||||||||
Same-Property Revenues: | ||||||||||||||||||||||||||||||||
Southern California | 21,239 | $ | 415,366 | $ | 430,055 | $ | (14,689) | (3.4) | % | |||||||||||||||||||||||
Northern California | 15,638 | 383,485 | 395,236 | (11,751) | (3.0) | % | ||||||||||||||||||||||||||
Seattle Metro | 10,112 | 182,586 | 180,941 | 1,645 | 0.9 | % | ||||||||||||||||||||||||||
Total Same-Property Revenues | 46,989 | 981,437 | 1,006,232 | (24,795) | (2.5) | % | ||||||||||||||||||||||||||
Non-Same Property Revenues | 144,926 | 71,535 | 73,391 | 102.6 | % | |||||||||||||||||||||||||||
Total Property Revenues | $ | 1,126,363 | $ | 1,077,767 | $ | 48,596 | 4.5 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income available to common stockholders | $ | 73,661 | $ | 99,335 | $ | 473,125 | $ | 310,468 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Depreciation and amortization | 130,202 | 120,809 | 395,370 | 360,842 | |||||||||||||||||||
Gains not included in FFO attributable to common stockholders and unitholders | (24,879) | — | (276,170) | (32,405) | |||||||||||||||||||
Depreciation and amortization from unconsolidated co-investments | 12,883 | 15,483 | 38,191 | 45,304 | |||||||||||||||||||
Noncontrolling interest related to Operating Partnership units | 2,593 | 3,464 | 16,543 | 10,863 | |||||||||||||||||||
Depreciation attributable to third party ownership and other | (134) | (242) | (407) | (708) | |||||||||||||||||||
Funds from operations attributable to common stockholders and unitholders | $ | 194,326 | $ | 238,849 | $ | 646,652 | $ | 694,364 | |||||||||||||||
Funds from operations attributable to common stockholders and unitholders per share - diluted | $ | 2.88 | $ | 3.50 | $ | 9.53 | $ | 10.19 | |||||||||||||||
Non-core items: | |||||||||||||||||||||||
Expensed acquisition and investment related costs | 2 | 13 | 104 | 69 | |||||||||||||||||||
Deferred tax expense on unrealized gain on unconsolidated co-investment (1)
|
— | 1,457 | 1,636 | 1,457 | |||||||||||||||||||
Gain on sale of marketable securities | (91) | (239) | (124) | (737) | |||||||||||||||||||
Unrealized (gains) losses on marketable securities | (3,288) | 174 | (2,215) | (4,280) | |||||||||||||||||||
Provision for credit losses | 3 | — | 100 | — | |||||||||||||||||||
Equity income from non-core co-investment (2)
|
213 | (4,247) | (4,373) | (4,561) | |||||||||||||||||||
Interest rate hedge ineffectiveness (3)
|
— | — | — | 181 | |||||||||||||||||||
Loss (gain) on early retirement of debt, net | 19,114 | (5,475) | 23,820 | (7,143) | |||||||||||||||||||
Gain on early retirement of debt from unconsolidated co-investment | — | — | (38) | — | |||||||||||||||||||
Co-investment promote income | — | — | (6,455) | (809) | |||||||||||||||||||
Income from early redemption of preferred equity investments | — | (1,699) | (210) | (2,531) | |||||||||||||||||||
General and administrative and other, net | 2,510 | — | 5,642 | — | |||||||||||||||||||
Insurance reimbursements, legal settlements, and other, net | 132 | (15) | 69 | (263) | |||||||||||||||||||
Core Funds from Operations attributable to common stockholders and unitholders | $ | 212,921 | $ | 228,818 | $ | 664,608 | $ | 675,747 | |||||||||||||||
Core Funds from Operations attributable to common stockholders and unitholders per share-diluted | $ | 3.15 | $ | 3.35 | $ | 9.80 | $ | 9.92 | |||||||||||||||
Weighted average number shares outstanding, diluted (4)
|
67,495,286 | 68,229,823 | 67,837,336 | 68,117,569 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Earnings from operations | $ | 128,937 | $ | 124,039 | $ | 379,510 | $ | 364,294 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Corporate-level property management expenses | 8,619 | 8,553 | 26,024 | 25,451 | |||||||||||||||||||
Depreciation and amortization | 130,202 | 120,809 | 395,370 | 360,842 | |||||||||||||||||||
Management and other fees from affiliates | (2,347) | (2,428) | (7,312) | (7,023) | |||||||||||||||||||
General and administrative | 13,310 | 11,345 | 42,244 | 38,731 | |||||||||||||||||||
Expensed acquisition and investment related costs | 2 | 13 | 104 | 69 | |||||||||||||||||||
Gain on sale of real estate and land | (22,654) | — | (39,251) | — | |||||||||||||||||||
NOI | 256,069 | 262,331 | 796,689 | 782,364 | |||||||||||||||||||
Less: Non-Same Property NOI | (39,196) | (19,196) | (102,881) | (53,575) | |||||||||||||||||||
Same-Property NOI | $ | 216,873 | $ | 243,135 | $ | 693,808 | $ | 728,789 |
Notional
Amount |
Maturity
Date Range |
Carrying and
Estimated Fair Value |
Estimated Carrying Value | ||||||||||||||||||||||||||
+50 | -50 | ||||||||||||||||||||||||||||
($ in thousands) | Basis Points | Basis Points | |||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Interest rate swaps | $ | 175,000 | 2022 | $ | (2,882) | $ | (1,700) | $ | (4,092) | ||||||||||||||||||||
Total cash flow hedges | $ | 175,000 | 2022 | $ | (2,882) | $ | (1,700) | $ | (4,092) |
For the Years Ended | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | Fair value | |||||||||||||||||||||||||||||||||||||||
($ in thousands, except for interest rates) | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate debt | $ | 832 | 530,940 | 42,408 | 602,093 | 402,177 | 4,266,884 | $ | 5,845,334 | $ | 6,019,516 | ||||||||||||||||||||||||||||||||||||
Average interest rate | 3.9 | % | 4.3 | % | 3.7 | % | 3.7 | % | 4.0 | % | 3.3 | % | 3.5 | % | |||||||||||||||||||||||||||||||||
Variable rate debt (1)
|
$ | 168 | 713 | 350,780 | 200,852 | 932 | 251,499 | $ | 804,944 | $ | 799,645 | ||||||||||||||||||||||||||||||||||||
Average interest rate | 1.3 | % | 1.3 | % | 1.8 | % | 1.5 | % | 1.3 | % | 1.1 | % | 1.5 | % |
Total Number of
Shares Purchased |
Average Price
Paid Per Share |
Total Number of Shares
Purchased as Part of a
Publicly Announced
Program(1)
|
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions)(1)
|
|||||||||||||||||||||||
July 1, 2020 - July 31, 2020 | 121,260 | $ | 219.24 | 121,260 | $ | 203.3 | ||||||||||||||||||||
Total | 121,260 | $ | 219.24 | 121,260 | $ | 203.3 |
A. Exhibits | |||||
Indenture, dated August 24, 2020, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 1.650% Senior Notes due 2031 and the form for 2.650% Senior Notes due 2050 and the guarantee thereof, attached as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed August 24, 2020, and incorporated herein by reference.
|
|||||
31.1*
|
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31.2*
|
|||||
31.3*
|
|||||
31.4*
|
|||||
32.1*
|
|||||
32.2*
|
|||||
32.3*
|
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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: October 30, 2020 | |||||
By: /s/ ANGELA L. KLEIMAN
|
|||||
Angela L. Kleiman | |||||
Executive Vice President, Chief Financial Officer
(Authorized Officer, Principal Financial Officer) |
Date: October 30, 2020 | |||||
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: October 30, 2020 | |||||
By: /s/ ANGELA L. KLEIMAN
|
|||||
Angela L. Kleiman | |||||
Executive Vice President, Chief Financial Officer
(Authorized Officer, Principal Financial Officer) |
Date: October 30, 2020 | |||||
By: /s/ JOHN FARIAS
|
|||||
John Farias | |||||
Senior Vice President, Chief Accounting Officer |
1 Year Essex Property Chart |
1 Month Essex Property Chart |
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