We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|
-0.50 | -0.20% | 247.52 | 248.53 | 245.21 | 245.71 | 215,245 | 20:51:22 |
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 | March 31, 2021 | December 31, 2020 | |||||||||
Real estate: | |||||||||||
Rental properties: | |||||||||||
Land and land improvements | $ | 2,902,401 | $ | 2,929,009 | |||||||
Buildings and improvements | 12,075,518 | 12,132,736 | |||||||||
14,977,919 | 15,061,745 | ||||||||||
Less: accumulated depreciation | (4,259,148) | (4,133,959) | |||||||||
10,718,771 | 10,927,786 | ||||||||||
Real estate under development | 404,496 | 386,047 | |||||||||
Co-investments | 962,625 | 1,018,010 | |||||||||
Real estate held for sale | — | 57,938 | |||||||||
12,085,892 | 12,389,781 | ||||||||||
Cash and cash equivalents-unrestricted | 103,442 | 73,629 | |||||||||
Cash and cash equivalents-restricted | 9,918 | 10,412 | |||||||||
Marketable securities, net of allowance for credit losses of zero as of both March 31, 2021 and December 31, 2020
|
165,265 | 147,768 | |||||||||
Notes and other receivables, net of allowance for credit losses of $0.9 million and $0.8 million as of March 31, 2021 and December 31, 2020, respectively (includes related party receivables of $57.6 million and $4.7 million as of March 31, 2021 and December 31, 2020, respectively)
|
266,896 | 195,104 | |||||||||
Operating lease right-of-use assets | 71,347 | 72,143 | |||||||||
Prepaid expenses and other assets | 87,444 | 47,340 | |||||||||
Total assets | $ | 12,790,204 | $ | 12,936,177 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Unsecured debt, net | $ | 5,454,290 | $ | 5,607,985 | |||||||
Mortgage notes payable, net | 642,419 | 643,550 | |||||||||
Accounts payable and accrued liabilities | 158,673 | 152,855 | |||||||||
Construction payable | 34,852 | 31,417 | |||||||||
Dividends payable | 142,822 | 141,917 | |||||||||
Operating lease liabilities | 73,201 | 74,037 | |||||||||
Liabilities associated with real estate held for sale | — | 29,845 | |||||||||
Other liabilities | 36,694 | 39,140 | |||||||||
Total liabilities | 6,542,951 | 6,720,746 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interest | 36,322 | 32,239 | |||||||||
Equity: | |||||||||||
Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,998,910 and 64,999,015 shares issued and outstanding, respectively
|
6 | 6 | |||||||||
Additional paid-in capital | 6,864,185 | 6,876,326 | |||||||||
Distributions in excess of accumulated earnings | (828,625) | (861,193) | |||||||||
Accumulated other comprehensive loss, net | (10,390) | (14,729) | |||||||||
Total stockholders' equity | 6,025,176 | 6,000,410 | |||||||||
Noncontrolling interest | 185,755 | 182,782 | |||||||||
Total equity | 6,210,931 | 6,183,192 | |||||||||
Total liabilities and equity | $ | 12,790,204 | $ | 12,936,177 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental and other property | $ | 352,876 | $ | 389,750 | |||||||||||||||||||
Management and other fees from affiliates | 2,249 | 2,617 | |||||||||||||||||||||
355,125 | 392,367 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating, excluding real estate taxes | 65,151 | 64,131 | |||||||||||||||||||||
Real estate taxes | 45,328 | 43,012 | |||||||||||||||||||||
Corporate-level property management expenses | 8,947 | 8,759 | |||||||||||||||||||||
Depreciation and amortization | 128,587 | 131,559 | |||||||||||||||||||||
General and administrative | 9,812 | 13,982 | |||||||||||||||||||||
Expensed acquisition and investment related costs | 15 | 87 | |||||||||||||||||||||
257,840 | 261,530 | ||||||||||||||||||||||
Gain on sale of real estate and land | 100,096 | — | |||||||||||||||||||||
Earnings from operations | 197,381 | 130,837 | |||||||||||||||||||||
Interest expense | (51,649) | (55,147) | |||||||||||||||||||||
Total return swap income | 2,844 | 1,984 | |||||||||||||||||||||
Interest and other income (loss) | 14,387 | (5,221) | |||||||||||||||||||||
Equity income from co-investments | 17,011 | 21,297 | |||||||||||||||||||||
Deferred tax expense on unrealized gain on unconsolidated co-investment | (508) | — | |||||||||||||||||||||
(Loss) gain on early retirement of debt, net | (2,517) | 321 | |||||||||||||||||||||
Gain on remeasurement of co-investment | — | 234,694 | |||||||||||||||||||||
Net income | 176,949 | 328,765 | |||||||||||||||||||||
Net income attributable to noncontrolling interest | (8,505) | (13,759) | |||||||||||||||||||||
Net income available to common stockholders | $ | 168,444 | $ | 315,006 | |||||||||||||||||||
Comprehensive income | $ | 181,441 | $ | 319,678 | |||||||||||||||||||
Comprehensive income attributable to noncontrolling interest | (8,658) | (13,452) | |||||||||||||||||||||
Comprehensive income attributable to controlling interest | $ | 172,783 | $ | 306,226 | |||||||||||||||||||
Per share data: | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Net income available to common stockholders | $ | 2.59 | $ | 4.77 | |||||||||||||||||||
Weighted average number of shares outstanding during the period | 64,989,620 | 66,043,831 | |||||||||||||||||||||
Diluted: | |||||||||||||||||||||||
Net income available to common stockholders | $ | 2.59 | $ | 4.76 | |||||||||||||||||||
Weighted average number of shares outstanding during the period | 65,114,933 | 66,195,415 |
Common stock | Additional paid-in capital |
Distributions
in excess of accumulated earnings |
Accumulated
other comprehensive loss, net |
Noncontrolling interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 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 | — | — | — | 168,444 | — | 8,505 | 176,949 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 4,257 | 150 | 4,407 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | 82 | 3 | 85 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock plans, net | 39 | — | (3,744) | — | — | — | (3,744) | ||||||||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | — | 5,028 | — | — | 54 | 5,082 | ||||||||||||||||||||||||||||||||||||||||||||||
Retirement of common stock, net | (40) | — | (9,172) | — | — | — | (9,172) | ||||||||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | — | (4,178) | — | — | 95 | (4,083) | ||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | 1,900 | 1,900 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (7,554) | (7,554) | ||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of noncontrolling interest | 1 | — | (75) | — | — | (180) | (255) | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($2.09 per share)
|
— | — | — | (135,876) | — | — | (135,876) | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2021 | 64,999 | $ | 6 | $ | 6,864,185 | $ | (828,625) | $ | (10,390) | $ | 185,755 | $ | 6,210,931 |
Common stock | Additional paid-in capital |
Distributions
in excess of accumulated earnings |
Accumulated
other comprehensive loss, net |
Noncontrolling Interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 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 | — | — | — | 315,006 | — | 13,759 | 328,765 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | (8,486) | (296) | (8,782) | ||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | (294) | (11) | (305) | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock plans, net | 89 | — | 8,665 | — | — | — | 8,665 | ||||||||||||||||||||||||||||||||||||||||||||||
Sale of common stock, net | — | — | (70) | — | — | — | (70) | ||||||||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | — | 1,619 | — | — | 79 | 1,698 | ||||||||||||||||||||||||||||||||||||||||||||||
Retirement of common stock, net | (776) | — | (176,311) | — | — | — | (176,311) | ||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect upon adoption of ASU No. 2016-13
|
— | — | — | (190) | — | — | (190) | ||||||||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | — | 4,741 | — | — | 26 | 4,767 | ||||||||||||||||||||||||||||||||||||||||||||||
Changes in noncontrolling interest from acquisition | — | — | — | — | — | 1,349 | 1,349 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (7,879) | (7,879) | ||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of noncontrolling interest | 7 | — | (1,048) | — | — | (320) | (1,368) | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($2.0775 per share)
|
— | — | — | (135,894) | — | — | (135,894) | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2020 | 65,412 | $ | 7 | $ | 6,959,523 | $ | (708,697) | $ | (22,668) | $ | 189,784 | $ | 6,417,949 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 176,949 | $ | 328,765 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Straight-lined rents | 3,087 | (208) | |||||||||
Depreciation and amortization | 128,587 | 131,559 | |||||||||
Amortization of discount on marketable securities | — | (2,394) | |||||||||
Amortization of discount and debt financing costs, net | 2,132 | 2,297 | |||||||||
(Gain) loss on sale of marketable securities | (2,611) | 13 | |||||||||
Provision for credit losses | 38 | (50) | |||||||||
Unrealized (gains) losses on equity securities recognized through income | (6,276) | 8,696 | |||||||||
Earnings from co-investments | (17,011) | (21,297) | |||||||||
Operating distributions from co-investments | 46,355 | 19,388 | |||||||||
Accrued interest from notes and other receivables | (4,201) | (355) | |||||||||
Gain on the sale of real estate and land | (100,096) | — | |||||||||
Equity-based compensation | 1,386 | 1,405 | |||||||||
Loss (gain) on early retirement of debt, net | 2,517 | (321) | |||||||||
Gain on remeasurement of co-investment | — | (234,694) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets | (41,060) | 36 | |||||||||
Accounts payable, accrued liabilities, and operating lease liabilities | 4,976 | 32,808 | |||||||||
Other liabilities | 494 | 1,278 | |||||||||
Net cash provided by operating activities | 195,266 | 266,926 | |||||||||
Cash flows from investing activities: | |||||||||||
Additions to real estate: | |||||||||||
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired | (1,203) | (458,302) | |||||||||
Redevelopment | (9,274) | (18,296) | |||||||||
Development acquisitions of and additions to real estate under development | (19,629) | (25,681) | |||||||||
Capital expenditures on rental properties | (16,720) | (17,151) | |||||||||
Investments in notes receivable | (69,885) | — | |||||||||
Collections of notes and other receivables | — | 98,711 | |||||||||
Proceeds from insurance for property losses | 102 | 457 | |||||||||
Proceeds from dispositions of real estate | 243,365 | — | |||||||||
Contributions to co-investments | (49,974) | (21,905) | |||||||||
Changes in refundable deposits | 11 | 96 | |||||||||
Purchases of marketable securities | (23,296) | (10,731) | |||||||||
Sales and maturities of marketable securities | 14,772 | 165 | |||||||||
Non-operating distributions from co-investments | 78,600 | 7,000 | |||||||||
Net cash provided by (used in) investing activities | 146,869 | (445,637) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from unsecured debt and mortgage notes | 447,404 | 498,140 | |||||||||
Payments on unsecured debt and mortgage notes | (600,858) | (102,563) | |||||||||
Proceeds from lines of credit | 204,794 | 1,038,426 | |||||||||
Repayments of lines of credit | (204,794) | (743,426) | |||||||||
Retirement of common stock | (9,172) | (176,311) | |||||||||
Additions to deferred charges | (3,434) | (5,172) |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Payments related to debt prepayment penalties | (2,132) | — | |||||||||
Net proceeds from issuance of common stock | — | (70) | |||||||||
Net proceeds from stock options exercised | 1,701 | 14,329 | |||||||||
Payments related to tax withholding for share-based compensation | (5,445) | (5,664) | |||||||||
Contributions from noncontrolling interest | 1,900 | — | |||||||||
Distributions to noncontrolling interest | (7,461) | (7,478) | |||||||||
Redemption of noncontrolling interest | (255) | (1,368) | |||||||||
Common stock dividends paid | (135,064) | (128,879) | |||||||||
Net cash (used in) provided by financing activities | (312,816) | 379,964 | |||||||||
Net increase in unrestricted and restricted cash and cash equivalents | 29,319 | 201,253 | |||||||||
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 | $ | 113,360 | $ | 282,347 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest (net of $2.1 million and $4.8 million capitalized in 2021 and 2020, respectively)
|
$ | 55,213 | $ | 52,487 | |||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | 1,738 | $ | 1,715 | |||||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||
Transfers between real estate under development and rental properties, net | $ | 267 | $ | 131,841 | |||||||
Transfer from real estate under development to co-investments | $ | 747 | $ | 824 | |||||||
Reclassifications to (from) redeemable noncontrolling interest to/from additional paid in capital and noncontrolling interest | $ | 4,083 | $ | (4,767) | |||||||
ASSETS | March 31, 2021 | December 31, 2020 | |||||||||
Real estate: | |||||||||||
Rental properties: | |||||||||||
Land and land improvements | $ | 2,902,401 | $ | 2,929,009 | |||||||
Buildings and improvements | 12,075,518 | 12,132,736 | |||||||||
14,977,919 | 15,061,745 | ||||||||||
Less: accumulated depreciation | (4,259,148) | (4,133,959) | |||||||||
10,718,771 | 10,927,786 | ||||||||||
Real estate under development | 404,496 | 386,047 | |||||||||
Co-investments | 962,625 | 1,018,010 | |||||||||
Real estate held for sale, net | — | 57,938 | |||||||||
12,085,892 | 12,389,781 | ||||||||||
Cash and cash equivalents-unrestricted | 103,442 | 73,629 | |||||||||
Cash and cash equivalents-restricted | 9,918 | 10,412 | |||||||||
Marketable securities, net of allowance for credit losses of zero as of both March 31, 2021 and December 31, 2020
|
165,265 | 147,768 | |||||||||
Notes and other receivables, net of allowance for credit losses of $0.9 million and $0.8 million as of March 31, 2021 and December 31, 2020, respectively (includes related party receivables of $57.6 million and $4.7 million as of March 31, 2021 and December 31, 2020, respectively)
|
266,896 | 195,104 | |||||||||
Operating lease right-of-use assets | 71,347 | 72,143 | |||||||||
Prepaid expenses and other assets | 87,444 | 47,340 | |||||||||
Total assets | $ | 12,790,204 | $ | 12,936,177 | |||||||
LIABILITIES AND CAPITAL | |||||||||||
Unsecured debt, net | $ | 5,454,290 | $ | 5,607,985 | |||||||
Mortgage notes payable, net | 642,419 | 643,550 | |||||||||
Accounts payable and accrued liabilities | 158,673 | 152,855 | |||||||||
Construction payable | 34,852 | 31,417 | |||||||||
Distributions payable | 142,822 | 141,917 | |||||||||
Operating lease liabilities | 73,201 | 74,037 | |||||||||
Liabilities associated with real estate held for sale | — | 29,845 | |||||||||
Other liabilities | 36,694 | 39,140 | |||||||||
Total liabilities | 6,542,951 | 6,720,746 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interest | 36,322 | 32,239 | |||||||||
Capital: | |||||||||||
General Partner: | |||||||||||
Common equity (64,998,910 and 64,999,015 units issued and outstanding, respectively)
|
6,035,566 | 6,015,139 | |||||||||
6,035,566 | 6,015,139 | ||||||||||
Limited Partners: | |||||||||||
Common equity (2,293,760 and 2,294,760 units issued and outstanding, respectively)
|
59,328 | 58,184 | |||||||||
Accumulated other comprehensive loss | (6,811) | (11,303) | |||||||||
Total partners' capital | 6,088,083 | 6,062,020 | |||||||||
Noncontrolling interest | 122,848 | 121,172 | |||||||||
Total capital | 6,210,931 | 6,183,192 | |||||||||
Total liabilities and capital | $ | 12,790,204 | $ | 12,936,177 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental and other property | $ | 352,876 | $ | 389,750 | |||||||||||||||||||
Management and other fees from affiliates | 2,249 | 2,617 | |||||||||||||||||||||
355,125 | 392,367 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating, excluding real estate taxes | 65,151 | 64,131 | |||||||||||||||||||||
Real estate taxes | 45,328 | 43,012 | |||||||||||||||||||||
Corporate-level property management expenses | 8,947 | 8,759 | |||||||||||||||||||||
Depreciation and amortization | 128,587 | 131,559 | |||||||||||||||||||||
General and administrative | 9,812 | 13,982 | |||||||||||||||||||||
Expensed acquisition and investment related costs | 15 | 87 | |||||||||||||||||||||
257,840 | 261,530 | ||||||||||||||||||||||
Gain on sale of real estate and land | 100,096 | — | |||||||||||||||||||||
Earnings from operations | 197,381 | 130,837 | |||||||||||||||||||||
Interest expense | (51,649) | (55,147) | |||||||||||||||||||||
Total return swap income | 2,844 | 1,984 | |||||||||||||||||||||
Interest and other income (loss) | 14,387 | (5,221) | |||||||||||||||||||||
Equity income from co-investments | 17,011 | 21,297 | |||||||||||||||||||||
Deferred tax expense on unrealized gain on unconsolidated co-investment | (508) | — | |||||||||||||||||||||
(Loss) gain on early retirement of debt, net | (2,517) | 321 | |||||||||||||||||||||
Gain on remeasurement of co-investment | — | 234,694 | |||||||||||||||||||||
Net income | 176,949 | 328,765 | |||||||||||||||||||||
Net income attributable to noncontrolling interest | (2,558) | (2,773) | |||||||||||||||||||||
Net income available to common unitholders | $ | 174,391 | $ | 325,992 | |||||||||||||||||||
Comprehensive income | $ | 181,441 | $ | 319,678 | |||||||||||||||||||
Comprehensive income attributable to noncontrolling interest | (2,558) | (2,773) | |||||||||||||||||||||
Comprehensive income attributable to controlling interest | $ | 178,883 | $ | 316,905 | |||||||||||||||||||
Per unit data: | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Net income available to common unitholders | $ | 2.59 | $ | 4.77 | |||||||||||||||||||
Weighted average number of common units outstanding during the period | 67,283,424 | 68,344,012 | |||||||||||||||||||||
Diluted: | |||||||||||||||||||||||
Net income available to common unitholders | $ | 2.59 | $ | 4.76 | |||||||||||||||||||
Weighted average number of common units outstanding during the period | 67,408,737 | 68,495,596 |
General Partner | Limited Partners |
Accumulated other
comprehensive loss, net |
Noncontrolling interest | Total | |||||||||||||||||||||||||||||||||||||||||||
Common Equity | Common Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 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 | — | 168,444 | — | 5,947 | — | 2,558 | 176,949 | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | 4,407 | — | 4,407 | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | 85 | — | 85 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common units under: | |||||||||||||||||||||||||||||||||||||||||||||||
General partner's stock based compensation, net | 39 | (3,744) | — | — | — | — | (3,744) | ||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | 5,028 | — | 54 | — | — | 5,082 | ||||||||||||||||||||||||||||||||||||||||
Retirement of common units, net | (40) | (9,172) | — | — | — | — | (9,172) | ||||||||||||||||||||||||||||||||||||||||
Changes in the redemption value of redeemable noncontrolling interest | — | (4,178) | — | 73 | — | 22 | (4,083) | ||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | 1,900 | 1,900 | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (2,760) | (2,760) | ||||||||||||||||||||||||||||||||||||||||
Redemptions | 1 | (75) | (1) | (136) | (44) | (255) | |||||||||||||||||||||||||||||||||||||||||
Distributions declared ($2.09 per unit)
|
— | (135,876) | — | (4,794) | — | — | (140,670) | ||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2021 | 64,999 | $ | 6,035,566 | 2,294 | $ | 59,328 | $ | (6,811) | $ | 122,848 | $ | 6,210,931 |
General Partner | Limited Partners |
Accumulated other
comprehensive loss, net |
Noncontrolling interest | Total | |||||||||||||||||||||||||||||||||||||||||||
Common Equity | Common Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 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 | — | 315,006 | — | 10,986 | — | 2,773 | 328,765 | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | — | — | — | — | (8,782) | — | (8,782) | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of marketable debt securities, net | — | — | — | — | (305) | — | (305) | ||||||||||||||||||||||||||||||||||||||||
Issuance of common units under: | |||||||||||||||||||||||||||||||||||||||||||||||
General partner's stock based compensation, net | 89 | 8,665 | — | — | — | — | 8,665 | ||||||||||||||||||||||||||||||||||||||||
Sale of common stock by general partner, net | — | (70) | — | — | — | — | (70) | ||||||||||||||||||||||||||||||||||||||||
Equity based compensation costs | — | 1,619 | 2 | 79 | — | — | 1,698 | ||||||||||||||||||||||||||||||||||||||||
Retirement of common units, net | (776) | (176,311) | — | — | — | — | (176,311) | ||||||||||||||||||||||||||||||||||||||||
Cumulative effect upon adoption of ASU No. 2016-13
|
— | (190) | — | — | — | — | (190) | ||||||||||||||||||||||||||||||||||||||||
Changes in redemption value of redeemable noncontrolling interest | — | 4,741 | — | (18) | — | 44 | 4,767 | ||||||||||||||||||||||||||||||||||||||||
Changes in noncontrolling interest from acquisition | — | — | — | — | — | 1,349 | 1,349 | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | (3,107) | (3,107) | ||||||||||||||||||||||||||||||||||||||||
Redemptions | 7 | (1,048) | (8) | (84) | — | (236) | (1,368) | ||||||||||||||||||||||||||||||||||||||||
Distributions declared ($2.0775 per unit)
|
— | (135,894) | — | (4,772) | — | — | (140,666) | ||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2020 | 65,412 | $ | 6,250,833 | 2,296 | $ | 63,550 | $ | (19,519) | $ | 123,085 | $ | 6,417,949 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 176,949 | $ | 328,765 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Straight-lined rents | 3,087 | (208) | |||||||||
Depreciation and amortization | 128,587 | 131,559 | |||||||||
Amortization of discount on marketable securities | — | (2,394) | |||||||||
Amortization of discount and debt financing costs, net | 2,132 | 2,297 | |||||||||
(Gain) loss on sale of marketable securities | (2,611) | 13 | |||||||||
Provision for credit losses | 38 | (50) | |||||||||
Unrealized (gains) losses on equity securities recognized through income | (6,276) | 8,696 | |||||||||
Earnings from co-investments | (17,011) | (21,297) | |||||||||
Operating distributions from co-investments | 46,355 | 19,388 | |||||||||
Accrued interest from notes and other receivables | (4,201) | (355) | |||||||||
Gain on the sale of real estate and land | (100,096) | — | |||||||||
Equity-based compensation | 1,386 | 1,405 | |||||||||
Loss (gain) on early retirement of debt, net | 2,517 | (321) | |||||||||
Gain on remeasurement of co-investment | — | (234,694) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets | (41,060) | 36 | |||||||||
Accounts payable, accrued liabilities, and operating lease liabilities | 4,976 | 32,808 | |||||||||
Other liabilities | 494 | 1,278 | |||||||||
Net cash provided by operating activities | 195,266 | 266,926 | |||||||||
Cash flows from investing activities: | |||||||||||
Additions to real estate: | |||||||||||
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired | (1,203) | (458,302) | |||||||||
Redevelopment | (9,274) | (18,296) | |||||||||
Development acquisitions of and additions to real estate under development | (19,629) | (25,681) | |||||||||
Capital expenditures on rental properties | (16,720) | (17,151) | |||||||||
Investments in notes receivable | (69,885) | — | |||||||||
Collections of notes and other receivables | — | 98,711 | |||||||||
Proceeds from insurance for property losses | 102 | 457 | |||||||||
Proceeds from dispositions of real estate | 243,365 | — | |||||||||
Contributions to co-investments | (49,974) | (21,905) | |||||||||
Changes in refundable deposits | 11 | 96 | |||||||||
Purchases of marketable securities | (23,296) | (10,731) | |||||||||
Sales and maturities of marketable securities | 14,772 | 165 | |||||||||
Non-operating distributions from co-investments | 78,600 | 7,000 | |||||||||
Net cash provided by (used) in investing activities | 146,869 | (445,637) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from unsecured debt and mortgage notes | 447,404 | 498,140 | |||||||||
Payments on unsecured debt and mortgage notes | (600,858) | (102,563) | |||||||||
Proceeds from lines of credit | 204,794 | 1,038,426 | |||||||||
Repayments of lines of credit | (204,794) | (743,426) | |||||||||
Retirement of common units | (9,172) | (176,311) | |||||||||
Additions to deferred charges | (3,434) | (5,172) |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Payments related to debt prepayment penalties | (2,132) | — | |||||||||
Net proceeds from issuance of common units | — | (70) | |||||||||
Net proceeds from stock options exercised | 1,701 | 14,329 | |||||||||
Payments related to tax withholding for share-based compensation | (5,445) | (5,664) | |||||||||
Contributions from noncontrolling interest | 1,900 | — | |||||||||
Distributions to noncontrolling interest | (2,114) | (2,016) | |||||||||
Redemption of noncontrolling interests | (255) | (1,368) | |||||||||
Common units distributions paid | (140,411) | (134,341) | |||||||||
Net cash (used in) provided by financing activities | (312,816) | 379,964 | |||||||||
Net increase in unrestricted and restricted cash and cash equivalents | 29,319 | 201,253 | |||||||||
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 | $ | 113,360 | $ | 282,347 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest (net of $2.1 million and $4.8 million capitalized in 2021 and 2020, respectively)
|
$ | 55,213 | $ | 52,487 | |||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | 1,738 | $ | 1,715 | |||||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||
Transfers between real estate under development and rental properties, net | $ | 267 | $ | 131,841 | |||||||
Transfer from real estate under development to co-investments | $ | 747 | $ | 824 | |||||||
Reclassifications to (from) redeemable noncontrolling interest to/from general and limited partner capital and noncontrolling interest | $ | 4,083 | $ | (4,767) | |||||||
March 31, 2021 | |||||||||||||||||||||||
Cost |
Gross
Unrealized Gain (Loss) |
Carrying Value | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Investment funds - debt securities | $ | 61,430 | $ | (647) | $ | 60,783 | |||||||||||||||||
Common stock and stock funds | 80,425 | 22,909 | 103,334 | ||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||
Investment-grade unsecured debt | 1,051 | 97 | 1,148 | ||||||||||||||||||||
Total - Marketable securities | $ | 142,906 | $ | 22,359 | $ | 165,265 |
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 | 4,255 | 82 | 4,337 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 2 | — | 2 | ||||||||||||||
Other comprehensive income | 4,257 | 82 | 4,339 | ||||||||||||||
Balance at March 31, 2021 | $ | (10,514) | $ | 124 | $ | (10,390) |
Change in fair
value and amortization of swap settlements |
Unrealized
gain/(loss) on available for sale securities |
Total | |||||||||||||||
Balance at December 31, 2020 | $ | (11,346) | $ | 43 | $ | (11,303) | |||||||||||
Other comprehensive income before reclassification | 4,405 | 85 | 4,490 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 2 | — | 2 | ||||||||||||||
Other comprehensive income | 4,407 | 85 | 4,492 | ||||||||||||||
Balance at March 31, 2021 | $ | (6,939) | $ | 128 | $ | (6,811) |
Balance at December 31, 2020 | $ | 32,239 | |||
Reclassification due to change in redemption value and other | 4,083 | ||||
Redemptions | — | ||||
Balance at March 31, 2021 | $ | 36,322 |
March 31, 2021 | December 31, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||
Cash and cash equivalents - unrestricted | $ | 103,442 | $ | 73,629 | $ | 271,877 | $ | 70,087 | |||||||||||||||
Cash and cash equivalents - restricted | 9,918 | 10,412 | 10,470 | 11,007 | |||||||||||||||||||
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows | $ | 113,360 | $ | 84,041 | $ | 282,347 | $ | 81,094 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Rental income | $ | 347,305 | $ | 383,498 | |||||||||||||||||||
Other property | 5,571 | 6,252 | |||||||||||||||||||||
Management and other fees from affiliates | 2,249 | 2,617 | |||||||||||||||||||||
Total revenues | $ | 355,125 | $ | 392,367 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Southern California | $ | 143,012 | $ | 151,895 | |||||||||||||||||||
Northern California | 146,690 | 158,456 | |||||||||||||||||||||
Seattle Metro | 58,633 | 63,044 | |||||||||||||||||||||
Other real estate assets (1)
|
4,541 | 16,355 | |||||||||||||||||||||
Total rental and other property revenues | $ | 352,876 | $ | 389,750 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Same-property (1)
|
$ | 317,806 | $ | 345,652 | |||||||||||||||||||
Acquisitions (2)
|
13,673 | 12,558 | |||||||||||||||||||||
Development (3)
|
6,930 | 4,075 | |||||||||||||||||||||
Redevelopment | 4,590 | 5,401 | |||||||||||||||||||||
Non-residential/other, net (4)
|
13,246 | 22,064 | |||||||||||||||||||||
Straight line rent concession (5)
|
(3,369) | — | |||||||||||||||||||||
Total rental and other property revenues | $ | 352,876 | $ | 389,750 |
Weighted Average Company Ownership Percentage (1)
|
March 31, 2021 | December 31, 2020 | |||||||||||||||
Ownership interest in: | |||||||||||||||||
Wesco I, Wesco III, Wesco IV, and Wesco V | 51 | % | 178,071 | 178,322 | |||||||||||||
BEXAEW, BEX II, BEX III, BEX IV, and 500 Folsom (2)
|
50 | % | 294,737 | 152,309 | |||||||||||||
Other | 47 | % | 28,680 | 27,635 | |||||||||||||
Total operating and other co-investments, net | 501,488 | 358,266 | |||||||||||||||
Total predevelopment and development co-investments | 50 | % | 22,237 | 157,433 | |||||||||||||
Total preferred interest co-investments (includes related party investments of $83.3 million and $81.4 million as of March 31, 2021 and December 31, 2020, respectively)
|
438,900 | 502,311 | |||||||||||||||
Total co-investments, net | $ | 962,625 | $ | 1,018,010 |
March 31, 2021 | December 31, 2020 | ||||||||||
Combined balance sheets: (1)
|
|||||||||||
Rental properties and real estate under development | $ | 4,054,459 | $ | 4,242,611 | |||||||
Other assets | 224,288 | 200,777 | |||||||||
Total assets | $ | 4,278,747 | $ | 4,443,388 | |||||||
Debt | $ | 2,496,205 | $ | 2,611,365 | |||||||
Other liabilities | 189,046 | 189,515 | |||||||||
Equity | 1,593,496 | 1,642,508 | |||||||||
Total liabilities and equity | $ | 4,278,747 | $ | 4,443,388 | |||||||
Company's share of equity | $ | 962,625 | $ | 1,018,010 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Combined statements of income: (1)
|
|||||||||||||||||||||||
Property revenues | $ | 71,759 | $ | 77,369 | |||||||||||||||||||
Property operating expenses | (27,331) | (25,715) | |||||||||||||||||||||
Net operating income | 44,428 | 51,654 | |||||||||||||||||||||
Interest expense | (16,700) | (20,853) | |||||||||||||||||||||
General and administrative | (4,281) | (4,083) | |||||||||||||||||||||
Depreciation and amortization | (32,709) | (28,437) | |||||||||||||||||||||
Net loss | $ | (9,262) | $ | (1,719) | |||||||||||||||||||
Company's share of net income (2)
|
$ | 17,011 | $ | 21,297 |
Mezzanine Loans | Bridge Loans | Total | |||||||||||||||
Balance at December 31, 2020 | $ | 751 | $ | — | $ | 751 | |||||||||||
Provision for credit losses | 99 | 26 | 125 | ||||||||||||||
Balance at March 31, 2021 | $ | 850 | $ | 26 | $ | 876 |
March 31, 2021 | December 31, 2020 |
Weighted Average
Maturity In Years as of March 31, 2021 |
|||||||||||||||
Unsecured bonds private placement - fixed rate | $ | 49,989 | $ | 199,950 | 0.4 | ||||||||||||
Term loan - variable rate | 99,916 | 549,380 | 0.9 | ||||||||||||||
Bonds public offering - fixed rate | 5,304,385 | 4,858,655 | 9.0 | ||||||||||||||
Unsecured debt, net (1)
|
5,454,290 | 5,607,985 | |||||||||||||||
Lines of credit (2)
|
— | — | |||||||||||||||
Mortgage notes payable, net (3)
|
642,419 | 643,550 | 9.2 | ||||||||||||||
Total debt, net | $ | 6,096,709 | $ | 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 | $ | 52,644 | |||
2022 | 143,188 | ||||
2023 | 602,945 | ||||
2024 | 403,109 | ||||
2025 | 633,054 | ||||
Thereafter | 4,305,629 | ||||
Total | $ | 6,140,569 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Southern California | $ | 143,012 | $ | 151,895 | |||||||||||||||||||
Northern California | 146,690 | 158,456 | |||||||||||||||||||||
Seattle Metro | 58,633 | 63,044 | |||||||||||||||||||||
Other real estate assets | 4,541 | 16,355 | |||||||||||||||||||||
Total property revenues | $ | 352,876 | $ | 389,750 | |||||||||||||||||||
Net operating income: | |||||||||||||||||||||||
Southern California | $ | 99,251 | $ | 108,289 | |||||||||||||||||||
Northern California | 101,625 | 117,187 | |||||||||||||||||||||
Seattle Metro | 38,779 | 44,426 | |||||||||||||||||||||
Other real estate assets | 2,742 | 12,705 | |||||||||||||||||||||
Total net operating income | 242,397 | 282,607 | |||||||||||||||||||||
Management and other fees from affiliates | 2,249 | 2,617 | |||||||||||||||||||||
Corporate-level property management expenses | (8,947) | (8,759) | |||||||||||||||||||||
Depreciation and amortization | (128,587) | (131,559) | |||||||||||||||||||||
General and administrative | (9,812) | (13,982) | |||||||||||||||||||||
Expensed acquisition and investment related costs | (15) | (87) | |||||||||||||||||||||
Gain on sale of real estate and land | 100,096 | — | |||||||||||||||||||||
Interest expense | (51,649) | (55,147) | |||||||||||||||||||||
Total return swap income | 2,844 | 1,984 | |||||||||||||||||||||
Interest and other income (loss) | 14,387 | (5,221) | |||||||||||||||||||||
Equity income from co-investments | 17,011 | 21,297 | |||||||||||||||||||||
Deferred tax expense on unrealized gain on unconsolidated co-investment | (508) | — | |||||||||||||||||||||
(Loss) gain on early retirement of debt, net | (2,517) | 321 | |||||||||||||||||||||
Gain on remeasurement of co-investment | — | 234,694 | |||||||||||||||||||||
Net income | $ | 176,949 | $ | 328,765 |
March 31, 2021 | December 31, 2020 | ||||||||||
Assets: | |||||||||||
Southern California | $ | 3,956,663 | $ | 3,993,275 | |||||||
Northern California | 5,363,795 | 5,408,019 | |||||||||
Seattle Metro | 1,389,142 | 1,403,678 | |||||||||
Other real estate assets | 9,171 | 122,814 | |||||||||
Net reportable operating segment - real estate assets | 10,718,771 | 10,927,786 | |||||||||
Real estate under development | 404,496 | 386,047 | |||||||||
Co-investments | 962,625 | 1,018,010 | |||||||||
Real estate held for sale | — | 57,938 | |||||||||
Cash and cash equivalents, including restricted cash | 113,360 | 84,041 | |||||||||
Marketable securities | 165,265 | 147,768 | |||||||||
Notes and other receivables | 266,896 | 195,104 | |||||||||
Operating lease right-of-use assets | 71,347 | 72,143 | |||||||||
Prepaid expenses and other assets | 87,444 | 47,340 | |||||||||
Total assets | $ | 12,790,204 | $ | 12,936,177 |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 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 | $ | 168,444 | 64,989,620 | $ | 2.59 | $ | 315,006 | 66,043,831 | $ | 4.77 | |||||||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||
Stock options | — | 31,066 | — | 57,337 | |||||||||||||||||||||||||||||||
DownREIT units | 197 | 94,247 | 196 | 94,247 | |||||||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 168,641 | 65,114,933 | $ | 2.59 | $ | 315,202 | 66,195,415 | $ | 4.76 |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 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 | $ | 174,391 | 67,283,424 | $ | 2.59 | $ | 325,992 | 68,344,012 | $ | 4.77 | |||||||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||
Stock options | — | 31,066 | — | 57,337 | |||||||||||||||||||||||||||||||
DownREIT units | 197 | 94,247 | 196 | 94,247 | |||||||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net income available to common unitholders | $ | 174,588 | 67,408,737 | $ | 2.59 | $ | 326,188 | 68,495,596 | $ | 4.76 |
As of March 31, 2021 | As of March 31, 2020 | ||||||||||||||||||||||
Apartment Homes | % | Apartment Homes | % | ||||||||||||||||||||
Southern California | 22,121 | 43 | % | 22,675 | 43 | % | |||||||||||||||||
Northern California | 19,123 | 37 | % | 19,748 | 37 | % | |||||||||||||||||
Seattle Metro | 10,218 | 20 | % | 10,343 | 20 | % | |||||||||||||||||
Total | 51,462 | 100 | % | 52,766 | 100 | % |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Southern California | 96.7 | % | 96.6 | % | |||||||
Northern California | 96.6 | % | 96.9 | % | |||||||
Seattle Metro | 96.6 | % | 96.8 | % |
Number of Apartment | Three Months Ended March 31, | Dollar | Percentage | |||||||||||||||||||||||||||||
Property Revenues ($ in thousands) | Homes | 2021 | 2020 | Change | Change | |||||||||||||||||||||||||||
Same-Property Revenues: | ||||||||||||||||||||||||||||||||
Southern California | 20,800 | $ | 135,461 | $ | 143,774 | $ | (8,313) | (5.8) | % | |||||||||||||||||||||||
Northern California | 16,072 | 123,712 | 138,834 | (15,122) | (10.9) | % | ||||||||||||||||||||||||||
Seattle Metro | 10,218 | 58,633 | 63,044 | (4,411) | (7.0) | % | ||||||||||||||||||||||||||
Total Same-Property Revenues | 47,090 | 317,806 | 345,652 | (27,846) | (8.1) | % | ||||||||||||||||||||||||||
Non-Same Property Revenues | 35,070 | 44,098 | (9,028) | (20.5) | % | |||||||||||||||||||||||||||
Total Property Revenues | $ | 352,876 | $ | 389,750 | $ | (36,874) | (9.5) | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net income available to common stockholders | $ | 168,444 | $ | 315,006 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Depreciation and amortization | 128,587 | 131,559 | |||||||||||||||||||||
Gains not included in FFO attributable to common stockholders and unitholders | (100,096) | (234,694) | |||||||||||||||||||||
Depreciation and amortization from unconsolidated co-investments | 14,729 | 12,544 | |||||||||||||||||||||
Noncontrolling interest related to Operating Partnership units | 5,947 | 10,986 | |||||||||||||||||||||
Depreciation attributable to third party ownership and other | (129) | (134) | |||||||||||||||||||||
Funds from operations attributable to common stockholders and unitholders | $ | 217,482 | $ | 235,267 | |||||||||||||||||||
Funds from operations attributable to common stockholders and unitholders per share - diluted | $ | 3.23 | $ | 3.44 | |||||||||||||||||||
Non-core items: | |||||||||||||||||||||||
Expensed acquisition and investment related costs | 15 | 87 | |||||||||||||||||||||
Deferred tax expense on unrealized gain on unconsolidated co-investment (1)
|
508 | — | |||||||||||||||||||||
(Gain) Loss on sale of marketable securities | (2,611) | 13 | |||||||||||||||||||||
Unrealized (gains) losses on marketable securities | (6,276) | 8,696 | |||||||||||||||||||||
Provision for credit losses | 38 | (50) | |||||||||||||||||||||
Equity (income) loss from non-core co-investment (2)
|
(1,627) | 110 | |||||||||||||||||||||
Loss (gain) on early retirement of debt, net | 2,517 | (321) | |||||||||||||||||||||
Loss on early retirement of debt from unconsolidated co-investment | 3 | — | |||||||||||||||||||||
Co-investment promote income | — | (6,455) | |||||||||||||||||||||
Income from early redemption of preferred equity investments | (3,513) | (210) | |||||||||||||||||||||
General and administrative and other, net | 257 | 820 | |||||||||||||||||||||
Insurance reimbursements, legal settlements, and other, net | (182) | 43 | |||||||||||||||||||||
Core Funds from Operations attributable to common stockholders and unitholders | $ | 206,611 | $ | 238,000 | |||||||||||||||||||
Core Funds from Operations attributable to common stockholders and unitholders per share-diluted | $ | 3.07 | $ | 3.48 | |||||||||||||||||||
Weighted average number shares outstanding, diluted (3)
|
67,272,839 | 68,359,698 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Earnings from operations | $ | 197,381 | $ | 130,837 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Corporate-level property management expenses | 8,947 | 8,759 | |||||||||||||||||||||
Depreciation and amortization | 128,587 | 131,559 | |||||||||||||||||||||
Management and other fees from affiliates | (2,249) | (2,617) | |||||||||||||||||||||
General and administrative | 9,812 | 13,982 | |||||||||||||||||||||
Expensed acquisition and investment related costs | 15 | 87 | |||||||||||||||||||||
Gain on sale of real estate and land | (100,096) | — | |||||||||||||||||||||
NOI | 242,397 | 282,607 | |||||||||||||||||||||
Less: Non-Same Property NOI | (22,416) | (31,834) | |||||||||||||||||||||
Same-Property NOI | $ | 219,981 | $ | 250,773 |
For the Years Ended | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | Fair value | |||||||||||||||||||||||||||||||||||||||
($ in thousands, except for interest rates) | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate debt | $ | 52,103 | 42,408 | 602,093 | 402,177 | 632,035 | 4,084,849 | $ | 5,815,665 | $ | 6,063,439 | ||||||||||||||||||||||||||||||||||||
Average interest rate | 4.4 | % | 3.7 | % | 3.7 | % | 4.0 | % | 3.5 | % | 3.1 | % | 3.5 | % | |||||||||||||||||||||||||||||||||
Variable rate debt (1)
|
$ | 541 | 100,780 | 852 | 932 | 1,019 | 220,780 | $ | 324,904 | $ | 322,154 | ||||||||||||||||||||||||||||||||||||
Average interest rate | 1.0 | % | 1.2 | % | 1.0 | % | 1.0 | % | 1.0 | % | 0.9 | % | 1.0 | % |
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)
|
|||||||||||||||||||||||
January 1, 2021 - January 31, 2021 | 40,000 | $ | 229.30 | 40,000 | $ | 214.5 | ||||||||||||||||||||
Total | 40,000 | $ | 229.30 | 40,000 | $ | 214.5 |
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: April 28, 2021 | |||||
By: /s/ BARBARA PAK
|
|||||
Barbara Pak | |||||
Executive Vice President, Chief Financial Officer
(Authorized Officer, Principal Financial Officer) |
Date: April 28, 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: April 28, 2021 | |||||
By: /s/ BARBARA PAK
|
|||||
Barbara Pak | |||||
Executive Vice President, Chief Financial Officer
(Authorized Officer, Principal Financial Officer) |
Date: April 28, 2021 | |||||
By: /s/ JOHN FARIAS
|
|||||
John Farias | |||||
Senior Vice President, Chief Accounting Officer |
1 Year Essex Property Chart |
1 Month Essex Property Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions