Essex Portfolio 10-Q27 Oct 222022 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 25, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-13106
Entity Registrant Name	ESSEX PROPERTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	77-0369576
Entity Address, Address Line One	1100 Park Place, Suite 200
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94403
City Area Code	650
Local Phone Number	655-7800
Title of 12(b) Security	Common Stock, $.0001 par value (Essex Property Trust, Inc.)
Trading Symbol	ESS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		64,753,812
Entity Central Index Key	0000920522
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Essex Portfolio, L.P.
Entity Information [Line Items]
Entity File Number	333-44467-01
Entity Registrant Name	ESSEX PORTFOLIO, L.P.
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	77-0369575
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

EPT - Condensed Consolidated Ba

EPT - Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Rental properties:
Land and land improvements	$ 3,059,246	$ 3,032,678
Buildings and improvements	12,912,359	12,597,249
Total rental properties	15,971,605	15,629,927
Less: accumulated depreciation	(5,047,880)	(4,646,854)
Net real estate	10,923,725	10,983,073
Real estate under development	23,752	111,562
Co-investments	1,145,345	1,177,802
Total real estate	12,092,822	12,272,437
Cash and cash equivalents-unrestricted	42,711	48,420
Cash and cash equivalents-restricted	10,858	10,218
Marketable securities, net of allowance for credit losses of zero as of both September 30, 2022 and December 31, 2021	141,699	191,829
Notes and other receivables, net of allowance for credit losses of $0.8 million as of both September 30, 2022 and December 31, 2021 (includes related party receivables of $6.7 million and $176.9 million as of September 30, 2022 and December 31, 2021, respectively)	197,543	341,033
Operating lease right-of-use assets	66,531	68,972
Prepaid expenses and other assets	72,166	64,964
Total assets	12,624,330	12,997,873
LIABILITIES AND EQUITY
Unsecured debt, net	5,312,131	5,307,196
Mortgage notes payable, net	635,389	638,957
Lines of credit	219,481	341,257
Accounts payable and accrued liabilities	222,328	180,751
Construction payable	25,729	29,136
Dividends payable	149,685	143,213
Distributions in excess of investments in co-investments	38,394	35,545
Operating lease liabilities	68,043	70,675
Other liabilities	42,715	39,969
Total liabilities	6,713,895	6,786,699
Commitments and contingencies
Redeemable noncontrolling interest	29,238	34,666
Equity:
Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,753,312 and 65,248,393 shares issued and outstanding, respectively	6	7
Additional paid-in capital	6,775,872	6,915,981
Distributions in excess of accumulated earnings	(1,123,215)	(916,833)
Accumulated other comprehensive income (loss), net	50,769	(5,552)
Total stockholders' equity	5,703,432	5,993,603
Noncontrolling interest	177,765	182,905
Total equity	5,881,197	6,176,508
Total liabilities and equity/capital	$ 12,624,330	$ 12,997,873

EPT - Condensed Consolidated _2

EPT - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Marketable securities, allowance for credit loss	$ 0	$ 0
Notes and other receivables, allowance for credit loss	760,000	756,000
Related party receivables	$ 6,700,000	$ 176,900,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	670,000,000	670,000,000
Common stock, shares issued (in shares)	64,753,312	65,248,393
Common stock, shares outstanding (in shares)	64,753,312	65,248,393

EPLP - Condensed Consolidated B

EPLP - Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Rental properties:
Land and land improvements	$ 3,059,246	$ 3,032,678
Buildings and improvements	12,912,359	12,597,249
Total rental properties	15,971,605	15,629,927
Less: accumulated depreciation	(5,047,880)	(4,646,854)
Net real estate	10,923,725	10,983,073
Real estate under development	23,752	111,562
Co-investments	1,145,345	1,177,802
Total real estate	12,092,822	12,272,437
Cash and cash equivalents-unrestricted	42,711	48,420
Cash and cash equivalents-restricted	10,858	10,218
Marketable securities, net of allowance for credit losses of zero as of both September 30, 2022 and December 31, 2021	141,699	191,829
Notes and other receivables, net of allowance for credit losses of $0.8 million as of both September 30, 2022 and December 31, 2021 (includes related party receivables of $6.7 million and $176.9 million as of September 30, 2022 and December 31, 2021, respectively)	197,543	341,033
Operating lease right-of-use assets	66,531	68,972
Prepaid expenses and other assets	72,166	64,964
Total assets	12,624,330	12,997,873
LIABILITIES AND CAPITAL
Unsecured debt, net	5,312,131	5,307,196
Mortgage notes payable, net	635,389	638,957
Lines of credit	219,481	341,257
Accounts payable and accrued liabilities	222,328	180,751
Construction payable	25,729	29,136
Dividends payable	149,685	143,213
Operating lease liabilities	68,043	70,675
Distributions in excess of investments in co-investments	38,394	35,545
Other liabilities	42,715	39,969
Total liabilities	6,713,895	6,786,699
Commitments and contingencies
Redeemable noncontrolling interest	29,238	34,666
Limited Partners:
Accumulated other comprehensive income (loss), net	50,769	(5,552)
Noncontrolling interest	177,765	182,905
Total liabilities and equity/capital	12,624,330	12,997,873
Essex Portfolio, L.P.
Rental properties:
Land and land improvements	3,059,246	3,032,678
Buildings and improvements	12,912,359	12,597,249
Total rental properties	15,971,605	15,629,927
Less: accumulated depreciation	(5,047,880)	(4,646,854)
Net real estate	10,923,725	10,983,073
Real estate under development	23,752	111,562
Co-investments	1,145,345	1,177,802
Total real estate	12,092,822	12,272,437
Cash and cash equivalents-unrestricted	42,711	48,420
Cash and cash equivalents-restricted	10,858	10,218
Marketable securities, net of allowance for credit losses of zero as of both September 30, 2022 and December 31, 2021	141,699	191,829
Notes and other receivables, net of allowance for credit losses of $0.8 million as of both September 30, 2022 and December 31, 2021 (includes related party receivables of $6.7 million and $176.9 million as of September 30, 2022 and December 31, 2021, respectively)	197,543	341,033
Operating lease right-of-use assets	66,531	68,972
Prepaid expenses and other assets	72,166	64,964
Total assets	12,624,330	12,997,873
LIABILITIES AND CAPITAL
Unsecured debt, net	5,312,131	5,307,196
Mortgage notes payable, net	635,389	638,957
Lines of credit	219,481	341,257
Accounts payable and accrued liabilities	222,328	180,751
Construction payable	25,729	29,136
Dividends payable	149,685	143,213
Operating lease liabilities	68,043	70,675
Distributions in excess of investments in co-investments	38,394	35,545
Other liabilities	42,715	39,969
Total liabilities	6,713,895	6,786,699
Commitments and contingencies
Redeemable noncontrolling interest	29,238	34,666
General Partner:
Common equity (64,753,312 and 65,248,393 units issued and outstanding, respectively)	5,652,663	5,999,155
Limited Partners:
Common equity (2,272,496 and 2,282,464 units issued and outstanding, respectively)	49,717	56,502
Accumulated other comprehensive income (loss), net	56,484	(1,804)
Total partners' capital	5,758,864	6,053,853
Noncontrolling interest	122,333	122,655
Total capital	5,881,197	6,176,508
Total liabilities and equity/capital	12,624,330	12,997,873
Essex Portfolio, L.P. \| Common stock
General Partner:
Common equity (64,753,312 and 65,248,393 units issued and outstanding, respectively)	$ 5,652,663	$ 5,999,155

EPLP - Condensed Consolidated_2

EPLP - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Marketable securities, allowance for credit loss	$ 0	$ 0
Notes and other receivables, allowance for credit loss	760,000	756,000
Related party receivables	$ 6,700,000	$ 176,900,000
Common stock, shares issued (in shares)	64,753,312	65,248,393
Common stock, shares outstanding (in shares)	64,753,312	65,248,393
Essex Portfolio, L.P.
Marketable securities, allowance for credit loss	$ 0	$ 0
Notes and other receivables, allowance for credit loss	800,000	800,000
Related party receivables	$ 6,700,000	$ 176,900,000
Essex Portfolio, L.P. \| General Partner
Common stock, shares issued (in shares)	64,753,312	65,248,393
Common stock, shares outstanding (in shares)	64,753,312	65,248,393
Essex Portfolio, L.P. \| Limited Partners
Common stock, shares issued (in shares)	2,272,496	2,282,464
Common stock, shares outstanding (in shares)	2,272,496	2,282,464

EPT - Condensed Consolidated St

EPT - Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Rental and other property		$ 406,862	$ 360,620	$ 1,183,318	$ 1,062,253
Management and other fees from affiliates		2,886	2,237	8,313	6,707
Revenues		409,748	362,857	1,191,631	1,068,960
Expenses:
Property operating, excluding real estate taxes		73,450	69,537	212,069	197,880
Real estate taxes		46,593	45,802	137,594	135,408
Corporate-level property management expenses		10,184	9,060	30,532	27,135
Depreciation and amortization		135,511	130,564	403,561	387,887
General and administrative		15,172	12,712	40,541	34,746
Expensed acquisition and investment related costs		230	108	248	164
Total expenses		281,140	267,783	824,545	783,220
Gain on sale of real estate and land		0	42,897	0	142,993
Earnings from operations		128,608	137,971	367,086	428,733
Interest expense		(51,645)	(50,019)	(152,499)	(152,639)
Total return swap income		1,882	2,660	6,709	8,137
Interest and other (loss) income		(6,796)	11,998	(31,571)	48,756
Equity income from co-investments		10,985	25,433	23,756	60,692
Deferred tax (expense) benefit on unconsolidated co-investments		(1,755)	(3,041)	7,863	(5,391)
Loss on early retirement of debt, net		(2)	0	(2)	(18,982)
Gain on remeasurement of co-investment	$ 17,400	17,423	0	17,423	2,260
Net income		98,700	125,002	238,765	371,566
Net income attributable to noncontrolling interest		(5,858)	(6,612)	(15,615)	(19,886)
Net income available to common stockholders		92,842	118,390	223,150	351,680
Comprehensive income		124,797	125,829	297,053	377,529
Comprehensive income attributable to noncontrolling interest		(6,740)	(6,639)	(17,582)	(20,088)
Comprehensive income attributable to controlling interest		$ 118,057	$ 119,190	$ 279,471	$ 357,441
Basic:
Net income available to common stockholders/unitholders (in dollars per share)		$ 1.43	$ 1.82	$ 3.42	$ 5.41
Weighted average number of shares/common units outstanding during the period (in shares)		65,059,678	65,048,486	65,198,532	65,013,477
Diluted:
Net income available to common stockholders/unitholders (in dollars per share)		$ 1.43	$ 1.82	$ 3.42	$ 5.40
Weighted average number of shares/common units outstanding during the period (in shares)		65,067,790	65,147,781	65,225,767	65,075,174

EPLP - Condensed Consolidated S

EPLP - Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Rental and other property	$ 406,862	$ 360,620	$ 1,183,318	$ 1,062,253
Management and other fees from affiliates	2,886	2,237	8,313	6,707
Revenues	409,748	362,857	1,191,631	1,068,960
Expenses:
Property operating, excluding real estate taxes	73,450	69,537	212,069	197,880
Real estate taxes	46,593	45,802	137,594	135,408
Corporate-level property management expenses	10,184	9,060	30,532	27,135
Depreciation and amortization	135,511	130,564	403,561	387,887
General and administrative	15,172	12,712	40,541	34,746
Expensed acquisition and investment related costs	230	108	248	164
Total expenses	281,140	267,783	824,545	783,220
Gain on sale of real estate and land	0	42,897	0	142,993
Earnings from operations	128,608	137,971	367,086	428,733
Interest expense	(51,645)	(50,019)	(152,499)	(152,639)
Total return swap income	1,882	2,660	6,709	8,137
Interest and other (loss) income	(6,796)	11,998	(31,571)	48,756
Equity income from co-investments	10,985	25,433	23,756	60,692
Deferred tax (expense) benefit on unconsolidated co-investments	(1,755)	(3,041)	7,863	(5,391)
Loss on early retirement of debt, net	(2)	0	(2)	(18,982)
Gain on remeasurement of co-investment	17,423	0	17,423	2,260
Net income	98,700	125,002	238,765	371,566
Net income attributable to noncontrolling interest	(5,858)	(6,612)	(15,615)	(19,886)
Net income available to common stockholders	92,842	118,390	223,150	351,680
Comprehensive income	124,797	125,829	297,053	377,529
Comprehensive income attributable to noncontrolling interest	(6,740)	(6,639)	(17,582)	(20,088)
Comprehensive income attributable to controlling interest	$ 118,057	$ 119,190	$ 279,471	$ 357,441
Basic:
Net income available to common stockholders/unitholders (in dollars per share)	$ 1.43	$ 1.82	$ 3.42	$ 5.41
Weighted average number of shares/common units outstanding during the period (in shares)	65,059,678	65,048,486	65,198,532	65,013,477
Diluted:
Net income available to common stockholders/unitholders (in dollars per share)	$ 1.43	$ 1.82	$ 3.42	$ 5.40
Weighted average number of shares/common units outstanding during the period (in shares)	65,067,790	65,147,781	65,225,767	65,075,174
Essex Portfolio, L.P.
Revenues:
Rental and other property	$ 406,862	$ 360,620	$ 1,183,318	$ 1,062,253
Management and other fees from affiliates	2,886	2,237	8,313	6,707
Revenues	409,748	362,857	1,191,631	1,068,960
Expenses:
Property operating, excluding real estate taxes	73,450	69,537	212,069	197,880
Real estate taxes	46,593	45,802	137,594	135,408
Corporate-level property management expenses	10,184	9,060	30,532	27,135
Depreciation and amortization	135,511	130,564	403,561	387,887
General and administrative	15,172	12,712	40,541	34,746
Expensed acquisition and investment related costs	230	108	248	164
Total expenses	281,140	267,783	824,545	783,220
Gain on sale of real estate and land	0	42,897	0	142,993
Earnings from operations	128,608	137,971	367,086	428,733
Interest expense	(51,645)	(50,019)	(152,499)	(152,639)
Total return swap income	1,882	2,660	6,709	8,137
Interest and other (loss) income	(6,796)	11,998	(31,571)	48,756
Equity income from co-investments	10,985	25,433	23,756	60,692
Deferred tax (expense) benefit on unconsolidated co-investments	(1,755)	(3,041)	7,863	(5,391)
Loss on early retirement of debt, net	(2)	0	(2)	(18,982)
Gain on remeasurement of co-investment	17,423	0	17,423	2,260
Net income	98,700	125,002	238,765	371,566
Net income attributable to noncontrolling interest	(2,611)	(2,444)	(7,815)	(7,483)
Net income available to common stockholders	96,089	122,558	230,950	364,083
Comprehensive income	124,797	125,829	297,053	377,529
Comprehensive income attributable to noncontrolling interest	(2,611)	(2,444)	(7,815)	(7,483)
Comprehensive income attributable to controlling interest	$ 122,186	$ 123,385	$ 289,238	$ 370,046
Basic:
Net income available to common stockholders/unitholders (in dollars per share)	$ 1.43	$ 1.82	$ 3.42	$ 5.41
Weighted average number of shares/common units outstanding during the period (in shares)	67,333,077	67,336,164	67,476,168	67,307,259
Diluted:
Net income available to common stockholders/unitholders (in dollars per share)	$ 1.43	$ 1.82	$ 3.42	$ 5.40
Weighted average number of shares/common units outstanding during the period (in shares)	67,341,189	67,435,459	67,503,403	67,368,956

EPT - Condensed Consolidated _3

EPT - Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2022 and 2021 (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Distributions in excess of accumulated earnings	Accumulated other comprehensive income, net	Noncontrolling interest
Balance at period beginning (in shares) at Dec. 31, 2020		64,999
Balance at period beginning at Dec. 31, 2020	$ 6,183,192	$ 6	$ 6,876,326	$ (861,193)	$ (14,729)	$ 182,782
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	371,566			351,680		19,886
Change in fair value of derivatives and amortization of swap settlements	5,607				5,417	190
Change in fair value of marketable debt securities, net	356				344	12
Issuance of common stock under:
Stock option and restricted stock plans, net (in shares)		112
Stock option and restricted stock plans, net	12,402	$ 1	12,401
Sale of common stock, net	(202)		(202)
Equity based compensation costs	9,495		9,172			323
Retirement of common stock, net (in shares)		(40)
Retirement of common stock, net	(9,172)		(9,172)
Changes in the redemption value of redeemable noncontrolling interest	(4,922)		(5,499)			577
Contributions from noncontrolling interest	1,900					1,900
Distributions to noncontrolling interest	(22,114)					(22,114)
Redemptions of noncontrolling interest (in shares)		10
Redemptions of noncontrolling interest	(8,407)		(7,518)			(889)
Common stock dividends	(407,802)			(407,802)
Balance at period end (in shares) at Sep. 30, 2021		65,081
Balance at period end at Sep. 30, 2021	6,131,899	$ 7	6,875,508	(917,315)	(8,968)	182,667
Balance at period beginning (in shares) at Jun. 30, 2021		65,004
Balance at period beginning at Jun. 30, 2021	6,136,703	$ 7	6,862,879	(899,663)	(9,768)	183,248
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	125,002			118,390		6,612
Change in fair value of derivatives and amortization of swap settlements	728				704	24
Change in fair value of marketable debt securities, net	99				96	3
Issuance of common stock under:
Stock option and restricted stock plans, net (in shares)		68
Stock option and restricted stock plans, net	15,572		15,572
Sale of common stock, net	(118)		(118)
Equity based compensation costs	1,628		1,573			55
Changes in the redemption value of redeemable noncontrolling interest	1,673		1,253			420
Distributions to noncontrolling interest	(7,257)					(7,257)
Redemptions of noncontrolling interest (in shares)		9
Redemptions of noncontrolling interest	(6,089)		(5,651)			(438)
Common stock dividends	(136,042)			(136,042)
Balance at period end (in shares) at Sep. 30, 2021		65,081
Balance at period end at Sep. 30, 2021	6,131,899	$ 7	6,875,508	(917,315)	(8,968)	182,667
Balance at period beginning (in shares) at Dec. 31, 2021		65,248
Balance at period beginning at Dec. 31, 2021	6,176,508	$ 7	6,915,981	(916,833)	(5,552)	182,905
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	238,765			223,150		15,615
Change in fair value of derivatives and amortization of swap settlements	58,084				56,124	1,960
Change in fair value of marketable debt securities, net	204				197	7
Issuance of common stock under:
Stock option and restricted stock plans, net (in shares)		88
Stock option and restricted stock plans, net	17,194		17,194
Sale of common stock, net	(314)		(314)
Equity based compensation costs	7,082		6,843			239
Retirement of common stock, net (in shares)		(591)
Retirement of common stock, net	(157,951)	$ (1)	(157,950)
Changes in the redemption value of redeemable noncontrolling interest	4,950		4,246			704
Contributions from noncontrolling interest	125					125
Distributions to noncontrolling interest	(22,989)					(22,989)
Redemptions of noncontrolling interest (in shares)		8
Redemptions of noncontrolling interest	(10,929)		(10,128)			(801)
Common stock dividends	(429,532)			(429,532)
Balance at period end (in shares) at Sep. 30, 2022		64,753
Balance at period end at Sep. 30, 2022	5,881,197	$ 6	6,775,872	(1,123,215)	50,769	177,765
Balance at period beginning (in shares) at Jun. 30, 2022		65,124
Balance at period beginning at Jun. 30, 2022	6,006,585	$ 7	6,875,863	(1,073,577)	25,554	178,738
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	98,700			92,842		5,858
Change in fair value of derivatives and amortization of swap settlements	26,189				25,304	885
Change in fair value of marketable debt securities, net	(92)				(89)	(3)
Issuance of common stock under:
Stock option and restricted stock plans, net (in shares)		1
Stock option and restricted stock plans, net	155		155
Sale of common stock, net	(107)		(107)
Equity based compensation costs	1,957		1,891			66
Retirement of common stock, net (in shares)		(372)
Retirement of common stock, net	(97,121)	$ (1)	(97,120)
Changes in the redemption value of redeemable noncontrolling interest	3,727		3,195			532
Distributions to noncontrolling interest	(7,748)					(7,748)
Redemptions of noncontrolling interest	(8,568)		(8,005)			(563)
Common stock dividends	(142,480)			(142,480)
Balance at period end (in shares) at Sep. 30, 2022		64,753
Balance at period end at Sep. 30, 2022	$ 5,881,197	$ 6	$ 6,775,872	$ (1,123,215)	$ 50,769	$ 177,765

EPT - Condensed Consolidated _4

EPT - Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2022 and 2021 (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 2.20	$ 2.09	$ 6.60	$ 6.27

EPLP - Condensed Consolidated_3

EPLP - Condensed Consolidated Statements of Capital for the three and nine months ended September 30, 2022 and 2021 (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	$ 98,700	$ 125,002	$ 238,765	$ 371,566
Change in fair value of derivatives and amortization of swap settlements	26,189	728	58,084	5,607
Change in fair value of marketable debt securities, net	(92)	99	204	356
Issuance of common stock under:
Sale of common stock by general partner, net	(107)	(118)	(314)	(202)
Retirement of common units, net	(97,121)		(157,951)	(9,172)
Changes in the redemption value of redeemable noncontrolling interest	3,727	1,673	4,950	(4,922)
Contributions from noncontrolling interest			125	1,900
Distributions to noncontrolling interest	(7,748)	(7,257)	(22,989)	(22,114)
Redemptions	(8,568)	(6,089)	(10,929)	(8,407)
Accumulated Other Comprehensive Loss, Net
Increase (Decrease) in Partners' Capital [Roll Forward]
Change in fair value of derivatives and amortization of swap settlements	25,304	704	56,124	5,417
Change in fair value of marketable debt securities, net	(89)	96	197	344
Noncontrolling interest
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	5,858	6,612	15,615	19,886
Change in fair value of derivatives and amortization of swap settlements	885	24	1,960	190
Change in fair value of marketable debt securities, net	(3)	3	7	12
Issuance of common stock under:
Changes in the redemption value of redeemable noncontrolling interest	532	420	704	577
Contributions from noncontrolling interest			125	1,900
Distributions to noncontrolling interest	(7,748)	(7,257)	(22,989)	(22,114)
Redemptions	(563)	(438)	(801)	(889)
Essex Portfolio, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning	6,006,585	6,136,703	6,176,508	6,183,192
Net income	98,700	125,002	238,765	371,566
Change in fair value of derivatives and amortization of swap settlements	26,189	728	58,084	5,607
Change in fair value of marketable debt securities, net	(92)	99	204	356
Issuance of common stock under:
General partner's stock based compensation, net	155	15,572	17,194	12,402
Sale of common stock by general partner, net	(107)	(118)	(314)	(202)
Equity based compensation costs	1,957	1,628	7,082	9,495
Retirement of common units, net	(97,121)		(157,951)	(9,172)
Changes in the redemption value of redeemable noncontrolling interest	3,727	1,673	4,950	(4,922)
Contributions from noncontrolling interest			125	1,900
Distributions to noncontrolling interest	(2,747)	(2,488)	(7,965)	(7,756)
Redemptions	(8,568)	(6,089)	(10,929)	(8,407)
Distributions declared	(147,481)	(140,811)	(444,556)	(422,160)
Balance at period end	$ 5,881,197	$ 6,131,899	$ 5,881,197	$ 6,131,899
Essex Portfolio, L.P. \| Common Equity \| General Partner
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning (in shares)	65,124	65,004	65,248	64,999
Balance at period beginning	$ 5,802,293	$ 5,963,223	$ 5,999,155	$ 6,015,139
Net income	$ 92,842	$ 118,390	$ 223,150	$ 351,680
Issuance of common stock under:
General partner's stock based compensation, net (in shares)	1	68	88	112
General partner's stock based compensation, net	$ 155	$ 15,572	$ 17,194	$ 12,402
Sale of common stock by general partner, net	(107)	(118)	(314)	(202)
Equity based compensation costs	$ 1,891	1,573	$ 6,843	$ 9,172
Retirement of common units, net (in shares)	(372)		(591)	(40)
Retirement of common units, net	$ (97,121)		$ (157,951)	$ (9,172)
Changes in the redemption value of redeemable noncontrolling interest	3,195	$ 1,253	$ 4,246	$ (5,499)
Redemptions (in shares)		9	8	10
Redemptions	(8,005)	$ (5,651)	$ (10,128)	$ (7,518)
Distributions declared	$ (142,480)	$ (136,042)	$ (429,532)	$ (407,802)
Balance at period end (in shares)	64,753	65,081	64,753	65,081
Balance at period end	$ 5,652,663	$ 5,958,200	$ 5,652,663	$ 5,958,200
Essex Portfolio, L.P. \| Common Equity \| Limited Partners
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning (in shares)	2,273	2,294	2,282	2,295
Balance at period beginning	$ 51,233	$ 56,950	$ 56,502	$ 58,184
Net income	3,247	4,168	7,800	12,403
Issuance of common stock under:
Equity based compensation costs	66	55	239	323
Changes in the redemption value of redeemable noncontrolling interest	$ 172	$ 141	$ 294	$ 129
Redemptions (in shares)	(1)	(12)	(10)	(13)
Redemptions		$ (160)	$ (94)	$ (296)
Distributions declared	$ (5,001)	$ (4,769)	$ (15,024)	$ (14,358)
Balance at period end (in shares)	2,272	2,282	2,272	2,282
Balance at period end	$ 49,717	$ 56,385	$ 49,717	$ 56,385
Essex Portfolio, L.P. \| Accumulated Other Comprehensive Loss, Net
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning	30,387	(6,167)	(1,804)	(11,303)
Change in fair value of derivatives and amortization of swap settlements	26,189	728	58,084	5,607
Change in fair value of marketable debt securities, net	(92)	99	204	356
Issuance of common stock under:
Balance at period end	56,484	(5,340)	56,484	(5,340)
Essex Portfolio, L.P. \| Noncontrolling interest
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning	122,672	122,697	122,655	121,172
Net income	2,611	2,444	7,815	7,483
Issuance of common stock under:
Changes in the redemption value of redeemable noncontrolling interest	360	279	410	448
Contributions from noncontrolling interest			125	1,900
Distributions to noncontrolling interest	(2,747)	(2,488)	(7,965)	(7,756)
Redemptions	(563)	(278)	(707)	(593)
Balance at period end	$ 122,333	$ 122,654	$ 122,333	$ 122,654

EPLP - Condensed Consolidated_4

EPLP - Condensed Consolidated Statements of Capital for the three and nine months ended September 30, 2022 and 2021 (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Essex Portfolio, L.P.
Distribution declared (in dollars per share)	$ 2.20	$ 2.09	$ 6.60	$ 6.27

EPT - Condensed Consolidated _5

EPT - Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net income		$ 98,700	$ 125,002	$ 238,765	$ 371,566
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents				5,529	8,734
Depreciation and amortization				403,561	387,887
Amortization of discount and debt financing costs, net				4,916	7,987
Gain on sale of marketable securities				(12,430)	(2,499)
Income from early redemption of notes receivable				0	(4,747)
Provision for credit losses				64	(110)
Unrealized losses (gains) on equity securities recognized through income				63,556	(23,772)
Earnings from co-investments				(23,756)	(60,692)
Operating distributions from co-investments				86,854	78,360
Accrued interest from notes and other receivables				(10,748)	(12,253)
Gain on the sale of real estate and land				0	(142,993)
Equity-based compensation				6,589	5,399
Loss on early retirement of debt, net		2	0	2	18,982
Gain on remeasurement of co-investment	$ (17,400)	(17,423)	0	(17,423)	(2,260)
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets				15,406	2,470
Accounts payable, accrued liabilities, and operating lease liabilities				38,948	62,699
Other liabilities				8,902	5,119
Net cash provided by operating activities				808,735	699,877
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired				(21,759)	(105,469)
Redevelopment				(67,974)	(39,092)
Development acquisitions of and additions to real estate under development				(22,754)	(45,381)
Capital expenditures on rental properties				(107,105)	(81,063)
Investments in notes receivable				(160,013)	(102,012)
Collections of notes and other receivables				303,088	88,744
Proceeds from insurance for property losses				4,325	591
Proceeds from dispositions of real estate				0	297,454
Contributions to co-investments				(159,461)	(223,175)
Changes in refundable deposits				(16,318)	(8,356)
Purchases of marketable securities				(12,760)	(23,740)
Sales and maturities of marketable securities				30,025	14,995
Non-operating distributions from co-investments				161,324	131,297
Net cash used in investing activities				(69,382)	(95,207)
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes				0	745,505
Payments on unsecured debt and mortgage notes				(24,103)	(952,608)
Proceeds from lines of credit				1,053,663	601,435
Repayments of lines of credit				(1,175,440)	(558,773)
Retirement of common stock				(157,951)	(9,172)
Additions to deferred charges				(140)	(8,237)
Payments related to debt prepayment penalties				0	(18,342)
Net proceeds from issuance of common stock				(314)	(202)
Net proceeds from stock options exercised				19,410	17,847
Payments related to tax withholding for share-based compensation				(2,216)	(5,445)
Contributions from noncontrolling interest				125	1,900
Distributions to noncontrolling interest				(22,606)	(21,979)
Redemption of noncontrolling interest				(10,929)	(8,407)
Redemption of redeemable noncontrolling interest				(478)	(4,463)
Common stock dividends paid				(423,443)	(406,818)
Net cash used in financing activities				(744,422)	(627,759)
Net decrease in unrestricted and restricted cash and cash equivalents				(5,069)	(23,089)
Unrestricted and restricted cash and cash equivalents at beginning of period				58,638	84,041	$ 84,041
Unrestricted and restricted cash and cash equivalents at end of period		$ 53,569	$ 60,952	53,569	60,952	$ 58,638
Supplemental disclosure of cash flow information:
Cash paid for interest (net of $1.9 million and $5.0 million capitalized in 2022 and 2021, respectively)				149,970	147,371
Operating cash flows from operating leases				5,225	5,225
Supplemental disclosure of noncash investing and financing activities:
Transfers between real estate under development and rental properties, net				98,024	222,055
Transfer from real estate under development to co-investments				2,090	1,853
Reclassifications (from) to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest				(4,950)	4,922
Debt assumed in connection with acquisition				$ 21,303	$ 0

EPT - Condensed Consolidated _6

EPT - Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Statement of Cash Flows [Abstract]
Interest capitalized	$ 1.9	$ 5

EPLP - Condensed Consolidated_5

EPLP - Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 98,700	$ 125,002	$ 238,765	$ 371,566
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents			5,529	8,734
Depreciation and amortization			403,561	387,887
Amortization of discount and debt financing costs, net			4,916	7,987
Gain on sale of marketable securities			(12,430)	(2,499)
Income from early redemption of notes receivable			0	(4,747)
Provision for credit losses			64	(110)
Unrealized losses (gains) on equity securities recognized through income			63,556	(23,772)
Earnings from co-investments			(23,756)	(60,692)
Operating distributions from co-investments			86,854	78,360
Accrued interest from notes and other receivables			(10,748)	(12,253)
Gain on the sale of real estate and land			0	(142,993)
Equity-based compensation			6,589	5,399
Loss on early retirement of debt, net	2	0	2	18,982
Gain on remeasurement of co-investment	(17,423)	0	(17,423)	(2,260)
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets			15,406	2,470
Accounts payable, accrued liabilities, and operating lease liabilities			38,948	62,699
Other liabilities			8,902	5,119
Net cash provided by operating activities			808,735	699,877
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired			(21,759)	(105,469)
Redevelopment			(67,974)	(39,092)
Development acquisitions of and additions to real estate under development			(22,754)	(45,381)
Capital expenditures on rental properties			(107,105)	(81,063)
Investments in notes receivable			(160,013)	(102,012)
Collections of notes and other receivables			303,088	88,744
Proceeds from insurance for property losses			4,325	591
Proceeds from dispositions of real estate			0	297,454
Contributions to co-investments			(159,461)	(223,175)
Changes in refundable deposits			(16,318)	(8,356)
Purchases of marketable securities			(12,760)	(23,740)
Sales and maturities of marketable securities			30,025	14,995
Non-operating distributions from co-investments			161,324	131,297
Net cash used in investing activities			(69,382)	(95,207)
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes			0	745,505
Payments on unsecured debt and mortgage notes			(24,103)	(952,608)
Proceeds from lines of credit			1,053,663	601,435
Repayments of lines of credit			(1,175,440)	(558,773)
Retirement of common stock			(157,951)	(9,172)
Additions to deferred charges			(140)	(8,237)
Payments related to debt prepayment penalties			0	(18,342)
Net proceeds from issuance of common stock			(314)	(202)
Net proceeds from stock options exercised			19,410	17,847
Payments related to tax withholding for share-based compensation			(2,216)	(5,445)
Contributions from noncontrolling interest			125	1,900
Distributions to noncontrolling interest			(22,606)	(21,979)
Redemption of noncontrolling interest			(10,929)	(8,407)
Redemption of redeemable noncontrolling interests			478	4,463
Common stock dividends paid			(423,443)	(406,818)
Net cash used in financing activities			(744,422)	(627,759)
Net decrease in unrestricted and restricted cash and cash equivalents			(5,069)	(23,089)
Unrestricted and restricted cash and cash equivalents at beginning of period			58,638	84,041	$ 84,041
Unrestricted and restricted cash and cash equivalents at end of period	53,569	60,952	53,569	60,952	58,638
Supplemental disclosure of cash flow information:
Cash paid for interest (net of $1.9 million and $5.0 million capitalized in 2022 and 2021, respectively)			149,970	147,371
Operating cash flows from operating leases			5,225	5,225
Supplemental disclosure of noncash investing and financing activities:
Transfers between real estate under development and rental properties, net			98,024	222,055
Transfer from real estate under development to co-investments			2,090	1,853
Reclassifications (from) to redeemable noncontrolling interest from general and limited partner capital and noncontrolling interest			(4,950)	4,922
Debt assumed in connection with acquisition			21,303	0
Essex Portfolio, L.P.
Cash flows from operating activities:
Net income	98,700	125,002	238,765	371,566
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents			5,529	8,734
Depreciation and amortization			403,561	387,887
Amortization of discount and debt financing costs, net			4,916	7,987
Gain on sale of marketable securities			(12,430)	(2,499)
Income from early redemption of notes receivable			0	(4,747)
Provision for credit losses			64	(110)
Unrealized losses (gains) on equity securities recognized through income			63,556	(23,772)
Earnings from co-investments			(23,756)	(60,692)
Operating distributions from co-investments			86,854	78,360
Accrued interest from notes and other receivables			(10,748)	(12,253)
Gain on the sale of real estate and land			0	(142,993)
Equity-based compensation			6,589	5,399
Loss on early retirement of debt, net	2	0	2	18,982
Gain on remeasurement of co-investment	(17,423)	0	(17,423)	(2,260)
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets			15,406	2,470
Accounts payable, accrued liabilities, and operating lease liabilities			38,948	62,699
Other liabilities			8,902	5,119
Net cash provided by operating activities			808,735	699,877
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired			(21,759)	(105,469)
Redevelopment			(67,974)	(39,092)
Development acquisitions of and additions to real estate under development			(22,754)	(45,381)
Capital expenditures on rental properties			(107,105)	(81,063)
Investments in notes receivable			(160,013)	(102,012)
Collections of notes and other receivables			303,088	88,744
Proceeds from insurance for property losses			4,325	591
Proceeds from dispositions of real estate			0	297,454
Contributions to co-investments			(159,461)	(223,175)
Changes in refundable deposits			(16,318)	(8,356)
Purchases of marketable securities			(12,760)	(23,740)
Sales and maturities of marketable securities			30,025	14,995
Non-operating distributions from co-investments			161,324	131,297
Net cash used in investing activities			(69,382)	(95,207)
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes			0	745,505
Payments on unsecured debt and mortgage notes			(24,103)	(952,608)
Proceeds from lines of credit			1,053,663	601,435
Repayments of lines of credit			(1,175,440)	(558,773)
Retirement of common stock			(157,951)	(9,172)
Additions to deferred charges			(140)	(8,237)
Payments related to debt prepayment penalties			0	(18,342)
Net proceeds from issuance of common stock			(314)	(202)
Net proceeds from stock options exercised			19,410	17,847
Payments related to tax withholding for share-based compensation			(2,216)	(5,445)
Contributions from noncontrolling interest			125	1,900
Distributions to noncontrolling interest			(6,380)	(6,323)
Redemption of noncontrolling interest			(10,929)	(8,407)
Redemption of redeemable noncontrolling interests			478	4,463
Common stock dividends paid			(439,669)	(422,474)
Net cash used in financing activities			(744,422)	(627,759)
Net decrease in unrestricted and restricted cash and cash equivalents			(5,069)	(23,089)
Unrestricted and restricted cash and cash equivalents at beginning of period			58,638	84,041	84,041
Unrestricted and restricted cash and cash equivalents at end of period	$ 53,569	$ 60,952	53,569	60,952	$ 58,638
Supplemental disclosure of cash flow information:
Cash paid for interest (net of $1.9 million and $5.0 million capitalized in 2022 and 2021, respectively)			149,970	147,371
Operating cash flows from operating leases			5,225	5,225
Supplemental disclosure of noncash investing and financing activities:
Transfers between real estate under development and rental properties, net			98,024	222,055
Transfer from real estate under development to co-investments			2,090	1,853
Reclassifications (from) to redeemable noncontrolling interest from general and limited partner capital and noncontrolling interest			(4,950)	4,922
Debt assumed in connection with acquisition			$ 21,303	$ 0

EPLP - Condensed Consolidated_6

EPLP - Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Interest capitalized	$ 1.9	$ 5
Essex Portfolio, L.P.
Interest capitalized	$ 1.9	$ 5

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation The accompanying unaudited condensed consolidated financial statements present the accounts of Essex Property Trust, Inc. ("Essex" or the "Company"), which include the accounts of the Company and Essex Portfolio, L.P. and its subsidiaries (the "Operating Partnership," which holds the operating assets of the Company), prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and in accordance with the instructions to Form 10-Q. In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods presented have been included and are normal and recurring in nature. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2021. All significant intercompany accounts and transactions have been eliminated in the unaudited condensed consolidated financial statements. Certain reclassifications have been made to conform to the current year's presentation. The unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2022 and 2021 include the accounts of the Company and the Operating Partnership. Essex is the sole general partner of the Operating Partnership, with a 96.6% general partnership interest as of both September 30, 2022 and December 31, 2021. Total Operating Partnership limited partnership units ("OP Units," and the holders of such OP Units, "Unitholders") outstanding were 2,272,496 and 2,282,464 as of September 30, 2022 and December 31, 2021, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $550.5 million and $804.0 million as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, the Company owned or had ownership interests in 253 operating apartment communities, comprising 62,397 apartment homes, excluding the Company’s ownership interest in preferred equity co-investments, loan investments, three operating commercial buildings, and a development pipeline comprised of one unconsolidated joint venture project. The operating apartment communities are located in Southern California (primarily Los Angeles, Orange, San Diego, and Ventura counties), Northern California (the San Francisco Bay Area) and the Seattle metropolitan areas. Accounting Pronouncements Adopted in the Current Year In January 2021, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2020-06 "Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity." The amendments in ASU 2020-06 modifies the if-converted method of calculating diluted earnings per share ("EPS"). For instruments that may be settled in cash or shares, and are not classified as a liability, the guidance requires entities to include the effect of potential share settlement in the diluted EPS calculation, if the effect is more dilutive. The Company adopted this guidance on January 1, 2022 on a prospective basis. This adoption did not have a material impact on the Company's consolidated results of operations or financial position. Revenues and Gains on Sale of Real Estate Revenues from tenants renting or leasing apartment homes are recorded when due from tenants and are recognized monthly as they are earned which generally approximates a straight-line basis, else, adjustments are made to conform to a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 9 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. See Note 3, Revenues, for additional information regarding such revenues. The Company also generates other property-related revenue associated with the leasing of apartment homes, including storage income, pet rent, and other miscellaneous revenue. Similar to rental income, such revenues are recorded when due from tenants and recognized monthly as they are earned. Apart from rental and other property-related revenue, revenues from contracts with customers are recognized as control of the promised services is passed to the customer. For customer contracts related to management and other fees from affiliates (which includes asset management and property management), the transaction price and amount of revenue to be recognized is determined each quarter based on the management fee calculated and earned for that month or quarter. The contract will contain a description of the service and the fee percentage for management services. Payments from such services are one month or one quarter in arrears of the service performed. The Company recognizes any gains on sales of real estate when it transfers control of a property and when it is probable that the Company will collect substantially all of the related consideration. Marketable Securities The Company reports its equity securities and available for sale debt securities at fair value, based on quoted market prices (Level 1 for the common stock and investment funds and Level 2 for the unsecured debt, as defined by the FASB standard for fair value measurements). As of September 30, 2022 and December 31, 2021, $0.2 million and $0.8 million, respectively, of equity securities presented within common stock and stock funds in the tables below represent investments measured at fair value, using net asset value as a practical expedient, and are not categorized in the fair value hierarchy. Any unrealized gain or loss in debt securities classified as available for sale is recorded as other comprehensive income. Unrealized gains and losses in equity securities, realized gains and losses in debt securities, interest income, and amortization of purchase discounts are included in interest and other income on the condensed consolidated statements of income and comprehensive income. As of September 30, 2022 and December 31, 2021, equity securities and available for sale debt securities consisted primarily of investment funds-debt securities, common stock, preferred stock and stock funds, and investment-grade unsecured debt. As of September 30, 2022 and December 31, 2021, marketable securities consisted of the following ($ in thousands): September 30, 2022 Cost Gross Carrying Value Equity securities: Investment funds - debt securities $ 63,681 $ (11,582) $ 52,099 Common stock, preferred stock, and stock funds 90,890 (2,884) 88,006 Debt securities: Available for sale Investment-grade unsecured debt 1,049 545 1,594 Total - Marketable securities $ 155,620 $ (13,921) $ 141,699 December 31, 2021 Cost Gross Carrying Value Equity securities: Investment funds - debt securities $ 62,192 $ (502) $ 61,690 Common stock and stock funds 79,155 49,592 128,747 Debt securities: Available for sale Investment-grade unsecured debt 1,051 341 1,392 Total - Marketable securities $ 142,398 $ 49,431 $ 191,829 The Company uses the specific identification method to determine the cost basis of a debt security sold and to reclassify amounts from accumulated other comprehensive income for such securities. For the three months ended September 30, 2022 and 2021, the proceeds from sales and maturities of marketable securities totaled zero and $0.1 million, respectively, which resulted in zero realized gains or losses, for both periods. For the nine months ended September 30, 2022 and 2021, the proceeds from sales and maturities of marketable securities totaled $30.0 million and $15.0 million, respectively, which resulted in $12.4 million and $2.5 million in realized gains, respectively, for such periods. For the three and nine months ended September 30, 2022, the portion of equity security unrealized losses that were recognized in income totaled $17.1 million and $63.6 million, respectively, and were included in interest and other (loss) income on the Company's condensed consolidated statements of income and comprehensive income. For the three and nine months ended September 30, 2021, the portion of equity security unrealized gains that were recognized in income totaled $7.1 million and $23.8 million, respectively, and were included in interest and other (loss) income on the Company's condensed consolidated statements of income and comprehensive income. Variable Interest Entities In accordance with accounting standards for consolidation of variable interest entities ("VIEs"), the Company consolidated the Operating Partnership, 18 DownREIT entities (comprising nine communities), and six co-investments as of September 30, 2022 and December 31, 2021. The Company consolidates these entities because it is the primary beneficiary. The Company has no assets or liabilities other than its investment in the Operating Partnership. The consolidated total assets and liabilities related to the above consolidated co-investments and DownREIT entities, net of intercompany eliminations, were approximately $938.4 million and $327.7 million, respectively, as of September 30, 2022 and $909.3 million and $320.1 million, respectively, as of December 31, 2021. Noncontrolling interests in these entities were $122.1 million and $122.4 million as of September 30, 2022 and December 31, 2021, respectively. The Company's financial risk in each VIE is limited to its equity investment in the VIE. As of September 30, 2022 and December 31, 2021, the Company did not have any VIEs of which it was not the primary beneficiary. Equity-based Compensation The cost of share- and unit-based compensation awards is measured at the grant date based on the estimated fair value of the awards. The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period. The estimated grant date fair values of the long term incentive plan units (discussed in Note 14, "Equity Based Compensation Plans," in the Company’s annual report on Form 10-K for the year ended December 31, 2021) are being amortized over the expected service periods. Fair Value of Financial Instruments Management believes that the carrying amounts of the outstanding balances under its lines of credit, and notes and other receivables approximate fair value as of September 30, 2022 and December 31, 2021, because interest rates, yields, and other terms for these instruments are consistent with interest rates, yields, and other terms currently available for similar instruments. Management has estimated that the fair value of the Company’s fixed rate debt with a carrying value of $5.7 billion as of both, September 30, 2022 and December 31, 2021 was approximately $5.2 billion and $6.0 billion, respectively. Management has estimated that the fair value of the Company’s $442.6 million and $564.9 million of variable rate debt at September 30, 2022 and December 31, 2021, respectively, was approximately $439.9 million and $561.7 million, respectively, based on the terms of existing mortgage notes payable, unsecured debt, and variable rate demand notes compared to those available in the marketplace. Management believes that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payables, other liabilities, and dividends payable approximate fair value as of September 30, 2022 and December 31, 2021 due to the short-term maturity of these instruments. Marketable securities are carried at fair value as of September 30, 2022 and December 31, 2021. Capitalization of Costs The Company’s capitalized internal costs related to development and redevelopment projects were comprised primarily of interest and employee compensation and totaled $4.5 million and $5.6 million during the three months ended September 30, 2022 and 2021, respectively, and $15.7 million and $17.5 million, for the nine months ended September 30, 2022 and 2021, respectively. The Company capitalizes leasing commissions associated with the lease-up of development communities and amortizes the costs over the life of the leases. The amounts capitalized for leasing commissions are immaterial for all periods presented. Co-investments The Company owns investments in joint ventures in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with U.S. GAAP. Therefore, the Company accounts for co-investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company's equity in earnings, less distributions received and the Company's share of losses. The significant accounting policies of the Company’s co-investment entities are consistent with those of the Company in all material respects. Upon the acquisition of a controlling interest of a co-investment, the co-investment entity is consolidated and a gain or loss is recognized upon the remeasurement of co-investments in the consolidated statement of income equal to the amount by which the fair value of the Company's previously owned co-investment interest exceeds its carrying value. A majority of the co-investments, excluding most preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote income if certain financial return benchmarks are achieved. Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible. Any promote fees are reflected in equity income from co-investments. Changes in Accumulated Other Comprehensive Income (Loss), Net by Component Essex Property Trust, Inc. ($ in thousands): Change in fair Unrealized Total Balance at December 31, 2021 $ (5,912) $ 360 $ (5,552) Other comprehensive income before reclassification 56,109 197 56,306 Amounts reclassified from accumulated other comprehensive loss 15 — 15 Other comprehensive income 56,124 197 56,321 Balance at September 30, 2022 $ 50,212 $ 557 $ 50,769 Essex Portfolio, L.P. ($ in thousands): Change in fair Unrealized Total Balance at December 31, 2021 $ (2,176) $ 372 $ (1,804) Other comprehensive income before reclassification 58,069 204 58,273 Amounts reclassified from accumulated other comprehensive loss 15 — 15 Other comprehensive income 58,084 204 58,288 Balance at September 30, 2022 $ 55,908 $ 576 $ 56,484 Amounts reclassified from accumulated other comprehensive income in connection with derivatives are recorded in interest expense on the condensed consolidated statements of income and comprehensive income. Realized gains and losses on available for sale debt securities are included in interest and other income on the condensed consolidated statements of income and comprehensive income. Redeemable Noncontrolling Interest The carrying value of redeemable noncontrolling interests in the accompanying condensed consolidated balance sheets was $29.2 million and $34.7 million as of September 30, 2022 and December 31, 2021, respectively. The limited partners may redeem their noncontrolling interests for cash in certain circumstances. The changes to the redemption value of redeemable noncontrolling interests for the nine months ended September 30, 2022 is as follows ($ in thousands): Balance at December 31, 2021 $ 34,666 Reclassification due to change in redemption value and other (4,950) Redemptions (478) Balance at September 30, 2022 $ 29,238 Cash, Cash Equivalents and Restricted Cash Highly liquid investments with original maturities of three months or less when purchased are classified as cash equivalents. Restricted cash balances relate primarily to reserve requirements for capital replacement at certain communities in connection with the Company’s mortgage debt. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows ($ in thousands): September 30, 2022 December 31, 2021 September 30, 2021 December 31, 2020 Cash and cash equivalents - unrestricted $ 42,711 $ 48,420 $ 49,910 $ 73,629 Cash and cash equivalents - restricted 10,858 10,218 11,042 10,412 Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows $ 53,569 $ 58,638 $ 60,952 $ 84,041 Accounting Estimates The preparation of condensed consolidated financial statements, in accordance with U.S. GAAP, requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, its notes receivables, and its qualification as a real estate investment trust ("REIT"). The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions.

Significant Transactions During

Significant Transactions During the Nine Months Ended September 30, 2022 and Subsequent Events	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Significant Transactions During the Nine Months Ended September 30, 2022 and Subsequent Events	Significant Transactions During the Nine Months Ended September 30, 2022 and Subsequent Events Significant Transactions Acquisitions In July 2022, the Company purchased its joint venture partner's 49.8% minority interest in two apartment communities, consisting of 211 apartment houses located in Los Angeles, CA, for a contract price of $32.9 million. As a result of this acquisition, the Company realized a gain on remeasurement of co-investment of $17.4 million upon consolidation. In January 2022, Wesco VI, LLC (“Wesco VI”), one of the Company's joint ventures with an institutional partner, acquired Vela, a 379-unit apartment home community located in Woodland Hills, CA, for a total contract price of $183.0 million. The property was encumbered by a $100.7 million bridge loan from the Company, with an interest rate of 2.64% that was paid off in January 2022 and replaced by permanent secured debt with an institutional lender. Co-Investments In April 2022, the Wesco IV, LLC (“Wesco IV”) joint venture operating agreement was amended to extend the venture. As part of the amendment, the Company and the joint venture partner agreed that the Company earned a promote interest of approximately $37.5 million. The Company agreed to contribute the earned promote interest to the joint venture, resulting in an increase in the Company’s ownership interest in Wesco IV to 65.1%. Preferred Equity Investments In the third quarter of 2022, the Company funded four preferred equity investments, including one with a related party, totaling $55.4 million. The investments have a weighted average return of 9.5% and are scheduled to mature between January 2026 and September 2032. See Note 6, Related Party Transactions, for additional details. In September 2022, the Company received cash of $8.4 million for the partial redemption of a preferred equity investment in a joint venture that holds property located in Northern California. In June 2022, the Company received cash of $3.0 million for the partial redemption of a preferred equity investment in a joint venture that holds property located in Northern California. In the first quarter of 2022, the Company originated three preferred equity investments totaling $29.5 million in multifamily communities located in Southern California and Washington. The preferred equity investments have a weighted average return of 10.0% and are scheduled to mature in March 2027. In the first quarter of 2022, the Company received cash proceeds of $106.9 million, including an early redemption fee of $0.9 million, for the full redemption of two preferred equity investments and partial redemption of two preferred equity investments in joint ventures that held properties in California. Notes Receivable In August 2022, the Company funded a $10.0 million loan to an unrelated developer in connection with a site to build a multifamily community located in Washington, with an interest rate of 12.0% and a scheduled maturity date in August 2024 with options to extend for up to six months. In January 2022, the Company provided a $100.7 million related party bridge loan to Wesco VI in connection with the acquisition of Vela. The note receivable accrued interest at 2.64% and was paid off in January 2022. Additionally, the Company received cash of $121.3 million in January 2022 for the payoff of the remaining related party bridge loans to Wesco VI. See Note 6, Related Party Transactions, for additional details. In January 2022, the Company received cash of $48.5 million, for the payoff of the related party bridge loan to a single asset entity owning an apartment home community in Vista, CA. See Note 6, Related Party Transactions, for additional details. In February 2022, the Company provided a $32.8 million related party bridge loan to BEX II in connection with the payoff of a debt related to one of its properties located in Southern California. The note receivable accrued interest at 1.35% and was scheduled to mature in March 2022, but was subsequently paid off in April 2022. See Note 6, Related Party Transactions, for additional details. Common Stock During the three months ended June 30, 2022, the Company repurchased and retired 218,960 shares of the Company's common stock totaling $60.8 million, including commissions, at an average price of $277.81 per share, such that as of June 30, 2022, the Company had $153.6 million of purchase authority remaining under its $250.0 million repurchase plan. In September 2022, the Company's Board of Directors approved a new stock repurchase plan to allow the Company to acquire common stock up to an aggregate value of $500.0 million. The plan supersedes the Company's previous common stock repurchase plan announced in December 2015. During the three months ended September 30, 2022, the Company repurchased and retired 100,487 shares totaling $27.2 million under the previous stock repurchase plan prior to its termination and 271,397 shares totaling $69.9 million under the new stock repurchase plan, for a total of 371,884 shares totaling $97.1 million, including commissions, at an average price of $261.16 per share. As of September 30, 2022, the Company had $430.1 million of purchase authority remaining under its new $500.0 million repurchase plan. Subsequent Events In October 2022, the Company committed to fund a $32.1 million mezzanine loan in a multifamily development community located in Northern California, with an initial 11.3% interest rate and an initial maturity date of October 2027, with options to extend for up to two years. In October 2022, the Company obtain ed a $300.0 million unsecured term loan priced at Adjusted SOFR plus 0.85%. The loan has been swapped to an all-in fixed rate of 4.2% and matures in October 2024 with three 12-month extension options, exercisable at the Company’s option. The loan includes a six-month delayed draw feature.

Revenues

Revenues	9 Months Ended
Revenues	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Disaggregated Revenue The following table presents the Company’s revenues disaggregated by revenue source ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Rental income $ 401,467 $ 355,591 $ 1,166,670 $ 1,046,218 Other property 5,395 5,029 16,648 16,035 Management and other fees from affiliates 2,886 2,237 8,313 6,707 Total revenues $ 409,748 $ 362,857 $ 1,191,631 $ 1,068,960 The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Southern California $ 168,883 $ 150,807 $ 490,363 $ 434,926 Northern California 163,157 145,807 476,245 435,883 Seattle Metro 69,054 60,280 200,964 178,180 Other real estate assets (1) 5,768 3,726 15,746 13,264 Total rental and other property revenues $ 406,862 $ 360,620 $ 1,183,318 $ 1,062,253 (1) Other real estate assets consist of revenues generated from retail space, commercial properties, held for sale properties, disposition properties and straight-line rent adjustments for concessions. Executive management does not evaluate such operating performance geographically. The following table presents the Company’s rental and other property revenues disaggregated by current property category status ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Same-property (1) $ 380,562 $ 341,744 $ 1,110,166 $ 1,007,402 Acquisitions (2) 2,570 1,004 6,070 1,323 Development (3) 11,327 8,055 31,938 22,485 Redevelopment 1,422 1,533 4,348 4,671 Non-residential/other, net (4) 12,413 11,320 38,079 35,722 Straight line rent concession (5) (1,432) (3,036) (7,283) (9,350) Total rental and other property revenues $ 406,862 $ 360,620 $ 1,183,318 $ 1,062,253 (1) Properties that have comparable stabilized results as of January 1, 2021 and are consolidated by the Company for the three and nine months ended September 30, 2022 and 2021. A community is generally considered to have reached stabilized operations once it achieves an initial occupancy of 90%. (2) Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2021. (3) Development includes properties developed which did not have stabilized results as of January 1, 2021. (4) Non-residential/other, net consists of revenues generated from retail space, commercial properties, held for sale properties, disposition properties, student housing, properties undergoing significant construction activities that do not meet our redevelopment criteria, and two communities located in the California counties of Santa Barbara and Santa Cruz, which the Company does not consider its core markets. (5) Same-property revenues reflect concessions on a cash basis. Total rental and other property revenues reflect concessions on a straight-line basis in accordance with U.S. GAAP. Deferred Revenues and Remaining Performance Obligations When cash payments are received or due in advance of the Company’s performance of contracts with customers, deferred revenue is recorded. The total deferred revenue balance related to such contracts was $1.9 million and $2.4 million as of September 30, 2022 and December 31, 2021, respectively, and was included in accounts payable and accrued liabilities within the accompanying condensed consolidated balance sheets. The amount of revenue recognized for the nine months ended September 30, 2022 that was included in the December 31, 2021 deferred revenue balance was $0.5 million, which was included in interest and other (loss) income within the condensed consolidated statements of income and comprehensive income.

Co-investments

Co-investments	9 Months Ended
Co-investments	Sep. 30, 2022
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
Co-investments	Co-investments The Company has joint ventures and preferred equity investments in co-investments which are accounted for under the equity method. The co-investments, including BEXAEW, LLC ("BEXAEW"), BEX II, LLC ("BEX II"), BEX IV, LLC (""BEX IV"), 500 Folsom, Wesco I, LLC ("Wesco I"), Wesco III, LLC ("Wesco III"), Wesco IV, Wesco V, LLC ("Wesco V"), and Wesco VI, own, operate, and develop apartment communities. The carrying values of the Company's co-investments as of September 30, 2022 and December 31, 2021 are as follows ($ in thousands, except parenthetical amounts): Weighted Average Company Ownership Percentage (1) September 30, 2022 December 31, 2021 Ownership interest in: Wesco I (2) , Wesco III, Wesco IV, Wesco V, and Wesco VI 54 % $ 184,918 $ 168,198 BEXAEW, BEX II, BEX IV, and 500 Folsom 50 % 241,552 270,550 Other (3) 52 % 82,918 126,503 Total operating and other co-investments, net 509,388 565,251 Total development co-investments 51 % 12,939 11,076 Total preferred interest co-investments (includes related party investments of $85.5 million and $71.1 million as of September 30, 2022 and December 31, 2021, respectively) 584,624 565,930 Total co-investments, net $ 1,106,951 $ 1,142,257 (1) Weighted average Company ownership percentages are as of September 30, 2022. (2) As of September 30, 2022, the Company's investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $37.9 million due to distributions in excess of the Company's investment. (3) As of September 30, 2022, the Company's investments in Expo and Century Towers were classified as a liability of $0.5 million due to distributions received in excess of the Company's investment. The weighted average Company ownership percentage excludes the Company's investments in non-core technology co-investments which are carried at fair value. The combined summarized financial information of co-investments is as follows ($ in thousands): September 30, 2022 December 31, 2021 Combined balance sheets: (1) Rental properties and real estate under development $ 4,755,419 $ 4,603,465 Other assets 328,845 278,411 Total assets $ 5,084,264 $ 4,881,876 Debt $ 3,333,381 $ 3,046,765 Other liabilities 182,941 200,129 Equity 1,567,942 1,634,982 Total liabilities and equity $ 5,084,264 $ 4,881,876 Company's share of equity $ 1,106,951 $ 1,142,257 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Combined statements of income: (1) Property revenues $ 94,791 $ 71,195 $ 272,967 $ 211,359 Property operating expenses (36,950) (27,588) (102,252) (81,932) Net operating income 57,841 43,607 170,715 129,427 Interest expense (27,507) (15,347) (67,588) (48,012) General and administrative (5,028) (3,331) (15,387) (11,641) Depreciation and amortization (42,200) (32,290) (120,388) (96,812) Net loss $ (16,894) $ (7,361) $ (32,648) $ (27,038) Company's share of net income (2) $ 10,985 $ 25,433 $ 23,756 $ 60,692 (1) Includes preferred equity investments held by the Company and excludes investments in technology co-investments. (2) Includes the Company's share of equity income from joint ventures and preferred equity investments, gain on sales of co-investments, co-investment promote income and income from early redemption of preferred equity investments. Includes related party income of $1.8 million and $2.4 million for the three months ended September 30, 2022 and 2021, respectively, and $5.4 million and $7.0 million for the nine months ended September 30, 2022 and 2021, respectively.

Notes and Other Receivables

Notes and Other Receivables	9 Months Ended
Notes and Other Receivables	Sep. 30, 2022
Receivables [Abstract]
Notes and Other Receivables	Notes and Other Receivables Notes and other receivables consist of the following as of September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 December 31, 2021 Notes receivable, secured, weighted average interest rate of 10.10% as of September 30, 2022 and 10.50% as of December 31, 2021, due February 2023 (Originated March 2020) $ 18,465 $ 17,051 Note receivable, secured, bearing interest at 9.00%, due December 2023 (Originated November 2020) 89,629 87,365 Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020) 32,492 29,729 Related party note receivable, secured, bearing interest at 2.15%, due March 2022 (Originated September 2021) (1) — 29,314 Related party note receivable, secured, bearing interest at 2.30%, due April 2022 (Originated October 2021) (2) — 30,399 Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021) 12,877 — Related party note receivable, secured, bearing interest at 2.36%, due February 2022 (Originated November 2021) (3) — 62,058 Related party note receivable, secured, bearing interest at 2.36%, due February 2022 (Originated November 2021) (4) — 48,562 Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022) 10,024 — Notes and other receivables from affiliates (5) 6,729 6,556 Straight line rent receivables (6) 9,971 15,523 Other receivables 18,116 15,232 Allowance for credit losses (760) (756) Total notes and other receivables $ 197,543 $ 341,033 (1) In January 2022, the Company received cash of $29.2 million to payoff the principal of this note receivable. (2) In January 2022, the Company received cash of $30.3 million to payoff the principal of this note receivable. (3) In January 2022, the Company received cash of $61.9 million to payoff the principal of this note receivable. (4) In January 2022, the Company received cash of $48.4 million to payoff the principal of this note receivable. (5) These amounts consist of short-term loans outstanding and due from various joint ventures as of September 30, 2022 and December 31, 2021, respectively. See Note 6, Related Party Transactions, for additional details. (6) These amounts are receivables from lease concessions recorded on a straight-line basis for the Company's operating properties. The following table presents the activity in the allowance for credit losses for notes and other receivables by loan type ($ in thousands): Mezzanine Loans Bridge Loans Total Balance at December 31, 2021 $ 671 $ 85 $ 756 Provision for credit losses 89 (85) 4 Balance at September 30, 2022 $ 760 $ — $ 760 No loans were placed on nonaccrual status or charged off during the nine months ended September 30, 2022 or 2021.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company charges certain fees relating to its co-investments for asset management, property management, development and redevelopment services. These fees from affiliates totaled $3.7 million and $2.7 million during the three months ended September 30, 2022 and 2021, respectively, and $10.3 million and $7.5 million during the nine months ended September 30, 2022 and 2021, respectively. All of these fees are net of intercompany amounts eliminated by the Company. The Company netted development and redevelopment fees of approximately $0.9 million and $0.5 million against general and administrative expenses for the three months ended September 30, 2022 and 2021, respectively, and $2.0 million and $0.8 million for the nine months ended September 30, 2022 and 2021, respectively. The Company’s Chairman and founder, Mr. George M. Marcus, is the Chairman of the Marcus & Millichap Company ("MMC"), which is a parent company of a diversified group of real estate service, investment, and development firms. Mr. Marcus is also the Chairman of Marcus & Millichap, Inc. ("MMI"), and Mr. Marcus owns a controlling interest in MMI, a national brokerage firm listed on the New York Stock Exchange. For the three and nine months ended September 30, 2022 and 2021, the Company did not pay brokerage commissions related to real estate transactions to MMC and its affiliates. In August 2022, the Company funded an $11.2 million preferred equity investment in an entity whose sponsor includes an affiliate of MMC. The entity owns three multifamily communities located in Azusa, CA. The investment initially accrues interest based on a 9.5% preferred return and is scheduled to mature in August 2027. In February 2022, the Company provided a $32.8 million related party bridge loan to BEX II in connection with the payoff of a debt related to one of its properties located in Southern California. The note receivable accrued interest at 1.35% and was scheduled to mature in March 2022, but was subsequently paid off in April 2022. In January 2022, the Company provided a $100.7 million related party bridge loan to Wesco VI in connection with the purchase of Vela. The note receivable accrued interest at 2.64% and was scheduled to mature in February 2022, but was paid off in January 2022. In November 2021, the Company provided a $48.4 million related party bridge loan in connection with the purchase of an interest in a single asset entity owning an apartment home community in Vista, CA. The note receivable accrued interest at 2.36% and was scheduled to mature in February 2022, but was paid off in January 2022. The bridge loan is classified within notes and other receivables in the accompanying condensed consolidated balance sheets. In November 2021, the Company provided a $61.9 million related party bridge loan to Wesco VI in connection with the acquisition of The Rexford. The note receivable accrued interest at 2.36% and was scheduled to mature in February 2022, but was paid off in January 2022. The bridge loan is classified within notes and other receivables in the accompanying condensed consolidated balance sheets. In October 2021, the Company provided a $30.3 million related party bridge loan to Wesco VI in connection with the acquisition of Monterra in Mill Creek. The note receivable accrued interest at 2.30% and was scheduled to mature in April 2022, but was paid off in January 2022. The bridge loan is classified within notes and other receivables in the accompanying condensed consolidated balance sheets. In September 2021, the Company provided a $29.2 million related party bridge loan to Wesco VI in connection with the acquisition of Martha Lake Apartments. The note receivable accrued interest at 2.15% and was scheduled to mature in December 2021. In December 2021, the maturity date of the note receivable was extended to March 2022, and in January 2022, the note receivable was paid off. The bridge loan is classified within notes and other receivables in the accompanying condensed consolidated balance sheets. In March 2021, the Company provided a $52.5 million related party bridge loan to Wesco I in connection with the payoff of a debt related to one of its properties located in Southern California. The note receivable accrued interest at 2.55% and was paid off in July 2021. In June 2019, the Company acquired Brio, a 300-unit apartment home community located in Walnut Creek, CA. The Company issued DownREIT units to an affiliate of MMC, based on a contract price of $164.9 million. The property was encumbered by $98.7 million of mortgage debt which was assumed by the Company at the time of acquisition. As a result of this transaction, the Company consolidated the property based on a VIE analysis performed by the Company. In February 2019, the Company funded a $24.5 million preferred equity investment in an entity whose sponsor is an affiliate of MMC, which owns a multifamily development community located in Mountain View, CA. The investment initially accrued interest based on an 11.0% preferred return which was reduced to 9.0% upon completion and lease-up of the project. The investment is scheduled to mature in February 2024. In October 2018, the Company funded a $18.6 million preferred equity investment in an entity whose sponsor is an affiliate of MMC. The entity wholly owns a 268-unit apartment home community development located in Burlingame, CA. The investment initially accrued interest based on a 12.0% preferred return which was reduced to 9.0% upon completion and lease-up of the project. The investment is scheduled to mature in April 2024. In May 2018, the Company made a commitment to fund a $26.5 million preferred equity investment in an entity whose sponsors include an affiliate of MMC. The entity wholly owns a 400-unit apartment home community located in Ventura, CA. The investment accrued interest based on a 10.25% preferred return. The investment was scheduled to mature in May 2023. In November 2021, the Company received cash of $18.3 million for the partial redemption of this preferred equity investment, and the maturity of the remaining commitment was extended to December 2028. As of September 30, 2022, the Company had a remaining commitment of $13.0 million and continues to accrue interest on a 9.0% preferred return. The remaining committed amount is expected to be funded if and when requested by the sponsors. In March 2017, the Company converted its existing $15.3 million preferred equity investment in Sage at Cupertino, a 230-unit apartment home community located in San Jose, CA, into a 40.5% common equity ownership interest in the property. The Company issued DownREIT units to the other members, including an MMC affiliate, based on an estimated property valuation of $90.0 million. At the time of the conversion, the property was encumbered by $52.0 million of mortgage debt. As a result of this transaction, the Company consolidates the property based on a consolidation analysis performed by the Company. As described in Note 5, Notes and Other Receivables, the Company has provided short-term loans to affiliates. As of September 30, 2022 and December 31, 2021, $6.7 million and $6.6 million, respectively, of short-term loans remained outstanding due from joint venture affiliates and is classified within notes and other receivables in the accompanying condensed consolidated balance sheets.

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt Essex does not have indebtedness as debt is incurred by the Operating Partnership. Essex guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities for the full term of the facilities. Debt consists of the following ($ in thousands): September 30, 2022 December 31, 2021 Weighted Average Unsecured debt, net (1) $ 5,312,131 $ 5,307,196 7.9 Lines of credit (2) 219,481 341,257 Mortgage notes payable, net (3) 635,389 638,957 7.7 Total debt, net $ 6,167,001 $ 6,287,410 Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering 3.3 % 3.3 % Weighted average interest rate on lines of credit 3.1 % 1.0 % Weighted average interest rate on mortgage notes payable 3.1 % 2.7 % (1) Unsecured debt, net, consists of fixed rate public bond offerings which includes unamortized discount, net of premiums, of $8.4 million and $9.9 million and unamortized debt issuance costs of $29.5 million and $32.9 million, as of September 30, 2022 and December 31, 2021, respectively. (2) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion as of September 30, 2022, excludes unamortized debt issuance costs of $5.4 million and $4.4 million as of September 30, 2022 and December 31, 2021, respectively. These debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets. As of September 30, 2022, the Company’s $1.2 billion credit facility had an interest rate at the Adjusted Secured Overnight Financing Rate ("Adjusted SOFR") plus 0.75%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity date of January 2027 with two six-month extensions, exercisable at the Company’s option. As of September 30, 2022, the Company’s $35.0 million working capital unsecured line of credit had an interest rate of Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity date of July 2024. (3) Includes total unamortized premium, net of discounts of $1.5 million and $2.5 million, reduced by unamortized debt issuance costs of $1.2 million and $1.5 million, as of September 30, 2022 and December 31, 2021, respectively. The aggregate scheduled principal payments of the Company’s outstanding debt, excluding lines of credit, as of September 30, 2022 are as follows ($ in thousands): Remaining in 2022 $ 40,439 2023 302,945 2024 403,109 2025 633,054 2026 549,405 Thereafter 4,056,224 Total $ 5,985,176

Segment Information

Segment Information	9 Months Ended
Segment Information	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Information	Segment InformationThe Company's segment disclosures present the measure used by the chief operating decision makers for purposes of assessing each segment's performance. The Company's chief operating decision makers are comprised of several members of its executive management team who use net operating income ("NOI") to assess the performance of the business for the Company's reportable operating segments. NOI represents total property revenues less direct property operating expenses. The executive management team generally evaluates the Company's operating performance geographically. The Company defines its reportable operating segments as the three geographical regions in which its communities are located: Southern California, Northern California, and Seattle Metro. Excluded from segment revenues and NOI are management and other fees from affiliates and interest and other income. Non-segment revenues and NOI included in the following schedule also consist of revenues generated from commercial properties and properties that have been sold. Other non-segment assets include items such as real estate under development, co-investments, real estate held for sale, cash and cash equivalents, marketable securities, notes and other receivables, and prepaid expenses and other assets. The revenues and NOI for each of the reportable operating segments are summarized as follows for the three and nine months ended September 30, 2022 and 2021 ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenues: Southern California $ 168,883 $ 150,807 $ 490,363 $ 434,926 Northern California 163,157 145,807 476,245 435,883 Seattle Metro 69,054 60,280 200,964 178,180 Other real estate assets 5,768 3,726 15,746 13,264 Total property revenues $ 406,862 $ 360,620 $ 1,183,318 $ 1,062,253 Net operating income: Southern California $ 119,655 $ 103,656 $ 347,535 $ 300,766 Northern California 113,401 98,944 331,466 299,494 Seattle Metro 48,816 39,875 141,380 119,044 Other real estate assets 4,947 2,806 13,274 9,661 Total net operating income 286,819 245,281 833,655 728,965 Management and other fees from affiliates 2,886 2,237 8,313 6,707 Corporate-level property management expenses (10,184) (9,060) (30,532) (27,135) Depreciation and amortization (135,511) (130,564) (403,561) (387,887) General and administrative (15,172) (12,712) (40,541) (34,746) Expensed acquisition and investment related costs (230) (108) (248) (164) Gain on sale of real estate and land — 42,897 — 142,993 Interest expense (51,645) (50,019) (152,499) (152,639) Total return swap income 1,882 2,660 6,709 8,137 Interest and other (loss) income (6,796) 11,998 (31,571) 48,756 Equity income from co-investments 10,985 25,433 23,756 60,692 Deferred tax (expense) benefit on unconsolidated co-investments (1,755) (3,041) 7,863 (5,391) Loss on early retirement of debt, net (2) — (2) (18,982) Gain on remeasurement of co-investment 17,423 — 17,423 2,260 Net income $ 98,700 $ 125,002 $ 238,765 $ 371,566 Total assets for each of the reportable operating segments are summarized as follows as of September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 December 31, 2021 Assets: Southern California $ 3,993,289 $ 4,018,839 Northern California 5,444,582 5,460,701 Seattle Metro 1,381,428 1,407,033 Other real estate assets 104,426 96,500 Net reportable operating segment - real estate assets 10,923,725 10,983,073 Real estate under development 23,752 111,562 Co-investments 1,145,345 1,177,802 Cash and cash equivalents, including restricted cash 53,569 58,638 Marketable securities 141,699 191,829 Notes and other receivables 197,543 341,033 Operating lease right-of-use assets 66,531 68,972 Prepaid expenses and other assets 72,166 64,964 Total assets $ 12,624,330 $ 12,997,873

Net Income Per Common Share and

Net Income Per Common Share and Net Income Per Common Unit	9 Months Ended
Net Income Per Common Share and Net Income Per Common Unit	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income Per Common Share and Net Income Per Common Unit	Net Income Per Common Share and Net Income Per Common Unit ($ in thousands, except share and unit data): Essex Property Trust, Inc. Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 92,842 65,059,678 $ 1.43 $ 118,390 65,048,486 $ 1.82 Effect of Dilutive Securities: Stock options — 8,112 — 99,295 Diluted: Net income available to common stockholders $ 92,842 65,067,790 $ 1.43 $ 118,390 65,147,781 $ 1.82 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 223,150 65,198,532 $ 3.42 $ 351,680 65,013,477 $ 5.41 Effect of Dilutive Securities: Stock options — 27,235 — 61,697 Diluted: Net income available to common stockholders $ 223,150 65,225,767 $ 3.42 $ 351,680 65,075,174 $ 5.40 The table above excludes from the calculations of diluted earnings per share weighted average convertible OP Units of 2,273,399 and 2,287,678, which include vested 2014 Long-Term Incentive Plan Units and 2015 Long-Term Incentive Plan Units, for the three months ended September 30, 2022 and 2021, respectively, and 2,277,636 and 2,291,725 for the nine months ended September 30, 2022 and 2021, respectively, because they were anti-dilutive. The related income allocated to these convertible OP Units aggregated $3.2 million and $4.2 million for the three months ended September 30, 2022 and 2021, respectively, and $7.8 million and $12.4 million for the nine months ended September 30, 2022 and 2021, respectively. Stock options of 271,018 and zero for the three months ended September 30, 2022 and 2021, respectively, and 230,326 and 116,380 for the nine months ended September 30, 2022 and 2021, respectively, were excluded from the calculation of diluted earnings per share because the assumed proceeds per share of such options plus the average unearned compensation were greater than the average market price of the common stock for the periods ended and, therefore, were anti-dilutive. Essex Portfolio, L.P. Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 96,089 67,333,077 $ 1.43 $ 122,558 67,336,164 $ 1.82 Effect of Dilutive Securities: Stock options — 8,112 — 99,295 Diluted: Net income available to common unitholders $ 96,089 67,341,189 $ 1.43 $ 122,558 67,435,459 $ 1.82 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 230,950 67,476,168 $ 3.42 $ 364,083 67,307,259 $ 5.41 Effect of Dilutive Securities: Stock options — 27,235 — 61,697 Diluted: Net income available to common unitholders $ 230,950 67,503,403 $ 3.42 $ 364,083 67,368,956 $ 5.40

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
Derivative Instruments and Hedging Activities	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities As of September 30, 2022, the Company had entered into an interest rate swap contract which effectively fixed the interest rate on future draw downs on the unsecured term loan at 4.2% of which nothing has been drawn as of September 30, 2022. These derivatives qualify for hedge accounting. As of September 30, 2022 and December 31, 2021, the aggregate carrying value of the interest rate swap contracts were an asset of $6.2 million and a liability of zero, respectively. As of September 30, 2022 and December 31, 2021, the swap contracts were presented in the consolidated balance sheets as an asset of $6.2 million and a liability of zero, respectively, and were included in prepaid expenses and other assets on the consolidated balance sheets. As of December 31, 2021, the Company had no interest rate swap contracts. The Company has four total return swap contracts, with an aggregate notional amount of $223.8 million, that effectively convert $223.8 million of mortgage notes payable to a floating interest rate based on the Securities Industry and Financial Markets Association Municipal Swap Index ("SIFMA") plus a spread. The total return swaps provide fair market value protection on the mortgage notes payable to the counterparties during the initial period of the total return swap until the Company's option to call the mortgage notes at par can be exercised. The Company can currently call all four of its total return swaps, with $223.8 million of the outstanding debt at par. These derivatives do not qualify for hedge accounting and had a carrying and fair value of zero at both September 30, 2022 and December 31, 2021. These total return swaps are scheduled to mature between November 2022 and December 2024. The realized gains of $1.9 million and $2.7 million for the three months ended September 30, 2022 and 2021, respectively, and $6.7 million and $8.1 million for the nine months ended September 30, 2022 and 2021, respectively, were reported in the condensed consolidated statements of income and comprehensive income as total return swap income.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various lawsuits in the normal course of its business operations. Such lawsuits have not had a material adverse effect on the Company's financial condition, results of operations or cash flows. While no assurances can be given, the Company does not believe there is any pending or threatened litigation against the Company that, individually or in the aggregate, would reasonably be expected to have a material adverse effect on the Company. The Company is subject to various federal, state, and local environmental and other laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new,

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	9 Months Ended
Organization and Basis of Presentation (Policies)	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation Policy	The accompanying unaudited condensed consolidated financial statements present the accounts of Essex Property Trust, Inc. ("Essex" or the "Company"), which include the accounts of the Company and Essex Portfolio, L.P. and its subsidiaries (the "Operating Partnership," which holds the operating assets of the Company), prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and in accordance with the instructions to Form 10-Q. In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods presented have been included and are normal and recurring in nature. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2021.
Accounting Pronouncements Adopted in the Current Year	Accounting Pronouncements Adopted in the Current YearIn January 2021, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2020-06 "Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity." The amendments in ASU 2020-06 modifies the if-converted method of calculating diluted earnings per share ("EPS"). For instruments that may be settled in cash or shares, and are not classified as a liability, the guidance requires entities to include the effect of potential share settlement in the diluted EPS calculation, if the effect is more dilutive. The Company adopted this guidance on January 1, 2022 on a prospective basis. This adoption did not have a material impact on the Company's consolidated results of operations or financial position.
Revenues and Gains on Sale of Real Estate	Revenues and Gains on Sale of Real Estate Revenues from tenants renting or leasing apartment homes are recorded when due from tenants and are recognized monthly as they are earned which generally approximates a straight-line basis, else, adjustments are made to conform to a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 9 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. See Note 3, Revenues, for additional information regarding such revenues. The Company also generates other property-related revenue associated with the leasing of apartment homes, including storage income, pet rent, and other miscellaneous revenue. Similar to rental income, such revenues are recorded when due from tenants and recognized monthly as they are earned. Apart from rental and other property-related revenue, revenues from contracts with customers are recognized as control of the promised services is passed to the customer. For customer contracts related to management and other fees from affiliates (which includes asset management and property management), the transaction price and amount of revenue to be recognized is determined each quarter based on the management fee calculated and earned for that month or quarter. The contract will contain a description of the service and the fee percentage for management services. Payments from such services are one month or one quarter in arrears of the service performed. The Company recognizes any gains on sales of real estate when it transfers control of a property and when it is probable that the Company will collect substantially all of the related consideration.
Marketable Securities	Marketable Securities The Company reports its equity securities and available for sale debt securities at fair value, based on quoted market prices (Level 1 for the common stock and investment funds and Level 2 for the unsecured debt, as defined by the FASB standard for fair value measurements). As of September 30, 2022 and December 31, 2021, $0.2 million and $0.8 million, respectively, of equity securities presented within common stock and stock funds in the tables below represent investments measured at fair value, using net asset value as a practical expedient, and are not categorized in the fair value hierarchy. Any unrealized gain or loss in debt securities classified as available for sale is recorded as other comprehensive income. Unrealized gains and losses in equity securities, realized gains and losses in debt securities, interest income, and amortization of purchase discounts are included in interest and other income on the condensed consolidated statements of income and comprehensive income.
Variable Interest Entities	Variable Interest Entities In accordance with accounting standards for consolidation of variable interest entities ("VIEs"), the Company consolidated the Operating Partnership, 18 DownREIT entities (comprising nine communities), and six co-investments as of September 30, 2022 and December 31, 2021. The Company consolidates these entities because it is the primary beneficiary. The Company has no assets or liabilities other than its investment in the Operating Partnership. The consolidated total assets and liabilities related to the above consolidated co-investments and DownREIT entities, net of intercompany eliminations, were approximately $938.4 million and $327.7 million, respectively, as of September 30, 2022 and $909.3 million and $320.1 million, respectively, as of December 31, 2021. Noncontrolling interests in these entities were $122.1 million and $122.4 million as of September 30, 2022 and December 31, 2021, respectively. The Company's financial risk in each VIE is limited to its equity investment in the VIE. As of September 30, 2022 and December 31, 2021, the Company did not have any VIEs of which it was not the primary beneficiary.
Equity-based Compensation	Equity-based Compensation The cost of share- and unit-based compensation awards is measured at the grant date based on the estimated fair value of the awards. The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period. The estimated grant date fair values of the long term incentive plan units (discussed in Note 14, "Equity Based Compensation Plans," in the Company’s annual report on Form 10-K for the year ended December 31, 2021) are being amortized over the expected service periods.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Management believes that the carrying amounts of the outstanding balances under its lines of credit, and notes and other receivables approximate fair value as of September 30, 2022 and December 31, 2021, because interest rates, yields, and other terms for these instruments are consistent with interest rates, yields, and other terms currently available for similar instruments. Management has estimated that the fair value of the Company’s fixed rate debt with a carrying value of $5.7 billion as of both, September 30, 2022 and December 31, 2021 was approximately $5.2 billion and $6.0 billion, respectively. Management has estimated that the fair value of the Company’s $442.6 million and $564.9 million of variable rate debt at September 30, 2022 and December 31, 2021, respectively, was approximately $439.9 million and $561.7 million, respectively, based on the terms of existing mortgage notes payable, unsecured debt, and variable rate demand notes compared to those available in the marketplace. Management believes that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payables, other liabilities, and dividends payable approximate fair value as of September 30, 2022 and December 31, 2021 due to the short-term maturity of these instruments. Marketable securities are carried at fair value as of September 30, 2022 and December 31, 2021.
Capitalization of Costs	Capitalization of Costs The Company’s capitalized internal costs related to development and redevelopment projects were comprised primarily of interest and employee compensation and totaled $4.5 million and $5.6 million during the three months ended September 30, 2022 and 2021, respectively, and $15.7 million and $17.5 million, for the nine months ended September 30, 2022 and 2021, respectively. The Company capitalizes leasing commissions associated with the lease-up of development communities and amortizes the costs over the life of the leases. The amounts capitalized for leasing commissions are immaterial for all periods presented.
Co-investments	Co-investments The Company owns investments in joint ventures in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with U.S. GAAP. Therefore, the Company accounts for co-investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company's equity in earnings, less distributions received and the Company's share of losses. The significant accounting policies of the Company’s co-investment entities are consistent with those of the Company in all material respects. Upon the acquisition of a controlling interest of a co-investment, the co-investment entity is consolidated and a gain or loss is recognized upon the remeasurement of co-investments in the consolidated statement of income equal to the amount by which the fair value of the Company's previously owned co-investment interest exceeds its carrying value. A majority of the co-investments, excluding most preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote income if certain financial return benchmarks are achieved. Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible. Any promote fees are reflected in equity income from co-investments.
Changes in Accumulated Other Comprehensive Income (Loss), Net by Component	Amounts reclassified from accumulated other comprehensive income in connection with derivatives are recorded in interest expense on the condensed consolidated statements of income and comprehensive income. Realized gains and losses on available for sale debt securities are included in interest and other income on the condensed consolidated statements of income and comprehensive income.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Highly liquid investments with original maturities of three months or less when purchased are classified as cash equivalents. Restricted cash balances relate primarily to reserve requirements for capital replacement at certain communities in connection with the Company’s mortgage debt.
Accounting Estimates	Accounting Estimates The preparation of condensed consolidated financial statements, in accordance with U.S. GAAP, requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, its notes receivables, and its qualification as a real estate investment trust ("REIT"). The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions.

Organization and Basis of Pre_3

Organization and Basis of Presentation (Tables)	9 Months Ended
Organization and Basis of Presentation (Tables)	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Components of Marketable Securities	As of September 30, 2022 and December 31, 2021, marketable securities consisted of the following ($ in thousands): September 30, 2022 Cost Gross Carrying Value Equity securities: Investment funds - debt securities $ 63,681 $ (11,582) $ 52,099 Common stock, preferred stock, and stock funds 90,890 (2,884) 88,006 Debt securities: Available for sale Investment-grade unsecured debt 1,049 545 1,594 Total - Marketable securities $ 155,620 $ (13,921) $ 141,699 December 31, 2021 Cost Gross Carrying Value Equity securities: Investment funds - debt securities $ 62,192 $ (502) $ 61,690 Common stock and stock funds 79,155 49,592 128,747 Debt securities: Available for sale Investment-grade unsecured debt 1,051 341 1,392 Total - Marketable securities $ 142,398 $ 49,431 $ 191,829
Changes in Accumulated Other Comprehensive Income (Loss), Net by Component	Changes in Accumulated Other Comprehensive Income (Loss), Net by Component Essex Property Trust, Inc. ($ in thousands): Change in fair Unrealized Total Balance at December 31, 2021 $ (5,912) $ 360 $ (5,552) Other comprehensive income before reclassification 56,109 197 56,306 Amounts reclassified from accumulated other comprehensive loss 15 — 15 Other comprehensive income 56,124 197 56,321 Balance at September 30, 2022 $ 50,212 $ 557 $ 50,769 Essex Portfolio, L.P. ($ in thousands): Change in fair Unrealized Total Balance at December 31, 2021 $ (2,176) $ 372 $ (1,804) Other comprehensive income before reclassification 58,069 204 58,273 Amounts reclassified from accumulated other comprehensive loss 15 — 15 Other comprehensive income 58,084 204 58,288 Balance at September 30, 2022 $ 55,908 $ 576 $ 56,484
Schedule of Changes to the Redemption Value of Noncontrolling Interests	The changes to the redemption value of redeemable noncontrolling interests for the nine months ended September 30, 2022 is as follows ($ in thousands): Balance at December 31, 2021 $ 34,666 Reclassification due to change in redemption value and other (4,950) Redemptions (478) Balance at September 30, 2022 $ 29,238
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows ($ in thousands): September 30, 2022 December 31, 2021 September 30, 2021 December 31, 2020 Cash and cash equivalents - unrestricted $ 42,711 $ 48,420 $ 49,910 $ 73,629 Cash and cash equivalents - restricted 10,858 10,218 11,042 10,412 Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows $ 53,569 $ 58,638 $ 60,952 $ 84,041
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows ($ in thousands): September 30, 2022 December 31, 2021 September 30, 2021 December 31, 2020 Cash and cash equivalents - unrestricted $ 42,711 $ 48,420 $ 49,910 $ 73,629 Cash and cash equivalents - restricted 10,858 10,218 11,042 10,412 Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows $ 53,569 $ 58,638 $ 60,952 $ 84,041

Revenues (Tables)

Revenues (Tables)	9 Months Ended
Revenues (Tables)	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents the Company’s revenues disaggregated by revenue source ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Rental income $ 401,467 $ 355,591 $ 1,166,670 $ 1,046,218 Other property 5,395 5,029 16,648 16,035 Management and other fees from affiliates 2,886 2,237 8,313 6,707 Total revenues $ 409,748 $ 362,857 $ 1,191,631 $ 1,068,960 The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Southern California $ 168,883 $ 150,807 $ 490,363 $ 434,926 Northern California 163,157 145,807 476,245 435,883 Seattle Metro 69,054 60,280 200,964 178,180 Other real estate assets (1) 5,768 3,726 15,746 13,264 Total rental and other property revenues $ 406,862 $ 360,620 $ 1,183,318 $ 1,062,253 (1) Other real estate assets consist of revenues generated from retail space, commercial properties, held for sale properties, disposition properties and straight-line rent adjustments for concessions. Executive management does not evaluate such operating performance geographically. The following table presents the Company’s rental and other property revenues disaggregated by current property category status ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Same-property (1) $ 380,562 $ 341,744 $ 1,110,166 $ 1,007,402 Acquisitions (2) 2,570 1,004 6,070 1,323 Development (3) 11,327 8,055 31,938 22,485 Redevelopment 1,422 1,533 4,348 4,671 Non-residential/other, net (4) 12,413 11,320 38,079 35,722 Straight line rent concession (5) (1,432) (3,036) (7,283) (9,350) Total rental and other property revenues $ 406,862 $ 360,620 $ 1,183,318 $ 1,062,253 (1) Properties that have comparable stabilized results as of January 1, 2021 and are consolidated by the Company for the three and nine months ended September 30, 2022 and 2021. A community is generally considered to have reached stabilized operations once it achieves an initial occupancy of 90%. (2) Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2021. (3) Development includes properties developed which did not have stabilized results as of January 1, 2021. (4) Non-residential/other, net consists of revenues generated from retail space, commercial properties, held for sale properties, disposition properties, student housing, properties undergoing significant construction activities that do not meet our redevelopment criteria, and two communities located in the California counties of Santa Barbara and Santa Cruz, which the Company does not consider its core markets. (5) Same-property revenues reflect concessions on a cash basis. Total rental and other property revenues reflect concessions on a straight-line basis in accordance with U.S. GAAP.

Co-investments (Tables)

Co-investments (Tables)	9 Months Ended
Co-investments (Tables)	Sep. 30, 2022
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
Summary of Co-Investments	The carrying values of the Company's co-investments as of September 30, 2022 and December 31, 2021 are as follows ($ in thousands, except parenthetical amounts): Weighted Average Company Ownership Percentage (1) September 30, 2022 December 31, 2021 Ownership interest in: Wesco I (2) , Wesco III, Wesco IV, Wesco V, and Wesco VI 54 % $ 184,918 $ 168,198 BEXAEW, BEX II, BEX IV, and 500 Folsom 50 % 241,552 270,550 Other (3) 52 % 82,918 126,503 Total operating and other co-investments, net 509,388 565,251 Total development co-investments 51 % 12,939 11,076 Total preferred interest co-investments (includes related party investments of $85.5 million and $71.1 million as of September 30, 2022 and December 31, 2021, respectively) 584,624 565,930 Total co-investments, net $ 1,106,951 $ 1,142,257 (1) Weighted average Company ownership percentages are as of September 30, 2022. (2) As of September 30, 2022, the Company's investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $37.9 million due to distributions in excess of the Company's investment. (3) As of September 30, 2022, the Company's investments in Expo and Century Towers were classified as a liability of $0.5 million due to distributions received in excess of the Company's investment. The weighted average Company ownership percentage excludes the Company's investments in non-core technology co-investments which are carried at fair value.
Summarized Financial Information for Co-Investments Accounted For Under the Equity Method	The combined summarized financial information of co-investments is as follows ($ in thousands): September 30, 2022 December 31, 2021 Combined balance sheets: (1) Rental properties and real estate under development $ 4,755,419 $ 4,603,465 Other assets 328,845 278,411 Total assets $ 5,084,264 $ 4,881,876 Debt $ 3,333,381 $ 3,046,765 Other liabilities 182,941 200,129 Equity 1,567,942 1,634,982 Total liabilities and equity $ 5,084,264 $ 4,881,876 Company's share of equity $ 1,106,951 $ 1,142,257 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Combined statements of income: (1) Property revenues $ 94,791 $ 71,195 $ 272,967 $ 211,359 Property operating expenses (36,950) (27,588) (102,252) (81,932) Net operating income 57,841 43,607 170,715 129,427 Interest expense (27,507) (15,347) (67,588) (48,012) General and administrative (5,028) (3,331) (15,387) (11,641) Depreciation and amortization (42,200) (32,290) (120,388) (96,812) Net loss $ (16,894) $ (7,361) $ (32,648) $ (27,038) Company's share of net income (2) $ 10,985 $ 25,433 $ 23,756 $ 60,692 (1) Includes preferred equity investments held by the Company and excludes investments in technology co-investments. (2) Includes the Company's share of equity income from joint ventures and preferred equity investments, gain on sales of co-investments, co-investment promote income and income from early redemption of preferred equity investments. Includes related party income of $1.8 million and $2.4 million for the three months ended September 30, 2022 and 2021, respectively, and $5.4 million and $7.0 million for the nine months ended September 30, 2022 and 2021, respectively.

Notes and Other Receivables (Ta

Notes and Other Receivables (Tables)	9 Months Ended
Notes and Other Receivables (Tables)	Sep. 30, 2022
Receivables [Abstract]
Notes and Other Receivables	Notes and other receivables consist of the following as of September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 December 31, 2021 Notes receivable, secured, weighted average interest rate of 10.10% as of September 30, 2022 and 10.50% as of December 31, 2021, due February 2023 (Originated March 2020) $ 18,465 $ 17,051 Note receivable, secured, bearing interest at 9.00%, due December 2023 (Originated November 2020) 89,629 87,365 Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020) 32,492 29,729 Related party note receivable, secured, bearing interest at 2.15%, due March 2022 (Originated September 2021) (1) — 29,314 Related party note receivable, secured, bearing interest at 2.30%, due April 2022 (Originated October 2021) (2) — 30,399 Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021) 12,877 — Related party note receivable, secured, bearing interest at 2.36%, due February 2022 (Originated November 2021) (3) — 62,058 Related party note receivable, secured, bearing interest at 2.36%, due February 2022 (Originated November 2021) (4) — 48,562 Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022) 10,024 — Notes and other receivables from affiliates (5) 6,729 6,556 Straight line rent receivables (6) 9,971 15,523 Other receivables 18,116 15,232 Allowance for credit losses (760) (756) Total notes and other receivables $ 197,543 $ 341,033 (1) In January 2022, the Company received cash of $29.2 million to payoff the principal of this note receivable. (2) In January 2022, the Company received cash of $30.3 million to payoff the principal of this note receivable. (3) In January 2022, the Company received cash of $61.9 million to payoff the principal of this note receivable. (4) In January 2022, the Company received cash of $48.4 million to payoff the principal of this note receivable. (5) These amounts consist of short-term loans outstanding and due from various joint ventures as of September 30, 2022 and December 31, 2021, respectively. See Note 6, Related Party Transactions, for additional details. (6) These amounts are receivables from lease concessions recorded on a straight-line basis for the Company's operating properties.
Schedule of Allowance for Credit Loss	The following table presents the activity in the allowance for credit losses for notes and other receivables by loan type ($ in thousands): Mezzanine Loans Bridge Loans Total Balance at December 31, 2021 $ 671 $ 85 $ 756 Provision for credit losses 89 (85) 4 Balance at September 30, 2022 $ 760 $ — $ 760

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt and Lines of Credit	Debt consists of the following ($ in thousands): September 30, 2022 December 31, 2021 Weighted Average Unsecured debt, net (1) $ 5,312,131 $ 5,307,196 7.9 Lines of credit (2) 219,481 341,257 Mortgage notes payable, net (3) 635,389 638,957 7.7 Total debt, net $ 6,167,001 $ 6,287,410 Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering 3.3 % 3.3 % Weighted average interest rate on lines of credit 3.1 % 1.0 % Weighted average interest rate on mortgage notes payable 3.1 % 2.7 % (1) Unsecured debt, net, consists of fixed rate public bond offerings which includes unamortized discount, net of premiums, of $8.4 million and $9.9 million and unamortized debt issuance costs of $29.5 million and $32.9 million, as of September 30, 2022 and December 31, 2021, respectively. (2) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion as of September 30, 2022, excludes unamortized debt issuance costs of $5.4 million and $4.4 million as of September 30, 2022 and December 31, 2021, respectively. These debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets. As of September 30, 2022, the Company’s $1.2 billion credit facility had an interest rate at the Adjusted Secured Overnight Financing Rate ("Adjusted SOFR") plus 0.75%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity date of January 2027 with two six-month extensions, exercisable at the Company’s option. As of September 30, 2022, the Company’s $35.0 million working capital unsecured line of credit had an interest rate of Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity date of July 2024. (3) Includes total unamortized premium, net of discounts of $1.5 million and $2.5 million, reduced by unamortized debt issuance costs of $1.2 million and $1.5 million, as of September 30, 2022 and December 31, 2021, respectively.
Summary of Aggregate Scheduled Principal Payments	The aggregate scheduled principal payments of the Company’s outstanding debt, excluding lines of credit, as of September 30, 2022 are as follows ($ in thousands): Remaining in 2022 $ 40,439 2023 302,945 2024 403,109 2025 633,054 2026 549,405 Thereafter 4,056,224 Total $ 5,985,176

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Sep. 30, 2022
Segment Reporting [Abstract]
Reconciliation of Revenues and Operating Profit (Loss) From Segments to Consolidated	The revenues and NOI for each of the reportable operating segments are summarized as follows for the three and nine months ended September 30, 2022 and 2021 ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenues: Southern California $ 168,883 $ 150,807 $ 490,363 $ 434,926 Northern California 163,157 145,807 476,245 435,883 Seattle Metro 69,054 60,280 200,964 178,180 Other real estate assets 5,768 3,726 15,746 13,264 Total property revenues $ 406,862 $ 360,620 $ 1,183,318 $ 1,062,253 Net operating income: Southern California $ 119,655 $ 103,656 $ 347,535 $ 300,766 Northern California 113,401 98,944 331,466 299,494 Seattle Metro 48,816 39,875 141,380 119,044 Other real estate assets 4,947 2,806 13,274 9,661 Total net operating income 286,819 245,281 833,655 728,965 Management and other fees from affiliates 2,886 2,237 8,313 6,707 Corporate-level property management expenses (10,184) (9,060) (30,532) (27,135) Depreciation and amortization (135,511) (130,564) (403,561) (387,887) General and administrative (15,172) (12,712) (40,541) (34,746) Expensed acquisition and investment related costs (230) (108) (248) (164) Gain on sale of real estate and land — 42,897 — 142,993 Interest expense (51,645) (50,019) (152,499) (152,639) Total return swap income 1,882 2,660 6,709 8,137 Interest and other (loss) income (6,796) 11,998 (31,571) 48,756 Equity income from co-investments 10,985 25,433 23,756 60,692 Deferred tax (expense) benefit on unconsolidated co-investments (1,755) (3,041) 7,863 (5,391) Loss on early retirement of debt, net (2) — (2) (18,982) Gain on remeasurement of co-investment 17,423 — 17,423 2,260 Net income $ 98,700 $ 125,002 $ 238,765 $ 371,566
Reconciliation of Assets from Segment to Consolidated	Total assets for each of the reportable operating segments are summarized as follows as of September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 December 31, 2021 Assets: Southern California $ 3,993,289 $ 4,018,839 Northern California 5,444,582 5,460,701 Seattle Metro 1,381,428 1,407,033 Other real estate assets 104,426 96,500 Net reportable operating segment - real estate assets 10,923,725 10,983,073 Real estate under development 23,752 111,562 Co-investments 1,145,345 1,177,802 Cash and cash equivalents, including restricted cash 53,569 58,638 Marketable securities 141,699 191,829 Notes and other receivables 197,543 341,033 Operating lease right-of-use assets 66,531 68,972 Prepaid expenses and other assets 72,166 64,964 Total assets $ 12,624,330 $ 12,997,873

Net Income Per Common Share a_2

Net Income Per Common Share and Net Income Per Common Unit (Tables)	9 Months Ended
	Sep. 30, 2022
Net Income Per Share and Net Income Per Unit [Line Items]
Schedule of Net Income Per Common Share	Essex Property Trust, Inc. Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 92,842 65,059,678 $ 1.43 $ 118,390 65,048,486 $ 1.82 Effect of Dilutive Securities: Stock options — 8,112 — 99,295 Diluted: Net income available to common stockholders $ 92,842 65,067,790 $ 1.43 $ 118,390 65,147,781 $ 1.82 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 223,150 65,198,532 $ 3.42 $ 351,680 65,013,477 $ 5.41 Effect of Dilutive Securities: Stock options — 27,235 — 61,697 Diluted: Net income available to common stockholders $ 223,150 65,225,767 $ 3.42 $ 351,680 65,075,174 $ 5.40
Essex Portfolio, L.P.
Net Income Per Share and Net Income Per Unit [Line Items]
Schedule of Net Income Per Common Share	Essex Portfolio, L.P. Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 96,089 67,333,077 $ 1.43 $ 122,558 67,336,164 $ 1.82 Effect of Dilutive Securities: Stock options — 8,112 — 99,295 Diluted: Net income available to common unitholders $ 96,089 67,341,189 $ 1.43 $ 122,558 67,435,459 $ 1.82 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 230,950 67,476,168 $ 3.42 $ 364,083 67,307,259 $ 5.41 Effect of Dilutive Securities: Stock options — 27,235 — 61,697 Diluted: Net income available to common unitholders $ 230,950 67,503,403 $ 3.42 $ 364,083 67,368,956 $ 5.40

Organization and Basis of Pre_4

Organization and Basis of Presentation - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) investment partnership building community apartment project shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) investment partnership building community apartment project shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) investment partnership community shares
Real Estate Properties [Line Items]
Apartment communities owned (in communities) \| community	253		253
Apartment units owned (in apartments) \| apartment	62,397		62,397
Ownership interest, number of commercial buildings (in commercial buildings) \| building	3		3
Ownership interest, number of unconsolidated joint venture projects (in projects) \| project	1		1
Equity securities	$ 200,000		$ 200,000		$ 800,000
Sales and maturities of marketable securities	0	$ 100,000	30,000,000	$ 15,000,000
Marketable securities, realized gain (loss)	$ 0	0	12,400,000	2,500,000
Unrealized gain (loss) on equity securities recognized through income			$ (63,556,000)	23,772,000
DownREIT limited partnerships consolidated by company (in partnerships) \| partnership	18		18		18
Communities within DownREIT partnerships (in communities) \| community	9		9		9
Number of previously consolidated co-investments considered VIE (in investments) \| investment	6		6		6
Assets related to variable interest entities net of intercompany eliminations	$ 938,400,000		$ 938,400,000		$ 909,300,000
Liabilities related to variable interest entities net of intercompany eliminations	327,700,000		327,700,000		320,100,000
Noncontrolling interest in variable interest entity	122,100,000		122,100,000		122,400,000
Fixed rate debt carrying amount	5,700,000,000		5,700,000,000		5,700,000,000
Fixed rate debt fair value	5,200,000,000		5,200,000,000		6,000,000,000
Variable rate debt, carrying amount	442,600,000		442,600,000		564,900,000
Variable rate debt fair value	439,900,000		439,900,000		561,700,000
Capitalized internal costs related to development and redevelopment projects	4,500,000	5,600,000	15,700,000	17,500,000
Redeemable noncontrolling interest	$ 29,238,000		$ 29,238,000		$ 34,666,000
Minimum
Real Estate Properties [Line Items]
Apartment lease term	9 months		9 months
Maximum
Real Estate Properties [Line Items]
Apartment lease term	12 months		12 months
Interest And Other Income (Expense)
Real Estate Properties [Line Items]
Unrealized gain (loss) on equity securities recognized through income	$ (17,100,000)	$ 7,100,000	$ (63,600,000)	23,800,000
Essex Portfolio, L.P.
Real Estate Properties [Line Items]
Operating Partnership units outstanding (in shares) \| shares	2,272,496		2,272,496		2,282,464
Redemption value of operating partnership units outstanding	$ 550,500,000		$ 550,500,000		$ 804,000,000
Unrealized gain (loss) on equity securities recognized through income			(63,556,000)	$ 23,772,000
Redeemable noncontrolling interest	$ 29,238,000		$ 29,238,000		$ 34,666,000
Partnership Interest
Real Estate Properties [Line Items]
Ownership interest in partnership	96.60%	96.60%	96.60%	96.60%

Organization and Basis of Pre_5

Organization and Basis of Presentation - Summary of Financial Securities (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Equity securities:
Gross Unrealized (Loss) Gain	$ (63,556)	$ 23,772
Carrying Value	200		$ 800
Available for sale
Equity and Debt Securities, Amortized Cost	155,620		142,398
Equity and Debt Securities, Gross Unrealized Gain (Loss)	(13,921)		49,431
Equity and Debt Securities, Marketable Securities	141,699		191,829
Investment funds - debt securities
Equity securities:
Cost	63,681		62,192
Gross Unrealized (Loss) Gain	(11,582)		(502)
Carrying Value	52,099		61,690
Common stock, preferred stock, and stock funds
Equity securities:
Cost	90,890		79,155
Gross Unrealized (Loss) Gain	(2,884)		49,592
Carrying Value	88,006		128,747
Investment-grade unsecured debt
Available for sale
Cost	1,049		1,051
Gross Unrealized (Loss) Gain	545		341
Carrying Value	$ 1,594		$ 1,392

Organization and Basis of Pre_6

Organization and Basis of Presentation - Accumulated Other Comprehensive Loss (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at period beginning	$ 6,176,508
Balance at period end	5,881,197
Accumulated Other Comprehensive Loss, Net
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at period beginning	(5,552)
Other comprehensive income before reclassification	56,306
Amounts reclassified from accumulated other comprehensive loss	15
Other comprehensive income	56,321
Balance at period end	50,769
Change in fair value and amortization of swap settlements
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at period beginning	(5,912)
Other comprehensive income before reclassification	56,109
Amounts reclassified from accumulated other comprehensive loss	15
Other comprehensive income	56,124
Balance at period end	50,212
Unrealized gain on available for sale securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at period beginning	360
Other comprehensive income before reclassification	197
Amounts reclassified from accumulated other comprehensive loss	0
Other comprehensive income	197
Balance at period end	557
Essex Portfolio, L.P. \| Accumulated Other Comprehensive Loss, Net
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at period beginning	(1,804)
Other comprehensive income before reclassification	58,273
Amounts reclassified from accumulated other comprehensive loss	15
Other comprehensive income	58,288
Balance at period end	56,484
Essex Portfolio, L.P. \| Change in fair value and amortization of swap settlements
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at period beginning	(2,176)
Other comprehensive income before reclassification	58,069
Amounts reclassified from accumulated other comprehensive loss	15
Other comprehensive income	58,084
Balance at period end	55,908
Essex Portfolio, L.P. \| Unrealized gain on available for sale securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at period beginning	372
Other comprehensive income before reclassification	204
Amounts reclassified from accumulated other comprehensive loss	0
Other comprehensive income	204
Balance at period end	$ 576

Organization and Basis of Pre_7

Organization and Basis of Presentation - Redeemable Noncontrolling Interest (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 34,666
Reclassification due to change in redemption value and other	(4,950)
Redemptions	(478)
Ending balance	$ 29,238

Organization and Basis of Pre_8

Organization and Basis of Presentation - Cash, Cash Equivalents and Restricted Cash And Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents-unrestricted	$ 42,711	$ 48,420	$ 49,910	$ 73,629
Cash and cash equivalents-restricted	10,858	10,218	11,042	10,412
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows	$ 53,569	$ 58,638	$ 60,952	$ 84,041

Significant Transactions Duri_2

Significant Transactions During the Nine Months Ended September 30, 2022 and Subsequent Events (Details) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

Oct. 27, 2022 USD ($) apartment

Sep. 30, 2022 USD ($) community

Aug. 31, 2022 USD ($)

Jul. 31, 2022 USD ($) apartment

Jun. 30, 2022 USD ($)

Apr. 30, 2022 USD ($)

Feb. 28, 2022 USD ($)

Jan. 31, 2022 USD ($) apartment

Nov. 30, 2021 USD ($)

Sep. 30, 2022 USD ($) investment community $ / shares shares

Jun. 30, 2022 USD ($) $ / shares shares

Mar. 31, 2022 USD ($) investment

Sep. 30, 2021 USD ($)

Sep. 30, 2022 USD ($) community

Sep. 30, 2021 USD ($)

Oct. 22, 2022 USD ($)

Dec. 31, 2021 USD ($)

Other Commitments [Line Items]

Apartment communities owned (in communities) | community

253

Gain on remeasurement of co-investment

$ 17,400

$ 17,423

$ 0

$ 17,423

$ 2,260

Number of preferred equity investments | investment

Commitments to acquire equity method investment

$ 55,400

Preferred return rate

9.50%

Shares repurchased and retired during period (in shares) | shares

218,960

Shares repurchased and retired during period, value

$ 97,100

$ 60,800

Treasury stock acquired, average cost per share (in dollars per share) | $ / shares

$ 261.16

$ 277.81

Purchase authority remaining under stock repurchase plan

$ 153,600

Stock repurchase plan amount

250,000

Unsecured debt, net

$ 5,312,131

5,312,131

$ 5,307,196

Stock Repurchase Plan

Other Commitments [Line Items]

Shares repurchased and retired during period (in shares) | shares

371,884

Purchase authority remaining under stock repurchase plan

430,100

$ 430,100

430,100

Stock repurchase plan amount

500,000

$ 500,000

Stock Repurchase Plan, December 2015

Other Commitments [Line Items]

Shares repurchased and retired during period (in shares) | shares

100,487

Shares repurchased and retired during period, value

$ 27,200

Stock Repurchase Plan, September 2022.

Other Commitments [Line Items]

Shares repurchased and retired during period (in shares) | shares

271,397

Shares repurchased and retired during period, value

$ 69,900

Stock repurchase plan amount

500,000

$ 500,000

Subsequent Event | SOFR

Other Commitments [Line Items]

Basis spread on variable rate

0.85%

Subsequent Event | Term loan - variable rate

Other Commitments [Line Items]

Unsecured debt, net

$ 300,000

Subsequent Event | Term Loan

Other Commitments [Line Items]

Interest rate

4.20%

Number of extension options (in extensions) | apartment

Extension period

12 months

Related Party Bridge Loan on Property In Vista, CA

Other Commitments [Line Items]

Proceeds from redemption of notes receivable

$ 48,500

Mezzanine Loans | Subsequent Event

Other Commitments [Line Items]

Receivable with imputed interest, face amount

$ 32,100

Receivable with imputed interest, effective yield (interest rate)

11.30%

Option to extend

2 years

Affiliated Entity

Other Commitments [Line Items]

Notes receivable

$ 11,200

Interest rate

9.50%

Affiliated Entity | Loan on Multifamily Community in Washington

Other Commitments [Line Items]

Notes receivable

$ 10,000

Interest rate

12%

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

Other Commitments [Line Items]

Notes receivable

$ 48,400

Interest rate

2.36%

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

Other Commitments [Line Items]

Notes receivable

$ 32,800

Interest rate

1.35%

Joint Venture Partner Essex JV, LLC | Regency Palm Court and Windsor Court

Other Commitments [Line Items]

Investment interest acquired

49.80%

Apartment communities owned (in communities) | apartment

Number of units acquired | apartment

211

Payments to acquire real estate

$ 32,900

Wesco IV

Other Commitments [Line Items]

Limited partnership interest in partnership investments

65.10%

Promote interest

$ 37,500

Preferred Equity Investment Property in Southern California and Washington

Other Commitments [Line Items]

Number of preferred equity investments | investment

Commitments to acquire equity method investment

$ 29,500

Preferred return rate

10%

Joint Venture That Holds Property In California

Other Commitments [Line Items]

Proceeds from dispositions of co-investments

$ 106,900

Early redemption fee

$ 900

Number of preferred equity investments fully redeemed | investment

Number of preferred equity investments partially redeemed | investment

Preferred Equity Investment Property In Northern California

Other Commitments [Line Items]

Proceeds from dispositions of co-investments

$ 8,400

$ 3,000

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

Other Commitments [Line Items]

Notes receivable

$ 100,700

Interest rate

2.64%

Proceeds from redemption of notes receivable

$ 121,300

Vela On Ox | Wesco VI

Other Commitments [Line Items]

Payments to acquire real estate

$ 183,000

Vela On Ox | Apartment Building | Wesco VI

Other Commitments [Line Items]

Number of units acquired | apartment

379

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) community	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) community	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Disaggregation of Revenue [Line Items]
Rental and other property	$ 406,862	$ 360,620	$ 1,183,318	$ 1,062,253
Management and other fees from affiliates	2,886	2,237	8,313	6,707
Revenues	$ 409,748	362,857	$ 1,191,631	1,068,960
Occupancy threshold for classification as stabilized	90%		90%
Apartment communities owned (in communities) \| community	253		253
Deferred revenue	$ 1,900		$ 1,900		$ 2,400
Deferred revenue, revenue recognized			500
Deferred revenue balance from contracts with remaining performance obligations	1,900		1,900
Rental income
Disaggregation of Revenue [Line Items]
Rental and other property	401,467	355,591	1,166,670	1,046,218
Other property
Disaggregation of Revenue [Line Items]
Rental and other property	5,395	5,029	16,648	16,035
Rental and other property revenues
Disaggregation of Revenue [Line Items]
Rental and other property	406,862	360,620	1,183,318	1,062,253
Rental and other property revenues \| Same-property
Disaggregation of Revenue [Line Items]
Rental and other property	380,562	341,744	1,110,166	1,007,402
Rental and other property revenues \| Acquisitions
Disaggregation of Revenue [Line Items]
Rental and other property	2,570	1,004	6,070	1,323
Rental and other property revenues \| Development
Disaggregation of Revenue [Line Items]
Rental and other property	11,327	8,055	31,938	22,485
Rental and other property revenues \| Redevelopment
Disaggregation of Revenue [Line Items]
Rental and other property	1,422	1,533	4,348	4,671
Rental and other property revenues \| Non-residential/other, net
Disaggregation of Revenue [Line Items]
Rental and other property	$ 12,413	11,320	$ 38,079	35,722
Apartment communities owned (in communities) \| community	2		2
Rental and other property revenues \| Straight line rent concession
Disaggregation of Revenue [Line Items]
Rental and other property	$ (1,432)	(3,036)	$ (7,283)	(9,350)
Rental and other property revenues \| Operating Segments \| Southern California
Disaggregation of Revenue [Line Items]
Rental and other property	168,883	150,807	490,363	434,926
Rental and other property revenues \| Operating Segments \| Northern California
Disaggregation of Revenue [Line Items]
Rental and other property	163,157	145,807	476,245	435,883
Rental and other property revenues \| Operating Segments \| Seattle Metro
Disaggregation of Revenue [Line Items]
Rental and other property	69,054	60,280	200,964	178,180
Rental and other property revenues \| Other real estate assets
Disaggregation of Revenue [Line Items]
Rental and other property	$ 5,768	$ 3,726	$ 15,746	$ 13,264

Revenues - Deferred Revenues an

Revenues - Deferred Revenues and Remaining Performance Obligations (Details)	Sep. 30, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligations due per period	11%
Expected timing of performance obligation satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligations due per period	72%
Expected timing of performance obligation satisfaction, period	2 years

Co-investments - Summary of Inv

Co-investments - Summary of Investments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Co-investments	$ 1,106,951	$ 1,142,257
Distributions in excess of investments in co-investments	38,394	35,545
Total operating and other co-investments, net
Schedule of Equity Method Investments [Line Items]
Co-investments	$ 509,388	565,251
Wesco I, Wesco III, Wesco IV, Wesco V, Wesco VI, and Essex JV
Schedule of Equity Method Investments [Line Items]
Weighted average company ownership percentage	54%
Co-investments	$ 184,918	168,198
BEXAEW, BEX II, BEX IV, and 500 Folsom
Schedule of Equity Method Investments [Line Items]
Weighted average company ownership percentage	50%
Co-investments	$ 241,552	270,550
Other
Schedule of Equity Method Investments [Line Items]
Weighted average company ownership percentage	52%
Co-investments	$ 82,918	126,503
Distributions in excess of investments in co-investments	$ 500
Total development co-investments
Schedule of Equity Method Investments [Line Items]
Weighted average company ownership percentage	51%
Co-investments	$ 12,939	11,076
Total preferred interest co-investments
Schedule of Equity Method Investments [Line Items]
Co-investments	584,624	565,930
Total preferred interest co-investments \| Investments in Majority-owned Subsidiaries
Schedule of Equity Method Investments [Line Items]
Co-investments	85,500	$ 71,100
Wesco I, Wesco III, and Wesco IV
Schedule of Equity Method Investments [Line Items]
Distributions in excess of investments in co-investments	$ 37,900

Co-investments - Combined Finan

Co-investments - Combined Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Rental properties and real estate under development	$ 23,752		$ 23,752			$ 111,562
Total assets	12,624,330		12,624,330			12,997,873
Debt	6,713,895		6,713,895			6,786,699
Other liabilities	42,715		42,715			39,969
Equity	5,881,197	$ 6,131,899	5,881,197	$ 6,131,899	$ 6,006,585	6,176,508	$ 6,136,703	$ 6,183,192
Total liabilities and equity/capital	12,624,330		12,624,330			12,997,873
Equity Method Investment, Summarized Financial Information [Abstract]
Property revenues	409,748	362,857	1,191,631	1,068,960
Interest expense	(51,645)	(50,019)	(152,499)	(152,639)
General and administrative	(15,172)	(12,712)	(40,541)	(34,746)
Net income	98,700	125,002	238,765	371,566
Affiliated Entity \| Total co-investment
Equity Method Investment, Summarized Financial Information [Abstract]
Company's share of net income	1,800	2,400	5,400	7,000
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Rental properties and real estate under development	4,755,419		4,755,419			4,603,465
Other assets	328,845		328,845			278,411
Total assets	5,084,264		5,084,264			4,881,876
Debt	3,333,381		3,333,381			3,046,765
Other liabilities	182,941		182,941			200,129
Equity	1,567,942		1,567,942			1,634,982
Total liabilities and equity/capital	5,084,264		5,084,264			4,881,876
Company's share of equity	1,106,951		1,106,951			$ 1,142,257
Equity Method Investment, Summarized Financial Information [Abstract]
Property revenues	94,791	71,195	272,967	211,359
Property operating expenses	(36,950)	(27,588)	(102,252)	(81,932)
Net operating income	57,841	43,607	170,715	129,427
Interest expense	(27,507)	(15,347)	(67,588)	(48,012)
General and administrative	(5,028)	(3,331)	(15,387)	(11,641)
Depreciation and amortization	(42,200)	(32,290)	(120,388)	(96,812)
Net income	(16,894)	(7,361)	(32,648)	(27,038)
Company's share of net income	$ 10,985	$ 25,433	$ 23,756	$ 60,692

Notes and Other Receivables (De

Notes and Other Receivables (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended	12 Months Ended
	Jan. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes and other receivables, allowance for credit loss		$ (760)	$ (756)
Total notes and other receivables		197,543	341,033
Notes receivable, secured, weighted average interest rate of 10.10% as of September 30, 2022 and 10.50% as of December 31, 2021, due February 2023 (Originated March 2020)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables		$ 18,465	$ 17,051
Stated interest rate		10.10%	10.50%
Note receivable, secured, bearing interest at 9.00%, due December 2023 (Originated November 2020)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables		$ 89,629	$ 87,365
Stated interest rate		9%
Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables		$ 32,492	29,729
Stated interest rate		11.50%
Related party note receivable, secured, bearing interest at 2.15%, due December 2021 (Originated September 2021)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables		$ 0	29,314
Stated interest rate		2.15%
Proceeds from redemption of notes receivable	$ 29,200
Related party note receivable, secured, bearing interest at 2.30%, due April 2022 (Originated October 2021)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables		$ 0	30,399
Stated interest rate		2.30%
Proceeds from redemption of notes receivable	30,300
Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables		$ 12,877	0
Stated interest rate		11%
Related party note receivable, secured, bearing interest at 2.36%, due February 2022 (Originated November 2021)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables		$ 0	62,058
Stated interest rate		2.36%
Proceeds from redemption of notes receivable	61,900
Related party note receivable, secured, bearing interest at 2.36%, due February 2022 (Originated November 2021)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables		$ 0	48,562
Stated interest rate		2.36%
Proceeds from redemption of notes receivable	$ 48,400
Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables		$ 10,024	0
Stated interest rate		12%
Notes and other receivables from affiliates
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables		$ 6,729	6,556
Straight line rent receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables		9,971	15,523
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables		$ 18,116	$ 15,232

Notes and Other Receivables - A

Notes and Other Receivables - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 756
Provision for credit losses	(64)	$ 110
Ending balance	760
Mezzanine and Bridge Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	756
Provision for credit losses	4
Ending balance	760
Mezzanine Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	671
Provision for credit losses	89
Ending balance	760
Bridge Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	85
Provision for credit losses	(85)
Ending balance	$ 0

Related Party Transactions (Det

Related Party Transactions (Details)	1 Months Ended												3 Months Ended			9 Months Ended		50 Months Ended
Related Party Transactions (Details)	Aug. 31, 2022 USD ($) community	Feb. 28, 2022 USD ($)	Jan. 31, 2022 USD ($)	Nov. 30, 2021 USD ($)	Oct. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2019 USD ($) apartment	Feb. 28, 2019 USD ($)	Oct. 31, 2018 USD ($) apartment	May 31, 2018 USD ($) apartment	Mar. 31, 2017 USD ($) unit	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)
Related Party Transaction [Line Items]
Debt assumed in connection with acquisition																$ 21,303,000	$ 0
Payments to acquire preferred equity investments																159,461,000	223,175,000
Preferred return rate													9.50%
Commitment to fund preferred equity investment													$ 55,400,000
Co-investments													1,145,345,000	$ 1,177,802,000		1,145,345,000
Apartment home community in Ventura, CA
Related Party Transaction [Line Items]
Commitment funded amount				$ 18,300,000
Membership Interest In Sage At Cupertino
Related Party Transaction [Line Items]
Number of units acquired \| unit												230
Co-investments												$ 15,300,000
Investment interest acquired												40.50%
Contract price												$ 90,000,000
Encumbrance												$ 52,000,000
Affiliated Entity
Related Party Transaction [Line Items]
Management and other fees from affiliates													3,700,000		$ 2,700,000	10,300,000	7,500,000
Development and redevelopment fees													900,000		500,000	2,000,000	800,000
Notes receivable	$ 11,200,000
Number of communities owned \| community	3
Interest rate	9.50%
Short-term loans outstanding and due from affiliates													6,700,000	$ 6,600,000		$ 6,700,000
Affiliated Entity \| Related Party Bridge Loan On Property Acquired By BEX II
Related Party Transaction [Line Items]
Notes receivable		$ 32,800,000		$ 32,800,000
Interest rate		1.35%		1.35%
Affiliated Entity \| Related Party Bridge Loan on Property Acquired By Wesco VI \| The Rexford
Related Party Transaction [Line Items]
Notes receivable				$ 61,900,000
Interest rate				2.36%
Affiliated Entity \| Related Party Bridge Loan on Property Acquired By Wesco VI \| Monterra in Mill Creek
Related Party Transaction [Line Items]
Notes receivable					$ 30,300,000
Interest rate					2.30%
Affiliated Entity \| Related Party Bridge Loan on Property Acquired By Wesco VI \| Martha Lake Apartments
Related Party Transaction [Line Items]
Notes receivable						$ 29,200,000									29,200,000		29,200,000
Interest rate						2.15%
Affiliated Entity \| Related Party Bridge Loan on Property Acquired By Wesco VI \| Vela On Ox
Related Party Transaction [Line Items]
Notes receivable			$ 100,700,000
Interest rate			2.64%
Affiliated Entity \| Related Party Bridge Loan on Property In Vista, CA
Related Party Transaction [Line Items]
Notes receivable				$ 48,400,000
Interest rate				2.36%
Affiliated Entity \| Related Party Bridge Loans on Property Acquired by Wesco I
Related Party Transaction [Line Items]
Notes receivable							$ 52,500,000
Interest rate							2.55%
Chairman and founder \| Multifamily development community in Mountain View, CA
Related Party Transaction [Line Items]
Payments to acquire preferred equity investments									$ 24,500,000
Preferred return rate									11%							9%
Chairman and founder \| Apartment home community development development in Burlingame, CA
Related Party Transaction [Line Items]
Number of units acquired \| apartment										268
Payments to acquire preferred equity investments										$ 18,600,000
Preferred return rate										12%				9%
Chairman and founder \| Marcus & Millichap Company (MMC)
Related Party Transaction [Line Items]
Brokerage commissions													$ 0		$ 0	$ 0	$ 0
Chairman and founder \| Marcus & Millichap Company (MMC) \| Brio, Walnut Creek, CA
Related Party Transaction [Line Items]
Number of units acquired \| apartment								300
Payments to acquire real estate								$ 164,900,000
Debt assumed in connection with acquisition								$ 98,700,000
Chairman and founder \| Marcus & Millichap Company (MMC) \| Apartment home community in Ventura, CA
Related Party Transaction [Line Items]
Number of units acquired \| apartment											400
Preferred return rate											10.25%					9%
Commitment to fund preferred equity investment											$ 26,500,000
Commitment funded amount																		$ 13,000,000

Debt - Debt Summary (Details)

Debt - Debt Summary (Details) - USD ($) $ in Thousands	9 Months Ended
Debt - Debt Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Unsecured debt, net	$ 5,312,131	$ 5,307,196
Lines of credit	219,481	341,257
Mortgage notes payable, net	635,389	638,957
Total debt	$ 6,167,001	6,287,410
Weighted average maturity	7 years 10 months 24 days
Lines of credit
Debt Instrument [Line Items]
Lines of credit	$ 219,481	$ 341,257
Weighted average interest rate	3.10%	1%
Mortgage notes payable, net
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 635,389	$ 638,957
Weighted average interest rate	3.10%	2.70%
Weighted average maturity	7 years 8 months 12 days
Fixed Rate Public Offering Bond
Debt Instrument [Line Items]
Weighted average interest rate	3.30%	3.30%

Debt - Narrative (Details)

Debt - Narrative (Details)	9 Months Ended
Debt - Narrative (Details)	Sep. 30, 2022 USD ($) extension instrument	Dec. 31, 2021 USD ($)
Unsecured debt
Debt Instrument [Line Items]
Unamortized discount (premium), net	$ (8,400,000)	$ (9,900,000)
Unamortized debt issuance expense	29,500,000	32,900,000
Lines of credit
Debt Instrument [Line Items]
Unamortized debt issuance expense	$ 5,400,000	4,400,000
Number of lines of unsecured credit (in instruments) \| instrument	2
Aggregate borrowing capacity	$ 1,240,000,000
Number of extension options (in extensions) \| extension	2
Extension period	6 months
Lines of credit \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Lines of credit \| Working capital line of credit
Debt Instrument [Line Items]
Aggregate borrowing capacity	$ 35,000,000
Lines of credit \| Working capital line of credit \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Mortgage notes payable, net
Debt Instrument [Line Items]
Unamortized discount (premium), net	$ 1,500,000	2,500,000
Unamortized debt issuance expense	$ 1,200,000	$ 1,500,000

Debt - Future Principal Payment

Debt - Future Principal Payments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Debt Disclosure [Abstract]
Remaining in 2022	$ 40,439
2023	302,945
2024	403,109
2025	633,054
2026	549,405
Thereafter	4,056,224
Total	$ 5,985,176

Segment Information (Details)

Segment Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
Segment Information (Details) $ in Thousands	Jul. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of reportable segments \| segment				3
Number of operating segments \| segment				3
Net operating income		$ 286,819	$ 245,281	$ 833,655	$ 728,965
Corporate-level property management expenses		(10,184)	(9,060)	(30,532)	(27,135)
Depreciation and amortization		(135,511)	(130,564)	(403,561)	(387,887)
General and administrative		(15,172)	(12,712)	(40,541)	(34,746)
Expensed acquisition and investment related costs		(230)	(108)	(248)	(164)
Gain on sale of real estate and land		0	42,897	0	142,993
Interest expense		(51,645)	(50,019)	(152,499)	(152,639)
Total return swap income		1,882	2,660	6,709	8,137
Interest and other (loss) income		(6,796)	11,998	(31,571)	48,756
Equity income from co-investments		10,985	25,433	23,756	60,692
Deferred tax (expense) benefit on unconsolidated co-investments		(1,755)	(3,041)	7,863	(5,391)
Loss on early retirement of debt, net		(2)	0	(2)	(18,982)
Gain on remeasurement of co-investment	$ 17,400	17,423	0	17,423	2,260
Net income		98,700	125,002	238,765	371,566
Net reportable operating segment - real estate assets		10,923,725		10,923,725		$ 10,983,073
Real estate under development		23,752		23,752		111,562
Co-investments		1,145,345		1,145,345		1,177,802
Cash and cash equivalents, including restricted cash		53,569	60,952	53,569	60,952	58,638	$ 84,041
Marketable securities		141,699		141,699		191,829
Notes and other receivables		197,543		197,543		341,033
Operating lease right-of-use assets		66,531		66,531		68,972
Prepaid expenses and other assets		72,166		72,166		64,964
Total assets		12,624,330		12,624,330		12,997,873
Rental and Other Property Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues		406,862	360,620	1,183,318	1,062,253
Management and Other Fees From Affiliates Income
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues		2,886	2,237	8,313	6,707
Operating Segments \| Southern California
Revenues from External Customers and Long-Lived Assets [Line Items]
Net operating income		119,655	103,656	347,535	300,766
Net reportable operating segment - real estate assets		3,993,289		3,993,289		4,018,839
Operating Segments \| Southern California \| Rental and Other Property Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues		168,883	150,807	490,363	434,926
Operating Segments \| Northern California
Revenues from External Customers and Long-Lived Assets [Line Items]
Net operating income		113,401	98,944	331,466	299,494
Net reportable operating segment - real estate assets		5,444,582		5,444,582		5,460,701
Operating Segments \| Northern California \| Rental and Other Property Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues		163,157	145,807	476,245	435,883
Operating Segments \| Seattle Metro
Revenues from External Customers and Long-Lived Assets [Line Items]
Net operating income		48,816	39,875	141,380	119,044
Net reportable operating segment - real estate assets		1,381,428		1,381,428		1,407,033
Operating Segments \| Seattle Metro \| Rental and Other Property Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues		69,054	60,280	200,964	178,180
Other real estate assets
Revenues from External Customers and Long-Lived Assets [Line Items]
Net operating income		4,947	2,806	13,274	9,661
Net reportable operating segment - real estate assets		104,426		104,426		$ 96,500
Other real estate assets \| Rental and Other Property Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues		$ 5,768	$ 3,726	$ 15,746	$ 13,264

Net Income Per Common Share a_3

Net Income Per Common Share and Net Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic:
Net income available to common stockholders	$ 92,842	$ 118,390	$ 223,150	$ 351,680
Weighted average common shares/units (in shares)	65,059,678	65,048,486	65,198,532	65,013,477
Net income available to common stockholders/unitholders (in dollars per share)	$ 1.43	$ 1.82	$ 3.42	$ 5.41
Effect of Dilutive Securities:
Stock options (in shares)	8,112	99,295	27,235	61,697
Diluted:
Net income available to common stockholders/unitholders	$ 92,842	$ 118,390	$ 223,150	$ 351,680
Weighted average common shares/units (in shares)	65,067,790	65,147,781	65,225,767	65,075,174
Net income available to common stockholders/unitholders (in dollars per share)	$ 1.43	$ 1.82	$ 3.42	$ 5.40
Essex Portfolio, L.P.
Basic:
Net income available to common stockholders	$ 96,089	$ 122,558	$ 230,950	$ 364,083
Weighted average common shares/units (in shares)	67,333,077	67,336,164	67,476,168	67,307,259
Net income available to common stockholders/unitholders (in dollars per share)	$ 1.43	$ 1.82	$ 3.42	$ 5.41
Effect of Dilutive Securities:
Stock options (in shares)	8,112	99,295	27,235	61,697
Diluted:
Net income available to common stockholders/unitholders	$ 96,089	$ 122,558	$ 230,950	$ 364,083
Weighted average common shares/units (in shares)	67,341,189	67,435,459	67,503,403	67,368,956
Net income available to common stockholders/unitholders (in dollars per share)	$ 1.43	$ 1.82	$ 3.42	$ 5.40
Convertible units
Diluted:
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,273,399	2,287,678	2,277,636	2,291,725
Income allocated to convertible OP Units	$ 3,200	$ 4,200	$ 7,800	$ 12,400
Stock options
Diluted:
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	271,018	0	230,326	116,380
Stock options \| Essex Portfolio, L.P.
Diluted:
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	271,018	0	230,326	116,380

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Details)	3 Months Ended		9 Months Ended
Derivative Instruments and Hedging Activities (Details)	Sep. 30, 2022 USD ($) instrument	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) instrument	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Derivative [Line Items]
Total return swap income	$ 1,882,000	$ 2,660,000	$ 6,709,000	$ 8,137,000
Multifamily Housing Mortgage Revenue Bonds
Derivative [Line Items]
Bond subject to interest rate caps	$ 223,800,000		$ 223,800,000
Interest Rate Swap \| Term Loan
Derivative [Line Items]
Interest rate	4.20%		4.20%
Total Return Swap, Callable
Derivative [Line Items]
Total return swap income	$ 1,900,000	$ 2,700,000	$ 6,700,000	$ 8,100,000
Designated as Hedging Instrument \| Interest Rate Swap
Derivative [Line Items]
Derivative asset	6,200,000		6,200,000
Derivative liability					$ 0
Not Designated as Hedging Instrument \| Total Return Swap, Callable
Derivative [Line Items]
Derivative, notional amount	223,800,000		223,800,000
Derivative, fair value, net	$ 0		$ 0		$ 0
Not Designated as Hedging Instrument \| Total Return Swap, Callable \| Multifamily Housing Mortgage Revenue Bonds
Derivative [Line Items]
Number of derivative instruments \| instrument	4		4