Essex Property Trust (ESS) 10-Q28 Jul 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Jul. 26, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-13106
Entity Registrant Name	ESSEX PROPERTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	77-0369576
Entity Address, Address Line One	1100 Park Place, Suite 200
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94403
City Area Code	650
Local Phone Number	655-7800
Title of 12(b) Security	Common Stock, $.0001 par value (Essex Property Trust, Inc.)
Trading Symbol	ESS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		64,183,304
Entity Central Index Key	0000920522
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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	Jun. 30, 2023	Dec. 31, 2022
Rental properties:
Land and land improvements	$ 3,036,912	$ 3,043,321
Buildings and improvements	12,984,143	12,922,906
Total rental properties	16,021,055	15,966,227
Less: accumulated depreciation	(5,390,935)	(5,152,133)
Net real estate	10,630,120	10,814,094
Real estate under development	22,668	24,857
Co-investments	1,122,114	1,127,491
Total real estate	11,774,902	11,966,442
Cash and cash equivalents-unrestricted	60,949	33,295
Cash and cash equivalents-restricted	8,165	9,386
Marketable securities, net of allowance for credit losses of zero as of both June 30, 2023 and December 31, 2022	102,131	112,743
Notes and other receivables, net of allowance for credit losses of $0.6 million and $0.3 million as of June 30, 2023 and December 31, 2022, respectively (includes related party receivables of $6.1 million and $7.0 million as of June 30, 2023 and December 31, 2022, respectively)	150,464	103,045
Operating lease right-of-use assets	65,505	67,239
Prepaid expenses and other assets	83,157	80,755
Total assets	12,245,273	12,372,905
LIABILITIES AND EQUITY
Unsecured debt, net	5,315,336	5,312,168
Mortgage notes payable, net	592,143	593,943
Lines of credit	34,429	52,073
Accounts payable and accrued liabilities	172,946	165,461
Construction payable	22,089	23,159
Dividends payable	155,739	149,166
Distributions in excess of investments in co-investments	47,934	42,532
Operating lease liabilities	66,857	68,696
Other liabilities	44,440	43,441
Total liabilities	6,451,913	6,450,639
Commitments and contingencies
Redeemable noncontrolling interest	31,355	27,150
Equity:
Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,183,304 and 64,604,603 shares issued and outstanding, respectively	6	6
Additional paid-in capital	6,657,481	6,750,076
Distributions in excess of accumulated earnings	(1,123,594)	(1,080,176)
Accumulated other comprehensive income, net	51,385	46,466
Total stockholders' equity	5,585,278	5,716,372
Noncontrolling interest	176,727	178,744
Total equity	5,762,005	5,895,116
Total liabilities and equity	$ 12,245,273	$ 12,372,905

EPT - Condensed Consolidated _2

EPT - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Marketable securities, allowance for credit loss	$ 0	$ 0
Notes and other receivables, allowance for credit loss	$ 585,000	$ 334,000
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)	64,183,304	64,604,603
Common stock, shares outstanding (in shares)	64,183,304	64,604,603
Related Party
Notes and other receivables, allowance for credit loss	$ 6,100,000	$ 7,000,000

EPLP - Condensed Consolidated B

EPLP - Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Rental properties:
Land and land improvements	$ 3,036,912	$ 3,043,321
Buildings and improvements	12,984,143	12,922,906
Total rental properties	16,021,055	15,966,227
Less: accumulated depreciation	(5,390,935)	(5,152,133)
Net real estate	10,630,120	10,814,094
Real estate under development	22,668	24,857
Co-investments	1,122,114	1,127,491
Total real estate	11,774,902	11,966,442
Cash and cash equivalents-unrestricted	60,949	33,295
Cash and cash equivalents-restricted	8,165	9,386
Marketable securities, net of allowance for credit losses of zero as of both June 30, 2023 and December 31, 2022	102,131	112,743
Notes and other receivables, net of allowance for credit losses of $0.6 million and $0.3 million as of June 30, 2023 and December 31, 2022, respectively (includes related party receivables of $6.1 million and $7.0 million as of June 30, 2023 and December 31, 2022, respectively)	150,464	103,045
Operating lease right-of-use assets	65,505	67,239
Prepaid expenses and other assets	83,157	80,755
Total assets	12,245,273	12,372,905
LIABILITIES AND CAPITAL
Unsecured debt, net	5,315,336	5,312,168
Mortgage notes payable, net	592,143	593,943
Lines of credit	34,429	52,073
Accounts payable and accrued liabilities	172,946	165,461
Construction payable	22,089	23,159
Dividends payable	155,739	149,166
Distributions in excess of investments in co-investments	47,934	42,532
Operating lease liabilities	66,857	68,696
Other liabilities	44,440	43,441
Total liabilities	6,451,913	6,450,639
Commitments and contingencies
Redeemable noncontrolling interest	31,355	27,150
Limited Partners:
Accumulated other comprehensive income	51,385	46,466
Noncontrolling interest	176,727	178,744
Total liabilities and equity	12,245,273	12,372,905
Essex Portfolio, L.P.
Rental properties:
Land and land improvements	3,036,912	3,043,321
Buildings and improvements	12,984,143	12,922,906
Total rental properties	16,021,055	15,966,227
Less: accumulated depreciation	(5,390,935)	(5,152,133)
Net real estate	10,630,120	10,814,094
Real estate under development	22,668	24,857
Co-investments	1,122,114	1,127,491
Total real estate	11,774,902	11,966,442
Cash and cash equivalents-unrestricted	60,949	33,295
Cash and cash equivalents-restricted	8,165	9,386
Marketable securities, net of allowance for credit losses of zero as of both June 30, 2023 and December 31, 2022	102,131	112,743
Notes and other receivables, net of allowance for credit losses of $0.6 million and $0.3 million as of June 30, 2023 and December 31, 2022, respectively (includes related party receivables of $6.1 million and $7.0 million as of June 30, 2023 and December 31, 2022, respectively)	150,464	103,045
Operating lease right-of-use assets	65,505	67,239
Prepaid expenses and other assets	83,157	80,755
Total assets	12,245,273	12,372,905
LIABILITIES AND CAPITAL
Unsecured debt, net	5,315,336	5,312,168
Mortgage notes payable, net	592,143	593,943
Lines of credit	34,429	52,073
Accounts payable and accrued liabilities	172,946	165,461
Construction payable	22,089	23,159
Dividends payable	155,739	149,166
Distributions in excess of investments in co-investments	47,934	42,532
Operating lease liabilities	66,857	68,696
Other liabilities	44,440	43,441
Total liabilities	6,451,913	6,450,639
Commitments and contingencies
Redeemable noncontrolling interest	31,355	27,150
Limited Partners:
Accumulated other comprehensive income	57,102	52,010
Total partners' capital	5,640,699	5,773,370
Noncontrolling interest	121,306	121,746
Total capital	5,762,005	5,895,116
Total liabilities and equity	12,245,273	12,372,905
Essex Portfolio, L.P. \| General Partner
General Partner:
Common equity (64,183,304 and 64,604,603 units issued and outstanding, respectively)	5,533,893	5,669,906
Essex Portfolio, L.P. \| Limited Partners
Limited Partners:
Common equity (2,260,112 and 2,272,496 units issued and outstanding, respectively)	49,704	51,454
Essex Portfolio, L.P. \| Common Equity \| General Partner
General Partner:
Common equity (64,183,304 and 64,604,603 units issued and outstanding, respectively)	5,533,893	5,669,906
Limited Partners:
Total capital	5,533,893	5,669,906
Essex Portfolio, L.P. \| Common Equity \| Limited Partners
Limited Partners:
Total capital	$ 49,704	$ 51,454

EPLP - Condensed Consolidated_2

EPLP - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Marketable securities, allowance for credit loss	$ 0	$ 0
Notes and other receivables, allowance for credit loss	$ 585,000	$ 334,000
Common stock, shares issued (in shares)	64,183,304	64,604,603
Common stock, shares outstanding (in shares)	64,183,304	64,604,603
Related Party
Notes and other receivables, allowance for credit loss	$ 6,100,000	$ 7,000,000
Essex Portfolio, L.P.
Marketable securities, allowance for credit loss	0	0
Notes and other receivables, allowance for credit loss	$ 600,000	$ 300,000
Essex Portfolio, L.P. \| General Partner
Common stock, shares issued (in shares)	64,183,304	64,604,603
Common stock, shares outstanding (in shares)	64,183,304	64,604,603
Essex Portfolio, L.P. \| Limited Partners
Common stock, shares issued (in shares)	2,260,112	2,272,496
Common stock, shares outstanding (in shares)	2,260,112	2,272,496
Essex Portfolio, L.P. \| Related Party
Notes and other receivables, allowance for credit loss	$ 6,100,000	$ 7,000,000

EPT - Condensed Consolidated St

EPT - Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Rental and other property	$ 413,265	$ 397,240	$ 822,921	$ 776,456
Management and other fees from affiliates	2,778	2,738	5,543	5,427
Revenues	416,043	399,978	828,464	781,883
Expenses:
Property operating, excluding real estate taxes	73,843	69,761	147,725	138,619
Real estate taxes	45,381	43,759	91,911	91,001
Corporate-level property management expenses	11,451	10,176	22,883	20,348
Depreciation and amortization	136,718	134,517	273,065	268,050
General and administrative	13,813	13,127	29,124	25,369
Expensed acquisition and investment related costs	5	10	344	18
Casualty loss	0	0	433	0
Total expenses	281,211	271,350	565,485	543,405
Gain on sale of real estate and land	0	0	59,238	0
Earnings from operations	134,832	128,628	322,217	238,478
Interest expense	(52,600)	(50,477)	(103,645)	(100,854)
Total return swap income	821	2,283	1,854	4,827
Interest and other income (loss)	12,199	(17,208)	24,649	(24,775)
Equity income (loss) from co-investments	12,237	(8,400)	23,108	12,771
Deferred tax (expense) benefit on unconsolidated co-investments	(1,733)	6,864	(833)	9,618
Net income	105,756	61,690	267,350	140,065
Net income attributable to noncontrolling interest	(6,136)	(4,636)	(14,198)	(9,757)
Net income available to common stockholders	99,620	57,054	253,152	130,308
Comprehensive income	121,142	73,400	272,442	172,256
Comprehensive income attributable to noncontrolling interest	(6,659)	(5,029)	(14,371)	(10,842)
Comprehensive income attributable to controlling interest	$ 114,483	$ 68,371	$ 258,071	$ 161,414
Basic:
Net income available to common stockholders (in dollars per share)	$ 1.55	$ 0.87	$ 3.94	$ 2
Weighted average number of shares outstanding during the period (in shares)	64,182,555	65,262,517	64,319,783	65,269,109
Diluted:
Net income available to common stockholders (in dollars per share)	$ 1.55	$ 0.87	$ 3.94	$ 2
Weighted average number of shares outstanding during the period (in shares)	64,183,675	65,289,603	64,320,898	65,307,572

EPLP - Condensed Consolidated S

EPLP - Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Rental and other property	$ 413,265	$ 397,240	$ 822,921	$ 776,456
Management and other fees from affiliates	2,778	2,738	5,543	5,427
Revenues	416,043	399,978	828,464	781,883
Expenses:
Property operating, excluding real estate taxes	73,843	69,761	147,725	138,619
Real estate taxes	45,381	43,759	91,911	91,001
Corporate-level property management expenses	11,451	10,176	22,883	20,348
Depreciation and amortization	136,718	134,517	273,065	268,050
General and administrative	13,813	13,127	29,124	25,369
Expensed acquisition and investment related costs	5	10	344	18
Casualty loss	0	0	433	0
Total expenses	281,211	271,350	565,485	543,405
Gain on sale of real estate and land	0	0	59,238	0
Earnings from operations	134,832	128,628	322,217	238,478
Interest expense	(52,600)	(50,477)	(103,645)	(100,854)
Total return swap income	821	2,283	1,854	4,827
Interest and other income (loss)	12,199	(17,208)	24,649	(24,775)
Equity income (loss) from co-investments	12,237	(8,400)	23,108	12,771
Deferred tax (expense) benefit on unconsolidated co-investments	(1,733)	6,864	(833)	9,618
Net income	105,756	61,690	267,350	140,065
Net income attributable to noncontrolling interest	(6,136)	(4,636)	(14,198)	(9,757)
Net income available to common stockholders	99,620	57,054	253,152	130,308
Comprehensive income	121,142	73,400	272,442	172,256
Comprehensive income attributable to noncontrolling interest	(6,659)	(5,029)	(14,371)	(10,842)
Comprehensive income attributable to controlling interest	$ 114,483	$ 68,371	$ 258,071	$ 161,414
Basic:
Net income available to common unitholders (in dollars per share)	$ 1.55	$ 0.87	$ 3.94	$ 2
Weighted average number of common units outstanding during the period (in shares)	64,182,555	65,262,517	64,319,783	65,269,109
Diluted:
Net income available to common unitholders (in dollars per share)	$ 1.55	$ 0.87	$ 3.94	$ 2
Weighted average number of common units outstanding during the period (in shares)	64,183,675	65,289,603	64,320,898	65,307,572
Essex Portfolio, L.P.
Revenues:
Rental and other property	$ 413,265	$ 397,240	$ 822,921	$ 776,456
Management and other fees from affiliates	2,778	2,738	5,543	5,427
Revenues	416,043	399,978	828,464	781,883
Expenses:
Property operating, excluding real estate taxes	73,843	69,761	147,725	138,619
Real estate taxes	45,381	43,759	91,911	91,001
Corporate-level property management expenses	11,451	10,176	22,883	20,348
Depreciation and amortization	136,718	134,517	273,065	268,050
General and administrative	13,813	13,127	29,124	25,369
Expensed acquisition and investment related costs	5	10	344	18
Casualty loss	0	0	433	0
Total expenses	281,211	271,350	565,485	543,405
Gain on sale of real estate and land	0	0	59,238	0
Earnings from operations	134,832	128,628	322,217	238,478
Interest expense	(52,600)	(50,477)	(103,645)	(100,854)
Total return swap income	821	2,283	1,854	4,827
Interest and other income (loss)	12,199	(17,208)	24,649	(24,775)
Equity income (loss) from co-investments	12,237	(8,400)	23,108	12,771
Deferred tax (expense) benefit on unconsolidated co-investments	(1,733)	6,864	(833)	9,618
Net income	105,756	61,690	267,350	140,065
Net income attributable to noncontrolling interest	(2,630)	(2,646)	(5,288)	(5,204)
Net income available to common stockholders	103,126	59,044	262,062	134,861
Comprehensive income	121,142	73,400	272,442	172,256
Comprehensive income attributable to noncontrolling interest	(2,630)	(2,646)	(5,288)	(5,204)
Comprehensive income attributable to controlling interest	$ 118,512	$ 70,754	$ 267,154	$ 167,052
Basic:
Net income available to common unitholders (in dollars per share)	$ 1.55	$ 0.87	$ 3.94	$ 2
Weighted average number of common units outstanding during the period (in shares)	66,442,994	67,539,662	66,582,934	67,548,899
Diluted:
Net income available to common unitholders (in dollars per share)	$ 1.55	$ 0.87	$ 3.94	$ 2
Weighted average number of common units outstanding during the period (in shares)	66,444,114	67,566,748	66,584,049	67,587,362

EPT - Condensed Consolidated _3

EPT - Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2023 and 2022 (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Distributions in excess of accumulated earnings	Accumulated other comprehensive income (loss), net	Noncontrolling interest
Balance at period beginning (in shares) at Dec. 31, 2021		65,248
Balance at period beginning at Dec. 31, 2021	$ 6,176,508	$ 7	$ 6,915,981	$ (916,833)	$ (5,552)	$ 182,905
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	140,065			130,308		9,757
Change in fair value of derivatives and amortization of swap settlements	31,895				30,820	1,075
Change in fair value of marketable debt securities, net	296				286	10
Issuance of common stock under:
Stock option and restricted stock plans, net (in shares)		87
Stock option and restricted stock plans, net	17,039		17,039
Sale of common stock, net	(207)		(207)
Equity based compensation costs	5,125		4,952			173
Retirement of common stock, net (in shares)		(219)
Retirement of common stock, net	(60,830)		(60,830)
Changes in the redemption value of redeemable noncontrolling interest	1,223		1,051			172
Contributions from noncontrolling interest	125					125
Distributions to noncontrolling interest	(15,241)					(15,241)
Redemptions of noncontrolling interest (in shares)		8
Redemptions of noncontrolling interest	(2,361)		(2,123)			(238)
Common stock dividends	(287,052)			(287,052)
Balance at period end (in shares) at Jun. 30, 2022		65,124
Balance at period end at Jun. 30, 2022	6,006,585	$ 7	6,875,863	(1,073,577)	25,554	178,738
Balance at period beginning (in shares) at Mar. 31, 2022		65,332
Balance at period beginning at Mar. 31, 2022	6,138,207	$ 7	6,930,072	(987,333)	14,237	181,224
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	61,690			57,054		4,636
Change in fair value of derivatives and amortization of swap settlements	11,812				11,416	396
Change in fair value of marketable debt securities, net	(102)				(99)	(3)
Issuance of common stock under:
Stock option and restricted stock plans, net (in shares)		3
Stock option and restricted stock plans, net	172		172
Sale of common stock, net	(66)		(66)
Equity based compensation costs	2,662		2,572			90
Retirement of common stock, net (in shares)		(219)
Retirement of common stock, net	(60,830)		(60,830)
Changes in the redemption value of redeemable noncontrolling interest	6,295		6,065			230
Distributions to noncontrolling interest	(7,622)					(7,622)
Redemptions of noncontrolling interest (in shares)		8
Redemptions of noncontrolling interest	(2,335)		(2,122)			(213)
Common stock dividends	(143,298)			(143,298)
Balance at period end (in shares) at Jun. 30, 2022		65,124
Balance at period end at Jun. 30, 2022	6,006,585	$ 7	6,875,863	(1,073,577)	25,554	178,738
Balance at period beginning (in shares) at Dec. 31, 2022		64,605
Balance at period beginning at Dec. 31, 2022	5,895,116	$ 6	6,750,076	(1,080,176)	46,466	178,744
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	267,350			253,152		14,198
Change in fair value of derivatives and amortization of swap settlements	5,092				4,919	173
Issuance of common stock under:
Stock option and restricted stock plans, net (in shares)		3
Stock option and restricted stock plans, net	0
Sale of common stock, net	(125)		(125)
Equity based compensation costs	7,646		7,387			259
Retirement of common stock, net (in shares)		(437)
Retirement of common stock, net	(95,657)		(95,657)
Changes in the redemption value of redeemable noncontrolling interest	(4,205)		(4,087)			(118)
Distributions to noncontrolling interest	(16,033)					(16,033)
Redemptions of noncontrolling interest (in shares)		12
Redemptions of noncontrolling interest	(609)		(113)			(496)
Common stock dividends	(296,570)			(296,570)
Balance at period end (in shares) at Jun. 30, 2023		64,183
Balance at period end at Jun. 30, 2023	5,762,005	$ 6	6,657,481	(1,123,594)	51,385	176,727
Balance at period beginning (in shares) at Mar. 31, 2023		64,182
Balance at period beginning at Mar. 31, 2023	5,796,857	$ 6	6,657,183	(1,074,930)	36,522	178,076
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	105,756			99,620		6,136
Change in fair value of derivatives and amortization of swap settlements	15,386				14,863	523
Issuance of common stock under:
Stock option and restricted stock plans, net (in shares)		1
Stock option and restricted stock plans, net	0
Sale of common stock, net	(53)		(53)
Equity based compensation costs	1,982		1,915			67
Changes in the redemption value of redeemable noncontrolling interest	(1,147)		(1,160)			13
Distributions to noncontrolling interest	(8,056)					(8,056)
Redemptions of noncontrolling interest	(436)		(404)			(32)
Common stock dividends	(148,284)			(148,284)
Balance at period end (in shares) at Jun. 30, 2023		64,183
Balance at period end at Jun. 30, 2023	$ 5,762,005	$ 6	$ 6,657,481	$ (1,123,594)	$ 51,385	$ 176,727

EPT - Condensed Consolidated _4

EPT - Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2023 and 2022 (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 2.31	$ 2.20	$ 4.62	$ 4.40

EPLP - Condensed Consolidated_3

EPLP - Condensed Consolidated Statements of Capital for the three and six months ended June 30, 2023 and 2022 (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	$ 105,756	$ 61,690	$ 267,350	$ 140,065
Change in fair value of derivatives and amortization of swap settlements	15,386	11,812	5,092	31,895
Change in fair value of marketable debt securities, net		(102)		296
Issuance of common units under:
General partner's stock based compensation, net	0
Sale of common stock by general partner, net	(53)	(66)	(125)	(207)
Retirement of common units, net		(60,830)	(95,657)	(60,830)
Changes in the redemption value of redeemable noncontrolling interest	(1,147)	6,295	(4,205)	1,223
Contributions from noncontrolling interest				125
Distributions to noncontrolling interest	(8,056)	(7,622)	(16,033)	(15,241)
Redemptions	(436)	(2,335)	(609)	(2,361)
Noncontrolling interest
Issuance of common units under:
Contributions from noncontrolling interest				125
Essex Portfolio, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning	5,796,857	6,138,207	5,895,116	6,176,508
Net income	105,756	61,690	267,350	140,065
Change in fair value of derivatives and amortization of swap settlements	15,386	11,812	5,092	31,895
Change in fair value of marketable debt securities, net		(102)		296
Issuance of common units under:
General partner's stock based compensation, net		172	0	17,039
Sale of common stock by general partner, net	(53)	(66)	(125)	(207)
Equity based compensation costs	1,982	2,662	7,646	5,125
Retirement of common units, net		(60,830)	(95,657)	(60,830)
Changes in the redemption value of redeemable noncontrolling interest	(1,147)	6,295	(4,205)	1,223
Contributions from noncontrolling interest				125
Distributions to noncontrolling interest	(2,835)	(2,621)	(5,590)	(5,218)
Redemptions	(436)	(2,335)	(609)	(2,361)
Distributions declared	(153,505)	(148,299)	(307,013)	(297,075)
Balance at period end	$ 5,762,005	$ 6,006,585	$ 5,762,005	$ 6,006,585
Essex Portfolio, L.P. \| Common Equity \| General Partner
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning (in shares)	64,182	65,332	64,605	65,248
Balance at period beginning	$ 5,582,259	$ 5,942,746	$ 5,669,906	$ 5,999,155
Net income	$ 99,620	$ 57,054	$ 253,152	$ 130,308
Issuance of common units under:
General partner's stock based compensation, net (in shares)	1	3	3	87
General partner's stock based compensation, net		$ 172		$ 17,039
Sale of common stock by general partner, net	$ (53)	(66)	$ (125)	(207)
Equity based compensation costs	1,915	$ 2,572	$ 7,387	$ 4,952
Retirement of common units, net (in shares)		(219)	(437)	(219)
Retirement of common units, net		$ (60,830)	$ (95,657)	$ (60,830)
Changes in the redemption value of redeemable noncontrolling interest	(1,160)	$ 6,065	$ (4,087)	$ 1,051
Redemptions (in shares)		8	12	8
Redemptions	(404)	$ (2,122)	$ (113)	$ (2,123)
Distributions declared	$ (148,284)	$ (143,298)	$ (296,570)	$ (287,052)
Balance at period end (in shares)	64,183	65,124	64,183	65,124
Balance at period end	$ 5,533,893	$ 5,802,293	$ 5,533,893	$ 5,802,293
Essex Portfolio, L.P. \| Common Equity \| Limited Partners
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning (in shares)	2,261	2,282	2,272	2,282
Balance at period beginning	$ 51,385	$ 54,112	$ 51,454	$ 56,502
Net income	3,506	1,990	8,910	4,553
Issuance of common units under:
Equity based compensation costs	67	90	259	173
Changes in the redemption value of redeemable noncontrolling interest	$ (26)	$ 136	$ (132)	$ 122
Redemptions (in shares)	(1)	(9)	(12)	(9)
Redemptions	$ (7)	$ (94)	$ (344)	$ (94)
Distributions declared	$ (5,221)	$ (5,001)	$ (10,443)	$ (10,023)
Balance at period end (in shares)	2,260	2,273	2,260	2,273
Balance at period end	$ 49,704	$ 51,233	$ 49,704	$ 51,233
Essex Portfolio, L.P. \| Accumulated other comprehensive income (loss), net
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning	41,716	18,677	52,010	(1,804)
Change in fair value of derivatives and amortization of swap settlements	15,386	11,812	5,092	31,895
Change in fair value of marketable debt securities, net		(102)		296
Issuance of common units under:
Balance at period end	57,102	30,387	57,102	30,387
Essex Portfolio, L.P. \| Noncontrolling interest
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning	121,497	122,672	121,746	122,655
Net income	2,630	2,646	5,288	5,204
Issuance of common units under:
Changes in the redemption value of redeemable noncontrolling interest	39	94	14	50
Distributions to noncontrolling interest	(2,835)	(2,621)	(5,590)	(5,218)
Redemptions	(25)	(119)	(152)	(144)
Balance at period end	$ 121,306	$ 122,672	$ 121,306	$ 122,672

EPLP - Condensed Consolidated_4

EPLP - Condensed Consolidated Statements of Capital for the three and six months ended June 30, 2023 and 2022 (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Essex Portfolio, L.P.
Distribution declared (in dollars per share)	$ 2.31	$ 2.20	$ 4.62	$ 4.40

EPT - Condensed Consolidated _5

EPT - Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 267,350	$ 140,065
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents	170	4,570
Depreciation and amortization	273,065	268,050
Amortization of discount and debt financing costs, net	3,170	3,332
Realized and unrealized (gains) losses on marketable securities, net	(8,871)	34,011
Provision for credit losses	34	63
Earnings from co-investments	(23,108)	(12,771)
Operating distributions from co-investments	31,168	67,834
Accrued interest from notes and other receivables	(4,743)	(6,974)
Casualty loss	433	0
Gain on the sale of real estate and land	(59,238)	0
Equity-based compensation	3,795	4,788
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets	457	15,406
Accounts payable, accrued liabilities, and operating lease liabilities	3,646	(10,887)
Other liabilities	999	2,058
Net cash provided by operating activities	488,327	509,545
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	(23,182)	(223)
Redevelopment	(41,675)	(47,674)
Development acquisitions of and additions to real estate under development	(5,248)	(12,862)
Capital expenditures on rental properties	(56,025)	(62,576)
Investments in notes receivable	(44,984)	(136,513)
Collections of notes and other receivables	0	303,088
Proceeds from insurance for property losses	2,851	135
Proceeds from dispositions of real estate	99,388	0
Contributions to co-investments	(15,571)	(96,187)
Changes in refundable deposits	10,200	(16,318)
Purchases of marketable securities	(11,302)	(12,168)
Sales and maturities of marketable securities	39,372	30,025
Non-operating distributions from co-investments	11,655	152,924
Net cash (used in) provided by investing activities	(34,521)	101,651
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes	300,000	0
Payments on unsecured debt and mortgage notes	(300,937)	(1,820)
Proceeds from lines of credit	728,709	670,758
Repayments of lines of credit	(746,354)	(948,840)
Changes in refundable deposits	(6,012)	0
Retirement of common stock	(95,657)	(60,830)
Additions to deferred charges	(358)	0
Net (costs) proceeds from issuance of common stock	(125)	(207)
Net proceeds from stock options exercised	0	19,255
Payments related to tax withholding for share-based compensation	0	(2,216)
Contributions from noncontrolling interest	0	125
Distributions to noncontrolling interest	(15,622)	(14,858)
Redemption of noncontrolling interest	(609)	(2,361)
Redemption of redeemable noncontrolling interests	0	230
Common stock dividends paid	(290,408)	(280,147)
Net cash used in financing activities	(427,373)	(621,371)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents	26,433	(10,175)
Unrestricted and restricted cash and cash equivalents at beginning of period	42,681	58,638
Unrestricted and restricted cash and cash equivalents at end of period	69,114	48,463
Supplemental disclosure of cash flow information:
Cash paid for interest (net of $0.5 million and $1.5 million capitalized in 2023 and 2022, respectively)	101,784	97,688
Operating cash flows from operating leases	3,528	3,480
Supplemental disclosure of noncash investing and financing activities:
Transfers between real estate under development and rental properties, net	365	96,887
Transfers from real estate under development to co-investments	961	1,827
Reclassifications to (from) redeemable noncontrolling interest from additional paid in capital and noncontrolling interest	$ 4,205	$ (1,223)

EPT - Condensed Consolidated _6

EPT - Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Interest capitalized	$ 0.5	$ 1.5

EPLP - Condensed Consolidated_5

EPLP - Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 267,350	$ 140,065
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents	170	4,570
Depreciation and amortization	273,065	268,050
Amortization of discount and debt financing costs, net	3,170	3,332
Realized and unrealized (gains) losses on marketable securities, net	(8,871)	34,011
Provision for credit losses	34	63
Earnings from co-investments	(23,108)	(12,771)
Operating distributions from co-investments	31,168	67,834
Accrued interest from notes and other receivables	(4,743)	(6,974)
Casualty loss	433	0
Gain on the sale of real estate and land	(59,238)	0
Equity-based compensation	3,795	4,788
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets	457	15,406
Accounts payable, accrued liabilities, and operating lease liabilities	3,646	(10,887)
Other liabilities	999	2,058
Net cash provided by operating activities	488,327	509,545
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	(23,182)	(223)
Redevelopment	(41,675)	(47,674)
Development acquisitions of and additions to real estate under development	(5,248)	(12,862)
Capital expenditures on rental properties	(56,025)	(62,576)
Investments in notes receivable	(44,984)	(136,513)
Collections of notes and other receivables	0	303,088
Proceeds from insurance for property losses	2,851	135
Proceeds from dispositions of real estate	99,388	0
Contributions to co-investments	(15,571)	(96,187)
Changes in refundable deposits	10,200	(16,318)
Purchases of marketable securities	(11,302)	(12,168)
Sales and maturities of marketable securities	39,372	30,025
Non-operating distributions from co-investments	11,655	152,924
Net cash (used in) provided by investing activities	(34,521)	101,651
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes	300,000	0
Payments on unsecured debt and mortgage notes	(300,937)	(1,820)
Proceeds from lines of credit	728,709	670,758
Repayments of lines of credit	(746,354)	(948,840)
Changes in refundable deposits	(6,012)	0
Retirement of common stock	(95,657)	(60,830)
Additions to deferred charges	(358)	0
Net (costs) proceeds from issuance of common stock	(125)	(207)
Net proceeds from stock options exercised	0	19,255
Payments related to tax withholding for share-based compensation	0	(2,216)
Contributions from noncontrolling interest	0	125
Distributions to noncontrolling interest	(15,622)	(14,858)
Redemption of noncontrolling interest	(609)	(2,361)
Redemption of redeemable noncontrolling interest	0	(230)
Common stock dividends paid	(290,408)	(280,147)
Net cash used in financing activities	(427,373)	(621,371)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents	26,433	(10,175)
Unrestricted and restricted cash and cash equivalents at beginning of period	42,681	58,638
Unrestricted and restricted cash and cash equivalents at end of period	69,114	48,463
Supplemental disclosure of cash flow information:
Cash paid for interest (net of $0.5 million and $1.5 million capitalized in 2023 and 2022, respectively)	101,784	97,688
Operating cash flows from operating leases	3,528	3,480
Supplemental disclosure of noncash investing and financing activities:
Transfers between real estate under development and rental properties, net	365	96,887
Transfers from real estate under development to co-investments	961	1,827
Reclassifications to (from) redeemable noncontrolling interest from general and limited partner capital and noncontrolling interest	4,205	(1,223)
Essex Portfolio, L.P.
Cash flows from operating activities:
Net income	267,350	140,065
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents	170	4,570
Depreciation and amortization	273,065	268,050
Amortization of discount and debt financing costs, net	3,170	3,332
Realized and unrealized (gains) losses on marketable securities, net	(8,871)	34,011
Provision for credit losses	34	63
Earnings from co-investments	(23,108)	(12,771)
Operating distributions from co-investments	31,168	67,834
Accrued interest from notes and other receivables	(4,743)	(6,974)
Casualty loss	433	0
Gain on the sale of real estate and land	(59,238)	0
Equity-based compensation	3,795	4,788
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets	457	15,406
Accounts payable, accrued liabilities, and operating lease liabilities	3,646	(10,887)
Other liabilities	999	2,058
Net cash provided by operating activities	488,327	509,545
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	(23,182)	(223)
Redevelopment	(41,675)	(47,674)
Development acquisitions of and additions to real estate under development	(5,248)	(12,862)
Capital expenditures on rental properties	(56,025)	(62,576)
Investments in notes receivable	(44,984)	(136,513)
Collections of notes and other receivables	0	303,088
Proceeds from insurance for property losses	2,851	135
Proceeds from dispositions of real estate	99,388	0
Contributions to co-investments	(15,571)	(96,187)
Changes in refundable deposits	10,200	(16,318)
Purchases of marketable securities	(11,302)	(12,168)
Sales and maturities of marketable securities	39,372	30,025
Non-operating distributions from co-investments	11,655	152,924
Net cash (used in) provided by investing activities	(34,521)	101,651
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes	300,000	0
Payments on unsecured debt and mortgage notes	(300,937)	(1,820)
Proceeds from lines of credit	728,709	670,758
Repayments of lines of credit	(746,354)	(948,840)
Changes in refundable deposits	(6,012)	0
Retirement of common stock	(95,657)	(60,830)
Additions to deferred charges	(358)	0
Net (costs) proceeds from issuance of common stock	(125)	(207)
Net proceeds from stock options exercised	0	19,255
Payments related to tax withholding for share-based compensation	0	(2,216)
Contributions from noncontrolling interest	0	125
Distributions to noncontrolling interest	(4,228)	(4,197)
Redemption of noncontrolling interest	(609)	(2,361)
Redemption of redeemable noncontrolling interest	0	(230)
Common stock dividends paid	(301,802)	(290,808)
Net cash used in financing activities	(427,373)	(621,371)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents	26,433	(10,175)
Unrestricted and restricted cash and cash equivalents at beginning of period	42,681	58,638
Unrestricted and restricted cash and cash equivalents at end of period	69,114	48,463
Supplemental disclosure of cash flow information:
Cash paid for interest (net of $0.5 million and $1.5 million capitalized in 2023 and 2022, respectively)	101,784	97,688
Operating cash flows from operating leases	3,528	3,480
Supplemental disclosure of noncash investing and financing activities:
Transfers between real estate under development and rental properties, net	365	96,887
Transfers from real estate under development to co-investments	961	1,827
Reclassifications to (from) redeemable noncontrolling interest from general and limited partner capital and noncontrolling interest	$ 4,205	$ (1,223)

EPLP - Condensed Consolidated_6

EPLP - Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Essex Portfolio, L.P.
Interest capitalized	$ 0.5	$ 1.5

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation The accompanying unaudited condensed consolidated financial statements present the accounts of Essex Property Trust, Inc. ("Essex" or the "Company"), which include the accounts of the Company and Essex Portfolio, L.P. and its subsidiaries (the "Operating Partnership," which holds the operating assets of the Company), prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and in accordance with the instructions to Form 10-Q. In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods presented have been included and are normal and recurring in nature. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2022. All significant intercompany accounts and transactions have been eliminated in the unaudited condensed consolidated financial statements. The unaudited condensed consolidated financial statements for the three and six months ended June 30, 2023 and 2022 include the accounts of the Company and the Operating Partnership. Essex is the sole general partner of the Operating Partnership, with a 96.6% general partnership interest as of both June 30, 2023 and December 31, 2022. Total Operating Partnership limited partnership units ("OP Units," and the holders of such OP Units, "Unitholders") outstanding were 2,260,112 and 2,272,496 as of June 30, 2023 and December 31, 2022, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $529.5 million and $481.6 million as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023, the Company owned or had ownership interests in 252 operating apartment communities, comprising 61,997 apartment homes, excluding the Company’s ownership interest in preferred equity co-investments, loan investments, three operating commercial buildings, and a development pipeline comprised of one unconsolidated joint venture project. The operating apartment communities are located in Southern California (primarily Los Angeles, Orange, San Diego, and Ventura counties), Northern California (the San Francisco Bay Area) and the Seattle metropolitan areas. Revenues and Gains on Sale of Real Estate Revenues from tenants renting or leasing apartment homes are recorded when due from tenants and are recognized monthly as they are earned which generally approximates a straight-line basis, else, adjustments are made to conform to a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 9 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. See Note 3, Revenues, for additional information regarding such revenues. The Company also generates other property-related revenue associated with the leasing of apartment homes, including storage income, pet rent, and other miscellaneous revenue. Similar to rental income, such revenues are recorded when due from tenants and recognized monthly as they are earned. Apart from rental and other property-related revenue, revenues from contracts with customers are recognized as control of the promised services is passed to the customer. For customer contracts related to management and other fees from affiliates (which includes asset management and property management), the transaction price and amount of revenue to be recognized is determined each quarter based on the management fee calculated and earned for that month or quarter. The contract will contain a description of the service and the fee percentage for management services. Payments from such services are one month or one quarter in arrears of the service performed. The Company recognizes any gains on sales of real estate when it transfers control of a property and when it is probable that the Company will collect substantially all of the related consideration. Marketable Securities The Company reports its equity securities at fair value, based on quoted market prices (Level 1 for the common stock and investment funds and Level 2 for the unsecured debt, and as defined by the FASB standard for fair value measurements). As of June 30, 2023 and December 31, 2022, $0.1 million and $0.2 million of equity securities presented within common stock, preferred stock, and stock funds in the tables below represent investments measured at fair value, using net asset value as a practical expedient, and are not categorized in the fair value hierarchy. Realized and unrealized gains and losses in equity securities and interest income are included in interest and other income on the condensed consolidated statements of income and comprehensive income. As of June 30, 2023 and December 31, 2022, equity securities consisted primarily of investment funds-debt securities, common stock, preferred stock and stock funds. As of June 30, 2023 and December 31, 2022, marketable securities consisted of the following ($ in thousands): June 30, 2023 Cost Gross Carrying Value Equity securities: Investment funds - debt securities $ 38,692 $ (5,604) $ 33,088 Common stock, preferred stock, and stock funds 56,325 12,718 69,043 Total - Marketable securities $ 95,017 $ 7,114 $ 102,131 December 31, 2022 Cost Gross Carrying Value Equity securities: Investment funds - debt securities $ 43,155 $ (6,771) $ 36,384 Common stock, preferred stock, and stock funds 78,481 (2,122) 76,359 Total - Marketable securities $ 121,636 $ (8,893) $ 112,743 The Company uses the specific identification method to determine the cost basis of a debt security sold and to reclassify amounts from accumulated other comprehensive income for such securities. For the three and six months ended June 30, 2023, the portion of unrealized gains recognized on equity securities still held as of June 30, 2023 totaled $4.6 million and $6.0 million, respectively, and were included in interest and other income (loss) on the Company's condensed consolidated statements of income and comprehensive income. For the three and six months ended June 30, 2022, the portion of unrealized losses recognized on equity securities still held as of June 30, 2022 totaled $14.7 million and $18.6 million respectively, and were included in interest and other income (loss) on the Company's condensed consolidated statements of income and comprehensive income. Variable Interest Entities In accordance with accounting standards for consolidation of variable interest entities ("VIEs"), the Company consolidated the Operating Partnership, 18 DownREIT entities (comprising nine communities), and six co-investments as of June 30, 2023 and December 31, 2022. The Company consolidates these entities because it is the primary beneficiary. The Company has no assets or liabilities other than its investment in the Operating Partnership. The consolidated total assets and liabilities related to the above consolidated co-investments and DownREIT entities, net of intercompany eliminations, were approximately $948.4 million and $324.7 million, respectively, as of June 30, 2023 and $939.4 million and $324.3 million, respectively, as of December 31, 2022. Noncontrolling interests in these entities was $121.2 million and $121.5 million as of June 30, 2023 and December 31, 2022, respectively. The Company's financial risk in each VIE is limited to its equity investment in the VIE. As of June 30, 2023 and December 31, 2022, the Company did not have any VIEs of which it was not the primary beneficiary. Equity-based Compensation The cost of share- and unit-based compensation awards is measured at the grant date based on the estimated fair value of the awards. The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period. The estimated grant date fair values of the long term incentive plan units (discussed in Note 14, "Equity Based Compensation Plans," in the Company’s annual report on Form 10-K for the year ended December 31, 2022) are being amortized over the expected service periods. Fair Value of Financial Instruments Management believes that the carrying amounts of the outstanding balances under its lines of credit, and notes and other receivables approximate fair value as of June 30, 2023 and December 31, 2022, because interest rates, yields, and other terms for these instruments are consistent with interest rates, yields, and other terms currently available for similar instruments. Management has estimated that the fair value of the Company’s fixed rate debt with a carrying value of $5.4 billion and $5.7 billion as of June 30, 2023 and December 31, 2022. respectively, was approximately $4.9 billion and $5.2 billion, respectively. Management has estimated that the fair value of the Company’s $554.6 million and $274.2 million of variable rate debt at June 30, 2023 and December 31, 2022, respectively, was approximately $553.7 million and $273.2 million, respectively, based on the terms of existing mortgage notes payable, unsecured debt, and variable rate demand notes compared to those available in the marketplace. Management believes that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payables, other liabilities, and dividends payable approximate fair value as of June 30, 2023 and December 31, 2022 due to the short-term maturity of these instruments. Marketable securities are carried at fair value as of June 30, 2023 and December 31, 2022. Capitalization of Costs The Company’s capitalized internal costs related to development and redevelopment projects were comprised primarily of interest and employee compensation and totaled $4.6 million and $5.8 million during the three months ended June 30, 2023 and 2022, respectively, and $9.4 million and $11.2 million, for the six months ended June 30, 2023 and 2022, respectively. The Company capitalizes leasing commissions associated with the lease-up of development communities and amortizes the costs over the life of the leases. The amounts capitalized for leasing commissions are immaterial for all periods presented. Co-investments The Company owns investments in joint ventures in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with U.S. GAAP. Therefore, the Company accounts for co-investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company's equity in earnings, less distributions received and the Company's share of losses. The significant accounting policies of the Company’s co-investment entities are consistent with those of the Company in all material respects. Upon the acquisition of a controlling interest of a co-investment, the co-investment entity is consolidated and a gain or loss is recognized upon the remeasurement of co-investments in the consolidated statement of income equal to the amount by which the fair value of the Company's previously owned co-investment interest exceeds its carrying value. A majority of the co-investments, excluding most preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote income if certain financial return benchmarks are achieved. Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible. Any promote fees are reflected in equity income from co-investments. Changes in Accumulated Other Comprehensive Income, Net by Component Essex Property Trust, Inc. ($ in thousands): Change in fair Balance at December 31, 2022 $ 46,466 Other comprehensive income before reclassification 4,909 Amounts reclassified from accumulated other comprehensive income 10 Other comprehensive income 4,919 Balance at June 30, 2023 $ 51,385 Essex Portfolio, L.P. ($ in thousands): Change in fair Balance at December 31, 2022 $ 52,010 Other comprehensive income before reclassification 5,082 Amounts reclassified from accumulated other comprehensive income 10 Other comprehensive income 5,092 Balance at June 30, 2023 $ 57,102 Amounts reclassified from accumulated other comprehensive income in connection with derivatives are recorded in interest expense on the condensed consolidated statements of income and comprehensive income. Redeemable Noncontrolling Interest The carrying value of redeemable noncontrolling interests in the accompanying condensed consolidated balance sheets was $31.4 million and $27.2 million as of June 30, 2023 and December 31, 2022, respectively. The limited partners may redeem their noncontrolling interests for cash in certain circumstances. The changes in the redemption value of redeemable noncontrolling interests for the six months ended June 30, 2023 is as follows ($ in thousands): Balance at December 31, 2022 $ 27,150 Reclassification due to change in redemption value and other 4,205 Balance at June 30, 2023 $ 31,355 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): June 30, 2023 December 31, 2022 June 30, 2022 December 31, 2021 Cash and cash equivalents - unrestricted $ 60,949 $ 33,295 $ 37,756 $ 48,420 Cash and cash equivalents - restricted 8,165 9,386 10,707 10,218 Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows $ 69,114 $ 42,681 $ 48,463 $ 58,638 Accounting Estimates The preparation of condensed consolidated financial statements, in accordance with U.S. GAAP, requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, its notes receivables, and its qualification as a real estate investment trust ("REIT"). The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions.

Significant Transactions During

Significant Transactions During the Six Months Ended June 30, 2023 and Subsequent Events	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Significant Transactions During the Six Months Ended June 30, 2023 and Subsequent Events	Significant Transactions During the Six Months Ended June 30, 2023 and Subsequent Events Significant Transactions Acquisitions In April 2023, the Company acquired Hacienda at Camarillo Oaks, a 73-unit apartment home community located in Camarillo, CA, for a total contract price of $23.1 million. Dispositions In March 2023, the Company sold CBC and The Sweeps, a non-core apartment home community with 239 apartment homes, located in Goleta, CA, for a total contract price of $91.7 million. The Company recognized a $54.5 million gain on sale. Preferred Equity Investments In April 2023, the Company received cash of $11.2 million for the partial redemption of a preferred equity investment whose sponsors include a related party, in a joint venture that holds property located in Northern California. See Note 6, Related Party Transactions, for additional details. In June 2023, the Company received cash of $14.7 million, including an early redemption fee of $0.3 million, for the full redemption of a preferred equity investment in a joint venture that holds property located in Southern California. Common Stock During the six months ended June 30, 2023, the Company repurchased and retired 437,026 shares of the Company's common stock through the Company's stock repurchase plan, totaling $95.7 million, including commissions, at an average price per share of $218.88. As a result, as of June 30, 2023, the Company had $302.7 million of purchase authority remaining under the Company's $500.0 million stock repurchase plan. Subsequent events Subsequent to quarter end, the Company closed $298.0 million in 10-year secured loans priced at 5.08% fixed interest rates. The proceeds are intended to repay a majority of the Company’s $400.0 million unsecured notes due in May 2024 at maturity.

Revenues

Revenues	6 Months Ended
Revenues	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Disaggregated Revenue The following table presents the Company’s revenues disaggregated by revenue source ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Rental income $ 407,786 $ 391,778 $ 812,421 $ 765,203 Other property 5,479 5,462 10,500 11,253 Management and other fees from affiliates 2,778 2,738 5,543 5,427 Total revenues $ 416,043 $ 399,978 $ 828,464 $ 781,883 The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Southern California $ 169,857 $ 160,809 $ 336,734 $ 314,147 Northern California 166,415 160,513 330,039 313,258 Seattle Metro 70,216 67,707 140,255 131,910 Other real estate assets (1) 6,777 8,211 15,893 17,141 Total rental and other property revenues $ 413,265 $ 397,240 $ 822,921 $ 776,456 (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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Same-property (1) $ 394,204 $ 378,874 $ 783,099 $ 740,289 Acquisitions (2) 1,332 — 2,353 — Development (3) 5,710 5,371 11,210 9,598 Redevelopment 1,595 1,491 3,132 2,926 Non-residential/other, net (4) 11,099 14,597 23,226 29,620 Straight line rent concession (5) (675) (3,093) (99) (5,977) Total rental and other property revenues $ 413,265 $ 397,240 $ 822,921 $ 776,456 (1) Same-property includes properties that have comparable stabilized results as of January 1, 2022 and are consolidated by the Company for the three and six months ended June 30, 2023 and 2022. A community is considered to have reached stabilized operations once it achieves an initial occupancy of 90%. (2) Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2022. (3) Development includes properties developed which did not have stabilized results as of January 1, 2022. (4) Non-residential/other, net consists of revenues generated from retail space, commercial properties, held for sale properties, disposition properties, student housing, properties undergoing significant construction activities that do not meet our redevelopment criteria, and two communities located in the California counties of Santa Barbara and Santa Cruz, which the Company does not consider its core markets. (5) Represents straight-line concessions for residential operating communities. Same-property revenues reflect concessions on a cash basis. Total rental and other property revenues reflect concessions on a straight-line basis in accordance with U.S. GAAP. Deferred Revenues and Remaining Performance Obligations When cash payments are received or due in advance of the Company’s performance of contracts with customers, deferred revenue is recorded. The total deferred revenue balance related to such contracts was $1.3 million and $1.7 million as of June 30, 2023 and December 31, 2022, respectively, and was included in accounts payable and accrued liabilities within the accompanying condensed consolidated balance sheets. The amount of revenue recognized for the six months ended June 30, 2023 that was included in the December 31, 2022 deferred revenue balance was $0.4 million, which was included in rental and other property revenue within the condensed consolidated statements of income and comprehensive income. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in the revenue recognition accounting standard. As of June 30, 2023, the Company had $1.3 million of remaining performance obligations. The Company expects to recognize approximately 25% of these remaining performance obligations in 2023, an additional 60% through 2025, and the remaining balance thereafter.

Co-investments

Co-investments	6 Months Ended
Co-investments	Jun. 30, 2023
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
Co-investments	Co-investments The Company has joint ventures and preferred equity investments in co-investments which own, operate, and develop apartment communities and are accounted for under the equity method. As of June 30, 2023, the Company had invested in six technology co-investments and the co-investment balance of these investments was $37.3 million, and the aggregate commitment was $86.0 million. As of December 31, 2022, the Company had six technology co-investments and the co-investment balance of these investments was $39.4 million and the aggregate commitment was $87.0 million. The carrying values of the Company's co-investments as of June 30, 2023 and December 31, 2022 are as follows ($ in thousands, except parenthetical amounts): Weighted Average Company Ownership Percentage (1) June 30, 2023 December 31, 2022 Ownership interest in: Wesco I, Wesco III, Wesco IV, Wesco V, and Wesco VI (2) 54 % $ 169,501 $ 178,552 BEXAEW, BEX II, BEX IV, and 500 Folsom 50 % 233,588 238,537 Other (3) 52 % 68,713 74,742 Total operating and other co-investments, net 471,802 491,831 Total development co-investments 51 % 14,028 12,994 Total preferred interest co-investments (includes related party investments of $79.6 million and $87.1 million as of June 30, 2023 and December 31, 2022, respectively. See Note 6 - Related Party Transactions for further discussion) 588,350 580,134 Total co-investments, net $ 1,074,180 $ 1,084,959 (1) Weighted average Company ownership percentages are as of June 30, 2023. (2) As of June 30, 2023 and December 31, 2022, the Company's investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $45.8 million and $41.7 million, respectively, due to distributions in excess of the Company's investment. (3) As of June 30, 2023 and December 31, 2022, the Company's investments in Expo and Century Towers were classified as a liability of $2.1 million and $0.8 million, respectively, due to distributions received in excess of the Company's investment. The weighted average Company ownership percentage excludes the Company's investments in non-core technology co-investments which are carried at fair value. The combined summarized financial information of co-investments is as follows ($ in thousands): June 30, 2023 December 31, 2022 Combined balance sheets: (1) Rental properties and real estate under development $ 5,066,160 $ 4,955,051 Other assets 279,816 294,663 Total assets $ 5,345,976 $ 5,249,714 Debt $ 3,511,734 $ 3,397,113 Other liabilities 294,947 264,872 Equity 1,539,295 1,587,729 Total liabilities and equity $ 5,345,976 $ 5,249,714 Company's share of equity $ 1,074,180 $ 1,084,959 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Combined statements of income: (1) Property revenues $ 99,954 $ 93,576 $ 200,547 $ 178,176 Property operating expenses (36,868) (29,509) (78,946) (65,302) Net operating income 63,086 64,067 121,601 112,874 Interest expense (37,314) (21,779) (69,998) (40,081) General and administrative (8,556) (6,392) (11,536) (10,359) Depreciation and amortization (42,917) (39,381) (84,305) (78,188) Net loss $ (25,701) $ (3,485) $ (44,238) $ (15,754) Company's share of net income (2) $ 12,237 $ (8,400) $ 23,108 $ 12,771 (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 $1.9 million and $1.8 million for the three months ended June 30, 2023 and 2022, respectively, and $3.9 million and $3.6 million for the six months ended June 30, 2023 and 2022, respectively.

Notes and Other Receivables

Notes and Other Receivables	6 Months Ended
Notes and Other Receivables	Jun. 30, 2023
Receivables [Abstract]
Notes and Other Receivables	Notes and Other Receivables Notes and other receivables consist of the following as of June 30, 2023 and December 31, 2022 ($ in thousands): June 30, 2023 December 31, 2022 Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020) $ 35,500 $ 33,477 Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021) 34,520 21,452 Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022) 11,021 10,350 Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022) 32,332 — Notes and other receivables from affiliates (1) 6,053 6,975 Straight line rent receivables (2) 11,975 12,164 Other receivables 19,648 18,961 Allowance for credit losses (585) (334) Total notes and other receivables $ 150,464 $ 103,045 (1) These amounts consist of short-term loans outstanding and due from various joint ventures as of June 30, 2023 and December 31, 2022, respectively. See Note 6, Related Party Transactions, for additional details. (2) These amounts are receivables from lease concessions recorded on a straight-line basis for the Company's operating properties. The following table presents the activity in the allowance for credit losses for notes receivable, secured ($ in thousands): Notes Receivable, Secured Balance at December 31, 2022 $ 334 Provision for credit losses 251 Balance at June 30, 2023 $ 585

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company charges certain fees relating to its co-investments for asset management, property management, development and redevelopment services. These fees from affiliates totaled $3.2 million and $3.5 million during the three months ended June 30, 2023 and 2022, respectively, and $6.4 million and $6.6 million during the six months ended June 30, 2023 and 2022, respectively. All of these fees are net of intercompany amounts eliminated by the Company. The Company netted development and redevelopment fees of approximately $0.5 million and $0.7 million against general and administrative expenses for the three months ended June 30, 2023 and 2022, respectively, and $1.0 million and $1.1 million for the six months ended June 30, 2023 and 2022, respectively. The Company’s Chairman and founder, Mr. George M. Marcus, is the Chairman of the Marcus & Millichap Company ("MMC"), which is a parent company of a diversified group of real estate service, investment, and development firms. Mr. Marcus is also the Chairman of Marcus & Millichap, Inc. ("MMI"), and Mr. Marcus owns a controlling interest in MMI, a national brokerage firm listed on the New York Stock Exchange. For the three and six months ended June 30, 2023 and 2022, the Company did not pay brokerage commissions related to real estate transactions to MMC and its affiliates. In August 2022, the Company funded an $11.2 million preferred equity investment in an entity whose sponsor includes an affiliate of MMC. The entity owns three multifamily communities located in Azusa, CA. The investment initially accrues interest based on a 9.5% preferred return and is scheduled to mature in August 2027. In February 2022, the Company provided a $32.8 million related party bridge loan to BEX II in connection with the payoff of a debt related to one of its properties located in Southern California. The note receivable was scheduled to mature in March 2022, but was subsequently paid off in April 2022. In January 2022, the Company provided a $100.7 million related party bridge loan to Wesco VI in connection with the acquisition of Vela. The note receivable accrued interest at 2.64% and was scheduled to mature in February 2022, but was paid off in January 2022. Additionally, the Company received cash of $121.3 million in January 2022 for the payoff of the remaining related party bridge loans to Wesco VI as detailed below. In November 2021, the Company provided a $48.4 million related party bridge loan in connection with the purchase of an interest in a single asset entity owning an apartment home community in Vista, CA. The note receivable accrued interest at 2.36% and was scheduled to mature in February 2022, but was paid off in January 2022. In November 2021, the Company provided a $61.9 million related party bridge loan to Wesco VI in connection with the acquisition of The Rexford. The note receivable accrued interest at 2.36% and was scheduled to mature in February 2022, but was paid off in January 2022. In October 2021, the Company provided a $30.3 million related party bridge loan to Wesco VI in connection with the acquisition of Monterra in Mill Creek. The note receivable accrued interest at 2.30% and was scheduled to mature in April 2022, but was paid off in January 2022. In September 2021, the Company provided a $29.2 million related party bridge loan to Wesco VI in connection with the acquisition of Martha Lake Apartments. The note receivable accrued interest at 2.15% and was scheduled to mature in December 2021. In December 2021, the maturity date of the note receivable was extended to March 2022, and in January 2022, the note receivable was paid off. In June 2019, the Company acquired Brio, a 300-unit apartment home community located in Walnut Creek, CA. The Company issued DownREIT units to an affiliate of MMC, based on a contract price of $164.9 million. The property was encumbered by $98.7 million of mortgage debt which was assumed by the Company at the time of acquisition. As a result of this transaction, the Company consolidated the property based on a VIE analysis performed by the Company. In February 2019, the Company funded a $24.5 million preferred equity investment in an entity whose sponsor is an affiliate of MMC, which owns a multifamily development community located in Mountain View, CA. The investment initially accrued interest based on an 11.0% preferred return which was reduced to 9.0% upon completion and lease-up of the project. The investment is scheduled to mature in February 2024. In October 2018, the Company funded an $18.6 million preferred equity investment in an entity whose sponsor is an affiliate of MMC. The entity wholly owns a 268-unit apartment home community development located in Burlingame, CA. The investment initially accrued interest based on a 12.0% preferred return which was reduced to 9.0% upon completion and lease-up of the project. In April 2023, the investment's maturity date was extended from April 2024 to May 2026 with the investment accruing interest based on a 11.0% preferred return. In April 2023, the Company received cash of $11.2 million for the partial redemption of this preferred equity investment. In May 2018, the Company made a commitment to fund a $26.5 million preferred equity investment in an entity whose sponsors include an affiliate of MMC. The entity wholly owns a 400-unit apartment home community located in Ventura, CA. The investment accrued interest based on a 10.25% initial preferred return. The investment was scheduled to mature in May 2023. In November 2021, the Company received cash of $18.3 million for the partial redemption of this preferred equity investment, and the maturity of the remaining commitment was extended to December 2028. As of June 30, 2023, the Company had a remaining commitment of $13.0 million and continues to accrue interest on a 9.0% preferred return. The remaining committed amount is expected to be funded if and when requested by the sponsors. In March 2017, the Company converted its existing $15.3 million preferred equity investment in Sage at Cupertino, a 230-unit apartment home community located in San Jose, CA, into a 40.5% common equity ownership interest in the property. The Company issued DownREIT units to the other members, including an MMC affiliate, based on an estimated property valuation of $90.0 million. At the time of the conversion, the property was encumbered by $52.0 million of mortgage debt. As a result of this transaction, the Company consolidates the property based on a consolidation analysis performed by the Company. As described in Note 5, Notes and Other Receivables, the Company has provided short-term loans to affiliates. As of June 30, 2023 and December 31, 2022, $6.1 million and $7.0 million, respectively, of short-term loans remained outstanding due from joint venture affiliates and is classified within notes and other receivables in the accompanying condensed consolidated balance sheets.

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Essex does not have indebtedness as debt is incurred by the Operating Partnership. Essex guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities for the full term of the facilities. Debt consists of the following ($ in thousands): June 30, 2023 December 31, 2022 Weighted Average Term loan - variable rate, net (1) $ 298,359 $ (1,611) 4.3 Bonds public offering - fixed rate, net 5,016,977 5,313,779 7.6 Unsecured debt, net (2) 5,315,336 5,312,168 Lines of credit (3) 34,429 52,073 Mortgage notes payable, net (4) 592,143 593,943 7.5 Total debt, net $ 5,941,908 $ 5,958,184 Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering 3.3 % 3.3 % Weighted average interest rate on variable rate term loan (1) 4.2 % — % Weighted average interest rate on lines of credit 5.9 % 4.4 % Weighted average interest rate on mortgage notes payable 3.8 % 3.5 % (1) In October 2022, the Operating Partnership obtained a $300.0 million unsecured term loan priced at Adjusted SOFR plus 0.85% and matures in October 2024 with three 12-month extension options, exercisable at the Company's option. This loan has been swapped to an all-in fixed rate of 4.2% and the swap has a termination date of October 2026. In April 2023, the Company has drawn on the $300.0 million unsecured term loan and in May 2023 used the proceeds to repay the Company's $300.0 million unsecured notes due in May 2023. The unsecured term loan includes unamortized debt issuance costs of $1.6 million as of both June 30, 2023 and December 31, 2022, respectively. (2) Unsecured debt, net, consists of fixed rate public bond offerings and variable rate term loan which includes unamortized discount, net of premiums, of $7.0 million and $7.9 million and unamortized debt issuance costs of $27.7 million and $29.9 million, as of June 30, 2023 and December 31, 2022, respectively. (3) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion as of June 30, 2023, excludes unamortized debt issuance costs of $4.5 million and $5.1 million as of June 30, 2023 and December 31, 2022, respectively. These debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets. As of June 30, 2023, the Company’s $1.2 billion credit facility had an interest rate at the Adjusted Secured Overnight Financing Rate ("Adjusted SOFR") plus 0.75%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity date of January 2027 with two six-month extensions, exercisable at the Company’s option. As of June 30, 2023, the Company’s $35.0 million working capital unsecured line of credit had an interest rate of Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity date of July 2024. (4) Includes total unamortized premium, net of discounts of $0.9 million and $1.2 million, reduced by unamortized debt issuance costs of $2.0 million as of each of June 30, 2023 and December 31, 2022. The aggregate scheduled principal payments of the Company’s outstanding debt, excluding lines of credit, as of June 30, 2023 are as follows ($ in thousands): 2023 (1) $ 1,492 2024 403,109 2025 633,054 2026 549,405 2027 803,955 Thereafter 3,552,269 Total $ 5,943,284

Segment Information

Segment Information	6 Months Ended
Segment Information	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information The Company's segment disclosures present the measure used by the chief operating decision makers for purposes of assessing each segment's performance. The Company's chief operating decision makers are comprised of several members of its executive management team who use net operating income ("NOI") to assess the performance of the business for the Company's reportable operating segments. NOI represents total property revenues less direct property operating expenses. The executive management team generally evaluates the Company's operating performance geographically. The Company defines its reportable operating segments as the three geographical regions in which its communities are located: Southern California, Northern California, and Seattle Metro. Excluded from segment revenues and NOI are management and other fees from affiliates and interest and other income. Non-segment revenues and NOI included in the following schedule also consist of revenues generated from commercial properties and properties that have been sold. Other non-segment assets include items such as real estate under development, co-investments, real estate held for sale, cash and cash equivalents, marketable securities, notes and other receivables, and prepaid expenses and other assets. The revenues and NOI for each of the reportable operating segments are summarized as follows for the three and six months ended June 30, 2023 and 2022 ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues: Southern California $ 169,857 $ 160,809 $ 336,734 $ 314,147 Northern California 166,415 160,513 330,039 313,258 Seattle Metro 70,216 67,707 140,255 131,910 Other real estate assets 6,777 8,211 15,893 17,141 Total property revenues $ 413,265 $ 397,240 $ 822,921 $ 776,456 Net operating income: Southern California $ 121,923 $ 115,176 $ 238,865 $ 222,978 Northern California 116,184 113,095 230,635 218,235 Seattle Metro 50,388 49,268 100,283 92,564 Other real estate assets 5,546 6,181 13,502 13,059 Total net operating income 294,041 283,720 583,285 546,836 Management and other fees from affiliates 2,778 2,738 5,543 5,427 Corporate-level property management expenses (11,451) (10,176) (22,883) (20,348) Depreciation and amortization (136,718) (134,517) (273,065) (268,050) General and administrative (13,813) (13,127) (29,124) (25,369) Expensed acquisition and investment related costs (5) (10) (344) (18) Casualty loss — — (433) — Gain on sale of real estate and land — — 59,238 — Interest expense (52,600) (50,477) (103,645) (100,854) Total return swap income 821 2,283 1,854 4,827 Interest and other income (loss) 12,199 (17,208) 24,649 (24,775) Equity income (loss) from co-investments 12,237 (8,400) 23,108 12,771 Deferred tax (expense) benefit on unconsolidated co-investments (1,733) 6,864 (833) 9,618 Net income $ 105,756 $ 61,690 $ 267,350 $ 140,065 Total assets for each of the reportable operating segments are summarized as follows as of June 30, 2023 and December 31, 2022 ($ in thousands): June 30, 2023 December 31, 2022 Assets: Southern California $ 3,855,167 $ 3,892,003 Northern California 5,324,254 5,414,467 Seattle Metro 1,354,592 1,374,379 Other real estate assets 96,107 133,245 Net reportable operating segment - real estate assets 10,630,120 10,814,094 Real estate under development 22,668 24,857 Co-investments 1,122,114 1,127,491 Cash and cash equivalents, including restricted cash 69,114 42,681 Marketable securities 102,131 112,743 Notes and other receivables 150,464 103,045 Operating lease right-of-use assets 65,505 67,239 Prepaid expenses and other assets 83,157 80,755 Total assets $ 12,245,273 $ 12,372,905

Net Income Per Common Share and

Net Income Per Common Share and Net Income Per Common Unit	6 Months Ended
Net Income Per Common Share and Net Income Per Common Unit	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Income Per Common Share and Net Income Per Common Unit	Net Income Per Common Share and Net Income Per Common Unit ($ in thousands, except share and unit data): Essex Property Trust, Inc. Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 99,620 64,182,555 $ 1.55 $ 57,054 65,262,517 $ 0.87 Effect of Dilutive Securities: Stock options — 1,120 — 27,086 Diluted: Net income available to common stockholders $ 99,620 64,183,675 $ 1.55 $ 57,054 65,289,603 $ 0.87 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 253,152 64,319,783 $ 3.94 $ 130,308 65,269,109 $ 2.00 Effect of Dilutive Securities: Stock options — 1,115 — 38,463 Diluted: Net income available to common unitholders $ 253,152 64,320,898 $ 3.94 $ 130,308 65,307,572 $ 2.00 The table above excludes from the calculations of diluted earnings per share weighted average convertible OP Units of 2,260,439 and 2,277,145, which include vested 2014 Long-Term Incentive Plan Units and 2015 Long-Term Incentive Plan Units, for the three months ended June 30, 2023 and 2022, respectively, and 2,263,151 and 2,279,790 for the six months ended June 30, 2023 and 2022, respectively, because they were anti-dilutive. The related income allocated to these convertible OP Units aggregated $3.5 million and $2.0 million for the three months ended June 30, 2023 and 2022, respectively, and $8.9 million and $4.6 million for the six months ended June 30, 2023 and 2022, respectively. Stock options of 505,037 and 230,326 for the three months ended June 30, 2023 and 2022, respectively, and 490,970 and 124,892 for the six months ended June 30, 2023 and 2022, respectively, were excluded from the calculation of diluted earnings per share because the assumed proceeds per share of such options plus the average unearned compensation were greater than the average market price of the common stock for the periods ended and, therefore, were anti-dilutive. Essex Portfolio, L.P. Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 103,126 66,442,994 $ 1.55 $ 59,044 67,539,662 $ 0.87 Effect of Dilutive Securities: Stock options — 1,120 — 27,086 Diluted: Net income available to common unitholders $ 103,126 66,444,114 $ 1.55 $ 59,044 67,566,748 $ 0.87 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 262,062 66,582,934 $ 3.94 $ 134,861 67,548,899 $ 2.00 Effect of Dilutive Securities: Stock options — 1,115 — 38,463 Diluted: Net income available to common unitholders $ 262,062 66,584,049 $ 3.94 $ 134,861 67,587,362 $ 2.00

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
Derivative Instruments and Hedging Activities	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities As of June 30, 2023, the Company had an interest rate swap contract with an aggregate notional amount of $300.0 million that effectively fixed the interest rate on the $300.0 million unsecured term loan at 4.2%. This derivative qualifies for hedge accounting. As of June 30, 2023 and December 31, 2022, the swap contracts were presented in the consolidated balance sheets as an asset of $9.1 million and $5.6 million, respectively, and were included in prepaid expenses and other assets on the consolidated balance sheets. As of June 30, 2023 and December 31, 2022, the Company had no interest rate caps. The Company has four total return swap contracts, with an aggregate notional amount of $223.2 million, that effectively convert $223.2 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 $223.2 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 June 30, 2023 and December 31, 2022. These total return swaps are scheduled to mature between December 2024 and November 2033. The realized gains of $0.8 million and $2.3 million for the three months ended June 30, 2023 and 2022, respectively, and $1.9 million and $4.8 million for the six months ended June 30, 2023 and 2022, respectively, were reported in the condensed consolidated statements of income and comprehensive income as total return swap income.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe Company is subject to various lawsuits in the normal course of its business operations. Such lawsuits have not had a material adverse effect on the Company's financial condition, results of operations or cash flows. While no assurances can be given, the Company does not believe there is any pending or threatened litigation against the Company that, individually or in the aggregate, would reasonably be expected to have a material adverse effect on the Company.In late 2022 and early 2023, a number of purported class actions were filed against RealPage, Inc., a seller of revenue management software, and various lessors of multifamily housing which utilize this software, including the Company. The complaints allege collusion among defendants to artificially increase rents of multifamily residential real estate above competitive levels. The Company believes these lawsuits are without merit and intends to vigorously defend against them. Given their early stage, the Company is unable to predict the outcome or estimate the amount of loss, if any, that may result from such matters. The Company is also subject to various other legal and/or regulatory proceedings arising in the normal course of its business operations. The Company believes that, with respect to such matters that it is currently a party to, the ultimate disposition of any such matter will not result in a material adverse effect on the Company’s financial condition, results of operations or cash flows. To the extent that such a matter arises or is identified in the future that has other than a remote risk of having a material impact on the condensed consolidated financial statements, the Company will disclose the estimated range of possible outcomes associated with it, and, if an outcome is probable, accrue an appropriate liability for that matter. The Company will consider whether any such matter results in an impairment of value on the affected property and, if so, impairment will be recognized.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	6 Months Ended
Organization and Basis of Presentation (Policies)	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements present the accounts of Essex Property Trust, Inc. ("Essex" or the "Company"), which include the accounts of the Company and Essex Portfolio, L.P. and its subsidiaries (the "Operating Partnership," which holds the operating assets of the Company), prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and in accordance with the instructions to Form 10-Q. In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods presented have been included and are normal and recurring in nature. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2022.
Consolidation	All significant intercompany accounts and transactions have been eliminated in the unaudited condensed consolidated financial statements.
Revenues and Gains on Sale of Real Estate	Revenues and Gains on Sale of Real Estate Revenues from tenants renting or leasing apartment homes are recorded when due from tenants and are recognized monthly as they are earned which generally approximates a straight-line basis, else, adjustments are made to conform to a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 9 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. See Note 3, Revenues, for additional information regarding such revenues. The Company also generates other property-related revenue associated with the leasing of apartment homes, including storage income, pet rent, and other miscellaneous revenue. Similar to rental income, such revenues are recorded when due from tenants and recognized monthly as they are earned. Apart from rental and other property-related revenue, revenues from contracts with customers are recognized as control of the promised services is passed to the customer. For customer contracts related to management and other fees from affiliates (which includes asset management and property management), the transaction price and amount of revenue to be recognized is determined each quarter based on the management fee calculated and earned for that month or quarter. The contract will contain a description of the service and the fee percentage for management services. Payments from such services are one month or one quarter in arrears of the service performed. The Company recognizes any gains on sales of real estate when it transfers control of a property and when it is probable that the Company will collect substantially all of the related consideration.
Marketable Securities	Marketable Securities The Company reports its equity securities at fair value, based on quoted market prices (Level 1 for the common stock and investment funds and Level 2 for the unsecured debt, and as defined by the FASB standard for fair value measurements). As of June 30, 2023 and December 31, 2022, $0.1 million and $0.2 million of equity securities presented within common stock, preferred stock, and stock funds in the tables below represent investments measured at fair value, using net asset value as a practical expedient, and are not categorized in the fair value hierarchy. Realized and unrealized gains and losses in equity securities and interest income are included in interest and other income on the condensed consolidated statements of income and comprehensive income.
Variable Interest Entities	Variable Interest Entities In accordance with accounting standards for consolidation of variable interest entities ("VIEs"), the Company consolidated the Operating Partnership, 18 DownREIT entities (comprising nine communities), and six co-investments as of June 30, 2023 and December 31, 2022. The Company consolidates these entities because it is the primary beneficiary. The Company has no assets or liabilities other than its investment in the Operating Partnership. The consolidated total assets and liabilities related to the above consolidated co-investments and DownREIT entities, net of intercompany eliminations, were approximately $948.4 million and $324.7 million, respectively, as of June 30, 2023 and $939.4 million and $324.3 million, respectively, as of December 31, 2022. Noncontrolling interests in these entities was $121.2 million and $121.5 million as of June 30, 2023 and December 31, 2022, respectively. The Company's financial risk in each VIE is limited to its equity investment in the VIE. As of June 30, 2023 and December 31, 2022, the Company did not have any VIEs of which it was not the primary beneficiary.
Equity-based Compensation	Equity-based Compensation The cost of share- and unit-based compensation awards is measured at the grant date based on the estimated fair value of the awards. The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period. The estimated grant date fair values of the long term incentive plan units (discussed in Note 14, "Equity Based Compensation Plans," in the Company’s annual report on Form 10-K for the year ended December 31, 2022) are being amortized over the expected service periods.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Management believes that the carrying amounts of the outstanding balances under its lines of credit, and notes and other receivables approximate fair value as of June 30, 2023 and December 31, 2022, because interest rates, yields, and other terms for these instruments are consistent with interest rates, yields, and other terms currently available for similar instruments. Management has estimated that the fair value of the Company’s fixed rate debt with a carrying value of $5.4 billion and $5.7 billion as of June 30, 2023 and December 31, 2022. respectively, was approximately $4.9 billion and $5.2 billion, respectively. Management has estimated that the fair value of the Company’s $554.6 million and $274.2 million of variable rate debt at June 30, 2023 and December 31, 2022, respectively, was approximately $553.7 million and $273.2 million, respectively, based on the terms of existing mortgage notes payable, unsecured debt, and variable rate demand notes compared to those available in the marketplace. Management believes that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payables, other liabilities, and dividends payable approximate fair value as of June 30, 2023 and December 31, 2022 due to the short-term maturity of these instruments. Marketable securities are carried at fair value as of June 30, 2023 and December 31, 2022.
Capitalization of Costs	Capitalization of Costs The Company’s capitalized internal costs related to development and redevelopment projects were comprised primarily of interest and employee compensation and totaled $4.6 million and $5.8 million during the three months ended June 30, 2023 and 2022, respectively, and $9.4 million and $11.2 million, for the six months ended June 30, 2023 and 2022, respectively. The Company capitalizes leasing commissions associated with the lease-up of development communities and amortizes the costs over the life of the leases. The amounts capitalized for leasing commissions are immaterial for all periods presented.
Co-investments	Co-investments The Company owns investments in joint ventures in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with U.S. GAAP. Therefore, the Company accounts for co-investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company's equity in earnings, less distributions received and the Company's share of losses. The significant accounting policies of the Company’s co-investment entities are consistent with those of the Company in all material respects.
Changes in Accumulated Other Comprehensive Income, Net by Component	Amounts reclassified from accumulated other comprehensive income in connection with derivatives are recorded in interest expense on the condensed consolidated statements of income and comprehensive income.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Highly liquid investments with original maturities of three months or less when purchased are classified as cash equivalents. Restricted cash balances relate primarily to reserve requirements for capital replacement at certain communities in connection with the Company’s mortgage debt.
Accounting Estimates	Accounting Estimates The preparation of condensed consolidated financial statements, in accordance with U.S. GAAP, requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, its notes receivables, and its qualification as a real estate investment trust ("REIT"). The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions.

Organization and Basis of Pre_3

Organization and Basis of Presentation (Tables)	6 Months Ended
Organization and Basis of Presentation (Tables)	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Components of Marketable Securities	As of June 30, 2023 and December 31, 2022, marketable securities consisted of the following ($ in thousands): June 30, 2023 Cost Gross Carrying Value Equity securities: Investment funds - debt securities $ 38,692 $ (5,604) $ 33,088 Common stock, preferred stock, and stock funds 56,325 12,718 69,043 Total - Marketable securities $ 95,017 $ 7,114 $ 102,131 December 31, 2022 Cost Gross Carrying Value Equity securities: Investment funds - debt securities $ 43,155 $ (6,771) $ 36,384 Common stock, preferred stock, and stock funds 78,481 (2,122) 76,359 Total - Marketable securities $ 121,636 $ (8,893) $ 112,743
Schedule of Changes in Accumulated Other Comprehensive Income, Net by Component	Changes in Accumulated Other Comprehensive Income, Net by Component Essex Property Trust, Inc. ($ in thousands): Change in fair Balance at December 31, 2022 $ 46,466 Other comprehensive income before reclassification 4,909 Amounts reclassified from accumulated other comprehensive income 10 Other comprehensive income 4,919 Balance at June 30, 2023 $ 51,385 Essex Portfolio, L.P. ($ in thousands): Change in fair Balance at December 31, 2022 $ 52,010 Other comprehensive income before reclassification 5,082 Amounts reclassified from accumulated other comprehensive income 10 Other comprehensive income 5,092 Balance at June 30, 2023 $ 57,102
Schedule of Changes to the Redemption Value of Noncontrolling Interests	The changes in the redemption value of redeemable noncontrolling interests for the six months ended June 30, 2023 is as follows ($ in thousands): Balance at December 31, 2022 $ 27,150 Reclassification due to change in redemption value and other 4,205 Balance at June 30, 2023 $ 31,355
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): June 30, 2023 December 31, 2022 June 30, 2022 December 31, 2021 Cash and cash equivalents - unrestricted $ 60,949 $ 33,295 $ 37,756 $ 48,420 Cash and cash equivalents - restricted 8,165 9,386 10,707 10,218 Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows $ 69,114 $ 42,681 $ 48,463 $ 58,638
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows ($ in thousands): June 30, 2023 December 31, 2022 June 30, 2022 December 31, 2021 Cash and cash equivalents - unrestricted $ 60,949 $ 33,295 $ 37,756 $ 48,420 Cash and cash equivalents - restricted 8,165 9,386 10,707 10,218 Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows $ 69,114 $ 42,681 $ 48,463 $ 58,638

Revenues (Tables)

Revenues (Tables)	6 Months Ended
Revenues (Tables)	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents the Company’s revenues disaggregated by revenue source ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Rental income $ 407,786 $ 391,778 $ 812,421 $ 765,203 Other property 5,479 5,462 10,500 11,253 Management and other fees from affiliates 2,778 2,738 5,543 5,427 Total revenues $ 416,043 $ 399,978 $ 828,464 $ 781,883 The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Southern California $ 169,857 $ 160,809 $ 336,734 $ 314,147 Northern California 166,415 160,513 330,039 313,258 Seattle Metro 70,216 67,707 140,255 131,910 Other real estate assets (1) 6,777 8,211 15,893 17,141 Total rental and other property revenues $ 413,265 $ 397,240 $ 822,921 $ 776,456 (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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Same-property (1) $ 394,204 $ 378,874 $ 783,099 $ 740,289 Acquisitions (2) 1,332 — 2,353 — Development (3) 5,710 5,371 11,210 9,598 Redevelopment 1,595 1,491 3,132 2,926 Non-residential/other, net (4) 11,099 14,597 23,226 29,620 Straight line rent concession (5) (675) (3,093) (99) (5,977) Total rental and other property revenues $ 413,265 $ 397,240 $ 822,921 $ 776,456 (1) Same-property includes properties that have comparable stabilized results as of January 1, 2022 and are consolidated by the Company for the three and six months ended June 30, 2023 and 2022. A community is considered to have reached stabilized operations once it achieves an initial occupancy of 90%. (2) Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2022. (3) Development includes properties developed which did not have stabilized results as of January 1, 2022. (4) Non-residential/other, net consists of revenues generated from retail space, commercial properties, held for sale properties, disposition properties, student housing, properties undergoing significant construction activities that do not meet our redevelopment criteria, and two communities located in the California counties of Santa Barbara and Santa Cruz, which the Company does not consider its core markets. (5) Represents straight-line concessions for residential operating communities. Same-property revenues reflect concessions on a cash basis. Total rental and other property revenues reflect concessions on a straight-line basis in accordance with U.S. GAAP.

Co-investments (Tables)

Co-investments (Tables)	6 Months Ended
Co-investments (Tables)	Jun. 30, 2023
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
Schedule of Co-Investments	The carrying values of the Company's co-investments as of June 30, 2023 and December 31, 2022 are as follows ($ in thousands, except parenthetical amounts): Weighted Average Company Ownership Percentage (1) June 30, 2023 December 31, 2022 Ownership interest in: Wesco I, Wesco III, Wesco IV, Wesco V, and Wesco VI (2) 54 % $ 169,501 $ 178,552 BEXAEW, BEX II, BEX IV, and 500 Folsom 50 % 233,588 238,537 Other (3) 52 % 68,713 74,742 Total operating and other co-investments, net 471,802 491,831 Total development co-investments 51 % 14,028 12,994 Total preferred interest co-investments (includes related party investments of $79.6 million and $87.1 million as of June 30, 2023 and December 31, 2022, respectively. See Note 6 - Related Party Transactions for further discussion) 588,350 580,134 Total co-investments, net $ 1,074,180 $ 1,084,959 (1) Weighted average Company ownership percentages are as of June 30, 2023. (2) As of June 30, 2023 and December 31, 2022, the Company's investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $45.8 million and $41.7 million, respectively, due to distributions in excess of the Company's investment. (3) As of June 30, 2023 and December 31, 2022, the Company's investments in Expo and Century Towers were classified as a liability of $2.1 million and $0.8 million, respectively, due to distributions received in excess of the Company's investment. The weighted average Company ownership percentage excludes the Company's investments in non-core technology co-investments which are carried at fair value.
Schedule of Financial Information for Co-Investments Accounted For Under the Equity Method	The combined summarized financial information of co-investments is as follows ($ in thousands): June 30, 2023 December 31, 2022 Combined balance sheets: (1) Rental properties and real estate under development $ 5,066,160 $ 4,955,051 Other assets 279,816 294,663 Total assets $ 5,345,976 $ 5,249,714 Debt $ 3,511,734 $ 3,397,113 Other liabilities 294,947 264,872 Equity 1,539,295 1,587,729 Total liabilities and equity $ 5,345,976 $ 5,249,714 Company's share of equity $ 1,074,180 $ 1,084,959 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Combined statements of income: (1) Property revenues $ 99,954 $ 93,576 $ 200,547 $ 178,176 Property operating expenses (36,868) (29,509) (78,946) (65,302) Net operating income 63,086 64,067 121,601 112,874 Interest expense (37,314) (21,779) (69,998) (40,081) General and administrative (8,556) (6,392) (11,536) (10,359) Depreciation and amortization (42,917) (39,381) (84,305) (78,188) Net loss $ (25,701) $ (3,485) $ (44,238) $ (15,754) Company's share of net income (2) $ 12,237 $ (8,400) $ 23,108 $ 12,771 (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 $1.9 million and $1.8 million for the three months ended June 30, 2023 and 2022, respectively, and $3.9 million and $3.6 million for the six months ended June 30, 2023 and 2022, respectively.

Notes and Other Receivables (Ta

Notes and Other Receivables (Tables)	6 Months Ended
Notes and Other Receivables (Tables)	Jun. 30, 2023
Receivables [Abstract]
Schedule of Notes and Other Receivables	Notes and other receivables consist of the following as of June 30, 2023 and December 31, 2022 ($ in thousands): June 30, 2023 December 31, 2022 Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020) $ 35,500 $ 33,477 Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021) 34,520 21,452 Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022) 11,021 10,350 Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022) 32,332 — Notes and other receivables from affiliates (1) 6,053 6,975 Straight line rent receivables (2) 11,975 12,164 Other receivables 19,648 18,961 Allowance for credit losses (585) (334) Total notes and other receivables $ 150,464 $ 103,045 (1) These amounts consist of short-term loans outstanding and due from various joint ventures as of June 30, 2023 and December 31, 2022, respectively. See Note 6, Related Party Transactions, for additional details. (2) These amounts are receivables from lease concessions recorded on a straight-line basis for the Company's operating properties.
Schedule of Allowance for Credit Loss	The following table presents the activity in the allowance for credit losses for notes receivable, secured ($ in thousands): Notes Receivable, Secured Balance at December 31, 2022 $ 334 Provision for credit losses 251 Balance at June 30, 2023 $ 585

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt and Lines of Credit	Debt consists of the following ($ in thousands): June 30, 2023 December 31, 2022 Weighted Average Term loan - variable rate, net (1) $ 298,359 $ (1,611) 4.3 Bonds public offering - fixed rate, net 5,016,977 5,313,779 7.6 Unsecured debt, net (2) 5,315,336 5,312,168 Lines of credit (3) 34,429 52,073 Mortgage notes payable, net (4) 592,143 593,943 7.5 Total debt, net $ 5,941,908 $ 5,958,184 Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering 3.3 % 3.3 % Weighted average interest rate on variable rate term loan (1) 4.2 % — % Weighted average interest rate on lines of credit 5.9 % 4.4 % Weighted average interest rate on mortgage notes payable 3.8 % 3.5 % (1) In October 2022, the Operating Partnership obtained a $300.0 million unsecured term loan priced at Adjusted SOFR plus 0.85% and matures in October 2024 with three 12-month extension options, exercisable at the Company's option. This loan has been swapped to an all-in fixed rate of 4.2% and the swap has a termination date of October 2026. In April 2023, the Company has drawn on the $300.0 million unsecured term loan and in May 2023 used the proceeds to repay the Company's $300.0 million unsecured notes due in May 2023. The unsecured term loan includes unamortized debt issuance costs of $1.6 million as of both June 30, 2023 and December 31, 2022, respectively. (2) Unsecured debt, net, consists of fixed rate public bond offerings and variable rate term loan which includes unamortized discount, net of premiums, of $7.0 million and $7.9 million and unamortized debt issuance costs of $27.7 million and $29.9 million, as of June 30, 2023 and December 31, 2022, respectively. (3) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion as of June 30, 2023, excludes unamortized debt issuance costs of $4.5 million and $5.1 million as of June 30, 2023 and December 31, 2022, respectively. These debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets. As of June 30, 2023, the Company’s $1.2 billion credit facility had an interest rate at the Adjusted Secured Overnight Financing Rate ("Adjusted SOFR") plus 0.75%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity date of January 2027 with two six-month extensions, exercisable at the Company’s option. As of June 30, 2023, the Company’s $35.0 million working capital unsecured line of credit had an interest rate of Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity date of July 2024. (4) Includes total unamortized premium, net of discounts of $0.9 million and $1.2 million, reduced by unamortized debt issuance costs of $2.0 million as of each of June 30, 2023 and December 31, 2022.
Schedule of Aggregate Scheduled Principal Payments	The aggregate scheduled principal payments of the Company’s outstanding debt, excluding lines of credit, as of June 30, 2023 are as follows ($ in thousands): 2023 (1) $ 1,492 2024 403,109 2025 633,054 2026 549,405 2027 803,955 Thereafter 3,552,269 Total $ 5,943,284

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
Segment Information (Tables)	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of 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 six months ended June 30, 2023 and 2022 ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues: Southern California $ 169,857 $ 160,809 $ 336,734 $ 314,147 Northern California 166,415 160,513 330,039 313,258 Seattle Metro 70,216 67,707 140,255 131,910 Other real estate assets 6,777 8,211 15,893 17,141 Total property revenues $ 413,265 $ 397,240 $ 822,921 $ 776,456 Net operating income: Southern California $ 121,923 $ 115,176 $ 238,865 $ 222,978 Northern California 116,184 113,095 230,635 218,235 Seattle Metro 50,388 49,268 100,283 92,564 Other real estate assets 5,546 6,181 13,502 13,059 Total net operating income 294,041 283,720 583,285 546,836 Management and other fees from affiliates 2,778 2,738 5,543 5,427 Corporate-level property management expenses (11,451) (10,176) (22,883) (20,348) Depreciation and amortization (136,718) (134,517) (273,065) (268,050) General and administrative (13,813) (13,127) (29,124) (25,369) Expensed acquisition and investment related costs (5) (10) (344) (18) Casualty loss — — (433) — Gain on sale of real estate and land — — 59,238 — Interest expense (52,600) (50,477) (103,645) (100,854) Total return swap income 821 2,283 1,854 4,827 Interest and other income (loss) 12,199 (17,208) 24,649 (24,775) Equity income (loss) from co-investments 12,237 (8,400) 23,108 12,771 Deferred tax (expense) benefit on unconsolidated co-investments (1,733) 6,864 (833) 9,618 Net income $ 105,756 $ 61,690 $ 267,350 $ 140,065
Schedule of Reconciliation of Assets from Segment to Consolidated	Total assets for each of the reportable operating segments are summarized as follows as of June 30, 2023 and December 31, 2022 ($ in thousands): June 30, 2023 December 31, 2022 Assets: Southern California $ 3,855,167 $ 3,892,003 Northern California 5,324,254 5,414,467 Seattle Metro 1,354,592 1,374,379 Other real estate assets 96,107 133,245 Net reportable operating segment - real estate assets 10,630,120 10,814,094 Real estate under development 22,668 24,857 Co-investments 1,122,114 1,127,491 Cash and cash equivalents, including restricted cash 69,114 42,681 Marketable securities 102,131 112,743 Notes and other receivables 150,464 103,045 Operating lease right-of-use assets 65,505 67,239 Prepaid expenses and other assets 83,157 80,755 Total assets $ 12,245,273 $ 12,372,905

Net Income Per Common Share a_2

Net Income Per Common Share and Net Income Per Common Unit (Tables)	6 Months Ended
	Jun. 30, 2023
Net Income Per Share and Net Income Per Unit [Line Items]
Schedule of Net Income Per Common Share	Essex Property Trust, Inc. Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 99,620 64,182,555 $ 1.55 $ 57,054 65,262,517 $ 0.87 Effect of Dilutive Securities: Stock options — 1,120 — 27,086 Diluted: Net income available to common stockholders $ 99,620 64,183,675 $ 1.55 $ 57,054 65,289,603 $ 0.87 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 253,152 64,319,783 $ 3.94 $ 130,308 65,269,109 $ 2.00 Effect of Dilutive Securities: Stock options — 1,115 — 38,463 Diluted: Net income available to common unitholders $ 253,152 64,320,898 $ 3.94 $ 130,308 65,307,572 $ 2.00
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 June 30, 2023 Three Months Ended June 30, 2022 Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 103,126 66,442,994 $ 1.55 $ 59,044 67,539,662 $ 0.87 Effect of Dilutive Securities: Stock options — 1,120 — 27,086 Diluted: Net income available to common unitholders $ 103,126 66,444,114 $ 1.55 $ 59,044 67,566,748 $ 0.87 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 262,062 66,582,934 $ 3.94 $ 134,861 67,548,899 $ 2.00 Effect of Dilutive Securities: Stock options — 1,115 — 38,463 Diluted: Net income available to common unitholders $ 262,062 66,584,049 $ 3.94 $ 134,861 67,587,362 $ 2.00

Organization and Basis of Pre_4

Organization and Basis of Presentation - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) apartment partnership community project investment building shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) apartment partnership community project investment building shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) community partnership investment shares
Real Estate Properties [Line Items]
Apartment communities owned (in communities) \| community	252		252
Apartment units owned (in apartments) \| apartment	61,997		61,997
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
Marketable securities	$ 100		$ 100		$ 200
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	$ 948,400		$ 948,400		$ 939,400
Liabilities related to variable interest entities net of intercompany eliminations	324,700		324,700		324,300
Noncontrolling interest in variable interest entity	121,200		121,200		121,500
Fixed rate debt carrying amount	5,400,000		5,400,000		5,700,000
Fixed rate debt fair value	4,900,000		4,900,000		5,200,000
Variable rate debt, carrying amount	554,600		554,600		274,200
Variable rate debt fair value	553,700		553,700		273,200
Capitalized internal costs related to development and redevelopment projects	4,600	$ 5,800	9,400	$ 11,200
Redeemable noncontrolling interest	$ 31,355		$ 31,355		$ 27,150
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	$ 4,600	$ (14,700)	$ 6,000	$ (18,600)
Essex Portfolio, L.P.
Real Estate Properties [Line Items]
Operating partnership units outstanding (in shares) \| shares	2,260,112		2,260,112		2,272,496
Redemption value of operating partnership units outstanding	$ 529,500		$ 529,500		$ 481,600
Redeemable noncontrolling interest	$ 31,355		$ 31,355		$ 27,150
Partnership Interest
Real Estate Properties [Line Items]
Ownership interest in partnership			96.60%		96.60%

Organization and Basis of Pre_5

Organization and Basis of Presentation - Schedule of Financial Securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Equity securities:
Carrying Value	$ 102,131	$ 112,743
Marketable Securities
Equity securities:
Cost	95,017	121,636
Gross Unrealized Gain (Loss)	7,114	(8,893)
Carrying Value	102,131	112,743
Investment funds - debt securities
Equity securities:
Cost	38,692	43,155
Gross Unrealized Gain (Loss)	(5,604)	(6,771)
Carrying Value	33,088	36,384
Common stock, preferred stock, and stock funds
Equity securities:
Cost	56,325	78,481
Gross Unrealized Gain (Loss)	12,718	(2,122)
Carrying Value	$ 69,043	$ 76,359

Organization and Basis of Pre_6

Organization and Basis of Presentation - Accumulated Other Comprehensive Income (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at period beginning	$ 5,895,116
Balance at period end	5,762,005
Accumulated Other Comprehensive Loss, Net
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at period beginning	46,466
Balance at period end	51,385
Change in fair value and amortization of swap settlements
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at period beginning	46,466
Other comprehensive income before reclassification	4,909
Amounts reclassified from accumulated other comprehensive income	10
Other comprehensive income	4,919
Balance at period end	51,385
Essex Portfolio, L.P. \| Change in fair value and amortization of swap settlements
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at period beginning	52,010
Other comprehensive income before reclassification	5,082
Amounts reclassified from accumulated other comprehensive income	10
Other comprehensive income	5,092
Balance at period end	$ 57,102

Organization and Basis of Pre_7

Organization and Basis of Presentation - Redeemable Noncontrolling Interest (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 27,150
Reclassification due to change in redemption value and other	4,205
Ending balance	$ 31,355

Organization and Basis of Pre_8

Organization and Basis of Presentation - Cash, Cash Equivalents and Restricted Cash And Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents-unrestricted	$ 60,949	$ 33,295	$ 37,756	$ 48,420
Cash and cash equivalents-restricted	8,165	9,386	10,707	10,218
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows	$ 69,114	$ 42,681	$ 48,463	$ 58,638

Significant Transactions Duri_2

Significant Transactions During the Six Months Ended June 30, 2023 and Subsequent Events (Details) $ / shares in Units, $ in Millions	1 Months Ended					3 Months Ended	6 Months Ended
	Jul. 28, 2023 USD ($)	Jun. 30, 2023 USD ($)	May 31, 2023 USD ($)	Apr. 30, 2023 USD ($) apartment	Mar. 31, 2023 USD ($) apartment	May 31, 2024 USD ($)	Jun. 30, 2023 USD ($) $ / shares shares
Other Commitments [Line Items]
Treasury stock acquired, average cost per share (in dollars per share) \| $ / shares							$ 218.88
Secured Debt \| Subsequent Event
Other Commitments [Line Items]
Secured loans	$ 298
Fixed interest rate term	10 years
Interest rate	5.08%
Unsecured debt
Other Commitments [Line Items]
Secured loans		$ 300					$ 300
Repayments of unsecured debt			$ 300
Unsecured debt \| Forecast
Other Commitments [Line Items]
Repayments of unsecured debt						$ 400
Preferred Equity Investment Property In Northern California
Other Commitments [Line Items]
Proceeds from dispositions of co-investments				$ 11.2
Preferred Equity Investment Property in Southern California
Other Commitments [Line Items]
Proceeds from dispositions of co-investments		14.7
Early redemption fee		0.3
Stock Repurchase Plan
Other Commitments [Line Items]
Shares repurchased and retired during period (in shares) \| shares							437,026
Shares repurchased and retired during period, value							$ 95.7
Purchase authority remaining under stock repurchase plan		302.7					302.7
Stock repurchase plan amount		$ 500					$ 500
Hacienda at Camarillo Oaks
Other Commitments [Line Items]
Number of units acquired \| apartment				73
Payments to acquire real estate				$ 23.1
CBC and The Sweeps
Other Commitments [Line Items]
Number of units acquired \| apartment					239
Payments to acquire real estate					$ 91.7
Gain on sale of properties					$ 54.5

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) community	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) community	Jun. 30, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Rental and other property	$ 413,265	$ 397,240	$ 822,921	$ 776,456
Management and other fees from affiliates	2,778	2,738	5,543	5,427
Revenues	$ 416,043	399,978	$ 828,464	781,883
Apartment communities owned (in communities) \| community	252		252
Rental income
Disaggregation of Revenue [Line Items]
Rental and other property	$ 407,786	391,778	$ 812,421	765,203
Other property
Disaggregation of Revenue [Line Items]
Rental and other property	5,479	5,462	10,500	11,253
Rental and other property revenues
Disaggregation of Revenue [Line Items]
Rental and other property	413,265	397,240	822,921	776,456
Rental and other property revenues \| Same-property
Disaggregation of Revenue [Line Items]
Rental and other property	$ 394,204	378,874	$ 783,099	740,289
Occupancy threshold for classification as stabilized	90%		90%
Rental and other property revenues \| Acquisitions
Disaggregation of Revenue [Line Items]
Rental and other property	$ 1,332	0	$ 2,353	0
Rental and other property revenues \| Development
Disaggregation of Revenue [Line Items]
Rental and other property	5,710	5,371	11,210	9,598
Rental and other property revenues \| Redevelopment
Disaggregation of Revenue [Line Items]
Rental and other property	1,595	1,491	3,132	2,926
Rental and other property revenues \| Non-residential/other, net
Disaggregation of Revenue [Line Items]
Rental and other property	$ 11,099	14,597	$ 23,226	29,620
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	$ (675)	(3,093)	$ (99)	(5,977)
Rental and other property revenues \| Operating Segments \| Southern California
Disaggregation of Revenue [Line Items]
Rental and other property	169,857	160,809	336,734	314,147
Rental and other property revenues \| Operating Segments \| Northern California
Disaggregation of Revenue [Line Items]
Rental and other property	166,415	160,513	330,039	313,258
Rental and other property revenues \| Operating Segments \| Seattle Metro
Disaggregation of Revenue [Line Items]
Rental and other property	70,216	67,707	140,255	131,910
Rental and other property revenues \| Other real estate assets
Disaggregation of Revenue [Line Items]
Rental and other property	$ 6,777	$ 8,211	$ 15,893	$ 17,141

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 1.3	$ 1.7
Deferred revenue, revenue recognized	0.4
Deferred revenue balance from contracts with remaining performance obligations	$ 1.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligations due per period	25%
Expected timing of performance obligation satisfaction, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligations due per period	60%
Expected timing of performance obligation satisfaction, period	2 years

Co-investments - Narrative (Det

Co-investments - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($) investment	Dec. 31, 2022 USD ($) investment
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
Number of technology co-investments \| investment	6	6
Co-investment	$ 37.3	$ 39.4
Co-investment, committed capital	$ 86	$ 87

Co-investments - Schedule of In

Co-investments - Schedule of Investments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Co-investments	$ 1,074,180	$ 1,084,959
Distributions in excess of investments in co-investments	47,934	42,532
Total operating and other co-investments, net
Schedule of Equity Method Investments [Line Items]
Co-investments	$ 471,802	491,831
Wesco I, Wesco III, Wesco IV, Wesco V, and Wesco VI
Schedule of Equity Method Investments [Line Items]
Weighted average company ownership percentage	54%
Co-investments	$ 169,501	178,552
BEXAEW, BEX II, BEX IV, and 500 Folsom
Schedule of Equity Method Investments [Line Items]
Weighted average company ownership percentage	50%
Co-investments	$ 233,588	238,537
Other
Schedule of Equity Method Investments [Line Items]
Weighted average company ownership percentage	52%
Co-investments	$ 68,713	74,742
Distributions in excess of investments in co-investments	$ 2,100	800
Total development co-investments
Schedule of Equity Method Investments [Line Items]
Weighted average company ownership percentage	51%
Co-investments	$ 14,028	12,994
Total preferred interest co-investments
Schedule of Equity Method Investments [Line Items]
Co-investments	588,350	580,134
Total preferred interest co-investments \| Investments in Majority-owned Subsidiaries
Schedule of Equity Method Investments [Line Items]
Co-investments	79,600	87,100
Wesco I, Wesco III, and Wesco IV
Schedule of Equity Method Investments [Line Items]
Distributions in excess of investments in co-investments	$ 45,800	$ 41,700

Co-investments - Combined Finan

Co-investments - Combined Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Rental properties and real estate under development	$ 22,668		$ 22,668			$ 24,857
Total assets	12,245,273		12,245,273			12,372,905
Debt	6,451,913		6,451,913			6,450,639
Other liabilities	44,440		44,440			43,441
Equity	5,762,005	$ 6,006,585	5,762,005	$ 6,006,585	$ 5,796,857	5,895,116	$ 6,138,207	$ 6,176,508
Total liabilities and equity	12,245,273		12,245,273			12,372,905
Equity Method Investment, Summarized Financial Information [Abstract]
Property revenues	416,043	399,978	828,464	781,883
Interest expense	(52,600)	(50,477)	(103,645)	(100,854)
General and administrative	(13,813)	(13,127)	(29,124)	(25,369)
Net income	105,756	61,690	267,350	140,065
Affiliated Entity \| Total co-investment
Equity Method Investment, Summarized Financial Information [Abstract]
Company's share of net income	1,900	1,800	3,900	3,600
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Rental properties and real estate under development	5,066,160		5,066,160			4,955,051
Other assets	279,816		279,816			294,663
Total assets	5,345,976		5,345,976			5,249,714
Debt	3,511,734		3,511,734			3,397,113
Other liabilities	294,947		294,947			264,872
Equity	1,539,295		1,539,295			1,587,729
Total liabilities and equity	5,345,976		5,345,976			5,249,714
Company's share of equity	1,074,180		1,074,180			$ 1,084,959
Equity Method Investment, Summarized Financial Information [Abstract]
Property revenues	99,954	93,576	200,547	178,176
Property operating expenses	(36,868)	(29,509)	(78,946)	(65,302)
Net operating income	63,086	64,067	121,601	112,874
Interest expense	(37,314)	(21,779)	(69,998)	(40,081)
General and administrative	(8,556)	(6,392)	(11,536)	(10,359)
Depreciation and amortization	(42,917)	(39,381)	(84,305)	(78,188)
Net income	(25,701)	(3,485)	(44,238)	(15,754)
Company's share of net income	$ 12,237	$ (8,400)	$ 23,108	$ 12,771

Notes and Other Receivables (De

Notes and Other Receivables (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (585)	$ (334)
Total notes and other receivables	150,464	103,045
Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	$ 35,500	33,477
Stated interest rate	11.50%
Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	$ 34,520	21,452
Stated interest rate	11%
Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	$ 11,021	10,350
Stated interest rate	12%
Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	$ 32,332	0
Stated interest rate	11.25%
Notes and other receivables from affiliates
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	$ 6,053	6,975
Allowance for credit losses	(585)	(334)
Straight line rent receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	11,975	12,164
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	$ 19,648	$ 18,961

Notes and Other Receivables - A

Notes and Other Receivables - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 334
Provision for credit losses	(34)	$ (63)
Ending balance	585
Notes Receivable, Secured
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	334
Provision for credit losses	251
Ending balance	$ 585

Related Party Transactions (Det

Related Party Transactions (Details)

1 Months Ended

3 Months Ended

6 Months Ended

Apr. 30, 2023 USD ($)

Aug. 31, 2022 USD ($) community

Jan. 31, 2022 USD ($)

Nov. 30, 2021 USD ($)

Oct. 31, 2021 USD ($)

Sep. 30, 2021 USD ($)

Jun. 30, 2019 USD ($) apartment

Feb. 28, 2019 USD ($)

Oct. 31, 2018 USD ($) apartment

May 31, 2018 USD ($) apartment

Mar. 31, 2017 USD ($) unit

Jun. 30, 2023 USD ($)

Jun. 30, 2022 USD ($)

Jun. 30, 2023 USD ($)

Jun. 30, 2022 USD ($)

Dec. 31, 2022 USD ($)

Feb. 28, 2022 USD ($)

Related Party Transaction [Line Items]

Payments to acquire preferred equity investments

$ 15,571,000

$ 96,187,000

Co-investments

$ 1,122,114,000

1,122,114,000

$ 1,127,491,000

Notes and other receivables

150,464,000

103,045,000

Apartment home community development development in Burlingame, CA

Related Party Transaction [Line Items]

Commitment funded amount

$ 11,200,000

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

Related Party

Related Party Transaction [Line Items]

Notes receivable

$ 11,200,000

Number of communities owned | community

Asset acquisition, yield percentage

9.50%

Related Party | Management and Other Fees From Affiliates

Related Party Transaction [Line Items]

Related party transaction, amounts of transaction

3,200,000

$ 3,500,000

6,400,000

6,600,000

Related Party | Revenues from Development and Redevelopment Fees

Related Party Transaction [Line Items]

Related party transaction, amounts of transaction

500,000

700,000

$ 1,000,000

1,100,000

Related Party | 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%

Related Party | 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

11%

12%

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

Related Party Transaction [Line Items]

Notes receivable

$ 32,800,000

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

Related Party Transaction [Line Items]

Proceeds from redemption of notes receivable

$ 121,300,000

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

Related Party Transaction [Line Items]

Notes receivable

$ 61,900,000

Asset acquisition, yield percentage

2.36%

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

Related Party Transaction [Line Items]

Notes receivable

$ 30,300,000

Asset acquisition, yield percentage

2.30%

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

Related Party Transaction [Line Items]

Notes receivable

$ 29,200,000

Asset acquisition, yield percentage

2.15%

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

Related Party Transaction [Line Items]

Notes receivable

$ 100,700,000

Asset acquisition, yield percentage

2.64%

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

Related Party Transaction [Line Items]

Notes receivable

$ 48,400,000

Asset acquisition, yield percentage

2.36%

Related Party | Marcus & Millichap Company (MMC)

Related Party Transaction [Line Items]

Brokerage commissions

$ 0

Related Party | 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

Related Party | 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%

Commitment funded amount

$ 13,000,000

Commitment to fund preferred equity investment

$ 26,500,000

Affiliated Entity

Related Party Transaction [Line Items]

Notes and other receivables

$ 6,100,000

$ 7,000,000

Debt - Debt Summary (Details)

Debt - Debt Summary (Details) - USD ($) $ in Thousands	6 Months Ended
Debt - Debt Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unsecured debt, net	$ 5,315,336	$ 5,312,168
Lines of credit	34,429	52,073
Mortgage notes payable, net	592,143	593,943
Total debt	5,941,908	5,958,184
Unsecured debt
Debt Instrument [Line Items]
Unsecured debt, net	$ 5,315,336	$ 5,312,168
Term loan - variable rate
Debt Instrument [Line Items]
Weighted average interest rate	4.20%	0%
Term loan - variable rate \| Unsecured debt
Debt Instrument [Line Items]
Term loan - variable rate	$ 298,359	$ (1,611)
Weighted average maturity	4 years 3 months 18 days
Bonds public offering - fixed rate, net \| Unsecured debt
Debt Instrument [Line Items]
Unsecured debt, net	$ 5,016,977	5,313,779
Weighted average maturity	7 years 7 months 6 days
Lines of credit
Debt Instrument [Line Items]
Lines of credit	$ 34,429	$ 52,073
Weighted average interest rate	5.90%	4.40%
Mortgage notes payable, net
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 592,143	$ 593,943
Weighted average interest rate	3.80%	3.50%
Weighted average maturity	7 years 6 months
Fixed rate public offering bond
Debt Instrument [Line Items]
Weighted average interest rate	3.30%	3.30%

Debt - Debt Summary Footnotes (

Debt - Debt Summary Footnotes (Details)	1 Months Ended			6 Months Ended
Debt - Debt Summary Footnotes (Details)	May 31, 2023 USD ($)	Apr. 30, 2023 USD ($)	Oct. 31, 2022 USD ($) extension	Jun. 30, 2023 USD ($) extension instrument	Dec. 31, 2022 USD ($)
Term loan - variable rate \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument face amount			$ 300,000,000
Interest rate			4.20%
Number of extension options (in extensions) \| extension			3
Term extension period			12 months
Unamortized debt issuance expense				$ 1,600,000	$ 1,600,000
Term loan - variable rate \| Adjusted SOFR \| Unsecured debt
Debt Instrument [Line Items]
Basis spread on variable rate			0.85%
Unsecured debt
Debt Instrument [Line Items]
Debt instrument face amount				300,000,000
Proceeds from issuance of unsecured debt	$ 300,000,000	$ 300,000,000
Repayments of unsecured debt	$ 300,000,000
Unamortized debt issuance expense				27,700,000	29,900,000
Unamortized discount (premium), net				$ (7,000,000)	(7,900,000)
Lines of credit
Debt Instrument [Line Items]
Number of extension options (in extensions) \| extension				2
Unamortized debt issuance expense				$ 4,500,000	5,100,000
Number of lines of unsecured credit (in instruments) \| instrument				2
Aggregate borrowing capacity				$ 1,240,000,000
Extension period				6 months
Lines of credit \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate				0.75%
Lines of credit \| Working capital line of credit
Debt Instrument [Line Items]
Aggregate borrowing capacity				$ 35,000,000
Lines of credit \| Working capital line of credit \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate				0.75%
Mortgage notes payable, net
Debt Instrument [Line Items]
Unamortized debt issuance expense				$ 2,000,000	2,000,000
Unamortized discount (premium), net				$ 900,000	$ 1,200,000

Debt - Future Principal Payment

Debt - Future Principal Payments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
Remaining in 2023	$ 1,492
2024	403,109
2025	633,054
2026	549,405
2027	803,955
Thereafter	3,552,269
Total	$ 5,943,284

Debt - Future Principal Payme_2

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

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of reportable segments \| segment			3
Number of operating segments \| segment			3
Net operating income	$ 294,041	$ 283,720	$ 583,285	$ 546,836
Management and other fees from affiliates	2,778	2,738	5,543	5,427
Corporate-level property management expenses	(11,451)	(10,176)	(22,883)	(20,348)
Depreciation and amortization	(136,718)	(134,517)	(273,065)	(268,050)
General and administrative	(13,813)	(13,127)	(29,124)	(25,369)
Expensed acquisition and investment related costs	(5)	(10)	(344)	(18)
Casualty loss	0	0	(433)	0
Gain on sale of real estate and land	0	0	59,238	0
Interest expense	(52,600)	(50,477)	(103,645)	(100,854)
Total return swap income	821	2,283	1,854	4,827
Interest and other income (loss)	12,199	(17,208)	24,649	(24,775)
Equity income (loss) from co-investments	12,237	(8,400)	23,108	12,771
Deferred tax (expense) benefit on unconsolidated co-investments	(1,733)	6,864	(833)	9,618
Net income	105,756	61,690	267,350	140,065
Net reportable operating segment - real estate assets	10,630,120		10,630,120		$ 10,814,094
Real estate under development	22,668		22,668		24,857
Co-investments	1,122,114		1,122,114		1,127,491
Cash and cash equivalents, including restricted cash	69,114	48,463	69,114	48,463	42,681	$ 58,638
Marketable securities	102,131		102,131		112,743
Notes and other receivables	150,464		150,464		103,045
Operating lease right-of-use assets	65,505		65,505		67,239
Prepaid expenses and other assets	83,157		83,157		80,755
Total assets	12,245,273		12,245,273		12,372,905
Rental and Other Property Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	413,265	397,240	822,921	776,456
Management and other fees from affiliates
Revenues from External Customers and Long-Lived Assets [Line Items]
Management and other fees from affiliates	2,778	2,738	5,543	5,427
Operating Segments \| Southern California
Revenues from External Customers and Long-Lived Assets [Line Items]
Net operating income	121,923	115,176	238,865	222,978
Net reportable operating segment - real estate assets	3,855,167		3,855,167		3,892,003
Operating Segments \| Southern California \| Rental and Other Property Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	169,857	160,809	336,734	314,147
Operating Segments \| Northern California
Revenues from External Customers and Long-Lived Assets [Line Items]
Net operating income	116,184	113,095	230,635	218,235
Net reportable operating segment - real estate assets	5,324,254		5,324,254		5,414,467
Operating Segments \| Northern California \| Rental and Other Property Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	166,415	160,513	330,039	313,258
Operating Segments \| Seattle Metro
Revenues from External Customers and Long-Lived Assets [Line Items]
Net operating income	50,388	49,268	100,283	92,564
Net reportable operating segment - real estate assets	1,354,592		1,354,592		1,374,379
Operating Segments \| Seattle Metro \| Rental and Other Property Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	70,216	67,707	140,255	131,910
Other real estate assets
Revenues from External Customers and Long-Lived Assets [Line Items]
Net operating income	5,546	6,181	13,502	13,059
Net reportable operating segment - real estate assets	96,107		96,107		$ 133,245
Other real estate assets \| Rental and Other Property Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 6,777	$ 8,211	$ 15,893	$ 17,141

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic:
Net income available to common stockholders	$ 99,620	$ 57,054	$ 253,152	$ 130,308
Weighted average common shares/units (in shares)	64,182,555	65,262,517	64,319,783	65,269,109
Net income available to common stockholders/unitholders (in dollars per share)	$ 1.55	$ 0.87	$ 3.94	$ 2
Diluted:
Net income available to common stockholders/unitholders	$ 99,620	$ 57,054	$ 253,152	$ 130,308
Income from continuing operations available to common stockholders (in shares)	64,183,675	65,289,603	64,320,898	65,307,572
Net income available to common stockholders/unitholders (in dollars per share)	$ 1.55	$ 0.87	$ 3.94	$ 2
Essex Portfolio, L.P.
Basic:
Net income available to common stockholders	$ 103,126	$ 59,044	$ 262,062	$ 134,861
Weighted average common shares/units (in shares)	66,442,994	67,539,662	66,582,934	67,548,899
Net income available to common stockholders/unitholders (in dollars per share)	$ 1.55	$ 0.87	$ 3.94	$ 2
Diluted:
Net income available to common stockholders/unitholders	$ 103,126	$ 59,044	$ 262,062	$ 134,861
Income from continuing operations available to common stockholders (in shares)	66,444,114	67,566,748	66,584,049	67,587,362
Net income available to common stockholders/unitholders (in dollars per share)	$ 1.55	$ 0.87	$ 3.94	$ 2
Stock options
Basic:
Income effect of dilutive securities	$ 0	$ 0	$ 0	$ 0
Effect of dilutive securities (in shares)	1,120	27,086	1,115	38,463
Diluted:
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	505,037		490,970	124,892
Stock options \| Essex Portfolio, L.P.
Basic:
Income effect of dilutive securities	$ 0	$ 0	$ 0	$ 0
Effect of dilutive securities (in shares)	1,120	27,086	1,115	38,463
Diluted:
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	505,037	230,326	490,970	124,892
Convertible units
Diluted:
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,260,439	2,277,145	2,263,151	2,279,790
Income allocated to convertible OP Units	$ 3,500	$ 2,000	$ 8,900	$ 4,600

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Details)	3 Months Ended		6 Months Ended
Derivative Instruments and Hedging Activities (Details)	Jun. 30, 2023 USD ($) instrument	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) instrument	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Total return swap income	$ 821,000	$ 2,283,000	$ 1,854,000	$ 4,827,000
Unsecured debt
Derivative [Line Items]
Debt instrument face amount	300,000,000		300,000,000
Multifamily Housing Mortgage Revenue Bonds
Derivative [Line Items]
Bond subject to interest rate caps	$ 223,200,000		$ 223,200,000
Interest Rate Swap \| Unsecured debt
Derivative [Line Items]
Interest rate	4.20%		4.20%
Total Return Swap, Callable
Derivative [Line Items]
Total return swap income	$ 800,000	$ 2,300,000	$ 1,900,000	$ 4,800,000
Designated as Hedging Instrument \| Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount	300,000,000		300,000,000
Derivative asset	9,100,000		9,100,000		$ 5,600,000
Not Designated as Hedging Instrument \| Total Return Swap, Callable
Derivative [Line Items]
Derivative, notional amount	223,200,000		223,200,000
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