Essex Property Trust (ESS) 10-Q31 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 29, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		64,217,898
Entity Central Index Key	0000920522
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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, 2024	Dec. 31, 2023
Rental properties:
Land and land improvements	$ 3,167,721	$ 3,036,912
Buildings and improvements	13,701,217	13,098,311
Total rental properties	16,868,938	16,135,223
Less: accumulated depreciation	(5,946,440)	(5,664,931)
Net real estate	10,922,498	10,470,292
Real estate under development	24,515	23,724
Co-investments	1,041,328	1,061,733
Total real estate	11,988,341	11,555,749
Cash and cash equivalents-unrestricted	55,223	391,749
Cash and cash equivalents-restricted	8,928	8,585
Marketable securities, net of allowance for credit losses of zero as of both June 30, 2024 and December 31, 2023	84,291	87,795
Notes and other receivables, net of allowance for credit losses of $0.7 million as of both June 30, 2024 and December 31, 2023, respectively (includes related party receivables of $59.2 million and $6.1 million as of June 30, 2024 and December 31, 2023, respectively)	233,776	174,621
Operating lease right-of-use assets	53,373	63,757
Prepaid expenses and other assets	85,528	79,171
Total assets	12,509,460	12,361,427
LIABILITIES AND EQUITY
Unsecured debt, net	5,267,902	5,318,531
Mortgage notes payable, net	885,563	887,204
Lines of credit	129,391	0
Accounts payable and accrued liabilities	183,764	176,401
Construction payable	17,060	20,659
Dividends payable	165,232	155,695
Distributions in excess of investments in co-investments	68,295	65,488
Operating lease liabilities	54,513	65,091
Other liabilities	49,351	46,175
Total liabilities	6,821,071	6,735,244
Commitments and contingencies
Redeemable noncontrolling interest	33,889	32,205
Equity:
Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,210,493 and 64,203,497 shares issued and outstanding, respectively	6	6
Additional paid-in capital	6,659,313	6,656,720
Distributions in excess of accumulated earnings	(1,216,557)	(1,267,536)
Accumulated other comprehensive income, net	38,877	33,556
Total stockholders' equity	5,481,639	5,422,746
Noncontrolling interest	172,861	171,232
Total equity	5,654,500	5,593,978
Total liabilities and equity	$ 12,509,460	$ 12,361,427

EPT - Condensed Consolidated _2

EPT - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Marketable securities, allowance for credit loss	$ 0	$ 0
Notes and other receivables, allowance for credit loss	$ 740,000	$ 687,000
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)	64,210,493	64,203,497
Common stock, shares outstanding (in shares)	64,210,493	64,203,497
Related Party
Notes and other receivables, allowance for credit loss	$ 59,200,000	$ 6,100,000

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Rental and other property	$ 439,782	$ 413,265	$ 863,997	$ 822,921
Management and other fees from affiliates	2,573	2,778	5,286	5,543
Revenues	442,355	416,043	869,283	828,464
Expenses:
Property operating, excluding real estate taxes	78,721	73,843	157,667	147,725
Real estate taxes	47,312	45,381	94,232	91,911
Corporate-level property management expenses	12,123	11,451	23,854	22,883
Depreciation and amortization	145,613	136,718	285,346	273,065
General and administrative	21,136	13,813	38,307	29,124
Expensed acquisition and investment related costs	0	5	68	344
Casualty loss	0	0	0	433
Total expenses	304,905	281,211	599,474	565,485
Gain on sale of real estate and land	0	0	0	59,238
Earnings from operations	137,450	134,832	269,809	322,217
Interest expense	(59,120)	(52,600)	(115,053)	(103,645)
Total return swap income	629	821	1,425	1,854
Interest and other income	9,568	12,199	66,843	24,649
Equity income from co-investments	9,652	12,237	22,018	23,108
Tax benefit (expense) on unconsolidated co-investments	807	(1,733)	758	(833)
Gain on remeasurement of co-investment	0	0	138,326	0
Net income	98,986	105,756	384,126	267,350
Net income attributable to noncontrolling interest	(6,072)	(6,136)	(18,481)	(14,198)
Net income available to common stockholders	92,914	99,620	365,645	253,152
Comprehensive income	96,499	121,142	389,634	272,442
Comprehensive income attributable to noncontrolling interest	(5,987)	(6,659)	(18,668)	(14,371)
Comprehensive income attributable to controlling interest	$ 90,512	$ 114,483	$ 370,966	$ 258,071
Basic:
Net income available to common stockholders (in dollars per share)	$ 1.45	$ 1.55	$ 5.69	$ 3.94
Weighted average number of shares outstanding during the period (in shares)	64,209,878	64,182,555	64,207,482	64,319,783
Diluted:
Net income available to common stockholders (in dollars per share)	$ 1.45	$ 1.55	$ 5.69	$ 3.94
Weighted average number of shares outstanding during the period (in shares)	64,227,651	64,183,675	64,218,911	64,320,898

EPT - Condensed Consolidated _3

EPT - Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2024 and 2023 (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Distributions in excess of accumulated earnings	Accumulated other comprehensive income, net	Noncontrolling interest
Balance at period beginning (in shares) at Dec. 31, 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
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
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
Balance at period beginning (in shares) at Dec. 31, 2023		64,203
Balance at period beginning at Dec. 31, 2023	5,593,978	$ 6	6,656,720	(1,267,536)	33,556	171,232
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	384,126			365,645		18,481
Change in fair value of derivatives and amortization of swap settlements	5,508				5,321	187
Issuance of common stock under:
Stock option and restricted stock plans, net (in shares)		7
Stock option and restricted stock plans, net	962		962
Sale of common stock, net	(113)		(113)
Equity based compensation costs	3,743		3,616			127
Changes in the redemption value of redeemable noncontrolling interest	(1,684)		(1,623)			(61)
Distributions to noncontrolling interest	(17,075)					(17,075)
Redemptions of noncontrolling interest	(279)		(249)			(30)
Common stock dividends	(314,666)			(314,666)
Balance at period end (in shares) at Jun. 30, 2024		64,210
Balance at period end at Jun. 30, 2024	5,654,500	$ 6	6,659,313	(1,216,557)	38,877	172,861
Balance at period beginning (in shares) at Mar. 31, 2024		64,209
Balance at period beginning at Mar. 31, 2024	5,723,753	$ 6	6,658,882	(1,152,136)	41,279	175,722
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	98,986			92,914		6,072
Change in fair value of derivatives and amortization of swap settlements	(2,487)				(2,402)	(85)
Issuance of common stock under:
Stock option and restricted stock plans, net (in shares)		1
Sale of common stock, net	(105)		(105)
Equity based compensation costs	2,048		1,979			69
Changes in the redemption value of redeemable noncontrolling interest	(1,697)		(1,443)			(254)
Distributions to noncontrolling interest	(8,663)					(8,663)
Common stock dividends	(157,335)			(157,335)
Balance at period end (in shares) at Jun. 30, 2024		64,210
Balance at period end at Jun. 30, 2024	$ 5,654,500	$ 6	$ 6,659,313	$ (1,216,557)	$ 38,877	$ 172,861

EPT - Condensed Consolidated _4

EPT - Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2024 and 2023 (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 2.45	$ 2.31	$ 4.90	$ 4.62

EPT - Condensed Consolidated _5

EPT - Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 384,126	$ 267,350
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents	419	170
Depreciation and amortization	285,346	273,065
Amortization of discount and debt financing costs, net	4,190	3,170
Realized and unrealized gains on marketable securities, net	(4,948)	(8,871)
Provision for credit losses	66	34
Earnings from co-investments	(22,018)	(23,108)
Operating distributions from co-investments	21,493	31,168
Accrued interest from notes and other receivables	(7,810)	(4,743)
Casualty loss	0	433
Gain on the sale of real estate and land	0	(59,238)
Equity-based compensation	3,501	3,795
Gain on remeasurement of co-investment	(138,326)	0
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets	4,462	457
Accounts payable, accrued liabilities, and operating lease liabilities	5,365	3,646
Other liabilities	(2,084)	999
Net cash provided by operating activities	533,782	488,327
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	(489,486)	(23,182)
Redevelopment	(24,143)	(41,675)
Development acquisitions of and additions to real estate under development	(2,479)	(5,248)
Capital expenditures on rental properties	(60,982)	(56,025)
Investments in notes receivable	(56,553)	(44,984)
Proceeds from insurance for property losses	1,173	2,851
Proceeds from dispositions of real estate	0	99,388
Contributions to co-investments	(3,804)	(15,571)
Changes in refundable deposits	(1,000)	10,200
Purchases of marketable securities	(335)	(11,302)
Sales and maturities of marketable securities	8,787	39,372
Non-operating distributions from co-investments	6,500	11,655
Net cash used in investing activities	(622,322)	(34,521)
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes	349,132	300,000
Payments on unsecured debt and mortgage notes	(401,533)	(300,937)
Proceeds from lines of credit	546,556	728,709
Repayments of lines of credit	(417,164)	(746,354)
Changes in refundable deposits	0	(6,012)
Retirement of common stock	0	(95,657)
Additions to deferred charges	(3,000)	(358)
Net costs from issuance of common stock	(113)	(125)
Net proceeds from stock options exercised	962	0
Distributions to noncontrolling interest	(16,544)	(15,622)
Redemption of noncontrolling interest	(279)	(609)
Common stock dividends paid	(305,660)	(290,408)
Net cash used in financing activities	(247,643)	(427,373)
Net (decrease) increase in unrestricted and restricted cash and cash equivalents	(336,183)	26,433
Unrestricted and restricted cash and cash equivalents at beginning of period	400,334	42,681
Unrestricted and restricted cash and cash equivalents at end of period	64,151	69,114
Supplemental disclosure of cash flow information:
Cash paid for interest (net of $0.1 million and $0.5 million capitalized in 2024 and 2023, respectively)	108,246	101,784
Operating cash flows from operating leases	3,530	3,528
Supplemental disclosure of noncash investing and financing activities:
Transfers between real estate under development and rental properties, net	405	365
Transfers from real estate under development to co-investments	660	961
Reclassifications to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest	$ 1,684	$ 4,205

EPT - Condensed Consolidated _6

EPT - Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Cash Flows [Abstract]
Interest capitalized	$ 0.1	$ 0.5

EPLP - Condensed Consolidated B

EPLP - Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Rental properties:
Land and land improvements	$ 3,167,721	$ 3,036,912
Buildings and improvements	13,701,217	13,098,311
Total rental properties	16,868,938	16,135,223
Less: accumulated depreciation	(5,946,440)	(5,664,931)
Net real estate	10,922,498	10,470,292
Real estate under development	24,515	23,724
Co-investments	1,041,328	1,061,733
Total real estate	11,988,341	11,555,749
Cash and cash equivalents-unrestricted	55,223	391,749
Cash and cash equivalents-restricted	8,928	8,585
Marketable securities, net of allowance for credit losses of zero as of both June 30, 2024 and December 31, 2023	84,291	87,795
Notes and other receivables, net of allowance for credit losses of $0.7 million as of both June 30, 2024 and December 31, 2023, respectively (includes related party receivables of $59.2 million and $6.1 million as of June 30, 2024 and December 31, 2023, respectively)	233,776	174,621
Operating lease right-of-use assets	53,373	63,757
Prepaid expenses and other assets	85,528	79,171
Total assets	12,509,460	12,361,427
LIABILITIES AND CAPITAL
Unsecured debt, net	5,267,902	5,318,531
Mortgage notes payable, net	885,563	887,204
Lines of credit	129,391	0
Accounts payable and accrued liabilities	183,764	176,401
Construction payable	17,060	20,659
Distributions payable	165,232	155,695
Distributions in excess of investments in co-investments	68,295	65,488
Operating lease liabilities	54,513	65,091
Other liabilities	49,351	46,175
Total liabilities	6,821,071	6,735,244
Commitments and contingencies
Redeemable noncontrolling interest	33,889	32,205
Limited Partners:
Accumulated other comprehensive income, net	38,877	33,556
Noncontrolling interest	172,861	171,232
Total liabilities and equity	12,509,460	12,361,427
Essex Portfolio, L.P.
Rental properties:
Land and land improvements	3,167,721	3,036,912
Buildings and improvements	13,701,217	13,098,311
Total rental properties	16,868,938	16,135,223
Less: accumulated depreciation	(5,946,440)	(5,664,931)
Net real estate	10,922,498	10,470,292
Real estate under development	24,515	23,724
Co-investments	1,041,328	1,061,733
Total real estate	11,988,341	11,555,749
Cash and cash equivalents-unrestricted	55,223	391,749
Cash and cash equivalents-restricted	8,928	8,585
Marketable securities, net of allowance for credit losses of zero as of both June 30, 2024 and December 31, 2023	84,291	87,795
Notes and other receivables, net of allowance for credit losses of $0.7 million as of both June 30, 2024 and December 31, 2023, respectively (includes related party receivables of $59.2 million and $6.1 million as of June 30, 2024 and December 31, 2023, respectively)	233,776	174,621
Operating lease right-of-use assets	53,373	63,757
Prepaid expenses and other assets	85,528	79,171
Total assets	12,509,460	12,361,427
LIABILITIES AND CAPITAL
Unsecured debt, net	5,267,902	5,318,531
Mortgage notes payable, net	885,563	887,204
Lines of credit	129,391	0
Accounts payable and accrued liabilities	183,764	176,401
Construction payable	17,060	20,659
Distributions payable	165,232	155,695
Distributions in excess of investments in co-investments	68,295	65,488
Operating lease liabilities	54,513	65,091
Other liabilities	49,351	46,175
Total liabilities	6,821,071	6,735,244
Commitments and contingencies
Redeemable noncontrolling interest	33,889	32,205
Limited Partners:
Accumulated other comprehensive income, net	44,154	38,646
Total partners' capital	5,533,735	5,472,827
Noncontrolling interest	120,765	121,151
Total capital	5,654,500	5,593,978
Total liabilities and equity	12,509,460	12,361,427
Essex Portfolio, L.P. \| General Partner
General Partner:
Common equity (64,210,493 and 64,203,497 units issued and outstanding, respectively)	5,442,762	5,389,190
Essex Portfolio, L.P. \| Limited Partners
Limited Partners:
Common equity (2,258,812 and 2,258,812 units issued and outstanding, respectively)	46,819	44,991
Essex Portfolio, L.P. \| Common Equity \| General Partner
General Partner:
Common equity (64,210,493 and 64,203,497 units issued and outstanding, respectively)	5,442,762	5,389,190
Limited Partners:
Total capital	5,442,762	5,389,190
Essex Portfolio, L.P. \| Common Equity \| Limited Partners
Limited Partners:
Total capital	$ 46,819	$ 44,991

EPLP - Condensed Consolidated_2

EPLP - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Marketable securities, allowance for credit loss	$ 0	$ 0
Notes and other receivables, allowance for credit loss	$ 740,000	$ 687,000
Common stock, shares issued (in shares)	64,210,493	64,203,497
Common stock, shares outstanding (in shares)	64,210,493	64,203,497
Related Party
Notes and other receivables, allowance for credit loss	$ 59,200,000	$ 6,100,000
Essex Portfolio, L.P.
Marketable securities, allowance for credit loss	0	0
Notes and other receivables, allowance for credit loss	$ 700,000	$ 700,000
Essex Portfolio, L.P. \| General Partner
Common stock, shares issued (in shares)	64,210,493	64,203,497
Common stock, shares outstanding (in shares)	64,210,493	64,203,497
Essex Portfolio, L.P. \| Limited Partners
Common stock, shares issued (in shares)	2,258,812	2,258,812
Common stock, shares outstanding (in shares)	2,258,812	2,258,812
Essex Portfolio, L.P. \| Related Party
Notes and other receivables, allowance for credit loss	$ 59,200,000	$ 6,100,000

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Rental and other property	$ 439,782	$ 413,265	$ 863,997	$ 822,921
Management and other fees from affiliates	2,573	2,778	5,286	5,543
Revenues	442,355	416,043	869,283	828,464
Expenses:
Property operating, excluding real estate taxes	78,721	73,843	157,667	147,725
Real estate taxes	47,312	45,381	94,232	91,911
Corporate-level property management expenses	12,123	11,451	23,854	22,883
Depreciation and amortization	145,613	136,718	285,346	273,065
General and administrative	21,136	13,813	38,307	29,124
Expensed acquisition and investment related costs	0	5	68	344
Casualty loss	0	0	0	433
Total expenses	304,905	281,211	599,474	565,485
Gain on sale of real estate and land	0	0	0	59,238
Earnings from operations	137,450	134,832	269,809	322,217
Interest expense	(59,120)	(52,600)	(115,053)	(103,645)
Total return swap income	629	821	1,425	1,854
Interest and other income	9,568	12,199	66,843	24,649
Equity income from co-investments	9,652	12,237	22,018	23,108
Tax benefit (expense) on unconsolidated co-investments	807	(1,733)	758	(833)
Gain on remeasurement of co-investment	0	0	138,326	0
Net income	98,986	105,756	384,126	267,350
Net income attributable to noncontrolling interest	(6,072)	(6,136)	(18,481)	(14,198)
Net income available to common stockholders	92,914	99,620	365,645	253,152
Comprehensive income	96,499	121,142	389,634	272,442
Comprehensive income attributable to noncontrolling interest	(5,987)	(6,659)	(18,668)	(14,371)
Comprehensive income attributable to controlling interest	$ 90,512	$ 114,483	$ 370,966	$ 258,071
Basic:
Net income available to common unitholders (in dollars per share)	$ 1.45	$ 1.55	$ 5.69	$ 3.94
Weighted average number of common units outstanding during the period (in shares)	64,209,878	64,182,555	64,207,482	64,319,783
Diluted:
Net income available to common unitholders (in dollars per share)	$ 1.45	$ 1.55	$ 5.69	$ 3.94
Weighted average number of common units outstanding during the period (in shares)	64,227,651	64,183,675	64,218,911	64,320,898
Essex Portfolio, L.P.
Revenues:
Rental and other property	$ 439,782	$ 413,265	$ 863,997	$ 822,921
Management and other fees from affiliates	2,573	2,778	5,286	5,543
Revenues	442,355	416,043	869,283	828,464
Expenses:
Property operating, excluding real estate taxes	78,721	73,843	157,667	147,725
Real estate taxes	47,312	45,381	94,232	91,911
Corporate-level property management expenses	12,123	11,451	23,854	22,883
Depreciation and amortization	145,613	136,718	285,346	273,065
General and administrative	21,136	13,813	38,307	29,124
Expensed acquisition and investment related costs	0	5	68	344
Casualty loss	0	0	0	433
Total expenses	304,905	281,211	599,474	565,485
Gain on sale of real estate and land	0	0	0	59,238
Earnings from operations	137,450	134,832	269,809	322,217
Interest expense	(59,120)	(52,600)	(115,053)	(103,645)
Total return swap income	629	821	1,425	1,854
Interest and other income	9,568	12,199	66,843	24,649
Equity income from co-investments	9,652	12,237	22,018	23,108
Tax benefit (expense) on unconsolidated co-investments	807	(1,733)	758	(833)
Gain on remeasurement of co-investment	0	0	138,326	0
Net income	98,986	105,756	384,126	267,350
Net income attributable to noncontrolling interest	(2,802)	(2,630)	(5,612)	(5,288)
Net income available to common stockholders	96,184	103,126	378,514	262,062
Comprehensive income	96,499	121,142	389,634	272,442
Comprehensive income attributable to noncontrolling interest	(2,802)	(2,630)	(5,612)	(5,288)
Comprehensive income attributable to controlling interest	$ 93,697	$ 118,512	$ 384,022	$ 267,154
Basic:
Net income available to common unitholders (in dollars per share)	$ 1.45	$ 1.55	$ 5.69	$ 3.94
Weighted average number of common units outstanding during the period (in shares)	66,468,691	66,442,994	66,466,295	66,582,934
Diluted:
Net income available to common unitholders (in dollars per share)	$ 1.45	$ 1.55	$ 5.69	$ 3.94
Weighted average number of common units outstanding during the period (in shares)	66,486,464	66,444,114	66,477,724	66,584,049

EPLP - Condensed Consolidated_3

EPLP - Condensed Consolidated Statements of Capital for the three and six months ended June 30, 2024 and 2023 (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	$ 98,986	$ 105,756	$ 384,126	$ 267,350
Change in fair value of derivatives and amortization of swap settlements	(2,487)	15,386	5,508	5,092
Issuance of common units under:
Sale of common stock by general partner, net	(105)	(53)	(113)	(125)
Retirement of common units, net				(95,657)
Changes in the redemption value of redeemable noncontrolling interest	(1,697)	(1,147)	(1,684)	(4,205)
Distributions to noncontrolling interest	(8,663)	(8,056)	(17,075)	(16,033)
Redemptions		(436)	(279)	(609)
Essex Portfolio, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning	5,723,753	5,796,857	5,593,978	5,895,116
Net income	98,986	105,756	384,126	267,350
Change in fair value of derivatives and amortization of swap settlements	(2,487)	15,386	5,508	5,092
Issuance of common units under:
General partner's stock based compensation, net			962
Sale of common stock by general partner, net	(105)	(53)	(113)	(125)
Equity based compensation costs	2,048	1,982	3,743	7,646
Retirement of common units, net				(95,657)
Changes in the redemption value of redeemable noncontrolling interest	(1,697)	(1,147)	(1,684)	(4,205)
Distributions to noncontrolling interest	(3,130)	(2,835)	(6,005)	(5,590)
Redemptions		(436)	(279)	(609)
Distributions declared	(162,868)	(153,505)	(325,736)	(307,013)
Balance at period end	$ 5,654,500	$ 5,762,005	$ 5,654,500	$ 5,762,005
Essex Portfolio, L.P. \| Common Equity \| General Partner
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning (in shares)	64,209	64,182	64,203	64,605
Balance at period beginning	$ 5,506,752	$ 5,582,259	$ 5,389,190	$ 5,669,906
Net income	$ 92,914	$ 99,620	$ 365,645	$ 253,152
Issuance of common units under:
General partner's stock based compensation, net (in shares)	1	1	7	3
General partner's stock based compensation, net			$ 962
Sale of common stock by general partner, net	$ (105)	$ (53)	(113)	$ (125)
Equity based compensation costs	1,979	1,915	3,616	$ 7,387
Retirement of common units, net (in shares)				(437)
Retirement of common units, net				$ (95,657)
Changes in the redemption value of redeemable noncontrolling interest	(1,443)	(1,160)	(1,623)	$ (4,087)
Redemptions (in shares)				12
Redemptions		(404)	(249)	$ (113)
Distributions declared	$ (157,335)	$ (148,284)	$ (314,666)	$ (296,570)
Balance at period end (in shares)	64,210	64,183	64,210	64,183
Balance at period end	$ 5,442,762	$ 5,533,893	$ 5,442,762	$ 5,533,893
Essex Portfolio, L.P. \| Common Equity \| Limited Partners
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning (in shares)	2,259	2,261	2,259	2,272
Balance at period beginning	$ 49,276	$ 51,385	$ 44,991	$ 51,454
Net income	3,270	3,506	12,869	8,910
Issuance of common units under:
Equity based compensation costs	69	67	127	259
Changes in the redemption value of redeemable noncontrolling interest	(263)	$ (26)	(98)	$ (132)
Redemptions (in shares)		(1)		(12)
Redemptions		$ (7)		$ (344)
Distributions declared	$ (5,533)	$ (5,221)	$ (11,070)	$ (10,443)
Balance at period end (in shares)	2,259	2,260	2,259	2,260
Balance at period end	$ 46,819	$ 49,704	$ 46,819	$ 49,704
Essex Portfolio, L.P. \| Accumulated other comprehensive income, net
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning	46,641	41,716	38,646	52,010
Change in fair value of derivatives and amortization of swap settlements	(2,487)	15,386	5,508	5,092
Issuance of common units under:
Balance at period end	44,154	57,102	44,154	57,102
Essex Portfolio, L.P. \| Noncontrolling interest
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance at period beginning	121,084	121,497	121,151	121,746
Net income	2,802	2,630	5,612	5,288
Issuance of common units under:
Changes in the redemption value of redeemable noncontrolling interest	9	39	37	14
Distributions to noncontrolling interest	(3,130)	(2,835)	(6,005)	(5,590)
Redemptions		(25)	(30)	(152)
Balance at period end	$ 120,765	$ 121,306	$ 120,765	$ 121,306

EPLP - Condensed Consolidated_4

EPLP - Condensed Consolidated Statements of Capital for the three and six months ended June 30, 2024 and 2023 (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Distribution declared (in dollars per share)				$ 4.62
Essex Portfolio, L.P.
Distribution declared (in dollars per share)	$ 2.45	$ 2.31	$ 4.90

EPLP - Condensed Consolidated_5

EPLP - Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 384,126	$ 267,350
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents	419	170
Depreciation and amortization	285,346	273,065
Amortization of discount and debt financing costs, net	4,190	3,170
Realized and unrealized gains on marketable securities, net	(4,948)	(8,871)
Provision for credit losses	66	34
Earnings from co-investments	(22,018)	(23,108)
Operating distributions from co-investments	21,493	31,168
Accrued interest from notes and other receivables	(7,810)	(4,743)
Casualty loss	0	433
Gain on the sale of real estate and land	0	(59,238)
Equity-based compensation	3,501	3,795
Gain on remeasurement of co-investment	(138,326)	0
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets	4,462	457
Accounts payable, accrued liabilities, and operating lease liabilities	5,365	3,646
Other liabilities	(2,084)	999
Net cash provided by operating activities	533,782	488,327
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	(489,486)	(23,182)
Redevelopment	(24,143)	(41,675)
Development acquisitions of and additions to real estate under development	(2,479)	(5,248)
Capital expenditures on rental properties	(60,982)	(56,025)
Investments in notes receivable	(56,553)	(44,984)
Proceeds from insurance for property losses	1,173	2,851
Proceeds from dispositions of real estate	0	99,388
Contributions to co-investments	(3,804)	(15,571)
Changes in refundable deposits	(1,000)	10,200
Purchases of marketable securities	(335)	(11,302)
Sales and maturities of marketable securities	8,787	39,372
Non-operating distributions from co-investments	6,500	11,655
Net cash used in investing activities	(622,322)	(34,521)
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes	349,132	300,000
Payments on unsecured debt and mortgage notes	(401,533)	(300,937)
Proceeds from lines of credit	546,556	728,709
Repayments of lines of credit	(417,164)	(746,354)
Changes in refundable deposits	0	(6,012)
Retirement of common stock	0	(95,657)
Additions to deferred charges	(3,000)	(358)
Net costs from issuance of common units	(113)	(125)
Net proceeds from stock options exercised	962	0
Distributions to noncontrolling interest	(16,544)	(15,622)
Redemption of noncontrolling interests	(279)	(609)
Common units distributions paid	(305,660)	(290,408)
Net cash used in financing activities	(247,643)	(427,373)
Net (decrease) increase in unrestricted and restricted cash and cash equivalents	(336,183)	26,433
Unrestricted and restricted cash and cash equivalents at beginning of period	400,334	42,681
Unrestricted and restricted cash and cash equivalents at end of period	64,151	69,114
Supplemental disclosure of cash flow information:
Cash paid for interest (net of $0.1 million and $0.5 million capitalized in 2024 and 2023, respectively)	108,246	101,784
Operating cash flows from operating leases	3,530	3,528
Supplemental disclosure of noncash investing and financing activities:
Transfers between real estate under development and rental properties, net	405	365
Transfers from real estate under development to co-investments	660	961
Reclassifications to redeemable noncontrolling interest from general and limited partner capital and noncontrolling interest	1,684	4,205
Essex Portfolio, L.P.
Cash flows from operating activities:
Net income	384,126	267,350
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents	419	170
Depreciation and amortization	285,346	273,065
Amortization of discount and debt financing costs, net	4,190	3,170
Realized and unrealized gains on marketable securities, net	(4,948)	(8,871)
Provision for credit losses	66	34
Earnings from co-investments	(22,018)	(23,108)
Operating distributions from co-investments	21,493	31,168
Accrued interest from notes and other receivables	(7,810)	(4,743)
Casualty loss	0	433
Gain on the sale of real estate and land	0	(59,238)
Equity-based compensation	3,501	3,795
Gain on remeasurement of co-investment	(138,326)	0
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets	4,462	457
Accounts payable, accrued liabilities, and operating lease liabilities	5,365	3,646
Other liabilities	(2,084)	999
Net cash provided by operating activities	533,782	488,327
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	(489,486)	(23,182)
Redevelopment	(24,143)	(41,675)
Development acquisitions of and additions to real estate under development	(2,479)	(5,248)
Capital expenditures on rental properties	(60,982)	(56,025)
Investments in notes receivable	(56,553)	(44,984)
Proceeds from insurance for property losses	1,173	2,851
Proceeds from dispositions of real estate	0	99,388
Contributions to co-investments	(3,804)	(15,571)
Changes in refundable deposits	(1,000)	10,200
Purchases of marketable securities	(335)	(11,302)
Sales and maturities of marketable securities	8,787	39,372
Non-operating distributions from co-investments	6,500	11,655
Net cash used in investing activities	(622,322)	(34,521)
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes	349,132	300,000
Payments on unsecured debt and mortgage notes	(401,533)	(300,937)
Proceeds from lines of credit	546,556	728,709
Repayments of lines of credit	(417,164)	(746,354)
Changes in refundable deposits	0	(6,012)
Retirement of common stock	0	(95,657)
Additions to deferred charges	(3,000)	(358)
Net costs from issuance of common units	(113)	(125)
Net proceeds from stock options exercised	962	0
Distributions to noncontrolling interest	(4,454)	(4,228)
Redemption of noncontrolling interests	(279)	(609)
Common units distributions paid	(317,750)	(301,802)
Net cash used in financing activities	(247,643)	(427,373)
Net (decrease) increase in unrestricted and restricted cash and cash equivalents	(336,183)	26,433
Unrestricted and restricted cash and cash equivalents at beginning of period	400,334	42,681
Unrestricted and restricted cash and cash equivalents at end of period	64,151	69,114
Supplemental disclosure of cash flow information:
Cash paid for interest (net of $0.1 million and $0.5 million capitalized in 2024 and 2023, respectively)	108,246	101,784
Operating cash flows from operating leases	3,530	3,528
Supplemental disclosure of noncash investing and financing activities:
Transfers between real estate under development and rental properties, net	405	365
Transfers from real estate under development to co-investments	660	961
Reclassifications to redeemable noncontrolling interest from general and limited partner capital and noncontrolling interest	$ 1,684	$ 4,205

EPLP - Condensed Consolidated_6

EPLP - Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Interest capitalized	$ 0.1	$ 0.5
Essex Portfolio, L.P.
Interest capitalized	$ 0.1	$ 0.5

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Jun. 30, 2024
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, 2023. 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, 2024 and 2023 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, 2024 and December 31, 2023. Total Operating Partnership limited partnership units ("OP Units," and the holders of such OP Units, "Unitholders") outstanding was 2,258,812 as of both June 30, 2024 and December 31, 2023, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled approximately $614.8 million and $560.0 million as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024, the Company owned or had ownership interests in 255 operating apartment communities, comprising 62,510 apartment homes, excluding the Company’s ownership interest in preferred equity co-investments, loan investments, and three operating commercial buildings. 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. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." Among other new disclosure requirements, ASU 2023-07 requires companies to disclose significant segment expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 will be effective for the Company's 2024 annual reporting. ASU 2023-07 must be applied retrospectively to all prior periods presented in the financial statements. The Company does not expect the adoption to have a material impact on its consolidated results of operations and financial position. In August 2023, the FASB issued ASU No. 2023-05 "Business Combinations—Joint Venture Formations (Subtopic 805-60)" under which an entity that qualifies as a joint venture is required to apply a new basis of accounting upon the formation of the joint venture. The amendments in ASU 2023-05 require that a joint venture must initially measure its assets and liabilities at fair value on the formation date. ASU 2023-05 is effective for all joint ventures that are formed on or after January 1, 2025 and early adoption is permitted. The Company does not expect the adoption to have a material impact on its consolidated results of operations and financial position. Revenues and Gains on Sale of Real Estate Revenues from tenants renting or leasing apartment homes are recorded when due from tenants and are recognized monthly as they are earned which generally approximates a straight-line basis, else, adjustments are made to conform to a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 9 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. See Note 3, Revenues, for additional information regarding such revenues. The Company also generates other property-related revenue associated with the leasing of apartment homes, including storage income, pet rent, and other miscellaneous revenue. Similar to rental income, such revenues are recorded when due from tenants and recognized monthly as they are earned. Apart from rental and other property-related revenue, revenues from contracts with customers are recognized as control of the promised services is passed to the customer. For customer contracts related to management and other fees from affiliates (which includes asset management and property management), the transaction price and amount of revenue to be recognized is determined each quarter based on the management fee calculated and earned for that month or quarter. The contract will contain a description of the service and the fee percentage for management services. Payments from such services are one month or one quarter in arrears of the service performed. The Company recognizes any gains on sales of real estate when it transfers control of a property and when it is probable that the Company will collect substantially all of the related consideration. Marketable Securities The Company reports its equity securities at fair value, based on quoted market prices (Level 1 for the common stock and investment funds and Level 2 for the unsecured debt, as defined by the FASB standard for fair value measurements). As of both June 30, 2024 and December 31, 2023, $0.1 million of equity securities presented within common stock, preferred stock, and stock funds in the tables below represent investments measured at fair value, using net asset value as a practical expedient, and are not categorized in the fair value hierarchy. Any realized and unrealized gains and losses in equity securities and interest income are included in interest and other income on the condensed consolidated statements of income and comprehensive income. As of June 30, 2024 and December 31, 2023, equity securities consisted primarily of investment funds-debt securities, common stock, preferred stock and stock funds. As of June 30, 2024 and December 31, 2023, marketable securities consisted of the following ($ in thousands): June 30, 2024 Cost Gross Carrying Value Equity securities: Investment funds - debt securities $ 17,959 $ (1,741) $ 16,218 Common stock, preferred stock, and stock funds 51,401 16,672 68,073 Total - Marketable securities $ 69,360 $ 14,931 $ 84,291 December 31, 2023 Cost Gross Carrying Value Equity securities: Investment funds - debt securities $ 26,460 $ (1,584) $ 24,876 Common stock, preferred stock, and stock funds 51,328 11,591 62,919 Total - Marketable securities $ 77,788 $ 10,007 $ 87,795 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, 2024 and December 31, 2023. 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 $964.3 million and $322.6 million, respectively, as of June 30, 2024 and $956.7 million and $324.5 million, respectively, as of December 31, 2023. Noncontrolling interests in these entities was $120.7 million and $121.1 million as of June 30, 2024 and December 31, 2023, respectively. The Company's financial risk in each VIE is limited to its equity investment in the VIE. As of June 30, 2024 and December 31, 2023, 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, 2023) are being amortized over the expected service periods. Fair Value of Financial Instruments Management estimates 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, 2024 and December 31, 2023, 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 $5.6 billion and $5.7 billion as of June 30, 2024 and December 31, 2023, respectively, was approximately $5.2 billion and $5.3 billion, respectively. Management has estimated that the fair value of the Company’s $649.3 million and $520.0 million of variable rate debt at June 30, 2024 and December 31, 2023, respectively, was approximately $647.3 million and $519.0 million, respectively, based on the terms of existing mortgage notes payable, unsecured debt, and lines of credit compared to those available in the marketplace. Management estimates 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, 2024 and December 31, 2023 due to the short-term maturity of these instruments. Marketable securities are carried at fair value as of June 30, 2024 and December 31, 2023. 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 $4.9 million and $4.6 million during the three months ended June 30, 2024 and 2023, respectively, and $10.2 million and $9.4 million for the six months ended June 30, 2024 and 2023, respectively. The Company capitalizes leasing commissions associated with the lease-up of development communities and amortizes the costs over the life of the leases. The amounts capitalized for leasing commissions are immaterial for all periods presented. Co-investments The Company owns investments in joint ventures in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with U.S. GAAP. Therefore, the Company accounts for co-investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company's equity in earnings, less distributions received and the Company's share of losses. The significant accounting policies of the Company’s co-investment entities are consistent with those of the Company in all material respects. Upon the acquisition of a controlling interest of a co-investment, the co-investment entity is consolidated and a gain or loss is recognized upon the remeasurement of co-investments in the consolidated statement of income equal to the amount by which the fair value of the Company's previously owned co-investment interest exceeds its carrying value. A majority of the co-investments, excluding most preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote income if certain financial return benchmarks are achieved. Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible. Any promote fees are reflected in equity income from co-investments. Changes in Accumulated Other Comprehensive Income, Net by Component Essex Property Trust, Inc. ($ in thousands): Change in fair Balance at December 31, 2023 $ 33,556 Other comprehensive income before reclassification 5,297 Amounts reclassified from accumulated other comprehensive income 24 Other comprehensive income 5,321 Balance at June 30, 2024 $ 38,877 Essex Portfolio, L.P. ($ in thousands): Change in fair Balance at December 31, 2023 $ 38,646 Other comprehensive income before reclassification 5,483 Amounts reclassified from accumulated other comprehensive income 25 Other comprehensive income 5,508 Balance at June 30, 2024 $ 44,154 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 $33.9 million and $32.2 million as of June 30, 2024 and December 31, 2023, respectively. The limited partners may redeem their noncontrolling interests for cash in certain circumstances. The changes in the redemption value of redeemable noncontrolling interests for the six months ended June 30, 2024 is as follows ($ in thousands): Balance at December 31, 2023 $ 32,205 Reclassification due to change in redemption value and other 1,684 Balance at June 30, 2024 $ 33,889 Cash, Cash Equivalents and Restricted Cash Highly liquid investments generally 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, 2024 December 31, 2023 June 30, 2023 December 31, 2022 Cash and cash equivalents - unrestricted $ 55,223 $ 391,749 $ 60,949 $ 33,295 Cash and cash equivalents - restricted 8,928 8,585 8,165 9,386 Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows $ 64,151 $ 400,334 $ 69,114 $ 42,681 Gain Contingencies Contingencies, commonly resulting from legal settlements, will periodically arise that may result in a gain. Gain contingencies are typically not recognized in the financial statements until all uncertainties related to the contingency have been resolved. In the case of legal settlements, the Company determines that all uncertainties have been resolved when cash or other consideration has been received by the Company. Gain contingencies resulting from legal settlements of $42.5 million and $7.7 million were recognized during the six months ended June 30, 2024 and 2023, respectively, and are included in interest and other income on the condensed consolidated statements of income and comprehensive income. 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, 2024 and Subsequent Events	6 Months Ended
	Jun. 30, 2024
Significant Transactions [Abstract]
Significant Transactions During the Six Months Ended June 30, 2024 and Subsequent Events	Significant Transactions During the Six Months Ended June 30, 2024 and Subsequent Events Significant Transactions Acquisitions In May 2024, the Company acquired ARLO Mountain View, a 164-unit apartment home community located in Mountain View, CA, for a total contract price of $101.1 million. In April 2024, the Company accepted the third party sponsor's common equity interest affiliated with its $14.7 million preferred equity investment in a stabilized community comprising 75 apartment homes located in Sunnyvale, CA. Concurrent with the closing, the Company repaid $32.1 million in debt that encumbered the property and consolidated the community on the Company’s financial statements at a $46.6 million valuation. In March 2024, the Company acquired its joint venture partner, BEXAEW LLC's ("BEXAEW") 49.9% interest in four apartment communities, consisting of 1,480 apartment homes, valued at $505.0 million on a gross basis. Concurrent with the acquisition, the Company repaid $219.9 million of debt encumbering the properties and consolidated the communities. As a result of this acquisition, the Company realized a gain on remeasurement of co-investment of $138.3 million. Additionally, the Company recognized $1.5 million in promote income as a result of the transaction, which is included in equity income from co-investments on the condensed consolidated statements of income and comprehensive income. Preferred Equity Investments In May 2024, the Company received cash of $10.3 million for the partial redemption of a preferred equity investment in a joint venture that holds property located in Washington. The remaining balance as of June 2024, has a preferred return of 12.0% with an extended maturity date of June 2029. Notes Receivable In March 2024, the Company committed to fund a $53.6 million related party bridge loan to BEX II, LLC ("BEX II"), a co-investment, in connection with the payoff of a mortgage related to one of BEX II's properties located in Southern California. The note receivable was fully funded in April 2024. It accrues interest at the Secured Overnight Financing Rate (" SOFR Senior Unsecured Debt In March 2024, the Operating Partnership issued $350.0 million of senior unsecured notes due on April 1, 2034 with a coupon rate of 5.500% per annum (the "2034 Notes"), which are payable on April 1 and October 1 of each year, beginning on October 1, 2024. The 2034 Notes were offered to investors at a price of 99.752% of the principal amount. The 2034 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex. In May 2024, the Company repaid its $400.0 million unsecured notes at maturity. Subsequent events Subsequent to quarter end, the Company received cash of $40.1 million for the repayment of a mezzanine loan that was due in November 2024, for a property located in Southern California.

Revenues

Revenues	6 Months Ended
Revenues	Jun. 30, 2024
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, 2024 2023 2024 2023 Rental income $ 432,141 $ 407,786 $ 849,377 $ 812,421 Other property 7,641 5,479 14,620 10,500 Management and other fees from affiliates 2,573 2,778 5,286 5,543 Total revenues $ 442,355 $ 416,043 $ 869,283 $ 828,464 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, 2024 2023 2024 2023 Southern California $ 186,604 $ 169,857 $ 362,606 $ 336,734 Northern California 172,615 166,459 341,454 330,187 Seattle Metro 73,782 70,217 145,695 140,255 Other real estate assets (1) 6,781 6,732 14,242 15,745 Total rental and other property revenues $ 439,782 $ 413,265 $ 863,997 $ 822,921 (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, 2024 2023 2024 2023 Same-property (1) $ 414,845 $ 401,065 $ 824,664 $ 796,585 Acquisitions (2) 12,824 225 14,422 225 Redevelopment 1,565 1,595 3,106 3,132 Non-residential/other, net (3) 11,059 11,055 22,379 23,078 Straight line rent concession (4) (511) (675) (574) (99) Total rental and other property revenues $ 439,782 $ 413,265 $ 863,997 $ 822,921 (1) Same-property includes properties that have comparable stabilized results as of January 1, 2023 and are consolidated by the Company for the three and six months ended June 30, 2024 and 2023. 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, 2023. (3) 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. (4) 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 $0.7 million and $1.0 million as of June 30, 2024 and December 31, 2023, 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, 2024 that was included in the December 31, 2023 deferred revenue balance was $0.3 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, 2024, the Company had $0.7 million of remaining performance obligations. The Company expects to recognize approximately 51% of these remaining performance obligations in 2024, an additional 41% through 2026, and the remaining balance thereafter.

Co-investments

Co-investments	6 Months Ended
Co-investments	Jun. 30, 2024
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, 2024, the Company had invested in five technology co-investments and the co-investment balance of these investments was $51.0 million, and the aggregate commitment was $86.0 million. As of December 31, 2023, the Company had five technology co-investments and the co-investment balance of these investments was $44.2 million and the aggregate commitment was $86.0 million. The carrying values of the Company's co-investments as of June 30, 2024 and December 31, 2023 are as follows ($ in thousands, except parenthetical amounts): Weighted Average Company Ownership Percentage (1) June 30, 2024 December 31, 2023 Ownership interest in: Wesco I, Wesco III, Wesco IV, Wesco V, and Wesco VI (2) 54 % $ 139,728 $ 144,766 BEXAEW (3) , BEX II, BEX IV, and 500 Folsom 50 % 211,582 224,119 Other (4) 51 % 83,161 68,493 Total operating and other co-investments, net 434,471 437,378 Total development co-investments — % — 14,605 Total preferred interest co-investments (includes related party investments of $45.9 million and $42.7 million as of June 30, 2024 and December 31, 2023, respectively. See Note 6 - Related Party Transactions for further discussion) 538,562 544,262 Total co-investments, net $ 973,033 $ 996,245 (1) Weighted average Company ownership percentages are as of June 30, 2024. (2) As of June 30, 2024 and December 31, 2023, the Company's investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $63.6 million and $61.8 million, respectively, due to distributions in excess of the Company's investment. (3) In March 2024, the Company acquired BEXAEW's 49.9% interest in four apartment communities consisting of 1,480 apartment homes. (4) As of June 30, 2024 and December 31, 2023, the Company's investments in Expo and Century Towers were classified as a liability of $4.7 million and $3.7 million, respectively, due to distributions received in excess of the Company's investment. The weighted average Company ownership percentage excludes the Company's investments in non-core technology co-investments which are carried at fair value. The combined summarized financial information of co-investments is as follows ($ in thousands): June 30, 2024 December 31, 2023 Combined balance sheets: (1) Rental properties and real estate under development $ 4,699,385 $ 5,123,164 Other assets 265,747 279,237 Total assets $ 4,965,132 $ 5,402,401 Debt $ 3,358,370 $ 3,622,609 Other liabilities 293,844 317,208 Equity 1,312,918 1,462,584 Total liabilities and equity $ 4,965,132 $ 5,402,401 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Combined statements of income: (1) Property revenues $ 99,706 $ 99,954 $ 204,928 $ 200,547 Property operating expenses (37,038) (36,868) (78,917) (78,946) Net operating income 62,668 63,086 126,011 121,601 Interest expense (36,291) (37,314) (76,786) (69,998) General and administrative (7,593) (8,556) (14,688) (11,536) Depreciation and amortization (44,093) (42,917) (89,603) (84,305) Net loss $ (25,309) $ (25,701) $ (55,066) $ (44,238) Company's share of net income (2) $ 9,652 $ 12,237 $ 22,018 $ 23,108 (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 $1.1 million and $1.9 million for the three months ended June 30, 2024 and 2023, respectively, and $2.2 million and $3.9 million for the six months ended June 30, 2024 and 2023, respectively.

Notes and Other Receivables

Notes and Other Receivables	6 Months Ended
Notes and Other Receivables	Jun. 30, 2024
Receivables [Abstract]
Notes and Other Receivables	Notes and Other Receivables Notes and other receivables consist of the following as of June 30, 2024 and December 31, 2023 ($ in thousands): June 30, 2024 December 31, 2023 Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020) $ 39,958 $ 37,582 Note receivable, secured, bearing interest at 9.00%, due October 2025 (Originated October 2021) 55,691 50,146 Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022) 12,501 11,743 Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022) 36,987 34,929 Related party note receivable, bearing variable rate interest, due September 2024 (Originated March 2024) (1) 53,930 — Notes and other receivables from affiliates (1) (2) 5,252 6,111 Straight line rent receivables (3) 8,908 9,353 Other receivables 21,289 25,444 Allowance for credit losses (740) (687) Total notes and other receivables $ 233,776 $ 174,621 (1) See Note 6, Related Party Transactions, for additional details. (2) These amounts consist of short-term loans outstanding and due from various joint ventures as of June 30, 2024 and December 31, 2023, respectively. (3) 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 Receivables, Secured Balance at December 31, 2023 $ 687 Provision for credit losses 53 Balance at June 30, 2024 $ 740 No loans were placed on nonaccrual status or charged off during the six months ended June 30, 2024 or 2023.

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2024
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 $2.8 million and $3.2 million during the three months ended June 30, 2024 and 2023, respectively, and $5.6 million and $6.4 million during the six months ended June 30, 2024 and 2023, respectively. All of these fees are net of intercompany amounts eliminated by the Company. The Company netted development and redevelopment fees of approximately $0.2 million and $0.5 million against general and administrative expenses for the three months ended June 30, 2024 and 2023, respectively and $0.3 million and $1.0 million for the six months ended June 30, 2024 and 2023, 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 and owns a controlling interest in Marcus & Millichap, Inc. ("MMI"), a national brokerage firm listed on the New York Stock Exchange. For the three and six months ended June 30, 2024 and 2023, the Company did not pay brokerage commissions related to real estate transactions to MMC and its affiliates. In April 2024, the Company funded a $53.6 million related party bridge loan to BEX II in connection with the payoff of a mortgage related to one of BEX II's properties located in Southern California. The note receivable accrues interest at the SOFR 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 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 was scheduled to mature in February 2024, but was paid off in December 2023. 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 resulting in a remaining total commitment of $13.0 million, and the maturity was extended to December 2028. As of June 30, 2024, $11.0 million of this commitment has been funded and the Company 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. As described in Note 5, Notes and Other Receivables, the Company has provided short-term loans to affiliates. As of June 30, 2024 and December 31, 2023, $59.2 million and $6.1 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, 2024
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, 2024 December 31, 2023 Weighted Average Term loan - variable rate, net $ 298,745 $ 298,552 3.3 Bonds public offering - fixed rate, net (1) 4,969,157 5,019,979 7.4 Unsecured debt, net (2) 5,267,902 5,318,531 Lines of credit (3) 129,391 — Mortgage notes payable, net (4) 885,563 887,204 7.4 Total debt, net $ 6,282,856 $ 6,205,735 Weighted average interest rate on fixed rate unsecured bonds public offering 3.3 % 3.3 % Weighted average interest rate on variable rate term loan 4.2 % 4.2 % Weighted average interest rate on lines of credit 6.4 % 6.3 % Weighted average interest rate on mortgage notes payable 4.3 % 4.3 % (1) In March 2024, the Operating Partnership issued $350.0 million of senior unsecured notes due on April 1, 2034 with a coupon rate of 5.500% per annum, which are payable on April 1 and October 1 of each year, beginning on October 1, 2024. The 2034 Notes were offered to investors at a price of 99.752% of the principal amount. In May 2024, the Company repaid its $400.0 million unsecured notes at maturity. (2) Unsecured debt, net, consists of fixed rate public bond offerings and variable rate term loan which includes unamortized discount, net of premiums, of $6.2 million and $6.1 million and unamortized debt issuance costs of $25.9 million and $25.3 million, as of June 30, 2024 and December 31, 2023, respectively. (3) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion as of June 30, 2024, excludes unamortized debt issuance costs of $3.2 million and $3.8 million as of June 30, 2024 and December 31, 2023, respectively. These debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets. As of June 30, 2024, the Company’s $1.2 billion credit facility had an interest rate at the Adjusted Secured Overnight Financing Rate ("Adjusted SOFR") (4) Includes total unamortized premium, net of discounts of $0.1 million and $0.5 million, reduced by unamortized debt issuance costs of $2.8 million and $3.1 million, as of June 30, 2024 and December 31, 2023, respectively. The aggregate scheduled principal payments of the Company’s outstanding debt, excluding lines of credit, as of June 30, 2024 are as follows ($ in thousands): 2024 $ 1,576 2025 633,054 2026 549,405 2027 803,955 2028 518,332 Thereafter 3,681,937 Total $ 6,188,259

Segment Information

Segment Information	6 Months Ended
Segment Information	Jun. 30, 2024
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, 2024 and 2023 ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues: Southern California $ 186,604 $ 169,857 $ 362,606 $ 336,734 Northern California 172,615 166,459 341,454 330,187 Seattle Metro 73,782 70,217 145,695 140,255 Other real estate assets 6,781 6,732 14,242 15,745 Total property revenues $ 439,782 $ 413,265 $ 863,997 $ 822,921 Net operating income: Southern California $ 133,340 $ 121,923 $ 257,673 $ 238,865 Northern California 120,916 116,228 236,595 230,783 Seattle Metro 51,990 50,388 102,906 100,283 Other real estate assets 7,503 5,502 14,924 13,354 Total net operating income 313,749 294,041 612,098 583,285 Management and other fees from affiliates 2,573 2,778 5,286 5,543 Corporate-level property management expenses (12,123) (11,451) (23,854) (22,883) Depreciation and amortization (145,613) (136,718) (285,346) (273,065) General and administrative (21,136) (13,813) (38,307) (29,124) Expensed acquisition and investment related costs — (5) (68) (344) Casualty loss — — — (433) Gain on sale of real estate and land — — — 59,238 Interest expense (59,120) (52,600) (115,053) (103,645) Total return swap income 629 821 1,425 1,854 Interest and other income 9,568 12,199 66,843 24,649 Equity income from co-investments 9,652 12,237 22,018 23,108 Tax benefit (expense) on unconsolidated co-investments 807 (1,733) 758 (833) Gain on remeasurement of co-investment — — 138,326 — Net income $ 98,986 $ 105,756 $ 384,126 $ 267,350 Total assets for each of the reportable operating segments are summarized as follows as of June 30, 2024 and December 31, 2023 ($ in thousands): June 30, 2024 December 31, 2023 Assets: Southern California $ 4,173,397 $ 3,802,648 Northern California 5,294,272 5,242,343 Seattle Metro 1,363,449 1,333,030 Other real estate assets 91,380 92,271 Net reportable operating segment - real estate assets 10,922,498 10,470,292 Real estate under development 24,515 23,724 Co-investments 1,041,328 1,061,733 Cash and cash equivalents, including restricted cash 64,151 400,334 Marketable securities 84,291 87,795 Notes and other receivables 233,776 174,621 Operating lease right-of-use assets 53,373 63,757 Prepaid expenses and other assets 85,528 79,171 Total assets $ 12,509,460 $ 12,361,427

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, 2024
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, 2024 Three Months Ended June 30, 2023 Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 92,914 64,209,878 $ 1.45 $ 99,620 64,182,555 $ 1.55 Effect of Dilutive Securities: Stock options — 17,773 — 1,120 Diluted: Net income available to common stockholders $ 92,914 64,227,651 $ 1.45 $ 99,620 64,183,675 $ 1.55 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 365,645 64,207,482 $ 5.69 $ 253,152 64,319,783 $ 3.94 Effect of Dilutive Securities: Stock options — 11,429 — 1,115 Diluted: Net income available to common stockholders $ 365,645 64,218,911 $ 5.69 $ 253,152 64,320,898 $ 3.94 The table above excludes from the calculations of diluted earnings per share weighted average convertible OP Units of 2,258,812 and 2,260,439, which include vested 2014 Long-Term Incentive Plan Units and 2015 Long-Term Incentive Plan Units, for the three months ended June 30, 2024 and 2023, respectively, and 2,258,812 and 2,263,151 for the six months ended June 30, 2024 and 2023, respectively, because they were anti-dilutive. The related income allocated to these convertible OP Units aggregated $3.3 million and $3.5 million for the three months ended June 30, 2024 and 2023, respectively, and $12.9 million and $8.9 million for the six months ended June 30, 2024 and 2023, respectively. Stock options of 326,199 and 505,037 for the three months ended June 30, 2024 and 2023, respectively, and 396,519 and 490,970 for the six months ended June 30, 2024 and 2023, 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, 2024 Three Months Ended June 30, 2023 Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 96,184 66,468,691 $ 1.45 $ 103,126 66,442,994 $ 1.55 Effect of Dilutive Securities: Stock options — 17,773 — 1,120 Diluted: Net income available to common unitholders $ 96,184 66,486,464 $ 1.45 $ 103,126 66,444,114 $ 1.55 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 378,514 66,466,295 $ 5.69 $ 262,062 66,582,934 $ 3.94 Effect of Dilutive Securities: Stock options — 11,429 — 1,115 Diluted: Net income available to common stockholders $ 378,514 66,477,724 $ 5.69 $ 262,062 66,584,049 $ 3.94

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
Derivative Instruments and Hedging Activities	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities As of June 30, 2024, 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, 2024 and December 31, 2023, the swap contract was presented in the consolidated balance sheets as an asset of $7.8 million and $4.3 million, respectively, and was included in prepaid expenses and other assets on the consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various lawsuits in the normal course of its business operations. Such lawsuits have not had a material adverse effect on the Company's financial condition, results of operations or cash flows. While no assurances can be given, the Company does not believe there is any pending or threatened litigation against the Company that, individually or in the aggregate, would reasonably be expected to have a material adverse effect on the Company. 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 intends to vigorously defend against these lawsuits. 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, 2024
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, 2024
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, 2023.
Consolidation	All significant intercompany accounts and transactions have been eliminated in the unaudited condensed consolidated financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." Among other new disclosure requirements, ASU 2023-07 requires companies to disclose significant segment expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 will be effective for the Company's 2024 annual reporting. ASU 2023-07 must be applied retrospectively to all prior periods presented in the financial statements. The Company does not expect the adoption to have a material impact on its consolidated results of operations and financial position. In August 2023, the FASB issued ASU No. 2023-05 "Business Combinations—Joint Venture Formations (Subtopic 805-60)" under which an entity that qualifies as a joint venture is required to apply a new basis of accounting upon the formation of the joint venture. The amendments in ASU 2023-05 require that a joint venture must initially measure its assets and liabilities at fair value on the formation date. ASU 2023-05 is effective for all joint ventures that are formed on or after January 1, 2025 and early adoption is permitted. The Company does not expect the adoption to have a material impact on its consolidated results of operations and financial position.
Revenues and Gains on Sale of Real Estate	Revenues and Gains on Sale of Real Estate Revenues from tenants renting or leasing apartment homes are recorded when due from tenants and are recognized monthly as they are earned which generally approximates a straight-line basis, else, adjustments are made to conform to a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 9 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. See Note 3, Revenues, for additional information regarding such revenues. The Company also generates other property-related revenue associated with the leasing of apartment homes, including storage income, pet rent, and other miscellaneous revenue. Similar to rental income, such revenues are recorded when due from tenants and recognized monthly as they are earned. Apart from rental and other property-related revenue, revenues from contracts with customers are recognized as control of the promised services is passed to the customer. For customer contracts related to management and other fees from affiliates (which includes asset management and property management), the transaction price and amount of revenue to be recognized is determined each quarter based on the management fee calculated and earned for that month or quarter. The contract will contain a description of the service and the fee percentage for management services. Payments from such services are one month or one quarter in arrears of the service performed. The Company recognizes any gains on sales of real estate when it transfers control of a property and when it is probable that the Company will collect substantially all of the related consideration.
Marketable Securities	Marketable Securities The Company reports its equity securities at fair value, based on quoted market prices (Level 1 for the common stock and investment funds and Level 2 for the unsecured debt, as defined by the FASB standard for fair value measurements). As of both June 30, 2024 and December 31, 2023, $0.1 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. Any 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, 2024 and December 31, 2023. 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 $964.3 million and $322.6 million, respectively, as of June 30, 2024 and $956.7 million and $324.5 million, respectively, as of December 31, 2023. Noncontrolling interests in these entities was $120.7 million and $121.1 million as of June 30, 2024 and December 31, 2023, respectively. The Company's financial risk in each VIE is limited to its equity investment in the VIE. As of June 30, 2024 and December 31, 2023, 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, 2023) are being amortized over the expected service periods.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Management estimates 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, 2024 and December 31, 2023, 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 $5.6 billion and $5.7 billion as of June 30, 2024 and December 31, 2023, respectively, was approximately $5.2 billion and $5.3 billion, respectively. Management has estimated that the fair value of the Company’s $649.3 million and $520.0 million of variable rate debt at June 30, 2024 and December 31, 2023, respectively, was approximately $647.3 million and $519.0 million, respectively, based on the terms of existing mortgage notes payable, unsecured debt, and lines of credit compared to those available in the marketplace. Management estimates 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, 2024 and December 31, 2023 due to the short-term maturity of these instruments. Marketable securities are carried at fair value as of June 30, 2024 and December 31, 2023.
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 $4.9 million and $4.6 million during the three months ended June 30, 2024 and 2023, respectively, and $10.2 million and $9.4 million for the six months ended June 30, 2024 and 2023, respectively. The Company capitalizes leasing commissions associated with the lease-up of development communities and amortizes the costs over the life of the leases. The amounts capitalized for leasing commissions are immaterial for all periods presented.
Co-investments	Co-investments The Company owns investments in joint ventures in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with U.S. GAAP. Therefore, the Company accounts for co-investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company's equity in earnings, less distributions received and the Company's share of losses. The significant accounting policies of the Company’s co-investment entities are consistent with those of the Company in all material respects. Upon the acquisition of a controlling interest of a co-investment, the co-investment entity is consolidated and a gain or loss is recognized upon the remeasurement of co-investments in the consolidated statement of income equal to the amount by which the fair value of the Company's previously owned co-investment interest exceeds its carrying value. A majority of the co-investments, excluding most preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote income if certain financial return benchmarks are achieved. Asset management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible. Any promote fees are reflected in equity income from co-investments.
Changes in Accumulated Other Comprehensive Income, 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 generally 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.
Gain Contingencies	Contingencies, commonly resulting from legal settlements, will periodically arise that may result in a gain. Gain contingencies are typically not recognized in the financial statements until all uncertainties related to the contingency have been resolved. In the case of legal settlements, the Company determines that all uncertainties have been resolved when cash or other consideration has been received by the Company.
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, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Components of Marketable Securities	As of June 30, 2024 and December 31, 2023, marketable securities consisted of the following ($ in thousands): June 30, 2024 Cost Gross Carrying Value Equity securities: Investment funds - debt securities $ 17,959 $ (1,741) $ 16,218 Common stock, preferred stock, and stock funds 51,401 16,672 68,073 Total - Marketable securities $ 69,360 $ 14,931 $ 84,291 December 31, 2023 Cost Gross Carrying Value Equity securities: Investment funds - debt securities $ 26,460 $ (1,584) $ 24,876 Common stock, preferred stock, and stock funds 51,328 11,591 62,919 Total - Marketable securities $ 77,788 $ 10,007 $ 87,795
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, 2023 $ 33,556 Other comprehensive income before reclassification 5,297 Amounts reclassified from accumulated other comprehensive income 24 Other comprehensive income 5,321 Balance at June 30, 2024 $ 38,877 Essex Portfolio, L.P. ($ in thousands): Change in fair Balance at December 31, 2023 $ 38,646 Other comprehensive income before reclassification 5,483 Amounts reclassified from accumulated other comprehensive income 25 Other comprehensive income 5,508 Balance at June 30, 2024 $ 44,154
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, 2024 is as follows ($ in thousands): Balance at December 31, 2023 $ 32,205 Reclassification due to change in redemption value and other 1,684 Balance at June 30, 2024 $ 33,889
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, 2024 December 31, 2023 June 30, 2023 December 31, 2022 Cash and cash equivalents - unrestricted $ 55,223 $ 391,749 $ 60,949 $ 33,295 Cash and cash equivalents - restricted 8,928 8,585 8,165 9,386 Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows $ 64,151 $ 400,334 $ 69,114 $ 42,681
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, 2024 December 31, 2023 June 30, 2023 December 31, 2022 Cash and cash equivalents - unrestricted $ 55,223 $ 391,749 $ 60,949 $ 33,295 Cash and cash equivalents - restricted 8,928 8,585 8,165 9,386 Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows $ 64,151 $ 400,334 $ 69,114 $ 42,681

Revenues (Tables)

Revenues (Tables)	6 Months Ended
Revenues (Tables)	Jun. 30, 2024
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, 2024 2023 2024 2023 Rental income $ 432,141 $ 407,786 $ 849,377 $ 812,421 Other property 7,641 5,479 14,620 10,500 Management and other fees from affiliates 2,573 2,778 5,286 5,543 Total revenues $ 442,355 $ 416,043 $ 869,283 $ 828,464 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, 2024 2023 2024 2023 Southern California $ 186,604 $ 169,857 $ 362,606 $ 336,734 Northern California 172,615 166,459 341,454 330,187 Seattle Metro 73,782 70,217 145,695 140,255 Other real estate assets (1) 6,781 6,732 14,242 15,745 Total rental and other property revenues $ 439,782 $ 413,265 $ 863,997 $ 822,921 (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, 2024 2023 2024 2023 Same-property (1) $ 414,845 $ 401,065 $ 824,664 $ 796,585 Acquisitions (2) 12,824 225 14,422 225 Redevelopment 1,565 1,595 3,106 3,132 Non-residential/other, net (3) 11,059 11,055 22,379 23,078 Straight line rent concession (4) (511) (675) (574) (99) Total rental and other property revenues $ 439,782 $ 413,265 $ 863,997 $ 822,921 (1) Same-property includes properties that have comparable stabilized results as of January 1, 2023 and are consolidated by the Company for the three and six months ended June 30, 2024 and 2023. 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, 2023. (3) 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. (4) 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, 2024
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, 2024 and December 31, 2023 are as follows ($ in thousands, except parenthetical amounts): Weighted Average Company Ownership Percentage (1) June 30, 2024 December 31, 2023 Ownership interest in: Wesco I, Wesco III, Wesco IV, Wesco V, and Wesco VI (2) 54 % $ 139,728 $ 144,766 BEXAEW (3) , BEX II, BEX IV, and 500 Folsom 50 % 211,582 224,119 Other (4) 51 % 83,161 68,493 Total operating and other co-investments, net 434,471 437,378 Total development co-investments — % — 14,605 Total preferred interest co-investments (includes related party investments of $45.9 million and $42.7 million as of June 30, 2024 and December 31, 2023, respectively. See Note 6 - Related Party Transactions for further discussion) 538,562 544,262 Total co-investments, net $ 973,033 $ 996,245 (1) Weighted average Company ownership percentages are as of June 30, 2024. (2) As of June 30, 2024 and December 31, 2023, the Company's investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $63.6 million and $61.8 million, respectively, due to distributions in excess of the Company's investment. (3) In March 2024, the Company acquired BEXAEW's 49.9% interest in four apartment communities consisting of 1,480 apartment homes. (4) As of June 30, 2024 and December 31, 2023, the Company's investments in Expo and Century Towers were classified as a liability of $4.7 million and $3.7 million, respectively, due to distributions received in excess of the Company's investment. The weighted average Company ownership percentage excludes the Company's investments in non-core technology co-investments which are carried at fair value.
Schedule of Financial Information for Co-Investments Accounted For Under the Equity Method	The combined summarized financial information of co-investments is as follows ($ in thousands): June 30, 2024 December 31, 2023 Combined balance sheets: (1) Rental properties and real estate under development $ 4,699,385 $ 5,123,164 Other assets 265,747 279,237 Total assets $ 4,965,132 $ 5,402,401 Debt $ 3,358,370 $ 3,622,609 Other liabilities 293,844 317,208 Equity 1,312,918 1,462,584 Total liabilities and equity $ 4,965,132 $ 5,402,401 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Combined statements of income: (1) Property revenues $ 99,706 $ 99,954 $ 204,928 $ 200,547 Property operating expenses (37,038) (36,868) (78,917) (78,946) Net operating income 62,668 63,086 126,011 121,601 Interest expense (36,291) (37,314) (76,786) (69,998) General and administrative (7,593) (8,556) (14,688) (11,536) Depreciation and amortization (44,093) (42,917) (89,603) (84,305) Net loss $ (25,309) $ (25,701) $ (55,066) $ (44,238) Company's share of net income (2) $ 9,652 $ 12,237 $ 22,018 $ 23,108 (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 $1.1 million and $1.9 million for the three months ended June 30, 2024 and 2023, respectively, and $2.2 million and $3.9 million for the six months ended June 30, 2024 and 2023, respectively.

Notes and Other Receivables (Ta

Notes and Other Receivables (Tables)	6 Months Ended
Notes and Other Receivables (Tables)	Jun. 30, 2024
Receivables [Abstract]
Schedule of Notes and Other Receivables	Notes and other receivables consist of the following as of June 30, 2024 and December 31, 2023 ($ in thousands): June 30, 2024 December 31, 2023 Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020) $ 39,958 $ 37,582 Note receivable, secured, bearing interest at 9.00%, due October 2025 (Originated October 2021) 55,691 50,146 Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022) 12,501 11,743 Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022) 36,987 34,929 Related party note receivable, bearing variable rate interest, due September 2024 (Originated March 2024) (1) 53,930 — Notes and other receivables from affiliates (1) (2) 5,252 6,111 Straight line rent receivables (3) 8,908 9,353 Other receivables 21,289 25,444 Allowance for credit losses (740) (687) Total notes and other receivables $ 233,776 $ 174,621 (1) See Note 6, Related Party Transactions, for additional details. (2) These amounts consist of short-term loans outstanding and due from various joint ventures as of June 30, 2024 and December 31, 2023, respectively. (3) 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 Receivables, Secured Balance at December 31, 2023 $ 687 Provision for credit losses 53 Balance at June 30, 2024 $ 740

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt and Lines of Credit	Debt consists of the following ($ in thousands): June 30, 2024 December 31, 2023 Weighted Average Term loan - variable rate, net $ 298,745 $ 298,552 3.3 Bonds public offering - fixed rate, net (1) 4,969,157 5,019,979 7.4 Unsecured debt, net (2) 5,267,902 5,318,531 Lines of credit (3) 129,391 — Mortgage notes payable, net (4) 885,563 887,204 7.4 Total debt, net $ 6,282,856 $ 6,205,735 Weighted average interest rate on fixed rate unsecured bonds public offering 3.3 % 3.3 % Weighted average interest rate on variable rate term loan 4.2 % 4.2 % Weighted average interest rate on lines of credit 6.4 % 6.3 % Weighted average interest rate on mortgage notes payable 4.3 % 4.3 % (1) In March 2024, the Operating Partnership issued $350.0 million of senior unsecured notes due on April 1, 2034 with a coupon rate of 5.500% per annum, which are payable on April 1 and October 1 of each year, beginning on October 1, 2024. The 2034 Notes were offered to investors at a price of 99.752% of the principal amount. In May 2024, the Company repaid its $400.0 million unsecured notes at maturity. (2) Unsecured debt, net, consists of fixed rate public bond offerings and variable rate term loan which includes unamortized discount, net of premiums, of $6.2 million and $6.1 million and unamortized debt issuance costs of $25.9 million and $25.3 million, as of June 30, 2024 and December 31, 2023, respectively. (3) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion as of June 30, 2024, excludes unamortized debt issuance costs of $3.2 million and $3.8 million as of June 30, 2024 and December 31, 2023, respectively. These debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets. As of June 30, 2024, the Company’s $1.2 billion credit facility had an interest rate at the Adjusted Secured Overnight Financing Rate ("Adjusted SOFR") (4)
Schedule of Aggregate Scheduled Principal Payments	The aggregate scheduled principal payments of the Company’s outstanding debt, excluding lines of credit, as of June 30, 2024 are as follows ($ in thousands): 2024 $ 1,576 2025 633,054 2026 549,405 2027 803,955 2028 518,332 Thereafter 3,681,937 Total $ 6,188,259

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
Segment Information (Tables)	Jun. 30, 2024
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, 2024 and 2023 ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues: Southern California $ 186,604 $ 169,857 $ 362,606 $ 336,734 Northern California 172,615 166,459 341,454 330,187 Seattle Metro 73,782 70,217 145,695 140,255 Other real estate assets 6,781 6,732 14,242 15,745 Total property revenues $ 439,782 $ 413,265 $ 863,997 $ 822,921 Net operating income: Southern California $ 133,340 $ 121,923 $ 257,673 $ 238,865 Northern California 120,916 116,228 236,595 230,783 Seattle Metro 51,990 50,388 102,906 100,283 Other real estate assets 7,503 5,502 14,924 13,354 Total net operating income 313,749 294,041 612,098 583,285 Management and other fees from affiliates 2,573 2,778 5,286 5,543 Corporate-level property management expenses (12,123) (11,451) (23,854) (22,883) Depreciation and amortization (145,613) (136,718) (285,346) (273,065) General and administrative (21,136) (13,813) (38,307) (29,124) Expensed acquisition and investment related costs — (5) (68) (344) Casualty loss — — — (433) Gain on sale of real estate and land — — — 59,238 Interest expense (59,120) (52,600) (115,053) (103,645) Total return swap income 629 821 1,425 1,854 Interest and other income 9,568 12,199 66,843 24,649 Equity income from co-investments 9,652 12,237 22,018 23,108 Tax benefit (expense) on unconsolidated co-investments 807 (1,733) 758 (833) Gain on remeasurement of co-investment — — 138,326 — Net income $ 98,986 $ 105,756 $ 384,126 $ 267,350
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, 2024 and December 31, 2023 ($ in thousands): June 30, 2024 December 31, 2023 Assets: Southern California $ 4,173,397 $ 3,802,648 Northern California 5,294,272 5,242,343 Seattle Metro 1,363,449 1,333,030 Other real estate assets 91,380 92,271 Net reportable operating segment - real estate assets 10,922,498 10,470,292 Real estate under development 24,515 23,724 Co-investments 1,041,328 1,061,733 Cash and cash equivalents, including restricted cash 64,151 400,334 Marketable securities 84,291 87,795 Notes and other receivables 233,776 174,621 Operating lease right-of-use assets 53,373 63,757 Prepaid expenses and other assets 85,528 79,171 Total assets $ 12,509,460 $ 12,361,427

Net Income Per Common Share a_2

Net Income Per Common Share and Net Income Per Common Unit (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 Three Months Ended June 30, 2023 Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 92,914 64,209,878 $ 1.45 $ 99,620 64,182,555 $ 1.55 Effect of Dilutive Securities: Stock options — 17,773 — 1,120 Diluted: Net income available to common stockholders $ 92,914 64,227,651 $ 1.45 $ 99,620 64,183,675 $ 1.55 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 365,645 64,207,482 $ 5.69 $ 253,152 64,319,783 $ 3.94 Effect of Dilutive Securities: Stock options — 11,429 — 1,115 Diluted: Net income available to common stockholders $ 365,645 64,218,911 $ 5.69 $ 253,152 64,320,898 $ 3.94
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, 2024 Three Months Ended June 30, 2023 Income Weighted- Per Income Weighted- Per Basic: Net income available to common unitholders $ 96,184 66,468,691 $ 1.45 $ 103,126 66,442,994 $ 1.55 Effect of Dilutive Securities: Stock options — 17,773 — 1,120 Diluted: Net income available to common unitholders $ 96,184 66,486,464 $ 1.45 $ 103,126 66,444,114 $ 1.55 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Income Weighted- Per Income Weighted- Per Basic: Net income available to common stockholders $ 378,514 66,466,295 $ 5.69 $ 262,062 66,582,934 $ 3.94 Effect of Dilutive Securities: Stock options — 11,429 — 1,115 Diluted: Net income available to common stockholders $ 378,514 66,477,724 $ 5.69 $ 262,062 66,584,049 $ 3.94

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, 2024 USD ($) apartment community building partnership investment shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) apartment community building partnership investment shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) partnership community investment shares
Real Estate Properties [Line Items]
Apartment communities owned (in communities) \| community	255		255
Apartment units owned (in apartments) \| apartment	62,510		62,510
Ownership interest, number of commercial buildings (in commercial buildings) \| building	3		3
Marketable securities	$ 100		$ 100		$ 100
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	$ 964,300		$ 964,300		$ 956,700
Liabilities related to variable interest entities net of intercompany eliminations	322,600		322,600		324,500
Noncontrolling interest in variable interest entity	120,700		120,700		121,100
Fixed rate debt carrying amount	5,600,000		5,600,000		5,700,000
Fixed rate debt fair value	5,200,000		5,200,000		5,300,000
Variable rate debt, carrying amount	649,300		649,300		520,000
Variable rate debt fair value	647,300		647,300		519,000
Capitalized internal costs related to development and redevelopment projects	4,900	$ 4,600	10,200	$ 9,400
Redeemable noncontrolling interest	$ 33,889		33,889		$ 32,205
Gain contingencies from legal settlements			$ 42,500	$ 7,700
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
Essex Portfolio, L.P.
Real Estate Properties [Line Items]
Operating partnership units outstanding (in shares) \| shares	2,258,812		2,258,812		2,258,812
Redemption value of operating partnership units outstanding	$ 614,800		$ 614,800		$ 560,000
Redeemable noncontrolling interest	$ 33,889		$ 33,889		$ 32,205
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, 2024	Dec. 31, 2023
Equity securities:
Carrying Value	$ 84,291	$ 87,795
Marketable Securities
Equity securities:
Cost	69,360	77,788
Gross Unrealized Gain (Loss)	14,931	10,007
Carrying Value	84,291	87,795
Investment funds - debt securities
Equity securities:
Cost	17,959	26,460
Gross Unrealized Gain (Loss)	(1,741)	(1,584)
Carrying Value	16,218	24,876
Common stock, preferred stock, and stock funds
Equity securities:
Cost	51,401	51,328
Gross Unrealized Gain (Loss)	16,672	11,591
Carrying Value	$ 68,073	$ 62,919

Organization and Basis of Pre_6

Organization and Basis of Presentation - Accumulated Other Comprehensive Income (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at period beginning	$ 5,593,978
Balance at period end	5,654,500
Accumulated Other Comprehensive Loss, Net
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at period beginning	33,556
Balance at period end	38,877
Change in fair value and amortization of swap settlements
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at period beginning	33,556
Other comprehensive income before reclassification	5,297
Amounts reclassified from accumulated other comprehensive income	24
Other comprehensive income	5,321
Balance at period end	38,877
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	38,646
Other comprehensive income before reclassification	5,483
Amounts reclassified from accumulated other comprehensive income	25
Other comprehensive income	5,508
Balance at period end	$ 44,154

Organization and Basis of Pre_7

Organization and Basis of Presentation - Redeemable Noncontrolling Interest (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 32,205
Reclassification due to change in redemption value and other	1,684
Ending balance	$ 33,889

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, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents-unrestricted	$ 55,223	$ 391,749	$ 60,949	$ 33,295
Cash and cash equivalents-restricted	8,928	8,585	8,165	9,386
Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statement of cash flows	$ 64,151	$ 400,334	$ 69,114	$ 42,681

Significant Transactions Duri_2

Significant Transactions During the Six Months Ended June 30, 2024 and Subsequent Events (Details)	1 Months Ended					3 Months Ended		6 Months Ended
	Jul. 31, 2024 USD ($) apartment	May 31, 2024 USD ($) apartment	Apr. 30, 2024 USD ($) apartment	Mar. 31, 2024 USD ($) apartment community	Aug. 31, 2022 USD ($) community	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Other Commitments [Line Items]
Gain on remeasurement of co-investment						$ 0	$ 0	$ 138,326,000	$ 0
Income (Loss) from Equity Method Investments						9,652,000	12,237,000	22,018,000	23,108,000
Proceeds from dispositions of co-investments		$ 10,300,000
Preferred return rate		12%
Subsequent Event
Other Commitments [Line Items]
Proceeds from debt repayment	$ 40,100,000
Essex Portfolio, L.P.
Other Commitments [Line Items]
Gain on remeasurement of co-investment						0	0	138,326,000	0
Income (Loss) from Equity Method Investments						$ 9,652,000	$ 12,237,000	$ 22,018,000	$ 23,108,000
Senior Notes
Other Commitments [Line Items]
Debt instrument, repaid, principal		$ 400,000,000
Unsecured Bonds 5.500%, Due April 2034 \| Bonds public offering - fixed rate, net \| Essex Portfolio, L.P.
Other Commitments [Line Items]
Debt instrument face amount				$ 350,000,000
Interest rate				5.50%
Debt instrument, debt offering price, percentage of principal				99.752%
Related Party
Other Commitments [Line Items]
Number of communities owned \| community					3
Notes receivable					$ 11,200,000
Notes receivable, interest rate					9.50%
Related Party Bridge Loan On Property Acquired By BEX II \| Related Party
Other Commitments [Line Items]
Notes receivable			$ 53,600,000	$ 53,600,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			Secured Overnight Financing Rate (SOFR) [Member]
Notes receivable, interest rate			1.50%
Apartment Building \| Regency Palm Court and Windsor Court
Other Commitments [Line Items]
Gain on remeasurement of co-investment				$ 138,300,000
BEXAEW LLC
Other Commitments [Line Items]
Number of units acquired \| apartment				1,480
Payments to acquire real estate				$ 505,000,000
Debt instrument, repaid, principal				$ 219,900,000
Number of communities owned \| community				4
Income (Loss) from Equity Method Investments				$ 1,500,000
BEXAEW LLC \| Related Party Bridge Loan On Property Acquired By BEX II \| Related Party
Other Commitments [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]				Secured Overnight Financing Rate (SOFR) [Member]
Notes receivable, interest rate				1.50%
Patina at Midtown \| Subsequent Event
Other Commitments [Line Items]
Debt instrument, repaid, principal	$ 95,000,000
Joint venture ownership percent	49.90%
Number of units \| apartment	269
Total purchase price	$ 117,000,000
ARLO Apartments Located in Mountain View
Other Commitments [Line Items]
Number of units acquired \| apartment		164
Payments to acquire real estate		$ 101,100,000
Apartment Homes Located in Sunnyvale, CA
Other Commitments [Line Items]
Number of units acquired \| apartment			75
Commitment to fund preferred equity investment			$ 14,700,000
Debt instrument, repaid, principal			32,100,000
Repayments of secured debt			$ 46,600,000
Membership Interest in BEXAEW
Other Commitments [Line Items]
Number of units acquired \| apartment				1,480
Membership Interest in BEXAEW \| BEXAEW LLC
Other Commitments [Line Items]
Joint venture ownership percent				49.90%

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) community	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) community	Jun. 30, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Rental and other property	$ 439,782	$ 413,265	$ 863,997	$ 822,921
Management and other fees from affiliates	2,573	2,778	5,286	5,543
Revenues	$ 442,355	416,043	$ 869,283	828,464
Apartment communities owned (in communities) \| community	255		255
Rental income
Disaggregation of Revenue [Line Items]
Rental and other property	$ 432,141	407,786	$ 849,377	812,421
Other property
Disaggregation of Revenue [Line Items]
Rental and other property	7,641	5,479	14,620	10,500
Rental and other property revenues
Disaggregation of Revenue [Line Items]
Rental and other property	439,782	413,265	863,997	822,921
Rental and other property revenues \| Same-property
Disaggregation of Revenue [Line Items]
Rental and other property	$ 414,845	401,065	$ 824,664	796,585
Occupancy threshold for classification as stabilized	90%		90%
Rental and other property revenues \| Acquisitions
Disaggregation of Revenue [Line Items]
Rental and other property	$ 12,824	225	$ 14,422	225
Rental and other property revenues \| Redevelopment
Disaggregation of Revenue [Line Items]
Rental and other property	1,565	1,595	3,106	3,132
Rental and other property revenues \| Non-residential/other, net
Disaggregation of Revenue [Line Items]
Rental and other property	$ 11,059	11,055	$ 22,379	23,078
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	$ (511)	(675)	$ (574)	(99)
Rental and other property revenues \| Operating Segments \| Southern California
Disaggregation of Revenue [Line Items]
Rental and other property	186,604	169,857	362,606	336,734
Rental and other property revenues \| Operating Segments \| Northern California
Disaggregation of Revenue [Line Items]
Rental and other property	172,615	166,459	341,454	330,187
Rental and other property revenues \| Operating Segments \| Seattle Metro
Disaggregation of Revenue [Line Items]
Rental and other property	73,782	70,217	145,695	140,255
Rental and other property revenues \| Other real estate assets
Disaggregation of Revenue [Line Items]
Rental and other property	$ 6,781	$ 6,732	$ 14,242	$ 15,745

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 0.7	$ 1
Deferred revenue, revenue recognized	0.3
Deferred revenue balance from contracts with remaining performance obligations	$ 0.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligations due per period	51%
Expected timing of performance obligation satisfaction, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligations due per period	41%
Expected timing of performance obligation satisfaction, period	2 years

Co-investments - Narrative (Det

Co-investments - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($) investment	Dec. 31, 2023 USD ($) investment
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
Number of technology co-investments \| investment	5	5
Co-investment	$ 51	$ 44.2
Co-investment, committed capital	$ 86	$ 86

Co-investments - Schedule of In

Co-investments - Schedule of Investments (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Mar. 31, 2024 apartment community	Jun. 30, 2024 USD ($) community	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Co-investments		$ 973,033	$ 996,245
Distributions in excess of investments in co-investments		$ 68,295	65,488
Apartment communities owned (in communities) \| community		255
Total operating and other co-investments, net
Schedule of Equity Method Investments [Line Items]
Co-investments		$ 434,471	437,378
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		$ 139,728	144,766
BEXAEW , BEX II, BEX IV, and 500 Folsom
Schedule of Equity Method Investments [Line Items]
Weighted average company ownership percentage		50%
Co-investments		$ 211,582	224,119
Other
Schedule of Equity Method Investments [Line Items]
Weighted average company ownership percentage		51%
Co-investments		$ 83,161	68,493
Distributions in excess of investments in co-investments		$ 4,700	3,700
Total development co-investments
Schedule of Equity Method Investments [Line Items]
Weighted average company ownership percentage		0%
Co-investments		$ 0	14,605
Total preferred interest co-investments
Schedule of Equity Method Investments [Line Items]
Co-investments		538,562	544,262
Total preferred interest co-investments \| Investments in Majority-owned Subsidiaries
Schedule of Equity Method Investments [Line Items]
Co-investments		45,900	42,700
Wesco I, Wesco III, and Wesco IV
Schedule of Equity Method Investments [Line Items]
Distributions in excess of investments in co-investments		$ 63,600	$ 61,800
Membership Interest in BEXAEW
Schedule of Equity Method Investments [Line Items]
Weighted average company ownership percentage	49.90%
Apartment communities owned (in communities) \| community	4
Number of units acquired \| apartment	1,480

Co-investments - Combined Finan

Co-investments - Combined Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Rental properties and real estate under development	$ 24,515		$ 24,515			$ 23,724
Total assets	12,509,460		12,509,460			12,361,427
Debt	6,821,071		6,821,071			6,735,244
Other liabilities	49,351		49,351			46,175
Equity	5,654,500	$ 5,762,005	5,654,500	$ 5,762,005	$ 5,723,753	5,593,978	$ 5,796,857	$ 5,895,116
Total liabilities and equity	12,509,460		12,509,460			12,361,427
Equity Method Investment, Summarized Financial Information [Abstract]
Property revenues	442,355	416,043	869,283	828,464
Interest expense	(59,120)	(52,600)	(115,053)	(103,645)
General and administrative	(21,136)	(13,813)	(38,307)	(29,124)
Net income	98,986	105,756	384,126	267,350
Related Party \| Total co-investment
Equity Method Investment, Summarized Financial Information [Abstract]
Company's share of net income	1,100	1,900	2,200	3,900
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Rental properties and real estate under development	4,699,385		4,699,385			5,123,164
Other assets	265,747		265,747			279,237
Total assets	4,965,132		4,965,132			5,402,401
Debt	3,358,370		3,358,370			3,622,609
Other liabilities	293,844		293,844			317,208
Equity	1,312,918		1,312,918			1,462,584
Total liabilities and equity	4,965,132		4,965,132			$ 5,402,401
Equity Method Investment, Summarized Financial Information [Abstract]
Property revenues	99,706	99,954	204,928	200,547
Property operating expenses	(37,038)	(36,868)	(78,917)	(78,946)
Net operating income	62,668	63,086	126,011	121,601
Interest expense	(36,291)	(37,314)	(76,786)	(69,998)
General and administrative	(7,593)	(8,556)	(14,688)	(11,536)
Depreciation and amortization	(44,093)	(42,917)	(89,603)	(84,305)
Net income	(25,309)	(25,701)	(55,066)	(44,238)
Company's share of net income	$ 9,652	$ 12,237	$ 22,018	$ 23,108

Notes and Other Receivables (De

Notes and Other Receivables (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (740)	$ (687)
Total notes and other receivables	233,776	174,621
Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	$ 39,958	37,582
Stated interest rate	11.50%
Note receivable, secured, bearing interest at 9.00%, due October 2025 (Originated October 2021)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	$ 55,691	50,146
Stated interest rate	9%
Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	$ 12,501	11,743
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	$ 36,987	34,929
Stated interest rate	11.25%
Related party note receivable, bearing variable rate interest, due September 2024 (Originated March 2024)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	$ 53,930	0
Notes and other receivables from affiliates
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	5,252	6,111
Allowance for credit losses	(740)	(687)
Straight line rent receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	8,908	9,353
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivables	$ 21,289	$ 25,444

Notes and Other Receivables - A

Notes and Other Receivables - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 687
Provision for credit losses	(66)	$ (34)
Ending balance	740
Notes Receivables, Secured
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	687
Provision for credit losses	53
Ending balance	$ 740

Related Party Transactions (Det

Related Party Transactions (Details)

1 Months Ended

3 Months Ended

6 Months Ended

May 31, 2024

Apr. 30, 2024 USD ($)

Apr. 30, 2023 USD ($)

Aug. 31, 2022 USD ($) community

Nov. 30, 2021 USD ($)

Feb. 28, 2019 USD ($)

Oct. 31, 2018 USD ($) apartment

May 31, 2018 USD ($) apartment

Jun. 30, 2024 USD ($)

Jun. 30, 2023 USD ($)

Jun. 30, 2024 USD ($)

Jun. 30, 2023 USD ($)

Mar. 31, 2024 USD ($)

Dec. 31, 2023 USD ($)

Related Party Transaction [Line Items]

Other receivables outstanding

$ 53,900,000

Payments to acquire preferred equity investments

3,804,000

$ 15,571,000

Preferred return rate

12%

Notes and other receivables

233,776,000

$ 174,621,000

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

$ 11,000,000

Commitment to fund, amount

$ 13,000,000

Related Party

Related Party Transaction [Line Items]

Notes receivable

$ 11,200,000

Notes receivable, interest rate

9.50%

Number of communities owned | community

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]

Payments to acquire preferred equity investments

$ 18,600,000

Preferred return rate

11%

12%

Number of units acquired | apartment

268

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

Related Party Transaction [Line Items]

Notes receivable

$ 53,600,000

Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Notes receivable, interest rate

1.50%

Related Party | Marcus & Millichap Company (MMC)

Related Party Transaction [Line Items]

Brokerage commissions

$ 0

Related Party | Marcus & Millichap Company (MMC) | Apartment home community in Ventura, CA

Related Party Transaction [Line Items]

Preferred return rate

10.25%

Number of units acquired | apartment

400

Commitment to fund preferred equity investment

$ 26,500,000

Affiliated Entity

Related Party Transaction [Line Items]

Notes and other receivables

59,200,000

$ 59,200,000

$ 6,100,000

Management and Other Fees From Affiliates | Related Party

Related Party Transaction [Line Items]

Related party transaction, amounts of transaction

2,800,000

3,200,000

5,600,000

6,400,000

Revenues from Development and Redevelopment Fees | Related Party

Related Party Transaction [Line Items]

Related party transaction, amounts of transaction

$ 200,000

$ 500,000

$ 300,000

$ 1,000,000

Debt - Debt Summary (Details)

Debt - Debt Summary (Details) - USD ($) $ in Thousands	6 Months Ended
Debt - Debt Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unsecured debt, net	$ 5,267,902	$ 5,318,531
Lines of credit	129,391	0
Mortgage notes payable, net	885,563	887,204
Total debt, net	6,282,856	6,205,735
Unsecured debt
Debt Instrument [Line Items]
Unsecured debt, net	$ 5,267,902	$ 5,318,531
Term loan - variable rate, net
Debt Instrument [Line Items]
Weighted average interest rate	4.20%	4.20%
Term loan - variable rate, net \| Unsecured debt
Debt Instrument [Line Items]
Term loan - variable rate	$ 298,745	$ 298,552
Weighted average maturity	3 years 3 months 18 days
Bonds public offering - fixed rate, net \| Unsecured debt
Debt Instrument [Line Items]
Unsecured debt, net	$ 4,969,157	5,019,979
Weighted average maturity	7 years 4 months 24 days
Lines of credit
Debt Instrument [Line Items]
Lines of credit	$ 129,391	$ 0
Weighted average interest rate	6.40%	6.30%
Mortgage notes payable, net
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 885,563	$ 887,204
Weighted average interest rate	4.30%	4.30%
Weighted average maturity	7 years 4 months 24 days
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, 2024 USD ($)	Jun. 30, 2024 USD ($) extension_option instrument	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lines of credit
Debt Instrument [Line Items]
Aggregate borrowing capacity		$ 75,000,000
Bonds public offering - fixed rate, net
Debt Instrument [Line Items]
Unamortized discount (premium), net		6,200,000		$ 6,100,000
Unamortized debt issuance expense		25,900,000		25,300,000
Bonds public offering - fixed rate, net \| Unsecured Bonds 5.500%, Due March 2028 \| Essex Portfolio, L.P.
Debt Instrument [Line Items]
Debt instrument face amount			$ 350,000,000
Interest rate			5.50%
Debt instrument, debt offering price, percentage of principal			99.752%
Senior Notes
Debt Instrument [Line Items]
Debt instrument, repaid, principal	$ 400,000,000
Lines of credit
Debt Instrument [Line Items]
Unamortized debt issuance expense		$ 3,200,000		3,800,000
Number of lines of unsecured credit (in instruments) \| instrument		2
Aggregate borrowing capacity		$ 1,240,000,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) [Member]
Basis spread on variable rate		0.765%
Number of extension options (in extensions) \| extension_option		2
Extension period		6 months
Lines of credit \| Working capital line of credit
Debt Instrument [Line Items]
Aggregate borrowing capacity		$ 35,000,000
Basis spread on variable rate		0.765%
Mortgage notes payable, net
Debt Instrument [Line Items]
Unamortized discount (premium), net		$ 100,000		500,000
Unamortized debt issuance expense		$ 2,800,000		$ 3,100,000

Debt - Future Principal Payment

Debt - Future Principal Payments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 1,576
2025	633,054
2026	549,405
2027	803,955
2028	518,332
Thereafter	3,681,937
Total	$ 6,188,259

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
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	$ 313,749	$ 294,041	$ 612,098	$ 583,285
Management and other fees from affiliates	2,573	2,778	5,286	5,543
Corporate-level property management expenses	(12,123)	(11,451)	(23,854)	(22,883)
Depreciation and amortization	(145,613)	(136,718)	(285,346)	(273,065)
General and administrative	(21,136)	(13,813)	(38,307)	(29,124)
Expensed acquisition and investment related costs	0	(5)	(68)	(344)
Casualty loss	0	0	0	(433)
Gain on sale of real estate and land	0	0	0	59,238
Interest expense	(59,120)	(52,600)	(115,053)	(103,645)
Total return swap income	629	821	1,425	1,854
Interest and other income	9,568	12,199	66,843	24,649
Equity income from co-investments	9,652	12,237	22,018	23,108
Tax benefit (expense) on unconsolidated co-investments	807	(1,733)	758	(833)
Gain on remeasurement of co-investment	0	0	138,326	0
Net income	98,986	105,756	384,126	267,350
Net reportable operating segment - real estate assets	10,922,498		10,922,498		$ 10,470,292
Real estate under development	24,515		24,515		23,724
Co-investments	1,041,328		1,041,328		1,061,733
Cash and cash equivalents, including restricted cash	64,151	69,114	64,151	69,114	400,334	$ 42,681
Marketable securities	84,291		84,291		87,795
Notes and other receivables	233,776		233,776		174,621
Operating lease right-of-use assets	53,373		53,373		63,757
Prepaid expenses and other assets	85,528		85,528		79,171
Total assets	12,509,460		12,509,460		12,361,427
Rental and Other Property Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	439,782	413,265	863,997	822,921
Management and other fees from affiliates
Revenues from External Customers and Long-Lived Assets [Line Items]
Management and other fees from affiliates	2,573	2,778	5,286	5,543
Operating Segments \| Southern California
Revenues from External Customers and Long-Lived Assets [Line Items]
Net operating income	133,340	121,923	257,673	238,865
Net reportable operating segment - real estate assets	4,173,397		4,173,397		3,802,648
Operating Segments \| Southern California \| Rental and Other Property Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	186,604	169,857	362,606	336,734
Operating Segments \| Northern California
Revenues from External Customers and Long-Lived Assets [Line Items]
Net operating income	120,916	116,228	236,595	230,783
Net reportable operating segment - real estate assets	5,294,272		5,294,272		5,242,343
Operating Segments \| Northern California \| Rental and Other Property Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	172,615	166,459	341,454	330,187
Operating Segments \| Seattle Metro
Revenues from External Customers and Long-Lived Assets [Line Items]
Net operating income	51,990	50,388	102,906	100,283
Net reportable operating segment - real estate assets	1,363,449		1,363,449		1,333,030
Operating Segments \| Seattle Metro \| Rental and Other Property Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	73,782	70,217	145,695	140,255
Other real estate assets
Revenues from External Customers and Long-Lived Assets [Line Items]
Net operating income	7,503	5,502	14,924	13,354
Net reportable operating segment - real estate assets	91,380		91,380		$ 92,271
Other real estate assets \| Rental and Other Property Revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 6,781	$ 6,732	$ 14,242	$ 15,745

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic:
Net income available to common stockholders	$ 92,914	$ 99,620	$ 365,645	$ 253,152
Weighted average common shares/units (in shares)	64,209,878	64,182,555	64,207,482	64,319,783
Net income available to common stockholders/unitholders (in dollars per share)	$ 1.45	$ 1.55	$ 5.69	$ 3.94
Diluted:
Net income available to common stockholders/unitholders	$ 92,914	$ 99,620	$ 365,645	$ 253,152
Income from continuing operations available to common stockholders (in shares)	64,227,651	64,183,675	64,218,911	64,320,898
Net income available to common stockholders/unitholders (in dollars per share)	$ 1.45	$ 1.55	$ 5.69	$ 3.94
Essex Portfolio, L.P.
Basic:
Net income available to common stockholders	$ 96,184	$ 103,126	$ 378,514	$ 262,062
Weighted average common shares/units (in shares)	66,468,691	66,442,994	66,466,295	66,582,934
Net income available to common stockholders/unitholders (in dollars per share)	$ 1.45	$ 1.55	$ 5.69	$ 3.94
Diluted:
Net income available to common stockholders/unitholders	$ 96,184	$ 103,126	$ 378,514	$ 262,062
Income from continuing operations available to common stockholders (in shares)	66,486,464	66,444,114	66,477,724	66,584,049
Net income available to common stockholders/unitholders (in dollars per share)	$ 1.45	$ 1.55	$ 5.69	$ 3.94
Stock options
Basic:
Income effect of dilutive securities	$ 0	$ 0	$ 0	$ 0
Effect of dilutive securities (in shares)	17,773	1,120	11,429	1,115
Diluted:
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	326,199
Stock options \| Essex Portfolio, L.P.
Basic:
Income effect of dilutive securities	$ 0	$ 0	$ 0	$ 0
Effect of dilutive securities (in shares)	17,773	1,120	11,429	1,115
Diluted:
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	326,199	505,037	396,519	490,970
Convertible units
Diluted:
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,258,812	2,260,439	2,258,812	2,263,151
Income allocated to convertible OP Units	$ 3,300	$ 3,500	$ 12,900	$ 8,900

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Unsecured debt
Derivative [Line Items]
Debt instrument face amount	$ 300
Interest Rate Swap \| Unsecured debt
Derivative [Line Items]
Interest rate	4.20%
Designated as Hedging Instrument \| Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount	$ 300
Derivative asset	$ 7.8	$ 4.3