2024 Q1 Form 10-K Financial Statement

#000092052224000033 Filed on February 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $426.9M $421.7M $1.669B
YoY Change 3.52% 1.58% 3.89%
Cost Of Revenue $125.9M $121.9M $485.5M
YoY Change 4.53% 3.69% 3.9%
Gross Profit $301.1M $299.8M $1.184B
YoY Change 3.1% 0.75% 3.89%
Gross Profit Margin 70.52% 71.09% 70.92%
Selling, General & Admin $28.90M $31.22M $109.3M
YoY Change 8.07% 19.14% 12.4%
% of Gross Profit 9.6% 10.41% 9.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $139.7M $138.0M $548.4M
YoY Change 2.48% 1.66% 1.69%
% of Gross Profit 46.41% 46.04% 46.32%
Operating Expenses $168.6M $169.2M $657.8M
YoY Change 3.4% 4.49% 3.33%
Operating Profit $132.4M $130.6M $526.1M
YoY Change -29.33% -3.72% -11.61%
Interest Expense $14.50M -$60.53M -$152.9M
YoY Change -71.59% 66.77% -174.68%
% of Operating Profit 10.95% -46.36% -29.07%
Other Income/Expense, Net -$49.00K $540.0K -$697.0K
YoY Change -105.44% -77.24% -106.81%
Pretax Income $285.1M $70.35M $430.7M
YoY Change 76.45% -63.78% -0.53%
Income Tax
% Of Pretax Income
Net Earnings $272.7M $65.39M $405.8M
YoY Change 68.78% -64.69% -6.27%
Net Earnings / Revenue 63.88% 15.5% 24.31%
Basic Earnings Per Share $4.25 $6.32
Diluted Earnings Per Share $4.25 $1.02 $6.32
COMMON SHARES
Basic Shares Outstanding 64.20M shares 64.18M shares 64.25M shares
Diluted Shares Outstanding 64.21M shares 64.25M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $507.9M $400.3M $400.3M
YoY Change 558.22% 174.13% 1102.38%
Cash & Equivalents $507.9M $400.3M $400.3M
Short-Term Investments $87.80M
Other Short-Term Assets $83.19M $79.17M $79.17M
YoY Change 21.39% -1.96% -1.96%
Inventory $24.63M $23.72M $23.72M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $615.7M $503.2M $503.2M
YoY Change 267.36% 196.54% 196.54%
LONG-TERM ASSETS
Property, Plant & Equipment $10.93B $10.53B $10.53B
YoY Change 1.67% -3.19% -3.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.154B $1.150B $1.150B
YoY Change -6.81% -7.31% -7.31%
Other Assets $8.834M $8.585M $8.585M
YoY Change -6.48% -8.53% -8.53%
Total Long-Term Assets $12.27B $11.86B $11.86B
YoY Change 1.3% -2.83% -2.83%
TOTAL ASSETS
Total Short-Term Assets $615.7M $503.2M $503.2M
Total Long-Term Assets $12.27B $11.86B $11.86B
Total Assets $12.89B $12.36B $12.36B
YoY Change 4.93% -0.09% -0.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $215.7M $175.4M $175.4M
YoY Change 3.68% 6.01% 6.01%
Accrued Expenses $64.10M $65.09M $65.09M
YoY Change -5.42% -5.25% -5.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $64.10M $65.09M $65.09M
YoY Change -5.42% -83.99% -83.99%
LONG-TERM LIABILITIES
Long-Term Debt $6.553B $6.206B $6.206B
YoY Change 10.93% 4.15% 4.15%
Other Long-Term Liabilities $512.2M $464.4M $464.4M
YoY Change 7.23% 440.19% 440.19%
Total Long-Term Liabilities $7.065B $6.670B $6.670B
YoY Change 10.65% 10.36% 10.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.10M $65.09M $65.09M
Total Long-Term Liabilities $7.065B $6.670B $6.670B
Total Liabilities $7.337B $6.939B $6.939B
YoY Change 13.71% 7.57% 4.24%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $6.000K $6.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.548B $5.423B $5.423B
YoY Change
Total Liabilities & Shareholders Equity $12.89B $12.36B $12.36B
YoY Change 4.93% -0.09% -0.09%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $272.7M $65.39M $405.8M
YoY Change 68.78% -64.69% -6.27%
Depreciation, Depletion And Amortization $139.7M $138.0M $548.4M
YoY Change 2.48% 1.66% 1.69%
Cash From Operating Activities $314.9M $203.7M $980.1M
YoY Change 13.7% 22.02% 0.45%
INVESTING ACTIVITIES
Capital Expenditures $394.5M $65.28M $245.9M
YoY Change 754.92% -27.38% -20.54%
Acquisitions
YoY Change
Other Investing Activities -$2.981M $22.57M $100.8M
YoY Change -102.94% -92.61% -77.87%
Cash From Investing Activities -$397.4M -$42.72M -$145.1M
YoY Change -820.55% -119.84% -199.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $761.0K $302.4M
YoY Change 269.42% 368.58%
Cash From Financing Activities $190.1M -161.1M -$477.3M
YoY Change -163.89% -59.02% -58.04%
NET CHANGE
Cash From Operating Activities $314.9M 203.7M $980.1M
Cash From Investing Activities -$397.4M -42.72M -$145.1M
Cash From Financing Activities $190.1M -161.1M -$477.3M
Net Change In Cash $107.5M -163.0K $357.7M
YoY Change 211.91% -98.5% -2341.35%
FREE CASH FLOW
Cash From Operating Activities $314.9M $203.7M $980.1M
Capital Expenditures $394.5M $65.28M $245.9M
Free Cash Flow -$79.61M $138.4M $734.1M
YoY Change -134.49% 79.7% 10.21%

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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
42681000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
58638000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
84041000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
400334000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
42681000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
58638000 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
207038000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
198323000 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
194203000 usd
CY2023 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
823000 usd
CY2022 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
2272000 usd
CY2021 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
6153000 usd
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
6962000 usd
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
6987000 usd
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
6963000 usd
CY2023 ess Transfer From Real Estate Under Development To Rental Properties
TransferFromRealEstateUnderDevelopmentToRentalProperties
1497000 usd
CY2022 ess Transfer From Real Estate Under Development To Rental Properties
TransferFromRealEstateUnderDevelopmentToRentalProperties
100737000 usd
CY2021 ess Transfer From Real Estate Under Development To Rental Properties
TransferFromRealEstateUnderDevelopmentToRentalProperties
328393000 usd
CY2023 ess Transfer From Real Estate Under Development To Co Investments
TransferFromRealEstateUnderDevelopmentToCoInvestments
1732000 usd
CY2022 ess Transfer From Real Estate Under Development To Co Investments
TransferFromRealEstateUnderDevelopmentToCoInvestments
2276000 usd
CY2021 ess Transfer From Real Estate Under Development To Co Investments
TransferFromRealEstateUnderDevelopmentToCoInvestments
3068000 usd
CY2023 ess Reclassification From To Redeemable Noncontrolling Interest
ReclassificationFromToRedeemableNoncontrollingInterest
5055000 usd
CY2022 ess Reclassification From To Redeemable Noncontrolling Interest
ReclassificationFromToRedeemableNoncontrollingInterest
-7038000 usd
CY2021 ess Reclassification From To Redeemable Noncontrolling Interest
ReclassificationFromToRedeemableNoncontrollingInterest
6890000 usd
CY2023 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
0 usd
CY2022 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
21303000 usd
CY2021 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
0 usd
CY2023Q4 ess Noncontrolling Interest Operating Partnership
NoncontrollingInterestOperatingPartnership
0.034
CY2023Q4 ess Operating Partnership Units Outstanding
OperatingPartnershipUnitsOutstanding
2258812 shares
CY2022Q4 ess Operating Partnership Units Outstanding
OperatingPartnershipUnitsOutstanding
2272496 shares
CY2023Q4 ess Redemption Value Of Operating Partnership Units Outstanding
RedemptionValueOfOperatingPartnershipUnitsOutstanding
560000000 usd
CY2022Q4 ess Redemption Value Of Operating Partnership Units Outstanding
RedemptionValueOfOperatingPartnershipUnitsOutstanding
481600000 usd
CY2023Q4 ess Number Of Apartment Communities Owned
NumberOfApartmentCommunitiesOwned
252 community
CY2023Q4 ess Aggregate Apartment Units Owned
AggregateApartmentUnitsOwned
61997 apartment
CY2023Q4 ess Ownership Interests Number Of Commercial Buildings
OwnershipInterestsNumberOfCommercialBuildings
3 building
CY2023Q4 ess Ownership Interests Number Of Unconsolidated Projects
OwnershipInterestsNumberOfUnconsolidatedProjects
1 investment
CY2023Q4 ess Noncontrolling Interest Operating Partnership
NoncontrollingInterestOperatingPartnership
0.034
CY2022Q4 ess Noncontrolling Interest Operating Partnership
NoncontrollingInterestOperatingPartnership
0.034
CY2023 ess Threshold Useful Life Of Assets For Capitalization
ThresholdUsefulLifeOfAssetsForCapitalization
P1Y
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
6100000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
7400000 usd
CY2022Q4 ess Numberof Assets Held For Sale
NumberofAssetsHeldForSale
0 property
CY2023Q4 ess Numberof Assets Held For Sale
NumberofAssetsHeldForSale
0 property
CY2021 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2023 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2022 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2023 ess Revenue Lease Term Minimum
RevenueLeaseTermMinimum
P9M
CY2023 ess Revenue Lease Term Maximum
RevenueLeaseTermMaximum
P12M
CY2023 ess Original Maturities Highly Liquid Investments Term Classification As Cash Equivalents Maximum
OriginalMaturitiesHighlyLiquidInvestmentsTermClassificationAsCashEquivalentsMaximum
P3M
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
8585000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
400334000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
42681000 usd
CY2023Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
100000 usd
CY2022Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
200000 usd
CY2023Q4 ess Marketable Securities Amortized Cost
MarketableSecuritiesAmortizedCost
77788000 usd
CY2023Q4 ess Marketable Securities Accumulated Gross Unrealized Gain Loss Before Tax
MarketableSecuritiesAccumulatedGrossUnrealizedGainLossBeforeTax
10007000 usd
CY2023Q4 us-gaap Marketable Securities
MarketableSecurities
87795000 usd
CY2022Q4 ess Marketable Securities Amortized Cost
MarketableSecuritiesAmortizedCost
121636000 usd
CY2022Q4 ess Marketable Securities Accumulated Gross Unrealized Gain Loss Before Tax
MarketableSecuritiesAccumulatedGrossUnrealizedGainLossBeforeTax
-8893000 usd
CY2022Q4 us-gaap Marketable Securities
MarketableSecurities
112743000 usd
CY2023 ess Capitalized Internal Costs Related To Development And Redevelopment Projects
CapitalizedInternalCostsRelatedToDevelopmentAndRedevelopmentProjects
19500000 usd
CY2022 ess Capitalized Internal Costs Related To Development And Redevelopment Projects
CapitalizedInternalCostsRelatedToDevelopmentAndRedevelopmentProjects
20400000 usd
CY2021 ess Capitalized Internal Costs Related To Development And Redevelopment Projects
CapitalizedInternalCostsRelatedToDevelopmentAndRedevelopmentProjects
23600000 usd
CY2022Q4 ess Fixed Rate Debt Carrying Amount
FixedRateDebtCarryingAmount
5700000000 usd
CY2023Q4 ess Fixed Rate Debt Carrying Amount
FixedRateDebtCarryingAmount
5700000000 usd
CY2023Q4 ess Fixed Rate Debt Fair Value
FixedRateDebtFairValue
5300000000 usd
CY2022Q4 ess Fixed Rate Debt Fair Value
FixedRateDebtFairValue
5200000000 usd
CY2023Q4 ess Variable Rate Debt Carrying Amount
VariableRateDebtCarryingAmount
520000000 usd
CY2022Q4 ess Variable Rate Debt Carrying Amount
VariableRateDebtCarryingAmount
274200000 usd
CY2023Q4 ess Variable Rate Debt Fair Value
VariableRateDebtFairValue
519000000 usd
CY2022Q4 ess Variable Rate Debt Fair Value
VariableRateDebtFairValue
273200000 usd
CY2021Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
34666000 usd
CY2023Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
32200000 usd
CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
27200000 usd
CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
27150000 usd
CY2020Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
32239000 usd
CY2023 ess Noncontrolling Interest Reset Of Prior Year Redemptions
NoncontrollingInterestResetOfPriorYearRedemptions
5055000 usd
CY2022 ess Noncontrolling Interest Reset Of Prior Year Redemptions
NoncontrollingInterestResetOfPriorYearRedemptions
-7038000 usd
CY2021 ess Noncontrolling Interest Reset Of Prior Year Redemptions
NoncontrollingInterestResetOfPriorYearRedemptions
6890000 usd
CY2023 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
0 usd
CY2022 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
478000 usd
CY2021 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
4463000 usd
CY2023Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
32205000 usd
CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
27150000 usd
CY2021Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
34666000 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
Accounting Estimates<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of 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 ongoing 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, and its notes receivable, and its qualification as a 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.</span></div>
CY2022Q4 ess Number Of Downreit Limited Partnerships Consolidated By Company
NumberOfDownreitLimitedPartnershipsConsolidatedByCompany
18 partnership
CY2023Q4 ess Number Of Downreit Limited Partnerships Consolidated By Company
NumberOfDownreitLimitedPartnershipsConsolidatedByCompany
18 partnership
CY2022Q4 ess Number Of Communities Within Downreit Partnerships
NumberOfCommunitiesWithinDownreitPartnerships
9 community
CY2023Q4 ess Number Of Communities Within Downreit Partnerships
NumberOfCommunitiesWithinDownreitPartnerships
9 community
CY2022Q4 ess Variable Interest Entity Number Of Consolidated Coinvestments Determined To Be Variable Interest Entities
VariableInterestEntityNumberOfConsolidatedCoinvestmentsDeterminedToBeVariableInterestEntities
6 investment
CY2023Q4 ess Variable Interest Entity Number Of Consolidated Coinvestments Determined To Be Variable Interest Entities
VariableInterestEntityNumberOfConsolidatedCoinvestmentsDeterminedToBeVariableInterestEntities
6 investment
CY2023Q4 ess Assets Related To Variable Interest Entities Net Intercompany Eliminations
AssetsRelatedToVariableInterestEntitiesNetIntercompanyEliminations
956700000 usd
CY2023Q4 ess Liabilities Related To Variable Interest Entities Net Of Intercompany Eliminations
LiabilitiesRelatedToVariableInterestEntitiesNetOfIntercompanyEliminations
324500000 usd
CY2022Q4 ess Assets Related To Variable Interest Entities Net Intercompany Eliminations
AssetsRelatedToVariableInterestEntitiesNetIntercompanyEliminations
939400000 usd
CY2022Q4 ess Liabilities Related To Variable Interest Entities Net Of Intercompany Eliminations
LiabilitiesRelatedToVariableInterestEntitiesNetOfIntercompanyEliminations
324300000 usd
CY2023Q4 us-gaap Noncontrolling Interest In Variable Interest Entity
NoncontrollingInterestInVariableInterestEntity
121100000 usd
CY2022Q4 us-gaap Noncontrolling Interest In Variable Interest Entity
NoncontrollingInterestInVariableInterestEntity
121500000 usd
CY2022Q4 ess Number Of Communities Within Downreit Partnerships
NumberOfCommunitiesWithinDownreitPartnerships
9 community
CY2023Q4 ess Number Of Communities Within Downreit Partnerships
NumberOfCommunitiesWithinDownreitPartnerships
9 community
CY2023 ess Number Of Common Stock Shares Per Unit Basis
NumberOfCommonStockSharesPerUnitBasis
1 shares
CY2023Q4 ess Units Of Limited Partnership Interest Amount
UnitsOfLimitedPartnershipInterestAmount
936343 shares
CY2022Q4 ess Units Of Limited Partnership Interest Amount
UnitsOfLimitedPartnershipInterestAmount
938513 shares
CY2023Q4 ess Redemption Value Of Variable Interest Entities
RedemptionValueOfVariableInterestEntities
232200000 usd
CY2022Q4 ess Redemption Value Of Variable Interest Entities
RedemptionValueOfVariableInterestEntities
198900000 usd
CY2023Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
32200000 usd
CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
27200000 usd
CY2023Q4 ess Redeemable Noncontrolling Interest Equity Carrying Amount Variable Interest Entities
RedeemableNoncontrollingInterestEquityCarryingAmountVariableInterestEntities
12100000 usd
CY2022Q4 ess Redeemable Noncontrolling Interest Equity Carrying Amount Variable Interest Entities
RedeemableNoncontrollingInterestEquityCarryingAmountVariableInterestEntities
9200000 usd
CY2023 us-gaap Revenues
Revenues
1669395000 usd
CY2022 us-gaap Revenues
Revenues
1606814000 usd
CY2021 us-gaap Revenues
Revenues
1440556000 usd
CY2022Q4 us-gaap Minority Interest In Limited Partnerships
MinorityInterestInLimitedPartnerships
97000000 usd
CY2023Q4 us-gaap Minority Interest In Limited Partnerships
MinorityInterestInLimitedPartnerships
97000000 usd
CY2023 ess Employee Retention Credit
EmployeeRetentionCredit
0 usd
CY2022 ess Employee Retention Credit
EmployeeRetentionCredit
4100000 usd
CY2021 ess Employee Retention Credit
EmployeeRetentionCredit
4200000 usd
CY2022 ess Number Of Communities Held By Equity Method Investment
NumberOfCommunitiesHeldByEquityMethodInvestment
2 community
CY2022 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
160000000 usd
CY2022 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
94400000 usd
CY2021 ess Number Of Land Parcels Sold
NumberOfLandParcelsSold
4 land_parcel
CY2021 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
330000000 usd
CY2021 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
143000000 usd
CY2021 us-gaap Repayments Of Debt
RepaymentsOfDebt
29700000 usd
CY2023Q4 ess Number Of Technology Co Investments
NumberOfTechnologyCoInvestments
5 investment
CY2023Q4 ess Co Investment In Advance To Affiliates Subsidiaries Associates And Joint Ventures
CoInvestmentInAdvanceToAffiliatesSubsidiariesAssociatesAndJointVentures
44200000 usd
CY2023Q4 ess Co Investment Committed Capital In Advance To Affiliates Subsidiaries Associates And Joint Ventures
CoInvestmentCommittedCapitalInAdvanceToAffiliatesSubsidiariesAssociatesAndJointVentures
86000000 usd
CY2022Q4 ess Number Of Technology Co Investments
NumberOfTechnologyCoInvestments
6 investment
CY2022Q4 ess Co Investment In Advance To Affiliates Subsidiaries Associates And Joint Ventures
CoInvestmentInAdvanceToAffiliatesSubsidiariesAssociatesAndJointVentures
39400000 usd
CY2022Q4 ess Co Investment Committed Capital In Advance To Affiliates Subsidiaries Associates And Joint Ventures
CoInvestmentCommittedCapitalInAdvanceToAffiliatesSubsidiariesAssociatesAndJointVentures
87000000 usd
CY2023Q4 ess Investments In Distributions In Excess Of Investments In And Advance To Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInDistributionsInExcessOfInvestmentsInAndAdvanceToAffiliatesSubsidiariesAssociatesAndJointVentures
996245000 usd
CY2022Q4 ess Investments In Distributions In Excess Of Investments In And Advance To Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInDistributionsInExcessOfInvestmentsInAndAdvanceToAffiliatesSubsidiariesAssociatesAndJointVentures
1084959000 usd
CY2023 us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
33700000 usd
CY2022 us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
2100000 usd
CY2023 ess Equity Method Investment Commitment To Fund Amount
EquityMethodInvestmentCommitmentToFundAmount
18800000 usd
CY2023 ess Equity Method Investment Commit To Fund Number Of Investments
EquityMethodInvestmentCommitToFundNumberOfInvestments
2 investment
CY2022 ess Equity Method Investment Commitment To Fund Amount
EquityMethodInvestmentCommitmentToFundAmount
84900000 usd
CY2022 ess Equity Method Investment Commit To Fund Number Of Investments
EquityMethodInvestmentCommitToFundNumberOfInvestments
7 investment
CY2023Q4 ess Ownership Interests Number Of Unconsolidated Projects
OwnershipInterestsNumberOfUnconsolidatedProjects
1 investment
CY2023Q4 ess Number Of Units To Be Developed
NumberOfUnitsToBeDeveloped
264 apartment
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11131000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11139000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9138000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1000000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1700000 usd
CY2023 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
700000 usd
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1000000 usd
CY2023Q4 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.68
CY2023Q4 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.27
CY2023Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
687000 usd
CY2022Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
334000 usd
CY2023Q4 us-gaap Notes Receivable Net
NotesReceivableNet
174621000 usd
CY2022Q4 us-gaap Notes Receivable Net
NotesReceivableNet
103045000 usd
CY2023Q4 ess Unsecured Debt And Line Of Credit
UnsecuredDebtAndLineOfCredit
5318531000 usd
CY2022Q4 ess Unsecured Debt And Line Of Credit
UnsecuredDebtAndLineOfCredit
5364241000 usd
CY2023Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
5050000000 usd
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
5350000000 usd
CY2023 ess Line Of Credit Facility Number Of Lines Of Credit
LineOfCreditFacilityNumberOfLinesOfCredit
2 line_of_credit
CY2023 ess Number Of Properties Securing Mortgage Notes
NumberOfPropertiesSecuringMortgageNotes
15 property
CY2022 ess Number Of Properties Securing Mortgage Notes
NumberOfPropertiesSecuringMortgageNotes
11 property
CY2023Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.043
CY2022Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.035
CY2023 ess Long Term Debt Monthly Interest Expense
LongTermDebtMonthlyInterestExpense
2700000 usd
CY2023 ess Long Term Debt Monthly Principal Amortization
LongTermDebtMonthlyPrincipalAmortization
300000 usd
CY2023 ess Long Term Debt Repayment Of Debt Before The Scheduled Maturity Date Prepayment Penalties
LongTermDebtRepaymentOfDebtBeforeTheScheduledMaturityDatePrepaymentPenalties
The prepayment penalty on the majority of the Company’s mortgage notes payable are computed by the greater of (a) 1% of the amount of the principal being prepaid or (b) the present value of the principal being prepaid multiplied by the difference between the interest rate of the mortgage note and the stated yield rate on a U.S. treasury security which generally has an equivalent remaining term as the mortgage note.
CY2023 ess Debt Instrument Prepayment Penalty Percent Of Principal Prepaid
DebtInstrumentPrepaymentPenaltyPercentOfPrincipalPrepaid
0.01
CY2022Q3 ess Number Of Interest Rate Swaps
NumberOfInterestRateSwaps
1 interest_rate_swap
CY2023Q4 ess Lessor Operating Lease Number Of Commercial Buildings Under Lease Agreements
LessorOperatingLeaseNumberOfCommercialBuildingsUnderLeaseAgreements
3 building
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
751320000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
33230000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
15706000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
13946000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
11978000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
20164000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
846344000 usd
CY2023 ess Lessee Operating Lease Office Lease Renewal Term
LesseeOperatingLeaseOfficeLeaseRenewalTerm
P5Y
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
63757000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
67239000 usd
CY2023Q4 ess Lease Right Of Use Asset
LeaseRightOfUseAsset
63757000 usd
CY2022Q4 ess Lease Right Of Use Asset
LeaseRightOfUseAsset
67239000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
65091000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
68696000 usd
CY2023Q4 ess Lease Liability
LeaseLiability
65091000 usd
CY2022Q4 ess Lease Liability
LeaseLiability
68696000 usd
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
6789000 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
6697000 usd
CY2023 us-gaap Variable Lease Cost
VariableLeaseCost
1961000 usd
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
1750000 usd
CY2023 us-gaap Short Term Lease Cost
ShortTermLeaseCost
186000 usd
CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
204000 usd
CY2023 us-gaap Sublease Income
SubleaseIncome
500000 usd
CY2022 us-gaap Sublease Income
SubleaseIncome
418000 usd
CY2023 us-gaap Lease Cost
LeaseCost
8436000 usd
CY2022 us-gaap Lease Cost
LeaseCost
8233000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
7251000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6887000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5035000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3421000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3102000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
129452000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
155148000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
90057000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
65091000 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P40Y
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P40Y
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0503
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0501
CY2023Q4 ess Redemption Value Of Operating Partnership Units Outstanding
RedemptionValueOfOperatingPartnershipUnitsOutstanding
560000000 usd
CY2022Q4 ess Redemption Value Of Operating Partnership Units Outstanding
RedemptionValueOfOperatingPartnershipUnitsOutstanding
481600000 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
405825000 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
64252232 shares
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
6.32
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
408315000 usd
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65079764 shares
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
6.27
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CasualtyLoss
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GainOnRemeasurementOfCoInvestment
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CY2023Q4 us-gaap Real Estate Investment Property Net
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CY2022Q4 us-gaap Real Estate Investment Property Net
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CY2023Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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CY2022Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
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CashCashEquivalentsAndShortTermInvestments
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CY2023Q4 us-gaap Marketable Securities
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CY2022Q4 us-gaap Marketable Securities
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CY2022Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
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CY2023Q4 us-gaap Assets
Assets
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Assets
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3300000 usd
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RealEstateAccumulatedDepreciation
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235423000 usd
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SECScheduleIIIRealEstateImprovementsAcquisitionsAndDevelopments
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CY2021 ess Sec Schedule Iii Real Estate Improvements Acquisitions And Developments
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RealEstateOtherDeductions
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RealEstateAccumulatedDepreciationOtherDeductions
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RealEstateAccumulatedDepreciationOtherDeductions
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RealEstateAccumulatedDepreciationOtherDeductions
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RealEstateAccumulatedDepreciation
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RealEstateAccumulatedDepreciation
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CY2023 us-gaap Profit Loss
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CY2022 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2021 us-gaap Increase Decrease In Other Receivables
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CY2021 ess Casualty Loss
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ShareBasedCompensation
8031000 usd

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