EPT - Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net income	$ 444,304	$ 384,126
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents	332	419
Depreciation and amortization	302,788	285,346
Amortization of discount and debt financing costs, net	2,280	4,190
Realized and unrealized gains on marketable securities, net	(2,401)	(4,948)
Provision for credit losses	11	66
Equity income from co-investments	(22,186)	(22,018)
Operating distributions from co-investments	29,358	21,493
Accrued interest from notes and other receivables	(5,238)	(7,810)
Gain on the sale of real estate and land	(237,204)	0
Equity-based compensation	4,202	3,501
Loss on early retirement of debt	762	0
Gain on remeasurement of co-investment	(330)	(138,326)
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets	2,008	4,462
Accounts payable, accrued liabilities, and operating lease liabilities	(19,357)	5,365
Other liabilities	(1,697)	(2,084)
Net cash provided by operating activities	497,632	533,782
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	(585,132)	(489,486)
Redevelopment	(30,309)	(24,143)
Development acquisitions of and additions to real estate under development	(16,419)	(2,479)
Capital expenditures on rental properties	(64,450)	(60,982)
Investments in notes receivable	(281)	(56,553)
Collections of notes and other receivables	3,096	0
Proceeds from insurance for property losses	1,857	1,173
Proceeds from dispositions of real estate	364,155	0
Contributions to co-investments	(8,727)	(3,804)
Changes in refundable deposits	8,000	(1,000)
Purchases of marketable securities	(10,068)	(335)
Sales and maturities of marketable securities	188	8,787
Non-operating distributions from co-investments	18,000	6,500
Net cash used in investing activities	(320,090)	(622,322)
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes	548,416	349,132
Payments on unsecured debt and mortgage notes	(615,502)	(401,533)
Proceeds from lines of credit and commercial paper	2,445,777	546,556
Repayments of lines of credit and commercial paper	(2,218,722)	(417,164)
Additions to deferred charges	(5,393)	(3,000)
Payments related to debt prepayment penalties	(697)	0
Net costs from issuance of common stock	(101)	(113)
Net proceeds from stock options exercised	8,930	962
Payments related to tax withholding for share-based compensation	(519)	0
Distributions to noncontrolling interest	(16,213)	(16,544)
Redemption of noncontrolling interest	(8,556)	(279)
Common stock dividends paid	(322,924)	(305,660)
Net cash provided by financing activities	(185,504)	(247,643)
Net increase in unrestricted and restricted cash and cash equivalents	(7,962)	(336,183)
Unrestricted and restricted cash and cash equivalents at beginning of period	75,846	400,334
Unrestricted and restricted cash and cash equivalents at end of period	67,884	64,151
Supplemental disclosure of cash flow information:
Cash paid for interest (net of $1.4 million and $0.1 million capitalized in 2025 and 2024, respectively)	122,558	108,246
Operating cash flows from operating leases	3,291	3,530
Supplemental disclosure of noncash investing and financing activities:
Reclassifications to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest	2,073	1,684
Leased assets obtained in exchange for new operating lease liabilities	$ 2,727	$ 0

ESSEX PROPERTY TRUST, INC. 10-Q