Essex Property Trust, Inc 8-K, filed Oct 27, 2026

Essex Property Trust, Inc. (ESS)

8-K 2026-10-27 For: 2026-10-27

Added on October 28, 2026

About this 8-K

Essex Property Trust, Inc filed this 8-K on October 27, 2026.

Essex Property Trust, Inc. raised full-year 2026 Core FFO guidance to $16.10 - $16.22 per diluted share and reported third-quarter 2026 Core FFO of $4.00, up 0.8%, with same-property revenue and NOI growth of 3.0% and 3.1%. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Maryland (Essex Property Trust, Inc.)		77-0369576 (Essex Property Trust, Inc.)
California (Essex Portfolio, L.P.)		77-0369575 (Essex Portfolio, L.P.)

(State or Other Jurisdiction of Incorporation)		(I.R.S. Employer Identification No.)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $.0001 par value (Essex Property Trust, Inc.)		ESS		New York Stock Exchange

Essex Property Trust, Inc.	Emerging growth company	☐
Essex Portfolio, L.P.	Emerging growth company	☐

Exhibit No.		Description

99.1		Press Release and Supplemental Information for the three and nine months ended September 30, 2026.

104		Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

Date: October 27, 2026	ESSEX PROPERTY TRUST, INC.

	/s/ Barbara Pak
	Name:	Barbara Pak
	Title:	Executive Vice President and Chief Financial Officer

	ESSEX PORTFOLIO, L.P.

	By:	Essex Property Trust, Inc.
	Its:	General Partner

	/s/ Barbara Pak
	Name:	Barbara Pak
	Title:	Executive Vice President and Chief Financial Officer

Table of Contents

Earnings Press Release	Pages 1 - 9

Consolidated Operating Results	S-1 & S-2

Consolidated Funds from Operations	S-3

Consolidated Balance Sheets	S-4

Debt Summary	S-5

Capitalization Data, Public Bond Covenants, Credit Ratings, and Selected Credit Ratios	S-6

Portfolio Summary by County	S-7

Operating Income by Quarter	S-8

Same-Property Revenue Results by County, Quarter-to-Date	S-9

Same-Property Revenue Results by County, Year-to-Date	S-9.1

Same-Property Operating Expenses, Quarter and Year-to-Date	S-10

Development Pipeline	S-11

Capital Expenditures	S-12

Co-Investments and Preferred Equity Investments	S-13

Summary of Apartment Community Acquisitions and Dispositions Activity	S-14

Assumptions for 2026 FFO Guidance Range	S-15

Reconciliation of Projected EPS, FFO and Core FFO per diluted share	S-15.1

MSA Level Supply Forecast: 2026E – 2027E	S-16

Reconciliations of Non-GAAP Financial Measures and Other Terms	S-17.1 – S-17.4


	Three Months Ended September 30,		%	Nine Months Ended September 30,		%
	2026	2025	Change	2026	2025	Change
Per Diluted Share
Net Income	$1.52	$2.56	-40.6%	$4.14	$9.15	-54.8%
Total FFO	$3.98	$4.03	-1.2%	$11.47	$12.03	-4.7%
Core FFO	$4.00	$3.97	0.8%	$12.15	$11.96	1.6%

Full-Year 2026 Revised Guidance	Revised Range	Revised Midpoint	Change at Midpoint
Net Income per diluted share	$5.62 - $5.74	$5.68	+$0.10
Core FFO per diluted share	$16.10 - $16.22	$16.16	+$0.02
Same-Property Revenue	2.8% to 3.0%	2.9%	+0.10%
Same-Property Operating Expenses	2.6% to 2.9%	2.8%	Unchanged
Same-Property NOI	2.8% to 3.2%	3.0%	+0.20%

	Revenue Change
	Q3 2026 vs. Q3 2025		YTD 2026 vs. YTD 2025		Q3 2026 vs. Q2 2026		% of Total Q3 2026 Revenues
Southern California
Los Angeles County		0.5%		1.0%		0.1%		16.7%
Orange County		2.7%		2.8%		0.8%		10.1%
San Diego County		2.1%		1.9%		0.4%		9.8%
Ventura County		1.3%		1.6%		0.5%		4.7%
Total Southern California		1.5%		1.7%		0.4%		41.3%
Northern California
Santa Clara County		5.7%		4.9%		2.0%		21.2%
Alameda County		4.5%		3.7%		0.8%		7.0%
San Mateo County		6.6%		5.7%		2.5%		4.6%
Contra Costa County		3.0%		2.3%		0.8%		5.1%
San Francisco		8.0%		6.4%		1.7%		3.1%
Total Northern California		5.4%		4.6%		1.7%		41.0%
Seattle Metro		1.3%		1.8%		0.8%		17.7%
Same-Property Portfolio		3.0%		2.9%		1.0%		100.0%

Same-Property Revenue Components	Q3 2026 vs. Q3 2025		YTD 2026 vs. YTD 2025		Q3 2026 vs. Q2 2026
Scheduled Rents		2.5%		2.3%		1.2%
Delinquency		0.0%		0.0%		0.0%
Cash Concessions		0.0%		-0.1%		-0.1%
Vacancy		0.1%		0.1%		-0.1%
Other Income		0.4%		0.6%		0.0%
Q3 2026 Same-Property Revenue Growth		3.0%		2.9%		1.0%

	Year-Over-Year Change						Year-Over-Year Change
	Q3 2026 compared to Q3 2025						YTD 2026 compared to YTD 2025
	Revenue		Operating Expenses		NOI		Revenue		Operating Expenses		NOI
Southern California		1.5%		2.6%		1.0%		1.7%		2.3%		1.5%
Northern California		5.4%		1.8%		7.0%		4.6%		0.3%		6.5%
Seattle Metro		1.3%		5.3%		-0.4%		1.8%		4.9%		0.5%
Same-Property Portfolio		3.0%		2.8%		3.1%		2.9%		1.9%		3.3%

	Sequential Change
	Q3 2026 compared to Q2 2026
	Revenue		Operating Expenses		NOI
Southern California		0.4%		6.4%		-2.0%
Northern California		1.7%		7.4%		-0.7%
Seattle Metro		0.8%		5.6%		-1.2%
Same-Property Portfolio		1.0%		6.7%		-1.3%

	Financial Occupancies
	Quarter Ended
	9/30/2026		6/30/2026		9/30/2025
Southern California		96.1%		95.7%		95.8%
Northern California		96.5%		96.8%		96.3%
Seattle Metro		96.1%		96.4%		96.1%
Same-Property Portfolio		96.3%		96.3%		96.0%

	September 30, 2026			December 31, 2025
Real estate investments:
Land and land improvements	$	3,355,893		$	3,363,169
Buildings and improvements		15,146,101			15,073,416
		18,501,994			18,436,585
Less: accumulated depreciation		(6,931,353	)		(6,532,003	)
		11,570,641			11,904,582
Real estate under development		210,654			157,122
Co-investments		612,871			630,550
		12,394,166			12,692,254
Cash and cash equivalents, including restricted cash		80,298			85,586
Marketable securities		102,665			98,070
Notes and other receivables		94,064			141,591
Operating lease right-of-use assets		31,231			50,833
Prepaid expenses and other assets		113,830			90,675
Total assets	$	12,816,254		$	13,159,009

Unsecured debt, net	$	5,844,670		$	6,015,921
Mortgage notes payable, net		761,144			784,348
Distributions in excess of investments in co-investments		108,854			98,837
Operating lease liabilities		31,813			51,487
Other liabilities		584,250			471,521
Total liabilities		7,330,731			7,422,114
Redeemable noncontrolling interest		26,069			28,263
Equity:
Common stock		6			6
Additional paid-in capital		6,652,282			6,683,514
Distributions in excess of accumulated earnings		(1,381,186	)		(1,148,195	)
Accumulated other comprehensive income, net		27,426			6,047
Total stockholders’ equity		5,298,528			5,541,372
Noncontrolling interest		160,926			167,260
Total equity		5,459,454			5,708,632
Total liabilities and equity	$	12,816,254		$	13,159,009

								Scheduled principal payments and debt composition - excludes lines of credit and commercial paper and unamortized discounts and debt issuance costs:
			Weighted Average												Weighted Average Interest Rate
	Balance Outstanding		Interest Rate			Maturity in Years			Unsecured		Secured		Total		Weighted Average Interest Rate			Percentage of Total Debt
Unsecured Debt, net
Bonds public - fixed rate	$	5,000,000		3.7	%		6.9	2026	$	-	$	46,092	$	46,092		4.0	%		0.7	%
Term loan - fixed rate ⁽¹⁾		600,000		4.1	%		4.0	2027		350,000		84,397		434,397		3.6	%		6.6	%
Term loan - variable rate ⁽²⁾		275,000		4.6	%		3.0	2028		450,000		68,332		518,332		2.2	%		7.8	%
Total unsecured debt, net		5,875,000		3.8	%		6.5	2029		775,000		1,456		776,456		4.3	%		11.7	%
								2030		850,000		66,592		916,592		3.6	%		13.8	%
Mortgage Notes Payable, net								2031		900,000		31,740		931,740		3.0	%		14.0	%
Fixed rate - secured		505,804		4.9	%		5.1	2032		650,000		1,903		651,903		2.6	%		9.8	%
Variable rate - secured ⁽³⁾		257,954		3.2	%		12.5	2033		-		330,126		330,126		4.9	%		5.0	%
Total mortgage notes payable, net		763,758		4.4	%		7.6	2034		550,000		2,275		552,275		5.5	%		8.3	%
								2035		400,000		2,487		402,487		5.5	%		6.1	%
Unsecured Lines of Credit and Commercial Paper								2036		350,000		2,719		352,719		5.0	%		5.3	%
Lines of credit⁽⁴⁾		-		4.6	%		N/A	Thereafter		600,000		125,639		725,639		3.6	%		10.9	%
Commercial paper ⁽⁵⁾		-		N/A			N/A	Total		5,875,000		763,758		6,638,758		3.8	%		100.0	%
Total lines of credit and commercial paper		-		4.6	%		N/A
								Fixed versus variable rate debt:
Unamortized discounts and debt issuance costs, net		(32,944)						Fixed rate debt		5,600,000		505,804		6,105,804		3.8	%		92.0	%
								Variable rate debt		275,000		257,954		532,954		3.9	%		8.0	%
Total debt, net	$	6,605,814		3.8	%		6.6	Total	$	5,875,000	$	763,758	$	6,638,758		3.8	%		100.0	%

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Net income available to common stockholders	$	98,069		$	164,621		$	266,717		$	589,093
Adjustments:
Depreciation and amortization		152,552			151,489			461,520			454,277
Gains not included in FFO		(12,539	)		(67,509	)		(23,770	)		(305,043	)
Impairment loss		10,709			-			10,709			-
Depreciation and amortization from unconsolidated co-investments		12,611			14,343			39,094			43,127
Noncontrolling interest related to Operating Partnership units		3,330			5,767			9,122			20,827
Depreciation attributable to third party ownership and other		(39	)		(38	)		(115	)		(122	)
FFO attributable to common stockholders and unitholders	$	264,693		$	268,673		$	763,277		$	802,159
FFO per share – diluted	$	3.98		$	4.03		$	11.47		$	12.03
Expensed acquisition and investment related costs	$	-		$	25		$	-		$	25
Tax (benefit) expense on unconsolidated technology co-investments		(493	)		(1,958	)		2,758			(2,353	)
Realized and unrealized losses (gains) on marketable securities, net		508			(1,658	)		(3,482	)		(4,059	)
Provision for credit losses		-			50			(222	)		61
Equity loss (income) from unconsolidated technology co-investments		33			(4,393	)		(16,154	)		(6,005	)
Loss on early retirement of debt		-			-			-			762
Income from early redemption of preferred equity investments		-			(70	)		(179	)		(70	)
General and administrative and other, net ⁽¹⁾		1,504			3,926			62,835			7,863
Insurance reimbursements and other, net		(44	)		(89	)		(342	)		(789	)
Core FFO attributable to common stockholders and unitholders	$	266,201		$	264,506		$	808,491		$	797,594
Core FFO per share – diluted	$	4.00		$	3.97		$	12.15		$	11.96
Weighted average number of shares outstanding diluted ⁽²⁾		66,495,937			66,674,655			66,548,417			66,667,571

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Earnings from operations	$	156,760		$	210,399		$	421,326		$	747,180
Adjustments:
Corporate-level property management expenses		13,393			12,216			40,223			36,768
Depreciation and amortization		152,552			151,489			461,520			454,277
Management and other fees from affiliates		(2,344	)		(2,361	)		(6,975	)		(7,078	)
General and administrative		16,561			18,058			109,724			51,507
Expensed acquisition and investment related costs		-			25			-			25
Impairment loss		10,709			-			10,709			-
Gain on sale of real estate and land		(6,781	)		(62,320	)		(8,781	)		(299,524	)
NOI		340,850			327,506			1,027,746			983,155
Less: Non-same property NOI		(27,662	)		(23,818	)		(85,396	)		(70,738	)
Same-Property NOI	$	313,188		$	303,688		$	942,350		$	912,417

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025

Revenues:
Rental and other property	$	490,346		$	470,942		$	1,459,520		$	1,400,641
Management and other fees from affiliates		2,344			2,361			6,975			7,078
		492,690			473,303			1,466,495			1,407,719

Expenses:
Property operating		149,496			143,436			431,774			417,486
Corporate-level property management expenses		13,393			12,216			40,223			36,768
Depreciation and amortization		152,552			151,489			461,520			454,277
General and administrative		16,561			18,058			109,724			51,507
Expensed acquisition and investment related costs		-			25			-			25
Impairment loss		10,709			-			10,709			-
		342,711			325,224			1,053,950			960,063
Gain on sale of real estate and land		6,781			62,320			8,781			299,524
Earnings from operations		156,760			210,399			421,326			747,180
Interest expense, net ⁽¹⁾		(63,416	)		(63,331	)		(193,047	)		(189,054	)
Interest and other income		686			5,900			10,809			16,997
Equity income from co-investments		9,212			17,798			46,542			39,984
Tax benefit (expense) on unconsolidated technology co-investments		493			1,958			(2,758	)		2,353
Loss on early retirement of debt		-			-			-			(762	)
Gain on remeasurement of co-investment		-			-			-			330
Net income		103,735			172,724			282,872			617,028
Net income attributable to noncontrolling interest		(5,666	)		(8,103	)		(16,155	)		(27,935	)
Net income available to common stockholders	$	98,069		$	164,621		$	266,717		$	589,093

Net income per share - basic	$	1.53		$	2.56		$	4.15		$	9.15

Shares used in income per share - basic		64,290,878			64,404,008			64,336,608			64,368,625

Net income per share - diluted	$	1.52		$	2.56		$	4.14		$	9.15

Shares used in income per share - diluted		64,311,993			64,418,240			64,350,275			64,392,244

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026		2025

Rental and other property
Rental income	$	482,770		$	463,892		$	1,438,000	$	1,380,438
Other property		7,576			7,050			21,520		20,203
Rental and other property	$	490,346		$	470,942		$	1,459,520	$	1,400,641

Property operating expenses
Real estate taxes	$	53,569		$	52,023		$	157,108	$	153,652
Utilities		35,023			32,713			98,750		91,075
Personnel costs		28,318			27,448			81,806		80,443
Maintenance and repairs		17,968			16,052			48,709		46,924
Administrative		8,341			8,314			25,235		24,663
Insurance and other		6,277			6,886			20,166		20,729
Property operating expenses	$	149,496		$	143,436		$	431,774	$	417,486

Interest and other income
Marketable securities and other income	$	1,150		$	4,218		$	6,785	$	12,210
Realized and unrealized (losses) gains on marketable securities, net		(508	)		1,658			3,482		4,059
Provision for credit losses		-			(50	)		222		(61	)
Insurance reimbursements and other, net		44			74			320		789
Interest and other income	$	686		$	5,900		$	10,809	$	16,997

Equity income from co-investments
Equity income (loss) from co-investments	$	478		$	(485	)	$	3,358	$	(1,008	)
Income from preferred equity investments		3,009			8,616			11,840		29,728
Equity (loss) income from unconsolidated technology co-investments		(33	)		4,393			16,154		6,005
Insurance reimbursements and other, net		-			15			22		-
Gain on sale of co-investment communities		5,758			5,189			14,989		5,189
Income from early redemption of preferred equity investments		-			70			179		70
Equity income from co-investments	$	9,212		$	17,798		$	46,542	$	39,984

Noncontrolling interest
Limited partners of Essex Portfolio, L.P.	$	3,330		$	5,767		$	9,122	$	20,827
DownREIT limited partners’ distributions		2,297			2,294			6,905		6,972
Third-party ownership interest		39			42			128		136
Noncontrolling interest	$	5,666		$	8,103		$	16,155	$	27,935

	Apartment Homes								Average Monthly Rental Rate ⁽¹⁾						Percent of NOI⁽²⁾

Region - County	Consolidated		Unconsolidated Co-investments		Apartment Homes in Development ⁽³⁾		Total		Consolidated		Unconsolidated Co-investments ⁽⁴⁾		Total ⁽⁴⁾		Consolidated			Unconsolidated Co-investments ⁽⁴⁾			Total ⁽⁴⁾

Southern California
Los Angeles County		9,565		1,586		-		11,151	$	2,709	$	2,579	$	2,698		14.7	%		20.7	%		15.0	%
Orange County		5,741		265		-		6,006		2,780		2,558		2,775		10.8	%		3.7	%		10.4	%
San Diego County		5,449		443		-		5,892		2,726		3,119		2,742		9.9	%		7.1	%		9.7	%
Ventura County and Other		2,760		373		-		3,133		2,553		3,304		2,608		4.9	%		7.1	%		5.0	%
Total Southern California		23,515		2,667		-		26,182		2,712		2,764		2,715		40.3	%		38.6	%		40.1	%

Northern California
Santa Clara County ⁽⁵⁾		10,673		511		-		11,184		3,320		3,507		3,324		23.5	%		8.6	%		22.7	%
Alameda County		3,970		1,328		-		5,298		2,727		2,712		2,725		6.6	%		18.4	%		7.3	%
San Mateo County		2,483		195		543		3,221		3,619		4,051		3,635		5.7	%		3.7	%		5.6	%
Contra Costa County		2,619		-		-		2,619		2,847		-		2,847		4.7	%		0.0	%		4.4	%
San Francisco		1,356		537		-		1,893		3,214		3,874		3,323		2.7	%		9.7	%		3.1	%
Total Northern California		21,101		2,571		543		24,215		3,178		3,182		3,178		43.2	%		40.4	%		43.1	%

Seattle Metro		10,823		1,759		-		12,582		2,301		2,184		2,291		16.5	%		21.0	%		16.8	%

Total		55,439		6,997		543		62,979	$	2,809	$	2,772	$	2,807		100.0	%		100.0	%		100.0	%

	Apartment Homes		Q3 ‘26			Q2 ‘26			Q1 ‘26			Q4 ‘25			Q3 ‘25

Rental and other property revenues:
Same-property		52,059	$	449,896		$	445,480		$	442,012		$	439,042		$	436,733
Acquisitions⁽²⁾		2,140		22,295			21,495			20,761			17,712			13,398
Non-residential/other, net ⁽³⁾		1,240		18,272			19,959			19,785			19,642			20,496
Straight-line rent concessions ⁽⁴⁾		-		(117	)		(203	)		(115	)		927			315
Total rental and other property revenues		55,439		490,346			486,731			482,443			477,323			470,942

Property operating expenses:
Same-property				136,708			129,016			129,314			130,468			133,045
Acquisitions ⁽²⁾				8,882			7,544			8,273			6,873			5,019
Non-residential/other, net ^{(3) (5)}				3,906			4,462			3,669			4,159			5,372
Total property operating expenses				149,496			141,022			141,256			141,500			143,436

Net operating income (NOI):
Same-property				313,188			316,464			312,698			308,574			303,688
Acquisitions ⁽²⁾				13,413			13,951			12,488			10,839			8,379
Non-residential/other, net ^{(3) (5)}				14,366			15,497			16,116			15,483			15,124
Straight-line rent concessions ⁽⁴⁾				(117	)		(203	)		(115	)		927			315
Total NOI			$	340,850		$	345,709		$	341,187		$	335,823		$	327,506

Same-property metrics
Operating margin				70	%		71	%		71	%		70	%		70	%
Annualized turnover				42	%		40	%		33	%		35	%		44	%
Financial occupancy				96.3	%		96.3	%		96.5	%		96.4	%		96.0	%
Delinquency as a % of scheduled rent				0.5	%		0.5	%		0.4	%		0.5	%		0.5	%

Same-property net effective rate growth ⁽⁶⁾
New lease				-0.2	%		1.0	%		-2.4	%		-4.3	%		-0.6	%
Renewal				5.3	%		4.8	%		3.9	%		4.7	%		4.3	%
Blended				3.5	%		3.6	%		1.4	%		1.0	%		2.5	%

	Apartment Homes		Q3 ‘26 % of Actual NOI			Average Monthly Rental Rate							Financial Occupancy									Gross Revenues							Sequential Gross Revenues
Region - County	Apartment Homes		Q3 ‘26 % of Actual NOI			Q3 ‘26		Q3 ‘25		% Change			Q3 ‘26			Q3 ‘25			% Change			Q3 ‘26		Q3 ‘25		% Change			Q2 ‘26		% Change

Southern California
Los Angeles County		9,189		15.4	%	$	2,683	$	2,675		0.3	%		95.7	%		95.4	%		0.3	%	$	75,229	$	74,891		0.5	%	$	75,119		0.1	%
Orange County		5,341		10.7	%		2,758		2,690		2.5	%		96.5	%		96.4	%		0.1	%		45,263		44,068		2.7	%		44,902		0.8	%
San Diego County		5,207		10.2	%		2,736		2,710		1.0	%		96.5	%		95.8	%		0.7	%		43,932		43,045		2.1	%		43,748		0.4	%
Ventura County		2,652		5.0	%		2,548		2,522		1.0	%		96.1	%		95.8	%		0.3	%		21,097		20,834		1.3	%		20,984		0.5	%
Total Southern California		22,389		41.3	%		2,697		2,669		1.0	%		96.1	%		95.8	%		0.3	%		185,521		182,838		1.5	%		184,753		0.4	%

Northern California
Santa Clara County		9,279		21.9	%		3,310		3,151		5.0	%		96.8	%		96.5	%		0.3	%		95,284		90,188		5.7	%		93,446		2.0	%
Alameda County		3,729		6.7	%		2,714		2,620		3.6	%		96.2	%		96.1	%		0.1	%		31,687		30,325		4.5	%		31,427		0.8	%
San Mateo County		1,864		4.5	%		3,568		3,353		6.4	%		96.6	%		96.9	%		-0.3	%		20,842		19,544		6.6	%		20,332		2.5	%
Contra Costa County		2,619		5.0	%		2,847		2,782		2.3	%		96.0	%		95.6	%		0.4	%		23,101		22,424		3.0	%		22,920		0.8	%
San Francisco		1,356		2.9	%		3,214		2,976		8.0	%		95.6	%		95.8	%		-0.2	%		13,751		12,731		8.0	%		13,525		1.7	%
Total Northern California		18,847		41.0	%		3,146		3,002		4.8	%		96.5	%		96.3	%		0.2	%		184,665		175,212		5.4	%		181,650		1.7	%

Seattle Metro		10,823		17.7	%		2,301		2,280		0.9	%		96.1	%		96.1	%		0.0	%		79,710		78,683		1.3	%		79,077		0.8	%

Total Same-Property		52,059		100.0	%	$	2,777	$	2,709		2.5	%		96.3	%		96.0	%		0.3	%	$	449,896	$	436,733		3.0	%	$	445,480		1.0	%

	Apartment Homes		YTD 2026 % of Actual NOI			Average Monthly Rental Rate							Financial Occupancy									Gross Revenues
Region - County	Apartment Homes		YTD 2026 % of Actual NOI			YTD 2026		YTD 2025		% Change			YTD 2026			YTD 2025			% Change			YTD 2026		YTD 2025		% Change

Southern California
Los Angeles County		9,189		15.6	%	$	2,680	$	2,663		0.6	%		95.6	%		95.2	%		0.4	%	$	226,020	$	223,681		1.0	%
Orange County		5,341		10.7	%		2,734		2,670		2.4	%		96.2	%		96.2	%		0.0	%		134,837		131,207		2.8	%
San Diego County		5,207		10.3	%		2,723		2,692		1.2	%		96.4	%		95.9	%		0.5	%		131,370		128,918		1.9	%
Ventura County		2,652		5.1	%		2,539		2,500		1.6	%		96.1	%		96.2	%		-0.1	%		63,084		62,071		1.6	%
Total Southern California		22,389		41.7	%		2,686		2,652		1.3	%		96.0	%		95.7	%		0.3	%		555,311		545,877		1.7	%

Northern California
Santa Clara County		9,279		21.6	%		3,243		3,112		4.2	%		97.0	%		96.6	%		0.4	%		280,637		267,469		4.9	%
Alameda County		3,729		6.7	%		2,669		2,598		2.7	%		96.4	%		96.3	%		0.1	%		93,992		90,630		3.7	%
San Mateo County		1,864		4.7	%		3,475		3,294		5.5	%		97.1	%		97.0	%		0.1	%		61,050		57,774		5.7	%
Contra Costa County		2,619		5.0	%		2,811		2,761		1.8	%		96.3	%		96.2	%		0.1	%		68,767		67,230		2.3	%
San Francisco		1,356		2.6	%		3,131		2,936		6.6	%		96.1	%		96.5	%		-0.4	%		40,383		37,938		6.4	%
Total Northern California		18,847		40.6	%		3,084		2,967		3.9	%		96.7	%		96.5	%		0.2	%		544,829		521,041		4.6	%

Seattle Metro		10,823		17.7	%		2,285		2,257		1.2	%		96.3	%		96.2	%		0.1	%		237,248		233,083		1.8	%

Total Same-Property		52,059		100.0	%	$	2,747	$	2,684		2.3	%		96.4	%		96.2	%		0.2	%	$	1,337,388	$	1,300,001		2.9	%


Based on 52,059 apartment homes


	Q3 ‘26		Q3 ‘25		% Change			% of Operating Expense
Same-property operating expenses:
Real estate taxes	$	47,879	$	47,132		1.6	%		35.0	%
Utilities		31,674		30,266		4.7	%		23.2	%
Personnel costs		25,911		25,499		1.6	%		19.0	%
Maintenance and repairs		16,408		14,828		10.7	%		12.0	%
Administrative		6,719		6,716		0.0	%		4.9	%
Insurance and other		8,117		8,604		-5.7	%		5.9	%
Total same-property operating expenses	$	136,708	$	133,045		2.8	%		100.0	%

Project Name - Location	Ownership %	Estimated Apartment Homes		Estimated Commercial sq. feet		Incurred to Date ⁽¹⁾		Remaining Costs		Estimated Total Cost		Cost per Apartment Home ⁽²⁾		Construction Start		Initial Occupancy		Stabilized Operations

Development Projects - Consolidated
7 South Linden - South San Francisco, CA	100%		543		-	$	176	$	135	$	311	$	573		Q1 2025		Q1 2028		Q1 2030
Total Development Projects - Consolidated			543		-		176		135		311	$	573

Land Held for Future Development - Consolidated
Other Projects - Various	100%		-		-		35		-		35
Total Development Pipeline - Consolidated			543		-	$	211	$	135	$	346

Revenue Generating Capital Expenditures⁽²⁾	Q3 ‘26		Trailing 4 Quarters

Same-property portfolio	$	18,924	$	59,142
Non-same-property portfolio		3,761		9,629
Total revenue generating capital expenditures	$	22,685	$	68,771

Number of same-property interior renovations		1,947		3,311
Number of total consolidated interior renovations		1,996		3,422

Non-Revenue Generating Capital Expenditures ⁽³⁾	Q3 ‘26		Trailing 4 Quarters

Non-revenue generating capital expenditures	$	35,585	$	115,337
Average apartment homes in quarter		55,528		55,508
Capital expenditures per apartment home	$	641	$	2,078

	Weighted Average Essex Ownership Percentage	Apartment Homes		Total Undepreciated Book Value		Debt Amount		Essex Book Value		Weighted Average Borrowing Rate⁽¹⁾			Remaining Term of Debt (in Years)		Three Months Ended September 30, 2026			Nine Months Ended September 30, 2026

Operating and Other Unconsolidated Joint Ventures															NOI
Wesco I, III, IV, V, VI ^{(2) (3)}	55%		5,547	$	1,992,287	$	1,251,116	$	62,358		3.6	%		3.8	$	28,127		$	88,631
BEX IV, 500 Folsom	50%		732		618,419		176,400		130,262		3.4	%		19.7		5,470			16,666
Other ⁽⁴⁾	50%		718		269,312		191,476		113,125		3.8	%		16.3		6,065			18,008
Total Operating and Other Unconsolidated Joint Ventures			6,997	$	2,880,018	$	1,618,992	$	305,745		3.6	%		7.0	$	39,662		$	123,305

															Essex Portion of NOI and Expenses
NOI															$	21,791		$	67,557
Depreciation																(12,611	)		(39,094	)
Interest expense and other, net																(8,702	)		(25,105	)
Equity (loss) income from unconsolidated technology co-investments																(33	)		16,154
Insurance reimbursements and other, net																-			22
Gain on sale of co-investment communities																5,758			14,989
Net income from operating and other co-investments															$	6,203		$	34,523

										Weighted Average Preferred Return			Weighted Average Expected Term (in Years)		Income from Preferred Equity Investments
Income from preferred equity investments															$	3,009		$	11,840
Income from early redemption of preferred equity investments																-			179
Preferred Equity Investments⁽⁵⁾								$	198,272		10.5	%		2.1	$	3,009		$	12,019

Total Co-investments								$	504,017						$	9,212		$	46,542

Acquisitions
Property Name	Location	Apartment Homes		Year Built	Essex Ownership Percentage	Entity	Date	Total Contract Price at Pro Rata Share		Price per Apartment Home		Average Monthly Rent

Neither Essex nor its unconsolidated joint ventures have acquired any apartment communities year to date as of September 30, 2026.


Dispositions
Property Name	Location	Apartment Homes		Year Built	Essex Ownership Percentage	Entity	Date	Total Contract Price at Pro Rata Share		Price per Apartment Home ⁽¹⁾

Meridian at Midtown	San Jose, CA		218	2015	50%	JV	Jun-26	$	52,625	$	460
	Q2 2026		218					$	52,625	$	460

Collins on Pine	Seattle, WA		76	2013	100%	EPLP	Aug-26	$	30,000	$	375
Silver	San Jose, CA		268	2019	58%	JV	Aug-26		70,905		456
Marina City Club⁽²⁾	Marina Del Rey, CA		101	1971	100%	EPLP	Aug-26		11,000		N/A
	Q3 2026		445					$	111,905	$	429

	2026 Total		663					$	164,530	$	439

	Nine Months Ended			2026 Full-Year Guidance Range
	September 30, 2026 ⁽¹⁾			Low End			High End			Comments about 2026 Full-Year Guidance

Total NOI from Consolidated Communities	$	1,027,746		$	1,372,400		$	1,378,600		Includes a range of same-property NOI growth of 2.8% to 3.2%. Reflects investment activity through October

Management Fees		6,975			8,900			9,500

Interest Expense
Interest expense, before capitalized interest		(197,698	)		(267,000	)		(266,000	)	Includes new $275 million term loan and YTD investment activity
Interest capitalized		4,651			6,400			7,000
Net interest expense		(193,047	)		(260,600	)		(259,000	)
Recurring Income and Expenses
Interest and other income		6,785			7,900			8,500
FFO from co-investments		54,292			68,400			69,400		Reflects year-to-date investment and redemption activity
General and administrative		(46,889	)		(62,000	)		(64,000	)
Corporate-level property management expenses		(40,223	)		(53,400	)		(54,000	)
Non-controlling interest		(7,148	)		(9,900	)		(9,300	)
Total recurring income and expenses		(33,183	)		(49,000	)		(49,400	)
Non-Core Income and Expenses
Tax expense on unconsolidated co-investments		(2,758	)		(2,758	)		(2,758	)
Realized and unrealized gains on marketable securities, net		3,482			3,482			3,482
Provision for credit losses		222			222			222
Equity income from unconsolidated technology co-investments		16,154			16,154			16,154
Income from early redemption of preferred equity investments		179			179			179
General and administrative and other, net		(62,835	)		(62,835	)		(62,835	)
Insurance reimbursements and other, net		342			342			342
Total non-core income and expenses		(45,214	)		(45,214	)		(45,214	)

Funds from Operations ⁽²⁾	$	763,277		$	1,026,486		$	1,034,486

Funds from Operations per diluted Share	$	11.47		$	15.42		$	15.54

% Change - Funds from Operations		-4.7	%		-3.5	%		-2.8	%

Core Funds from Operations (excludes non-core items)	$	808,491		$	1,071,700		$	1,079,700

Core Funds from Operations per diluted Share	$	12.15		$	16.10		$	16.22

% Change - Core Funds from Operations		1.6	%		1.0	%		1.8	%

EPS - Diluted	$	4.14		$	5.62		$	5.74

Weighted average shares outstanding - FFO calculation		66,548			66,550			66,550		Reflects YTD share repurchases and settlement of outstanding forward sale agreements

				2026 Guidance Range ⁽¹⁾
	Nine Months
	Ended September 30,			4th Quarter 2026						Full-Year 2026
	2026			Low			High			Low			High

EPS - diluted	$	4.14		$	1.48		$	1.60		$	5.62		$	5.74
Conversion from GAAP share count		(0.13	)		(0.06	)		(0.06	)		(0.19	)		(0.19	)
Impairment Loss		0.16			-			-			0.16			0.16
Depreciation and amortization		7.52			2.48			2.48			10.00			10.00
Noncontrolling interest related to Operating Partnership units		0.14			0.05			0.05			0.19			0.19
Gain on sale of real estate and land		(0.36	)		-			-			(0.36	)		(0.36	)

FFO per share - diluted	$	11.47		$	3.95		$	4.07		$	15.42		$	15.54

Expensed acquisition and investment related costs		-			-			-			-			-
Tax expense on unconsolidated co-investments		0.04			-			-			0.04			0.04
Realized and unrealized gains on marketable securities, net		(0.05	)		-			-			(0.05	)		(0.05	)
Provision for credit losses		-			-			-			-			-
Equity income from unconsolidated technology co-investments		(0.24	)		-			-			(0.24	)		(0.24	)
Loss on early retirement of debt, net		-			-			-			-			-
Income from early redemption of preferred equity investments		-			-			-			-			-
General and administrative and other, net		0.94			-			-			0.94			0.94
Insurance reimbursements and other, net		(0.01	)		-			-			(0.01	)		(0.01	)

Core FFO per share - diluted	$	12.15		$	3.95		$	4.07		$	16.10		$	16.22

(Dollars in thousands)	Three Months Ended September 30, 2026

Net income available to common stockholders	$	98,069
Adjustments:
Net income attributable to noncontrolling interest		5,666
Interest expense, net ⁽¹⁾		63,416
Depreciation and amortization		152,552
Income tax provision		30
Gain on sale of real estate and land		(6,781	)
Gain on sale of co-investment communities		(5,758	)
Impairment loss		10,709
Co-investment EBITDAre adjustments		21,007
EBITDAre		338,910

Realized and unrealized losses on marketable securities, net		508
Equity loss from unconsolidated technology co-investments		33
Tax benefit on unconsolidated technology co-investments		(493	)
General and administrative and other, net		1,504
Insurance reimbursements and other, net		(44	)
Adjusted EBITDAre	$	340,418

	Three Months Ended						Nine Months Ended
(Dollars in thousands)	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025

Interest expense	$	64,755		$	64,660		$	197,155		$	192,654
Adjustments:
Total return swap income		(1,339	)		(1,329	)		(4,108	)		(3,600	)
Interest expense, net	$	63,416		$	63,331		$	193,047		$	189,054

(Dollars in thousands)	September 30, 2026

Total consolidated debt, net	$	6,605,814
Total debt from co-investments at pro rata share		885,457
Adjustments:
Consolidated unamortized premiums, discounts, and debt issuance costs		32,944
Pro rata co-investments unamortized premiums, discounts, and debt issuance costs		5,180
Consolidated cash and cash equivalents-unrestricted		(72,059	)
Pro rata co-investment cash and cash equivalents-unrestricted		(31,713	)
Marketable securities		(102,665	)
Net Indebtedness	$	7,322,958

Adjusted EBITDAre, annualized ⁽¹⁾	$	1,361,672
Other EBITDAre normalization adjustments, net, annualized ⁽²⁾		(6,520	)
Adjusted EBITDAre, normalized and annualized	$	1,355,152

Net Indebtedness Divided by Adjusted EBITDAre, normalized and annualized		5.4

	Three Months Ended					Nine Months Ended
(Dollars in millions)	September 30, 2026			September 30, 2025		September 30, 2026			September 30, 2025

Reported rental revenue ⁽¹⁾	$	450.0		$	436.7	$	1,337.4		$	1,300.0
Straight-line rent impact to rental revenue		(0.1	)		0.3		(0.5	)		0.2
GAAP rental revenue	$	449.9		$	437.0	$	1,336.9		$	1,300.2

% change - reported rental revenue		3.0	%				2.9	%
% change - GAAP rental revenue		2.9	%				2.8	%

(Dollars in thousands)	Annualized Q3 ‘26 ⁽¹⁾

NOI	$	1,363,400
Adjustments:
Pro forma NOI from real estate assets sold and/or acquired		(1,722	)
Other, net⁽²⁾		(4,722	)
Adjusted Total NOI		1,356,956
Less: Encumbered NOI		(92,321	)
Unencumbered NOI	$	1,264,635

Encumbered NOI	$	92,321
Unencumbered NOI		1,264,635
Adjusted Total NOI	$	1,356,956

Unencumbered NOI to Adjusted Total NOI		93	%