8-K - ESS - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): October 29, 2025

ESSEX PROPERTY TRUST, INC.

ESSEX PORTFOLIO, L.P.

(Exact Name of Registrant as Specified in Its Charter)

001-13106 (Essex Property Trust, Inc.)

333-44467-01 (Essex Portfolio, L.P.)

(Commission File Number)

Maryland<br> (Essex Property Trust, Inc.)	77-0369576<br> (Essex Property Trust, Inc.)
California<br> (Essex Portfolio, L.P.)	77-0369575<br> (Essex Portfolio, L.P.)
(State or Other Jurisdiction of Incorporation)	(I.R.S. Employer Identification No.)

1100 Park Place, Suite 200

San Mateo, CA 94403

(Address of principal executive offices, including zip code)

(650) 655-7800

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.	Results of Operations and Financial Condition.

On October 29, 2025, Essex Property Trust, Inc. (the “Company”) issued a press release and supplemental information announcing the Company’s financial results for the three and nine months ended September 30, 2025. The Company has posted a copy of the press release and supplemental information on the Company’s website at www.essex.com. A copy of the press release and supplemental information is attached hereto as Exhibit 99.1 and incorporated by reference herein.

The information in this report (including Exhibit 99.1) is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

Item 9.01.	Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release and Supplemental Information for the three and nine months ended September 30, 2025.
104	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrants have duly caused this report to be signed on their behalf by the undersigned, hereunto duly authorized.

Date: October 29, 2025	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

Exhibit 99.1

THIRD QUARTER 2025 EARNINGS RELEASE & SUPPLEMENTAL DATA ViO | San Jose, CA

Third Quarter 2025

Earnings Release and Supplemental Data

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 2025 FFO Guidance Range	S-15
Reconciliation of Projected EPS, FFO and Core FFO per diluted share	S-15.1
MSA Level Supply Forecast: 2025E – 2026E	S-16
Essex Value Creation Through Capital Allocation: 2024-2025	S-16.1
Reconciliations of Non-GAAP Financial Measures and Other Terms	S-17.1 – S-17.4

1100 Park Place Suite 200 San Mateo California 94403 telephone 650 655 7800 facsimile 650 655 7810

www.essex.com

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Essex Announces Third Quarter 2025 Results

and Raises Full-Year 2025 Guidance

San Mateo, California—October 29, 2025—Essex Property Trust, Inc. (NYSE: ESS) (the “Company”) announced today its third quarter 2025 earnings results and related business activities.

Net Income, Funds from Operations (“FFO”), and Core FFO per diluted share for the three and nine-month periods ended September 30, 2025 are detailed below.

	Three Months Ended<br><br> <br>September 30,		%	Nine Months Ended<br><br> <br>September 30,		%
	2025	2024	Change	2025	2024	Change
Per Diluted Share
Net Income	$2.56	$1.84	39.1%	$9.15	$7.54	21.4%
Total FFO	$4.03	$3.81	5.8%	$12.03	$12.30	-2.2%
Core FFO	$3.97	$3.91	1.5%	$11.96	$11.68	2.4%

Third Quarter 2025 Highlights:

•	Reported Net Income per diluted share for the third quarter of 2025 of $2.56, compared to $1.84 in the third quarter of 2024. The increase was primarily driven by gains on sale of real estate.
•	Grew Core FFO per diluted share by 1.5% compared to the third quarter of 2024, exceeding the midpoint of the Company’s guidance range by $0.03.
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•	Achieved same-property revenue and net operating income (“NOI”) growth of 2.7% and 2.4%, respectively, compared to the third quarter of 2024. On a sequential basis, same-property revenue improved 0.7%.
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•	Acquired one apartment home community for a contract price of $100.0 million.
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•	Disposed of three apartment home communities for a total contract price of $244.7 million ($197.2 million at pro rata share).
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•	Received $71.4 million in redemption proceeds from four preferred equity investments yielding a 10.1% weighted average rate of return.
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•	Committed $21.3 million at the Company’s pro rata share to one preferred equity investment yielding a preferred return of 13.5%.
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•	Raised full-year Net Income per diluted share guidance by $0.41 at the midpoint to a range of $10.53 to $10.63.
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•	Raised full-year Core FFO per diluted share guidance by $0.03 at the midpoint to a range of $15.89 to $15.99. This represents 2.2% growth at the midpoint compared to the prior year.
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•	Reaffirmed full-year guidance midpoints for same-property revenues, expenses, and NOI growth.
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1100 Park Place Suite 200 San Mateo California 94403 telephone 650 655 7800 facsimile 650 655 7810

www.essex.com

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Same-Property Operations

Same-property operating results exclude any properties that are not comparable for the periods presented. The table below illustrates the percentage change in same-property revenue on a year-over-year basis for the three and nine-month periods ended September 30, 2025 and on a sequential basis for the three-month period ended September 30, 2025:

	Revenue Change
	Q3 2025<br><br> <br>vs. Q3 2024		YTD 2025<br><br> <br>vs. YTD 2024		Q3 2025<br><br> <br>vs. Q2 2025		% of Total Q3<br><br> <br>2025 Revenues
Southern California
Los Angeles County		2.3%		3.1%		0.6%		18.5%
Orange County		3.0%		3.4%		0.7%		9.2%
San Diego County		1.4%		2.5%		-0.4%		9.3%
Ventura County		3.3%		3.9%		1.7%		4.3%
Total Southern California		2.4%		3.1%		0.5%		41.3%
Northern California
Santa Clara County		3.3%		3.3%		0.9%		20.2%
Alameda County		1.7%		2.6%		0.1%		7.0%
San Mateo County		4.4%		4.6%		1.4%		4.7%
Contra Costa County		1.1%		2.0%		0.1%		5.4%
San Francisco		5.0%		6.1%		0.7%		3.1%
Total Northern California		3.0%		3.4%		0.7%		40.4%
Seattle Metro		3.0%		2.7%		1.3%		18.3%
Same-Property Portfolio		2.7%		3.1%		0.7%		100.0%

The table below illustrates the components that drove the change in same-property revenue on a year-over-year basis for the three and nine-month periods ended September 30, 2025 and on a sequential basis for the three-month period ended September 30, 2025:

Same-Property Revenue Components
Scheduled Rents	2.4%	2.3%	0.9%
Delinquency	0.2%	0.6%	0.0%
Cash Concessions	-0.1%	0.0%	0.0%
Vacancy	-0.2%	-0.2%	-0.1%
Other Income	0.4%	0.4%	-0.1%
Q3 2025 Same-Property Revenue Growth	2.7%	3.1%	0.7%

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	Year-Over-Year Change			Year-Over-Year Change
	Q3 2025 compared to Q3 2024			YTD 2025 compared to YTD 2024
	Revenues	Operating<br><br> <br>Expenses	NOI	Revenues	Operating<br><br> <br>Expenses	NOI
Southern California	2.4%	6.2%	0.7%	3.1%	5.3%	2.2%
Northern California	3.0%	2.6%	3.1%	3.4%	3.4%	3.4%
Seattle Metro	3.0%	-0.2%	4.4%	2.7%	-0.6%	4.1%
Same-Property Portfolio	2.7%	3.5%	2.4%	3.1%	3.4%	3.0%
	Sequential Change
---	---	---	---
	Q3 2025 compared to Q2 2025
	Revenues	Operating<br><br> <br>Expenses	NOI
Southern California	0.5%	4.9%	-1.3%
Northern California	0.7%	4.4%	-0.9%
Seattle Metro	1.3%	13.8%	-3.1%
Same-Property Portfolio	0.7%	6.2%	-1.5%
	Financial Occupancies
---	---	---	---
	Quarter Ended
	9/30/2025	6/30/2025	9/30/2024
Southern California	95.8%	95.7%	95.9%
Northern California	96.3%	96.6%	96.4%
Seattle Metro	96.2%	96.5%	96.6%
Same-Property Portfolio	96.1%	96.2%	96.2%

Investment Activity

Acquisitions

In September, the Company acquired ViO, a 234-unit apartment home community built in 2016 and located in San Jose, CA for a contract price of $100.0 million.

Dispositions

In July, the Company sold a 243-unit apartment home community located in Oakland, CA for a contract price of $97.5 million. The Company recorded a gain on sale of real estate of $47.8 million in the third quarter, which has been excluded from Total and Core FFO.

In September, Wesco V LLC (“Wesco V”), a joint venture in which the Company owns a 50% interest, sold a 211-unit apartment home community located in Seattle, WA for a total contract price of $94.9 million ($47.4 million at pro rata share). The Company recorded a gain on sale of co-investment communities of $5.2 million at pro rata share in the third quarter, which has been excluded from Total and Core FFO.

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In September, the Company sold a 171-unit apartment home community located in Berkeley, CA for a contract price of $52.3 million. The Company recorded a gain on sale of real estate of $14.5 million in the third quarter, which has been excluded from Total and Core FFO.

Other Investments

In July, Wesco VII LLC (“Wesco VII”), a joint venture in which the Company owns a 50% interest, originated a $42.6 million preferred equity investment for the development of a 480-unit apartment home community located in South San Francisco, CA. The investment has an initial preferred return of 13.5% and was fully funded in the third quarter of 2025.

In the third quarter, the Company received cash proceeds of $71.4 million from the full and partial redemptions of four preferred equity investments yielding a 10.1% weighted average rate of return.

Subsequent to quarter end, the Company received cash proceeds of $18.8 million from the full redemption of one preferred equity investment yielding a 9.0% rate of return. Year-to-date, the Company has received cash proceeds of $117.5 million from the full redemptions of seven structured finance investments yielding a 9.8% weighted average rate of return.

Balance Sheet and Liquidity

Balance Sheet

In July, the Company increased its unsecured credit facility from $1.2 billion to $1.5 billion and extended the maturity date to January 2030 with two six-month extension options, exercisable at the Company’s option. Pricing on the credit facility is SOFR plus 0.775%.

Subsequent to quarter end, the Company executed an amendment of its existing $300.0 million unsecured term loan to extend the maturity date from October 2027 to January 2031, inclusive of extension options exercisable at the Company’s option. The interest rate was reduced by 0.10% to SOFR plus 0.85% and is swapped to an all-in fixed rate of 4.07% through October 2026.

Common Stock and Liquidity

During the third quarter, the Company did not issue any shares of common stock through its equity distribution program, exercise any of its previously disclosed forward sale agreements, or repurchase any shares through its stock repurchase plan.

As of September 30, 2025, the Company had approximately $1.5 billion in liquidity via available capacity on its unsecured credit facilities, cash and cash equivalents, and marketable securities.

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Guidance

For the third quarter of 2025, the Company exceeded the midpoint of the guidance range provided in its second quarter 2025 earnings release for Core FFO by $0.03 per diluted share.

The following table provides a reconciliation of third quarter 2025 Core FFO per diluted share to the midpoint of the guidance provided in the Company’s second quarter 2025 earnings release.

	Per Diluted<br><br> <br>Share
Guidance midpoint of Core FFO per diluted share for Q3 2025	$	3.94
G&A		0.02
Interest Expense		0.01
Core FFO per diluted share for Q3 2025 reported	$	3.97

2025 Full-Year and Fourth Quarter Guidance

Per Diluted Share
Net Income	10.05 - 10.29	10.53 - 10.63	10.58	+$0.41
Total FFO	15.77 - 16.01	15.91 - 16.01	15.96	+$0.07
Core FFO	15.80 - 16.02	15.89 - 15.99	15.94	+$0.03
Q4 2025 Core FFO	N/A	3.93 - 4.03	3.98	N/A
Same-Property Portfolio Growth^(1)^
Revenues	2.90% to 3.40%	3.00% to 3.30%	3.15%	-
Operating Expenses	3.00% to 3.50%	3.00% to 3.50%	3.25%	-
Net Operating Income	2.70% to 3.50%	2.80% to 3.40%	3.10%	-

All values are in US Dollars.

^(1)^	Reflects guidance on a cash basis. On a GAAP basis, the midpoints of the Company’s same-property revenue and NOI guidance are 3.20% and 3.20%, respectively.

For additional details regarding the Company’s 2025 FFO guidance range, see page S-15 of the supplemental financial information.

Conference Call with Management

The Company will host an earnings conference call with management to discuss its quarterly results on Thursday, October 30, 2025 at 11 a.m. PT (2 p.m. ET), which will be broadcast live via the Internet at www.essex.com, and accessible via phone by dialing toll-free, (877) 407-0784, or toll/international, (201) 689-8560. No passcode is necessary.

A rebroadcast of the live call will be available online for 30 days and digitally for 7 days. To access the replay online, go to www.essex.com and select the third quarter 2025 earnings link. To access the replay, dial (844) 512-2921 using the replay pin number 13756190. If you are unable to access the information via the Company’s website, please contact the Investor Relations Department at investors@essex.com or calling (650) 655-7800.

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Corporate Profile

Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 257 apartment home communities comprising over 62,000 apartment homes with an additional property in active development. Additional information about the Company can be found on the Company’s website at www.essex.com.

This press release and accompanying supplemental financial information has been furnished to the Securities and Exchange Commission electronically on Form 8-K and can be accessed from the Company’s website at www.essex.com. If you are unable to obtain the information via the Web, please contact the Investor Relations Department at (650) 655-7800.

FFO Reconciliation

FFO, as defined by the National Association of Real Estate Investment Trusts (“Nareit”), is generally considered by industry analysts as an appropriate measure of performance of an equity REIT. Generally, FFO adjusts the net income of equity REITs for non-cash charges such as depreciation and amortization of rental properties, impairment charges, gains on sales of real estate and extraordinary items. Management considers FFO and FFO which excludes non-core items, which is referred to as “Core FFO,” to be useful supplemental operating performance measures of an equity REIT because, together with net income and cash flows, FFO and Core FFO provide investors with additional bases to evaluate the operating performance and ability of a REIT to incur and service debt and to fund acquisitions and other capital expenditures and to pay dividends. By excluding gains or losses related to sales of depreciated operating properties and land and excluding real estate depreciation (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO can help investors compare the operating performance of a real estate company between periods or as compared to different companies. By further adjusting for items that are not considered part of the Company’s core business operations, Core FFO allows investors to compare the core operating performance of the Company to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual operating results. FFO and Core FFO do not represent net income or cash flows from operations as defined by U.S. generally accepted accounting principles (“GAAP”) and are not intended to indicate whether cash flows will be sufficient to fund cash needs. These measures should not be considered as alternatives to net income as an indicator of the REIT's operating performance or to cash flows as a measure of liquidity. FFO and Core FFO do not measure whether cash flow is sufficient to fund all cash needs including principal amortization, capital improvements and distributions to stockholders. FFO and Core FFO also do not represent cash flows generated from operating, investing or financing activities as defined under GAAP. Management has consistently applied the Nareit definition of FFO to all periods presented. However, there is judgment involved and other REITs’ calculation of FFO may vary from the Nareit definition for this measure, and thus their disclosures of FFO may not be comparable to the Company’s calculation.

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The following table sets forth the Company’s calculation of FFO and Core FFO per diluted share for the three and nine-month periods ended September 30, 2025 and 2024 (dollars in thousands, except for share and per share amounts):

	Three Months Ended<br><br> <br>September 30,						Nine Months Ended<br><br> <br>September 30,
	2025			2024			2025			2024
Net income available to common stockholders	$	164,621		$	118,424		$	589,093		$	484,069
Adjustments:
Depreciation and amortization		151,489			146,439			454,277			431,785
Gains not included in FFO		(67,509	)		(31,583	)		(305,043	)		(169,909	)
Impairment loss from unconsolidated co-investments		-			-			-			3,726
Depreciation and amortization from unconsolidated co-investments		14,343			16,417			43,127			52,267
Noncontrolling interest related to Operating Partnership units		5,767			4,206			20,827			17,075
Depreciation attributable to third party ownership and other		(38	)		(370	)		(122	)		(1,149	)
FFO attributable to common stockholders and unitholders	$	268,673		$	253,533		$	802,159		$	817,864
FFO per share – diluted	$	4.03		$	3.81		$	12.03		$	12.30
Expensed acquisition and investment related costs	$	25		$	-		$	25		$	68
Tax benefit on unconsolidated technology co-investments		(1,958	)		(441	)		(2,353	)		(1,199	)
Realized and unrealized gains on marketable securities, net		(1,658	)		(5,697	)		(4,059	)		(10,645	)
Provision for credit losses		50			(182	)		61			(116	)
Equity income from unconsolidated technology co-investments		(4,393	)		(555	)		(6,005	)		(6,282	)
Loss on early retirement of debt		-			-			762			-
Co-investment promote income		-			-			-			(1,531	)
Income from early redemption of preferred equity investments and notes receivable		(70	)		-			(70	)		-
General and administrative and other, net ^(1)^		3,926			13,956			7,863			22,403
Insurance reimbursements, legal settlements, and other, net ^(2)^		(89	)		(612	)		(789	)		(43,912	)
Core FFO attributable to common stockholders and unitholders	$	264,506		$	260,002		$	797,594		$	776,650
Core FFO per share – diluted	$	3.97		$	3.91		$	11.96		$	11.68
Weighted average number of shares outstanding diluted ^(3)^		66,674,655			66,551,838			66,667,571			66,500,412
^(1)^	Includes political advocacy costs of $1.6 million and $2.0 million for the three and nine months ended September 30, 2025, respectively, and $11.3 million and $18.5 million for the three and nine months ended<br> September 30, 2024, respectively.
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^(2)^	There were no material gains from legal settlements during the three and nine months ended September 30, 2025 and the three months ended September 30, 2024. During the nine months ended September 30, 2024, the Company settled two<br> lawsuits related to construction defects at two communities and received cash recoveries of $42.5 million. The Company determined that all uncertainties were resolved upon receipt of cash and recorded a gain which was excluded from Core<br> FFO.
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^(3)^	Assumes conversion of all outstanding limited partnership units in Essex Portfolio, L.P. (the “Operating Partnership”) into shares of the Company’s common stock and excludes DownREIT limited partnership<br> units.
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Net Operating Income (“NOI”) and Same-Property NOI Reconciliations

NOI and Same-Property NOI are considered by management to be important supplemental performance measures to earnings from operations included in the Company’s consolidated statements of income. The presentation of same-property NOI assists with the presentation of the Company’s operations prior to the allocation of depreciation and any corporate-level or financing-related costs. NOI reflects the operating performance of a community and allows for an easy comparison of the operating performance of individual communities or groups of communities. In addition, because prospective buyers of real estate have different financing and overhead structures, with varying marginal impacts to overhead by acquiring real estate, NOI is considered by many in the real estate industry to be a useful measure for determining the value of a real estate asset or group of assets. The Company defines same-property NOI as same-property revenues less same-property operating expenses, including property taxes. Please see the reconciliation of earnings from operations to NOI and same-property NOI, which in the table below is the NOI for stabilized properties consolidated by the Company for the periods presented (dollars in thousands):

	Three Months Ended<br><br> <br>September 30,						Nine Months Ended<br><br> <br>September 30,
	2025			2024			2025			2024
Earnings from operations	$	210,399		$	128,790		$	747,180		$	398,599
Adjustments:
Corporate-level property management expenses		12,216			11,610			36,768			34,331
Depreciation and amortization		151,489			146,439			454,277			431,785
Management and other fees from affiliates		(2,361	)		(2,563	)		(7,078	)		(7,849	)
General and administrative		18,058			29,067			51,507			67,374
Expensed acquisition and investment related costs		25			-			25			68
Gain on sale of real estate and land		(62,320	)		-			(299,524	)		-
NOI		327,506			313,343			983,155			924,308
Less: Non-same property NOI		(41,619	)		(34,060	)		(124,002	)		(90,214	)
Same-Property NOI	$	285,887		$	279,283		$	859,153		$	834,094

Safe Harbor Statement Under The Private Litigation Reform Act of 1995:

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements which are not historical facts, including statements regarding the Company's expectations, estimates, assumptions, hopes, intentions, beliefs and strategies regarding the future. Words such as “expects,” “assumes,” “anticipates,” “may,” “will,” “intends,” “plans,” “projects,” “believes,” “seeks,” “future,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, among other things, statements regarding the Company’s fourth quarter and full-year 2025 guidance (including net income, Total FFO and Core FFO, same-property growth and related assumptions) and anticipated yield on certain investments. While the Company's management believes the assumptions underlying its forward-looking statements are reasonable, such forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, which could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company cannot assure the future results or outcome of the matters described in these statements; rather, these statements merely reflect the Company’s current expectations of the approximate outcomes of the matters discussed.

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Factors that might cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to, the following: assumptions related to our fourth quarter and full-year 2025 guidance; occupancy rates and rental demand may be adversely affected by competition and local economic and market conditions; there may be increased interest rates, inflation, escalated operating costs and possible recessionary impacts; tariffs, geopolitical tensions and regional conflicts, and the related impacts on macroeconomic conditions, including, among other things, interest rates and inflation; the terms of any refinancing may not be as favorable as the terms of existing indebtedness; the Company’s inability to maintain its investment grade credit rating with the rating agencies; the Company may be unsuccessful in the management of its relationships with its co-investment partners; the Company may fail to achieve its business objectives; time of actual completion and/or stabilization of development and redevelopment projects; estimates of future income from an acquired property may prove to be inaccurate; future cash flows may be inadequate to meet operating requirements and/or may be insufficient to provide for dividend payments in accordance with REIT requirements; changes in laws or regulations and the anticipated or actual impact of future changes in laws or regulations; unexpected difficulties in leasing of future development projects; volatility in financial and securities markets; the Company’s failure to successfully operate acquired properties; unforeseen consequences from cyber-intrusion; government approvals, actions and initiatives, including the need for compliance with environmental requirements; and those further risks, special considerations, and other factors referred to in the Company’s annual report on Form 10-K for the year ended December 31, 2024, quarterly reports on Form 10-Q, and those risk factors and special considerations set forth in the Company's other filings with the SEC which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. All forward-looking statements are made as of the date hereof, the Company assumes no obligation to update or supplement this information for any reason, and therefore, they may not represent the Company’s estimates and assumptions after the date of this press release.

Definitions and Reconciliations

Non-GAAP financial measures and certain other capitalized terms, as used in this earnings release and supplemental financial information, are defined and further explained on pages S-17.1 through S-17.4, "Reconciliations of Non-GAAP Financial Measures and Other Terms," of the accompanying supplemental financial information. The supplemental financial information is available on the Company's website at www.essex.com.

Contact Information

Loren Rainey

Sr. Director, Investor Relations

(650) 655-7800

lrainey@essex.com

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ESSEX PROPERTY TRUST, INC.

Consolidated Operating Results

(Dollars in thousands, except share and per share amounts)

	Three Months Ended<br><br> <br>September 30,						Nine Months Ended<br><br> <br>September 30,
	2025			2024			2025			2024
Revenues:
Rental and other property	$	470,942		$	448,135		$	1,400,641		$	1,312,132
Management and other fees from affiliates		2,361			2,563			7,078			7,849
		473,303			450,698			1,407,719			1,319,981
Expenses:
Property operating		143,436			134,792			417,486			387,824
Corporate-level property management expenses		12,216			11,610			36,768			34,331
Depreciation and amortization		151,489			146,439			454,277			431,785
General and administrative		18,058			29,067			51,507			67,374
Expensed acquisition and investment related costs		25			-			25			68
		325,224			321,908			960,063			921,382
Gain on sale of real estate and land		62,320			-			299,524			-
Earnings from operations		210,399			128,790			747,180			398,599
Interest expense, net ^(1)^		(63,331	)		(58,425	)		(189,054	)		(172,053	)
Interest and other income		5,900			11,449			16,997			78,292
Equity income from co-investments		17,798			11,649			39,984			33,667
Tax benefit on unconsolidated technology co-investments		1,958			441			2,353			1,199
Loss on early retirement of debt		-			-			(762	)		-
Gain on remeasurement of co-investment		-			31,583			330			169,909
Net income		172,724			125,487			617,028			509,613
Net income attributable to noncontrolling interest		(8,103	)		(7,063	)		(27,935	)		(25,544	)
Net income available to common stockholders	$	164,621		$	118,424		$	589,093		$	484,069
Net income per share - basic	$	2.56		$	1.84		$	9.15		$	7.54
Shares used in income per share - basic		64,404,008			64,227,662			64,368,625			64,214,258
Net income per share - diluted	$	2.56		$	1.84		$	9.15		$	7.54
Shares used in income per share - diluted		64,418,240			64,271,459			64,392,244			64,234,358
^(1)^	Refer to page S-17.2, the section titled "Interest Expense, Net" for additional information.
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See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

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ESSEX PROPERTY TRUST, INC.

Consolidated Operating Results - Selected Line Item Detail

(Dollars in thousands)

	Three Months Ended<br><br> <br>September 30,						Nine Months Ended<br><br> <br>September 30,
	2025			2024			2025			2024
Rental and other property
Rental income	$	463,892		$	440,649		$	1,380,438		$	1,290,026
Other property		7,050			7,486			20,203			22,106
Rental and other property	$	470,942		$	448,135		$	1,400,641		$	1,312,132
Property operating expenses
Real estate taxes	$	52,023		$	48,956		$	153,652		$	143,188
Administrative		15,200			13,782			45,392			42,881
Maintenance and repairs		16,052			16,197			46,924			44,987
Personnel costs		27,448			25,296			80,443			74,256
Utilities		32,713			30,561			91,075			82,512
Property operating expenses	$	143,436		$	134,792		$	417,486		$	387,824
Interest and other income
Marketable securities and other income	$	4,218		$	5,044		$	12,210		$	23,729
Realized and unrealized gains on marketable securities, net		1,658			5,697			4,059			10,645
Provision for credit losses		(50	)		182			(61	)		116
Insurance reimbursements, legal settlements, and other, net		74			526			789			43,802
Interest and other income	$	5,900		$	11,449		$	16,997		$	78,292
Equity income from co-investments
Equity loss from co-investments	$	(485	)	$	(862	)	$	(1,008	)	$	(6,736	)
Income from preferred equity investments		8,616			11,870			29,728			36,206
Equity income from unconsolidated technology co-investments		4,393			555			6,005			6,282
Insurance reimbursements, legal settlements, and other, net		15			86			-			110
Impairment loss from unconsolidated co-investment		-			-			-			(3,726	)
Gain on sale of co-investment communities		5,189			-			5,189			-
Co-investment promote income		-			-			-			1,531
Income from early redemption of preferred equity investments		70			-			70			-
Equity income from co-investments	$	17,798		$	11,649		$	39,984		$	33,667
Noncontrolling interest
Limited partners of Essex Portfolio, L.P.	$	5,767		$	4,206		$	20,827		$	17,075
DownREIT limited partners' distributions		2,294			2,284			6,972			6,867
Third-party ownership interest		42			573			136			1,602
Noncontrolling interest	$	8,103		$	7,063		$	27,935		$	25,544

See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

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ESSEX PROPERTY TRUST, INC.

Consolidated Funds from Operations ^(1)^

(Dollars in thousands, except share and per share amounts and in footnotes)

	Three Months Ended<br><br> <br>September 30,								Nine Months Ended<br><br> <br>September 30,
	2025			2024			% Change		2025			2024			% Change
Funds from operations attributable to common stockholders and unitholders (FFO)
Net income available to common stockholders	$	164,621		$	118,424				$	589,093		$	484,069
Adjustments:
Depreciation and amortization		151,489			146,439					454,277			431,785
Gains not included in FFO		(67,509	)		(31,583	)				(305,043	)		(169,909	)
Impairment loss from unconsolidated co-investments		-			-					-			3,726
Depreciation and amortization from unconsolidated co-investments		14,343			16,417					43,127			52,267
Noncontrolling interest related to Operating Partnership units		5,767			4,206					20,827			17,075
Depreciation attributable to third party ownership and other		(38	)		(370	)				(122	)		(1,149	)
Funds from operations attributable to common stockholders and unitholders	$	268,673		$	253,533				$	802,159		$	817,864
FFO per share-diluted	$	4.03		$	3.81			5.8%	$	12.03		$	12.30			-2.2%
Components of the change in FFO
Non-core items:
Expensed acquisition and investment related costs	$	25		$	-				$	25		$	68
Tax benefit on unconsolidated technology co-investments		(1,958	)		(441	)				(2,353	)		(1,199	)
Realized and unrealized gains on marketable securities, net		(1,658	)		(5,697	)				(4,059	)		(10,645	)
Provision for credit losses		50			(182	)				61			(116	)
Equity income from unconsolidated technology co-investments		(4,393	)		(555	)				(6,005	)		(6,282	)
Loss on early retirement of debt		-			-					762			-
Co-investment promote income		-			-					-			(1,531	)
Income from early redemption of preferred equity investments and notes receivable		(70	)		-					(70	)		-
General and administrative and other, net ^(2)^		3,926			13,956					7,863			22,403
Insurance reimbursements, legal settlements, and other, net ^(3)^		(89	)		(612	)				(789	)		(43,912	)
Core funds from operations attributable to common stockholders and unitholders	$	264,506		$	260,002				$	797,594		$	776,650
Core FFO per share-diluted	$	3.97		$	3.91			1.5%	$	11.96		$	11.68			2.4%
Weighted average number of shares outstanding diluted ^(4)^		66,674,655			66,551,838					66,667,571			66,500,412
^(1)^	Refer to page S-17.2, the section titled "Funds from Operations ("FFO") and Core FFO" for additional information on the Company's definition and<br> use of FFO and Core FFO.
---	---
^(2)^	Includes political advocacy costs of $1.6 million and $2.0 million for the three and nine months ended September 30, 2025, respectively, and $11.3<br> million and $18.5 million for the three and nine months ended September 30, 2024, respectively.
^(3)^	There were no material gains from legal settlements during the three and nine months ended September 30, 2025 and the three months ended September<br> 30, 2024. During the nine months ended September 30, 2024, the Company settled two lawsuits related to construction defects at two communities and received cash recoveries of $42.5 million. The Company determined that all uncertainties were<br> resolved upon receipt of cash and recorded a gain which was excluded from Core FFO.
^(4)^	Assumes conversion of all outstanding limited partnership units in the Operating Partnership into shares of the Company's common stock and<br> excludes DownREIT limited partnership units.

See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

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ESSEX PROPERTY TRUST, INC.

Consolidated Balance Sheets

(Dollars in thousands)

	September 30, 2025			December 31, 2024
Real estate investments:
Land and land improvements	$	3,325,394		$	3,246,789
Buildings and improvements		14,745,049			14,342,729
		18,070,443			17,589,518
Less: accumulated depreciation		(6,381,123	)		(6,150,618	)
		11,689,320			11,438,900
Real estate under development		139,161			52,682
Co-investments		808,238			935,014
		12,636,719			12,426,596
Cash and cash equivalents, including restricted cash		75,243			75,846
Marketable securities		84,116			69,794
Notes and other receivables		221,628			206,706
Operating lease right-of-use assets		51,682			51,556
Prepaid expenses and other assets		80,853			96,861
Total assets	$	13,150,241		$	12,927,359
Unsecured debt, net	$	5,621,505		$	5,473,788
Mortgage notes payable, net		795,404			989,884
Lines of credit and commercial paper		245,000			137,945
Distributions in excess of investments in co-investments		95,893			79,273
Operating lease liabilities		52,405			52,473
Other liabilities		508,761			442,757
Total liabilities		7,318,968			7,176,120
Redeemable noncontrolling interest		29,746			30,849
Equity:
Common stock		6			6
Additional paid-in capital		6,686,589			6,668,047
Distributions in excess of accumulated earnings		(1,063,135	)		(1,155,662	)
Accumulated other comprehensive income, net		7,856			24,655
Total stockholders' equity		5,631,316			5,537,046
Noncontrolling interest		170,211			183,344
Total equity		5,801,527			5,720,390
Total liabilities and equity	$	13,150,241		$	12,927,359

See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

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ESSEX PROPERTY TRUST, INC.

Debt Summary - September 30, 2025

(Dollars in thousands, except in footnotes)

									Scheduled principal payments, unamortized premiums (discounts) and (debt issuance costs) are as follows - excludes lines of credit and commercial paper:
										Unsecured			Secured			Total			Weighted<br><br> <br>Average<br><br> <br>Interest Rate			Percentage of Total Debt
				Weighted Average
	Balance<br><br> <br>Outstanding			Interest Rate			Maturity<br><br> <br>in Years
Unsecured Debt, net
Bonds public - fixed rate	$	5,100,000			3.6	%		7.1	2025	$	-		$	11,263		$	11,263			4.0	%		0.2	%
Term loan ^(1)^		550,000			4.1	%		3.2	2026		450,000			99,405			549,405			3.5	%		8.5	%
Unamortized discounts and debt									2027^(1)^		650,000			84,397			734,397			3.9	%		11.4	%
issuance costs, net		(28,495	)		-			-	2028		450,000			68,332			518,332			2.2	%		8.0	%
Total unsecured debt, net		5,621,505			3.6	%		6.7	2029		500,000			1,456			501,456			4.1	%		7.8	%
Mortgage Notes Payable, net									2030		800,000			66,592			866,592			3.6	%		13.4	%
Fixed rate - secured		539,291			4.7	%		5.5	2031		600,000			1,740			601,740			2.3	%		9.3	%
Variable rate - secured ^(2)^		259,043			3.3	%		13.6	2032		650,000			1,903			651,903			2.6	%		10.2	%
Unamortized premiums and debt									2033		-			330,126			330,126			4.9	%		5.1	%
issuance costs, net		(2,930	)		-			-	2034		550,000			2,275			552,275			5.5	%		8.6	%
Total mortgage notes payable, net		795,404			4.2	%		8.1	2035		400,000			2,487			402,487			5.5	%		6.2	%
Unsecured Lines of Credit and Commercial Paper									Thereafter		600,000			128,358			728,358			3.6	%		11.3	%
Line of credit ^(3)^		-			5.2	%		N/A	Subtotal		5,650,000			798,334			6,448,334			3.7	%		100.0	%
Line of credit ^(4)^		-			5.2	%		N/A	Debt Issuance Costs		(27,773	)		(2,650	)		(30,423	)		-			-
Commercial paper ^(5)^		245,000			4.3	%		N/A	(Discounts)/Premiums		(722	)		(280	)		(1,002	)		-			-
Total lines of credit and commercial paper		245,000			4.3	%		N/A	Total	$	5,621,505		$	795,404		$	6,416,909			3.7	%		100.0	%
Total debt, net	$	6,661,909			3.7	%		6.7
Capitalized interest for the three and nine months ended September 30, 2025 was approximately 1.1 million and 2.5 million, respectively.
---
(1)
(2)
(3)
(4)
(5)

All values are in US Dollars.

See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

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ESSEX PROPERTY TRUST, INC.

Capitalization Data, Public Bond Covenants, Credit Ratings and Selected Credit Ratios - September 30, 2025

(Dollars and shares in thousands, except per share amounts)

Capitalization Data						Public Bond Covenants ^(1)^	Actual	Requirement
Total debt, net			$	6,661,909
Common stock and potentially dilutive securities						Debt to Total Assets:	34%	< 65%
Common stock outstanding				64,404
Limited partnership units ^(1)^				2,256		Secured Debt to Total Assets:	4%	< 40%
Options-treasury method				12
Total shares of common stock and potentially dilutive securities				66,672		Interest Coverage:	517%	> 150%
Common stock price per share as of September 30, 2025			$	267.66		Unsecured Debt Ratio ^(2)^:	293%	> 150%
Total equity capitalization			$	17,845,428		Selected Credit Ratios ^(3)^	Actual
Total market capitalization			$	24,507,337		Net Indebtedness Divided by Adjusted EBITDAre, normalized and annualized:	5.5
Ratio of debt to total market capitalization				27.2	%	Unencumbered NOI to Adjusted Total NOI:	93%
Credit Ratings
Rating Agency	Rating	Outlook
Moody's	Baa1	Stable				^(1)^Refer to page S-17.4 for additional information on the Company's Public Bond Covenants.
Standard & Poor's	BBB+	Stable				^(2)^Unsecured Debt Ratio is unsecured assets (excluding investments in co-investments) divided by unsecured indebtedness.
^(1)^Assumes conversion of all outstanding limited partnership units in the Operating Partnership into shares of the<br> Company's common stock.						^(3)^Refer to pages S-17.1 to S-17.4, the section titled "Reconciliations of Non-GAAP Financial Measures and Other Terms"<br> for additional information on the Company's Selected Credit Ratios.

See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

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ESSEX PROPERTY TRUST, INC.

Portfolio Summary by County as of September 30, 2025

	Apartment Homes								Average Monthly Rental Rate ^(1)^						Percent of NOI ^(2)^
Region - County	Consolidated		Unconsolidated<br><br> <br>Co-investments		Apartment<br><br> <br>Homes in<br><br> <br>Development^(3)^		Total		Consolidated		Unconsolidated<br><br> <br>Co-investments^(4)^		Total ^(4)^		Consolidated			Unconsolidated<br><br> <br>Co-investments^(4)^			Total ^(4)^
Southern California
Los Angeles County		9,288		1,586		-		10,874	$	2,697	$	2,574	$	2,686		15.2	%		19.9	%		15.5	%
Orange County		5,734		265		-		5,999		2,717		2,501		2,712		11.0	%		3.5	%		10.5	%
San Diego County		5,444		443		-		5,887		2,706		3,094		2,721		10.1	%		6.6	%		9.8	%
Ventura County and Other		2,756		373		-		3,129		2,534		3,241		2,585		5.1	%		7.0	%		5.3	%
Total Southern California		23,222		2,667		-		25,889		2,685		2,743		2,688		41.4	%		37.0	%		41.1	%
Northern California
Santa Clara County^(5)^		10,419		997		-		11,416		3,165		3,100		3,161		21.9	%		13.9	%		21.6	%
Alameda County		3,970		1,328		-		5,298		2,637		2,623		2,635		6.6	%		17.0	%		7.2	%
San Mateo County		2,483		195		543		3,221		3,422		3,870		3,439		5.5	%		3.0	%		5.3	%
Contra Costa County		2,619		-		-		2,619		2,782		-		2,782		4.8	%		0.0	%		4.5	%
San Francisco		1,356		537		-		1,893		2,976		3,404		3,046		2.4	%		8.3	%		2.7	%
Total Northern California		20,847		3,057		543		24,447		3,033		2,976		3,029		41.2	%		42.2	%		41.3	%
Seattle Metro		10,899		1,759		-		12,658		2,280		2,175		2,272		17.4	%		20.8	%		17.6	%
Total		54,968		7,483		543		62,994	$	2,735	$	2,706	$	2,733		100.0	%		100.0	%		100.0	%
^(1)^	Average monthly rental rate is defined as the total scheduled monthly rental income (actual rent for occupied apartment homes plus market rent for vacant apartment homes) for the quarter ended<br> September 30, 2025, divided by the number of apartment homes as of September 30, 2025.
---	---
^(2)^	Represents the percentage of actual NOI for the quarter ended September 30, 2025. See section titled "Net Operating Income ("NOI") and Same-Property NOI Reconciliations" on page S-17.3.
---	---
^(3)^	Includes development communities with no rental income.
---	---
^(4)^	At Company's pro rata share.
---	---
^(5)^	Includes all communities in Santa Clara County and one community in Santa Cruz County.
---	---

See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

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ESSEX PROPERTY TRUST, INC.

Operating Income by Quarter ^(1)^

(Dollars in thousands)

	Apartment<br><br> <br>Homes		Q3 '25			Q2 '25			Q1 '25			Q4 '24			Q3 '24
Rental and other property revenues:
Same-property		49,032	$	412,710		$	409,713		$	405,718		$	399,520		$	401,761
Acquisitions^(2)^		5,164		44,001			41,784			34,770			26,772			16,964
Non-residential/other, net^(3)^		772		13,916			15,946			21,989			24,981			29,637
Straight-line rent concessions ^(4)^		-		315			167			(388	)		780			(227	)
Total rental and other property revenues		54,968		470,942			467,610			462,089			452,053			448,135
Property operating expenses:
Same-property				126,823			119,459			122,706			119,049			122,478
Acquisitions^(2)^				13,471			12,365			10,393			7,848			4,870
Non-residential/other, net^(3) (5)^				3,142			3,605			5,522			6,815			7,444
Total property operating expenses				143,436			135,429			138,621			133,712			134,792
Net operating income (NOI):
Same-property				285,887			290,254			283,012			280,471			279,283
Acquisitions^(2)^				30,530			29,419			24,377			18,924			12,094
Non-residential/other, net^(3) (5)^				10,774			12,341			16,467			18,166			22,193
Straight-line rent concessions ^(4)^				315			167			(388	)		780			(227	)
Total NOI			$	327,506		$	332,181		$	323,468		$	318,341		$	313,343
Same-property metrics
Operating margin				69	%		71	%		70	%		70	%		70	%
Annualized turnover				43	%		39	%		34	%		37	%		46	%
Financial occupancy				96.1	%		96.2	%		96.3	%		95.9	%		96.2	%
Delinquency as a % of scheduled rent ^(6)^				0.5	%		0.5	%		0.5	%		1.3	%		0.7	%
Same-property net effective rate growth^(7)^
New lease				-0.5	%		0.7	%		1.0	%		-1.9	%		0.6	%
Renewal				4.0	%		4.2	%		3.8	%		3.8	%		3.8	%
Blended				2.3	%		3.0	%		2.8	%		1.6	%		2.5	%
^(1)^	Includes consolidated communities only.
---	---
^(2)^	Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2024.
---	---
^(3)^	Non-residential/other, net consists of revenues generated from retail space, commercial properties, held for sale properties, disposition properties, properties undergoing<br> 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<br> Revenues reflect concessions on a straight-line basis in accordance with U.S. GAAP.
---	---
^(5)^	Includes other expenses and intercompany eliminations pertaining to self-insurance.
---	---
^(6)^	In the fourth quarter of 2024, the Company recorded a non-cash charge to fully eliminate its remaining $2.8 million residential accounts receivable balance. Excluding this<br> adjustment, reported delinquency would have been 0.6% for the fourth quarter of 2024. There were no non-cash charges recorded for all other periods.
---	---
^(7)^	Represents the percentage change in similar term lease tradeouts, including the impact of leasing incentives. The blended percentage change in all lease tradeouts, including<br> the impact of leasing incentives, was 2.5% in the third quarter of 2025.
---	---

See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

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ESSEX PROPERTY TRUST, INC.

Same-Property Revenue Results by County - Third Quarter 2025 vs. Third Quarter 2024 and Second Quarter 2025

(Dollars in thousands, except average monthly rental rates)

						Average Monthly Rental Rate							Financial Occupancy									Gross Revenues							Sequential Gross<br><br> <br>Revenues
Region - County	Apartment<br><br> <br>Homes		Q3 '25<br><br> <br>% of<br><br> <br>Actual NOI			Q3 '25		Q3 '24		%<br><br> <br>Change			Q3 '25			Q3 '24			%<br><br> <br>Change			Q3 '25		Q3 '24		%<br><br> <br>Change			Q2 '25		%<br><br> <br>Change
Southern California
Los Angeles County		9,288		17.1	%	$	2,697	$	2,659		1.4	%		95.4	%		95.1	%		0.3	%	$	76,254	$	74,520		2.3	%	$	75,787		0.6	%
Orange County		4,523		9.7	%		2,740		2,676		2.4	%		96.3	%		96.4	%		-0.1	%		37,951		36,854		3.0	%		37,677		0.7	%
San Diego County		4,588		9.7	%		2,729		2,671		2.2	%		96.0	%		96.6	%		-0.6	%		38,207		37,689		1.4	%		38,360		-0.4	%
Ventura County		2,255		4.7	%		2,510		2,435		3.1	%		96.1	%		96.7	%		-0.6	%		17,750		17,181		3.3	%		17,458		1.7	%
Total Southern California		20,654		41.2	%		2,693		2,641		2.0	%		95.8	%		95.9	%		-0.1	%		170,162		166,244		2.4	%		169,282		0.5	%
Northern California
Santa Clara County		8,653		21.0	%		3,133		3,035		3.2	%		96.5	%		96.7	%		-0.2	%		83,480		80,808		3.3	%		82,743		0.9	%
Alameda County		3,545		6.7	%		2,620		2,581		1.5	%		96.1	%		96.6	%		-0.5	%		28,863		28,391		1.7	%		28,824		0.1	%
San Mateo County		1,864		4.5	%		3,353		3,226		3.9	%		96.9	%		96.1	%		0.8	%		19,544		18,722		4.4	%		19,283		1.4	%
Contra Costa County		2,619		5.4	%		2,782		2,746		1.3	%		95.6	%		96.3	%		-0.7	%		22,424		22,174		1.1	%		22,398		0.1	%
San Francisco		1,356		2.6	%		2,976		2,899		2.7	%		95.8	%		94.6	%		1.3	%		12,731		12,122		5.0	%		12,646		0.7	%
Total Northern California		18,037		40.2	%		2,992		2,913		2.7	%		96.3	%		96.4	%		-0.1	%		167,042		162,217		3.0	%		165,894		0.7	%
Seattle Metro		10,341		18.6	%		2,288		2,222		3.0	%		96.2	%		96.6	%		-0.4	%		75,506		73,300		3.0	%		74,537		1.3	%
Total Same-Property		49,032		100.0	%	$	2,718	$	2,653		2.5	%		96.1	%		96.2	%		-0.1	%	$	412,710	$	401,761		2.7	%	$	409,713		0.7	%

See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

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ESSEX PROPERTY TRUST, INC.

Same-Property Revenue Results by County - Nine months ended September 30, 2025 vs. Nine months ended September 30, 2024

(Dollars in thousands, except average monthly rental rates)

						Average Monthly Rental Rate							Financial Occupancy									Gross Revenues
Region - County	Apartment<br><br> <br>Homes		YTD 2025<br><br> <br>% of<br><br> <br>Actual NOI			YTD 2025		YTD 2024		%<br><br> <br>Change			YTD 2025			YTD 2024			%<br><br> <br>Change			YTD 2025		YTD 2024		%<br><br> <br>Change
Southern California
Los Angeles County		9,288		17.3	%	$	2,685	$	2,657		1.1	%		95.3	%		95.2	%		0.1	%	$	227,811	$	221,018		3.1	%
Orange County		4,523		9.7	%		2,721		2,640		3.1	%		96.2	%		96.5	%		-0.3	%		112,968		109,298		3.4	%
San Diego County		4,588		9.8	%		2,710		2,638		2.7	%		96.0	%		96.5	%		-0.5	%		114,310		111,531		2.5	%
Ventura County		2,255		4.7	%		2,487		2,400		3.6	%		96.4	%		96.7	%		-0.3	%		52,778		50,802		3.9	%
Total Southern California		20,654		41.5	%		2,677		2,621		2.1	%		95.8	%		95.9	%		-0.1	%		507,867		492,649		3.1	%
Northern California
Santa Clara County		8,653		20.8	%		3,092		3,005		2.9	%		96.6	%		96.7	%		-0.1	%		247,703		239,707		3.3	%
Alameda County		3,545		6.7	%		2,598		2,580		0.7	%		96.3	%		96.0	%		0.3	%		86,176		84,033		2.6	%
San Mateo County		1,864		4.5	%		3,294		3,202		2.9	%		97.0	%		96.1	%		0.9	%		57,774		55,238		4.6	%
Contra Costa County		2,619		5.4	%		2,761		2,724		1.4	%		96.2	%		96.3	%		-0.1	%		67,230		65,883		2.0	%
San Francisco		1,356		2.6	%		2,936		2,883		1.8	%		96.5	%		95.0	%		1.6	%		37,938		35,772		6.1	%
Total Northern California		18,037		40.0	%		2,956		2,892		2.2	%		96.6	%		96.3	%		0.3	%		496,821		480,633		3.4	%
Seattle Metro		10,341		18.5	%		2,264		2,195		3.1	%		96.3	%		96.9	%		-0.6	%		223,453		217,602		2.7	%
Total Same-Property		49,032		100.0	%	$	2,692	$	2,631		2.3	%		96.2	%		96.3	%		-0.1	%	$	1,228,141	$	1,190,884		3.1	%

See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

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ESSEX PROPERTY TRUST, INC.

Same-Property Operating Expenses - Quarter to Date and Year to Date as of September 30, 2025 and 2024

(Dollars in thousands)

Based on 49,032 apartment homes
	Q3 '25		Q3 '24		% Change			% of<br><br> <br>Operating<br><br> <br>Expense
Same-property operating expenses:
Real estate taxes	$	44,723	$	44,487		0.5	%		35.3	%
Utilities		28,695		26,625		7.8	%		22.6	%
Personnel costs		24,126		22,656		6.5	%		19.0	%
Maintenance and repairs		13,979		14,290		-2.2	%		11.0	%
Administrative		6,799		6,701		1.5	%		5.4	%
Insurance and other		8,501		7,719		10.1	%		6.7	%
Total same-property operating expenses	$	126,823	$	122,478		3.5	%		100.0	%
	YTD 2025		YTD 2024		% Change			% of<br><br> <br>Operating<br><br> <br>Expense
Same-property operating expenses:
Real estate taxes	$	132,302	$	131,483		0.6	%		35.9	%
Utilities		79,413		73,265		8.4	%		21.5	%
Personnel costs		70,719		67,251		5.2	%		19.2	%
Maintenance and repairs		41,131		40,362		1.9	%		11.1	%
Administrative		19,940		20,120		-0.9	%		5.4	%
Insurance and other		25,483		24,309		4.8	%		6.9	%
Total same-property operating expenses	$	368,988	$	356,790		3.4	%		100.0	%

See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

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ESSEX PROPERTY TRUST, INC.

Development Pipeline - September 30, 2025

(Dollars in millions, except per apartment home amounts in thousands)

Project Name - Location	Ownership %	Estimated Apartment Homes	Estimated Commercial sq. feet	Incurred to<br><br> <br>Date ^(1)^		Remaining Costs		Estimated<br><br> <br>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	-	$	93	$	218	$	311	$	573	Q1 2025	Q2 2028	Q1 2030
Total Development Projects - Consolidated		543	-		93		218		311		573
Land Held for Future Development - Consolidated
Other Projects - Various	100%	-	-		46		-		46
Total Development Pipeline - Consolidated		543	-	$	139	$	218	$	357
^(1)^	For the third quarter of 2025, the Company's cost includes $1.0 million of capitalized interest and $0.5 million of capitalized overhead.
---	---
^(2)^	Net of the estimated allocation to the retail component of the project, as applicable.
---	---

See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

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ESSEX PROPERTY TRUST, INC.

Capital Expenditures - September 30, 2025 ^(1)^

(Dollars in thousands, except in footnotes and per apartment home amounts)

Revenue Generating Capital Expenditures^(2)^	Q3 '25		Trailing 4 Quarters
Same-property portfolio	$	26,212	$	81,492
Non-same property portfolio		684		7,769
Total revenue generating capital expenditures	$	26,896	$	89,261
Number of same-property interior renovations		1,028		3,375
Number of total consolidated interior renovations		1,107		3,713
Non-Revenue Generating Capital Expenditures ^(3)^	Q3 '25		Trailing 4 Quarters
---	---	---	---	---
Non-revenue generating capital expenditures	$	32,152	$	114,847
Average apartment homes in quarter		55,058		54,787
Capital expenditures per apartment home	$	584	$	2,096
^(1)^	The Company incurred $0.1 million of capitalized interest, $4.9 million of capitalized overhead and $0.1 million of co-investment fees related to redevelopment in Q3 2025.
---	---
^(2)^	Represents revenue generating expenditures, such as full-scale redevelopments, interior unit turn renovations, enhanced amenities and certain sustainability initiatives that generate higher revenues or expense savings.
---	---
^(3)^	Represents roof replacements, paving, building and mechanical systems, exterior painting, siding, etc. Non-revenue generating capital expenditures does not include costs related to retail, furniture and fixtures, expenditures in<br> which the Company has been reimbursed or expects to be reimbursed, and expenditures incurred due to changes in governmental regulation that the Company would not have incurred otherwise.
---	---

See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

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ESSEX PROPERTY TRUST, INC.

Co-investments and Preferred Equity Investments - September 30, 2025

(Dollars in thousands, except in footnotes)

	Weighted<br><br> <br>Average Essex<br><br> <br>Ownership<br><br> <br>Percentage	Apartment Homes	Total Undepreciated Book Value		Debt<br><br> <br>Amount		Essex<br><br> <br>Book Value		Weighted Average Borrowing Rate^(1)^		Remaining<br><br> <br>Term of Debt<br><br> <br>(in Years)	Three Months<br><br> <br>Ended September 30,<br><br> <br>2025			Nine Months<br><br> <br>Ended September 30,<br><br> <br>2025
Operating and Other Unconsolidated Joint Ventures												NOI
Wesco I, III, IV, V, VI ^(2)^	54%	5,765	$	2,082,865	$	1,372,967	$	78,700	3.4	%	1.2	$	30,208		$	91,237
BEX IV, 500 Folsom	50%	732		617,194		176,400		138,170	3.4	%	20.7		4,803			15,791
Other ^(3)^	53%	986		386,279		291,476		94,500	3.6	%	11.8		5,601			16,700
Total Operating and Other Unconsolidated Joint Ventures		7,483	$	3,086,338	$	1,840,843	$	311,370	3.4	%	4.7	$	40,612		$	123,728
												Essex Portion of NOI and<br><br> <br>Expenses
NOI												$	22,216		$	67,575
Depreciation													(14,343	)		(43,127	)
Interest expense and other, net													(8,358	)		(25,456	)
Equity income from unconsolidated technology co-investments													4,393			6,005
Insurance reimbursements, legal settlements, and other, net													15			-
Gain on sale of co-investment communities													5,189			5,189
Net income from operating and other co-investments												$	9,112		$	10,186
									Weighted Average Preferred Return		Weighted Average Expected Term	Income from Preferred Equity<br><br> <br>Investments
Income from preferred equity investments												$	8,616		$	29,728
Income from early redemption of preferred equity investments													70			70
Preferred Equity Investments^(4)^							$	400,975	9.3	%	1.4	$	8,686		$	29,798
Total Co-investments							$	712,345				$	17,798		$	39,984
^(1)^	Represents the year-to-date annual weighted average borrowing rate.
---	---
^(2)^	As of September 30, 2025, the Company’s investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $93.2 million due to distributions received in excess of the Company's investment.
---	---
^(3)^	As of September 30, 2025, the Company’s investment in Expo was classified as a liability of $2.7 million due to distributions received in excess of the Company's investment. The weighted average Essex ownership percentage excludes<br> our investments in unconsolidated technology co-investments.
---	---
^(4)^	As of September 30, 2025, the Company is invested in 14 preferred equity investments, including one preferred equity investment held with Wesco VII LLC.
---	---

See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

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ESSEX PROPERTY TRUST, INC.

Summary of Apartment Community Acquisitions and Dispositions Activity - Year to date as of September 30, 2025

(Dollars in thousands, except for average monthly rent)

Acquisitions
Property Name	Location	Apartment<br><br> <br>Homes	Year Built	Essex<br><br> <br>Ownership<br><br> <br>Percentage	Entity	Date	Total Contract<br><br> <br>Price at<br><br> <br>Pro Rata Share		Price per<br><br> <br>Apartment Home ^(1)^		Average<br><br> <br>Monthly Rent
The Plaza	Foster City, CA	307	2013	100%	EPLP	Jan-25	$	161,375	$	512	$	3,310
One Hundred Grand ^(2)^	Foster City, CA	166	2016	N/A	EPLP	Feb-25		105,250		615		3,881
ROEN Menlo Park	Menlo Park, CA	146	2017	100%	EPLP	Feb-25		78,750		539		3,647
	Q1 2025	619					$	345,375	$	546
Revere Campbell ^(2)^	Campbell, CA	168	2015	N/A	EPLP	May-25	$	118,000	$	664	$	4,014
The Parc at Pruneyard	Campbell, CA	252	1968	100%	EPLP	May-25		122,500		486		3,104
	Q2 2025	420					$	240,500	$	557
ViO	San Jose, CA	234	2016	100%	EPLP	Sep-25	$	100,000	$	417	$	2,966
	Q3 2025	234					$	100,000	$	417
	2025 Total	1,273					$	685,875	$	526
Dispositions
Property Name	Location	Apartment<br><br> <br>Homes	Year Built	Essex<br><br> <br>Ownership<br><br> <br>Percentage	Entity	Date	Total Contract<br><br> <br>Price at<br><br> <br>Pro Rata Share		Price per<br><br> <br>Apartment Home ^(1)^
Highridge ^(2)^	Rancho Palos Verdes, CA	255	1972	N/A	EPLP	Feb-25	$	127,000	$	498
	Q1 2025	255					$	127,000	$	498
Essex Skyline	Santa Ana, CA	350	2008	100%	EPLP	Apr-25	$	239,580	$	685
	Q2 2025	350					$	239,580	$	685
The Grand	Oakland, CA	243	2009	100%	EPLP	Jul-25	$	97,500	$	399
8th & Republican	Seattle, WA	211	2016	50%	JV	Sep-25		47,425		436
Fourth & U	Berkeley, CA	171	2010	100%	EPLP	Sep-25		52,300		284
	Q3 2025	625					$	197,225	$	369
	2025 Total	1,230					$	563,805	$	496
^(1)^	Price per apartment home excludes value allocated to the retail component, as applicable.
---	---
^(2)^	The noncontrolling members’ ownership interest in Highridge, a community owned by consolidated DownREIT entities prior to its disposition, were transferred to One Hundred Grand and Revere Campbell pursuant to the like-kind exchange<br> rules under Section 1031 of the Internal Revenue Code of 1986, as amended.
---	---

See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

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ESSEX PROPERTY TRUST, INC.

Assumptions for 2025 FFO Guidance Range

(Dollars in thousands, except per share data)

The guidance projections below are based on current expectations and are forward-looking. The guidance on this page is given for Net Operating Income ("NOI") and Total and Core FFO. See pages S-17.1 to S-17.4 for the definitions of non-GAAP financial measures and other terms.

	Nine Months Ended			2025 Full-Year Guidance Range
	September 30, 2025 ^(1)^			Low End			High End			Comments about 2025 Full-Year Guidance
Total NOI from Consolidated Communities	$	983,155		$	1,314,600		$	1,319,200		Includes a range of same-property NOI growth of 2.8% to 3.4%. Reflects investment activity through October
Management Fees		7,078			9,200			9,400
Interest Expense
Interest expense, before capitalized interest		(191,560	)		(256,400	)		(255,400	)	Updated to reflect investment activity through October
Interest capitalized		2,506			3,600			3,900
Net interest expense		(189,054	)		(252,800	)		(251,500	)
Recurring Income and Expenses
Interest and other income		12,210			16,400			16,800
FFO from co-investments		71,847			90,800			91,700		Guidance assumes approximately $200M in preferred equity redemptions for the full year, of which $118M has occurred through October
General and administrative		(43,644	)		(60,000	)		(61,000	)
Corporate-level property management expenses		(36,768	)		(48,800	)		(49,200	)
Non-controlling interest		(7,230	)		(9,900	)		(9,600	)
Total recurring income and expenses		(3,585	)		(11,500	)		(11,300	)
Non-Core Income and Expenses
Expensed acquisition and investment related costs		(25	)		(25	)		(25	)
Tax benefit on unconsolidated technology co-investments		2,353			2,353			2,353
Realized and unrealized gains on marketable securities, net		4,059			4,059			4,059
Provision for credit losses		(61	)		(61	)		(61	)
Equity income from unconsolidated technology co-investments		6,005			6,005			6,005
Loss on early retirement of debt, net		(762	)		(762	)		(762	)
Income from early redemption of preferred equity investments		70			70			70
General and administrative and other, net		(7,863	)		(11,100	)		(10,800	)
Insurance reimbursements, legal settlements, and other, net		789			789			789
Total non-core income and expenses		4,565			1,328			1,628
Funds from Operations ^(2)^	$	802,159		$	1,060,828		$	1,067,428
Funds from Operations per diluted Share	$	12.03		$	15.91		$	16.01
% Change - Funds from Operations		-2.2	%		-0.5	%		0.1	%
Core Funds from Operations (excludes non-core items)	$	797,594		$	1,059,500		$	1,065,800
Core Funds from Operations per diluted Share	$	11.96		$	15.89		$	15.99
% Change - Core Funds from Operations		2.4	%		1.9	%		2.5	%
EPS - Diluted	$	9.15		$	10.53		$	10.63
Weighted average shares outstanding - FFO calculation		66,668			66,675			66,675
^(1)^	All non-core items are excluded from the 2025 actuals and included in the non-core income and expense section of the FFO reconciliation.
---	---
^(2)^	2025 guidance excludes inestimable projected gain on sale of marketable securities, loss on early retirement of debt, political/legislative<br> costs, and promote income until they are realized within the reporting period presented in the report.
---	---

See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

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ESSEX PROPERTY TRUST, INC.

Reconciliation of Projected EPS, FFO and Core FFO per diluted share

With respect to the Company's guidance regarding its projected FFO and Core FFO, which guidance is set forth in the earnings release and on page S-15 of this supplement, a reconciliation of projected net income per share to projected FFO per share and projected Core FFO per share, as set forth in such guidance, is presented in the table below.

				2025 Guidance Range ^(1)^
	Nine Months
	Ended			4th Quarter 2025						Full-Year 2025
	September 30, 2025			Low			High			Low			High
EPS - diluted	$	9.15		$	1.39		$	1.49		$	10.53		$	10.63
Conversion from GAAP share count		(0.32	)		(0.05	)		(0.05	)		(0.36	)		(0.36	)
Depreciation and amortization		7.46			2.49			2.49			9.95			9.95
Noncontrolling interest related to Operating Partnership units		0.31			0.05			0.05			0.36			0.36
Gain on sale of real estate and land		(4.57	)		-			-			(4.57	)		(4.57	)
FFO per share - diluted	$	12.03		$	3.88		$	3.98		$	15.91		$	16.01
Tax benefit on unconsolidated technology co-investments		(0.04	)		-			-			(0.04	)		(0.04	)
Realized and unrealized gains on marketable securities, net		(0.06	)		-			-			(0.06	)		(0.06	)
Equity income from unconsolidated technology co-investments		(0.09	)		-			-			(0.09	)		(0.09	)
Loss on early retirement of debt, net		0.01			-			-			0.01			0.01
General and administrative and other, net		0.12			0.05			0.05			0.17			0.17
Insurance reimbursements, legal settlements, and other, net		(0.01	)		-			-			(0.01	)		(0.01	)
Core FFO per share - diluted	$	11.96		$	3.93		$	4.03		$	15.89		$	15.99
^(1)^	2025 guidance excludes inestimable projected gain on sale of real estate and land, gain on sale of marketable securities, loss on early<br> retirement of debt, political/legislative costs, and promote income until they are realized within the reporting period presented in the report.
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See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

S-15.1

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Data based on Essex Data Analytics forecasts and third-party projections. Residential Supply: Total supply includes the Company's estimate of multifamily (“MF”) deliveries of properties with 50+ units and excludes student, senior and 100% affordable housing communities. Multifamily estimates incorporate a methodological enhancement ("delay-adjusted supply") to reflect the anticipated impact of continued construction delays in Essex markets. Single-family (“SF”) estimates are based on trailing single-family permits. Residential Supply Forecast (1) Residential Supply Forecast (1) 2025E 2026E Market Multifamily Supply Total MF/SF Supply Total Supply as a % of Stock Multifamily Supply Total MF/SF Supply Total Supply as a % of Stock Los Angeles 8,900 15,300 0.4% 5,900 11,700 0.3% Orange County 1,800 4,300 0.4% 2,600 5,400 0.5% San Diego 5,100 7,900 0.6% 4,700 7,400 0.6% Ventura 300 600 0.2% 800 1,200 0.4% Southern California 16,100 28,100 0.4% 14,000 25,700 0.4% San Francisco 1,300 1,700 0.2% 1,200 1,700 0.2% Oakland 1,200 3,200 0.3% 800 3,400 0.3% San Jose 3,800 5,800 0.8% 1,100 3,000 0.4% Northern California 6,300 10,700 0.4% 3,100 8,100 0.3% Seattle 10,200 14,300 1.0% 4,300 8,800 0.6% Total 32,600 53,100 0.5% 21,400 42,600 0.4% ESSEX PROPERTY TRUST, INC. MSA Level Supply Forecast: 2025E – 2026E See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-16

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16.1

ESSEX PROPERTY TRUST, INC. Essex Value Creation Through Capital Allocation: 2024-2025 See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-16.1 Essex has targeted acquisitions in select submarkets of Northern California — the region with the strongest rent growth outlook over the next several years — while simultaneously improving the age of the portfolio and generating accretion relative to dispositions Approximately 90% of Essex’s net acquisition activity since 2024 has been in high-quality Northern California submarkets (+$636M) Source: Essex, includes transactions completed from January 2024 through September 2025 Net operating income over the next 12 months, assuming market rents, operating expenses standard to the market, and less an estimate for capital expenditures per unit, divided by the gross sales price. Market cap rate including yield uplift from Essex operating model efficiencies. The weighted average age of recent acquisitions is ~15 years excluding the BEXAEW and BEX II joint venture portfolio buyouts. Net acquisitions have been funded on a leverage-neutral basis with free cash flow and preferred equity redemptions. Accretion applies to match-funded acquisitions. Northern California 11 Properties; +$991M 3 Properties; -$355M ViO Revere Campbell Acquisition Disposition

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ESSEX PROPERTY TRUST, INC.

Reconciliations of Non-GAAP Financial Measures and Other Terms

Adjusted EBITDAre Reconciliation

The National Association of Real Estate Investment Trusts ("Nareit”) defines earnings before interest, taxes, depreciation and amortization for real estate ("EBITDAre") (September 2017 White Paper) as net income (computed in accordance with U.S. generally accepted accounting principles ("U.S. GAAP")) before interest expense, income taxes, depreciation and amortization expense, and further adjusted for gains and losses from sales of depreciated operating properties, impairment write-downs of depreciated operating properties, impairment write-downs of investments in unconsolidated entities caused by a decrease in value of depreciated operating properties within the joint venture and adjustments to reflect the Company’s share of EBITDAre of investments in unconsolidated entities.

The Company believes that EBITDAre is useful to investors, creditors and rating agencies as a supplemental measure of the Company’s ability to incur and service debt because it is a recognized measure of performance by the real estate industry, and by excluding gains or losses related to sales or impairment of depreciated operating properties, EBITDAre can help compare the Company’s credit strength between periods or as compared to different companies.

Adjusted EBITDAre represents EBITDAre further adjusted for non-comparable items and is a component of the credit ratio, "Net Indebtedness Divided by Adjusted EBITDAre, normalized and annualized," presented on page S-6, in the section titled "Selected Credit Ratios," and it is not intended to be a measure of free cash flow for management’s discretionary use, as it does not consider certain cash requirements such as income tax payments, debt service requirements, capital expenditures and other fixed charges.

Adjusted EBITDAre is an important metric in evaluating the credit strength of the Company and its ability to service its debt obligations. The Company believes that Adjusted EBITDAre is useful to investors, creditors and rating agencies because it allows investors to compare the Company’s credit strength to prior reporting periods and to other companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual credit quality.

EBITDAre and Adjusted EBITDAre are not recognized measurements under U.S. GAAP. Because not all companies use identical calculations, the Company's presentation of EBITDAre and Adjusted EBITDAre may not be comparable to similarly titled measures of other companies.

The reconciliations of Net Income available to common stockholders to EBITDAre and Adjusted EBITDAre are presented in the table below:

(Dollars in thousands)	Three<br><br> <br>Months Ended<br><br> <br>September 30,<br><br> <br>2025
Net income available to common stockholders	$	164,621
Adjustments:
Net income attributable to noncontrolling interest		8,103
Interest expense, net ^(1)^		63,331
Depreciation and amortization		151,489
Income tax provision		(20	)
Gain on sale of real estate and land		(62,320	)
Gain on sale of co-investment communities		(5,189	)
Co-investment EBITDAre adjustments		22,486
EBITDAre		342,501
Realized and unrealized gains on marketable securities, net		(1,658	)
Provision for credit losses		50
Equity income from unconsolidated technology co-investments		(4,393	)
Tax benefit on unconsolidated technology co-investments		(1,958	)
General and administrative and other, net		3,926
Insurance reimbursements, legal settlements, and other, net		(89	)
Income from early redemption of preferred equity investments		(70	)
Expensed acquisition and investment related costs		25
Adjusted EBITDAre	$	338,334
^(1)^	Interest expense, net includes items such as gains on derivatives and the amortization of deferred charges.
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See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

S-17.1

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ESSEX PROPERTY TRUST, INC.

Reconciliations of Non-GAAP Financial Measures and Other Terms

Annualized Turnover

Annualized turnover is defined as the number of apartment homes turned over during the quarter, annualized, divided by the total number of apartment homes.

Financial Occupancy

Financial occupancy is defined as the percentage resulting from dividing actual rental income by total scheduled rental income. Actual rental income represents contractual rental income pursuant to leases without considering delinquency and concessions. Total scheduled rental income represents the value of all apartment homes, with occupied apartment homes valued at contractual rental rates pursuant to leases and vacant apartment homes valued at estimated market rents.

New Lease Net Effective Rate Growth and Renewal Net Effective Rate Growth

New lease net effective rate growth and renewal net effective rate growth represent the percentage change in similar term lease tradeouts, including the impact of leasing incentives.

Disposition Yield

Net operating income that the Company anticipates giving up in the next 12 months less an estimate of property management costs allocated to the project divided by the gross sales price of the asset.

Acquisition Yield

Net operating income that the Company expects to achieve in the next 12 months less an estimate of property management costs allocated to the project and less an estimate for capital expenditures per unit divided by the gross sales price of the asset.

Encumbered

Encumbered means any mortgage, deed of trust, lien, charge, pledge, security interest, security agreement or other encumbrance of any kind.

Funds From Operations ("FFO") and Core FFO

FFO, as defined by Nareit, is generally considered by industry analysts as an appropriate measure of performance of an equity REIT. Generally, FFO adjusts the net income of equity REITs for non-cash charges such as depreciation and amortization of rental properties, impairment charges, gains on sales of real estate and extraordinary items. Management considers FFO and FFO which excludes non-core items, which is referred to as “Core FFO,” to be useful supplemental operating performance measures of an equity REIT because, together with net income and cash flows, FFO and Core FFO provide investors with additional bases to evaluate the operating performance and ability of a REIT to incur and service debt and to fund acquisitions and other capital expenditures and to pay dividends. By excluding gains or losses related to sales of depreciated operating properties and land and excluding real estate depreciation (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO can help investors compare the operating performance of a real estate company between periods or as compared to different companies. By further adjusting for items that are not considered part of the Company’s core business operations, Core FFO allows investors to compare the core operating performance of the Company to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual operating results.

              FFO and Core FFO do not represent net income or cash flows from operations as defined by U.S. GAAP and are not intended to indicate whether cash flows will be sufficient to fund cash needs. These measures should not be considered as
              alternatives to net income as an indicator of the REIT's operating performance or to cash flows as a measure of liquidity. FFO and Core FFO do not measure whether cash flow is sufficient to fund all cash needs including principal
              amortization, capital improvements and distributions to stockholders. FFO and Core FFO also do not represent cash flows generated from operating, investing or financing activities as defined under GAAP. Management has consistently applied
              the Nareit definition of FFO to all periods presented. However, there is judgment involved and other REITs’ calculation of FFO may vary from the Nareit definition for this measure, and thus their disclosures of FFO may not be comparable
              to the Company’s calculation.

              The reconciliations of FFO and Core FFO per diluted share are detailed on page S-3 in the section titled "Consolidated Funds From Operations".

Interest Expense, Net

Interest expense, net is presented on page S-1 in the section titled "Consolidated Operating Results". Interest expense, net includes items such as gains on derivatives and the amortization of deferred charges and is presented in the table below:

(Dollars in thousands)	Three Months Ended						Nine Months Ended
	September 30,<br><br> <br>2025			September 30,<br><br> <br>2024			September 30,<br><br> <br>2025			September 30,<br><br> <br>2024
Interest expense	$	64,660		$	59,232		$	192,654		$	174,285
Adjustments:
Total return swap income		(1,329	)		(807	)		(3,600	)		(2,232	)
Interest expense, net	$	63,331		$	58,425		$	189,054		$	172,053

See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

S-17.2

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ESSEX PROPERTY TRUST, INC.

Reconciliations of Non-GAAP Financial Measures and Other Terms

Net Indebtedness Divided by Adjusted EBITDAre

This credit ratio is presented on page S-6 in the section titled "Selected Credit Ratios." This credit ratio is calculated by dividing net indebtedness by Adjusted EBITDAre, as annualized based on the most recent quarter, and adjusted for estimated net operating income from properties acquired or disposed of during the quarter. This ratio is presented by the Company because it provides rating agencies and investors an additional means of comparing the Company's ability to service debt obligations to that of other companies. Net indebtedness is total debt, net less unamortized premiums, discounts, debt issuance costs, unrestricted cash and cash equivalents, and marketable securities. The reconciliation of Adjusted EBITDAre is set forth in "Adjusted EBITDAre Reconciliation" on page S-17.1 The calculation of this credit ratio and a reconciliation of net indebtedness to total debt at pro rata share for co-investments, net is presented in the table below:

(Dollars in thousands)	September 30,<br><br> <br>2025
Total consolidated debt, net	$	6,661,909
Total debt from co-investments at pro rata share		964,201
Adjustments:
Consolidated unamortized premiums, discounts, and debt issuance costs		31,425
Pro rata co-investments unamortized premiums, discounts,<br> <br>and debt issuance costs		3,064
Consolidated cash and cash equivalents-unrestricted		(65,959	)
Pro rata co-investment cash and cash equivalents-unrestricted		(38,195	)
Marketable securities		(84,116	)
Net Indebtedness	$	7,472,329
Adjusted EBITDAre, annualized ^(1)^	$	1,353,336
Other EBITDAre normalization adjustments, net, annualized ^(2)^		(351	)
Adjusted EBITDAre, normalized and annualized	$	1,352,985
Net Indebtedness Divided by Adjusted EBITDAre, normalized and annualized		5.5
^(1)^	Based on the amount for the most recent quarter, multiplied by four.
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^(2)^	Adjustments made for properties in lease-up, acquired, or disposed during the most recent quarter and other partial quarter activity, multiplied by four.
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Net Operating Income ("NOI") and Same-Property NOI Reconciliations

NOI and same-property NOI are considered by management to be important supplemental performance measures to earnings from operations included in the Company’s consolidated statements of income. The presentation of same-property NOI assists with the presentation of the Company’s operations prior to the allocation of depreciation and any corporate-level or financing-related costs. NOI reflects the operating performance of a community and allows for an easy comparison of the operating performance of individual communities or groups of communities.

                In addition, because prospective buyers of real estate have different financing and overhead structures, with varying marginal impacts to overhead by acquiring real estate, NOI is considered by many in the real estate industry to be a
                useful measure for determining the value of a real estate asset or group of assets. The Company defines same-property NOI as same-property revenues less same-property operating expenses, including property taxes. Please see the
                reconciliation of earnings from operations to NOI and same-property NOI, which in the table below is the NOI for stabilized properties consolidated by the Company for the periods presented:

(Dollars in thousands)	Three Months Ended						Nine Months Ended
	September 30,<br><br> <br>2025			September 30,<br><br> <br>2024			September 30,<br><br> <br>2025			September 30,<br><br> <br>2024
Earnings from operations	$	210,399		$	128,790		$	747,180		$	398,599
Adjustments:
Corporate-level property management expenses		12,216			11,610			36,768			34,331
Depreciation and amortization		151,489			146,439			454,277			431,785
Management and other fees from affiliates		(2,361	)		(2,563	)		(7,078	)		(7,849	)
General and administrative		18,058			29,067			51,507			67,374
Expensed acquisition and investment related costs		25			-			25			68
Gain on sale of real estate and land		(62,320	)		-			(299,524	)		-
NOI		327,506			313,343			983,155			924,308
Less: Non-same property NOI		(41,619	)		(34,060	)		(124,002	)		(90,214	)
Same-Property NOI	$	285,887		$	279,283		$	859,153		$	834,094

See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

S-17.3

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ESSEX PROPERTY TRUST, INC.

Reconciliations of Non-GAAP Financial Measures and Other Terms

Public Bond Covenants

Public Bond Covenants refer to certain covenants set forth in instruments governing the Company's unsecured indebtedness. These instruments require the Company to meet specified financial covenants, including covenants relating to net worth, fixed charge coverage, debt service coverage, the amounts of total indebtedness and secured indebtedness, leverage and certain investment limitations. These covenants may restrict the Company's ability to expand or fully pursue its business strategies. The Company's ability to comply with these covenants may be affected by changes in the Company's operating and financial performance, changes in general business and economic conditions, adverse regulatory developments or other events adversely impacting it. The breach of any of these covenants could result in a default under the Company's indebtedness, which could cause those and other obligations to become due and payable. If any of the Company's indebtedness is accelerated, the Company may not be able to repay it. For risks related to failure to comply with these covenants, see "Item 1A: Risk Factors - Risks Related to Our Indebtedness and Financings" in the Company's annual report on Form 10-K and other reports filed by the Company with the Securities and Exchange Commission ("SEC").

The ratios set forth on page S-6 in the section titled "Public Bond Covenants" are provided only to show the Company's compliance with certain specified covenants that are contained in indentures related to the Company's issuance of Senior Notes, which indentures are filed by the Company with the SEC. See, for example, the indenture and supplemental indenture dated February 18, 2025, filed by the Company as Exhibit 4.1 and Exhibit 4.2 to the Company's Form 8-K, filed on February 18, 2025. These ratios should not be used for any other purpose, including without limitation to evaluate the Company's financial condition or results of operations, nor do they indicate the Company's covenant compliance as of any other date or for any other period. The capitalized terms in the disclosure are defined in the indentures filed by the Company with the SEC and may differ materially from similar terms used by other companies that present information about their covenant compliance.

Same-Property Revenue Growth with Concessions on a GAAP basis

(Dollars in millions)	Three Months Ended						Nine Months Ended
	September 30,<br><br> <br>2025			September 30,<br><br> <br>2024			September 30,<br><br> <br>2025			September 30,<br><br> <br>2024
Reported rental revenue ^(1)^	$	412.7		$	401.8		$	1,228.1		$	1,190.9
Straight-line rent impact to rental revenue		0.1			(0.3	)		(0.1	)		(0.8	)
GAAP rental revenue	$	412.8		$	401.5		$	1,228.0		$	1,190.1
% change - reported rental revenue		2.7	%					3.1	%
% change - GAAP rental revenue		2.8	%					3.2	%
^(1)^	Same-property rental revenue reflects concessions on a cash basis.
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Secured Debt

Secured Debt means debt of the Company or any of its subsidiaries which is secured by an encumbrance on any property or assets of the Company or any of its subsidiaries. The Company's total amount of Secured Debt is set forth on page S-5.

Unencumbered NOI to Adjusted Total NOI

This ratio is presented on page S-6 in the section titled "Selected Credit Ratios". Unencumbered NOI means the sum of NOI for those real estate assets which are not subject to an encumbrance securing debt. The ratio of Unencumbered NOI to Adjusted Total NOI for the three months ended September 30, 2025, annualized, is calculated by dividing Unencumbered NOI, annualized for the three months ended September 30, 2025 and as further adjusted for pro forma NOI for properties acquired or sold during the recent quarter, by Adjusted Total NOI as annualized. The calculation and reconciliation of NOI is set forth in "Net Operating Income ("NOI") and Same-Property NOI Reconciliations" above. This ratio is presented by the Company because it provides rating agencies and investors an additional means of comparing the Company's ability to service debt obligations to that of other companies.

The calculation of this ratio is presented in the table below:

(Dollars in thousands)	Annualized<br><br> <br>Q3 '25 ^(1)^
NOI	$	1,310,024
Adjustments:
Pro forma NOI from real estate assets sold and/or acquired		1,824
Other, net^(2)^		(5,157	)
Adjusted Total NOI		1,306,691
Less: Encumbered NOI		(87,166	)
Unencumbered NOI	$	1,219,525
Encumbered NOI	$	87,166
Unencumbered NOI		1,219,525
Adjusted Total NOI	$	1,306,691
Unencumbered NOI to Adjusted Total NOI		93	%
^(1)^	This table is based on the amounts for the most recent quarter, multiplied by four.
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^(2)^	Includes intercompany eliminations pertaining to self-insurance and other expenses.
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See Company's Form 10-K and Form 10-Qs filed with the SEC for additional information

S-17.4