Essex Property Trust, Inc 8-K, filed Feb 4, 2026

Essex Property Trust, Inc. (ESS)

8-K 2026-02-04 For: 2026-02-04

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Added on April 06, 2026

About this 8-K

Essex Property Trust, Inc filed this 8-K on February 4, 2026.

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 twelve months ended December 31, 2025.

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

Date: February 4, 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: 2025A – 2026E	S-16

Components to 2026E Same-Property Revenue Growth	S-16.1

Components to 2026E Core FFO Per Diluted Share	S-16.2

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


	Three Months Ended December 31,		%	Twelve Months Ended December 31,		%
	2025	2024	Change	2025	2024	Change
Per Diluted Share
Net Income	$1.25	$4.00	-68.8%	$10.40	$11.54	-9.9%
Total FFO	$3.94	$3.69	6.8%	$15.98	$15.99	-0.1%
Core FFO	$3.98	$3.92	1.5%	$15.94	$15.60	2.2%

	Revenue Change
	Q4 2025 vs. Q4 2024	YTD 2025 vs. YTD 2024	Q4 2025 vs. Q3 2025	% of Total Q4 2025 Revenue
Southern California
Los Angeles County	4.5%	3.4%	1.2%	18.7%
Orange County	4.3%	3.6%	1.1%	9.2%
San Diego County	2.1%	2.4%	0.8%	9.3%
Ventura County	3.5%	3.8%	0.7%	4.3%
Total Southern California	3.8%	3.3%	1.1%	41.5%
Northern California
Santa Clara County	5.2%	3.8%	0.8%	20.3%
Alameda County	3.0%	2.7%	1.1%	7.0%
San Mateo County	6.2%	5.0%	0.3%	4.7%
Contra Costa County	2.0%	2.0%	0.3%	5.4%
San Francisco	2.0%	5.0%	-1.2%	3.0%
Total Northern California	4.2%	3.6%	0.6%	40.4%
Seattle Metro	3.1%	2.8%	-0.8%	18.1%
Same-Property Portfolio	3.8%	3.3%	0.5%	100.0%

Same-Property Revenue Components	Q4 2025 vs. Q4 2024	YTD 2025 vs. YTD 2024	Q4 2025 vs. Q3 2025
Scheduled Rents	2.2%	2.3%	0.1%
Reported Delinquency⁽¹⁾	0.7%	0.5%	0.0%
Cash Concessions	0.0%	0.0%	-0.2%
Vacancy	0.3%	0.0%	0.2%
Other Income	0.6%	0.5%	0.4%
2025 Same-Property Revenue Growth	3.8%	3.3%	0.5%

	Year-Over-Year Change			Year-Over-Year Change
	Q4 2025 compared to Q4 2024			YTD 2025 compared to YTD 2024
	Revenue	Operating Expenses	NOI	Revenue	Operating Expenses	NOI
Southern California	3.8%	5.9%	2.9%	3.3%	5.4%	2.4%
Northern California	4.2%	1.9%	5.3%	3.6%	3.0%	3.8%
Seattle Metro	3.1%	3.8%	2.7%	2.8%	0.5%	3.7%
Same-Property Portfolio	3.8%	3.8%	3.8%	3.3%	3.5%	3.2%

	Sequential Change
	Q4 2025 compared to Q3 2025
	Revenue	Operating Expenses	NOI
Southern California	1.1%	-2.0%	2.4%
Northern California	0.6%	-3.9%	2.6%
Seattle Metro	-0.8%	-0.5%	-0.9%
Same-Property Portfolio	0.5%	-2.5%	1.9%

	Financial Occupancies
	Quarter Ended
	12/31/2025	9/30/2025	12/31/2024
Southern California	96.3%	95.8%	95.6%
Northern California	96.4%	96.3%	96.2%
Seattle Metro	96.1%	96.2%	96.2%
Same-Property Portfolio	96.3%	96.1%	95.9%

Per Diluted Share	Range	Midpoint
Net Income	$5.55 - $6.05	$5.80
Total FFO	$15.54 - $16.04	$15.79
Core FFO	$15.69 - $16.19	$15.94
Q1 2026 Core FFO	$3.89 - $4.01	$3.95

Estimated Same-Property Portfolio Growth Based on 52,209 Apartment Homes	Range	Midpoint Cash-Basis ⁽¹⁾
Revenue	1.70% to 3.10%	2.40%
Operating Expenses	2.50% to 3.50%	3.00%
Net Operating Income	0.80% to 3.40%	2.10%

2026 Core FFO Per Diluted Share Guidance Midpoint versus 2025	Midpoint
2025 Core FFO Per Diluted Share	$	15.94
NOI from Consolidated Communities		0.60
Structured Finance (Preferred Equity & Mezz) ⁽¹⁾		(0.38)
G&A and Interest and Other Income ⁽²⁾		(0.09)
FFO from Co-Investments, excluding Preferred Equity		(0.07)
Consolidated Net Interest Expense		(0.06)
2026 Core FFO Per Diluted Share Guidance Midpoint	$	15.94
2026 Core FFO Per Diluted Share, Excluding Structured Finance Impact ⁽³⁾	$	16.23

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2025			2024			2025			2024

Revenues:
Rental and other property	$	477,323		$	452,053		$	1,877,964		$	1,764,185
Management and other fees from affiliates		2,303			2,416			9,381			10,265
		479,626			454,469			1,887,345			1,774,450

Expenses:
Property operating		141,500			133,712			558,986			521,536
Corporate-level property management expenses		12,284			11,877			49,052			46,208
Depreciation and amortization		153,265			148,435			607,542			580,220
General and administrative		20,441			31,528			71,948			98,902
Expensed acquisition and investment related costs		-			4			25			72
		327,490			325,556			1,287,553			1,246,938
Gain on sale of real estate and land		-			175,583			299,524			175,583
Earnings from operations		152,136			304,496			899,316			703,095
Interest expense, net ⁽¹⁾		(64,621	)		(60,377	)		(253,675	)		(232,430	)
Interest and other income		3,007			2,659			20,004			80,951
Equity (loss) income from co-investments		(4,520	)		14,539			35,464			48,206
Tax (expense) benefit on unconsolidated technology co-investments		(257	)		(270	)		2,096			929
Loss on early retirement of debt		-			-			(762	)		-
Gain on remeasurement of co-investment		-			40,646			330			210,555
Net income		85,745			301,693			702,773			811,306
Net income attributable to noncontrolling interest		(5,172	)		(44,240	)		(33,107	)		(69,784	)
Net income available to common stockholders	$	80,573		$	257,453		$	669,666		$	741,522
Net income per share - basic	$	1.25		$	4.01		$	10.40		$	11.55
Shares used in income per share - basic		64,411,446			64,270,342			64,379,418			64,228,356
Net income per share - diluted	$	1.25		$	4.00		$	10.40		$	11.54
Shares used in income per share - diluted		64,420,752			64,310,423			64,399,459			64,251,234

	December 31, 2025			December 31, 2024
Real estate investments:
Land and land improvements	$	3,363,169		$	3,246,789
Buildings and improvements		15,073,416			14,342,729
		18,436,585			17,589,518
Less: accumulated depreciation		(6,532,003	)		(6,150,618	)
		11,904,582			11,438,900
Real estate under development		157,122			52,682
Co-investments		630,550			935,014
		12,692,254			12,426,596
Cash and cash equivalents, including restricted cash		85,586			75,846
Marketable securities		98,070			69,794
Notes and other receivables		141,591			206,706
Operating lease right-of-use assets		50,833			51,556
Prepaid expenses and other assets		90,675			96,861
Total assets	$	13,159,009		$	12,927,359

Unsecured debt, net	$	6,015,921		$	5,473,788
Mortgage notes payable, net		784,348			989,884
Lines of credit and commercial paper		-			137,945
Distributions in excess of investments in co-investments		98,837			79,273
Operating lease liabilities		51,487			52,473
Other liabilities		471,521			442,757
Total liabilities		7,422,114			7,176,120
Redeemable noncontrolling interest		28,263			30,849
Equity:
Common stock		6			6
Additional paid-in capital		6,683,514			6,668,047
Distributions in excess of accumulated earnings		(1,148,195	)		(1,155,662	)
Accumulated other comprehensive income, net		6,047			24,655
Total stockholders’ equity		5,541,372			5,537,046
Noncontrolling interest		167,260			183,344
Total equity		5,708,632			5,720,390
Total liabilities and equity	$	13,159,009		$	12,927,359

									Scheduled principal payments, unamortized premiums (discounts) and (debt issuance costs) are as follows - excludes lines of credit and commercial paper:
				Weighted Average						Unsecured			Secured			Total			Weighted Average Interest Rate			Percentage of Total Debt
	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	$	5,450,000			3.7	%		7.1	2026	$	450,000		$	99,405		$	549,405			3.5	%		8.0	%
Term loan ⁽¹⁾		600,000			4.1	%		4.7	2027		350,000			84,397			434,397			3.7	%		6.4	%
Unamortized discounts and debt									2028		450,000			68,332			518,332			2.2	%		7.6	%
issuance costs, net		(34,079	)		-			-	2029		500,000			1,456			501,456			4.1	%		7.3	%
Total unsecured debt, net		6,015,921			3.7	%		6.8	2030		850,000			66,592			916,592			3.6	%		13.4	%
Mortgage Notes Payable, net									2031		900,000			1,740			901,740			2.9	%		13.2	%
Fixed rate - secured		528,291			4.7	%		5.4	2032		650,000			1,903			651,903			2.6	%		9.5	%
Variable rate - secured ⁽²⁾		258,780			3.6	%		13.3	2033		-			330,126			330,126			5.0	%		4.8	%
Unamortized premiums and debt									2034		550,000			2,275			552,275			5.5	%		8.1	%
issuance costs, net		(2,723	)		-			-	2035		400,000			2,487			402,487			5.5	%		5.9	%
Total mortgage notes payable, net		784,348			4.4	%		8.0	2036		350,000			2,719			352,719			5.0	%		5.2	%
Unsecured Lines of Credit and Commercial Paper									Thereafter		600,000			125,639			725,639			3.6	%		10.6	%
Line of credit ⁽³⁾		-			4.8	%		N/A	Subtotal		6,050,000			787,071			6,837,071			3.8	%		100.0	%
Line of credit ⁽⁴⁾		-			4.8	%		N/A	Debt Issuance Costs		(30,448	)		(2,520	)		(32,968	)		-			-
Commercial paper ⁽⁵⁾		-			-			N/A	(Discounts)/Premiums		(3,631	)		(203	)		(3,834	)		-			-
Total lines of credit and commercial paper		-			4.8	%		N/A	Total	$	6,015,921		$	784,348		$	6,800,269			3.8	%		100.0	%
Total debt, net	$	6,800,269			3.8	%		7.0

	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		9,664		1,586		-		11,250	$	2,712	$	2,576	$	2,700		15.5	%		19.8	%		15.8	%
Orange County		5,734		265		-		5,999		2,728		2,508		2,723		11.0	%		3.4	%		10.5	%
San Diego County		5,444		443		-		5,887		2,703		3,083		2,718		10.1	%		6.4	%		9.8	%
Ventura County and Other		2,756		373		-		3,129		2,531		3,249		2,583		5.0	%		6.9	%		5.2	%
Total Southern California		23,598		2,667		-		26,265		2,693		2,743		2,696		41.6	%		36.5	%		41.3	%

Northern California
Santa Clara County⁽⁵⁾		10,669		997		-		11,666		3,181		3,109		3,178		22.5	%		14.7	%		22.0	%
Alameda County		3,970		1,328		-		5,298		2,639		2,629		2,637		6.5	%		17.2	%		7.2	%
San Mateo County		2,483		195		543		3,221		3,429		3,869		3,446		5.5	%		2.9	%		5.3	%
Contra Costa County		2,619		-		-		2,619		2,778		-		2,778		4.9	%		0.0	%		4.6	%
San Francisco		1,356		537		-		1,893		2,966		3,469		3,050		2.1	%		8.1	%		2.5	%
Total Northern California		21,097		3,057		543		24,697		3,045		2,992		3,041		41.5	%		42.9	%		41.6	%

Seattle Metro		10,899		1,759		-		12,658		2,274		2,168		2,265		16.9	%		20.6	%		17.1	%

Total		55,594		7,483		543		63,620	$	2,744	$	2,711	$	2,742		100.0	%		100.0	%		100.0	%

	Apartment Homes		Q4 ‘25			Q3 ‘25			Q2 ‘25			Q1 ‘25			Q4 ‘24

Rental and other property revenues:
Same-property		49,032	$	414,848		$	412,710		$	409,713		$	405,718		$	399,520
Acquisitions⁽²⁾		5,790		48,447			44,001			41,784			34,770			26,772
Non-residential/other, net⁽³⁾		772		13,101			13,916			15,946			21,989			24,981
Straight-line rent concessions ⁽⁴⁾		-		927			315			167			(388	)		780
Total rental and other property revenues		55,594		477,323			470,942			467,610			462,089			452,053

Property operating expenses:
Same-property				123,631			126,823			119,459			122,706			119,049
Acquisitions⁽²⁾				15,886			13,471			12,365			10,393			7,848
Non-residential/other, net^{(3) (5)}				1,983			3,142			3,605			5,522			6,815
Total property operating expenses				141,500			143,436			135,429			138,621			133,712

Net operating income (NOI):
Same-property				291,217			285,887			290,254			283,012			280,471
Acquisitions⁽²⁾				32,561			30,530			29,419			24,377			18,924
Non-residential/other, net^{(3) (5)}				11,118			10,774			12,341			16,467			18,166
Straight-line rent concessions ⁽⁴⁾				927			315			167			(388	)		780
Total NOI			$	335,823		$	327,506		$	332,181		$	323,468		$	318,341

Same-property metrics
Operating margin				70	%		69	%		71	%		70	%		70	%
Annualized turnover				35	%		43	%		39	%		34	%		37	%
Financial occupancy				96.3	%		96.1	%		96.2	%		96.3	%		95.9	%
Delinquency as a % of scheduled rent ⁽⁶⁾				0.5	%		0.5	%		0.5	%		0.5	%		1.3	%

Same-property net effective rate growth ⁽⁷⁾
New lease				-2.4	%		-0.5	%		0.7	%		1.0	%		-1.9	%
Renewal				4.8	%		4.0	%		4.2	%		3.8	%		3.8	%
Blended				1.9	%		2.3	%		3.0	%		2.8	%		1.6	%

			Q4 ‘25			Average Monthly Rental Rate							Financial Occupancy									Gross Revenues							Sequential Gross Revenues
Region - County	Apartment Homes		% of Actual NOI			Q4 ‘25		Q4 ‘24		% Change			Q4 ‘25			Q4 ‘24			% Change			Q4 ‘25		Q4 ‘24		% Change			Q3 ‘25		% Change

Southern California
Los Angeles County		9,288		17.2	%	$	2,697	$	2,665		1.2	%		96.1	%		95.1	%		1.1	%	$	77,191	$	73,872		4.5	%	$	76,254		1.2	%
Orange County		4,523		9.8	%		2,750		2,697		2.0	%		96.8	%		96.0	%		0.8	%		38,370		36,788		4.3	%		37,951		1.1	%
San Diego County		4,588		9.7	%		2,729		2,686		1.6	%		96.3	%		96.0	%		0.3	%		38,521		37,734		2.1	%		38,207		0.8	%
Ventura County		2,255		4.7	%		2,515		2,455		2.4	%		96.3	%		96.4	%		-0.1	%		17,877		17,272		3.5	%		17,750		0.7	%
Total Southern California		20,654		41.4	%		2,696		2,654		1.6	%		96.3	%		95.6	%		0.7	%		171,959		165,666		3.8	%		170,162		1.1	%

Northern California
Santa Clara County		8,653		21.2	%		3,147		3,041		3.5	%		96.7	%		96.2	%		0.5	%		84,130		80,007		5.2	%		83,480		0.8	%
Alameda County		3,545		6.8	%		2,622		2,578		1.7	%		96.6	%		96.2	%		0.4	%		29,177		28,316		3.0	%		28,863		1.1	%
San Mateo County		1,864		4.6	%		3,370		3,220		4.7	%		96.3	%		96.5	%		-0.2	%		19,606		18,455		6.2	%		19,544		0.3	%
Contra Costa County		2,619		5.5	%		2,778		2,744		1.2	%		96.1	%		96.1	%		0.0	%		22,486		22,048		2.0	%		22,424		0.3	%
San Francisco		1,356		2.4	%		2,966		2,897		2.4	%		95.5	%		96.1	%		-0.6	%		12,580		12,336		2.0	%		12,731		-1.2	%
Total Northern California		18,037		40.5	%		3,000		2,914		3.0	%		96.4	%		96.2	%		0.2	%		167,979		161,162		4.2	%		167,042		0.6	%

Seattle Metro		10,341		18.1	%		2,282		2,228		2.4	%		96.1	%		96.2	%		-0.1	%		74,910		72,692		3.1	%		75,506		-0.8	%

Total Same-Property		49,032		100.0	%	$	2,720	$	2,660		2.3	%		96.3	%		95.9	%		0.4	%	$	414,848	$	399,520		3.8	%	$	412,710		0.5	%

			YTD 2025			Average Monthly Rental Rate							Financial Occupancy									Gross Revenues
Region - County	Apartment Homes		% of Actual NOI			YTD 2025		YTD 2024		% Change			YTD 2025			YTD 2024			% Change			YTD 2025		YTD 2024		% Change

Southern California
Los Angeles County		9,288		17.2	%	$	2,688	$	2,659		1.1	%		95.5	%		95.2	%		0.3	%	$	305,002	$	294,890		3.4	%
Orange County		4,523		9.7	%		2,728		2,654		2.8	%		96.4	%		96.4	%		0.0	%		151,338		146,086		3.6	%
San Diego County		4,588		9.8	%		2,715		2,650		2.5	%		96.1	%		96.4	%		-0.3	%		152,831		149,265		2.4	%
Ventura County		2,255		4.7	%		2,494		2,414		3.3	%		96.4	%		96.6	%		-0.2	%		70,655		68,074		3.8	%
Total Southern California		20,654		41.4	%		2,681		2,629		2.0	%		95.9	%		95.8	%		0.1	%		679,826		658,315		3.3	%

Northern California
Santa Clara County		8,653		20.9	%		3,106		3,014		3.1	%		96.6	%		96.6	%		0.0	%		331,833		319,714		3.8	%
Alameda County		3,545		6.7	%		2,604		2,579		1.0	%		96.4	%		96.0	%		0.4	%		115,353		112,349		2.7	%
San Mateo County		1,864		4.5	%		3,313		3,207		3.3	%		96.8	%		96.2	%		0.6	%		77,380		73,693		5.0	%
Contra Costa County		2,619		5.5	%		2,765		2,729		1.3	%		96.2	%		96.3	%		-0.1	%		89,716		87,931		2.0	%
San Francisco		1,356		2.6	%		2,944		2,887		2.0	%		96.3	%		95.2	%		1.2	%		50,518		48,108		5.0	%
Total Northern California		18,037		40.2	%		2,967		2,897		2.4	%		96.5	%		96.3	%		0.2	%		664,800		641,795		3.6	%

Seattle Metro		10,341		18.4	%		2,269		2,203		3.0	%		96.2	%		96.7	%		-0.5	%		298,363		290,294		2.8	%

Total Same-Property		49,032		100.0	%	$	2,699	$	2,638		2.3	%		96.2	%		96.2	%		0.0	%	$	1,642,989	$	1,590,404		3.3	%

	Q4 ‘25		Q4 ‘24		% Change			% of Operating Expense

Same-property operating expenses:
Real estate taxes	$	43,843	$	44,213		-0.8	%		35.5	%
Utilities		27,264		25,365		7.5	%		22.1	%
Personnel costs		23,197		22,915		1.2	%		18.8	%
Maintenance and repairs		14,158		12,381		14.4	%		11.5	%
Administrative		6,617		5,988		10.5	%		5.4	%
Insurance and other		8,552		8,187		4.5	%		6.7	%
Total same-property operating expenses	$	123,631	$	119,049		3.8	%		100.0	%

	YTD 2025		YTD 2024		% Change			% of Operating Expense

Same-property operating expenses:
Real estate taxes	$	176,145	$	175,696		0.3	%		35.8	%
Utilities		106,677		98,630		8.2	%		21.7	%
Personnel costs		93,916		90,166		4.2	%		19.1	%
Maintenance and repairs		55,289		52,743		4.8	%		11.2	%
Administrative		26,557		26,108		1.7	%		5.4	%
Insurance and other		34,035		32,496		4.7	%		6.8	%
Total same-property operating expenses	$	492,619	$	475,839		3.5	%		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	-	$	110	$	201	$	311	$	573	Q1 2025	Q2 2028	Q1 2030
Total Development Projects - Consolidated		543	-		110		201		311	$	573

Land Held for Future Development - Consolidated
Other Projects - Various	100%	-	-		47		-		47
Total Development Pipeline - Consolidated		543	-	$	157	$	201	$	358

Revenue Generating Capital Expenditures⁽²⁾	Q4 ‘25		Trailing 4 Quarters

Same-property portfolio	$	20,193	$	75,687
Non-same property portfolio		1,643		6,705
Total revenue generating capital expenditures	$	21,836	$	82,392

Number of same-property interior renovations		266		2,926
Number of total consolidated interior renovations		298		3,211

Non-Revenue Generating Capital Expenditures ⁽³⁾	Q4 ‘25		Trailing 4 Quarters

Non-revenue generating capital expenditures	$	28,947	$	124,318
Average apartment homes in quarter		55,281		55,056
Capital expenditures per apartment home	$	524	$	2,258

	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 December 31, 2025			Twelve Months Ended December 31, 2025

Operating and Other Unconsolidated Joint Ventures												NOI
Wesco I, III, IV, V, VI ⁽²⁾	54%	5,765	$	2,086,808	$	1,371,774	$	73,002	3.3	%	2.1	$	30,104		$	121,341
BEX IV, 500 Folsom	50%	732		617,282		176,400		135,518	3.6	%	20.5		4,766			20,557
Other ⁽³⁾	53%	986		386,464		291,476		95,851	3.7	%	11.5		5,698			22,398
Total Operating and Other Unconsolidated Joint Ventures		7,483	$	3,090,554	$	1,839,650	$	304,371	3.4	%	5.4	$	40,568		$	164,296

												Essex Portion of NOI and Expenses
NOI												$	22,232		$	89,807
Depreciation													(13,721	)		(56,848	)
Interest expense and other, net													(8,280	)		(33,736	)
Equity income from unconsolidated technology co-investments													547			6,552
Gain on sale of co-investment communities													-			5,189
Loss on early retirement of debt from unconsolidated co-investment													(122	)		(122	)
Net income from operating and other co-investments												$	656		$	10,842

									Weighted Average Preferred Return		Weighted Average Expected Term	Income from Preferred Equity Investments
Income from preferred equity investments												$	7,458		$	37,186
Impairment loss from unconsolidated co-investment													(12,634	)		(12,634	)
Income from early redemption of preferred equity investments													-			70
Preferred Equity Investments⁽⁴⁾							$	227,342	10.5	%	2.0	$	(5,176	)	$	24,622

Total Co-investments							$	531,713				$	(4,520	)	$	35,464

Acquisitions

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

1250 Lakeside	Sunnyvale, CA	250	2021	100%	EPLP	Nov-25	$	143,500	$	574	$	3,591
	Q4 2025	250					$	143,500	$	574

	2025 Total	1,523					$	829,375	$	534


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⁾



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

	Twelve Months Ended			2026 Full-Year Guidance Range
	December 31, 2025 ⁽¹⁾			Low End			High End			Comments about 2026 Full-Year Guidance

Total NOI from Consolidated Communities	$	1,318,978		$	1,345,000		$	1,373,000		Includes a range of same-property NOI growth of 0.8% to 3.4%

Management Fees	$	9,381			8,500			9,500

Interest Expense
Interest expense, before capitalized interest		(257,334	)		(266,100	)		(262,500	)	Reflects higher refinance rates for maturing debt
Interest capitalized		3,659			6,200			7,200
Net interest expense		(253,675	)		(259,900	)		(255,300	)
Recurring Income and Expenses
Interest and other income		15,413			9,700			10,700		Reflects lower income from subordinated loans
FFO from co-investments		93,257			66,900			69,900		Reflects lower preferred equity income due to 2025 redemptions (~$190M) and 2026 expectations
General and administrative		(61,944	)		(60,000	)		(64,000	)
Corporate-level property management expenses		(49,052	)		(52,800	)		(54,000	)
Non-controlling interest		(9,618	)		(10,100	)		(9,100	)
Total recurring income and expenses		(11,944	)		(46,300	)		(46,500	)
Non-Core Income and Expenses
Expensed acquisition and investment related costs		(25	)		-			-
Tax benefit on unconsolidated technology co-investments		2,096			-			-
Realized and unrealized gains on marketable securities, net		3,809			-			-
Provision for credit losses		(26	)		-			-
Equity income from unconsolidated technology co-investments		6,552			-			-
Loss on early retirement of debt, net		(762	)		-			-
Loss on early retirement of debt from unconsolidated co-investments		(122	)		-			-
Income from early redemption of preferred equity investments		70			-			-
General and administrative and other, net		(10,004	)		(10,000	)		(10,000	)	Relates to advocacy and litigation costs
Insurance reimbursements, legal settlements, and other, net		808			-			-
Total non-core income and expenses		2,396			(10,000	)		(10,000	)
Funds from Operations ⁽²⁾	$	1,065,136		$	1,037,300		$	1,070,700

Funds from Operations per diluted Share	$	15.98		$	15.54		$	16.04

% Change - Funds from Operations		-0.1	%		-2.8	%		0.4	%

Core Funds from Operations (excludes non-core items)	$	1,062,740		$	1,047,300		$	1,080,700

Core Funds from Operations per diluted Share	$	15.94		$	15.69		$	16.19

% Change - Core Funds from Operations		2.2	%		-1.6	%		1.6	%

EPS - Diluted	$	10.40		$	5.55		$	6.05

Weighted average shares outstanding - FFO calculation		66,670			66,750			66,750

				2026 Guidance Range ⁽¹⁾
	Twelve Months
	Ended December 31,			1st Quarter 2026						Full-Year 2026
	2025			Low			High			Low			High
EPS - diluted	$	10.40		$	1.35		$	1.47		$	5.55		$	6.05
Conversion from GAAP share count		(0.36	)		(0.05	)		(0.05	)		(0.20	)		(0.20	)
Impairment Loss from unconsolidated co-investments		0.19			-			-			-			-
Depreciation and amortization		9.97			2.50			2.50			10.00			10.00
Noncontrolling interest related to Operating Partnership units		0.35			0.05			0.05			0.19			0.19
Gain on sale of real estate and land		(4.57	)		-			-			-			-
FFO per share - diluted	$	15.98		$	3.85		$	3.97		$	15.54		$	16.04

Tax benefit on unconsolidated technology co-investments		(0.03	)		-			-			-			-
Realized and unrealized gains on marketable securities, net		(0.06	)		-			-			-			-
Equity income from unconsolidated technology co-investments		(0.10	)		-			-			-			-
Loss on early retirement of debt, net		0.01			-			-			-			-
General and administrative and other, net		0.15			0.04			0.04			0.15			0.15
Insurance reimbursements, legal settlements, and other, net		(0.01	)		-			-			-			-
Core FFO per share - diluted	$	15.94		$	3.89		$	4.01		$	15.69		$	16.19

(Dollars in thousands)	Three Months Ended December 31, 2025

Net income available to common stockholders	$	80,573
Adjustments:
Net income attributable to noncontrolling interest		5,172
Interest expense, net ⁽¹⁾		64,621
Depreciation and amortization		153,265
Income tax provision		43
Impairment loss from unconsolidated co-investment		12,634
Co-investment EBITDAre adjustments		21,780
EBITDAre		338,088

Realized and unrealized losses on marketable securities, net		250
Provision for credit losses		(35	)
Equity income from unconsolidated technology co-investments		(547	)
Tax expense on unconsolidated technology co-investments		257
General and administrative and other, net		2,141
Insurance reimbursements, legal settlements, and other, net		(19	)
Loss on early retirement of debt from unconsolidated co-investments		122
Adjusted EBITDAre	$	340,257

(Dollars in thousands)	December 31, 2025

Total consolidated debt, net	$	6,800,269
Total debt from co-investments at pro rata share		1,004,390
Adjustments:
Consolidated unamortized premiums, discounts, and debt issuance costs		36,802
Pro rata co-investments unamortized premiums, discounts, and debt issuance costs		4,218
Consolidated cash and cash equivalents-unrestricted		(76,241	)
Pro rata co-investment cash and cash equivalents-unrestricted		(29,451	)
Marketable securities		(98,070	)
Net Indebtedness	$	7,641,917

Adjusted EBITDAre, annualized ⁽¹⁾	$	1,361,028
Other EBITDAre normalization adjustments, net, annualized ⁽²⁾		2,222
Adjusted EBITDAre, normalized and annualized	$	1,363,250

Net Indebtedness Divided by Adjusted EBITDAre, normalized and annualized		5.6

	Three Months Ended					Twelve Months Ended
(Dollars in millions)	December 31, 2025			December 31, 2024		December 31, 2025			December 31, 2024
Reported rental revenue ⁽¹⁾	$	414.9		$	399.5	$	1,643.0		$	1,590.4
Straight-line rent impact to rental revenue		0.8			0.9		0.7			0.1
GAAP rental revenue	$	415.7		$	400.4	$	1,643.7		$	1,590.5

% change - reported rental revenue		3.8	%				3.3	%
% change - GAAP rental revenue		3.8	%				3.3	%

(Dollars in thousands)	Annualized Q4 ‘25 ⁽¹⁾

NOI	$	1,343,292
Adjustments:
Pro forma NOI from real estate assets sold and/or acquired		8,527
Other, net⁽²⁾		(13,707	)
Adjusted Total NOI		1,338,112
Less: Encumbered NOI		(92,225	)
Unencumbered NOI	$	1,245,887

Encumbered NOI	$	92,225
Unencumbered NOI		1,245,887
Adjusted Total NOI	$	1,338,112

Unencumbered NOI to Adjusted Total NOI		93	%