EX-99.2 3 s001375x1_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

Q2 2016 Supplemental
Table of Contents

| Page
Consolidated Operating Results | S-1 – S-2
Consolidated Funds From Operations | S-3
Consolidated Balance Sheets | S-4
Debt Summary – June 30, 2016 | S-5
Capitalization Data, Public Bond Covenants, Credit Ratings, and Selected Credit Ratios – June 30, 2016 | S-6
Portfolio Summary by County – June 30, 2016 | S-7
Operating Income by Quarter – June 30, 2016 | S-8
Same-Property Revenue Results by County – Quarters ended June 30, 2016 and 2015, and March 31, 2016 | S-9
Same-Property Revenue Results by County – Six months ended June 30, 2016 and 2015 | S-9.1
Same-Property Operating Expenses | S-10
Development Pipeline – June 30, 2016 | S-11
Redevelopment Pipeline – June 30, 2016 | S-12
Capital Expenditures – June 30, 2016 | S-12.1
Co-Investments – June 30, 2016 | S-13
Assumptions for 2016 FFO Guidance Range | S-14
Summary of Apartment Community Acquisitions and Dispositions Activity | S-15
2016 MSA Level Forecasts: Supply, Jobs and Apartment Market Conditions | S-16
Reconciliations of Non-GAAP Financial Measures and Other Terms | S-17.1 – S-17.4

E S S E X P R O P E R T Y T R U S T, I N C.

Consolidated Operating Results |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(Dollars in thousands, except share and per share amounts) |  |  |  |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property |  | $ | 319,562 |  |  | $ | 294,101 |  |  | $ | 631,740 |  |  | $ | 574,330 |
Management and other fees |  |  | 2,028 |  |  |  | 2,061 |  |  |  | 4,052 |  |  |  | 4,705 |
|  |  | 321,590 |  |  |  | 296,162 |  |  |  | 635,792 |  |  |  | 579,035 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating |  |  | 96,079 |  |  |  | 90,077 |  |  |  | 190,569 |  |  |  | 177,248 |
Depreciation and amortization |  |  | 109,673 |  |  |  | 113,731 |  |  |  | 219,380 |  |  |  | 220,638 |
General and administrative |  |  | 9,698 |  |  |  | 9,549 |  |  |  | 18,880 |  |  |  | 20,094 |
Merger and integration expenses |  |  | — |  |  |  | 1,410 |  |  |  | — |  |  |  | 3,798 |
Acquisition and investment related costs |  |  | 267 |  |  |  | 429 |  |  |  | 1,095 |  |  |  | 976 |
|  |  | 215,717 |  |  |  | 215,196 |  |  |  | 429,924 |  |  |  | 422,754 |
Earnings from operations |  |  | 105,873 |  |  |  | 80,966 |  |  |  | 205,868 |  |  |  | 156,281 |
Interest expense, net (1) |  |  | (52,754 | ) |  |  | (50,802 | ) |  |  | (102,097 | ) |  |  | (98,348 | )
Interest and other income |  |  | 9,409 |  |  |  | 3,254 |  |  |  | 14,617 |  |  |  | 7,453 |
Equity income from co-investments |  |  | 14,296 |  |  |  | 4,472 |  |  |  | 29,364 |  |  |  | 8,783 |
Gain on sale of real estate and land |  |  | — |  |  |  | — |  |  |  | 20,258 |  |  |  | 7,112 |
Deferred tax expense on gain on sale of real estate and land |  |  | — |  |  |  | — |  |  |  | (4,279 | ) |  |  | — |
Gain on remeasurement of co-investment |  |  | — |  |  |  | 12,652 |  |  |  | — |  |  |  | 34,014 |
Net income |  |  | 76,824 |  |  |  | 50,542 |  |  |  | 163,731 |  |  |  | 115,295 |
Net income attributable to noncontrolling interest |  |  | (4,811 | ) |  |  | (3,674 | ) |  |  | (9,882 | ) |  |  | (7,750 | )
Net income attributable to controlling interest |  |  | 72,013 |  |  |  | 46,868 |  |  |  | 153,849 |  |  |  | 107,545 |
Dividends to preferred stockholders |  |  | — |  |  |  | (1,313 | ) |  |  | (1,314 | ) |  |  | (2,627 | )
Excess of redemption value of preferred stock over the carrying value |  |  | — |  |  |  | — |  |  |  | (2,541 | ) |  |  | — |
Net income available to common stockholders |  | $ | 72,013 |  |  | $ | 45,555 |  |  | $ | 149,994 |  |  | $ | 104,918 |
Net income per share - basic |  | $ | 1.10 |  |  | $ | 0.70 |  |  | $ | 2.29 |  |  | $ | 1.63 |
Shares used in income per share - basic |  |  | 65,451,110 |  |  |  | 64,810,184 |  |  |  | 65,428,382 |  |  |  | 64,499,545 |
Net income per share - diluted |  | $ | 1.10 |  |  | $ | 0.70 |  |  | $ | 2.29 |  |  | $ | 1.62 |
Shares used in income per share - diluted |  |  | 65,575,378 |  |  |  | 64,972,852 |  |  |  | 65,558,811 |  |  |  | 64,677,521 |

(1) | Refer to page S-17.2, the section titled “Interest Expense, Net” for additional information.

See Company’s 10-K and 10-Q for additional disclosures
S-1

E S S E X P R O P E R T Y T R U S T, I N C.

Consolidated Operating Results |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
Selected Line Item Detail |  |  |  |
(Dollars in thousands) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Rental and other property |  |  |  |  |  |  |  |  |  |  |  |
Rental |  | $ | 298,942 |  |  | $ | 274,248 |  |  | $ | 591,461 |  |  | $ | 536,612 |
Other property |  |  | 20,620 |  |  |  | 19,853 |  |  |  | 40,279 |  |  |  | 37,718 |
Rental and other property |  | $ | 319,562 |  |  | $ | 294,101 |  |  | $ | 631,740 |  |  | $ | 574,330 |
Property operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate taxes |  | $ | 34,541 |  |  | $ | 32,676 |  |  | $ | 68,960 |  |  | $ | 64,229 |
Administrative and insurance |  |  | 19,927 |  |  |  | 18,556 |  |  |  | 38,961 |  |  |  | 36,796 |
Maintenance and repairs |  |  | 18,449 |  |  |  | 17,696 |  |  |  | 36,467 |  |  |  | 34,163 |
Utilities |  |  | 15,559 |  |  |  | 14,920 |  |  |  | 31,025 |  |  |  | 29,749 |
Property management |  |  | 7,603 |  |  |  | 6,229 |  |  |  | 15,156 |  |  |  | 12,311 |
Property operating expenses |  | $ | 96,079 |  |  | $ | 90,077 |  |  | $ | 190,569 |  |  | $ | 177,248 |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities and other interest income |  | $ | 4,296 |  |  | $ | 3,254 |  |  | $ | 8,764 |  |  | $ | 6,453 |
Gain from sale of marketable securities |  |  | 1,103 |  |  |  | — |  |  |  | 1,843 |  |  |  | — |
Insurance reimbursements and legal settlements |  |  | 4,010 |  |  |  | — |  |  |  | 4,010 |  |  |  | 1,000 |
Interest and other income |  | $ | 9,409 |  |  | $ | 3,254 |  |  | $ | 14,617 |  |  | $ | 7,453 |
Equity income from co-investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity income from co-investments |  | $ | 4,804 |  |  | $ | 1,980 |  |  | $ | 9,756 |  |  | $ | 3,207 |
Income from preferred equity investments |  |  | 3,881 |  |  |  | 2,492 |  |  |  | 6,562 |  |  |  | 5,107 |
Gain on sale of co-investment communities |  |  | 5,611 |  |  |  | — |  |  |  | 13,046 |  |  |  | — |
Income from early redemption of preferred equity investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 469 |
Equity income from co-investments |  | $ | 14,296 |  |  | $ | 4,472 |  |  | $ | 29,364 |  |  | $ | 8,783 |
Noncontrolling interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Limited partners of Essex Portfolio, L.P. |  | $ | 2,450 |  |  | $ | 1,581 |  |  | $ | 5,234 |  |  | $ | 3,644 |
DownREIT limited partners’ distributions |  |  | 1,425 |  |  |  | 1,297 |  |  |  | 2,859 |  |  |  | 2,597 |
Third-party ownership interest |  |  | 936 |  |  |  | 796 |  |  |  | 1,789 |  |  |  | 1,509 |
Noncontrolling interest |  | $ | 4,811 |  |  | $ | 3,674 |  |  | $ | 9,882 |  |  | $ | 7,750 |

See Company’s 10-K and 10-Q for additional disclosures
S-2

E S S E X P R O P E R T Y T R U S T, I N C.

Consolidated Funds From Operations (1) |  | Three Months Ended June 30, |  |  |  |  |  | Six Months Ended June 30, |  |  |  |
(Dollars in thousands, except share and per share amounts and in footnotes) |  |  |  |  |  |  |  |
|  | 2016 |  |  | 2015 |  |  | % Change |  |  | 2016 |  |  | 2015 |  |  | % Change |
Funds from operations attributable to common stockholders and unitholders (FFO) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders |  | $ | 72,013 |  |  | $ | 45,555 |  |  |  |  |  | $ | 149,994 |  |  | $ | 104,918 |  |  |  |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 109,673 |  |  |  | 113,731 |  |  |  |  |  |  | 219,380 |  |  |  | 220,638 |  |  |  |
Gains not included in FFO |  |  | (5,611 | ) |  |  | (12,652 | ) |  |  |  |  |  | (33,304 | ) |  |  | (41,126 | ) |  |  |
Deferred tax expense on gain on sale of real estate and land - Taxable REIT Subsidiary activity |  |  | — |  |  |  | — |  |  |  |  |  |  | 4,279 |  |  |  | — |  |  |  |
Depreciation add back from unconsolidated co-investments |  |  | 12,457 |  |  |  | 12,105 |  |  |  |  |  |  | 24,480 |  |  |  | 24,022 |  |  |  |
Noncontrolling interest related to Operating Partnership units |  |  | 2,450 |  |  |  | 1,581 |  |  |  |  |  |  | 5,234 |  |  |  | 3,644 |  |  |  |
Depreciation attributable to third party ownership and other (2) |  |  | (4 | ) |  |  | (251 | ) |  |  |  |  |  | 2 |  |  |  | (500 | ) |  |  |
Funds from operations attributable to common stockholders and unitholders |  | $ | 190,978 |  |  | $ | 160,069 |  |  |  |  |  | $ | 370,065 |  |  | $ | 311,596 |  |  |  |
FFO per share-diluted |  | $ | 2.81 |  |  | $ | 2.38 |  |  |  | 18.1 | % |  | $ | 5.45 |  |  | $ | 4.66 |  |  |  | 17.0 | %
Components of the change in FFO |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-core items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger and integration expenses |  | $ | — |  |  | $ | 1,410 |  |  |  |  |  |  | $ | — |  |  | $ | 3,798 |  |  |  |  |
Acquisition and investment related costs |  |  | 267 |  |  |  | 429 |  |  |  |  |  |  |  | 1,095 |  |  |  | 976 |  |  |  |  |
Gain on sale of marketable securities |  |  | (1,103 | ) |  |  | — |  |  |  |  |  |  |  | (1,843 | ) |  |  | — |  |  |  |  |
Income from early redemption of preferred equity investments |  |  | — |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  | (469 | ) |  |  |  |
Excess of redemption value of preferred stock over the carrying value |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 2,541 |  |  |  | — |  |  |  |  |
Insurance reimbursements, legal settlements, and other, net |  |  | (4,010 | ) |  |  | (582 | ) |  |  |  |  |  |  | (4,010 | ) |  |  | (1,957 | ) |  |  |  |
Core funds from operations attributable to common stockholders and unitholders |  |  | 186,132 |  |  |  | 161,326 |  |  |  |  |  |  |  | 367,848 |  |  |  | 313,944 |  |  |  |  |
Core FFO per share-diluted |  | $ | 2.74 |  |  | $ | 2.40 |  |  |  | 14.2 | % |  | $ | 5.42 |  |  | $ | 4.69 |  |  |  | 15.6 | %
Changes in core items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same-property NOI |  | $ | 15,101 |  |  |  |  |  |  |  |  |  |  | $ | 30,881 |  |  |  |  |  |  |  |  |
Non-same property NOI |  |  | 5,108 |  |  |  |  |  |  |  |  |  |  |  | 13,958 |  |  |  |  |  |  |  |  |
Management and other fees, net |  |  | (33 | ) |  |  |  |  |  |  |  |  |  |  | (278 | ) |  |  |  |  |  |  |  |
FFO from co-investments |  |  | 4,397 |  |  |  |  |  |  |  |  |  |  |  | 8,294 |  |  |  |  |  |  |  |  |
Interest and other income |  |  | 1,042 |  |  |  |  |  |  |  |  |  |  |  | 2,311 |  |  |  |  |  |  |  |  |
Interest expense |  |  | (1,952 | ) |  |  |  |  |  |  |  |  |  |  | (3,749 | ) |  |  |  |  |  |  |  |
General and administrative |  |  | (149 | ) |  |  |  |  |  |  |  |  |  |  | 1,214 |  |  |  |  |  |  |  |  |
Other items, net |  |  | 1,292 |  |  |  |  |  |  |  |  |  |  |  | 1,273 |  |  |  |  |  |  |  |  |
|  | $ | 24,806 |  |  |  |  |  |  |  |  |  |  | $ | 53,904 |  |  |  |  |  |  |  |  |
Weighted average number of shares outstanding diluted (3) |  |  | 67,877,202 |  |  |  | 67,215,382 |  |  |  |  |  |  |  | 67,864,255 |  |  |  | 66,922,047 |  |  |  |  |

(1) | Refer to page S-17.1 titled “Reconciliations of Non-GAAP Financial Measures and Other Terms” for additional information on the Company’s definition and use of FFO and Core FFO.

(2) | The Company consolidates Hidden Valley and Hillsdale Garden Apartments. Noncontrolling interest’s share of net operating income in these investments for the three and six months ended June 30, 2016 was $1.0 million and $2.0 million respectively.

(3) | Assumes conversion of all outstanding operating partnership interests in the Operating Partnership and excludes 739,779 units for which the Operating Partnership has the ability and intention to redeem the DownREIT limited partnership units for cash and does not consider them to be common stock equivalents out of a total of 953,006 DownREIT units.

See Company’s 10-K and 10-Q for additional disclosures
S-3

E S S E X P R O P E R T Y T R U S T, I N C.

Consolidated Balance Sheets |  |  |  |  |  |
(Dollars in thousands) |  |  |  |  |  |
|  | June 30, 2016 |  |  | December 31, 2015 |
Real Estate: |  |  |  |  |  |
Land and land improvements |  | $ | 2,573,923 |  |  | $ | 2,522,842 |
Buildings and improvements |  |  | 10,096,484 |  |  |  | 9,808,627 |
|  |  | 12,670,407 |  |  |  | 12,331,469 |
Less: accumulated depreciation |  |  | (2,159,840 | ) |  |  | (1,949,892 | )
|  |  | 10,510,567 |  |  |  | 10,381,577 |
Real estate under development |  |  | 157,659 |  |  |  | 242,326 |
Co-investments |  |  | 1,103,272 |  |  |  | 1,036,047 |
Real estate held for sale, net |  |  | — |  |  |  | 26,879 |
|  |  | 11,771,498 |  |  |  | 11,686,829 |
Cash and cash equivalents, including restricted |  |  | 215,376 |  |  |  | 123,055 |
Marketable securities and other investments |  |  | 152,263 |  |  |  | 137,485 |
Notes and other receivables |  |  | 20,448 |  |  |  | 19,285 |
Prepaid expenses and other assets |  |  | 47,106 |  |  |  | 38,437 |
Total assets |  | $ | 12,206,691 |  |  | $ | 12,005,091 |
Unsecured debt, net |  | $ | 3,377,728 |  |  | $ | 3,088,680 |
Mortgage notes payable, net |  |  | 2,240,558 |  |  |  | 2,215,077 |
Lines of credit, net (1) |  |  | — |  |  |  | 11,707 |
Other liabilities |  |  | 328,798 |  |  |  | 307,152 |
Total liabilities |  |  | 5,947,084 |  |  |  | 5,622,616 |
Redeemable noncontrolling interest |  |  | 44,531 |  |  |  | 45,452 |
Equity: |  |  |  |  |  |  |  |
Common stock |  |  | 6 |  |  |  | 6 |
Cumulative redeemable preferred stock, liquidation value |  |  | — |  |  |  | 73,750 |
Additional paid-in capital |  |  | 7,017,962 |  |  |  | 7,003,317 |
Distributions in excess of accumulated earnings |  |  | (856,815 | ) |  |  | (797,329 | )
Accumulated other comprehensive loss, net |  |  | (43,007 | ) |  |  | (42,011 | )
Total stockholders’ equity |  |  | 6,118,146 |  |  |  | 6,237,733 |
Noncontrolling interest |  |  | 96,930 |  |  |  | 99,290 |
Total equity |  |  | 6,215,076 |  |  |  | 6,337,023 |
Total liabilities and equity |  | $ | 12,206,691 |  |  | $ | 12,005,091 |

(1) | Lines of credit, net excludes unamortized debt issuance costs as of June 30, 2016 as the net effect resulted in a negative debt balance as of June 30, 2016 and was reclassified to prepaid expenses and other assets on the Consolidated Balance Sheet. The net balance at December 31, 2015 resulted in a positive debt balance and is presented on a net basis.

See Company’s 10-K and 10-Q for additional disclosures
S-4

E S S E X P R O P E R T Y T R U S T, I N C.
Debt Summary - June 30, 2016
(Dollars in thousands, except in footnotes)

|  |  |  |  |  |  |  |  |  |  | Scheduled principal payments, unamortized premiums (discounts) and (debt issuance costs) are as follows - excludes lines of credit: |
|  |  |  |  | Weighted Average |  |  |  |  |  | Unsecured |  |  | Secured |  |  | Unamortized premiums (discounts) and (debt issuance costs) |  |  | Total |  |  | Weighted Average Interest Rate |  |  | Percentage of Total Debt |
|  | Balance Outstanding |  |  | Interest Rate |  |  | Maturity in Years |
Unsecured Debt, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds private - fixed rate |  | $ | 315,000 |  |  |  | 4.5 | % |  |  | 4.1 |  |  |  | 2016 |  |  | $ | 200,000 |  |  | $ | 15,402 |  |  | $ | 12,324 |  |  | $ | 227,726 |  |  |  | 2.5 | % |  |  | 4.1 | %
Bonds public - fixed rate |  |  | 2,850,000 |  |  |  | 3.5 | % |  |  | 6.8 |  |  |  | 2017 |  |  |  | 365,000 |  |  |  | 199,851 |  |  |  | 16,163 |  |  |  | 581,014 |  |  |  | 3.2 | % |  |  | 10.3 | %
Term loan (1) |  |  | 225,000 |  |  |  | 2.4 | % |  |  | 0.4 |  |  |  | 2018 |  |  |  | — |  |  |  | 321,328 |  |  |  | 13,071 |  |  |  | 334,399 |  |  |  | 5.4 | % |  |  | 6.0 | %
Unamortized net premiums and debt issuance costs |  |  | (12,272 | ) |  |  | — |  |  |  | — |  |  |  | 2019 |  |  |  | 75,000 |  |  |  | 586,954 |  |  |  | 8,458 |  |  |  | 670,412 |  |  |  | 3.4 | % |  |  | 11.9 | %
|  |  | 3,377,728 |  |  |  | 3.5 | % |  |  | 6.1 |  |  |  | 2020 |  |  |  | — |  |  |  | 693,868 |  |  |  | 3,129 |  |  |  | 696,997 |  |  |  | 4.9 | % |  |  | 12.4 | %
Mortgage Notes Payable, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2021 |  |  |  | 500,000 |  |  |  | 51,584 |  |  |  | (3,605 | ) |  |  | 547,979 |  |  |  | 4.3 | % |  |  | 9.8 | %
Fixed rate - secured |  |  | 1,896,546 |  |  |  | 4.9 | % |  |  | 3.2 |  |  |  | 2022 |  |  |  | 300,000 |  |  |  | 41,355 |  |  |  | (4,062 | ) |  |  | 337,293 |  |  |  | 3.7 | % |  |  | 6.0 | %
Variable rate - secured (2) |  |  | 291,709 |  |  |  | 1.2 | % |  |  | 19.3 |  |  |  | 2023 |  |  |  | 600,000 |  |  |  | 846 |  |  |  | (2,282 | ) |  |  | 598,564 |  |  |  | 3.6 | % |  |  | 10.7 | %
Unamortized premiums and debt issuance costs |  |  | 52,303 |  |  |  | — |  |  |  | — |  |  |  | 2024 |  |  |  | 400,000 |  |  |  | 925 |  |  |  | (1,579 | ) |  |  | 399,346 |  |  |  | 4.0 | % |  |  | 7.1 | %
Total mortgage notes payable |  |  | 2,240,558 |  |  |  | 4.4 | % |  |  | 5.3 |  |  |  | 2025 |  |  |  | 500,000 |  |  |  | 14,611 |  |  |  | (904 | ) |  |  | 513,707 |  |  |  | 3.5 | % |  |  | 9.1 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2026 |  |  |  | 450,000 |  |  |  | 1,106 |  |  |  | (313 | ) |  |  | 450,793 |  |  |  | 3.4 | % |  |  | 8.0 | %
Unsecured Lines of Credit, net |  |  |  |  |  |  |  |  |  |  |  |  |  | Thereafter |  |  |  | — |  |  |  | 260,425 |  |  |  | (369 | ) |  |  | 260,056 |  |  |  | 1.1 | % |  |  | 4.6 | %
Line of credit (3) |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Line of credit (4) |  |  | — |  |  |  | — |  |  |  |  |  |  | Total |  |  | $ | 3,390,000 |  |  | $ | 2,188,255 |  |  | $ | 40,031 |  |  | $ | 5,618,286 |  |  |  | 3.9 | % |  |  | 100.0 | %
Unamortized debt issuance costs |  |  | (3,831 | ) |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total lines of credit (5) |  |  | (3,831 | ) |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total debt, net |  | $ | 5,614,455 |  |  |  | 3.9 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

Capitalized interest for the three and six months ended June 30, 2016 was approximately $3.1 million and $6.2 million, respectively.

(1) | The unsecured term loan has a variable interest rate of LIBOR plus 1.05%. The Company has entered into interest rate swap contracts with a notional amount totaling $225 million, which effectively converts the interest rate on of the term loan to a fixed rate of 2.4%.

(2) | $281.7 million of $291.7 million of variable rate debt is tax exempt to the note holders. $20.7 million is subject to interest rate cap protection agreements.

(3) | The unsecured line of credit facility aggregates to $1 billion. The line matures in December 2019 with one 18-month extension, exercisable at the Company’s option. The underlying interest rate on this line is based on a tiered rate structure tied to the Company’s corporate ratings and is currently at LIBOR plus 0.90%.

(4) | The unsecured line of credit facility is $25 million. The maturity was extended to January 2018. The underlying interest rate on this line is based on a tiered rate structure tied to the Company’s corporate ratings and is currently at LIBOR plus 0.90%.

(5) | For financial statement purposes, unamortized debt issuance costs related to unsecured lines of credit have been reclassified to prepaid expenses and other assets on the Consolidated Balance Sheet because the net effect resulted in a negative debt balance as of June 30, 2016.

See Company’s 10-K and 10-Q for additional disclosures
S-5

E S S E X P R O P E R T Y T R U S T, I N C.
Capitalization Data, Public Bond Covenants, Credit Ratings and Selected Credit Ratios - June 30, 2016
(Dollars and shares in thousands, except per share amounts)

Capitalization Data |  |  |  | Public Bond Covenants (1) |  | Actual |  | Requirement
Total debt, net |  | $ | 5,614,455 |  |  |  |  |  |  |
|  |  |  |  |  | Adjusted Debt to Adjusted Total Assets: |  | 39% |  | < 65%
Common stock and potentially dilutive securities |  |  |  |  |  |  |  |  |  |
Common stock outstanding |  |  | 65,479 |  |  |  |  |  |  |
Limited partnership units (1) |  |  | 2,297 |  |  |  |  |  |  |
Options-treasury method |  |  | 120 |  |  | Secured Debt to Adjusted Total Assets: |  | 16% |  | < 40%
Total shares of common stock and potentially dilutive securities |  |  | 67,896 |  |  |  |  |  |  |
Common stock price per share as of June 30, 2016 |  | $ | 228.09 |  |  |  |  |  |  |
|  |  |  |  |  | Interest Coverage: |  | 381% |  | > 150%
Total equity capitalization |  | $ | 15,486,399 |  |  |  |  |  |  |
Total market capitalization |  | $ | 21,100,854 |  |  | Unsecured Debt Ratio (2): |  | 275% |  | > 150%
Ratio of debt to total market capitalization |  |  | 26.6 | % |  |  |  |  |  |
|  |  |  |  | Selected Credit Ratios (3) |  | Actual |  |
|  |  |  |  |  | Net Indebtedness Divided by Adjusted EBITDA: |  | 5.9 |  |
|  |  |  |  |  | Unencumbered NOI to Adjusted Total NOI: |  | 66% |  |
(1) | Assumes conversion of all outstanding operating partnership interests in the Operating Partnership into shares of the Company’s common stock. |  | (1) | Refer to page S-17.4 for additional information on the Company’s Public Bond Covenants.
|  |  |  |  |  |  |  | (2) | Unsecured Debt Ratio is unsecured assets (excluding investments in co-investments) divided by unsecured indebtedness.
|  |  |  |  |  |  |  | (3) | Refer to pages S-17.1 to S-17.4, titled “Reconciliations of Non-GAAP Financial Measures and Other Terms” for additional information on the Company’s Selected Credit Ratios.
Credit Ratings |  |  |  |  |  |  |  |  |  |
Rating Agency |  | Rating | Outlook |  |  |  |  |
Fitch |  | BBB+ | Stable |  |  |  |  |
Moody’s |  | Baa2 | Positive |  |  |  |  |
Standard & Poor’s |  | BBB | Positive |  |  |  |  |

See Company’s 10-K and 10-Q for additional disclosures
S-6

E S S E X P R O P E R T Y T R U S T, I N C.
Portfolio Summary as of June 30, 2016

|  | Apartment Homes |  |  | Average Monthly Rental Rate (1) |  |  | Percent of NOI (2) |
Region - County |  | Consolidated (3) |  |  | Unconsolidated Co-investments (4) |  |  | Apartment Homes in Development (5) |  |  | Total |  |  | Consolidated |  |  | Unconsolidated Co-investments (6) |  |  | Total (7) |  |  | Consolidated |  |  | Unconsolidated Co-investments (6) |  |  | Total (7) |
Southern California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Los Angeles County |  |  | 9,438 |  |  |  | 1,418 |  |  |  | — |  |  |  | 10,856 |  |  | $ | 2,261 |  |  | $ | 1,960 |  |  | $ | 2,240 |  |  |  | 19.9 | % |  |  | 12.4 | % |  |  | 19.3 | %
Orange County |  |  | 5,788 |  |  |  | 1,144 |  |  |  | — |  |  |  | 6,932 |  |  |  | 1,997 |  |  |  | 1,706 |  |  |  | 1,971 |  |  |  | 11.1 | % |  |  | 8.9 | % |  |  | 10.9 | %
San Diego County |  |  | 5,203 |  |  |  | 616 |  |  |  | — |  |  |  | 5,819 |  |  |  | 1,774 |  |  |  | 1,598 |  |  |  | 1,765 |  |  |  | 8.6 | % |  |  | 4.4 | % |  |  | 8.2 | %
Ventura County |  |  | 2,897 |  |  |  | 373 |  |  |  | — |  |  |  | 3,270 |  |  |  | 1,644 |  |  |  | 2,064 |  |  |  | 1,669 |  |  |  | 4.8 | % |  |  | 3.4 | % |  |  | 4.7 | %
Other Southern CA |  |  | 623 |  |  |  | 249 |  |  |  | — |  |  |  | 872 |  |  |  | 1,541 |  |  |  | 1,482 |  |  |  | 1,531 |  |  |  | 0.9 | % |  |  | 1.6 | % |  |  | 0.9 | %
Total Southern California |  |  | 23,949 |  |  |  | 3,800 |  |  |  | — |  |  |  | 27,749 |  |  |  | 1,998 |  |  |  | 1,804 |  |  |  | 1,984 |  |  |  | 45.3 | % |  |  | 30.7 | % |  |  | 44.0 | %
Northern California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Santa Clara County |  |  | 6,160 |  |  |  | 2,477 |  |  |  | 852 |  |  |  | 9,489 |  |  |  | 2,640 |  |  |  | 2,652 |  |  |  | 2,643 |  |  |  | 16.6 | % |  |  | 30.0 | % |  |  | 17.9 | %
Alameda County |  |  | 3,138 |  |  |  | 1,548 |  |  |  | 251 |  |  |  | 4,937 |  |  |  | 2,406 |  |  |  | 2,332 |  |  |  | 2,390 |  |  |  | 7.4 | % |  |  | 14.4 | % |  |  | 8.0 | %
San Mateo County |  |  | 1,830 |  |  |  | 197 |  |  |  | 599 |  |  |  | 2,626 |  |  |  | 2,753 |  |  |  | 2,767 |  |  |  | 2,754 |  |  |  | 5.1 | % |  |  | 2.7 | % |  |  | 4.9 | %
Contra Costa County |  |  | 2,270 |  |  |  | 49 |  |  |  | — |  |  |  | 2,319 |  |  |  | 2,208 |  |  |  | 4,490 |  |  |  | 2,235 |  |  |  | 5.0 | % |  |  | -0.1 | % |  |  | 4.5 | %
San Francisco MSA |  |  | 1,341 |  |  |  | 463 |  |  |  | 545 |  |  |  | 2,349 |  |  |  | 3,029 |  |  |  | 3,450 |  |  |  | 3,096 |  |  |  | 3.8 | % |  |  | 7.5 | % |  |  | 4.1 | %
Other Northern CA |  |  | 126 |  |  |  | — |  |  |  | — |  |  |  | 126 |  |  |  | 2,239 |  |  |  | — |  |  |  | 2,239 |  |  |  | 0.3 | % |  |  | — |  |  |  | 0.3 | %
Total Northern California |  |  | 14,865 |  |  |  | 4,734 |  |  |  | 2,247 |  |  |  | 21,846 |  |  |  | 2,570 |  |  |  | 2,654 |  |  |  | 2,582 |  |  |  | 38.2 | % |  |  | 54.5 | % |  |  | 39.7 | %
Seattle Metro |  |  | 10,239 |  |  |  | 1,958 |  |  |  | — |  |  |  | 12,197 |  |  |  | 1,665 |  |  |  | 1,546 |  |  |  | 1,654 |  |  |  | 16.5 | % |  |  | 14.8 | % |  |  | 16.3 | %
Total |  |  | 49,053 |  |  |  | 10,492 |  |  |  | 2,247 |  |  |  | 61,792 |  |  | $ | 2,102 |  |  | $ | 2,152 |  |  | $ | 2,107 |  |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | %

(1) | Average monthly rental rate is defined as the total potential monthly rental revenue (actual rent for occupied apartment homes plus market rent for vacant apartment homes) divided by the number of apartment homes.

(2) | Actual NOI for the quarter ended June 30, 2016. See “Net Operating Income (“NOI”) and Same-Property NOI Reconciliations” on page S-17.3.

(3) | Includes all apartment communities with rents.

(4) | Includes two rental income producing development communities in lease-up which consist of 304 apartment homes.

(5) | Includes development communities with no rental income.

(6) | Co-investment amounts weighted for Company’s pro rata share.

(7) | At Company’s pro rata share.

See Company’s 10-K and 10-Q for additional disclosures
S-7

E S S E X P R O P E R T Y T R U S T, I N C.
Operating Income by Quarter (1)
(Dollars in thousands, except in footnotes)

|  | Apartment Homes |  |  | Q2 '16 |  |  | Q1 '16 |  |  | Q4 '15 |  |  | Q3 '15 |  |  | Q2 '15 |
Rental and other property revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same-property |  |  | 45,517 |  |  | $ | 284,856 |  |  | $ | 279,745 |  |  | $ | 276,664 |  |  | $ | 272,899 |  |  | $ | 266,450 |
Acquisitions (2) |  |  | 2,232 |  |  |  | 17,463 |  |  |  | 15,856 |  |  |  | 12,941 |  |  |  | 11,594 |  |  |  | 9,035 |
Development (3) |  |  | 624 |  |  |  | 6,780 |  |  |  | 6,292 |  |  |  | 5,146 |  |  |  | 4,801 |  |  |  | 4,330 |
Redevelopment |  |  | 680 |  |  |  | 4,609 |  |  |  | 4,406 |  |  |  | 4,293 |  |  |  | 4,214 |  |  |  | 4,078 |
Non-residential/other, net (4) |  |  | - |  |  |  | 5,854 |  |  |  | 5,879 |  |  |  | 9,602 |  |  |  | 9,014 |  |  |  | 10,208 |
Total rental and other property revenues |  |  | 49,053 |  |  |  | 319,562 |  |  |  | 312,178 |  |  |  | 308,646 |  |  |  | 302,522 |  |  |  | 294,101 |
Property operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same-property |  |  |  |  |  |  | 85,511 |  |  |  | 84,256 |  |  |  | 85,109 |  |  |  | 85,225 |  |  |  | 82,206 |
Acquisitions (2) |  |  |  |  |  |  | 6,013 |  |  |  | 5,575 |  |  |  | 4,312 |  |  |  | 4,032 |  |  |  | 3,519 |
Development (3) |  |  |  |  |  |  | 2,299 |  |  |  | 2,108 |  |  |  | 1,383 |  |  |  | 1,452 |  |  |  | 1,468 |
Redevelopment |  |  |  |  |  |  | 1,466 |  |  |  | 1,507 |  |  |  | 1,653 |  |  |  | 1,611 |  |  |  | 1,534 |
Non-residential/other, net (4) (5) |  |  |  |  |  |  | 790 |  |  |  | 1,044 |  |  |  | (316 | ) |  |  | 1,799 |  |  |  | 1,350 |
Total property operating expenses |  |  |  |  |  |  | 96,079 |  |  |  | 94,490 |  |  |  | 92,141 |  |  |  | 94,119 |  |  |  | 90,077 |
Net operating income (NOI): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same-property |  |  |  |  |  |  | 199,345 |  |  |  | 195,489 |  |  |  | 191,555 |  |  |  | 187,674 |  |  |  | 184,244 |
Acquisitions (2) |  |  |  |  |  |  | 11,450 |  |  |  | 10,281 |  |  |  | 8,629 |  |  |  | 7,562 |  |  |  | 5,516 |
Development (3) |  |  |  |  |  |  | 4,481 |  |  |  | 4,184 |  |  |  | 3,763 |  |  |  | 3,349 |  |  |  | 2,862 |
Redevelopment |  |  |  |  |  |  | 3,143 |  |  |  | 2,899 |  |  |  | 2,640 |  |  |  | 2,603 |  |  |  | 2,544 |
Non-residential/other, net (4) |  |  |  |  |  |  | 5,064 |  |  |  | 4,835 |  |  |  | 9,918 |  |  |  | 7,215 |  |  |  | 8,858 |
Total NOI |  |  |  |  |  | $ | 223,483 |  |  | $ | 217,688 |  |  | $ | 216,505 |  |  | $ | 208,403 |  |  | $ | 204,024 |
Same-property metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating margin |  |  |  |  |  |  | 70 | % |  |  | 70 | % |  |  | 69 | % |  |  | 69 | % |  |  | 69 | %
Annualized turnover (6) |  |  |  |  |  |  | 56 | % |  |  | 45 | % |  |  | 45 | % |  |  | 61 | % |  |  | 56 | %
Financial occupancy (7) |  |  |  |  |  |  | 96.0 | % |  |  | 96.0 | % |  |  | 96.0 | % |  |  | 96.0 | % |  |  | 96.0 | %

(1) | Includes consolidated communities only.

(2) | Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2015.

(3) | Development includes properties developed which did not have comparable stabilized results as of January 1, 2015.

(4) | Other real estate assets consists mainly of retail space, commercial properties, boat slips, held for sale properties, and disposition properties.

(5) | Includes other expenses and intercompany eliminations pertaining to self-insurance. In Q4’15 there were $1.9 million in reductions to operating expenses related to changes in prior period property tax estimates.

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

(7) | Financial occupancy is defined as the percentage resulting from dividing actual rental revenue by total potential rental revenue (actual rent for occupied apartment homes plus market rent for vacant apartment homes).

See Company’s 10-K and 10-Q for additional disclosures
S-8

E S S E X P R O P E R T Y T R U S T, I N C.
Same-Property Results by County - Second Quarter 2016 vs. Second Quarter 2015 and First Quarter 2016
(Dollars in thousands, except average monthly rental rates)

|  |  |  |  |  |  |  | Average Monthly Rental Rate |  |  | Financial Occupancy |  |  | Gross Revenues |  |  | Sequential Gross Revenues |
Region - County |  | Apartment Homes |  |  | Q2 '16 % of Actual NOI |  |  | Q2 '16 |  |  | Q2 '15 |  |  | % Change |  |  | Q2 '16 |  |  | Q2 '15 |  |  | % Change |  |  | Q2 '16 |  |  | Q2 '15 |  |  | % Change |  |  | Q1 '16 |  |  | % Change |
Southern California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Los Angeles County |  |  | 7,443 |  |  |  | 17.0 | % |  | $ | 2,225 |  |  | $ | 2,105 |  |  |  | 5.7 | % |  |  | 95.8 | % |  |  | 95.7 | % |  |  | 0.1 | % |  | $ | 49,712 |  |  | $ | 46,766 |  |  |  | 6.3 | % |  | $ | 49,257 |  |  |  | 0.9 | %
Orange County |  |  | 5,788 |  |  |  | 12.1 | % |  |  | 1,997 |  |  |  | 1,894 |  |  |  | 5.4 | % |  |  | 96.1 | % |  |  | 96.1 | % |  |  | 0.0 | % |  |  | 34,954 |  |  |  | 33,273 |  |  |  | 5.1 | % |  |  | 34,437 |  |  |  | 1.5 | %
San Diego County |  |  | 4,961 |  |  |  | 9.0 | % |  |  | 1,755 |  |  |  | 1,648 |  |  |  | 6.5 | % |  |  | 95.9 | % |  |  | 95.1 | % |  |  | 0.8 | % |  |  | 26,530 |  |  |  | 24,707 |  |  |  | 7.4 | % |  |  | 25,982 |  |  |  | 2.1 | %
Ventura County |  |  | 2,897 |  |  |  | 5.3 | % |  |  | 1,644 |  |  |  | 1,552 |  |  |  | 5.9 | % |  |  | 96.2 | % |  |  | 96.3 | % |  |  | -0.1 | % |  |  | 14,657 |  |  |  | 13,859 |  |  |  | 5.8 | % |  |  | 14,472 |  |  |  | 1.3 | %
Other Southern CA |  |  | 623 |  |  |  | 1.0 | % |  |  | 1,541 |  |  |  | 1,440 |  |  |  | 7.0 | % |  |  | 97.8 | % |  |  | 97.4 | % |  |  | 0.4 | % |  |  | 2,947 |  |  |  | 2,757 |  |  |  | 6.9 | % |  |  | 2,953 |  |  |  | -0.2 | %
Total Southern California |  |  | 21,712 |  |  |  | 44.4 | % |  |  | 1,960 |  |  |  | 1,851 |  |  |  | 5.9 | % |  |  | 96.0 | % |  |  | 95.8 | % |  |  | 0.2 | % |  |  | 128,800 |  |  |  | 121,362 |  |  |  | 6.1 | % |  |  | 127,101 |  |  |  | 1.3 | %
Northern California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Santa Clara County |  |  | 5,874 |  |  |  | 17.5 | % |  |  | 2,631 |  |  |  | 2,452 |  |  |  | 7.3 | % |  |  | 96.4 | % |  |  | 96.3 | % |  |  | 0.1 | % |  |  | 46,816 |  |  |  | 43,530 |  |  |  | 7.5 | % |  |  | 45,957 |  |  |  | 1.9 | %
Alameda County |  |  | 2,914 |  |  |  | 7.5 | % |  |  | 2,381 |  |  |  | 2,182 |  |  |  | 9.1 | % |  |  | 95.9 | % |  |  | 96.2 | % |  |  | -0.3 | % |  |  | 21,093 |  |  |  | 19,427 |  |  |  | 8.6 | % |  |  | 20,614 |  |  |  | 2.3 | %
San Mateo County |  |  | 1,566 |  |  |  | 4.6 | % |  |  | 2,642 |  |  |  | 2,447 |  |  |  | 8.0 | % |  |  | 96.0 | % |  |  | 96.6 | % |  |  | -0.6 | % |  |  | 12,614 |  |  |  | 11,781 |  |  |  | 7.1 | % |  |  | 12,438 |  |  |  | 1.4 | %
Contra Costa County |  |  | 2,270 |  |  |  | 5.4 | % |  |  | 2,208 |  |  |  | 2,039 |  |  |  | 8.3 | % |  |  | 96.6 | % |  |  | 96.5 | % |  |  | 0.1 | % |  |  | 15,274 |  |  |  | 14,163 |  |  |  | 7.8 | % |  |  | 14,970 |  |  |  | 2.0 | %
San Francisco MSA |  |  | 816 |  |  |  | 2.2 | % |  |  | 2,422 |  |  |  | 2,295 |  |  |  | 5.5 | % |  |  | 94.7 | % |  |  | 95.5 | % |  |  | -0.8 | % |  |  | 5,833 |  |  |  | 5,607 |  |  |  | 4.0 | % |  |  | 5,753 |  |  |  | 1.4 | %
Other Northern CA |  |  | 126 |  |  |  | 0.3 | % |  |  | 2,239 |  |  |  | 1,957 |  |  |  | 14.4 | % |  |  | 97.3 | % |  |  | 98.7 | % |  |  | -1.4 | % |  |  | 851 |  |  |  | 755 |  |  |  | 12.7 | % |  |  | 839 |  |  |  | 1.4 | %
Total Northern California |  |  | 13,566 |  |  |  | 37.5 | % |  |  | 2,492 |  |  |  | 2,310 |  |  |  | 7.9 | % |  |  | 96.2 | % |  |  | 96.3 | % |  |  | -0.1 | % |  |  | 102,481 |  |  |  | 95,263 |  |  |  | 7.6 | % |  |  | 100,571 |  |  |  | 1.9 | %
Seattle Metro |  |  | 10,239 |  |  |  | 18.1 | % |  |  | 1,665 |  |  |  | 1,538 |  |  |  | 8.3 | % |  |  | 95.9 | % |  |  | 96.1 | % |  |  | -0.2 | % |  |  | 53,575 |  |  |  | 49,825 |  |  |  | 7.5 | % |  |  | 52,073 |  |  |  | 2.9 | %
Total Same-Property |  |  | 45,517 |  |  |  | 100.0 | % |  | $ | 2,052 |  |  | $ | 1,918 |  |  |  | 7.0 | % |  |  | 96.0 | % |  |  | 96.0 | % |  |  | 0.0 | % |  | $ | 284,856 |  |  | $ | 266,450 |  |  |  | 6.9 | % |  | $ | 279,745 |  |  |  | 1.8 | %

See Company’s 10-K and 10-Q for additional disclosures
S-9

E S S E X P R O P E R T Y T R U S T, I N C.
Same-Property Revenue Results by County - Six months ended June 30, 2016 vs. Six months ended June 30, 2015
(Dollars in thousands, except average monthly rental rates)

|  |  |  |  | YTD |  |  | Average Monthly Rental Rate |  |  | Financial Occupancy |  |  | Gross Revenues |
Region - County |  | Apartment Homes |  |  | 2016 % of Actual NOI |  |  | YTD 2016 |  |  | YTD 2015 |  |  | % Change |  |  | YTD 2016 |  |  | YTD 2015 |  |  | % Change |  |  | YTD 2016 |  |  | YTD 2015 |  |  | % Change |
Southern California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Los Angeles County |  |  | 7,443 |  |  |  | 17.2 | % |  | $ | 2,212 |  |  | $ | 2,090 |  |  |  | 5.8 | % |  |  | 95.9 | % |  |  | 95.7 | % |  |  | 0.2 | % |  | $ | 98,969 |  |  | $ | 92,790 |  |  |  | 6.7 | %
Orange County |  |  | 5,788 |  |  |  | 12.1 | % |  |  | 1,983 |  |  |  | 1,881 |  |  |  | 5.4 | % |  |  | 96.1 | % |  |  | 96.2 | % |  |  | -0.1 | % |  |  | 69,391 |  |  |  | 66,224 |  |  |  | 4.8 | %
San Diego County |  |  | 4,961 |  |  |  | 8.9 | % |  |  | 1,741 |  |  |  | 1,635 |  |  |  | 6.5 | % |  |  | 95.8 | % |  |  | 95.4 | % |  |  | 0.4 | % |  |  | 52,512 |  |  |  | 49,105 |  |  |  | 6.9 | %
Ventura County |  |  | 2,897 |  |  |  | 5.3 | % |  |  | 1,635 |  |  |  | 1,540 |  |  |  | 6.2 | % |  |  | 96.2 | % |  |  | 96.3 | % |  |  | -0.1 | % |  |  | 29,129 |  |  |  | 27,553 |  |  |  | 5.7 | %
Other Southern CA |  |  | 623 |  |  |  | 1.0 | % |  |  | 1,533 |  |  |  | 1,429 |  |  |  | 7.3 | % |  |  | 98.1 | % |  |  | 98.0 | % |  |  | 0.1 | % |  |  | 5,900 |  |  |  | 5,513 |  |  |  | 7.0 | %
Total Southern California |  |  | 21,712 |  |  |  | 44.5 | % |  |  | 1,947 |  |  |  | 1,838 |  |  |  | 5.9 | % |  |  | 96.0 | % |  |  | 95.9 | % |  |  | 0.1 | % |  |  | 255,901 |  |  |  | 241,185 |  |  |  | 6.1 | %
Northern California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Santa Clara County |  |  | 5,874 |  |  |  | 17.5 | % |  |  | 2,610 |  |  |  | 2,419 |  |  |  | 7.9 | % |  |  | 96.4 | % |  |  | 96.3 | % |  |  | 0.1 | % |  |  | 92,773 |  |  |  | 85,779 |  |  |  | 8.2 | %
Alameda County |  |  | 2,914 |  |  |  | 7.4 | % |  |  | 2,359 |  |  |  | 2,146 |  |  |  | 9.9 | % |  |  | 95.8 | % |  |  | 96.2 | % |  |  | -0.4 | % |  |  | 41,707 |  |  |  | 38,181 |  |  |  | 9.2 | %
San Mateo County |  |  | 1,566 |  |  |  | 4.6 | % |  |  | 2,619 |  |  |  | 2,417 |  |  |  | 8.4 | % |  |  | 96.1 | % |  |  | 96.3 | % |  |  | -0.2 | % |  |  | 25,052 |  |  |  | 23,174 |  |  |  | 8.1 | %
Contra Costa County |  |  | 2,270 |  |  |  | 5.4 | % |  |  | 2,185 |  |  |  | 2,010 |  |  |  | 8.7 | % |  |  | 96.6 | % |  |  | 96.4 | % |  |  | 0.2 | % |  |  | 30,244 |  |  |  | 27,858 |  |  |  | 8.6 | %
San Francisco MSA |  |  | 816 |  |  |  | 2.1 | % |  |  | 2,414 |  |  |  | 2,271 |  |  |  | 6.3 | % |  |  | 94.1 | % |  |  | 94.8 | % |  |  | -0.7 | % |  |  | 11,586 |  |  |  | 11,010 |  |  |  | 5.2 | %
Other Northern CA |  |  | 126 |  |  |  | 0.3 | % |  |  | 2,219 |  |  |  | 1,936 |  |  |  | 14.6 | % |  |  | 98.0 | % |  |  | 97.7 | % |  |  | 0.3 | % |  |  | 1,690 |  |  |  | 1,480 |  |  |  | 14.2 | %
Total Northern California |  |  | 13,566 |  |  |  | 37.3 | % |  |  | 2,471 |  |  |  | 2,278 |  |  |  | 8.5 | % |  |  | 96.2 | % |  |  | 96.2 | % |  |  | 0.0 | % |  |  | 203,052 |  |  |  | 187,482 |  |  |  | 8.3 | %
Seattle Metro |  |  | 10,239 |  |  |  | 18.2 | % |  |  | 1,642 |  |  |  | 1,521 |  |  |  | 8.0 | % |  |  | 95.8 | % |  |  | 96.1 | % |  |  | -0.3 | % |  |  | 105,648 |  |  |  | 98,480 |  |  |  | 7.3 | %
Total Same-Property |  |  | 45,517 |  |  |  | 100.0 | % |  | $ | 2,034 |  |  | $ | 1,898 |  |  |  | 7.2 | % |  |  | 96.0 | % |  |  | 96.1 | % |  |  | -0.1 | % |  | $ | 564,601 |  |  | $ | 527,147 |  |  |  | 7.1 | %

See Company’s 10-K and 10-Q for additional disclosures
S-9.1

E S S E X P R O P E R T Y T R U S T, I N C.
Same-Property Operating Expenses - Quarter and Year to Date as of June 30, 2016 and 2015
(Dollars in thousands)

|  | Q2 '16 |  |  | Q2 '15 |  |  | % Change |  |  | % of Op. Ex. |  |  |  | YTD 2016 |  |  | YTD 2015 |  |  | % Change |  |  | % of Op. Ex. |
Same-property operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate taxes |  | $ | 29,129 |  |  | $ | 28,757 |  |  |  | 1.3 | % |  |  | 34.1 | % |  |  | $ | 58,464 |  |  | $ | 57,501 |  |  |  | 1.7 | % |  |  | 34.4 | %
Maintenance and repairs |  |  | 16,717 |  |  |  | 16,126 |  |  |  | 3.7 | % |  |  | 19.5 | % |  |  |  | 33,026 |  |  |  | 31,506 |  |  |  | 4.8 | % |  |  | 19.5 | %
Administrative |  |  | 15,910 |  |  |  | 15,297 |  |  |  | 4.0 | % |  |  | 18.6 | % |  |  |  | 30,982 |  |  |  | 29,992 |  |  |  | 3.3 | % |  |  | 18.2 | %
Utilities |  |  | 14,060 |  |  |  | 13,515 |  |  |  | 4.0 | % |  |  | 16.5 | % |  |  |  | 27,912 |  |  |  | 27,179 |  |  |  | 2.7 | % |  |  | 16.5 | %
Management fees (1) |  |  | 6,861 |  |  |  | 5,659 |  |  |  | 21.2 | % |  |  | 8.0 | % |  |  |  | 13,715 |  |  |  | 11,313 |  |  |  | 21.2 | % |  |  | 8.1 | %
Insurance |  |  | 2,834 |  |  |  | 2,852 |  |  |  | -0.6 | % |  |  | 3.3 | % |  |  |  | 5,668 |  |  |  | 5,703 |  |  |  | -0.6 | % |  |  | 3.3 | %
Total same-property operating expenses |  | $ | 85,511 |  |  | $ | 82,206 |  |  |  | 4.0 | % |  |  | 100.0 | % |  |  | $ | 169,767 |  |  | $ | 163,194 |  |  |  | 4.0 | % |  |  | 100.0 | %

(1) | Reflects the Company’s change to property management fee allocation.

See Company’s 10-K and 10-Q for additional disclosures
S-10

E S S E X P R O P E R T Y T R U S T, I N C.
Development Pipeline - June 30, 2016
(Dollars in millions, except per apartment home amounts in thousands and except in footnotes)

Project Name |  | Location |  | Ownership % |  |  | Estimated Apartment Homes |  |  | Estimated Commercial sq. feet |  |  | Incurred to Date |  |  | Remaining Costs |  |  | Estimated Total Cost |  |  | Essex Est. Total Cost (1) |  |  | Cost per Apartment Home (2) |  |  | Average % Occupied (3) |  |  | )% Leased (3) |  |  | Construction Start |  |  | Initial Occupancy |  |  | Stabilized Operations |
Development Projects - Consolidated (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Station Park Green (5) |  | San Mateo, CA |  |  | 100 | % |  |  | 320 |  |  |  | 35,000 |  |  | $ | 57 |  |  | $ | 182 |  |  | $ | 239 |  |  | $ | 239 |  |  | $ | 693 |  |  |  | 0.0 | % |  |  | 0.0 | % |  |  | Q3 2015 |  |  |  | Q1 2018 |  |  |  | Q4 2018 |
Gateway Village (6) |  | Santa Clara, CA |  |  | 100 | % |  |  | 476 |  |  |  | - |  |  |  | 31 |  |  |  | 195 |  |  |  | 226 |  |  |  | 226 |  |  |  | 475 |  |  |  | 0.0 | % |  |  | 0.0 | % |  |  | Q3 2016 |  |  |  | Q2 2018 |  |  |  | Q3 2019 |
Total Development Projects - Consolidated |  |  |  |  |  |  | 796 |  |  |  | 35,000 |  |  |  | 88 |  |  |  | 377 |  |  |  | 465 |  |  |  | 465 |  |  |  | 584 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land Held for Future Development - Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Projects (5) |  | Various |  |  | 100 | % |  |  |  |  |  |  |  |  |  |  | 75 |  |  |  | - |  |  |  | 75 |  |  |  | 75 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Development Pipeline - Consolidated |  |  |  |  |  |  | 796 |  |  |  | 35,000 |  |  |  | 163 |  |  |  | 377 |  |  |  | 540 |  |  |  | 540 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Development Projects/Land Held for Future Development - Joint Venture (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agora (7) |  | Walnut Creek, CA |  |  | 51 | % |  |  | 49 |  |  |  | 32,188 |  |  |  | 94 |  |  |  | 1 |  |  |  | 95 |  |  |  | 48 |  |  |  | 1,140 |  |  |  | 7.5 | % |  |  | 42.9 | % |  |  | Q3 2013 |  |  |  | Q2 2016 |  |  |  | Q3 2016 |
The Galloway (at Owens) |  | Pleasanton, CA |  |  | 55 | % |  |  | 255 |  |  |  | 5,729 |  |  |  | 78 |  |  |  | 11 |  |  |  | 89 |  |  |  | 49 |  |  |  | 341 |  |  |  | 4.2 | % |  |  | 33.0 | % |  |  | Q3 2014 |  |  |  | Q2 2016 |  |  |  | Q2 2017 |
The Galloway (at Hacienda) |  | Pleasanton, CA |  |  | 55 | % |  |  | 251 |  |  |  | - |  |  |  | 55 |  |  |  | 31 |  |  |  | 86 |  |  |  | 47 |  |  |  | 343 |  |  |  | 0.0 | % |  |  | 0.0 | % |  |  | Q1 2015 |  |  |  | Q3 2016 |  |  |  | Q3 2017 |
Century Towers |  | San Jose, CA |  |  | 50 | % |  |  | 376 |  |  |  | 2,006 |  |  |  | 123 |  |  |  | 49 |  |  |  | 172 |  |  |  | 86 |  |  |  | 456 |  |  |  | 0.0 | % |  |  | 0.0 | % |  |  | Q3 2014 |  |  |  | Q1 2017 |  |  |  | Q1 2018 |
500 Folsom (8) |  | San Francisco, CA |  |  | 50 | % |  |  | 545 |  |  |  | 6,000 |  |  |  | 84 |  |  |  | 297 |  |  |  | 381 |  |  |  | 191 |  |  |  | 691 |  |  |  | 0.0 | % |  |  | 0.0 | % |  |  | Q4 2015 |  |  |  | Q4 2018 |  |  |  | Q2 2020 |
Total Development Projects - Joint Venture |  |  |  |  |  |  | 1,476 |  |  |  | 45,923 |  |  |  | 434 |  |  |  | 389 |  |  |  | 823 |  |  |  | 421 |  |  | $ | 526 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Grand Total - Development Pipeline |  |  |  |  |  |  | 2,272 |  |  |  | 80,923 |  |  | $ | 597 |  |  | $ | 766 |  |  | $ | 1,363 |  |  |  | 961 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Essex Cost Incurred to Date |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (387 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Essex Remaining Commitment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 574 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

(1) | The Company’s share of the estimated total costs of the project.

(2) | Net of the estimated allocation to the retail component of the project.

(3) | Calculations are based on multifamily operations only and are as of June 30, 2016. As of July 25, 2016, Agora was 67.3% leased and Galloway (at Owens) was 37.6% leased.

(4) | For the second quarter of 2016, the Company’s cost includes $3.0 million of capitalized interest, $0.8 million of capitalized overhead and $0.9 million of development fees (such development fees reduced G&A expenses).

(5) | Reflects development of phases one and two. Costs incurred for phases three and four, which consist of 279 apartment homes are included in Land Held for Future Development.

(6) | Cost incurred to date does not include a deduction of $4.7 million for accumulated depreciation recorded during the period when the property was held as a retail operating asset.

(7) | Apartment homes are built to condominium standards and average approximately 1,600 square feet.

(8) | Estimated total cost is net of a projected value for low income housing tax credit proceeds and tax exempt bonds.

See Company’s 10-K and 10-Q for additional disclosures
S-11

E S S E X P R O P E R T Y T R U S T, I N C.
Redevelopment Pipeline - June 30, 2016
(Dollars in thousands, except in footnotes)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | NOI For the six months ended |
Region/Project Name |  | Apartment Homes |  |  | Total Incurred To Date |  |  | Estimated Remaining Cost |  |  | Estimated Total Cost |  |  | Project Start Date |  |  | 2016 |  |  | 2015 |
Same-property - Redevelopment Projects (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Southern California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hamptons |  |  | 215 |  |  | $ | 10,400 |  |  | $ | 13,200 |  |  | $ | 23,600 |  |  |  | Q1 2014 |  |  |  |  |  |  |
The Hallie (formerly Monterras) |  |  | 292 |  |  |  | 21,700 |  |  |  | 4,700 |  |  |  | 26,400 |  |  |  | Q1 2014 |  |  |  |  |  |  |
Northern California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Summerhill Park |  |  | 100 |  |  |  | 8,000 |  |  |  | 1,900 |  |  |  | 9,900 |  |  |  | Q4 2014 |  |  |  |  |  |  |
Seattle Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Park Highland |  |  | 250 |  |  |  | 8,600 |  |  |  | 3,900 |  |  |  | 12,500 |  |  |  | Q4 2014 |  |  |  |  |  |  |
Total Same-Property - Redevelopment Projects |  |  | 857 |  |  | $ | 48,700 |  |  | $ | 23,700 |  |  | $ | 72,400 |  |  |  |  |  |  | $ | 7,497 |  |  | $ | 6,577 |
Non-same property - Redevelopment Projects |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Southern California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bunker Hill Towers |  |  | 456 |  |  | $ | 46,900 |  |  | $ | 40,500 |  |  | $ | 87,400 |  |  |  | Q3 2013 |  |  |  |  |  |  |  |  |
Total Non-Same Property - Redevelopment Projects |  |  | 456 |  |  | $ | 46,900 |  |  | $ | 40,500 |  |  | $ | 87,400 |  |  |  |  |  |  | $ | 3,514 |  |  | $ | 2,824 |

(1) | Redevelopment activities are ongoing at these communities, but the communities have stabilized operations, therefore results are classified in same-property results.

See Company’s 10-K and 10-Q for additional disclosures
S-12

E S S E X P R O P E R T Y T R U S T, I N C.
Capital Expenditures - June 30, 2016
(Dollars in thousands, except in footnotes)

Revenue Generating Capital Expenditures (1) (2) |  |  | Q2 2016 |  |  |  | Q1 2016 |  |  |  | Q4 2015 |  |  |  | Q3 2015 |  |  | Trailing 4 Quarters |
Same-property portfolio |  | $ | 13,077 |  |  | $ | 15,460 |  |  | $ | 23,132 |  |  | $ | 19,027 |  |  | $ | 70,696 |
Non-same property portfolio |  |  | 6,260 |  |  |  | 8,221 |  |  |  | 8,999 |  |  |  | 5,453 |  |  |  | 28,933 |
Total revenue generating capital expenditures |  | $ | 19,337 |  |  | $ | 23,681 |  |  | $ | 32,131 |  |  | $ | 24,480 |  |  | $ | 99,629 |
Number of same-property interior renovations completed |  |  | 869 |  |  |  | 813 |  |  |  | 618 |  |  |  | 859 |  |  |  | 3,159 |
Number of total consolidated interior renovations completed |  |  | 939 |  |  |  | 917 |  |  |  | 704 |  |  |  | 1,051 |  |  |  | 3,611 |

Non-Revenue Generating Capital Expenditures (3) |  |  | Q2 2016 |  |  |  | Q1 2016 |  |  |  | Q4 2015 |  |  |  | Q3 2015 |  |  | Trailing 4 Quarters |
Non-revenue generating capital expenditures |  | $ | 16,595 |  |  | $ | 5,312 |  |  | $ | 14,533 |  |  | $ | 17,994 |  |  | $ | 54,434 |
Average apartment homes in quarter |  |  | 49,053 |  |  |  | 48,933 |  |  |  | 48,686 |  |  |  | 48,560 |  |  |  | 48,808 |
Capital expenditures per apartment homes in the quarter |  | $ | 338 |  |  | $ | 109 |  |  | $ | 299 |  |  | $ | 371 |  |  | $ | 1,115 |

(1) | The Company incurred $0.1 million of capitalized interest, $2.8 million of capitalized overhead and $0.2 million of co-investment redevelopment fees related to redevelopment in Q2 2016.

(2) | Represents revenue generating or expense saving expenditures such as full-scale redevelopments shown on page S-12, interior unit turn renovations, enhanced amenities and certain resource management initiatives.

(3) | Represents roof replacements, paving, building and mechanical systems, exterior painting, siding, etc.

See Company’s 10-K and 10-Q for additional disclosures
S-12.1

E S S E X P R O P E R T Y T R U S T, I N C.

Co-investments - June 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Dollars in thousands) |  | Essex Ownership Percentage |  |  | Apartment Homes |  |  | Total Undepreciated Book Value |  |  | Debt Amount |  |  | Essex Book Value |  |  | Weighted Average Borrowing Rate |  |  | Remaining Term of Debt (in Years) |  |  | For the Three Months Ended June 30, 2016 |  |  | For the Six Months Ended June 30, 2016 |
Operating Non-Consolidated Joint Ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | NOI |
Wesco I, LLC |  |  | 50.0 | % |  |  | 2,275 |  |  | $ | 562,374 |  |  | $ | 293,721 |  |  | $ | 101,885 |  |  |  | 3.9 | % |  |  | 8.9 |  |  | $ | 9,491 |  |  |  | 18,475 |
Wesco III, LLC |  |  | 50.0 | % |  |  | 993 |  |  |  | 242,271 |  |  |  | 134,012 |  |  |  | 47,056 |  |  |  | 3.3 | % |  |  | 4.2 |  |  |  | 3,481 |  |  |  | 7,061 |
Wesco IV, LLC |  |  | 50.0 | % |  |  | 1,116 |  |  |  | 301,597 |  |  |  | 154,307 |  |  |  | 60,632 |  |  |  | 3.7 | % |  |  | 4.7 |  |  |  | 4,719 |  |  |  | 9,522 |
BEXAEW, LLC |  |  | 50.0 | % |  |  | 2,191 |  |  |  | 402,804 |  |  |  | 242,084 |  |  |  | 65,636 |  |  |  | 3.2 | % |  |  | 4.7 |  |  |  | 6,797 |  |  |  | 14,354 |
CPPIB |  |  | 55.0 | % |  |  | 1,928 |  |  |  | 692,475 |  |  |  | — |  |  |  | 379,311 |  |  |  | — |  |  |  | — |  |  |  | 10,691 |  |  |  | 20,966 |
Palm Valley |  |  | 50.0 | % |  |  | 1,098 |  |  |  | 370,832 |  |  |  | 223,496 |  |  |  | 68,229 |  |  |  | 2.5 | % |  |  | 0.6 |  |  |  | 5,289 |  |  |  | 10,410 |
Other |  |  | 50.0% - 55.0 | % |  |  | 587 |  |  |  | 201,576 |  |  |  | 138,011 |  |  |  | 31,517 |  |  |  | 2.7 | % |  |  | 2.0 |  |  |  | 3,152 |  |  |  | 5,773 |
Total Operating Non-Consolidated Joint Ventures |  |  |  |  |  |  | 10,188 |  |  | $ | 2,773,929 |  |  | $ | 1,185,631 |  |  | $ | 754,266 |  |  |  | 3.3 | % |  |  | 4.8 |  |  | $ | 43,620 |  |  | $ | 86,561 |
Development Non-Consolidated Joint Ventures (1) |  |  | 50.0% - 55.0 | % |  |  | 1,476 |  |  |  | 433,790 |  |  |  | 53,364 |  |  |  | 175,269 |  |  |  | 3.3 | % |  |  | 1.2 |  |  |  | (72 | ) |  |  | (72 | )
Total Non-Consolidated Joint Ventures |  |  |  |  |  |  | 11,664 |  |  | $ | 3,207,719 |  |  | $ | 1,238,995 |  |  | $ | 929,535 |  |  |  |  |  |  |  |  |  |  | $ | 43,548 |  |  | $ | 86,489 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Essex Portion of NOI and Expenses |
NOI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 22,439 |  |  | $ | 44,523 |
Depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12,457 | ) |  |  | (24,480 | )
Interest expense and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,178 | ) |  |  | (10,287 | )
Gain on sale of co-investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,611 |  |  |  | 13,046 |
Net income from operating co-investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 10,415 |  |  | $ | 22,802 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Weighted Average Preferred Return |  |  | Weighted Average Expected Term |  |  | Income from Preferred Equity Investments |
Income from preferred equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,881 |  |  | $ | 6,562 |
Preferred Equity Investments (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 173,737 |  |  |  | 10.3 | % |  |  | 3.1 |  |  | $ | 3,881 |  |  | $ | 6,562 |
Total Co-investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,103,272 |  |  |  |  |  |  |  |  |  |  | $ | 14,296 |  |  | $ | 29,364 |

(1) | The Company has interests in five development co-investments, which are detailed on S-11.

(2) | As of June 30, 2016 the Company has invested in ten preferred equity investments.

See Company’s 10-K and 10-Q for additional disclosures
S-13

E S S E X P R O P E R T Y T R U S T, I N C.
Assumptions for 2016 FFO Guidance Range
Q2 2016 Earnings Results Supplement
The guidance projections below are based on current expectations and are forward-looking. The guidance is given for Total and Core FFO. See pages S-17.1 to S-17.4 for the definitions of non-GAAP financial measures and other terms as well as the reconciliations of projected net income per share to projected FFO per share and projected Core FFO per share.

($’s in thousands, except share and per share data) (1) |  | YTD |  |  | 2016 Guidance Range |  |
|  | Actuals |  |  | Low End |  |  | High End |  | Comments Regarding Changes to Guidance
Net Operating Income (“NOI”) |  |  |  |  |  |  |  |  |  |
Total NOI from consolidated communities |  | $ | 441,171 |  |  | $ | 894,200 |  |  | $ | 900,600 |  | Includes actual results through June and the revised range of same-property NOI growth of 7.7% to 8.5%.
Management Fees |  |  | 4,052 |  |  |  | 8,000 |  |  |  | 8,600 |  |
Interest Expense |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, before capitalized interest |  |  | (108,372 | ) |  |  | (222,100 | ) |  |  | (220,500 | ) |
Forecasted interest capitalized |  |  | 6,275 |  |  |  | 12,700 |  |  |  | 13,700 |  |
Net interest expense |  |  | (102,097 | ) |  |  | (209,400 | ) |  |  | (206,800 | ) |
Recurring Income and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and other income |  |  | 8,764 |  |  |  | 16,500 |  |  |  | 17,100 |  |
FFO from co-investments |  |  | 40,798 |  |  |  | 84,600 |  |  |  | 86,200 |  | Includes actual results through June and investment activity completed through July.
General and administrative expense |  |  | (18,880 | ) |  |  | (41,000 | ) |  |  | (42,000 | ) |
Preferred dividends and non-controlling interest |  |  | (5,960 | ) |  |  | (11,900 | ) |  |  | (11,500 | ) |
Total recurring income and expenses |  |  | 24,722 |  |  |  | 48,200 |  |  |  | 49,800 |  |
Non-Core Income and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sales of marketable securities and land |  |  | 1,843 |  |  |  | 1,843 |  |  |  | 1,843 |  |
Loss on early retirement of debt and redemption costs |  |  | (2,541 | ) |  |  | (2,541 | ) |  |  | (2,541 | ) |
Acquisition and investment related costs |  |  | (1,095 | ) |  |  | (2,000 | ) |  |  | (3,000 | ) |
Other non-core adjustments |  |  | 4,010 |  |  |  | 4,010 |  |  |  | 4,010 |  |
Total non-core income and expenses |  |  | 2,217 |  |  |  | 1,312 |  |  |  | 312 |  |
Funds from Operations attributable to common stockholders and unitholders |  | $ | 370,065 |  |  | $ | 742,312 |  |  | $ | 752,512 |  |
Funds from Operations per diluted share |  | $ | 5.45 |  |  | $ | 10.92 |  |  | $ | 11.07 |  |
% Change - Funds from Operations |  |  | 17.0 | % |  |  | 12.3 | % |  |  | 13.9 | % |
Core Funds from Operations attributable to common stockholders and unitholders |  | $ | 367,848 |  |  | $ | 741,000 |  |  | $ | 752,200 |  |
Core Funds from Operations per diluted share |  | $ | 5.42 |  |  | $ | 10.90 |  |  | $ | 11.06 |  |
% Change - Core Funds from Operations |  |  | 15.6 | % |  |  | 11.0 | % |  |  | 12.6 | % |
Weighted average shares outstanding |  |  | 67,864 |  |  |  | 68,000 |  |  |  | 68,000 |  |

(1) | All non-core items are excluded from the YTD actuals and included in the non-core income and expense section of the FFO reconciliation.

See Company’s 10-K and 10-Q for additional disclosures
S-14

E S S E X P R O P E R T Y T R U S T, I N C.
Summary of Apartment Community Acquisitions and Dispositions Activity
Year to date as of June 30, 2016
(Dollars in thousands, except average rent amounts and in footnotes)

Acquisitions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property Name | Location |  | Apartment Homes |  |  | Essex Ownership Percentage |  | Entity | Date |  | Contract Price |  |  | Price per Apartment Home |  |  | Average Rent |
Mio | San Jose, CA |  |  | 103 |  |  | 100.0% |  | EPLP | Jan-16 |  | $ | 51,300 |  |  | $ | 498 |  |  | $ | 2,888 |
Form 15 | San Diego, CA |  |  | 242 |  |  | 100.0% |  | EPLP | Mar-16 |  |  | 97,400 |  |  |  | 402 |  |  |  | 2,221 |
| Q1 2016 |  |  | 345 |  |  |  |  |  |  |  |  | $ | 148,700 |  |  | $ | 431 |  |  |  |  |

Dispositions (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property Name |  | Location |  |  | Apartment Homes |  |  | Essex Ownership Percentage |  | Entity | Date |  | Sales Price |  |  | Price per Apartment Home |
The Heights |  | Chino Hills, CA |  |  |  | 332 |  |  | 50.0% |  | JV | Jan-16 |  | $ | 93,800 | (2) |  | $ | 283 |
Harvest Park |  | Santa Rosa, CA |  |  |  | 104 |  |  | 100.0% |  | EPLP | Feb-16 |  |  | 30,500 |  |  |  | 293 |
|  | Q1 2016 |  |  |  | 436 |  |  |  |  |  |  |  |  | $ | 124,300 |  |  | $ | 285 |
Canyon Creek |  | Northridge, CA |  |  |  | 200 |  |  | 50.0% |  | JV | Apr-16 |  | $ | 53,500 | (2) |  | $ | 268 |
|  | Q2 2016 |  |  |  | 200 |  |  |  |  |  |  |  |  | $ | 53,500 |  |  | $ | 268 |

(1) | In January 2016, the Company sold its former headquarters office building, located in Palo Alto, CA for gross proceeds of $18.0 million.

(2) | The Heights and Canyon Creek sales prices represent the total sales price at 100%.

See Company’s 10-K and 10-Q for additional disclosures
S-15

E S S E X P R O P E R T Y T R U S T, I N C.
2016 MSA Level Forecast: Supply, Jobs, and Apartment Market Conditions

|  | Residential Supply (1) |  |  | Job Forecast (2) |  |  | Market Forecast (3) |
Market |  | New MF Supply |  |  | New SF Supply |  |  | Total Supply |  |  | % of MF Supply to MF Stock |  |  | % of Total Supply to Total Stock |  |  | Est. New Jobs |  |  | % Growth |  |  | Economic Rent Growth |
Los Angeles |  |  | 11,000 |  |  |  | 5,700 |  |  |  | 16,700 |  |  |  | 0.7 | % |  |  | 0.5 | % |  |  | 94,600 |  |  |  | 2.2 | % |  |  | 5.5 | %
Orange |  |  | 3,800 |  |  |  | 3,800 |  |  |  | 7,600 |  |  |  | 0.9 | % |  |  | 0.7 | % |  |  | 39,500 |  |  |  | 2.5 | % |  |  | 5.6 | %
San Diego |  |  | 3,300 |  |  |  | 3,500 |  |  |  | 6,800 |  |  |  | 0.7 | % |  |  | 0.6 | % |  |  | 36,700 |  |  |  | 2.6 | % |  |  | 5.3 | %
Ventura |  |  | 150 |  |  |  | 700 |  |  |  | 850 |  |  |  | 0.2 | % |  |  | 0.3 | % |  |  | 5,350 |  |  |  | 1.8 | % |  |  | 5.4 | %
So. Cal. |  |  | 18,250 |  |  |  | 13,700 |  |  |  | 31,950 |  |  |  | 0.7 | % |  |  | 0.5 | % |  |  | 176,150 |  |  |  | 2.3 | % |  |  | 5.5 | %
San Francisco |  |  | 6,400 |  |  |  | 650 |  |  |  | 7,050 |  |  |  | 1.6 | % |  |  | 0.9 | % |  |  | 21,000 |  |  |  | 2.0 | % |  |  | 2.5 | %
Oakland |  |  | 1,600 |  |  |  | 4,300 |  |  |  | 5,900 |  |  |  | 0.5 | % |  |  | 0.6 | % |  |  | 21,900 |  |  |  | 2.0 | % |  |  | 5.0 | %
San Jose |  |  | 5,850 |  |  |  | 2,100 |  |  |  | 7,950 |  |  |  | 2.3 | % |  |  | 1.2 | % |  |  | 31,300 |  |  |  | 3.0 | % |  |  | 3.5 | %
No. Cal. |  |  | 13,850 |  |  |  | 7,050 |  |  |  | 20,900 |  |  |  | 1.5 | % |  |  | 0.9 | % |  |  | 74,200 |  |  |  | 2.5 | % |  |  | 3.8 | %
Seattle |  |  | 8,450 |  |  |  | 7,100 |  |  |  | 15,550 |  |  |  | 1.7 | % |  |  | 1.3 | % |  |  | 55,800 |  |  |  | 3.5 | % |  |  | 8.5 | %
Weighted Average (4) |  |  | 40,550 |  |  |  | 27,850 |  |  |  | 68,400 |  |  |  | 1.2 | % |  |  | 0.8 | % |  |  | 306,150 |  |  |  | 2.6 | % |  |  | 5.5 | %

All data are based on Essex Property Trust, Inc. forecasts.
U.S. Economic Assumptions: 2016 G.D.P. Growth: 2.0%, 2016 Job Growth: 1.8%

(1) | New Residential Supply: MF reflects Company’s internal estimate of actual multifamily deliveries; SF is based on 12 month single family trailing permits reported by the US Census Bureau.

(2) | Job Forecast: refers to the difference between total non-farm industry employment (not seasonally adjusted) projected 4Q over 4Q, expressed as total new jobs and growth rates.

(3) | Market Forecast: the estimated rent growth represents the forecasted change in effective market rents for full year 2016 vs 2015 (excludes submarkets not targeted by Essex).

(4) | Weighted Average: markets weighted by scheduled rent in the Company’s Portfolio.

See Company’s 10-K and 10-Q for additional disclosures
S-16

E S S E X P R O P E R T Y T R U S T, I N C.
Reconciliations of Non-GAAP Financial Measures and Other Terms

Adjusted EBITDA Reconciliation
Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is a component of the credit ratio, “Net Indebtedness Divided by Adjusted EBITDA”, 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 our 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 EBITDA is not a recognized measurement under U.S. GAAP. Because not all companies use identical calculations, our presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
The reconciliation of Adjusted EBITDA to Net income available to common stockholders is presented in the table below (Dollars in thousands):

|  | Three Months Ended June 30, |
|  | 2016 |
Net income available to common stockholders |  | $ | 72,013 |
Add: Net income attributable to noncontrolling interest |  |  | 4,811 |
Net Income |  |  | 76,824 |
Adjustments: |  |  |  |
Acquisition and investment related costs |  |  | 267 |
Depreciation and amortization |  |  | 109,673 |
Equity income from co-investments |  |  | (4,804 | )
Gain from sale of marketable securities |  |  | (1,103 | )
Gain on sale of co-investment communities |  |  | (5,611 | )
Insurance reimbursements, legal settlements, and other, net |  |  | (4,010 | )
Interest expense, net (1) |  |  | 52,754 |
Adjusted EBITDA |  | $ | 223,990 |

(1) | Interest expense, net includes items such as gains on derivatives and the amortization of deferred charges.

Encumbered
Encumbrance means any mortgage, deed of trust, lien, charge, pledge, security interest, security agreement or other encumbrance of any kind.
Funds From Operations (“FFO”)
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/losses on sales of real estate and extraordinary items. Management considers FFO and FFO which excludes merger, integration and acquisition costs and items that are not routine or not related to the Company’s core business activities, which is referred to as “Core FFO”, to be useful financial performance measurements of an equity REIT because, together with net income and cash flows, FFO and Core FFO provide investors with an additional basis to evaluate the operating performance and ability of a REIT to incur and service debt and to fund acquisitions and other capital expenditures and the ability to pay dividends.
See Company’s 10-K and 10-Q for additional disclosures
S-17.1

E S S E X P R O P E R T Y T R U S T, I N C.
Reconciliations of Non-GAAP Financial Measures and Other Terms

Funds From Operations (“FFO”) - continued
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 an alternative 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 shareholders. FFO and Core FFO do not represent cash flows generated from operating, investing or financing activities as defined under U.S. 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 reconciliation of diluted FFO and Core FFO are detailed on page S-3 titled “Consolidated Funds From Operations”.
Interest Expense, Net
Interest expense, net is a U.S. GAAP measure and is presented on page S-1 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 June 30, |  |  | Six Months Ended June 30, |
|  | 2016 |  |  | 2016 |
Interest expense |  | $ | (55,568 | ) |  | $ | (108,034 | )
Adjustments: |  |  |  |  |  |  |  |
Total return swap income |  |  | 2,814 |  |  |  | 5,937 |
Interest expense, net |  | $ | (52,754 | ) |  | $ | (102,097 | )

Net Indebtedness Divided by Adjusted EBITDA
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 EBITDA, as annualized based on the most recent quarter, and adjusted for estimated net operating income from properties acquired 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 EBITDA is set forth in “Adjusted EBITDA Reconciliation” above. The calculation of this credit ratio and a reconciliation of net indebtedness to total debt, net is presented in the table below (Dollars in thousands):

Total debt, net |  | $ | 5,614,455 |
Adjustments: |  |  |  |
Unamortized premiums, discounts, and debt issuance costs |  |  | (36,200 | )
Cash and cash equivalents-unrestricted |  |  | (182,515 | )
Marketable securities |  |  | (152,263 | )
Net Indebtedness |  | $ | 5,243,477 |
Adjusted EBITDA, annualized (1) |  | $ | 895,960 |
Net Indebtedness Divided by Adjusted EBITDA, annualized |  |  | 5.9 |

(1) | Based on the amount for the most recent quarter, multiplied by four.

See Company’s 10-K and 10-Q for additional disclosures
S-17.2

E S S E X P R O P E R T Y T R U S T, I N C.
Reconciliations of Non-GAAP Financial Measures and Other Terms

Net Operating Income (“NOI”) and Same-Property NOI Reconciliations
Net Operating Income (“NOI”) and Same-property NOI is considered by management to be an important supplemental performance measure 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 revenue less same-property operating expenses, including property taxes. Please see the reconciliation of earnings from operations to 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):

|  | Q2’16 |  |  | YTD 2016 |  |  | Q2’15 |  |  | YTD 2015 |
Earnings from operations |  | $ | 105,873 |  |  | $ | 205,868 |  |  | $ | 80,966 |  |  | $ | 156,281 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 109,673 |  |  |  | 219,380 |  |  |  | 113,731 |  |  |  | 220,638 |
Management and other fees |  |  | (2,028 | ) |  |  | (4,052 | ) |  |  | (2,061 | ) |  |  | (4,705 | )
General and administrative |  |  | 9,698 |  |  |  | 18,880 |  |  |  | 9,549 |  |  |  | 20,094 |
Merger and integration expenses |  |  | — |  |  |  | — |  |  |  | 1,410 |  |  |  | 3,798 |
Acquisition and investment related costs |  |  | 267 |  |  |  | 1,095 |  |  |  | 429 |  |  |  | 976 |
NOI |  |  | 223,483 |  |  |  | 441,171 |  |  |  | 204,024 |  |  |  | 397,082 |
Less: Non-same property NOI |  |  | (24,138 | ) |  |  | (46,337 | ) |  |  | (19,780 | ) |  |  | (33,129 | )
Same-Property NOI |  | $ | 199,345 |  |  | $ | 394,834 |  |  | $ | 184,244 |  |  | $ | 363,953 |

Projected EPS, FFO and Core FFO per diluted share
With respect to the Company’s guidance regarding its projected FFO and Core FFO for the third quarter of 2016 and full-year 2016, which guidance is set forth in the earnings release for the second quarter of 2016 and on page S-14 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.

|  | 2016 Guidance Range |
|  | 3rd Quarter 2016 |  |  | Full Year 2016 |
|  | Low |  |  | High |  |  | Low |  |  | High |
Projected EPS - diluted |  | $ | 0.91 |  |  | $ | 0.97 |  |  | $ | 4.13 |  |  | $ | 4.28 |
Conversion from GAAP share count |  |  | (0.03 | ) |  |  | (0.03 | ) |  |  | (0.14 | ) |  |  | (0.14 | )
Depreciation & amortization expense |  |  | 1.81 |  |  |  | 1.81 |  |  |  | 7.22 |  |  |  | 7.22 |
Noncontrolling interests related to Operating Partnership units |  |  | 0.03 |  |  |  | 0.03 |  |  |  | 0.14 |  |  |  | 0.14 |
Gains on sale of real estate |  |  | — |  |  |  | — |  |  |  | (0.49 | ) |  |  | (0.49 | )
Deferred tax expense |  |  | — |  |  |  | — |  |  |  | 0.06 |  |  |  | 0.06 |
Projected FFO per share - diluted |  |  | 2.72 |  |  |  | 2.78 |  |  |  | 10.92 |  |  |  | 11.07 |
Gains on sales of marketable securities |  |  | — |  |  |  | — |  |  |  | (0.03 | ) |  |  | (0.03 | )
Excess of redemption value of preferred stock over carrying value |  |  | — |  |  |  | — |  |  |  | 0.04 |  |  |  | 0.04 |
Acquisition and investment related costs |  |  | 0.01 |  |  |  | 0.01 |  |  |  | 0.03 |  |  |  | 0.04 |
Other non-core adjustments |  |  | — |  |  |  | — |  |  |  | (0.06 | ) |  |  | (0.06 | )
Projected Core FFO per share - diluted |  | $ | 2.73 |  |  | $ | 2.79 |  |  | $ | 10.90 |  |  | $ | 11.06 |

See Company’s 10-K and 10-Q for additional disclosures
S-17.3

E S S E X P R O P E R T Y T R U S T, I N C.
Reconciliations of Non-GAAP Financial Measures and Other Terms

Public Bond Covenants
Public Bond Covenants refers 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, leveraged and certain investment limitations. These covenants may restrict the Company’s abilitly 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, it 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 Financing” in the Company’s Annual Report on Form 10-K and other reports filed by the Company with the Securities and Exchange Comission (“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 dated April 11, 2016, filed by the company as Exhibit 4.1 to the Company’s Form 8-K, filed on April 11, 2016. 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 via Form 8-Ks and may differ materially from similar terms used by other companies that present information about their covenant compliance.
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 calculation 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 “Public Bond Covenants”. 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 month ended June 30, 2016, annualized, is calculated by dividing Unencumbered NOI, annualized for the three months ended June 30, 2016 and as further adjusted for pro forma NOI for properties acquired 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 Reconciliation” 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 Q2’16 (1) |
NOI |  | $ | 893,932 |
Adjustments: |  |  |  |
Other, Net |  |  | (6,324 | )
Adjusted Total NOI |  |  | 887,608 |
Less: Encumbered NOI |  |  | (299,726 | )
Unencumbered NOI |  | $ | 587,882 |
Encumbered NOI |  | $ | 299,726 |
Unencumbered NOI |  |  | 587,882 |
Adjusted Total NOI |  | $ | 887,608 |
Unencumbered NOI to Adjusted Total NOI |  |  | 66 | %

(1) | This table is based on the amounts for the most recent quarter, multiplied by four.

See Company’s 10-K and 10-Q for additional disclosures
S-17.4