EX-99.1 2 ef20037625_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1
THIRD QUARTER 2024 EARNINGS RELEASE & SUPPLEMENTAL DATA Century Towers | San Jose, CA

Third Quarter 2024
Earnings Release and Supplemental Data

Table of Contents |
Earnings Press Release | Pages 1 - 9
Consolidated Operating Results | S-1 & S-2
Consolidated Funds from Operations | S-3
Consolidated Balance Sheets | S-4
Debt Summary | S-5
Capitalization Data, Public Bond Covenants, Credit Ratings, and Selected Credit Ratios | S-6
Portfolio Summary by County | S-7
Operating Income by Quarter | S-8
Same-Property Revenue Results by County, Quarter-to-Date | S-9
Same-Property Revenue Results by County, Year-to-Date | S-9.1
Same-Property Operating Expenses, Quarter and Year-to-Date | S-10
Capital Expenditures | S-11
Co-Investments and Preferred Equity Investments | S-12
Assumptions for 2024 FFO Guidance Range | S-13
Reconciliation of Projected EPS, FFO and Core FFO per diluted share | S-13.1
Market Economic Rent Growth Trending Along the Pre-COVID Average | S-13.2
Summary of Apartment Community Acquisitions and Dispositions Activity | S-14
Same-Property Delinquencies, Operating Statistics, and Revenue Growth on a GAAP basis | S-15
MSA Level Supply Forecast: 2023A - 2025E | S-16
2025E Early Building Blocks to Same-Property Revenue Growth | S-16.1
Reconciliations of Non-GAAP Financial Measures and Other Terms | S-17.1 – S-17.4

1100 Park Place Suite 200 San Mateo California 94403 telephone 650 655 7800 facsimile 650 655 7810
www.essex.com

Essex Announces Third Quarter 2024 Results and
Raises Full-Year 2024 Guidance
San Mateo, California—October 29, 2024—Essex Property Trust, Inc. (NYSE: ESS) (the “Company”) announced today its third quarter 2024 earnings results and related business activities.
Net Income, Funds from Operations (“FFO”), and Core FFO per diluted share for the quarter ended September 30, 2024 are detailed below.

|  | Three Months Ended September 30, |  |  | % |  |  | Nine Months Ended September 30, |  |  | % |
|  | 2024 |  |  | 2023 |  |  | Change |  |  | 2024 |  |  | 2023 |  |  | Change |
Per Diluted Share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  |  | $1.84 |  |  |  | $1.36 |  |  |  | 35.3% |  |  |  | $7.54 |  |  |  | $5.30 |  |  |  | 42.3% |
Total FFO |  |  | $3.81 |  |  |  | $3.69 |  |  |  | 3.3% |  |  |  | $12.30 |  |  |  | $11.37 |  |  |  | 8.2% |
Core FFO |  |  | $3.91 |  |  |  | $3.78 |  |  |  | 3.4% |  |  |  | $11.68 |  |  |  | $11.21 |  |  |  | 4.2% |

Third Quarter 2024 Highlights:

| • | Reported Net Income per diluted share for the third quarter of 2024 of $1.84, compared to $1.36 in the third quarter of 2023. The increase is largely attributable to gains on remeasurements of co-investments recognized in the third quarter of 2024.

| • | Grew Core FFO per diluted share by 3.4% compared to the third quarter of 2023, exceeding the midpoint of the Company’s guidance range by $0.04. The outperformance was primarily driven by favorable same-property revenue growth.

| • | Achieved same-property revenue and net operating income (“NOI”) growth of 3.5% and 2.6%, respectively, compared to the third quarter of 2023. On a sequential basis, same-property revenues improved 1.2%.

| • | Issued $200.0 million of 10-year senior unsecured notes due in April 2034 at an effective yield of 5.1%.

| • | Acquired and consolidated two joint venture apartment home communities located in San Jose, CA at a combined valuation of $290.5 million on a gross basis.

| • | Raised full-year 2024 guidance range as detailed in the table below:

Full-Year 2024 Revised Guidance |  | Revised Range |  |  | Revised Midpoint |  | Change at Midpoint |
Net Income per diluted share |  | $8.66 - $8.78 |  |  | $8.72 |  |  | +$0.37 |
Core FFO per diluted share |  | $15.50 - $15.62 |  |  | $15.56 |  |  | +$0.06 |
Same-Property Revenues |  | 3.10% to 3.40% |  |  | 3.25% |  |  | +0.25% |
Same-Property Operating Expenses |  | 4.50% to 5.00% |  |  | 4.75% |  | Unchanged |
Same-Property NOI |  | 2.30% to 2.90% |  |  | 2.60% |  |  | +0.30% |

1100 Park Place Suite 200 San Mateo California 94403 telephone 650 655 7800 facsimile 650 655 7810
www.essex.com

Same-Property Operations
Same-property operating results exclude any properties that are not comparable for the periods presented. The table below illustrates the percentage change in same-property gross revenues for the quarter ended September 30, 2024 compared to the quarter ended September 30, 2023, and the sequential percentage change for the quarter ended September 30, 2024 compared to the quarter ended June 30, 2024, by submarket for the Company:

|  | Q3 2024 vs. Q3 2023 |  |  | Q3 2024 vs. Q2 2024 |  |  | % of Total |
|  | Revenue Change |  |  | Revenue Change |  |  | Q3 2024 Revenues |
Southern California |  |  |  |  |  |  |  |  |
Los Angeles County |  |  | 2.5% |  |  |  | 1.0% |  |  |  | 18.6% |
Orange County |  |  | 5.2% |  |  |  | 1.5% |  |  |  | 10.7% |
San Diego County |  |  | 5.3% |  |  |  | 1.5% |  |  |  | 9.1% |
Ventura County |  |  | 6.3% |  |  |  | 1.6% |  |  |  | 4.2% |
Total Southern California |  |  | 4.1% |  |  |  | 1.3% |  |  |  | 42.6% |
Northern California |  |  |  |  |  |  |  |  |  |  |  |
Santa Clara County |  |  | 2.4% |  |  |  | 1.0% |  |  |  | 19.6% |
Alameda County |  |  | 1.8% |  |  |  | 1.1% |  |  |  | 7.7% |
San Mateo County |  |  | 3.2% |  |  |  | 1.1% |  |  |  | 4.5% |
Contra Costa County |  |  | 3.3% |  |  |  | 0.9% |  |  |  | 5.4% |
San Francisco |  |  | 5.0% |  |  |  | 1.4% |  |  |  | 2.5% |
Total Northern California |  |  | 2.7% |  |  |  | 1.0% |  |  |  | 39.7% |
Seattle Metro |  |  | 3.8% |  |  |  | 1.1% |  |  |  | 17.7% |
Same-Property Portfolio |  |  | 3.5% |  |  |  | 1.2% |  |  |  | 100.0% |

The table below illustrates the components that drove the change in same-property revenue on a year-over-year basis for the three- and nine-month periods ended September 30, 2024 and on a sequential basis for the quarter ended September 30, 2024.

Same-Property Revenue Components |  | Q3 2024 vs. Q3 2023 |  |  | YTD 2024 vs. YTD 2023 |  |  | Q3 2024 vs. Q2 2024 |
Scheduled Rents |  |  | 1.7% |  |  |  | 1.9% |  |  |  | 0.9% |
Delinquencies |  |  | 1.3% |  |  |  | 1.1% |  |  |  | 0.2% |
Cash Concessions |  |  | 0.0% |  |  |  | 0.1% |  |  |  | 0.0% |
Vacancy |  |  | -0.3% |  |  |  | -0.4% |  |  |  | 0.0% |
Other Income |  |  | 0.8% |  |  |  | 0.8% |  |  |  | 0.1% |
2024 Same-Property Revenue Growth |  |  | 3.5% |  |  |  | 3.5% |  |  |  | 1.2% |

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|  | Year-Over-Year Change |  |  | Year-Over-Year Change |
|  | Q3 2024 compared to Q3 2023 |  |  | YTD 2024 compared to YTD 2023 |
|  | Revenues |  |  | Operating Expenses |  |  | NOI |  |  | Revenues |  |  | Operating Expenses |  |  | NOI |
Southern California |  |  | 4.1% |  |  |  | 4.3% |  |  |  | 4.0% |  |  |  | 4.3% |  |  |  | 4.1% |  |  |  | 4.3% |
Northern California |  |  | 2.7% |  |  |  | 6.8% |  |  |  | 0.9% |  |  |  | 2.8% |  |  |  | 5.6% |  |  |  | 1.6% |
Seattle Metro |  |  | 3.8% |  |  |  | 5.4% |  |  |  | 3.1% |  |  |  | 3.2% |  |  |  | 5.7% |  |  |  | 2.1% |
Same-Property Portfolio |  |  | 3.5% |  |  |  | 5.5% |  |  |  | 2.6% |  |  |  | 3.5% |  |  |  | 5.0% |  |  |  | 2.9% |

|  | Sequential Change |
|  | Q3 2024 compared to Q2 2024 |
|  | Revenues |  |  | Operating Expenses |  |  | NOI |
Southern California |  |  | 1.3% |  |  |  | 4.7% |  |  |  | 0.0% |
Northern California |  |  | 1.0% |  |  |  | 7.5% |  |  |  | -1.7% |
Seattle Metro |  |  | 1.1% |  |  |  | 3.6% |  |  |  | 0.0% |
Same-Property Portfolio |  |  | 1.2% |  |  |  | 5.6% |  |  |  | -0.7% |

|  | Financial Occupancies |
|  | Quarter Ended |
|  | 9/30/2024 |  |  | 6/30/2024 |  |  | 9/30/2023 |
Southern California |  |  | 95.9% |  |  |  | 95.7% |  |  |  | 96.3% |
Northern California |  |  | 96.4% |  |  |  | 96.3% |  |  |  | 96.6% |
Seattle Metro |  |  | 96.6% |  |  |  | 97.1% |  |  |  | 96.3% |
Same-Property Portfolio |  |  | 96.2% |  |  |  | 96.2% |  |  |  | 96.4% |

Investment Activity
Acquisitions
In July, the Company acquired its joint venture partner’s 49.9% common equity interest in Patina at Midtown, a 269-unit apartment home community built in 2021 and located in San Jose, CA, for a total contract price of $117.0 million on a gross basis. This reflects an attractive valuation of $435,000 per unit. Concurrent with the closing, the Company repaid a $95.0 million secured mortgage encumbering the property and was fully redeemed on a preferred equity investment affiliated with the partnership. The Company recorded a gain on remeasurement of co-investments of $2.2 million, which has been excluded from Total and Core FFO.
In September, the Company acquired its joint venture partner’s 50% common equity interest in Century Towers, a 376-unit apartment home community built in 2017 and located in San Jose, CA, for a total contract price of $173.5 million on a gross basis. This reflects an attractive valuation of $458,000 per unit. Concurrent with the closing, the Company repaid a $110.5 million secured mortgage encumbering the property and was fully redeemed on a preferred equity investment affiliated with the partnership. The Company issued approximately $25.0 million of Operating Partnership Units (“OP Units”) to the seller at $305 per unit. The
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Company recorded a gain on remeasurement of co-investments of $29.4 million, which has been excluded from Total and Core FFO.
Subsequent to quarter end, the Company acquired its joint venture partner’s 49.9% interest in the BEX II portfolio, comprising of four communities totaling 871 apartment homes, for a total contract price of $337.5 million on a gross basis. Concurrent with the closing, the Company assumed $95.0 million of secured mortgages.
Dispositions
Subsequent to quarter end, the Company sold its 81.5% interest in a 76-year-old apartment home community located in San Mateo, CA for a total contract price of $252.4 million on a gross basis. The 697-unit apartment home community was unencumbered and was classified as held for sale on the balance sheet as of September 30, 2024.
Other Investments
In July, the Company received cash proceeds of $40.1 million from the full redemption of a subordinated loan investment yielding an 11.5% rate of return.
Subsequent to quarter end, the Company received cash proceeds of $55.8 million from the full and partial redemptions of two structured finance investments yielding a 9.6% weighted average rate of return. Year-to-date through October, the Company has received cash proceeds of $106.2 million from redemptions of structured finance investments yielding a 10.4% weighted average rate of return.
Liquidity and Balance Sheet
Common Stock
Year-to-date through October 28, 2024, the Company has not issued any shares of common stock through its equity distribution program or repurchased any shares through its stock repurchase plan.
Balance Sheet
In August, the Company issued $200.0 million of 10-year senior unsecured notes due in April 2034 bearing an interest rate of 5.50% per annum and an effective yield of 5.11%. The notes were issued as additional notes to the previous offering conducted in March 2024.
In September, the Company extended the maturity date of its $1.2 billion unsecured line of credit facility to mature in January 2029 with two additional six-month extension options, exercisable at the Company’s option. The underlying interest rate on the line of credit is unchanged at Adjusted SOFR plus 0.765%, which is based on a tiered rate structure tied to the Company’s corporate ratings and further adjusted by the facility’s Sustainability Metric Adjustment feature.
As of October 28, 2024, the Company had approximately $1.2 billion in liquidity via undrawn capacity on its unsecured credit facilities, cash and cash equivalents, and marketable securities.
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Guidance
For the third quarter of 2024, the Company exceeded the midpoint of the guidance range provided in its second quarter 2024 earnings release for Core FFO by $0.04 per diluted share. The outperformance primarily relates to favorable same-property revenue growth.
The following table provides a reconciliation of third quarter 2024 Core FFO per diluted share to the midpoint of the guidance provided in the Company’s second quarter 2024 earnings release.

|  | Per Diluted Share |
Guidance midpoint of Core FFO per diluted share for Q3 2024 |  | $ | 3.87 |
NOI from Consolidated Communities |  |  | 0.04 |
FFO from Co-Investments |  |  | 0.01 |
G&A and Other |  |  | (0.01) |
Core FFO per diluted share for Q3 2024 reported |  | $ | 3.91 |

The table below provides key updates to the Company’s 2024 full-year assumptions for Net Income, Total FFO, Core FFO per diluted share, and same-property growth. For additional details regarding the Company’s 2024 Core FFO guidance range, please see page S-13 of the accompanying supplemental financial information.
2024 Full-Year and Fourth Quarter Guidance

|  | Previous Range |  |  | Previous Midpoint |  |  | Revised Range |  |  | Revised Midpoint |  |  | Change at the Midpoint |
Per Diluted Share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  | $8.23 - $8.47 |  |  | $8.35 |  |  | $8.66 - $8.78 |  |  | $8.72 |  |  | +$0.37 |
Total FFO |  | $15.93 - $16.17 |  |  | $16.05 |  |  | $15.86 - $15.98 |  |  | $15.92 |  |  | ($0.13) |
Core FFO |  | $15.38 - $15.62 |  |  | $15.50 |  |  | $15.50 - $15.62 |  |  | $15.56 |  |  | +$0.06 |
Q4 2024 Core FFO |  | - |  |  | - |  |  | $3.82 - $3.94 |  |  | $3.88 |  |  | N/A |
Same-Property Growth on a Cash-Basis (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 2.70% to 3.30% |  |  | 3.00% |  |  | 3.10% to 3.40% |  |  | 3.25% |  |  | +0.25% |
Operating Expenses |  | 4.50% to 5.00% |  |  | 4.75% |  |  | 4.50% to 5.00% |  |  | 4.75% |  |  | Unchanged |
NOI |  | 1.80% to 2.80% |  |  | 2.30% |  |  | 2.30% to 2.90% |  |  | 2.60% |  |  | +0.30% |

| (1) | The midpoint of the Company’s same-property revenues and NOI on a GAAP basis are 3.40% and 2.90%, respectively, representing a 0.20% and 0.40% increase to the Company’s previous guidance midpoints.

Conference Call with Management
The Company will host an earnings conference call with management to discuss its quarterly results on Wednesday, October 30, 2024 at 10:00 a.m. PT (1:00 p.m. ET), which will be broadcast live via the Internet at www.essex.com, and accessible via phone by dialing toll-free, (877) 407-0784, or toll/international, (201) 689-8560. No passcode is necessary.
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A rebroadcast of the live call will be available online for 30 days and digitally for 7 days. To access the replay online, go to www.essex.com and select the third quarter 2024 earnings link. To access the replay, dial (844) 512-2921 using the replay pin number 13749248. If you are unable to access the information via the Company’s website, please contact the Investor Relations Department at investors@essex.com or calling (650) 655-7800.
Upcoming Events
The Company is scheduled to participate in the National Association of Real Estate Investment Trusts (“NAREIT”) REITWorld Conference held at the Wynn Las Vegas in Las Vegas, NV on November 19, 2024. A copy of any materials provided by the Company at the conference will be made available on the Investors section of the Company’s website at www.essex.com.
Corporate Profile
Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 254 apartment communities comprising approximately 62,000 apartment homes. Additional information about the Company can be found on the Company’s website at www.essex.com.
This press release and accompanying supplemental financial information has been furnished to the Securities and Exchange Commission electronically on Form 8-K and can be accessed from the Company’s website at www.essex.com. If you are unable to obtain the information via the Web, please contact the Investor Relations Department at (650) 655-7800.
FFO Reconciliation
FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), is generally considered by industry analysts as an appropriate measure of performance of an equity REIT. Generally, FFO adjusts the net income of equity REITs for non-cash charges such as depreciation and amortization of rental properties, impairment charges, gains on sales of real estate and extraordinary items. Management considers FFO and FFO which excludes non-core items, which is referred to as “Core FFO,” to be useful supplemental operating performance measures of an equity REIT because, together with net income and cash flows, FFO and Core FFO provide investors with additional bases to evaluate the operating performance and ability of a REIT to incur and service debt and to fund acquisitions and other capital expenditures and to pay dividends. By excluding gains or losses related to sales of depreciated operating properties and land and excluding real estate depreciation (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO can help investors compare the operating performance of a real estate company between periods or as compared to different companies. By further adjusting for items that are not considered part of the Company’s core business operations, Core FFO allows investors to compare the core operating performance of the Company to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual operating results. FFO and Core FFO do not represent net income or cash flows from operations as defined by U.S. generally accepted accounting principles (“GAAP”) and are not intended to indicate whether cash flows will be sufficient to fund cash needs. These measures should not be considered as alternatives to net income as an indicator of the REIT’s operating performance or to cash flows as a measure of liquidity. FFO and Core FFO do not measure whether cash flow is sufficient to fund all cash needs including principal amortization, capital improvements and distributions to stockholders. FFO and Core FFO also do not represent cash flows generated from operating, investing or
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financing activities as defined under GAAP. Management has consistently applied the NAREIT definition of FFO to all periods presented. However, there is judgment involved and other REITs’ calculation of FFO may vary from the NAREIT definition for this measure, and thus their disclosures of FFO may not be comparable to the Company’s calculation.
The following table sets forth the Company’s calculation of diluted FFO and Core FFO for the three and nine months ended September 30, 2024 and 2023 (in thousands, except for share and per share amounts):

|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
Funds from Operations attributable to common stockholders and unitholders |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net income available to common stockholders |  | $ | 118,424 |  |  | $ | 87,282 |  |  | $ | 484,069 |  |  | $ | 340,434 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 146,439 |  |  |  | 137,357 |  |  |  | 431,785 |  |  |  | 410,422 |
Gains not included in FFO |  |  | (31,583 | ) |  |  | - |  |  |  | (169,909 | ) |  |  | (59,238 | )
Casualty loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 433 |
Impairment loss from unconsolidated co-investments |  |  | - |  |  |  | - |  |  |  | 3,726 |  |  |  | - |
Depreciation and amortization from unconsolidated co-investments |  |  | 16,417 |  |  |  | 18,029 |  |  |  | 52,267 |  |  |  | 53,486 |
Noncontrolling interest related to Operating Partnership units |  |  | 4,206 |  |  |  | 3,072 |  |  |  | 17,075 |  |  |  | 11,982 |
Depreciation attributable to third party ownership and other |  |  | (370 | ) |  |  | (371 | ) |  |  | (1,149 | ) |  |  | (1,095 | )
Funds from Operations attributable to common stockholders and unitholders |  | $ | 253,533 |  |  | $ | 245,369 |  |  | $ | 817,864 |  |  | $ | 756,424 |
FFO per share – diluted |  | $ | 3.81 |  |  | $ | 3.69 |  |  | $ | 12.30 |  |  | $ | 11.37 |
Expensed acquisition and investment related costs |  | $ | - |  |  | $ | 31 |  |  | $ | 68 |  |  | $ | 375 |
Tax (benefit) expense on unconsolidated co-investments (1) |  |  | (441 | ) |  |  | 404 |  |  |  | (1,199 | ) |  |  | 1,237 |
Realized and unrealized (gains) losses on marketable securities, net |  |  | (5,697 | ) |  |  | 4,577 |  |  |  | (10,645 | ) |  |  | (4,294 | )
Provision for credit losses |  |  | (182 | ) |  |  | 17 |  |  |  | (116 | ) |  |  | 51 |
Equity income from non-core co-investments (2) |  |  | (555 | ) |  |  | (538 | ) |  |  | (6,282 | ) |  |  | (1,422 | )
Co-investment promote income |  |  | - |  |  |  | - |  |  |  | (1,531 | ) |  |  | - |
Income from early redemption of preferred equity investments and notes receivable |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (285 | )
General and administrative and other, net |  |  | 13,956 |  |  |  | 1,743 |  |  |  | 22,403 |  |  |  | 2,570 |
Insurance reimbursements, legal settlements, and other, net (3) |  |  | (612 | ) |  |  | (283 | ) |  |  | (43,912 | ) |  |  | (9,082 | )
Core Funds from Operations attributable to common stockholders and unitholders |  | $ | 260,002 |  |  | $ | 251,320 |  |  | $ | 776,650 |  |  | $ | 745,574 |
Core FFO per share – diluted |  | $ | 3.91 |  |  | $ | 3.78 |  |  | $ | 11.68 |  |  | $ | 11.21 |
Weighted average number of shares outstanding diluted (4) |  |  | 66,551,838 |  |  |  | 66,445,256 |  |  |  | 66,500,412 |  |  |  | 66,537,111 |

(1) | Represents tax related to net unrealized gains or losses on technology co-investments.

(2) | Represents the Company’s share of co-investment income or loss from technology co-investments.

(3) | Includes legal settlement gains of $42.5 million and $7.7 million for the nine months ended September 30, 2024 and 2023, respectively.

(4) | Assumes conversion of all outstanding limited partnership units in Essex Portfolio, L.P. (the “Operating Partnership”) into shares of the Company’s common stock and excludes DownREIT limited partnership units.

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

|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Earnings from operations |  | $ | 128,790 |  |  | $ | 131,784 |  |  | $ | 398,599 |  |  | $ | 454,001 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate-level property management expenses |  |  | 12,150 |  |  |  | 11,504 |  |  |  | 36,004 |  |  |  | 34,387 |
Depreciation and amortization |  |  | 146,439 |  |  |  | 137,357 |  |  |  | 431,785 |  |  |  | 410,422 |
Management and other fees from affiliates |  |  | (2,563 | ) |  |  | (2,785 | ) |  |  | (7,849 | ) |  |  | (8,328 | )
General and administrative |  |  | 29,067 |  |  |  | 14,611 |  |  |  | 67,374 |  |  |  | 43,735 |
Expensed acquisition and investment related costs |  |  | - |  |  |  | 31 |  |  |  | 68 |  |  |  | 375 |
Casualty loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 433 |
Gain on sale of real estate and land |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (59,238 | )
NOI |  |  | 313,883 |  |  |  | 292,502 |  |  |  | 925,981 |  |  |  | 875,787 |
Less: Non-same property NOI |  |  | (26,431 | ) |  |  | (12,390 | ) |  |  | (66,748 | ) |  |  | (40,504 | )
Same-Property NOI |  | $ | 287,452 |  |  | $ | 280,112 |  |  | $ | 859,233 |  |  | $ | 835,283 |

Safe Harbor Statement Under The Private Litigation Reform Act of 1995:
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements which are not historical facts, including statements regarding the Company’s expectations, estimates, assumptions, hopes, intentions, beliefs and strategies regarding the future. Words such as “expects,” “assumes,” “anticipates,” “may,” “will,” “intends,” “plans,” “projects,” “believes,” “seeks,” “future,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, among other things, statements regarding the Company’s fourth quarter and full-year 2024 guidance (including net income, Total FFO and Core FFO, same-property growth and related assumptions) and anticipated yield on certain investments. While the Company’s management believes the assumptions underlying its forward-looking statements are reasonable, such forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, which could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or
- 8 -

achievements expressed or implied by such forward-looking statements. The Company cannot assure the future results or outcome of the matters described in these statements; rather, these statements merely reflect the Company’s current expectations of the approximate outcomes of the matters discussed.
Factors that might cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to, the following: assumptions related to our fourth quarter and full-year 2024 guidance; occupancy rates and rental demand may be adversely affected by competition and local economic and market conditions; there may be increased interest rates, inflation, escalated operating costs and possible recessionary impacts; geopolitical tensions and regional conflicts, and the related impacts on macroeconomic conditions, including, among other things, interest rates and inflation; the terms of any refinancing may not be as favorable as the terms of existing indebtedness; the Company’s inability to maintain our investment grade credit rating with the rating agencies; the Company may be unsuccessful in the management of its relationships with its co-investment partners; the Company may fail to achieve its business objectives; time of actual completion and/or stabilization of development and redevelopment projects; estimates of future income from an acquired property may prove to be inaccurate; future cash flows may be inadequate to meet operating requirements and/or may be insufficient to provide for dividend payments in accordance with REIT requirements; changes in laws or regulations and the anticipated or actual impact of future changes in laws or regulations; unexpected difficulties in leasing of future development projects; volatility in financial and securities markets; the Company’s failure to successfully operate acquired properties; unforeseen consequences from cyber-intrusion; government approvals, actions and initiatives, including the need for compliance with environmental requirements; and those further risks, special considerations, and other factors referred to in the Company’s annual report on Form 10-K for the year ended December 31, 2023, quarterly reports on Form 10-Q, and those risk factors and special considerations set forth in the Company’s other filings with the SEC which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. All forward-looking statements are made as of the date hereof, the Company assumes no obligation to update or supplement this information for any reason, and therefore, they may not represent the Company’s estimates and assumptions after the date of this press release.
Definitions and Reconciliations
Non-GAAP financial measures and certain other capitalized terms, as used in this earnings release, are defined and further explained on pages S-17.1 through S-17.4, “Reconciliations of Non-GAAP Financial Measures and Other Terms,” of the accompanying supplemental financial information. The supplemental financial information is available on the Company’s website at www.essex.com.
Contact Information
Loren Rainey
Director, Investor Relations
(650) 655-7800
lrainey@essex.com
- 9 -

E S S E X P R O P E R T Y T R U S T, I N C.
Consolidated Operating Results
(Dollars in thousands, except share and per share amounts)

|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Rental and other property |  | $ | 448,135 |  |  | $ | 416,398 |  |  | $ | 1,312,132 |  |  | $ | 1,239,319 |
Management and other fees from affiliates |  |  | 2,563 |  |  |  | 2,785 |  |  |  | 7,849 |  |  |  | 8,328 |
|  |  | 450,698 |  |  |  | 419,183 |  |  |  | 1,319,981 |  |  |  | 1,247,647 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating |  |  | 134,252 |  |  |  | 123,896 |  |  |  | 386,151 |  |  |  | 363,532 |
Corporate-level property management expenses |  |  | 12,150 |  |  |  | 11,504 |  |  |  | 36,004 |  |  |  | 34,387 |
Depreciation and amortization |  |  | 146,439 |  |  |  | 137,357 |  |  |  | 431,785 |  |  |  | 410,422 |
General and administrative |  |  | 29,067 |  |  |  | 14,611 |  |  |  | 67,374 |  |  |  | 43,735 |
Expensed acquisition and investment related costs |  |  | - |  |  |  | 31 |  |  |  | 68 |  |  |  | 375 |
Casualty loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 433 |
|  |  | 321,908 |  |  |  | 287,399 |  |  |  | 921,382 |  |  |  | 852,884 |
Gain on sale of real estate and land |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 59,238 |
Earnings from operations |  |  | 128,790 |  |  |  | 131,784 |  |  |  | 398,599 |  |  |  | 454,001 |
Interest expense, net (1) |  |  | (58,425 | ) |  |  | (53,471 | ) |  |  | (172,053 | ) |  |  | (155,262 | )
Interest and other income |  |  | 11,449 |  |  |  | 4,406 |  |  |  | 78,292 |  |  |  | 29,055 |
Equity income from co-investments |  |  | 11,649 |  |  |  | 10,694 |  |  |  | 33,667 |  |  |  | 33,802 |
Tax benefit (expense) on unconsolidated co-investments |  |  | 441 |  |  |  | (404 | ) |  |  | 1,199 |  |  |  | (1,237 | )
Gain on remeasurement of co-investment |  |  | 31,583 |  |  |  | - |  |  |  | 169,909 |  |  |  | - |
Net income |  |  | 125,487 |  |  |  | 93,009 |  |  |  | 509,613 |  |  |  | 360,359 |
Net income attributable to noncontrolling interest |  |  | (7,063 | ) |  |  | (5,727 | ) |  |  | (25,544 | ) |  |  | (19,925 | )
Net income available to common stockholders |  | $ | 118,424 |  |  | $ | 87,282 |  |  | $ | 484,069 |  |  | $ | 340,434 |
Net income per share - basic |  | $ | 1.84 |  |  | $ | 1.36 |  |  | $ | 7.54 |  |  | $ | 5.30 |
Shares used in income per share - basic |  |  | 64,227,662 |  |  |  | 64,184,180 |  |  |  | 64,214,258 |  |  |  | 64,274,085 |
Net income per share - diluted |  | $ | 1.84 |  |  | $ | 1.36 |  |  | $ | 7.54 |  |  | $ | 5.30 |
Shares used in income per share - diluted |  |  | 64,271,459 |  |  |  | 64,186,020 |  |  |  | 64,234,358 |  |  |  | 64,275,279 |

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

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information
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 - Selected Line Item Detail
(Dollars in thousands)

|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Rental and other property |  |  |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 440,649 |  |  | $ | 410,438 |  |  | $ | 1,290,026 |  |  | $ | 1,222,859 |
Other property |  |  | 7,486 |  |  |  | 5,960 |  |  |  | 22,106 |  |  |  | 16,460 |
Rental and other property |  | $ | 448,135 |  |  | $ | 416,398 |  |  | $ | 1,312,132 |  |  | $ | 1,239,319 |
Property operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate taxes |  | $ | 48,956 |  |  | $ | 46,876 |  |  | $ | 143,188 |  |  | $ | 138,787 |
Administrative |  |  | 13,782 |  |  |  | 12,370 |  |  |  | 42,881 |  |  |  | 37,254 |
Maintenance and repairs |  |  | 16,197 |  |  |  | 15,361 |  |  |  | 44,987 |  |  |  | 44,629 |
Personnel costs |  |  | 24,756 |  |  |  | 22,756 |  |  |  | 72,583 |  |  |  | 68,609 |
Utilities |  |  | 30,561 |  |  |  | 26,533 |  |  |  | 82,512 |  |  |  | 74,253 |
Property operating expenses |  | $ | 134,252 |  |  | $ | 123,896 |  |  | $ | 386,151 |  |  | $ | 363,532 |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities and other income |  | $ | 5,044 |  |  | $ | 8,830 |  |  | $ | 23,729 |  |  | $ | 16,581 |
Realized and unrealized gains (losses) on marketable securities, net |  |  | 5,697 |  |  |  | (4,577 | ) |  |  | 10,645 |  |  |  | 4,294 |
Provision for credit losses |  |  | 182 |  |  |  | (17 | ) |  |  | 116 |  |  |  | (51 | )
Insurance reimbursements, legal settlements, and other, net |  |  | 526 |  |  |  | 170 |  |  |  | 43,802 |  |  |  | 8,231 |
Interest and other income |  | $ | 11,449 |  |  | $ | 4,406 |  |  | $ | 78,292 |  |  | $ | 29,055 |
Equity income from co-investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity loss from co-investments |  | $ | (862 | ) |  | $ | (3,267 | ) |  | $ | (6,736 | ) |  | $ | (9,115 | )
Income from preferred equity investments |  |  | 11,870 |  |  |  | 13,310 |  |  |  | 36,206 |  |  |  | 40,359 |
Equity income from non-core co-investments |  |  | 555 |  |  |  | 538 |  |  |  | 6,282 |  |  |  | 1,422 |
Insurance reimbursements, legal settlements, and other, net |  |  | 86 |  |  |  | 113 |  |  |  | 110 |  |  |  | 851 |
Impairment loss from unconsolidated co-investment |  |  | - |  |  |  | - |  |  |  | (3,726 | ) |  |  | - |
Co-investment promote income |  |  | - |  |  |  | - |  |  |  | 1,531 |  |  |  | - |
Income from early redemption of preferred equity investments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 285 |
Equity income from co-investments |  | $ | 11,649 |  |  | $ | 10,694 |  |  | $ | 33,667 |  |  | $ | 33,802 |
Noncontrolling interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Limited partners of Essex Portfolio, L.P. |  | $ | 4,206 |  |  | $ | 3,072 |  |  | $ | 17,075 |  |  | $ | 11,982 |
DownREIT limited partners’ distributions |  |  | 2,284 |  |  |  | 2,162 |  |  |  | 6,867 |  |  |  | 6,493 |
Third-party ownership interest |  |  | 573 |  |  |  | 493 |  |  |  | 1,602 |  |  |  | 1,450 |
Noncontrolling interest |  | $ | 7,063 |  |  | $ | 5,727 |  |  | $ | 25,544 |  |  | $ | 19,925 |

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information
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)
(Dollars in thousands, except share and per share amounts and in footnotes)

|  | Three Months Ended September 30, |  |  |  |  |  | Nine Months Ended September 30, |  |  |  |
|  | 2024 |  |  | 2023 |  |  | % Change |  |  | 2024 |  |  | 2023 |  |  | % Change |
Funds from operations attributable to common stockholders and unitholders (FFO) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders |  | $ | 118,424 |  |  | $ | 87,282 |  |  |  |  |  | $ | 484,069 |  |  | $ | 340,434 |  |  |  |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 146,439 |  |  |  | 137,357 |  |  |  |  |  |  | 431,785 |  |  |  | 410,422 |  |  |  |
Gains not included in FFO |  |  | (31,583 | ) |  |  | - |  |  |  |  |  |  | (169,909 | ) |  |  | (59,238 | ) |  |  |
Casualty loss |  |  | - |  |  |  | - |  |  |  |  |  |  | - |  |  |  | 433 |  |  |  |
Impairment loss from unconsolidated co-investments |  |  | - |  |  |  | - |  |  |  |  |  |  | 3,726 |  |  |  | - |  |  |  |
Depreciation and amortization from unconsolidated co-investments |  |  | 16,417 |  |  |  | 18,029 |  |  |  |  |  |  | 52,267 |  |  |  | 53,486 |  |  |  |
Noncontrolling interest related to Operating Partnership units |  |  | 4,206 |  |  |  | 3,072 |  |  |  |  |  |  | 17,075 |  |  |  | 11,982 |  |  |  |
Depreciation attributable to third party ownership and other (2) |  |  | (370 | ) |  |  | (371 | ) |  |  |  |  |  | (1,149 | ) |  |  | (1,095 | ) |  |  |
Funds from operations attributable to common stockholders and unitholders |  | $ | 253,533 |  |  | $ | 245,369 |  |  |  |  |  | $ | 817,864 |  |  | $ | 756,424 |  |  |  |
FFO per share-diluted |  | $ | 3.81 |  |  | $ | 3.69 |  |  |  | 3.3% |  |  | $ | 12.30 |  |  | $ | 11.37 |  |  |  | 8.2% |
Components of the change in FFO |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-core items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expensed acquisition and investment related costs |  | $ | - |  |  | $ | 31 |  |  |  |  |  |  | $ | 68 |  |  | $ | 375 |  |  |  |  |
Tax (benefit) expense on unconsolidated co-investments (3) |  |  | (441 | ) |  |  | 404 |  |  |  |  |  |  |  | (1,199 | ) |  |  | 1,237 |  |  |  |  |
Realized and unrealized (gains) losses on marketable securities, net |  |  | (5,697 | ) |  |  | 4,577 |  |  |  |  |  |  |  | (10,645 | ) |  |  | (4,294 | ) |  |  |  |
Provision for credit losses |  |  | (182 | ) |  |  | 17 |  |  |  |  |  |  |  | (116 | ) |  |  | 51 |  |  |  |  |
Equity income from non-core co-investments (4) |  |  | (555 | ) |  |  | (538 | ) |  |  |  |  |  |  | (6,282 | ) |  |  | (1,422 | ) |  |  |  |
Co-investment promote income |  |  | - |  |  |  | - |  |  |  |  |  |  |  | (1,531 | ) |  |  | - |  |  |  |  |
Income from early redemption of preferred equity investments and notes receivable |  |  | - |  |  |  | - |  |  |  |  |  |  |  | - |  |  |  | (285 | ) |  |  |  |
General and administrative and other, net |  |  | 13,956 |  |  |  | 1,743 |  |  |  |  |  |  |  | 22,403 |  |  |  | 2,570 |  |  |  |  |
Insurance reimbursements, legal settlements, and other, net (5) |  |  | (612 | ) |  |  | (283 | ) |  |  |  |  |  |  | (43,912 | ) |  |  | (9,082 | ) |  |  |  |
Core funds from operations attributable to common stockholders and unitholders |  | $ | 260,002 |  |  | $ | 251,320 |  |  |  |  |  |  | $ | 776,650 |  |  | $ | 745,574 |  |  |  |  |
Core FFO per share-diluted |  | $ | 3.91 |  |  | $ | 3.78 |  |  |  | 3.4% |  |  | $ | 11.68 |  |  | $ | 11.21 |  |  |  | 4.2% |
Weighted average number of shares outstanding diluted (6) |  |  | 66,551,838 |  |  |  | 66,445,256 |  |  |  |  |  |  |  | 66,500,412 |  |  |  | 66,537,111 |  |  |  |  |

(1) | Refer to page S-17.2, the section titled “Funds from Operations (“FFO”) and Core FFO” for additional information on the Company’s definition and use of FFO and Core FFO.

(2) | The Company consolidates certain co-investments. The noncontrolling interest’s share of net operating income in these investments for the three and nine months ended September 30, 2024 was $0.9 million and $2.6 million, respectively.

(3) | Represents tax related to net unrealized gains or losses on technology co-investments.

(4) | Represents the Company’s share of co-investment income or loss from technology co-investments.

(5) | Includes legal settlement gains of $42.5 million and $7.7 million for the nine months ended September 30, 2024 and 2023, respectively.

(6) | Assumes conversion of all outstanding limited partnership units in the Operating Partnership into shares of the Company’s common stock and excludes DownREIT limited partnership units.

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

|  | September 30, 2024 |  |  | December 31, 2023 |
Real Estate: |  |  |  |  |  |
Land and land improvements |  | $ | 3,174,058 |  |  | $ | 3,036,912 |
Buildings and improvements |  |  | 13,884,518 |  |  |  | 13,098,311 |
|  |  | 17,058,576 |  |  |  | 16,135,223 |
Less: accumulated depreciation |  |  | (6,004,325 | ) |  |  | (5,664,931 | )
|  |  | 11,054,251 |  |  |  | 10,470,292 |
Real estate under development |  |  | 25,087 |  |  |  | 23,724 |
Co-investments |  |  | 1,007,252 |  |  |  | 1,061,733 |
Real estate held for sale |  |  | 74,148 |  |  |  | - |
|  |  | 12,160,738 |  |  |  | 11,555,749 |
Cash and cash equivalents, including restricted cash |  |  | 80,263 |  |  |  | 400,334 |
Marketable securities |  |  | 75,245 |  |  |  | 87,795 |
Notes and other receivables |  |  | 200,295 |  |  |  | 174,621 |
Operating lease right-of-use assets |  |  | 52,470 |  |  |  | 63,757 |
Prepaid expenses and other assets |  |  | 78,436 |  |  |  | 79,171 |
Total assets |  | $ | 12,647,447 |  |  | $ | 12,361,427 |
Unsecured debt, net |  | $ | 5,473,318 |  |  | $ | 5,318,531 |
Mortgage notes payable, net |  |  | 884,728 |  |  |  | 887,204 |
Lines of credit |  |  | 7,885 |  |  |  | - |
Distributions in excess of investments in co-investments |  |  | 79,985 |  |  |  | 65,488 |
Operating lease liabilities |  |  | 53,510 |  |  |  | 65,091 |
Other liabilities |  |  | 485,684 |  |  |  | 398,930 |
Total liabilities |  |  | 6,985,110 |  |  |  | 6,735,244 |
Redeemable noncontrolling interest |  |  | 33,977 |  |  |  | 32,205 |
Equity: |  |  |  |  |  |  |  |
Common stock |  |  | 6 |  |  |  | 6 |
Additional paid-in capital |  |  | 6,671,264 |  |  |  | 6,656,720 |
Distributions in excess of accumulated earnings |  |  | (1,255,608 | ) |  |  | (1,267,536 | )
Accumulated other comprehensive income, net |  |  | 18,174 |  |  |  | 33,556 |
Total stockholders’ equity |  |  | 5,433,836 |  |  |  | 5,422,746 |
Noncontrolling interest |  |  | 194,524 |  |  |  | 171,232 |
Total equity |  |  | 5,628,360 |  |  |  | 5,593,978 |
Total liabilities and equity |  | $ | 12,647,447 |  |  | $ | 12,361,427 |

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information
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 - September 30, 2024
(Dollars in thousands, except in footnotes)

|  |  | Scheduled principal payments, unamortized premiums (discounts) and (debt issuance costs) are as follows - excludes lines of credit: |
|  |  |  |  |  | Unsecured |  |  | Secured |  |  | Total |  |  | Weighted Average Interest Rate |  |  | Percentage of Total Debt |
|  |  | Weighted Average |  |
|  | Balance Outstanding |  |  | Interest Rate |  |  | Maturity in Years |  |
Unsecured Debt, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds public - fixed rate |  | $ | 5,200,000 |  |  |  | 3.4 | % |  |  | 7.2 |  |  | 2024 |  |  | $ | - |  |  | $ | 794 |  |  | $ | 794 |  |  |  | 3.5 | % |  |  | 0.0 | %
Term loan (1) |  |  | 300,000 |  |  |  | 4.2 | % |  |  | 3.0 |  |  | 2025 |  |  |  | 500,000 |  |  |  | 133,054 |  |  |  | 633,054 |  |  |  | 3.5 | % |  |  | 9.9 | %
Unamortized discounts and debt |  |  |  |  |  |  |  |  |  |  |  |  |  | 2026 |  |  |  | 450,000 |  |  |  | 99,405 |  |  |  | 549,405 |  |  |  | 3.5 | % |  |  | 8.6 | %
issuance costs, net |  |  | (26,682 | ) |  |  | - |  |  |  | - |  |  | 2027(1) |  |  |  | 650,000 |  |  |  | 153,955 |  |  |  | 803,955 |  |  |  | 4.0 | % |  |  | 12.6 | %
Total unsecured debt, net |  |  | 5,473,318 |  |  |  | 3.5 | % |  |  | 7.0 |  |  | 2028 |  |  |  | 450,000 |  |  |  | 68,332 |  |  |  | 518,332 |  |  |  | 2.2 | % |  |  | 8.1 | %
Mortgage Notes Payable, net |  |  |  |  |  |  |  |  |  |  |  |  |  | 2029 |  |  |  | 500,000 |  |  |  | 1,456 |  |  |  | 501,456 |  |  |  | 4.1 | % |  |  | 7.9 | %
Fixed rate - secured |  |  | 665,437 |  |  |  | 4.3 | % |  |  | 5.1 |  |  | 2030 |  |  |  | 550,000 |  |  |  | 1,592 |  |  |  | 551,592 |  |  |  | 3.1 | % |  |  | 8.6 | %
Variable rate - secured (2) |  |  | 222,040 |  |  |  | 4.1 | % |  |  | 13.3 |  |  | 2031 |  |  |  | 600,000 |  |  |  | 1,740 |  |  |  | 601,740 |  |  |  | 2.3 | % |  |  | 9.4 | %
Unamortized premiums and debt |  |  |  |  |  |  |  |  |  |  |  |  |  | 2032 |  |  |  | 650,000 |  |  |  | 1,903 |  |  |  | 651,903 |  |  |  | 2.6 | % |  |  | 10.3 | %
issuance costs, net |  |  | (2,749 | ) |  |  | - |  |  |  | - |  |  | 2033 |  |  |  | - |  |  |  | 330,126 |  |  |  | 330,126 |  |  |  | 5.0 | % |  |  | 5.2 | %
Total mortgage notes payable, net |  |  | 884,728 |  |  |  | 4.2 | % |  |  | 7.1 |  |  | 2034 |  |  |  | 550,000 |  |  |  | 2,275 |  |  |  | 552,275 |  |  |  | 5.5 | % |  |  | 8.6 | %
Unsecured Lines of Credit |  |  |  |  |  |  |  |  |  |  |  |  |  | Thereafter |  |  |  | 600,000 |  |  |  | 92,845 |  |  |  | 692,845 |  |  |  | 3.7 | % |  |  | 10.8 | %
Line of credit (3) |  |  | - |  |  |  | 6.3 | % |  |  | N/A |  |  | Subtotal |  |  |  | 5,500,000 |  |  |  | 887,477 |  |  |  | 6,387,477 |  |  |  | 3.6 | % |  |  | 100.0 | %
Line of credit (4) |  |  | 7,885 |  |  |  | 6.3 | % |  |  | N/A |  |  | Debt Issuance Costs |  |  |  | (26,583 | ) |  |  | (2,717 | ) |  |  | (29,300 | ) |  |  | - |  |  |  | - |
Total lines of credit |  |  | 7,885 |  |  |  | 6.3 | % |  |  | N/A |  |  | (Discounts)/Premiums |  |  |  | (99 | ) |  |  | (32 | ) |  |  | (131 | ) |  |  | - |  |  |  | - |
Total debt, net |  | $ | 6,365,931 |  |  |  | 3.6 | % |  |  | 7.0 |  |  | Total |  |  | $ | 5,473,318 |  |  | $ | 884,728 |  |  | $ | 6,358,046 |  |  |  | 3.6 | % |  |  | 100.0 | %

Capitalized interest for both the three and nine months ended September 30, 2024 was approximately $0.1 million and $0.2 million, respectively.

(1) | The unsecured term loan has a variable interest rate of Adjusted SOFR plus 0.85% and matures in October 2025 with two remaining 12-month extension options, exercisable at the Company’s option. This loan has been swapped to an all-in fixed rate of 4.2% and the swap has a termination date of October 2026.

(2) | $222.0 million of variable rate debt is tax exempt to the note holders.

(3) | This unsecured line of credit facility has a capacity of $1.2 billion, a scheduled maturity date in January 2029 and two 6-month extension options, exercisable at the Company’s option. The underlying interest rate on this line is Adjusted SOFR plus 0.765%, which is based on a tiered rate structure tied to the Company’s corporate ratings and further adjusted by the facility’s Sustainability Metric Adjustment feature. In September 2024, the scheduled maturity date was extended from January 2027 to January 2029.

(4) | The unsecured line of credit facility has a capacity of $75 million and a scheduled maturity date in July 2026. The underlying interest rate on this line is Adjusted SOFR plus 0.765%, which is based on a tiered rate structure tied to the Company’s corporate ratings and further adjusted by the facility’s Sustainability Metric Adjustment feature.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information
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 - September 30, 2024
(Dollars and shares in thousands, except per share amounts)

Capitalization Data |  |  | Public Bond Covenants (1) |  | Actual |  | Requirement
Total debt, net |  | $ | 6,365,931 |  |  |  |  |  |  |
Common stock and potentially dilutive securities |  |  |  |  |  | Debt to Total Assets: |  | 34% |  | < 65%
Common stock outstanding |  |  | 64,267 |  |  |  |  |  |  |
Limited partnership units (1) |  |  | 2,332 |  |  | Secured Debt to Total Assets: |  | 5% |  | < 40%
Options-treasury method |  |  | 53 |  |  |  |  |  |  |
Total shares of common stock and potentially dilutive securities |  |  | 66,652 |  |  | Interest Coverage: |  | 547% |  | > 150%
Common stock price per share as of September 30, 2024 |  | $ | 295.42 |  |  | Unsecured Debt Ratio (2): |  | 293% |  | > 150%
Total equity capitalization |  | $ | 19,690,334 |  |  |  |  |  |  |
Total market capitalization |  | $ | 26,056,265 |  |  | Selected Credit Ratios (3) |  | Actual |  |
Ratio of debt to total market capitalization |  |  | 24.4 | % |  | Net Indebtedness Divided by Adjusted EBITDAre, normalized and annualized: |  | 5.5 |  |
Credit Ratings |  |  |  |  |  | Unencumbered NOI to Adjusted Total NOI: |  | 93% |  |
Rating Agency | Rating | Outlook |  |  |  |  |  |  |  |  |  |
Moody’s | Baa1 | Stable |  |  |  |  |  | (1) Refer to page S-17.4 for additional information on the Company’s Public Bond Covenants.
Standard & Poor’s | BBB+ | Stable |  |  |  |  |  | (2) Unsecured Debt Ratio is unsecured assets (excluding investments in co- investments) divided by unsecured indebtedness.
(1) Assumes conversion of all outstanding limited partnership units in the Operating Partnership into shares of the Company’s common stock. |  |  | (3) Refer to pages S-17.1 to S-17.4, the section titled “Reconciliations of Non-GAAP Financial Measures and Other Terms” for additional information on the Company’s Selected Credit Ratios.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information
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 by County as of September 30, 2024

|  | Apartment Homes |  |  | Average Monthly Rental Rate (1) |  |  | Percent of NOI (2) |
Region - County |  | Consolidated |  |  | Unconsolidated Co-investments |  |  | Total |  |  | Consolidated |  |  | Unconsolidated Co-investments (3) |  |  | Total (4) |  |  | Consolidated |  |  | Unconsolidated Co-investments (3) |  |  | Total (4) |
Southern California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Los Angeles County |  |  | 9,542 |  |  |  | 1,586 |  |  |  | 11,128 |  |  | $ | 2,677 |  |  | $ | 2,560 |  |  | $ | 2,667 |  |  |  | 16.6 | % |  |  | 17.5 | % |  |  | 16.7 | %
Orange County |  |  | 5,843 |  |  |  | 500 |  |  |  | 6,343 |  |  |  | 2,777 |  |  |  | 2,617 |  |  |  | 2,770 |  |  |  | 11.5 | % |  |  | 6.2 | % |  |  | 11.1 | %
San Diego County |  |  | 5,442 |  |  |  | 443 |  |  |  | 5,885 |  |  |  | 2,649 |  |  |  | 3,032 |  |  |  | 2,664 |  |  |  | 10.6 | % |  |  | 5.4 | % |  |  | 10.3 | %
Ventura County and Other |  |  | 2,435 |  |  |  | 693 |  |  |  | 3,128 |  |  |  | 2,443 |  |  |  | 2,863 |  |  |  | 2,499 |  |  |  | 4.6 | % |  |  | 9.5 | % |  |  | 4.9 | %
Total Southern California |  |  | 23,262 |  |  |  | 3,222 |  |  |  | 26,484 |  |  |  | 2,671 |  |  |  | 2,692 |  |  |  | 2,672 |  |  |  | 43.3 | % |  |  | 38.6 | % |  |  | 43.0 | %
Northern California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Santa Clara County (5) |  |  | 9,633 |  |  |  | 1,129 |  |  |  | 10,762 |  |  |  | 3,054 |  |  |  | 2,988 |  |  |  | 3,050 |  |  |  | 20.5 | % |  |  | 14.0 | % |  |  | 19.9 | %
Alameda County |  |  | 3,959 |  |  |  | 1,512 |  |  |  | 5,471 |  |  |  | 2,586 |  |  |  | 2,591 |  |  |  | 2,587 |  |  |  | 6.7 | % |  |  | 17.1 | % |  |  | 7.5 | %
San Mateo County |  |  | 2,561 |  |  |  | 195 |  |  |  | 2,756 |  |  |  | 3,136 |  |  |  | 3,783 |  |  |  | 3,160 |  |  |  | 5.4 | % |  |  | 3.3 | % |  |  | 5.2 | %
Contra Costa County |  |  | 2,619 |  |  |  | - |  |  |  | 2,619 |  |  |  | 2,746 |  |  |  | - |  |  |  | 2,746 |  |  |  | 4.9 | % |  |  | 0.0 | % |  |  | 4.6 | %
San Francisco |  |  | 1,356 |  |  |  | 537 |  |  |  | 1,893 |  |  |  | 2,899 |  |  |  | 3,283 |  |  |  | 2,962 |  |  |  | 2.3 | % |  |  | 6.7 | % |  |  | 2.6 | %
Total Northern California |  |  | 20,128 |  |  |  | 3,373 |  |  |  | 23,501 |  |  |  | 2,919 |  |  |  | 2,888 |  |  |  | 2,917 |  |  |  | 39.8 | % |  |  | 41.1 | % |  |  | 39.8 | %
Seattle Metro |  |  | 10,555 |  |  |  | 1,970 |  |  |  | 12,525 |  |  |  | 2,215 |  |  |  | 2,156 |  |  |  | 2,210 |  |  |  | 16.9 | % |  |  | 20.3 | % |  |  | 17.2 | %
Total |  |  | 53,945 |  |  |  | 8,565 |  |  |  | 62,510 |  |  | $ | 2,673 |  |  | $ | 2,647 |  |  | $ | 2,671 |  |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | %

(1) | Average monthly rental rate is defined as the total scheduled monthly rental income (actual rent for occupied apartment homes plus market rent for vacant apartment homes) for the quarter ended September 30, 2024, divided by the number of apartment homes as of September 30, 2024.

(2) | Represents the percentage of actual NOI for the quarter ended September 30, 2024. See the section titled “Net Operating Income (“NOI”) and Same-Property NOI Reconciliations” on page S-17.3.

(3) | Co-investment amounts weighted at Company’s pro rata share.

(4) | At Company’s pro rata share.

(5) | Includes all communities in Santa Clara County and one community in Santa Cruz County.

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

|  | Apartment Homes |  |  | Q3 ‘24 |  |  | Q2 ‘24 |  |  | Q1 ‘24 |  |  | Q4 ‘23 |  |  | Q3 ‘23 |
Rental and other property revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same-property |  |  | 50,187 |  |  | $ | 413,213 |  |  | $ | 408,453 |  |  | $ | 403,636 |  |  | $ | 400,989 |  |  | $ | 399,292 |
Acquisitions (2) |  |  | 2,437 |  |  |  | 16,964 |  |  |  | 12,824 |  |  |  | 1,598 |  |  |  | 429 |  |  |  | 383 |
Redevelopment |  |  | 178 |  |  |  | 1,671 |  |  |  | 1,565 |  |  |  | 1,541 |  |  |  | 1,536 |  |  |  | 1,564 |
Non-residential/other, net (3) |  |  | 1,143 |  |  |  | 16,514 |  |  |  | 17,451 |  |  |  | 17,503 |  |  |  | 17,041 |  |  |  | 16,553 |
Straight-line rent concessions (4) |  |  | - |  |  |  | (227 | ) |  |  | (511 | ) |  |  | (63 | ) |  |  | (1,050 | ) |  |  | (1,394 | )
Total rental and other property revenues |  |  | 53,945 |  |  |  | 448,135 |  |  |  | 439,782 |  |  |  | 424,215 |  |  |  | 418,945 |  |  |  | 416,398 |
Property operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same-property |  |  |  |  |  |  | 125,761 |  |  |  | 119,067 |  |  |  | 121,241 |  |  |  | 116,972 |  |  |  | 119,180 |
Acquisitions (2) |  |  |  |  |  |  | 4,870 |  |  |  | 3,585 |  |  |  | 479 |  |  |  | 153 |  |  |  | 137 |
Redevelopment |  |  |  |  |  |  | 740 |  |  |  | 731 |  |  |  | 718 |  |  |  | 742 |  |  |  | 634 |
Non-residential/other, net (3) (5) |  |  |  |  |  |  | 2,881 |  |  |  | 2,650 |  |  |  | 3,428 |  |  |  | 4,080 |  |  |  | 3,945 |
Total property operating expenses |  |  |  |  |  |  | 134,252 |  |  |  | 126,033 |  |  |  | 125,866 |  |  |  | 121,947 |  |  |  | 123,896 |
Net operating income (NOI): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same-property |  |  |  |  |  |  | 287,452 |  |  |  | 289,386 |  |  |  | 282,395 |  |  |  | 284,017 |  |  |  | 280,112 |
Acquisitions (2) |  |  |  |  |  |  | 12,094 |  |  |  | 9,239 |  |  |  | 1,119 |  |  |  | 276 |  |  |  | 246 |
Redevelopment |  |  |  |  |  |  | 931 |  |  |  | 834 |  |  |  | 823 |  |  |  | 794 |  |  |  | 930 |
Non-residential/other, net (3) |  |  |  |  |  |  | 13,633 |  |  |  | 14,801 |  |  |  | 14,075 |  |  |  | 12,961 |  |  |  | 12,608 |
Straight-line rent concessions (4) |  |  |  |  |  |  | (227 | ) |  |  | (511 | ) |  |  | (63 | ) |  |  | (1,050 | ) |  |  | (1,394 | )
Total NOI |  |  |  |  |  | $ | 313,883 |  |  | $ | 313,749 |  |  | $ | 298,349 |  |  | $ | 296,998 |  |  | $ | 292,502 |
Same-property metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating margin |  |  |  |  |  |  | 70 | % |  |  | 71 | % |  |  | 70 | % |  |  | 71 | % |  |  | 70 | %
Annualized turnover (6) |  |  |  |  |  |  | 46 | % |  |  | 41 | % |  |  | 37 | % |  |  | 39 | % |  |  | 48 | %
Financial occupancy (7) |  |  |  |  |  |  | 96.2 | % |  |  | 96.2 | % |  |  | 96.3 | % |  |  | 96.1 | % |  |  | 96.4 | %

(1) | Includes consolidated communities only.

(2) | Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2023.

(3) | Non-residential/other, net consists of revenues generated from retail space, commercial properties, held for sale properties, disposition properties, properties undergoing significant construction activities that do not meet our redevelopment criteria and two communities located in the California counties of Santa Barbara and Santa Cruz, which the Company does not consider its core markets.

(4) | Represents straight-line concessions for residential operating communities. Same-property revenues reflect concessions on a cash basis. Total Rental and Other Property Revenues reflect concessions on a straight-line basis in accordance with U.S. GAAP.

(5) | Includes other expenses and intercompany eliminations pertaining to self-insurance.

(6) | 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 income by total scheduled rental income. Actual rental income represents contractual rental income pursuant to leases without considering delinquency and concessions. Total scheduled rental income represents the value of all apartment homes, with occupied apartment homes valued at contractual rental rates pursuant to leases and vacant apartment homes valued at estimated market rents.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information
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 Revenue Results by County - Third Quarter 2024 vs. Third Quarter 2023 and Second Quarter 2024
(Dollars in thousands, except average monthly rental rates)

|  |  |  |  |  |  |  | Average Monthly Rental Rate |  |  | Financial Occupancy |  |  | Gross Revenues |  |  | Sequential Gross Revenues |
Region - County |  | Apartment Homes |  |  | Q3 ‘24 % of Actual NOI |  |  | Q3 ‘24 |  |  | Q3 ‘23 |  |  | % Change |  |  | Q3 ‘24 |  |  | Q3 ‘23 |  |  | % Change |  |  | Q3 ‘24 |  |  | Q3 ‘23 |  |  | % Change |  |  | Q2 ‘24 |  |  | % Change |
Southern California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Los Angeles County |  |  | 9,542 |  |  |  | 17.8 | % |  | $ | 2,677 |  |  | $ | 2,687 |  |  |  | -0.4 | % |  |  | 95.1 | % |  |  | 96.2 | % |  |  | -1.1 | % |  | $ | 77,050 |  |  | $ | 75,166 |  |  |  | 2.5 | % |  | $ | 76,251 |  |  |  | 1.0 | %
Orange County |  |  | 5,193 |  |  |  | 11.1 | % |  |  | 2,815 |  |  |  | 2,729 |  |  |  | 3.2 | % |  |  | 96.1 | % |  |  | 96.0 | % |  |  | 0.1 | % |  |  | 44,123 |  |  |  | 41,946 |  |  |  | 5.2 | % |  |  | 43,464 |  |  |  | 1.5 | %
San Diego County |  |  | 4,584 |  |  |  | 9.7 | % |  |  | 2,671 |  |  |  | 2,570 |  |  |  | 3.9 | % |  |  | 96.6 | % |  |  | 96.6 | % |  |  | 0.0 | % |  |  | 37,689 |  |  |  | 35,794 |  |  |  | 5.3 | % |  |  | 37,129 |  |  |  | 1.5 | %
Ventura County |  |  | 2,254 |  |  |  | 4.5 | % |  |  | 2,435 |  |  |  | 2,333 |  |  |  | 4.4 | % |  |  | 96.7 | % |  |  | 96.8 | % |  |  | -0.1 | % |  |  | 17,181 |  |  |  | 16,165 |  |  |  | 6.3 | % |  |  | 16,918 |  |  |  | 1.6 | %
Total Southern California |  |  | 21,573 |  |  |  | 43.1 | % |  |  | 2,684 |  |  |  | 2,635 |  |  |  | 1.9 | % |  |  | 95.9 | % |  |  | 96.3 | % |  |  | -0.4 | % |  |  | 176,043 |  |  |  | 169,071 |  |  |  | 4.1 | % |  |  | 173,762 |  |  |  | 1.3 | %
Northern California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Santa Clara County |  |  | 8,653 |  |  |  | 20.3 | % |  |  | 3,035 |  |  |  | 2,973 |  |  |  | 2.1 | % |  |  | 96.7 | % |  |  | 96.8 | % |  |  | -0.1 | % |  |  | 80,808 |  |  |  | 78,888 |  |  |  | 2.4 | % |  |  | 80,006 |  |  |  | 1.0 | %
Alameda County |  |  | 3,959 |  |  |  | 7.2 | % |  |  | 2,586 |  |  |  | 2,602 |  |  |  | -0.6 | % |  |  | 96.3 | % |  |  | 96.4 | % |  |  | -0.1 | % |  |  | 31,716 |  |  |  | 31,148 |  |  |  | 1.8 | % |  |  | 31,374 |  |  |  | 1.1 | %
San Mateo County |  |  | 1,864 |  |  |  | 4.2 | % |  |  | 3,226 |  |  |  | 3,165 |  |  |  | 1.9 | % |  |  | 96.1 | % |  |  | 97.0 | % |  |  | -0.9 | % |  |  | 18,722 |  |  |  | 18,139 |  |  |  | 3.2 | % |  |  | 18,513 |  |  |  | 1.1 | %
Contra Costa County |  |  | 2,619 |  |  |  | 5.3 | % |  |  | 2,746 |  |  |  | 2,688 |  |  |  | 2.2 | % |  |  | 96.3 | % |  |  | 96.6 | % |  |  | -0.3 | % |  |  | 22,174 |  |  |  | 21,464 |  |  |  | 3.3 | % |  |  | 21,974 |  |  |  | 0.9 | %
San Francisco |  |  | 1,178 |  |  |  | 2.1 | % |  |  | 2,867 |  |  |  | 2,841 |  |  |  | 0.9 | % |  |  | 94.8 | % |  |  | 94.6 | % |  |  | 0.2 | % |  |  | 10,450 |  |  |  | 9,952 |  |  |  | 5.0 | % |  |  | 10,306 |  |  |  | 1.4 | %
Total Northern California |  |  | 18,273 |  |  |  | 39.1 | % |  |  | 2,905 |  |  |  | 2,863 |  |  |  | 1.5 | % |  |  | 96.4 | % |  |  | 96.6 | % |  |  | -0.2 | % |  |  | 163,870 |  |  |  | 159,591 |  |  |  | 2.7 | % |  |  | 162,173 |  |  |  | 1.0 | %
Seattle Metro |  |  | 10,341 |  |  |  | 17.8 | % |  |  | 2,222 |  |  |  | 2,176 |  |  |  | 2.1 | % |  |  | 96.6 | % |  |  | 96.3 | % |  |  | 0.3 | % |  |  | 73,300 |  |  |  | 70,630 |  |  |  | 3.8 | % |  |  | 72,518 |  |  |  | 1.1 | %
Total Same-Property |  |  | 50,187 |  |  |  | 100.0 | % |  | $ | 2,669 |  |  | $ | 2,623 |  |  |  | 1.8 | % |  |  | 96.2 | % |  |  | 96.4 | % |  |  | -0.2 | % |  | $ | 413,213 |  |  | $ | 399,292 |  |  |  | 3.5 | % |  | $ | 408,453 |  |  |  | 1.2 | %

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information
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 - Nine months ended September 30, 2024 vs. Nine months ended September 30, 2023
(Dollars in thousands, except average monthly rental rates)

|  |  |  |  | YTD 2024 % of Actual NOI |  |  | Average Monthly Rental Rate |  |  | Financial Occupancy |  |  | Gross Revenues |
Region - County |  | Apartment Homes |  |  |  |  | YTD 2024 |  |  | YTD 2023 |  |  | % Change |  |  | YTD 2024 |  |  | YTD 2023 |  |  | % Change |  |  | YTD 2024 |  |  | YTD 2023 |  |  | % Change |
Southern California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Los Angeles County |  |  | 9,542 |  |  |  | 17.7 | % |  | $ | 2,674 |  |  | $ | 2,665 |  |  |  | 0.3 | % |  |  | 95.3 | % |  |  | 96.4 | % |  |  | -1.2 | % |  | $ | 228,571 |  |  | $ | 223,390 |  |  |  | 2.3 | %
Orange County |  |  | 5,193 |  |  |  | 11.1 | % |  |  | 2,783 |  |  |  | 2,683 |  |  |  | 3.7 | % |  |  | 96.0 | % |  |  | 96.1 | % |  |  | -0.2 | % |  |  | 130,723 |  |  |  | 124,205 |  |  |  | 5.2 | %
San Diego County |  |  | 4,584 |  |  |  | 9.7 | % |  |  | 2,638 |  |  |  | 2,515 |  |  |  | 4.9 | % |  |  | 96.5 | % |  |  | 96.9 | % |  |  | -0.5 | % |  |  | 111,531 |  |  |  | 104,972 |  |  |  | 6.2 | %
Ventura County |  |  | 2,254 |  |  |  | 4.5 | % |  |  | 2,400 |  |  |  | 2,289 |  |  |  | 4.8 | % |  |  | 96.7 | % |  |  | 97.0 | % |  |  | -0.2 | % |  |  | 50,802 |  |  |  | 47,777 |  |  |  | 6.3 | %
Total Southern California |  |  | 21,573 |  |  |  | 43.0 | % |  |  | 2,664 |  |  |  | 2,598 |  |  |  | 2.5 | % |  |  | 95.8 | % |  |  | 96.5 | % |  |  | -0.8 | % |  |  | 521,627 |  |  |  | 500,344 |  |  |  | 4.3 | %
Northern California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Santa Clara County |  |  | 8,653 |  |  |  | 20.4 | % |  |  | 3,005 |  |  |  | 2,948 |  |  |  | 1.9 | % |  |  | 96.7 | % |  |  | 96.8 | % |  |  | -0.1 | % |  |  | 239,707 |  |  |  | 232,796 |  |  |  | 3.0 | %
Alameda County |  |  | 3,959 |  |  |  | 7.1 | % |  |  | 2,588 |  |  |  | 2,597 |  |  |  | -0.3 | % |  |  | 95.7 | % |  |  | 96.6 | % |  |  | -0.9 | % |  |  | 94,251 |  |  |  | 92,746 |  |  |  | 1.6 | %
San Mateo County |  |  | 1,864 |  |  |  | 4.2 | % |  |  | 3,202 |  |  |  | 3,147 |  |  |  | 1.7 | % |  |  | 96.1 | % |  |  | 96.7 | % |  |  | -0.6 | % |  |  | 55,238 |  |  |  | 53,324 |  |  |  | 3.6 | %
Contra Costa County |  |  | 2,619 |  |  |  | 5.4 | % |  |  | 2,724 |  |  |  | 2,666 |  |  |  | 2.2 | % |  |  | 96.3 | % |  |  | 96.8 | % |  |  | -0.5 | % |  |  | 65,883 |  |  |  | 63,830 |  |  |  | 3.2 | %
San Francisco |  |  | 1,178 |  |  |  | 2.1 | % |  |  | 2,850 |  |  |  | 2,830 |  |  |  | 0.7 | % |  |  | 95.5 | % |  |  | 95.3 | % |  |  | 0.2 | % |  |  | 30,994 |  |  |  | 30,093 |  |  |  | 3.0 | %
Total Northern California |  |  | 18,273 |  |  |  | 39.2 | % |  |  | 2,885 |  |  |  | 2,844 |  |  |  | 1.4 | % |  |  | 96.3 | % |  |  | 96.6 | % |  |  | -0.2 | % |  |  | 486,073 |  |  |  | 472,789 |  |  |  | 2.8 | %
Seattle Metro |  |  | 10,341 |  |  |  | 17.8 | % |  |  | 2,195 |  |  |  | 2,165 |  |  |  | 1.4 | % |  |  | 96.9 | % |  |  | 96.6 | % |  |  | 0.3 | % |  |  | 217,602 |  |  |  | 210,885 |  |  |  | 3.2 | %
Total Same-Property |  |  | 50,187 |  |  |  | 100.0 | % |  | $ | 2,648 |  |  | $ | 2,598 |  |  |  | 1.9 | % |  |  | 96.2 | % |  |  | 96.6 | % |  |  | -0.4 | % |  | $ | 1,225,302 |  |  | $ | 1,184,018 |  |  |  | 3.5 | %

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information
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 to Date and Year to Date as of September 30, 2024 and 2023
(Dollars in thousands)

Based on 50,187 apartment homes |
|  | Q3 ‘24 |  |  | Q3 ‘23 |  |  | % Change |  |  | % of Op. Ex. |
Same-property operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Real estate taxes |  | $ | 45,514 |  |  | $ | 44,494 |  |  |  | 2.3 | % |  |  | 36.2 | %
Utilities |  |  | 27,372 |  |  |  | 24,775 |  |  |  | 10.5 | % |  |  | 21.8 | %
Personnel costs |  |  | 22,928 |  |  |  | 21,841 |  |  |  | 5.0 | % |  |  | 18.2 | %
Maintenance and repairs |  |  | 14,918 |  |  |  | 14,699 |  |  |  | 1.5 | % |  |  | 11.9 | %
Administrative |  |  | 7,116 |  |  |  | 6,758 |  |  |  | 5.3 | % |  |  | 5.7 | %
Insurance and other |  |  | 7,913 |  |  |  | 6,613 |  |  |  | 19.7 | % |  |  | 6.2 | %
Total same-property operating expenses |  | $ | 125,761 |  |  | $ | 119,180 |  |  |  | 5.5 | % |  |  | 100.0 | %
|  | YTD 2024 |  |  | YTD 2023 |  |  | % Change |  |  | % of Op. Ex. |
Same-property operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate taxes |  | $ | 134,551 |  |  | $ | 131,573 |  |  |  | 2.3 | % |  |  | 36.8 | %
Utilities |  |  | 75,236 |  |  |  | 69,396 |  |  |  | 8.4 | % |  |  | 20.6 | %
Personnel costs |  |  | 68,001 |  |  |  | 65,579 |  |  |  | 3.7 | % |  |  | 18.6 | %
Maintenance and repairs |  |  | 41,992 |  |  |  | 42,507 |  |  |  | -1.2 | % |  |  | 11.5 | %
Administrative |  |  | 21,357 |  |  |  | 20,251 |  |  |  | 5.5 | % |  |  | 5.8 | %
Insurance and other |  |  | 24,932 |  |  |  | 19,429 |  |  |  | 28.3 | % |  |  | 6.7 | %
Total same-property operating expenses |  | $ | 366,069 |  |  | $ | 348,735 |  |  |  | 5.0 | % |  |  | 100.0 | %

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

E S S E X P R O P E R T Y T R U S T, I N C.
Capital Expenditures - September 30, 2024 (1)
(Dollars in thousands, except in footnotes and per apartment home amounts)

Revenue Generating Capital Expenditures (2) |  | Q3 ‘24 |  |  | Trailing 4 Quarters |
Same-property portfolio |  | $ | 17,381 |  |  | $ | 55,593 |
Non-same property portfolio |  |  | 1,213 |  |  |  | 1,890 |
Total revenue generating capital expenditures |  | $ | 18,594 |  |  | $ | 57,483 |
Number of same-property interior renovations |  |  | 650 |  |  |  | 1,477 |
Number of total consolidated interior renovations |  |  | 652 |  |  |  | 1,498 |
Non-Revenue Generating Capital Expenditures (3) |  | Q3 ‘24 |  |  | Trailing 4 Quarters |
Non-revenue generating capital expenditures |  | $ | 35,979 |  |  | $ | 135,162 |
Average apartment homes in quarter |  |  | 53,623 |  |  |  | 52,673 |
Capital expenditures per apartment home |  | $ | 671 |  |  | $ | 2,566 |

(1) | The Company incurred $0.1 million of capitalized interest, $4.4 million of capitalized overhead and $0.2 million of co-investment fees related to redevelopment in Q3 2024.

(2) | Represents revenue generating or expense saving expenditures, such as full-scale redevelopments, interior unit turn renovations, enhanced amenities and certain resource management initiatives. Excludes costs related to smart home automation.

(3) | Represents roof replacements, paving, building and mechanical systems, exterior painting, siding, etc. Non-revenue generating capital expenditures does not include costs related to retail, furniture and fixtures, expenditures in which the Company has been reimbursed or expects to be reimbursed, and expenditures incurred due to changes in governmental regulation that the Company would not have incurred otherwise.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information
S-11

E S S E X P R O P E R T Y T R U S T, I N C.
Co-investments and Preferred Equity Investments - September 30, 2024
(Dollars in thousands, except in footnotes )

|  | Weighted Average Essex Ownership Percentage |  |  | Apartment Homes |  |  | Total Undepreciated Book Value |  |  | Debt Amount |  |  | Essex Book Value |  |  | Weighted Average Borrowing Rate (1) |  |  | Remaining Term of Debt (in Years) |  |  | Three Months Ended September 30, 2024 |  |  | Nine Months Ended September 30, 2024 |
Operating and Other Non-Consolidated Joint Ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | NOI |
Wesco I, III, IV, V, VI (2) |  | 54% |  |  |  | 5,976 |  |  | $ | 2,166,870 |  |  | $ | 1,434,678 |  |  | $ | 119,031 |  |  |  | 3.5 | % |  |  | 2.1 |  |  | $ | 29,241 |  |  | $ | 88,581 |
BEXAEW (3), BEX II, BEX IV, and 500 Folsom |  | 50% |  |  |  | 1,603 |  |  |  | 943,611 |  |  |  | 325,025 |  |  |  | 207,089 |  |  |  | 4.6 | % |  |  | 12.2 |  |  |  | 9,733 |  |  |  | 34,758 |
Other (4) (5) |  | 53% |  |  |  | 986 |  |  |  | 384,945 |  |  |  | 291,476 |  |  |  | 83,160 |  |  |  | 3.8 | % |  |  | 12.8 |  |  |  | 7,040 |  |  |  | 24,308 |
Total Operating and Other Non-Consolidated Joint Ventures |  |  |  |  |  | 8,565 |  |  | $ | 3,495,426 |  |  | $ | 2,051,179 |  |  | $ | 409,280 |  |  |  | 3.7 | % |  |  | 5.2 |  |  | $ | 46,014 |  |  | $ | 147,647 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Essex Portion of NOI and Expenses |
NOI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 25,054 |  |  | $ | 79,606 |
Depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (16,417 | ) |  |  | (52,267 | )
Interest expense and other, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (9,499 | ) |  |  | (34,075 | )
Equity (loss) income from non-core co-investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 555 |  |  |  | 6,282 |
Insurance reimbursements, legal settlements, and other, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 86 |  |  |  | 110 |
Co-investment promote income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  | 1,531 |
Net income from operating and other co-investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (221 | ) |  | $ | 1,187 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Weighted Average Preferred Return |  |  | Weighted Average Expected Term |  |  | Income from Preferred Equity Investments |
Income from preferred equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 11,870 |  |  | $ | 36,206 |
Impairment loss from unconsolidated co-investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  | (3,726 | )
Preferred Equity Investments (6) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 517,987 |  |  |  | 9.5 | % |  |  | 1.6 |  |  | $ | 11,870 |  |  | $ | 32,480 |
Total Co-investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 927,267 |  |  |  |  |  |  |  |  |  |  | $ | 11,649 |  |  | $ | 33,667 |

(1) | Represents the year-to-date annual weighted average borrowing rate.

(2) | As of September 30, 2024, the Company’s investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $78.2 million due to distributions received in excess of the Company’s investment.

(3) | In March 2024, the Company acquired BEXAEW LLC’s 49.9% interest in four communities totaling 1,480 apartment homes. The NOI included in the nine months ended September 30, 2024 represents the Company’s pro-rata share prior to the acquisition.

(4) | In the third quarter of 2024, the Company acquired its joint venture partner’s interest of 49.9% in Patina at Midtown comprising 269 apartment homes, followed by the acquisition of its joint venture partner’s interest of 50% in Century Towers comprising 376 apartment homes. The NOI included in the three and nine months ended September 30, 2024 represents the Company’s pro-rata share prior to the acquisitions.

(5) | As of September 30, 2024, the Company’s investment in Expo was classified as a liability of $1.8 million due to distributions received in excess of the Company’s investment. The weighted average Essex ownership percentage excludes our investments in non-core technology co-investments which are carried at fair value.

(6) | As of September 30, 2024, the Company has invested in 21 preferred equity investments.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information
S-12

E S S E X P R O P E R T Y T R U S T, I N C.
Assumptions for 2024 FFO Guidance Range
(Dollars in thousands, except per share data)

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

|  | Nine Months Ended |  |  | 2024 Full-Year Guidance Range |  |
|  | September 30, 2024 (1) |  |  | Low End |  |  | High End |  | Comments about 2024 Full-Year Guidance
Total NOI from Consolidated Communities |  | $ | 925,981 |  |  | $ | 1,240,600 |  |  | $ | 1,247,200 |  | Includes a range of same-property NOI growth of 2.3% to 2.9%, an increase from the prior range of 1.8% to 2.8%. Reflects transactions completed through October
Management Fees |  |  | 7,849 |  |  |  | 10,100 |  |  |  | 10,300 |  |
Interest Expense |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, before capitalized interest |  |  | (172,222 | ) |  |  | (232,600 | ) |  |  | (232,000 | ) | Updated to reflect refinancing and investment activities
Interest capitalized |  |  | 169 |  |  |  | 100 |  |  |  | 300 |  |
Net interest expense |  |  | (172,053 | ) |  |  | (232,500 | ) |  |  | (231,700 | ) |
Recurring Income and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and other income |  |  | 23,729 |  |  |  | 28,400 |  |  |  | 28,800 |  |
FFO from co-investments |  |  | 81,737 |  |  |  | 104,200 |  |  |  | 104,800 |  | Reflects updated timing of preferred equity redemptions and includes investment activity through October
General and administrative |  |  | (44,971 | ) |  |  | (58,800 | ) |  |  | (59,200 | ) |
Corporate-level property management expenses |  |  | (36,004 | ) |  |  | (48,000 | ) |  |  | (48,400 | ) |
Non-controlling interest |  |  | (9,618 | ) |  |  | (12,300 | ) |  |  | (12,100 | ) | Reflects impact from sale of one apartment community in October
Total recurring income and expenses |  |  | 14,873 |  |  |  | 13,500 |  |  |  | 13,900 |  |
Non-Core Income and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Expensed acquisition and investment related costs |  |  | (68 | ) |  |  | (68 | ) |  |  | (68 | ) |
Tax benefit on unconsolidated co-investments |  |  | 1,199 |  |  |  | 1,199 |  |  |  | 1,199 |  |
Realized and unrealized gains on marketable securities, net |  |  | 10,645 |  |  |  | 10,645 |  |  |  | 10,645 |  |
Provision for credit losses |  |  | 116 |  |  |  | 116 |  |  |  | 116 |  |
Equity income from non-core co-investments |  |  | 6,282 |  |  |  | 6,282 |  |  |  | 6,282 |  |
Co-Investment promote income |  |  | 1,531 |  |  |  | 1,531 |  |  |  | 1,531 |  |
General and administrative and other, net |  |  | (22,403 | ) |  |  | (40,000 | ) |  |  | (40,000 | ) | Includes increased advocacy costs
Insurance reimbursements, legal settlements, and other, net |  |  | 43,912 |  |  |  | 43,912 |  |  |  | 43,912 |  |
Total non-core income and expenses |  |  | 41,214 |  |  |  | 23,617 |  |  |  | 23,617 |  |
Funds from Operations (2) |  | $ | 817,864 |  |  | $ | 1,055,317 |  |  | $ | 1,063,317 |  |
Funds from Operations per diluted Share |  | $ | 12.30 |  |  | $ | 15.86 |  |  | $ | 15.98 |  |
% Change - Funds from Operations |  |  | 8.2 | % |  |  | 4.1 | % |  |  | 4.9 | % |
Core Funds from Operations (excludes non-core items) |  | $ | 776,650 |  |  | $ | 1,031,700 |  |  | $ | 1,039,700 |  |
Core Funds from Operations per diluted Share |  | $ | 11.68 |  |  | $ | 15.50 |  |  | $ | 15.62 |  |
% Change - Core Funds from Operations |  |  | 4.2 | % |  |  | 3.1 | % |  |  | 3.9 | % |
EPS - Diluted |  | $ | 7.54 |  |  | $ | 8.66 |  |  | $ | 8.78 |  |
Weighted average shares outstanding - FFO calculation |  |  | 66,500 |  |  |  | 66,550 |  |  |  | 66,550 |  |

(1) | All non-core items are excluded from the 2024 actuals and included in the non-core income and expense section of the FFO reconciliation.

(2) | 2024 guidance excludes inestimable projected gain on sale of marketable securities, loss on early retirement of debt, political/legislative costs, and promote income until they are realized within the reporting period presented in the report.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information
S-13

E S S E X P R O P E R T Y T R U S T, I N C.
Reconciliation of Projected EPS, FFO and Core FFO per diluted share

With respect to the Company’s guidance regarding its projected FFO and Core FFO, which guidance is set forth in the earnings release and on page S-13 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.

|  |  |  |  | 2024 Guidance Range (1) |
|  | Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 4th Quarter 2024 |  |  | Full-Year 2024 |
|  | Low |  |  | High |  |  | Low |  |  | High |
EPS - diluted |  | $ | 7.54 |  |  | $ | 1.12 |  |  | $ | 1.24 |  |  | $ | 8.66 |  |  | $ | 8.78 |
Conversion from GAAP share count |  |  | (0.26 | ) |  |  | (0.04 | ) |  |  | (0.04 | ) |  |  | (0.30 | ) |  |  | (0.30 | )
Impairment loss from unconsolidated co-investments |  |  | 0.06 |  |  |  | - |  |  |  | - |  |  |  | 0.06 |  |  |  | 0.06 |
Depreciation and amortization |  |  | 7.28 |  |  |  | 2.44 |  |  |  | 2.44 |  |  |  | 9.72 |  |  |  | 9.72 |
Noncontrolling interest related to Operating Partnership units |  |  | 0.24 |  |  |  | 0.04 |  |  |  | 0.04 |  |  |  | 0.28 |  |  |  | 0.28 |
Gain on remeasurement of co-investment |  |  | (2.56 | ) |  |  | - |  |  |  | - |  |  |  | (2.56 | ) |  |  | (2.56 | )
FFO per share - diluted |  | $ | 12.30 |  |  | $ | 3.56 |  |  | $ | 3.68 |  |  | $ | 15.86 |  |  | $ | 15.98 |
Expensed acquisition and investment related costs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Tax benefit on unconsolidated co-investments |  |  | (0.02 | ) |  |  | - |  |  |  | - |  |  |  | (0.02 | ) |  |  | (0.02 | )
Realized and unrealized gains on marketable securities, net |  |  | (0.16 | ) |  |  | - |  |  |  | - |  |  |  | (0.16 | ) |  |  | (0.16 | )
Provision for credit losses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Equity income from non-core co-investments |  |  | (0.09 | ) |  |  | - |  |  |  | - |  |  |  | (0.09 | ) |  |  | (0.09 | )
Co-Investment promote income |  |  | (0.02 | ) |  |  | - |  |  |  | - |  |  |  | (0.02 | ) |  |  | (0.02 | )
General and administrative and other, net |  |  | 0.33 |  |  |  | 0.26 |  |  |  | 0.26 |  |  |  | 0.59 |  |  |  | 0.59 |
Insurance reimbursements, legal settlements, and other, net |  |  | (0.66 | ) |  |  | - |  |  |  | - |  |  |  | (0.66 | ) |  |  | (0.66 | )
Core FFO per share - diluted |  | $ | 11.68 |  |  | $ | 3.82 |  |  | $ | 3.94 |  |  | $ | 15.50 |  |  | $ | 15.62 |

(1) | 2024 guidance excludes inestimable projected gain on sale of real estate and land, gain on sale of marketable securities, loss on early retirement of debt, political/legislative costs, and promote income until they are realized within the reporting period presented in the report.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information
S-13.1

ESSEX PROPERTY TRUST, INC. Market Economic Rent Growth Trending Along the Pre-COVID Average See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-13.2 Source: Essex Reflects economic rent growth compared to December of the prior year. Year-to-date through October, economic rent has grown on trend with the pre-COVID average. This is a positive shift from the atypical volatility in recent years. Blended lease rate growth softened in September and October primarily due to a challenging year-over year comp. We remain on plan for 2024. 2023 Prolonged Peak: Challenging Comp September-October

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 September 30, 2024
(Dollars in thousands, except for average monthly rent)

Acquisitions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property Name |  | Location |  |  | Apartment Homes |  |  | Essex Ownership Percentage |  | Entity |  | Date |  | Total Contract Price at Pro Rata Share |  |  | Price per Apartment Home (1) |  |  | Average Monthly Rent |
BEXAEW Portfolio (2) |  | Various |  |  |  | 1,480 |  |  |  | 100% |  | EPLP |  | Mar-24 |  | $ | 251,995 |  |  | $ | 341 |  |  | $ | 2,375 |
|  | Q1 2024 |  |  |  | 1,480 |  |  |  |  |  |  |  |  |  | $ | 251,995 |  |  | $ | 341 |  |  |  |  |
Maxwell Sunnyvale (3) |  | Sunnyvale, CA |  |  |  | 75 |  |  |  | 100% |  | EPLP |  | Apr-24 |  | $ | 46,600 |  |  | $ | 621 |  |  | $ | 3,712 |
ARLO Mountain View |  | Mountain View, CA |  |  |  | 164 |  |  |  | 100% |  | EPLP |  | May-24 |  |  | 101,100 |  |  |  | 592 |  |  | $ | 3,799 |
|  | Q2 2024 |  |  |  | 239 |  |  |  |  |  |  |  |  |  | $ | 147,700 |  |  | $ | 601 |  |  |  |  |
Patina at Midtown (4) |  | San Jose, CA |  |  |  | 269 |  |  |  | 100% |  | EPLP |  | Jul-24 |  | $ | 58,383 |  |  | $ | 435 |  |  | $ | 2,748 |
Century Towers (5) |  | San Jose, CA |  |  |  | 376 |  |  |  | 100% |  | EPLP |  | Sep-24 |  |  | 86,750 |  |  |  | 458 |  |  | $ | 3,060 |
|  | Q3 2024 |  |  |  | 645 |  |  |  |  |  |  |  |  |  | $ | 145,133 |  |  | $ | 448 |  |  |  |  |
|  | 2024 Total |  |  |  | 2,364 |  |  |  |  |  |  |  |  |  | $ | 544,828 |  |  | $ | 397 |  |  |  |  |

(1) | Price per apartment home excludes value allocated to retail space.

(2) | In March 2024, the Company acquired its joint venture partner’s 49.9% interest in the BEWAEW portfolio comprising four communities totaling 1,480 apartment homes, for a total purchase price of $505.0 million on a gross basis.

(3) | In April 2024, the Company accepted the third-party sponsor’s common equity interest affiliated with its $14.7 million preferred equity investment and acquired Maxwell Sunnyvale based on a property valuation of $46.6 million.

(4) | In July 2024, the Company acquired its joint venture partner’s 49.9% interest in Patina at Midtown, a 269-unit apartment home community, for a total purchase price of $117.0 million on a gross basis.

(5) | In September 2024, the Company acquired its joint venture partner’s 50% interest in Century Towers, a 376-unit apartment home community, for a total purchase price of $173.5 million on a gross basis.

Dispositions
Neither Essex nor its unconsolidated joint ventures sold any apartment communities during the first, second, or third quarters of 2024.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information
S-14

E S S E X P R O P E R T Y T R U S T, I N C.
Same-Property Delinquencies, Operating Statistics, and Revenue Growth with Concessions on a GAAP basis
(Dollars in millions, except in footnotes and per share amounts)

Same-Property Delinquencies - Third Quarter 2024 vs. 2023 and October 2024 |  | Same-Property Cash Delinquencies as % of Scheduled Rent, by Region
| Preliminary Oct. 2024 | Q3 2024 | Q3 2023 |  |  | Preliminary Oct. 2024 | Q3 2024
Gross delinquencies as % of scheduled rent, excluding rental assistance | 0.6% | 0.8% | 2.1% |  | Southern California, excl. Los Angeles | 0.3% | 0.7%
|  |  |  |  | Northern California, excl. Alameda | 0.2% | 0.3%
Rental assistance funds as % of scheduled rent (1) | 0.0% | -0.1% | -0.1% |  | Seattle | 0.7% | 0.7%
|  |  |  |  | Los Angeles & Alameda Counties (3) | 1.1% | 1.3%
Cash delinquencies as % of scheduled rent, including rental assistance (2) | 0.6% | 0.7% | 2.0% |  | Total Same-Property Portfolio (1)(2) | 0.6% | 0.7%

(1) | The Company’s same-property portfolio received Emergency Rental Assistance payments of less than $0.1 million and $0.2 million for preliminary October 2024 and the three months ended September 30, 2024, respectively. This compares to $0.3 million for the three months ended September 30, 2023.

(2) | Represents same-property portfolio delinquencies as a percentage of scheduled rent reflected in the financial statements.

(3) | Eviction protections for the city and county of Los Angeles ended on April 1, 2023, and Alameda county protections ended on April 29, 2023.

Same-Property Operating Statistics |  | Same-Property Revenue Growth with Concessions on a GAAP basis
|  | Preliminary Oct. 2024 |  |  |  | Q3 2024 |  |  |  |  |  | Q3 2024 |  |  |  | Q3 2023 |  |  | YTD 2024 |  |  | YTD 2023 |
New lease rates (1) |  | -1.5% |  |  |  | 0.5% |  |  | Reported rental revenue (1) |  | $ | 413.2 |  |  | $ | 399.3 |  |  | $ | 1,225.3 |  |  | $ | 1,184.0 |
Renewal rates (1) |  | 3.6% |  |  |  | 3.8% |  |  | Straight-line rent impact to rental revenue |  |  | (0.2 | ) |  |  | (1.3 | ) |  |  | (0.7 | ) |  |  | (1.4 | )
Blended rates |  | 1.6% |  |  |  | 2.5% |  |  | GAAP rental revenue |  | $ | 413.0 |  |  | $ | 398.0 |  |  | $ | 1,224.6 |  |  | $ | 1,182.6 |
Financial occupancy |  | 96.1% |  |  |  | 96.2% |  |  | % change - reported rental revenue |  |  | 3.5% |  |  |  |  |  |  |  | 3.5% |  |  |  |  |
Same-Property Operating Statistics, Excl. Los Angeles and Alameda Counties (2) |  |  | % change - GAAP rental revenue |  |  | 3.8% |  |  |  |  |  |  |  | 3.5% |  |  |  |  |
|  | Preliminary Oct. 2024 |  |  |  | Q3 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New lease rates (1) |  | -1.2% |  |  |  | 1.8% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Renewal rates (1) |  | 4.0% |  |  |  | 4.4% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Blended rates |  | 2.1% |  |  |  | 3.4% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial occupancy |  | 96.3% |  |  |  | 96.4% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Represents the percentage change in similar term lease tradeouts, including the impact of leasing incentives. |  |  | (1) Same-property rental revenue reflects concessions on a cash basis. |  |  |  |  |
(2) Excludes Los Angeles and Alameda counties, which are most impacted by elevated delinquency related turnover, to illustrate the Company’s same-property portfolio performance outside of these regions. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information
S-15

Data based on Essex Data Analytics forecasts and third-party projections. Residential Supply: Total supply includes the Company’s estimate of multifamily (“MF”) deliveries of properties with 50+ units and excludes student, senior and 100% affordable housing communities. Multifamily estimates incorporate a methodological enhancement (“delay-adjusted supply”) to reflect the anticipated impact of continued construction delays in Essex markets. Single-family (“SF”) estimates are based on trailing single-family permits. ESSEX PROPERTY TRUST, INC. MSA Level Supply Forecast: 2023A – 2025E See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-16 Residential Supply Forecast (1) 2023A 2024E 2025E Market Total Supply Total Supply as a % of Stock Multifamily Supply Total Supply Total Supply as a % of Stock Multifamily Supply Total Supply Total Supply as a % of Stock Los Angeles 19,400 0.5% 8,700 16,900 0.5% 8,900 17,400 0.5% Orange County 5,300 0.5% 1,800 4,100 0.4% 1,800 4,600 0.4% San Diego 5,800 0.5% 4,200 6,900 0.6% 5,100 8,000 0.6% Ventura 600 0.2% 800 1,100 0.4% 300 600 0.2% Southern California 31,100 0.5% 15,500 29,000 0.5% 16,100 30,600 0.5% San Francisco 2,200 0.3% 1,800 2,300 0.3% 1,300 1,700 0.2% Oakland 5,300 0.5% 1,900 4,000 0.4% 1,200 3,500 0.3% San Jose 3,900 0.5% 2,400 4,400 0.6% 3,800 6,000 0.8% Northern California 11,400 0.4% 6,100 10,700 0.4% 6,300 11,200 0.4% Seattle 9,700 0.7% 10,900 14,600 1.1% 10,200 14,200 1.0% Total 52,200 0.5% 32,500 54,300 0.5% 32,600 56,000 0.5%

ESSEX PROPERTY TRUST, INC. 2025E Early Building Blocks to Same-Property Revenue Growth See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-16.1 Year-to-date rent growth positions the Company to achieve 80-100 basis points of earn-in in 2025. The Company’s diligent efforts in recapturing non-paying units has generated a notable tailwind to earnings growth in 2024. The Company expects to achieve a further 40-60 basis point tailwind in 2025 as we approach the historical run rate. Source: Essex Embedded revenue growth potential or “earn-in” is the contribution to revenue growth in the forthcoming year, calculated by annualizing forecasted scheduled rent at year-end compared against full-year scheduled rent. Based on leases signed to date through preliminary October 2024 and projections though year-end and excludes vacancy and concessions. Excludes the impacts of market rent growth, financial occupancy, concessions, and other income in 2025. (1) (2) High-End: 1.0% 0.6% 1.6% Low-End: 0.8% 0.4% 1.2%

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

Adjusted EBITDAre Reconciliation
The National Association of Real Estate Investment Trusts (“NAREIT”) defines earnings before interest, taxes, depreciation and amortization for real estate (“EBITDAre”) (September 2017 White Paper) as net income (computed in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”)) before interest expense, income taxes, depreciation and amortization expense, and further adjusted for gains and losses from sales of depreciated operating properties, impairment write-downs of depreciated operating properties, impairment write-downs of investments in unconsolidated entities caused by a decrease in value of depreciated operating properties within the joint venture and adjustments to reflect the Company’s share of EBITDAre of investments in unconsolidated entities.
The Company believes that EBITDAre is useful to investors, creditors and rating agencies as a supplemental measure of the Company’s ability to incur and service debt because it is a recognized measure of performance by the real estate industry, and by excluding gains or losses related to sales or impairment of depreciated operating properties, EBITDAre can help compare the Company’s credit strength between periods or as compared to different companies.
Adjusted EBITDAre represents EBITDAre further adjusted for non-comparable items and is a component of the credit ratio, “Net Indebtedness Divided by Adjusted EBITDAre, normalized and annualized,” presented on page S-6, in the section titled “Selected Credit Ratios,” and it is not intended to be a measure of free cash flow for management’s discretionary use, as it does not consider certain cash requirements such as income tax payments, debt service requirements, capital expenditures and other fixed charges.
Adjusted EBITDAre is an important metric in evaluating the credit strength of the Company and its ability to service its debt obligations. The Company believes that Adjusted EBITDAre is useful to investors, creditors and rating agencies because it allows investors to compare the Company’s credit strength to prior reporting periods and to other companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual credit quality.
EBITDAre and Adjusted EBITDAre are not recognized measurements under U.S. GAAP. Because not all companies use identical calculations, the Company’s presentation of EBITDAre and Adjusted EBITDAre may not be comparable to similarly titled measures of other companies.
The reconciliations of Net Income available to common stockholders to EBITDAre and Adjusted EBITDAre are presented in the table below:

(Dollars in thousands) |  | Three Months Ended September 30, 2024 |
Net income available to common stockholders |  | $ | 118,424 |
Adjustments: |  |  |  |
Net income attributable to noncontrolling interest |  |  | 7,063 |
Interest expense, net (1) |  |  | 58,425 |
Depreciation and amortization |  |  | 146,439 |
Income tax provision |  |  | 106 |
Gain on remeasurement of co-investment |  |  | (31,583 | )
Co-investment EBITDAre adjustments |  |  | 26,227 |
EBITDAre |  |  | 325,101 |
Realized and unrealized gains on marketable securities, net |  |  | (5,697 | )
Provision for credit losses |  |  | (182 | )
Equity loss from non-core co-investments |  |  | (555 | )
Tax benefit on unconsolidated co-investments |  |  | (441 | )
General and administrative and other, net |  |  | 13,956 |
Insurance reimbursements and legal settlements, and other, net |  |  | (612 | )
Adjusted EBITDAre |  | $ | 331,570 |

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

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

Disposition Yield
Net operating income that the Company anticipates giving up in the next 12 months less an estimate of property management costs allocated to the project divided by the gross sales price of the asset.
Acquisition Yield
Net operating income that the Company expects to achieve in the next 12 months less an estimate of property management costs allocated to the project and less an estimate for capital expenditures per unit divided by the gross sales price of the asset.
Encumbered
Encumbered means any mortgage, deed of trust, lien, charge, pledge, security interest, security agreement or other encumbrance of any kind.
Funds From Operations (“FFO”) and Core FFO
FFO, as defined by NAREIT, is generally considered by industry analysts as an appropriate measure of performance of an equity REIT. Generally, FFO adjusts the net income of equity REITs for non-cash charges such as depreciation and amortization of rental properties, impairment charges, gains on sales of real estate and extraordinary items. Management considers FFO and FFO which excludes non-core items, which is referred to as “Core FFO,” to be useful supplemental operating performance measures of an equity REIT because, together with net income and cash flows, FFO and Core FFO provide investors with additional bases to evaluate the operating performance and ability of a REIT to incur and service debt and to fund acquisitions and other capital expenditures and to pay dividends. By excluding gains or losses related to sales of depreciated operating properties and land and excluding real estate depreciation (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO can help investors compare the operating performance of a real estate company between periods or as compared to different companies. By further adjusting for items that are not considered part of the Company’s core business operations, Core FFO allows investors to compare the core operating performance of the Company to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual operating results.
FFO and Core FFO do not represent net income or cash flows from operations as defined by U.S. GAAP and are not intended to indicate whether cash flows will be sufficient to fund cash needs. These measures should not be considered as alternatives to net income as an indicator of the REIT’s operating performance or to cash flows as a measure of liquidity. FFO and Core FFO do not measure whether cash flow is sufficient to fund all cash needs including principal amortization, capital improvements and distributions to stockholders. FFO and Core FFO also do not represent cash flows generated from operating, investing or financing activities as defined under GAAP. Management has consistently applied the NAREIT definition of FFO to all periods presented. However, there is judgment involved and other REITs’ calculation of FFO may vary from the NAREIT definition for this measure, and thus their disclosures of FFO may not be comparable to the Company’s calculation.
The reconciliations of diluted FFO and Core FFO are detailed on page S-3 in the section titled “Consolidated Funds From Operations”.
Interest Expense, Net
Interest expense, net is presented on page S-1 in the section titled “Consolidated Operating Results”. Interest expense, net includes items such as gains on derivatives and the amortization of deferred charges and is presented in the table below:

(Dollars in thousands) |  | Three Months Ended September 30, 2024 |  |  | Nine Months Ended September 30, 2024 |
Interest expense |  | $ | 59,232 |  |  | $ | 174,285 |
Adjustments: |  |  |  |  |  |  |  |
Total return swap income |  |  | (807 | ) |  |  | (2,232 | )
Interest expense, net |  | $ | 58,425 |  |  | $ | 172,053 |

Immediately Available Liquidity
The Company’s immediately available liquidity as of October 28, 2024, consisted of the following:

(Dollars in millions) |  | October 28, 2024 |
Unsecured credit facility - committed |  | $ | 1,275 |
Balance outstanding |  |  | 154 |
Undrawn portion of line of credit |  | $ | 1,121 |
Cash, cash equivalents & marketable securities |  |  | 113 |
Total liquidity |  | $ | 1,234 |

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information
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 Indebtedness Divided by Adjusted EBITDAre
This credit ratio is presented on page S-6 in the section titled “Selected Credit Ratios.” This credit ratio is calculated by dividing net indebtedness by Adjusted EBITDAre, as annualized based on the most recent quarter, and adjusted for estimated net operating income from properties acquired or disposed of during the quarter. This ratio is presented by the Company because it provides rating agencies and investors an additional means of comparing the Company’s ability to service debt obligations to that of other companies. Net indebtedness is total debt, net less unamortized premiums, discounts, debt issuance costs, unrestricted cash and cash equivalents, and marketable securities. The reconciliation of Adjusted EBITDAre is set forth in “Adjusted EBITDAre Reconciliation” on page S-17.1 The calculation of this credit ratio and a reconciliation of net indebtedness to total debt at pro rata share for co-investments, net is presented in the table below:

|  | September 30, |
(Dollars in thousands) |  | 2024 |
Total consolidated debt, net |  | $ | 6,365,931 |
Total debt from co-investments at pro rata share |  |  | 1,056,821 |
Adjustments: |  |  |  |
Consolidated unamortized premiums, discounts, and debt issuance costs |  |  | 29,431 |
Pro rata co-investments unamortized premiums, discounts, and debt issuance costs |  |  | 4,138 |
Consolidated cash and cash equivalents-unrestricted |  |  | (71,288 | )
Pro rata co-investment cash and cash equivalents-unrestricted |  |  | (37,333 | )
Marketable securities |  |  | (75,245 | )
Net Indebtedness |  | $ | 7,272,455 |
Adjusted EBITDAre, annualized (1) |  | $ | 1,326,280 |
Other EBITDAre normalization adjustments, net, annualized (2) |  |  | 1,513 |
Adjusted EBITDAre, normalized and annualized |  | $ | 1,327,793 |
Net Indebtedness Divided by Adjusted EBITDAre, normalized and annualized |  |  | 5.5 |

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

(2) | Adjustments made for properties in lease-up, acquired, or disposed during the most recent quarter and other partial quarter activity, multiplied by four.

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

|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |  |  | September 30, |  |  | September 30, |
(Dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Earnings from operations |  | $ | 128,790 |  |  | $ | 131,784 |  |  | $ | 398,599 |  |  | $ | 454,001 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate-level property management expenses |  |  | 12,150 |  |  |  | 11,504 |  |  |  | 36,004 |  |  |  | 34,387 |
Depreciation and amortization |  |  | 146,439 |  |  |  | 137,357 |  |  |  | 431,785 |  |  |  | 410,422 |
Management and other fees from affiliates |  |  | (2,563 | ) |  |  | (2,785 | ) |  |  | (7,849 | ) |  |  | (8,328 | )
General and administrative |  |  | 29,067 |  |  |  | 14,611 |  |  |  | 67,374 |  |  |  | 43,735 |
Expensed acquisition and investment related costs |  |  | - |  |  |  | 31 |  |  |  | 68 |  |  |  | 375 |
Casualty loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 433 |
Gain on sale of real estate and land |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (59,238 | )
NOI |  |  | 313,883 |  |  |  | 292,502 |  |  |  | 925,981 |  |  |  | 875,787 |
Less: Non-same property NOI |  |  | (26,431 | ) |  |  | (12,390 | ) |  |  | (66,748 | ) |  |  | (40,504 | )
Same-Property NOI |  | $ | 287,452 |  |  | $ | 280,112 |  |  | $ | 859,233 |  |  | $ | 835,283 |

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information
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 refer to certain covenants set forth in instruments governing the Company’s unsecured indebtedness. These instruments require the Company to meet specified financial covenants, including covenants relating to net worth, fixed charge coverage, debt service coverage, the amounts of total indebtedness and secured indebtedness, leverage and certain investment limitations. These covenants may restrict the Company’s ability to expand or fully pursue its business strategies. The Company’s ability to comply with these covenants may be affected by changes in the Company’s operating and financial performance, changes in general business and economic conditions, adverse regulatory developments or other events adversely impacting it. The breach of any of these covenants could result in a default under the Company’s indebtedness, which could cause those and other obligations to become due and payable. If any of the Company’s indebtedness is accelerated, the Company may not be able to repay it. For risks related to failure to comply with these covenants, see “Item 1A: Risk Factors - Risks Related to Our Indebtedness and Financings” in the Company’s annual report on Form 10-K and other reports filed by the Company with the Securities and Exchange Commission (“SEC”).
The ratios set forth on page S-6 in the section titled “Public Bond Covenants” are provided only to show the Company’s compliance with certain specified covenants that are contained in indentures related to the Company’s issuance of Senior Notes, which indentures are filed by the Company with the SEC. See, for example, the indenture and supplemental indenture dated March 14, 2024, filed by the Company as Exhibit 4.1 and Exhibit 4.2 to the Company’s Form 8-K, filed on March 14, 2024. These ratios should not be used for any other purpose, including without limitation to evaluate the Company’s financial condition or results of operations, nor do they indicate the Company’s covenant compliance as of any other date or for any other period. The capitalized terms in the disclosure are defined in the indentures filed by the Company with the SEC and may differ materially from similar terms used by other companies that present information about their covenant compliance.
Secured Debt
Secured Debt means debt of the Company or any of its subsidiaries which is secured by an encumbrance on any property or assets of the Company or any of its subsidiaries. The Company’s total amount of Secured Debt is set forth on page S-5.
Unencumbered NOI to Adjusted Total NOI
This ratio is presented on page S-6 in the section titled “Selected Credit Ratios”. Unencumbered NOI means the sum of NOI for those real estate assets which are not subject to an encumbrance securing debt. The ratio of Unencumbered NOI to Adjusted Total NOI for the three months ended September 30, 2024, annualized, is calculated by dividing Unencumbered NOI, annualized for the three months ended September 30, 2024 and as further adjusted for pro forma NOI for properties acquired or sold during the recent quarter, by Adjusted Total NOI as annualized. The calculation and reconciliation of NOI is set forth in “Net Operating Income (“NOI”) and Same-Property NOI Reconciliations” above. This ratio is presented by the Company because it provides rating agencies and investors an additional means of comparing the Company’s ability to service debt obligations to that of other companies.
The calculation of this ratio is presented in the table below:

(Dollars in thousands) |  | Annualized Q3 ‘24 (1) |
NOI |  | $ | 1,255,532 |
Adjustments: |  |  |  |
NOI from real estate assets sold |  |  | - |
Other, net (2) |  |  | (6,739 | )
Adjusted Total NOI |  |  | 1,248,793 |
Less: Encumbered NOI |  |  | (91,734 | )
Unencumbered NOI |  | $ | 1,157,059 |
Encumbered NOI |  | $ | 91,734 |
Unencumbered NOI |  |  | 1,157,059 |
Adjusted Total NOI |  | $ | 1,248,793 |
Unencumbered NOI to Adjusted Total NOI |  |  | 93 | %

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

(2) | Includes intercompany eliminations pertaining to self-insurance and other expenses.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information
S-17.4