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EPLP - Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2025 | Dec. 31, 2024
--- | --- | ---
Rental properties: |  |
Land and land improvements | $ 3,325,394 | $ 3,246,789
Buildings and improvements | 14,745,049 | 14,342,729
Total rental properties | 18,070,443 | 17,589,518
Less: accumulated depreciation | (6,381,123) | (6,150,618)
Net real estate | 11,689,320 | 11,438,900
Real estate under development | 139,161 | 52,682
Co-investments | 808,238 | 935,014
Total real estate | 12,636,719 | 12,426,596
Cash and cash equivalents-unrestricted | 65,959 | 66,795
Cash and cash equivalents-restricted | 9,284 | 9,051
Marketable securities | 84,116 | 69,794
Notes and other receivables, net of allowance for credit losses of $0.6 million and $0.5 million as of September 30, 2025 and December 31, 2024, respectively | 221,628 | 206,706
Operating lease right-of-use assets | 51,682 | 51,556
Prepaid expenses and other assets | 80,853 | 96,861
Total assets | 13,150,241 | 12,927,359
LIABILITIES AND CAPITAL |  |
Unsecured debt, net | 5,621,505 | 5,473,788
Mortgage notes payable, net | 795,404 | 989,884
Lines of credit and commercial paper | 245,000 | 137,945
Accounts payable and accrued liabilities | 250,745 | 212,747
Construction payable | 33,484 | 14,347
Distributions payable | 173,770 | 165,443
Distributions in excess of investments in co-investments | 95,893 | 79,273
Operating lease liabilities | 52,405 | 52,473
Other liabilities | 50,762 | 50,220
Total liabilities | 7,318,968 | 7,176,120
Commitments and contingencies (Note 11) |  |
Redeemable noncontrolling interest | 29,746 | 30,849
Limited Partners: |  |
Accumulated other comprehensive income, net | 7,856 | 24,655
Noncontrolling interest | 170,211 | 183,344
Total liabilities and equity | 13,150,241 | 12,927,359
Essex Portfolio, L.P. |  |
Rental properties: |  |
Land and land improvements | 3,325,394 | 3,246,789
Buildings and improvements | 14,745,049 | 14,342,729
Total rental properties | 18,070,443 | 17,589,518
Less: accumulated depreciation | (6,381,123) | (6,150,618)
Net real estate | 11,689,320 | 11,438,900
Real estate under development | 139,161 | 52,682
Co-investments | 808,238 | 935,014
Total real estate | 12,636,719 | 12,426,596
Cash and cash equivalents-unrestricted | 65,959 | 66,795
Cash and cash equivalents-restricted | 9,284 | 9,051
Marketable securities | 84,116 | 69,794
Notes and other receivables, net of allowance for credit losses of $0.6 million and $0.5 million as of September 30, 2025 and December 31, 2024, respectively | 221,628 | 206,706
Operating lease right-of-use assets | 51,682 | 51,556
Prepaid expenses and other assets | 80,853 | 96,861
Total assets | 13,150,241 | 12,927,359
LIABILITIES AND CAPITAL |  |
Unsecured debt, net | 5,621,505 | 5,473,788
Mortgage notes payable, net | 795,404 | 989,884
Lines of credit and commercial paper | 245,000 | 137,945
Accounts payable and accrued liabilities | 250,745 | 212,747
Construction payable | 33,484 | 14,347
Distributions payable | 173,770 | 165,443
Distributions in excess of investments in co-investments | 95,893 | 79,273
Operating lease liabilities | 52,405 | 52,473
Other liabilities | 50,762 | 50,220
Total liabilities | 7,318,968 | 7,176,120
Commitments and contingencies (Note 11) |  |
Redeemable noncontrolling interest | 29,746 | 30,849
Limited Partners: |  |
Accumulated other comprehensive income, net | 12,042 | 29,429
Total partners’ capital | 5,700,242 | 5,615,238
Noncontrolling interest | 101,285 | 105,152
Total capital | 5,801,527 | 5,720,390
Total liabilities and equity | 13,150,241 | 12,927,359
Essex Portfolio, L.P. | General Partner |  |
General Partner: |  |
Common equity (64,404,022 and 64,280,466 units issued and outstanding, respectively) | 5,623,460 | 5,512,391
Essex Portfolio, L.P. | Limited Partners |  |
Limited Partners: |  |
Common equity (2,256,414 and 2,331,251 units issued and outstanding, respectively) | 64,740 | 73,418
Essex Portfolio, L.P. | Common Equity | General Partner |  |
General Partner: |  |
Common equity (64,404,022 and 64,280,466 units issued and outstanding, respectively) | 5,623,460 | 5,512,391
Limited Partners: |  |
Total capital | 5,623,460 | 5,512,391
Essex Portfolio, L.P. | Common Equity | Limited Partners |  |
Limited Partners: |  |
Total capital | $ 64,740 | $ 73,418

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