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Net Income Per Common Share and Net Income Per Common Unit | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Net Income Per Common Share and Net Income Per Common Unit | Net Income Per Common Share and Net Income Per Common Unit Essex Property Trust, Inc. Basic and diluted income per share was calculated as follows for the periods presented ($ in thousands, except per share amounts):
| Three Months Ended September 30,
| 2025 |  | 2024
| Income |  | Weighted- average Common Shares |  | Per Common Share Amount |  | Income |  | Weighted- average Common Shares |  | Per Common Share Amount
Basic: |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders | $ | 164,621 |  |  | 64,404,008 |  |  | $ | 2.56 |  |  | $ | 118,424 |  |  | 64,227,662 |  |  | $ | 1.84 |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |  |  |
Stock options | — |  |  | 14,232 |  |  |  |  | — |  |  | 43,797 |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders | $ | 164,621 |  |  | 64,418,240 |  |  | $ | 2.56 |  |  | $ | 118,424 |  |  | 64,271,459 |  |  | $ | 1.84 |
| Nine Months Ended September 30,
| 2025 |  | 2024
| Income |  | Weighted- average Common Shares |  | Per Common Share Amount |  | Income |  | Weighted- average Common Shares |  | Per Common Share Amount
Basic: |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders | $ | 589,093 |  |  | 64,368,625 |  |  | $ | 9.15 |  |  | $ | 484,069 |  |  | 64,214,258 |  |  | $ | 7.54 |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |  |  |
Stock options | — |  |  | 23,619 |  |  |  |  | — |  |  | 20,100 |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders | $ | 589,093 |  |  | 64,392,244 |  |  | $ | 9.15 |  |  | $ | 484,069 |  |  | 64,234,358 |  |  | $ | 7.54 |
The table above excludes from the calculations of diluted earnings per share weighted average convertible OP Units of 2,256,415 and 2,280,379, which include vested 2014 Long-Term Incentive Plan Units and 2015 Long-Term Incentive Plan Units, for the three months ended September 30, 2025 and 2024, respectively, and 2,275,327 and 2,266,054 for the nine months ended September 30, 2025 and 2024, respectively, because they were anti-dilutive. The related income allocated to these convertible OP Units aggregated $5.8 million and $4.2 million for the three months ended September 30, 2025 and 2024, respectively, and $20.8 million and $17.1 million for the nine months ended September 30, 2025 and 2024, respectively. Stock options of 250,512 and 197,474 for the three months ended September 30, 2025 and 2024, respectively, and 253,903 and 327,048 for the nine months ended September 30, 2025 and 2024, respectively, were excluded from the calculation of diluted earnings per share because the assumed proceeds per share of such options plus the average unearned compensation were greater than the average market price of the common stock for the periods ended and, therefore, were anti-dilutive. Essex Portfolio, L.P. Basic and diluted income per unit was calculated as follows for the periods presented ($ in thousands, except per unit amounts):
| Three Months Ended September 30,
| 2025 |  | 2024
| Income |  | Weighted- average Common Units |  | Per Common Unit Amount |  | Income |  | Weighted- average Common Units |  | Per Common Unit Amount
Basic: |  |  |  |  |  |  |  |  |  |  |
Net income available to common unitholders | $ | 170,388 |  |  | 66,660,423 |  |  | $ | 2.56 |  |  | $ | 122,630 |  |  | 66,508,041 |  |  | $ | 1.84 |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |  |  |
Stock options | — |  |  | 14,232 |  |  |  |  | — |  |  | 43,797 |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |
Net income available to common unitholders | $ | 170,388 |  |  | 66,674,655 |  |  | $ | 2.56 |  |  | $ | 122,630 |  |  | 66,551,838 |  |  | $ | 1.84 |
| Nine Months Ended September 30,
| 2025 |  | 2024
| Income |  | Weighted- average Common Units |  | Per Common Unit Amount |  | Income |  | Weighted- average Common Units |  | Per Common Unit Amount
Basic: |  |  |  |  |  |  |  |  |  |  |
Net income available to common unitholders | $ | 609,920 |  |  | 66,643,952 |  |  | $ | 9.15 |  |  | $ | 501,144 |  |  | 66,480,312 |  |  | $ | 7.54 |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |  |  |
Stock options | — |  |  | 23,619 |  |  |  |  | — |  |  | 20,100 |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |
Net income available to common unitholders | $ | 609,920 |  |  | 66,667,571 |  |  | $ | 9.15 |  |  | $ | 501,144 |  |  | 66,500,412 |  |  | $ | 7.54 |
Stock options of 250,512 and 197,474 for the three months ended September 30, 2025 and 2024, respectively, and 253,903 and 327,048 for the nine months ended September 30, 2025 and 2024, respectively, were excluded from the calculation of diluted earnings per unit because the assumed proceeds per unit of these options plus the average unearned compensation were greater than the average market price of the common unit for the periods ended and, therefore, were anti-dilutive.

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