Page 1

ESSEX PROPERTY TRUST , INC . ESSEX ANNOUNCES FIRST QUARTER 2021 RESULTS San Mateo , California — April 27 , 2021 - Essex Property Trust , Inc. ( NYSE : ESS ) ( the " Company " ) announced today its first quarter 2021 earnings results and related business activities . Net Income , Funds from Operations ( " FFO " ) , and Core FFO per diluted share for the quarter ended March 31 , 2021 are detailed below . Three Months Ended March 31 , % 2021 2020 Change Per Diluted Share Net Income $ 2.59 $ 4.76 -45.6 % Total FFO $ 3.23 $ 3.44 -6.1 % Core FFO $ 3.07 $ 3.48 -11.8 % First Quarter 2021 Highlights : • • • • • • • Reported Net Income per diluted share for the first quarter of 2021 of $ 2.59 , compared to $ 4.76 in the first quarter of 2020. The decrease is largely attributable to a gain on remeasurement of co- investments recorded in the first quarter of 2020 . Core FFO per diluted share declined by 11.8 % compared to the first quarter of 2020 . Same - property gross revenues and net operating income ( “ NOI " ) declined by 8.1 % and 12.3 % , respectively , compared to the first quarter of 2020. The decline in same - property gross revenues and NOI is primarily attributed to lower scheduled rents and higher cash concessions compared to the prior - year period . On a sequential basis , both same - property gross revenues and NOI improved by 0.1 % compared to the fourth quarter of 2020. The improvement is largely attributed to lower cash concessions and delinquency compared to the fourth quarter of 2020 . Increased the annual dividend by $ 0.05 to an annual distribution of $ 8.36 per common share , the Company's 27th consecutive annual increase . Disposed of three apartment communities during the quarter for a total contract price of $ 275.5 million . Issued $ 450.0 million of 7 - year senior unsecured notes due in 2028 at an interest rate per annum of 1.70 % and an effective yield of 1.79 % . The Company has less than $ 200.0 million of debt maturing through the end of 2022 . Reaffirmed full - year guidance for Core FFO , same - property gross revenues , expenses , and NOI . 1100 Park Place Suite 200 San Mateo California 94403 telephone 650 655 7800 facsimile 650 655 7810 www.essex.com