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ESSEX PROPERTY TRUST , INC . ESSEX ANNOUNCES SECOND QUARTER 2021 RESULTS AND INCREASES FULL - YEAR 2021 GUIDANCE San Mateo , California — July 29 , 2021 — Essex Property Trust , Inc. ( NYSE : ESS ) ( the “ Company ” ) announced today its second quarter 2021 earnings results and related business activities . Net Income , Funds from Operations ( " FFO " ) , and Core FFO per diluted share for the three and six months ended June 30 , 2021 are detailed below . Three Months Ended June 30 , % Six Months Ended June 30 , % 2021 2020 Change 2021 2020 Change Per Diluted Share Net Income $ 1.00 $ 1.29 -22.5 % $ 3.59 $ 6.07 -40.9 % Total FFO $ 3.09 $ 3.21 -3.7 % $ 6.33 $ 6.65 -4.8 % Core FFO $ 3.04 $ 3.16 -3.8 % $ 6.12 $ 6.64 -7.8 % Second Quarter 2021 Highlights : • • • • • • Reported Net Income per diluted share for the second quarter of 2021 of $ 1.00 , compared to $ 1.29 in the second quarter of 2020. The decrease is largely attributed to a gain on sale recorded in the prior - year period . Reported Core FFO per diluted share of $ 3.04 , exceeding the high - end of the Company's guidance range due to better - than - expected operating results . Same - property revenues and net operating income ( " NOI " ) declined by 3.0 % and 4.2 % , respectively , compared to the second quarter of 2020 . Raised the midpoint of full - year same - property revenues to the high - end of the prior guidance range . This represents a 0.5 % increase at the midpoint to -1.4 % . NOI increased 0.8 % at the midpoint to -3.0 % . Increased full - year Net Income per diluted share guidance range to $ 5.42 to $ 5.66 . Provided Net Income guidance range for the third quarter of 2021 of $ 0.85 to $ 0.97 per diluted share . Raised full - year Core FFO per diluted share guidance by $ 0.09 per share at the midpoint to a range of $ 12.21 to $ 12.45 . Provided Core FFO guidance range for the third quarter of 2021 of $ 2.98 to $ 3.10 per diluted share . As of July 27 , 2021 , the Company's immediately available liquidity is approximately $ 1.3 billion . 1100 Park Place Suite 200 San Mateo California 94403 telephone 650 655 7800 facsimile 650 655 7810 www.essex.com