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ViO 234 Apartment Homes San Jose, CA F O U R T H Q U A R T E R 2 0 2 5 C R E D I T U P D A T E
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C R E D I T U P D A T E | Q 4 2 0 2 5 S E L E C T E D R A T I O S & C R E D I T R A T I N G S Agency Rating Outlook Moody's Baa1 Stable S&P BBB+ Stable Public Bond Covenants(1) & Selected Credit Ratios Q4 ’25 Q3 ’25 Q2 ’25 Q1 ’25 Q4 ’24 Covenant Debt to Total Assets 35% 34% 35% 35% 35% < 65% Secured Debt to Total Assets 4% 4% 4% 5% 5% < 40% Interest Coverage 510% 517% 524% 532% 540% > 150% Unsecured Debt Ratio (2) 291% 293% 288% 286% 291% > 150% Net Indebtedness to Adjusted EBITDAre (3)(4) 5.6X 5.5X 5.5X 5.6X 5.6X - Unencumbered NOI to Adjusted Total NOI 93% 93% 93% 92% 92% - Credit Ratings (1) Please refer to the Company’s Public Bond Filings with the SEC for the definitions of the covenants. (2) Unsecured Debt Ratio is unsecured assets (excluding investments in co-investments) divided by unsecured indebtedness. (3) Net Indebtedness is total debt less unamortized premiums, debt issuance costs, unrestricted cash and cash equivalents, and marketable securities at pro rata share. (4) Adjusted EBITDAre is reflected on a pro rata basis and excludes non-routine items in earnings and other adjustments as outlined on page S-17.1 of the supplemental financial information furnished as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 4th, 2026.
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2026 Full-Year Guidance Range Midpoint Per Diluted Share Net Income $5.55 to $6.05 $5.80 Total FFO $15.54 to $16.04 $15.79 Core FFO $15.69 to $16.19 $15.94 Range Midpoint (Cash) (1) Same-Property Growth Revenues 1.70% to 3.10% 2.40% Operating Expenses 2.50% to 3.50% 3.00% NOI 0.80% to 3.40% 2.10% C O M P A N Y H I G H L I G H T S A N D 2 0 2 6 G U I D A N C E C R E D I T U P D A T E | Q 4 2 0 2 5 ▪ Reported Net Income per diluted share for the fourth quarter of 2025 of $1.25, compared to $4.00 in the fourth quarter of 202 4. For the full-year 2025, the Company reported Net Income per diluted share of $10.40 compared to $11.54 in 2024. The year -over-year decline in fourth quarter and full-year 2025 Net Income per diluted share is largely attributable to gains on sale of real estate and land and gains on remeas urement of co- investments in the prior year period. ▪ Grew Core FFO per diluted share by 1.5% compared to the fourth quarter of 2024 and 2.2% compared to the full -year 2024, exceeding the midpoint of the Company’s original full year guidance range. The outperformance was primarily driven by favorable same-property revenue growth. ▪ Achieved both same-property revenue and net operating income (“NOI”) growth of 3.8% compared to the fourth quarter of 2024. For the full-year 2025, same-property revenue and NOI grew 3.3% and 3.2%, respectively, both exceeding the midpoint of the Company’s original guid ance range. ▪ For the full-year 2025, the Company acquired seven apartment communities for a total contract price of $829.4 million and dispos ed of five apartment communities for a total pro rata contract price of $563.8 million. ▪ For the full-year 2025, the Company received cash proceeds of $189.8 million from nine structured finance redemptions yielding a weighted average return rate of 9.8% and committed $21.3 million at pro rata share in an investment yielding a 13.5% return rate. ▪ Issued $350.0 million of 10-year senior unsecured notes in the fourth quarter bearing an interest rate of 4.875% per annum and a yield to maturity of 4.988%. ▪ As of December 31, 2025, the Company’s immediately available liquidity was over $1.7 billion. (1) The midpoint of the Company’s same-property revenues and NOI on a GAAP basis are 2.50% and 2.20%, respectively.
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Commercial Paper and Credit Facility 0% Secured Fixed Rate 8% Secured Variable Rate 4% Unsecured Term Loan 9% Unsecured Bonds 79% Equity 72% Commercial Paper and Credit Facility 0% Unsecured Debt 25% Secured Debt 3% Secured 12% Unsecured 88% C R E D I T U P D A T E | Q 4 2 0 2 5 $24.3 Billion Total Market Capitalization (1) C A P I T A L S T U C T U R E & L I Q U I D I T Y P R O F I L E Debt Composition (1) (2) Liquidity Profile ($M) 12/31/2025 Unsecured Credit Facility – Committed $1,575 Commercial Paper Balance Outstanding $0 Available Unsecured Commitments $1,575 Cash, Cash Equivalents & Marketable Securities (3) $191 Total Liquidity $1,766 (1) As of 12/31/2025. (2) Consolidated portfolio only. (3) Includes value of undrawn equity forward contracts.
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450 350 450 500 850 900 650 550 400 350 600 99 84 68 1 67 2 2 330 2 2 3 126 0 200 400 600 800 1,000 1,200 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Thereafter Unsecured Secured M A T U R I T Y S C H E D U L E C R E D I T U P D A T E | Q 4 2 0 2 5 Disclaimer: This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this presentation nor anything contained herein shall form the basis of any contract or commitment. This presentation contains certain “forward-looking statements” within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. These forward-looking statements, some of which can be identified by terms and phrases such as “forecast”, “estimate”, “expect”, “anticipate”, “should”, “could”, “may” and similar expressions, reflect the current views of Essex Property Trust, Inc. (“Essex” or the “Company”) or any of its affiliates with respect to future events and are subject to risks and uncertainties. Assumptions and, therefore, the forward-looking statements, are by their nature subject to significant uncertainties and contingencies, many of which are outside the control of the Company and are not reliably predictable. Should any of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated in any forward-looking statements. As such, undue reliance should not be placed on any forward-looking statements. Debt Maturities in Millions ($) Q4 2025 Conference Call Webcast Information: February 5, 2026 at 9:00 am PT/12:00 pm ET Dial-In Number – (877) 407-0784/www.essex.com Replay available online for 30 days/digitally for 7 days Contact Information: Kyle Poirier, Group Vice President, Finance (650) 655-7890 kpoirier@essex.com % of Total Debt Maturing/Year 8.0% 6.4% 7.6% 7.3% 13.4% 13.2% 9.5% 4.8% 8.1% 5.9% 5.2% 10.6% Debt Maturity Schedule (1) (as of 12/31/2025) (1) Excludes credit facility and commercial paper balances.