Slides
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Century Towers 376 Apartment Homes San Jose, CA S E C O N D Q U A R T E R 2 0 2 6 C R E D I T U P D A T E
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S E C O N D Q U A R T E R 2 0 2 6 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 2 2 0 2 6 ▪ Reported Net Income per diluted share for the second quarter of 2026 of $0.97, compared to $3.44 in the second quarter of 2025. The decrease is primarily attributable to a gain on sale of real estate and land recognized in the second quarter of 2025. ▪ Grew Core FFO per diluted share by 1.2% compared to the second quarter of 2025, exceeding the midpoint of the Company’s guidance range by $0.10 per diluted share. The outperformance was primarily attributable to higher same-property and non-same-property net operating income (“NOI”). ▪ Achieved same-property revenue and NOI growth of 2.7% and 2.6%, respectively, compared to the second quarter of 2025. On a sequential basis, same-property revenue and NOI improved 0.8% and 1.2%, respectively. ▪ Disposed of a co-investment apartment community at a total contract price of $105.3 million ($52.6 million at pro rata share). ▪ Received $87.8 million from the full redemption of three structured finance investments. ▪ Revised full-year 2026 guidance range as detailed in the table below: (1) Reflects guidance on a cash basis based on 52,135 apartment homes. On a GAAP basis, the midpoints of the Company’s same-property revenue and NOI guidance are 2.9% and 2.9%, respectively. 2026 FULL-YEAR GUIDANCE Previous Range Revised Range Revised Midpoint Change at Midpoint Per Diluted Share Net Income $5.62 - $6.12 $5.47 - $5.69 $5.58 ($0.29) Total FFO $15.71 - $16.21 $15.37 - $15.59 $15.48 ($0.48) Core FFO $15.69 - $16.19 $16.03 - $16.25 $16.14 +$0.20 Same-Property Portfolio Growth (1) Revenues 1.7% to 3.1% 2.5% to 3.1% 2.8% +0.40% Operating Expenses 2.5% to 3.5% 2.5% to 3.0% 2.8% (0.25%) NOI 0.8% to 3.4% 2.3% to 3.3% 2.8% +0.70%
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C R E D I T U P D A T E | Q 2 2 0 2 6 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 Q2 ’26 Q1 ’26 Q4 ’25 Q3 ’25 Q2 ’25 Covenant Debt to Total Assets 34% 34% 35% 34% 35% < 65% Secured Debt to Total Assets 4% 4% 4% 4% 4% < 40% Interest Coverage 508% 509% 510% 517% 524% > 150% Unsecured Debt Ratio (2) 297% 292% 291% 293% 288% > 150% Net Indebtedness to Adjusted EBITDAre (3)(4) 5.4X 5.5X 5.6X 5.5X 5.5X - Unencumbered NOI to Adjusted Total NOI 93% 93% 93% 93% 93% - 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 discounts, net of 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 July 29th, 2026.
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Commercial Paper and Credit Facility 5% Secured Fixed Rate 8% Secured Variable Rate 4% Unsecured Term Loan 9% Unsecured Bonds 74% Equity 74% Commercial Paper and Credit Facility 1% Unsecured Debt 22% Secured Debt 3% Secured 12% Unsecured 88% C R E D I T U P D A T E | Q 2 2 0 2 6 $26.1 Billion Total Market Capitalization (1) C A P I T A L S T R U C T U R E & L I Q U I D I T Y P R O F I L E Debt Composition (1) (2) Liquidity Profile ($M) 6/30/2026 Unsecured Credit Facility – Committed $1,575 Commercial Paper Balance Outstanding ($345) Available Unsecured Commitments $1,230 Cash, Cash Equivalents & Marketable Securities (3) $167 Total Liquidity $1,397 (1) As of 6/30/2026. (2) Consolidated portfolio only. (3) Includes value of undrawn equity forward contracts.
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350 450 500 850 900 650 550 400 350 600 99 84 68 1 67 2 2 330 2 2 3 126 0 200 400 600 800 1,000 1,200 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Thereafter Unsecured Secured M A T U R I T Y S C H E D U L E C R E D I T U P D A T E | Q 2 2 0 2 6 Disclaimer: This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this presentation nor anything contained herein shall form the basis of any contract or commitment. This presentation contains certain “forward-looking statements” within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. These forward-looking statements, some of which can be identified by terms and phrases such as “forecast”, “estimate”, “expect”, “anticipate”, “should”, “could”, “may” and similar expressions, reflect the current views of Essex Property Trust, Inc. (“Essex” or the “Company”) or any of its affiliates with respect to future events and are subject to risks and uncertainties. Assumptions and, therefore, the forward-looking statements, are by their nature subject to significant uncertainties and contingencies, many of which are outside the control of the Company and are not reliably predictable. Should any of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated in any forward-looking statements. As such, undue reliance should not be placed on any forward-looking statements. Debt Maturities in Millions ($) Q2 2026 Conference Call Webcast Information: July 30, 2026 at 11:00 am PT/2:00 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 1.5% 6.8% 8.1% 7.9% 14.4% 14.1% 10.2% 5.2% 8.6% 6.3% 5.5% 11.4% Debt Maturity Schedule (1) (as of 6/30/2026) (1) Excludes credit facility and commercial paper balances.