Earnings release
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Exhibit 99.1 Third Quarter 2026 Earnings Release & Supplemental Data Artizan | Oakland, CA
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T HIRD Q UARTER 2026E ARNINGS R ELEASE AND S UPPLEMENTAL D ATA Table of Contents Earnings Press Release Pages 1 - 9 Consolidated Operating Results S-1 & S-2 Consolidated Funds from Operations S-3 Consolidated Balance Sheets S-4 Debt Summary S-5 Capitalization Data, Public Bond Covenants, Credit Ratings, and Selected Credit Ratios S-6 Portfolio Summary by County S-7 Operating Income by Quarter S-8 Same-Property Revenue Results by County, Quarter-to-Date S-9 Same-Property Revenue Results by County, Year-to-Date S-9.1 Same-Property Operating Expenses, Quarter and Year-to-Date S-10 Development Pipeline S-11 Capital Expenditures S-12 Co-Investments and Preferred Equity Investments S-13 Summary of Apartment Community Acquisitions and Dispositions Activity S-14 Assumptions for 2026 FFO Guidance Range S-15 Reconciliation of Projected EPS, FFO and Core FFO per diluted share S-15.1 MSA Level Supply Forecast: 2026E – 2027E S-16 Reconciliations of Non-GAAP Financial Measures and Other Terms S-17.1 – S-17.4 1100 Park Place Suite 200 San Mateo California 94403 telephone 650 655 7800 facsimile 650 655 7810www.essex.com
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Table of Contents E SSEX A NNOUNCES T HIRD Q UARTER 2026 R ESULTS AND R AISES F ULL -Y EAR 2026 G UIDANCE San Mateo, California—October 27, 2026—Essex Property Trust, Inc. (NYSE: ESS) (the “Company”) announced today its third quarter 2026 earnings results and related business activities. Net Income, Funds from Operations (“FFO”), and Core FFO per diluted share for the three and nine-month periods ended September 30, 2026 are detailed below. Three Months EndedSeptember 30, % Nine Months EndedSeptember 30, % 2026 2025 Change 2026 2025 Change Per Diluted Share Net Income $1.52 $2.56 -40.6% $4.14 $9.15 -54.8%Total FFO $3.98 $4.03 -1.2% $11.47 $12.03 -4.7%Core FFO $4.00 $3.97 0.8% $12.15 $11.96 1.6% Third Quarter 2026 Highlights:• Reported Net Income per diluted share for the third quarter of 2026 of $1.52, compared to $2.56 in the third quarter of 2025. The decrease was primarily driven by gains on sale of realestate and land recognized in the third quarter of 2025. • Grew Core FFO per diluted share by 0.8% compared to the third quarter of 2025, exceeding the midpoint of the Company’s guidance range by $0.01 per diluted share, driven by same-property revenue growth. • Achieved same-property revenue and net operating income (“NOI”) growth of 3.0% and 3.1%, respectively, compared to the third quarter of 2025. On a sequential basis, same-propertyrevenue improved by 1.0%, driven by growth across all regions and continued strength in Northern California. • Disposed of three apartment communities for a total pro rata contract price of $111.9 million. • Obtained a $275.0 million unsecured term loan priced at SOFR plus 0.80%. Full-Year 2026 Revised Guidance RevisedRange RevisedMidpoint Change atMidpoint Net Income per diluted share $5.62 - $5.74 $5.68 +$0.10 Core FFO per diluted share $16.10 - $16.22 $16.16 +$0.02 Same-Property Revenue 2.8% to 3.0% 2.9% +0.10%Same-Property Operating Expenses 2.6% to 2.9% 2.8% Unchanged Same-Property NOI 2.8% to 3.2% 3.0% +0.20% 1100 Park Place Suite 200 San Mateo California 94403 telephone 650 655 7800 facsimile 650 655 7810www.essex.com
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Table of Contents S AME -P ROPERTY O PERATIONS Same-property operating results exclude any properties that are not comparable for the periods presented. The table below illustrates the percentage change in same-property revenue on a year-over-year basis for the three and nine-month periods ended September 30, 2026 and on a sequential basis for the three-month period ended September 30, 2026: Revenue Change Q3 2026vs. Q3 2025 YTD 2026vs. YTD 2025 Q3 2026vs. Q2 2026 % of Total Q32026 RevenuesSouthern California Los Angeles County 0.5% 1.0% 0.1% 16.7%Orange County 2.7% 2.8% 0.8% 10.1%San Diego County 2.1% 1.9% 0.4% 9.8%Ventura County 1.3% 1.6% 0.5% 4.7%Total Southern California 1.5% 1.7% 0.4% 41.3%Northern California Santa Clara County 5.7% 4.9% 2.0% 21.2%Alameda County 4.5% 3.7% 0.8% 7.0%San Mateo County 6.6% 5.7% 2.5% 4.6%Contra Costa County 3.0% 2.3% 0.8% 5.1%San Francisco 8.0% 6.4% 1.7% 3.1%Total Northern California 5.4% 4.6% 1.7% 41.0%Seattle Metro 1.3% 1.8% 0.8% 17.7%Same-Property Portfolio 3.0% 2.9% 1.0% 100.0% The table below illustrates the components that drove the change in same-property revenue on a year-over-year basis for the three and nine-month periods ended September 30, 2026 and on asequential basis for the three-month period ended September 30, 2026: Same-Property Revenue Components Q3 2026vs. Q3 2025 YTD 2026vs. YTD 2025 Q3 2026vs. Q2 2026Scheduled Rents 2.5% 2.3% 1.2%Delinquency 0.0% 0.0% 0.0%Cash Concessions 0.0% -0.1% -0.1%Vacancy 0.1% 0.1% -0.1%Other Income 0.4% 0.6% 0.0%Q3 2026 Same-Property Revenue Growth 3.0% 2.9% 1.0% - 2 -
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Table of Contents Year-Over-Year Change Year-Over-Year Change Q3 2026 compared to Q3 2025 YTD 2026 compared to YTD 2025 Revenue OperatingExpenses NOI Revenue OperatingExpenses NOISouthern California 1.5% 2.6% 1.0% 1.7% 2.3% 1.5%Northern California 5.4% 1.8% 7.0% 4.6% 0.3% 6.5%Seattle Metro 1.3% 5.3% -0.4% 1.8% 4.9% 0.5%Same-Property Portfolio 3.0% 2.8% 3.1% 2.9% 1.9% 3.3% Sequential Change Q3 2026 compared to Q2 2026 Revenue OperatingExpenses NOISouthern California 0.4% 6.4% -2.0%Northern California 1.7% 7.4% -0.7%Seattle Metro 0.8% 5.6% -1.2%Same-Property Portfolio 1.0% 6.7% -1.3% Financial Occupancies Quarter Ended 9/30/2026 6/30/2026 9/30/2025Southern California 96.1% 95.7% 95.8%Northern California 96.5% 96.8% 96.3%Seattle Metro 96.1% 96.4% 96.1%Same-Property Portfolio 96.3% 96.3% 96.0% I NVESTMENT A CTIVITY Dispositions In August 2026, the Company sold a 76-unit apartment home community located in Seattle, WA, for a contract price of $30.0 million. The Company recorded a gain on sale of real estate andland of $6.8 million in the third quarter, which has been excluded from Total and Core FFO. In August 2026, a joint venture in which the Company owned a 58% interest sold a 268-unit apartment home community located in San Jose, CA, for a contract price of $122.3 million ($70.9million at pro rata share). In addition, the Company was fully redeemed on a $15.6 million preferred equity investment affiliated with the partnership. The Company recorded a gain on sale ofco-investment communities of $5.8 million at pro rata share in the third quarter, which has been excluded from Total and Core FFO. Other Investments In July 2026, Wesco VII, LLC (“Wesco VII”), a joint venture in which the Company owns a 50% interest, originated two preferred equity investments in two stabilized apartment communitiestotaling $36.2 million ($18.1 million at pro rata share). Both investments were fully funded at closing and yield an initial preferred return of 11.5%. - 3 -
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Table of Contents Subsequent to quarter end, the Company acquired a 378-unit apartment home community built in 2024 and located in Oakland, CA. This transaction follows the liquidation of the Company’s$64.2 million subordinated loan interest and payoff of the associated $92.3 million senior mortgage. The Company has not accrued income on this investment since the third quarter of 2025and will consolidate the community on its financial statements in the fourth quarter of 2026. B ALANCE S HEET AND L IQUIDITY Balance Sheet In September 2026, the Company obtained a $275.0 million unsecured term loan which is scheduled to mature in September 2029 with two one-year extension options, exercisable at theCompany’s option. The loan is priced at SOFR plus 0.80%. Common Stock and Liquidity In the third quarter of 2026, the Company received net cash proceeds of $16.4 million from the settlement of its forward sale agreements entered in the first quarter of 2025, by issuing 52,600shares of common stock at a weighted average price of $311.13 per share, net of commissions. As of September 30, 2026, there were no outstanding forward sale agreements and the Companyhad $883.5 million of available authority remaining under its ATM program. During the third quarter of 2026, the Company did not repurchase any shares through its stock repurchase plan. Year-to-date, the Company has repurchased 254,001 shares of its common stocktotaling $61.9 million, including commissions, at an average price per share of $243.76. As of September 30, 2026, the Company had $500.0 million of purchase authority remaining under itsstock repurchase plan. As of September 30, 2026, the Company had over $1.7 billion of liquidity via available capacity on its unsecured credit facilities, cash and cash equivalents, and marketable securities. - 4 -
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Table of Contents G UIDANCE For the third quarter of 2026, the Company exceeded the midpoint of the guidance range provided in its second quarter 2026 earnings release for Core FFO by $0.01 per diluted share, drivenby same-property revenue growth. 2026 F ULL -Y EAR AND F OURTH Q UARTER G UIDANCE Per Diluted Share PreviousRange RevisedRange RevisedMidpoint Change atMidpointNet Income $5.47 - $5.69 $5.62 - $5.74 $5.68 +$0.10Total FFO $15.37 - $15.59 $15.42 - $15.54 $15.48 UnchangedCore FFO $16.03 - $16.25 $16.10 - $16.22 $16.16 +$0.02Q4 2026 Core FFO N/A $3.95 - $4.07 $4.01 N/A Same-Property Portfolio Growth (1) Revenue 2.5% to 3.1% 2.8% to 3.0% 2.9% +0.10%Operating Expenses 2.5% to 3.0% 2.6% to 2.9% 2.8% UnchangedNet Operating Income 2.3% to 3.3% 2.8% to 3.2% 3.0% +0.20% (1) Reflects guidance on a cash basis based on 52,059 apartment homes. On a GAAP basis, the midpoints of the Company’s same-property revenue and NOI guidance are 2.9% and 3.0%,respectively For additional details regarding the Company’s 2026 FFO guidance range, see page S-15 of the supplemental financial information. C ONFERENCE C ALL WITH M ANAGEMENT The Company will host an earnings conference call with management to discuss its quarterly results on Wednesday, October 28, 2026 at 9 a.m. PT (12 p.m. ET), which will be broadcast livevia the Internet at www.essex.com, and accessible via phone by dialing toll-free, (877) 407-0784, or toll/international, (201) 689-8560. No passcode is necessary. A rebroadcast of the live call will be available online for 30 days and digitally for 7 days. To access the replay online, go to www.essex.com and select the third quarter 2026 earnings link. Toaccess the replay, dial (844) 512-2921 using the replay pin number 13763055. If you are unable to access the information via the Company’s website, please contact the Investor RelationsDepartment at investors@essex.com or call (650) 655-7800. C ORPORATE P ROFILE Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties inselected West Coast markets. Essex currently has ownership interests in 255 apartment home communities comprising over 62,000 apartment homes with an additional property in activedevelopment. Additional information about the Company can be found on the Company’s website at www.essex.com. This press release and accompanying supplemental financial information has been furnished to the Securities and Exchange Commission electronically on Form 8-K and can be accessed fromthe Company’s website at www.essex.com. If you are unable to obtain the information via the Web, please contact the Investor Relations Department at (650) 655-7800. - 5 -
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Table of Contents FFO R ECONCILIATION FFO, as defined by the National Association of Real Estate Investment Trusts (“Nareit”), is generally considered by industry analysts as an appropriate measure of performance of an equityREIT. Generally, FFO adjusts the net income of equity REITs for non-cash charges such as depreciation and amortization of rental properties, impairment charges, gains on sales of real estateand extraordinary items. Management considers FFO and FFO which excludes non-core items, which is referred to as “Core FFO,” to be useful supplemental operating performance measuresof an equity REIT because, together with net income and cash flows, FFO and Core FFO provide investors with additional bases to evaluate the operating performance and ability of a REIT toincur and service debt and to fund acquisitions and other capital expenditures and to pay dividends. By excluding gains or losses related to sales of depreciated operating properties and landand excluding real estate depreciation (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO can helpinvestors compare the operating performance of a real estate company between periods or as compared to different companies. By further adjusting for items that are not considered part of theCompany’s core business operations, Core FFO allows investors to compare the core operating performance of the Company to its performance in prior reporting periods and to the operatingperformance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual operating results.FFO and Core FFO do not represent net income or cash flows from operations as defined by U.S. generally accepted accounting principles (“GAAP”) and are not intended to indicate whethercash flows will be sufficient to fund cash needs. These measures should not be considered as alternatives to net income as an indicator of the REIT’s operating performance or to cash flows as ameasure of liquidity. FFO and Core FFO do not measure whether cash flow is sufficient to fund all cash needs including principal amortization, capital improvements and distributions tostockholders. FFO and Core FFO also do not represent cash flows generated from operating, investing or financing activities as defined under GAAP. Management has consistently applied theNareit definition of FFO to all periods presented. However, there is judgment involved and other REITs’ calculation of FFO may vary from the Nareit definition for this measure, and thus theirdisclosures of FFO may not be comparable to the Company’s calculation. - 6 -
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Table of Contents The following table sets forth the Company’s calculation of FFO and Core FFO per diluted share for the three and nine-month periods ended September 30, 2026 and 2025 (dollars inthousands, except for share and per share amounts): Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 Net income available to common stockholders $ 98,069 $ 164,621 $ 266,717 $ 589,093 Adjustments: Depreciation and amortization 152,552 151,489 461,520 454,277 Gains not included in FFO (12,539) (67,509) (23,770) (305,043)Impairment loss 10,709 - 10,709 - Depreciation and amortization from unconsolidated co-investments 12,611 14,343 39,094 43,127 Noncontrolling interest related to Operating Partnership units 3,330 5,767 9,122 20,827 Depreciation attributable to third party ownership and other (39) (38) (115) (122)FFO attributable to common stockholders and unitholders $ 264,693 $ 268,673 $ 763,277 $ 802,159 FFO per share – diluted $ 3.98 $ 4.03 $ 11.47 $ 12.03 Expensed acquisition and investment related costs $ - $ 25 $ - $ 25 Tax (benefit) expense on unconsolidated technology co-investments (493) (1,958) 2,758 (2,353)Realized and unrealized losses (gains) on marketable securities, net 508 (1,658) (3,482) (4,059)Provision for credit losses - 50 (222) 61 Equity loss (income) from unconsolidated technology co-investments 33 (4,393) (16,154) (6,005)Loss on early retirement of debt - - - 762 Income from early redemption of preferred equity investments - (70) (179) (70)General and administrative and other, net (1) 1,504 3,926 62,835 7,863 Insurance reimbursements and other, net (44) (89) (342) (789)Core FFO attributable to common stockholders and unitholders $ 266,201 $ 264,506 $ 808,491 $ 797,594 Core FFO per share – diluted $ 4.00 $ 3.97 $ 12.15 $ 11.96 Weighted average number of shares outstanding diluted (2) 66,495,937 66,674,655 66,548,417 66,667,571 (1) Includes political advocacy costs of $0.3 million and $2.0 million for the three and nine months ended September 30, 2026, respectively, and $1.6 million and $2.0 million for the three andnine months ended September 30, 2025, respectively. During the nine months ended September 30, 2026, the Company reached a settlement to fully resolve its case related to RealPage,Inc. totaling $36.5 million and another litigation matter totaling $19.3 million.(2) Assumes conversion of all outstanding limited partnership units in Essex Portfolio, L.P. (the “Operating Partnership”) into shares of the Company’s common stock and excludesDownREIT limited partnership units. N ET O PERATING I NCOME (“NOI”) AND S AME -P ROPERTY NOI R ECONCILIATIONS NOI and Same-Property NOI are considered by management to be important supplemental performance measures to earnings from operations included in the Company’s consolidatedstatements of income. The presentation of same-property NOI assists with the presentation of the Company’s operations prior to the allocation of depreciation and any corporate-level orfinancing-related costs. NOI reflects the operating performance of a community and allows for an easy comparison of the operating performance of individual - 7 -
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Table of Contents communities or groups of communities. In addition, because prospective buyers of real estate have different financing and overhead structures, with varying marginal impacts to overhead byacquiring real estate, NOI is considered by many in the real estate industry to be a useful measure for determining the value of a real estate asset or group of assets. The Company defines same-property NOI as same-property revenue less same-property operating expenses, including property taxes. Please see the reconciliation of earnings from operations to NOI and same-propertyNOI, which in the table below is the NOI for stabilized properties consolidated by the Company for the periods presented (dollars in thousands): Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 Earnings from operations $ 156,760 $ 210,399 $ 421,326 $ 747,180 Adjustments: Corporate-level property management expenses 13,393 12,216 40,223 36,768 Depreciation and amortization 152,552 151,489 461,520 454,277 Management and other fees from affiliates (2,344) (2,361) (6,975) (7,078)General and administrative 16,561 18,058 109,724 51,507 Expensed acquisition and investment related costs - 25 - 25 Impairment loss 10,709 - 10,709 - Gain on sale of real estate and land (6,781) (62,320) (8,781) (299,524)NOI 340,850 327,506 1,027,746 983,155 Less: Non-same property NOI (27,662) (23,818) (85,396) (70,738)Same-Property NOI $ 313,188 $ 303,688 $ 942,350 $ 912,417 S AFE H ARBOR S TATEMENT U NDER T HE P RIVATE L ITIGATION R EFORM A CT OF 1995: This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of1934, as amended. Forward-looking statements are statements which are not historical facts, including statements regarding the Company’s expectations, estimates, assumptions, hopes,intentions, beliefs and strategies regarding the future. Words such as “expects,” “assumes,” “anticipates,” “may,” “will,” “intends,” “plans,” “projects,” “believes,” “seeks,” “future,”“estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, among other things,statements regarding the Company’s fourth quarter and full-year 2026 guidance (including net income, Total FFO and Core FFO, same-property growth and related assumptions) andanticipated yield on certain investments. While the Company’s management believes the assumptions underlying its forward-looking statements are reasonable, such forward-lookingstatements involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, which could cause the actual results, performance orachievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company cannotassure the future results or outcome of the matters described in these statements; rather, these statements merely reflect the Company’s current expectations of the approximate outcomes of thematters discussed. Factors that might cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements include, but arenot limited to, the following: assumptions related to our fourth quarter and full-year 2026 guidance; occupancy rates and rental demand may be adversely affected by competition and localeconomic and market conditions; there may be increased interest rates, inflation, escalated operating costs and possible recessionary impacts; tariffs, geopolitical tensions and regional conflicts,and the related impacts on macroeconomic conditions, including, among other things, interest rates and inflation; the terms of any refinancing may not be as favorable as the terms of existing - 8 -
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Table of Contents indebtedness; the Company’s inability to maintain its investment grade credit rating with the rating agencies; the Company may be unsuccessful in the management of its relationships with itsco-investment partners; the Company may fail to achieve its business objectives; time of actual completion and/or stabilization of development and redevelopment projects; estimates of futureincome from an acquired property may prove to be inaccurate; future cash flows may be inadequate to meet operating requirements and/or may be insufficient to provide for dividend paymentsin accordance with REIT requirements; changes in laws or regulations and the anticipated or actual impact of future changes in laws or regulations; unexpected difficulties in leasing of futuredevelopment projects; volatility in financial and securities markets; the Company’s failure to successfully operate acquired properties; unforeseen consequences from cyber-intrusion;government approvals, actions and initiatives, including the need for compliance with environmental requirements; and those further risks, special considerations, and other factors referred toin the Company’s annual report on Form 10-K for the year ended December 31, 2025, quarterly reports on Form 10-Q, and those risk factors and special considerations set forth in theCompany’s other filings with the SEC which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance orachievements expressed or implied by such forward-looking statements. All forward-looking statements are made as of the date hereof, the Company assumes no obligation to update orsupplement this information for any reason, and therefore, they may not represent the Company’s estimates and assumptions after the date of this press release. D EFINITIONS AND R ECONCILIATIONS Non-GAAP financial measures and certain other capitalized terms, as used in this earnings release and supplemental financial information, are defined and further explained on pages S-17.1through S-17.4, “Reconciliations of Non-GAAP Financial Measures and Other Terms,” of the accompanying supplemental financial information. The supplemental financial information isavailable on the Company’s website at www.essex.com. Contact InformationLoren RaineySr. Director, Investor Relations(650) 655-7800lrainey@essex.com - 9 -
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Consolidated Operating Results(Dollars in thousands, except share and per share amounts) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 Revenues: Rental and other property $ 490,346 $ 470,942 $ 1,459,520 $ 1,400,641 Management and other fees from affiliates 2,344 2,361 6,975 7,078 492,690 473,303 1,466,495 1,407,719 Expenses: Property operating 149,496 143,436 431,774 417,486 Corporate-level property management expenses 13,393 12,216 40,223 36,768 Depreciation and amortization 152,552 151,489 461,520 454,277 General and administrative 16,561 18,058 109,724 51,507 Expensed acquisition and investment related costs - 25 - 25 Impairment loss 10,709 - 10,709 - 342,711 325,224 1,053,950 960,063 Gain on sale of real estate and land 6,781 62,320 8,781 299,524 Earnings from operations 156,760 210,399 421,326 747,180 Interest expense, net (1) (63,416) (63,331) (193,047) (189,054)Interest and other income 686 5,900 10,809 16,997 Equity income from co-investments 9,212 17,798 46,542 39,984 Tax benefit (expense) on unconsolidated technology co-investments 493 1,958 (2,758) 2,353 Loss on early retirement of debt - - - (762)Gain on remeasurement of co-investment - - - 330 Net income 103,735 172,724 282,872 617,028 Net income attributable to noncontrolling interest (5,666) (8,103) (16,155) (27,935)Net income available to common stockholders $ 98,069 $ 164,621 $ 266,717 $ 589,093 Net income per share - basic $ 1.53 $ 2.56 $ 4.15 $ 9.15 Shares used in income per share - basic 64,290,878 64,404,008 64,336,608 64,368,625 Net income per share - diluted $ 1.52 $ 2.56 $ 4.14 $ 9.15 Shares used in income per share - diluted 64,311,993 64,418,240 64,350,275 64,392,244 (1) Refer to page S-17.2, the section titled “Interest Expense, Net” for additional information. See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-1
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Consolidated Operating Results - Selected Line Item Detail(Dollars in thousands) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 Rental and other property Rental income $ 482,770 $ 463,892 $ 1,438,000 $ 1,380,438 Other property 7,576 7,050 21,520 20,203 Rental and other property $ 490,346 $ 470,942 $ 1,459,520 $ 1,400,641 Property operating expenses Real estate taxes $ 53,569 $ 52,023 $ 157,108 $ 153,652 Utilities 35,023 32,713 98,750 91,075 Personnel costs 28,318 27,448 81,806 80,443 Maintenance and repairs 17,968 16,052 48,709 46,924 Administrative 8,341 8,314 25,235 24,663 Insurance and other 6,277 6,886 20,166 20,729 Property operating expenses $ 149,496 $ 143,436 $ 431,774 $ 417,486 Interest and other income Marketable securities and other income $ 1,150 $ 4,218 $ 6,785 $ 12,210 Realized and unrealized (losses) gains on marketable securities, net (508) 1,658 3,482 4,059 Provision for credit losses - (50) 222 (61)Insurance reimbursements and other, net 44 74 320 789 Interest and other income $ 686 $ 5,900 $ 10,809 $ 16,997 Equity income from co-investments Equity income (loss) from co-investments $ 478 $ (485) $ 3,358 $ (1,008)Income from preferred equity investments 3,009 8,616 11,840 29,728 Equity (loss) income from unconsolidated technology co-investments (33) 4,393 16,154 6,005 Insurance reimbursements and other, net - 15 22 - Gain on sale of co-investment communities 5,758 5,189 14,989 5,189 Income from early redemption of preferred equity investments - 70 179 70 Equity income from co-investments $ 9,212 $ 17,798 $ 46,542 $ 39,984 Noncontrolling interest Limited partners of Essex Portfolio, L.P. $ 3,330 $ 5,767 $ 9,122 $ 20,827 DownREIT limited partners’ distributions 2,297 2,294 6,905 6,972 Third-party ownership interest 39 42 128 136 Noncontrolling interest $ 5,666 $ 8,103 $ 16,155 $ 27,935 See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-2
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Consolidated Funds from Operations (1) (Dollars in thousands, except share and per share amounts and in footnotes) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 % Change 2026 2025 % Change Funds from operations attributable to common stockholders and unitholders (FFO) Net income available to common stockholders $ 98,069 $ 164,621 $ 266,717 $ 589,093 Adjustments: Depreciation and amortization 152,552 151,489 461,520 454,277 Gains not included in FFO (12,539) (67,509) (23,770) (305,043) Impairment loss 10,709 - 10,709 - Depreciation and amortization from unconsolidated co-investments 12,611 14,343 39,094 43,127 Noncontrolling interest related to Operating Partnership units 3,330 5,767 9,122 20,827 Depreciation attributable to third party ownership and other (39) (38) (115) (122) Funds from operations attributable to common stockholdersand unitholders $ 264,693 $ 268,673 $ 763,277 $ 802,159 FFO per share - diluted $ 3.98 $ 4.03 -1.2% $ 11.47 $ 12.03 -4.7% Components of the change in FFO Non-core items: Expensed acquisition and investment related costs $ - $ 25 $ - $ 25 Tax (benefit) expense on unconsolidated technology co-investments (493) (1,958) 2,758 (2,353) Realized and unrealized losses (gains) on marketable securities, net 508 (1,658) (3,482) (4,059) Provision for credit losses - 50 (222) 61 Equity loss (income) from unconsolidated technology co-investments 33 (4,393) (16,154) (6,005) Loss on early retirement of debt - - - 762 Income from early redemption of preferred equity investments - (70) (179) (70) General and administrative and other, net (2) 1,504 3,926 62,835 7,863 Insurance reimbursements and other, net (44) (89) (342) (789) Core funds from operations attributable to commonstockholders and unitholders $ 266,201 $ 264,506 $ 808,491 $ 797,594 Core FFO per share - diluted $ 4.00 $ 3.97 0.8% $ 12.15 $ 11.96 1.6% Weighted average number of shares outstanding - diluted (3) 66,495,937 66,674,655 66,548,417 66,667,571 (1) Refer to page S-17.2, the section titled “Funds from Operations (“FFO”) and Core FFO” for additional information on the Company’s definition and use of FFO and Core FFO.(2) Includes political advocacy costs of $0.3 million and $2.0 million for the three and nine months ended September 30, 2026, respectively, and $1.6 million and $2.0 million for the three andnine months ended September 30, 2025, respectively. During the nine months ended September 30, 2026, the Company reached a settlement to fully resolve its case related to RealPage,Inc. totaling $36.5 million and another litigation matter totaling $19.3 million.(3) Assumes conversion of all outstanding limited partnership units in the Operating Partnership into shares of the Company’s common stock and excludes DownREIT limited partnershipunits. See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-3
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Consolidated Balance Sheets(Dollars in thousands) September 30, 2026 December 31, 2025 Real estate investments: Land and land improvements $ 3,355,893 $ 3,363,169 Buildings and improvements 15,146,101 15,073,416 18,501,994 18,436,585 Less: accumulated depreciation (6,931,353) (6,532,003) 11,570,641 11,904,582 Real estate under development 210,654 157,122 Co-investments 612,871 630,550 12,394,166 12,692,254 Cash and cash equivalents, including restricted cash 80,298 85,586 Marketable securities 102,665 98,070 Notes and other receivables 94,064 141,591 Operating lease right-of-use assets 31,231 50,833 Prepaid expenses and other assets 113,830 90,675 Total assets $ 12,816,254 $ 13,159,009 Unsecured debt, net $ 5,844,670 $ 6,015,921 Mortgage notes payable, net 761,144 784,348 Distributions in excess of investments in co-investments 108,854 98,837 Operating lease liabilities 31,813 51,487 Other liabilities 584,250 471,521 Total liabilities 7,330,731 7,422,114 Redeemable noncontrolling interest 26,069 28,263 Equity: Common stock 6 6 Additional paid-in capital 6,652,282 6,683,514 Distributions in excess of accumulated earnings (1,381,186) (1,148,195)Accumulated other comprehensive income, net 27,426 6,047 Total stockholders’ equity 5,298,528 5,541,372 Noncontrolling interest 160,926 167,260 Total equity 5,459,454 5,708,632 Total liabilities and equity $ 12,816,254 $ 13,159,009 See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-4
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Debt Summary - September 30, 2026(Dollars in thousands,except in footnotes) Scheduled principal payments and debt composition - excludes lines of credit andcommercial paper and unamortized discounts and debt issuance costs: Weighted Average WeightedAverageInterestRate BalanceOutstanding InterestRate Maturityin Years Unsecured Secured Total Percentageof TotalDebt Unsecured Debt, net Bonds public - fixed rate $ 5,000,000 3.7% 6.9 2026 $ - $ 46,092 $ 46,092 4.0% 0.7%Term loan - fixed rate (1) 600,000 4.1% 4.0 2027 350,000 84,397 434,397 3.6% 6.6%Term loan - variable rate (2) 275,000 4.6% 3.0 2028 450,000 68,332 518,332 2.2% 7.8%Total unsecured debt, net 5,875,000 3.8% 6.5 2029 775,000 1,456 776,456 4.3% 11.7% 2030 850,000 66,592 916,592 3.6% 13.8%Mortgage Notes Payable, net 2031 900,000 31,740 931,740 3.0% 14.0%Fixed rate - secured 505,804 4.9% 5.1 2032 650,000 1,903 651,903 2.6% 9.8%Variable rate - secured (3) 257,954 3.2% 12.5 2033 - 330,126 330,126 4.9% 5.0%Total mortgage notes payable, net 763,758 4.4% 7.6 2034 550,000 2,275 552,275 5.5% 8.3% 2035 400,000 2,487 402,487 5.5% 6.1%Unsecured Lines of Credit and Commercial Paper 2036 350,000 2,719 352,719 5.0% 5.3%Lines of credit (4) - 4.6% N/A Thereafter 600,000 125,639 725,639 3.6% 10.9%Commercial paper (5) - N/A N/A Total 5,875,000 763,758 6,638,758 3.8% 100.0% Total lines of credit and commercial paper - 4.6% N/A Fixed versus variable rate debt: Unamortized discounts and debt issuance costs, net (32,944) Fixed ratedebt 5,600,000 505,804 6,105,804 3.8% 92.0% Variable ratedebt 275,000 257,954 532,954 3.9% 8.0%Total debt, net $ 6,605,814 3.8% 6.6 Total $ 5,875,000 $763,758 $ 6,638,758 3.8% 100.0% (1) The Company has entered into interest rate swaps on $600 million of its aggregate term loan debt. $300 million is swapped to an all-in fixed rate of 4.1% through October 2026, afterwhich $300 million of interest rate swaps will come into effect at an all-in fixed rate of 4.5% through January 2031. An additional $300 million of term loan debt is swapped to an all-infixed rate of 4.1% through April 2030.(2) In September 2026, the Company entered into a $275 million unsecured term loan with a maturity date in September 2029 plus two one-year extension options exercisable at theCompany’s discretion. The interest rate on the loan is SOFR plus 0.80%, which is based on a tiered rate structure tied to the Operating Partnership’s long-term unsecured credit ratings.(3) The Company’s secured variable rate exposure is linked to SIFMA which has historically averaged 60% to 70% of the SOFR rate.(4) The Company has two unsecured line of credit facilities with an aggregate capacity of $1.58 billion. The first unsecured line of credit facility has a capacity of $1.5 billion and a scheduledmaturity date in January 2030 plus two 6-month extension options, which are exercisable at the Company’s discretion. The second unsecured line of credit facility has a capacity of $75.0million, and a scheduled maturity date in July 2028.(5) The Company has a commercial paper program under which it can issue up to $750 million of unsecured short-term notes, which are backstopped by and reduce the borrowing capacity ofthe Company’s $1.5 billion unsecured line of credit facility. See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-5
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Capitalization Data, Public Bond Covenants, Credit Ratings and Selected Credit Ratios - September 30, 2026(Dollars and shares in thousands, except per share amounts) Capitalization Data Public Bond Covenants (1) Actual RequirementTotal debt, net $ 6,605,814 Common stock and potentially dilutive securities Debt to Total Assets: 33% < 65%Common stock outstanding 64,338 Limited partnership units (1) 2,184 Secured Debt to Total Assets: 4% < 40%Options-treasury method 15 Total shares of common stock and potentially dilutive securities 66,537 Interest Coverage: 509% > 150% Common stock price per share as of September 30, 2026 $ 269.39 Unsecured Debt Ratio (2): 301% > 150% Total equity capitalization $ 17,924,402 Selected Credit Ratios (3) Actual Total market capitalization $ 24,530,216 Net Indebtedness Divided by Adjusted EBITDAre,normalized and annualized: 5.4 Ratio of debt to total market capitalization 26.9% Unencumbered NOI to Adjusted Total NOI: 93% Credit Ratings Rating Agency Rating Outlook Moody’s Baa1 Stable (1) Refer to page S-17.4 for additional information on the Company’s Public Bond Covenants.Standard & Poor’s BBB+ Stable (2) Unsecured Debt Ratio is unsecured assets (excluding investments in co-investments) divided byunsecured indebtedness.(1) Assumes conversion of all outstanding limited partnership units in the OperatingPartnership into shares of the Company’s common stock. (3) Refer to pages S-17.1 to S-17.4, the section titled “Reconciliations of Non-GAAP Financial Measures and Other Terms” for additional information on the Company’s Selected Credit Ratios. See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-6
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Portfolio Summary by County as of September 30, 2026 Apartment Homes Average Monthly Rental Rate (1) Percent of NOI (2) Region - County Consolidated UnconsolidatedCo-investments ApartmentHomes inDevelopment (3) Total Consolidated UnconsolidatedCo-investments (4) Total(4) Consolidated UnconsolidatedCo-investments (4) Total (4) Southern California Los Angeles County 9,565 1,586 - 11,151 $ 2,709 $ 2,579 $2,698 14.7% 20.7% 15.0%Orange County 5,741 265 - 6,006 2,780 2,558 2,775 10.8% 3.7% 10.4%San Diego County 5,449 443 - 5,892 2,726 3,119 2,742 9.9% 7.1% 9.7%Ventura County and Other 2,760 373 - 3,133 2,553 3,304 2,608 4.9% 7.1% 5.0%Total Southern California 23,515 2,667 - 26,182 2,712 2,764 2,715 40.3% 38.6% 40.1% Northern California Santa Clara County (5) 10,673 511 - 11,184 3,320 3,507 3,324 23.5% 8.6% 22.7%Alameda County 3,970 1,328 - 5,298 2,727 2,712 2,725 6.6% 18.4% 7.3%San Mateo County 2,483 195 543 3,221 3,619 4,051 3,635 5.7% 3.7% 5.6%Contra Costa County 2,619 - - 2,619 2,847 - 2,847 4.7% 0.0% 4.4%San Francisco 1,356 537 - 1,893 3,214 3,874 3,323 2.7% 9.7% 3.1%Total Northern California 21,101 2,571 543 24,215 3,178 3,182 3,178 43.2% 40.4% 43.1% Seattle Metro 10,823 1,759 - 12,582 2,301 2,184 2,291 16.5% 21.0% 16.8% Total 55,439 6,997 543 62,979 $ 2,809 $ 2,772 $2,807 100.0% 100.0% 100.0% (1) Average monthly rental rate is defined as the total scheduled monthly rental income (actual rent for occupied apartment homes plus market rent for vacant apartment homes) for the quarterended September 30, 2026, divided by the number of apartment homes as of September 30, 2026.(2) Represents the percentage of actual NOI for the quarter ended September 30, 2026. See “Net Operating Income (“NOI”) and Same-Property NOI Reconciliations” on page S-17.3.(3) Includes development communities with no rental income.(4) At Company’s pro rata share.(5) Includes one community in Santa Cruz County. See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-7
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Operating Income by Quarter (1) (Dollars in thousands) ApartmentHomes Q3 ‘26 Q2 ‘26 Q1 ‘26 Q4 ‘25 Q3 ‘25 Rental and other property revenues: Same-property 52,059 $ 449,896 $ 445,480 $ 442,012 $ 439,042 $ 436,733 Acquisitions (2) 2,140 22,295 21,495 20,761 17,712 13,398 Non-residential/other, net (3) 1,240 18,272 19,959 19,785 19,642 20,496 Straight-line rent concessions (4) - (117) (203) (115) 927 315 Total rental and other property revenues 55,439 490,346 486,731 482,443 477,323 470,942 Property operating expenses: Same-property 136,708 129,016 129,314 130,468 133,045 Acquisitions (2) 8,882 7,544 8,273 6,873 5,019 Non-residential/other, net (3) (5) 3,906 4,462 3,669 4,159 5,372 Total property operating expenses 149,496 141,022 141,256 141,500 143,436 Net operating income (NOI): Same-property 313,188 316,464 312,698 308,574 303,688 Acquisitions (2) 13,413 13,951 12,488 10,839 8,379 Non-residential/other, net (3) (5) 14,366 15,497 16,116 15,483 15,124 Straight-line rent concessions (4) (117) (203) (115) 927 315 Total NOI $ 340,850 $ 345,709 $ 341,187 $ 335,823 $ 327,506 Same-property metrics Operating margin 70% 71% 71% 70% 70%Annualized turnover 42% 40% 33% 35% 44%Financial occupancy 96.3% 96.3% 96.5% 96.4% 96.0%Delinquency as a % of scheduled rent 0.5% 0.5% 0.4% 0.5% 0.5% Same-property net effective rate growth (6) New lease -0.2% 1.0% -2.4% -4.3% -0.6%Renewal 5.3% 4.8% 3.9% 4.7% 4.3%Blended 3.5% 3.6% 1.4% 1.0% 2.5% (1) Includes consolidated communities only.(2) Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2025.(3) Non-residential/other, net consists of revenues generated from retail space, commercial properties, held for sale properties, disposition properties, properties undergoing significantconstruction activities that do not meet our redevelopment criteria, properties subject to upcoming ground lease expirations, two communities located in the California counties of SantaBarbara and Santa Cruz, which the Company does not consider its core markets, and properties without comparable operating results in the reported periods.(4) Represents straight-line concessions for residential operating communities. Same-property revenues reflect concessions on a cash basis. Total rental and other property revenues reflectconcessions on a straight-line basis in accordance with U.S. GAAP.(5) Includes other expenses and intercompany eliminations pertaining to self-insurance.(6) Represents the percentage change in all lease tradeouts, including the impact of leasing incentives. See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-8
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Same-Property Revenue Results by County – Third Quarter 2026 vs. Third Quarter 2025 and Second Quarter 2026 (Dollars in thousands, except average monthly rental rates) ApartmentHomes Q3 ‘26% ofActualNOI Average Monthly Rental Rate Financial Occupancy Gross Revenues Sequential GrossRevenues Region - County Q3 ‘26 Q3 ‘25 %Change Q3 ‘26 Q3 ‘25 %Change Q3 ‘26 Q3 ‘25 %Change Q2 ‘26 %Change Southern California Los Angeles County 9,189 15.4% $ 2,683 $ 2,675 0.3% 95.7% 95.4% 0.3% $ 75,229 $ 74,891 0.5% $ 75,119 0.1%Orange County 5,341 10.7% 2,758 2,690 2.5% 96.5% 96.4% 0.1% 45,263 44,068 2.7% 44,902 0.8%San Diego County 5,207 10.2% 2,736 2,710 1.0% 96.5% 95.8% 0.7% 43,932 43,045 2.1% 43,748 0.4%Ventura County 2,652 5.0% 2,548 2,522 1.0% 96.1% 95.8% 0.3% 21,097 20,834 1.3% 20,984 0.5%Total Southern California 22,389 41.3% 2,697 2,669 1.0% 96.1% 95.8% 0.3% 185,521 182,838 1.5% 184,753 0.4% Northern California Santa Clara County 9,279 21.9% 3,310 3,151 5.0% 96.8% 96.5% 0.3% 95,284 90,188 5.7% 93,446 2.0%Alameda County 3,729 6.7% 2,714 2,620 3.6% 96.2% 96.1% 0.1% 31,687 30,325 4.5% 31,427 0.8%San Mateo County 1,864 4.5% 3,568 3,353 6.4% 96.6% 96.9% -0.3% 20,842 19,544 6.6% 20,332 2.5%Contra Costa County 2,619 5.0% 2,847 2,782 2.3% 96.0% 95.6% 0.4% 23,101 22,424 3.0% 22,920 0.8%San Francisco 1,356 2.9% 3,214 2,976 8.0% 95.6% 95.8% -0.2% 13,751 12,731 8.0% 13,525 1.7%Total Northern California 18,847 41.0% 3,146 3,002 4.8% 96.5% 96.3% 0.2% 184,665 175,212 5.4% 181,650 1.7% Seattle Metro 10,823 17.7% 2,301 2,280 0.9% 96.1% 96.1% 0.0% 79,710 78,683 1.3% 79,077 0.8% Total Same-Property 52,059 100.0% $ 2,777 $ 2,709 2.5% 96.3% 96.0% 0.3% $449,896 $436,733 3.0% $445,480 1.0% See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-9
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Same-Property Revenue Results by County – Nine months ended September 30, 2026 vs. Nine months ended September 30, 2025 (Dollars in thousands, except average monthly rental rates) ApartmentHomes YTD 2026% ofActual NOI Average Monthly Rental Rate Financial Occupancy Gross Revenues Region - County YTD 2026 YTD 2025 %Change YTD 2026 YTD 2025 %Change YTD 2026 YTD 2025 %Change Southern California Los Angeles County 9,189 15.6% $ 2,680 $ 2,663 0.6% 95.6% 95.2% 0.4% $ 226,020 $ 223,681 1.0%Orange County 5,341 10.7% 2,734 2,670 2.4% 96.2% 96.2% 0.0% 134,837 131,207 2.8%San Diego County 5,207 10.3% 2,723 2,692 1.2% 96.4% 95.9% 0.5% 131,370 128,918 1.9%Ventura County 2,652 5.1% 2,539 2,500 1.6% 96.1% 96.2% -0.1% 63,084 62,071 1.6%Total Southern California 22,389 41.7% 2,686 2,652 1.3% 96.0% 95.7% 0.3% 555,311 545,877 1.7% Northern California Santa Clara County 9,279 21.6% 3,243 3,112 4.2% 97.0% 96.6% 0.4% 280,637 267,469 4.9%Alameda County 3,729 6.7% 2,669 2,598 2.7% 96.4% 96.3% 0.1% 93,992 90,630 3.7%San Mateo County 1,864 4.7% 3,475 3,294 5.5% 97.1% 97.0% 0.1% 61,050 57,774 5.7%Contra Costa County 2,619 5.0% 2,811 2,761 1.8% 96.3% 96.2% 0.1% 68,767 67,230 2.3%San Francisco 1,356 2.6% 3,131 2,936 6.6% 96.1% 96.5% -0.4% 40,383 37,938 6.4%Total Northern California 18,847 40.6% 3,084 2,967 3.9% 96.7% 96.5% 0.2% 544,829 521,041 4.6% Seattle Metro 10,823 17.7% 2,285 2,257 1.2% 96.3% 96.2% 0.1% 237,248 233,083 1.8% Total Same-Property 52,059 100.0% $ 2,747 $ 2,684 2.3% 96.4% 96.2% 0.2% $1,337,388 $1,300,001 2.9% See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-9.1
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Same-Property Operating Expenses – Quarter to Date and Year to Date as of September 30, 2026 and 2025(Dollars in thousands) Based on 52,059 apartment homes Q3 ‘26 Q3 ‘25 % Change % ofOperatingExpense Same-property operating expenses: Real estate taxes $ 47,879 $ 47,132 1.6% 35.0%Utilities 31,674 30,266 4.7% 23.2%Personnel costs 25,911 25,499 1.6% 19.0%Maintenance and repairs 16,408 14,828 10.7% 12.0%Administrative 6,719 6,716 0.0% 4.9%Insurance and other 8,117 8,604 -5.7% 5.9%Total same-property operating expenses $ 136,708 $ 133,045 2.8% 100.0% YTD 2026 YTD 2025 % Change % ofOperatingExpense Same-property operating expenses: Real estate taxes $ 140,995 $ 140,111 0.6% 35.7%Utilities 89,646 83,939 6.8% 22.7%Personnel costs 75,019 74,631 0.5% 19.0%Maintenance and repairs 44,531 43,490 2.4% 11.3%Administrative 19,672 19,622 0.3% 5.0%Insurance and other 25,175 25,791 -2.4% 6.3%Total same-property operating expenses $ 395,038 $ 387,584 1.9% 100.0% See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-10
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Development Pipeline – September 30, 2026(Dollars in millions, except per apartment home amounts in thousands) Project Name - Location Ownership% EstimatedApartmentHomes EstimatedCommercialsq. feet Incurred toDate (1) RemainingCosts EstimatedTotal Cost Cost perApartmentHome (2) ConstructionStart InitialOccupancy StabilizedOperations Development Projects - Consolidated 7 South Linden - South San Francisco, CA 100% 543 - $ 176 $ 135 $ 311 $ 573 Q1 2025 Q1 2028 Q1 2030 Total Development Projects - Consolidated 543 - 176 135 311 $ 573 Land Held for Future Development - Consolidated Other Projects - Various 100% - - 35 - 35 Total Development Pipeline - Consolidated 543 - $ 211 $ 135 $ 346 (1) For the third quarter of 2026, the Company’s cost includes $1.7 million of capitalized interest and $0.7 million of capitalized overhead.(2) Net of the estimated allocation to the retail component of the project, as applicable. See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-11
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Capital Expenditures - September 30, 2026 (1) (Dollars in thousands, except in footnotes and per apartment home amounts) Revenue Generating Capital Expenditures (2) Q3 ‘26 Trailing 4Quarters Same-property portfolio $ 18,924 $ 59,142 Non-same-property portfolio 3,761 9,629 Total revenue generating capital expenditures $ 22,685 $ 68,771 Number of same-property interior renovations 1,947 3,311 Number of total consolidated interior renovations 1,996 3,422 Non-Revenue Generating Capital Expenditures (3) Q3 ‘26 Trailing 4Quarters Non-revenue generating capital expenditures $ 35,585 $ 115,337 Average apartment homes in quarter 55,528 55,508 Capital expenditures per apartment home $ 641 $ 2,078 (1) The Company incurred $0.2 million of capitalized interest, $4.7 million of capitalized overhead and less than $0.1 million of co-investment fees related to redevelopment in Q3 2026.(2) Represents revenue generating expenditures, such as full-scale redevelopments, interior unit turn renovations, enhanced amenities, certain sustainability initiatives that generate higherrevenues or expense savings and accessory dwelling units.(3) Represents roof replacements, paving, building and mechanical systems, exterior painting, siding, etc. Non-revenue generating capital expenditures does not include costs related to retail,furniture and fixtures, expenditures in which the Company has been reimbursed or expects to be reimbursed, and expenditures incurred due to changes in governmental regulation that theCompany would not have incurred otherwise. See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-12
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Co-investments and Preferred Equity Investments - September 30, 2026(Dollars in thousands, except in footnotes) WeightedAverageEssexOwnershipPercentage ApartmentHomes TotalUndepreciatedBook Value DebtAmount EssexBook Value WeightedAverageBorrowingRate (1) RemainingTerm of Debt(in Years) ThreeMonthsEndedSeptember30,2026 Nine MonthsEndedSeptember30,2026 Operating and Other Unconsolidated Joint Ventures NOI Wesco I, III, IV, V, VI (2) (3) 55% 5,547 $ 1,992,287 $1,251,116 $ 62,358 3.6% 3.8 $ 28,127 $ 88,631 BEX IV, 500 Folsom 50% 732 618,419 176,400 130,262 3.4% 19.7 5,470 16,666 Other (4) 50% 718 269,312 191,476 113,125 3.8% 16.3 6,065 18,008 Total Operating and Other Unconsolidated Joint Ventures 6,997 $ 2,880,018 $1,618,992 $ 305,745 3.6% 7.0 $ 39,662 $ 123,305 Essex Portion of NOI andExpenses NOI $ 21,791 $ 67,557 Depreciation (12,611) (39,094)Interest expense and other, net (8,702) (25,105)Equity (loss) income from unconsolidated technology co-investments (33) 16,154 Insurance reimbursements and other, net - 22 Gain on sale of co-investment communities 5,758 14,989 Net income from operating and other co-investments $ 6,203 $ 34,523 WeightedAveragePreferredReturn WeightedAverageExpectedTerm(in Years) Income from Preferred EquityInvestments Income from preferred equity investments $ 3,009 $ 11,840 Income from early redemption of preferred equity investments - 179 Preferred Equity Investments (5) $ 198,272 10.5% 2.1 $ 3,009 $ 12,019 Total Co-investments $ 504,017 $ 9,212 $ 46,542 (1) Represents the year-to-date annual weighted average borrowing rate.(2) As of September 30, 2026, the Company’s investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $105.3 million due to distributions received in excess of theCompany’s investment.(3) Wesco III, IV and VI have in-place interest rate swaps totaling a gross notional amount of $624.3 million at an average all-in fixed rate of 2.7% which expire in December 2026 and March2027. Year-to-date, these Wesco entities entered into replacement swaps which take effect at the existing swap maturities totaling a gross notional amount of $496.2 million at an averageall-in fixed rate of 5.3% which expire in June 2029.(4) As of September 30, 2026, the Company’s investment in Expo was classified as a liability of $3.6 million due to distributions received in excess of the Company’s investment. Theweighted average Essex ownership percentage excludes our investments in unconsolidated technology co-investments.(5) As of September 30, 2026, the Company is invested in 9 preferred equity investments, including three preferred equity investments held by Wesco VII, LLC. See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-13
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Summary of Apartment Community Acquisitions and Dispositions Activity - Year to date as of September 30, 2026(Dollars in thousands, except for average monthly rent) Acquisitions Property Name Location ApartmentHomes Year Built EssexOwnershipPercentage Entity Date Total ContractPrice atPro Rata Share Price perApartment Home AverageMonthly Rent Neither Essex nor its unconsolidated joint ventures have acquired any apartment communities year to date as of September 30, 2026. Dispositions Property Name Location ApartmentHomes Year Built EssexOwnershipPercentage Entity Date Total ContractPrice atPro Rata Share Price perApartment Home (1) Meridian at Midtown San Jose, CA 218 2015 50% JV Jun-26 $ 52,625 $ 460 Q2 2026 218 $ 52,625 $ 460 Collins on Pine Seattle, WA 76 2013 100% EPLP Aug-26 $ 30,000 $ 375 Silver San Jose, CA 268 2019 58% JV Aug-26 70,905 456 Marina City Club (2) Marina Del Rey, CA 101 1971 100% EPLP Aug-26 11,000 N/A Q3 2026 445 $ 111,905 $ 429 2026 Total 663 $ 164,530 $ 439 (1) Price per apartment home excludes value allocated to the retail component, as applicable.(2) The Company sold its interest in a 55-year-old, 101-unit apartment home community and adjacent marina subject to a ground lease for a total contract price of $11.0 million. Due tocircumstances associated with the transaction, it has been excluded from the price per apartment home calculations. See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-14
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Assumptions for 2026 FFO Guidance Range(Dollars in thousands, except per share data) The guidance projections below are based on current expectations and are forward-looking. The guidance on this page is given for Net Operating Income (“NOI”) and Total and Core FFO. Seepages S-17.1 to S-17.4 for the definitions of non-GAAP financial measures and other terms. Nine Months Ended 2026 Full-Year Guidance Range September 30, 2026 (1) Low End High End Comments about 2026 Full-Year Guidance Total NOI from Consolidated Communities $ 1,027,746 $ 1,372,400 $ 1,378,600 Includes a range of same-property NOI growth of 2.8% to3.2%. Reflects investment activity through October Management Fees 6,975 8,900 9,500 Interest Expense Interest expense, before capitalized interest (197,698) (267,000) (266,000) Includes new $275 million term loan and YTD investmentactivityInterest capitalized 4,651 6,400 7,000 Net interest expense (193,047) (260,600) (259,000) Recurring Income and Expenses Interest and other income 6,785 7,900 8,500 FFO from co-investments 54,292 68,400 69,400 Reflects year-to-date investment and redemption activityGeneral and administrative (46,889) (62,000) (64,000) Corporate-level property management expenses (40,223) (53,400) (54,000) Non-controlling interest (7,148) (9,900) (9,300) Total recurring income and expenses (33,183) (49,000) (49,400) Non-Core Income and Expenses Tax expense on unconsolidated co-investments (2,758) (2,758) (2,758) Realized and unrealized gains on marketable securities,net 3,482 3,482 3,482 Provision for credit losses 222 222 222 Equity income from unconsolidated technology co-investments 16,154 16,154 16,154 Income from early redemption of preferred equityinvestments 179 179 179 General and administrative and other, net (62,835) (62,835) (62,835) Insurance reimbursements and other, net 342 342 342 Total non-core income and expenses (45,214) (45,214) (45,214) Funds from Operations (2) $ 763,277 $ 1,026,486 $ 1,034,486 Funds from Operations per diluted Share $ 11.47 $ 15.42 $ 15.54 % Change - Funds from Operations -4.7% -3.5% -2.8% Core Funds from Operations (excludes non-core items) $ 808,491 $ 1,071,700 $ 1,079,700 Core Funds from Operations per diluted Share $ 12.15 $ 16.10 $ 16.22 % Change - Core Funds from Operations 1.6% 1.0% 1.8% EPS - Diluted $ 4.14 $ 5.62 $ 5.74 Weighted average shares outstanding - FFO calculation 66,548 66,550 66,550 Reflects YTD share repurchases and settlement ofoutstanding forward sale agreements (1) All non-core items are excluded from the 2026 actuals and included in the non-core income and expense section of the FFO reconciliation.(2) 2026 guidance excludes inestimable projected gain/(loss) on sale of real estate and land, gain/(loss) on sale of marketable securities, gain/(loss) on early retirement of debt, and promoteincome until they are realized within the reporting period presented in the report. See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-15
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Reconciliation of Projected EPS, FFO and Core FFO per diluted share With respect to the Company’s guidance regarding its projected FFO and Core FFO, which guidance is set forth in the earnings release and on page S-15 of this supplement, a reconciliation ofprojected net income per share to projected FFO per share and projected Core FFO per share, as set forth in such guidance, is presented in the table below. 2026 Guidance Range (1) Nine Months Ended September 30, 4th Quarter 2026 Full-Year 2026 2026 Low High Low High EPS - diluted $ 4.14 $ 1.48 $ 1.60 $ 5.62 $ 5.74 Conversion from GAAP share count (0.13) (0.06) (0.06) (0.19) (0.19)Impairment Loss 0.16 - - 0.16 0.16 Depreciation and amortization 7.52 2.48 2.48 10.00 10.00 Noncontrolling interest related to Operating Partnership units 0.14 0.05 0.05 0.19 0.19 Gain on sale of real estate and land (0.36) - - (0.36) (0.36) FFO per share - diluted $ 11.47 $ 3.95 $ 4.07 $ 15.42 $ 15.54 Expensed acquisition and investment related costs - - - - - Tax expense on unconsolidated co-investments 0.04 - - 0.04 0.04 Realized and unrealized gains on marketable securities, net (0.05) - - (0.05) (0.05)Provision for credit losses - - - - - Equity income from unconsolidated technology co-investments (0.24) - - (0.24) (0.24)Loss on early retirement of debt, net - - - - - Income from early redemption of preferred equity investments - - - - - General and administrative and other, net 0.94 - - 0.94 0.94 Insurance reimbursements and other, net (0.01) - - (0.01) (0.01) Core FFO per share - diluted $ 12.15 $ 3.95 $ 4.07 $ 16.10 $ 16.22 (1) 2026 guidance excludes inestimable projected gain/(loss) on sale of real estate and land, gain/(loss) on sale of marketable securities, gain/(loss) on early retirement of debt, and promoteincome until they are realized within the reporting period presented in the report. See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-15.1
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Table of Contents 0 Data based on Essex Data Analytics forecasts and third-party projections. Residential Supply: Total supply includes the Company’s estimate of multifamily (“MF”) deliveries of properties with 50+ units and excludes student, senior and 100% affordable housing communities. Multifamily estimates incorporate a methodological enhancement (“delay-adjusted supply”) to reflect the anticipated impact of continued construction delays in Essex markets. Single-family (“SF”) estimates are based on trailing single-family permits. Residential Supply Forecast (1) Residential Supply Forecast (1) 2026E 2027E Market Multifamily Supply Total MF/SF Supply Total Supply as a % of Stock Multifamily Supply Total MF/SF Supply Total Supply as a % of Stock Los Angeles 6,300 12,100 0.3% 4,600 11,000 0.3% Orange County 2,500 5,200 0.5% 3,000 5,700 0.5% San Diego 4,900 7,700 0.6% 3,600 6,500 0.5% Ventura 600 1,000 0.3% 200 600 0.2% Southern California 14,300 26,000 0.4% 11,400 23,800 0.4% San Francisco 900 1,300 0.2% 800 1,200 0.2% Oakland 400 2,700 0.3% 100 2,300 0.2% San Jose 1,100 3,000 0.4% 1,200 3,000 0.4% Northern California 2,400 7,000 0.3% 2,100 6,500 0.3% Seattle 4,900 9,300 0.7% 4,100 8,000 0.6% Total 21,600 42,300 0.4% 17,600 38,300 0.4% ESSEX PROPERTY TRUST, INC. MSA Level Supply Forecast: 2026E - 2027E See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-16
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Reconciliations of Non-GAAP Financial Measures and Other Terms Adjusted EBITDAre Reconciliation The National Association of Real Estate Investment Trusts (“Nareit”) defines earnings before interest, taxes, depreciation and amortization for real estate (“EBITDAre”) (September 2017White Paper) as net income (computed in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”)) before interest expense, income taxes, depreciation and amortizationexpense, and further adjusted for gains and losses from sales of depreciated operating properties, impairment write-downs of depreciated operating properties, impairment write-downs ofinvestments in unconsolidated entities caused by a decrease in value of depreciated operating properties within the joint venture and adjustments to reflect the Company’s share of EBITDAreof investments in unconsolidated entities. The Company believes that EBITDAre is useful to investors, creditors and rating agencies as a supplemental measure of the Company’s ability to incur and service debt because it is arecognized measure of performance by the real estate industry, and by excluding gains or losses related to sales or impairment of depreciated operating properties, EBITDAre can help comparethe Company’s credit strength between periods or as compared to different companies. Adjusted EBITDAre represents EBITDAre further adjusted for non-comparable items and is a component of the credit ratio, “Net Indebtedness Divided by Adjusted EBITDAre, normalizedand annualized,” presented on page S-6, in the section titled “Selected Credit Ratios,” and it is not intended to be a measure of free cash flow for management’s discretionary use, as it does notconsider certain cash requirements such as income tax payments, debt service requirements, capital expenditures and other fixed charges. Adjusted EBITDAre is an important metric in evaluating the credit strength of the Company and its ability to service its debt obligations. The Company believes that Adjusted EBITDAre isuseful to investors, creditors and rating agencies because it allows investors to compare the Company’s credit strength to prior reporting periods and to other companies without the effect ofitems that by their nature are not comparable from period to period and tend to obscure the Company’s actual credit quality. EBITDAre and Adjusted EBITDAre are not recognized measurements under U.S. GAAP. Because not all companies use identical calculations, the Company’s presentation of EBITDAre andAdjusted EBITDAre may not be comparable to similarly titled measures of other companies. The reconciliations of Net Income available to common stockholders to EBITDAre and Adjusted EBITDAre are presented in the table below: (Dollars in thousands) ThreeMonthsEndedSeptember30,2026 Net income available to common stockholders $ 98,069 Adjustments: Net income attributable to noncontrolling interest 5,666 Interest expense, net (1) 63,416 Depreciation and amortization 152,552 Income tax provision 30 Gain on sale of real estate and land (6,781)Gain on sale of co-investment communities (5,758)Impairment loss 10,709 Co-investment EBITDAre adjustments 21,007 EBITDAre 338,910 Realized and unrealized losses on marketable securities, net 508 Equity loss from unconsolidated technology co-investments 33 Tax benefit on unconsolidated technology co-investments (493)General and administrative and other, net 1,504 Insurance reimbursements and other, net (44)Adjusted EBITDAre $ 340,418 (1) Interest expense, net includes items such as gains on derivatives and the amortization of deferred charges. See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-17.1
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Reconciliations of Non-GAAP Financial Measures and Other Terms Annualized Turnover Annualized turnover is defined as the number of apartment homes turned over during the quarter, annualized, divided by the total number of apartment homes. Financial Occupancy Financial occupancy is defined as the percentage resulting from dividing actual rental income by total scheduled rental income. Actual rental income represents contractual rental incomepursuant to leases without considering delinquency and concessions. Total scheduled rental income represents the value of all apartment homes, with occupied apartment homes valued atcontractual rental rates pursuant to leases and vacant apartment homes valued at estimated market rents. New Lease Net Effective Rate Growth and Renewal Net Effective Rate Growth New lease net effective rate growth and renewal net effective rate growth represent the percentage change in all lease tradeouts, including the impact of leasing incentives. Prior to 2026, therate growth was based on the change in similar term lease tradeouts, including the impact of leasing incentives, and all periods presented have been updated to conform with the currentmethodology. Disposition Yield Net operating income that the Company anticipates giving up in the next 12 months less an estimate of property management costs allocated to the project divided by the gross sales price of theasset. Acquisition Yield Net operating income that the Company expects to achieve in the next 12 months less an estimate of property management costs allocated to the project and less an estimate for capitalexpenditures per unit divided by the gross sales price of the asset. Encumbered Encumbered means any mortgage, deed of trust, lien, charge, pledge, security interest, security agreement or other encumbrance of any kind. Funds From Operations (“FFO”) and Core FFO FFO, as defined by Nareit, is generally considered by industry analysts as an appropriate measure of performance of an equity REIT. Generally, FFO adjusts the net income of equity REITs fornon-cash charges such as depreciation and amortization of rental properties, impairment charges, gains on sales of real estate and extraordinary items. Management considers FFO and FFOwhich excludes non-core items, which is referred to as “Core FFO,” to be useful supplemental operating performance measures of an equity REIT because, together with net income and cashflows, FFO and Core FFO provide investors with additional bases to evaluate the operating performance and ability of a REIT to incur and service debt and to fund acquisitions and othercapital expenditures and to pay dividends. By excluding gains or losses related to sales of depreciated operating properties and land and excluding real estate depreciation (which can varyamong owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO can help investors compare the operating performance of a real estatecompany between periods or as compared to different companies. By further adjusting for items that are not considered part of the Company’s core business operations, Core FFO allowsinvestors to compare the core operating performance of the Company to its performance in prior reporting periods and to the operating performance of other real estate companies without theeffect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual operating results. FFO and Core FFO do not represent net income or cash flows from operations as defined by U.S. GAAP and are not intended to indicate whether cash flows will be sufficient to fund cashneeds. These measures should not be considered as alternatives to net income as an indicator of the REIT’s operating performance or to cash flows as a measure of liquidity. FFO and Core FFOdo not measure whether cash flow is sufficient to fund all cash needs including principal amortization, capital improvements and distributions to stockholders. FFO and Core FFO also do notrepresent cash flows generated from operating, investing or financing activities as defined under GAAP. Management has consistently applied the Nareit definition of FFO to all periodspresented. However, there is judgment involved and other REITs’ calculation of FFO may vary from the Nareit definition for this measure, and thus their disclosures of FFO may not becomparable to the Company’s calculation. The reconciliations of FFO and Core FFO per diluted share are detailed on page S-3 in the section titled “Consolidated Funds From Operations”. Interest Expense, Net Interest expense, net is presented on page S-1 in the section titled “Consolidated Operating Results”. Interest expense, net includes items such as gains on derivatives and the amortization ofdeferred charges and is presented in the table below: Three Months Ended Nine Months Ended (Dollars in thousands) September 30,2026 September 30,2025 September 30,2026 September 30,2025 Interest expense $ 64,755 $ 64,660 $ 197,155 $ 192,654 Adjustments: Total return swap income (1,339) (1,329) (4,108) (3,600)Interest expense, net $ 63,416 $ 63,331 $ 193,047 $ 189,054 See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-17.2
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Reconciliations of Non-GAAP Financial Measures and Other Terms Net Indebtedness Divided by Adjusted EBITDAre This credit ratio is presented on page S-6 in the section titled “Selected Credit Ratios.” This credit ratio is calculated by dividing net indebtedness by Adjusted EBITDAre, as annualized basedon the most recent quarter, and adjusted for estimated net operating income from properties acquired or disposed of during the quarter. This ratio is presented by the Company because itprovides rating agencies and investors an additional means of comparing the Company’s ability to service debt obligations to that of other companies. Net indebtedness is total debt, net lessunamortized premiums, discounts, debt issuance costs, unrestricted cash and cash equivalents, and marketable securities. The reconciliation of Adjusted EBITDAre is set forth in “AdjustedEBITDAre Reconciliation” on page S-17.1 The calculation of this credit ratio and a reconciliation of net indebtedness to total debt at pro rata share for co-investments, net is presented in thetable below: (Dollars in thousands) September30,2026 Total consolidated debt, net $ 6,605,814 Total debt from co-investments at pro rata share 885,457 Adjustments: Consolidated unamortized premiums, discounts, and debt issuance costs 32,944 Pro rata co-investments unamortized premiums, discounts, and debt issuance costs 5,180 Consolidated cash and cash equivalents-unrestricted (72,059)Pro rata co-investment cash and cash equivalents-unrestricted (31,713)Marketable securities (102,665)Net Indebtedness $ 7,322,958 Adjusted EBITDAre, annualized (1) $ 1,361,672 Other EBITDAre normalization adjustments, net, annualized (2) (6,520)Adjusted EBITDAre, normalized and annualized $ 1,355,152 Net Indebtedness Divided by Adjusted EBITDAre, normalized and annualized 5.4 (1) Based on the amount for the most recent quarter, multiplied by four.(2) Adjustments made for properties in lease-up, acquired, or disposed during the most recent quarter and other partial quarter activity, multiplied by four. Net Operating Income (“NOI”) and Same-Property NOI Reconciliations NOI and same-property NOI are considered by management to be important supplemental performance measures to earnings from operations included in the Company’s consolidatedstatements of income. The presentation of same-property NOI assists with the presentation of the Company’s operations prior to the allocation of depreciation and any corporate-level orfinancing-related costs. NOI reflects the operating performance of a community and allows for an easy comparison of the operating performance of individual communities or groups ofcommunities. In addition, because prospective buyers of real estate have different financing and overhead structures, with varying marginal impacts to overhead by acquiring real estate, NOI is considered bymany in the real estate industry to be a useful measure for determining the value of a real estate asset or group of assets. The Company defines same-property NOI as same-property revenuesless same-property operating expenses, including property taxes. Please see the reconciliation of earnings from operations to NOI and same-property NOI, which in the table below is the NOIfor stabilized properties consolidated by the Company for the periods presented: Three Months Ended Nine Months Ended (Dollars in thousands) September 30,2026 September 30,2025 September 30,2026 September 30,2025 Earnings from operations $ 156,760 $ 210,399 $ 421,326 $ 747,180 Adjustments: Corporate-level property management expenses 13,393 12,216 40,223 36,768 Depreciation and amortization 152,552 151,489 461,520 454,277 Management and other fees from affiliates (2,344) (2,361) (6,975) (7,078)General and administrative 16,561 18,058 109,724 51,507 Expensed acquisition and investment related costs - 25 - 25 Impairment loss 10,709 - 10,709 - Gain on sale of real estate and land (6,781) (62,320) (8,781) (299,524)NOI 340,850 327,506 1,027,746 983,155 Less: Non-same-property NOI (27,662) (23,818) (85,396) (70,738)Same-Property NOI $ 313,188 $ 303,688 $ 942,350 $ 912,417 See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-17.3
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Table of Contents E S S E X P R O P E R T Y T R U S T, I N C. Reconciliations of Non-GAAP Financial Measures and Other Terms Public Bond Covenants Public Bond Covenants refer to certain covenants set forth in instruments governing the Company’s unsecured indebtedness. These instruments require the Company to meet specified financialcovenants, including covenants relating to net worth, fixed charge coverage, debt service coverage, the amounts of total indebtedness and secured indebtedness, leverage and certain investmentlimitations. These covenants may restrict the Company’s ability to expand or fully pursue its business strategies. The Company’s ability to comply with these covenants may be affected bychanges in the Company’s operating and financial performance, changes in general business and economic conditions, adverse regulatory developments or other events adversely impacting it.The breach of any of these covenants could result in a default under the Company’s indebtedness, which could cause those and other obligations to become due and payable. If any of theCompany’s indebtedness is accelerated, the Company may not be able to repay it. For risks related to failure to comply with these covenants, see “Item 1A: Risk Factors - Risks Related to OurIndebtedness and Financings” in the Company’s annual report on Form 10-K and other reports filed by the Company with the Securities and Exchange Commission (“SEC”). The ratios set forth on page S-6 in the section titled “Public Bond Covenants” are provided only to show the Company’s compliance with certain specified covenants that are contained inindentures related to the Company’s issuance of Senior Notes, which indentures are filed by the Company with the SEC. See, for example, the indenture and supplemental indenture datedDecember 12, 2025, filed by the Company as Exhibit 4.1 and Exhibit 4.2 to the Company’s Form 8-K, filed on December 12, 2025. These ratios should not be used for any other purpose,including without limitation to evaluate the Company’s financial condition or results of operations, nor do they indicate the Company’s covenant compliance as of any other date or for anyother period. The capitalized terms in the disclosure are defined in the indentures filed by the Company with the SEC and may differ materially from similar terms used by other companies thatpresent information about their covenant compliance. Same-Property Revenue Growth with Concessions on a GAAP basis Three Months Ended Nine Months Ended (Dollars in millions) September 30,2026 September 30,2025 September 30,2026 September 30,2025 Reported rental revenue (1) $ 450.0 $ 436.7 $ 1,337.4 $ 1,300.0 Straight-line rent impact to rental revenue (0.1) 0.3 (0.5) 0.2 GAAP rental revenue $ 449.9 $ 437.0 $ 1,336.9 $ 1,300.2 % change - reported rental revenue 3.0% 2.9% % change - GAAP rental revenue 2.9% 2.8% (1) Same-property rental revenue reflects concessions on a cash basis. Secured Debt Secured Debt means debt of the Company or any of its subsidiaries which is secured by an encumbrance on any property or assets of the Company or any of its subsidiaries. The Company’stotal amount of Secured Debt is set forth on page S-5. Unencumbered NOI to Adjusted Total NOI This ratio is presented on page S-6 in the section titled “Selected Credit Ratios”. Unencumbered NOI means the sum of NOI for those real estate assets which are not subject to an encumbrancesecuring debt. The ratio of Unencumbered NOI to Adjusted Total NOI for the three months ended September 30, 2026, annualized, is calculated by dividing Unencumbered NOI, annualized forthe three months ended September 30, 2026 and as further adjusted for pro forma NOI for properties acquired or sold during the recent quarter, by Adjusted Total NOI as annualized. Thecalculation and reconciliation of NOI is set forth in “Net Operating Income (“NOI”) and Same-Property NOI Reconciliations” above. This ratio is presented by the Company because itprovides rating agencies and investors an additional means of comparing the Company’s ability to service debt obligations to that of other companies. The calculation of this ratio is presented in the table below: (Dollars in thousands) AnnualizedQ3 ‘26 (1) NOI $ 1,363,400 Adjustments: Pro forma NOI from real estate assets sold and/or acquired (1,722)Other, net (2) (4,722)Adjusted Total NOI 1,356,956 Less: Encumbered NOI (92,321)Unencumbered NOI $ 1,264,635 Encumbered NOI $ 92,321 Unencumbered NOI 1,264,635 Adjusted Total NOI $ 1,356,956 Unencumbered NOI to Adjusted Total NOI 93% (1) This table is based on the amounts for the most recent quarter, multiplied by four.(2) Includes intercompany eliminations pertaining to self-insurance and other expenses. See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information S-17.4