ESSEX PROPERTY TRUST, INC.

ESS 10-Q · Q3 2025

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Income Statement

Income Statement
Metric Q3 2025 Q3 2024 YoY
Operating Lease Lease Income 470,942 448,135 +5.1%
Show Product Lines breakouts
Other property 7,050 7,486 -5.8%
Rental And Other Property Revenues [Member] 470,942 448,135 +5.1%
Rental And Other Property Revenues [Member] · Acquisitions 44,001 16,964 +159.4%
Rental And Other Property Revenues [Member] · Corporate Non Segment 7,868 23,048 -65.9%
Rental And Other Property Revenues [Member] · Non-residential/other, net 13,916 29,637 -53.0%
Rental And Other Property Revenues [Member] · Northern California 193,208 168,838 +14.4%
Rental And Other Property Revenues [Member] · Same-property 412,710 401,761 +2.7%
Rental And Other Property Revenues [Member] · Seattle Metro 79,240 74,576 +6.3%
Rental And Other Property Revenues [Member] · Southern California 190,626 181,673 +4.9%
Rental income 463,892 440,649 +5.3%
Show Business Segments breakouts
Northern California · Operating Segments 193,208 168,838 +14.4%
Seattle Metro · Operating Segments 79,240 74,576 +6.3%
Southern California · Operating Segments 190,626 181,673 +4.9%
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Essex Portfolio, L.P. 470,942 448,135 +5.1%
Show Consolidation Items breakouts
Corporate Non Segment 7,868 23,048 -65.9%
Revenue 2,361 2,563 -7.9%
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Essex Portfolio, L.P. 2,361 2,563 -7.9%
Revenue 473,303 450,698 +5.0%
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Essex Portfolio, L.P. 473,303 450,698 +5.0%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 84,580 98,665 -14.3%
Cost Of Other Property Operating Expense 91,413 85,836 +6.5%
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Essex Portfolio, L.P. 91,413 85,836 +6.5%
Real Estate Tax Expense 52,023 48,956 +6.3%
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Essex Portfolio, L.P. 52,023 48,956 +6.3%
Corporate Property Management Expenses 12,216 11,610 +5.2%
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Essex Portfolio, L.P. 12,216 11,610 +5.2%
Depreciation 151,489 146,439 +3.4%
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Essex Portfolio, L.P. 151,489 146,439 +3.4%
General & Administrative 18,058 29,067 -37.9%
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Essex Portfolio, L.P. 18,058 29,067 -37.9%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 4,431 1,449 +205.8%
Business Combination Acquisition Related Costs 25
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Essex Portfolio, L.P. 25
Total Costs & Expenses 325,224 321,908 +1.0%
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Essex Portfolio, L.P. 325,224 321,908 +1.0%
Gains Losses On Sales Of Investment Real Estate 62,320
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Essex Portfolio, L.P. 62,320
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 10,378
Operating Income 210,399 128,790 +63.4%
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Essex Portfolio, L.P. 210,399 128,790 +63.4%
Interest Expense -64,660 -59,232 -9.2%
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Essex Portfolio, L.P. -64,660 -59,232 -9.2%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees -26,565 -37,985 +30.1%
Derivative Gain On Derivative 1,329 807 +64.7%
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Essex Portfolio, L.P. 1,329 807 +64.7%
Interest And Other Income Expense 5,900 11,449 -48.5%
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Essex Portfolio, L.P. 5,900 11,449 -48.5%
Income Loss From Equity Method Investments 17,798 11,649 +52.8%
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Essex Portfolio, L.P. 17,798 11,649 +52.8%
Deferred Other Tax Expense Benefit 1,958 441 +344.0%
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Essex Portfolio, L.P. 1,958 441 +344.0%
Net Income 172,724 125,487 +37.6%
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Accumulated Distributions In Excess Of Net Income 164,621 118,424 +39.0%
Noncontrolling Interest 8,103 7,063 +14.7%
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Essex Portfolio, L.P. 172,724 125,487 +37.6%
Essex Portfolio, L.P. · Common Equity 164,621 118,424 +39.0%
Essex Portfolio, L.P. · Common Equity 5,767 4,206 +37.1%
Essex Portfolio, L.P. · Noncontrolling Interest 2,336 2,857 -18.2%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees -3,098 -17,862 +82.7%
Net Income Loss Attributable To Noncontrolling Interest -8,103 -7,063 -14.7%
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Essex Portfolio, L.P. -2,336 -2,857 +18.2%
Net Income Loss Available To Common Stockholders Basic 164,621 118,424 +39.0%
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Essex Portfolio, L.P. 170,388 122,630 +38.9%
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest 168,771 104,054 +62.2%
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Essex Portfolio, L.P. 168,771 104,054 +62.2%
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest -7,969 -6,333 -25.8%
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Essex Portfolio, L.P. -2,336 -2,857 +18.2%
Comprehensive Income 160,802 97,721 +64.6%
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Essex Portfolio, L.P. 166,435 101,197 +64.5%
EPS (Basic) 2.56 1.84 +39.1%
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Essex Portfolio, L.P. 2.56 1.84 +39.1%
Wtd Avg Shares (Basic) 64,404,008 64,227,662 +0.3%
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Essex Portfolio, L.P. 66,660,423 66,508,041 +0.2%
EPS (Diluted) 2.56 1.84 +39.1%
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Essex Portfolio, L.P. 2.56 1.84 +39.1%
Wtd Avg Shares (Diluted) 64,418,240 64,271,459 +0.2%
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Essex Portfolio, L.P. 66,674,655 66,551,838 +0.2%
Cost of Revenue (Q)
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees -32,008 -35,276 +9.3%
Gross Profit 327,506 313,343 +4.5%
Show Business Segments breakouts
Northern California · Operating Segments 132,050 116,608 +13.2%
Seattle Metro · Operating Segments 55,907 51,979 +7.6%
Southern California · Operating Segments 132,798 128,089 +3.7%
Show Consolidation Items breakouts
Corporate Non Segment 6,751 16,667 -59.5%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 52,572 63,389 -17.1%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 65,959 71,288 -7.5%
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Essex Portfolio, L.P. 65,959
Non-Current Assets
Equity Securities Fv Ni Current And Noncurrent 84,116
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Common Stock, Preferred Stock, And Stock Funds [Member] 71,232
Debt Securities 2,683
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Essex Portfolio, L.P. 84,116
Operating Lease Right-of-Use Assets 51,682
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Essex Portfolio, L.P. 51,682
Total Assets 13,150,241
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Essex Portfolio, L.P. 13,150,241
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 3,711,590
Other Assets
Investment Building And Building Improvements 14,745,049
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Essex Portfolio, L.P. 14,745,049
Real Estate Investment Property At Cost 18,070,443
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Essex Portfolio, L.P. 18,070,443
Real Estate Investment Property Accumulated Depreciation -6,381,123
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Essex Portfolio, L.P. -6,381,123
Real Estate Investment Property Net 11,689,320
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Northern California · Operating Segments 6,038,112
Seattle Metro · Operating Segments 1,426,094
Southern California · Operating Segments 4,061,622
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Essex Portfolio, L.P. 11,689,320
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Corporate Non Segment 163,492
Investments In Affiliates Subsidiaries Associates And Joint Ventures 808,238
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Essex Portfolio, L.P. 808,238
Restricted Cash And Cash Equivalents 9,284 8,975 +3.4%
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Essex Portfolio, L.P. 9,284
Notes Receivable Net 221,628
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Essex Portfolio, L.P. 221,628
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 88.1
Prepaid Expense And Other Assets 80,853
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Essex Portfolio, L.P. 80,853
Distributions In Excess Of Investments In And Advance To Affiliates Subsidiaries Associates And Joint Ventures 95,893
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Essex Portfolio, L.P. 95,893
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Wesco I, Wesco III, and Wesco IV 95.9
Current Liabilities
Commercial Paper (Q)
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Commercial Paper 245,000
Non-Current Liabilities
Accounts Payable And Accrued Liabilities Current And Noncurrent 250,745
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Essex Portfolio, L.P. 250,745
Construction Payable Current And Noncurrent 33,484
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Essex Portfolio, L.P. 33,484
Dividends Payable Current And Noncurrent 173,770
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Essex Portfolio, L.P. 173,770
Total Liabilities 7,318,968
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Essex Portfolio, L.P. 7,318,968
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 2,668,457
Long-Term Debt 6,448,334
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Unsecured Term Loan 0.850%, Due May 2028 · Unsecured Debt 250
Other Liabilities
Unsecured Debt 5,621,505
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Unsecured Debt 5,621,505
Unsecured Debt · Bonds public offering - fixed rate, net 5,073,960
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Essex Portfolio, L.P. 5,621,505
Secured Debt 795,404
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Essex Portfolio, L.P. 795,404
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Mortgage Notes [Member] 795,404
Lines Of Credit And Commercial Paper 245,000
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Essex Portfolio, L.P. 245,000
Operating Lease Liability 52,405
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Essex Portfolio, L.P. 52,405
Other Liabilities 50,762
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Essex Portfolio, L.P. 50,762
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 231,788
Redeemable Noncontrolling Interest Equity Carrying Amount 29,746
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Essex Portfolio, L.P. 29,746
Stockholders' Equity
General Partners Capital Account (Q)
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Essex Portfolio, L.P. · Common Equity 5,623,460
Essex Portfolio, L.P. · General Partner 5,623,460
Limited Partners Capital Account (Q)
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Essex Portfolio, L.P. · Limited Partner 64,740
Accumulated Other Comprehensive Income 7,856
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Essex Portfolio, L.P. 12,042
Partners Capital (Q)
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Essex Portfolio, L.P. 5,700,242
Minority Interest 170,211
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Essex Portfolio, L.P. 101,285
Partners Capital Including Portion Attributable To Noncontrolling Interest (Q)
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Essex Portfolio, L.P. 5,801,527 5,628,360 +3.1%
Essex Portfolio, L.P. · Accumulated Other Comprehensive Income 12,042 22,721 -47.0%
Essex Portfolio, L.P. · Common Equity 5,623,460 5,415,662 +3.8%
Essex Portfolio, L.P. · Common Equity 64,740 69,756 -7.2%
Essex Portfolio, L.P. · Noncontrolling Interest 101,285 120,221 -15.8%
Total Liabilities & Equity 13,150,241
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Essex Portfolio, L.P. 13,150,241
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 3,711,590
Common Stock 6
Additional Paid-In Capital 6,686,589
Accumulated Distributions In Excess Of Net Income -1,063,135
Total Stockholders' Equity 5,631,316
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 5,801,527 5,628,360 +3.1%
Show Equity Components breakouts
Accumulated Distributions In Excess Of Net Income -1,063,135 -1,255,608 +15.3%
Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest 7,678
Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest · Essex Portfolio, L.P. 11,858
Accumulated Net Investment Gain Loss Including Portion Attributable To Noncontrolling Interest 178
Accumulated Net Investment Gain Loss Including Portion Attributable To Noncontrolling Interest · Essex Portfolio, L.P. 184
Accumulated Other Comprehensive Income 7,856 18,174 -56.8%
Additional Paid In Capital 6,686,589 6,671,264 +0.2%
Aoci Including Portion Attributable To Noncontrolling Interest 7,856
Aoci Including Portion Attributable To Noncontrolling Interest · Essex Portfolio, L.P. 12,042
Common Stock 6 6 0.0%
Noncontrolling Interest 170,211 194,524 -12.5%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 811,345
Land And Land Improvements 3,325,394
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Essex Portfolio, L.P. 3,325,394
Development In Process 139,161
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Essex Portfolio, L.P. 139,161
Total Real Estate Net 12,636,719
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Essex Portfolio, L.P. 12,636,719

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Straight Line Rent 3,089 581 +431.7%
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Essex Portfolio, L.P. 3,089 581 +431.7%
Depreciation And Amortization 454,277 431,785 +5.2%
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Essex Portfolio, L.P. 454,277 431,785 +5.2%
Amortization Of Debt Discount Premium 4,609 5,988 -23.0%
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Essex Portfolio, L.P. 4,609 5,988 -23.0%
Marketable Securities Gain Loss Excluding Other Than Temporary Impairments -4,059 -10,645 +61.9%
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Essex Portfolio, L.P. -4,059 -10,645 +61.9%
Provision For Loan Losses Expensed 61 -116 +152.6%
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Essex Portfolio, L.P. 61 -116 +152.6%
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Bridge Loans 41 27 +51.9%
Mezzanine Loans 20 -122 +116.4%
Total 61 -95 +164.2%
Equity Method Investment Realized Gain Loss On Disposal -5,189
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Essex Portfolio, L.P. -5,189
Gain Loss From Equity Method Investments -34,795 -33,667 -3.4%
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Essex Portfolio, L.P. -34,795 -33,667 -3.4%
Equity Method Investment Dividends Or Distributions 64,125 35,096 +82.7%
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Essex Portfolio, L.P. 64,125 35,096 +82.7%
Increase Decrease In Other Receivables -7,949 -10,805 +26.4%
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Essex Portfolio, L.P. -7,949 -10,805 +26.4%
Companys Share Of Gain On Sales Of Real Estate -299,524
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Essex Portfolio, L.P. -299,524
Stock-Based Compensation 6,664 5,350 +24.6%
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Essex Portfolio, L.P. 6,664 5,350 +24.6%
Change in Prepaid & Other Assets 3,171 23,171 -86.3%
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Essex Portfolio, L.P. 3,171 23,171 -86.3%
Increase Decrease In Other Accounts Payable And Accrued Liabilities 40,595 65,274 -37.8%
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Essex Portfolio, L.P. 40,595 65,274 -37.8%
Increase Decrease In Other Operating Liabilities -2,314 -1,735 -33.4%
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Essex Portfolio, L.P. -2,314 -1,735 -33.4%
Net Cash from Operations 840,221 849,981 -1.1%
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Essex Portfolio, L.P. 840,221 849,981 -1.1%
Investing Activities
Payments To Acquire Real Estate -686,681 -695,432 +1.3%
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Essex Portfolio, L.P. -686,681 -695,432 +1.3%
Redevelopment Expenditures -57,226 -41,198 -38.9%
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Essex Portfolio, L.P. -57,226 -41,198 -38.9%
Payments To Develop Real Estate Assets -44,124 -2,666 -1555.1%
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Essex Portfolio, L.P. -44,124 -2,666 -1555.1%
Revenue Generating Capital Expenditures -100,810 -97,535 -3.4%
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Essex Portfolio, L.P. -100,810 -97,535 -3.4%
Payments To Acquire Notes Receivable -81,481 -58,633 -39.0%
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Essex Portfolio, L.P. -81,481 -58,633 -39.0%
Proceeds From Sale And Collection Of Receivables 3,096 26,600 -88.4%
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Essex Portfolio, L.P. 3,096 26,600 -88.4%
Proceeds From Insurance Settlement Investing Activities 2,581 1,700 +51.8%
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Essex Portfolio, L.P. 2,581 1,700 +51.8%
Proceeds From Sale Of Real Estate Heldforinvestment 509,946
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Essex Portfolio, L.P. 509,946
Payments To Acquire Equity Method Investments -31,024 -4,977 -523.3%
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Essex Portfolio, L.P. -31,024 -4,977 -523.3%
Increase Decrease In Refundable Deposits 8,000 -1,250 +740.0%
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Essex Portfolio, L.P. 8,000 -1,250 +740.0%
Payments To Acquire Marketable Securities -10,488 -428 -2350.5%
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Essex Portfolio, L.P. -10,488 -428 -2350.5%
Payments For Proceeds From Sales And Maturities Of Marketable Securities 408 23,623 -98.3%
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Essex Portfolio, L.P. 408 23,623 -98.3%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 114,014 6,500 +1654.1%
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Essex Portfolio, L.P. 114,014 6,500 +1654.1%
Net Cash from Investing -373,789 -843,696 +55.7%
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Essex Portfolio, L.P. -373,789 -843,696 +55.7%
Reclassification From To Redeemable Noncontrolling Interest -1,103 2,293 -148.1%
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Essex Portfolio, L.P. -1,103 2,293 -148.1%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability 2,727
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Essex Portfolio, L.P. 2,727
Financing Activities
Proceeds From Issuance Of Long Term Debt 751,416 554,875 +35.4%
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Essex Portfolio, L.P. 751,416 554,875 +35.4%
Repayments Of Long Term Debt -797,348 -402,315 -98.2%
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Essex Portfolio, L.P. -797,348 -402,315 -98.2%
Show Mortgage Loans On Real Estate Description Type Of Property breakouts
Apartment Building · Highridge -69.6
Proceeds From Lines Of Credit And Commercial Paper 5,037,741 1,052,729 +378.5%
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Essex Portfolio, L.P. 5,037,741 1,052,729 +378.5%
Repayments Of Lines Of Credit And Commercial Paper -4,930,686 -1,044,844 -371.9%
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Essex Portfolio, L.P. -4,930,686 -1,044,844 -371.9%
Payment Of Financing And Stock Issuance Costs -9,160 -8,521 -7.5%
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Essex Portfolio, L.P. -9,160 -8,521 -7.5%
Payments Of Debt Extinguishment Costs -697
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Essex Portfolio, L.P. -697
Proceeds From Issuance Of Common Stock -280 -580 +51.7%
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Essex Portfolio, L.P. -280 -580 +51.7%
Proceeds From Stock Options Exercised 8,930 12,313 -27.5%
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Essex Portfolio, L.P. 8,930 12,313 -27.5%
Tax Withholding for Share Compensation -560
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Essex Portfolio, L.P. -560
Payments Of Distributions To Affiliates -24,402 -25,445 +4.1%
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Essex Portfolio, L.P. -7,157 -6,739 -6.2%
Payments To Minority Shareholders -13,475 -1,076 -1152.3%
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Essex Portfolio, L.P. -13,475 -1,076 -1152.3%
Payments Of Ordinary Dividends -488,514 -462,971 -5.5%
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Essex Portfolio, L.P. -505,759 -481,677 -5.0%
Net Cash from Financing -467,035 -326,356 -43.1%
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Essex Portfolio, L.P. -467,035 -326,356 -43.1%
Supplemental
Interest Paid 186,656 164,389 +13.5%
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Essex Portfolio, L.P. 186,656 164,389 +13.5%
Operating Lease Payments 4,807 5,221 -7.9%
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Essex Portfolio, L.P. 4,807 5,221 -7.9%
Other Cash Flow
Net Change in Cash -603 -320,071 +99.8%
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Essex Portfolio, L.P. -603 -320,071 +99.8%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 75,243 80,263 -6.3%
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Essex Portfolio, L.P. 75,243 80,263 -6.3%

Values in thousands USD. Source: SEC EDGAR 10-Q filing.

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