ESSEX PROPERTY TRUST, INC.

ESS 10-Q · Q1 2026

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Income Statement

Income Statement
Metric Q1 2026 Q1 2025 YoY
Operating Lease Lease Income 482,443 462,089 +4.4%
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Other property 6,631 6,229 +6.5%
Rental And Other Property Revenues [Member] 482,443 462,089 +4.4%
Rental And Other Property Revenues [Member] · Acquisitions 20,761 4,570 +354.3%
Rental And Other Property Revenues [Member] · Corporate Non Segment 6,499 15,337 -57.6%
Rental And Other Property Revenues [Member] · Non-residential/other, net 19,225 27,898 -31.1%
Rental And Other Property Revenues [Member] · Northern California 201,618 180,916 +11.4%
Rental And Other Property Revenues [Member] · Same-property 442,572 430,009 +2.9%
Rental And Other Property Revenues [Member] · Seattle Metro 79,021 77,214 +2.3%
Rental And Other Property Revenues [Member] · Southern California 195,305 188,622 +3.5%
Rental income 475,812 455,860 +4.4%
Show Business Segments breakouts
Northern California · Operating Segments 201,618 180,916 +11.4%
Seattle Metro · Operating Segments 79,021 77,214 +2.3%
Southern California · Operating Segments 195,305 188,622 +3.5%
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Essex Portfolio, L.P. 482,443 462,089 +4.4%
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Corporate Non Segment 6,499 15,337 -57.6%
Revenue 2,313 2,494 -7.3%
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Essex Portfolio, L.P. 2,313 2,494 -7.3%
Revenue 484,756 464,583 +4.3%
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Essex Portfolio, L.P. 484,756 464,583 +4.3%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 75,055 86,306 -13.0%
Cost Of Other Property Operating Expense 89,131 86,027 +3.6%
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Essex Portfolio, L.P. 89,131 86,027 +3.6%
Real Estate Tax Expense 52,125 52,594 -0.9%
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Essex Portfolio, L.P. 52,125 52,594 -0.9%
Corporate Property Management Expenses 13,398 12,332 +8.6%
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Essex Portfolio, L.P. 13,398 12,332 +8.6%
Depreciation 154,895 151,287 +2.4%
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Essex Portfolio, L.P. 154,895 151,287 +2.4%
General & Administrative 20,014 16,292 +22.8%
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Essex Portfolio, L.P. 20,014 16,292 +22.8%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 3,920 4,206 -6.8%
Total Costs & Expenses 329,563 318,532 +3.5%
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Essex Portfolio, L.P. 329,563 318,532 +3.5%
Operating Income 155,193 257,081 -39.6%
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Essex Portfolio, L.P. 155,193 257,081 -39.6%
Interest Expense -65,564 -62,732 -4.5%
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Essex Portfolio, L.P. -65,564 -62,732 -4.5%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees -19,960 -27,301 +26.9%
Derivative Gain On Derivative 1,542 1,200 +28.5%
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Essex Portfolio, L.P. 1,542 1,200 +28.5%
Interest And Other Income Expense 1,036 4,289 -75.8%
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Essex Portfolio, L.P. 1,036 4,289 -75.8%
Income Loss From Equity Method Investments 23,615 13,209 +78.8%
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Essex Portfolio, L.P. 23,615 13,209 +78.8%
Deferred Other Tax Expense Benefit -3,614 163 -2317.2%
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Essex Portfolio, L.P. -3,614 163 -2317.2%
Net Income 112,208 212,778 -47.3%
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Accumulated Distributions In Excess Of Net Income 106,186 203,110 -47.7%
Noncontrolling Interest 6,022 9,668 -37.7%
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Essex Portfolio, L.P. 112,208 212,778 -47.3%
Essex Portfolio, L.P. · Common Equity 106,186 203,110 -47.7%
Essex Portfolio, L.P. · Common Equity 3,669 7,279 -49.6%
Essex Portfolio, L.P. · Noncontrolling Interest 2,353 2,389 -1.5%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees -5,737 -14,490 +60.4%
Net Income Loss Attributable To Noncontrolling Interest -6,022 -9,668 +37.7%
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Essex Portfolio, L.P. -2,353 -2,389 +1.5%
Net Income Loss Available To Common Stockholders Basic 106,186 203,110 -47.7%
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Essex Portfolio, L.P. 109,855 210,389 -47.8%
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest 112,329 203,423 -44.8%
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Essex Portfolio, L.P. 112,329 203,423 -44.8%
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest -6,026 -9,348 +35.5%
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Essex Portfolio, L.P. -2,353 -2,389 +1.5%
Comprehensive Income 106,303 194,075 -45.2%
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Essex Portfolio, L.P. 109,976 201,034 -45.3%
EPS (Basic) 1.65 3.16 -47.8%
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Essex Portfolio, L.P. 1.65 3.16 -47.8%
Wtd Avg Shares (Basic) 64,454,912 64,314,899 +0.2%
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Essex Portfolio, L.P. 66,681,908 66,621,852 +0.1%
EPS (Diluted) 1.65 3.16 -47.8%
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Essex Portfolio, L.P. 1.65 3.16 -47.8%
Wtd Avg Shares (Diluted) 64,461,621 64,349,899 +0.2%
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Essex Portfolio, L.P. 66,688,617 66,656,852 0.0%
Cost of Revenue (Q)
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees -28,884 -32,702 +11.7%
Gross Profit 341,187 323,468 +5.5%
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Northern California · Operating Segments 141,271 124,770 +13.2%
Seattle Metro · Operating Segments 55,941 53,312 +4.9%
Southern California · Operating Segments 137,683 133,992 +2.8%
Show Consolidation Items breakouts
Corporate Non Segment 6,292 11,394 -44.8%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 46,171 53,604 -13.9%

Balance Sheet

Balance Sheet
Metric Q1 2026 Q1 2025 YoY
Current Assets
Cash & Cash Equivalents 38,005 98,735 -61.5%
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Essex Portfolio, L.P. 38,005 98,735 -61.5%
Non-Current Assets
Equity Securities Fv Ni Current And Noncurrent 96,521 76,013 +27.0%
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Common Stock, Preferred Stock, And Stock Funds [Member] 67,862 67,128 +1.1%
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Essex Portfolio, L.P. 96,521 76,013 +27.0%
Operating Lease Right-of-Use Assets 49,957 53,351 -6.4%
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Essex Portfolio, L.P. 49,957 53,351 -6.4%
Total Assets 13,095,487 13,186,258 -0.7%
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Essex Portfolio, L.P. 13,095,487 13,186,258 -0.7%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 3,452,806 4,168,943 -17.2%
Other Assets
Investment Building And Building Improvements 15,121,705 14,505,983 +4.2%
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Essex Portfolio, L.P. 15,121,705 14,505,983 +4.2%
Real Estate Investment Property At Cost 18,484,874 17,777,607 +4.0%
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Essex Portfolio, L.P. 18,484,874 17,777,607 +4.0%
Real Estate Investment Property Accumulated Depreciation -6,684,573 -6,171,689 -8.3%
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Essex Portfolio, L.P. -6,684,573 -6,171,689 -8.3%
Real Estate Investment Property Net 11,800,301 11,605,918 +1.7%
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Northern California · Operating Segments 6,081,653 5,875,927 +3.5%
Seattle Metro · Operating Segments 1,397,771 1,447,563 -3.4%
Southern California · Operating Segments 4,146,139 4,124,581 +0.5%
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Essex Portfolio, L.P. 11,800,301 11,605,918 +1.7%
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Corporate Non Segment 174,738 157,847 +10.7%
Investments In Affiliates Subsidiaries Associates And Joint Ventures 649,313
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Essex Portfolio, L.P. 649,313
Restricted Cash And Cash Equivalents 9,405 9,127 +3.0%
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Essex Portfolio, L.P. 9,405 9,127 +3.0%
Notes Receivable Net 201,982 133,724 +51.0%
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Essex Portfolio, L.P. 201,982 133,724 +51.0%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 65 5.3 +1126.4%
Prepaid Expense And Other Assets 90,488 94,263 -4.0%
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Essex Portfolio, L.P. 90,488 94,263 -4.0%
Distributions In Excess Of Investments In And Advance To Affiliates Subsidiaries Associates And Joint Ventures 99,316 84,295 +17.8%
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Essex Portfolio, L.P. 99,316 84,295 +17.8%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Wesco I, Wesco III, and Wesco IV 99.3 82 +21.1%
Financing Receivable Allowance For Credit Losses 0.6
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Essex Portfolio, L.P. 0.6
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Bridge Loans 30
Mezzanine Loans 559 526 +6.3%
Total 589 526 +12.0%
Non-Current Liabilities
Accounts Payable And Accrued Liabilities Current And Noncurrent 254,843 232,594 +9.6%
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Essex Portfolio, L.P. 254,843 232,594 +9.6%
Construction Payable Current And Noncurrent 31,205 20,679 +50.9%
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Essex Portfolio, L.P. 31,205 20,679 +50.9%
Dividends Payable Current And Noncurrent 174,601 173,678 +0.5%
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Essex Portfolio, L.P. 174,601 173,678 +0.5%
Total Liabilities 7,468,343 7,406,307 +0.8%
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Essex Portfolio, L.P. 7,468,343 7,406,307 +0.8%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 2,413,491 2,856,849 -15.5%
Long-Term Debt 6,836,802 6,822,320 +0.2%
Other Liabilities
Unsecured Debt 6,017,550 5,870,662 +2.5%
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Bonds public offering - fixed rate, net · Unsecured Debt 5,420,452
Term Loan, Variable Rate · Unsecured Debt 597,098
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Essex Portfolio, L.P. 6,017,550 5,870,662 +2.5%
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Unsecured Debt 6,017,550
Secured Debt 784,286 919,590 -14.7%
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Essex Portfolio, L.P. 784,286 919,590 -14.7%
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Mortgage Notes [Member] 784,286 919,590 -14.7%
Lines Of Credit And Commercial Paper 4,660
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Essex Portfolio, L.P. 4,660
Operating Lease Liability 50,531 54,149 -6.7%
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Essex Portfolio, L.P. 50,531 54,149 -6.7%
Other Liabilities 51,351 50,019 +2.7%
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Essex Portfolio, L.P. 51,351 50,019 +2.7%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 181,018 240,865 -24.8%
Redeemable Noncontrolling Interest Equity Carrying Amount 25,788
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Essex Portfolio, L.P. 25,788
Stockholders' Equity
General Partners Capital Account (Q)
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Essex Portfolio, L.P. · Common Equity 5,429,423 5,554,381 -2.2%
Essex Portfolio, L.P. · General Partner 5,429,423 5,554,381 -2.2%
Limited Partners Capital Account (Q)
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Essex Portfolio, L.P. · Limited Partner 60,396 69,653 -13.3%
Accumulated Other Comprehensive Income 6,164 15,620 -60.5%
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Essex Portfolio, L.P. 10,259 20,074 -48.9%
Partners Capital (Q)
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Essex Portfolio, L.P. 5,500,078 5,644,108 -2.6%
Minority Interest 165,769 175,574 -5.6%
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Essex Portfolio, L.P. 101,278 101,467 -0.2%
Partners Capital Including Portion Attributable To Noncontrolling Interest (Q)
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Essex Portfolio, L.P. 5,601,356 5,745,575 -2.5%
Essex Portfolio, L.P. · Accumulated Other Comprehensive Income 10,259 20,074 -48.9%
Essex Portfolio, L.P. · Common Equity 5,429,423 5,554,381 -2.2%
Essex Portfolio, L.P. · Common Equity 60,396 69,653 -13.3%
Essex Portfolio, L.P. · Noncontrolling Interest 101,278 101,467 -0.2%
Total Liabilities & Equity 13,095,487 13,186,258 -0.7%
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Essex Portfolio, L.P. 13,095,487 13,186,258 -0.7%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 3,452,806 4,168,943 -17.2%
Common Stock 6 6 0.0%
Additional Paid-In Capital 6,638,007 6,672,346 -0.5%
Accumulated Distributions In Excess Of Net Income -1,208,590 -1,117,971 -8.1%
Total Stockholders' Equity 5,435,587 5,570,001 -2.4%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 5,601,356 5,745,575 -2.5%
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Accumulated Distributions In Excess Of Net Income -1,208,590 -1,117,971 -8.1%
Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest 6,183
Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest · Essex Portfolio, L.P. 10,279
Accumulated Net Investment Gain Loss Including Portion Attributable To Noncontrolling Interest -19
Accumulated Net Investment Gain Loss Including Portion Attributable To Noncontrolling Interest · Essex Portfolio, L.P. -20
Accumulated Other Comprehensive Income 6,164 15,620 -60.5%
Additional Paid In Capital 6,638,007 6,672,346 -0.5%
Aoci Including Portion Attributable To Noncontrolling Interest 6,164
Aoci Including Portion Attributable To Noncontrolling Interest · Essex Portfolio, L.P. 10,259
Common Stock 6 6 0.0%
Noncontrolling Interest 165,769 175,574 -5.6%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 858,297 1,071,229 -19.9%
Land And Land Improvements 3,363,169 3,271,624 +2.8%
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Essex Portfolio, L.P. 3,363,169 3,271,624 +2.8%
Development In Process 159,515 96,268 +65.7%
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Essex Portfolio, L.P. 159,515 96,268 +65.7%
Total Real Estate Net 12,609,129 12,721,045 -0.9%
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Essex Portfolio, L.P. 12,609,129 12,721,045 -0.9%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q1 2026 YTD Q1 2025 YoY
Operating Activities
Straight Line Rent 175 529 -66.9%
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Essex Portfolio, L.P. 175 529 -66.9%
Depreciation And Amortization 154,895 151,287 +2.4%
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Essex Portfolio, L.P. 154,895 151,287 +2.4%
Amortization Of Debt Discount Premium 2,657 220 +1107.7%
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Essex Portfolio, L.P. 2,657 220 +1107.7%
Marketable Securities Gain Loss Excluding Other Than Temporary Impairments 1,726 91 +1796.7%
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Essex Portfolio, L.P. 1,726 91 +1796.7%
Provision For Loan Losses Expensed 34 -3 +1233.3%
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Essex Portfolio, L.P. 34 -3 +1233.3%
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Bridge Loans 30
Mezzanine Loans 4 -3 +233.3%
Total 34 -3 +1233.3%
Gain Loss From Equity Method Investments -23,615 -13,209 -78.8%
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Essex Portfolio, L.P. -23,615 -13,209 -78.8%
Equity Method Investment Dividends Or Distributions 4,971 13,709 -63.7%
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Essex Portfolio, L.P. 4,971 13,709 -63.7%
Increase Decrease In Other Receivables -1,260 -2,593 +51.4%
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Essex Portfolio, L.P. -1,260 -2,593 +51.4%
Stock-Based Compensation 2,646 1,958 +35.1%
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Essex Portfolio, L.P. 2,646 1,958 +35.1%
Change in Prepaid & Other Assets 574 2,996 -80.8%
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Essex Portfolio, L.P. 574 2,996 -80.8%
Increase Decrease In Other Accounts Payable And Accrued Liabilities 32,536 25,385 +28.2%
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Essex Portfolio, L.P. 32,536 25,385 +28.2%
Increase Decrease In Other Operating Liabilities -378 -1,047 +63.9%
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Essex Portfolio, L.P. -378 -1,047 +63.9%
Net Cash from Operations 287,169 281,503 +2.0%
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Essex Portfolio, L.P. 287,169 281,503 +2.0%
Investing Activities
Payments To Acquire Real Estate -2,060 -345,211 +99.4%
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Essex Portfolio, L.P. -2,060 -345,211 +99.4%
Redevelopment Expenditures -8,856 -12,046 +26.5%
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Essex Portfolio, L.P. -8,856 -12,046 +26.5%
Payments To Develop Real Estate Assets -14,144 -7,856 -80.0%
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Essex Portfolio, L.P. -14,144 -7,856 -80.0%
Revenue Generating Capital Expenditures -19,788 -27,914 +29.1%
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Essex Portfolio, L.P. -19,788 -27,914 +29.1%
Payments To Acquire Notes Receivable -59,500
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Essex Portfolio, L.P. -59,500
Proceeds From Insurance Settlement Investing Activities 938 848 +10.6%
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Essex Portfolio, L.P. 938 848 +10.6%
Payments To Acquire Equity Method Investments -1,329 -3,934 +66.2%
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Essex Portfolio, L.P. -1,329 -3,934 +66.2%
Payments To Acquire Marketable Securities -10,319 -6,306 -63.6%
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Essex Portfolio, L.P. -10,319 -6,306 -63.6%
Payments For Proceeds From Sales And Maturities Of Marketable Securities 9,905 13 +76092.3%
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Essex Portfolio, L.P. 9,905 13 +76092.3%
Net Cash from Investing -105,153 -267,313 +60.7%
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Essex Portfolio, L.P. -105,153 -267,313 +60.7%
Issuance Of Operating Partnership Units For Contributed Properties 250
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Essex Portfolio, L.P. 250
Reclassification From To Redeemable Noncontrolling Interest 1,898 3,527 -46.2%
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Essex Portfolio, L.P. 1,898 3,527 -46.2%
Financing Activities
Repayments Of Long Term Debt -270 -70,362 +99.6%
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Essex Portfolio, L.P. -270 -70,362 +99.6%
Proceeds From Lines Of Credit And Commercial Paper 217,737 550,897 -60.5%
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Essex Portfolio, L.P. 217,737 550,897 -60.5%
Repayments Of Lines Of Credit And Commercial Paper -213,077 -688,842 +69.1%
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Essex Portfolio, L.P. -213,077 -688,842 +69.1%
Share Repurchases -50,213
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Essex Portfolio, L.P. -50,213
Payment Of Financing And Stock Issuance Costs -455 -3,055 +85.1%
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Essex Portfolio, L.P. -455 -3,055 +85.1%
Proceeds From Stock Options Exercised 586 6,028 -90.3%
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Essex Portfolio, L.P. 586 6,028 -90.3%
Tax Withholding for Share Compensation -805 -519 -55.1%
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Essex Portfolio, L.P. -805 -519 -55.1%
Payments Of Distributions To Affiliates -8,079 -7,998 -1.0%
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Essex Portfolio, L.P. -2,294 -2,333 +1.7%
Payments Of Ordinary Dividends -165,616 -157,486 -5.2%
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Essex Portfolio, L.P. -171,401 -163,151 -5.1%
Net Cash from Financing -220,192 17,826 -1335.2%
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Essex Portfolio, L.P. -220,192 17,826 -1335.2%
Supplemental
Interest Paid 60,548 61,250 -1.1%
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Essex Portfolio, L.P. 60,548 61,250 -1.1%
Operating Lease Payments 1,605 1,713 -6.3%
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Essex Portfolio, L.P. 1,605 1,713 -6.3%
Other Cash Flow
Net Change in Cash -38,176 32,016 -219.2%
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Essex Portfolio, L.P. -38,176 32,016 -219.2%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 47,410 107,862 -56.0%
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Essex Portfolio, L.P. 47,410 107,862 -56.0%

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

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