\n\u00a0<\/p>\n<\/td>\n
\nThree Months Ended<\/p>\n
\nMarch 31,<\/p>\n<\/td>\n
\n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n\u00a0<\/p>\n<\/td>\n
\n%<\/p>\n<\/td>\n<\/tr>\n
\n\u00a0<\/p>\n<\/td>\n
2023<\/b><\/p>\n<\/td>\n
\n2022<\/p>\n<\/td>\n
\nChange<\/p>\n<\/td>\n<\/tr>\n
Per Diluted Share<\/span><\/p>\n<\/td>\n
\n\u00a0<\/p>\n<\/td>\n
\n\u00a0<\/p>\n<\/td>\n
\n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\nNet Income<\/p>\n<\/td>\n
$2.38<\/b><\/p>\n<\/td>\n
\n$1.12<\/p>\n<\/td>\n
\n112.5%<\/p>\n<\/td>\n<\/tr>\n
\nTotal FFO<\/p>\n<\/td>\n
$3.80<\/b><\/p>\n<\/td>\n
\n$3.36<\/p>\n<\/td>\n
\n13.1%<\/p>\n<\/td>\n<\/tr>\n
\nCore FFO<\/p>\n<\/td>\n
$3.65<\/b><\/p>\n<\/td>\n
\n$3.37<\/p>\n<\/td>\n
\n8.3%<\/p>\n<\/td>\n<\/tr>\n
\n\u00a0<\/p>\n<\/td>\n
\n\u00a0<\/p>\n<\/td>\n
\n\u00a0<\/p>\n<\/td>\n
\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
First Quarter 2023 Highlights:<\/span><\/b><\/p>\n Same-Property Operations<\/b><\/p>\n \nSame-property operating results exclude any properties that are not comparable for the periods presented. The table below illustrates the percentage change in same-property gross revenues for the quarter ended March 31, 2023 compared to the quarter ended March 31, 2022, and the sequential percentage change for the quarter ended March 31, 2023 compared to the quarter ended December 31, 2022, by submarket for the Company:<\/p>\n Q1 2023 vs.<\/b><\/p>\n Q1 2022<\/b><\/p>\n<\/td>\n Q1 2023 vs.<\/b><\/p>\n Q4 2022<\/b><\/p>\n<\/td>\n % of<\/b><\/p>\n Total<\/b><\/p>\n<\/td>\n<\/tr>\n Revenue<\/b><\/p>\n Change<\/b><\/p>\n<\/td>\n Revenue<\/b><\/p>\n Change<\/b><\/p>\n<\/td>\n Q1 2023<\/b><\/p>\n Revenues<\/b><\/p>\n<\/td>\n<\/tr>\n Southern California<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLos Angeles County<\/p>\n<\/td>\n \n5.2%<\/p>\n<\/td>\n \n-1.7%<\/p>\n<\/td>\n \n18.7%<\/p>\n<\/td>\n<\/tr>\n \nOrange County<\/p>\n<\/td>\n \n10.2%<\/p>\n<\/td>\n \n-0.5%<\/p>\n<\/td>\n \n10.5%<\/p>\n<\/td>\n<\/tr>\n \nSan Diego County<\/p>\n<\/td>\n \n10.5%<\/p>\n<\/td>\n \n2.2%<\/p>\n<\/td>\n \n8.8%<\/p>\n<\/td>\n<\/tr>\n \nVentura County<\/p>\n<\/td>\n \n11.4%<\/p>\n<\/td>\n \n1.7%<\/p>\n<\/td>\n \n4.0%<\/p>\n<\/td>\n<\/tr>\n Total Southern California<\/b><\/p>\n<\/td>\n 8.1%<\/b><\/p>\n<\/td>\n -0.3%<\/b><\/p>\n<\/td>\n 42.0%<\/b><\/p>\n<\/td>\n<\/tr>\n Northern California<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSanta Clara County<\/p>\n<\/td>\n \n8.2%<\/p>\n<\/td>\n \n0.8%<\/p>\n<\/td>\n \n19.6%<\/p>\n<\/td>\n<\/tr>\n \nAlameda County<\/p>\n<\/td>\n \n3.8%<\/p>\n<\/td>\n \n0.7%<\/p>\n<\/td>\n \n7.9%<\/p>\n<\/td>\n<\/tr>\n \nSan Mateo County<\/p>\n<\/td>\n \n6.4%<\/p>\n<\/td>\n \n-0.3%<\/p>\n<\/td>\n \n4.5%<\/p>\n<\/td>\n<\/tr>\n \nContra Costa County<\/p>\n<\/td>\n \n6.8%<\/p>\n<\/td>\n \n-0.1%<\/p>\n<\/td>\n \n5.4%<\/p>\n<\/td>\n<\/tr>\n \nSan Francisco<\/p>\n<\/td>\n \n1.4%<\/p>\n<\/td>\n \n-1.4%<\/p>\n<\/td>\n \n2.6%<\/p>\n<\/td>\n<\/tr>\n Total Northern California<\/b><\/p>\n<\/td>\n 6.4%<\/b><\/p>\n<\/td>\n 0.4%<\/b><\/p>\n<\/td>\n 40.0%<\/b><\/p>\n<\/td>\n<\/tr>\n Seattle Metro<\/b><\/p>\n<\/td>\n 9.1%<\/b><\/p>\n<\/td>\n -0.4%<\/b><\/p>\n<\/td>\n 18.0%<\/b><\/p>\n<\/td>\n<\/tr>\n Same-Property Portfolio<\/b><\/p>\n<\/td>\n 7.6%<\/b><\/p>\n<\/td>\n 0.0%<\/b><\/p>\n<\/td>\n 100.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe table below illustrates the components that drove the change in same-property revenue on a year-over-year and sequential basis for the quarter ended March 31, 2023.<\/p>\n \n\u00a0<\/p>\n Same-Property Revenue Components<\/b><\/p>\n<\/td>\n Q1 2023<\/b><\/p>\n vs. Q1 2022<\/b><\/p>\n<\/td>\n Q1 2023<\/b><\/p>\n vs. Q4 2022<\/b><\/p>\n<\/td>\n<\/tr>\n \nScheduled Rents<\/p>\n<\/td>\n \n6.8%<\/p>\n<\/td>\n \n0.3%<\/p>\n<\/td>\n<\/tr>\n \nDelinquencies<\/p>\n<\/td>\n \n-0.1%<\/p>\n<\/td>\n \n-0.9%<\/p>\n<\/td>\n<\/tr>\n \nCash Concessions<\/p>\n<\/td>\n \n0.3%<\/p>\n<\/td>\n \n0.3%<\/p>\n<\/td>\n<\/tr>\n \nVacancy<\/p>\n<\/td>\n \n0.2%<\/p>\n<\/td>\n \n0.7%<\/p>\n<\/td>\n<\/tr>\n \nOther Income<\/p>\n<\/td>\n \n0.4%<\/p>\n<\/td>\n \n-0.4%<\/p>\n<\/td>\n<\/tr>\n Q1 2023 Same-Property Revenue Growth<\/b><\/p>\n<\/td>\n 7.6%<\/b><\/p>\n<\/td>\n 0.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Year-Over-Year Change<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Q1 2023 compared to Q1 2022<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Revenues<\/b><\/p>\n<\/td>\n Operating<\/b><\/p>\n Expenses<\/b><\/p>\n<\/td>\n NOI<\/b><\/p>\n<\/td>\n<\/tr>\n \nSouthern California<\/p>\n<\/td>\n \n8.1%<\/p>\n<\/td>\n \n9.2%<\/p>\n<\/td>\n \n7.6%<\/p>\n<\/td>\n<\/tr>\n \nNorthern California<\/p>\n<\/td>\n \n6.4%<\/p>\n<\/td>\n \n2.4%<\/p>\n<\/td>\n \n8.2%<\/p>\n<\/td>\n<\/tr>\n \nSeattle Metro<\/p>\n<\/td>\n \n9.1%<\/p>\n<\/td>\n \n-3.6%<\/p>\n<\/td>\n \n15.2%<\/p>\n<\/td>\n<\/tr>\n Same-Property Portfolio<\/b><\/p>\n<\/td>\n 7.6%<\/b><\/p>\n<\/td>\n 4.0%<\/b><\/p>\n<\/td>\n 9.2%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n<\/td>\n Sequential Change<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Q1 2023 compared to Q4 2022<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Revenues<\/b><\/p>\n<\/td>\n Operating<\/b><\/p>\n Expenses<\/b><\/p>\n<\/td>\n NOI<\/b><\/p>\n<\/td>\n<\/tr>\n \nSouthern California<\/p>\n<\/td>\n \n-0.3%<\/p>\n<\/td>\n \n6.0%<\/p>\n<\/td>\n \n-2.7%<\/p>\n<\/td>\n<\/tr>\n \nNorthern California<\/p>\n<\/td>\n \n0.4%<\/p>\n<\/td>\n \n1.1%<\/p>\n<\/td>\n \n0.1%<\/p>\n<\/td>\n<\/tr>\n \nSeattle Metro<\/p>\n<\/td>\n \n-0.4%<\/p>\n<\/td>\n \n-0.2%<\/p>\n<\/td>\n \n-0.4%<\/p>\n<\/td>\n<\/tr>\n Same-Property Portfolio<\/b><\/p>\n<\/td>\n 0.0%<\/b><\/p>\n<\/td>\n 2.9%<\/b><\/p>\n<\/td>\n -1.2%<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n<\/td>\n Financial Occupancies<\/b><\/p>\n<\/td>\n<\/tr>\n Quarter Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 3\/31\/2023<\/b><\/p>\n<\/td>\n 12\/31\/2022<\/b><\/p>\n<\/td>\n 3\/31\/2022<\/b><\/p>\n<\/td>\n<\/tr>\n \nSouthern California<\/p>\n<\/td>\n \n96.8%<\/p>\n<\/td>\n \n96.4%<\/p>\n<\/td>\n \n96.3%<\/p>\n<\/td>\n<\/tr>\n \nNorthern California<\/p>\n<\/td>\n \n96.6%<\/p>\n<\/td>\n \n95.8%<\/p>\n<\/td>\n \n96.4%<\/p>\n<\/td>\n<\/tr>\n \nSeattle Metro<\/p>\n<\/td>\n \n96.6%<\/p>\n<\/td>\n \n95.8%<\/p>\n<\/td>\n \n95.9%<\/p>\n<\/td>\n<\/tr>\n Same-Property Portfolio<\/b><\/p>\n<\/td>\n 96.7%<\/b><\/p>\n<\/td>\n 96.0%<\/b><\/p>\n<\/td>\n 96.3%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Investment Activity<\/b><\/p>\n Dispositions<\/i><\/b><\/p>\n \nIn March 2023, the Company sold a 61-year-old student housing community containing 239 apartment homes in the non-core market of Santa Barbara County, for a total contract price of $91.7 million. The Company recognized a $54.5 million gain on sale during the quarter, which has been excluded from Total and Core FFO.<\/p>\n Liquidity and Balance Sheet<\/b><\/p>\n Common Stock<\/i><\/b><\/p>\n \nIn the first quarter of 2023, the Company repurchased 437,026 shares of its common stock through the Company\u2019s stock repurchase plan, totaling $95.7 million, including commissions, at an average price per share of $218.88. As of April 26, 2023, the Company had $302.7 million of purchase authority remaining under the Company\u2019s stock repurchase plan.<\/p>\n Balance Sheet<\/i><\/b><\/p>\n \nAs of April 26, 2023, the Company had approximately $1.5 billion in liquidity via undrawn capacity on its unsecured credit facilities, cash, and marketable securities.<\/p>\n Guidance<\/b><\/p>\n \nFor the first quarter of 2023, the Company exceeded the midpoint of the guidance range provided in its fourth quarter 2022 earnings release for Core FFO by $0.08 per diluted share. The better-than-expected results primarily relate to lower delinquency and higher occupancy within the same-property portfolio.<\/p>\n \nThe following table provides a reconciliation of first quarter 2023 Core FFO per diluted share to the midpoint of the guidance provided in the Company\u2019s fourth quarter 2022 earnings release.<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Per Diluted<\/b><\/p>\n Share<\/b><\/p>\n<\/td>\n<\/tr>\n \nGuidance midpoint of Core FFO per diluted share for Q1 2023<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3.57<\/p>\n<\/td>\n<\/tr>\n \nNOI from consolidated communities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.07<\/p>\n<\/td>\n<\/tr>\n \nFFO from Co-Investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.01<\/p>\n<\/td>\n<\/tr>\n \nInterest Expense (Consolidated) and Other Income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.01<\/p>\n<\/td>\n<\/tr>\n \nG&A<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.02)<\/p>\n<\/td>\n<\/tr>\n \nImpact from Weighted Average Shares Outstanding<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.01<\/p>\n<\/td>\n<\/tr>\n Core FFO per diluted share for Q1 2023 reported<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 3.65<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n 2023 Full-Year and Second Quarter Guidance<\/b><\/p>\n<\/td>\n<\/tr>\n \nPrevious<\/p>\n \nRange<\/p>\n<\/td>\n \nPrevious<\/p>\n \nMidpoint<\/p>\n<\/td>\n Revised<\/b><\/p>\n Range<\/b><\/p>\n<\/td>\n Revised<\/b><\/p>\n Midpoint<\/b><\/p>\n<\/td>\n Change at the<\/i><\/b><\/p>\n Midpoint<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n Per Diluted Share<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet Income<\/p>\n<\/td>\n \n$5.35 – $5.79<\/p>\n<\/td>\n \n$5.57<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $6.36 – $6.74<\/b><\/p>\n<\/td>\n $6.55<\/b><\/p>\n<\/td>\n $0.98<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \nTotal FFO<\/p>\n<\/td>\n \n$14.53 – $14.97<\/p>\n<\/td>\n \n$14.75<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $14.74 – $15.12<\/b><\/p>\n<\/td>\n $14.93<\/b><\/p>\n<\/td>\n $0.18<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \nCore FFO<\/p>\n<\/td>\n \n$14.53 – $14.97<\/p>\n<\/td>\n \n$14.75<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $14.59 – $14.97<\/b><\/p>\n<\/td>\n $14.78<\/b><\/p>\n<\/td>\n $0.03<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \nQ2 2023 Core FFO<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $3.63 – $3.75<\/b><\/p>\n<\/td>\n $3.69<\/b><\/p>\n<\/td>\n –<\/i><\/p>\n<\/td>\n<\/tr>\n Same-Property Growth on a Cash-Basis(1)<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRevenues<\/p>\n<\/td>\n \n3.25% to 4.75%<\/p>\n<\/td>\n \n4.00%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n No Change<\/b><\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n –<\/i><\/p>\n<\/td>\n<\/tr>\n \nOperating Expenses<\/p>\n<\/td>\n \n4.50% to 5.50%<\/p>\n<\/td>\n \n5.00%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n No Change<\/b><\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n –<\/i><\/p>\n<\/td>\n<\/tr>\n \nNOI<\/p>\n<\/td>\n \n2.30% to 4.90%<\/p>\n<\/td>\n \n3.60%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n No Change<\/b><\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n –<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe midpoint of the Company\u2019s same-property revenues and NOI on a GAAP basis remain unchanged since the Company\u2019s fourth quarter 2022 earnings release at 4.40% and 4.10%, respectively.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nFor additional details regarding the Company\u2019s 2023 Core FFO guidance range, please see page S-14 of the accompanying supplemental financial information.<\/p>\n Conference Call with Management<\/b><\/p>\n \nThe Company will host an earnings conference call with management to discuss its quarterly results on Friday, April 28, 2023 at 10 a.m. PT (1 p.m. ET), which will be broadcast live via the Internet at www.essex.com<\/a>, and accessible via phone by dialing toll-free, (877) 407-0784, or toll\/international, (201) 689-8560. No passcode is necessary.<\/p>\n \nA 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<\/a> and select the first quarter 2023 earnings link. To access the replay, dial (844) 512-2921 using the replay pin number 13737546. If you are unable to access the information via the Company\u2019s website, please contact the Investor Relations Department at investors@essex.com<\/a> or by calling (650) 655-7800.<\/p>\n Upcoming Events<\/b><\/p>\n \nThe Company is scheduled to participate in the National Association of Real Estate Investment Trusts (\u201cNAREIT\u201d) Institutional Investor Forum in New York from June 6-7, 2023. The Company\u2019s President and Chief Executive Officer, Angela L. Kleiman, will present at the conference on June 7, 2023 at 8:45 a.m. ET. The presentation will be webcast and can be accessed on the Investors section of the Company\u2019s website at www.essex.com<\/a>. A copy of any materials provided by the Company at the conference will also be made available on the Investors section of the Company\u2019s website.<\/p>\n Corporate Profile<\/b><\/p>\n \nEssex 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 in selected West Coast markets. Essex currently has ownership interests in 251 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development. Additional information about the Company can be found on the Company\u2019s website at www.essex.com<\/a>.<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nThree Months Ended<\/p>\n \nMarch 31,<\/p>\n<\/td>\n<\/tr>\n Funds from Operations attributable to common stockholders and unitholders<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2022<\/p>\n<\/td>\n<\/tr>\n \nNet income available to common stockholders<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 153,532<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n73,254<\/p>\n<\/td>\n<\/tr>\n \nAdjustments:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 136,347<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n133,533<\/p>\n<\/td>\n<\/tr>\n \nGains on sale of real estate and land not included in FFO<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (59,238)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n<\/tr>\n \nCasualty loss<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 433<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization from unconsolidated co-investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 17,609<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18,115<\/p>\n<\/td>\n<\/tr>\n \nNoncontrolling interest related to Operating Partnership units<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 5,404<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,563<\/p>\n<\/td>\n<\/tr>\n \nDepreciation attributable to third party ownership and other<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (359)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(353)<\/p>\n<\/td>\n<\/tr>\n Funds from Operations attributable to common stockholders and unitholders<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 253,728<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n227,112<\/p>\n<\/td>\n<\/tr>\n FFO per share \u2013 diluted<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 3.80<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3.36<\/p>\n<\/td>\n<\/tr>\n \nExpensed acquisition and investment related costs<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 339<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n8<\/p>\n<\/td>\n<\/tr>\n \nDeferred tax benefit on unconsolidated co-investments(1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (900)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,754)<\/p>\n<\/td>\n<\/tr>\n \nGain on sale of marketable securities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (912)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(12,171)<\/p>\n<\/td>\n<\/tr>\n \nChange in unrealized (gains) losses on marketable securities, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (368)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24,585<\/p>\n<\/td>\n<\/tr>\n \nProvision for credit losses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 18<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(62)<\/p>\n<\/td>\n<\/tr>\n \nEquity loss from non-core co-investments(2)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 94<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,844<\/p>\n<\/td>\n<\/tr>\n \nLoss on early retirement of debt from unconsolidated co-investment<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n86<\/p>\n<\/td>\n<\/tr>\n \nCo-investment promote income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(17,076)<\/p>\n<\/td>\n<\/tr>\n \nIncome from early redemption of preferred equity investments and notes receivable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(858)<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative and other, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 266<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n448<\/p>\n<\/td>\n<\/tr>\n \nInsurance reimbursements, legal settlements, and other, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (8,504)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n<\/tr>\n Core Funds from Operations attributable to common stockholders and unitholders<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 243,761<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n228,162<\/p>\n<\/td>\n<\/tr>\n Core FFO per share \u2013 diluted<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 3.65<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3.37<\/p>\n<\/td>\n<\/tr>\n \nWeighted average number of shares outstanding diluted (3)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 66,725,582<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n67,621,842<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nRepresents deferred tax benefit related to net unrealized gains or losses on technology co-investments.<\/p>\n<\/td>\n<\/tr>\n \nRepresents the Company\u2019s share of co-investment loss from technology co-investments.<\/p>\n<\/td>\n<\/tr>\n \nAssumes conversion of all outstanding limited partnership units in Essex Portfolio, L.P. (the \u201cOperating Partnership\u201d) into shares of the Company\u2019s common stock and excludes DownREIT limited partnership units.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Net Operating Income (\u201cNOI\u201d) and Same-Property NOI Reconciliations<\/b><\/p>\n \nNOI and Same-Property NOI are considered by management to be important supplemental performance measures to earnings from operations included in the Company\u2019s consolidated statements of income. The presentation of same-property NOI assists with the presentation of the Company\u2019s operations prior to the allocation of depreciation and any corporate-level or financing-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 of communities. 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 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 revenues less 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 NOI for stabilized properties consolidated by the Company for the periods presented (dollars in thousands):<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nThree Months Ended<\/p>\n \nMarch 31,<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2022<\/p>\n<\/td>\n<\/tr>\n \nEarnings from operations<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 187,385<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n109,850<\/p>\n<\/td>\n<\/tr>\n \nAdjustments:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCorporate-level property management expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 11,432<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,172<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 136,347<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n133,533<\/p>\n<\/td>\n<\/tr>\n \nManagement and other fees from affiliates<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (2,765)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,689)<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 15,311<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12,242<\/p>\n<\/td>\n<\/tr>\n \nExpensed acquisition and investment related costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 339<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8<\/p>\n<\/td>\n<\/tr>\n \nCasualty loss<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 433<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n<\/tr>\n \nGain on sale of real estate and land<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (59,238)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n<\/tr>\n \nNOI<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 289,244<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n263,116<\/p>\n<\/td>\n<\/tr>\n \nLess: Non-same property NOI<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (15,145)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(12,088)<\/p>\n<\/td>\n<\/tr>\n \nSame-Property NOI<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 274,099<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n251,028<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Safe Harbor Statement Under The Private Litigation Reform Act of 1995:<\/b><\/p>\n \nThis press release includes \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, 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 \u201cexpects,\u201d \u201cassumes,\u201d \u201canticipates,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cprojects,\u201d \u201cbelieves,\u201d \u201cseeks,\u201d \u201cfuture,\u201d \u201cestimates,\u201d 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\u2019s expectations related to the continued evolution of the work-from-home trend, the Company\u2019s intent, beliefs or expectations with respect to the timing of completion of current development and redevelopment projects and the stabilization of such projects, the timing of lease-up and occupancy of its apartment communities, the anticipated operating performance of its apartment communities, the total projected costs of development and redevelopment projects, co-investment activities, qualification as a REIT under the Internal Revenue Code of 1986, as amended, 2023 Same-Property revenue and operating expenses generally and in specific regions, the real estate markets in the geographies in which the Company\u2019s properties are located and in the United States in general, the adequacy of future cash flows to meet anticipated cash needs, its financing activities and the use of proceeds from such activities, the availability of debt and equity financing, general economic conditions including the potential impacts from such economic conditions, inflation, the labor market, supply chain impacts and ongoing hostilities between Russia and Ukraine, trends affecting the Company\u2019s financial condition or results of operations, changes to U.S. tax laws and regulations in general or specifically related to REITs or real estate, changes to laws and regulations in jurisdictions in which communities the Company owns are located, and other information that is not historical information.<\/p>\n \nWhile the Company’s management believes the assumptions underlying its forward-looking statements are reasonable, such forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company\u2019s control, which could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company cannot assure the future results or outcome of the matters described in these statements; rather, these statements merely reflect the Company\u2019s current expectations of the approximate outcomes of the matters discussed. Factors that might cause the Company\u2019s actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to, the following: potential future outbreaks of infectious diseases or other health concerns, which could adversely affect the Company\u2019s business and its tenants, and cause a significant downturn in general economic conditions, the real estate industry, and the markets in which the Company’s communities are located; the Company may fail to achieve its business objectives; the actual completion of development and redevelopment projects may be subject to delays; the stabilization dates of such projects may be delayed; the Company may abandon or defer development or redevelopment projects for a number of reasons, including changes in local market conditions which make development less desirable, increases in costs of development, increases in the cost of capital or lack of capital availability, resulting in losses; the total projected costs of current development and redevelopment projects may exceed expectations; such development and redevelopment projects may not be completed; development and redevelopment projects and acquisitions may fail to meet expectations; estimates of future income from an acquired property may prove to be inaccurate; occupancy rates and rental demand may be adversely affected by competition and local economic and market conditions; there may be increased interest rates, inflation, escalated operating costs and possible recessionary impacts; as well as uncertainties regarding ongoing hostilities between Russia and Ukraine and the related impacts on macroeconomic conditions, including, among other things, interest rates and inflation; the Company may be unsuccessful in the management of its relationships with its co-investment partners; future cash flows may be inadequate to meet operating requirements and\/or may be insufficient to provide for dividend payments in accordance with REIT requirements; changes in laws or regulations; the terms of any refinancing may not be as favorable as the terms of existing indebtedness; unexpected difficulties in leasing of development projects; volatility in financial and securities markets; the Company\u2019s failure to successfully operate acquired properties; unforeseen consequences from cyber-intrusion; the Company\u2019s inability to maintain our investment grade credit rating with the rating agencies; government approvals, actions and initiatives, including the need for compliance with environmental requirements; and those further risks, special considerations, and other factors referred to in the Company\u2019s annual report on Form 10-K for the year ended December 31, 2022, quarterly reports on Form 10-Q, and those risk factors and special considerations set forth in the Company’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 or achievements 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 or supplement this information for any reason, and therefore, they may not represent the Company\u2019s estimates and assumptions after the date of this press release.<\/p>\n Definitions and Reconciliations<\/b><\/p>\n \nNon-GAAP financial measures and certain other capitalized terms, as used in this earnings release, are defined and further explained on pages S-18.1 through S-18.4, “Reconciliations of Non-GAAP Financial Measures and Other Terms,” of the accompanying supplemental financial information. The supplemental financial information is available on the Company’s website at www.essex.com<\/a>.<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230427005857\/en\/<\/a><\/span><\/p>\n \nRylan Burns KEYWORDS:<\/b> California United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Residential Building & Real Estate Construction & Property REIT<\/p>\n\n
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Group VP of Private Equity & Finance
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(650) 655-7800
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rburns@essex.com<\/a><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230427005857\/en\/625771\/3\/Essex_Logo_Black_%28002%29.jpg\"){kind=logo}
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