\n\u00a0<\/p>\n<\/td>\n
\nThree Months Ended
\n
December 31,<\/p>\n<\/td>\n
\n\u00a0<\/p>\n<\/td>\n
\nTwelve Months Ended
\n
December 31,<\/p>\n<\/td>\n
\n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n\u00a0<\/p>\n<\/td>\n
\n%<\/p>\n<\/td>\n
\n%<\/p>\n<\/td>\n<\/tr>\n
\n\u00a0<\/p>\n<\/td>\n
2024<\/b><\/p>\n<\/td>\n
\n2023<\/p>\n<\/td>\n
\nChange<\/p>\n<\/td>\n
2024<\/b><\/p>\n<\/td>\n
\n2023<\/p>\n<\/td>\n
\nChange<\/p>\n<\/td>\n<\/tr>\n
\nPer Diluted Share<\/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
$4.00<\/b><\/p>\n<\/td>\n
\n$1.02<\/p>\n<\/td>\n
\n292.2%<\/p>\n<\/td>\n
$11.54<\/b><\/p>\n<\/td>\n
\n$6.32<\/p>\n<\/td>\n
\n82.6%<\/p>\n<\/td>\n<\/tr>\n
\nTotal FFO<\/p>\n<\/td>\n
$3.69<\/b><\/p>\n<\/td>\n
\n$3.87<\/p>\n<\/td>\n
\n-4.7%<\/p>\n<\/td>\n
$15.99<\/b><\/p>\n<\/td>\n
\n$15.24<\/p>\n<\/td>\n
\n4.9%<\/p>\n<\/td>\n<\/tr>\n
\nCore FFO<\/p>\n<\/td>\n
$3.92<\/b><\/p>\n<\/td>\n
\n$3.83<\/p>\n<\/td>\n
\n2.3%<\/p>\n<\/td>\n
$15.60<\/b><\/p>\n<\/td>\n
\n$15.03<\/p>\n<\/td>\n
\n3.8%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
Fourth Quarter and Full-Year 2024 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 revenues on a year-over-year basis for the three and twelve-month periods ended December 31, 2024 and on a sequential basis for the three months ended December 31, 2024, by submarket for the Company:<\/p>\n Revenue Change<\/b><\/p>\n<\/td>\n Q4 2024 YTD 2024 Q4 2024 % of Total Q4 Southern California<\/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<\/tr>\n \nLos Angeles County<\/p>\n<\/td>\n \n2.3%<\/p>\n<\/td>\n \n2.3%<\/p>\n<\/td>\n \n-0.8%<\/p>\n<\/td>\n \n18.5%<\/p>\n<\/td>\n<\/tr>\n \nOrange County<\/p>\n<\/td>\n \n3.7%<\/p>\n<\/td>\n \n4.9%<\/p>\n<\/td>\n \n0.4%<\/p>\n<\/td>\n \n10.8%<\/p>\n<\/td>\n<\/tr>\n \nSan Diego County<\/p>\n<\/td>\n \n4.0%<\/p>\n<\/td>\n \n5.7%<\/p>\n<\/td>\n \n0.1%<\/p>\n<\/td>\n \n9.2%<\/p>\n<\/td>\n<\/tr>\n \nVentura County<\/p>\n<\/td>\n \n5.3%<\/p>\n<\/td>\n \n6.1%<\/p>\n<\/td>\n \n0.5%<\/p>\n<\/td>\n \n4.2%<\/p>\n<\/td>\n<\/tr>\n Total Southern California<\/b><\/p>\n<\/td>\n 3.3%<\/b><\/p>\n<\/td>\n 4.0%<\/b><\/p>\n<\/td>\n -0.2%<\/b><\/p>\n<\/td>\n 42.7%<\/b><\/p>\n<\/td>\n<\/tr>\n Northern California<\/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<\/tr>\n \nSanta Clara County<\/p>\n<\/td>\n \n2.1%<\/p>\n<\/td>\n \n2.7%<\/p>\n<\/td>\n \n-1.0%<\/p>\n<\/td>\n \n19.4%<\/p>\n<\/td>\n<\/tr>\n \nAlameda County<\/p>\n<\/td>\n \n2.2%<\/p>\n<\/td>\n \n1.8%<\/p>\n<\/td>\n \n-0.2%<\/p>\n<\/td>\n \n7.7%<\/p>\n<\/td>\n<\/tr>\n \nSan Mateo County<\/p>\n<\/td>\n \n0.9%<\/p>\n<\/td>\n \n2.9%<\/p>\n<\/td>\n \n-1.4%<\/p>\n<\/td>\n \n4.5%<\/p>\n<\/td>\n<\/tr>\n \nContra Costa County<\/p>\n<\/td>\n \n1.1%<\/p>\n<\/td>\n \n2.7%<\/p>\n<\/td>\n \n-0.6%<\/p>\n<\/td>\n \n5.4%<\/p>\n<\/td>\n<\/tr>\n \nSan Francisco<\/p>\n<\/td>\n \n4.0%<\/p>\n<\/td>\n \n3.3%<\/p>\n<\/td>\n \n1.4%<\/p>\n<\/td>\n \n2.6%<\/p>\n<\/td>\n<\/tr>\n Total Northern California<\/b><\/p>\n<\/td>\n 2.0%<\/b><\/p>\n<\/td>\n 2.6%<\/b><\/p>\n<\/td>\n -0.7%<\/b><\/p>\n<\/td>\n 39.6%<\/b><\/p>\n<\/td>\n<\/tr>\n Seattle Metro<\/b><\/p>\n<\/td>\n 2.1%<\/b><\/p>\n<\/td>\n 2.9%<\/b><\/p>\n<\/td>\n -0.8%<\/b><\/p>\n<\/td>\n 17.7%<\/b><\/p>\n<\/td>\n<\/tr>\n Same-Property Portfolio<\/b><\/p>\n<\/td>\n 2.6%<\/b><\/p>\n<\/td>\n 3.3%<\/b><\/p>\n<\/td>\n -0.5%<\/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 revenues on a year-over-year basis for the three and twelve-month periods ended December 31, 2024 and on a sequential basis for the three months ended December 31, 2024.<\/p>\n Same-Property Revenue Components<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n Q4 2024 YTD 2024 Q4 2024 \nScheduled Rents<\/p>\n<\/td>\n \n1.9%<\/p>\n<\/td>\n \n1.9%<\/p>\n<\/td>\n \n0.3%<\/p>\n<\/td>\n<\/tr>\n \nReported Delinquency (1)<\/sup><\/p>\n<\/td>\n \n0.2%<\/p>\n<\/td>\n \n0.9%<\/p>\n<\/td>\n \n-0.6%<\/p>\n<\/td>\n<\/tr>\n \nCash Concessions<\/p>\n<\/td>\n \n-0.2%<\/p>\n<\/td>\n \n0.1%<\/p>\n<\/td>\n \n-0.2%<\/p>\n<\/td>\n<\/tr>\n \nVacancy<\/p>\n<\/td>\n \n-0.2%<\/p>\n<\/td>\n \n-0.4%<\/p>\n<\/td>\n \n-0.2%<\/p>\n<\/td>\n<\/tr>\n \nOther Income<\/p>\n<\/td>\n \n0.9%<\/p>\n<\/td>\n \n0.8%<\/p>\n<\/td>\n \n0.2%<\/p>\n<\/td>\n<\/tr>\n 2024 Same-Property Revenue Growth<\/b><\/p>\n<\/td>\n 2.6%<\/b><\/p>\n<\/td>\n 3.3%<\/b><\/p>\n<\/td>\n -0.5%<\/b><\/p>\n<\/td>\n<\/tr>\n Same-Property Revenue Growth Excluding AR Elimination<\/b><\/p>\n<\/td>\n \n2024 Same-Property Revenue Growth<\/p>\n<\/td>\n \n2.6%<\/p>\n<\/td>\n \n3.3%<\/p>\n<\/td>\n \n-0.5%<\/p>\n<\/td>\n<\/tr>\n \nAdd Back: Non-Cash AR Elimination (1)<\/sup><\/p>\n<\/td>\n \n0.6%<\/p>\n<\/td>\n \n0.1%<\/p>\n<\/td>\n \n0.7%<\/p>\n<\/td>\n<\/tr>\n Adjusted 2024 Same-Property Revenue Growth<\/b><\/p>\n<\/td>\n 3.2%<\/b><\/p>\n<\/td>\n 3.4%<\/b><\/p>\n<\/td>\n 0.2%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n (1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nIn the fourth quarter of 2024, the Company recorded a non-cash<\/span> charge to fully eliminate its remaining $2.8 million residential accounts receivable (\u201cAR\u201d) balance, resulting in no residential accounts receivable at year-end.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n<\/td>\n Year-Over-Year Change<\/b><\/p>\n<\/td>\n Year-Over-Year Change<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Q4 2024 compared to Q4 2023<\/b><\/p>\n<\/td>\n YTD 2024 compared to YTD 2023<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Revenues<\/b><\/p>\n<\/td>\n Operating NOI<\/b><\/p>\n<\/td>\n Revenues<\/b><\/p>\n<\/td>\n Operating NOI<\/b><\/p>\n<\/td>\n<\/tr>\n \nSouthern California<\/p>\n<\/td>\n \n3.3%<\/p>\n<\/td>\n \n4.2%<\/p>\n<\/td>\n \n2.9%<\/p>\n<\/td>\n \n4.0%<\/p>\n<\/td>\n \n4.1%<\/p>\n<\/td>\n \n4.0%<\/p>\n<\/td>\n<\/tr>\n \nNorthern California<\/p>\n<\/td>\n \n2.0%<\/p>\n<\/td>\n \n4.3%<\/p>\n<\/td>\n \n0.9%<\/p>\n<\/td>\n \n2.6%<\/p>\n<\/td>\n \n5.2%<\/p>\n<\/td>\n \n1.5%<\/p>\n<\/td>\n<\/tr>\n \nSeattle Metro<\/p>\n<\/td>\n \n2.1%<\/p>\n<\/td>\n \n6.8%<\/p>\n<\/td>\n \n0.3%<\/p>\n<\/td>\n \n2.9%<\/p>\n<\/td>\n \n6.0%<\/p>\n<\/td>\n \n1.7%<\/p>\n<\/td>\n<\/tr>\n Same-Property Portfolio<\/b><\/p>\n<\/td>\n 2.6%<\/b><\/p>\n<\/td>\n 4.7%<\/b><\/p>\n<\/td>\n 1.7%<\/b><\/p>\n<\/td>\n 3.3%<\/b><\/p>\n<\/td>\n 4.9%<\/b><\/p>\n<\/td>\n 2.6%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n<\/td>\n Sequential Change<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Q4 2024 compared to Q3 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Revenues<\/b><\/p>\n<\/td>\n Operating NOI<\/b><\/p>\n<\/td>\n<\/tr>\n \nSouthern California<\/p>\n<\/td>\n \n-0.2%<\/p>\n<\/td>\n \n-1.5%<\/p>\n<\/td>\n \n0.4%<\/p>\n<\/td>\n<\/tr>\n \nNorthern California<\/p>\n<\/td>\n \n-0.7%<\/p>\n<\/td>\n \n-3.1%<\/p>\n<\/td>\n \n0.4%<\/p>\n<\/td>\n<\/tr>\n \nSeattle Metro<\/p>\n<\/td>\n \n-0.8%<\/p>\n<\/td>\n \n-4.2%<\/p>\n<\/td>\n \n0.6%<\/p>\n<\/td>\n<\/tr>\n Same-Property Portfolio<\/b><\/p>\n<\/td>\n -0.5%<\/b><\/p>\n<\/td>\n -2.6%<\/b><\/p>\n<\/td>\n 0.5%<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Financial Occupancies<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Quarter Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 12\/31\/2024<\/b><\/p>\n<\/td>\n 9\/30\/2024<\/b><\/p>\n<\/td>\n 12\/31\/2023<\/b><\/p>\n<\/td>\n<\/tr>\n \nSouthern California<\/p>\n<\/td>\n \n95.6%<\/p>\n<\/td>\n \n95.9%<\/p>\n<\/td>\n \n95.9%<\/p>\n<\/td>\n<\/tr>\n \nNorthern California<\/p>\n<\/td>\n \n96.2%<\/p>\n<\/td>\n \n96.4%<\/p>\n<\/td>\n \n96.2%<\/p>\n<\/td>\n<\/tr>\n \nSeattle Metro<\/p>\n<\/td>\n \n96.2%<\/p>\n<\/td>\n \n96.6%<\/p>\n<\/td>\n \n96.5%<\/p>\n<\/td>\n<\/tr>\n Same-Property Portfolio<\/b><\/p>\n<\/td>\n 95.9%<\/b><\/p>\n<\/td>\n 96.2%<\/b><\/p>\n<\/td>\n 96.1%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Investment Activity<\/b><\/p>\n Acquisitions<\/i><\/b><\/p>\n \nIn October, the Company acquired its joint venture partner\u2019s 49.9% interest in the BEX II portfolio, comprising four communities totaling 871 apartment homes, for a total contract price of $337.5 million on a gross basis ($168.4 million at pro rata). Concurrent with the closing, the Company assumed $95.0 million of secured mortgages associated with the portfolio and consolidated the communities on the Company\u2019s financial statements. As a result of the acquisition, the Company recorded a gain on remeasurement of co-investments of $40.6 million in the fourth quarter, which has been excluded from Total and Core FFO.<\/p>\n \nIn November, the Company acquired Beaumont, a 344-unit apartment home community built in 2009 and located in Woodinville, WA for a contract price of $136.1 million.<\/p>\n \nSubsequent to quarter end, the Company acquired The Plaza, a 307-unit apartment home community built in 2013 and located in Foster City, CA for a contract price of $161.4 million.<\/p>\n Dispositions<\/i><\/b><\/p>\n \nIn October, the Company sold its 81.5% interest in a 76-year-old apartment home community located in San Mateo, CA for a contract price of $252.4 million on a gross basis ($205.7 million at pro rata). The Company recorded a gain on sale of real estate of $175.6 million in the fourth quarter, which has been excluded from Total and Core FFO.<\/p>\n Other Investments<\/i><\/b><\/p>\n \nIn the fourth quarter, the Company received cash proceeds of $58.4 million from the full and partial redemptions of three structured finance investments yielding a 9.7% weighted average rate of return. For the full-year 2024, the Company received cash proceeds of $108.8 million from the redemptions of structured finance investments yielding a 10.4% weighted average rate of return.<\/p>\n \nIn the fourth quarter, the Company repaid a $72.0 million senior mortgage associated with a preferred equity investment in a stabilized apartment home community located in Oakland, CA and subsequently assumed full managerial control in January 2025. The Company has not accrued income on this investment since the fourth quarter of 2022 and impaired the investment in the fourth quarter of 2023. The Company will consolidate the apartment home community on its financial statements in the first quarter of 2025 and expects this investment will be FFO neutral to the 2025 forecast.<\/p>\n Balance Sheet and Liquidity<\/b><\/p>\n Common Stock and Liquidity<\/i><\/b><\/p>\n \nFor the full-year 2024, the Company did not issue any shares of common stock through its equity distribution program or repurchase any shares through its stock repurchase plan.<\/p>\n \nAs of December 31, 2024, the Company had approximately $1.3 billion in liquidity via undrawn capacity on its unsecured credit facilities, cash and cash equivalents, and marketable securities.<\/p>\n 2025 Full-Year Guidance and Key Assumptions<\/b><\/p>\n Per Diluted Share<\/b><\/p>\n<\/td>\n Range<\/b><\/p>\n<\/td>\n Midpoint<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet Income<\/p>\n<\/td>\n \n$5.79 – $6.29<\/p>\n<\/td>\n \n$6.04<\/p>\n<\/td>\n<\/tr>\n \nTotal FFO<\/p>\n<\/td>\n \n$15.56 – $16.06<\/p>\n<\/td>\n \n$15.81<\/p>\n<\/td>\n<\/tr>\n \nCore FFO<\/p>\n<\/td>\n \n$15.56 – $16.06<\/p>\n<\/td>\n \n$15.81<\/p>\n<\/td>\n<\/tr>\n \nQ1 2025 Core FFO<\/p>\n<\/td>\n \n$3.86 – $3.98<\/p>\n<\/td>\n \n$3.92<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Estimated Same-Property Portfolio Growth Range<\/b><\/p>\n<\/td>\n Midpoint \nRevenues<\/p>\n<\/td>\n \n2.25% to 3.75%<\/p>\n<\/td>\n \n3.00%<\/p>\n<\/td>\n<\/tr>\n \nOperating Expenses<\/p>\n<\/td>\n \n3.25% to 4.25%<\/p>\n<\/td>\n \n3.75%<\/p>\n<\/td>\n<\/tr>\n \nNet Operating Income<\/p>\n<\/td>\n \n1.40% to 4.00%<\/p>\n<\/td>\n \n2.70%<\/p>\n<\/td>\n<\/tr>\n \nQ1 2025 Projected Blended Rate Growth<\/p>\n<\/td>\n \n2.00% to 3.00%<\/p>\n<\/td>\n \n2.50%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n Investment Assumptions<\/b><\/p>\n<\/td>\n Range<\/b><\/p>\n<\/td>\n Midpoint<\/b><\/p>\n<\/td>\n<\/tr>\n \nAcquisitions<\/p>\n<\/td>\n \n$500.0M to $1.5B<\/p>\n<\/td>\n \n$1.0B<\/p>\n<\/td>\n<\/tr>\n \nDispositions<\/p>\n<\/td>\n \n$250.0M to $750.0M<\/p>\n<\/td>\n \n$500.0M<\/p>\n<\/td>\n<\/tr>\n \nStructured Finance Redemptions<\/p>\n<\/td>\n \n$100.0M to $200.0M<\/p>\n<\/td>\n \n$150.0M<\/p>\n<\/td>\n<\/tr>\n \nDevelopment Spending at Pro Rata Share<\/p>\n<\/td>\n \nN\/A<\/p>\n<\/td>\n \n$75.0M<\/p>\n<\/td>\n<\/tr>\n \nRevenue-Generating Capital Expenditures<\/p>\n<\/td>\n \nN\/A<\/p>\n<\/td>\n \n$60.0M<\/p>\n<\/td>\n<\/tr>\n<\/table>\n (1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nThe midpoint of the Company\u2019s same-property revenues and NOI on a GAAP basis are 3.00% and 2.70%, respectively.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nFor additional details regarding the Company\u2019s 2025 FFO guidance range, please see page S-15 of the 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 Wednesday, February 5, 2025 at 9:00 a.m. PT (12:00 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 fourth quarter 2024 earnings link. To access the replay, dial (844) 512-2921 using the replay pin number 13750911. 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 call (650) 655-7800.<\/p>\n Corporate Profile<\/b><\/p>\n \nEssex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (\u201cREIT\u201d) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 256 apartment communities comprising over 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 \nThree Months Ended \n\u00a0<\/p>\n<\/td>\n \nTwelve Months Ended \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2023<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2023<\/p>\n<\/td>\n<\/tr>\n \nNet income available to common stockholders<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 257,453<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n65,391<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 741,522<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n405,825<\/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 \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 148,435<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n138,016<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 580,220<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n548,438<\/p>\n<\/td>\n<\/tr>\n \nGains not included in FFO<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (216,229)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (386,138)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(59,238)<\/p>\n<\/td>\n<\/tr>\n \nCasualty loss<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n433<\/p>\n<\/td>\n<\/tr>\n \nImpairment loss from unconsolidated co-investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n33,700<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 3,726<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n33,700<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization from unconsolidated co-investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 14,676<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18,259<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 66,943<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n71,745<\/p>\n<\/td>\n<\/tr>\n \nNoncontrolling interest related to Operating Partnership units<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 9,339<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,302<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 26,414<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14,284<\/p>\n<\/td>\n<\/tr>\n \nDepreciation attributable to third party ownership and other<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 32,340<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(379)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 31,191<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,474)<\/p>\n<\/td>\n<\/tr>\n Funds from Operations attributable to common stockholders and unitholders<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 246,014<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n257,289<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,063,878<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,013,713<\/p>\n<\/td>\n<\/tr>\n FFO per share \u2013 diluted<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 3.69<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3.87<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 15.99<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n15.24<\/p>\n<\/td>\n<\/tr>\n \nExpensed acquisition and investment related costs<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 4<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n220<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 72<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n595<\/p>\n<\/td>\n<\/tr>\n \nTax expense (benefit) on unconsolidated co-investments (1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 270<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(540)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (929)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n697<\/p>\n<\/td>\n<\/tr>\n \nRealized and unrealized losses (gains) on marketable securities, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2,298<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,712)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (8,347)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(10,006)<\/p>\n<\/td>\n<\/tr>\n \nProvision for credit losses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (63)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n19<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (179)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n70<\/p>\n<\/td>\n<\/tr>\n \nEquity income from non-core co-investments (2)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (4,062)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(263)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (10,344)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,685)<\/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–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (1,531)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/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–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(285)<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative and other, net (3)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 16,938<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,059<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 39,341<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,629<\/p>\n<\/td>\n<\/tr>\n \nInsurance reimbursements, legal settlements, and other, net (4)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 118<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(739)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (43,794)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(9,821)<\/p>\n<\/td>\n<\/tr>\n Core Funds from Operations attributable to common stockholders and unitholders<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 261,517<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n254,333<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,038,167<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n999,907<\/p>\n<\/td>\n<\/tr>\n Core FFO per share \u2013 diluted<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 3.92<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3.83<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 15.60<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n15.03<\/p>\n<\/td>\n<\/tr>\n \nWeighted average number of shares outstanding diluted (5)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 66,642,599<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n66,447,394<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 66,533,908<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n66,514,456<\/p>\n<\/td>\n<\/tr>\n<\/table>\n (1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nRepresents tax related to net unrealized gains or losses on technology co-investments.<\/p>\n<\/td>\n<\/tr>\n (2)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nRepresents the Company’s share of co-investment income or loss from technology co-investments.<\/p>\n<\/td>\n<\/tr>\n (3)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nIncludes political advocacy costs of $14.8 million and $33.3 million for the three and twelve months ended December 31, 2024, respectively, and $3.5 million and $4.1 million for the three and twelve months ended December 31, 2023, respectively.<\/p>\n<\/td>\n<\/tr>\n (4)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nIncludes legal settlement gains of $42.5 million and $7.7 million for the twelve months ended December 31, 2024 and 2023, respectively.<\/p>\n<\/td>\n<\/tr>\n (5)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\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 \nThree Months Ended \nTwelve Months Ended \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n2023<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n2023<\/p>\n<\/td>\n<\/tr>\n \nEarnings from operations<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 304,496<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n130,341<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 703,095<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n584,342<\/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 \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<\/p>\n \nexpenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 12,214<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,485<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 48,218<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n45,872<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 148,435<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n138,016<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 580,220<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n548,438<\/p>\n<\/td>\n<\/tr>\n \nManagement and other fees from affiliates<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (2,416)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,803)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (10,265)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(11,131)<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 31,528<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n19,739<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 98,902<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n63,474<\/p>\n<\/td>\n<\/tr>\n \nExpensed acquisition and investment related costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 4<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n220<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 72<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n595<\/p>\n<\/td>\n<\/tr>\n \nCasualty loss<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n433<\/p>\n<\/td>\n<\/tr>\n \nGain on sale of real estate and land<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (175,583)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (175,583)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(59,238)<\/p>\n<\/td>\n<\/tr>\n \nNOI<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 318,678<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n296,998<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,244,659<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,172,785<\/p>\n<\/td>\n<\/tr>\n \nLess: Non-same property NOI<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (29,918)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(12,981)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (96,666)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(53,485)<\/p>\n<\/td>\n<\/tr>\n \nSame-Property NOI<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 288,760<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n284,017<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,147,993<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,119,300<\/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 first quarter and full-year 2025 guidance (including net income, Total FFO and Core FFO, same-property growth and related assumptions) and anticipated yield on certain investments. While 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.<\/p>\n \nFactors 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: assumptions related to our first quarter and full-year 2025 guidance; 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; 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 indebtedness; the Company\u2019s inability to maintain its investment grade credit rating with the rating agencies; the Company may be unsuccessful in the management of its relationships with its co-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 future income 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 payments in 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 future development projects; volatility in financial and securities markets; the Company\u2019s 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 to in the Company\u2019s annual report on Form 10-K for the year ended December 31, 2023, 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-17.1 through S-17.4, “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\/20250204129142\/en\/<\/a><\/span><\/p>\n \nLoren Rainey KEYWORDS:<\/b> United States North America California<\/p>\n INDUSTRY KEYWORDS:<\/b> Residential Building & Real Estate Construction & Property REIT<\/p>\n\n
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\n \n \n \n <\/tr>\n \n \n \n
\n
<\/b>vs. Q4 2023<\/b><\/p>\n<\/td>\n\n
\n
<\/b>vs. YTD 2023<\/b><\/p>\n<\/td>\n\n
\n
vs. Q3 2024<\/b><\/p>\n<\/td>\n\n \n
\n
2024 Revenues<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n
\n
vs. Q4 2023<\/b><\/p>\n<\/td>\n\n
\n
vs. YTD 2023<\/b><\/p>\n<\/td>\n\n
\n
<\/b>vs. Q3 2024<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
<\/b>Expenses<\/b><\/p>\n<\/td>\n\n \n \n \n
\n
<\/b>Expenses<\/b><\/p>\n<\/td>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n
\n
<\/b>Expenses<\/b><\/p>\n<\/td>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
<\/b>Based on 49,446 Apartment Homes<\/b><\/p>\n<\/td>\n\n \n
\n
Cash-Basis (1)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n
\n \n \n
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December 31,<\/p>\n<\/td>\n\n \n
\n
December 31,<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n
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December 31,<\/p>\n<\/td>\n\n \n
\n
December 31,<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/p>\n
\n
Director, Investor Relations
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(650) 655-7800
\n
lrainey@essex.com<\/a><\/p>\n
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