\n\u00a0<\/p>\n<\/td>\n
\nThree Months Ended<\/p>\n
\nJune 30,<\/p>\n<\/td>\n
\n\u00a0<\/p>\n<\/td>\n
\nSix Months Ended
\n
June 30,<\/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
2026<\/b><\/p>\n<\/td>\n
\n2025<\/p>\n<\/td>\n
\nChange<\/p>\n<\/td>\n
2026<\/b><\/p>\n<\/td>\n
\n2025<\/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
\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
$0.97<\/b><\/p>\n<\/td>\n
\n$3.44<\/p>\n<\/td>\n
\n-71.8%<\/p>\n<\/td>\n
$2.62<\/b><\/p>\n<\/td>\n
\n$6.59<\/p>\n<\/td>\n
\n-60.2%<\/p>\n<\/td>\n<\/tr>\n
\nTotal FFO (1)<\/sup><\/p>\n<\/td>\n $3.32<\/b><\/p>\n<\/td>\n \n$4.03<\/p>\n<\/td>\n \n-17.6%<\/p>\n<\/td>\n $7.49<\/b><\/p>\n<\/td>\n \n$8.00<\/p>\n<\/td>\n \n-6.4%<\/p>\n<\/td>\n<\/tr>\n \nCore FFO<\/p>\n<\/td>\n $4.08<\/b><\/p>\n<\/td>\n \n$4.03<\/p>\n<\/td>\n \n1.2%<\/p>\n<\/td>\n $8.15<\/b><\/p>\n<\/td>\n \n$8.00<\/p>\n<\/td>\n \n1.9%<\/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 \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n (1)<\/sup><\/p>\n<\/td>\n \nThe decrease is primarily attributable to legal settlements. See page S-3 of the supplemental financial information for details.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Second Quarter 2026 Highlights:<\/span><\/b><\/p>\n Full-Year 2026 Revised Guidance<\/b><\/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 \nNet Income per diluted share<\/p>\n<\/td>\n \n$5.47 – $5.69<\/p>\n<\/td>\n \n$5.58<\/p>\n<\/td>\n ($0.29)<\/i><\/p>\n<\/td>\n<\/tr>\n \nCore FFO per diluted share<\/p>\n<\/td>\n \n$16.03 – $16.25<\/p>\n<\/td>\n \n$16.14<\/p>\n<\/td>\n +$0.20<\/i><\/p>\n<\/td>\n<\/tr>\n \nSame-Property Revenues<\/p>\n<\/td>\n \n2.5% to 3.1%<\/p>\n<\/td>\n \n2.8%<\/p>\n<\/td>\n +0.40%<\/i><\/p>\n<\/td>\n<\/tr>\n \nSame-Property Operating Expenses<\/p>\n<\/td>\n \n2.5% to 3.0%<\/p>\n<\/td>\n \n2.8%<\/p>\n<\/td>\n (0.25%)<\/i><\/p>\n<\/td>\n<\/tr>\n \nSame-Property NOI<\/p>\n<\/td>\n \n2.3% to 3.3%<\/p>\n<\/td>\n \n2.8%<\/p>\n<\/td>\n +0.70%<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\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 revenue on a year-over-year basis for the three and six-month periods ended June 30, 2026 and on a sequential basis for the three-month period ended June 30, 2026:<\/p>\n Revenue Change<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Q2 2026<\/b><\/p>\n vs. Q2 2025<\/b><\/p>\n<\/td>\n YTD 2026<\/b><\/p>\n vs. YTD 2025<\/b><\/p>\n<\/td>\n Q2 2026<\/b><\/p>\n vs. Q1 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n % of Total Q2 2026 Revenues<\/b><\/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 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 \n1.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n1.3<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n-0.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n16.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nOrange County<\/p>\n<\/td>\n \n2.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n2.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n0.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n10.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nSan Diego County<\/p>\n<\/td>\n \n1.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n1.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n0.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n9.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nVentura County<\/p>\n<\/td>\n \n1.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n1.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n-0.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n4.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Total Southern California<\/b><\/p>\n<\/td>\n 1.5<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 1.9<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n -0.2<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 41.4<\/b><\/p>\n<\/td>\n %<\/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 \n4.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n4.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n1.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n21.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nAlameda County<\/p>\n<\/td>\n \n3.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n3.3<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n1.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n7.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nSan Mateo County<\/p>\n<\/td>\n \n5.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n5.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n2.3<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n4.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nContra Costa County<\/p>\n<\/td>\n \n2.3<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n1.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n0.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n5.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nSan Francisco<\/p>\n<\/td>\n \n7.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n5.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n3.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n3.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Total Northern California<\/b><\/p>\n<\/td>\n 4.4<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 4.1<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 1.8<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 40.7<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n<\/tr>\n Seattle Metro<\/b><\/p>\n<\/td>\n 1.7<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 2.0<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 0.8<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 17.9<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n<\/tr>\n Same-Property Portfolio<\/b><\/p>\n<\/td>\n 2.7<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 2.8<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 0.8<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 100<\/b><\/p>\n<\/td>\n %<\/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 basis for the three and six-month periods ended June 30, 2026 and on a sequential basis for the three-month period ended June 30, 2026:<\/p>\n Q2 2026<\/b><\/p>\n vs. Q2 2025<\/b><\/p>\n<\/td>\n YTD 2026<\/b><\/p>\n vs. YTD 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n Q2 2026<\/b><\/p>\n vs. Q1 2026<\/b><\/p>\n<\/td>\n<\/tr>\n \nScheduled Rents<\/p>\n<\/td>\n \n2.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n2.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n0.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nDelinquency<\/p>\n<\/td>\n \n-0.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n0.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n-0.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nCash Concessions<\/p>\n<\/td>\n \n0.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n-0.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n0.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nVacancy<\/p>\n<\/td>\n \n0.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n0.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n-0.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nOther Income<\/p>\n<\/td>\n \n0.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n0.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n0.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Q2 2026 Same-Property Revenue Growth<\/b><\/p>\n<\/td>\n 2.7<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 2.8<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 0.8<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Year-Over-Year Change<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Year-Over-Year Change<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Q2 2026 compared to Q2 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n YTD 2026 compared to YTD 2025<\/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 \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 \n1.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n2.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n1.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n2.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n1.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nNorthern California<\/p>\n<\/td>\n \n4.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n-1.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n6.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n-0.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n6.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nSeattle Metro<\/p>\n<\/td>\n \n1.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n14.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n-2.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n4.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n1.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Same-Property Portfolio<\/b><\/p>\n<\/td>\n 2.7<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 2.8<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 2.6<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2.8<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 1.5<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 3.3<\/b><\/p>\n<\/td>\n %<\/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 Q2 2026 compared to Q1 2026<\/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-0.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n1.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n-0.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nNorthern California<\/p>\n<\/td>\n \n1.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n-2.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n3.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nSeattle Metro<\/p>\n<\/td>\n \n0.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n1.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n0.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Same-Property Portfolio<\/b><\/p>\n<\/td>\n 0.8<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n -0.2<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 1.2<\/b><\/p>\n<\/td>\n %<\/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 \n\u00a0<\/p>\n<\/td>\n Quarter Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 6\/30\/2026<\/b><\/p>\n<\/td>\n 3\/31\/2026<\/b><\/p>\n<\/td>\n 6\/30\/2025<\/b><\/p>\n<\/td>\n<\/tr>\n \nSouthern California<\/p>\n<\/td>\n \n95.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n96.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n95.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nNorthern California<\/p>\n<\/td>\n \n96.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n96.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n96.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nSeattle Metro<\/p>\n<\/td>\n \n96.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n96.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n96.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Same-Property Portfolio<\/b><\/p>\n<\/td>\n 96.3<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 96.5<\/b><\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n 96.2<\/b><\/p>\n<\/td>\n %<\/b><\/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 Investment Activity<\/b><\/p>\n Dispositions<\/i><\/b><\/p>\n \nIn June 2026, Wesco V, LLC (\u201cWesco V\u201d), a joint venture in which the Company owns a 50% interest, sold a 218-unit apartment home community located in San Jose, CA for a total contract price of $105.3 million ($52.6 million at pro rata share). The Company recorded a gain on sale of co-investment communities of $9.2 million at pro rata share in the second quarter, which has been excluded from Total and Core FFO.<\/p>\n Other Investments<\/i><\/b><\/p>\n \nIn the second quarter of 2026, the Company received cash proceeds of $87.8 million from the full redemption of three structured finance investments yielding a weighted average return of 11.6%. The Company recorded $0.2 million of income from prepayment penalties as the result of an early redemption, which has been excluded from Core FFO.<\/p>\n \nSubsequent to quarter end, Wesco VII, LLC (\u201cWesco VII\u201d), a joint venture in which the Company owns a 50% interest, originated two preferred equity investments in stabilized apartment communities totaling $36.2 million ($18.1 million at pro rata share). Both investments were fully funded at closing and yield an initial preferred return of 11.5%.<\/p>\n Balance Sheet and Liquidity<\/b><\/p>\n Common Stock and Liquidity<\/i><\/b><\/p>\n \nIn the second quarter of 2026, the Company repurchased 48,261 shares of its common stock through the Company\u2019s stock repurchase plan, totaling $11.7 million, including commissions, at an average price per share of $242.47. Year-to-date, the Company has repurchased 254,001 shares of its common stock totaling $61.9 million, including commissions, at an average price per share of $243.76. In May 2026, the Board of Directors approved the replacement of the Company\u2019s prior repurchase program with a new, $500.0 million stock repurchase plan. As of June 30, 2026, the Company had $500.0 million of purchase authority remaining under its stock repurchase plan.<\/p>\n \nAs of June 30, 2026, the Company had approximately $1.4 billion in liquidity via available capacity on its unsecured credit facilities, cash and cash equivalents, and marketable securities.<\/p>\n Guidance<\/b><\/p>\n \nFor the second quarter of 2026, the Company exceeded the midpoint of the guidance range provided in its first quarter 2026 earnings release for Core FFO by $0.10 per diluted share.<\/p>\n \nThe following table provides a reconciliation of second quarter 2026 Core FFO per diluted share to the midpoint of the guidance provided in the Company\u2019s first quarter 2026 earnings release.<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Per Diluted<\/b><\/p>\n Share<\/b><\/p>\n<\/td>\n<\/tr>\n \nGuidance midpoint of Core FFO per diluted share for Q2 2026<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3.98<\/p>\n<\/td>\n<\/tr>\n \nSame-Property NOI (1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.05<\/p>\n<\/td>\n<\/tr>\n \nNon-Same-Property NOI<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.03<\/p>\n<\/td>\n<\/tr>\n \nInterest Income and Other<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.02<\/p>\n<\/td>\n<\/tr>\n Core FFO per diluted share for Q2 2026 reported<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 4.08<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nIncludes $0.03 of lower property taxes due to refunds which are one-time in nature.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 2026 Full-Year and Third Quarter Guidance<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Per Diluted Share<\/span><\/b><\/p>\n<\/td>\n Previous<\/b><\/p>\n Range<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n \n\u00a0<\/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<\/i><\/b><\/p>\n Midpoint<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \nNet Income<\/p>\n<\/td>\n \n$5.62 – $6.12<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$5.47 – $5.69<\/p>\n<\/td>\n \n$5.58<\/p>\n<\/td>\n ($0.29)<\/i><\/p>\n<\/td>\n<\/tr>\n \nTotal FFO<\/p>\n<\/td>\n \n$15.71 – $16.21<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$15.37 – $15.59<\/p>\n<\/td>\n \n$15.48<\/p>\n<\/td>\n ($0.48)<\/i><\/p>\n<\/td>\n<\/tr>\n \nCore FFO<\/p>\n<\/td>\n \n$15.69 – $16.19<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$16.03 – $16.25<\/p>\n<\/td>\n \n$16.14<\/p>\n<\/td>\n +$0.20<\/i><\/p>\n<\/td>\n<\/tr>\n \nQ3 2026 Core FFO<\/p>\n<\/td>\n \nN\/A<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$3.93 – $4.05<\/p>\n<\/td>\n \n$3.99<\/p>\n<\/td>\n N\/A<\/i><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Same-Property Portfolio Growth (1)<\/sup><\/span><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRevenues<\/p>\n<\/td>\n \n1.7% to 3.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.5% to 3.1%<\/p>\n<\/td>\n \n2.8%<\/p>\n<\/td>\n +0.40%<\/i><\/p>\n<\/td>\n<\/tr>\n \nOperating Expenses<\/p>\n<\/td>\n \n2.5% to 3.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.5% to 3.0%<\/p>\n<\/td>\n \n2.8%<\/p>\n<\/td>\n (0.25%)<\/i><\/p>\n<\/td>\n<\/tr>\n \nNet Operating Income<\/p>\n<\/td>\n \n0.8% to 3.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.3% to 3.3%<\/p>\n<\/td>\n \n2.8%<\/p>\n<\/td>\n +0.70%<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n (1)<\/sup><\/p>\n<\/td>\n \nReflects guidance on a cash basis based on 52,135 apartment homes. On a GAAP basis, the midpoints of the Company\u2019s same-property revenue and NOI guidance are 2.9% and 2.9%, respectively.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Sequential Components to 2026 Third Quarter Core FFO Guidance Midpoint<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Per Diluted<\/b><\/p>\n Share<\/b><\/p>\n<\/td>\n<\/tr>\n \nCore FFO per diluted share for Q2 2026 reported<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4.08<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nConsolidated Revenues<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.06<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nConsolidated Operating Expenses (1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.12<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nFFO from Co-Investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.03<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n Guidance midpoint of Core FFO per diluted share for Q3 2026<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 3.99<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n (1)<\/sup><\/p>\n<\/td>\n \nThe sequential decline from consolidated operating expenses is primarily driven by higher utilities costs (consistent with typical seasonality), higher taxes due to one-time property tax refunds that were recorded in the second quarter of 2026, and timing of controllable spend.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nFor additional details regarding the Company\u2019s 2026 FFO guidance range, see page S-15 and S-16.1 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 Thursday, July 30, 2026 at 11 a.m. PST (2 p.m. EST), 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 second quarter 2026 earnings link. To access the replay, dial (844) 512-2921 using the replay pin number 13761419. 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 calling (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 (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 258 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 \n\u00a0<\/p>\n<\/td>\n \nThree Months Ended<\/p>\n \nJune 30,<\/p>\n<\/td>\n \nSix Months Ended<\/p>\n \nJune 30,<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet income available to common stockholders<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 62,462<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n221,362<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 168,648<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n424,472<\/p>\n<\/td>\n \n\u00a0<\/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 154,073<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n151,501<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 308,968<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n302,788<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGains not included in FFO<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (11,231<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(126,174<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (11,231<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(237,534<\/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 13,167<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14,406<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 26,483<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28,784<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNoncontrolling interest related to Operating Partnership units<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2,123<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,781<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 5,792<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15,060<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDepreciation attributable to third party ownership and other<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (38<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(38<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (77<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(84<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n FFO attributable to common stockholders and unitholders<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 220,556<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n268,838<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 498,583<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n533,486<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n FFO per share \u2013 diluted<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 3.32<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4.03<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 7.49<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n8.00<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTax (benefit) expense on unconsolidated technology co-investments<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (363<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(232<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 3,251<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(395<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nRealized and unrealized gains on marketable securities, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (5,716<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,492<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (3,990<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,401<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nProvision for credit losses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (256<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (222<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEquity loss (income) from unconsolidated technology<\/p>\n \nco-investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 849<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n104<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (16,187<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,612<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nLoss on early retirement of debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n762<\/p>\n<\/td>\n \n\u00a0<\/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 (179<\/b><\/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 \n\u00a0<\/p>\n<\/td>\n (179<\/b><\/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<\/tr>\n \nGeneral and administrative and other, net (1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 56,785<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,661<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 61,330<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,937<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInsurance reimbursements and other, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (247<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(339<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (298<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(700<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n Core FFO attributable to common stockholders and unitholders<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 271,429<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n268,554<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 542,288<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n533,088<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Core FFO per share \u2013 diluted<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 4.08<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4.03<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 8.15<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n8.00<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nWeighted average number of shares outstanding diluted (2)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 66,462,974<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n66,670,784<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 66,575,154<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n66,663,894<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n (1)<\/sup><\/p>\n<\/td>\n \nIncludes political advocacy costs of $0.1 million and $1.7 million for the three and six months ended June 30, 2026, respectively, and $0.3 million and $0.4 million for the three and six months ended June 30, 2025, respectively. During the three months ended June 30, 2026, the Company reached a settlement to fully resolve its case related to RealPage, Inc. totaling $36.5 million and another litigation matter totaling $19.3 million.<\/p>\n<\/td>\n<\/tr>\n (2)<\/sup><\/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 \n\u00a0<\/p>\n<\/td>\n \nThree Months Ended<\/p>\n \nJune 30,<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nSix Months Ended<\/p>\n \nJune 30,<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEarnings from operations<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 109,373<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n279,700<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 264,566<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n536,781<\/p>\n<\/td>\n \n\u00a0<\/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 13,432<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12,220<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 26,830<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24,552<\/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 154,073<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n151,501<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 308,968<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n302,788<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nManagement and other fees from affiliates<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (2,318<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,223<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (4,631<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,717<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 73,149<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17,157<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 93,163<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n33,449<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGain on sale of real estate and land<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (2,000<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(126,174<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (2,000<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(237,204<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNOI<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 345,709<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n332,181<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 686,896<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n655,649<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: Non-same property NOI<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (28,878<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(23,457<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (56,996<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(46,157<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nSame-Property NOI<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 316,831<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n308,724<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 629,900<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n609,492<\/p>\n<\/td>\n \n\u00a0<\/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\u2019s 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 third quarter and full-year 2026 guidance (including net income, Total FFO and Core FFO, same-property growth and related assumptions) and anticipated yield on certain investments. While the Company\u2019s 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 third quarter and full-year 2026 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; tariffs, geopolitical tensions and regional conflicts, and the related impacts on macroeconomic conditions, including, among other things, interest rates and inflation; the terms of any refinancing may not be as favorable as the terms of existing 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, 2025, quarterly reports on Form 10-Q, and those risk factors and special considerations set forth in the Company\u2019s 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 and supplemental financial information, 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\u2019s website at www.essex.com<\/a>.<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260729202303\/en\/<\/a><\/span><\/p>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n
\n
\n
\n
\n
\n
\n
\n \n \n \n \n
\n
Midpoint<\/i><\/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 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n Same-Property Revenue Components<\/b><\/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 \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n (1)<\/sup><\/td>\n \n \n
\n \n \n \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 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \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 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \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