← Filings of ESS
Tables in the 10-Q of ESSEX PROPERTY TRUST, INC.
52 tables with numbers, filed Oct 30, 2025. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| PART I. FINANCIAL INFORMATION | Page No. | |
| Item 1. | Condensed Consolidated Financial Statements of Essex Property Trust, Inc. (Unaudited) | |
| Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 | 2 |
| Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2025 and 2024 | 3 |
| Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2025 and 2024 | 4 |
| Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 | 8 |
| Condensed Consolidated Financial Statements of Essex Portfolio, L.P. (Unaudited) | |
| Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 | 10 |
First 8 of 24 rows. The CSV has all of them.
Table 2 after “(In thousands, except share amounts)”
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| September 30, 2025 | December 31, 2024 | |
| ASSETS | | | |
| Real estate investments: | | | |
| Rental properties: | | | |
| Land and land improvements | $3,325,394 | | $3,246,789 |
| Buildings and improvements | 14,745,049 | | 14,342,729 |
| 18,070,443 | | 17,589,518 |
| Less: accumulated depreciation | (6,381,123) | | (6,150,618) |
First 8 of 41 rows. The CSV has all of them.
Table 3 after “(In thousands, except share and per share amounts)”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Revenues: | | | | | | |
| Rental and other property | $470,942 | | $448,135 | | $1,400,641 | $1,312,132 |
| Management and other fees from affiliates | 2,361 | | 2,563 | | 7,078 | 7,849 |
| 473,303 | | 450,698 | | 1,407,719 | 1,319,981 |
| Expenses: | | | | | | |
| Property operating, excluding real estate taxes | 91,413 | | 85,836 | | 263,834 | 244,636 |
First 8 of 36 rows. The CSV has all of them.
Table 4 after “(In thousands, except per share amounts)”
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| Common stock | Additional paid-in capital | Distributions in excess of accumulated earnings | | Accumulated other comprehensive income, net | Noncontrolling interest | Total | | | | |
| Three Months Ended September 30, 2025 | | Shares | Amount | | | | | | | | |
| Balances at June 30, 2025 | | 64,404 | | $6 | | $6,685,714 | | $(1,062,146) | $11,675 | $170,665 | $5,805,914 |
| Net income | | — | | — | | — | | 164,621 | — | 8,103 | 172,724 |
| Reversal of unrealized gains upon the sale of marketable debt securities | | — | | — | | — | | — | (16) | (1) | (17) |
| Change in fair value of derivatives and amortization of swap settlements | | — | | — | | — | | — | (3,913) | (137) | (4,050) |
| Change in fair value of marketable debt securities, net | | — | | — | | — | | — | 110 | 4 | 114 |
| Issuance of common stock under: | | | | | | | | | | | |
First 8 of 16 rows. The CSV has all of them.
| Common stock | Additional paid-in capital | Distributions in excess of accumulated earnings | | Accumulated other comprehensive income, net | Noncontrolling Interest | Total | | | | |
| Nine Months Ended September 30, 2025 | | Shares | Amount | | | | | | | | |
| Balances at December 31, 2024 | | 64,280 | | $6 | | $6,668,047 | | $(1,155,662) | $24,655 | $183,344 | $5,720,390 |
| Net income | | — | | — | | — | | 589,093 | — | 27,935 | 617,028 |
| Reversal of unrealized gains upon the sale of marketable debt securities | | — | | — | | — | | — | (16) | (1) | (17) |
| Change in fair value of derivatives and amortization of swap settlements | | — | | — | | — | | — | (16,977) | (594) | (17,571) |
| Change in fair value of marketable debt securities, net | | — | | — | | — | | — | 194 | 7 | 201 |
| Issuance of common stock under: | | | | | | | | | | | |
First 8 of 16 rows. The CSV has all of them.
| Common stock | Additional paid-in capital | Distributions in excess of accumulated earnings | | Accumulated other comprehensive income, net | Noncontrolling Interest | Total | | | | |
| Three Months Ended September 30, 2024 | | Shares | Amount | | | | | | | | |
| Balances at June 30, 2024 | | 64,210 | | $6 | | $6,659,313 | | $(1,216,557) | $38,877 | $172,861 | $5,654,500 |
| Net income | | — | | — | | — | | 118,424 | — | 7,063 | 125,487 |
| Change in fair value of derivatives and amortization of swap settlements | | — | | — | | — | | — | (20,703) | (730) | (21,433) |
| Issuance of common stock under: | | | | | | | | | | | |
| Stock option and restricted stock plans, net | | 51 | | — | | 11,351 | | — | — | — | 11,351 |
| Sale of common stock, net | | — | | — | | (467) | | — | — | — | (467) |
First 8 of 15 rows. The CSV has all of them.
| Common stock | Additional paid-in capital | Distributions in excess of accumulated earnings | | Accumulated other comprehensive income, net | Noncontrolling Interest | Total | | | | |
| Nine Months Ended September 30, 2024 | | Shares | Amount | | | | | | | | |
| Balances at December 31, 2023 | | 64,203 | | $6 | | $6,656,720 | | $(1,267,536) | $33,556 | $171,232 | $5,593,978 |
| Net income | | — | | — | | — | | 484,069 | — | 25,544 | 509,613 |
| Change in fair value of derivatives and amortization of swap settlements | | — | | — | | — | | — | (15,382) | (543) | (15,925) |
| Issuance of common stock under: | | | | | | | | | | | |
| Stock option and restricted stock plans, net | | 58 | | — | | 12,313 | | — | — | — | 12,313 |
| Sale of common stock, net | | — | | — | | (580) | | — | — | — | (580) |
First 8 of 15 rows. The CSV has all of them.
| Nine Months Ended September 30, | | |
| 2025 | 2024 | |
| Cash flows from operating activities: | | | |
| Net income | $617,028 | | $509,613 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | |
| Straight-lined rents | 3,089 | | 581 |
| Depreciation and amortization | 454,277 | | 431,785 |
| Amortization of discount and debt financing costs, net | 4,609 | | 5,988 |
First 8 of 44 rows. The CSV has all of them.
| Nine Months Ended September 30, | | |
| 2025 | 2024 | |
| Additions to deferred charges | (9,160) | | (8,521) |
| Payments related to debt prepayment penalties | (697) | | — |
| Net costs from issuance of common stock | (280) | | (580) |
| Net proceeds from stock options exercised | 8,930 | | 12,313 |
| Payments related to tax withholding for share-based compensation | (560) | | — |
| Distributions to noncontrolling interest | (24,402) | | (25,445) |
First 8 of 24 rows. The CSV has all of them.
Table 10 after “(In thousands, except unit amounts)”
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| September 30, 2025 | December 31, 2024 | |
| ASSETS | | | |
| Real estate investments: | | | |
| Rental properties: | | | |
| Land and land improvements | $3,325,394 | | $3,246,789 |
| Buildings and improvements | 14,745,049 | | 14,342,729 |
| 18,070,443 | | 17,589,518 |
| Less: accumulated depreciation | (6,381,123) | | (6,150,618) |
First 8 of 43 rows. The CSV has all of them.
Table 11 after “(In thousands, except unit and per unit amounts)”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Revenues: | | | | | | |
| Rental and other property | $470,942 | | $448,135 | | $1,400,641 | $1,312,132 |
| Management and other fees from affiliates | 2,361 | | 2,563 | | 7,078 | 7,849 |
| 473,303 | | 450,698 | | 1,407,719 | 1,319,981 |
| Expenses: | | | | | | |
| Property operating, excluding real estate taxes | 91,413 | | 85,836 | | 263,834 | 244,636 |
First 8 of 36 rows. The CSV has all of them.
Table 12 after “(In thousands, except per unit amounts)”
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| General Partner | | | Limited Partners | | Accumulated other comprehensive income, net | | Noncontrolling interest | Total | | | | |
| Common Equity | | | Common Equity | | | | | | | | | |
| Three Months Ended September 30, 2025 | Units | Amount | | | Units | | Amount | | | | | | |
| Balances at June 30, 2025 | 64,404 | | $5,623,574 | | | | | 2,256 | | $64,809 | $15,995 | $101,536 | $5,805,914 |
| Net income | — | | 164,621 | | | | | — | | 5,767 | — | 2,336 | 172,724 |
| Reversal of unrealized gains upon the sale of marketable debt securities | — | | — | | | | | — | | — | (17) | — | (17) |
| Change in fair value of derivatives and amortization of swap settlements | — | | — | | | | | — | | — | (4,050) | — | (4,050) |
| Change in fair value of marketable debt securities, net | — | | — | | | | | — | | — | 114 | — | 114 |
First 8 of 17 rows. The CSV has all of them.
| General Partner | | | Limited Partners | Accumulated other comprehensive income, net | Noncontrolling interest | Total | | | | |
| Common Equity | | | Common Equity | | | | | | | |
| Nine Months Ended September 30, 2025 | Units | Amount | | | Units | Amount | | | | | |
| Balances at December 31, 2024 | 64,280 | | $5,512,391 | | | 2,331 | | $73,418 | $29,429 | $105,152 | $5,720,390 |
| Net income | — | | 589,093 | | | — | | 20,827 | — | 7,108 | 617,028 |
| Reversal of unrealized gains upon the sale of marketable debt securities | — | | — | | | — | | — | (17) | — | (17) |
| Change in fair value of derivatives and amortization of swap settlements | — | | — | | | — | | — | (17,571) | — | (17,571) |
| Change in fair value of marketable debt securities, net | — | | — | | | — | | — | 201 | — | 201 |
First 8 of 17 rows. The CSV has all of them.
| General Partner | | | Limited Partners | | Accumulated other comprehensive income, net | | Noncontrolling interest | Total | | | | |
| Common Equity | | | Common Equity | | | | | | | | | |
| Three Months Ended September 30, 2024 | Units | Amount | | | Units | | Amount | | | | | | |
| Balances at June 30, 2024 | 64,210 | | $5,442,762 | | | | | 2,259 | | $46,819 | $44,154 | $120,765 | $5,654,500 |
| Net income | — | | 118,424 | | | | | — | | 4,206 | — | 2,857 | 125,487 |
| Change in fair value of derivatives and amortization of swap settlements | — | | — | | | | | — | | — | (21,433) | — | (21,433) |
| Issuance of common units under: | | | | | | | | | | | | | |
| General partner's stock based compensation, net | 51 | | 11,351 | | | | | — | | — | — | — | 11,351 |
First 8 of 16 rows. The CSV has all of them.
| General Partner | | | Limited Partners | Accumulated other comprehensive income, net | Noncontrolling interest | Total | | | | |
| Common Equity | | | Common Equity | | | | | | | |
| Nine Months Ended September 30, 2024 | Units | Amount | | | Units | Amount | | | | | |
| Balances at December 31, 2023 | 64,203 | | $5,389,190 | | | 2,259 | | $44,991 | $38,646 | $121,151 | $5,593,978 |
| Net income | — | | 484,069 | | | — | | 17,075 | — | 8,469 | 509,613 |
| Change in fair value of derivatives and amortization of swap settlements | — | | — | | | — | | — | (15,925) | — | (15,925) |
| Issuance of common units under: | | | | | | | | | | | |
| General partner's stock based compensation, net | 58 | | 12,313 | | | — | | — | — | — | 12,313 |
First 8 of 16 rows. The CSV has all of them.
| Nine Months Ended September 30, | | |
| 2025 | 2024 | |
| Cash flows from operating activities: | | | |
| Net income | $617,028 | | $509,613 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | |
| Straight-lined rents | 3,089 | | 581 |
| Depreciation and amortization | 454,277 | | 431,785 |
| Amortization of discount and debt financing costs, net | 4,609 | | 5,988 |
First 8 of 45 rows. The CSV has all of them.
| Nine Months Ended September 30, | | |
| 2025 | 2024 | |
| Payments related to debt prepayment penalties | (697) | | — |
| Net costs from issuance of common units | (280) | | (580) |
| Net proceeds from stock options exercised | 8,930 | | 12,313 |
| Payments related to tax withholding for share-based compensation | (560) | | — |
| Distributions to noncontrolling interest | (7,157) | | (6,739) |
| Redemption of noncontrolling interests | (13,475) | | (1,076) |
First 8 of 23 rows. The CSV has all of them.
Table 18 after “As of September 30, 2025 and December 31, 2024, marketable securities consisted of the following ($ in thousands):”
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| September 30, 2025 | | | | |
| Amortized Cost | Gross Unrealized Gain | | Carrying Value | |
| Equity securities: | | | | | |
| Investment funds - debt securities | $2,677 | | $6 | | $2,683 |
| Common stock, preferred stock and stock funds | 48,738 | | 22,494 | | 71,232 |
| Available for sale debt securities: | | | | | |
| U.S. treasury and agency securities | 5,002 | | 77 | | 5,079 |
| Corporate debt securities | 4,708 | | 99 | | 4,807 |
First 8 of 10 rows. The CSV has all of them.
Table 19 after “As of September 30, 2025 and December 31, 2024, marketable securities consisted of the following ($ in thousands):”
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| December 31, 2024 | | | | |
| Amortized Cost | Gross Unrealized Gain (Loss) | | Carrying Value | |
| Equity securities: | | | | | |
| Investment funds - debt securities | $2,645 | | $(67) | | $2,578 |
| Common stock, preferred stock and stock funds | 49,195 | | 18,021 | | 67,216 |
| Total - Marketable securities | $51,840 | | $17,954 | | $69,794 |
| Change in fair value of derivatives and amortization of swap settlements | Unrealized gain on available for sale debt securities | | Total | |
| Balance at December 31, 2024 | $24,655 | | $— | | $24,655 |
| Other comprehensive (loss) income before reclassification | (20,813) | | 194 | | (20,619) |
| Amounts reclassified from accumulated other comprehensive income | 3,836 | | (16) | | 3,820 |
| Other comprehensive (loss) income | (16,977) | | 178 | | (16,799) |
| Balance at September 30, 2025 | $7,678 | | $178 | | $7,856 |
| Change in fair value of derivatives and amortization of swap settlements | Unrealized gain on available for sale debt securities | | Total | |
| Balance at December 31, 2024 | $29,429 | | $— | | $29,429 |
| Other comprehensive (loss) income before reclassification | (21,542) | | 201 | | (21,341) |
| Amounts reclassified from accumulated other comprehensive income | 3,971 | | (17) | | 3,954 |
| Other comprehensive (loss) income | (17,571) | | 184 | | (17,387) |
| Balance at September 30, 2025 | $11,858 | | $184 | | $12,042 |
Table 22 after “The changes in the redemption value of redeemable noncontrolling interests for the nine months ended September 30, 2025 was as follows ($ in”
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| Balance at December 31, 2024 | $30,849 |
| Reclassification due to change in redemption value and other | (1,103) |
| Balance at September 30, 2025 | $29,746 |
Table 23 after “The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated bala”
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| September 30, 2025 | December 31, 2024 | | September 30, 2024 | December 31, 2023 | |
| Cash and cash equivalents - unrestricted | $65,959 | | $66,795 | | $71,288 | $391,749 |
| Cash and cash equivalents - restricted | 9,284 | | 9,051 | | 8,975 | 8,585 |
| Total unrestricted and restricted cash and cash equivalents shown in the condensed consolidated statements of cash flows | $75,243 | | $75,846 | | $80,263 | $400,334 |
Table 24 after “The table below summarizes acquisition activity for the nine months ended September 30, 2025 ($ in millions):”
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| Property Name | Location | Date | Apartment Homes | Contract Price at Pro Rata Share | |
| The Plaza | CA | Jan-25 | 307 | $161.4 | |
| One Hundred Grand | CA | Feb-25 | 166 | 105.3 | (1) |
| ROEN Menlo Park | CA | Feb-25 | 146 | 78.8 | |
| Revere Campbell | CA | May-25 | 168 | 118.0 | (1) |
| The Parc at Pruneyard | CA | May-25 | 252 | 122.5 | |
| ViO | CA | Sep-25 | 234 | 100.0 | |
| Total acquisitions | | 1,273 | $686.0 | | |
Table 25 after “The table below summarizes disposition activity for the nine months ended September 30, 2025 ($ in millions):”
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| Property Name | Location | Date | Apartment Homes | Sale Price at Pro Rata Share | | |
| Highridge | CA | Feb-25 | 255 | $127.0 | | (1) |
| Essex Skyline | CA | Apr-25 | 350 | 239.6 | (2) | |
| The Grand | CA | Jul-25 | 243 | 97.5 | (3) | |
| Fourth & U | CA | Sep-25 | 171 | 52.3 | (4) | |
| Total dispositions | | 1,019 | $516.4 | | | |
Table 26 after “The following table presents the Company’s revenues disaggregated by revenue source for the periods presented ($ in thousands):”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Rental income | $463,892 | | $440,649 | | $1,380,438 | $1,290,026 |
| Other property | 7,050 | | 7,486 | | 20,203 | 22,106 |
| Management and other fees from affiliates | 2,361 | | 2,563 | | 7,078 | 7,849 |
| Total revenues | $473,303 | | $450,698 | | $1,407,719 | $1,319,981 |
Table 27 after “The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment for the periods ”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Southern California | $190,626 | | $181,673 | | $568,992 | $530,051 |
| Northern California | 193,208 | | 168,838 | | 563,915 | 490,824 |
| Seattle Metro | 79,240 | | 74,576 | | 234,751 | 220,271 |
| Other real estate assets (1) | 7,868 | | 23,048 | | 32,983 | 70,986 |
| Total rental and other property revenues | $470,942 | | $448,135 | | $1,400,641 | $1,312,132 |
Table 28 after “The following table presents the Company’s rental and other property revenues disaggregated by current property category status for the peri”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Same-property (1) | $412,710 | | $401,761 | | $1,228,141 | $1,190,884 |
| Acquisitions (2) | 44,001 | | 16,964 | | 120,555 | 31,386 |
| Non-residential/other, net (3) | 13,916 | | 29,637 | | 51,851 | 90,663 |
| Straight-line rent concessions (4) | 315 | | (227) | | 94 | (801) |
| Total rental and other property revenues | $470,942 | | $448,135 | | $1,400,641 | $1,312,132 |
Table 29 after “The carrying values of the Company’s co-investments as of September 30, 2025 and December 31, 2024 were as follows ($ in thousands, except i”
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| Weighted Average Company Ownership Percentage (1) | September 30, 2025 | December 31, 2024 | |
| Ownership interest in: | | | | |
| Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI (2) | 54% | $78,700 | | $147,232 |
| BEX IV and 500 Folsom | 50% | 138,170 | | 146,142 |
| Other (2)(3) | 53% | 94,500 | | 86,089 |
| Total operating and other co-investments, net | | 311,370 | | 379,463 |
| Total preferred equity co-investments (4) (includes related party investments of $51.6 million and $48.1 million as of September 30, 2025 and December 31, 2024, respectively. See Note 6, Related Party Transactions, for further discussion) | | 400,975 | | 476,278 |
| Total co-investments, net | | $712,345 | | $855,741 |
Table 30 after “The combined summarized financial information of co-investments was as follows ($ in thousands):”
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| September 30, 2025 | December 31, 2024 | |
| Combined balance sheets: (1) | | | |
| Rental properties and real estate under development | $3,522,699 | | $4,094,826 |
| Other assets | 188,891 | | 277,420 |
| Total assets | $3,711,590 | | $4,372,246 |
| Debt | $2,668,457 | | $3,001,303 |
| Other liabilities | 231,788 | | 235,111 |
| Equity | 811,345 | | 1,135,832 |
First 8 of 9 rows. The CSV has all of them.
Table 31 after “The combined summarized financial information of co-investments was as follows ($ in thousands):”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Combined statements of income: (1) | | | | | | |
| Property revenues | $84,580 | | $98,665 | | $255,455 | $303,593 |
| Property operating expenses | (32,008) | | (35,276) | | (95,864) | (114,193) |
| Net operating income | 52,572 | | 63,389 | | 159,591 | 189,400 |
| Gain on sale of real estate | 10,378 | | — | | 10,378 | — |
| Interest expense | (26,565) | | (37,985) | | (82,003) | (114,771) |
First 8 of 12 rows. The CSV has all of them.
Table 32 after “Notes and other receivables consisted of the following as of September 30, 2025 and December 31, 2024 ($ in thousands):”
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| September 30, 2025 | December 31, 2024 | |
| Note receivable, secured, bearing interest at 9.00%, due October 2026 (Originated October 2021) | $64,193 | | $60,538 |
| Note receivable, secured, bearing interest at 12.00%, due January 2025 (Originated August 2022) | — | | 3,167 |
| Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022) | 42,692 | | 39,187 |
| Related party note receivable, secured, bearing interest at 5.50%, due December 2025 (Originated August 2025) (1) | 81,572 | | — |
| Receivable from preferred equity investment sponsor (2) | — | | 72,002 |
| Other receivables from affiliates | 6,507 | | 5,646 |
| Straight-line rent receivables (3) | 9,044 | | 9,235 |
First 8 of 11 rows. The CSV has all of them.
Table 33 after “The following table presents the activity in the allowance for credit losses for notes receivable, secured, for the periods presented ($ in ”
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| Three Months Ended September 30, | | | | | | | | | |
| 2025 | 2024 | | | | | | | | |
| Mezzanine Loans | Bridge Loans | | Total | Mezzanine Loans | Bridge Loans | | Total | | |
| Balance at beginning of period | $540 | | $— | | $540 | | $740 | | $— | $740 |
| Provision for credit losses | 9 | | 41 | | 50 | | (175) | | 27 | (148) |
| Balance at end of period | $549 | | $41 | | $590 | | $565 | | $27 | $592 |
| Nine Months Ended September 30, | | | | | | | | | |
| 2025 | 2024 | | | | | | | | |
First 8 of 12 rows. The CSV has all of them.
Table 34 after “Debt consisted of the following for the periods presented ($ in thousands):”
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| September 30, 2025 | December 31, 2024 | | Weighted AverageMaturityIn Years as of September 30, 2025 |
| Term loan - variable rate, net (1) | $547,545 | $298,571 | | 3.2 |
| Bonds public offering - fixed rate, net (2) | 5,073,960 | 5,175,217 | | 7.1 |
| Unsecured debt, net (3) | 5,621,505 | 5,473,788 | | |
| Lines of credit (4) | — | 137,945 | | |
| Commercial paper (5) | 245,000 | — | | |
| Mortgage notes payable, net (6) | 795,404 | 989,884 | | 8.1 |
| Total debt, net | $6,661,909 | $6,601,617 | | |
First 8 of 13 rows. The CSV has all of them.
Table 35 after “The aggregate scheduled principal payments of the Company’s outstanding debt, excluding lines of credit and commercial paper, as of Septembe”
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| 2025 | $11,263 |
| 2026 | 549,405 |
| 2027 | 734,397 |
| 2028 | 518,332 |
| 2029 | 501,456 |
| Thereafter | 4,133,481 |
| Total | $6,448,334 |
Table 36 after “The revenues and NOI for each of the reportable operating segments are summarized as follows for the three and nine months ended September 3”
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| Three Months Ended September 30, | | | | | | | | | | |
| 2025 | 2024 | | | | | | | | | |
| Rental andother propertyrevenue | Property operating expenses, including real estate taxes | | Net operating income | Rental andother propertyrevenue | Property operating expenses, including real estate taxes | | Net operating income | | | |
| Southern California | $190,626 | | $57,828 | | $132,798 | | $181,673 | | | $53,584 | $128,089 |
| Northern California | 193,208 | | 61,158 | | 132,050 | | 168,838 | | | 52,230 | 116,608 |
| Seattle Metro | 79,240 | | 23,333 | | 55,907 | | 74,576 | | | 22,597 | 51,979 |
| Other real estate assets | 7,868 | | 1,117 | | 6,751 | | 23,048 | | | 6,381 | 16,667 |
| Total | $470,942 | | $143,436 | | $327,506 | | $448,135 | | | $134,792 | $313,343 |
First 8 of 22 rows. The CSV has all of them.
| Nine Months Ended September 30, | | | | | | | | | | |
| 2025 | 2024 | | | | | | | | | |
| Rental andother propertyrevenue | Property operating expenses, including real estate taxes | | Net operating income | Rental andother propertyrevenue | Property operating expenses, including real estate taxes | | Net operating income | | | |
| Southern California | $568,992 | | $167,422 | | $401,570 | | $530,051 | | | $154,727 | $375,324 |
| Northern California | 563,915 | | 175,499 | | 388,416 | | 490,824 | | | 148,956 | 341,868 |
| Seattle Metro | 234,751 | | 67,691 | | 167,060 | | 220,271 | | | 65,619 | 154,652 |
| Other real estate assets | 32,983 | | 6,874 | | 26,109 | | 70,986 | | | 18,522 | 52,464 |
| Total | $1,400,641 | | $417,486 | | $983,155 | | $1,312,132 | | | $387,824 | $924,308 |
First 8 of 23 rows. The CSV has all of them.
Table 38 after “Total assets for each of the reportable operating segments are summarized as follows as of September 30, 2025 and December 31, 2024 ($ in th”
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| September 30, 2025 | December 31, 2024 | |
| Assets: | | | |
| Southern California | $4,061,622 | | $4,162,462 |
| Northern California | 6,038,112 | | 5,414,689 |
| Seattle Metro | 1,426,094 | | 1,460,865 |
| Other real estate assets (1) | 163,492 | | 400,884 |
| Net reportable operating segments - real estate assets | 11,689,320 | | 11,438,900 |
| Real estate under development | 139,161 | | 52,682 |
First 8 of 15 rows. The CSV has all of them.
Table 39 after “Basic and diluted income per share was calculated as follows for the periods presented ($ in thousands, except per share amounts):”
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| Three Months Ended September 30, | | | | | | | | | | |
| 2025 | 2024 | | | | | | | | | |
| Income | Weighted- average Common Shares | | Per Common Share Amount | Income | Weighted- average Common Shares | | Per Common Share Amount | | | |
| Basic: | | | | | | | | | | | |
| Net income available to common stockholders | $164,621 | | 64,404,008 | | $2.56 | | $118,424 | | | 64,227,662 | $1.84 |
| Effect of Dilutive Securities: | | | | | | | | | | | |
| Stock options | — | | 14,232 | | | — | | | 43,797 | | |
| Diluted: | | | | | | | | | | | |
First 8 of 9 rows. The CSV has all of them.
| Nine Months Ended September 30, | | | | | | | | | | |
| 2025 | 2024 | | | | | | | | | |
| Income | Weighted- average Common Shares | | Per Common Share Amount | Income | Weighted- average Common Shares | | Per Common Share Amount | | | |
| Basic: | | | | | | | | | | | |
| Net income available to common stockholders | $589,093 | | 64,368,625 | | $9.15 | | $484,069 | | | 64,214,258 | $7.54 |
| Effect of Dilutive Securities: | | | | | | | | | | | |
| Stock options | — | | 23,619 | | | — | | | 20,100 | | |
| Diluted: | | | | | | | | | | | |
First 8 of 9 rows. The CSV has all of them.
Table 41 after “Basic and diluted income per unit was calculated as follows for the periods presented ($ in thousands, except per unit amounts):”
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| Three Months Ended September 30, | | | | | | | | | | |
| 2025 | 2024 | | | | | | | | | |
| Income | Weighted- average Common Units | | Per Common Unit Amount | Income | Weighted- average Common Units | | Per Common Unit Amount | | | |
| Basic: | | | | | | | | | | | |
| Net income available to common unitholders | $170,388 | | 66,660,423 | | $2.56 | | $122,630 | | | 66,508,041 | $1.84 |
| Effect of Dilutive Securities: | | | | | | | | | | | |
| Stock options | — | | 14,232 | | | — | | | 43,797 | | |
| Diluted: | | | | | | | | | | | |
First 8 of 9 rows. The CSV has all of them.
| Nine Months Ended September 30, | | | | | | | | | | |
| 2025 | 2024 | | | | | | | | | |
| Income | Weighted- average Common Units | | Per Common Unit Amount | Income | Weighted- average Common Units | | Per Common Unit Amount | | | |
| Basic: | | | | | | | | | | | |
| Net income available to common unitholders | $609,920 | | 66,643,952 | | $9.15 | | $501,144 | | | 66,480,312 | $7.54 |
| Effect of Dilutive Securities: | | | | | | | | | | | |
| Stock options | — | | 23,619 | | | — | | | 20,100 | | |
| Diluted: | | | | | | | | | | | |
First 8 of 9 rows. The CSV has all of them.
Table 43 after “The Company’s consolidated operating communities were as follows:”
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| As of September 30, 2025 | | As of September 30, 2024 | | | | | |
| Apartment Homes | % | | | Apartment Homes | % | | |
| Southern California | 23,222 | | | 42% | | | 23,262 | 43% |
| Northern California | 20,847 | | | 38% | | | 20,128 | 37% |
| Seattle Metro | 10,899 | | | 20% | | | 10,555 | 20% |
| Total | 54,968 | | | 100% | | | 53,945 | 100% |
Table 44 after “The regional breakdown of the Company’s Same-Property portfolio for financial occupancy for the three months ended September 30, 2025 and 20”
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| Three Months Ended September 30, | | |
| 2025 | 2024 | |
| Southern California | 95.8% | | 95.9% |
| Northern California | 96.3% | | 96.4% |
| Seattle Metro | 96.2% | | 96.6% |
Table 45 after “The following table provides a breakdown of property revenue amounts, including the revenues attributable to the Same-Properties ($ in thous”
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| Number of Apartment Homes | | Three Months Ended September 30, | | Dollar Change | | Percentage Change | | | | |
| | 2025 | | 2024 | | | | | | | |
| Same-Property Revenues: | | | | | | | | | | | |
| Southern California | 20,654 | | | $170,162 | | | $166,244 | | $3,918 | | 2.4% |
| Northern California | 18,037 | | | 167,042 | | | 162,217 | | 4,825 | | 3.0% |
| Seattle Metro | 10,341 | | | 75,506 | | | 73,300 | | 2,206 | | 3.0% |
| Total Same-Property Revenues | 49,032 | | | 412,710 | | | 401,761 | | 10,949 | | 2.7% |
| Non-Same Property Revenues | | | 58,232 | | | 46,374 | | 11,858 | | 25.6% | |
First 8 of 9 rows. The CSV has all of them.
Table 46 after “The regional breakdown of the Company’s Same-Property portfolio for financial occupancy for the nine months ended September 30, 2025 and 202”
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| Nine Months Ended September 30, 2025 | | |
| 2025 | 2024 | |
| Southern California | 95.8% | | 95.9% |
| Northern California | 96.6% | | 96.3% |
| Seattle Metro | 96.3% | | 96.9% |
| Number of Apartment Homes | | Nine Months Ended September 30, | | Dollar Change | | Percentage Change | | | | |
| | 2025 | | 2024 | | | | | | | |
| Same-Property Revenues: | | | | | | | | | | | |
| Southern California | 20,654 | | | $507,867 | | | $492,649 | | $15,218 | | 3.1% |
| Northern California | 18,037 | | | 496,821 | | | 480,633 | | 16,188 | | 3.4% |
| Seattle Metro | 10,341 | | | 223,453 | | | 217,602 | | 5,851 | | 2.7% |
| Total Same-Property Revenues | 49,032 | | | 1,228,141 | | | 1,190,884 | | 37,257 | | 3.1% |
| Non-Same Property Revenues | | | 172,500 | | | 121,248 | | 51,252 | | 42.3% | |
First 8 of 9 rows. The CSV has all of them.
Table 48 after “The table below is a reconciliation of net income available to common stockholders to FFO and Core FFO for the periods presented ($ in thous”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Net income available to common stockholders | $164,621 | | $118,424 | | $589,093 | $484,069 |
| Adjustments: | | | | | | |
| Depreciation and amortization | 151,489 | | 146,439 | | 454,277 | 431,785 |
| Gains not included in FFO | (67,509) | | (31,583) | | (305,043) | (169,909) |
| Impairment loss from unconsolidated co-investments | — | | — | | — | 3,726 |
| Depreciation and amortization from unconsolidated co-investments | 14,343 | | 16,417 | | 43,127 | 52,267 |
First 8 of 26 rows. The CSV has all of them.
Table 49 after “Net operating income (“NOI”) and Same-Property NOI are considered by management to be important supplemental performance measures to earning”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Earnings from operations | $210,399 | | $128,790 | | $747,180 | $398,599 |
| Adjustments: | | | | | | |
| Corporate-level property management expenses | 12,216 | | 11,610 | | 36,768 | 34,331 |
| Depreciation and amortization | 151,489 | | 146,439 | | 454,277 | 431,785 |
| Management and other fees from affiliates | (2,361) | | (2,563) | | (7,078) | (7,849) |
| General and administrative | 18,058 | | 29,067 | | 51,507 | 67,374 |
First 8 of 13 rows. The CSV has all of them.
Table 50 after “The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements o”
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| Notional Amount | Maturity Date | | Carrying and Estimated Fair Value | | Estimated Carrying Value | | |
| | | +50 | | -50 | | | |
| | | Basis Points | | Basis Points | | | |
| Cash flow hedges: | | | | | | | | |
| Interest rate swaps | $497,500 | | 2026-2030 | | $1,842 | | $6,443 | $(2,855) |
| Forward starting interest rate swap | 50,000 | | 2030 | | (21) | | 943 | (1,019) |
| Total cash flow hedges | $547,500 | | 2026-2030 | | $1,821 | | $7,386 | $(3,874) |
Table 51 after “The Company’s interest rate risk is monitored using a variety of techniques. The table below presents the principal amounts and weighted ave”
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| Year Ended December 31, | | | | | | | | | | | |
| 2025 | 2026 | | 2027 | 2028 | 2029 | | Thereafter | Total | Fair value | | |
| Fixed rate debt | $11,000 | 548,291 | | 350,000 | 517,000 | 500,000 | | 3,713,000 | $5,639,291 | $5,417,555 | | |
| Average interest rate | 4.0% | | 3.5% | | 3.8% | | 2.2% | | 4.1% | | 3.8% | 3.6% |
| Variable rate debt (1) | $245,263 | 1,114 | | 384,397 | 1,332 | 1,456 | | 420,481 | $1,054,043 | $1,047,478 | | |
| Average interest rate | 4.3% | | 3.3% | | 4.0% | | 3.3% | | 3.3% | | 3.8% | 4.0% |
| A. Exhibits | |
| 10.1 | Sixth Amended and Restated Revolving Credit Agreement, dated July 7, 2025, among Essex Portfolio, L.P., PNC Bank, National Association, as Administrative Agent and L/C Issuer and other lenders party thereto, attached as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q, filed July 30, 2025, and incorporated herein by reference.† |
| 31.1* | Essex Property Trust, Inc. — Certification of Angela L. Kleiman, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 31.2* | Essex Property Trust, Inc. — Certification of Barbara Pak, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 31.3* | Essex Portfolio, L.P. — Certification of Angela L. Kleiman, Principal Executive Officer of General Partner, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 31.4* | Essex Portfolio, L.P. — Certification of Barbara Pak, Principal Financial Officer of General Partner, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 32.1* | Essex Property Trust, Inc. — Certification of Angela L. Kleiman, Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** |
| 32.2* | Essex Property Trust, Inc. — Certification of Barbara Pak, Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** |
First 8 of 17 rows. The CSV has all of them.