10-K 0000920522-26-000003 (2026-02-20) vs 10-K 0000920522-25-000024 (2025-02-21)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 13,314 |
13.6% |
| MD&A | Item 7 | 7,325 |
20.0% |
| Legal Proceedings | Item 3 | 112 |
not compared |
| Accounting Policies | 10-K text (note not found) | 0 |
not compared |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 301 words changed in this paragraph; it is 65% similar to last year's version.
We are subject to laws and regulations relating to the handling of personal information and we rely on information technology to sustain our operations. Any material failure, inadequacy, interruption or breach of the Company’s privacy or information systems, or those of our vendors or other third parties, could materially adversely affect the Company’s business, financial condition and results of operations. We rely on information technology hardware, software, networks and systems (collectively, “IT Systems”), some of which are provided by vendors, to process, transmit and store personal information, tenant and lease data, and other electronic information (collectively, “Confidential Information”), and to manage or support a variety of business processes, including financial transactions and records. Our business requires us and some of our vendors to use and store personal and other sensitive information of our tenants and employees, and our collection, use and other processing of personal information is governed by certain federal and state laws and regulations. Privacy and cybersecurity laws continue to evolve, with several a number of states passing new data privacy laws that govern the processing of information about state residents, and laws may be inconsistent from one jurisdiction to another. The Company endeavors to comply with privacy laws and regulations applicable to it, including the California Consumer Privacy Act (“CCPA”) and Washington State’s “My Health My Data Act”, which governs govern the collection, use, retention, disclosure and security of personal information about California residents. The CCPA requires the Company to, among other things, provide certain disclosures to California and Washington residents, promptly respond to certain requests related to their data, and contractually impose certain obligations on vendors. respectively. Compliance with existing and future laws and regulations related to data privacy and protection may increase the Company’s operating costs and adversely impact the Company’s ability to market the Company’s properties and services, and any failure of our systems in place to comply with such laws and regulations could harm our business, reputation and financial condition. Although we have taken steps to abide by applicable privacy and cybersecurity laws, and strive to protect the security of our IT Systems and Confidential Information, the compliance and security measures put in place by the Company and its vendors cannot guarantee perfect compliance or provide absolute security, and the Company and its vendors’ IT Systems may be vulnerable to numerous and evolving cybersecurity threats and risks that threaten the confidentiality, integrity and availability of our IT Systems and Confidential Information, including through social engineering/phishing, malware (including ransomware), distributed denial-of-service attempts, data theft, account takeovers, social engineering/phishing, technological error, employee error, malfeasance by insiders, misconfigurations, “bugs”, or other vulnerabilities in Company, or vendor, IT Systems. These threats may be amplified by emerging artificial intelligence technologies, which are expected to pose new or unknown cybersecurity risks and challenges, including as integrated into our or any third party’s operations, products and services, and can also come from diverse threat actors, such as state-sponsored organizations, opportunistic hackers and hacktivists. Any incident could compromise the Company’s or our vendors’ IT Systems (or the IT Systems of third parties that facilitate the Company’s or such vendors’ business activities), and the Confidential Information stored by or on behalf of the Company or such vendors could be accessed, misused, publicly disclosed, corrupted, lost, or stolen, resulting in fraud, including wire fraud related to Company assets or tenant payments, access to company funds, or other harm. Moreover, if there is a compliance failure, or if a cybersecurity
Source: Item 1A, 10-K 0000920522-26-000003 vs Item 1A, 10-K 0000920522-25-000024
MD&A 183 words changed in this paragraph; it is 52% similar to last year's version.
In August 2024, the Company entered into the 2024 ATM Program. In connection with the 2024 ATM Program, the Company may also enter into related forward sale agreements whereby, at the Company's discretion, it may sell shares of its common stock under the 2024 ATM Program under forward sale agreements. The use of a forward sale agreement would allow the Company to lock in a share price on the sale of shares of its common stock at the time the agreement is executed, but defer receipt of the proceeds from the sale of shares until a later date. Furthermore, it would permit the Company, at its election, to settle the agreements by issuing common stock in exchange for net proceeds at the then-applicable forward sale price specified by the agreement or, alternatively, to settle the agreements in whole or in part through the delivery or receipt of common stock or cash. Issuances of shares under these forward sale agreements are classified as equity transactions. Accordingly, no amounts relating to the forward sale agreements are recorded in the consolidated financial statements until settlement occurs. Prior to any settlements, the only impact to the consolidated financial statements is the inclusion of incremental shares, if any, within the calculation of diluted earnings per share and diluted earnings per unit using the treasury stock method. The actual forward price per share to be received by the Company upon settlement will be determined on the applicable settlement date based on adjustments made to the initial forward price to reflect the then-current overnight federal funds rate and the amount of dividends paid to holders of the Company’s common stock over the term of the forward sale agreement.
Source: Item 7, 10-K 0000920522-26-000003 vs Item 7, 10-K 0000920522-25-000024
Every change, by type
Sentences and paragraphs of ESS's Risk Factors and MD&A, 10-K 2026-02-20 against 10-K 2025-02-21.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
Furthermore, we use artificial intelligence technologies in our business and there are significant information technology risks involved in maintaining and deploying these technologies. There can be no assurance that our investments in such technologies will always enhance our services or be beneficial to our business, including our efficiency or profitability. In particular, if the models underlying our artificial intelligence technologies are: incorrectly designed or implemented; trained or reliant on incomplete, inadequate, inaccurate, biased or otherwise poor quality data; used without sufficient oversight, governance or in violation of our internal guidelines, policies and procedures; and/or adversely impacted by unforeseen defects, technical challenges, cybersecurity threats, data privacy concerns, or material performance issues, the performance of our services and business, as well as our reputation, could suffer or we could incur liability resulting from the violation of laws or contracts to which we are a party or civil claims.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedRisk Factors
indebtedness or that a refinancing will not be done on as favorable terms, which in either case could have a material adverse effect on our financial condition, results of operations and cash flows.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedRisk Factors
multifamily communities and the value of multifamily residential real estate and, as a result, may adversely affect the Company and its growth and operations.
Read it in 10-K 2026-02-20 at sec.gov ↗
RemovedRisk Factors
ventures or partnerships through which it owns an indirect economic interest in less than 100% of the community or land or other investments owned directly by the joint venture or partnership.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedRisk Factors
The Company may not be able to lease its commercial space consistent with its projections or at market rates and the longer-term leases for existing space could result in below market rents over time. When leases for our existing commercial space expire, the space may not be relet on a timely basis, or at all, or the terms of reletting, including the cost of allowances and concessions to tenants, may be less favorable than the current lease terms.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedRisk Factors
Although we have taken steps to abide by applicable privacy and cybersecurity laws, and strive to protect the security of our IT Systems and Confidential Information, the compliance and security measures put in place by the Company and its vendors cannot guarantee perfect compliance or provide absolute security, and the Company and its vendors’ IT Systems may be vulnerable to numerous and evolving cybersecurity threats and risks that threaten the confidentiality, integrity and availability of our IT Systems and Confidential Information, including through social engineering/phishing, malware (including ransomware), distributed denial-of-service attempts, data theft, account takeovers, social engineering/phishing, technological
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedRisk Factors
In general, to the extent that the Company continues to face a challenging investment environment as access to capital and credit lacks clear trends (reflected by a shifting interest rate environment for debt financing, a fluctuating stock price for equity financing without corresponding changes to investment cap rates, and an inconsistent transactional market flow) the Company’s ability to make acquisitions, develop or redevelop communities, obtain new financing, and refinance existing borrowing at competitive rates could be materially adversely affected, which would impact the Company’s financial standing and related credit rating.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedRisk Factors
accelerated and the Company may be subject to additional contractual liability. Notwithstanding the limitations due to tax-exempt financing requirements, the income from certain communities may be limited due to below-market rent requirements imposed by local authorities in connection with the original development of the community.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedRisk Factors
Additionally, we could be subject to labor union efforts to organize our employees from time to time and, if successful, those organizational efforts may decrease our operational flexibility and increase operational costs.
Read it in 10-K 2025-02-21 at sec.gov ↗
RewordedRisk Factors
Due to the national and global impacts of a pandemic or other health crisis, such as the COVID-19 pandemic, the Company may be subject to eviction moratoria, temporary or permanent legislative restrictions, limits on rent increases and collection efforts, or We may be legally required to, or otherwise agree to, restructure tenants’ rent obligations on less favorable terms than those currently in place.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Existing and future eviction moratoria, rent control or rent stabilization laws and regulations, fee transparency requirements, along with similar laws and regulations that expand tenants’ rights or impose additional costs on landlords, including any such laws or regulations imposed on the housing industry in response to natural disasters and/or media attention on the housing industry, disasters, national and global pandemic or other any other health crisis, or local or national states of emergency, may reduce rental revenues or increase operating costs and thus such laws and regulations may materially adversely affect our stock price, business, financial condition and results of operations.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
The Company has entered into, and may continue in the future to enter into, certain co-investments, including joint ventures or partnerships through which it owns an indirect economic interest in less than 100% of the community or land or other investments owned directly by the joint venture or partnership.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
In the event that Fannie Mae and Freddie Mac discontinue providing liquidity to our sector, have their mandates changed or reduced or be disbanded or reorganized by the government or if there is reduced government support for multifamily housing more generally, it may adversely affect interest rates, capital availability, development of multifamily communities and the value of multifamily residential real estate and, as a result, may adversely affect the Company and its growth and operations.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Privacy and cybersecurity risks have generally increased in recent years because of the proliferation of new techniques and tools that circumvent security tools, evade detection and remove forensic evidence, such as artificial intelligence, and the increased sophistication, techniques and activities of threat actors; actors, and the broader adoption of remote and hybrid work arrangements that introduce additional security vulnerabilities due to off-network access; accordingly, the Company may be unable to anticipate these techniques or implement adequate preventative measures.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Competitive housing in a particular area and fluctuations in cost of owner-occupied single- and multifamily homes caused by a decrease in housing prices, mortgage interest rates and/or government programs to promote home ownership or create additional rental and/or other types of housing, or an increase in desire for more space due to work-from-home needs or increased time spent at home, housing could materially adversely affect the Company’s ability to retain its tenants, lease apartment homes and increase or maintain rents.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Real estate investments are illiquid and, in our markets, can at times be difficult to sell at prices we find acceptable, which may limit our ability to promptly reduce our portfolio in response to changes in economic or other conditions and otherwise may materially adversely affect our financial condition and results of operations.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
The Company endeavors to comply with privacy laws and regulations applicable to it, including the California Consumer Privacy Act (“CCPA”) and Washington State’s “My Health My Data Act”, which governs govern the collection, use, retention, disclosure and security of personal information about California residents. and Washington residents, respectively.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
As a result of climate change, we may experience extreme weather, an increase in frequency and severity of natural disasters, changes in precipitation, temperature, wildfire and drought exposure, and impacts of sea-level rise, rising sea-levels, all of which may result in physical damage, damage to our communities, a decrease in demand for our communities located in these areas or affected by these conditions, damage to our properties, disruption of services at our properties communities or increased costs associated with water or energy use and maintaining or insuring our communities.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
We rely on, or may rely on in the future, certain key software vendors vendors, including artificial intelligence platforms, to support business practices critical to our operations, including the collection and understanding of rent rent, leads and leasing, and ancillary income, including artificial intelligence platforms, communication with our tenants, interaction and evaluation and/or qualification of our prospective tenants, and to provide us with data.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Marcus and his affiliated entities may have a conflict of interest potentially compete with the Company, Company in acquiring and/or developing apartment communities, which may be detrimental to the interests of Essex’s stockholders and the Operating Partnership’s unitholders.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
If Essex pays a stock dividend that is taxable for U.S. federal income tax purposes, and a U.S. stockholder sells the stock it receives as a dividend in order to pay applicable taxes, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our stock at the time of the sale.
Read it in 10-K 2026-02-20 at sec.gov ↗
Quiet changesRisk Factors
These laws and regulations may include zoning laws, building codes, rent control or stabilization laws, fee transparency requirements, emergency orders, laws benefiting disabled persons, federal, state and local tax laws, landlord tenant laws, environmental laws, employment laws, immigration laws and other laws regulating housing, revenue management software and practices, or laws that are generally applicable to the Company’s business and operations.
Read it in 10-K 2026-02-20 at sec.gov ↗
Quiet changesRisk Factors
The geographic concentration of the Company’s communities and fluctuations in local markets may materially adversely affect the Company’s financial condition and results of operations.
Read it in 10-K 2026-02-20 at sec.gov ↗
Quiet changesRisk Factors
There may be has been resistance to such change from our residents, and if we experience difficulty in retaining residents, this could materially adversely affect the Company’s results of operations.
Read it in 10-K 2026-02-20 at sec.gov ↗
Quiet changesRisk Factors
The Any delayed delivery or any prolonged interruption of these services may cause tenants to terminate their leases or may result in a reduction of rents and/or increase in our costs or other issues.
Read it in 10-K 2026-02-20 at sec.gov ↗
Quiet changesRisk Factors
Marcus, could have substantial influence on the Company.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
Domestic and international policy actions, including tariff and trade policy, as well as continuing geopolitical tensions and regional conflicts have the potential to trigger broad market uncertainty. The long-term impact of these developments on our company will largely depend on the impact on broader trends in job growth, inflation, the economy, and reactions by consumers, companies, governmental entities and capital market participants.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
was an increase in capitalized interest of $3.4 million in 2025 due to an increase in development activity as compared to the same period in 2024.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
As of December 31, 2025, the Company had an unsecured commercial paper program (the “Commercial Paper Program”) to issue unsecured commercial paper notes with varying maturities up to 397 days from the date of issue (the “Notes”). As of December 31, 2025, there was no amount of Notes outstanding under the Commercial Paper Program. Amounts available under the Commercial Paper Program may be borrowed, repaid and re-borrowed from time to time, with the maximum aggregate face or principal amount outstanding at any one time not exceeding $750.0 million. The Company’s $1.5 billion unsecured line of credit facility serves as a liquidity backstop and any issuances under the Commercial Paper Program reduce the available borrowing capacity. The Notes rank equally in right of payment with all other senior unsecured senior obligations of the Operating Partnership and are unconditionally guaranteed by the Company. The Company has used and expects to continue to use the proceeds from the Notes for general corporate purposes and working capital purposes.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
The 2024 ATM Program replaced the prior equity distribution agreement entered into in September 2021 (the “2021 ATM Program”), which was terminated upon the establishment of the 2024 ATM Program.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
For the year ended December 31, 2025, the Company entered into forward sale agreements with certain financial institutions acting as forward purchasers under the 2024 ATM Program with respect to 52,600 shares of common stock at an initial gross weighted average forward price of $314.06 per share, which are to be settled by September 2026.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
In accordance with accounting standards for consolidation of variable interest entities (“VIEs”), the Company consolidated the Operating Partnership, 18 DownREIT entities (comprising ten communities) and four co-investments as of December 31, 2025. As of December 31, 2024, the Company consolidated the Operating Partnership, 18 DownREIT entities (comprising nine
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
(2)There were no material gains from legal settlements for the year ended December 31, 2025. For the year ended December 31, 2024, the Company settled two lawsuits related to construction defects at two communities and received cash recoveries of $42.5 million. For the year ended December 31, 2023, the Company settled a lawsuit related to construction defects at one of its communities and received cash recovery of $7.7 million. The Company determined that all uncertainties were resolved upon receipt of cash and recorded a gain which was excluded from Core FFO.
Read it in 10-K 2026-02-20 at sec.gov ↗
RemovedMD&A
Towers co-investments, which were consolidated in 2024, are excluded from the table as December 31, 2023 but included in the table as of December 31, 2024.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
Elevated inflation in recent years has caused an increase in consumer prices, thereby reducing purchasing power and elevating the risks of a recession. In response to increased inflation, the U.S. Federal Reserve raised the federal funds rate throughout 2022 and 2023 resulting in a significant increase of market interest rates. In the second half of 2024, the U.S. Federal Reserve lowered the federal funds rate in conjunction with the softening of U.S. inflation and short term market interest rates have declined. Concurrently, geopolitical tensions and regional conflicts have increased uncertainty during recent years. The long-term impact of these developments will largely depend on the impact on job growth, the broader economy, and reactions by consumers, companies, governmental entities and capital markets.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
Hedge ineffectiveness related to cash flow hedges, which is reported in current year income as interest expense, net was zero for the years ended December 31, 2024, 2023 and 2022.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
(1)The Company consolidates certain co-investments. The noncontrolling interest’s share of net operating income in these investments for the years ended December 31, 2024, 2023 and 2022 were $2.9 million, $3.3 million, and $3.3 million, respectively. For the year ended December 31, 2024, the amount includes $32.4 million of gain on sale attributable to noncontrolling interest.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
(2)Represents tax related to net unrealized gains or losses on technology co-investments.
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RemovedMD&A
(3)Represents the Company’s share of co-investment income or loss from technology co-investments.
Read it in 10-K 2025-02-21 at sec.gov ↗
RewordedMD&A
Factors that might cause the Company’s 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: the short and long-term impact of the January 2025 California wildfires, including in relation to regulation, insurance, tenant demand and other factors; 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; including from tariffs imposed by the current presidential administration and the threat of such 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’s 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
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
These increases in to interest expense were partially offset by various debt that was paid off, matured, or due to regular principal payments amortization during and various debts that matured or were paid off, after 2024, primarily due to the pay off payoff of the $300.0 million of senior unsecured notes due May 1, 2023 and $400.0 million of senior unsecured notes due May 1, 2024 during and after 2023, $500.0 million of senior unsecured notes due April 1, 2025, which resulted in a decrease in interest expense of $14.3 $19.9 million for 2024. in 2025.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
Expensed acquisition and investment related costs $ 25 $ 72 $ 595 $ 2,132 Tax (benefit) expense on unconsolidated technology co-investments (2) (2,096) (929) 697 (10,236) Realized and unrealized (gains) losses gains on marketable securities, net (3,809) (8,347) (10,006) 45,547 Provision for credit losses 26 (179) 70 (381) Equity (income) loss income from non-core unconsolidated technology co-investments (3) (6,552) (10,344) (1,685) 38,045 Loss on early retirement of debt, net debt 762 — — 2 Loss on early retirement of debt from unconsolidated co-investment co-investments 122 — — 988 Co-investment promote income — (1,531) — (17,076) Income from early redemption of preferred equity investments and notes receivable (70) — (285) (1,669) General and administrative and other, net (4) (1) 10,004 39,341 6,629 2,536 Insurance reimbursements, legal settlements, and other, net (5) (2) (808) (43,794) (9,821) (5,392) Core funds from operations attributable to common stockholders and unitholders $ 1,062,740 $ 1,038,167 $ 999,907 $ 977,857 Core FFO per share-diluted $ 15.94 $ 15.60 $ 15.03 $ 14.51 Weighted average number of shares outstanding, diluted (6) (3) 66,669,649 66,533,908 66,514,456 67,374,526
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
Campbell, The increase was primarily due to acquisitions Parc at Pruneyard, ViO, 1250 Lakeside, and the consolidation of Hacienda at Camarillo Oaks Artizan and TENTEN Downtown in 2023, 2025, as well as the acquisitions of ARLO Mountain View, Maxwell Sunnyvale, and Beaumont, and along with the Company’s acquisition of the Company’s its joint venture partner’s interests in the BEXAEW and BEX II portfolios, Patina at Midtown, and Century Towers in 2024.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
The increase was primarily attributable to increases an increase of 1.9% 2.3% in average rental rates from $2,605 $2,638 for 2023 2024 to $2,655 $2,699 for 2024, 0.8% in other property income, 2025 and 0.9% 0.5% from a decrease in delinquencies, partially offset by a decrease of 0.4% in occupancy. delinquencies.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
Depreciation and amortization expense increased by $31.8 $27.3 million or 5.8% 4.7% to $607.5 million in 2025 compared to $580.2 million in 2024 compared to $548.4 million in 2023, 2024, primarily due to acquisitions in 2023 2024 and 2024. 2025 identified in the Non-Same Property revenues section above.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
A total of $220.8 $258.8 million of variable rate debt is tax-exempt demand notes which are subject to total return swaps and $95.0 million of variable rate mortgage notes payable has an interest rate swap that effectively converts $47.5 million to an all-in fixed rate of 2.83%. swaps.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
As of December 31, 2024, 2025, the Company’s development and predevelopment pipeline was comprised of one consolidated development project and various consolidated predevelopment projects, with total incurred costs of $52.7 $157.1 million, and estimated remaining project costs of approximately $200.9 million, for total estimated project costs of $358.0 million.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
The consolidated total assets and liabilities related to the above consolidated co-investments and DownREIT entities, net of intercompany eliminations, were $970.6 million and $242.5 million, respectively, as of December 31, 2025, and $893.0 million and $319.1 million, respectively, as of December 31, 2024, and $956.7 million and $324.5 million, respectively, as of December 31, 2023. 2024.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
Depreciation and amortization 607,542 580,220 548,438 539,319 Gains not included in FFO (305,043) (386,138) (59,238) (111,839) Casualty loss — — 433 — Impairment loss from unconsolidated co-investments 12,634 3,726 33,700 2,105 Depreciation and amortization from unconsolidated co-investments 56,848 66,943 71,745 72,585 Noncontrolling interest related to Operating Partnership units 23,649 26,414 14,284 14,297 Depreciation attributable to third party ownership and other (1) (160) 31,191 (1,474) (1,421) Funds from operations attributable to common stockholders and unitholders $ 1,065,136 $ 1,063,878 $ 1,013,713 $ 923,361 FFO per share-diluted $ 15.98 $ 15.99 $ 15.24 $ 13.70 Non-core items:
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
As of December 31, 2024, 2025, the Company owned or had ownership interests in 255 259 operating apartment communities, comprising 62,157 63,077 apartment homes, excluding the Company’s ownership in preferred equity co-investments, loan investments, and two operating commercial buildings. buildings and a development pipeline comprised of one consolidated project and various predevelopment projects.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
As of December 31, 2024, there were no outstanding forward purchase agreements, and 2025, $900.0 million of shares of common stock remained available to be sold under the 2024 ATM Program. Program, pending the settlement of outstanding forward sale agreements.
Read it in 10-K 2026-02-20 at sec.gov ↗
