ESSEX PROPERTY TRUST, INC.

Listed Company

ESSCIK 0000920522NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$1.89B

Net Income

$702.77M

Total Assets

$13.16B

Equity

$5.54B

Shares Out

64.26M

Op. Cash Flow

$1.07B

Business

ESSEX PROPERTY TRUST, INC. is a self-administered, self-managed real estate investment trust that owns, operates and invests in multifamily real estate. The company’s primary offerings include ownership, property management, leasing, acquisition, development, redevelopment and preferred equity and loan investments related to apartment communities, as well as related asset and capital management services. Its organizational structure includes the Operating Partnership, consolidated subsidiaries and taxable REIT subsidiaries, and it participates in co‑investments and joint ventures. The company markets and operates predominantly in supply‑constrained West Coast metropolitan areas, primarily Southern California, Northern California and the Seattle region, leasing homes directly through its managed communities and joint venture platforms.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental and other property	1,878	1,764	1,658	1,596	1,431
Management and other fees from affiliates	9	10	11	11	9
Total revenues	1,887	1,774	1,669	1,607	1,441
Property operating, excluding real estate taxes	353	328	302	283	265
Real estate taxes	206	193	186	184	180
Corporate-level property management expenses	49	46	44	41	36
Depreciation and amortization	608	580	548	539	520
General and administrative	72	99	63	57	52
Expensed acquisition and investment related costs	25,000	72,000	595,000	2	203,000
Casualty loss	0	0	433,000	0	0
Total expenses	1,288	1,247	1,144	1,106	1,054
Gain on sale of real estate and land	300	176	59	94	143
Earnings from operations	899	703	584	595	530
Interest expense	−258	−236	−213	−205	—
Total return swap income	5	3	3	8	11
Interest and other income	20	81	46	−19	99
Equity income from co-investments	35	48	11	26	112
Tax benefit (expense) on unconsolidated co-investments	2	929,000	−697,000	10	−16
Loss on early retirement of debt	−762,000	0	0	−2,000	−19
Gain on remeasurement of co-investment	330,000	211	0	17	2
Net income	703	811	431	433	516
Net income attributable to noncontrolling interest	−33	−70	−25	−25	−27
Net income available to common stockholders	670	742	406	408	489
Net income available to common stockholders (in dollars per share)	10.4	11.55	6.32	6.27	7.51
Weighted average number of shares outstanding during the year (in shares)	64	64	64	65	65
Net income available to common stockholders (in dollars per share)	10.4	11.54	6.32	6.27	7.51
Weighted average number of shares outstanding during the year (in shares)	64	64	64	65	65

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land and land improvements	3,363	3,247	3,037	3,043	3,033
Buildings and improvements	15,073	14,343	13,098	12,923	12,597
Total rental properties	18,437	17,590	16,135	15,966	15,630
Less: accumulated depreciation	−6,532	−6,151	−5,665	−5,152	−4,647
Net real estate	11,905	11,439	10,470	10,814	10,983
Real estate under development	157	53	24	—	112
Co-investments	631	935	1,062	1,127	1,178
Total real estate	12,692	12,427	11,556	11,966	12,272
Cash and cash equivalents-unrestricted	76	67	392	33	48
Cash and cash equivalents-restricted	9	9	9	9	10
Marketable securities	98	70	88	113	—
Notes and other receivables, net of allowance for credit losses of $0.6 million and $0.5 million as of December 31, 2025 and December 31, 2024, respectively	142	207	175	103	341
Operating lease right-of-use assets	51	52	64	67	69
Prepaid expenses and other assets	91	97	79	81	65
Total assets	13,159	12,927	12,361	12,373	12,998
Unsecured debt, net	6,016	5,474	5,319	5,312	5,307
Mortgage notes payable, net	784	990	887	594	639
Lines of credit and commercial paper	0	138	—	—	—
Accounts payable and accrued liabilities	221	213	176	165	181
Construction payable	25	14	21	23	29
Dividends payable	174	165	156	149	143
Distributions in excess of investments in co-investments	99	79	65	43	36
Operating lease liabilities	51	52	65	69	71
Other liabilities	52	50	46	43	40
Total liabilities	7,422	7,176	6,735	6,451	6,787
Commitments and contingencies (Note 17)	—	—	—	—	—
Redeemable noncontrolling interest	28	31	32	27	35
Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,442,290 and 64,280,466 shares issued and outstanding, respectively	6,000	6,000	6,000	6,000	7,000
Additional paid-in capital	6,684	6,668	6,657	6,750	6,916
Distributions in excess of accumulated earnings	−1,148	−1,156	−1,268	—	—
Accumulated other comprehensive income, net	6	25	34	46	−6
Total stockholders equity	5,541	5,537	5,423	5,716	5,994
Noncontrolling interest	167	183	171	179	183
Total equity	5,709	5,720	5,594	5,895	6,177
Total liabilities and equity	13,159	12,927	12,361	12,373	12,998

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Straight-lined rents	−1	34,000	3	3	10
Depreciation and amortization	608	580	548	539	520
Amortization of discount and debt financing costs, net	7	8	7	7	10
Realized and unrealized gains on marketable securities, net	−4	−8	−10	—	—
Provision for credit losses	26,000	−179,000	70,000	381,000	141,000
Companys share of gain on the sales of co-investment	−5	0	0	0	0
Equity income from co-investments	−30	−48	−11	−26	−112
Operating distributions from co-investments	93	63	77	95	105
Accrued interest from notes and other receivables	−9	−13	−13	−14	−16
Gain on the sale of real estate and land	−300	−176	−59	−94	−143
Equity-based compensation	10	7	8	7	7
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets	−2	32	−10	5	5
Accounts payable, accrued liabilities, and operating lease liabilities	7	25	5	−17	22
Other liabilities	−2	−2	3	10	6
Net cash provided by operating activities	1,074	1,068	980	976	905
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	−832	−940	−25	−22	−153
Redevelopment	−82	−71	−73	−97	−62
Development acquisitions of and additions to real estate under development	−62	−3	−8	−28	−50
Capital expenditures on rental properties	−140	−136	−140	−163	−121
Investments in notes receivable	−170	−131	−58	−168	−245
Collections of notes and other receivables	85	34	0	412	104
Proceeds from insurance for property losses	4	2	3	4	879,000
Proceeds from dispositions of real estate	510	247	99	158	297
Contributions to co-investments	−34	−34	−37	−163	−306
Changes in refundable deposits	8	−8	10	−16	−9
Purchases of marketable securities	−26	−1	−21	−18	−24
Sales and maturities of marketable securities	1	27	64	71	17
Non-operating distributions from co-investments	184	41	40	176	154
Net cash used in investing activities	−552	−973	−145	146	−397
Proceeds from unsecured debt and mortgage notes	1,148	555	598	0	746
Payments on unsecured debt and mortgage notes	−809	−403	−302	−65	−1,054
Proceeds from lines of credit and commercial paper	7,936	1,667	844	—	—
Repayments of lines of credit and commercial paper	−8,073	−1,530	−896	—	—
Retirement of common stock	0	0	−96	−190	−9
Additions to deferred charges	−13	−10	−2	−3	−8
Payments related to debt prepayment penalties	−697,000	0	0	0	−18
Net costs from issuance of common stock	−391,000	−296,000	−347,000	−314,000	−455,000
Net proceeds from stock options exercised	9	12	0	20	58
Payments related to tax withholding for share-based compensation	−8	−3	−4	−2	−5
Distributions to noncontrolling interest	−33	−81	−32	−31	−29
Redemptions of noncontrolling interest	−13	−6	−609,000	−11	−8
Redemptions of redeemable noncontrolling interest	0	−521,000	0	−478,000	−4
Common stock dividends paid	−654	−620	−587	−566	−543
Net cash used in financing activities	−512	−420	−477	−1,138	−533
Net increase (decrease) in unrestricted and restricted cash and cash equivalents	10	−324	358	−16	−25
Cash paid for interest, net of capitalized interest	253	223	207	198	194
Interest capitalized	4	251,000	823,000	2	6
Operating cash flows from operating leases	6	7	7	7	7
Issuance of Operating Partnership units for contributed properties	0	25	0	0	—
Redemption of preferred equity investments upon acquisition or consolidation of co-investments	262	45	0	—	—
Reclassifications (from) to redeemable noncontrolling interest (to) from additional paid in capital and noncontrolling interest	−2	−835,000	5	−7	7
Leased assets obtained in exchange for new operating lease liabilities	3	0	0	—	0
Debt assumed in connection with acquisition	0	95	0	21	0
Debt financed by seller in connection with acquisition	0	11	0	0	—

Filings

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