$ESS

ESSEX PROPERTY TRUST INC

CIK:0000920522|SEC Filings

EPT - Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Rental and other property	$ 486,731	$ 467,610	$ 969,174	$ 929,699
Management and other fees from affiliates	2,318	2,223	4,631	4,717
Total revenues	489,049	469,833	973,805	934,416
Expenses:
Property operating, excluding real estate taxes	89,608	86,394	178,739	172,421
Real estate taxes	51,414	49,035	103,539	101,629
Corporate-level property management expenses	13,432	12,220	26,830	24,552
Depreciation and amortization	154,073	151,501	308,968	302,788
General and administrative	73,149	17,157	93,163	33,449
Total expenses	381,676	316,307	711,239	634,839
Gain on sale of real estate and land	2,000	126,174	2,000	237,204
Earnings from operations	109,373	279,700	264,566	536,781
Interest expense	(66,835)	(65,262)	(132,399)	(127,994)
Total return swap income	1,226	1,071	2,768	2,271
Interest and other income	9,087	6,808	10,123	11,097
Equity income from co-investments	13,715	8,977	37,330	22,186
Tax benefit (expense) on unconsolidated technology co-investments	363	232	(3,251)	395
Loss on early retirement of debt	0	0	0	(762)
Gain on remeasurement of co-investment	0	0	0	330
Net income (loss)	66,929	231,526	179,137	444,304
Net income attributable to noncontrolling interest	(4,467)	(10,164)	(10,489)	(19,832)
Net income available to common stockholders	62,462	221,362	168,648	424,472
Comprehensive income	69,990	227,447	182,319	430,870
Comprehensive income attributable to noncontrolling interest	(4,568)	(10,030)	(10,594)	(19,378)
Comprehensive income attributable to controlling interest	$ 65,422	$ 217,417	$ 171,725	$ 411,492
Basic:
Net income available to common stockholders (in dollars per share)	$ 0.97	$ 3.44	$ 2.62	$ 6.60
Weighted average number of shares outstanding during the period (in shares)	64,265,835	64,385,988	64,359,851	64,350,640
Diluted:
Net income available to common stockholders (in dollars per share)	$ 0.97	$ 3.44	$ 2.62	$ 6.59
Weighted average number of shares outstanding during the period (in shares)	64,279,012	64,407,613	64,369,794	64,378,953

EPT - Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 179,137	$ 444,304
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents	393	332
Depreciation and amortization	308,968	302,788
Amortization of discount and debt financing costs, net	5,181	2,280
Realized and unrealized gains on marketable securities, net	(3,990)	(2,401)
Provision for credit losses	(222)	11
Company’s share of gain on the sales of co-investments	(9,231)	0
Equity income from co-investments	(28,099)	(22,186)
Operating distributions from co-investments	30,309	29,358
Accrued interest from notes and other receivables	(1,690)	(5,238)
Gain on the sale of real estate and land	(2,000)	(237,204)
Equity-based compensation	5,538	4,202
Loss on early retirement of debt	0	762
Gain on remeasurement of co-investment	0	(330)
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets and other assets	8,222	2,008
Accounts payable, accrued liabilities and operating lease liabilities	49,353	(19,357)
Other liabilities	(637)	(1,697)
Net cash provided by operating activities	541,232	497,632
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired	(3,902)	(585,132)
Redevelopment	(23,192)	(30,309)
Development acquisitions of and additions to real estate under development	(39,751)	(16,419)
Capital expenditures on rental properties	(51,326)	(64,450)
Investments in notes receivable	(59,500)	(281)
Collections of notes and other receivables	91,610	3,096
Proceeds from insurance for property losses	2,025	1,857
Proceeds from dispositions of real estate	2,000	364,155
Contributions to co-investments	(1,429)	(8,727)
Changes in refundable deposits	0	8,000
Purchases of marketable securities	(14,284)	(10,068)
Sales and maturities of marketable securities	23,860	188
Non-operating distributions from co-investments	31,250	18,000
Net cash used in investing activities	(42,639)	(320,090)
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes	0	548,416
Payments on unsecured debt and mortgage notes	(450,545)	(615,502)
Proceeds from lines of credit and commercial paper	3,588,163	2,445,777
Repayments of lines of credit and commercial paper	(3,243,163)	(2,218,722)
Retirement of common stock	(61,915)	0
Additions to deferred charges	(576)	(5,393)
Payments related to debt prepayment penalties	0	(697)
Net costs from issuance of common stock	(59)	(101)
Net proceeds from stock options exercised	898	8,930
Payments related to tax withholding for share-based compensation	(805)	(519)
Distributions to noncontrolling interest	(16,054)	(16,213)
Redemption of noncontrolling interest	(1,562)	(8,556)
Common stock dividends paid	(332,217)	(322,924)
Net cash used in financing activities	(517,835)	(185,504)
Net decrease in unrestricted and restricted cash and cash equivalents	(19,242)	(7,962)
Unrestricted and restricted cash and cash equivalents at beginning of period	85,586	75,846
Unrestricted and restricted cash and cash equivalents at end of period	66,344	67,884
Supplemental disclosure of cash flow information:
Cash paid for interest (net of $2.8 million and $1.4 million capitalized in 2026 and 2025, respectively)	125,238	122,558
Operating cash flows from operating leases	3,029	3,291
Supplemental disclosure of noncash investing and financing activities:
Issuance of Operating Partnership units for contributed properties	250	0
Redemption of preferred equity investments upon acquisition of consolidated co-investments	0	94,669
Reclassifications to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest	3,483	2,073
Leased assets obtained in exchange for new operating lease liabilities	$ 0	$ 2,727

EPT - Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Rental properties:
Land and land improvements	$ 3,363,169	$ 3,363,169
Buildings and improvements	15,171,737	15,073,416
Total rental properties	18,534,906	18,436,585
Less: accumulated depreciation	(6,837,403)	(6,532,003)
Net real estate	11,697,503	11,904,582
Real estate under development	184,130	157,122
Co-investments	612,512	630,550
Total real estate	12,494,145	12,692,254
Cash and cash equivalents-unrestricted	58,327	76,241
Cash and cash equivalents-restricted	8,017	9,345
Marketable securities	92,165	98,070
Notes and other receivables, net of allowance for credit losses of $0.3 million and $0.6 million as of June 30, 2026 and December 31, 2025, respectively	96,334	141,591
Operating lease right-of-use assets	49,077	50,833
Prepaid expenses and other assets	100,237	90,675
Total assets	12,898,302	13,159,009
LIABILITIES AND EQUITY
Unsecured debt, net	5,569,283	6,015,921
Mortgage notes payable, net	784,217	784,348
Lines of credit and commercial paper	345,000	0
Accounts payable and accrued liabilities	270,439	221,351
Construction payable	33,256	24,743
Dividends payable	174,499	173,698
Distributions in excess of investments in co-investments	107,874	98,837
Operating lease liabilities	49,753	51,487
Other liabilities	51,092	51,729
Total liabilities	7,385,413	7,422,114
Commitments and contingencies (Note 11)
Redeemable noncontrolling interest	27,373	28,263
Equity:
Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,268,177 and 64,442,290 shares issued and outstanding, respectively	6	6
Additional paid-in capital	6,626,545	6,683,514
Distributions in excess of accumulated earnings	(1,312,602)	(1,148,195)
Accumulated other comprehensive income, net	9,124	6,047
Total stockholders’ equity	5,323,073	5,541,372
Noncontrolling interest	162,443	167,260
Total equity	5,485,516	5,708,632
Total liabilities and equity	$ 12,898,302	$ 13,159,009