ESSEX PROPERTY TRUST, INC. 10-Q

Financial Statements (unaudited)

Item 1. Condensed Consolidated Financial Statements ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share amounts) June 30, 2026 December 31, 2025 ASSETS Real estate investments: Rental properties: Land and land improvements $ 3,363,169 $ 3,363,169 Buildings and improvements 15,171,737 15,073,416 18,534,906 18,436,585 Less: accumulated depreciation ( 6,837,403 ) ( 6,532,003 ) 11,697,503 11,904,582 Real estate under development 184,130 157,122 Co-investments 612,512 630,550 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 — 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 See accompanying notes to the unaudited condensed consolidated financial statements. 2 Table of Contents ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (In thousands, except share and per share amounts) Three Months Ended June 30, Six Months Ended Ju