None.

Table of Contents

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

Essex Property Trust, Inc.:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Essex Property Trust, Inc. and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedule III (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 20, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Evaluation of events or changes in circumstances that indicate rental properties may not be recoverable

As discussed in Note 2(d) to the consolidated financial statements, the Company evaluates the carrying amount of rental properties for impairment whenever events or changes in circumstances indicate that the carrying value of any of the rental properties may not be recoverable. The evaluation of impairment indicators includes an assessment of the Company’s ability to hold and its intent with regard to each asset, and each property’s remaining useful life. As of December 31, 2025, the Company had $11.9 billion in rental properties.

We identified the assessment of events or changes in circumstances that indicate the carrying value of rental properties may not be recoverable as a critical audit matter. Specifically, subjective auditor judgment was required to evaluate the Company’s estimated holding period of rental properties. Changes to shorten the holding period the Company expects to receive cash flows from rental properties could have had a significant impact on the determination of impairment indicators.

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The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of the internal control over the Company’s process to estimate the holding period for rental properties. We assessed management’s assumptions and the likelihood that a rental property will be sold significantly before the end of its previously estimated useful life or holding period. We assessed the Company’s intent and ability to hold each rental property by examining documents to assess the Company’s plans, if any, to dispose of individual rental properties significantly before the end of its previously estimated useful life or holding period. We inquired of Company officials and obtained written representations regarding the status of potential plans, if any, to dispose of individual rental properties, and discussed the Company’s plans with others in the organization who are responsible for, and have the authority over, potential disposition activities.

/s/ KPMG LLP

We have served as the Company’s auditor since 1994.

San Francisco, California

February 20, 2026

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Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

Essex Property Trust, Inc.:

Opinion on Internal Control Over Financial Reporting

We have audited Essex Property Trust, Inc. and subsidiaries’ (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedule III (collectively, the consolidated financial statements), and our report dated February 20, 2026 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

San Francisco, California

February 20, 2026

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Report of Independent Registered Public Accounting Firm

To the Partners of Essex Portfolio, L.P. and the Board of Directors of Essex Property Trust, Inc.:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Essex Portfolio, L.P. and subsidiaries (the Operating Partnership) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, capital, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedule III (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Operating Partnership as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These consolidated financial statements are the responsibility of the Operating Partnership’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Operating Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Operating Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Operating Partnership’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Evaluation of events or changes in circumstances that indicate rental properties may not be recoverable

As discussed in Note 2(d) to the consolidated financial statements, the Operating Partnership evaluates the carrying amount of rental properties for impairment whenever events or changes in circumstances indicate that the carrying value of any of the rental properties may not be recoverable. The evaluation of impairment indicators includes an assessment of the Operating Partnership’s ability to hold and its intent with regard to each asset, and each property’s remaining useful life. As of December 31, 2025, the Operating Partnership had $11.9 billion in rental properties.

We identified the assessment of events or changes in circumstances that indicate the carrying value of rental properties may not be recoverable as a critical audit matter. Specifically, subjective auditor judgment was required to evaluate the Operating Partnership’s estimated holding period of rental properties. Changes to shorten the holding period the Operating Partnership expects to receive cash flows from rental properties could have had a significant impact on the determination of impairment indicators.

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The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of the internal control over the Operating Partnership’s process to estimate the holding period for rental properties. We assessed management’s assumptions and the likelihood that a rental property will be sold significantly before the end of its previously estimated useful life or holding period. We assessed the Operating Partnership’s intent and ability to hold each rental property by examining documents to assess the Operating Partnership’s plans, if any, to dispose of individual rental properties significantly before the end of its previously estimated useful life or holding period. We inquired of Operating Partnership officials and obtained written representations regarding the status of potential plans, if any, to dispose of individual rental properties, and discussed the Operating Partnership’s plans with others in the organization who are responsible for, and have the authority over, potential disposition activities.

/s/ KPMG LLP

We have served as the Operating Partnership’s auditor since 2013.

San Francisco, California

February 20, 2026

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ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

December 31, 2025 and 2024

(In thousands, except parenthetical and share amounts)

			2025						2024
ASSETS
Real estate investments:
Rental properties:
Land and land improvements			$	3,363,169					$	3,246,789
Buildings and improvements			15,073,416						14,342,729
			18,436,585						17,589,518
Less: accumulated depreciation			(6,532,003)						(6,150,618)
			11,904,582						11,438,900
Real estate under development			157,122						52,682
Co-investments			630,550						935,014
			12,692,254						12,426,596
Cash and cash equivalents-unrestricted			76,241						66,795
Cash and cash equivalents-restricted			9,345						9,051
Marketable securities			98,070						69,794
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			141,591						206,706
Operating lease right-of-use assets			50,833						51,556
Prepaid expenses and other assets			90,675						96,861
Total assets			$	13,159,009					$	12,927,359
LIABILITIES AND EQUITY
Unsecured debt, net			$	6,015,921					$	5,473,788
Mortgage notes payable, net			784,348						989,884
Lines of credit and commercial paper			—						137,945
Accounts payable and accrued liabilities			221,351						212,747
Construction payable			24,743						14,347
Dividends payable			173,698						165,443
Distributions in excess of investments in co-investments			98,837						79,273
Operating lease liabilities			51,487						52,473
Other liabilities			51,729						50,220
Total liabilities			7,422,114						7,176,120
Commitments and contingencies (Note 17)
Redeemable noncontrolling interest			28,263						30,849
Equity:
Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,442,290 and 64,280,466 shares issued and outstanding, respectively			6						6
Additional paid-in capital			6,683,514						6,668,047
Distributions in excess of accumulated earnings			(1,148,195)						(1,155,662)
Accumulated other comprehensive income, net			6,047						24,655
Total stockholders’ equity			5,541,372						5,537,046
Noncontrolling interest			167,260						183,344
Total equity			5,708,632						5,720,390
Total liabilities and equity			$	13,159,009					$	12,927,359

See accompanying notes to consolidated financial statements.

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ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

Consolidated Statements of Income

Years ended December 31, 2025, 2024 and 2023

(In thousands, except share and per share amounts)

			2025						2024						2023
Revenues:
Rental and other property			$	1,877,964					$	1,764,185					$	1,658,264
Management and other fees from affiliates			9,381						10,265						11,131
			1,887,345						1,774,450						1,669,395
Expenses:
Property operating, excluding real estate taxes			353,355						328,123						301,951
Real estate taxes			205,631						193,413						185,807
Corporate-level property management expenses			49,052						46,208						43,593
Depreciation and amortization			607,542						580,220						548,438
General and administrative			71,948						98,902						63,474
Expensed acquisition and investment related costs			25						72						595
Casualty loss			—						—						433
			1,287,553						1,246,938						1,144,291
Gain on sale of real estate and land			299,524						175,583						59,238
Earnings from operations			899,316						703,095						584,342
Interest expense			(258,404)						(235,529)						(212,905)
Total return swap income			4,729						3,099						3,148
Interest and other income			20,004						80,951						46,259
Equity income from co-investments			35,464						48,206						10,561
Tax benefit (expense) on unconsolidated co-investments			2,096						929						(697)
Loss on early retirement of debt			(762)						—						—
Gain on remeasurement of co-investment			330						210,555						—
Net income			702,773						811,306						430,708
Net income attributable to noncontrolling interest			(33,107)						(69,784)						(24,883)
Net income available to common stockholders			$	669,666					$	741,522					$	405,825
Per share data:
Basic:
Net income available to common stockholders			$	10.40					$	11.55					$	6.32
Weighted average number of shares outstanding during the year			64,379,418						64,228,356						64,252,232
Diluted:
Net income available to common stockholders			$	10.40					$	11.54					$	6.32
Weighted average number of shares outstanding during the year			64,399,459						64,251,234						64,253,385

See accompanying notes to consolidated financial statements.

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ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

Years ended December 31, 2025, 2024 and 2023

(In thousands)

			2025						2024						2023
Net income			$	702,773					$	811,306					$	430,708
Other comprehensive (loss) income:
Change in fair value of derivatives and amortization of swap settlements			(19,508)						(9,217)						(13,364)
Change in fair value of marketable debt securities, net			244						—						—
Reversal of unrealized gains upon the sale of marketable debt securities			(27)						—						—
Total other comprehensive loss			(19,291)						(9,217)						(13,364)
Comprehensive income			683,482						802,089						417,344
Comprehensive income attributable to noncontrolling interest			(32,424)						(69,468)						(24,429)
Comprehensive income attributable to controlling interest			$	651,058					$	732,621					$	392,915

See accompanying notes to consolidated financial statements.

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ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

Consolidated Statements of Equity

Years ended December 31, 2025, 2024 and 2023

(In thousands, except per share amounts)

									Common stock												Additional paid-in capital						Distributions in excess of accumulated earnings						Accumulated other comprehensive income (loss), net						Noncontrolling interest						Total
															Shares						Amount
Balances at December 31, 2022															64,605						$	6					$	6,750,076					$	(1,080,176)					$	46,466					$	178,744					$	5,895,116
Net income															—						—						—						405,825						—						24,883						430,708
Change in fair value of derivatives and amortization of swap settlements															—						—						—						—						(12,910)						(454)						(13,364)
Issuance of common stock under:
Stock option and restricted stock plans, net															21						—						(3,825)						—						—						—						(3,825)
Sale of common stock, net															—						—						(347)						—						—						—						(347)
Equity based compensation costs															—						—						11,723						—						—						412						12,135
Retirement of common stock, net															(437)						—						(95,657)						—						—						—						(95,657)
Changes in the redemption value of redeemable noncontrolling interest															—						—						(5,150)						—						—						95						(5,055)
Distributions to noncontrolling interest															—						—						—						—						—						(31,939)						(31,939)
Redemptions of noncontrolling interest															14						—						(100)						—						—						(509)						(609)
Common stock dividends ($9.24 per share)															—						—						—						(593,185)						—						—						(593,185)
Balances at December 31, 2023															64,203						$	6					$	6,656,720					$	(1,267,536)					$	33,556					$	171,232					$	5,593,978
Net income															—						—						—						741,522						—						69,784						811,306
Change in fair value of derivatives and amortization of swap settlements															—						—						—						—						(8,901)						(316)						(9,217)
Issuance of common stock under:
Stock option and restricted stock plans, net															70						—						9,096						—						—						—						9,096
Sale of common stock, net															—						—						(296)						—						—						—						(296)
Equity based compensation costs															—						—						7,408						—						—						263						7,671
Changes in the redemption value of redeemable noncontrolling interest															—						—						373						—						—						462						835
Issuance of OP units to noncontrolling interest															—						—						—						—						—						24,930						24,930
Distributions to noncontrolling interest															—						—						—						—						—						(81,812)						(81,812)
Redemptions of noncontrolling interest															7						—						(5,254)						—						—						(1,199)						(6,453)
Common stock dividends ($9.80 per share)															—						—						—						(629,648)						—						—						(629,648)
Balances at December 31, 2024															64,280						$	6					$	6,668,047					$	(1,155,662)					$	24,655					$	183,344					$	5,720,390

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Net income															—						—						—						669,666						—						33,107						702,773
Reversal of unrealized gains upon the sale of marketable debt securities															—						—						—						—						(26)						(1)						(27)
Change in fair value of derivatives and amortization of swap settlements															—						—						—						—						(18,818)						(690)						(19,508)
Change in fair value of marketable debt securities, net															—						—						—						—						236						8						244
Issuance of common stock under:
Stock option and restricted stock plans, net															81						—						816						—						—						—						816
Sale of common stock, net															—						—						(391)						—						—						—						(391)
Equity based compensation costs															—						—						9,879						—						—						345						10,224
Changes in the redemption value and redemptions of redeemable noncontrolling interest															6						—						2,805						—						—						(219)						2,586
Distributions to noncontrolling interest															—						—						—						—						—						(32,801)						(32,801)
Redemptions of noncontrolling interest															75						—						2,358						—						—						(15,833)						(13,475)
Common stock dividends ($10.28 per share)															—						—						—						(662,199)						—						—						(662,199)
Balances at December 31, 2025															64,442						$	6					$	6,683,514					$	(1,148,195)					$	6,047					$	167,260					$	5,708,632

See accompanying notes to consolidated financial statements.

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ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

Years ended December 31, 2025, 2024 and 2023

(In thousands)

			2025						2024						2023
Cash flows from operating activities:
Net income			$	702,773					$	811,306					$	430,708
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents			(1,115)						34						2,773
Depreciation and amortization			607,542						580,220						548,438
Amortization of discount and debt financing costs, net			7,162						7,795						6,911
Realized and unrealized gains on marketable securities, net			(3,809)						(8,347)						(10,006)
Provision for credit losses			26						(179)						70
Company’s share of gain on the sales of co-investment			(5,189)						—						—
Equity income from co-investments			(30,275)						(48,206)						(10,561)
Operating distributions from co-investments			93,010						62,868						76,787
Accrued interest from notes and other receivables			(9,201)						(13,497)						(12,631)
Casualty loss			—						—						433
Gain on the sale of real estate and land			(299,524)						(175,583)						(59,238)
Equity-based compensation			9,640						7,158						8,031
Loss on early retirement of debt			762						—						—
Gain on remeasurement of co-investment			(330)						(210,555)						—
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets			(2,002)						32,007						(9,721)
Accounts payable, accrued liabilities, and operating lease liabilities			7,217						25,194						5,335
Other liabilities			(2,264)						(1,910)						2,735
Net cash provided by operating activities			1,074,423						1,068,305						980,064
Cash flows from investing activities:
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired			(831,661)						(940,440)						(25,098)
Redevelopment			(81,619)						(70,572)						(72,577)
Development acquisitions of and additions to real estate under development			(61,878)						(2,874)						(7,872)
Capital expenditures on rental properties			(140,348)						(136,395)						(140,371)
Investments in notes receivable			(169,644)						(130,635)						(58,127)
Collections of notes and other receivables			84,801						33,504						—
Proceeds from insurance for property losses			3,522						2,299						3,431
Proceeds from dispositions of real estate			509,946						247,286						99,388
Contributions to co-investments			(33,752)						(34,073)						(37,405)
Changes in refundable deposits			8,000						(8,000)						10,200
Purchases of marketable securities			(25,515)						(1,002)						(20,780)
Sales and maturities of marketable securities			1,264						27,348						64,320
Non-operating distributions from co-investments			184,401						40,503						39,751
Net cash used in investing activities			(552,483)						(973,051)						(145,140)
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes			1,148,242						554,875						598,000

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Payments on unsecured debt and mortgage notes			(808,611)						(403,108)						(302,429)
Proceeds from lines of credit and commercial paper			7,935,548						1,667,476						844,046
Repayments of lines of credit and commercial paper			(8,073,493)						(1,529,531)						(896,119)
Retirement of common stock			—						—						(95,657)
Additions to deferred charges			(13,394)						(9,568)						(1,736)
Payments related to debt prepayment penalties			(697)						—						—
Net costs from issuance of common stock			(391)						(296)						(347)
Net proceeds from stock options exercised			8,930						12,313						—
Payments related to tax withholding for share-based compensation			(8,114)						(3,217)						(3,825)
Distributions to noncontrolling interest			(32,677)						(81,246)						(31,619)
Redemptions of noncontrolling interest			(13,475)						(6,453)						(609)
Redemptions of redeemable noncontrolling interest			—						(521)						—
Common stock dividends paid			(654,068)						(620,466)						(586,976)
Net cash used in financing activities			(512,200)						(419,742)						(477,271)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents			9,740						(324,488)						357,653
Unrestricted and restricted cash and cash equivalents at beginning of year			75,846						400,334						42,681
Unrestricted and restricted cash and cash equivalents at end of year			$	85,586					$	75,846					$	400,334
Supplemental disclosure of cash flow information:
Cash paid for interest, net of capitalized interest			$	252,651					$	223,220					$	207,038
Interest capitalized			$	3,659					$	251					$	823
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	6,431					$	6,934					$	6,962
Supplemental disclosure of noncash investing and financing activities:
Issuance of Operating Partnership units for contributed properties			$	—					$	24,930					$	—
Redemption of preferred equity investments upon acquisition or consolidation of co-investments			$	262,449					$	44,670					$	—
Reclassifications (from) to redeemable noncontrolling interest (to) from additional paid in capital and noncontrolling interest			$	(2,209)					$	(835)					$	5,055
Leased assets obtained in exchange for new operating lease liabilities			$	2,727					$	—					$	—
Debt assumed in connection with acquisition			$	—					$	95,000					$	—
Debt financed by seller in connection with acquisition			$	—					$	11,000					$	—

See accompanying notes to consolidated financial statements

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ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES

Consolidated Balance Sheets

December 31, 2025 and 2024

(In thousands, except parenthetical and unit amounts)

			2025						2024
ASSETS
Real estate investments:
Rental properties:
Land and land improvements			$	3,363,169					$	3,246,789
Buildings and improvements			15,073,416						14,342,729
			18,436,585						17,589,518
Less: accumulated depreciation			(6,532,003)						(6,150,618)
			11,904,582						11,438,900
Real estate under development			157,122						52,682
Co-investments			630,550						935,014
			12,692,254						12,426,596
Cash and cash equivalents-unrestricted			76,241						66,795
Cash and cash equivalents-restricted			9,345						9,051
Marketable securities			98,070						69,794
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			141,591						206,706
Operating lease right-of-use assets			50,833						51,556
Prepaid expenses and other assets			90,675						96,861
Total assets			$	13,159,009					$	12,927,359
LIABILITIES AND CAPITAL
Unsecured debt, net			$	6,015,921					$	5,473,788
Mortgage notes payable, net			784,348						989,884
Lines of credit and commercial paper			—						137,945
Accounts payable and accrued liabilities			221,351						212,747
Construction payable			24,743						14,347
Distributions payable			173,698						165,443
Distributions in excess of investments in co-investments			98,837						79,273
Operating lease liabilities			51,487						52,473
Other liabilities			51,729						50,220
Total liabilities			7,422,114						7,176,120
Commitments and contingencies (Note 17)
Redeemable noncontrolling interest			28,263						30,849
Capital:
General Partner:
Common equity (64,442,290 and 64,280,466 units issued and outstanding, respectively)			5,535,325						5,512,391
			5,535,325						5,512,391
Limited Partners:
Common equity (2,250,339 and 2,331,251 units issued and outstanding, respectively)			61,876						73,418
Accumulated other comprehensive income			10,138						29,429
Total partners’ capital			5,607,339						5,615,238
Noncontrolling interest			101,293						105,152
Total capital			5,708,632						5,720,390
Total liabilities and capital			$	13,159,009					$	12,927,359

See accompanying notes to consolidated financial statements

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ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES

Consolidated Statements of Income

Years ended December 31, 2025, 2024 and 2023

(In thousands, except unit and per unit amounts)

			2025						2024						2023
Revenues:
Rental and other property			$	1,877,964					$	1,764,185					$	1,658,264
Management and other fees from affiliates			9,381						10,265						11,131
			1,887,345						1,774,450						1,669,395
Expenses:
Property operating, excluding real estate taxes			353,355						328,123						301,951
Real estate taxes			205,631						193,413						185,807
Corporate-level property management expenses			49,052						46,208						43,593
Depreciation and amortization			607,542						580,220						548,438
General and administrative			71,948						98,902						63,474
Expensed acquisition and investment related costs			25						72						595
Casualty loss			—						—						433
			1,287,553						1,246,938						1,144,291
Gain on sale of real estate and land			299,524						175,583						59,238
Earnings from operations			899,316						703,095						584,342
Interest expense			(258,404)						(235,529)						(212,905)
Total return swap income			4,729						3,099						3,148
Interest and other income			20,004						80,951						46,259
Equity income from co-investments			35,464						48,206						10,561
Tax benefit (expense) on unconsolidated co-investments			2,096						929						(697)
Loss on early retirement of debt			(762)						—						—
Gain on remeasurement of co-investment			330						210,555						—
Net income			702,773						811,306						430,708
Net income attributable to noncontrolling interest			(9,458)						(43,370)						(10,599)
Net income available to common unitholders			$	693,315					$	767,936					$	420,109
Per unit data:
Basic:
Net income available to common unitholders			$	10.40					$	11.55					$	6.32
Weighted average number of common units outstanding during the year			66,649,608						66,511,030						66,513,303
Diluted:
Net income available to common unitholders			$	10.40					$	11.54					$	6.32
Weighted average number of common units outstanding during the year			66,669,649						66,533,908						66,514,456

See accompanying notes to consolidated financial statements

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ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

Years Ended December 31, 2025, 2024 and 2023

(In thousands)

			2025						2024						2023
Net income			$	702,773					$	811,306					$	430,708
Other comprehensive (loss) income:
Change in fair value of derivatives and amortization of swap settlements			(19,508)						(9,217)						(13,364)
Change in fair value of marketable debt securities, net			244						—						—
Reversal of unrealized gains upon the sale of marketable debt securities			(27)						—						—
Total other comprehensive loss			(19,291)						(9,217)						(13,364)
Comprehensive income			683,482						802,089						417,344
Comprehensive income attributable to noncontrolling interest			(9,458)						(43,370)						(10,599)
Comprehensive income attributable to controlling interest			$	674,024					$	758,719					$	406,745

See accompanying notes to consolidated financial statements.

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ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES

Consolidated Statements of Capital

Years ended December 31, 2025, 2024 and 2023

(In thousands, except per unit amounts)

																														Accumulated other comprehensive income (loss), net
			General Partner																		Limited Partners															Noncontrolling interest						Total
			Common Equity																		Common Equity
			Units						Amount												Units						Amount
Balances at December 31, 2022			64,605						$	5,669,906											2,272						$	51,454								$	52,010					$	121,746					$	5,895,116
Net income			—						405,825												—						14,284									—						10,599						430,708
Change in fair value of derivatives and amortization of swap settlements			—						—												—						—									(13,364)						—						(13,364)
Issuance of common units under:
General partner’s stock based compensation, net			21						(3,825)												—						—									—						—						(3,825)
Sale of common stock by general partner, net			—						(347)												—						—									—						—						(347)
Equity based compensation costs			—						11,723												—						412									—						—						12,135
Retirement of common units, net			(437)						(95,657)												—						—									—						—						(95,657)
Changes in the redemption value of redeemable noncontrolling interest			—						(5,150)												—						75									—						20						(5,055)
Distributions to noncontrolling interest			—						—												—						—									—						(11,060)						(11,060)
Redemptions			14						(100)												(13)						(355)									—						(154)						(609)
Distributions declared ($9.24 per unit)			—						(593,185)												—						(20,879)									—						—						(614,064)
Balances at December 31, 2023			64,203						$	5,389,190											2,259						$	44,991								$	38,646					$	121,151					$	5,593,978
Net income			—						741,522												—						26,414									—						43,370						811,306
Change in fair value of derivatives and amortization of swap settlements			—						—												—						—									(9,217)						—						(9,217)
Issuance of common stock under:
General partner’s stock based compensation, net			70						9,096												—						—									—						—						9,096
Sale of common stock by general partner, net			—						(296)												—						—									—						—						(296)
Equity based compensation costs			—						7,408												—						263									—						—						7,671
Changes in the redemption value of redeemable noncontrolling interest			—						373												—						99									—						363						835
Issuance of OP units to noncontrolling interest			—						—												82						24,930									—						—						24,930
Distributions to noncontrolling interest			—						—												—						—									—						(59,317)						(59,317)
Redemptions			7						(5,254)												(10)						(784)									—						(415)						(6,453)
Distributions declared ($9.80 per unit)			—						(629,648)												—						(22,495)									—						—						(652,143)

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Balances at December 31, 2024			64,280						$	5,512,391											2,331						$	73,418								$	29,429					$	105,152					$	5,720,390
Net income			—						669,666												—						23,649									—						9,458						702,773
Reversal of unrealized gains upon the sale of marketable debt securities			—						—												—						—									(27)						—						(27)
Change in fair value of derivatives and amortization of swap settlements			—						—												—						—									(19,508)						—						(19,508)
Change in fair value of marketable debt securities, net			—						—												—						—									244						—						244
Issuance of common stock under:
General partner’s stock based compensation, net			81						816												—						—									—						—						816
Sale of common stock by general partner, net			—						(391)												—						—									—						—						(391)
Equity based compensation costs			—						9,879												—						345									—						—						10,224
Changes in the redemption value and redemptions of redeemable noncontrolling interest			6						2,805												(6)						(441)									—						222						2,586
Distributions to noncontrolling interest			—						—												—						—									—						(9,551)						(9,551)
Redemptions			75						2,358												(75)						(11,845)									—						(3,988)						(13,475)
Distributions declared ($10.28 per unit)			—						(662,199)												—						(23,250)									—						—						(685,449)
Balances at December 31, 2025			64,442						$	5,535,325											2,250						$	61,876								$	10,138					$	101,293					$	5,708,632

See accompanying notes to consolidated financial statements

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ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

Years ended December 31, 2025, 2024 and 2023

(In thousands)

			2025						2024						2023
Cash flows from operating activities:
Net income			$	702,773					$	811,306					$	430,708
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-lined rents			(1,115)						34						2,773
Depreciation and amortization			607,542						580,220						548,438
Amortization of discount and debt financing costs, net			7,162						7,795						6,911
Realized and unrealized gains on marketable securities, net			(3,809)						(8,347)						(10,006)
Provision for credit losses			26						(179)						70
Company’s share of gain on the sales of co-investments			(5,189)						—						—
Equity income from co-investments			(30,275)						(48,206)						(10,561)
Operating distributions from co-investments			93,010						62,868						76,787
Accrued interest from notes and other receivables			(9,201)						(13,497)						(12,631)
Casualty loss			—						—						433
Gain on the sale of real estate and land			(299,524)						(175,583)						(59,238)
Equity-based compensation			9,640						7,158						8,031
Loss on early retirement of debt			762						—						—
Gain on remeasurement of co-investment			(330)						(210,555)						—
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets			(2,002)						32,007						(9,721)
Accounts payable, accrued liabilities, and operating lease liabilities			7,217						25,194						5,335
Other liabilities			(2,264)						(1,910)						2,735
Net cash provided by operating activities			1,074,423						1,068,305						980,064
Cash flows from investing activities:
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired			(831,661)						(940,440)						(25,098)
Redevelopment			(81,619)						(70,572)						(72,577)
Development acquisitions of and additions to real estate under development			(61,878)						(2,874)						(7,872)
Capital expenditures on rental properties			(140,348)						(136,395)						(140,371)
Investments in notes receivable			(169,644)						(130,635)						(58,127)
Collections of notes and other receivables			84,801						33,504						—
Proceeds from insurance for property losses			3,522						2,299						3,431
Proceeds from dispositions of real estate			509,946						247,286						99,388
Contributions to co-investments			(33,752)						(34,073)						(37,405)
Changes in refundable deposits			8,000						(8,000)						10,200
Purchases of marketable securities			(25,515)						(1,002)						(20,780)
Sales and maturities of marketable securities			1,264						27,348						64,320
Non-operating distributions from co-investments			184,401						40,503						39,751
Net cash used in investing activities			(552,483)						(973,051)						(145,140)
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes			1,148,242						554,875						598,000

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Payments on unsecured debt and mortgage notes			(808,611)						(403,108)						(302,429)
Proceeds from lines of credit and commercial paper			7,935,548						1,667,476						844,046
Repayments of lines of credit and commercial paper			(8,073,493)						(1,529,531)						(896,119)
Retirement of common units			—						—						(95,657)
Additions to deferred charges			(13,394)						(9,568)						(1,736)
Payments related to debt prepayment penalties			(697)						—						—
Net costs from issuance of common units			(391)						(296)						(347)
Net proceeds from stock options exercised			8,930						12,313						—
Payments related to tax withholding for share-based compensation			(8,114)						(3,217)						(3,825)
Distributions to noncontrolling interest			(9,498)						(56,582)						(8,558)
Redemptions of noncontrolling interest			(13,475)						(6,453)						(609)
Redemptions of redeemable noncontrolling interest			—						(521)						—
Common unit distributions paid			(677,247)						(645,130)						(610,037)
Net cash used in financing activities			(512,200)						(419,742)						(477,271)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents			9,740						(324,488)						357,653
Unrestricted and restricted cash and cash equivalents at beginning of year			75,846						400,334						42,681
Unrestricted and restricted cash and cash equivalents at end of year			$	85,586					$	75,846					$	400,334
Supplemental disclosure of cash flow information:
Cash paid for interest, net of capitalized interest			$	252,651					$	223,220					$	207,038
Interest capitalized			$	3,659					$	251					$	823
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	6,431					$	6,934					$	6,962
Supplemental disclosure of noncash investing and financing activities:
Issuance of Operating Partnership units for contributed properties			$	—					$	24,930					$	—
Redemption of preferred equity investments upon acquisition or consolidation of co-investments			$	262,449					$	44,670					$	—
Reclassifications (from) to redeemable noncontrolling interest (to) from general and limited partner capital and noncontrolling interest			$	(2,209)					$	(835)					$	5,055
Leased assets obtained in exchange for new operating lease liabilities			$	2,727					$	—					$	—
Debt assumed in connection with acquisition			$	—					$	95,000					$	—
Debt financed by seller in connection with acquisition			$	—					$	11,000					$	—

See accompanying notes to consolidated financial statements

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ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2025, 2024 and 2023

(1) Organization

The accompanying consolidated financial statements present the accounts of Essex Property Trust, Inc. (“Essex” or the “Company”), which include the accounts of the Company and Essex Portfolio, L.P. and its subsidiaries (the “Operating Partnership,” which holds the operating assets of the Company). Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership.

Essex is the sole general partner of the Operating Partnership with a 96.6% general partner interest and the limited partners owned a 3.4% interest as of December 31, 2025. The limited partners may convert their Operating Partnership units into an equivalent number of shares of Essex common stock. Total Operating Partnership limited partnership units (“OP Units,” and the holders of such OP Units, “Unitholders”) outstanding were 2,250,339 and 2,331,251 as of December 31, 2025 and 2024, respectively, and the redemption value of the OP Units, based on the closing price of the Company’s common stock, totaled $588.9 million and $665.4 million, as of December 31, 2025 and 2024, respectively. The Company has reserved shares of common stock for such conversions.

As of December 31, 2025, the Company owned or had ownership interests in 259 operating apartment communities, comprising 63,077 apartment homes, excluding the Company’s ownership interests in preferred equity co-investments, loan investments, two operating commercial buildings and a development pipeline comprised of one consolidated project and various predevelopment projects. The operating apartment communities are located in Southern California (primarily Los Angeles, Orange, San Diego, and Ventura counties), Northern California (the San Francisco Bay Area) and the Seattle metropolitan areas.

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ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

(2) Summary of Critical and Significant Accounting Policies

(a) Principles of Consolidation and Basis of Presentation

The accounts of the Company, its controlled subsidiaries and the variable interest entities (“VIEs”) in which it is the primary beneficiary are consolidated in the accompanying financial statements and prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included and are normal and recurring in nature. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Certain reclassifications have been made to conform to the current year's presentation.

Noncontrolling interest includes the 3.4% and 3.5% limited partner interests in the Operating Partnership not held by the Company as of December 31, 2025 and 2024, respectively. These percentages include the Operating Partnership’s vested long-term incentive plan units (see Note 14, Equity Based Compensation Plans).

(b) Recently Adopted Accounting Pronouncements

In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-05 “Business Combinations —Joint Venture Formations (Subtopic 805-60)” under which an entity that qualifies as a joint venture is required to apply a new basis of accounting upon the formation of the joint venture. The amendments in ASU 2023-05 require that a joint venture must initially measure its assets and liabilities at fair value on the formation date. ASU 2023-05 is effective for all joint ventures that are formed on or after January 1, 2025 and early adoption is permitted. The Company adopted ASU No. 2023-05 as of January 1, 2025. This adoption did not have a material impact on the Company’s consolidated results of operations or financial position.

(c) Recent Accounting Pronouncements

In September 2025, the FASB issued ASU No. 2025-06 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”. ASU 2025-06 eliminates project stages and requires capitalizing software costs to begin when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. When evaluating if a project is probable to be completed, significant development uncertainty must be assessed. In addition, disclosures for property, plant and equipment will be required for all capitalized software costs. ASU 2025-06 will be effective for the Company beginning January 1, 2028 and early adoption is permitted. Upon adoption, the new standard may be applied prospectively, retrospectively or using a modified transition approach. The Company is currently evaluating the impact of ASU 2025-06 on its consolidated results of operations and financial position.

In July 2025, the FASB issued ASU No. 2025-05, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets”. ASU 2025-05 provides for a practical expedient that allows an entity to assume that conditions as of the balance sheet date will remain unchanged over the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets arising from revenue transactions from contracts with customers. ASU 2025-05 will be effective for the Company beginning January 1, 2026, with early adoption permitted, and is required to be applied prospectively. The Company has evaluated the impact of ASU 2025-05 and has determined that the ASU would not have a material impact on its consolidated results of operations or financial position.

In November 2024, the FASB issued ASU No. 2024-03 “Income Statement —Reporting Comprehensive Income —Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, and in January 2025, the FASB issued ASU No. 2025-01 “Income Statement —Reporting Comprehensive Income —Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date.” ASU 2024-03 requires disaggregated information for specified categories of expenses to be presented in the notes to the financial statements. ASU 2024-03, as clarified by ASU 2025-01, will be effective for the Company for annual periods beginning January 1, 2027 and interim periods beginning January 1, 2028. Early adoption is permitted. The new standards may be applied either prospectively, to financial statements issued after the effective date, or retrospectively, to all prior periods presented. The Company is currently evaluating the impact of these standards on its consolidated results of operations and financial position.

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ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

(d) Real Estate Rental Properties

Significant expenditures, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized. Operating real estate assets are stated at cost and consist of land and land improvements, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Expenditures for maintenance and repairs are charged to expense as incurred.

The depreciable life of various categories of fixed assets is as follows:

Computer software and equipment			3 - 5 years
Interior apartment home improvements			5 years
Furniture, fixtures and equipment			5 - 10 years
Land improvements and certain exterior components of real property			10 years
Real estate structures			30 years

The Company capitalizes all costs incurred with the predevelopment, development or redevelopment of real estate assets or costs associated with the construction or expansion of real property. Such capitalized costs include land, land improvements, allocated costs of the Company’s project management staff, construction costs, as well as interest and related loan fees, property taxes and insurance. Capitalization begins for predevelopment, development, and redevelopment projects when activity commences. Capitalization ends when the apartment home is completed and the property is available for a new tenant or if the development activities cease.

The Company allocates the purchase price of real estate on a fair value basis to land and building, including personal property and identifiable intangible assets, such as the value of above-market, below-market and in-place leases. In making estimates of relative fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent land and building appraisals which consider comparable market transactions, its own analysis of recently acquired or developed comparable properties in its portfolio for land comparables and building replacement costs, and other publicly available market data. In calculating the fair value of identified intangible assets of an acquired property, the in-place leases are valued based on in-place rent rates and amortized over the average remaining term of all acquired leases.

The values of the above and below market leases are amortized and recorded as either a decrease (in the case of above market leases) or an increase (in the case of below market leases) to rental revenue over the remaining term of the associated leases acquired. The value of acquired in-place leases is amortized to expense over the average remaining term of the leases acquired. The net carrying value of acquired in-place leases was $7.5 million and $7.7 million as of December 31, 2025 and 2024, respectively, and are included in prepaid expenses and other assets on the Company’s consolidated balance sheets.

The Company periodically assesses the carrying value of its consolidated real estate investments for indicators of impairment. The judgments regarding the existence of impairment indicators are based on monitoring investment market conditions and performance compared to budget for operating properties including the net operating income for the most recent 12 month period, monitoring estimated costs for properties under development, the Company’s ability to hold and its intent with regard to each asset, and each property’s remaining useful life. Whenever events or changes in circumstances indicate that the carrying amount of a property held for investment may not be recoverable, the carrying amount is evaluated. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount (including intangible assets) of a property held for investment, then the Company will recognize an impairment loss equal to the excess of the carrying amount over the fair value of the property. Fair value of a property is determined using conventional real estate valuation methods, such as discounted cash flow, the property’s unleveraged yield in comparison to the unleveraged yields and/or sales prices of similar communities that have been recently sold, and other third party information, if available. Communities held for sale are carried at the lower of cost or fair value less estimated costs to sell. As of December 31, 2025 and 2024, no properties were classified as held for sale. The Company did not record an impairment charge on any of its consolidated real estate investments for the years ended December 31, 2025, 2024 and 2023.

In the normal course of business, the Company will receive purchase offers for its communities, either solicited or unsolicited. For those offers that are accepted, the prospective buyer will usually require a due diligence period before consummation of the transaction. It is not unusual for matters to arise that result in the withdrawal or rejection of the offer during this process. The

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

Company classifies real estate as “held for sale” when the Company has obtained necessary management approvals to sell a property and the sale of the property is expected to be completed within a year. Evaluating solicited or unsolicited offers generally does not cause properties to be classified as held for sale.

(e) Co-investments

The Company owns investments in joint ventures in which it has significant influence, but its ownership interest does not meet the criteria for consolidation in accordance with U.S. GAAP. Therefore, the Company accounts for co-investments using the equity method of accounting. Under the equity method of accounting, the investment is carried at the cost of assets contributed, plus the Company’s equity in earnings, less distributions received and the Company’s share of losses. The significant accounting policies of the Company’s co-investment entities are consistent with those of the Company in all material respects.

Upon the acquisition of a controlling interest of a co-investment, the co-investment entity is consolidated and a gain or loss is recognized upon the remeasurement of the co-investment in the consolidated statements of income equal to the amount by which the fair value of the co-investment interest, using Level 2 inputs, exceeds the Company’s carrying value of the co-investment. A majority of the co-investments, excluding most preferred equity investments, compensate the Company for its asset management services and some of these investments may provide promote income if certain financial return benchmarks are achieved. Management fees are recognized when earned, and promote fees are recognized when the earnings events have occurred and the amount is determinable and collectible. Any promote fees are reflected in equity income from co-investments.

The Company evaluates its co-investments for impairment and records a loss if the carrying value is greater than the fair value of the investment and the impairment is other-than-temporary.

(f) Revenues and Gains on Sale of Real Estate and Land

Revenues from tenants renting or leasing apartment homes are recorded when due from tenants and are recognized monthly as they are earned, which generally approximates a straight-line basis, else, adjustments are made to conform to a straight-line basis. Apartment homes are rented under short-term leases (generally, lease terms of 9 to 12 months). Revenues from tenants leasing commercial space are recorded on a straight-line basis over the life of the respective lease. See Note 4, Revenues, and Note 10, Lease Agreements - Company as Lessor, for additional information regarding such revenues.

The Company also generates other property-related revenue associated with the leasing of apartment homes, including storage income, pet rent, and other miscellaneous revenue. Similar to rental income, such revenues are recorded when due from tenants and recognized monthly as they are earned.

Apart from rental and other property-related revenue, revenues from contracts with customers are recognized as control of the promised services is passed to the customer. For customer contracts related to management and other fees from affiliates (which includes asset management and property management), the transaction price and amount of revenue to be recognized are determined each quarter based on the management fee calculated and earned for that month or quarter. The contract will contain a description of the service and the fee percentage for management services. Payments from such services are one month or one quarter in arrears of the service performed.

The Company recognizes any gains on sales of real estate when it transfers control of a property and when it is probable that the Company will collect substantially all of the related consideration.

(g) Cash, Cash Equivalents and Restricted Cash

Highly liquid investments generally with original maturities of three months or less when purchased are classified as cash equivalents. Restricted cash balances relate primarily to reserve requirements for capital replacement at certain communities in connection with the Company’s mortgage debt.

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows ($ in thousands):

			December 31,
			2025						2024						2023
Cash and cash equivalents - unrestricted			$	76,241					$	66,795					$	391,749
Cash and cash equivalents - restricted			9,345						9,051						8,585
Total unrestricted and restricted cash and cash equivalents shown in the consolidated statements of cash flows			$	85,586					$	75,846					$	400,334

(h) Marketable Securities

The Company reports its equity securities and available for sale debt securities at fair value, based on quoted market prices (Level 1 for the equity securities and Level 2 for the available for sale debt securities, as defined by the FASB standard for fair value measurements). As of both December 31, 2025 and 2024, less than $0.1 million of equity securities presented within common stock, preferred stock, and stock funds in the tables below represented investments measured at fair value, using net asset value as a practical expedient, and were not categorized in the fair value hierarchy.

Any unrealized gain or loss in debt securities classified as available for sale is recorded as other comprehensive income. Any realized and unrealized gain or loss in equity securities, realized gain in debt securities and interest income are included in interest and other income in the consolidated statements of income. There were no other-than-temporary impairment charges for the years ended December 31, 2025, 2024 and 2023.

As of December 31, 2025 and 2024, equity securities and available for sale debt securities consisted primarily of investment funds-debt securities, common stock, preferred stock and stock funds, U.S. Treasury and agency securities, certificates of deposit, corporate debt securities and municipal debt securities.

As of December 31, 2025 and 2024, marketable securities consisted of the following ($ in thousands):

			December 31, 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						21,736						70,474
Available for sale debt securities:
U.S. Treasury and agency securities			10,186						103						10,289
Certificates of deposit			5,000						—						5,000
Corporate debt securities			8,954						105						9,059
Municipal debt securities			556						9						565
Total - Marketable securities			$	76,111					$	21,959					$	98,070

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ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

			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

(i) Notes Receivable

Notes receivable relate to real estate financing arrangements including mezzanine and bridge loans. Interest is recognized over the life of the note as interest income.

Each note is analyzed to determine if it is impaired. A note is impaired if it is probable that the Company will not collect all contractually due principal and interest. The Company does not accrue interest when a note is considered impaired and an allowance is recorded for any principal and previously accrued interest that are not believed to be collectible. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income.

In the normal course of business, the Company originates and holds two types of loans: mezzanine loans issued to entities that are pursuing apartment development and short-term bridge loans issued to joint ventures with the Company.

The Company categorizes development project mezzanine loans into risk categories based on relevant information about the ability of the borrowers to service their debt, such as: current financial information, credit documentation, public information, and previous experience with the borrower. The Company initially analyzes each mezzanine loan individually to classify the credit risk of the loan. On a periodic basis the Company evaluates financial information on the project, its sponsors, and its guarantors and additionally performs site visits of the development projects associated with the mezzanine loans to confirm whether they are on budget and whether there are any delays in development that could impact the Company’s assessment of credit loss.

All bridge loans that the Company issues are, by their nature, short-term and meant only to provide time for the Company’s joint ventures to obtain long-term funding for newly acquired communities. As the Company is a partner in the joint ventures that are borrowing such funds and has performed a detailed review of each community as part of the acquisition process, there is little to no credit risk associated with such loans. As such, the Company does not review credit quality indicators for bridge loans on an ongoing basis.

The Company estimates the allowance for credit losses for each loan type using relevant available information from internal and external sources, relating to past events, current conditions, and reasonable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses.

Adjustments to historical loss information are made, if necessary, for differences in current loan-specific risk characteristics. For example, in the case of mezzanine loans, adjustments may be made due to differences in track record and experience of the mezzanine loan sponsor as well as the percent of equity that the sponsor has contributed to the project.

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

(j) Capitalization Policy

The Company capitalizes all direct and certain indirect costs, including interest, employee compensation costs, real estate taxes and insurance, incurred during development and redevelopment activities. Interest is capitalized on real estate assets that require a period of time to get them ready for their intended use. The amount of interest capitalized is based upon the average amount of accumulated development expenditures during the reporting period. Included in capitalized costs are management’s estimates of the direct and incremental personnel costs and indirect project costs associated with the Company’s development and redevelopment activities. Indirect project costs consist primarily of personnel costs associated with construction administration and development, including accounting, legal fees, and various corporate and community onsite costs that clearly relate to projects under development. Those costs, inclusive of capitalized interest, as well as capitalized development and redevelopment fees totaled $26.2 million, $20.2 million and $19.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. The Company amortizes the capitalized costs over the useful life of the development.

(k) Fair Value of Financial Instruments

The Company values its financial instruments based on the fair value hierarchy of valuation techniques described in the FASB’s accounting standard for fair value measurements. Level 1 inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability. The Company uses Level 1 inputs for the fair values of its cash equivalents and its marketable securities. The Company uses Level 2 inputs for its notes receivable, notes payable, and derivative balances. These inputs include interest rates for similar financial instruments. The Company’s valuation methodology for derivatives is described in Note 9, Derivative Instruments and Hedging Activities. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

Management estimates that the carrying amounts of the outstanding balances under its lines of credit, commercial paper and notes and other receivables approximate fair value as of December 31, 2025 and 2024, because interest rates, yields, and other terms for these instruments are consistent with interest rates, yields, and other terms currently available for similar instruments. Management has estimated that the fair value of the Company’s fixed rate debt with a carrying value of $5.9 billion and $5.8 billion as of December 31, 2025 and 2024, respectively, was approximately $5.8 billion and $5.5 billion, respectively. Management has estimated that the fair value of the Company’s $854.4 million and $752.3 million of variable rate debt as of December 31, 2025 and 2024, respectively, was approximately $853.2 million and $749.4 million, respectively, based on the terms of existing mortgage notes payable, unsecured debt, and lines of credit compared to those available in the marketplace. Management estimates that the carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities, construction payables, other liabilities and dividends payable approximate fair value as of December 31, 2025 and 2024 due to the short-term maturity of these instruments. Marketable securities are carried at fair value as of December 31, 2025 and 2024.

(l) Interest Rate Protection, Swap, and Forward Contracts

The Company uses interest rate swaps, interest rate caps, and total return swap contracts to manage interest rate risks. The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, the Company uses interest rate swaps as part of its cash flow hedging strategy.

The Company records all derivatives on its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.

For derivatives designated for accounting purposes as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated for accounting purposes as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the initial and ongoing effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated for accounting purposes as cash flow hedges, changes in fair value are recognized in earnings. The Company’s interest rate swaps are considered cash flow hedges.

(m) Income Taxes

Generally in any year in which Essex qualifies as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “IRC”), it is not subject to federal income tax on that portion of its income that it distributes to stockholders. No provision for federal income taxes, other than with respect to the taxable REIT subsidiaries discussed below, has been made in the accompanying consolidated financial statements for each of the years in the three-year period ended December 31, 2025 as Essex has elected to be and believes it qualifies under the IRC as a REIT and has made distributions during the periods in amounts to preclude Essex from paying federal income tax.

In order to maintain compliance with REIT tax rules, the Company utilizes taxable REIT subsidiaries for various revenue generating or investment activities. A domestic taxable REIT subsidiary is subject to federal income tax as a regular C corporation. The taxable REIT subsidiaries are consolidated by the Company for financial reporting purposes. In general, the activities and tax related provisions, assets and liabilities are not material.

As a partnership, the Operating Partnership is not subject to federal or state income taxes, except that in order to maintain Essex’s compliance with REIT tax rules that are applicable to Essex, the Operating Partnership utilizes taxable REIT subsidiaries for various revenue generating or investment activities. The taxable REIT subsidiaries are consolidated by the Operating Partnership for financial reporting purposes.

Cash dividends on Essex’s common stock for the years ended December 31, 2025, 2024 and 2023 were classified for federal income tax purposes as follows:

			Year Ended December 31,
			2025						2024						2023
Common Stock
Ordinary income			96.74		%				98.19		%				88.46		%
Capital gain			1.43		%				1.81		%				8.32		%
Unrecaptured section 1250 capital gain			1.83		%				—		%				3.22		%
			100.00		%				100.00		%				100.00		%

(n) Equity-based Compensation

The cost of share and unit-based compensation awards is measured at the grant date based on the estimated fair value of the awards. The estimated fair value of stock options and restricted stock granted by the Company are being amortized over the vesting period. The estimated grant date fair values of the long-term incentive plan units (discussed in Note 14, Equity Based Compensation Plans) are being amortized over the expected service periods.

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

(o) Changes in Accumulated Other Comprehensive Income, Net by Component

Essex Property Trust, Inc.

($ in thousands)

			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			(23,990)						236						(23,754)
Amounts reclassified from accumulated other comprehensive income			5,172						(26)						5,146
Other comprehensive (loss) income			(18,818)						210						(18,608)
Balance at December 31, 2025			$	5,837					$	210					$	6,047

Essex Portfolio, L.P.

($ in thousands)

			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			(24,863)						244						(24,619)
Amounts reclassified from accumulated other comprehensive income			5,355						(27)						5,328
Other comprehensive (loss) income			(19,508)						217						(19,291)
Balance at December 31, 2025			$	9,921					$	217					$	10,138

Amounts reclassified from accumulated other comprehensive income, net in connection with derivatives are recorded in interest expense in the consolidated statements of income. Realized gains and losses on available for sale debt securities are included in interest and other income on the consolidated statements of income.

(p) Redeemable Noncontrolling Interest

The carrying value of redeemable noncontrolling interest in the accompanying consolidated balance sheets was $28.3 million and $30.8 million as of December 31, 2025 and 2024, respectively. The limited partners may redeem their noncontrolling interests for cash in certain circumstances.

The changes in the redemption value of redeemable noncontrolling interest for the years ended December 31, 2025, 2024 and 2023 were as follows:

			2025						2024						2023
Balance at January 1,			$	30,849					$	32,205					$	27,150
Reclassifications due to change in redemption value and other			(2,209)						(835)						5,055
Redemptions			(377)						(521)						—
Balance at December 31,			$	28,263					$	30,849					$	32,205

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

(q) Accounting Estimates

The preparation of consolidated financial statements, in accordance with U.S. GAAP, requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, its notes receivable, and its qualification as a REIT. The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions.

(r) Variable Interest Entities

In accordance with accounting standards for consolidation of VIEs, the Company consolidated the Operating Partnership, 18 DownREIT entities (comprising ten communities), and four co-investments as of December 31, 2025. The Company consolidated the Operating Partnership, 18 DownREIT entities (comprising nine communities), and five co-investments as of December 31, 2024. The Company consolidated these entities because it was the primary beneficiary. Essex has no assets or liabilities other than its investment in the Operating Partnership. 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. Noncontrolling interests in these entities were $101.2 million and $105.1 million as of December 31, 2025 and 2024, respectively. The Company’s financial risk in each VIE is limited to its equity investment in the VIE.

The DownREIT VIEs collectively own ten apartment communities in which the Company is the general partner or manager of the DownREIT entity, the Operating Partnership is a special limited partner or member, and the other limited partners or members were granted rights of redemption for their interests. Such limited partners or members can request to be redeemed and the Company, subject to certain restrictions, can elect to redeem their rights for cash or by issuing shares of its common stock on a one share per unit basis. Conversion values will be based on the market value of the Company’s common stock at the time of redemption multiplied by the number of units stipulated under various arrangements, as noted above. The other limited partners or members receive distributions based on the Company’s current dividend rate multiplied by the number of units held. Total DownREIT units outstanding were 892,572 and 914,505 as of December 31, 2025 and 2024, respectively, and the redemption value of the units, based on the closing price of the Company’s common stock totaled $233.6 million and $261.0 million, as of December 31, 2025 and 2024, respectively. The carrying value of redeemable noncontrolling interest in the accompanying balance sheets was $28.3 million and $30.8 million as of December 31, 2025 and 2024, respectively. Of these amounts, $8.9 million and $9.0 million as of December 31, 2025 and 2024, respectively, represent units of limited partners’ or members’ interests in DownREIT VIEs as to which it is outside of the Company’s control to redeem the DownREIT units with Company common stock and may potentially be redeemed for cash, and are presented at either their redemption value or historical cost, depending on the limited partner’s or members’ right to redeem their units as of the balance sheet date. The carrying value of DownREIT units as to which it is within the control of the Company to redeem the units with its common stock was $96.6 million and $96.9 million as of December 31, 2025 and 2024, and is classified within noncontrolling interests in the accompanying consolidated balance sheets.

Interest holders in VIEs consolidated by the Company are allocated a priority of net income equal to the cash payments made to those interest holders or distributions from cash flow. The remaining results of operations are generally allocated to the Company.

As of December 31, 2025 and 2024, the Company was not deemed to be the primary beneficiary of any other VIEs and did not have any VIEs of which it was not deemed to be the primary beneficiary.

(s) Gain Contingencies

Contingencies, commonly resulting from legal settlements, will periodically arise that may result in a gain. Gain contingencies are typically not recognized in the financial statements until all uncertainties related to the contingency have been resolved. In the case of legal settlements, the Company determines that all uncertainties have been resolved when cash or other consideration has been received by the Company. 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

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

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 within interest and other income on the consolidated statements of income.

(3) Real Estate Investments

(a) Acquisitions of Real Estate Interests

The table below summarizes acquisition activity for the year ended December 31, 2025 ($ in millions):

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
1250 Lakeside						CA						Nov-25						250						143.5
Total acquisitions																		1,523						$	829.5

(1)One Hundred Grand and Revere Campbell replaced Highridge, an apartment home community owned by DownREIT entities that are consolidated by the Company, within the DownREIT structures of those entities pursuant to the like-kind exchange rules under Section 1031 of the Internal Revenue Code of 1986, as amended (“Section 1031 Exchange”).

The consolidated fair value of the acquisitions listed above was included on the Company’s consolidated balance sheets as follows: $156.1 million addition to land and land improvements, $670.7 million was included in buildings and improvements, and $7.3 million addition to prepaid expenses and other assets.

Acquisition activity for the year ended December 31, 2024 includes 13 apartment communities for a total pro-rata contract price of $849.4 million. The consolidated fair value of the acquisitions was included on the Company’s consolidated balance sheets as follows: $231.6 million addition to land and land improvements, $1,178.0 million was included in buildings and improvements, $9.0 million addition to prepaid expenses and other assets, $26.3 million addition to real estate under development, and $106.0 million addition to mortgage notes payable. A gain on remeasurement of co-investments for $210.6 million was recorded as 10 of the apartment communities were acquired from joint venture partners.

(b) Dispositions of Real Estate Interests

The table below summarizes disposition activity for the year ended December 31, 2025 ($ in millions):

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

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

(1)Highridge, an apartment home community owned by DownREIT entities that are consolidated by the Company, was replaced by One Hundred Grand and Revere Campbell within the DownREIT structures of those entities pursuant to a Section 1031 Exchange. The Company recognized a $111.0 million gain on sale of real estate and land in the consolidated statements of income. In conjunction with the sale, $69.6 million in debt associated with the property was paid off and the Company recorded a $0.8 million loss on early extinguishment of debt.

(2)The Company recognized a $126.2 million gain on sale of real estate and land in the consolidated statements of income.

(3)The Company recognized a $47.8 million gain on sale of real estate and land in the consolidated statements of income.

(4)The Company recognized a $14.5 million gain on sale of real estate and land in the consolidated statements of income.

For the year ended December 31, 2024, the Company sold its 81.5% interest in a consolidated co-investment, a 697-unit apartment home community, for a contract price of $252.4 million on a gross basis ($205.7 million at pro rata), resulting in a $175.6 million gain on sale of real estate and land in the consolidated statements of income.

For the year ended December 31, 2023, the Company sold an apartment community consisting of 239 apartment homes for $91.7 million, resulting in a gain on sale of $54.5 million. Additionally, the Company sold land that had been held for future development, for $8.7 million and recognized a gain on sale of $4.7 million.

(c) Co-investments

The Company has joint ventures which are accounted for under the equity method. The co-investments’ accounting policies are similar to the Company’s accounting policies. The co-investments typically own, operate, and develop apartment home communities. The Company also invests in five unconsolidated technology co-investments with an aggregate commitment of $86.0 million as of December 31, 2025 and 2024, respectively. The unconsolidated technology co-investment balance of these investments was $74.7 million and $57.3 million as of December 31, 2025 and 2024, respectively.

In September 2025, Wesco V, LLC, a joint venture in which the Company owns a 50.0% interest, sold one of its apartment home communities named 8th & Republican for a total contract price of $94.9 million. The Company recorded a $5.2 million gain from the sale as equity income from co-investments within the consolidated statements of income.

The carrying values of the Company’s co-investments as of December 31, 2025 and 2024 were as follows ($ in thousands, except in parenthetical):

			Weighted Average Essex Ownership Percentage (1)						December 31,
						2025						2024
Ownership interest in:
Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI (2)			54%						$	73,002					$	147,232
BEX IV and 500 Folsom			50%						135,518						146,142
Other (2)			53%						95,851						86,089
Total operating and other co-investments, net									304,371						379,463
Total preferred equity co-investments (3) (includes related party investments of $52.8 million and $48.1 million as of December 31, 2025 and 2024, respectively. See Note 6, Related Party Transactions, for further discussion)									227,342						476,278
Total co-investments, net									$	531,713					$	855,741

(1)Weighted average Company ownership percentages are as of December 31, 2025.

(2)As of December 31, 2025 and 2024, the Company’s investments in Wesco I, Wesco III, Wesco IV, and Expo were classified as a liability of $98.8 million and $79.3 million, respectively, due to distributions received in excess of the Company’s investment. The weighted average Essex ownership percentage excludes the Company’s investments in non-core technology co-investments which are carried at fair value.

(3)Includes one preferred equity investment held by Wesco VII, LLC.

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

The combined summarized financial information of co-investments was as follows ($ in thousands):

			December 31,
			2025						2024
Combined balance sheets: (1)
Rental properties and real estate under development			$	3,220,390					$	4,094,826
Other assets			194,413						277,420
Total assets			$	3,414,803					$	4,372,246
Debt			$	2,412,106					$	3,001,303
Other liabilities			163,358						235,111
Equity			839,339						1,135,832
Total liabilities and equity			$	3,414,803					$	4,372,246

			Year Ended December 31,
			2025						2024						2023
Combined statements of income: (1)
Property revenues			$	332,330					$	390,850					$	409,910
Property operating expenses			(124,504)						(154,245)						(158,520)
Net operating income			207,826						236,605						251,390
Gain on sale of real estate			10,378						—						—
Interest expense			(104,097)						(142,601)						(154,038)
General and administrative			(17,237)						(21,157)						(20,594)
Depreciation and amortization			(138,729)						(167,875)						(174,028)
Net loss			$	(41,859)					$	(95,028)					$	(97,270)
Company’s share of net income (2)			$	35,464					$	48,206					$	10,561

(1)Includes preferred equity investments held by the Company and excludes investments in technology co-investments.

(2)Includes the Company’s share of equity income from joint ventures and preferred equity investments, gain on sales of co-investments, co-investment promote income and income from early redemption of preferred equity investments. Includes related party income of $5.1 million, $4.6 million and $7.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Operating Co-investments

As of December 31, 2025 and 2024, the Company, through several co-investments, owned 7,483 and 7,694 apartment homes, respectively, in operating communities. The Company’s book value of these co-investments was $304.4 million and $379.5 million as of December 31, 2025 and 2024, respectively.

Predevelopment and Development Co-investments

As of December 31, 2025 and 2024, the Company did not have any projects in unconsolidated predevelopment or development communities.

Preferred Equity Investments

The Company holds preferred equity investment interests in several joint ventures which own real estate. Preferred equity investments are included in the co-investments line in the accompanying consolidated balance sheets. In the event of an acquisition of a controlling interest in a co-investment, the value recorded is determined in accordance with the Company's accounting policy for real estate property acquisitions.

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

As of December 31, 2025, the Company had 10 preferred equity investments with total commitments of $206.7 million, of which $171.7 million had been funded, with maturities ranging from March 2026 to September 2032, and a weighted average rate of return on the outstanding balances of 10.5%.

In November 2025, the Company repaid an $88.2 million senior mortgage associated with a $79.5 million preferred equity investment in TENTEN Downtown, a 376-unit apartment home community, located in Los Angeles, CA, and concurrently issued a default notice and assumed full managerial control. The community was consolidated on the Company’s financial statements with a valuation of $167.7 million.

In July 2025, the Company formed a new joint venture, Wesco VII, LLC (“Wesco VII”), with the State of Wisconsin Investment Board, for the purpose of investing in multifamily real estate projects. Each partner has an initial equity commitment of $50.0 million and holds a 50% ownership interest. The investment is recorded to co-investments in the consolidated balance sheets. Wesco VII subsequently funded a preferred equity investment of $42.6 million in a 480-unit apartment home community development located in California. The investment has an initial preferred return of 13.5% subject to adjustment upon the occurrence of specified events and mandatory redemption in July 2030.

In October 2024, the Company repaid a $72.0 million senior mortgage associated with a $22.7 million preferred equity investment in Artizan, a 241-unit stabilized apartment home community located in Oakland, CA, and subsequently issued a default notice to the third-party sponsor in January 2025, assumed full managerial control and consolidated the property with a valuation of $95.0 million. The Company recorded $0.3 million as a gain on remeasurement of co-investment in the consolidated statements of income.

The Company recorded $12.6 million, $3.7 million and $33.7 million of impairment loss from unconsolidated co-investments for the years ended December 31, 2025, 2024 and 2023, respectively, as a result of an other-than-temporary decrease in the fair value of the underlying real estate investment which is included in the equity income from co-investments line in the accompanying consolidated statements of income. The valuation for the underlying real estate investments was estimated using an income approach valuation technique.

During 2025, the Company received cash proceeds of $186.5 million from the redemption of eight preferred equity co-investments.

During 2024, the Company received cash proceeds of $58.8 million for the full redemption of two preferred equity investments and partial redemption of one preferred equity investment in joint ventures that hold properties located in Washington and California.

(d) Real Estate under Development

The Company defines development projects as new communities that are being constructed, or are newly constructed and are in a phase of lease-up and have not yet reached stabilized operations. The Company’s development pipeline is comprised of one consolidated development project and various predevelopment projects.

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

(4) Revenues

Disaggregated Revenue

The following table presents the Company’s revenues disaggregated by revenue source for the periods presented ($ in thousands):

			Year Ended December 31,
			2025						2024						2023
Rental income			$	1,850,551					$	1,735,411					$	1,636,070
Other property			27,413						28,774						22,194
Management and other fees from affiliates			9,381						10,265						11,131
Total revenues			$	1,887,345					$	1,774,450					$	1,669,395

The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment for the periods presented ($ in thousands):

			Year Ended December 31,
			2025						2024						2023
Southern California			$	763,124					$	714,975					$	654,422
Northern California			760,821						663,825						628,880
Seattle Metro			313,410						295,002						282,092
Other real estate assets (1)			40,609						90,383						92,870
Total rental and other property revenues			$	1,877,964					$	1,764,185					$	1,658,264

(1)Other real estate assets consist of revenues generated from retail space, commercial properties, held for sale properties, disposition properties and straight-line rent adjustments for concessions. Executive management does not evaluate such operating performance geographically.

The following table presents the Company’s rental and other property revenues disaggregated by current property category status for the periods presented ($ in thousands):

			Year Ended December 31,
			2025						2024						2023
Same-property (1)			$	1,642,989					$	1,590,404					$	1,540,045
Acquisitions (2)			169,002						58,158						1,037
Non-residential/other, net (3)			64,952						115,644						119,725
Straight line rent concessions (4)			1,021						(21)						(2,543)
Total rental and other property revenues			$	1,877,964					$	1,764,185					$	1,658,264

(1)Same-property includes properties that have comparable stabilized results as of January 1, 2024 and are consolidated by the Company for the years ended December 31, 2025, 2024 and 2023. A community is considered to have reached stabilized operations once it achieves an initial occupancy of 90%.

(2)Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2024.

(3)Non-residential/other, net consists of revenues generated from retail space, commercial properties, held for sale properties, disposition properties, student housing, properties undergoing significant construction activities that do not meet our redevelopment criteria, and two communities located in the California counties of Santa Barbara and Santa Cruz, which the Company does not consider its core markets.

(4)Represents straight-line concessions for residential operating communities. Same-property revenues reflect concessions on a cash basis. Total rental and other property revenues reflect concessions on a straight-line basis in accordance with U.S. GAAP.

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

Deferred Revenues and Remaining Performance Obligations

When cash payments are received or due in advance of the Company’s performance of contracts with customers, deferred revenue is recorded. The total deferred revenue balance related to such contracts was $0.2 million and $0.3 million as of December 31, 2025 and 2024, respectively, and was included in accounts payable and accrued liabilities within the consolidated balance sheets. The amount of revenue recognized for the year ended December 31, 2025 that was included in the December 31, 2024 deferred revenue balance was $0.1 million, which was included in rental and other property revenue within the consolidated statements of income.

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in the revenue recognition accounting standard. As of December 31, 2025, the Company had $0.2 million of remaining performance obligations. The Company expects to recognize approximately 74% of these remaining performance obligations in 2026 and the remaining 26% through 2027.

Practical Expedients

The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or when variable consideration is allocated entirely to a wholly unsatisfied performance obligation.

(5) Notes and Other Receivables

Notes and other receivables consisted of the following as of December 31, 2025 and 2024 ($ in thousands):

			December 31,
			2025						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)			43,941						39,187
Receivable from preferred equity investment sponsor (1)			—						72,002
Other receivables from affiliates (2)			5,215						5,646
Straight line rent receivables (3)			10,259						9,235
Other receivables			18,538						17,460
Allowance for credit losses			(555)						(529)
Total notes and other receivables			$	141,591					$	206,706

(1)In the fourth quarter of 2024, the Company repaid a $72.0 million senior mortgage associated with a preferred equity investment in Artizan, a 241-unit stabilized apartment home community located in Oakland, CA, and subsequently issued a default notice to the third-party sponsor in January 2025, assumed full managerial control and consolidated the property. See Note 3, Real Estate Investments, for additional details.

(2)These amounts consist of short-term loans outstanding and due from various joint ventures as of December 31, 2025 and 2024, respectively. See Note 6, Related Party Transactions, for additional details.

(3)These amounts are receivables from lease concessions recorded on a straight-line basis for the Company’s operating properties.

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

The following table presents the activity in the allowance for credit losses for notes receivable, secured for the periods presented ($ in thousands):

			Notes Receivable, Secured
Balance as of December 31, 2022			$	334
Provision for credit losses			353
Balance as of December 31, 2023			$	687
Provision for credit losses			(158)
Balance as of December 31, 2024			$	529
Provision for credit losses			26
Balance as of December 31, 2025			$	555

(6) Related Party Transactions

The Company has adopted written related party transaction guidelines that are intended to cover transactions in which the Company (including entities it controls) is a party and in which any “related person” has a direct or indirect interest. A “related person” means any person who is or was (since the beginning of the last fiscal year) a Company director, director nominee, or executive officer, any beneficial owner of more than 5% of the Company’s outstanding common stock, and any immediate family member of any of the foregoing persons. A related person may be considered to have an indirect interest in a transaction if he or she (i) is an owner, director, officer or employee of or otherwise associated with another company that is engaging in a transaction with the Company, or (ii) otherwise, through one or more entities or arrangements, has an indirect financial interest in or personal benefit from the transaction.

The related person transaction review and approval process is intended to determine, among any other relevant issues, the dollar amount involved in the transaction; the nature and value of any related person’s direct or indirect interest (if any) in the transaction; and whether or not (i) a related person’s interest is material, (ii) the transaction is fair, reasonable, and serves the best interest of the Company and its shareholders, and (iii) whether the transaction or relationship should be entered into, continued or ended.

The Company’s Chairman and founder, Mr. George M. Marcus, is the Chairman of the Marcus & Millichap Company (“MMC”), which is a parent company of a diversified group of real estate service, investment, and development firms. Mr. Marcus is also the Chairman of and owns a controlling interest in Marcus & Millichap, Inc. (“MMI”), a national brokerage firm listed on the New York Stock Exchange. For the years ended December 31, 2025, 2024 and 2023, the Company did not pay brokerage commissions related to real estate transactions to MMI and its affiliates.

The Company charges certain fees relating to its co-investments for asset management, property management, development and redevelopment services. These fees from affiliates totaled $9.5 million, $11.1 million, and $12.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. All of these fees are net of intercompany amounts eliminated by the Company. The Company netted development and redevelopment fees of $0.2 million, $0.8 million, and $1.8 million against general and administrative expenses for the years ended December 31, 2025, 2024 and 2023, respectively.

As described in Note 5, Notes and Other Receivables, the Company has provided short-term loans to affiliates. As of December 31, 2025 and 2024, $5.2 million and $5.6 million, respectively, of short-term loans remained outstanding due from joint venture affiliates and are classified within notes and other receivables in the consolidated balance sheets.

In August 2025, the Company funded an $81.2 million related party bridge loan to Wesco I in connection with the payoff of a mortgage related to one of Wesco I’s properties located in Southern California. The note receivable accrued interest at 5.50% and was paid off at maturity in December 2025.

In April 2024, the Company funded a $53.6 million related party bridge loan to BEX II in connection with the payoff of a mortgage associated with one of BEX II’s properties located in Southern California. The note receivable accrued interest at SOFR plus 1.50% and was scheduled to mature in September 2024. In September 2024, the maturity date of the loan was extended to October 2024 and settled following the purchase of the BEX II portfolio in October 2024.

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

In August 2022, the Company funded an $11.2 million preferred equity investment in an entity whose sponsor includes an affiliate of MMC. The entity owns three multifamily communities located in Azusa, CA. The investment accrues interest based on a 9.5% preferred return and is scheduled to mature in August 2027.

In February 2019, the Company funded a $24.5 million preferred equity investment in an entity whose sponsor is an affiliate of MMC, which owns a multifamily development community located in Mountain View, CA. The investment initially accrued interest based on an 11.0% preferred return which was reduced to 9.0% upon completion and lease-up of the project. The investment was scheduled to mature in February 2024, but was paid off in December 2023.

In October 2018, the Company funded an $18.6 million preferred equity investment in an entity whose sponsor is an affiliate of MMC. The entity wholly owns a 268-unit apartment home community development located in Burlingame, CA. The investment initially accrued interest based on a 12.0% preferred return which was reduced to 9.0% upon completion and lease-up of the project. In April 2023, the investment’s maturity date was extended from April 2024 to May 2026 with the investment accruing interest based on an 11.0% preferred return. In April 2023, the Company received cash of $11.2 million for the partial redemption of this preferred equity investment.

In May 2018, the Company made a commitment to fund a $26.5 million preferred equity investment in an entity whose sponsors include an affiliate of MMC. The entity wholly owns a 400-unit apartment home community located in Ventura, CA. The investment accrued interest based on a 10.25% initial preferred return. The investment was scheduled to mature in May 2023. In November 2021, the Company received cash of $18.3 million for the partial redemption of this preferred equity investment resulting in a remaining total commitment of $13.0 million, and the maturity was extended to December 2028. As of December 31, 2025, $11.0 million of this commitment was funded and the Company accrues interest based on a 9.0% preferred return. The remaining unfunded commitment of $2.0 million expired in November 2024.

(7) Unsecured Debt

Essex does not have indebtedness as debt is incurred by the Operating Partnership. Essex guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities for the full term of the facilities.

Unsecured debt consisted of the following as of December 31, 2025 and 2024 ($ in thousands):

															Weighted Average Maturity In Years as of December 31, 2025
			December 31,
			2025						2024
Term loan - variable rate, net			$	596,668					$	298,571					4.7
Bonds public offering - fixed rate, net			5,419,253						5,175,217						7.1
Unsecured debt, net (1)			6,015,921						5,473,788
Lines of credit			—						137,945						N/A
Commercial paper			—						—						N/A
Total unsecured debt			$	6,015,921					$	5,611,733
Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering			3.7		%				3.4		%
Weighted average interest rate on variable rate term loan			4.1		%				4.2		%
Weighted average interest rate on lines of credit			4.8		%				5.7		%
Weighted average interest rate on commercial paper			—		%				N/A

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

(1)Includes unamortized discounts, net of premiums, of $3.6 million and unamortized premiums, net of discounts, of $0.1 million and unamortized debt issuance costs of $30.4 million and $26.3 million as of December 31, 2025 and 2024, respectively.

Term loan

In October 2022, the Operating Partnership obtained a $300.0 million unsecured term loan priced at Adjusted SOFR plus 0.85% with an original maturity date of October 2024 with three 12-month extension options, exercisable at the Company’s option. In September 2024, the Company exercised its first option, extending the maturity date to October 2025. In October 2025, the Company executed an amendment of its existing $300.0 million unsecured term loan to extend the maturity date from October 2027 to January 2031, inclusive of extension options exercisable at the Company’s option. The interest rate was reduced to SOFR plus 0.85% and is swapped to an all-in fixed rate of 4.2% and the swap has a termination date of October 2026.

In May 2025, the Operating Partnership obtained a new $300.0 million unsecured term loan priced at SOFR plus 0.85% which is based on a tiered rate structure tied to the Company’s long-term unsecured credit rating with a one-year delayed draw feature. The Company may elect to increase this facility by up to an additional $300.0 million, to an aggregate size of $600.0 million, if the lenders permit. This term loan is scheduled to mature in May 2028, with two one-year extension options, exercisable at the option of the Company. As of December 31, 2025, the Company had drawn $300.0 million on the new term loan facility. The Company has entered into floating-to-fixed interest rate swaps to fix the interest rate for $197.5 million of the new term loan facility to an all-in rate of 4.1%.

Bonds public offering

In December 2025, the Operating Partnership issued $350.0 million of senior unsecured notes due on February 15, 2036 with a coupon rate of 4.875% per annum (the “2036 Notes”), which are payable on February 15 and August 15 of each year, beginning on August 15, 2025. The 2036 Notes were offered to investors at a price of 99.093% of the principal amount. The Company intends to use the net proceeds of this offering to repay upcoming debt maturities, including to fund a portion of the repayment of the Company’s $450.0 million aggregate principal amount outstanding of 3.375% senior notes due April 2026, and for other general corporate and working capital purposes, which may include the funding of potential acquisition opportunities. These proceeds initially may be used to fund the repayment of outstanding indebtedness under the Company’s commercial paper program and unsecured credit facilities and/or invested in short-term securities. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2025, and 2024, the carrying value of the 2036 Notes, net of discount and debt issuance costs, was $344.0 million and zero, respectively.

In February 2025, the Operating Partnership issued $400.0 million of senior unsecured notes due on April 1, 2035 with a coupon rate of 5.375% per annum (the “2035 Notes”), which are payable on April 1 and October 1 of each year, beginning on October 1, 2025. The 2035 Notes were offered to investors at a price of 99.604% of the principal amount. The Company used the net proceeds of this offering to repay the Company’s $500.0 million senior unsecured notes at maturity in April 2025. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2025, and 2024, the carrying value of the 2035 Notes, net of discount and debt issuance costs, was $395.0 million and zero, respectively.

In March 2024, the Operating Partnership issued $350.0 million of senior unsecured notes due on April 1, 2034 with a coupon rate of 5.500% per annum (the “2034 Notes”), which are payable on April 1 and October 1 of each year, beginning on October 1, 2024. The 2034 Notes were offered to investors at a price of 99.752% of the principal amount. In May 2024, the Company repaid its $400.0 million unsecured notes, due May 1, 2024, at maturity. In August 2024, the Operating Partnership issued an additional $200.0 million of the 2034 Notes at a price of 102.871% of the principal amount, plus accrued interest from and including March 2024, up to, but excluding, the settlement date of August 21, 2024, with an effective yield of 5.110% per annum. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2025, and 2024, the carrying value of the 2034 Notes, net of discount and debt issuance costs, was $549.9 million and $549.8 million, respectively.

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

In June 2021, the Operating Partnership issued $300.0 million of senior unsecured notes due on June 15, 2031 with a coupon rate of 2.550% per annum (the “June 2031 Notes”), which are payable on June 15 and December 15 of each year, beginning on December 15, 2021. The June 2031 Notes were offered to investors at a price of 99.367% of par value. The June 2031 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex. The Company used the net proceeds of this offering to repay upcoming debt maturities, including to fund the redemption of $300.0 million aggregate principal amount (plus the make-whole amount and accrued and unpaid interest) of its outstanding 3.375% senior unsecured notes due January 2023, and for other general corporate and working capital purposes. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2025, and 2024, the carrying value of the June 2031 Notes, net of discount and debt issuance costs, was $297.6 million and $297.1 million, respectively.

In March 2021, the Operating Partnership issued $450.0 million of senior unsecured notes due on March 1, 2028 with a coupon rate of 1.700% per annum (the “2028 Notes”), which are payable on March 1 and September 1 of each year, beginning on September 1, 2021. The 2028 Notes were offered to investors at a price of 99.423% of par value. The 2028 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex. The Company used the net proceeds of this offering to repay upcoming debt maturities, including all or a portion of certain unsecured term loans, and for general corporate and working capital purposes. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2025, and 2024, the carrying value of the 2028 Notes, net of discount and debt issuance costs, was $448.2 million and $447.2 million, respectively.

In February 2020, the Operating Partnership issued $500.0 million of senior unsecured notes due on March 15, 2032, with a coupon rate of 2.650% (the “2032 Notes”), which are payable on March 15 and September 15 of each year, beginning on September 15, 2020. The 2032 Notes were offered to investors at a price of 99.628% of par value. The 2032 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex. The Company used the net proceeds of this offering to repay indebtedness under its unsecured lines of credit, which had been used to fund the buyout of CPPIB’s 45.0% joint venture interests, as well as repay $100.3 million of secured debt during the quarter that ended March 31, 2020. In June 2020, the Operating Partnership issued an additional $150.0 million of the 2032 Notes at a price of 105.660% of par value, plus accrued interest from February 2020 up to, but not including, the date of delivery of the additional notes, with an effective yield of 2.093%. These additional notes have substantially identical terms as the 2032 Notes issued in February 2020. The proceeds were used to repay indebtedness under the Company’s unsecured credit facilities and for other general corporate and working capital purposes. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2025, and 2024, the carrying value of the 2032 Notes, net of premiums and debt issuance costs, was $650.5 million and $650.6 million, respectively.

In August 2020, the Operating Partnership issued $600.0 million of senior unsecured notes, consisting of $300.0 million aggregate principal amount due on January 15, 2031 with a coupon rate of 1.650% (the “January 2031 Notes”) and $300.0 million aggregate principal amount due on September 1, 2050 with a coupon rate of 2.650% (the “2050 Notes” and together with the January 2031 Notes, the “Notes”). The January 2031 Notes were offered to investors at a price of 99.035% of par value and the 2050 Notes at 99.691% of par value. Interest is payable on the January 2031 Notes semiannually on January 15 and July 15 of each year, beginning on January 15, 2021. Interest is payable on the 2050 Notes semiannually on March 1 and September 1 of each year, beginning on March 1, 2021. The Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex. The Company used the net proceeds of this offering to repay debt maturities, including certain unsecured private placement notes, secured mortgage notes, and to fund the redemption of $300.0 million aggregate principal amount of its outstanding 3.625% senior unsecured notes due August 2022, and for other general corporate and working capital purposes. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, the carrying value of the January 2031 Notes and 2050 Notes, net of discount and debt issuance costs was $297.2 million and $296.3 million, respectively as of December 31, 2025, and $296.7 million and $296.1 million, respectively as of December 31, 2024.

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

In August 2019, the Operating Partnership issued $400.0 million of senior unsecured notes due on January 15, 2030, with a coupon rate of 3.000% per annum (the “2030 Notes”), which are payable on January 15 and July 15 of each year, beginning on January 15, 2020. The 2030 Notes were offered to investors at a price of 98.632% of the principal amount thereof. The 2030 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex Property Trust, Inc. In October 2019, the Operating Partnership issued an additional $150.0 million of the 2030 Notes at a price of 101.685% of the principal amount thereof. These additional notes have substantially identical terms as the 2030 Notes issued in August 2019. The Company used the net proceeds of these offerings to prepay, with no prepayment penalties, certain secured indebtedness under outstanding mortgage notes, to repay indebtedness under its unsecured lines of credit and for other general corporate and working capital purposes. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2025, and 2024, the carrying value of the 2030 Notes, net of discount and debt issuance costs, was $547.0 million and $546.2 million, respectively.

In February 2019, the Operating Partnership issued $350.0 million of senior unsecured notes due on March 1, 2029, with a coupon rate of 4.000% per annum (the “2029 Notes”), which are payable on March 1 and September 1 of each year, beginning on September 1, 2019. The 2029 Notes were offered to investors at a price of 99.188% of the principal amount thereof. The 2029 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are unconditionally guaranteed by Essex Property Trust, Inc. In March 2019, the Operating Partnership issued an additional $150.0 million of the 2029 Notes at a price of 100.717% of the principal amount thereof. These additional notes have substantially identical terms as the 2029 Notes issued in February 2019. The Company used the net proceeds of these offerings to repay indebtedness under its unsecured lines of credit and for other general corporate and working capital purposes. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2025, and 2024, the carrying value of the 2029 Notes, net of discount and debt issuance costs was $498.0 million and $497.3 million, respectively.

In March 2018, the Operating Partnership issued $300.0 million of senior unsecured notes due on March 15, 2048 with a coupon rate of 4.500% per annum and are payable on March 15 and September 15 of each year, beginning on September 15, 2018 (the “2048 Notes”). The 2048 Notes were offered to investors at a price of 99.591% of par value. The 2048 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2025 and 2024, the carrying value of the 2048 Notes, net of discount and debt issuance costs was $296.5 million and $296.4 million, respectively.

In April 2017, the Operating Partnership issued $350.0 million of senior unsecured notes due on May 1, 2027 with a coupon rate of 3.625% per annum and are payable on May 1 and November 1 of each year, beginning on November 1, 2017 (the “2027 Notes”). The 2027 Notes were offered to investors at a price of 99.423% of par value. The 2027 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2025 and 2024, the carrying value of the 2027 Notes, net of discount and debt issuance costs was $349.3 million and $348.8 million, respectively.

In April 2016, the Operating Partnership issued $450.0 million of senior unsecured notes due on April 15, 2026 with a coupon rate of 3.375% per annum and are payable on April 15 and October 15 of each year, beginning October 15, 2016 (the “2026 Notes”). The 2026 Notes were offered to investors at a price of 99.386% of par value. The 2026 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2025 and 2024, the carrying value of the 2026 Notes, net of discount and debt issuance costs was $449.8 million and $449.1 million, respectively.

In March 2015, the Operating Partnership issued $500.0 million of senior unsecured notes due on April 1, 2025 with a coupon rate of 3.5% per annum and are payable on April 1 and October 1 of each year, beginning October 1, 2015 (the “2025 Notes”). The 2025 Notes were offered to investors at a price of 99.747% of par value. The 2025 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Essex Property Trust, Inc. In April 2025, the Company

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

repaid the 2025 Notes at maturity. These bonds are included in the line “Bonds public offering-fixed rate” in the table above, and as of December 31, 2024, the carrying value of the 2025 Notes, net of discount and debt issuance costs was $499.9 million.

In April 2014, the Operating Partnership issued $400.0 million of senior unsecured notes due on May 1, 2024 with a coupon rate of 3.875% per annum and were payable on May 1 and November 1 of each year, beginning November 1, 2014 (the “2024 Notes”). The 2024 Notes were offered to investors at a price of 99.234% of par value. The 2024 Notes were general unsecured senior obligations of the Operating Partnership, ranked equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and were fully and unconditionally guaranteed by Essex Property Trust, Inc. These bonds are included in the line “Bonds public offering-fixed rate” in the table above. These notes were paid off at maturity, and had no amount outstanding as of December 31, 2025 and 2024, respectively.

The following is a summary of the Company’s senior unsecured notes as of December 31, 2025 and 2024 ($ in thousands):

						December 31,
Maturity						2025						2024						Coupon Rate
April 2025						$	—					$	500,000					3.500%
April 2026						450,000						450,000						3.375%
May 2027						350,000						350,000						3.625%
March 2028						450,000						450,000						1.700%
March 2029						500,000						500,000						4.000%
January 2030						550,000						550,000						3.000%
January 2031						300,000						300,000						1.650%
June 2031						300,000						300,000						2.550%
March 2032						650,000						650,000						2.650%
April 2034						550,000						550,000						5.500%
April 2035						400,000						—						5.375%
February 2036						350,000						—						4.875%
March 2048						300,000						300,000						4.500%
September 2050						300,000						300,000						2.650%
Total						$	5,450,000					$	5,200,000

The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit and commercial paper, as of December 31, 2025 were as follows ($ in thousands):

2026			$	450,000
2027			350,000
2028			450,000
2029			500,000
2030			850,000
Thereafter			3,450,000
Total			$	6,050,000

Line of credit

As of December 31, 2025, the Company had two unsecured lines of credit aggregating $1.58 billion, including a $1.5 billion unsecured line of credit and a $75.0 million working capital unsecured line of credit. This amount excludes unamortized debt issuance costs of $7.3 million and $6.2 million as of December 31, 2025 and 2024, respectively. These debt issuance costs are included in prepaid expenses and other assets in the consolidated balance sheets.

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

As of December 31, 2025 and 2024, there was no amount and $75.0 million outstanding on the $1.5 billion unsecured line of credit, respectively. As of December 31, 2025, this credit facility had an interest rate at the SOFR plus 0.775%, which is based on a tiered rate structure tied to the Company’s long-term unsecured credit ratings and a scheduled maturity of January 2030 with two six-month extension options, exercisable at the Company’s option. In July 2025, the Company amended this revolving credit facility increasing the borrowing capacity from $1.2 billion to $1.5 billion and extended its maturity from January 2029 to January 2030. The Company may elect to increase the facility by up to an additional $1.0 billion, to an aggregate size of $2.5 billion, if the lenders permit.

As of December 31, 2025 and 2024, there was no amount and $62.9 million outstanding on the Company’s $75.0 million working capital unsecured line of credit, respectively. As of December 31, 2025, this working capital unsecured line of credit had an interest rate of Adjusted SOFR plus 0.775%, which is based on a tiered rate structure tied to the Company’s long-term unsecured credit ratings. Prior to its maturity in July 2024 the line of credit facility was amended such that the line’s capacity was increased from $35.0 million to $75.0 million and the scheduled maturity date was extended to July 2026.

The Company’s unsecured lines of credit and unsecured debt agreements contain debt covenants related to limitations on indebtedness and liabilities, and maintenance of minimum levels of consolidated earnings before depreciation, interest and amortization. The Company was in compliance with the debt covenants as of December 31, 2025 and 2024.

Commercial paper

In May 2025, the Operating Partnership established 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”). 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 will 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 expects to use the proceeds of the Notes for general corporate purposes and working capital purposes. As of December 31, 2025, the Company had no amount outstanding on the unsecured commercial paper program. The commercial paper balance excludes unamortized debt issuance of $0.4 million as of December 31, 2025, and are included in prepaid expenses and other assets in the consolidated balance sheets.

(8) Mortgage Notes Payable

Essex does not have any indebtedness as all debt is incurred by the Operating Partnership. Mortgage notes payable consisted of the following as of December 31, 2025 and 2024 ($ in thousands):

			December 31,
			2025						2024
Fixed rate mortgage notes payable			$	526,662					$	674,092
Variable rate mortgage notes payable (1)			257,686						315,792
Total mortgage notes payable (2)			$	784,348					$	989,884
Number of properties securing mortgage notes			14						19
Remaining terms			1-21 years						1-22 years
Weighted average interest rate			4.4		%				4.2		%

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

The aggregate scheduled principal payments of mortgage notes payable as of December 31, 2025 were as follows ($ in thousands):

2026			$	99,405
2027			84,397
2028			68,332
2029			1,456
2030			66,592
Thereafter			466,889
Total			$	787,071

(1)Variable rate mortgage notes payable, including $258.8 million in bonds that have been converted to variable rate through total return swap contracts, consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate (approximately 3.6% as of December 2025 and 4.2% as of December 2024) including credit enhancement and underwriting fees. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the apartment homes are subject to tenant income criteria. Once the bonds have been repaid, the properties may no longer be obligated to comply with such tenant income criteria. Principal balances are due in full at various maturity dates from September 2026 through December 2046. In October 2024, the Company assumed $95.0 million of variable rate secured loans as part of its acquisition of its joint venture partner’s interests in the BEX II portfolio. The $95.0 million was paid off in September 2025.

(2)Includes total unamortized discount of $0.2 million and reduced by unamortized debt issuance costs of $2.5 million and $2.6 million as of December 31, 2025 and 2024, respectively.

For the Company’s mortgage notes payable as of December 31, 2025, monthly interest expense and principal amortization, excluding balloon payments, totaled approximately $3.5 million and $0.2 million, respectively. Repayment of debt before the scheduled maturity date could result in prepayment penalties. The prepayment penalty on the majority of the Company’s mortgage notes payable is computed by the greater of (a) 1% of the amount of the principal being prepaid or (b) the present value of the principal being prepaid multiplied by the difference between the interest rate of the mortgage note and the stated yield rate on a U.S. Treasury security which generally has an equivalent remaining term as the mortgage note.

(9) Derivative Instruments and Hedging Activities

The Company uses interest rate swaps, interest rate caps, and total return swap contracts to manage certain interest rate risks. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps and total return swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements.

The Company has two unsecured term loans with an outstanding balance of $600.0 million as of December 31, 2025. The Company has five interest rate swap contracts with an aggregate notional amount of $497.5 million that effectively fixed the interest rate on the $600.0 million unsecured term loans at 4.1%. The Company has two forward starting interest rate contracts with an aggregate notional amount of $150.0 million which will be effective at a future date. These derivatives qualify for hedge accounting.

In April 2025, the Company entered into three interest rate swap contracts related to the $300.0 million unsecured term loan entered into in May 2025. In September 2025, the Company had a $47.5 million interest rate swap related to debt that was paid off and subsequently applied the swap to this term loan.

In September 2022, the Company entered into one interest rate swap, with settlement payments commencing in May 2023, related to the $300.0 million unsecured term loan entered into in October 2022.

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

In June 2025, the Company entered into a $50.0 million forward starting interest rate swap that effectively fixes $50.0 million of this term loan which will be effective at a future date. In December 2025, the Company entered into a $100.0 million forward starting interest rate swap that effectively fixes $100.0 million of this term loan which will be effective at a future date.

As of December 31, 2025 and 2024, the aggregate carrying value of the interest rate swap contracts was an asset of $2.0 million and $5.5 million, respectively, included in prepaid expenses and other assets in the consolidated balance sheets.

The Company has five total return swap contracts, with an aggregate notional amount of $258.8 million that effectively convert mortgage notes payable to a floating interest rate based on the Securities Industry and Financial Markets Association Municipal Swap Index (“SIFMA”) plus a spread. The Company can currently settle all five total return swaps with $258.8 million of the outstanding debt at par. These derivatives do not qualify for hedge accounting and had a carrying and fair value of zero at both December 31, 2025 and 2024, respectively. The Company’s total return swaps are scheduled to mature between December 2027 and September 2035. Realized gains of $4.7 million, $3.1 million, and $3.1 million for the years ended December 31, 2025, 2024 and 2023, respectively, were reported in the consolidated statements of income as total return swap income.

(10) Lease Agreements - Company as Lessor

As of December 31, 2025, the Company is a lessor of apartment homes at all of its consolidated operating and lease-up communities, two commercial buildings, and commercial portions of mixed use communities. The apartment homes are rented under short-term leases (generally, lease terms of 9 to 12 months) while commercial lease terms typically range from 5 to 20 years. All such leases are classified as operating leases.

Although the majority of the Company’s apartment home and commercial leasing income is derived from fixed lease payments, some lease agreements also allow for variable payments. The primary driver of variable leasing income comes from utility reimbursements from apartment home leases and common area maintenance reimbursements from commercial leases. A small number of commercial leases contain provisions for lease payments based on a percentage of gross retail sales over set hurdles.

At the end of the term of apartment home leases, unless the lessee decides to renew the lease with the Company at the offered rate or gives notice not to renew, the lease will be automatically renewed for a successive, like term up to a maximum of 12 months. Apartment home leases include an option to terminate the lease, however the lessee must pay the Company for expected or actual downtime to find a new tenant to lease the space or a lease-break fee specified in the lease agreement. Most commercial leases include options to renew, with the renewal periods extending the term of the lease for no greater than the same period of time as the original lease term. The commercial lease renewal options are subject to associated increases in rental rates due to market based or fixed prices and certain other conditions. Certain commercial leases contain lease termination options that would require the lessee to pay termination fees based on the expected amount of time it would take the Company to re-lease the space.

The Company’s apartment home and commercial lease agreements do not contain residual value guarantees. As the Company is the lessor of real estate assets which tend to either hold their value or appreciate, residual value risk is not deemed to be substantial. Furthermore, the Company carries comprehensive liability, fire, extended coverage, and rental loss insurance for each of its communities as well as limited insurance coverage for certain types of extraordinary losses, such as, for example, losses from terrorism or earthquakes.

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

A maturity analysis of undiscounted future minimum non-cancelable base rent to be received under the above operating leases as of December 31, 2025 is summarized as follows ($ in thousands):

			Future Minimum Rent
2026			$	891,434
2027			19,955
2028			16,913
2029			14,034
2030			7,044
Thereafter			16,055
Total			$	965,435

Practical Expedients

The Company accounts for operating lease (e.g., fixed payments including rent) and non-lease components (e.g., utility reimbursements and common-area maintenance costs) as a single combined lease component under ASC 842 “Leases” as the lease components are the predominant elements of the combined components.

(11) Lease Agreements - Company as Lessee

As of December 31, 2025, the Company is a lessee of corporate office space, ground leases and a parking lease associated with various consolidated properties and equipment. The Company has three office leases with lease expiration dates ranging from 2026 to 2030, and seven ground leases and the parking lease with lease expiration dates ranging from 2027 to 2083. The corporate office leases occasionally contain renewal options of approximately five years while certain ground leases contain renewal options that can extend the lease term from approximately 10 to 39 years.

A majority of the Company’s ground leases and the parking lease are subject to changes in the Consumer Price Index (“CPI”). Furthermore, certain of the Company’s ground leases include rental payments based on a percentage of gross or net income. While lease liabilities are not remeasured as a result of changes in the CPI or percentage of gross or net income, such changes are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred.

The Company’s lease agreements do not contain any residual value guarantees or restrictive covenants.

Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Because most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

As of December 31, 2025 and 2024, the Company had no material finance leases.

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

Supplemental consolidated balance sheet information related to leases as of December 31, 2025 and 2024 was as follows ($ in thousands):

						December 31,
						2025						2024
Assets
Operating lease right-of-use assets						$	50,833					$	51,556
Total leased assets						$	50,833					$	51,556
Liabilities
Operating lease liabilities						$	51,487					$	52,473
Total lease liabilities						$	51,487					$	52,473

The components of lease expense for the years ended December 31, 2025, 2024 and 2023 were as follows ($ in thousands):

			Year Ended December 31,
			2025						2024						2023
Operating lease cost			$	6,131					$	6,480					$	6,789
Variable lease cost			2,069						1,980						1,961
Short-term lease cost			90						183						186
Sublease income			(144)						(560)						(500)
Total lease cost			$	8,146					$	8,083					$	8,436

A maturity analysis of lease liabilities as of December 31, 2025 is as follows ($ in thousands):

			Operating Leases
2026			$	6,280
2027			3,750
2028			2,765
2029			2,756
2030			2,733
Thereafter			103,678
Total lease payments			$	121,962
Less: Imputed interest			(70,475)
Present value of lease liabilities			$	51,487

Lease term and discount rate information for leases as of December 31, 2025 and 2024 was as follows:

			December 31,
			2025						2024
Weighted-average of remaining lease terms (years)
Operating Leases			40						41
Weighted-average of discount rates
Operating Leases			5.08		%				5.04		%

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

Practical Expedients

Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes the lease expense for such leases on a straight-line basis over the lease term.

The Company has elected to account for lease components (e.g., fixed payments including rent) and non-lease components (e.g., common-area maintenance costs) as a single combined lease component as the lease components are the predominant elements of the combined components.

(12) Equity Transactions

At-the-market Equity Program

In August 2024, the Company entered into a new equity distribution agreement pursuant to which the Company may, at its discretion, offer and sell shares of its common stock having an aggregate gross sales price of up to $900.0 million (the “2024 ATM Program”). The Company may also enter into forward sales agreements of its common stock, set the price, and defer receipt of proceeds until a later date. 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.

For the years ended December 31, 2025 and 2024, the Company did not sell any shares of its common stock through the 2024 ATM Program nor the 2021 ATM Program.

During 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. The Company did not enter into any forward sale agreements during the year ended December 31, 2024.

As of December 31, 2025, a total of $900.0 million of shares remain available to be sold under the 2024 ATM Program, pending the settlement of outstanding forward sale agreements.

Operating Partnership Units and Long-Term Incentive Plan (“LTIP”) Units

As of December 31, 2025 and 2024, the Operating Partnership had outstanding 2,195,792 and 2,263,756 OP Units respectively. As of December 31, 2025 and 2024 the Operating Partnership had 54,547 and 67,495 vested LTIP units respectively. The Operating Partnership’s general partner, Essex, owned 96.6% and 96.5% of the partnership interests in the Operating Partnership as of December 31, 2025 and 2024, respectively, and Essex is responsible for the management of the Operating Partnership’s business. As the general partner of the Operating Partnership, Essex effectively controls the ability to issue common stock of Essex upon a limited partner’s notice of redemption. Essex has generally acquired OP Units upon a limited partner’s notice of redemption in exchange for shares of its common stock. The redemption provisions of OP Units owned by limited partners that permit Essex to settle in either cash or common stock at the option of Essex were further evaluated in accordance with applicable accounting guidance to determine whether temporary or permanent equity classification on the balance sheet is appropriate. The Operating Partnership evaluated this guidance, including the requirement to settle in unregistered shares, and determined that, with few exceptions, these OP Units meet the requirements to qualify for presentation as permanent equity.

LTIP units represent interests in the Operating Partnership for services rendered or to be rendered by the LTIP unitholder in its capacity as a partner, or in anticipation of becoming a partner, in the Operating Partnership. Upon the occurrence of specified events, LTIP units may over time achieve full parity with common units of the Operating Partnership for all purposes. Upon achieving full parity, LTIP units will be exchanged for an equal number of the OP Units.

The collective redemption value of OP Units and LTIP units owned by the limited partners, not including Essex, was $588.9 million and $665.4 million based on the closing price of Essex’s common stock as of December 31, 2025 and 2024, respectively.

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ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

In September 2024, as part of the acquisition of its joint venture partner’s 50% common equity interest in Century Towers, the Company issued 81,737 OP Units at an agreed upon price of $305 per unit.

(13) Net Income Per Common Share and Net Income Per Common Unit

Essex Property Trust, Inc.

Basic and diluted income per share was calculated as follows ($ in thousands, except per share amounts):

			Year Ended December 31,
			2025																		2024																		2023
			Income						Weighted- average Common Shares						Per Common Share Amount						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			$	669,666					64,379,418						$	10.40					$	741,522					64,228,356						$	11.55					$	405,825					64,252,232						$	6.32
Effect of dilutive securities
Stock options			—						20,041												—						22,878												—						1,153
Diluted:
Net income available to common stockholders			$	669,666					64,399,459						$	10.40					$	741,522					64,251,234						$	11.54					$	405,825					64,253,385						$	6.32

The table above excludes from the calculations of diluted earnings per share weighted average convertible OP Units of 2,270,190, 2,282,675 and 2,261,071, which include vested 2014 Long-Term Incentive Plan Units and 2015 Long-Term Incentive Plan Units, for the years ended December 31, 2025, 2024 and 2023, respectively, because they were anti-dilutive. The related income allocated to these convertible OP Units aggregated $23.6 million, $26.4 million and $14.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Stock options of 253,048, 265,378, and 508,276 for the years ended December 31, 2025, 2024 and 2023, respectively, were excluded from the calculation of diluted earnings per share because the assumed proceeds per share of such options plus the average unearned compensation were greater than the average market price of the common stock for those years ended and, therefore, were anti-dilutive.

Essex Portfolio, L.P.

Basic and diluted income per unit was calculated as follows ($ in thousands, except per unit amounts):

			Year Ended December 31,
			2025																		2024																		2023
			Income						Weighted- average Common Units						Per Common Unit Amount						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			$	693,315					66,649,608						$	10.40					$	767,936					66,511,030						$	11.55					$	420,109					66,513,303						$	6.32
Effect of dilutive securities
Stock options			—						20,041												—						22,878												—						1,153
Diluted:
Net income available to common unitholders			$	693,315					66,669,649						$	10.40					$	767,936					66,533,908						$	11.54					$	420,109					66,514,456						$	6.32

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

Stock options of 253,048, 265,378, and 508,276, for the years ended December 31, 2025, 2024 and 2023, respectively, were excluded from the calculation of diluted earnings per unit because the assumed proceeds per unit of these options plus the average unearned compensation were greater than the average market price of the common unit for those years ended and, therefore, were anti-dilutive.

(14) Equity Based Compensation Plans

2018 Plan

In May 2018, stockholders approved the Company’s 2018 Stock Award and Incentive Compensation Plan (“2018 Plan”). The 2018 Plan serves as the successor to the Company’s 2013 Stock Incentive Plan (the “2013 Plan”) with administration authority granted to the Company’s Compensation Committee. The Company’s 2018 Plan provides incentives to attract and retain officers, directors and key employees. The 2018 Plan provides for the grant of stock-based awards to employees, directors and consultants of the Company and its affiliates. The aggregate number of shares of common stock available for issuance pursuant to awards granted under the 2018 Plan is 2,000,000 shares, plus the number of shares authorized for grants and available for issuance under the 2013 Plan as of the effective date of the 2018 Plan and the number of shares subject to outstanding awards under the 2013 Plan that are forfeited or otherwise not issued under such awards. No further awards will be granted under the 2013 Plan and the shares that remained available for future issuance under the 2013 Plan as of the effective date of the 2018 Plan will be available for issuance under the 2018 Plan.

Costs for stock options and restricted stock awards under the fair value method totaled $10.2 million, $7.7 million, and $12.1 million for years ended December 31, 2025, 2024 and 2023, respectively. For the year ended December 31, 2023, costs included $3.5 million related to restricted stock awards for bonuses awarded based on asset dispositions, which is recorded as a cost of real estate and land sold, respectively. Stock-based compensation expense from stock options and restricted stock awards issued to recipients who are direct and incremental to projects under development were capitalized and totaled $0.6 million, $0.5 million, and $0.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. The intrinsic value of stock options exercised totaled $3.5 million, $4.5 million, and zero, for the years ended December 31, 2025, 2024 and 2023 respectively. The intrinsic value of stock options exercisable totaled $2.8 million and $9.5 million as of December 31, 2025 and 2024, respectively.

Restricted stock awards

The Company estimates the fair value of certain restricted stock awards on the grant date using a Monte Carlo simulation based upon total shareholder return metrics, the trailing 20-day average stock price, dividend yields and expected volatility rates. Stock-based compensation expense for restricted stock awards having performance-based conditions is recognized over the requisite service period when the conditions become probable of achievement. Service-based conditions include vesting periods of three years or less and are forfeited if required conditions are not met.

The following table summarizes information about the Company’s restricted stock awards:

			Year Ended December 31,
			2025												2024												2023
			Shares						Weighted- average grant date fair value						Shares						Weighted- average grant date fair value						Shares						Weighted- average grant date fair value
Unvested at beginning of year			101,929						$	211.27					101,701						$	197.22					182,915						$	222.90
Granted			57,550						260.90						52,300						212.02						2,315						220.40
Vested			(61,477)						218.50						(24,002)						187.32						(37,075)						247.07
Forfeited and canceled			(2,855)						235.94						(28,070)						182.25						(46,454)						259.71
Unvested at end of year			95,147						$	235.88					101,929						$	211.27					101,701						$	197.22

The unrecognized compensation cost related to unvested restricted stock totaled $15.4 million as of December 31, 2025 and is expected to be recognized over a period of 1.7 years.

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

Stock option awards

The Company estimates the fair value of stock option grants on the date of grant using the Black-Scholes option pricing model. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. Stock options are granted with an exercise price not less than 100% of the estimated fair value of the shares on the date of grant and generally have a contractual life of 10 years. Awards subject to service-based conditions include vesting periods of three years or less and are forfeited if required conditions are not met.

There were no unrecognized compensation costs and all stock options were vested as of December 31, 2025. No stock options were granted during the years ended December 31, 2025 and 2024.

The average fair value of stock options granted for the year ended December 31, 2023 was $21.24. Stock options granted in 2023 include a $100 cap on the appreciation of the market price over the exercise price. Stock options have the following weighted average assumptions:

			2025						2024						2023
Stock price			$	—					$	—					$	216.31
Risk-free interest rates			—						—						4.06		%
Expected lives			—						—						6 years
Volatility			—						—						36.00		%
Dividend yield			—						—						3.30		%

The following table summarizes information about the Company’s stock options:

			Year Ended December 31,
			2025												2024												2023
			Options						Weighted- average exercise price						Options						Weighted- average exercise price						Options						Weighted- average exercise price
Outstanding at beginning of year			471,383						$	280.11					530,812						$	273.51					487,446						$	279.46
Granted			—						—						—						—						49,908						216.31
Exercised			(41,408)						215.65						(56,304)						218.68						—						—
Forfeited and canceled			(10,286)						327.52						(3,125)						266.21						(6,542)						280.21
Outstanding at end of year			419,689						$	285.31					471,383						$	280.11					530,812						$	273.51
Exercisable at year end			419,689						$	285.31					453,240						$	282.73					417,739						$	282.30

Long-Term Incentive Plans

2015 Plan

In December 2014, the Operating Partnership issued 2015 Long-Term Incentive Plan award units to executives of the Company. The awards are subject to forfeiture based on performance-based and service-based conditions. The awards that are subject to vesting, vested at 20% per year on each of the first five anniversaries of the initial grant date. The performance conditions measurement ended in December 2015 with unearned awards automatically forfeit. Additional awards were granted subject only to performance-based criteria and were fully vested on the date granted. Awards are convertible one-for-one into OP Units which, in turn, are convertible into common stock of the Company.

The estimated fair value of the awards was determined on the grant date using Monte Carlo simulations under a risk-neutral premise and considered the Company’s stock price on the date of grant, unpaid dividends on unvested awards and a discount factor for ten years of illiquidity.

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

2014 Plan

In December 2013, the Operating Partnership issued 2014 Long-Term Incentive Plan award units to executives of the Company. The awards are subject to forfeiture based on performance-based and service-based conditions. The awards vested at 25% per year on each of the first four anniversaries of the initial grant date. In December 2014, the Company achieved the performance criteria and all of the performance-based awards were earned by the recipients, subject to satisfaction of service-based vesting conditions. Awards are convertible one-for-one into OP Units which, in turn, are convertible into common stock of the Company.

The estimated fair value of the awards was determined on the grant date using Monte Carlo simulations under a risk-neutral premise and considered the Company’s stock price on the date of grant, unpaid dividends on unvested awards and a discount factor for ten years of illiquidity.

The following table summarizes information about the Company’s 2015 and 2014 LTIP awards:

			Total Vested and Outstanding Units						Weighted- average Grant-date Fair Value
Balance as of December 31, 2023			97,637						$	86.16
Converted			(30,142)
Balance as of December 31, 2024			67,495						$	85.80
Converted			(12,948)
Balance as of December 31, 2025			54,547						$	85.60

There was no equity-based compensation costs and total unrecognized compensation costs for the 2015 and 2014 Plan awards for the years ended December 31, 2025, 2024 and 2023. The intrinsic value of vested awards totaled $14.3 million as of December 31, 2025.

(15) Segment Information

The Company’s segment disclosures present the measure used by the chief operating decision maker (“CODM”) for purposes of assessing each segment’s performance. The Company’s CODM is a group comprised of its Chief Executive Officer, Chief Financial Officer, Chief Administrative Officer, and Chief Investment Officer, who use net operating income (“NOI”) to assess the performance of the business for the Company’s reportable operating segments. NOI represents total property revenues less direct property operating expenses.

The CODM evaluates the Company’s operating performance geographically. The Company defines its reportable operating segments as the three geographical regions in which its communities are located: Southern California, Northern California and Seattle Metro.

Excluded from segment revenues and NOI are management and other fees from affiliates and interest and other income (loss). Other real estate assets revenues, property operating expenses, including real estate taxes, and NOI included in the following schedule consist of revenues generated from retail space, commercial properties, held for sale properties, disposition properties and straight-line adjustments for concessions. Executive management does not evaluate such operating performance geographically. Other non-segment assets include items such as real estate under development, co-investments, real estate held for sale, cash and cash equivalents, marketable securities, notes and other receivables, and prepaid expenses and other assets.

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

The revenues and NOI for each of the reportable operating segments are summarized as follows for the years ended December 31, 2025, 2024 and 2023 ($ in thousands):

			Year Ended December 31,
			2025																		2024																		2023
			Rental and other property revenue						Property operating expenses, including real estate taxes						Net operating income						Rental and other property revenue						Property operating expenses, including real estate taxes						Net operating income						Rental and other property revenue						Property operating expenses, including real estate taxes						Net operating income
Southern California			$	763,124					$	225,015					$	538,109					$	714,975					$	208,380					$	506,595					$	654,422					$	190,897					$	463,525
Northern California			760,821						235,979						524,842						663,825						202,059						461,766						628,880						188,041						440,839
Seattle Metro			313,410						90,967						222,443						295,002						87,558						207,444						282,092						81,334						200,758
Other real estate assets			40,609						7,025						33,584						90,383						23,539						66,844						92,870						27,486						65,384
Total			$	1,877,964					$	558,986					$	1,318,978					$	1,764,185					$	521,536					$	1,242,649					$	1,658,264					$	487,758					$	1,170,506
Total net operating income															$	1,318,978																	$	1,242,649																	$	1,170,506
Management and other fees from affiliates															9,381																		10,265																		11,131
Corporate-level property management expenses															(49,052)																		(46,208)																		(43,593)
Depreciation and amortization															(607,542)																		(580,220)																		(548,438)
General and administrative															(71,948)																		(98,902)																		(63,474)
Expensed acquisition and investment related costs															(25)																		(72)																		(595)
Casualty loss															—																		—																		(433)
Gain on sale of real estate and land															299,524																		175,583																		59,238
Interest expense															(258,404)																		(235,529)																		(212,905)
Total return swap income															4,729																		3,099																		3,148
Interest and other income															20,004																		80,951																		46,259
Equity income from co-investments															35,464																		48,206																		10,561
Tax benefit (expense) on unconsolidated co-investments															2,096																		929																		(697)
Loss on early retirement of debt															(762)																		—																		—
Gain on remeasurement of co-investment															330																		210,555																		—
Net income															$	702,773																	$	811,306																	$	430,708

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

Total assets for each of the reportable operating segments as of December 31, 2025 and 2024 are summarized as follows ($ in thousands):

			December 31,
			2025						2024
Assets:
Southern California			$	4,194,554					$	4,162,462
Northern California			6,136,977						5,414,689
Seattle Metro			1,412,405						1,460,865
Other real estate assets (1)			160,646						400,884
Net reportable operating segments - real estate assets			11,904,582						11,438,900
Real estate under development			157,122						52,682
Co-investments			630,550						935,014
Cash and cash equivalents, including restricted cash			85,586						75,846
Marketable securities			98,070						69,794
Notes and other receivables			141,591						206,706
Operating lease right-of-use assets			50,833						51,556
Prepaid expenses and other assets			90,675						96,861
Total assets			$	13,159,009					$	12,927,359

(1) Includes retail space, commercial properties, held for sale properties and disposition properties.

(16) 401(k) Plan

The Company has a 401(k) benefit plan (the “Plan”) for all eligible employees. Employee contributions are limited by the maximum allowed under Section 401(k) of the IRC. The Company matches 50% of the employee contributions up to a specified maximum. Company contributions to the Plan were $4.0 million, $3.8 million, and $3.8 million for the years ended December 31, 2025, 2024 and 2023, respectively.

(17) Commitments and Contingencies

The Company’s total minimum lease payment commitments, underground leases, parking leases, and operating leases are disclosed in Note 11, Lease Agreements - Company as Lessee.

To the extent that an environmental matter arises or is identified in the future that has other than a remote risk of having a material impact on the financial statements, the Company will disclose the estimated range of possible outcomes associated with it and, if an outcome is probable, accrue an appropriate liability for that matter. The Company will consider whether any such matter results in an impairment of value on the affected property and, if so, the impairment will be recognized.

The Company cannot determine the magnitude of any potential liability to which it may be subject arising out of unknown environmental conditions with respect to the communities currently or formerly owned by the Company. No assurance can be given that: existing environmental assessments conducted with respect to any of these communities have revealed all environmental conditions or potential liabilities associated with such conditions; any prior owner or operator of a property did not create any material environmental condition not known to the Company; or a material unknown environmental condition does not otherwise exist as to any one or more of the communities. The Company has limited insurance coverage for some of the types of environmental conditions and associated liabilities described above.

The Company has entered into transactions that may require the Company to pay the tax liabilities of the partners or members in the Operating Partnership or in the DownREIT entities. These transactions are within the Company’s control. Although the Company intends to hold the contributed assets or defer recognition of gain on their sale pursuant to like-kind exchange rules under Section 1031 of the IRC, if the Company were to sell the contributed assets, the tax liabilities incurred may have a material impact on the Company’s financial position.

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Notes to Consolidated Financial Statements

December 31, 2025, 2024, and 2023

There continue to be lawsuits against owners and managers of certain of the Company’s apartment communities alleging personal injury and property damage caused by the presence of mold in the residential units and common areas of those communities. Some of these lawsuits have resulted in substantial monetary judgments or settlements in the past. The Company has been sued for mold related matters and has settled some, but not all, of such suits. Insurance carriers have reacted to the increase in mold related liability awards by excluding mold related claims from standard general liability policies and pricing mold endorsements at prohibitively high rates. The Company has, however, purchased pollution liability insurance which includes coverage for some mold claims. The Company has also adopted policies intended to promptly address and resolve reports of mold and to minimize any impact mold might have on tenants of its properties. The Company believes its mold policies and proactive response to address reported mold exposures reduces its risk of loss from mold claims. While no assurances can be given that the Company has identified and responded to all mold occurrences, the Company promptly addresses and responds to all known mold reports. Liabilities resulting from such mold related matters are not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. As of December 31, 2025, potential liabilities for mold and other environmental liabilities are not quantifiable and an estimate of possible loss cannot be made.

The Company carries comprehensive liability, fire, extended coverage and rental loss insurance for each of the communities. There are, however, certain types of extraordinary losses, such as, for example, losses from terrorism or earthquakes, for which the Company has limited insurance coverage. Substantially all of the communities are located in areas that are subject to earthquake activity. The Company has established a wholly-owned insurance subsidiary, Pacific Western Insurance LLC (“PWI”). Through PWI, the Company is self-insured for earthquake related losses for certain properties. Additionally, PWI provides property and casualty insurance coverage for the first $5.0 million of the Company’s property level insurance claims per incident. As of December 31, 2025, PWI had cash and marketable securities of $106.7 million. These assets were consolidated in the Company’s financial statements. For all remaining consolidated properties and selected assets with the Company’s co-investments, the Company has obtained limited third party seismic insurance.

A number of purported class actions were filed against RealPage, Inc., a seller of revenue management software, and various lessors of multifamily housing which utilize this software, including the Company. The complaints allege collusion among defendants to artificially increase rents of multifamily residential real estate above competitive levels. The Company is vigorously defending against these lawsuits. The Company is unable to predict the outcome or estimate the amount of loss, if any, that may result from such matters. The Company is also subject to various other legal and/or regulatory proceedings arising in the normal course of its business operations. The Company believes that, with respect to such matters that it is currently a party to, the ultimate disposition of any such matter will not result in a material adverse effect on the Company’s financial condition, results of operations or cash flows. To the extent that such a matter arises or is identified in the future and the Company believes it will have a material impact on the consolidated financial statements, the Company will disclose the estimated range of possible outcomes associated with it, and, if an outcome is probable, accrue an appropriate liability for that matter. The Company will consider whether any such matter results in an impairment of value on the affected property and, if so, impairment will be recognized.

(18) Subsequent Events

The Company has evaluated subsequent events through the filing of this Form 10-K, and determined that there have been no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements.

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Financial Statement Schedule III

Real Estate and Accumulated Depreciation

December 31, 2025

($ in thousands)

																		Costs
												Initial cost						capitalized			Gross amount carried at close of period
			Apartment												Buildings and			subsequent to			Land and			Buildings and						Accumulated			Date of			Date			Lives
Property			Homes			Location			Encumbrance			Land			improvements			acquisition			improvements			improvements			Total (1)			depreciation			construction			acquired			(years)
Encumbered communities
101 San Fernando			323			San Jose, CA			$	37,681		$	4,173		$	58,961		$	23,239		$	4,173		$	82,200		$	86,373		$	(47,536)		2001			Jul-10			3-30
Belmont Station			275			Los Angeles, CA			29,361			8,100			66,666			11,984			8,267			78,483			86,750			(48,159)			2009			Mar-09			3-30
Brio			300			Walnut Creek, CA			64,860			16,885			151,741			5,796			16,885			157,537			174,422			(38,823)			2015			Jun-19			3-30
Fountain Park			705			Playa Vista, CA			83,135			25,073			94,980			50,647			25,203			145,497			170,700			(109,028)			2002			Feb-04			3-30
Lawrence Station			336			Sunnyvale, CA			76,925			45,532			106,735			8,367			45,532			115,102			160,634			(51,465)			2012			Apr-14			5-30
Magnolia Square/Magnolia Lane (2)			188			Sunnyvale, CA			52,465			8,190			24,736			20,412			8,191			45,147			53,338			(33,965)			1963			Sep-07			3-30
Marquis			166			San Jose, CA			45,601			20,495			47,823			3,731			20,495			51,554			72,049			(12,731)			2015			Dec-18			3-30
Paragon			301			Fremont, CA			59,232			32,230			77,320			7,552			32,230			84,872			117,102			(33,369)			2013			Jul-14			3-30
Sage at Cupertino			230			San Jose, CA			51,917			35,719			53,449			17,222			35,719			70,671			106,390			(26,859)			1971			Mar-17			3-30
The Barkley (3)			161			Anaheim, CA			14,958			—			8,520			10,294			2,353			16,461			18,814			(14,676)			1984			Apr-00			3-30
The Commons			264			Campbell, CA			57,765			12,555			29,307			14,675			12,556			43,981			56,537			(26,334)			1973			Jul-10			3-30
The Dylan			184			West Hollywood, CA			56,286			19,984			82,286			7,322			19,990			89,602			109,592			(33,847)			2015			Mar-15			3-30
The Galloway			506			Pleasanton, CA			102,939			32,966			184,499			10,840			32,966			195,339			228,305			(42,736)			2016			Jan-20			3-30
The Huxley			187			West Hollywood, CA			51,222			19,362			75,641			8,466			19,371			84,098			103,469			(31,925)			2014			Mar-15			3-30
			4,126						$	784,347		$	281,264		$	1,062,664		$	200,547		$	283,931		$	1,260,544		$	1,544,475		$	(551,453)
Unencumbered Communities
1250 Lakeside			250			Sunnyvale, CA			$	—		$	15,104		$	128,290		$	8		$	15,104		$	128,298		$	143,402		$	(555)		2021			Nov-25			3-30
Agora			49			Walnut Creek, CA			—			4,932			60,423			3,391			4,934			63,812			68,746			(13,274)			2016			Jan-20			3-30
Alessio			624			Los Angeles, CA			—			32,136			128,543			28,316			32,136			156,859			188,995			(71,301)			2001			Apr-14			5-30
Allegro			97			Valley Village, CA			—			5,869			23,977			4,543			5,869			28,520			34,389			(16,423)			2010			Oct-10			3-30
Allure at Scripps Ranch			194			San Diego, CA			—			11,923			47,690			7,043			11,923			54,733			66,656			(22,720)			2002			Apr-14			5-30
Alpine Village			301			Alpine, CA			—			4,967			19,728			18,911			4,982			38,624			43,606			(27,056)			1971			Dec-02			3-30
Annaliese			56			Seattle, WA			—			4,727			14,229			1,365			4,726			15,595			20,321			(7,121)			2009			Jan-13			3-30
Apex			367			Milpitas, CA			—			44,240			103,251			14,518			44,240			117,769			162,009			(47,685)			2014			Aug-14			3-30
Aqua Marina Del Rey			500			Marina Del Rey, CA			—			58,442			175,326			30,058			58,442			205,384			263,826			(91,041)			2001			Apr-14			5-30
ARLO Mountain View			164			Mountain View, CA			—			19,918			80,377			778			19,918			81,155			101,073			(4,709)			2018			May-24			3-30
Artizan			241			Oakland, CA			—			12,560			81,356			—			12,560			81,356			93,916			(2,746)			2022			Jan-25			3-30
Ascent			90			Kirkland, WA			—			3,924			11,862			4,240			3,924			16,102			20,026			(8,304)			1988			Oct-12			3-30
Ashton Sherman Village			264			Los Angeles, CA			—			23,550			93,811			5,933			23,550			99,744			123,294			(31,630)			2014			Dec-16			3-30
Avant			443			Los Angeles, CA			—			32,379			137,940			14,138			32,379			152,078			184,457			(54,402)			2014			Jun-15			3-30

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ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES

Financial Statement Schedule III

Real Estate and Accumulated Depreciation

December 31, 2025

($ in thousands)

																		Costs
												Initial cost						capitalized			Gross amount carried at close of period
			Apartment												Buildings and			subsequent to			Land and			Buildings and						Accumulated			Date of			Date			Lives
Property			Homes			Location			Encumbrance			Land			improvements			acquisition			improvements			improvements			Total (1)			depreciation			construction			acquired			(years)
Avenue 64			224			Emeryville, CA			—			27,235			64,403			19,769			27,235			84,172			111,407			(34,930)			2007			Apr-14			5-30
Aviara (4)			166			Mercer Island, WA			—			—			49,813			3,874			—			53,687			53,687			(23,265)			2013			Apr-14			5-30
Avondale at Warner Center			446			Woodland Hills, CA			—			10,536			24,522			36,827			10,601			61,284			71,885			(49,756)			1970			Jan-99			3-30
Beaumont			344			Woodinville, WA			—			22,101			113,737			1,200			22,101			114,937			137,038			(4,221)			2009			Nov-24			3-30
Bel Air			462			San Ramon, CA			—			12,105			18,252			54,136			12,682			71,811			84,493			(60,381)			1988			Jan-95			3-30
Belcarra			296			Bellevue, WA			—			21,725			92,091			9,120			21,725			101,211			122,936			(42,200)			2009			Apr-14			5-30
Bella Villagio			231			San Jose, CA			—			17,247			40,343			12,577			17,247			52,920			70,167			(27,614)			2004			Sep-10			3-30
BellCentre			249			Bellevue, WA			—			16,197			67,207			8,749			16,197			75,956			92,153			(33,591)			2001			Apr-14			5-30
Bellerive			63			Los Angeles, CA			—			5,401			21,803			2,272			5,401			24,075			29,476			(12,649)			2011			Aug-11			3-30
Belmont Terrace			71			Belmont, CA			—			4,446			10,290			9,433			4,473			19,696			24,169			(14,459)			1974			Oct-06			3-30
Bennett Lofts			178			San Francisco, CA			—			21,771			50,800			36,359			28,371			80,559			108,930			(40,548)			2004			Dec-12			3-30
Bernardo Crest			218			San Diego, CA			—			10,802			43,209			11,183			10,802			54,392			65,194			(24,327)			1988			Apr-14			5-30
Bonita Cedars			120			Bonita, CA			—			2,496			9,913			9,062			2,503			18,968			21,471			(14,016)			1983			Dec-02			3-30
Bothell Ridge			214			Bothell, WA			—			7,440			48,321			3,176			7,440			51,497			58,937			(3,323)			1988			Mar-24			3-30
Boulevard			172			Fremont, CA			—			3,520			8,182			18,054			3,580			26,176			29,756			(23,476)			1978			Jan-96			3-30
Brookside Oaks			170			Sunnyvale, CA			—			7,301			16,310			30,763			10,328			44,046			54,374			(34,764)			1973			Jun-00			3-30
Bridle Trails			108			Kirkland, WA			—			1,500			5,930			8,218			1,531			14,117			15,648			(12,002)			1986			Oct-97			3-30
Bridgeport			184			Newark, CA			—			11,825			52,268			507			11,825			52,775			64,600			(2,257)			1987			Oct-24			3-30
Brighton Ridge			264			Renton, WA			—			2,623			10,800			12,886			2,656			23,653			26,309			(19,098)			1986			Dec-96			3-30
Bristol Commons			188			Sunnyvale, CA			—			5,278			11,853			13,548			5,293			25,386			30,679			(22,492)			1989			Jan-95			3-30
Camarillo Oaks			564			Camarillo, CA			—			10,953			25,254			14,334			11,075			39,466			50,541			(34,938)			1985			Jul-96			3-30
Cambridge Park			320			San Diego, CA			—			18,185			72,739			9,555			18,185			82,294			100,479			(35,042)			1998			Apr-14			5-30
Camino Ruiz Square			160			Camarillo, CA			—			6,871			26,119			4,427			6,931			30,486			37,417			(19,561)			1990			Dec-06			3-30
Canvas			123			Seattle, WA			—			10,489			36,924			1,913			10,489			38,837			49,326			(5,773)			2014			Dec-21			3-30
Canyon Oaks			250			San Ramon, CA			—			19,088			44,473			15,441			19,088			59,914			79,002			(35,642)			2005			May-07			3-30
Canyon Pointe			250			Bothell, WA			—			4,692			18,288			13,218			4,693			31,505			36,198			(23,951)			1990			Oct-03			3-30
Capri at Sunny Hills			102			Fullerton, CA			—			3,337			13,320			13,897			4,048			26,506			30,554			(20,441)			1961			Sep-01			3-30
Carmel Creek			348			San Diego, CA			—			26,842			107,368			16,563			26,842			123,931			150,773			(52,929)			2000			Apr-14			5-30
Carmel Landing			356			San Diego, CA			—			16,725			66,901			21,464			16,725			88,365			105,090			(40,328)			1989			Apr-14			5-30
Carmel Summit			248			San Diego, CA			—			14,968			59,871			12,291			14,968			72,162			87,130			(31,030)			1989			Apr-14			5-30
Castle Creek			216			Newcastle, WA			—			4,149			16,028			9,075			4,833			24,419			29,252			(22,039)			1998			Dec-98			3-30
Catalina Gardens			128			Los Angeles, CA			—			6,714			26,856			5,639			6,714			32,495			39,209			(14,064)			1987			Apr-14			5-30
Cedar Terrace			180			Bellevue, WA			—			5,543			16,442			12,412			5,652			28,745			34,397			(20,784)			1984			Jan-05			3-30

F- 56

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES

Financial Statement Schedule III

Real Estate and Accumulated Depreciation

December 31, 2025

($ in thousands)

																		Costs
												Initial cost						capitalized			Gross amount carried at close of period
			Apartment												Buildings and			subsequent to			Land and			Buildings and						Accumulated			Date of			Date			Lives
Property			Homes			Location			Encumbrance			Land			improvements			acquisition			improvements			improvements			Total (1)			depreciation			construction			acquired			(years)
CentrePointe			224			San Diego, CA			—			3,405			7,743			26,010			3,442			33,716			37,158			(28,633)			1974			Jun-97			3-30
Century Towers			376			San Jose, CA			—			14,865			157,787			1,618			14,865			159,405			174,270			(7,235)			2017			Sep-24			3-30
Chestnut Street			96			Santa Cruz, CA			—			6,582			15,689			4,485			6,582			20,174			26,756			(11,677)			2002			Jul-08			3-30
City View			572			Hayward, CA			—			9,883			37,670			46,307			10,350			83,510			93,860			(71,224)			1975			Mar-98			3-30
Collins on Pine			76			Seattle, WA			—			7,276			22,226			1,526			7,276			23,752			31,028			(9,510)			2013			May-14			3-30
Connolly Station			309			Dublin, CA			—			19,949			123,428			6,284			19,949			129,712			149,661			(29,007)			2014			Jan-20			3-30
Corbella at Juanita Bay			169			Kirkland, WA			—			5,801			17,415			7,255			5,801			24,670			30,471			(13,648)			1978			Nov-10			3-30
Cortesia			308			Rancho Santa Margarita, CA			—			13,912			55,649			8,526			13,912			64,175			78,087			(27,089)			1999			Apr-14			5-30
Country Villas			180			Oceanside, CA			—			4,174			16,583			9,832			4,187			26,402			30,589			(19,405)			1976			Dec-02			3-30
Courtyard off Main			110			Bellevue, WA			—			7,465			21,405			9,518			7,465			30,923			38,388			(16,857)			2000			Oct-10			3-30
Crow Canyon			400			San Ramon, CA			—			37,579			87,685			21,737			37,579			109,422			147,001			(51,114)			1992			Apr-14			5-30
Deer Valley			171			San Rafael, CA			—			21,478			50,116			7,450			21,478			57,566			79,044			(25,183)			1996			Apr-14			5-30
Domaine			92			Seattle, WA			—			9,059			27,177			2,241			9,059			29,418			38,477			(13,730)			2009			Sep-12			3-30
Elevation			158			Redmond, WA			—			4,758			14,285			9,530			4,757			23,816			28,573			(15,410)			1986			Jun-10			3-30
Ellington			220			Bellevue, WA			—			15,066			45,249			8,505			15,066			53,754			68,820			(22,695)			1994			Jul-14			3-30
Emerald Pointe			160			Diamond Bar, CA			—			8,458			33,832			4,692			8,458			38,524			46,982			(16,726)			1989			Apr-14			5-30
Emerald Ridge			180			Bellevue, WA			—			3,449			7,801			9,895			3,449			17,696			21,145			(15,747)			1987			Nov-94			3-30
Emerson Valley Village			144			Los Angeles, CA			—			13,378			53,240			3,597			13,378			56,837			70,215			(18,418)			2012			Dec-16			3-30
Emme			190			Emeryville, CA			—			15,039			80,532			2,645			15,039			83,177			98,216			(17,866)			2015			Jan-20			3-30
Enso			183			San Jose, CA			—			21,397			71,135			6,522			21,397			77,657			99,054			(27,012)			2014			Dec-15			3-30
Epic			769			San Jose, CA			—			89,111			307,769			8,982			89,111			316,751			405,862			(66,730)			2013			Jan-20			3-30
Esplanade			278			San Jose, CA			—			18,170			40,086			20,864			18,429			60,691			79,120			(45,294)			2002			Apr-04			3-30
Esplanade San Diego			614			San Diego, CA			—			56,327			167,072			4,852			56,327			171,924			228,251			(10,755)			1986			Mar-24			3-30
Evergreen Heights			200			Kirkland, WA			—			3,566			13,395			10,976			3,649			24,288			27,937			(21,022)			1990			Jun-97			3-30
Fairhaven			164			Santa Ana, CA			—			2,626			10,485			13,885			2,957			24,039			26,996			(18,760)			1970			Nov-01			3-30
Fairway at Big Canyon (5)			74			Newport Beach, CA			—			—			7,850			10,207			—			18,057			18,057			(16,954)			1972			Jun-99			3-28
Fairwood Pond			194			Renton, WA			—			5,296			15,564			8,334			5,297			23,897			29,194			(16,692)			1997			Oct-04			3-30
Foothill Commons			394			Bellevue, WA			—			2,435			9,821			46,499			2,440			56,315			58,755			(52,928)			1978			Mar-90			3-30
Foothill Gardens/Twin Creeks			176			San Ramon, CA			—			5,875			13,992			17,675			5,964			31,578			37,542			(26,673)			1985			Feb-97			3-30
Forest View			192			Renton, WA			—			3,731			14,530			6,412			3,731			20,942			24,673			(15,232)			1998			Oct-03			3-30
Form 15			242			San Diego, CA			—			24,510			72,221			16,535			25,540			87,726			113,266			(31,683)			2014			Mar-16			3-30
Foster’s Landing			490			Foster City, CA			—			61,714			144,000			22,272			61,714			166,272			227,986			(73,329)			1987			Apr-14			5-30

F- 57

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES

Financial Statement Schedule III

Real Estate and Accumulated Depreciation

December 31, 2025

($ in thousands)

																		Costs
												Initial cost						capitalized			Gross amount carried at close of period
			Apartment												Buildings and			subsequent to			Land and			Buildings and						Accumulated			Date of			Date			Lives
Property			Homes			Location			Encumbrance			Land			improvements			acquisition			improvements			improvements			Total (1)			depreciation			construction			acquired			(years)
Fountain Court			320			Seattle, WA			—			6,702			27,306			17,933			6,985			44,956			51,941			(38,560)			2000			Mar-00			3-30
Fountains at River Oaks			226			San Jose, CA			—			26,046			60,773			10,138			26,046			70,911			96,957			(31,886)			1990			Apr-14			3-30
Fox Plaza			445			San Francisco, CA			—			39,731			92,706			45,825			39,731			138,531			178,262			(77,012)			1968			Feb-13			3-30
Hacienda at Camarillo Oaks			73			Camarillo, CA			—			5,497			17,572			3,779			5,497			21,351			26,848			(2,597)			1984			Apr-23			3-30
The Henley I/The Henley II			215			Glendale, CA			—			6,695			16,753			32,997			6,733			49,712			56,445			(43,942)			1970			Jun-99			3-30
Highlands at Wynhaven			333			Issaquah, WA			—			16,271			48,932			19,790			16,271			68,722			84,993			(44,552)			2000			Aug-08			3-30
Hillcrest Park			608			Newbury Park, CA			—			15,318			40,601			35,169			15,755			75,333			91,088			(60,913)			1973			Mar-98			3-30
Hillsborough Park			235			La Habra, CA			—			13,381			85,332			817			13,381			86,149			99,530			(3,638)			1999			Oct-24			3-30
Hope Ranch			108			Santa Barbara, CA			—			4,078			16,877			4,583			4,208			21,330			25,538			(13,483)			1965			Mar-07			3-30
Huntington Breakers			344			Huntington Beach, CA			—			9,306			22,720			27,729			9,315			50,440			59,755			(45,360)			1984			Oct-97			3-30
Inglenook Court			224			Bothell, WA			—			3,467			7,881			11,762			3,474			19,636			23,110			(17,340)			1985			Oct-94			3-30
Lafayette Highlands			150			Lafayette, CA			—			17,774			41,473			17,905			17,774			59,378			77,152			(24,214)			1973			Apr-14			5-30
Lakeshore Landing			308			San Mateo, CA			—			38,155			89,028			18,003			38,155			107,031			145,186			(47,766)			1988			Apr-14			5-30
Laurels at Mill Creek			164			Mill Creek, WA			—			1,559			6,430			10,583			1,595			16,977			18,572			(14,844)			1981			Dec-96			3-30
Le Parc			140			Santa Clara, CA			—			3,090			7,421			16,943			3,092			24,362			27,454			(21,573)			1975			Feb-94			3-30
Marbrisa			202			Long Beach, CA			—			4,700			18,605			13,786			4,760			32,331			37,091			(25,240)			1987			Sep-02			3-30
Marina City Club (6)			101			Marina Del Rey, CA			—			—			28,167			36,402			—			64,569			64,569			(46,402)			1971			Jan-04			3-30
Marina Cove (7)			292			Santa Clara, CA			—			5,320			16,431			23,732			5,324			40,159			45,483			(35,246)			1974			Jun-94			3-30
Mariner’s Place			106			Oxnard, CA			—			1,555			6,103			4,465			1,562			10,561			12,123			(8,371)			1987			May-00			3-30
Maxwell Sunnyvale			75			San Jose, CA			—			9,710			37,292			454			9,710			37,746			47,456			(2,295)			2022			Apr-24			3-30
MB 360			360			San Francisco, CA			—			42,001			212,648			24,659			42,001			237,307			279,308			(89,142)			2014			Apr-14			3-30
Meadowood			320			Simi Valley, CA			—			19,080			98,881			1,750			19,080			100,631			119,711			(4,324)			1986			Oct-24			3-30
Mesa Village			133			Clairemont, CA			—			1,888			7,498			3,927			1,894			11,419			13,313			(8,819)			1963			Dec-02			3-30
Mill Creek at Windermere			400			San Ramon, CA			—			29,551			69,032			16,181			29,551			85,213			114,764			(52,568)			2005			Sep-07			3-30
Mio			103			San Jose, CA			—			11,012			39,982			3,154			11,012			43,136			54,148			(15,036)			2015			Jan-16			3-30
Mirabella			188			Marina Del Rey, CA			—			6,180			26,673			22,137			6,270			48,720			54,990			(37,519)			2000			May-00			3-30
Mira Monte			356			Mira Mesa, CA			—			7,165			28,459			19,200			7,186			47,638			54,824			(36,551)			1982			Dec-02			3-30
Miracle Mile/Marbella			236			Los Angeles, CA			—			7,791			23,075			22,833			7,886			45,813			53,699			(37,872)			1988			Aug-97			3-30
Mission Hills			282			Oceanside, CA			—			10,099			38,778			18,363			10,167			57,073			67,240			(40,293)			1984			Jul-05			3-30
Mission Peaks			453			Fremont, CA			—			46,499			108,498			16,126			46,499			124,624			171,123			(54,923)			1995			Apr-14			5-30
Mission Peaks II			336			Fremont, CA			—			31,429			73,334			14,268			31,429			87,602			119,031			(39,802)			1989			Apr-14			5-30
Montanosa			472			San Diego, CA			—			26,697			106,787			18,437			26,697			125,224			151,921			(53,799)			1990			Apr-14			5-30
Montclaire			390			Sunnyvale, CA			—			4,842			19,776			36,272			4,997			55,893			60,890			(49,685)			1973			Dec-88			3-30

F- 58

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES

Financial Statement Schedule III

Real Estate and Accumulated Depreciation

December 31, 2025

($ in thousands)

																		Costs
												Initial cost						capitalized			Gross amount carried at close of period
			Apartment												Buildings and			subsequent to			Land and			Buildings and						Accumulated			Date of			Date			Lives
Property			Homes			Location			Encumbrance			Land			improvements			acquisition			improvements			improvements			Total (1)			depreciation			construction			acquired			(years)
Montebello			248			Kirkland, WA			—			13,857			41,575			19,686			13,858			61,260			75,118			(29,398)			1996			Jul-12			3-30
Montejo			124			Garden Grove, CA			—			1,925			7,685			7,525			2,194			14,941			17,135			(10,887)			1974			Nov-01			3-30
Monterey Villas			122			Oxnard, CA			—			2,349			5,579			10,382			2,424			15,886			18,310			(12,639)			1974			Jul-97			3-30
Muse			152			North Hollywood, CA			—			7,822			33,436			8,053			7,823			41,488			49,311			(23,052)			2011			Feb-11			3-30
Mylo			476			Santa Clara, CA			—			6,472			206,098			1,663			6,472			207,761			214,233			(55,159)			2021			Jun-21			3-30
One Hundred Grand			166			Foster City, CA			—			20,150			84,535			809			20,150			85,344			105,494			(2,373)			2016			Feb-25			3-30
1000 Kiely			121			Santa Clara, CA			—			9,359			21,845			12,262			9,359			34,107			43,466			(20,493)			1971			Mar-11			3-30
Palm Valley			1,100			San Jose, CA			—			133,802			312,205			44,690			133,802			356,895			490,697			(121,062)			2008			Jan-17			3-30
Park Catalina			90			Los Angeles, CA			—			4,710			18,839			6,065			4,710			24,904			29,614			(12,755)			2002			Jun-12			3-30
Park Highland			250			Bellevue, WA			—			9,391			38,224			17,232			9,391			55,456			64,847			(30,163)			1993			Apr-14			5-30
Park Hill at Issaquah			245			Issaquah, WA			—			7,284			21,937			16,526			7,284			38,463			45,747			(28,447)			1999			Feb-99			3-30
Park Viridian			326			Anaheim, CA			—			15,894			63,574			11,194			15,894			74,768			90,662			(31,790)			2008			Apr-14			5-30
Park West			126			San Francisco, CA			—			9,424			21,988			15,349			9,424			37,337			46,761			(23,388)			1958			Sep-12			3-30
Parkside Court			210			Santa Ana, CA			—			11,276			47,272			2,064			11,276			49,336			60,612			(3,249)			1986			Mar-24			3-30
Parkwood at Mill Creek			240			Mill Creek, WA			—			10,680			42,722			6,340			10,680			49,062			59,742			(21,340)			1989			Apr-14			5-30
Patina at Midtown			269			San Jose, CA			—			13,472			102,940			1,672			13,472			104,612			118,084			(5,338)			2021			Jul-24			3-30
Patent 523			295			Seattle, WA			—			14,558			69,417			10,017			14,558			79,434			93,992			(44,131)			2010			Mar-10			3-30
Pathways at Bixby Village			296			Long Beach, CA			—			4,083			16,757			25,367			6,239			39,968			46,207			(37,123)			1975			Feb-91			3-30
Piedmont			396			Bellevue, WA			—			19,848			59,606			23,707			19,848			83,313			103,161			(40,540)			1969			May-14			3-30
Pinehurst (8)			28			Ventura, CA			—			—			1,711			1,353			—			3,064			3,064			(2,447)			1973			Dec-04			3-24
Pinnacle at Fullerton			192			Fullerton, CA			—			11,019			45,932			8,438			11,019			54,370			65,389			(24,148)			2004			Apr-14			5-30
Pinnacle on Lake Washington			180			Renton, WA			—			7,760			31,041			7,127			7,760			38,168			45,928			(17,485)			2001			Apr-14			5-30
Pinnacle at MacArthur Place			253			Santa Ana, CA			—			15,810			66,401			14,089			15,810			80,490			96,300			(34,315)			2002			Apr-14			5-30
Pinnacle at Otay Ranch I & II			364			Chula Vista, CA			—			17,023			68,093			11,055			17,023			79,148			96,171			(34,138)			2001			Apr-14			5-30
Pinnacle at Talega			362			San Clemente, CA			—			19,292			77,168			14,312			19,292			91,480			110,772			(38,001)			2002			Apr-14			5-30
Pinnacle Sonata			268			Bothell, WA			—			14,647			58,586			11,380			14,647			69,966			84,613			(31,246)			2000			Apr-14			5-30
Pointe at Cupertino			116			Cupertino, CA			—			4,505			17,605			15,816			4,505			33,421			37,926			(26,248)			1963			Aug-98			3-30
Pure Redmond			105			Redmond, WA			—			7,461			31,363			3,071			7,461			34,434			41,895			(8,064)			2016			Dec-19			3-30
Radius			264			Redwood City, CA			—			11,702			152,336			6,188			11,702			158,524			170,226			(66,016)			2015			Apr-14			3-30
Reed Square			100			Sunnyvale, CA			—			6,873			16,037			10,366			6,873			26,403			33,276			(16,440)			1970			Jan-12			3-30
Regency at Encino			75			Encino, CA			—			3,184			12,737			6,485			3,184			19,222			22,406			(11,618)			1989			Dec-09			3-30
Regency Palm Court			116			Los Angeles, CA			—			7,763			28,019			2,273			7,763			30,292			38,055			(4,013)			1987			Jul-22			3-30
Renaissance at Uptown Orange			460			Orange, CA			—			27,870			111,482			17,727			27,870			129,209			157,079			(53,979)			2007			Apr-14			5-30

F- 59

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES

Financial Statement Schedule III

Real Estate and Accumulated Depreciation

December 31, 2025

($ in thousands)

																		Costs
												Initial cost						capitalized			Gross amount carried at close of period
			Apartment												Buildings and			subsequent to			Land and			Buildings and						Accumulated			Date of			Date			Lives
Property			Homes			Location			Encumbrance			Land			improvements			acquisition			improvements			improvements			Total (1)			depreciation			construction			acquired			(years)
Reveal			438			Woodland Hills, CA			—			25,073			121,314			9,794			25,073			131,108			156,181			(52,605)			2010			Apr-15			3-30
Revere Campbell			168			Campbell, CA			—			22,535			93,977			941			22,535			94,918			117,453			(2,064)			2015			May-25			3-30
ROEN Menlo Park			146			Menlo Park, CA			—			19,319			59,233			468			19,319			59,701			79,020			(1,682)			2017			Feb-25			3-30
Salmon Run at Perry Creek			132			Bothell, WA			—			3,717			11,483			6,065			3,801			17,464			21,265			(13,242)			2000			Oct-00			3-30
Sammamish View			153			Bellevue, WA			—			3,324			7,501			10,147			3,331			17,641			20,972			(15,826)			1986			Nov-94			3-30
San Marcos			432			Richmond, CA			—			15,563			36,204			43,841			22,866			72,742			95,608			(52,605)			2003			Nov-03			3-30
Santee Court/Santee Village			238			Los Angeles, CA			—			9,581			40,317			20,704			9,582			61,020			70,602			(34,687)			2004			Oct-10			3-30
Shadow Point			172			Spring Valley, CA			—			2,812			11,170			9,718			2,820			20,880			23,700			(14,937)			1983			Dec-02			3-30
Shadowbrook			418			Redmond, WA			—			19,292			77,168			16,012			19,292			93,180			112,472			(40,204)			1986			Apr-14			5-30
Skye at Bunker Hill			456			Los Angeles, CA			—			11,498			27,871			109,048			11,639			136,778			148,417			(122,182)			1968			Mar-98			3-30
Slater 116			108			Kirkland, WA			—			7,379			22,138			2,425			7,379			24,563			31,942			(10,825)			2013			Sep-13			3-30
Solstice			280			Sunnyvale, CA			—			34,444			147,262			11,027			34,444			158,289			192,733			(68,715)			2014			Apr-14			5-30
Station Park Green			599			San Mateo, CA			—			54,782			314,694			107,881			67,204			410,153			477,357			(118,706)			2018			Mar-18			3-30
Stevenson Place			200			Fremont, CA			—			996			5,582			16,993			1,001			22,570			23,571			(20,321)			1975			Apr-00			3-30
Stonehedge Village			196			Bothell, WA			—			3,167			12,603			14,500			3,201			27,069			30,270			(22,633)			1986			Oct-97			3-30
Summerhill Park			100			Sunnyvale, CA			—			2,654			4,918			12,254			2,656			17,170			19,826			(16,473)			1988			Sep-88			3-30
Summit Park			300			San Diego, CA			—			5,959			23,670			13,684			5,977			37,336			43,313			(27,927)			1972			Dec-02			3-30
Taylor 28			197			Seattle, WA			—			13,915			57,700			6,851			13,915			64,551			78,466			(27,990)			2008			Apr-14			5-30
TENTEN Downtown			376			Los Angeles, CA			—			22,671			144,203			—			22,671			144,203			166,874			(629)			2021			Nov-25			3-30
The Audrey at Belltown			137			Seattle, WA			—			9,228			36,911			3,757			9,228			40,668			49,896			(17,421)			1992			Apr-14			5-30
The Avery			122			Los Angeles, CA			—			6,964			29,922			3,055			6,964			32,977			39,941			(13,287)			2014			Mar-14			3-30
The Bernard			63			Seattle, WA			—			3,699			11,345			1,306			3,689			12,661			16,350			(6,459)			2008			Sep-11			3-30
The Blake LA			196			Los Angeles, CA			—			4,023			9,527			26,560			4,031			36,079			40,110			(31,310)			1979			Jun-97			3-30
The Cairns			99			Seattle, WA			—			6,937			20,679			4,172			6,939			24,849			31,788			(15,798)			2006			Jun-07			3-30
The Carlyle			132			San Jose, CA			—			6,344			48,086			1,216			6,344			49,302			55,646			(2,115)			2000			Oct-24			3-30
The Elliot at Mukilteo			301			Mukilteo, WA			—			2,498			10,595			21,773			2,824			32,042			34,866			(28,687)			1981			Jan-97			3-30
The Hallie			292			Pasadena, CA			—			2,202			4,794			59,333			8,385			57,944			66,329			(52,643)			1972			Apr-97			3-30
The Havens			440			Fountain Valley, CA			—			26,138			137,933			2,374			26,138			140,307			166,445			(8,782)			1969			Mar-24			3-30
The Huntington			276			Huntington Beach, CA			—			10,374			41,495			11,291			10,374			52,786			63,160			(26,703)			1975			Jun-12			3-30
The Landing at Jack London Square			282			Oakland, CA			—			33,554			78,292			11,952			33,554			90,244			123,798			(40,461)			2001			Apr-14			5-30
The Lofts at Pinehurst			118			Ventura, CA			—			1,570			3,912			7,172			1,618			11,036			12,654			(9,008)			1971			Jun-97			3-30
The Palisades			192			Bellevue, WA			—			1,560			6,242			17,956			1,565			24,193			25,758			(21,385)			1977			May-90			3-30

F- 60

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES

Financial Statement Schedule III

Real Estate and Accumulated Depreciation

December 31, 2025

($ in thousands)

																		Costs
												Initial cost						capitalized			Gross amount carried at close of period
			Apartment												Buildings and			subsequent to			Land and			Buildings and						Accumulated			Date of			Date			Lives
Property			Homes			Location			Encumbrance			Land			improvements			acquisition			improvements			improvements			Total (1)			depreciation			construction			acquired			(years)
The Palms at Laguna Niguel			460			Laguna Niguel, CA			—			23,584			94,334			19,723			23,584			114,057			137,641			(51,662)			1988			Apr-14			5-30
The Parc at Pruneyard			252			Campbell, CA			—			31,068			91,156			570			31,068			91,726			122,794			(2,045)			1968			May-25			3-30
The Plaza			307			Foster City, CA			—			34,341			126,428			846			34,341			127,274			161,615			(3,908)			2013			Jan-25			3-30
The Stuart			188			Pasadena, CA			—			13,574			54,298			6,488			13,574			60,786			74,360			(26,076)			2007			Apr-14			5-30
The Trails of Redmond			423			Redmond, WA			—			21,930			87,720			12,417			21,930			100,137			122,067			(43,636)			1985			Apr-14			5-30
The Village at Toluca Lake			146			Burbank, CA			—			14,634			48,297			3,002			14,634			51,299			65,933			(8,728)			1974			Jun-21			3-30
Tierra Vista			404			Oxnard, CA			—			13,652			53,336			14,508			13,661			67,835			81,496			(48,040)			2001			Jan-01			3-30
Tiffany Court			101			Los Angeles, CA			—			6,949			27,796			4,046			6,949			31,842			38,791			(13,810)			1987			Apr-14			5-30
Township			132			Redwood City, CA			—			19,812			70,619			3,080			19,812			73,699			93,511			(16,851)			2014			Sep-19			3-30
Trabuco Villas			132			Lake Forest, CA			—			3,638			8,640			7,997			3,890			16,385			20,275			(13,058)			1985			Oct-97			3-30
Valley Park			160			Fountain Valley, CA			—			3,361			13,420			10,140			3,761			23,160			26,921			(17,173)			1969			Nov-01			3-30
Via			284			Sunnyvale, CA			—			22,000			82,270			9,543			22,016			91,797			113,813			(47,333)			2011			Jul-11			3-30
Villa Angelina			256			Placentia, CA			—			4,498			17,962			11,835			4,962			29,333			34,295			(22,697)			1970			Nov-01			3-30
Villa Granada			270			Santa Clara, CA			—			38,299			89,365			6,220			38,299			95,585			133,884			(39,711)			2010			Apr-14			5-30
Villa Siena			274			Costa Mesa, CA			—			13,842			55,367			20,855			13,842			76,222			90,064			(34,434)			1974			Apr-14			5-30
Village Green			272			La Habra, CA			—			6,488			36,768			9,356			6,488			46,124			52,612			(20,184)			1971			Apr-14			5-30
ViO			234			San Jose, CA			—			13,577			87,059			225			13,577			87,284			100,861			(645)			2016			Sep-25			3-30
Vista Belvedere			76			Tiburon, CA			—			5,573			11,901			12,111			5,573			24,012			29,585			(17,827)			1963			Aug-04			3-30
Vox			58			Seattle, WA			—			5,545			16,635			1,326			5,545			17,961			23,506			(7,359)			2013			Oct-13			3-30
Wallace on Sunset			200			Los Angeles, CA			—			24,005			80,466			7,131			24,005			87,597			111,602			(29,720)			2021			Dec-21			3-30
Walnut Heights			163			Walnut, CA			—			4,858			19,168			8,641			4,887			27,780			32,667			(20,452)			1964			Oct-03			3-30
Wandering Creek			156			Kent, WA			—			1,285			4,980			8,096			1,296			13,065			14,361			(11,054)			1986			Nov-95			3-30
Waterford Place			238			San Jose, CA			—			11,808			24,500			21,004			15,165			42,147			57,312			(34,779)			2000			Jun-00			3-30
Wharfside Pointe			155			Seattle, WA			—			2,245			7,020			15,087			2,258			22,094			24,352			(20,138)			1990			Jun-94			3-30
Willow Lake			508			San Jose, CA			—			43,194			101,030			24,146			43,194			125,176			168,370			(63,519)			1989			Oct-12			3-30
5600 Wilshire			284			Los Angeles, CA			—			30,535			91,604			12,243			30,535			103,847			134,382			(44,045)			2008			Apr-14			5-30
Wilshire La Brea			478			Los Angeles, CA			—			56,932			211,998			25,890			56,932			237,888			294,820			(102,009)			2014			Apr-14			5-30
Wilshire Promenade			149			Fullerton, CA			—			3,118			7,385			18,073			3,797			24,779			28,576			(19,680)			1992			Jan-97			3-30
Windsor Court			95			Los Angeles, CA			—			6,383			23,420			1,602			6,383			25,022			31,405			(3,255)			1987			Jul-22			3-30
Windsor Ridge			216			Sunnyvale, CA			—			4,017			10,315			19,201			4,021			29,512			33,533			(28,010)			1989			Mar-89			3-30
Woodland Commons			302			Bellevue, WA			—			2,040			8,727			29,289			2,044			38,012			40,056			(30,366)			1978			Mar-90			3-30
Woodside Village			145			Ventura, CA			—			5,331			21,036			8,308			5,341			29,334			34,675			(20,892)			1987			Dec-04			3-30
			51,468						$	—		$	2,980,852		$	10,981,195		$	2,848,506		$	3,031,096		$	13,779,457		$	16,810,553		$	(5,957,556)

F- 61

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES

Financial Statement Schedule III

Real Estate and Accumulated Depreciation

December 31, 2025

($ in thousands)

																		Costs
												Initial cost						capitalized			Gross amount carried at close of period
															Buildings and			subsequent			Land and			Buildings and						Accumulated
						Property			Encumbrance			Land			improvements			to acquisition			improvements			improvements			Total(1)			depreciation
						Other real estate assets			—			46,781			16,585			18,191			48,142			33,415			81,557			(22,994)
									$	—		$	46,781		$	16,585		$	18,191		$	48,142		$	33,415		$	81,557		$	(22,994)
Total									$	784,347		$	3,308,897		$	12,060,444		$	3,067,244		$	3,363,169		$	15,073,416		$	18,436,585		$	(6,532,003)

(1) The aggregate cost for federal income tax purposes is approximately $14.6 billion (unaudited).

(2) A portion of land is leased pursuant to a ground lease expiring 2070.

(3) The land is leased pursuant to a ground lease expiring 2083.

(4) The land is leased pursuant to a ground lease expiring 2070.

(5) The land is leased pursuant to a ground lease expiring 2027.

(6) The land is leased pursuant to a ground lease expiring 2067.

(7) A portion of land is leased pursuant to a ground lease expiring in 2028.

(8) The land is leased pursuant to a ground lease expiring in 2028.

A summary of activity for rental properties and accumulated depreciation is as follows:

			Year Ended December 31,																					Year Ended December 31,
			2025						2024						2023									2025						2024						2023
Rental properties:																					Accumulated depreciation:
Balance at beginning of year			$	17,589,518					$	16,135,223					$	15,966,227					Balance at beginning of year			$	6,150,618					$	5,664,931					$	5,152,133
Acquisition, development, and improvement of real estate			1,279,457						1,614,570						235,423						Depreciation expense			595,867						571,813						545,702
Disposition of real estate and other			(432,390)						(160,275)						(66,427)						Accumulated depreciation - Disposals and other			(214,482)						(86,126)						(32,904)
Balance at the end of year			$	18,436,585					$	17,589,518					$	16,135,223					Balance at the end of year			$	6,532,003					$	6,150,618					$	5,664,931

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			EXHIBIT INDEX
Exhibit No.			Document
3.1			Articles of Amendment and Restatement of Essex Property Trust, Inc., attached as Exhibit 3.2 to the Company’s Current Report on Form 8-K, filed May 23, 2016, and incorporated herein by reference.
3.2			Seventh Amended and Restated Bylaws of Essex Property Trust, Inc. (effective as of December 8, 2022), attached as Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed December 13, 2022, and incorporated herein by reference.
3.3			Certificate of Limited Partnership of Essex Portfolio, L.P. and amendments thereto, attached as Exhibit 3.4 to the Company’s Annual Report on Form 10-K, filed February 25, 2022, and incorporated herein by reference.
4.1			Description of Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, attached as Exhibit 4.14 to the Company’s Annual Report on Form 10-K, filed February 23, 2023, and incorporated herein by reference.
4.2			Form of Common Stock Certificate of Essex Property Trust, Inc., filed as Exhibit 4.5 to the Company’s Form S-4 Registration Statement, filed January 29, 2014, and incorporated herein by reference.
4.3			Indenture, dated April 11, 2016, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of the 3.375% Senior Notes due 2026 and the guarantee thereof, attached as Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed April 11, 2016, and incorporated herein by reference.
4.4			Indenture, dated April 10, 2017, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of the 3.625% Senior Notes due 2027 and the guarantee thereof, attached as Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed April 10, 2017, and incorporated herein by reference.
4.5			Indenture, dated March 8, 2018, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of the 4.500% Senior Notes due 2048 and the guarantee thereof, attached as Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed March 8, 2018, and incorporated herein by reference.
4.6			Indenture, dated February 11, 2019, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 4.000% Senior Notes due 2029 and the guarantee thereof, attached as Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed February 11, 2019, and incorporated herein by reference.
4.7			Indenture, dated August 7, 2019, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 3.000% Senior Notes due 2030 and the guarantee thereof, attached as Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed August 7, 2019, and incorporated herein by reference.
4.8			Indenture, dated February 11, 2020, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 2.650% Senior Notes due 2032 and the guarantee thereof, attached as Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed February 11, 2020, and incorporated herein by reference.
4.9			Indenture, dated August 24, 2020, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 1.650% Senior Notes due 2031, the form of 2.650% Senior Notes due 2050 and the guarantees thereof, attached as Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed August 24, 2020, and incorporated herein by reference.
4.10			Indenture, dated March 1, 2021, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 1.700% Senior Notes due 2028 and the guarantee thereof, attached as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed March 1, 2021, and incorporated herein by reference.
4.11			Indenture, dated June 1, 2021, among Essex Portfolio, L.P., Essex portfolio Trust, Inc. and U.S. Bank National Association, as trustee, including the form of 2.550% Senior Notes due 2031 and the guarantee thereof, attached as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed June 1, 2021, and incorporated herein by reference.
4.12			Indenture, dated March 14, 2024, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank Trust Company, National Association, as trustee, including the form of 5.500% Senior Notes due 2034 and the guarantee thereof, attached as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed March 14, 2024, and incorporated herein by reference.

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4.13			First Supplemental Indenture, dated March 14, 2024, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank Trust Company, National Association, as trustee, including the form of 5.500% Senior Notes due 2034 and the guarantee thereof, attached as Exhibit 4.2 to the Company’s Current Report on Form 8-K filed March 14, 2024, and incorporated herein by reference.
4.14			Second Supplemental Indenture, dated February 18, 2025, by and among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank Trust Company, National Association, as trustee, including the form of 5.375% Senior Notes due 2035 and the guarantee thereof, attached as Exhibit 4.2 to the Company’s Current Report on Form 8-K filed February 18, 2025, and incorporated herein by reference.
4.15			Third Supplemental Indenture, dated December 12, 2025, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank Trust Company, National Association, as trustee, including the form of 4.875% Senior Notes due 2036 and the guarantee thereof, attached as Exhibit 4.2 to the Company’s Current Report on Form 8-K filed December 12, 2025, and incorporated herein by reference.
10.1			Agreement between Essex Property Trust, Inc. and George M. Marcus, dated March 27, 2003 attached as Exhibit 10.32 to the Company’s Annual Report on Form 10-K, filed March 31, 2003, and incorporated herein by reference.
10.2			Essex Property Trust, Inc. Deferred Compensation Plan, As Amended and Restated As of January 1, 2021, attached as Exhibit 10.2 to the Company’s Annual Report on Form 10-K, filed February 25, 2022, and incorporated herein by reference.
10.3			Form of Indemnification Agreement between Essex Property Trust, Inc. and its directors and officers, attached as Exhibit 10.3 to the Company's Annual Report on Form 10-K filed February 18, 2025, and incorporated herein by reference.#
10.4			Amendment to Agreement, dated as of September 11, 2012, between the Company and George Marcus, attached as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q, filed November 5, 2012, and incorporated herein by reference.
10.5			Amended and Restated Essex Property Trust Inc. Executive Severance Plan attached as Exhibit 10.6 to the Company’s Annual Report on Form 10-K, filed February 23, 2024, and incorporated herein by reference.#
10.6			Essex Property Trust, Inc. 2013 Stock Award and Incentive Compensation Plan, attached as Appendix B to the Company’s Definitive Proxy Statement on Schedule 14A for the Annual Meeting of Stockholders held May 14, 2013, filed April 1, 2013, and incorporated herein by reference.#
10.7			Essex Property Trust, Inc. 2013 Employee Stock Purchase Plan, attached as Appendix C to the Company’s Definitive Proxy Statement on Schedule 14A for the Annual Meeting of Stockholders held May 14, 2013, filed April 1, 2013, and incorporated herein by reference.#
10.8			Forms of equity award agreements for officers under the 2013 Stock Award and Incentive Compensation Plan, attached as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q, filed November 4, 2013, and incorporated herein by reference.#
10.9			Amended and Restated Non-Employee Director Equity Award Program, dated May 17, 2016, attached as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed May 23, 2016, and incorporated herein by reference.#
10.10			Fourth Amended and Restated Agreement of Limited Partnership of Essex Portfolio, L.P., dated as of December 20, 2018, attached as Exhibit 10.14 to the Company’s Annual Report on Form 10-K, filed February 21, 2019, and incorporated herein by reference.
10.11			Forms of Essex Property Trust, Inc., Essex Portfolio L.P., Long-Term Incentive Plan Award Agreements, attached as Exhibit 10.28 to the Company’s Annual Report on Form 10-K, filed March 2, 2015, and incorporated herein by reference.#
10.12			Essex Property Trust, Inc. 2018 Stock Award and Incentive Compensation Plan, attached as Appendix A to the Company’s Definitive Proxy Statement on Schedule 14A for the Annual Meeting of Stockholders held May 15, 2018, filed March 23, 2018, and incorporated herein by reference.#
10.13			Form of Non-Employee Director Restricted Stock Award Agreement, attached as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q, filed August 3, 2018, and incorporated herein by reference.#
10.14			Form of Non-Employee Director Stock Option Award Agreement, attached as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q, filed August 3, 2018, and incorporated herein by reference.#

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10.15			Forms of Essex Property Trust, Inc. Long-Term Incentive Award Agreements pursuant to the 2018 Stock Award and Incentive Compensation Plan for awards granted prior to fiscal year 2024, attached as Exhibit 10.18 to the Company’s Annual Report on Form 10-K, filed February 25, 2022, and incorporated herein by reference.#
10.16			Forms of Essex Property Trust, Inc. Long-Term Incentive Award Agreements pursuant to the 2018 Stock Award and Incentive Compensation Plan for awards granted commencing fiscal year 2024, attached as Exhibit 10.19 to the Company’s Annual Report on Form 10-K, filed February 23, 2024, and incorporated herein by reference.#
10.17			Deferred Compensation Plan for Non-Employee Directors, attached as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q, filed May 7, 2020, and incorporated herein by reference.#
10.18			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.
10.19			Term Loan Agreement, dated as of May 20, 2025, among Essex Portfolio, L.P., U.S. Bank National Association, as Administrative Agent and Lender and the other lenders party thereto, attached as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q, filed July 30, 2025, and incorporated herein by reference.
10.20*			Amended and Restated Term Loan Agreement, dated October 10, 2025, among Essex Portfolio, L.P., U.S. Bank National Association, as Administrative Agent and Lender and the other lenders party thereto.†
19.1			Essex Property Trust, Inc. Insider Trading Policy, attached as Exhibit 19.1 to the Company's Annual Report on Form 10-K, filed February 21, 2025, and incorporated herein by reference.
21.1*			List of Subsidiaries of Essex Property Trust, Inc. and Essex Portfolio, L.P.
23.1*			Consent of KPMG LLP, Independent Registered Public Accounting Firm.
23.2*			Consent of KPMG LLP, Independent Registered Public Accounting Firm.
24.1*			Power of Attorney (see signature page)
31.1*			Essex Property Trust, Inc. — Certification of Angela L. Kleiman, Principal Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*			Essex Property Trust, Inc. — Certification of Barbara Pak, Principal 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, Principal Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
32.2*			Essex Property Trust, Inc. — Certification of Barbara Pak, Principal Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
32.3*			Essex Portfolio, L.P. — Certification of Angela L. Kleiman, Principal Executive Officer of General Partner, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
32.4*			Essex Portfolio, L.P. — Certification of Barbara Pak, Principal Financial Officer of General Partner, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
97.1			Policy for Recovery of Erroneously Awarded Compensation dated as of October 2, 2023, attached as Exhibit 97.1 to the Company’s Annual Report on Form 10-K, filed February 23, 2024, and incorporated herein by reference.
99.1*			Material Federal Income Tax Considerations
101.INS			XBRL Instance Document - the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH			XBRL Taxonomy Extension Schema Document
101.CAL			XBRL Taxonomy Extension Calculation Linkbase Document

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101.DEF			XBRL Taxonomy Extension Definition Linkbase Document
101.LAB			XBRL Taxonomy Extension Label Linkbase Document
101.PRE			XBRL Taxonomy Extension Presentation Linkbase Document
104			Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

• Filed or furnished herewith.

** In accordance with Item 601(b)(32) of Regulation S-K, this Exhibit is not deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

Management contract or compensatory plan or arrangement.

† The schedules and certain exhibits to this agreement, as set forth in the agreement, have not been filed herewith. The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the Securities and Exchange Commission upon request.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			ESSEX PROPERTY TRUST, INC.
			(Registrant)
			Date: February 20, 2026
			By: /s/ BARBARA PAK
			Barbara Pak
			Executive Vice President and Chief Financial Officer (Authorized Officer, Principal Financial Officer)
			Date: February 20, 2026
			By: /s/ BRENNAN MCGREEVY
			Brennan McGreevy
			Group Vice President and Chief Accounting Officer
			ESSEX PORTFOLIO, L.P. By: Essex Property Trust, Inc., its general partner
			(Registrant)
			Date: February 20, 2026
			By: /s/ BARBARA PAK
			Barbara Pak
			Executive Vice President and Chief Financial Officer (Authorized Officer, Principal Financial Officer)
			Date: February 20, 2026
			By: /s/ BRENNAN MCGREEVY
			Brennan McGreevy
			Group Vice President and Chief Accounting Officer

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KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Angela L. Kleiman and Barbara Pak, and each of them, his or her attorney-in-fact, each with the power of substitution, for him or her in any and all capacities, to sign any amendments to this Report on Form 10-K and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorney-in-fact, or his or her substitute or substitutes, may do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of each Registrant and in the capacities and on the dates indicated.

Signature			Title			Date
/s/ GEORGE M. MARCUS George M. Marcus			Director and Chairman of the Board			February 20, 2026
/s/ KEITH R. GUERICKE Keith R. Guericke			Director, and Vice Chairman of the Board			February 20, 2026
/s/ IRVING F. LYONS, III Irving F. Lyons, III			Lead Director			February 20, 2026
/s/ JOHN V. ARABIA John V. Arabia			Director			February 20, 2026
/s/ ANNE B. GUST Anne B. Gust			Director			February 20, 2026
/s/ MARIA R. HAWTHORNE Maria R. Hawthorne			Director			February 20, 2026
/s/ AMAL M. JOHNSON Amal M. Johnson			Director			February 20, 2026
/s/ MARY KASARIS Mary Kasaris			Director			February 20, 2026
/s/ ANGELA L. KLEIMAN Angela L. Kleiman			Chief Executive Officer and President, and Director (Principal Executive Officer)			February 20, 2026

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