Exhibit 99.1



First Quarter 2026
Earnings Release and Supplemental Data

Table of Contents

Pages 1 - 8
   
S-1 & S-2
   
S-3
   
S-4
   
S-5
   
S-6
   
S-7
   
S-8
   
S-9
   
S-10
   
S-11
   
S-12
   
S-13
   
S-14
   
S-15
   
S-15.1
   
S-16
   
S-17.1 – S-17.4

1100 Park Place Suite 200 San Mateo California 94403 telephone 650 655 7800 facsimile 650 655 7810
www.essex.com

Table of Contents

Essex Announces First Quarter 2026 Results

San Mateo, California—April 28, 2026—Essex Property Trust, Inc. (NYSE: ESS) (the “Company”) announced today its first quarter 2026 earnings results and related business activities.

Net Income, Funds from Operations (“FFO”), and Core FFO per diluted share for the three-month period ended March 31, 2026 are detailed below.

   
Three Months Ended
March 31,
    
%
   
2026
    
2025
    
Change
Per Diluted Share
                
Net Income
  
$1.65
    
$3.16
    
-47.8%
Total FFO
  
$4.17
    
$3.97
    
5.0%
Core FFO
  
$4.06
    
$3.97
    
2.3%
 
Recent Highlights:

•
Reported Net Income per diluted share for the first quarter of 2026 of $1.65, compared to $3.16 in the first quarter of 2025. The decrease is mainly attributable to gain on sale of real estate and land recognized in the first quarter of 2025.

•
Grew Core FFO per diluted share by 2.3% compared to the first quarter of 2025, exceeding the midpoint of the Company’s guidance range by $0.11. The outperformance was primarily driven by favorable same-property net operating income (“NOI”).

•
Achieved same-property revenue and NOI growth of 2.9% and 4.1%, respectively, compared to the first quarter of 2025. On a sequential basis, same-property revenue and NOI improved 0.7% and 1.3%, respectively.

•
Repurchased $61.9 million of common stock year-to-date, including commissions, at an average price per share of $243.76.

•
Increased the dividend by 0.8% to an annual distribution of $10.36 per common share, the Company’s 32nd consecutive annual increase.
 
•
Reaffirmed the full-year guidance ranges for Core FFO per diluted share, same-property revenue, expenses, and NOI.
 
•
As of March 31, 2026, the Company’s immediately available liquidity was over $1.7 billion.

1100 Park Place Suite 200 San Mateo California 94403 telephone 650 655 7800 facsimile 650 655 7810
www.essex.com

Table of Contents
Same-Property Operations

Same-property operating results exclude any properties that are not comparable for the periods presented. The table below illustrates the percentage change in same-property revenue on a year-over-year and sequential basis for the three-month period ended March 31, 2026:

   
Revenue Change
        
   
Q1 2026
vs. Q1 2025
    
Q1 2026
vs. Q4 2025
    
% of Total Q1
2026 Revenue
  
Southern California
                  
Los Angeles County
  
1.7%

 
-0.2%
 
17.0%
Orange County
  
2.9%
 
0.0%
 
10.1%
San Diego County
  
2.6%
 
0.8%
 
9.9%
Ventura County
  
1.9%
 
0.2%
 
4.7%
Total Southern California
  
2.2%
 
0.1%
 
41.7%
Northern California
    
   
 

Santa Clara County
  
4.6%
 
1.2%
 
20.8%
Alameda County
  
3.0%
 
0.6%
 
7.0%
San Mateo County
  
4.9%
 
1.4%
 
4.5%
Contra Costa County
  
1.5%
 
1.2%
 
5.1%
San Francisco
  
4.3%
 
4.2%
 
3.0%
Total Northern California
  
3.9%
 
1.4%
 
40.4%
Seattle Metro
  
2.3%
 
0.5%
 
17.9%
Same-Property Portfolio
  
2.9%
 
0.7%
 
100.0%

The table below illustrates the components that drove the change in same-property revenue on a year-over-year and sequential basis for the three-month period ended March 31, 2026:

 
Same-Property Revenue Components
  
Q1 2026
vs. Q1 2025
    
Q1 2026
vs. Q4 2025
  
Scheduled Rents
  
2.2%

 
0.3%
Delinquency
  
0.1%

0.0%
Cash Concessions
  
-0.1%

0.2%
Vacancy
  
0.2%

0.2%
Other Income
  
0.5%

0.0%
Q1 2026 Same-Property Revenue Growth
  
2.9%

0.7%

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Table of Contents
   
Year-Over-Year Change
  
   
Q1 2026 compared to Q1 2025
  
   
Revenue
    
Operating
Expenses
 
NOI
  
Southern California
  
2.2%
 
1.9%
 
2.3%
Northern California
  
3.9%
 
0.2%
 
5.6%
Seattle Metro
  
2.3%
 
-3.4%
 
4.9%
Same-Property Portfolio
  
2.9%
 
0.2%
 
4.1%

   
Sequential Change
  
   
Q1 2026 compared to Q4 2025
  
   
Revenue
    
Operating
Expenses
    
NOI
  
Southern California
  
0.1%

-1.8%
 
0.9%
Northern California
  
1.4%

0.1%
 
1.9%
Seattle Metro
  
0.5%

-0.8%
 
1.0%
Same-Property Portfolio
  
0.7%

-0.9%
 
1.3%

   
Financial Occupancies
  
   
Quarter Ended
  
   
3/31/2026
    
12/31/2025
    
3/31/2025
  
Southern California
  
96.1%
 
96.4%
 
95.8%
Northern California
  
96.9%
 
96.4%
 
96.7%
Seattle Metro
  
96.6%
 
96.1%
 
96.2%
Same-Property Portfolio
  
96.5%
 
96.4%
 
96.3%

Balance Sheet and Liquidity
Common Stock and Liquidity

In the first quarter of 2026, the Company repurchased 205,740 shares of its common stock through the Company’s stock repurchase plan, totaling $50.2 million, including commissions, at an average price per share of $244.06.

Subsequent to quarter end, the Company repurchased 48,261 shares of its common stock through the Company’s stock repurchase plan, totaling $11.7 million, including commissions, at an average price per share of $242.47. Year-to-date, the Company has repurchased $61.9 million of its common stock, including commissions, at an average price per share of $243.76. As of April 27, 2026, the Company has $240.8 million of purchase authority remaining under its stock repurchase plan.

As of March 31, 2026, the Company had over $1.7 billion in liquidity via undrawn capacity on its unsecured credit facilities, cash and cash equivalents, and marketable securities.

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Guidance

For the first quarter of 2026, the Company exceeded the midpoint of the guidance range provided in its fourth quarter 2025 earnings release for Core FFO by $0.11 per diluted share, of which $0.08 is attributable to same-property NOI.

The following table provides a reconciliation of first quarter 2026 Core FFO per diluted share to the midpoint of the guidance provided in the Company’s fourth quarter 2025 earnings release.

   
Per Diluted
Share
  
Guidance midpoint of Core FFO per diluted share for Q1 2026
  
$
3.95
  
    NOI from Consolidated Communities
    
0.09
  
    FFO from Co-Investments
    
0.02
  
Core FFO per diluted share for Q1 2026 reported
  
$
4.06
  

2026 Full-Year and Second Quarter Guidance

Per Diluted Share (1)
  
Previous
Range
    
Current
Range
    
Current
Midpoint
    
Change at
Midpoint
  
  Net Income
  
$5.55 - $6.05
    
$5.62 - $6.12
    
$5.87
    
+$ 0.07
  
  Total FFO
  
$15.54 - $16.04
    
$15.71 - $16.21
    
$15.96
    
+$ 0.17
  
  Core FFO
  
$15.69 - $16.19
    
$15.69 - $16.19
    
$15.94
    
-
  
  Q2 2026 Core FFO
  
N/A
    
$3.92 - $4.04
    
$3.98
    
N/A
  
                         
Same-Property Portfolio Growth (2)
                        
  Revenues
  
1.70% to 3.10%
    
1.70% to 3.10%
    
2.40%
 
-
  
  Operating Expenses
  
2.50% to 3.50%
    
2.50% to 3.50%
    
3.00%
 
-
  
  Net Operating Income
  
0.80% to 3.40%
    
0.80% to 3.40%
    
2.10%
 
-
  

(1)
Full-Year 2026 guidance updated to include an additional $90 million in early structured finance redemptions set to occur in the second quarter of 2026, which was not previously expected in the original plan. For additional details, please refer to page S-15 of the supplemental financial information.

(2)
Reflects guidance on a cash basis based on 52,135 apartment homes. On a GAAP basis, the midpoints of the Company’s same-property revenue and NOI guidance are 2.50% and 2.20%, respectively.

Conference Call with Management

The Company will host an earnings conference call with management to discuss its quarterly results on Wednesday, April 29, 2026 at 10:00 a.m. PT (1:00 p.m. ET), which will be broadcast live via the Internet at www.essex.com, and accessible via phone by dialing toll-free, (877) 407-0784, or toll/international, (201) 689-8560. No passcode is necessary.

A rebroadcast of the live call will be available online for 30 days and digitally for 7 days. To access the replay online, go to www.essex.com and select the first quarter 2026 earnings link. To access the replay, dial (844) 512-2921 using the replay pin number 13759660. If you are unable to access the information via the Company’s website, please contact the Investor Relations Department at investors@essex.com or calling (650) 655-7800.

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Upcoming Events

The Company is scheduled to participate in the National Association of Real Estate Investment Trusts (“Nareit”) REITweek in New York being held June 1-4, 2026. The Company’s President and Chief Executive Officer, Angela L. Kleiman, will present at the conference on June 3, 2026 at 3:30 p.m. ET. The presentation will be webcast and can be accessed on the Investors section of the Company’s website at www.essex.com. A copy of any materials provided by the Company at the conference will also be made available on the Investors section of the Company’s website.

Corporate Profile

Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 259 apartment communities comprising over 63,000 apartment homes with an additional property in active development. Additional information about the Company can be found on the Company’s website at www.essex.com.

This press release and accompanying supplemental financial information has been furnished to the Securities and Exchange Commission electronically on Form 8-K and can be accessed from the Company’s website at www.essex.com. If you are unable to obtain the information via the Web, please contact the Investor Relations Department at (650) 655-7800.

FFO Reconciliation

FFO, as defined by the National Association of Real Estate Investment Trusts (“Nareit”), is generally considered by industry analysts as an appropriate measure of performance of an equity REIT. Generally, FFO adjusts the net income of equity REITs for non-cash charges such as depreciation and amortization of rental properties, impairment charges, gains on sales of real estate and extraordinary items. Management considers FFO and FFO which excludes non-core items, which is referred to as “Core FFO,” to be useful supplemental operating performance measures of an equity REIT because, together with net income and cash flows, FFO and Core FFO provide investors with additional bases to evaluate the operating performance and ability of a REIT to incur and service debt and to fund acquisitions and other capital expenditures and to pay dividends. By excluding gains or losses related to sales of depreciated operating properties and land and excluding real estate depreciation (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO can help investors compare the operating performance of a real estate company between periods or as compared to different companies. By further adjusting for items that are not considered part of the Company’s core business operations, Core FFO allows investors to compare the core operating performance of the Company to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual operating results. FFO and Core FFO do not represent net income or cash flows from operations as defined by U.S. generally accepted accounting principles (“GAAP”) and are not intended to indicate whether cash flows will be sufficient to fund cash needs. These measures should not be considered as alternatives to net income as an indicator of the REIT's operating performance or to cash flows as a measure of liquidity. FFO and Core FFO do not measure whether cash flow is sufficient to fund all cash needs including principal amortization, capital improvements and distributions to stockholders. FFO and Core FFO also do not represent cash flows generated from operating, investing or financing activities as defined under GAAP. Management has consistently applied the Nareit definition of FFO to all periods presented. However, there is judgment involved and other REITs’ calculation of FFO may vary from the Nareit definition for this measure, and thus their disclosures of FFO may not be comparable to the Company’s calculation.

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The following table sets forth the Company’s calculation of FFO and Core FFO per diluted share for the three-month periods ended March 31, 2026 and 2025 (dollars in thousands, except for share and per share amounts):

   
Three Months Ended
March 31,
  
   
2026
    
2025
  
Net income available to common stockholders
  
$
106,186
    
$
203,110
  
Adjustments:
                
Depreciation and amortization
    
154,895
      
151,287
  
Gains not included in FFO
    
-
      
(111,360
)
Depreciation and amortization from unconsolidated co-investments
    
13,316
      
14,378
  
Noncontrolling interest related to Operating Partnership units
    
3,669
      
7,279
  
Depreciation attributable to third party ownership and other
    
(38
)
    
(46
)
Funds from Operations attributable to common stockholders and unitholders
  
$
278,028
    
$
264,648
  
FFO per share – diluted
  
$
4.17
    
$
3.97
  
Tax expense (benefit) on unconsolidated technology co-investments
  
$
3,614
    
$
(163
)
Realized and unrealized losses on marketable securities, net
    
1,726
      
91
  
Provision for credit losses
    
34
      
(3
)
Equity income from unconsolidated technology co-investments
    
(17,036
)
    
(1,716
)
Loss on early retirement of debt
    
-
      
762
  
General and administrative and other, net (1)
    
4,546
      
1,276
  
Insurance reimbursements, legal settlements, and other, net
    
(51
)
    
(361
)
Core Funds from Operations attributable to common stockholders and unitholders
  
$
270,861
    
$
264,534
  
Core FFO per share – diluted
  
$
4.06
    
$
3.97
  
Weighted average number of shares outstanding diluted (2)
    
66,688,617
      
66,656,852
  


(1)
Includes political advocacy costs of $1.6 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively.

(2)
Assumes conversion of all outstanding limited partnership units in the Operating Partnership into shares of the Company’s common stock and excludes DownREIT limited partnership units.
 
Net Operating Income (“NOI”) and Same-Property NOI Reconciliations

NOI and Same-Property NOI are considered by management to be important supplemental performance measures to earnings from operations included in the Company’s consolidated statements of income. The presentation of same-property NOI assists with the presentation of the Company’s operations prior to the allocation of depreciation and any corporate-level or financing-related costs. NOI reflects the operating performance of a community and allows for an easy comparison of the operating performance of individual communities or groups of communities. In addition, because prospective buyers of real estate have different financing and overhead structures, with varying marginal impacts to overhead by acquiring real estate, NOI is considered by many in the real estate industry to be a useful measure for determining the value of a real estate asset or group of assets. The Company defines same-property NOI as same-property revenue less same-property operating expenses, including property taxes. Please see the reconciliation of earnings from operations to NOI and same-property NOI, which in the table below is the NOI for stabilized properties consolidated by the Company for the periods presented (dollars in thousands):

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Three Months Ended
March 31,
  
   
2026
    
2025
  
Earnings from operations
  
$
155,193
    
$
257,081
  
Adjustments:
                
Corporate-level property management expenses
    
13,398
      
12,332
  
Depreciation and amortization
    
154,895
      
151,287
  
Management and other fees from affiliates
    
(2,313
)
    
(2,494
)
General and administrative
    
20,014
      
16,292
  
Gain on sale of real estate and land
    
-
      
(111,030
)
NOI
    
341,187
      
323,468
  
Less: Non-same property NOI
    
(28,118
)
    
(22,700
)
Same-Property NOI
  
$
313,069
    
$
300,768
  

Safe Harbor Statement Under The Private Litigation Reform Act of 1995:

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements which are not historical facts, including statements regarding the Company's expectations, estimates, assumptions, hopes, intentions, beliefs and strategies regarding the future. Words such as “expects,” “assumes,” “anticipates,” “may,” “will,” “intends,” “plans,” “projects,” “believes,” “seeks,” “future,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, among other things, statements regarding the Company’s second quarter and full-year 2026 guidance (including net income, Total FFO and Core FFO, same-property growth and related assumptions) and anticipated yield on certain investments. While the Company's management believes the assumptions underlying its forward-looking statements are reasonable, such forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, which could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company cannot assure the future results or outcome of the matters described in these statements; rather, these statements merely reflect the Company’s current expectations of the approximate outcomes of the matters discussed.

Factors that might cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to, the following:   assumptions related to our second quarter and full-year 2026 guidance; occupancy rates and rental demand may be adversely affected by competition and local economic and market conditions; there may be increased interest rates, inflation, escalated operating costs and possible recessionary impacts; tariffs, geopolitical tensions and regional conflicts, and the related impacts on macroeconomic conditions, including, among other things, interest rates and inflation; the terms of any refinancing may not be as favorable as the terms of existing indebtedness; the Company’s inability to maintain its investment grade credit rating with the rating agencies; the Company may be unsuccessful in the management of its relationships with its co-investment partners; the Company may fail to achieve its business objectives; time of actual completion and/or stabilization of development and redevelopment projects; estimates of future income from an acquired property may prove to be inaccurate; future cash flows may be inadequate to meet operating requirements and/or may be insufficient to provide for dividend payments in accordance with REIT requirements; changes in laws or regulations and the anticipated or actual impact of future changes in laws or regulations; unexpected difficulties in leasing of future development projects; volatility in financial and securities markets; the Company’s failure to successfully operate acquired properties; unforeseen consequences from cyber-intrusion; government approvals, actions and initiatives, including the need for compliance with environmental requirements; and those further risks, special considerations, and other factors referred to in

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the Company’s annual report on Form 10-K for the year ended December 31, 2025, quarterly reports on Form 10-Q, and those risk factors and special considerations set forth in the Company's other filings with the SEC which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. All forward-looking statements are made as of the date hereof, the Company assumes no obligation to update or supplement this information for any reason, and therefore, they may not represent the Company’s estimates and assumptions after the date of this press release.

Definitions and Reconciliations

Non-GAAP financial measures and certain other capitalized terms, as used in this earnings release and supplemental financial information, are defined and further explained on pages S-17.1 through S-17.4, "Reconciliations of Non-GAAP Financial Measures and Other Terms," of the accompanying supplemental financial information. The supplemental financial information is available on the Company's website at www.essex.com.

Contact Information
Loren Rainey
Sr. Director, Investor Relations
(650) 655-7800
lrainey@essex.com

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E S S E X  P R O P E R T Y  T R U S T, I N C.

Consolidated Operating Results
(Dollars in thousands, except share and per share amounts)
    
Three Months Ended
March 31,
  

 
2026
     2025  
             
Revenues:
            
Rental and other property
  
$
482,443
    
$
462,089
  
Management and other fees from affiliates
    
2,313
      
2,494
  
     
484,756
      
464,583
  
                 
Expenses:
                
Property operating
    
141,256
      
138,621
  
Corporate-level property management expenses
    
13,398
      
12,332
  
Depreciation and amortization
    
154,895
      
151,287
  
General and administrative
    
20,014
      
16,292
  
     
329,563
      
318,532
  
Gain on sale of real estate and land
    
-
      
111,030
  
Earnings from operations
    
155,193
      
257,081
  
Interest expense, net (1)
    
(64,022
)
    
(61,532
)
Interest and other income
    
1,036
      
4,289
  
Equity income from co-investments
    
23,615
      
13,209
  
Tax (expense) benefit on unconsolidated technology co-investments
    
(3,614
)
    
163
  
Loss on early retirement of debt
    
-
      
(762
)
Gain on remeasurement of co-investment
    
-
      
330
  
Net income
    
112,208
      
212,778
  
Net income attributable to noncontrolling interest
    
(6,022
)
    
(9,668
)
Net income available to common stockholders
  
$
106,186
    
$
203,110
  
                 
Net income per share - basic
  
$
1.65
    
$
3.16
  
                 
Shares used in income per share - basic
    
64,454,912
      
64,314,899
  
                 
Net income per share - diluted
  
$
1.65
    
$
3.16
  
                 
Shares used in income per share - diluted
    
64,461,621
      
64,349,899
  

(1)
Refer to page S-17.2, the section titled “Interest Expense, Net” for additional information.


See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-1
Table of Contents
E S S E X  P R O P E R T Y  T R U S T, I N C.

Consolidated Operating Results - Selected Line Item Detail
(Dollars in thousands)
     
Three Months Ended
March 31,
   

  2026     2025  
             
Rental and other property
            
Rental income
  
$
475,812
    
$
455,860
  
Other property
    
6,631
      
6,229
  
Rental and other property
  
$
482,443
    
$
462,089
  
                 
Property operating expenses
                
Real estate taxes
  
$
52,125
    
$
52,594
  
Utilities
    
32,662
      
29,774
  
Personnel costs
    
26,522
      
26,251
  
Maintenance and repairs
    
14,182
      
14,742
  
Administrative
    
8,546
      
8,325
  
Insurance and other
    
7,219
      
6,935
  
Property operating expenses
  
$
141,256
    
$
138,621
  
                 
Interest and other income
                
Marketable securities and other income
  
$
2,745
    
$
4,016
  
Realized and unrealized losses on marketable securities, net
    
(1,726
)
    
(91
)
Provision for credit losses
    
(34
)
    
3
  
Insurance reimbursements, legal settlements, and other, net
    
51
      
361
  
Interest and other income
  
$
1,036
    
$
4,289
  
                 
Equity income from co-investments
                
Equity income (loss) from co-investments
  
$
990
    
$
(302
)
Income from preferred equity investments
    
5,589
      
11,795
  
Equity income from unconsolidated technology co-investments
    
17,036
      
1,716
  
Equity income from co-investments
  
$
23,615
    
$
13,209
  
                 
Noncontrolling interest
                
Limited partners of Essex Portfolio, L.P.
  
$
3,669
    
$
7,279
  
DownREIT limited partners' distributions
    
2,312
      
2,339
  
Third-party ownership interest
    
41
      
50
  
Noncontrolling interest
  
$
6,022
    
$
9,668
  


See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-2
Table of Contents
E S S E X  P R O P E R T Y  T R U S T, I N C.

Consolidated Funds from Operations (1)
(Dollars in thousands, except share and per share amounts and in footnotes)
Three Months Ended
March 31,




  2026     2025    
% Change
                   
Funds from operations attributable to common stockholders and unitholders (FFO)
                    
Net income available to common stockholders
  
$
106,186
    
$
203,110
        
Adjustments:
                      
Depreciation and amortization
    
154,895
      
151,287
        
Gains not included in FFO
    
-
      
(111,360
)
      
Depreciation and amortization from unconsolidated co-investments
    
13,316
      
14,378
        
Noncontrolling interest related to Operating Partnership units
    
3,669
      
7,279
        
Depreciation attributable to third party ownership and other
    
(38
)
    
(46
)
      
Funds from operations attributable to common stockholders and unitholders
  
$
278,028
    
$
264,648
        
FFO per share-diluted
  
$
4.17
    
$
3.97
    
5.0%

                       
Components of the change in FFO
                      
Non-core items:
                      
Tax expense (benefit) on unconsolidated technology co-investments
  
$
3,614
    
$
(163
)
      
Realized and unrealized losses on marketable securities, net
    
1,726
      
91
        
Provision for credit losses
    
34
      
(3
)
      
Equity income from unconsolidated technology co-investments
    
(17,036
)
    
(1,716
)
      
Loss on early retirement of debt
    
-
      
762
        
General and administrative and other, net (2)
    
4,546
      
1,276
        
Insurance reimbursements, legal settlements, and other, net
    
(51
)
    
(361
)
      
Core funds from operations attributable to common stockholders and unitholders
  
$
270,861
    
$
264,534
        
Core FFO per share-diluted
  
$
4.06
    
$
3.97
    
2.3%
                       
Weighted average number of shares outstanding diluted (3)
    
66,688,617
      
66,656,852
        

(1)
Refer to page S-17.2, the section titled “Funds from Operations (“FFO”) and Core FFO” for additional information on the Company’s definition and use of FFO and Core FFO.
(2)
Includes political advocacy costs of $1.6 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively.
(3)
Assumes conversion of all outstanding limited partnership units in the Operating Partnership into shares of the Company's common stock and excludes DownREIT limited partnership units.


See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-3
Table of Contents
E S S E X  P R O P E R T Y  T R U S T, I N C.

Consolidated Balance Sheets
(Dollars in thousands)


  
March 31, 2026
    
December 31, 2025
  
Real estate investments:
            
Land and land improvements
  
$
3,363,169
    
$
3,363,169
  
Buildings and improvements
    
15,121,705
      
15,073,416
  
     
18,484,874
      
18,436,585
  
Less: accumulated depreciation
    
(6,684,573
)
    
(6,532,003
)
     
11,800,301
      
11,904,582
  
Real estate under development
    
159,515
      
157,122
  
Co-investments
    
649,313
      
630,550
  
     
12,609,129
      
12,692,254
  
Cash and cash equivalents, including restricted cash
    
47,410
      
85,586
  
Marketable securities
    
96,521
      
98,070
  
Notes and other receivables
    
201,982
      
141,591
  
Operating lease right-of-use assets
    
49,957
      
50,833
  
Prepaid expenses and other assets
    
90,488
      
90,675
  
Total assets
  
$
13,095,487
    
$
13,159,009
  
                 
Unsecured debt, net
  
$
6,017,550
    
$
6,015,921
  
Mortgage notes payable, net
    
784,286
      
784,348
  
Lines of credit and commercial paper
    
4,660
      
-
  
Distributions in excess of investments in co-investments
    
99,316
      
98,837
  
Operating lease liabilities
    
50,531
      
51,487
  
Other liabilities
    
512,000
      
471,521
  
Total liabilities
    
7,468,343
      
7,422,114
  
Redeemable noncontrolling interest
    
25,788
      
28,263
  
Equity:
                
Common stock
    
6
      
6
  
Additional paid-in capital
    
6,638,007
      
6,683,514
  
Distributions in excess of accumulated earnings
    
(1,208,590
)
    
(1,148,195
)
Accumulated other comprehensive income, net
    
6,164
      
6,047
  
Total stockholders' equity
    
5,435,587
      
5,541,372
  
Noncontrolling interest
    
165,769
      
167,260
  
Total equity
    
5,601,356
      
5,708,632
  
Total liabilities and equity
  
$
13,095,487
    
$
13,159,009
  


See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-4
Table of Contents
E S S E X  P R O P E R T Y  T R U S T, I N C.

Debt Summary - March 31, 2026
(Dollars in thousands, except in footnotes)

                     
Scheduled principal payments, unamortized premiums (discounts) and (debt issuance costs) are as follows - excludes lines of credit and commercial paper:
  
         
Weighted Average
  

 

Unsecured

Secured

Total

Weighted
Average
Interest
Rate

Percentage
of Total
Debt

  
Balance
Outstanding
      
Interest
Rate
      
Maturity
in Years

Unsecured Debt, net
                                                      
Bonds public - fixed rate (1)
$
5,450,000


3.7
%

6.8

 2026 (1)


$
450,000
    
$
99,136
    
$
549,136
      
3.5
%
    
8.0
%
Term loan
    
600,000
      
4.0
%
    
4.5
    
2027
      
350,000
      
84,397
      
434,397
      
3.6
%
    
6.4
%
Unamortized discounts and debt
                          
2028
      
450,000
      
68,332
      
518,332
      
2.2
%
    
7.6
%
issuance costs, net
    
(32,450
)
    
-
      
-
    
2029
      
500,000
      
1,456
      
501,456
      
4.1
%
    
7.3
%
Total unsecured debt, net
    
6,017,550
      
3.7
%
    
6.6
    
2030
      
850,000
      
66,592
      
916,592
      
3.6
%
    
13.4
%
Mortgage Notes Payable, net
                          
2031
      
900,000
      
1,740
      
901,740
      
2.9
%
    
13.2
%
Fixed rate - secured
    
528,292
      
4.7
%
    
5.1
    
2032
      
650,000
      
1,903
      
651,903
      
2.6
%
    
9.5
%
Variable rate - secured (2)
    
258,510
      
2.9
%
    
13.0
    
2033
      
-
      
330,126
      
330,126
      
4.9
%
    
4.8
%
Unamortized premiums and debt
                          
2034
      
550,000
      
2,275
      
552,275
      
5.5
%
    
8.1
%
issuance costs, net
    
(2,516
)
    
-
      
-
    
2035
      
400,000
      
2,487
      
402,487
      
5.5
%
    
5.9
%
Total mortgage notes payable, net
    
784,286
      
4.1
%
    
7.7
    
2036
      
350,000
      
2,719
      
352,719
      
5.0
%
    
5.2
%
Unsecured Lines of Credit and Commercial Paper
    
                   
Thereafter
      
600,000
      
125,639
      
725,639
      
3.5
%
    
10.6
%
Line of credit (3)
    
-
      
4.6
%
    
N/A
    
Subtotal
      
6,050,000
      
786,802
      
6,836,802
      
3.7
%
    
100.0
%
Line of credit (4)
    
4,660
      
4.6
%
    
N/A
    
Debt Issuance Costs
      
(29,136
)
    
(2,388
)
    
(31,524
)
    
-
      
-
  
Commercial paper (5)
    
-
      
-
      
N/A
    
(Discounts)/Premiums
      
(3,314
)
    
(128
)
    
(3,442
)
    
-
      
-
  
Total lines of credit and commercial paper
    
4,660
      
4.6
%
    
N/A
    
Total
    
$
6,017,550
    
$
784,286
    
$
6,801,836
      
3.7
%
    
100.0
%
Total debt, net
  
$
6,806,496
      
3.7
%
    
6.7
                                                
                                                                       

Capitalized interest for the three months ended March 31, 2026 was approximately $1.3 million.

(1)
In April 2026, the Company repaid its $450 million unsecured notes at maturity.
(2)
$258.5 million of variable rate debt is tax exempt to the note holders.
(3)
This unsecured line of credit facility has a capacity of $1.5 billion, a scheduled maturity date in January 2030 and two 6-month extension options, exercisable at the Company’s option. The underlying interest rate on this line is SOFR plus 0.775%, which is based on a tiered rate structure tied to the Company's long-term unsecured credit ratings.
(4)
The unsecured line of credit facility has a capacity of $75.0 million. In February 2026, the Company extended the scheduled maturity from July 2026 to July 2028. The underlying interest rate on this line is SOFR plus 0.775%, which is based on a tiered rate structure tied to the Company's long-term unsecured credit ratings.
(5)
The Company has a commercial paper program under which it can issue unsecured short-term notes, up to $750 million, which are backstopped by and reduce the borrowing capacity of the Company's $1.5 billion unsecured line of credit facility.


See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-5
Table of Contents
E S S E X  P R O P E R T Y  T R U S T, I N C.

Capitalization Data, Public Bond Covenants, Credit Ratings and Selected Credit Ratios - March 31, 2026
(Dollars and shares in thousands, except per share amounts)


                                  
Capitalization Data
        
Public Bond Covenants (1)
  
Actual
  
Requirement
Total debt, net
  
$
6,806,496
                     
Common stock and potentially dilutive securities
          
Debt to Total Assets:
  
34%

< 65%
Common stock outstanding
    
64,310
                     
Limited partnership units (1)
    
2,184
    
Secured Debt to Total Assets:
  
4%

< 40%
Options-treasury method
    
5
                     
Total shares of common stock and potentially dilutive securities
    
66,499
    
Interest Coverage:
  
509%

> 150%
             
                       
Common stock price per share as of March 31, 2026
  
$
242.00
    
Unsecured Debt Ratio (2):
  
292%

> 150%
             
                       
Total equity capitalization
  
$
16,092,758
    
Selected Credit Ratios (3)
  
Actual
    
             
                       
Total market capitalization
  
$
22,899,254
    
Net Indebtedness Divided by Adjusted EBITDAre, normalized and annualized:
   5.5
      

         

 
   
Ratio of debt to total market capitalization
    
29.7
%
  
Unencumbered NOI to Adjusted Total NOI:
    93%          

         
                       
Credit Ratings
             

 


 
Rating Agency
Rating
Outlook
          
                 
Moody's
Baa1
Stable
          
(1)    Refer to page S-17.4 for additional information on the Company's Public Bond Covenants.
Standard & Poor's
BBB+
Stable
          
(2)    Unsecured Debt Ratio is unsecured assets (excluding investments in co-investments) divided by unsecured indebtedness.
(1)    Assumes conversion of all outstanding limited partnership units in the Operating Partnership into shares of the Company's common stock.
    
(3)    Refer to pages S-17.1 to S-17.4, the section titled "Reconciliations of Non-GAAP Financial Measures and Other Terms" for additional information on the Company's Selected Credit Ratios.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-6
Table of Contents
E S S E X  P R O P E R T Y  T R U S T, I N C.

Portfolio Summary by County as of March 31, 2026
   
Apartment Homes
    
Average Monthly Rental Rate (1)
    
Percent of NOI (2)
  
                                                             
Region - County
  
Consolidated
    
Unconsolidated
Co-investments
    
Apartment
Homes in
Development (3)
    
Total
    
Consolidated
    
Unconsolidated
Co-investments (4)
    
Total (4)
    
Consolidated
    
Unconsolidated
Co-investments (4)
    
Total (4)
  
                                                             
Southern California
                                                            
Los Angeles County
    
9,666
      
1,586
      
-
      
11,252
    
$
2,739
    
$
2,575
    
$
2,725
      
15.3
%
    
19.9
%
    
15.6
%
Orange County
    
5,741
      
265
      
-
      
6,006
      
2,735
      
2,514
      
2,730
      
10.8
%
    
3.3
%
    
10.3
%
San Diego County
    
5,449
      
443
      
-
      
5,892
      
2,703
      
3,090
      
2,718
      
10.1
%
    
6.4
%
    
9.9
%
Ventura County and Other
    
2,760
      
373
      
-
      
3,133
      
2,533
      
3,262
      
2,585
      
5.0
%
    
6.9
%
    
5.1
%
Total Southern California
    
23,616
      
2,667
      
-
      
26,283
      
2,706
      
2,746
      
2,708
      
41.2
%
    
36.5
%
    
40.9
%
                                                                                 
Northern California
                                                                                
Santa Clara County (5)
    
10,673
      
997
      
-
      
11,670
      
3,198
      
3,128
      
3,194
      
22.9
%
    
14.2
%
    
22.3
%
Alameda County
    
3,970
      
1,328
      
-
      
5,298
      
2,644
      
2,640
      
2,643
      
6.4
%
    
16.9
%
    
7.1
%
San Mateo County
    
2,483
      
195
      
543
      
3,221
      
3,456
      
3,904
      
3,473
      
5.7
%
    
3.4
%
    
5.5
%
Contra Costa County
    
2,619
      
-
      
-
      
2,619
      
2,778
      
-
      
2,778
      
4.8
%
    
0.0
%
    
4.5
%
San Francisco
    
1,356
      
537
      
-
      
1,893
      
3,057
      
3,560
      
3,140
      
2.3
%
    
8.7
%
    
2.7
%
Total Northern California
    
21,101
      
3,057
      
543
      
24,701
      
3,063
      
3,020
      
3,060
      
42.1
%
    
43.2
%
    
42.1
%
                                                                                 
Seattle Metro
    
10,899
      
1,759
      
-
      
12,658
      
2,270
      
2,166
      
2,261
      
16.7
%
    
20.3
%
    
17.0
%
                                                                                 
Total
    
55,616
      
7,483
      
543
      
63,642
    
$
2,756
    
$
2,723
    
$
2,753
      
100.0
%
    
100.0
%
    
100.0
%

(1)
Average monthly rental rate is defined as the total scheduled monthly rental income (actual rent for occupied apartment homes plus market rent for vacant apartment homes) for the quarter ended March 31, 2026, divided by the number of apartment homes as of March 31, 2026.
(2)
Represents the percentage of actual NOI for the quarter ended March 31, 2026. See "Net Operating Income ("NOI") and Same-Property NOI Reconciliations" on page S-17.3.
(3)
Includes development communities with no rental income.
(4)
At Company's pro rata share.
(5)
Includes all communities in Santa Clara County and one community in Santa Cruz County.


See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-7
Table of Contents
E S S E X  P R O P E R T Y  T R U S T, I N C.

Operating Income by Quarter (1)
(Dollars in thousands)

   
Apartment
Homes
    
Q1 '26
    
Q4 '25
    
Q3 '25
    
Q2 '25
    
Q1 '25
  
                                     
Rental and other property revenues:
                                    
Same-property
    
52,135
    
$
442,572
    
$
439,591
    
$
437,290
    
$
434,370
    
$
430,009
  
Acquisitions (2)
    
2,140
      
20,761
      
17,712
      
13,398
      
11,099
      
4,570
  
Non-residential/other, net (3)
    
1,341
      
19,225
      
19,093
      
19,939
      
21,974
      
27,898
  
Straight-line rent concessions (4)
    
-
      
(115
)
    
927
      
315
      
167
      
(388
)
Total rental and other property revenues
    
55,616
      
482,443
      
477,323
      
470,942
      
467,610
      
462,089
  
                                                 
Property operating expenses:
                                                
Same-property
            
129,503
      
130,636
      
133,237
      
125,646
      
129,241
  
Acquisitions (2)
            
8,273
      
6,873
      
5,019
      
4,177
      
1,946
  
Non-residential/other, net (3) (5)
            
3,480
      
3,991
      
5,180
      
5,606
      
7,434
  
Total property operating expenses
            
141,256
      
141,500
      
143,436
      
135,429
      
138,621
  
                                                 
Net operating income (NOI):
                                                
Same-property
            
313,069
      
308,955
      
304,053
      
308,724
      
300,768
  
Acquisitions (2)
            
12,488
      
10,839
      
8,379
      
6,922
      
2,624
  
Non-residential/other, net (3) (5)
            
15,745
      
15,102
      
14,759
      
16,368
      
20,464
  
Straight-line rent concessions (4)
            
(115
)
    
927
      
315
      
167
      
(388
)
Total NOI
          
$
341,187
    
$
335,823
    
$
327,506
    
$
332,181
    
$
323,468
  
                                                 
Same-property metrics
                                                
Operating margin
            
71
%
    
70
%
    
70
%
    
71
%
    
70
%
Annualized turnover
            
33
%
    
36
%
    
44
%
    
39
%
    
35
%
Financial occupancy
            
96.5
%
    
96.4
%
    
96.0
%
    
96.2
%
    
96.3
%
Delinquency as a % of scheduled rent
            
0.4
%
    
0.5
%
    
0.5
%
    
0.4
%
    
0.5
%
                                                 
Same-property net effective rate growth (6)
                                                
New lease
            
-2.4
%
    
-4.3
%
    
-0.6
%
    
3.3
%
    
0.4
%
Renewal
            
3.9
%
    
4.7
%
    
4.3
%
    
4.1
%
    
4.0
%
Blended
            
1.4
%
    
1.0
%
    
2.5
%
    
3.8
%
    
2.7
%

(1)
Includes consolidated communities only.
(2)
Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2025.
(3)
Non-residential/other, net consists of revenues generated from retail space, commercial properties, held for sale properties, disposition properties, properties undergoing significant construction activities that do not meet our redevelopment criteria, properties subject to upcoming ground lease expirations, two communities located in the California counties of Santa Barbara and Santa Cruz, which the Company does not consider its core markets, and properties without comparable operating results in the reported periods.
(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.
(5)
Includes other expenses and intercompany eliminations pertaining to self-insurance.
(6)
Represents the percentage change in all lease tradeouts, including the impact of leasing incentives. Prior to 2026, the rate growth that was previously disclosed was based on the change in similar term lease tradeouts, including the impact of leasing incentives. All prior periods have been updated to conform with the current methodology.


See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-8
Table of Contents
E S S E X  P R O P E R T Y  T R U S T, I N C.

Same-Property Revenue Results by County - First Quarter 2026 vs. First Quarter 2025 and Fourth Quarter 2025
(Dollars in thousands, except average monthly rental rates)
         
Q1 '26
    
Average Monthly Rental Rate
    
Financial Occupancy
    
Gross Revenues
    
Sequential Gross
Revenues
  
Region - County
  
Apartment Homes
      
% of
Actual NOI
    
Q1 '26
    
Q1 '25
    
%
Change
    
Q1 '26
    
Q1 '25
    
%
Change
    
Q1 '26
    
Q1 '25
    
%
Change
    
Q4 '25
    
%
Change
  
 
                                                                              
Southern California
                                                                              
Los Angeles County
    
9,189
      
16.0
%
  
$
2,678
    
$
2,653
      
0.9
%
    
95.7
%
    
95.3
%
    
0.4
%
  
$
75,672
    
$
74,417
      
1.7
%
  
$
75,806
      
-0.2
%
Orange County
    
5,341
      
10.7
%
    
2,712
      
2,655
      
2.1
%
    
96.2
%
    
96.2
%
    
0.0
%
    
44,672
      
43,402
      
2.9
%
    
44,664
      
0.0
%
San Diego County
    
5,207
      
10.4
%
    
2,710
      
2,675
      
1.3
%
    
96.6
%
    
95.9
%
    
0.7
%
    
43,690
      
42,602
      
2.6
%
    
43,361
      
0.8
%
Ventura County
    
2,652
      
5.1
%
    
2,526
      
2,480
      
1.9
%
    
96.5
%
    
96.9
%
    
-0.4
%
    
21,003
      
20,613
      
1.9
%
    
20,970
      
0.2
%
Total Southern California
    
22,389
      
42.2
%
    
2,675
      
2,638
      
1.4
%
    
96.1
%
    
95.8
%
    
0.3
%
    
185,037
      
181,034
      
2.2
%
    
184,801
      
0.1
%
 
                                                                                                        
Northern California
                                                                                                        
Santa Clara County
    
9,279
      
21.2
%
    
3,185
      
3,072
      
3.7
%
    
97.0
%
    
96.6
%
    
0.4
%
    
91,907
      
87,875
      
4.6
%
    
90,778
      
1.2
%
Alameda County
    
3,729
      
6.6
%
    
2,630
      
2,577
      
2.1
%
    
96.7
%
    
96.6
%
    
0.1
%
    
30,878
      
29,970
      
3.0
%
    
30,681
      
0.6
%
San Mateo County
    
1,864
      
4.5
%
    
3,398
      
3,235
      
5.0
%
    
97.4
%
    
97.4
%
    
0.0
%
    
19,876
      
18,947
      
4.9
%
    
19,606
      
1.4
%
Contra Costa County
    
2,619
      
5.1
%
    
2,778
      
2,743
      
1.3
%
    
96.8
%
    
96.8
%
    
0.0
%
    
22,746
      
22,408
      
1.5
%
    
22,486
      
1.2
%
San Francisco
    
1,356
      
2.5
%
    
3,057
      
2,905
      
5.2
%
    
96.6
%
    
96.9
%
    
-0.3
%
    
13,107
      
12,561
      
4.3
%
    
12,580
      
4.2
%
Total Northern California
    
18,847
      
39.9
%
    
3,031
      
2,933
      
3.3
%
    
96.9
%
    
96.7
%
    
0.2
%
    
178,514
      
171,761
      
3.9
%
    
176,131
      
1.4
%
 
                                                                                                        
Seattle Metro
    
10,899
      
17.9
%
    
2,270
      
2,233
      
1.7
%
    
96.6
%
    
96.2
%
    
0.4
%
    
79,021
      
77,214
      
2.3
%
    
78,659
      
0.5
%
 
                                                                                                        
Total Same-Property
    
52,135
      
100.0
%
  
$
2,719
    
$
2,660
      
2.2
%
    
96.5
%
    
96.3
%
    
0.2
%
  
$
442,572
    
$
430,009
      
2.9
%
  
$
439,591
      
0.7
%

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-9
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E S S E X  P R O P E R T Y  T R U S T, I N C.

Same-Property Operating Expenses - Quarter to Date as of March 31, 2026 and 2025
(Dollars in thousands)
Based on 52,135 apartment homes
   
Q1 '26
    
Q1 '25
    
% Change
    
% of
Operating
Expense
  
Same-property operating expenses:
                        
Real estate taxes
  
$
47,229
    
$
48,541
      
-2.7
%
    
36.5
%
Utilities
    
29,658
      
27,530
      
7.7
%
    
22.9
%
Personnel costs
    
24,318
      
24,346
      
-0.1
%
    
18.8
%
Maintenance and repairs
    
12,976
      
13,576
      
-4.4
%
    
10.0
%
Administrative
    
6,606
      
6,557
      
0.7
%
    
5.1
%
Insurance and other
    
8,716
      
8,691
      
0.3
%
    
6.7
%
Total same-property operating expenses
  
$
129,503
    
$
129,241
      
0.2
%
    
100.0
%

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-10
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E S S E X  P R O P E R T Y  T R U S T, I N C.

Development Pipeline - March 31, 2026
(Dollars in millions, except per apartment home amounts in thousands)

Project Name - Location
  
Ownership
%
    
Estimated
Apartment
Homes
    
Estimated
Commercial
sq. feet
    
Incurred to
Date (1)
    
Remaining
Costs
    
Estimated
Total Cost
    
Cost per
Apartment
Home (2)
    
Construction
Start
    
Initial
Occupancy
    
Stabilized
Operations
  
                                                             
Development Projects - Consolidated
                                                            
7 South Linden - South San Francisco, CA
  
100%

   
543
      
-
    
$
129
    
$
182
    
$
311
    
$
573
      
Q1 2025
      
Q2 2028
      
Q1 2030
  
Total Development Projects - Consolidated
          
543
      
-
      
129
      
182
      
311
    
$
573
                          
 
                                                                              
Land Held for Future Development - Consolidated
                                                                              
Other Projects - Various
  
100%

   
-
      
-
      
31
      
-
      
31
                                  
Total Development Pipeline - Consolidated
          
543
      
-
    
$
160
    
$
182
    
$
342
                                  

(1)
Includes capitalized interest costs of $1.3 million and overhead costs of $0.6 million for the three months ended March 31, 2026.
(2)
Net of the estimated allocation to the retail component of the project, as applicable.


See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-11
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E S S E X  P R O P E R T Y  T R U S T, I N C.

Capital Expenditures - March 31, 2026 (1)
(Dollars in thousands, except in footnotes and per apartment home amounts)
Revenue Generating Capital Expenditures (2)
  
Q1 '26
    
Trailing 4
Quarters
  
             
Same-property portfolio
  
$
7,814
    
$
72,326
  
Non-same property portfolio
    
880
      
5,117
  
Total revenue generating capital expenditures
  
$
8,694
    
$
77,443
  
                 
Number of same-property interior renovations
    
150
      
2,316
  
Number of total consolidated interior renovations
    
150
      
2,535
  

Non-Revenue Generating Capital Expenditures (3)
  
Q1 '26
    
Trailing 4
Quarters
  
             
Non-revenue generating capital expenditures
  
$
19,639
    
$
116,560
  
Average apartment homes in quarter
    
55,605
      
55,264
  
Capital expenditures per apartment home
  
$
353
    
$
2,109
  

(1)
The Company incurred $4.8 million of capitalized overhead related to redevelopment in Q1 2026.
(2)
Represents revenue generating expenditures, such as full-scale redevelopments, interior unit turn renovations, enhanced amenities, certain sustainability initiatives that generate higher revenues or expense savings and accessory dwelling units.
(3)
Represents roof replacements, paving, building and mechanical systems, exterior painting, siding, etc. Non-revenue generating capital expenditures does not include costs related to retail, furniture and fixtures, expenditures in which the Company has been reimbursed or expects to be reimbursed, and expenditures incurred due to changes in governmental regulation that the Company would not have incurred otherwise.


See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-12
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E S S E X  P R O P E R T Y  T R U S T, I N C.

Co-investments and Preferred Equity Investments - March 31, 2026
(Dollars in thousands, except in footnotes)
   
Weighted
Average
Essex
Ownership
Percentage
    
Apartment
Homes
    
Total
Undepreciated
Book Value
    
Debt
Amount
    
Essex
Book Value
    
Weighted
Average
Borrowing
Rate (1)
    
Remaining
Term of Debt
(in Years)
    
Three Months
Ended
March 31,
2026
  
                                                 
Operating and Other Unconsolidated Joint Ventures
                                            
NOI
  
Wesco I, III, IV, V, VI (2)
  
54%

   
5,765
    
$
2,089,835
    
$
1,370,508
    
$
71,147
      
3.3
%
    
1.9
    
$
29,805
  
BEX IV, 500 Folsom
  
50%
   
732
      
617,670
      
176,400
      
134,147
      
3.1
%
    
20.2
      
5,319
  
Other (3)
  
53%
   
986
      
386,728
      
291,476
      
112,610
      
3.5
%
    
11.3
      
5,673
  
Total Operating and Other Unconsolidated Joint Ventures
          
7,483
    
$
3,094,233
    
$
1,838,384
    
$
317,904
      
3.3
%
    
5.1
    
$
40,797
  
 
                                                              
 
                                                        
Essex Portion
of NOI and
Expenses
  
NOI
                                                        
$
22,363
  
Depreciation
                                                          
(13,316
)
Interest expense and other, net
                                                          
(8,057
)
Equity income from unconsolidated technology co-investments
                                                          
17,036
  
Net income from operating and other co-investments
                                                        
$
18,026
  
 
                                                              
 
                                        
Weighted
Average
Preferred
Return
    
Weighted
Average
Expected
Term
    
Income from
Preferred Equity
Investments
  
Income from preferred equity investments
                                                        
$
5,589
  
Preferred Equity Investments (4)
                                
$
232,093
      
10.5
%
    
2.1
    
$
5,589
  
 
                                                              
Total Co-investments
                                
$
549,997
                    
$
23,615
  

(1)
Represents the year-to-date annual weighted average borrowing rate.
(2)
As of March 31, 2026, the Company’s investments in Wesco I, Wesco III, and Wesco IV were classified as a liability of $96.1 million due to distributions received in excess of the Company's investment.
(3)
As of March 31, 2026, the Company’s investment in Expo was classified as a liability of $3.2 million due to distributions received in excess of the Company's investment. The weighted average Essex ownership percentage excludes our investments in unconsolidated technology co-investments.
(4)
As of March 31, 2026, the Company is invested in 10 preferred equity investments, including one preferred equity investment held by Wesco VII LLC.


See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-13
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E S S E X  P R O P E R T Y  T R U S T, I N C.

Summary of Apartment Community Acquisitions and Dispositions Activity - Year to date as of March 31, 2026
(Dollars in thousands, except for average monthly rent)
Acquisitions
Property Name
Location
   
Apartment
Homes
   
Year Built
   
Essex
Ownership
Percentage
   
Entity
   
Date
   
Total Contract
Price at
Pro Rata Share
   
Price per
Apartment Home
   
Average
Monthly Rent
 
Neither Essex nor its unconsolidated joint ventures acquired any apartment communities during the first quarter of 2026.
 
 
Dispositions
Property Name
  
Location
Apartment
 Homes
Year Built
Essex
Ownership
Percentage
Entity
Date
Total Contract
Price at
Pro Rata Share
Price per
Apartment Home

 
Neither Essex nor its unconsolidated joint ventures sold any apartment communities during the first quarter of 2026.


See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-14
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E S S E X  P R O P E R T Y  T R U S T, I N C.

Assumptions for 2026 FFO Guidance Range
(Dollars in thousands, except per share data)
The guidance projections below are based on current expectations and are forward-looking. The guidance on this page is given for Net Operating Income ("NOI") and Total and Core FFO. See pages S-17.1 to S-17.4 for the definitions of non-GAAP financial measures and other terms.

   
Three Months Ended
    
2026 Full-Year Guidance Range
    
   
March 31, 2026 (1)
    
Low End
    
High End
  
Comments about 2026 Full-Year Guidance
                             
Total NOI from Consolidated Communities
  
$
341,187
    
$
1,346,000
    
$
1,374,000
  
Includes unchanged same-property NOI growth range of
0.8% to 3.4%
 
                                     
Management Fees
  
$
2,313
      
8,500
      
9,500
    
 
                                     
Interest Expense
                                   
Interest expense, before capitalized interest
    
(65,361
)
    
(266,100
)
    
(262,500
)
  
Interest capitalized
    
1,339
      
6,200
      
7,200
    
Net interest expense
    
(64,022
)
    
(259,900
)
    
(255,300
)
  
Recurring Income and Expenses
                                   
Interest and other income
    
2,745
      
7,200
      
8,200
  
 Updated to reflect lower interest income from the expected early redemption of a subordinated loan investment
FFO from co-investments
    
19,895
      
65,800
      
68,800
  
 Updated to reflect expectations of two early preferred equity redemptions
General and administrative
    
(15,468
)
    
(60,000
)
    
(64,000
)
  
Corporate-level property management expenses
    
(13,398
)
    
(52,800
)
    
(54,000
)
  
Non-controlling interest
    
(2,391
)
    
(10,100
)
    
(9,100
)
  
Total recurring income and expenses
    
(8,617
)
    
(49,900
)
    
(50,100
)
  
Non-Core Income and Expenses
                                   
Tax expense on unconsolidated co-investments
    
(3,614
)
    
(3,614
)
    
(3,614
)
  
Realized and unrealized losses on marketable securities, net
    
(1,726
)
    
(1,726
)
    
(1,726
)
  
Provision for credit losses
    
(34
)
    
(34
)
    
(34
)
  
Equity income from unconsolidated technology co-investments
    
17,036
      
17,036
      
17,036
    
General and administrative and other, net
    
(4,546
)
    
(10,000
)
    
(10,000
)
 Relates to advocacy and litigation costs
Insurance reimbursements, legal settlements, and other, net
    
51
      
51
      
51
    
Total non-core income and expenses
    
7,167
      
1,713
      
1,713
    
Funds from Operations (2)
  
$
278,028
    
$
1,046,413
    
$
1,079,813
    
 
                                     
Funds from Operations per diluted Share
  
$
4.17
    
$
15.71
    
$
16.21
    
 
                                     
% Change - Funds from Operations
    
5.0
%
    
-1.7
%
    
1.4
%
  
 
                                     
Core Funds from Operations (excludes non-core items)
  
$
270,861
    
$
1,044,700
    
$
1,078,100
    
 
                                     
Core Funds from Operations per diluted Share
  
$
4.06
    
$
15.69
    
$
16.19
    
 
                                     
% Change - Core Funds from Operations
    
2.3
%
    
-1.6
%
    
1.6
%
  
 
                                     
EPS - Diluted
  
$
1.65
    
$
5.62
    
$
6.12
    
 
                                     
Weighted average shares outstanding - FFO calculation
    
66,689
      
66,600
      
66,600
  
 Reflects YTD share repurchases

(1)
All non-core items are excluded from the 2026 actuals and included in the non-core income and expense section of the FFO reconciliation.
(2)
2026 guidance excludes inestimable projected gain/(loss) on sale of real estate and land, gain/(loss) on sale of marketable securities, gain/(loss) on early retirement of debt, and promote income until they are realized within the reporting period presented in the report.


See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-15
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E S S E X  P R O P E R T Y  T R U S T, I N C.

Reconciliation of Projected EPS, FFO and Core FFO per diluted share
With respect to the Company's guidance regarding its projected FFO and Core FFO, which guidance is set forth in the earnings release and on page S-15 of this supplement, a reconciliation of projected net income per share to projected FFO per share and projected Core FFO per share, as set forth in such guidance, is presented in the table below.

         
2026 Guidance Range (1)
  
   
Three Months
                          
   
Ended March 31,
    
2nd Quarter 2026
    
Full-Year 2026
  
   
2026
    
Low
    
High
    
Low
    
High
  
                               
EPS - diluted
  
$
1.65
    
$
1.36
    
$
1.48
    
$
5.62
    
$
6.12
  
Conversion from GAAP share count
    
(0.05
)
    
(0.05
)
    
(0.05
)
    
(0.20
)
    
(0.20
)
Depreciation and amortization
    
2.52
      
2.53
      
2.53
      
10.10
      
10.10
  
Noncontrolling interest related to Operating Partnership units
    
0.05
      
0.05
      
0.05
      
0.19
      
0.19
  
FFO per share - diluted
  
$
4.17
    
$
3.89
    
$
4.01
    
$
15.71
    
$
16.21
  
 
                                        
Tax expense on unconsolidated co-investments
    
0.05
      
-
      
-
      
0.05
      
0.05
  
Realized and unrealized losses on marketable securities, net
    
0.03
      
-
      
-
      
0.03
      
0.03
  
Provision for credit losses
    
-
      
-
      
-
      
-
      
-
  
Equity income from unconsolidated technology co-investments
    
(0.26
)
    
-
      
-
      
(0.26
)
    
(0.26
)
General and administrative and other, net
    
0.07
      
0.03
      
0.03
      
0.16
      
0.16
  
Insurance reimbursements, legal settlements, and other, net
    
-
      
-
      
-
      
-
      
-
  
Core FFO per share - diluted
  
$
4.06
    
$
3.92
    
$
4.04
    
$
15.69
    
$
16.19
  

(1)
2026 guidance excludes inestimable projected gain/(loss) on sale of real estate and land, gain/(loss) on sale of marketable securities, gain/(loss) on early retirement of debt, and promote income until they are realized within the reporting period presented in the report.


See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-15.1
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s
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E S S E X  P R O P E R T Y  T R U S T, I N C.

Reconciliations of Non-GAAP Financial Measures and Other Terms

Adjusted EBITDAre Reconciliation

The National Association of Real Estate Investment Trusts ("Nareit”) defines earnings before interest, taxes, depreciation and amortization for real estate ("EBITDAre") (September 2017 White Paper) as net income (computed in accordance with U.S. generally accepted accounting principles ("U.S. GAAP")) before interest expense, income taxes, depreciation and amortization expense, and further adjusted for gains and losses from sales of depreciated operating properties, impairment write-downs of depreciated operating properties, impairment write-downs of investments in unconsolidated entities caused by a decrease in value of depreciated operating properties within the joint venture and adjustments to reflect the Company’s share of EBITDAre of investments in unconsolidated entities.
 
The Company believes that EBITDAre is useful to investors, creditors and rating agencies as a supplemental measure of the Company’s ability to incur and service debt because it is a recognized measure of performance by the real estate industry, and by excluding gains or losses related to sales or impairment of depreciated operating properties, EBITDAre can help compare the Company’s credit strength between periods or as compared to different companies.
 
Adjusted EBITDAre represents EBITDAre further adjusted for non-comparable items and is a component of the credit ratio, "Net Indebtedness Divided by Adjusted EBITDAre, normalized and annualized," presented on page S-6, in the section titled "Selected Credit Ratios," and it is not intended to be a measure of free cash flow for management’s discretionary use, as it does not consider certain cash requirements such as income tax payments, debt service requirements, capital expenditures and other fixed charges.
 
Adjusted EBITDAre is an important metric in evaluating the credit strength of the Company and its ability to service its debt obligations. The Company believes that Adjusted EBITDAre is useful to investors, creditors and rating agencies because it allows investors to compare the Company’s credit strength to prior reporting periods and to other companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual credit quality.
 
EBITDAre and Adjusted EBITDAre are not recognized measurements under U.S. GAAP. Because not all companies use identical calculations, the Company's presentation of EBITDAre and Adjusted EBITDAre may not be comparable to similarly titled measures of other companies.

The reconciliations of Net Income available to common stockholders to EBITDAre and Adjusted EBITDAre are presented in the table below:


(Dollars in thousands)
Three
Months Ended
March 31,
2026
       
Net income available to common stockholders
  
$
106,186
  
Adjustments:
        
Net income attributable to noncontrolling interest
    
6,022
  
Interest expense, net (1)
    
64,022
  
Depreciation and amortization
    
154,895
  
Income tax provision
    
108
  
Co-investment EBITDAre adjustments
    
21,315
  
EBITDAre
    
352,548
  
         
Realized and unrealized losses on marketable securities, net
    
1,726
  
Provision for credit losses
    
34
  
Equity income from unconsolidated technology co-investments
    
(17,036
)
Tax expense on unconsolidated technology co-investments
    
3,614
  
General and administrative and other, net
    
4,546
  
Insurance reimbursements, legal settlements, and other, net
    
(51
)
Adjusted EBITDAre
  
$
345,381
  
(1)
Interest expense, net includes items such as gains on derivatives and the amortization of deferred charges.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-17.1
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E S S E X  P R O P E R T Y  T R U S T, I N C.

Reconciliations of Non-GAAP Financial Measures and Other Terms

Annualized Turnover

Annualized turnover is defined as the number of apartment homes turned over during the quarter, annualized, divided by the total number of apartment homes.

Financial Occupancy

Financial occupancy is defined as the percentage resulting from dividing actual rental income by total scheduled rental income. Actual rental income represents contractual rental income pursuant to leases without considering delinquency and concessions. Total scheduled rental income represents the value of all apartment homes, with occupied apartment homes valued at contractual rental rates pursuant to leases and vacant apartment homes valued at estimated market rents.

New Lease Net Effective Rate Growth and Renewal Net Effective Rate Growth

New lease net effective rate growth and renewal net effective rate growth represent the percentage change in all lease tradeouts, including the impact of leasing incentives. Prior to 2026, the rate growth was based on the change in similar term lease tradeouts, including the impact of leasing incentives, and all periods presented have been updated to conform with the current methodology.

Disposition Yield

Net operating income that the Company anticipates giving up in the next 12 months less an estimate of property management costs allocated to the project divided by the gross sales price of the asset.

Acquisition Yield

Net operating income that the Company expects to achieve in the next 12 months less an estimate of property management costs allocated to the project and less an estimate for capital expenditures per unit divided by the gross sales price of the asset.

Encumbered

Encumbered means any mortgage, deed of trust, lien, charge, pledge, security interest, security agreement or other encumbrance of any kind.

Funds From Operations ("FFO") and Core FFO

FFO, as defined by Nareit, is generally considered by industry analysts as an appropriate measure of performance of an equity REIT. Generally, FFO adjusts the net income of equity REITs for non-cash charges such as depreciation and amortization of rental properties, impairment charges, gains on sales of real estate and extraordinary items. Management considers FFO and FFO which excludes non-core items, which is referred to as “Core FFO,” to be useful supplemental operating performance measures of an equity REIT because, together with net income and cash flows, FFO and Core FFO provide investors with additional bases to evaluate the operating performance and ability of a REIT to incur and service debt and to fund acquisitions and other capital expenditures and to pay dividends. By excluding gains or losses related to sales of depreciated operating properties and land and excluding real estate depreciation (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO can help investors compare the operating performance of a real estate company between periods or as compared to different companies. By further adjusting for items that are not considered part of the Company’s core business operations, Core FFO allows investors to compare the core operating performance of the Company to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual operating results.
 
FFO and Core FFO do not represent net income or cash flows from operations as defined by U.S. GAAP and are not intended to indicate whether cash flows will be sufficient to fund cash needs. These measures should not be considered as alternatives to net income as an indicator of the REIT's operating performance or to cash flows as a measure of liquidity. FFO and Core FFO do not measure whether cash flow is sufficient to fund all cash needs including principal amortization, capital improvements and distributions to stockholders. FFO and Core FFO also do not represent cash flows generated from operating, investing or financing activities as defined under GAAP. Management has consistently applied the Nareit definition of FFO to all periods presented. However, there is judgment involved and other REITs’ calculation of FFO may vary from the Nareit definition for this measure, and thus their disclosures of FFO may not be comparable to the Company’s calculation.
 
The reconciliations of FFO and Core FFO per diluted share are detailed on page S-3 in the section titled "Consolidated Funds From Operations".

Interest Expense, Net

Interest expense, net is presented on page S-1 in the section titled "Consolidated Operating Results". Interest expense, net includes items such as gains on derivatives and the amortization of deferred charges and is presented in the table below:

   
Three Months Ended
  
(Dollars in thousands)
March 31,
2026

March 31,
2025
             
Interest expense
  
$
65,564
    
$
62,732
  
Adjustments:
                
Total return swap income
    
(1,542
)
    
(1,200
)
Interest expense, net
  
$
64,022
    
$
61,532
  

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-17.2
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E S S E X  P R O P E R T Y  T R U S T, I N C.

Reconciliations of Non-GAAP Financial Measures and Other Terms

Net Indebtedness Divided by Adjusted EBITDAre

This credit ratio is presented on page S-6 in the section titled "Selected Credit Ratios." This credit ratio is calculated by dividing net indebtedness by Adjusted EBITDAre, as annualized based on the most recent quarter, and adjusted for estimated net operating income from properties acquired or disposed of during the quarter. This ratio is presented by the Company because it provides rating agencies and investors an additional means of comparing the Company's ability to service debt obligations to that of other companies. Net indebtedness is total debt, net less unamortized premiums, discounts, debt issuance costs, unrestricted cash and cash equivalents, and marketable securities. The reconciliation of Adjusted EBITDAre is set forth in "Adjusted EBITDAre Reconciliation" on page S-17.1 The calculation of this credit ratio and a reconciliation of net indebtedness to total debt at pro rata share for co-investments, net is presented in the table below:


(Dollars in thousands)
  
March 31,
2026
  
       
Total consolidated debt, net
  
$
6,806,496
  
Total debt from co-investments at pro rata share
    
974,007
  
Adjustments:
        
Consolidated unamortized premiums, discounts, and debt issuance costs
    
34,966
  
Pro rata co-investments unamortized premiums, discounts, and debt issuance costs
    
3,968
  
Consolidated cash and cash equivalents-unrestricted
    
(38,005
)
Pro rata co-investment cash and cash equivalents-unrestricted
    
(40,851
)
Marketable securities
    
(96,521
)
Net Indebtedness
  
$
7,644,060
  
         
Adjusted EBITDAre, annualized (1)
  
$
1,381,524
  
Other EBITDAre normalization adjustments, net, annualized (2)
    
-
  
Adjusted EBITDAre, normalized and annualized
  
$
1,381,524
  
         
Net Indebtedness Divided by Adjusted EBITDAre, normalized and annualized
    
5.5
  

(1)
Based on the amount for the most recent quarter, multiplied by four.
(2)
Adjustments made for properties in lease-up, acquired, or disposed during the most recent quarter and other partial quarter activity, multiplied by four.

Net Operating Income ("NOI") and Same-Property NOI Reconciliations

NOI and same-property NOI are considered by management to be important supplemental performance measures to earnings from operations included in the Company’s consolidated statements of income. The presentation of same-property NOI assists with the presentation of the Company’s operations prior to the allocation of depreciation and any corporate-level or financing-related costs. NOI reflects the operating performance of a community and allows for an easy comparison of the operating performance of individual communities or groups of communities.
 
In addition, because prospective buyers of real estate have different financing and overhead structures, with varying marginal impacts to overhead by acquiring real estate, NOI is considered by many in the real estate industry to be a useful measure for determining the value of a real estate asset or group of assets. The Company defines same-property NOI as same-property revenues less same-property operating expenses, including property taxes. Please see the reconciliation of earnings from operations to NOI and same-property NOI, which in the table below is the NOI for stabilized properties consolidated by the Company for the periods presented:


  
Three Months Ended
  

(Dollars in thousands)
March 31,
2026

March 31,
2025
   
             
Earnings from operations
  
$
155,193
    
$
257,081
  
Adjustments:
                
Corporate-level property management expenses
    
13,398
      
12,332
  
Depreciation and amortization
    
154,895
      
151,287
  
Management and other fees from affiliates
    
(2,313
)
    
(2,494
)
General and administrative
    
20,014
      
16,292
  
Gain on sale of real estate and land
    
-
      
(111,030
)
 NOI
    
341,187
      
323,468
  
Less: Non-same property NOI
    
(28,118
)
    
(22,700
)
Same-Property NOI
  
$
313,069
    
$
300,768
  

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-17.3
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E S S E X  P R O P E R T Y  T R U S T, I N C.

Reconciliations of Non-GAAP Financial Measures and Other Terms

Public Bond Covenants

Public Bond Covenants refer to certain covenants set forth in instruments governing the Company's unsecured indebtedness. These instruments require the Company to meet specified financial covenants, including covenants relating to net worth, fixed charge coverage, debt service coverage, the amounts of total indebtedness and secured indebtedness, leverage and certain investment limitations. These covenants may restrict the Company's ability to expand or fully pursue its business strategies. The Company's ability to comply with these covenants may be affected by changes in the Company's operating and financial performance, changes in general business and economic conditions, adverse regulatory developments or other events adversely impacting it. The breach of any of these covenants could result in a default under the Company's indebtedness, which could cause those and other obligations to become due and payable. If any of the Company's indebtedness is accelerated, the Company may not be able to repay it. For risks related to failure to comply with these covenants, see "Item 1A: Risk Factors - Risks Related to Our Indebtedness and Financings" in the Company's annual report on Form 10-K and other reports filed by the Company with the Securities and Exchange Commission ("SEC").

The ratios set forth on page S-6 in the section titled "Public Bond Covenants" are provided only to show the Company's compliance with certain specified covenants that are contained in indentures related to the Company's issuance of Senior Notes, which indentures are filed by the Company with the SEC. See, for example, the indenture and supplemental indenture dated December 12, 2025, filed by the Company as Exhibit 4.1 and Exhibit 4.2 to the Company's Form 8-K, filed on December 12, 2025. These ratios should not be used for any other purpose, including without limitation to evaluate the Company's financial condition or results of operations, nor do they indicate the Company's covenant compliance as of any other date or for any other period. The capitalized terms in the disclosure are defined in the indentures filed by the Company with the SEC and may differ materially from similar terms used by other companies that present information about their covenant compliance.

Same-Property Revenue Growth with Concessions on a GAAP basis


  
Three Months Ended
  

(Dollars in millions)
March 31,
2026

March 31,
2025
             
Reported rental revenue (1)
  
$
442.6
    
$
430.0
  
Straight-line rent impact to rental revenue
    
(0.2
)
    
(0.3
)
GAAP rental revenue
  
$
442.4
    
$
429.7
  
                 
% change - reported rental revenue
    
2.9
%
        
% change - GAAP rental revenue
    
3.0
%
        

(1)
Same-property rental revenue reflects concessions on a cash basis.

Secured Debt

Secured Debt means debt of the Company or any of its subsidiaries which is secured by an encumbrance on any property or assets of the Company or any of its subsidiaries. The Company's total amount of Secured Debt is set forth on page S-5.

Unencumbered NOI to Adjusted Total NOI

This ratio is presented on page S-6 in the section titled "Selected Credit Ratios". Unencumbered NOI means the sum of NOI for those real estate assets which are not subject to an encumbrance securing debt. The ratio of Unencumbered NOI to Adjusted Total NOI for the three months ended March 31, 2026, annualized, is calculated by dividing Unencumbered NOI, annualized for the three months ended March 31, 2026 and as further adjusted for pro forma NOI for properties acquired or sold during the recent quarter, by Adjusted Total NOI as annualized. The calculation and reconciliation of NOI is set forth in "Net Operating Income ("NOI") and Same-Property NOI Reconciliations" above. This ratio is presented by the Company because it provides rating agencies and investors an additional means of comparing the Company's ability to service debt obligations to that of other companies.

The calculation of this ratio is presented in the table below:

 
(Dollars in thousands)
Annualized
Q1 '26 (1)
       
NOI
  
$
1,364,748
  
Adjustments:
        
Pro forma NOI from real estate assets sold and/or acquired
    
-
  
Other, net (2)
    
(6,261
)
Adjusted Total NOI
    
1,358,487
  
Less: Encumbered NOI
    
(92,595
)
Unencumbered NOI
  
$
1,265,892
  
         
Encumbered NOI
  
$
92,595
  
Unencumbered NOI
    
1,265,892
  
Adjusted Total NOI
  
$
1,358,487
  
         
Unencumbered NOI to Adjusted Total NOI
    
93
%

(1)
This table is based on the amounts for the most recent quarter, multiplied by four.
(2)
Includes intercompany eliminations pertaining to self-insurance and other expenses.


See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information


S-17.4