ESSEX PROPERTY TRUST, INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>ESSEX PROPERTY TRUST, INC. has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

ESSEX PROPERTY TRUST, INC. (ESS) filed a Annual Report (10-K) with the SEC on February 23, 2024. ESSEX PROPERTY TRUST, INC. filed its 2023 Form 10-K on February 23, 2024, reporting on the fiscal year ending December 31, 2023. The filing includes financial data for the fiscal years 2023, 2022, and 2021. The company's principal business address is 1100 Park Place, Suite 200, San Mateo, CA 94403. ESSEX PROPERTY TRUST, INC. is incorporated in Maryland. The Standard Industrial Classification code for the company is Real Estate Investment Trusts [6798].

Why It Matters

For investors and stakeholders tracking ESSEX PROPERTY TRUST, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Essex Property Trust's financial health and operational activities for the past fiscal year, crucial for investors assessing the company's performance and future prospects. As a Real Estate Investment Trust (REIT), the details within this filing are vital for understanding its portfolio, market position, and any potential risks or opportunities within the real estate sector.

Risk Assessment

Risk Level: medium — ESSEX PROPERTY TRUST, INC. shows moderate risk based on this filing. The company operates within the real estate investment trusts sector, which is subject to market fluctuations, interest rate changes, and regulatory environments, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess the company's performance and outlook in the current real estate market.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240223 — Filed As Of Date (FILED AS OF DATE)
• 0000920522 — Central Index Key (CENTRAL INDEX KEY)
• 6798 — Standard Industrial Classification (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• ESSEX PROPERTY TRUST, INC. (company) — COMPANY CONFORMED NAME
• ESSEX PORTFOLIO LP (company) — FORMER COMPANY
• San Mateo (location) — CITY
• CA (location) — STATE
• MD (location) — STATE OF INCORPORATION
• Palo Alto (location) — CITY

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 2023 10-K filing.
• 2024-02-23: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial overview for Essex Property Trust, Inc.)

REIT

Real Estate Investment Trust. A company that owns, operates, or finances income-generating real estate. (Essex Property Trust, Inc. operates as a REIT, making this classification central to understanding its business model and reporting.)

Key Financial Figures

• $8.7 million — d been held for future development, for $8.7 million and recognized a gain on sale of $4.7 m
• $4.7 million — illion and recognized a gain on sale of $4.7 million. (2) The Company recognized a $54.5 mi
• $54.5 million — million. (2) The Company recognized a $54.5 million gain on sale. 3 Table of Contents
• $114.0 million — projects, with total incurred costs of $114.0 million. The estimated remaining project costs
• $12.0 m — maining project costs are approximately $12.0 million, of which $6.5 million represents
• $6.5 million — e approximately $12.0 million, of which $6.5 million represents the Company's share of estim
• $126.0 million — s, for total estimated project costs of $126.0 million. The Company defines predevelopment p
• $2.9 million — gularly scheduled principal payments of $2.9 million to its secured mortgage notes payable a
• $298.0 million — .7%. In July 2023, the Company closed $298.0 million in 10-year secured loans priced at 5.08
• $1.24 billion — o unsecured lines of credit aggregating $1.24 billion. The Company's $1.2 billion credit faci
• $1.2 billion — ggregating $1.24 billion. The Company's $1.2 billion credit facility had an interest rate of
• $35.0 million — at the Company's option. The Company's $35.0 million working capital unsecured line of credi
• $900.0 million — utstanding forward sale agreements, and $900.0 million of shares remain available to be sold u
• $500.0 million — ommon stock up to an aggregate value of $500.0 million. The plan supersedes the Company's prev
• $95.7 m — 026 shares of its common stock totaling $95.7 million, including commissions. As of Dec

Filing Documents

• ess-20231231.htm (10-K) — 5434KB
• ess-123123xex106.htm (EX-10.6) — 131KB
• ess-123123xex1019.htm (EX-10.19) — 216KB
• ess-123123xex211.htm (EX-21.1) — 128KB
• ess-123123xex231.htm (EX-23.1) — 2KB
• ess-123123xex232.htm (EX-23.2) — 2KB
• ess-123123xex311.htm (EX-31.1) — 11KB
• ess-123123xex312.htm (EX-31.2) — 11KB
• ess-123123xex313.htm (EX-31.3) — 11KB
• ess-123123xex314.htm (EX-31.4) — 11KB
• ess-123123xex321.htm (EX-32.1) — 5KB
• ess-123123xex322.htm (EX-32.2) — 5KB
• ess-123123xex323.htm (EX-32.3) — 6KB
• ess-123123xex324.htm (EX-32.4) — 6KB
• ess-123123xex971.htm (EX-97.1) — 31KB
• ess-20231231_g1.jpg (GRAPHIC) — 43KB
• ess-20231231_g2.jpg (GRAPHIC) — 28KB
• ess-20231231_g3.jpg (GRAPHIC) — 78KB
• ess-20231231_g4.jpg (GRAPHIC) — 111KB
• 0000920522-24-000033.txt (&nbsp;) — 24655KB
• ess-20231231.xsd (EX-101.SCH) — 147KB
• ess-20231231_cal.xml (EX-101.CAL) — 122KB
• ess-20231231_def.xml (EX-101.DEF) — 732KB
• ess-20231231_lab.xml (EX-101.LAB) — 1449KB
• ess-20231231_pre.xml (EX-101.PRE) — 1028KB
• ess-20231231_htm.xml (XML) — 4118KB

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 24

Cybersecurity

Item 1C. Cybersecurity 24

Properties

Item 2. Properties 25

Legal Proceedings

Item 3. Legal Proceedings 32

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 32 Part II.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33

[Reserved]

Item 6. [Reserved] 36

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 37

Quantitative and Qualitative Disclosures About Market Risks

Item 7A. Quantitative and Qualitative Disclosures About Market Risks 48

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 49

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 49

Controls and Procedures

Item 9A. Controls and Procedures 49

Other Information

Item 9B. Other Information 50

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 51 Part III.

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 52

Executive Compensation

Item 11. Executive Compensation 52

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 52

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 52

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 52 Part IV.

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 53

Form 10-K Summary

Item 16. Form 10-K Summary 53

Signatures

Signatures S- 1 v Table of Contents PART I

Forward-Looking Statements

Forward-Looking Statements This Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Exchange Act. Such forward-looking statements are described in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, "Forward-Looking Statements." Actual results could differ materially from those set forth in each forward-looking statement. Certain factors that might cause such a difference are discussed in this report, including in Item 1A, Risk Factors of this Form 10-K. 1 Table of Contents

Business

Item 1. Business OVERVIEW Essex Property Trust, Inc. ("Essex"), a Maryland corporation, is an S&P 500 company that operates as a self-administered and self-managed real estate investment trust ("REIT"). Essex owns all of its interest in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. (the "Operating Partnership" or "EPLP"). Essex is the sole general partner of the Operating Partnership and as of December 31, 2023, had an approximately 96.6% general partner interest in the Operating Partnership. In this report, the terms the "Company," "we," "us," and "our" also refer to Essex Property Trust, Inc., the Operating Partnership and those entities/subsidiaries owned or controlled by Essex and/or the Operating Partnership. Essex has elected to be treated as a REIT for federal income tax purposes, commencing with the year ended December 31, 1994. Essex completed its initial public offering on June 13, 1994. In order to maintain compliance with REIT tax rules, the Company utilizes taxable REIT subsidiaries for various revenue generating or investment activities. All taxable REIT subsidiaries are consolidated by the Company for financial reporting purposes. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast of the United States. As of December 31, 2023, the Company owned or had ownership interests in 252 operating apartment communities, aggregating 61,997 apartment homes, excluding the Company's ownership in preferred equity co-investments, loan investments, three operating commercial buildings, and a development pipeline comprised of one unconsolidated joint venture project and various predevelopment projects aggregating 264 apartment homes (collectively, the "Portfolio"). The Company's website address is http://www.essex.com. The Company's annual reports on Form 10-K, quarterly reports on

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View this 10-K filing on SEC EDGAR