ESSEX PROPERTY TRUST, INC. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>ESSEX PROPERTY TRUST, INC. filed its Q1 2024 10-Q report on May 1, 2024.</b>

AI Summary

ESSEX PROPERTY TRUST, INC. (ESS) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. ESSEX PROPERTY TRUST, INC. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business is real estate investment trusts. The filing was made on May 1, 2024. The company's headquarters are located in San Mateo, California.

Why It Matters

For investors and stakeholders tracking ESSEX PROPERTY TRUST, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Essex Property Trust for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks and opportunities in the real estate market.

Risk Assessment

Risk Level: low — ESSEX PROPERTY TRUST, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a low level of immediate risk from this specific filing.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Essex Property Trust's performance and outlook for Q1 2024.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-01 — Filing Date (10-Q filing)
• 2024-01-01 — Quarter Start Date (10-Q filing)
• 2023-12-31 — Previous Year End Date (Balance Sheet comparison)

Key Players & Entities

• ESSEX PROPERTY TRUST, INC. (company) — Filer of the 10-Q report
• 0000920522 (company) — Central Index Key for Essex Property Trust, Inc.
• 2024-03-31 (date) — Reporting period end date
• 2024-05-01 (date) — Filing date
• San Mateo, CA (location) — Business address city and state
• 6798 (industry) — Standard Industrial Classification for Real Estate Investment Trusts

FAQ

Risk Factors

• Regulatory Compliance [medium — regulatory]: The company must comply with various federal, state, and local laws and regulations related to its real estate operations, including environmental, zoning, and landlord-tenant laws.
• Real Estate Market Conditions [high — market]: The company's financial performance is subject to the cyclical nature of the real estate market, including fluctuations in rental rates, occupancy levels, and property values.
• Interest Rate Risk [medium — financial]: Changes in interest rates can affect the company's borrowing costs, the value of its debt, and its ability to finance new acquisitions and development projects.
• Property Management and Maintenance [medium — operational]: Effective property management and timely maintenance are critical to tenant satisfaction, occupancy rates, and overall property value.

Key Dates

• 2024-03-31: Quarter End Date — Marks the end of the reporting period for the 10-Q.
• 2024-05-01: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance and condition during the quarter.)

Filing Documents

• ess-20240331.htm (10-Q) — 1501KB
• ess-33124xex311.htm (EX-31.1) — 10KB
• ess-33124xex312.htm (EX-31.2) — 10KB
• ess-33124xex313.htm (EX-31.3) — 10KB
• ess-33124xex314.htm (EX-31.4) — 10KB
• ess-33124xex321.htm (EX-32.1) — 5KB
• ess-33124xex322.htm (EX-32.2) — 5KB
• ess-33124xex323.htm (EX-32.3) — 6KB
• ess-33124xex324.htm (EX-32.4) — 6KB
• 0000920522-24-000045.txt (&nbsp;) — 8352KB
• ess-20240331.xsd (EX-101.SCH) — 61KB
• ess-20240331_cal.xml (EX-101.CAL) — 92KB
• ess-20240331_def.xml (EX-101.DEF) — 400KB
• ess-20240331_lab.xml (EX-101.LAB) — 682KB
• ess-20240331_pre.xml (EX-101.PRE) — 592KB
• ess-20240331_htm.xml (XML) — 988KB

FINANCIAL INFORMATION Page No

PART I. FINANCIAL INFORMATION Page No.

Condensed Consolidated Financial Statements of Essex Property Trust, Inc. (Unaudited)

Item 1. Condensed Consolidated Financial Statements of Essex Property Trust, Inc. (Unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 202 3 2 Condensed Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Equity for the three months ended March 31 , 202 4 and 202 3 4 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 202 3 6 Condensed Consolidated Financial Statements of Essex Portfolio, L.P. (Unaudited) Condensed Consolidated Balance Sheets as of Ma rch 31 , 202 4 and December 31, 202 3 8 Condensed Consolidated Statements of Income and Comprehensive Income for the three months ended March 3 1 , 202 4 and 202 3 9 Condensed Consolidated Statements of Capital for the three months ended March 31 , 202 4 and 202 3 10 Condensed Consolidated Statements of Cash Flows for the three months ended March 31 , 202 4 and 202 3 12 Notes to Condensed Consolidated Financial Statements 14

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risks

Item 3. Quantitative and Qualitative Disclosures About Market Risks 38

Controls and Procedures

Item 4. Controls and Procedures 39

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 40

Risk Factors

Item 1A. Risk Factors 40

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 41

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 41

Other Information

Item 5. Other Information 41

Exhibits

Item 6. Exhibits 42

Signatures

Signatures 43 1 Table of Contents

– Financial Information

Part I – Financial Information

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except parenthetical and share amounts) ASSETS March 31, 2024 December 31, 2023 Real estate: Rental properties: Land and land improvements $ 3,138,093 $ 3,036,912 Buildings and improvements 13,535,431 13,098,311 16,673,524 16,135,223 Less: accumulated depreciation ( 5,803,797 ) ( 5,664,931 ) 10,869,727 10,470,292 Real estate under development 24,631 23,724 Co-investments 1,062,575 1,061,733 11,956,933 11,555,749 Cash and cash equivalents-unrestricted 499,036 391,749 Cash and cash equivalents-restricted 8,834 8,585 Marketable securities, net of allowance for credit losses of zero as of both March 31, 2024 and December 31, 2023 91,295 87,795 Notes and other receivables, net of allowance for credit losses of $ 0.7 million as of both March 31, 2024 and December 31, 2023, respectively (includes related party receivables of $ 5.9 million and $ 6.1 million as of March 31, 2024 and December 31, 2023, respectively) 183,040 174,621 Operating lease right-of-use assets 62,858 63,757 Prepaid expenses and other assets 83,189 79,171 Total assets $ 12,885,185 $ 12,361,427 LIABILITIES AND EQUITY Unsecured debt, net $ 5,666,604 $ 5,318,531 Mortgage notes payable, net 886,388 887,204 Accounts payable and accrued liabilities 216,536 176,401 Construction payable 18,280 20,659 Dividends payable 165,208 155,695 Distributions in excess of investments in co-investments 63,806 65,488 Operating lease liabilities 64,097 65,091 Other liabilities 48,321 46,175 Total liabilities 7,129,240 6,735,244 Commitments and contingencies Redeemable noncontrolling interest 32,192 32,205 Equity: Common stock; $ 0.0001 par value, 670,000,000 shares authorized; 64,209,059 and 64,203,497 shares issued and outstanding, respectively 6 6 Additional paid-in capital 6,658,882 6,656,720 Distributions in excess of

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