Essex Property Trust Q2 2024 10-Q Filed

TL;DR

**ESSEX PROPERTY TRUST (ESS) Q2 2024 10-Q FILED - CHECK FINANCIALS**

AI Summary

Essex Property Trust, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operations for the second quarter. Key financial data and operational highlights are presented within the report.

Why It Matters

This filing provides investors with a detailed look at Essex Property Trust's financial health and operational status for the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, Essex Property Trust is subject to market fluctuations, interest rate changes, and economic conditions that can impact its financial performance.

Key Numbers

• 20240630 — Period End Date (Indicates the end of the reporting period for the 10-Q filing.)
• 20240731 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• ESSEX PROPERTY TRUST, INC. (company) — Filer
• ESSEX PORTFOLIO LP (company) — Former Company
• 20240630 (date) — Period of Report
• 20240731 (date) — Filing Date
• 6506557800 (phone_number) — Business Phone

FAQ

Filing Documents

• ess-20240630.htm (10-Q) — 2006KB
• ess-63024xex311.htm (EX-31.1) — 10KB
• ess-63024xex312.htm (EX-31.2) — 10KB
• ess-63024xex313.htm (EX-31.3) — 10KB
• ess-63024xex314.htm (EX-31.4) — 10KB
• ess-63024xex321.htm (EX-32.1) — 5KB
• ess-63024xex322.htm (EX-32.2) — 5KB
• ess-63024xex323.htm (EX-32.3) — 6KB
• ess-63024xex324.htm (EX-32.4) — 6KB
• 0000920522-24-000075.txt ( ) — 9621KB
• ess-20240630.xsd (EX-101.SCH) — 61KB
• ess-20240630_cal.xml (EX-101.CAL) — 93KB
• ess-20240630_def.xml (EX-101.DEF) — 398KB
• ess-20240630_lab.xml (EX-101.LAB) — 708KB
• ess-20240630_pre.xml (EX-101.PRE) — 601KB
• ess-20240630_htm.xml (XML) — 1293KB

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 June 30 , 2024 and December 31, 2023 2 Condensed Consolidated Statements of Income and Comprehensive Income for the three a nd six months ended June 30 , 2024 and 2023 3 Condensed Consolidated Statements of Equity for the three and six months ended June 30 , 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30 , 2024 and 2023 7 Condensed Consolidated Financial Statements of Essex Portfolio, L.P. (Unaudited) Condensed Consolidated Balance Sheets as of June 30 , 2024 and December 31, 2023 9 Condensed Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30 , 2024 and 2023 10 Condensed Consolidated Statements of Capital for the three and six months ended June 30 , 2024 and 2023 11 Condensed Consolidated Statements of Cash Flows for the six months ended Ju ne 30 , 2024 and 2023 14 Notes to Condensed Consolidated Financial Statements 16

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 33

Quantitative and Qualitative Disclosures About Market Risks

Item 3. Quantitative and Qualitative Disclosures About Market Risks 43

Controls and Procedures

Item 4. Controls and Procedures 44

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 45

Risk Factors

Item 1A. Risk Factors 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 46

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 46

Other Information

Item 5. Other Information 46

Exhibits

Item 6. Exhibits 47

Signatures

Signatures 48 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 June 30, 2024 December 31, 2023 Real estate: Rental properties: Land and land improvements $ 3,167,721 $ 3,036,912 Buildings and improvements 13,701,217 13,098,311 16,868,938 16,135,223 Less: accumulated depreciation ( 5,946,440 ) ( 5,664,931 ) 10,922,498 10,470,292 Real estate under development 24,515 23,724 Co-investments 1,041,328 1,061,733 11,988,341 11,555,749 Cash and cash equivalents-unrestricted 55,223 391,749 Cash and cash equivalents-restricted 8,928 8,585 Marketable securities, net of allowance for credit losses of zero as of both June 30, 2024 and December 31, 2023 84,291 87,795 Notes and other receivables, net of allowance for credit losses of $ 0.7 million as of both June 30, 2024 and December 31, 2023, respectively (includes related party receivables of $ 59.2 million and $ 6.1 million as of June 30, 2024 and December 31, 2023, respectively) 233,776 174,621 Operating lease right-of-use assets 53,373 63,757 Prepaid expenses and other assets 85,528 79,171 Total assets $ 12,509,460 $ 12,361,427 LIABILITIES AND EQUITY Unsecured debt, net $ 5,267,902 $ 5,318,531 Mortgage notes payable, net 885,563 887,204 Lines of credit 129,391 — Accounts payable and accrued liabilities 183,764 176,401 Construction payable 17,060 20,659 Dividends payable 165,232 155,695 Distributions in excess of investments in co-investments 68,295 65,488 Operating lease liabilities 54,513 65,091 Other liabilities 49,351 46,175 Total liabilities 6,821,071 6,735,244 Commitments and contingencies Redeemable noncontrolling interest 33,889 32,205 Equity: Common stock; $ 0.0001 par value, 670,000,000 shares authorized; 64,210,493 and 64,203,497 shares issued and outstanding, respectively 6 6 Additional paid-in capital 6,659,313 6,656,720 Distr

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