Essex Property Trust Files Q3 2024 10-Q

TL;DR

**Essex Property Trust (ESS) filed its Q3 2024 10-Q. Key financials and operations detailed.**

AI Summary

Essex Property Trust, Inc. filed its 10-Q for the period ending September 30, 2024. The company, a real estate investment trust, reported financial results and operational updates. Key financial data and business activities for the third quarter of 2024 are detailed in this filing.

Why It Matters

This filing provides investors with crucial financial and operational details for Essex Property Trust, Inc. during the third quarter of 2024, impacting 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 affecting the real estate sector.

Key Players & Entities

• ESSEX PROPERTY TRUST, INC. (company) — Filer
• ESSEX PORTFOLIO LP (company) — Former Company Name
• 20240930 (date) — Period of Report
• 20241030 (date) — Filing Date

FAQ

Filing Documents

• ess-20240930.htm (10-Q) — 2076KB
• ess-93024xex101.htm (EX-10.1) — 1172KB
• ess-93024xex311.htm (EX-31.1) — 10KB
• ess-93024xex312.htm (EX-31.2) — 10KB
• ess-93024xex313.htm (EX-31.3) — 10KB
• ess-93024xex314.htm (EX-31.4) — 10KB
• ess-93024xex321.htm (EX-32.1) — 5KB
• ess-93024xex322.htm (EX-32.2) — 5KB
• ess-93024xex323.htm (EX-32.3) — 6KB
• ess-93024xex324.htm (EX-32.4) — 6KB
• 0000920522-24-000092.txt ( ) — 11397KB
• ess-20240930.xsd (EX-101.SCH) — 67KB
• ess-20240930_cal.xml (EX-101.CAL) — 98KB
• ess-20240930_def.xml (EX-101.DEF) — 424KB
• ess-20240930_lab.xml (EX-101.LAB) — 741KB
• ess-20240930_pre.xml (EX-101.PRE) — 633KB
• ess-20240930_htm.xml (XML) — 1345KB

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 Sep tember 30, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Equity for the three and nine months ended Se ptember 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 7 Condensed Consolidated Financial Statements of Essex Portfolio, L.P. (Unaudited) Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 9 Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 10 Condensed Consolidated Statements of Capital for the three and nine months ended Sep tember 30, 2024 and 2023 11 Condensed Consolidated Statements of Cash Flows for the nine months ended Se ptember 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 34

Quantitative and Qualitative Disclosures About Market Risks

Item 3. Quantitative and Qualitative Disclosures About Market Risks 44

Controls and Procedures

Item 4. Controls and Procedures 45

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 46

Risk Factors

Item 1A. Risk Factors 46

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 47

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 47

Other Information

Item 5. Other Information 47

Exhibits

Item 6. Exhibits 48

Signatures

Signatures 49 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 September 30, 2024 December 31, 2023 Real estate: Rental properties: Land and land improvements $ 3,174,058 $ 3,036,912 Buildings and improvements 13,884,518 13,098,311 17,058,576 16,135,223 Less: accumulated depreciation ( 6,004,325 ) ( 5,664,931 ) 11,054,251 10,470,292 Real estate under development 25,087 23,724 Co-investments 1,007,252 1,061,733 Real estate held for sale 74,148 — 12,160,738 11,555,749 Cash and cash equivalents-unrestricted 71,288 391,749 Cash and cash equivalents-restricted 8,975 8,585 Marketable securities, net of allowance for credit losses of zero as of both September 30, 2024 and December 31, 2023 75,245 87,795 Notes and other receivables, net of allowance for credit losses of $ 0.6 million and $ 0.7 million as of September 30, 2024 and December 31, 2023, respectively (includes related party receivables of $ 59.9 million and $ 6.1 million as of September 30, 2024 and December 31, 2023, respectively) 200,295 174,621 Operating lease right-of-use assets 52,470 63,757 Prepaid expenses and other assets 78,436 79,171 Total assets $ 12,647,447 $ 12,361,427 LIABILITIES AND EQUITY Unsecured debt, net $ 5,473,318 $ 5,318,531 Mortgage notes payable, net 884,728 887,204 Lines of credit 7,885 — Accounts payable and accrued liabilities 246,356 176,401 Construction payable 23,185 20,659 Dividends payable 165,613 155,695 Distributions in excess of investments in co-investments 79,985 65,488 Liabilities associated with real estate held for sale 1,214 — Operating lease liabilities 53,510 65,091 Other liabilities 49,316 46,175 Total liabilities 6,985,110 6,735,244 Commitments and contingencies Redeemable noncontrolling interest 33,977 32,205 Equity: Common stock; $ 0.0001 par value, 670,000,000 shares authorized; 6

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