Essex Property Trust — Q2 2024 Earnings Presentation

5 slides from Essex Property Trust's earnings presentation, Jul 31, 2024

Slide 1: Second Quarter 2024 Credit Update
Maxwell 75 Apartment Homes Sunnyvale, CA SECOND QUARTER 2024 CREDIT UPDATE
Slide 2: Selected Ratios & Credit Ratings
SELECTED RATIOS & CREDIT RATINGS Public Bond Covenants(1) & Selected Credit Ratios Q2 ’24 Q1 ’24 Q4 ’23 Q3 ’23 Q2 ’23 Covenant Debt to Total Assets 34% 35% 34% 34% 34% < 65% Secured Debt to Total Assets 5% 5% 5% 5% 3% < 40% Interest Coverage 552% 561% 566% 573% 579% > 150% Unsecured Debt Ratio (2) 2
Slide 3: Second Quarter 2024 Highlights
SECOND QUARTER 2024 HIGHLIGHTS ▪ Reported Net Income per diluted share for the second quarter of 2024 of $1.45, compared to $1.55 in the second quarter of 2023. ▪ Grew Core FFO per diluted share by 4.5% compared to the second quarter of 2023, exceeding the midpoint of the Company’s guidance range by
Slide 4: Capital Structure & Liquidity Profile
CAPITAL STUCTURE & LIQUIDITY PROFILE $24.4 Billion Total Market Capitalization (1) Debt Composition (1) (2) Secured Credit Secured Debt Facility Fixed Rate 4% 2% 11% Secured Unsecured Variable Debt Rate 22% 3% Unsecured Term Loan 5% Credit Facility ~0% Unsecured Equity Bonds 74% 79% Liquidity Profil
Slide 5: Debt Maturity Schedule
MATURITY SCHEDULE Debt Maturity Schedule 1,200 Debt Maturities in Millions ($) (as of 6/30/2024) 1,000 800 154 2 2 2 93 600 133 68 1 99 400 2 650 600 650 600 500 500 550 200 450 450 330 350 2 0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter Unsecured Secured % of Total Debt Maturi