Essex Property Trust, Inc. · NYSE:ESS
Essex Property Trust — Investor Presentation (September 2026)
37 slides from Essex Property Trust's investor presentation, September 2026
Slide 1: Investor Presentation September 2026
INVESTOR PRESENTATION SEPTEMBER 2026 Maxwell Sunnyvale Sunnyvale, CA
Slide 2: Table of Contents
TABLE OF CONTENTS 3 Company Highlights & Track Record 11 Company Updates 13 West Coast Demand Fundamentals 20 West Coast Supply Fundamentals 24 Balance Sheet 26 Sustainability Highlights 28 Appendix: Portfolio Overview 31 Definitions & Reconciliations 2
Slide 3: Company Highlights & Track Record
COMPANY HIGHLIGHTS & TRACK RECORD The Galloway Pleasanton, CA 3
Slide 4: Company Highlights
COMPANY HIGHLIGHTS 32 Consecutive Long, Proven Years of Best-in- S&P 500 Track Record Increasing Cash Class Total Company Dividends Returns Est. 1971 S&P Dividend +13.5% CAGR Since 2014 IPO 1994 Aristocrat Since IPO Superior Experienced Large-Cap Long-Term Investment- Management U.S. REIT Core FFO G
Slide 5: Core Metric Outperformance
CORE METRIC OUTPERFORMANCE Essex drives core metric growth through disciplined capital allocation decisions, focusing on creating value for shareholders. This approach has led to outperformance over a 20-year period in Core FFO, same-property NOI, and dividend growth The Company has generated un
Slide 6: Total Returns Outperform
TOTAL RETURNS OUTPERFORM Robust value creation for shareholders since IPO A S&P 500 Dividend Aristocrat, Essex has increased its cash dividend for 32 consecutive years, with 521% cumulative dividend growth since the Company’s IPO in 1994 Total Shareholder Return Since ESS IPO(1) $12 Dividend Per
Slide 7: West Coast Investment Thesis
WEST COAST INVESTMENT THESIS STRONG DEMAND DRIVERS Economy Jobs / Income Affordability California and Centers of innovation High median home prices Washington combine for generating leading job and elevated mortgage the 3rd highest GDP(1) and income growth, rates make purchasing a globally and highe
Slide 8: Key Drivers of Value Creation
KEY DRIVERS OF VALUE CREATION Essex generates shareholder value through two primary pillars: 1 External Growth 2 Value Optimization Expanding and enhancing the Driving efficiencies and improving portfolio when capital conditions are Operating Platform returns from existing assets favorable Efficienc
Slide 9: Essex Value Creation Through Capital Allocation: 2024-2025
ESSEX VALUE CREATION THROUGH CAPITAL ALLOCATION: 2024 -2025 Essex has targeted acquisitions in select submarkets of Northern California — the region with the strongest rent growth outlook over the next several years —simultaneously improving the age of the portfolio and generating accretion relati
Slide 10: Value Optimization
VALUE OPTIMIZATION The Company’s implementation of Property Collections and other operating initiatives have contributed to sector-leading operating margins and efficiencies, both at the property and corporate level Since 2021, Essex’s controllable operating expense margin has outperformed the p
Slide 11: Company Updates
COMPANY UPDATES MB360 San Francisco, CA 11
Slide 12: Operating Update
OPERATING UPDATE Year-to-date market rent trends are tracking on plan, with blended rate growth for Q3’26 through August trending generally consistent with Q2’26 actuals We expect rent growth will moderate through the remainder of 2026, consistent with normal seasonality Based on year-to-date
Slide 13: West Coast Demand Fundamentals
WEST COAST DEMAND FUNDAMENTALS Enso San Jose, CA 13
Slide 14: Favorable Trends Emerging in Seattle
FAVORABLE TRENDS EMERGING IN SEATTLE Growing demand trends combined with historically low levels of new supply deliveries, position Seattle favorably over the next several years Over 1 million square feet of office activity has occurred since 2025 from leading artificial intelligence companies.
Slide 15: Bay Area Innovation Driving Demand for Housing
BAY AREA INNOVATION DRIVING DEMAND FOR HOUSING Bay Area employment growth in high-paying industries continues to lead the nation, driven by growth in the technology industry. Further, demand for artificial intelligence (“AI”) talent has led to increased postings for AI roles since 2024 Strong ho
Slide 16: Artificial Intelligence Fueling Bay Area Growth
ARTIFICIAL INTELLIGENCE FUELING BAY AREA GROWTH AI-driven office expansions are extending across the Bay Area, supporting employment growth and housing demand throughout the region Essex’s portfolio is well positioned to benefit from broad-based AI-related job growth and housing demand across al
Slide 17: Aerospace Industry Expands in Southern California
AEROSPACE INDUSTRY EXPANDS IN SOUTHERN CALIFORNIA Aerospace and Defense job openings in Southern California have increased over 100% since January 2025 The space sector is expected to grow faster than GDP over the next decade, as the total space economy is estimated to surpass $1.5 trillion by 2
Slide 18: Sound Affordability Metrics
SOUND AFFORDABILITY METRICS Essex markets affordability compares favorably relative to other major markets, where rents have grown consistent with median household income levels Northern California affordability screens most favorable. Returning to pre-Covid affordability levels would allow rent
Slide 19: Propensity to Rent in Essex Markets
PROPENSITY TO RENT IN ESSEX MARKETS It is 2.4x more expensive to own versus rent in Essex markets, making the transition from renting to homeownership more challenging in Essex markets compared to other major metros Cost to Own vs. Rent(1)(2) Own vs. Rent Cost Differential(1) ESS Markets vs. Other
Slide 20: West Coast Supply Fundamentals
WEST COAST SUPPLY FUNDAMENTALS Avenue 64 Emeryville, CA 20
Slide 21: MSA Level Supply Forecast: 2026E-2027E
MSA LEVEL SUPPLY FORECAST: 2026E – 2027E Residential Supply Forecast (1) 2026E 2027E Multifamily Total MF/SF Total Supply as a Multifamily Total MF/SF Total Supply as a Supply Supply % of Stock Supply Supply % of Stock Market Los Angeles 6,300 12,100 0.3% 4,600 11,000 0.3% Orange County 2,500 5,200
Slide 22: Supply-Demand Fundamentals
SUPPLY-DEMAND FUNDAMENTALS Low levels of total housing supply and healthy market occupancy position the Essex markets favorably in 2026 and is expected to continue in 2027 Conversely, elevated levels of supply and market occupancy pressures remain impactful across many other major U.S. markets E
Slide 23: Favorable Supply Landscape in Essex Markets
FAVORABLE SUPPLY LANDSCAPE IN ESSEX MARKETS In Essex markets, total permitting activity remains well below 1% of stock, indicating a favorable supply picture for the foreseeable future Single-family supply represents approximately 2/3 of total housing stock in the Sunbelt compared to only 1/3 of
Slide 24: Balance Sheet
BALANCE SHEET Emerald Ridge Bellevue, WA 24
Slide 25: Investment Grade Balance Sheet & Strong Liquidity
INVESTMENT GRADE BALANCE SHEET & STRONG LIQUIDITY(1) Baa1/BBB+ $26.1B 508% 93% 297% >$1.3B 5.4X Stable Total Market Interest Unencumbered NOI Unsecured Debt In Total Liquidity(2) Net-Debt-to- Credit Ratings Capitalization Coverage to Adjusted Total NOI Ratio EBITDAre(3) Total Capitalization Debt Mat
Slide 26: Sustainability Highlights
SUSTAINABILITY HIGHLIGHTS Pinnacle on Lake Washington Renton, WA 26
Slide 27: Sustainability Highlights
SUSTAINABILITY HIGHLIGHTS Received a 2025 4-Star GRESB Designation with a score of 87, ranking 3rd among the U.S. multifamily peer group Recognized in Newsweek’s Most Responsible Companies for the sixth consecutive year and U.S. News and World Report Best Companies to Work for a third consecutiv
Slide 28: Appendix: Portfolio Overview
APPENDIX: PORTFOLIO OVERVIEW Bellerive Los Angeles, CA 28
Slide 29: Portfolio Overview
PORTFOLIO OVERVIEW The only public multifamily REIT focused on the West Coast Together, California and Washington represent the 3rd highest GDP in the world(1) 8 Major West Coast Markets 258 Apartment Communities Over 62,000 Apartment Homes Portfolio Composition(2) Urban Suburban 14% 86% % of Po
Slide 30: Property Maps and Key Market Statistics
PROPERTY MAPS AND KEY MARKET STATISTICS SOUTHERN NORTHERN SEATTLE CALIFORNIA CALIFORNIA Total 2026E Median Median Rent Cost to Own(3) 2026E Unit % of Household Household as a % of versus Total Supply as Market Count Total NOI(1) Income(2) Income Growth(2) Income Cost to Rent a % of Stock(4) Los Ange
Slide 31: Definitions & Reconciliations
DEFINITIONS & RECONCILIATIONS AQUA Marina del Ray Marina Del Rey, CA 31
Slide 32: Forward Looking Statements
FORWARD LOOKING STATEMENTS SAFE HARBOR STATEMENT UNDER THE PRIVATE LITIGATION REFORM ACT OF 1995 This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Fo
Slide 33: Definitions & Reconciliations
DEFINITIONS & RECONCILIATIONS ADJUSTED EBITDAre RECONCILIATION The National Association of Real Estate Investment Trusts ("Nareit”) defines earnings before interest, taxes, depreciation and amortization for real estate ("EBITDAre") (September 2017 White Paper) as net income (computed in accordance w
Slide 34: Definitions & Reconciliations
DEFINITIONS & RECONCILIATIONS ENCUMBERED Encumbered means any mortgage, deed of trust, lien, charge, pledge, security interest, security agreement or other encumbrance of any kind. FUNDS FROM OPERATIONS (“FFO”) AND CORE FFO FFO, as defined by Nareit, is generally considered by industry analysts as a
Slide 35: Definitions & Reconciliations
DEFINITIONS & RECONCILIATIONS NET INDEBTEDNESS DIVIDED BY ADJUSTED EBITDAre This credit ratio is presented on page S-6 of the earnings supplement for the second quarter of 2026 in the section titled "Selected Credit Ratios." This credit ratio is calculated by dividing net indebtedness by Adjusted EB
Slide 36: Definitions & Reconciliations
DEFINITIONS & RECONCILIATIONS NET OPERATING INCOME (“NOI”) AND SAME-PROPERTY NOI RECONCILIATIONS NOI and same-property NOI are considered by management to be important supplemental performance measures to earnings from operations included in the Company’s consolidated statements of income. The prese
Slide 37: Definitions & Reconciliations
DEFINITIONS & RECONCILIATIONS SAME-PROPERTY REVENUE GROWTH WITH CONCESSIONS ON A GAAP BASIS Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (Dollars in millions) 2026 2025 2026 2025 Reported rental revenue (1) $ 446.1 $ 434.4 $ 888.6 $ 864.4 Straight-line rent impact to renta
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