Essex Property Trust, Inc. · NYSE:ESS
Essex Property Trust — Q2 2023 Earnings Presentation
5 slides from Essex Property Trust's earnings presentation, Jul 28, 2023
Slide 1: Second Quarter 2023 Credit Update
The Palms at Laguna Niguel 460 Apartment Homes Laguna Niguel, CA SECOND QUARTER 2023 CREDIT UPDATE
Slide 2: Selected Ratios & Credit Ratings
SELECTED RATIOS & CREDIT RATINGS Public Bond Covenants(1) & Selected Credit Ratios Q2 ’23 Q1 ’23 Q4 ’22 Q3 ’22 Q2 ’22 Covenant Debt to Total Assets 34% 34% 34% 35% 34% < 65% Secured Debt to Total Assets 3% 3% 3% 4% 4% < 40% Interest Coverage 579% 585% 579% 567% 553% > 150% Unsecured Debt Ratio (2) 2
Slide 3: Second Quarter 2023 Highlights
SECOND QUARTER 2023 HIGHLIGHTS Reported Net Income per diluted share for the second quarter of 2023 of $1.55, compared to $0.87 in the second quarter of 2022. The increase is largely attributable to increased income from marketable securities and the Company’s non-core co-investments. Grew Core
Slide 4: Capital Structure & Liquidity Profile
CAPITAL STUCTURE & LIQUIDITY PROFILE $21.5 Billion Total Market Capitalization (1) Debt Composition (1) (2) Secured Credit Secured Secured Debt Facility Fixed Rate Variable 3% 1% 6% Rate 4% Unsecured Unsecured Debt Term Loan 25% 5% Credit Facility Equity Unsecured ~0% 72% Bonds 84% Secured Liquidity
Slide 5: Debt Maturity Schedule
MATURITY SCHEDULE Debt Maturity Schedule (1) 1,200 Debt Maturities in Millions ($) (as of 6/30/2023) 1,000 800 154 2 2 95 600 68 1 2 133 3 99 400 650 600 650 600 500 500 550 200 400 450 450 1 32 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Thereafter Unsecured Secured % of Total Debt Mat