Essex Property Trust, Inc. · NYSE:ESS
Essex Property Trust — Investor Presentation (May 2026)
39 slides from Essex Property Trust's investor presentation, May 2026
Slide 1: Investor Presentation May 2026
INVESTOR PRESENTATION MAY 2026 The Galloway Pleasanton, CA
Slide 2: Table of Contents
TABLE OF CONTENTS 3 Company Highlights & Track Record 11 Company Updates 14 West Coast Demand Fundamentals 22 West Coast Supply Fundamentals 26 Balance Sheet 28 Sustainability Highlights 30 Appendix: Portfolio Overview 33 Definitions & Reconciliations 2
Slide 3: Company Highlights & Track Record
COMPANY HIGHLIGHTS & TRACK RECORD ARLO Mountain View Mountain View, CA 3
Slide 4: Company Highlights
COMPANY HIGHLIGHTS 32 Consecutive Long, Proven Years of Best-in- S&P 500 Track Record Increasing Class Total Company Cash Returns Dividends Est. 1971 S&P Dividend +13.4% 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) Dividend Per Sha
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 portfolio Driving efficiencies and improving when capital conditions are favorable Operating Platform returns from existing assets 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 Proven efficiencies of 45:1 unit-to-staff ratio, a significant improvement from 40:1 in 2019 Since 2021, Essex’s control
Slide 11: Company Updates
COMPANY UPDATES Maxwell Sunnyvale, CA 11
Slide 12: Operating Update
OPERATING UPDATE Year-to-date operating trends are tracking ahead of the Company’s expectations due to strength in the Northern California region Blended rent growth has demonstrated healthy progress to begin peak leasing season Market Economic Rent Curve(1) Blended Rate Growth(2) 2016-2019 Avg
Slide 13: Sustained Same-Property Operating Outperformance
SUSTAINED SAME-PROPERTY OPERATING OUTPERFORMANCE Essex topline growth has significantly outperformed peers since 2023, with same-property revenue growth exceeding the multifamily peer group by more than 400 basis points This sustained outperformance is expected to continue, supported by growing
Slide 14: West Coast Demand Fundamentals
WEST COAST DEMAND FUNDAMENTALS Aviara Mercer Island, WA 14
Slide 15: 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 800K square feet of office activity has occurred since 2025, including recent news that Anthropic is in talks to
Slide 16: Bay Area Leads the Way for Innovation
BAY AREA LEADS THE WAY FOR INNOVATION 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 2023 With high-paying e
Slide 17: 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 18: Healthy Supply-Demand Dynamics Boosting Bay Area Recovery
HEALTHY SUPPLY-DEMAND DYNAMICS BOOSTING BAY AREA RECOVERY Santa Clara County rent growth started its recovery two years ago while San Francisco CBD just began to recover over the last 12 months Given the strong supply-demand dynamics, both markets are expected to continue delivering outsized ren
Slide 19: Embedded Growth Potential in Essex Markets
EMBEDDED GROWTH POTENTIAL IN ESSEX MARKETS Since 2019, healthy median household income growth relative to rent growth in the Essex markets has resulted in compelling affordability metrics. This spread is an indicator of the embedded rent growth potential in the Essex markets Essex Markets Essex No
Slide 20: 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 21: Propensity to Rent in Essex Markets
PROPENSITY TO RENT IN ESSEX MARKETS It is 2.5x 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 22: West Coast Supply Fundamentals
WEST COAST SUPPLY FUNDAMENTALS One Hundred Grand Foster City, CA 22
Slide 23: MSA Level Supply Forecast: 2025A–2026E
MSA LEVEL SUPPLY FORECAST: 2025A – 2026E Residential Supply Forecast (1) 2025A 2026E Total Total Total Total MF/SF Supply as a % of Multifamily MF/SF Supply as a % of Supply Stock Supply Supply Stock Market Los Angeles 14,900 0.4% 6,300 12,100 0.3% Orange County 4,400 0.4% 2,500 5,200 0.5% San Diego
Slide 24: Supply-Demand Fundamentals
SUPPLY-DEMAND FUNDAMENTALS Low levels of total housing supply and healthy market occupancy position the Essex markets favorably in 2026 Conversely, elevated levels of supply and market occupancy pressures remain impactful across many other major U.S. markets Essex Markets to Experience Low Suppl
Slide 25: 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 26: Balance Sheet
BALANCE SHEET Cortesia at Rancho Santa Margarita Rancho Santa Margarita, CA 26
Slide 27: Investment Grade Balance Sheet & Strong Liquidity
INVESTMENT GRADE BALANCE SHEET & STRONG LIQUIDITY(1) Baa1/BBB+ $22.9B 509% 93% 292% >$1.0B 5.5X Stable Total Market Interest Unencumbered NOI to Unsecured Debt In Total Liquidity(2) Net-Debt-to- Credit Ratings Capitalization Coverage Adjusted Total NOI Ratio EBITDAre(3) Equity Debt Maturity Schedule
Slide 28: Sustainability Highlights
SUSTAINABILITY HIGHLIGHTS ROEN Menlo Park Menlo Park, CA 28
Slide 29: Sustainability Highlights
SUSTAINABILITY HIGHLIGHTS In May 2025, Science Based Targets initiative (SBTi) approved Essex's near-term targets to reduce Scope 1 and 2 absolute GHG emissions by 67.2% from a 2018 base year by 2034 and to reduce absolute Scope 3 GHG emissions by 35% from a 2023 base year by 2034 Received a 4-S
Slide 30: Appendix: Portfolio Overview
APPENDIX: PORTFOLIO OVERVIEW Slater 116 Kirkland, WA 30
Slide 31: 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 259 Apartment Communities Over 63,000 Apartment Homes Portfolio Composition(2) Urban Suburban 15% 85% % of Po
Slide 32: Property Maps and Key Market Statistics
PROPERTY MAPS AND KEY MARKET STATISTICS SOUTHERN NORTHERN SEATTLE CALIFORNIA CALIFORNIA Total 2026E Median Rent Cost to Own(3) 2026E Unit % of Household Median Household as a % of versus Total Supply as a Market Count Total NOI(1) Income(2) Income Growth(2) Income Cost to Rent % of Stock(4) Los Ange
Slide 33: Definitions & Reconciliations
DEFINITIONS & RECONCILIATIONS Via Sunnyvale, CA 33
Slide 34: 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 35: 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 36: 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 37: 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 first quarter of 2026 in the section titled "Selected Credit Ratios." This credit ratio is calculated by dividing net indebtedness by Adjusted EBI
Slide 38: 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 39: Definitions & Reconciliations
DEFINITIONS & RECONCILIATIONS SAME-PROPERTY REVENUE GROWTH WITH CONCESSIONS ON A GAAP BASIS Three Months Ended March 31, March 31, (Dollars in millions) 2026 2025 Reported rental revenue (1) $ 442.6 $ 430.0 Straight-line rent impact to rental revenue (0.2) (0.3) GAAP rental revenue $ 442.4 $ 429.7 %
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