Essex Property Trust, Inc. · NYSE:ESS
Essex Property Trust — Q4 2023 Earnings Presentation
5 slides from Essex Property Trust's earnings presentation, Feb 7, 2024
Slide 1: Fourth Quarter 2023 Credit Update
Township 132 Apartment Homes Redwood City, CA FOURTH QUARTER 2023 CREDIT UPDATE
Slide 2: Selected Ratios & Credit Ratings
SELECTED RATIOS & CREDIT RATINGS Public Bond Covenants(1) & Selected Credit Ratios Q4 ’23 Q3 ’23 Q2 ’23 Q1 ’23 Q4 ’22 Covenant Debt to Total Assets 34% 34% 34% 34% 34% < 65% Secured Debt to Total Assets 5% 5% 3% 3% 3% < 40% Interest Coverage 566% 573% 579% 585% 579% > 150% Unsecured Debt Ratio (2) 2
Slide 3: Fourth Quarter 2023 Highlights and 2024 Guidance
FOURTH QUARTER 2023 HIGHLIGHTS AND 2024 GUIDANCE ▪ Reported Net Income per diluted share for the fourth quarter of 2023 of $1.02, compared to $2.86 in the fourth quarter of 2022. For the full-year 2023, the Company reported Net Income per diluted share of $6.32 compared to $6.27 in 2022. ▪ Grew Core
Slide 4: Capital Structure & Liquidity Profile
CAPITAL STRUCTURE & LIQUIDITY PROFILE $22.7 Billion Total Market Capitalization (1) Debt Composition (1) (2) Secured Credit Secured Debt Facility Fixed Rate 4% 0% 11% Secured Variable Rate Unsecured 3% Debt Unsecured 23% Term Loan 5% Credit Equity Unsecured Facility 73% Bonds 0% 81% Liquidity Profil
Slide 5: Debt Maturity Schedule
MATURITY SCHEDULE Debt Maturity Schedule 1,200 Debt Maturities in Millions ($) (as of 12/31/2023) 1,000 800 154 2 2 2 93 600 133 68 1 3 99 400 650 600 650 600 500 500 550 200 400 450 450 330 2 0 (1) 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter Unsecured Secured % of Total Debt M