Essex Property Trust — Q3 2023 Earnings Presentation

5 slides from Essex Property Trust's earnings presentation, Oct 27, 2023

Slide 1: Third Quarter 2023 Credit Update
BellCentre 249 Apartment Homes Bellevue, WA THIRD QUARTER 2023 CREDIT UPDATE
Slide 2: Selected Ratios & Credit Ratings
SELECTED RATIOS & CREDIT RATINGS Public Bond Covenants(1) & Selected Credit Ratios Q3 ’23 Q2 ’23 Q1 ’23 Q4 ’22 Q3 ’22 Covenant Debt to Total Assets 34% 34% 34% 34% 35% < 65% Secured Debt to Total Assets 5% 3% 3% 3% 4% < 40% Interest Coverage 573% 579% 585% 579% 567% > 150% Unsecured Debt Ratio (2) 2
Slide 3: Third Quarter 2023 Highlights
THIRD QUARTER 2023 HIGHLIGHTS  Reported Net Income per diluted share for the third quarter of 2023 of $1.36, compared to $1.43 in the third quarter of 2022.  Achieved Core FFO per diluted share of $3.78, representing 2.4% growth compared to the third quarter of 2022 and exceeding the midpoint of t
Slide 4: Capital Structure & Liquidity Profile
CAPITAL STUCTURE & LIQUIDITY PROFILE $20.3 Billion Total Market Capitalization (1) Debt Composition (1) (2) Secured Credit Secured Debt Facility Fixed Rate Secured 4% 0% 11% Variable Rate 3% Unsecured Unsecured Debt Term Loan 26% 5% Equity 70% Unsecured Credit Bonds Facility 81% 0% Liquidity Profile
Slide 5: Debt Maturity Schedule
MATURITY SCHEDULE Debt Maturity Schedule 1,200 Debt Maturities in Millions ($) (as of 9/30/2023) 1,000 800 154 2 2 95 600 68 1 2 133 3 99 400 650 600 650 600 500 500 550 200 400 450 450 330 1 0 (1) 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Thereafter Unsecured Secured % of Total Debt Ma