Essex Property Trust — Q1 2024 Earnings Presentation

5 slides from Essex Property Trust's earnings presentation, May 1, 2024

Slide 1: First Quarter 2024 Credit Update
Santa Palmia 598 Apartment Homes San Jose, CA FIRST QUARTER 2024 CREDIT UPDATE
Slide 2: Selected Ratios & Credit Ratings
SELECTED RATIOS & CREDIT RATINGS Public Bond Covenants(1) & Selected Credit Ratios Q1 ’24 Q4 ’23 Q3 ’23 Q2 ’23 Q1 ’23 Covenant Debt to Total Assets 35% 34% 34% 34% 34% < 65% Secured Debt to Total Assets 5% 5% 5% 3% 3% < 40% Interest Coverage 561% 566% 573% 579% 585% > 150% Unsecured Debt Ratio (2) 2
Slide 3: First Quarter 2024 Highlights
FIRST QUARTER 2024 HIGHLIGHTS ▪ Reported Net Income per diluted share for the first quarter of 2024 of $4.25, compared to $2.38 in the first quarter of 2023. The increase is largely attributable to a gain on remeasurement of co-investments recognized in the first quarter of 2024. ▪ Grew Core FFO per
Slide 4: Capital Structure & Liquidity Profile
CAPITAL STUCTURE & LIQUIDITY PROFILE $22.8 Billion Total Market Capitalization (1) Debt Composition (1) (2) Secured Credit Secured Debt Facility Fixed Rate Secured 4% 0% 10% Variable Rate 3% Unsecured Unsecured Debt Term Loan 25% 5% Credit Equity Unsecured Facility 71% Bonds 0% 82% Liquidity Profile
Slide 5: Debt Maturity Schedule
MATURITY SCHEDULE Debt Maturity Schedule 1,200 Debt Maturities in Millions ($) (as of 3/31/2024) 1,000 800 154 2 2 2 93 600 133 68 1 2 99 400 2 650 600 650 600 500 500 550 200 400 450 450 330 350 0 (1) 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter Unsecured Secured % of Total Deb