ESS

EX-99.1

2 ef20084268_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Third Quarter 2026  Earnings Release & Supplemental Data  Artizan | Oakland, CA

Third Quarter 2026

Earnings Release and Supplemental Data

Table of Contents

Earnings Press Release

Pages 1 - 9

Consolidated Operating Results

S-1 & S-2

Consolidated Funds from Operations

S-3

Consolidated Balance Sheets

S-4

Debt Summary

S-5

Capitalization Data, Public Bond Covenants, Credit Ratings, and Selected Credit Ratios

S-6

Portfolio Summary by County

S-7

Operating Income by Quarter

S-8

Same-Property Revenue Results by County, Quarter-to-Date

S-9

Same-Property Revenue Results by County, Year-to-Date

S-9.1

Same-Property Operating Expenses, Quarter and Year-to-Date

S-10

Development Pipeline

S-11

Capital Expenditures

S-12

Co-Investments and Preferred Equity Investments

S-13

Summary of Apartment Community Acquisitions and Dispositions Activity

S-14

Assumptions for 2026 FFO Guidance Range

S-15

Reconciliation of Projected EPS, FFO and Core FFO per diluted share

S-15.1

MSA Level Supply Forecast: 2026E – 2027E

S-16

Reconciliations of Non-GAAP Financial Measures and Other Terms

S-17.1 – S-17.4

1100 Park Place Suite 200 San Mateo California 94403 telephone 650 655 7800 facsimile 650 655 7810

www.essex.com

Table of Contents

Essex Announces Third Quarter 2026 Results

and Raises Full-Year 2026 Guidance

San Mateo, California—October 27, 2026—Essex Property Trust, Inc. (NYSE: ESS) (the “Company”) announced today its third quarter 2026 earnings results and related business activities.

Net Income, Funds from Operations (“FFO”), and Core FFO per diluted share for the three and nine-month periods ended September 30, 2026 are detailed below.

Three Months Ended

September 30,

%

Nine Months Ended

September 30,

%

2026

2025

Change

2026

2025

Change

Per Diluted Share

Net Income

$1.52

$2.56

-40.6%

$4.14

$9.15

-54.8%

Total FFO

$3.98

$4.03

-1.2%

$11.47

$12.03

-4.7%

Core FFO

$4.00

$3.97

0.8%

$12.15

$11.96

1.6%

Third Quarter 2026 Highlights:

•

Reported Net Income per diluted share for the third quarter of 2026 of $1.52, compared to $2.56 in the third quarter of 2025. The decrease was primarily driven by gains on sale of real estate and land recognized in the third quarter of 2025.

•

Grew Core FFO per diluted share by 0.8% compared to the third quarter of 2025, exceeding the midpoint of the Company’s guidance range by $0.01 per diluted share, driven by same-property revenue growth.

•

Achieved same-property revenue and net operating income (“NOI”) growth of 3.0% and 3.1%, respectively, compared to the third quarter of 2025. On a sequential basis, same-property revenue improved by 1.0%, driven by growth across all regions and continued strength in Northern California.

•

Disposed of three apartment communities for a total pro rata contract price of $111.9 million.

•

Obtained a $275.0 million unsecured term loan priced at SOFR plus 0.80%.

Full-Year 2026 Revised Guidance

Revised

Range

Revised

Midpoint

Change at

Midpoint

Net Income per diluted share

$5.62 - $5.74

$5.68

+$0.10

Core FFO per diluted share

$16.10 - $16.22

$16.16

+$0.02

Same-Property Revenue

2.8% to 3.0%

2.9%

+0.10%

Same-Property Operating Expenses

2.6% to 2.9%

2.8%

Unchanged

Same-Property NOI

2.8% to 3.2%

3.0%

+0.20%

1100 Park Place Suite 200 San Mateo California 94403 telephone 650 655 7800 facsimile 650 655 7810

www.essex.com

Table of Contents

Same-Property Operations

Same-property operating results exclude any properties that are not comparable for the periods presented. The table below illustrates the percentage change in same-property revenue on a year-over-year basis for the three and nine-month periods ended September 30, 2026 and on a sequential basis for the three-month period ended September 30, 2026:

Revenue Change

Q3 2026

vs. Q3 2025

YTD 2026

vs. YTD 2025

Q3 2026

vs. Q2 2026

% of Total Q3 2026 Revenues

Southern California

Los Angeles County

0.5%

1.0%

0.1%

16.7%

Orange County

2.7%

2.8%

0.8%

10.1%

San Diego County

2.1%

1.9%

0.4%

9.8%

Ventura County

1.3%

1.6%

0.5%

4.7%

Total Southern California

1.5%

1.7%

0.4%

41.3%

Northern California

Santa Clara County

5.7%

4.9%

2.0%

21.2%

Alameda County

4.5%

3.7%

0.8%

7.0%

San Mateo County

6.6%

5.7%

2.5%

4.6%

Contra Costa County

3.0%

2.3%

0.8%

5.1%

San Francisco

8.0%

6.4%

1.7%

3.1%

Total Northern California

5.4%

4.6%

1.7%

41.0%

Seattle Metro

1.3%

1.8%

0.8%

17.7%

Same-Property Portfolio

3.0%

2.9%

1.0%

100.0%

The table below illustrates the components that drove the change in same-property revenue on a year-over-year basis for the three and nine-month periods ended September 30, 2026 and on a sequential basis for the three-month period ended September 30, 2026:

Same-Property Revenue Components

Q3 2026

vs. Q3 2025

YTD 2026

vs. YTD 2025

Q3 2026

vs. Q2 2026

Scheduled Rents

2.5%

2.3%

1.2%

Deli

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EX-99.1

2 ef20071359_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

First Quarter 2026

Earnings Release and Supplemental Data

Table of Contents

Earnings Press Release

Pages 1 - 8

Consolidated Operating Results

S-1 & S-2

Consolidated Funds from Operations

S-3

Consolidated Balance Sheets

S-4

Debt Summary

S-5

Capitalization Data, Public Bond Covenants, Credit Ratings and Selected Credit Ratios

S-6

Portfolio Summary by County

S-7

Operating Income by Quarter

S-8

Same-Property Revenue Results by County, Quarter-to-Date

S-9

Same-Property Operating Expenses, Quarter-to-Date

S-10

Development Pipeline

S-11

Capital Expenditures

S-12

Co-Investments and Preferred Equity Investments

S-13

Summary of Apartment Community Acquisitions and Dispositions Activity

S-14

Assumptions for 2026 FFO Guidance Range

S-15

Reconciliation of Projected EPS, FFO and Core FFO per diluted share

S-15.1

MSA Level Supply Forecast: 2025A – 2026E

S-16

Reconciliations of Non-GAAP Financial Measures and Other Terms

S-17.1 – S-17.4

1100 Park Place Suite 200 San Mateo California 94403 telephone 650 655 7800 facsimile 650 655 7810

www.essex.com

Table of Contents

Essex Announces First Quarter 2026 Results

San Mateo, California—April 28, 2026—Essex Property Trust, Inc. (NYSE: ESS) (the “Company”) announced today its first quarter 2026 earnings results and related business activities.

Net Income, Funds from Operations (“FFO”), and Core FFO per diluted share for the three-month period ended March 31, 2026 are detailed below.

Three Months Ended

March 31,

%

2026

2025

Change

Per Diluted Share

Net Income

$1.65

$3.16

-47.8%

Total FFO

$4.17

$3.97

5.0%

Core FFO

$4.06

$3.97

2.3%

Recent Highlights:

•

Reported Net Income per diluted share for the first quarter of 2026 of $1.65, compared to $3.16 in the first quarter of 2025. The decrease is mainly attributable to gain on sale of real estate and land recognized in the first quarter of 2025.

•

Grew Core FFO per diluted share by 2.3% compared to the first quarter of 2025, exceeding the midpoint of the Company’s guidance range by $0.11. The outperformance was primarily driven by favorable same-property net operating income (“NOI”).

•

Achieved same-property revenue and NOI growth of 2.9% and 4.1%, respectively, compared to the first quarter of 2025. On a sequential basis, same-property revenue and NOI improved 0.7% and 1.3%, respectively.

•

Repurchased $61.9 million of common stock year-to-date, including commissions, at an average price per share of $243.76.

•

Increased the dividend by 0.8% to an annual distribution of $10.36 per common share, the Company’s 32nd consecutive annual increase.

•

Reaffirmed the full-year guidance ranges for Core FFO per diluted share, same-property revenue, expenses, and NOI.

•

As of March 31, 2026, the Company’s immediately available liquidity was over $1.7 billion.

1100 Park Place Suite 200 San Mateo California 94403 telephone 650 655 7800 facsimile 650 655 7810

www.essex.com

Table of Contents

Same-Property Operations

Same-property operating results exclude any properties that are not comparable for the periods presented. The table below illustrates the percentage change in same-property revenue on a year-over-year and sequential basis for the three-month period ended March 31, 2026:

Revenue Change

Q1 2026

vs. Q1 2025

Q1 2026

vs. Q4 2025

% of Total Q1

2026 Revenue

Southern California

Los Angeles County

1.7%

-0.2%

17.0%

Orange County

2.9%

0.0%

10.1%

San Diego County

2.6%

0.8%

9.9%

Ventura County

1.9%

0.2%

4.7%

Total Southern California

2.2%

0.1%

41.7%

Northern California

Santa Clara County

4.6%

1.2%

20.8%

Alameda County

3.0%

0.6%

7.0%

San Mateo County

4.9%

1.4%

4.5%

Contra Costa County

1.5%

1.2%

5.1%

San Francisco

4.3%

4.2%

3.0%

Total Northern California

3.9%

1.4%

40.4%

Seattle Metro

2.3%

0.5%

17.9%

Same-Property Portfolio

2.9%

0.7%

100.0%

The table below illustrates the components that drove the change in same-property revenue on a year-over-year and sequential basis for the three-month period ended March 31, 2026:

Same-Property Revenue Components

Q1 2026

vs. Q1 2025

Q1 2026

vs. Q4 2025

Scheduled Rents

2.2%

0.3%

Delinquency

0.1%

0.0%

Cash Concessions

-0.1%

0.2%

Vacancy

0.2%

0.2%

Other Income

0.5%

0.0%

Q1 2026 Same-Property Revenue Growth

2.9%

0.7%

- 2 -

Table of Contents

Year-Over-Year Change

Q1 2026 compared to Q1 2025

Revenue

Operating

Expenses

NOI

Southern California

2.2%

1.9%

2.3%

Northern California

3.9%

0.2%

5.6%

Seattle Metro

2.3%

-3.4%

4.9%

Same-Property Portfolio

2.9%

0.2%

4.1%

Sequential Change

Q1 2026 compared to Q4 2025

Revenue

Operating

Expenses

NOI

Southern California

0.1%

-1.8%

0.9%

Northern California

1.4%

0.1%

1.9%

Seattle Metro

0.5%

-0.8%

1.0%

Same-Property Portfolio

0.7%

-0.9%

1.3%

Financial Occupancies

Quarter Ended

3/31/2026

12/31/2025

3/31/2025

Southern Califo