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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

false0000920522000105305900009205222026-02-042026-02-040000920522ess:ESSEXPORTFOLIOLPMember2026-02-042026-02-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 4, 2026

ESSEX PROPERTY TRUST, INC.

ESSEX PORTFOLIO, L.P.

(Exact Name of Registrant as Specified in Its Charter)

001-13106 (Essex Property Trust, Inc.)

333-44467-01 (Essex Portfolio, L.P.)

(Commission File Number)

Maryland (Essex Property Trust, Inc.)

77-0369576 (Essex Property Trust, Inc.)

California (Essex Portfolio, L.P.)

77-0369575 (Essex Portfolio, L.P.)

(State or Other Jurisdiction of Incorporation)

(I.R.S. Employer Identification No.)

1100 Park Place, Suite 200

San Mateo, CA 94403

(Address of principal executive offices, including zip code)

(650) 655-7800

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, $.0001 par value (Essex Property Trust, Inc.)

ESS

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

Essex Property Trust, Inc.

Emerging growth company

☐

Essex Portfolio, L.P.

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.

Results of Operations and Financial Condition.

On February 4, 2026, Essex Property Trust, Inc. (the “Company”) issued a press release and supplemental information announcing the Company’s financial results for the three and twelve months ended December 31, 2025. The Company has posted a copy of the press release and supplemental information on the Company’s website at www.essex.com. A copy of the press release and supplemental information is attached hereto as Exhibit 99.1 and incorporated by reference herein.

The information in this report (including Exhibit 99.1) is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description

99.1

Press Release and Supplemental Information for the three and twelve months ended December 31, 2025.

104

Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrants have duly caused this report to be signed on their behalf by the undersigned, hereunto duly authorized.

Date: February 4, 2026

ESSEX PROPERTY TRUST, INC.

/s/ Barbara Pak

Name:

Barbara Pak

Title:

Executive Vice President and Chief Financial Officer

ESSEX PORTFOLIO, L.P.

By:

Essex Property Trust, Inc.

Its:

General Partner

/s/ Barbara Pak

Name:

Barbara Pak

Title:

Executive Vice President and Chief Financial Officer