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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________to _________

001-13106 (Essex Property Trust, Inc.)
333-44467-01 (Essex Portfolio, L.P.)
(Commission File Number)

ESSEX PROPERTY TRUST, INC.
ESSEX PORTFOLIO, L.P.
(Exact name of Registrant as Specified in its Charter)
Maryland77-0369576
(Essex Property Trust, Inc.)(Essex Property Trust, Inc.)
California77-0369575
 (Essex Portfolio, L.P.)(Essex Portfolio, L.P.)
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification Number)
1100 Park Place, Suite 200
San Mateo, California 94403
(Address of Principal Executive Offices, Including Zip Code)

(650) 655-7800
(Registrant's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading
Symbol(s)		Name of each exchange on which registered
Common Stock, $.0001 par value (Essex Property Trust, Inc.)ESSNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Essex Property Trust, Inc.Yes☒No☐Essex Portfolio, L.P.Yes☒No☐

i

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Essex Property Trust, Inc.Yes☒No☐Essex Portfolio, L.P.Yes☒No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. 

Essex Property Trust, Inc.:
Large accelerated filer☒
Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐
Emerging growth company
☐

Essex Portfolio, L.P.:
Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒
Smaller reporting company☐
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.
Essex Property Trust, Inc.☐Essex Portfolio, L.P.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Essex Property Trust, Inc.Yes☐No☒Essex Portfolio, L.P.Yes☐No☒

APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 64,267,485 shares of Common Stock ($.0001 par value) of Essex Property Trust, Inc. were outstanding as of October 28, 2024.
ii

EXPLANATORY NOTE

This report combines the reports on Form 10-Q for the three and nine month periods ended September 30, 2024 of Essex Property Trust, Inc., a Maryland corporation, and Essex Portfolio, L.P., a Delaware limited partnership of which Essex Property Trust, Inc. is the sole general partner.

Unless stated otherwise or the context otherwise requires, references to the "Company," "we," "us" or "our" mean collectively Essex Property Trust, Inc. and those entities/subsidiaries owned or controlled by Essex Property Trust, Inc., including Essex Portfolio, L.P., and references to the "Operating Partnership" mean Essex Portfolio, L.P. and those entities/subsidiaries owned or controlled by Essex Portfolio, L.P. Unless stated otherwise or the context otherwise requires, references to "Essex" mean Essex Property Trust, Inc., not including any of its subsidiaries.

Essex operates as a self-administered and self-managed real estate investment trust ("REIT"), and is the sole general partner of the Operating Partnership. As the sole general partner of the Operating Partnership, Essex has exclusive control of the Operating Partnership's day-to-day management.

The Company is structured as an umbrella partnership REIT ("UPREIT") and Essex contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, Essex receives a number of Operating Partnership limited partnership units ("OP Units," and the holders of such OP Units, "Unitholders") equal to the number of shares of common stock it has issued in the equity offerings. Contributions of properties to the Company can be structured as tax-deferred transactions through the issuance of OP Units, which is one of the reasons why the Company is structured in the manner outlined above. Based on the terms of the Operating Partnership's partnership agreement, OP Units can be exchanged into Essex common stock on a one-for-one basis. The Company maintains a one-for-one relationship between the OP Units issued to Essex and shares of common stock.

The Company believes that combining the reports on Form 10-Q of Essex and the Operating Partnership into this single report provides the following benefits:

•enhances investors' understanding of Essex and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
•eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both Essex and the Operating Partnership; and
•creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

Management operates Essex and the Operating Partnership as one business. The management of Essex consists of the same members as the management of the Operating Partnership.

All of the Company's property ownership, development, and related business operations are conducted through the Operating Partnership and Essex has no material assets, other than its investment in the Operating Partnership. Essex's primary function is acting as the general partner of the Operating Partnership. As general partner with control of the Operating Partnership, Essex consolidates the Operating Partnership for financial reporting purposes. Therefore, the assets and liabilities of Essex and the Operating Partnership are the same on their respective financial statements. Essex also issues equity from time to time and guarantees certain debt of the Operating Partnership, as disclosed in this report. The Operating Partnership holds substantially all of the assets of the Company, including the Company's ownership interests in its co-investments. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings by the Company, which are contributed to the capital of the Operating Partnership in exchange for OP Units (on a one-for-one share of common stock per OP Unit basis), the Operating Partnership generates all remaining capital required by the Company's business. These sources of capital include the Operating Partnership's working capital, net cash provided by operating activities, borrowings under its revolving credit facilities, the issuance of secured and unsecured debt and equity securities and proceeds received from disposition of certain properties and co-investments.

iii

The Company believes it is important to understand the few differences between Essex and the Operating Partnership in the context of how Essex and the Operating Partnership operate as a consolidated company. Stockholders' equity, partners' capital and noncontrolling interest are the main areas of difference between the condensed consolidated financial statements of Essex and those of the Operating Partnership. The limited partners of the Operating Partnership are accounted for as partners' capital in the Operating Partnership's condensed consolidated financial statements and as noncontrolling interest in Essex’s condensed consolidated financial statements. The noncontrolling interest in the Operating Partnership's condensed consolidated financial statements include the interest of unaffiliated partners in various consolidated partnerships and co-investment partners. The noncontrolling interest in Essex's condensed consolidated financial statements include (i) the same noncontrolling interest as presented in the Operating Partnership’s condensed consolidated financial statements and (ii) OP Unitholders. The differences between stockholders' equity and partners' capital result from differences in the equity issued at Essex and Operating Partnership levels.
 
To help investors understand the significant differences between Essex and the Operating Partnership, this report on Form 10-Q provides separate condensed consolidated financial statements for Essex and the Operating Partnership; a single set of consolidated notes to such financial statements that includes separate discussions of stockholders' equity or partners' capital, and earnings per share/unit, as applicable; and a combined Management's Discussion and Analysis of Financial Condition and Results of Operations.

This report on Form 10-Q also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of Essex and the Operating Partnership in order to establish that the requisite certifications have been made and that Essex and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 (the "Exchange Act") and 18 U.S.C. §1350.

In order to highlight the differences between Essex and the Operating Partnership, the separate sections in this report on Form 10-Q for Essex and the Operating Partnership specifically refer to Essex and the Operating Partnership. In the sections that combine disclosure of Essex and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and co-investments and holds assets and debt, reference to the Company is appropriate because the Company is one business and the Company operates that business through the Operating Partnership. The separate discussions of Essex and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.

The information furnished in the accompanying unaudited condensed consolidated balance sheets, statements of income and comprehensive income, equity, capital, and cash flows of the Company and the Operating Partnership reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the aforementioned condensed consolidated financial statements for the interim periods and are normal and recurring in nature, except as otherwise noted.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the notes to such unaudited condensed consolidated financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations herein. Additionally, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2023.
iv

ESSEX PROPERTY TRUST, INC.
ESSEX PORTFOLIO, L.P.
FORM 10-Q
TABLE OF CONTENTS

PART I. FINANCIAL INFORMATIONPage No.
Item 1.Condensed Consolidated Financial Statements of Essex Property Trust, Inc. (Unaudited)
 
 
 
 
 Condensed Consolidated Financial Statements of Essex Portfolio, L.P. (Unaudited) 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
1
Part I – Financial Information

Item 1. Condensed Consolidated Financial Statements
ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except parenthetical and share amounts)
ASSETSSeptember 30, 2024December 31, 2023
Real estate:
Rental properties:
Land and land improvements$3,174,058 $3,036,912 
Buildings and improvements13,884,518 13,098,311 
 17,058,576 16,135,223 
Less: accumulated depreciation(6,004,325)(5,664,931)
 11,054,251 10,470,292 
Real estate under development25,087 23,724 
Co-investments1,007,252 1,061,733 
Real estate held for sale74,148 — 
12,160,738 11,555,749 
Cash and cash equivalents-unrestricted71,288 391,749 
Cash and cash equivalents-restricted8,975 8,585 
Marketable securities, net of allowance for credit losses of zero as of both September 30, 2024 and December 31, 2023
75,245 87,795 
Notes and other receivables, net of allowance for credit losses of $0.6 million and $0.7 million as of September 30, 2024 and December 31, 2023, respectively (includes related party receivables of $59.9 million and $6.1 million as of September 30, 2024 and December 31, 2023, respectively)
200,295 174,621 
Operating lease right-of-use assets52,470 63,757 
Prepaid expenses and other assets78,436 79,171 
Total assets$12,647,447 $12,361,427 
LIABILITIES AND EQUITY  
Unsecured debt, net$5,473,318 $5,318,531 
Mortgage notes payable, net884,728 887,204 
Lines of credit7,885 — 
Accounts payable and accrued liabilities246,356 176,401 
Construction payable23,185 20,659 
Dividends payable165,613 155,695 
Distributions in excess of investments in co-investments79,985 65,488 
Liabilities associated with real estate held for sale1,214 — 
Operating lease liabilities53,510 65,091 
Other liabilities49,316 46,175 
Total liabilities6,985,110 6,735,244 
Commitments and contingencies
Redeemable noncontrolling interest33,977 32,205 
Equity:  
Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,267,485 and 64,203,497 shares issued and outstanding, respectively
6 6 
Additional paid-in capital6,671,264 6,656,720 
Distributions in excess of accumulated earnings(1,255,608)(1,267,536)
Accumulated other comprehensive income, net18,174 33,556 
Total stockholders' equity5,433,836 5,422,746 
Noncontrolling interest194,524 171,232 
Total equity5,628,360 5,593,978 
Total liabilities and equity$12,647,447 $12,361,427 
See accompanying notes to the unaudited condensed consolidated financial statements.
2
ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income and Comprehensive Income
(Unaudited)
(In thousands, except share and per share amounts)
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Revenues:
Rental and other property$448,135 $416,398 $1,312,132 $1,239,319 
Management and other fees from affiliates2,563 2,785 7,849 8,328 
 450,698 419,183 1,319,981 1,247,647 
Expenses:  
Property operating, excluding real estate taxes85,296 77,020 242,963 224,745 
Real estate taxes48,956 46,876 143,188 138,787 
Corporate-level property management expenses12,150 11,504 36,004 34,387 
Depreciation and amortization146,439 137,357 431,785 410,422 
General and administrative29,067 14,611 67,374 43,735 
Expensed acquisition and investment related costs— 31 68 375 
Casualty loss— — — 433 
 321,908 287,399 921,382 852,884 
Gain on sale of real estate and land— — — 59,238 
Earnings from operations128,790 131,784 398,599 454,001 
Interest expense(59,232)(54,161)(174,285)(157,806)
Total return swap income807 690 2,232 2,544 
Interest and other income11,449 4,406 78,292 29,055 
Equity income from co-investments11,649 10,694 33,667 33,802 
Tax benefit (expense) on unconsolidated co-investments441 (404)1,199 (1,237)
Gain on remeasurement of co-investment31,583 — 169,909 — 
Net income125,487 93,009 509,613 360,359 
Net income attributable to noncontrolling interest(7,063)(5,727)(25,544)(19,925)
Net income available to common stockholders$118,424 $87,282 $484,069 $340,434 
Comprehensive income$104,054 $97,122 $493,688 $369,564 
Comprehensive income attributable to noncontrolling interest(6,333)(5,867)(25,001)(20,238)
Comprehensive income attributable to controlling interest$97,721 $91,255 $468,687 $349,326 
Per share data:  
Basic:  
Net income available to common stockholders$1.84 $1.36 $7.54 $5.30 
Weighted average number of shares outstanding during the period64,227,662 64,184,180 64,214,258 64,274,085 
Diluted:  
Net income available to common stockholders$1.84 $1.36 $7.54 $5.30 
Weighted average number of shares outstanding during the period64,271,459 64,186,020 64,234,358 64,275,279 

See accompanying notes to the unaudited condensed consolidated financial statements.
3
ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2024 and 2023
(Unaudited)
(In thousands)
 Common stockAdditional paid-in capitalDistributions
in excess of accumulated
earnings		Accumulated
other
comprehensive income, net		Noncontrolling interestTotal
Three Months Ended September 30, 2024SharesAmount
Balances at June 30, 202464,210 $6 $6,659,313 $(1,216,557)$38,877 $172,861 $5,654,500 
Net income— — — 118,424 — 7,063 125,487 
Change in fair value of derivatives and amortization of swap settlements— — — — (20,703)(730)(21,433)
Issuance of common stock under:      
Stock option and restricted stock plans, net51 — 11,351 — — — 11,351 
Sale of common stock, net— — (467)— — — (467)
Equity based compensation costs— — 1,923 — — 68 1,991 
Changes in the redemption value of redeemable noncontrolling interest— — (813)— — 204 (609)
Changes in noncontrolling interest from acquisition— — — — — 24,930 24,930 
Distributions to noncontrolling interest— — — — — (9,118)(9,118)
Redemptions of noncontrolling interest6 — (43)— — (754)(797)
Common stock dividends ($2.45 per share)
— — — (157,475)— — (157,475)
Balances at September 30, 202464,267 $6 $6,671,264 $(1,255,608)$18,174 $194,524 $5,628,360 



4
 Common stockAdditional paid-in capitalDistributions
in excess of accumulated
earnings		Accumulated
other
comprehensive income, net		Noncontrolling InterestTotal
Nine Months Ended September 30, 2024SharesAmount
Balances at December 31, 202364,203 $6 $6,656,720 $(1,267,536)$33,556 $171,232 $5,593,978 
Net income— — — 484,069 — 25,544 509,613 
Change in fair value of derivatives and amortization of swap settlements— — — — (15,382)(543)(15,925)
Issuance of common stock under:
Stock option and restricted stock plans, net58 — 12,313 — — — 12,313 
Sale of common stock, net— — (580)— — — (580)
Equity based compensation costs— — 5,539 — — 195 5,734 
Changes in the redemption value of redeemable noncontrolling interest— — (2,436)— — 143 (2,293)
Changes in noncontrolling interest from acquisition— — — — — 24,930 24,930 
Distributions to noncontrolling interest— — — — — (26,193)(26,193)
Redemptions of noncontrolling interest6 — (292)— — (784)(1,076)
Common stock dividends ($7.35 per share)
— — — (472,141)— — (472,141)
Balances at September 30, 202464,267 $6 $6,671,264 $(1,255,608)$18,174 $194,524 $5,628,360 
Common stockAdditional paid-in capitalDistributions
in excess of accumulated
earnings		Accumulated
other
comprehensive income, net		Noncontrolling InterestTotal
Three Months Ended September 30, 2023SharesAmount
Balances at June 30, 202364,183 $6 $6,657,481 $(1,123,594)$51,385 $176,727 $5,762,005 
Net income— — — 87,282 — 5,727 93,009 
Change in fair value of derivatives and amortization of swap settlements— — — — 3,973 140 4,113 
Issuance of common stock under:
Sale of common stock, net— — (106)— — — (106)
Equity based compensation costs— — 2,211 — — 78 2,289 
Changes in the redemption value of redeemable noncontrolling interest— — 1,317 — — 78 1,395 
Distributions to noncontrolling interest— — — — — (7,973)(7,973)
Redemptions of noncontrolling interest2 — 13 — — (13)— 
Common stock dividends ($2.31 per share)
— — — (148,285)— — (148,285)
Balances at September 30, 202364,185 $6 $6,660,916 $(1,184,597)$55,358 $174,764 $5,706,447 

5
 Common stockAdditional paid-in capitalDistributions
in excess of accumulated
earnings		Accumulated
other
comprehensive income, net		Noncontrolling InterestTotal
Nine Months Ended September 30, 2023SharesAmount
Balances at December 31, 202264,605 $6 $6,750,076 $(1,080,176)$46,466 $178,744 $5,895,116 
Net income— — — 340,434 — 19,925 360,359 
Change in fair value of derivatives and amortization of swap settlements— — — — 8,892 313 9,205 
Issuance of common stock under:
Stock option and restricted stock plans, net3 — — — — — — 
Sale of common stock, net— — (231)— — — (231)
Equity based compensation costs— — 9,598 — — 337 9,935 
Retirement of common stock, net(437)— (95,657)— — — (95,657)
Changes in the redemption value of redeemable noncontrolling interest— — (2,770)— — (40)(2,810)
Distributions to noncontrolling interest— — — — — (24,006)(24,006)
Redemptions of noncontrolling interest14 — (100)— — (509)(609)
Common stock dividends ($6.93 per share)
— — — (444,855)— — (444,855)
Balances at September 30, 202364,185 $6 $6,660,916 $(1,184,597)$55,358 $174,764 $5,706,447 

See accompanying notes to the unaudited condensed consolidated financial statements.
6
ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands, except parenthetical amounts) 
 Nine Months Ended September 30,
 20242023
Cash flows from operating activities:
Net income$509,613 $360,359 
Adjustments to reconcile net income to net cash provided by operating activities:  
Straight-lined rents581 1,650 
Depreciation and amortization431,785 410,422 
Amortization of discount and debt financing costs, net5,988 5,028 
Realized and unrealized gains on marketable securities, net (10,645)(4,294)
Provision for credit losses(116)51 
Earnings from co-investments(33,667)(33,802)
Operating distributions from co-investments35,096 48,229 
Accrued interest from notes and other receivables(10,805)(8,919)
Casualty loss— 433 
Gain on the sale of real estate and land— (59,238)
Equity-based compensation5,350 5,943 
Gain on remeasurement of co-investment(169,909)— 
Changes in operating assets and liabilities: 
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets23,171 3,024 
Accounts payable, accrued liabilities, and operating lease liabilities65,274 44,971 
Other liabilities(1,735)2,533 
Net cash provided by operating activities849,981 776,390 
Cash flows from investing activities:  
Additions to real estate:  
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired(695,432)(23,845)
Redevelopment(41,198)(56,168)
Development acquisitions of and additions to real estate under development(2,666)(6,317)
Capital expenditures on rental properties(97,535)(94,304)
Investments in notes receivable(58,633)(52,888)
Collections of notes and other receivables26,600 — 
Proceeds from insurance for property losses1,700 2,991 
Proceeds from dispositions of real estate— 99,388 
Contributions to co-investments(4,977)(32,169)
Changes in refundable deposits(1,250)10,200 
Purchases of marketable securities(428)(11,552)
Sales and maturities of marketable securities23,623 46,989 
Non-operating distributions from co-investments6,500 15,251 
Net cash used in investing activities(843,696)(102,424)
Cash flows from financing activities:  
Proceeds from unsecured debt and mortgage notes554,875 598,000 
Payments on unsecured debt and mortgage notes(402,315)(301,678)
Proceeds from lines of credit1,052,729 844,021 
Repayments of lines of credit(1,044,844)(896,094)
7
 Nine Months Ended September 30,
 20242023
Retirement of common stock— (95,657)
Additions to deferred charges(8,521)(1,681)
Net costs from issuance of common stock(580)(231)
Net proceeds from stock options exercised12,313 — 
Distributions to noncontrolling interest(25,445)(23,532)
Redemption of noncontrolling interest(1,076)(609)
Redemption of redeemable noncontrolling interest(521)— 
Common stock dividends paid(462,971)(438,689)
Net cash used in financing activities(326,356)(316,150)
Net (decrease) increase in unrestricted and restricted cash and cash equivalents(320,071)357,816 
Unrestricted and restricted cash and cash equivalents at beginning of period400,334 42,681 
Unrestricted and restricted cash and cash equivalents at end of period$80,263 $400,497 
Supplemental disclosure of cash flow information:
Cash paid for interest (net of $0.2 million and $0.7 million capitalized in 2024 and 2023, respectively)
$164,389 $159,758 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$5,221 $5,298 
Supplemental disclosure of noncash investing and financing activities:  
Issuance of Operating Partnership units for contributed properties$24,930 $— 
Redemption of preferred equity investments upon acquisition of co-investments$44,670 $— 
Transfers between real estate under development and rental properties, net$514 $827 
Transfers from real estate under development to co-investments$691 $1,322 
Reclassifications to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest$2,293 $2,810 

See accompanying notes to the unaudited condensed consolidated financial statements.

8
ESSEX PORTFOLIO, L.P.  AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except parenthetical and unit amounts)
ASSETSSeptember 30, 2024December 31, 2023
Real estate:
Rental properties:
Land and land improvements$3,174,058 $3,036,912 
Buildings and improvements13,884,518 13,098,311 
 17,058,576 16,135,223 
Less: accumulated depreciation(6,004,325)(5,664,931)
 11,054,251 10,470,292 
Real estate under development25,087 23,724 
Co-investments1,007,252 1,061,733 
Real estate held for sale, net74,148 — 
12,160,738 11,555,749 
Cash and cash equivalents-unrestricted71,288 391,749 
Cash and cash equivalents-restricted8,975 8,585 
Marketable securities, net of allowance for credit losses of zero as of both September 30, 2024 and December 31, 2023
75,245 87,795 
Notes and other receivables, net of allowance for credit losses of $0.6 million and $0.7 million as of September 30, 2024 and December 31, 2023, respectively (includes related party receivables of $59.9 million and $6.1 million as of September 30, 2024 and December 31, 2023, respectively)
200,295 174,621 
Operating lease right-of-use assets52,470 63,757 
Prepaid expenses and other assets78,436 79,171 
Total assets$12,647,447 $12,361,427 
LIABILITIES AND CAPITAL  
Unsecured debt, net$5,473,318 $5,318,531 
Mortgage notes payable, net884,728 887,204 
Lines of credit7,885 — 
Accounts payable and accrued liabilities246,356 176,401 
Construction payable23,185 20,659 
Distributions payable165,613 155,695 
Distributions in excess of investments in co-investments79,985 65,488 
Operating lease liabilities53,510 65,091 
Liabilities associated with real estate held for sale1,214 — 
Other liabilities49,316 46,175 
Total liabilities6,985,110 6,735,244 
Commitments and contingencies
Redeemable noncontrolling interest33,977 32,205 
Capital:  
General Partner:
Common equity (64,267,485 and 64,203,497 units issued and outstanding, respectively)
5,415,662 5,389,190 
5,415,662 5,389,190 
Limited Partners:
Common equity (2,332,449 and 2,258,812 units issued and outstanding, respectively)
69,756 44,991 
    Accumulated other comprehensive income, net22,721 38,646 
Total partners' capital5,508,139 5,472,827 
Noncontrolling interest120,221 121,151 
Total capital5,628,360 5,593,978 
Total liabilities and capital$12,647,447 $12,361,427 

See accompanying notes to the unaudited condensed consolidated financial statements.
9
ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES
Condensed Consolidated Statements of Income and Comprehensive Income
(Unaudited)
(In thousands, except unit and per unit amounts)
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Revenues:
Rental and other property$448,135 $416,398 $1,312,132 $1,239,319 
Management and other fees from affiliates2,563 2,785 7,849 8,328 
 450,698 419,183 1,319,981 1,247,647 
Expenses:  
Property operating, excluding real estate taxes85,296 77,020 242,963 224,745 
Real estate taxes48,956 46,876 143,188 138,787 
Corporate-level property management expenses12,150 11,504 36,004 34,387 
Depreciation and amortization146,439 137,357 431,785 410,422 
General and administrative29,067 14,611 67,374 43,735 
Expensed acquisition and investment related costs— 31 68 375 
Casualty loss— — — 433 
 321,908 287,399 921,382 852,884 
Gain on sale of real estate and land— — — 59,238 
Earnings from operations128,790 131,784 398,599 454,001 
Interest expense(59,232)(54,161)(174,285)(157,806)
Total return swap income807 690 2,232 2,544 
Interest and other income11,449 4,406 78,292 29,055 
Equity income from co-investments11,649 10,694 33,667 33,802 
Tax benefit (expense) on unconsolidated co-investments441 (404)1,199 (1,237)
Gain on remeasurement of co-investment31,583 — 169,909 — 
Net income125,487 93,009 509,613 360,359 
Net income attributable to noncontrolling interest(2,857)(2,655)(8,469)(7,943)
Net income available to common unitholders$122,630 $90,354 $501,144 $352,416 
Comprehensive income$104,054 $97,122 $493,688 $369,564 
Comprehensive income attributable to noncontrolling interest(2,857)(2,655)(8,469)(7,943)
Comprehensive income attributable to controlling interest$101,197 $94,467 $485,219 $361,621 
Per unit data:  
Basic:  
Net income available to common unitholders$1.84 $1.36 $7.54 $5.30 
Weighted average number of common units outstanding during the period66,508,041 66,443,416 66,480,312 66,535,917 
Diluted:
Net income available to common unitholders$1.84 $1.36 $7.54 $5.30 
Weighted average number of common units outstanding during the period66,551,838 66,445,256 66,500,412 66,537,111 

See accompanying notes to the unaudited condensed consolidated financial statements.
10
ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES
Condensed Consolidated Statements of Capital for the three and nine months ended September 30, 2024 and 2023
(Unaudited)
(In thousands)
 General PartnerLimited PartnersAccumulated other
comprehensive income, net		Noncontrolling interestTotal
 Common EquityCommon Equity
Three Months Ended September 30, 2024UnitsAmountUnitsAmount
Balances at June 30, 202464,210 $5,442,762 2,259 $46,819 $44,154 $120,765 $5,654,500 
Net income— 118,424 — 4,206 — 2,857 125,487 
Change in fair value of derivatives and amortization of swap settlements— — — — (21,433)— (21,433)
Issuance of common units under:      
General partner's stock based compensation, net51 11,351 — — — — 11,351 
Sale of common stock by general partner, net— (467)— — — — (467)
Equity based compensation costs— 1,923 — 68 — — 1,991 
Changes in the redemption value of redeemable noncontrolling interest— (813)— 123 — 81 (609)
Changes in noncontrolling interest from acquisition— — 82 24,930 — — 24,930 
Distributions to noncontrolling interest— — — — — (3,404)(3,404)
Redemptions6 (43)(9)(676)— (78)(797)
Distributions declared ($2.45 per unit)
— (157,475)— (5,714)— — (163,189)
Balances at September 30, 202464,267 $5,415,662 2,332 $69,756 $22,721 $120,221 $5,628,360 

11
General PartnerLimited PartnersAccumulated other
comprehensive income, net		Noncontrolling interestTotal
Common EquityCommon Equity
Nine Months Ended September 30, 2024UnitsAmountUnitsAmount
Balances at December 31, 202364,203 $5,389,190 2,259 $44,991 $38,646 $121,151 $5,593,978 
Net income— 484,069 — 17,075 — 8,469 509,613 
Change in fair value of derivatives and amortization of swap settlements— — — — (15,925)— (15,925)
Issuance of common units under:
General partner's stock based compensation, net58 12,313 — — — — 12,313 
Sale of common stock by general partner, net— (580)— — — — (580)
Equity based compensation costs— 5,539 — 195 — — 5,734 
Changes in the redemption value of redeemable noncontrolling interest— (2,436)— 25