ESSMEDIUM SIGNALOPERATIONAL10-K

Essex Property Trust expanded its portfolio from 255 to 259 operating communities while achieving strong 27.9% operating income growth to $899.3M.

The portfolio expansion of 4 communities and 920 additional apartment homes demonstrates active growth execution in the competitive apartment REIT sector. The slight increase in Essex's Operating Partnership ownership from 96.5% to 96.6% suggests minor changes in the partnership structure, while the shift from multiple predevelopment projects to one consolidated 543-unit development indicates more focused capital deployment.

Comparing 2026-02-20 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

Essex delivered robust financial performance with operating income surging 27.9% to $899.3M, indicating strong rental market fundamentals and effective portfolio management. Cash and equivalents grew a modest 14.1% to $76.2M, maintaining adequate liquidity. The combination of substantial operating income growth with controlled cash position suggests the company is successfully converting revenue growth into profits while maintaining financial flexibility for continued expansion.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+27.9%
$703.1M→$899.3M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Cash & Equivalents
Balance Sheet
+14.1%
$66.8M→$76.2M

Cash grew 14.1% — improving liquidity position supports investment and shareholder returns.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-21
ADDED
As of February 13, 2026, 64,475,506 shares of common stock ($.0001 par value) of Essex Property Trust, Inc.
As of December 31, 2025, Essex owned approximately 96.6% of the ownership interest in the Operating Partnership with the remaining 3.4% interest owned by limited partners.
Essex is the sole general partner of the Operating Partnership and as of December 31, 2025, had an approximately 96.6% general partner interest in the Operating Partnership.
As of December 31, 2025, the Company owned or had ownership interests in 259 operating apartment communities, aggregating 63,077 apartment homes, excluding the Company s ownership in preferred equity co-investments, loan investments, two operating commercial buildings, and a development pipeline comprised of one consolidated project and various predevelopment projects (collectively, the Portfolio ).
(2) Wesco V, LLC, a joint venture in which the Company owns a 50.0% interest, sold one of its apartment home communities for a total contract price of $94.9 million.
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REMOVED
As of February 19, 2025, 64,325,080 shares of common stock ($.0001 par value) of Essex Property Trust, Inc.
As of December 31, 2024, Essex owned approximately 96.5% of the ownership interest in the Operating Partnership with the remaining 3.5% interest owned by limited partners.
Essex is the sole general partner of the Operating Partnership and as of December 31, 2024, had an approximately 96.5% general partner interest in the Operating Partnership.
As of December 31, 2024, the Company owned or had ownership interests in 255 operating apartment communities, aggregating 62,157 apartment homes, excluding the Company s ownership in preferred equity co-investments, loan investments, two operating commercial buildings, and a development pipeline comprised of various predevelopment projects (collectively, the Portfolio ).
(2) In April 2024, the Company accepted the third-party sponsor s common equity interest affiliated with its $14.7 million preferred equity investment.
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