ESSEX PROPERTY TRUST, INC.
For the period ended Mar 31, 2025. Filed Apr 30, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed Apr 30, 2025
ESS$272.18+0.3%Stored close · as of Nov 6, 2026
Contents
Item 1. Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
| ASSETS | March 31, 2025 | December 31, 2024 |
|---|---|---|
| Real estate investments: | ||
| Rental properties: | ||
| Land and land improvements | $3,271,624 | $3,246,789 |
| Buildings and improvements | 14,505,983 | 14,342,729 |
| 17,777,607 | 17,589,518 | |
| Less: accumulated depreciation | (6,171,689) | (6,150,618) |
| 11,605,918 | 11,438,900 | |
| Real estate under development | 96,268 | 52,682 |
| Co-investments | 906,686 | 935,014 |
| Real estate held for sale | 112,173 | — |
| 12,721,045 | 12,426,596 | |
| Cash and cash equivalents-unrestricted | 98,735 | 66,795 |
| Cash and cash equivalents-restricted | 9,127 | 9,051 |
| Marketable securities | 76,013 | 69,794 |
| Notes and other receivables, net of allowance for credit losses of $0.5 million as of both March 31, 2025 and December 31, 2024 | 133,724 | 206,706 |
| Operating lease right-of-use assets | 53,351 | 51,556 |
| Prepaid expenses and other assets | 94,263 | 96,861 |
| Total assets | $13,186,258 | $12,927,359 |
| LIABILITIES AND EQUITY | ||
| Unsecured debt, net | $5,870,662 | $5,473,788 |
| Mortgage notes payable, net | 919,590 | 989,884 |
| Lines of credit | — | 137,945 |
| Accounts payable and accrued liabilities | 232,594 | 212,747 |
| Construction payable | 20,679 | 14,347 |
| Dividends payable | 173,678 | 165,443 |
| Distributions in excess of investments in co-investments | 84,295 | 79,273 |
| Liabilities associated with real estate held for sale | 641 | — |
| Operating lease liabilities | 54,149 | 52,473 |
| Other liabilities | 50,019 | 50,220 |
| Total liabilities | 7,406,307 | 7,176,120 |
| Commitments and contingencies (Note 11) | ||
| Redeemable noncontrolling interest | 34,376 | 30,849 |
| Equity: | ||
| Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,358,097 and 64,280,466 shares issued and outstanding, respectively | 6 | 6 |
| Additional paid-in capital | 6,672,346 | 6,668,047 |
| Distributions in excess of accumulated earnings | (1,117,971) | (1,155,662) |
| Accumulated other comprehensive income, net | 15,620 | 24,655 |
| Total stockholders’ equity | 5,570,001 | 5,537,046 |
| Noncontrolling interest | 175,574 | 183,344 |
| Total equity | 5,745,575 | 5,720,390 |
| Total liabilities and equity | $13,186,258 | $12,927,359 |
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