ESSEX PROPERTY TRUST, INC.

On May 20, 2025, the Company established an unsecured commercial paper program (the “Commercial Paper Program”). Under the terms of the Commercial Paper Program, the Operating Partnership may issue, from time to time, unsecured commercial paper notes with varying maturities not in excess of 397 days from the date of issue (the “Notes”).

Amounts available under the Commercial Paper Program may be borrowed, repaid and re-borrowed from time to time, with the maximum aggregate face or principal amount of Notes outstanding at any one time not exceeding $750 million. The Company’s revolving credit facility then in effect will serve as a liquidity backstop for any issuances under the Commercial Paper Program. The Notes will be sold on terms that are customary for the United States commercial paper market and will be at least equal in right of payment with all of the Company’s and the Operating Partnership’s other unsecured and unsubordinated indebtedness. The Company has agreed to fully and unconditionally guarantee the Notes pursuant to a guarantee. The Company expects to use the proceeds of the Notes for general corporate purposes and working capital purposes.

The Notes to be offered under the Commercial Paper Program have not been and will not be registered under the Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The information contained in this Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy the Notes under the Commercial Paper Program.