ESSEX PORTFOLIO LP
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
View on SEC.govAbout this filing
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.
Sep 30, 2025 · Filed Oct 30, 2025
ESS$272.18+0.3%Stored close · as of Nov 6, 2026
Contents
Item 1. Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024
(ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Real estate investments: | ||
| Rental properties: | ||
| Land and land improvements | $3,325,394 | $3,246,789 |
| Buildings and improvements | 14,745,049 | 14,342,729 |
| 18,070,443 | 17,589,518 | |
| Less: accumulated depreciation | (6,381,123) | (6,150,618) |
| 11,689,320 | 11,438,900 | |
| Real estate under development | 139,161 | 52,682 |
| Co-investments | 808,238 | 935,014 |
| 12,636,719 | 12,426,596 | |
| Cash and cash equivalents-unrestricted | 65,959 | 66,795 |
| Cash and cash equivalents-restricted | 9,284 | 9,051 |
| Marketable securities | 84,116 | 69,794 |
| Notes and other receivables, net of allowance for credit losses of $0.6 million and $0.5 million as of September 30, 2025 and December 31, 2024, respectively | 221,628 | 206,706 |
| Operating lease right-of-use assets | 51,682 | 51,556 |
| Prepaid expenses and other assets | 80,853 | 96,861 |
| Total assets | $13,150,241 | $12,927,359 |
| LIABILITIES AND EQUITY | ||
| Unsecured debt, net | $5,621,505 | $5,473,788 |
| Mortgage notes payable, net | 795,404 | 989,884 |
| Lines of credit and commercial paper | 245,000 | 137,945 |
| Accounts payable and accrued liabilities | 250,745 | 212,747 |
| Construction payable | 33,484 | 14,347 |
| Dividends payable | 173,770 | 165,443 |
| Distributions in excess of investments in co-investments | 95,893 | 79,273 |
| Operating lease liabilities | 52,405 | 52,473 |
| Other liabilities | 50,762 | 50,220 |
| Total liabilities | 7,318,968 | 7,176,120 |
| Commitments and contingencies (Note 11) | ||
| Redeemable noncontrolling interest | 29,746 | 30,849 |
| Equity: | ||
| Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,404,022 and 64,280,466 shares issued and outstanding, respectively | 6 | 6 |
| Additional paid-in capital | 6,686,589 | 6,668,047 |
| Distributions in excess of accumulated earnings | (1,063,135) | (1,155,662) |
| Accumulated other comprehensive income, net | 7,856 | 24,655 |
| Total stockholders’ equity | 5,631,316 | 5,537,046 |
| Noncontrolling interest | 170,211 | 183,344 |
| Total equity | 5,801,527 | 5,720,390 |
| Total liabilities and equity | $13,150,241 | $12,927,359 |
Condensed Consolidated Statements of Income and Comprehensive Income
(In thousands, except share and per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenues: | ||||
| Rental and other property | $470,942 | $448,135 | $1,400,641 | $1,312,132 |
| Management and other fees from affiliates | 2,361 | 2,563 | 7,078 | 7,849 |
| 473,303 | 450,698 | 1,407,719 | 1,319,981 | |
| Expenses: | ||||
| Property operating, excluding real estate taxes | 91,413 | 85,836 | 263,834 | 244,636 |
| Real estate taxes | 52,023 | 48,956 | 153,652 | 143,188 |
| Corporate-level property management expenses | 12,216 | 11,610 | 36,768 | 34,331 |
| Depreciation and amortization | 151,489 | 146,439 | 454,277 | 431,785 |
| General and administrative | 18,058 | 29,067 | 51,507 | 67,374 |
| Expensed acquisition and investment related costs | 25 | — | 25 | 68 |
| 325,224 | 321,908 | 960,063 | 921,382 | |
| Gain on sale of real estate and land | 62,320 | — | 299,524 | — |
| Earnings from operations | 210,399 | 128,790 | 747,180 | 398,599 |
| Interest expense | (64,660) | (59,232) | (192,654) | (174,285) |
| Total return swap income | 1,329 | 807 | 3,600 | 2,232 |
| Interest and other income | 5,900 | 11,449 | 16,997 | 78,292 |
| Equity income from co-investments | 17,798 | 11,649 | 39,984 | 33,667 |
| Tax benefit on unconsolidated technology co-investments | 1,958 | 441 | 2,353 | 1,199 |
| Loss on early retirement of debt | — | — | (762) | — |
| Gain on remeasurement of co-investment | — | 31,583 | 330 | 169,909 |
| Net income | 172,724 | 125,487 | 617,028 | 509,613 |
| Net income attributable to noncontrolling interest | (8,103) | (7,063) | (27,935) | (25,544) |
| Net income available to common stockholders | $164,621 | $118,424 | $589,093 | $484,069 |
| Comprehensive income | $168,771 | $104,054 | $599,641 | $493,688 |
| Comprehensive income attributable to noncontrolling interest | (7,969) | (6,333) | (27,347) | (25,001) |
| Comprehensive income attributable to controlling interest | $160,802 | $97,721 | $572,294 | $468,687 |
| Per share data: | ||||
| Basic: | ||||
| Net income available to common stockholders | $2.56 | $1.84 | $9.15 | $7.54 |
| Weighted average number of shares outstanding during the period | 64,404,008 | 64,227,662 | 64,368,625 | 64,214,258 |
| Diluted: | ||||
| Net income available to common stockholders | $2.56 | $1.84 | $9.15 | $7.54 |
| Weighted average number of shares outstanding during the period | 64,418,240 | 64,271,459 | 64,392,244 | 64,234,358 |
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