Essex Property Trust (ESS) investor relations material

Company highlights and performance

• 32 consecutive years of increasing cash dividends and S&P Dividend Aristocrat status, with a 13.5% CAGR total return since IPO and $26.1B market capitalization as of June 2026.

• Outperformed peers in Core FFO, same-property NOI, and dividend growth over the past 20 years, with 249% Core FFO per share growth and 211% dividend growth from 2006–2026.

• Total shareholder return since IPO is 5,912%, with 521% cumulative dividend growth.

• Experienced management team with an average tenure of 13 years.

Market fundamentals and demand drivers

• West Coast markets benefit from strong job and income growth, high home prices, and limited housing supply, supporting robust rent growth.

• AI and technology sector expansion in Seattle and the Bay Area is fueling demand for housing, with significant office leasing and job postings in these regions.

• Aerospace and defense job growth in Southern California has more than doubled since January 2025, with the space sector expected to outpace GDP growth.

• Affordability in Northern California is favorable, with rent-to-income ratios allowing for potential rent increases without wage growth.

• Renting remains significantly more affordable than homeownership in Essex markets, with a 2.4x cost differential.

Portfolio strategy and value creation

• Focused on disciplined capital allocation, with $1.1B in Northern California acquisitions and $355M in dispositions from 2024–2025, improving portfolio age and accretion.

• Value optimization through operating efficiencies, technology, and redevelopment has led to sector-leading margins, outperforming peers by 310 bps in controllable expenses.

• Strategic external growth and value optimization drive long-term shareholder value.