Essex Property Trust Announces Recent Transaction Activity

Essex Property Trust, Inc. (NYSE:ESS) announced today its year to date transaction activity detailed in the table below. The transaction activity year to date results in a reallocation towards the Northern California region with the purchase of newer communities in submarkets where Essex expects lower supply and higher rent growth over the foreseeable future. The match funded transactions are net neutral to the Company’s 2025 Core FFO forecast.

ACQUISITIONS

Property	Location	Region	Year Built	Acquisition Date	Contract Price	Apartment Homes	Price per Home(1)
The Plaza	Foster City, CA	NorCal	2013	Jan 2025	$161.4M	307	$512K
One Hundred Grand	Foster City, CA	NorCal	2016	Feb 2025	$105.3M	166	$615K
ROEN Menlo Park	Menlo Park, CA	NorCal	2017	Feb 2025	$78.8M	146	$539K
Total	-	-	-	-	$345.5M	619	$546K

DISPOSITIONS

Property	Location	Region	Year Built	Disposition Date	Contract Price	Apartment Homes	Price per Home(1)
Highridge	Rancho Palos Verdes, CA	SoCal	1972	Feb 2025	$127.0M	255	$498K
Essex Skyline	Santa Ana, CA	SoCal	2008	Apr 2025(2)	$239.6M	350	$685K
Total	-	-	-	-	$366.6M	605	$606K

1)		Price per apartment home excludes value allocated to retail space.
2)		Closed April 2, 2025

“We are pleased to announce a productive first quarter of acquisitions and dispositions that are advancing our mission to drive FFO and NAV per share growth. The newly acquired properties will seamlessly integrate into our existing property collections operating model, further optimizing our operating platform and generating additional yield for our investors,” said Angela Kleiman, President & CEO.

About Essex Property Trust, Inc.

Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (“REIT”) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 257 apartment communities comprising over 62,000 apartment homes with an additional property in active development. Additional information about the Company can be found on the Company’s website at www.essex.com.

Safe Harbor Statement

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements which are not historical facts, including statements regarding our expectations, estimates, assumptions, hopes, intentions, beliefs and strategies regarding the future. Words such as “expects,” “assumes,” “anticipates,” “may,” “will,” “intends,” “plans,” “projects,” “believes,” “seeks,” “future,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, among other things, statements related to the Company’s expected year-one yield, recognition of promote income and annual accretion to Core FFO. We cannot assure the future results or outcome of the matters described in these statements; rather, these statements merely reflect our current expectations of the approximate outcomes of the matters discussed. Factors that might cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to, those associated with market risks and uncertainties, as well as the risks referenced in our most recent annual report on Form 10-K and any subsequent current reports on Form 8-K filed (and not furnished) by us with the SEC, as well as those risk factors and special considerations set forth in our other filings with the SEC which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. All forward-looking statements are made as of the date hereof, we assume no obligation to update or supplement this information for any reason, and therefore, they may not represent our estimates and assumptions after the date of this press release.

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