ESS 10-Q report for 2026-03-31

ESS 10-Q report for 2026-03-31 ess-20260331 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________to _________ 001-13106 (Essex Property Trust, Inc.) 333-44467-01 (Essex Portfolio, L.P.) (Commission File Number) ESSEX PROPERTY TRUST, INC. ESSEX PORTFOLIO, L.P. (Exact name of Registrant as Specified in its Charter) Maryland 77-0369576 (Essex Property Trust, Inc.) (Essex Property Trust, Inc.) California 77-0369575  (Essex Portfolio, L.P.) (Essex Portfolio, L.P.) (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number) 1100 Park Place, Suite 200 San Mateo , California 94403 (Address of Principal Executive Offices, Including Zip Code) ( 650 ) 655-7800 (Registrant’s Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Act:  Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $.0001 par value (Essex Property Trust, Inc.) ESS New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Essex Property Trust, Inc. Yes ☒ No ☐ Essex Portfolio, L.P. Yes ☒ No ☐ i Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Essex Property Trust, Inc. Yes ☒ No ☐ Essex Portfolio, L.P. Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  Essex Property Trust, Inc.: Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ Essex Portfolio, L.P.: Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Essex Property Trust, Inc. ☐ Essex Portfolio, L.P. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Essex Property Trust, Inc. Yes ☐ No ☒ Essex Portfolio, L.P. Yes ☐ No ☒ APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 64,262,866 shares of Common Stock ($.0001 par value) of Essex Property Trust, Inc. were outstanding as of April 22, 2026. ii EXPLANATORY NOTE This report combines the reports on Form 10-Q for the three month period ended March 31, 2026 of Essex Property Trust, Inc., a Maryland corporation, and Essex Portfolio, L.P., a California limited partnership of which Essex Property Trust, Inc. is the sole general partner. Unless stated otherwise or the context otherwise requires, references to the “Company,” “we,” “us” or “our” mean collectively Essex Property Trust, Inc. and those entities/subsidiaries owned or controlled by Essex Property Trust, Inc., including Essex Portfolio, L.P., and references to the “Operating Partnership” or “EPLP” mean Essex Portfolio, L.P. and those entities/subsidiaries owned or controlled by Essex Portfolio, L.P. Unless stated otherwise or the context otherwise requires, references to “Essex” mean Essex Property Trust, Inc., not including any of its subsidiaries. Essex operates as a self-administered and self-managed real estate investment trust (“REIT”), and is the sole general partner of the Operating Partnership. As of March 31, 2026, Essex owned approximately 96.7% of the ownership interest in the Operating Partnership with the remaining 3.3% interest owned by limited partners. As the sole general partner of the Operating Partnership, Essex has exclusive control of the Operating Partnership’s day-to-day management. The Company is structured as an umbrella partnership REIT (“UPREIT”) and Essex contributes all net proceeds from its various equity offerings to the Operating Partnership Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 31 Item 3. Quantitative and Qualitative Disclosures About Market Risks 40 Item 4. Controls and Procedures 41 PART II. OTHER INFORMATION Item 1. Legal Proceedings 42 Item 1A. Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 44 Signatures 45 1 Table of Contents Part I – Financial Information Item 1. Condensed Consolidated Financial Statements ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share amounts) March 31, 2026 December 31, 2025 ASSETS Real estate investments: Rental properties: Land and land improvements $ 3,363,169 $ 3,363,169 Buildings and improvements 15,121,705 15,073,416 18,484,874 18,436,585 Less: accumulated depreciation ( 6,684,573 ) ( 6,532,003 ) 11,800,301 11,904,582 Real estate under development 159,515 157,122 Co-investments 649,313 630,550 12,609,129 12,692,254 Cash and cash equivalents-unrestricted 38,005 76,241 Cash and cash equivalents-restricted 9,405 9,345 Marketable securities 96,521 98,070 Notes and other receivables, net of allowance for credit losses of $ 0.6 million as of March 31, 2026 and December 31, 2025, respectively 201,982 141,591 Operating lease right-of-use assets 49,957 50,833 Prepaid expenses and other assets 90,488 90,675  Total assets $ 13,095,487 $ 13,159,009 LIABILITIES AND EQUITY Unsecured debt, net $ 6,017,550 $ 6,015,921 Mortgage notes payable, net 784,286 784,348 Lines of credit and commercial paper 4,660 — Accounts payable and accrued liabilities 254,843 221,351 Construction payable 31,205 24,743 Dividends payable 174,601 173,698 Distributions in excess of investments in co-investments 99,316 98,837 Operating lease liabilities 50,531 51,487 Other liabilities 51,351 51,729 Total liabilities 7,468,343 7,422,114 Commitments and contingencies (Note 11) Redeemable noncontrolling interest 25,788 28,263 Equity: Common stock; $ 0.0001 par value, 670,000,000 shares authorized; 64,309,677 and 64,442,290 shares issued and outstanding, respectively 6 6 Additional paid-in capital 6,638,007 6,683,514 Distributions in excess of accumulated earnings ( 1,208,590 ) ( 1,148,195 ) Accumulated other comprehensive income, net 6,164 6,047 Total stockholders’ equity 5,435,587 5,541,372 Noncontrolling interest 165,769 167,260 Total equity 5,601,356 5,708,632 Total liabilities and equity $ 13,095,487 $ 13,159,009 See accompanying notes to the unaudited condensed consolidated financial statements. 2 Table of Contents ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (In thousands, except share and per share amounts) Three Months Ended March 31, 2026 2025 Revenues: Rental and other property $ 482,443 $ 462,089 Management and other fees from affiliates 2,313 2,494 484,756 464,583 Expenses: Property operating, excluding real estate taxes 89,131 86,027 Real estate taxes 52,125 52,594 Corporate-level property management expenses 13,398 12,332 Depreciation and amortization 154,895 151,287 General and administrative 20,014 16,292 329,563 318,532 Gain on sale of real estate and land — 111,030 Earnings from operations 155,193 257,081 Interest expense ( 65,564 ) ( 62,732 ) Total return swap income 1,542 1,200 Interest and other income 1,036 4,289 Equity income from co-investments 23,615 13,209 Tax (expense) benefit on unconsolidated technology co-investments ( 3,614 ) 163 Loss on early retirement of debt — ( 762 ) Gain on remeasurement of co-investment — 330 Net income 112,208 212,778 Net income attributable to noncontrolling interest ( 6,022 ) ( 9,668 ) Net income available to common stockholders $ 106,186 $ 203,110 Comprehensive income $ 112,329 $ 203,423 Comprehensive income attributable to noncontrolling interest ( 6,026 ) ( 9,348 ) Comprehensive income attributable to controlling interest $ 106,303 $ 194,075 Per share data: Basic: Net income available to common stockholders $ 1.65 $ 3.16 Weighted average number of shares outstanding during the period 64,454,912 64,314,899 Diluted: Net income available to common stockholders $ 1.65 $ 3.16 Weighted average number of shares outstanding during the period 64,461,621 64,349,899 See accompanying notes to the unaudited condensed consolidated financial statements. 3 Table of Contents ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Equity for the three months ended March 31, 2026 and 2025 (Unaudited) (In thousands, except per share amounts) Common stock Additional paid-in capital Distributions in excess of accumulated earnings Accumulated other comprehensive income, net Noncontrolling interest Total Three Months Ended March 31, 2026 Shares Amount Balances at December 31, 2025 64,442 $ 6 $ 6,683,514 $ ( 1,148,195 ) $ 6,047 $ 167,260 $ 5,708,632 Net income —  —  —  106,186 —  6,022 112,208 Reversal of unrealized gains upon the sale of marketable debt securities, net —  —  —  —  ( 13 ) —  ( 13 ) Change in fair value of derivatives and amortization of swap settlements —  —  —  —  346 12 358 Change in fair value of marketable debt securities, net —  —  —  —  ( 216 ) ( 8 ) ( 224 ) Issuance of common stock under: Stock option and restricted stock plans, net 7 —  ( 219 ) —  —  —  ( 219 ) Equity based compensation costs —  —  2,851 —  —  99 2,950 Retirement of common stock, net ( 206 ) —  ( 50,213 ) —  —  —  ( 50,213 ) Changes in the redemption value and redemptions of redeemable noncontrolling interest 67 —  2,324 —  —  151 2,475 Changes in noncontrolling interest from acquisition —  —  ( 250 ) —  —  250 — Distributions to noncontrolling interest —  —  —  —  —  ( 8,017 ) ( 8,017 ) Common stock dividends ($ 2.59 per share) —  —  —  ( 166,581 ) —  —  ( 166,581 ) Balances at March 31, 2026 64,310 $ 6 $ 6,638,007 $ ( 1,208,590 ) $ 6,164 $ 165,769 $ 5,601,356 4 Table of Contents Common stock Additional paid-in capital Distributions in excess of accumulated earnings Accumulated other comprehensive income, net Noncontrolling Interest Total Three Months Ended March 31, 2025 Shares Amount Balances at December 31, 2024 64,280 $ 6 $ 6,668,047 $ ( 1,155,662 ) $ 24,655 $ 183,344 $ 5,720,390 Net income —  —  —  203,110 —  9,668 212,778 Change in fair value of derivatives and amortization of swap settlements —  —  —  —  ( 9,051 ) ( 321 ) ( 9,372 ) Change in fair value of marketable debt securities, net —  —  —  —  16 1 17 Issuance of common stock under: Stock option and restricted stock plans, net 30 —  5,509 —  —  —  5,509 Equity based compensation costs —  —  1,985 —  —  70 2,055 Changes in the redemption value of redeemable noncontrolling interest —  —  ( 3,175 ) —  —  ( 352 ) ( 3,527 ) Distributions to noncontrolling interest —  —  —  —  —  ( 8,300 ) ( 8,300 ) Redemptions of noncontrolling interest 48 —  ( 20 ) —  —  ( 8,536 ) ( 8,556 ) Common stock dividends ($ 2.57 per share) —  —  —  ( 165,419 ) —  —  ( 165,419 ) Balances at March 31, 2025 64,358 $ 6 $ 6,672,346 $ ( 1,117,971 ) $ 15,620 $ 175,574 $ 5,745,575 See accompanying notes to the unaudited condensed consolidated financial statements. 5 Table of Contents ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands)  Three Months Ended March 31, 2026 2025 Cash flows from operating activities: Net income $ 112,208 $ 212,778 Adjustments to reconcile net income to net cash provided by operating activities: Straight-lined rents 175 529 Depreciation and amortization 154,895 151,287 Amortization of discount and debt financing costs, net 2,657 220 Realized and unrealized gains on marketable securities, net 1,726 91 Provision for credit losses 34 ( 3 ) Equity income from co-investments ( 23,615 ) ( 13,209 ) Operating distributions from co-investments 4,971 13,709 Accrued interest from notes and other receivables ( 1,260 ) ( 2,593 ) Gain on the sale of real estate and land — ( 111,030 ) Equity-based compensation 2,646 1,958 Loss on early retirement of debt — 762 Gain on remeasurement of co-investment — ( 330 ) Changes in operating assets and liabilities: Prepaid expenses, receivables, operating lease right-of-use assets and other assets 574 2,996 Accounts payable, accrued liabilities and operating lease liabilities 32,536 25,385 Other liabilities ( 378 ) ( 1,047 ) Net cash provided by operating activities 287,169 281,503 Cash flows from investing activities: Additions to real estate: Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired ( 2,060 ) ( 345,211 ) Redevelopment ( 8,856 ) ( 12,046 ) Development acquisitions of and additions to real estate under development ( 14,144 ) ( 7,856 ) Capital expenditures on rental properties ( 19,788 ) ( 27,914 ) Investments in notes receivable ( 59,500 ) — Collections of notes and other receivables — 3,096 Proceeds from insurance for property losses 938 848 Proceeds from dispositions of real estate — 125,997 Contributions to co-investments ( 1,329 ) ( 3,934 ) Changes in refundable deposits — ( 2,000 ) Purchases of marketable securities ( 10,319 ) ( 6,306 ) Sales and maturities of marketable securities 9,905 13 Non-operating distributions from co-investments — 8,000 Net cash used in investing activities ( 105,153 ) ( 267,313 ) Cash flows from financing activities: Proceeds from unsecured debt and mortgage notes — 398,416 Payments on unsecured debt and mortgage notes ( 270 ) ( 70,362 ) Proceeds from lines of credit and commercial paper 217,737 550,897 Repayments of lines of credit and commercial paper ( 213,077 ) ( 688,842 ) Retirement of common stock ( 50,213 ) — 6 Table of Contents Three Months Ended March 31, 2026 2025 Additions to deferred charges ( 455 ) ( 3,055 ) Payments related to debt prepayment penalties — ( 697 ) Net proceeds from stock options exercised 586 6,028 Payments related to tax withholding for share-based compensation ( 805 ) ( 519 ) Distributions to noncontrolling interest ( 8,079 ) ( 7,998 ) Redemption of noncontrolling interest — ( 8,556 ) Common stock dividends paid ( 165,616 ) ( 157,486 ) Net cash (used in) provided by financing activities ( 220,192 ) 17,826 Net (decrease) increase in unrestricted and restricted cash and cash equivalents ( 38,176 ) 32,016 Unrestricted and restricted cash and cash equivalents at beginning of period 85,586 75,846 Unrestricted and restricted cash and cash equivalents at end of period $ 47,410 $ 107,862 Supplemental disclosure of cash flow information: Cash paid for interest (net of $ 1.3 million and $ 0.7 million capitalized in 2026 and 2025, respectively) $ 60,548 $ 61,250 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,605 $ 1,713 Supplemental disclosure of noncash investing and financing activities: Issuance of Operating Partnership units for contributed properties $ 250 $ — Redemption of preferred equity investments upon acquisition of consolidated co-investments $ — $ 94,669 Reclassifications to redeemable noncontrolling interest from additional paid in capital and noncontrolling interest $ 1,898 $ 3,527 Leased assets obtained in exchange for new operating lease liabilities $ — $ 2,727 See accompanying notes to the unaudited condensed consolidated financial statements. 7 Table of Contents ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except unit amounts) March 31, 2026 December 31, 2025 ASSETS Real estate investments: Rental properties: Land and land improvements $ 3,363,169 $ 3,363,169 Buildings and improvements 15,121,705 15,073,416 18,484,874 18,436,585 Less: accumulated depreciation ( 6,684,573 ) ( 6,532,003 ) 11,800,301 11,904,582 Real estate under development 159,515 157,122 Co-investments 649,313 630,550 12,609,129 12,692,254 Cash and cash equivalents-unrestricted 38,005 76,241 Cash and cash equivalents-restricted 9,405 9,345 Marketable securities 96,521 98,070 Notes and other receivables, net of allowance for credit losses of $ 0.6  million as of March 31, 2026 and December 31, 2025, respectively 201,982 141,591 Operating lease right-of-use assets 49,957 50,833 Prepaid expenses and other assets 90,488 90,675 Total assets $ 13,095,487 $ 13,159,009 LIABILITIES AND CAPITAL Unsecured debt, net $ 6,017,550 $ 6,015,921 Mortgage notes payable, net 784,286 784,348 Lines of credit and commercial paper 4,660 — Accounts payable and accrued liabilities 254,843 221,351 Construction payable 31,205 24,743 Distributions payable 174,601 173,698 Distributions in excess of investments in co-investments 99,316 98,837 Operating lease liabilities 50,531 51,487 Other liabilities 51,351 51,729 Total liabilities 7,468,343 7,422,114 Commitments and contingencies (Note 11) Redeemable noncontrolling interest 25,788 28,263 Capital: General Partner: Common equity ( 64,309,677 and 64,442,290 units issued and outstanding, respectively) 5,429,423 5,535,325 5,429,423 5,535,325 Limited Partners: Common equity ( 2,184,025 and 2,250,339 units issued and outstanding, respectively) 60,396 61,876 Accumulated other comprehensive income, net 10,259 10,138 Total partners’ capital 5,500,078 5,607,339 Noncontrolling interest 101,278 101,293 Total capital 5,601,356 5,708,632 Total liabilities and capital $ 13,095,487 $ 13,159,009 See accompanying notes to the unaudited condensed consolidated financial statements. 8 Table of Contents ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES Condensed Consolidated Statements Item 1A. Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 44 Signatures 45 1 Table of Contents Part I – Financial Information Item 1. Condensed Consolidated Financial Statements ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share amounts) March 31, 2026 December 31, 2025 ASSETS Real estate investments: Rental properties: Land and land improvements $ 3,363,169 $ 3,363,169 Buildings and improvements 15,121,705 15,073,416 18,484,874 18,436,585 Less: accumulated depreciation ( 6,684,573 ) ( 6,532,003 ) 11,800,301 11,904,582 Real estate under development 159,515 157,122 Co-investments 649,313 630,550 12,609,129 12,692,254 Cash and cash equivalents-unrestricted 38,005 76,241 Cash and cash equivalents-restricted 9,405 9,345 Marketable securities 96,521 98,070 Notes and other receivables, net of allowance for credit losses of $ 0.6 million as of March 31, 2026 and December 31, 2025, respectively 201,982 141,591 Operating lease right-of-use assets 49,957 50,833 Prepaid expenses and other assets 90,488 90,675  Total assets $ 13,095,487 $ 13,159,009 LIABILITIES AND EQUITY Unsecured debt, net $ 6,017,550 $ 6,015,921 Mortgage notes payable, net 784,286 784,348 Lines of credit and commercial paper 4,660 — Accounts payable and accrued liabilities 254,843 221,351 Construction payable 31,205 24,743 Dividends payable 174,601 173,698 Distributions in excess of investments in co-investments 99,316 98,837 Operating lease liabilities 50,531 51,487 Other liabilities 51,351 51,729 Total liabilities 7,468,343 7,422,114 Commitments and contingencies (Note 11) Redeemable noncontrolling interest 25,788 28,263 Equity: Common stock; $ 0.0001 par value, 670,000,000 shares authorized; 64,309,677 and 64,442,290 shares issued and outstanding, respectively 6 6 Additional paid-in capital 6,638,007 6,683,514 Distributions in excess of accumulated earnings ( 1,208,590 ) ( 1,148,195 ) Accumulated other comprehensive income, net 6,164 6,047 Total stockholders’ equity 5,435,587 5,541,372 Noncontrolling interest 165,769 167,260 Total equity 5,601,356 5,708,632 Total liabilities and equity $ 13,095,487 $ 13,159,009 See accompanying notes to the unaudited condensed consolidated financial statements. 2 Table of Contents ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (In thousands, except share and per share amounts) Three Months Ended March 31, 2026 2025 Revenues: Rental and other property $ 482,443 $ 462,089 Management and other fees from affiliates 2,313 2,494 484,756 464,583 Expenses: Property operating, excluding real estate taxes 89,131 86,027 Real estate taxes 52,125 52,594 Corporate-level property management expenses 13,398 12,332 Depreciation and amortization 154,895 151,287 General and administrative 20,014 16,292 329,563 318,532 Gain on sale of real estate and land — 111,030 Earnings from operations 155,193 257,081 Interest expense ( 65,564 ) ( 62,732 ) Total return swap income 1,542 1,200 Interest and other income 1,036 4,289 Equity income from co-investments 23,615 13,209 Tax (expense) benefit on unconsolidated technology co-investments ( 3,614 ) 163 Loss on early retirement of debt — ( 762 ) Gain on remeasurement of co-investment — 330 Net income 112,208 212,778 Net income attributable to noncontrolling interest ( 6,022 ) ( 9,668 ) Net income available to common stockholders $ 106,186 $ 203,110 Comprehensive income $ 112,329 $ 203,423 Comprehensive income attributable to noncontrolling interest ( 6,026 ) ( 9,348 ) Comprehensive income attributable to controlling interest $ 106,303 $ 194,075 Per share data: Basic: Net income available to common stockholders $ 1.65 $ 3.16 Weighted average number of shares outstanding during the period 64,454,912 64,314,899 Diluted: Net income available to common stockholders $ 1.65 $ 3.16 Weighted average number of shares outstanding during the period 64,461,621 64,349,899 See accompanying notes to the unaudited condensed consolidated financial statements. 3 Table of Contents ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Equity for the three months ended March 31, 2026 and 2025 (Unaudited) (In thousands, except per share amounts) Common stock Additional paid-in capital Distributions in excess of accumulated earnings Accumulated other comprehensive income, net Noncontrolling interest Total Three Months Ended March 31, 2026 Shares Amount Balances at December 31, 2025 64,442 $ 6 $ 6,683,514 $ ( 1,148,195 ) $ 6,047 $ 167,260 $ 5,708,632 Net income —  —  —  106,186 —  6,022 112,208 Reversal of unrealized gains upon the sale of marketable debt securities, net —  —  —  —  ( 13 ) —  ( 13 ) Change in fair value of derivatives and amortization of swap settlements —  —  —  —  346 12 358 Change in fair value of marketable debt securities, net —  —  —  —  ( 216 ) ( 8 ) ( 224 ) Issuance of common stock under: Stock option and restricted stock plans, net 7 —  ( 219 ) —  —  —  ( 219 ) Equity based compensation costs —  —  2,851 —  —  99 2,950 Retirement of common stock, net ( 206 ) —  ( 50,213 ) —  —  —  ( 50,213 ) Changes in the redemption value and redemptions of redeemable noncontrolling interest 67 —  2,324 —  —  151 2,475 Changes in noncontrolling interest from acquisition —  —  ( 250 ) —  —  250 — Distributions to noncontrolling interest —  —  —  —  —  ( 8,017 ) ( 8,017 ) Common stock dividends ($ 2.59 per share) —  —  —  ( 166,581 ) —  —  ( 166,581 ) Balances at March 31, 2026 64,310 $ 6 $ 6,638,007 $ ( 1,208,590 ) $ 6,164 $ 165,769 $ 5,601,356 4 Table of Contents Common stock Additional paid-in capital Distributions in excess of accumulated earnings Accumulated other comprehensive income, net Noncontrolling Interest Total Three Months Ended March 31, 2025 Shares Amount Balances at December 31, 2024 64,280 $ 6 $ 6,668,047 $ ( 1,155,662 ) $ 24,655 $ 183,344 $ 5,720,390 Net income —  —  —  203,110 —  9,668 212,778 Change in fair value of derivatives and amortization of swap settlements —  —  —  —  ( 9,051 ) ( 321 ) ( 9,372 ) Change in fair value of marketable debt securities, net —  —  —  —  16 1 17 Issuance of common stock under: Stock option and restricted stock plans, net 30 —  5,509 —  —  —  5,509 Equity based compensation costs —  —  1,985 —  —  70 2,055 Changes in the redemption value of redeemable noncontrolling interest —  —  ( 3,175 ) —  —  ( 352 ) ( 3,527 ) Distributions to noncontrolling interest —  —  —  —  —  ( 8,300 ) ( 8,300 ) Redemptions of noncontrolling interest 48 —  ( 20 ) —  —  ( 8,536 ) ( 8,556 ) Common stock dividends ($ 2.57 per share) —  —  —  ( 165,419 ) —  —  ( 165,419 ) Balances at March 31, 2025 64,358 $ 6 $ 6,672,346 $ ( 1,117,971 ) $ 15,620 $ 175,574 $ 5,745,575 See accompanying notes to the unaudited condensed consolidated financial statements. 5 Table of Contents ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands)  Three Months Ended March 31, 2026 2025 Cash flows from operating activities: Net income $ 112,208 $ 212,778 Adjustments to reconcile net income to net cash provided by operating activities: Straight-lined rents 175 529 Depreciation and amortization 154,895 151,287 Amortization of discount and debt financing costs, net 2,657 220 Realized and unrealized gains on marketable securities, net 1,726 91 Provision for credit losses 34 ( 3 ) Equity income from co-investments ( 23,615 ) ( 13,209 ) Operating distributions from co-investments 4,971 13,709 Accrued interest from notes and other receivables ( 1,260 ) ( 2,593 ) G Results of Operations. This report on Form 10-Q also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of Essex and the Operating Partnership in order to establish that the requisite certifications have been made and that Essex and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and 18 U.S.C. §1350. In order to highlight the differences between Essex and the Operating Partnership, the separate sections in this report on Form 10-Q for Essex and the Operating Partnership specifically refer to Essex and the Operating Partnership. In the sections that combine disclosure of Essex and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and co-investments and holds assets and debt, reference to the Company is appropriate because the Company is one business and the Company operates that business through the Operating Partnership. The separate discussions of Essex and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company. The information furnished in the accompanying unaudited condensed consolidated balance sheets, statements of income and comprehensive income, equity, capital, and cash flows of the Company and the Operating Partnership reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the aforementioned condensed consolidated financial statements for the interim periods and are normal and recurring in nature, except as otherwise noted. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the notes to such unaudited condensed consolidated financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations herein. Additionally, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2025. iv ESSEX PROPERTY TRUST, INC. ESSEX PORTFOLIO, L.P. FORM 10-Q TABLE OF CONTENTS PART I. FINANCIAL INFORMATION Page No. Item 1. Condensed Consolidated Financial Statements of Essex Property Trust, Inc. (Unaudited) Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 2 Condensed Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2026 and 2025 3 Condensed Consolidated Statements of Equity for the three months ended March 31, 2026 and 2025 4 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 6 Condensed Consolidated Financial Statements of Essex Portfolio, L.P. (Unaudited) Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 8 Condensed Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2026 and 2025 9 Condensed Consolidated Statements of Capital for the three months ended March 31, 2026 and 2025 10 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 12 Notes to Condensed Consolidated Financial Statements 14 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 31 Item 3. Quantitative and Qualitative Disclosures About Market Risks 40 Item 4. Controls and Procedures 41 PART II. OTHER INFORMATION Item 1. Legal Proceedings 42 Item 1A. Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 44 Signatures 45 1 Table of Contents Part I – Financial Information Item 1. Condensed Consolidated Financial Statements ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share amounts) March 31, 2026 December 31, 2025 ASSETS Real estate investments: Rental properties: Land and land improvements $ 3,363,169 $ 3,363,169 Buildings and improvements 15,121,705 15,073,416 18,484,874 18,436,585 Less: accumulated depreciation ( 6,684,573 ) ( 6,532,003 ) 11,800,301 11,904,582 Real estate under development 159,515 157,122 Co-investments 649,313 630,550 12,609,129 12,692,254 Cash and cash equivalents-unrestricted 38,005 76,241 Cash and cash equivalents-restricted 9,405 9,345 Marketable securities 96,521 98,070 Notes and other receivables, net of allowance for credit losses of $ 0.6 million as of March 31, 2026 and December 31, 2025, respectively 201,982

The provided excerpt is only the Form 10‑Q cover page for GE Vernova Inc. (GEV) for quarter ended 2026‑06‑30, with no financial statements, MD&A, segment results, guidance, backlog, risks, or other performance details included. As-is, it contains almost no trade-relevant incremental information beyond confirming the filing/period and listing details.

This excerpt is only the cover page/header of Sleep Number’s Form 10-Q for the quarter ended April 4, 2026. It contains filing metadata (issuer, ticker, exchange, address) but no financial statements, MD&A, guidance, risks, or operational commentary. As a result, it is not directly actionable for trading beyond confirming the filing exists.

The provided excerpt is only the cover/filing header of SoundHound AI, Inc.’s 10‑Q for the quarter ended 2026‑03‑31. It contains listing/security identifiers (SOUN, SOUNW) but no financial statements, MD&A, guidance, risk updates, liquidity details, or material events. As a result, there is insufficient information to form high-confidence, actionable bullish/bearish theses beyond generic “company filed its 10‑Q” metadata.

The provided excerpt is only the boilerplate cover/filing-status section of Teucrium Commodity Trust’s Form 10‑Q for period ended 2026‑03‑31, with no portfolio holdings, performance, risk, or material updates included. As-is, it contains no actionable investment information beyond confirming the existence of the filing and the issuer/ticker identity (WEAT).

The provided text is only the cover/header portion of Archer Aviation’s Form 10‑Q for the quarter ended 2026‑03‑31 (issuer identity, exchange listing, and securities outstanding). It contains no operating/financial results, guidance, liquidity details, backlog, or risk-factor updates—so it is minimally actionable for trading beyond basic security identifiers and a generic dilution/optionality consideration from warrants.

This excerpt is essentially the cover page of CleanSpark, Inc.’s Form 10-Q for the quarter ended March 31, 2026. It contains identifiers (CIK/file no.), listing venue, and security descriptions (common stock and redeemable warrants with specific exercise terms), but no operating/financial results, guidance, risks, or MD&A detail. Actionability is therefore limited to capital-structure/dilution considerations around the listed warrant.

This excerpt of AST SpaceMobile’s 10‑Q is largely SEC cover-page/boilerplate (registrant info, exchange listing, filing compliance) and contains no financial results, guidance, liquidity, risk-factor updates, or operating metrics. As provided, it does not create a clear tradable catalyst beyond confirming continued reporting/listing status.

This excerpt only includes the cover page of Super Micro Computer, Inc.’s Form 10‑Q for the quarter ended March 31, 2026. It confirms the filing, issuer identity, listing (Nasdaq), and ticker (SMCI), but contains no financial results, guidance, risks, or MD&A content to support a directional investment view.