Exhibit 99.1






Essex Announces Fourth Quarter and Full-Year 2020 Results and 2021
Guidance
 
San Mateo, California—February 4, 2021—Essex Property Trust, Inc. (NYSE:ESS) announced today its fourth quarter and full-year 2020 earnings results and related business activities.

Net Income and Funds from Operations (“FFO”) per diluted share for the quarter ended and year ended December 31, 2020 are detailed below.

                         
   
Three Months Ended
December 31,
   
%
   
Year Ended
December 31,
   
%
 
   
2020
   
2019
   
Change
   
2020
   
2019
   
Change
 
Per Diluted Share
                                   
Net Income
 
$1.47
   
$1.95
   
-24.6%
 
 
$8.69
   
$6.66
   
30.5%
 
Total FFO
 
$3.24
   
$3.54
   
-8.5%
 
 
$12.78
   
$13.73
   
-6.9%
 
Core FFO
 
$3.02
   
$3.45
   
-12.5%
 
 
$12.82
   
$13.38
   
-4.2%
 
 
                                   

Fourth Quarter and Full-Year Highlights:


Reported Net Income per diluted share for the fourth quarter of 2020 of $1.47, compared to $1.95 in the fourth quarter of 2019 and $1.13 in the third quarter of 2020. For the full-year, the Company reported Net Income per diluted share of $8.69.
 

Core FFO per diluted share declined by 12.5% compared to the fourth quarter of 2019 and 4.2% for the full-year 2020.
 

Core FFO per diluted share declined by $0.13 as compared to the third quarter of 2020. The impact of straight-line rent concessions accounted for $0.16 of the decline.
 

Same-property gross revenue and net operating income (“NOI”) declined by 8.0% and 12.7%, respectively, compared to the fourth quarter of 2019. For the full-year, same-property gross revenue and NOI declined by 3.9% and 6.8%, respectively.
 

On a sequential basis, same-property gross revenue and NOI improved by 0.3% and 1.0%, respectively, compared to the third quarter of 2020.
 

Disposed of one community during the fourth quarter for a total contract price of $60.0 million. For the full-year, the Company disposed of four apartment communities for a total contract price of $343.5 million.
 

Committed $206.0 million in structured finance investments in the fourth quarter of 2020. For the full-year, the Company committed $352.1 million in structured finance investments, partially financed with $175.2 million in redemptions for the year.
 

Repurchased 211,681 shares of common stock in the fourth quarter, totaling $46.3 million at an average price per share of $218.84 under the stock buyback program. For the full-year, the Company repurchased 1,197,190 shares of common stock totaling $269.3 million at an average price per share of $224.96.

1100 Park Place Suite 200 San Mateo California 94403 telephone 650 655 7800 facsimile 650 655 7810
www.essex.com
 

“As expected, our fourth quarter and full-year results reflect the extraordinary challenges arising from the Covid-19 pandemic, including severe lockdowns which resulted in unprecedented job losses and declining effective rents for most of the year. With that backdrop, our fourth quarter results provided signs of stabilization, with a partial recovery of lost jobs and modestly improved same-property revenues on a sequential basis. Given difficult comparisons to one year ago, we expect year-over-year results to remain challenged through the second quarter of 2021, followed by a steady economic recovery and resurgence in rental demand assuming a widespread distribution of vaccines. The Company’s strong balance sheet, well-covered dividend, and technology platform position Essex to emerge from the pandemic an even stronger company,” commented Michael J. Schall, President and CEO of the Company.

Same-Property Operations

Same-property operating results exclude any properties that are not comparable for the periods presented. The table below illustrates the percentage change in same-property gross revenues for the quarter ended December 31, 2020 compared to the quarter ended December 31, 2019, and the sequential percentage change for the quarter ended December 31, 2020 compared to the quarter ended September 30, 2020, by submarket for the Company:

   
Q4 2020 vs.
Q4 2019
   
Q4 2020 vs.
Q3 2020
   
% of Total
 
   
Gross
Revenues
   
Gross
Revenues
   
Q4 2020
Revenues
 
Southern California
     
Los Angeles County
 
-13.0%
 
 
2.4%

 
18.1%
 
Orange County
 
-3.5%
 
 
1.3%

 
11.4%
 
San Diego County
 
-1.4%
 
 
2.4%

 
8.9%
 
Ventura County
 
-1.3%
 
 
1.2%
 
 
4.3%
 
Total Southern California
 
-7.2%
 
 
2.0%

 
42.7%
 
Northern California
     
Santa Clara County
 
-10.0%
 
 
-1.5%
 
 
18.7%
 
Alameda County
 
-11.5%
 
 
0.5%

 
6.8%
 
San Mateo County
 
-12.0%
 
 
-0.2%
 
 
4.9%
 
Contra Costa County
 
-4.2%
 
 
1.6%

 
5.1%
 
San Francisco
 
-17.3%
 
 
-0.7%
   
3.0%
 
Total Northern California
 
-10.4%
 
 
-0.5%
 
 
38.5%
 
Seattle Metro
 
-4.9%
 
 
-1.7%
 
 
18.8%
 
Same-Property Portfolio
 
-8.0%
 
 
0.3%
 
 
100.0%
 

- 2 -

The table below illustrates the components that drove the change in Same-Property Revenues on a year-over-year basis for the fourth quarter and full-year 2020.

   
Q4 2020 vs. Q4 2019
   
YTD 2020 vs. YTD 2019
 
Same-Property Revenue Components
 
$ Amount
(in Millions)
   
%
Contribution
   
$ Amount
(in Millions)
   
%
Contribution
 
Prior-Period Same-Property Revenues
 
$
340.7
         
$
1,338.7
       
Scheduled Rents
   
-6.3
   
-1.9%
 
   
9.0
   
0.7%
 
Delinquencies
   
-7.9
   
-2.3%
 
   
-23.5
   
-1.8%
 
Cash Concessions
   
-11.8
   
-3.5%
 
   
-31.8
   
-2.4%

Vacancy
   
-1.6
   
-0.5%
 
   
-8.1
   
-0.6%
 
Other Income
   
0.2
   
0.1%
 
   
2.4
   
0.2%
 
2020 Same-Property Revenues/Change
 
$
313.3
   
-8.0%
 
 
$
1,286.7
   
-3.9%
 

   
Year-Over-Year Change
   
Year-Over-Year Change
 
   
Q4 2020 compared to Q4 2019
   
YTD 2020 compared to YTD 2019
 
   
Gross
Revenues
   
Operating
Expenses
   
NOI
   
Gross
Revenues
   
Operating
Expenses
   
NOI
 
Southern California
 
-7.2%
 
 
3.6%
 
 
-11.3%
 
 
-4.4%
   
2.9%
 
 
-7.3%
 
Northern California
 
-10.4%
 
 
4.2%
 
 
-15.5%
 
 
-4.9%
 
 
3.2%
 
 
-7.7%
 
Seattle Metro
 
-4.9%
 
 
7.8%
 
 
-9.9%
 
 
-0.6%
 
 
7.8%
 
 
-4.0%
 
Same-Property Portfolio
 
-8.0%
 
 
4.6%
 
 
-12.7%
   
-3.9%
 
 
3.9%
 
 
-6.8%
 

   
Sequential Change
 
   
Q4 2020 compared to Q3 2020
 
   
Gross
Revenues
   
Operating
Expenses
   
NOI
 
Southern California
 
2.0%
 
 
-2.3%
 
 
4.0%
 
Northern California
 
-0.5%
 
 
0.2%
 
 
-0.8%
 
Seattle Metro
 
-1.7%
 
 
-1.3%
 
 
-1.9%
 
Same-Property Portfolio
 
0.3%
 
 
-1.2%
 
 
1.0%
 

   
Financial Occupancies
 
   
Quarter Ended
 
   
12/31/2020
   
9/30/2020
   
12/31/2019
 
Southern California
 
96.8%
 
 
95.9%
 
 
97.0%
 
Northern California
 
96.5%
 
 
96.2%
 
 
97.2%
 
Seattle Metro
 
95.8%
 
 
95.9%
 
 
97.1%
 
Same-Property Portfolio
 
96.5%
 
 
96.0%
 
 
97.1%
 

- 3 -

Investment Activity

Dispositions

In October 2020, the Company sold a community located in Glendale, CA containing 115 apartment homes, for a total contract price of $60.0 million. The Company recognized a $25.7 million gain on sale in the quarter, which has been excluded from Core FFO.

Other Investments

In the fourth quarter of 2020, the Company originated six structured finance investments totaling $206.0 million. The investments have a weighted average return of 10.1% with most of the proceeds expected to be funded by early 2021.

In the fourth quarter of 2020, the Company received cash proceeds of $84.0 million from the full redemption of two structured finance investments and the maturity of an investment in a mortgage backed security.

Development Activity

The table below represents the development communities in lease-up and the current leasing status as of February 1, 2021.

Project Name
Location
 
Total
Apartment
Homes
 
ESS
Ownership
 
% Leased
as of
02/01/21
Status
500 Folsom
San Francisco, CA
 
537
 
50%
 
91.8%
In Lease-Up
Mylo
Santa Clara, CA
 
476
 
100%
 
72.9%
In Lease-Up
Patina at Midtown
San Jose, CA
 
269
 
50%
 
50.9%
In Lease-Up
Total/Average % Leased
 
1,282
     
76.2%
 

Liquidity and Balance Sheet

Common Stock

In the fourth quarter of 2020, the Company repurchased 211,681 shares of its common stock totaling $46.3 million, including commissions, at an average price of $218.84 per share. For the full-year ending December 31, 2020, the Company repurchased 1,197,190 shares of its common stock totaling $269.3 million, including commissions, at an average price of $224.96 per share.

In December 2020, the Board of Directors approved the replenishment of the stock repurchase plan such that the Company had $250.0 million of purchase authority remaining under the stock repurchase plan. As of February 1, 2021, the Company had $214.4 million of purchase authority remaining under the stock repurchase plan.

The Company did not issue any shares of common stock through its equity distribution program in the fourth quarter or full-year 2020.

- 4 -

Balance Sheet

In the fourth quarter of 2020, the Company repaid $328.2 million of secured and unsecured debt due to mature in 2021 with a weighted average effective rate of 4.2%.

Subsequent to quarter end, the Company repaid $100.0 million of unsecured debt due to mature in 2021 at an effective rate of 4.3%.

As of February 1, 2021, the Company has approximately $1.2 billion in liquidity via undrawn capacity on its unsecured credit facilities and cash and marketable securities.

2021 Full-Year Guidance and Key Assumptions

Per Diluted Share
 
Range
 
Midpoint
 
Net Income
 
$3.30 - $3.90
 
$3.60
 
Total FFO
 
$11.86 - $12.46
 
$12.16
 
Core FFO
 
$11.86 - $12.46
 
$12.16
 

Estimated Same-Property Portfolio Change based on 47,090 Apartment Homes
     
Gross Revenue
 
-3.50% to -1.50%
 
-2.5%
 
Operating Expense
 
2.00% to 3.00%
 
2.5%
 
Net Operating Income
 
-6.25% to -3.00%
 
-4.6%
 

2021 Core FFO Per Diluted Share Guidance Range versus Full-Year 2020

The table below provides a summary of income statement changes between the Company’s 2020 Core FFO per diluted share and its 2021 Core FFO per diluted share guidance range.

2021 Core FFO Per Diluted Share Guidance versus 2020
 
Low-End
   
High-End
 
2020 Core FFO Per Diluted Share
 
$
12.82
   
$
12.82
 
NOI from Consolidated Communities, Excluding Straight-Line Concessions
   
(0.99
)
   
(0.44
)
Change in Straight-Line Concessions from Consolidated Communities
   
(0.41
)
   
(0.56
)
Net Interest Expense
   
0.18
     
0.26
 
Interest and Other Income
   
0.10
     
0.12
 
FFO from Co-Investments
   
0.09
     
0.17
 
G&A and Other
   
(0.01
)
   
0.01
 
Impact from Weighted Average Shares Outstanding
   
0.08
     
0.08
 
2021 Core FFO Per Diluted Share Guidance
 
$
11.86
   
$
12.46
 

- 5 -

Other Key Assumptions


The impact of recording lease concessions on a straight-line basis is expected to be a reduction to 2021 Core FFO by ($6.0 million) to ($16.0 million), as compared to $21.9 million recorded in 2020. As such, this non-cash item will negatively impact year-over-year Core FFO per diluted share by ($0.41) to ($0.56).

Acquisitions and dispositions of $300 - $500 million, subject to market conditions and cost of capital.

Preferred equity commitments of $100 - $150 million, to be funded by redemptions.

Total development spending in 2021 for existing projects under construction is expected to be approximately $60 million at the Company’s pro rata share. The Company does not currently plan to start any new developments during 2021.

Revenue generating capital expenditures are expected to be approximately $25 million at the Company’s pro rata share.

For additional details regarding the Company’s 2021 FFO guidance range, please see page S-14 of the supplemental financial information. For the first quarter of 2021, the Company has established a guidance range of Core FFO per diluted share of $2.96 to $3.10.

Conference Call with Management

The Company will host an earnings conference call with management to discuss its quarterly results on Friday, February 5, 2021 at 9 a.m. PT (12 p.m. ET), which will be broadcast live via the Internet at www.essex.com, and accessible via phone by dialing toll-free, (877) 407-0784, or toll/international, (201) 689-8560. No passcode is necessary.

A rebroadcast of the call will be available online for 30 days and digitally for 7 days. To access the replay online, go to www.essex.com and select the fourth quarter 2020 earnings link. To access the replay digitally, dial (844) 512-2921 using the replay pin number 13714536. If you are unable to access the information via the Company’s website, please contact the Investor Relations Department at investors@essex.com or by calling (650) 655-7800.

Corporate Profile

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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development. Additional information about the Company can be found on the Company’s website at www.essex.com.

This press release and accompanying supplemental financial information has been furnished to the Securities and Exchange Commission electronically on Form 8-K and can be accessed from the Company’s website at www.essex.com. If you are unable to obtain the information via the Web, please contact the Investor Relations Department at investors@essex.com or by calling (650) 655-7800.

- 6 -

FFO RECONCILIATION

FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), is generally considered by industry analysts as an appropriate measure of performance of an equity REIT. Generally, FFO adjusts the net income of equity REITs for non-cash charges such as depreciation and amortization of rental properties, impairment charges, gains on sales of real estate and extraordinary items. Management considers FFO and FFO which excludes non-core items, which is referred to as “Core FFO,” to be useful supplemental operating performance measures of an equity REIT because, together with net income and cash flows, FFO and Core FFO provide investors with additional bases to evaluate the operating performance and ability of a REIT to incur and service debt and to fund acquisitions and other capital expenditures and to pay dividends. By excluding gains or losses related to sales of depreciated operating properties and excluding real estate depreciation (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO can help investors compare the operating performance of a real estate company between periods or as compared to different companies. By further adjusting for items that are not considered part of the Company’s core business operations, Core FFO allows investors to compare the core operating performance of the Company to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual operating results. FFO and Core FFO do not represent net income or cash flows from operations as defined by U.S. generally accepted accounting principles (“GAAP”) and are not intended to indicate whether cash flows will be sufficient to fund cash needs. These measures should not be considered as alternatives to net income as an indicator of the REIT's operating performance or to cash flows as a measure of liquidity. FFO and Core FFO do not measure whether cash flow is sufficient to fund all cash needs including principal amortization, capital improvements and distributions to stockholders. FFO and Core FFO also do not represent cash flows generated from operating, investing or financing activities as defined under GAAP. Management has consistently applied the NAREIT definition of FFO to all periods presented. However, there is judgment involved and other REITs’ calculation of FFO may vary from the NAREIT definition for this measure, and thus their disclosures of FFO may not be comparable to the Company’s calculation.

The following table sets forth the Company’s calculation of diluted FFO and Core FFO for the three months and years ended December 31, 2020 and 2019 (dollars in thousands, except for share and per share amounts):

- 7 -

   
Three Months Ended
December 31,
   
Year Ended
December 31,
 
Funds from Operations attributable to common stockholders and unitholders
 
2020
   
2019
   
2020
   
2019
 
Net income available to common stockholders
 
$
95,745
   
$
128,818
   
$
568,870
   
$
439,286
 
Adjustments:
                               
Depreciation and amortization
   
130,127
     
122,908
     
525,497
     
483,750
 
Gains not included in FFO
   
(25,716
)
   
(47,063
)
   
(301,886
)
   
(79,468
)
Impairment loss
   
1,825
     
7,105
     
1,825
     
7,105
 
Impairment loss from unconsolidated co-investments
   
-
     
11,484
     
-
     
11,484
 
Depreciation and amortization from unconsolidated co-investments
   
13,403
     
15,351
     
51,594
     
60,655
 
Noncontrolling interest related to Operating Partnership units
   
3,369
     
4,480
     
19,912
     
15,343
 
Depreciation attributable to third party ownership and other
   
(132
)
   
(1,097
)
   
(539
)
   
(1,805
)
                                 
Funds from operations attributable to common stockholders and unitholders
 
$
218,621
   
$
241,986
   
$
865,273
   
$
936,350
 
FFO per share – diluted
 
$
3.24
   
$
3.54
   
$
12.78
   
$
13.73
 
Expensed acquisition and investment related costs
 
$
1,487
   
$
99
   
$
1,591
   
$
168
 
Deferred tax (income) expense on unrealized gain on unconsolidated co-investment (1)
   
(105
)
   
-
     
1,531
     
1,457
 
Gain on sale of marketable securities
   
(2,007
)
   
(534
)
   
(2,131
)
   
(1,271
)
Unrealized gains on marketable securities
   
(10,300
)
   
(1,430
)
   
(12,515
)
   
(5,710
)
Provision for credit losses
   
587
     
-
     
687
     
-
 
Equity (income) loss from non-core co-investment (2)
   
(916
)
   
418
     
(5,289
)
   
(4,143
)
Interest rate hedge ineffectiveness (3)
   
-
     
-
     
-
     
181
 
(Gain) loss on early retirement of debt, net
   
(937
)
   
3,426
     
22,883
     
(3,717
)
Gain on early retirement of debt from unconsolidated co-investment
   
-
     
-
     
(38
)
   
-
 
Co-investment promote income
   
-
     
-
     
(6,455
)
   
(809
)
Income from early redemption of preferred equity investments
   
-
     
(1,031
)
   
(210
)
   
(3,562
)
Accelerated interest income from maturity of investment in mortgage backed security
   
(11,753
)
   
(7,032
)
   
(11,753
)
   
(7,032
)
General and administrative and other, net
   
9,316
     
1,181
     
14,958
     
1,181
 
Insurance reimbursements, legal settlements, and other, net
   
(150
)
   
(595
)
   
(81
)
   
(858
)
Core Funds from operations attributable to common stockholders and unitholders
 
$
203,843
   
$
236,488
   
$
868,451
   
$
912,235
 
Core FFO per share – diluted
 
$
3.02
   
$
3.45
   
$
12.82
   
$
13.38
 
Weighted average number of shares outstanding diluted (4)
   
67,398,487
     
68,449,008
     
67,725,692
     
68,198,785
 


(1)
A deferred tax expense was recorded during the second quarter of 2020 related to the $4.7 million net unrealized gain on the Real Estate Technology Ventures, L.P. co-investment.

(2)
Represents the Company’s share of co-investment income from Real Estate Technology Ventures, L.P.

(3)
On January 1, 2019, the Company adopted ASU No. 2017-12 "Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities," which resulted in a cumulative effect adjustment of approximately $181,000 from interest expense to accumulated other comprehensive income. As a result of the adoption of this standard, the Company recognizes qualifying hedge ineffectiveness through accumulated other comprehensive income as opposed to current earnings.

(4)
Assumes conversion of all outstanding limited partnership units in Essex Portfolio, L.P. (the “Operating Partnership”) into shares of the Company’s common stock and excludes all DownREIT limited partnership units for which the Operating Partnership has the ability and intention to redeem the units for cash and does not consider them to be common stock equivalents.

- 8 -

Net Operating Income (“NOI”) and Same-Property NOI Reconciliations

NOI and Same-Property NOI are considered by management to be important supplemental performance measures to earnings from operations included in the Company’s consolidated statements of income. The presentation of same-property NOI assists with the presentation of the Company’s operations prior to the allocation of depreciation and any corporate-level or financing-related costs. NOI reflects the operating performance of a community and allows for an easy comparison of the operating performance of individual communities or groups of communities. In addition, because prospective buyers of real estate have different financing and overhead structures, with varying marginal impacts to overhead by acquiring real estate, NOI is considered by many in the real estate industry to be a useful measure for determining the value of a real estate asset or group of assets. The Company defines same-property NOI as same-property revenues less same-property operating expenses, including property taxes. Please see the reconciliation of earnings from operations to NOI and same-property NOI, which in the table below is the NOI for stabilized properties consolidated by the Company for the periods presented (dollars in thousands):

   
Three Months Ended
December 31,
   
Year Ended
December 31,
 
   
2020
   
2019
   
2020
   
2019
 
Earnings from operations
 
$
111,931
   
$
116,818
   
$
491,441
   
$
481,112
 
Adjustments:
                               
Corporate-level property management expenses
   
8,549
     
8,616
     
34,573
     
34,067
 
Depreciation and amortization
   
130,127
     
122,908
     
525,497
     
483,750
 
Management and other fees from affiliates
   
(2,286
)
   
(2,504
)
   
(9,598
)
   
(9,527
)
General and administrative
   
23,144
     
15,531
     
65,388
     
54,262
 
Expensed acquisition and investment related costs
   
1,487
     
99
     
1,591
     
168
 
Impairment loss
   
1,825
     
7,105
     
1,825
     
7,105
 
(Gain) Loss on sale of real estate and land
   
(25,716
)
   
3,164
     
(64,967
)
   
3,164
 
NOI
   
249,061
     
271,737
     
1,045,750
     
1,054,101
 
Less: Non-same property NOI
   
(31,988
)
   
(22,995
)
   
(140,782
)
   
(82,644
)
Same-Property NOI
 
$
217,073
   
$
248,742
   
$
904,968
   
$
971,457
 

Safe Harbor Statement Under The Private Litigation Reform Act of 1995:

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 the Company's 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 regarding the Company’s expectations related to the continued impact of the COVID-19 pandemic on the Company’s business, financial condition and results of operations and the impact of any additional measures taken to mitigate the impact of the pandemic, the Company’s intent, beliefs or expectations with respect to the timing of completion of current development and redevelopment projects and the stabilization of such projects, the timing of lease-up and occupancy of its apartment communities, the anticipated operating performance of its apartment communities, the total projected costs of development and redevelopment projects, co-investment activities, qualification as a REIT under the Internal Revenue Code of 1986, as amended, the real estate markets in the geographies in which the Company’s properties are located and in the

- 9 -

United States in general, the adequacy of future cash flows to meet anticipated cash needs, its financing activities and the use of proceeds from such activities, the availability of debt and equity financing, general economic conditions including the potential impacts from such economic conditions, including as a result of the COVID-19 pandemic and governmental measures intended to prevent its spread, trends affecting the Company’s financial condition or results of operations, changes to U.S. tax laws and regulations in general or specifically related to REITs or real estate, changes to laws and regulations in jurisdictions in which communities the Company owns are located, and other information that is not historical information.

While the Company's management believes the assumptions underlying its forward-looking statements are reasonable, such forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, which could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company cannot assure the future results or outcome of the matters described in these statements; rather, these statements merely reflect the Company’s current expectations of the approximate outcomes of the matters discussed. Factors that might cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to, the following: the continued impact of the COVID-19 pandemic, which remains inherently uncertain as to duration and severity, and any additional governmental measures taken to limit its spread and other potential future outbreaks of infectious diseases or other health concerns, could continue to adversely affect the Company’s business and its tenants, and cause a significant downturn in general economic conditions, the real estate industry, and the markets in which the Company's communities are located; the Company may fail to achieve its business objectives; the actual completion of development and redevelopment projects may be subject to delays; the stabilization dates of such projects may be delayed; the Company may abandon or defer development or redevelopment projects for a number of reasons, including changes in local market conditions which make development less desirable, increases in costs of development, increases in the cost of capital or lack of capital availability, resulting in losses; the total projected costs of current development and redevelopment projects may exceed expectations; such development and redevelopment projects may not be completed; development and redevelopment projects and acquisitions may fail to meet expectations; estimates of future income from an acquired property may prove to be inaccurate; occupancy rates and rental demand may be adversely affected by competition and local economic and market conditions; there may be increased interest rates and operating costs; the Company may be unsuccessful in the management of its relationships with its co-investment partners; future cash flows may be inadequate to meet operating requirements and/or may be insufficient to provide for dividend payments in accordance with REIT requirements; changes in laws or regulations; the terms of any refinancing may not be as favorable as the terms of existing indebtedness; unexpected difficulties in leasing of development projects; volatility in financial and securities market; the Company’s failure to successfully operate acquired properties; unforeseen consequences from cyber-intrusion; the Company’s inability to maintain our investment grade credit rating with the rating agencies; government approvals, actions and initiatives, including the need for compliance with environmental requirements; and those further risks, special considerations, and other factors referred to in the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other reports that the Company files with the SEC from time to time. Additionally, the risks, uncertainties and other factors set forth above or otherwise referred to in the reports that the Company has filed with the SEC may be further amplified by the global impact of the COVID-19 pandemic. All forward-looking statements are made as of the date hereof, the Company assumes no obligation to update or supplement this information for any reason, and therefore, they may not represent the Company’s estimates and assumptions after the date of this press release.

- 10 -

Definitions and Reconciliations

Non-GAAP financial measures and certain other capitalized terms, as used in this earnings release, are defined and further explained on pages S-18.1 through S-18.4, "Reconciliations of Non-GAAP Financial Measures and Other Terms," of the accompanying supplemental financial information.  The supplemental financial information is available on the Company's website at www.essex.com.

Contact Information
Rylan Burns
Vice President of Finance & Investor Relations
(650) 655-7800
rburns@essex.com


Q4 2020 Supplemental
Table of Contents

 
Page(s)
Consolidated Operating Results
S-1 – S-2
   
Consolidated Funds From Operations
S-3
   
Consolidated Balance Sheets
S-4
   
Debt Summary – December 31, 2020
S-5
   
Capitalization Data, Public Bond Covenants, Credit Ratings, and Selected Credit Ratios – December 31, 2020
S-6
   
Portfolio Summary by County – December 31, 2020
S-7
   
Operating Income by Quarter – December 31, 2020
S-8
   
Same-Property Revenue Results by County – Quarters ended December 31, 2020 and 2019, and September 30, 2020
S-9
   
Same-Property Revenue Results by County – Years ended December 31, 2020 and 2019
S-9.1
   
Same-Property Operating Expenses – Quarter and Years ended as of December 31, 2020 and 2019
S-10
   
Development Pipeline – December 31, 2020
S-11
   
Redevelopment Pipeline – December 31, 2020
S-12
   
Capital Expenditures – December 31, 2020
S-12.1
   
Co-investments and Preferred Equity Investments – December 31, 2020
S-13
   
Assumptions for 2021 FFO Guidance Range
S-14
   
Reconciliation of Projected EPS, FFO and Core FFO per diluted share
S-14.1
   
Summary of Apartment Community Acquisitions and Dispositions Activity
S-15
   
Delinquencies, Operating Statistics, and Same-Property Revenue Growth with Concessions on a GAAP basis
S-16
   
2021 MSA Level Forecast: Supply, Jobs, and Apartment Market Conditions
S-17
   
Tech Sector Initial Public Offerings ("IPOs") and Re-accelerating Job Postings Set the Stage for 2021 Job Growth in Essex Metros
S-17.1
   
Record $130 Billion in Venture Capital Financing is Poised to Support the Next Generation of Tech Employers
S-17.2
   
Reconciliations of Non-GAAP Financial Measures and Other Terms
S-18.1 – S-18.4


E S S E X  P R O P E R T Y  T R U S T, I N C.

Consolidated Operating Results
 
Three Months Ended
   
Twelve Months Ended
 
(Dollars in thousands, except share and per share amounts)
 
December 31,
   
December 31,
 
 
 
2020
   
2019
   
2020
   
2019
 
 
                       
Revenues:
                       
Rental and other property
 
$
359,787
   
$
372,861
   
$
1,486,150
   
$
1,450,628
 
Management and other fees from affiliates
   
2,286
     
2,504
     
9,598
     
9,527
 
     
362,073
     
375,365
     
1,495,748
     
1,460,155
 
                                 
Expenses:
                               
Property operating
   
110,726
     
101,124
     
440,400
     
396,527
 
Corporate-level property management expenses
   
8,549
     
8,616
     
34,573
     
34,067
 
Depreciation and amortization
   
130,127
     
122,908
     
525,497
     
483,750
 
General and administrative
   
23,144
     
15,531
     
65,388
     
54,262
 
Expensed acquisition and investment related costs
   
1,487
     
99
     
1,591
     
168
 
Impairment loss
   
1,825
     
7,105
     
1,825
     
7,105
 
     
275,858
     
255,383
     
1,069,274
     
975,879
 
Gain (loss) on sale of real estate and land
   
25,716
     
(3,164
)
   
64,967
     
(3,164
)
Earnings from operations
   
111,931
     
116,818
     
491,441
     
481,112
 
Interest expense, net (1)
   
(52,625
)
   
(52,416
)
   
(209,900
)
   
(208,893
)
Interest and other income
   
28,303
     
17,005
     
40,999
     
46,298
 
Equity income from co-investments
   
12,998
     
57,201
     
66,512
     
112,136
 
Deferred tax income (expense) on unrealized gain on unconsolidated co-investment
   
105
     
-
     
(1,531
)
   
(1,457
)
Gain (loss) on early retirement of debt, net
   
937
     
(3,426
)
   
(22,883
)
   
3,717
 
Gain on remeasurement of co-investment
   
-
     
-
     
234,694
     
31,535
 
Net income
   
101,649
     
135,182
     
599,332
     
464,448
 
Net income attributable to noncontrolling interest
   
(5,904
)
   
(6,364
)
   
(30,462
)
   
(25,162
)
Net income available to common stockholders
 
$
95,745
   
$
128,818
   
$
568,870
   
$
439,286
 
                                 
Net income per share - basic
 
$
1.47
   
$
1.95
   
$
8.69
   
$
6.67
 
                                 
Shares used in income per share - basic
   
65,133,112
     
66,085,254
     
65,454,057
     
65,840,422
 
                                 
Net income per share - diluted
 
$
1.47
   
$
1.95
   
$
8.69
   
$
6.66
 
                                 
Shares used in income per share - diluted
   
65,145,117
     
66,191,395
     
65,564,982
     
65,939,455
 

(1) Refer to page S-18.2, the section titled "Interest Expense, Net" for additional information.
 
See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-1

E S S E X  P R O P E R T Y  T R U S T, I N C.

Consolidated Operating Results
 
Three Months Ended
   
Twelve Months Ended
 
Selected Line Item Detail
 
December 31,
   
December 31,
 
(Dollars in thousands)
 
2020
   
2019
   
2020
   
2019
 
 
                       
Rental and other property
                       
Rental income
 
$
353,503
   
$
366,612
   
$
1,462,161
   
$
1,425,585
 
Other property
   
6,284
     
6,249
     
23,989
     
25,043
 
Rental and other property
 
$
359,787
   
$
372,861
   
$
1,486,150
   
$
1,450,628
 
                                 
Property operating expenses
                               
Real estate taxes
 
$
44,647
   
$
40,177
   
$
177,011
   
$
155,170
 
Administrative
   
21,799
     
21,752
     
89,290
     
84,638
 
Maintenance and repairs
   
22,575
     
19,412
     
91,566
     
81,342
 
Utilities
   
21,705
     
19,783
     
82,533
     
75,377
 
Property operating expenses
 
$
110,726
   
$
101,124
   
$
440,400
   
$
396,527
 
                                 
Interest and other income
                               
Marketable securities and other income
 
$
4,680
   
$
7,957
   
$
15,206
   
$
31,970
 
Gain on sale of marketable securities
   
2,007
     
534
     
2,131
     
1,271
 
Provision for credit losses
   
(587
)
   
-
     
(687
)
   
-
 
Unrealized gains on marketable securities
   
10,300
     
1,430
     
12,515
     
5,710
 
Accelerated interest income from maturity of investment in mortgage backed security
   
11,753
     
7,032
     
11,753
     
7,032
 
Insurance reimbursements, legal settlements, and other, net
   
150
     
52
     
81
     
315
 
Interest and other income
 
$
28,303
   
$
17,005
   
$
40,999
   
$
46,298
 
                                 
Equity income from co-investments
                               
Equity (loss) income from co-investments
 
$
(362
)
 
$
5,911
   
$
3,938
   
$
20,442
 
Income from preferred equity investments
   
12,444
     
11,391
     
48,357
     
43,024
 
Equity income (loss) from non-core co-investment
   
916
     
(418
)
   
5,289
     
4,143
 
Impairment loss from unconsolidated co-investment
   
-
     
(11,484
)
   
-
     
(11,484
)
Legal settlement from unconsolidated co-investment
   
-
     
543
     
-
     
543
 
Gain on sale of co-investment communities
   
-
     
50,227
     
2,225
     
51,097
 
Gain on early retirement of debt from unconsolidated co-investment
   
-
     
-
     
38
     
-
 
Co-investment promote income
   
-
     
-
     
6,455
     
809
 
Income from early redemption of preferred equity investments
   
-
     
1,031
     
210
     
3,562
 
Equity income from co-investments
 
$
12,998
   
$
57,201
   
$
66,512
   
$
112,136
 
                                 
Noncontrolling interest
                               
Limited partners of Essex Portfolio, L.P.
 
$
3,369
   
$
4,480
   
$
19,912
   
$
15,343
 
DownREIT limited partners' distributions
   
2,114
     
2,016
     
8,507
     
7,241
 
Third-party ownership interest
   
421
     
(132
)
   
2,043
     
2,578
 
Noncontrolling interest
 
$
5,904
   
$
6,364
   
$
30,462
   
$
25,162
 

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-2

E S S E X  P R O P E R T Y  T R U S T, I N C.
 
Consolidated Funds From Operations  (1)
 
Three Months Ended
         
Twelve Months Ended
       
(Dollars in thousands, except share and per share amounts and in footnotes)
 
December 31,
         
December 31,
       
 
 
2020
   
2019
   
% Change
   
2020
   
2019
   
% Change
 
                                     
Funds from operations attributable to common stockholders and unitholders (FFO)
                                   
Net income available to common stockholders
 
$
95,745
   
$
128,818
         
$
568,870
   
$
439,286
       
Adjustments:
                                           
Depreciation and amortization
   
130,127
     
122,908
           
525,497
     
483,750
       
Gains not included in FFO
   
(25,716
)
   
(47,063
)
         
(301,886
)
   
(79,468
)
     
Impairment loss
   
1,825
     
7,105
           
1,825
     
7,105
       
Impairment loss from unconsolidated co-investments
   
-
     
11,484
           
-
     
11,484
       
Depreciation and amortization from unconsolidated co-investments
   
13,403
     
15,351
           
51,594
     
60,655
       
Noncontrolling interest related to Operating Partnership units
   
3,369
     
4,480
           
19,912
     
15,343
       
Depreciation attributable to third party ownership and other  (2)
   
(132
)
   
(1,097
)
         
(539
)
   
(1,805
)
     
Funds from operations attributable to common stockholders and unitholders
 
$
218,621
   
$
241,986
         
$
865,273
   
$
936,350
       
FFO per share-diluted
 
$
3.24
   
$
3.54
     
-8.5
%
 
$
12.78
   
$
13.73
     
-6.9
%
                                                 
Components of the change in FFO
                                               
Non-core items:
                                               
Expensed acquisition and investment related costs
 
$
1,487
   
$
99
           
$
1,591
   
$
168
         
Deferred tax (income) expense on unrealized gain on unconsolidated co-investment (3)
   
(105
)
   
-
             
1,531
     
1,457
         
Gain on sale of marketable securities
   
(2,007
)
   
(534
)
           
(2,131
)
   
(1,271
)
       
Unrealized gains on marketable securities
   
(10,300
)
   
(1,430
)
           
(12,515
)
   
(5,710
)
       
Provision for credit losses
   
587
     
-
             
687
     
-
         
Equity (income) loss from non-core co-investment  (4)
   
(916
)
   
418
             
(5,289
)
   
(4,143
)
       
Interest rate hedge ineffectiveness  (5)
   
-
     
-
             
-
     
181
         
(Gain) loss on early retirement of debt, net
   
(937
)
   
3,426
             
22,883
     
(3,717
)
       
Gain on early retirement of debt from unconsolidated co-investment
   
-
     
-
             
(38
)
   
-
         
Co-investment promote income
   
-
     
-
             
(6,455
)
   
(809
)
       
Income from early redemption of preferred equity investments
   
-
     
(1,031
)
           
(210
)
   
(3,562
)
       
Accelerated interest income from maturity of investment in mortgage backed security
   
(11,753
)
   
(7,032
)
           
(11,753
)
   
(7,032
)
       
General and administrative and other, net
   
9,316
     
1,181
             
14,958
     
1,181
         
Insurance reimbursements, legal settlements, and other, net
   
(150
)
   
(595
)
           
(81
)
   
(858
)
       
Core funds from operations attributable to common stockholders and unitholders
 
$
203,843
   
$
236,488
           
$
868,451
   
$
912,235
         
Core FFO per share-diluted
 
$
3.02
   
$
3.45
     
-12.5
%
 
$
12.82
   
$
13.38
     
-4.2
%
                                                 
Weighted average number of shares outstanding diluted  (6)
   
67,398,487
     
68,449,008
             
67,725,692
     
68,198,785
         


(1)
Refer to page S-18.2, the section titled "Funds from Operations ("FFO") and Core FFO" for additional information on the Company's definition and use of FFO and Core FFO.

(2)
The Company consolidates certain co-investments. The noncontrolling interest's share of net operating income in these investments for the three and twelve months ended December 31, 2020 was $0.8 million and $3.9 million, respectively.

(3)
Represents deferred tax (income) expense recorded during the year related to net unrealized gains on the Real Estate Technology Ventures, L.P. co-investment.

(4)
Represents the Company's share of co-investment income from Real Estate Technology Ventures, L.P.

(5)
On January 1, 2019, the Company adopted ASU No. 2017-12 "Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities," which resulted in a cumulative effect adjustment of approximately $181,000 from interest expense to accumulated other comprehensive income. As a result of the adoption of this standard, the Company recognizes qualifying hedge ineffectiveness through accumulated other comprehensive income as opposed to current earnings.

(6)
Assumes conversion of all outstanding limited partnership units in the Operating Partnership into shares of the Company's common stock and excludes all DownREIT limited partnership units for which the Operating Partnership has the ability and intention to redeem the units for cash and does not consider them to be common stock equivalents.
 
See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-3

E S S E X  P R O P E R T Y  T R U S T, I N C.
 
Consolidated Balance Sheets
           
(Dollars in thousands)
           
 
 
December 31, 2020
   
December 31, 2019
 
             
Real Estate:
           
Land and land improvements
 
$
2,929,009
   
$
2,773,805
 
Buildings and improvements
   
12,132,736
     
11,264,337
 
 
   
15,061,745
     
14,038,142
 
Less: accumulated depreciation
   
(4,133,959
)
   
(3,689,482
)
     
10,927,786
     
10,348,660
 
Real estate under development
   
386,047
     
546,075
 
Co-investments
   
1,018,010
     
1,335,339
 
Real estate held for sale
   
57,938
     
-
 
     
12,389,781
     
12,230,074
 
Cash and cash equivalents, including restricted cash
   
84,041
     
81,094
 
Marketable securities
   
147,768
     
144,193
 
Notes and other receivables
   
195,104
     
134,365
 
Operating lease right-of-use assets
   
72,143
     
74,744
 
Prepaid expenses and other assets
   
47,340
     
40,935
 
Total assets
 
$
12,936,177
   
$
12,705,405
 
                 
Unsecured debt, net
 
$
5,607,985
   
$
4,763,206
 
Mortgage notes payable, net
   
643,550
     
990,667
 
Lines of credit
   
-
     
55,000
 
Operating lease liabilities
   
74,037
     
76,740
 
Other liabilities
   
395,174
     
378,878
 
Total liabilities
   
6,720,746
     
6,264,491
 
Redeemable noncontrolling interest
   
32,239
     
37,410
 
Equity:
               
Common stock
   
6
     
7
 
Additional paid-in capital
   
6,876,326
     
7,121,927
 
Distributions in excess of accumulated earnings
   
(861,193
)
   
(887,619
)
Accumulated other comprehensive loss, net
   
(14,729
)
   
(13,888
)
Total stockholders' equity
   
6,000,410
     
6,220,427
 
Noncontrolling interest
   
182,782
     
183,077
 
Total equity
   
6,183,192
     
6,403,504
 
Total liabilities and equity
 
$
12,936,177
   
$
12,705,405
 

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-4

E S S E X  P R O P E R T Y  T R U S T, I N C.

Debt Summary - December 31, 2020
(Dollars in thousands, except in footnotes)

 
                                                     
                     
Scheduled principal payments, unamortized premiums (discounts) and (debt issuance costs) are as follows - excludes lines of credit:
 
                                             
Weighted
Average
Interest Rate
   
Percentage
of Total Debt
 
         
Weighted Average
                         
   
Balance
Outstanding
   
Interest
Rate
   
Maturity
in Years
         
Unsecured
   
Secured
   
Total
 
Unsecured Debt, net
                                                     
Bonds private - fixed rate
 
$
200,000
     
4.4
%
   
0.5
     
2021
   
$
200,000
   
$
3,501
   
$
203,501
     
4.3
%
   
3.2
%
Bonds public - fixed rate
   
4,900,000
     
3.4
%
   
9.4
     
2022
     
350,000
     
43,188
     
393,188
     
2.0
%
   
6.2
%
Term loan (1)
   
550,000
     
1.7
%
   
1.5
     
2023
     
800,000
     
2,945
     
802,945
     
3.1
%
   
12.8
%
Unamortized net discounts and debt issuance costs
   
(42,015
)
   
-
     
-
     
2024
     
400,000
     
3,109
     
403,109
     
4.0
%
   
6.4
%
     
5,607,985
     
3.3
%
   
8.3
     
2025
     
500,000
     
133,054
     
633,054
     
3.5
%
   
10.1
%
Mortgage Notes Payable, net
                           
2026
     
450,000
     
99,405
     
549,405
     
3.5
%
   
8.7
%
Fixed rate - secured
   
416,350
     
3.5
%
   
5.3
     
2027
     
350,000
     
153,955
     
503,955
     
3.3
%
   
8.0
%
Variable rate - secured (2)
   
225,076
     
1.2
%
   
17.2
     
2028
     
-
     
68,332
     
68,332
     
4.1
%
   
1.1
%
Unamortized premiums and debt issuance costs, net
   
2,124
     
-
     
-
     
2029
     
500,000
     
1,456
     
501,456
     
4.1
%
   
8.0
%
Total mortgage notes payable
   
643,550
     
2.7
%
   
9.5
     
2030
     
550,000
     
1,592
     
551,592
     
3.1
%
   
8.8
%
                             
2031
     
300,000
     
1,740
     
301,740
     
1.8
%
   
4.8
%
Unsecured Lines of Credit
                         
Thereafter
     
1,250,000
     
129,149
     
1,379,149
     
2.9
%
   
21.9
%
Line of credit (3)
   
-
     
1.0
%
         
Subtotal
     
5,650,000
     
641,426
     
6,291,426
     
3.2
%
   
100.0
%
Line of credit (4)
   
-
     
1.0
%
         
Debt Issuance Costs
     
(31,910
)
   
(1,761
)
   
(33,671
)
 
NA
   
NA
 
Total lines of credit
   
-
     
1.0
%
         
(Discounts)/Premiums
     
(10,105
)
   
3,885
     
(6,220
)
 
NA
   
NA
 
 
                         
Total
   
$
5,607,985
   
$
643,550
   
$
6,251,535
     
3.2
%
   
100.0
%
Total debt, net
 
$
6,251,535
     
3.2
%
   
8.4
                                                 
 
                                                                       

Capitalized interest for the three and twelve months ended December 31, 2020 was approximately $2.3 million and $14.6 million, respectively.


(1)
$350.0 million of the unsecured term loan has a variable interest rate of LIBOR plus 0.95%. The Company has interest rate swap contracts with an aggregate notional amount of $175.0 million, which effectively converts the interest rate on $175.0 million of the term loan to a fixed rate of 2.3%. In April 2020, the Company obtained a $200.0 million unsecured term loan, that has an interest rate of LIBOR plus 1.20% with a one-year maturity and two 12-month extension options, exercisable at the Company’s option.

(2)
$225.1 million of variable rate debt is tax exempt to the note holders. This amount excludes $29.7 million of mortgage notes payable related to real estate held for sale that is included in other liabilities on consolidated balance sheet.

(3)
This unsecured line of credit facility has a capacity of $1.2 billion, with a scheduled maturity date in December 2023 with one 18-month extension, exercisable at the Company's option. The underlying interest rate on this line is based on a tiered rate structure tied to the Company's corporate ratings and is currently at LIBOR plus 0.825%.

(4)
This unsecured line of credit facility has a capacity $35.0 million, with a scheduled maturity date in February 2023. The underlying interest rate on this line is based on a tiered rate structure tied to the Company's corporate ratings and is currently at LIBOR plus 0.825%.

See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-5

E S S E X  P R O P E R T Y  T R U S T, I N C.

Capitalization Data, Public Bond Covenants, Credit Ratings and Selected Credit Ratios - December 31, 2020
(Dollars and shares in thousands, except per share amounts)

 
 
 
       
 
     
        
Capitalization Data
 
 
       
Public Bond Covenants (1)
 
Actual
 
Requirement
Total debt, net (1)
 
  
 
$
6,251,535
   
 
         
 
 
 
         
Debt to Total Assets:
   
37
%
< 65%
Common stock and potentially dilutive securities
         
 
       
     
Common stock outstanding
 
   
64,999
   
 
       
   
Limited partnership units (2)
 
   
2,253
   
 
       
   
Options-treasury method
 
   
14
   
Secured Debt to Total Assets:
   
4
%
< 40%
Total shares of common stock and potentially dilutive securities
   
67,266
   
 
       
   
 
 
 
         
 
       
        
Common stock price per share as of December 31, 2020
 
$
237.42
   
 
       
   
 
 
 
         
Interest Coverage:
   
475
%
> 150%
Total equity capitalization
 
 
$
15,970,294
   
 
       
   
 
 
 
         
 
       
        
Total market capitalization
 
 
$
22,221,829
   
Unsecured Debt Ratio (2):
   
267
%
> 150%
 
 
 
         
 
                
Ratio of debt to total market capitalization
 
   
28.1
%
 
 
           
 
 
 
         
Selected Credit Ratios (3)
 
Actual
   
Credit Ratings
 
 
         
 
               
Rating Agency
Rating
Outlook
         
Net Indebtedness Divided by Adjusted EBITDAre, normalized and annualized:
   
6.6
   
Moody's
Baa1
Stable
         
 
             
Standard & Poor's
BBB+
Stable
         
Unencumbered NOI to Adjusted Total NOI:
   
95
%
 
       
(1) This amount excludes $29.4 million of mortgage notes payable, net of unamortized debt issuance costs, related to real estate held for sale that is included in other liabilities on consolidated balance sheet.
(2) Assumes conversion of all outstanding limited partnership units in the Operating Partnership into shares of the Company's common stock.
   
(1) Refer to page S-18.4 for additional information on the Company's Public Bond Covenants.
(2) Unsecured Debt Ratio is unsecured assets (excluding investments in co-investments) divided by unsecured indebtedness.
(3) Refer to pages S-18.1 to S-18.4, the section titled "Reconciliations of Non-GAAP Financial Measures and Other Terms" for additional information on the Company's Selected Credit Ratios.
 
See Company’s Form 10-K and Form 10-Qs filed with the SEC for additional information

S-6

E S S E X  P R O P E R T Y  T R U S T, I N C.

Portfolio Summary by County as of December 31, 2020

 
 
Apartment Homes
   
Average Monthly Rental Rate (1)
   
Percent of NOI (2)
 
Region - County
 
Consolidated (3)
   
Unconsolidated
Co-investments (4)
   
Apartment
Homes in
Development (5)
   
Total
   
Consolidated
   
Unconsolidated
Co-investments (6)
   
Total (7)
   
Consolidated
   
Unconsolidated
Co-investments (6)
   
Total (7)
 
                                                             
Southern California
                                                           
Los Angeles County
   
8,982
     
1,563
     
200
     
10,745
   
$
2,428
   
$
2,157
   
$
2,405
     
16.1
%
   
15.1
%
   
16.0
%
Orange County
   
5,554
     
1,149
     
-
     
6,703
     
2,244
     
1,978
     
2,219
     
10.7
%
   
11.9
%
   
10.8
%
San Diego County
   
4,824
     
616
     
264
     
5,704
     
2,003
     
1,883
     
1,996
     
8.6
%
   
5.7
%
   
8.3
%
Ventura County and Other
   
3,200
     
693
     
-
     
3,893
     
1,852
     
2,232
     
1,892
     
5.2
%
   
8.4
%
   
5.6
%
Total Southern California
   
22,560
     
4,021
     
464
     
27,045
     </