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Essex Property Trust Provides Preliminary Third Quarter 2021 Operating Update

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SAN MATEO, Calif., September 09, 2021--(BUSINESS WIRE)--Essex Property Trust, Inc. (NYSE:ESS) announced today that it is reaffirming its full-year and third quarter 2021 guidance ranges and providing a preliminary third quarter 2021 operating update.

Same-property revenue change, operating statistics, and net effective new lease rates by region are reflected in the tables below:

Same-Property Revenue Change(1)

Q1 2021
Actuals

Q2 2021
Actuals

Jul – Aug 2021
Preliminary

Southern California

-5.8%

2.0%

9.5%

Northern California

-10.9%

-8.4%

-2.9%

Seattle

-7.0%

-2.3%

-0.8%

Total Same-Property

-8.1%

-3.0%

2.6%

1)

Reflects the year-over-year change in same-property revenues.

Same-Property Operating Statistics and Net Effective New Lease Rates(1)

Q1 2021

Q2 2021

Jul 2021

Preliminary

Aug 2021

Cash delinquencies(2)

2.1%

2.6%

2.2%

0.8%

Financial occupancy

96.7%

96.6%

96.5%

96.4%

Southern California

vs. Dec'20

0.7%

4.8%

12.7%

17.1%

vs. Pre-COVID

-2.4%

1.6%

9.3%

13.5%

Northern California

vs. Dec'20

0.3%

3.1%

10.0%

12.7%

vs. Pre-COVID

-16.2%

-13.8%

-8.1%

-5.8%

Seattle

vs. Dec'20

-0.7%

8.2%

22.8%

26.0%

vs. Pre-COVID

-14.5%

-6.8%

5.8%

8.5%

Total Same-Property

vs. Dec'20

0.3%

4.8%

13.4%

17.0%

vs. Pre-COVID

-10.2%

-6.2%

1.5%

4.7%

1)

Table reflects the % change of new lease rates on a net effective basis, including the impact of leasing incentives, compared to Dec’20 and Mar’20 (pre-COVID).

2)

Represents total same-property portfolio cash delinquencies as a percentage of scheduled rent, reflected in the financial statements of the reporting period. Year-to-date through August 2021, the Company has received $7.1 million in delinquency reimbursements associated with COVID rental assistance programs.

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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 3 properties in various stages of active development. Additional information about the Company can be found on the Company’s website at www.essex.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210909005274/en/

Contacts

Rylan Burns
Group Vice President of Private Equity & Finance
(650) 655-7800
rburns@essex.com