Essex Property Trust

Management recycles capital actively: in 2025 it acquired seven communities for ~829 million and disposed of five for ~564 million, and continues to use structured‑finance investments that have delivered high single‑ to low double‑digit returns, with 189.8 million of redemptions in 2025 at a 9.8% weighted‑average rate. 2026 guidance embeds a net headwind of ~0.29 per share from structured‑finance maturities, offset in part by reinvestment.

Essex avoided equity issuance in 2025 under its ATM, preserving per‑share value, and increased the dividend for the 32nd consecutive year in February 2026. We view capital allocation as disciplined, with a preference for balance‑sheet safety, targeted development, and NAV‑accretive recycling.