Essex Property Trust Provides Preliminary Third Quarter 2021 Operating Update

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