v3.26.1
Net Income Per Common Share and Net Income Per Common Unit
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Net Income Per Common Share and Net Income Per Common Unit Net Income Per Common Share and Net Income Per Common Unit
Essex Property Trust, Inc.

Basic and diluted income per share was calculated as follows ($ in thousands, except per share amounts):
 Three Months Ended June 30,
20262025
 IncomeWeighted-
average
Common
Shares		Per
Common
Share
Amount		IncomeWeighted-
average
Common
Shares		Per
Common
Share
Amount
Basic:
Net income available to common stockholders$62,462 64,265,835 $0.97 $221,362 64,385,988 $3.44 
Effect of Dilutive Securities: 
Stock options— 13,177 — 21,625 
Diluted:      
Net income available to common stockholders$62,462 64,279,012 $0.97 $221,362 64,407,613 $3.44 
 Six Months Ended June 30,
20262025
 IncomeWeighted-
average
Common
Shares		Per
Common
Share
Amount		IncomeWeighted-
average
Common
Shares		Per
Common
Share
Amount
Basic:
Net income available to common stockholders$168,648 64,359,851 $2.62 $424,472 64,350,640 $6.60 
Effect of Dilutive Securities:
Stock options— 9,943 — 28,313 
Diluted:
Net income available to common stockholders$168,648 64,369,794 $2.62 $424,472 64,378,953 $6.59 

Excluded from the calculations of diluted earnings per share above were weighted average convertible OP Units of 2,183,962 and 2,263,171, which include vested 2014 Long-Term Incentive Plan Units and 2015 Long-Term Incentive Plan Units, for the three months ended June 30, 2026 and 2025, respectively, and 2,205,360 and 2,284,941 for the six months ended June 30, 2026 and 2025, respectively, because they were anti-dilutive. The related income allocated to these convertible OP Units aggregated $2.1 million and $7.8 million for the three months ended June 30, 2026 and 2025, respectively, and $5.8 million and $15.1 million for the six months ended June 30, 2026 and 2025, respectively.

Stock options of 250,512 for both of the three months ended June 30, 2026 and 2025, and 316,883 and 234,727 for the six months ended June 30, 2026 and 2025, respectively, were excluded from the calculation of diluted earnings per share because the assumed proceeds per share of such options plus the average unearned compensation were greater than the average market price of the common stock for the periods ended and, therefore, were anti-dilutive.

Essex Portfolio, L.P.

Basic and diluted income per unit was calculated as follows ($ in thousands, except per unit amounts):
 Three Months Ended June 30,
20262025
 IncomeWeighted-
average
Common
 Units		Per
Common
Unit
Amount		IncomeWeighted-
average
Common
 Units		Per
Common
Unit
Amount
Basic:
Net income available to common unitholders$64,585 66,449,797 $0.97 $229,143 66,649,159 $3.44 
Effect of Dilutive Securities: 
Stock options— 13,177 — 21,625 
Diluted:      
Net income available to common unitholders$64,585 66,462,974 $0.97 $229,143 66,670,784 $3.44 
 Six Months Ended June 30,
20262025
 IncomeWeighted-
average
Common
 Units		Per
Common
Unit
Amount		IncomeWeighted-
average
Common
 Units		Per
Common
Unit
Amount
Basic:
Net income available to common unitholders$174,440 66,565,211 $2.62 $439,532 66,635,581 $6.60 
Effect of Dilutive Securities:
Stock options— 9,943 — 28,313 
Diluted:      
Net income available to common unitholders$174,440 66,575,154 $2.62 $439,532 66,663,894 $6.59 

Stock options of 250,512 for both of the three months ended June 30, 2026 and 2025, and 316,883 and 234,727 for the six months ended June 30, 2026 and 2025, respectively, were excluded from the calculation of diluted earnings per unit because the assumed proceeds per unit of these options plus the average unearned compensation were greater than the average market price of the common unit for the periods ended and, therefore, were anti-dilutive.