Essex Property Trust (ESS) Proxy Filing summary

Executive summary

• The 2025 annual meeting will be held virtually on May 13, 2025, with voting on director elections, auditor ratification, and executive compensation approval.

• 2024 performance highlights include net income per diluted share of $11.54, 3.3% same-property revenue growth, 2.6% NOI growth, and 3.8% Core FFO per share growth, all exceeding guidance.

• $1.4B in gross acquisitions, $69M in revenue-generating projects, and a 6.1% dividend increase were achieved in 2024.

• The company has increased its dividend for 30 consecutive years and generated an 18.4% total return to stockholders in 2024.

Voting matters and shareholder proposals

• Stockholders will vote on the election of nine director nominees, ratification of KPMG LLP as auditor for 2025, and an advisory say-on-pay vote for executive compensation.

• The board recommends voting FOR all proposals.

• Proxy access and shareholder rights to amend bylaws are available, and deadlines for 2026 proposals are specified.

Board of directors and corporate governance

• 8 of 9 director nominees are independent; average director age is 68, with 67% serving ten years or less.

• Board committees include Audit, Compensation, Nominating, and Executive, all with independent members.

• Annual board and committee self-evaluations are conducted, and board refreshment is ongoing.

• Proxy access and stockholder engagement are emphasized, with regular outreach to holders of over 75% of shares.