Essex entered into an Equity Distribution Agreement under which it may issue and sell common stock from time to time, through the Agents or directly to them, with an aggregate gross sales price of up to $900,000,000. Essex said the agreement was entered into on August 5, 2024.

1. 01

   Essex entered into an Equity Distribution Agreement under which it may issue and sell common stock from time to time, through the Agents or directly to them, with an aggregate gross sales price of up to $900,000,000. Essex said the agreement was entered into on August 5, 2024.

2. 02

   The company said the new Equity Distribution Agreement, entered into on September 24, 2021, replaces its prior equity distribution agreement, which was terminated upon execution of the new agreement.

3. 03

   The company said the commission payable to each Agent will be agreed upon at a rate not exceeding 2.0% of the gross sales price per share. Where a forward sale agreement is entered into, the commission will be paid as a reduction to the initial forward sale price.

4. 04

   The company said it intends to contribute the net cash proceeds from share sales and from forward sale agreement settlements to Essex Portfolio, L.P. The company said the Operating Partnership may use these funds for general corporate purposes, including working capital, acquiring, developing or redeveloping properties, which primarily will be apartment communities, making other investments, and repaying indebtedness.

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