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Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
Essex does not have indebtedness as debt is incurred by the Operating Partnership. Essex guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities for the full term of the facilities.

Debt consisted of the following for the periods presented ($ in thousands):
 March 31, 2026December 31, 2025
Weighted Average
Maturity
In Years as of March 31, 2026
Term loan - variable rate, net (1)
$597,098$596,6684.5
Bonds public offering - fixed rate, net5,420,4525,419,2536.8
Unsecured debt, net (2)
6,017,5506,015,921
Lines of credit (3)
4,660—
Commercial paper (4)
——
Mortgage notes payable, net (5)
784,286784,3487.7
Total debt, net$6,806,496$6,800,269 
Weighted average interest rate on fixed rate unsecured bonds public offering3.7 %3.7 % 
Weighted average interest rate on variable rate term loan4.0 %4.1 %
Weighted average interest rate on lines of credit4.6 %4.8 %
Weighted average interest rate on commercial paper— %— %
Weighted average interest rate on mortgage notes payable4.1 %4.4 % 

(1)The $300.0 million unsecured term loan entered in May 2025 is priced at SOFR plus 0.850% which is based on a tiered rate structure tied to the Company’s long-term unsecured credit rating and is swapped to an all-in rate of 4.0%. The Company may elect to increase this facility by up to an additional $300.0 million, to an aggregate size of $600.0 million, if the lenders permit. This term loan is scheduled to mature in May 2028, with two one-year extension options, exercisable at the option of the Company. The $300.0 million unsecured term loan entered in October 2022 is priced at SOFR plus 0.85% with a maturity date of January 2031, inclusive of extension options exercisable at the Company’s option. The interest rate is swapped to an all-in fixed rate of 4.0% through October 2026.
(2)Unsecured debt, net, consists of fixed rate public bond offerings and a variable rate term loan which includes unamortized discounts, net of premiums of $3.3 million and $3.6 million, and unamortized debt issuance costs of $29.1 million and $30.4 million, as of March 31, 2026 and December 31, 2025, respectively.
(3)Lines of credit, related to the Company’s two lines of unsecured credit aggregating $1.58 billion as of March 31, 2026 and December 31, 2025, respectively, excluded unamortized debt issuance costs of $7.0 million and $7.3 million, respectively. These debt issuance costs are included in prepaid expenses and other assets in the condensed consolidated balance sheets. As of March 31, 2026, the Company’s $1.5 billion credit facility had an interest rate at Secured Overnight Financing Rate (“SOFR”) plus 0.775%, which is based on a tiered rate structure tied to the Company’s long-term unsecured credit ratings. As of March 31, 2026, the Company’s $75.0 million working capital unsecured line of credit had an interest rate of SOFR plus 0.775%, which is based on a tiered rate structure tied to the Company’s long-term unsecured credit ratings. In February 2026, the Company extended the scheduled maturity date from July 2026 to July 2028.
(4)The Company has a commercial paper program under which it can issue unsecured short-term notes, which are backstopped by, and reduce the borrowing capacity of, the Company’s $1.5 billion unsecured line of credit facility. The Company can issue up to $750.0 million of commercial paper for up to 397 days from the date of issue. The commercial paper balance excludes unamortized debt issuance of $0.4 million as of March 31, 2026 and December 31, 2025, respectively, and are included in prepaid expenses and other assets in the condensed consolidated balance sheets.
(5)Includes total unamortized discounts, net of premiums of approximately $0.1 million and $0.2 million, reduced by unamortized debt issuance costs of $2.4 million and $2.5 million, as of March 31, 2026 and December 31, 2025, respectively.
The aggregate scheduled principal payments of the Company’s outstanding debt, excluding lines of credit and commercial paper, as of March 31, 2026 were as follows ($ in thousands):
2026$549,136 
2027434,397 
2028518,332 
2029501,456 
2030916,592 
Thereafter3,916,889 
Total$6,836,802