Essex Property Trust : 2024 Sustainability and Impact Report
ESS
Published on 06/26/2025 at 19:07
Sustainability and Impact Report
ABOUT US
TRANSPARENT BUSINESS PRACTICES
About Us
SUSTAINABLE OPERATIONS
THRIVING COMMUNITIES
INCLUSIVE IMPACT
APPENDIX 3
Essex Property Trust, Inc. provides a one-of-a-kind living experience for each unique resident, builds stronger communities that connect residents and their surrounding neighborhoods, supports our associates' professional development and work-life balance, and incorporates sustainability and corporate responsibility into all aspects of our business.
From the President 4
Company Overview 6
Highlights and Recognition 9
Our Sustainability Strategy 11
Materiality Assessment 13
ALESSIO
LOS ANGELES, CA
Stakeholder Engagement 15
Goals and Progress 16
ABOUT US
TRANSPARENT BUSINESS PRACTICES
SUSTAINABLE OPERATIONS
THRIVING COMMUNITIES
INCLUSIVE IMPACT
APPENDIX 4
"I am grateful to the entire Essex team and our stakeholders for their continued dedication and partnership in driving positive impact for our residents, associates, investors
and communities."
ANGELA L. KLEIMAN
President and CEO
PATENT 523
SEATTLE, WA
From the President
I am proud to present the seventh annual Sustainability and Impact Report for Essex Property Trust, Inc. (Essex). This report demonstrates both our continuing commitment and the progress we've made toward integrating sustainability into our long-term business strategy and deepening our impact across the communities we serve. This reporting year marked some of our most meaningful strides yet: advancing data-driven environmental practices, strengthening our role as a community partner and aligning our governance structure to more meaningfully assess risk and build lasting value.
Sustainable Operations
Following our March 2024 announcement, I'm pleased to share that in May 2025, the Science Based Targets initiative (SBTi) approved Essex's near-term emissions reduction targets. We have committed to reducing Scope 1 and 2 absolute greenhouse gas (GHG) emissions by 67.2% from a 2018 base year by 2034. Additionally, we have committed to reducing absolute Scope 3 GHG emissions by 35% from a 2023 base year by 2034. We will disclose progress toward meeting these newly committed targets in our 2025 Sustainability and Impact Report and annually thereafter.
To achieve our environmental goals, we are focusing on projects that reduce our emissions, energy usage, water usage and waste generation; increase our use of renewable energy; and boost our long-term return on investment. In 2024, we completed $12 million in
revenue-generating sustainability projects, including rooftop solar installations expected to reduce electric consumption by over 1.6 million kilowatt-hours (kWh) annually.
We also launched a large-scale electrification pilot at our San Marcos community in Northern California, integrating battery storage with existing solar arrays to power new public electric vehicle (EV) charging stations and maximizing the value of our clean energy production through city incentive programs. We continue to expand green energy access for residents, including through a procurement that delivers 100% renewable electricity at a reduced cost by leveraging commercial rate aggregation at our Villa Angelina community.
Our innovative approach to decarbonization is being powered by in-house tools, including newly developed proprietary GHG accounting software that strengthens data integrity and helps us stay ahead of evolving climate reporting standards. Across the portfolio, we are actively integrating sustainability into large capital projects such as solar installations, battery storage and EV charging while using data to ensure that these investments meet financial return thresholds. We are also applying this data-driven approach to our transaction strategy, selectively disposing of older communities with higher capital needs and limited sustainability potential. We strategically reallocate investments into newer, more efficient communities with lower environmental risk and stronger alignment with our emissions reduction targets.
ABOUT US
TRANSPARENT BUSINESS PRACTICES
SUSTAINABLE OPERATIONS
THRIVING COMMUNITIES
INCLUSIVE IMPACT
APPENDIX 5
Transparent Business Practices
The strength of our sustainability strategy is further optimized by how we manage risk. In early 2025, we realigned the Sustainability team under the Enterprise Risk Management (ERM) department to better integrate sustainability into our broader ERM framework. This shift reinforces our ability to proactively assess risks, enhance resilience and
build long-term value for our residents, associates and investors.
We also made advancements in workplace safety, refining our Safety Committee and appointing a dedicated Health and Safety Compliance Coordinator. These steps are part of a proactive
strategy to foster a safe and healthy work environment through continuous training, risk mitigation and regulatory compliance.
We are proud to report that Essex maintained gender pay parity for the fourth consecutive year, with no statistical difference in compensation between genders - a testament to our ongoing efforts to support inclusion and belonging at every level of
the organization.
Thriving Communities
Our social impact efforts are grounded in the belief that stable, affordable housing is essential to thriving communities. In 2024, we provided $30 million in rent subsidies, supporting nearly 2,500 affordable apartment homes for low-income residents. We also continued to support our own workforce, providing approximately $5.9 million in rent subsidies to 800 associates, representing 30% of our employees.
Beyond housing, our team's passion for service was evident across the communities we call home. Essex associates volunteered more than 900 hours in 2024, and the company donated over $500,000 to local nonprofits. I'm also proud to share that Essex was recognized by U.S. News & World Report as one of the Best Companies to Work For in 2024 - an honor that reflects the strength of our culture and the dedication of our associates.
EXPO
SEATTLE, WA
I am grateful to the entire Essex team and our stakeholders for their continued dedication and partnership in driving positive impact for our residents, associates, investors and communities. Their hard work and commitment have advanced our sustainability practices and brought us closer to our vision of providing great communities in which to live, work and invest. As we look to the future, we remain focused on building on our progress and continuing this important work in 2025 and beyond.
President and CEO
Disclaimer
Essex Property Trust Inc. published this content on June 26, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 26, 2025 at 23:06 UTC.