Essex Property Trust (ESS)
Real Estate · Apartment REITs
A self-managed West Coast apartment REIT owning 63,000+ homes in supply-constrained urban markets, delivering consistent rental growth and capital appreciation.
What Essex Property Trust does
Essex Property Trust is a self-administered, self-managed real estate investment trust (REIT) that primarily owns, operates, manages, and acquires apartment communities along the West Coast of the United States. As of December 31, 2025, the company owned or had interests in 259 operating apartment communities aggregating 63,077 apartment homes, plus two commercial buildings and a development pipeline. The company pursues a research-driven investment strategy focused on supply-constrained major metropolitan areas with strong economic fundamentals, managing for above-average rental growth, tenant retention, and long-term asset appreciation.
Themes: ["West Coast residential real estate"]
Fundamentals
- Price$291.12 as of 2026-07-09 close
- Market cap$18.7B as of 2026-07-10
- 1-year return+2.0% as of 2026-07-09 close
- P/E32.66 as of 2026-07-10
- Net margin+30.0% as of 2026-07-10
- Gross margin+70.6% as of 2026-07-10
- ROE+10.3% as of 2026-07-10
- Debt / equity1.25 as of 2026-07-10
- Revenue growth (YoY)+5.3% as of 2026-07-10
- Revenue CAGR (3y)+5.5% SEC XBRL
- Beta0.71 as of 2026-07-10
Dividend: yield +3.6%; 5-year non-decreasing per-share dividend streak (SEC XBRL).
Key risks (from latest filing)
["Interest rate and debt refinancing risk: company carries significant unsecured debt ($6.0 billion) and mortgage notes ($784 million); rising rates increase borrowing costs and refinancing risk."]
Competitors & peers
- Apartment Investment and Management Company (AIR)
- Equity Residential (EQR)
- Avalonbay Communities (AVB)
- UMH Properties (UMH)
- Armada Hoffler Properties (AHH)
Fundamentals: Finnhub, as of 2026-07-10. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-09.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.