Essex Property Trust, Inc.

ESS · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994
Valuation
Market cap	$16,853	$18,345	$15,914	$13,723	$22,926	$15,453	$19,582	$15,960	$15,710	$15,133	$15,583	$11,683	$5,344	$5,138	$4,572	$3,383	$2,281	$1,931	$2,393	$2,983	$2,124	$1,921	$1,379	$942	$912	$998	$596	$495	$478	$214	$120	$96
Enterprise value	$23,749	$25,045	$21,876	$19,782	$29,227	$21,740	$25,437	$21,349	$21,284	$20,592	$20,834	$16,734	$8,382	$7,960	$6,962	$5,741	$4,432	$3,839	$4,321	$4,456	$3,712	$3,467	$2,598	$2,000	$1,796	$1,825	$1,216	$1,020	$806	$350	$301	$273
P/E (TTM) at period end	25.17×	24.74×	39.21×	33.61×	46.93×	27.16×	44.58×	40.91×	36.28×	36.81×	68.69×	99.97×	35.43×	42.88×	113.27×	100.19×	27.75×	36.51×	20.70×	47.54×	26.65×	24.10×	36.33×	17.82×	18.79×	22.51×	13.67×	18.79×	16.29×	24.09×	11.13×	29.10×
P/S (TTM) at period end	8.93×	10.34×	9.53×	8.54×	15.91×	10.33×	13.41×	11.40×	11.52×	11.69×	13.05×	12.03×	8.75×	9.60×	9.78×	8.25×	5.62×	4.73×	6.31×	8.78×	6.76×	6.63×	5.75×	4.53×	5.08×	5.46×	4.08×	3.95×	5.65×	4.22×	2.41×	4.71×
P/B at period end	3.04×	3.31×	2.93×	2.40×	3.83×	2.58×	3.15×	2.55×	2.50×	2.44×	2.50×	1.94×	2.84×	2.91×	3.18×	2.94×	2.17×	2.29×	3.03×	4.87×	3.66×	3.25×	2.34×	1.92×	1.43×	1.59×	0.95×	0.95×	1.12×	0.86×	1.42×	1.13×
EV / EBITDA (TTM)	15.76×	19.52×	19.31×	17.44×	27.83×	21.38×	26.36×	21.52×	22.60×	23.88×	26.55×	29.77×	21.99×	23.68×	24.46×	23.89×	19.33×	15.28×	28.86×	34.10×	31.67×	27.96×	25.88×	22.16×	21.87×	14.49×	12.22×	12.45×	14.48×	10.67×	3.66×	7.49×
EV / Sales (TTM)	12.58×	14.11×	13.10×	12.31×	20.29×	14.53×	17.42×	15.25×	15.61×	15.91×	17.44×	17.23×	13.73×	14.87×	14.89×	13.99×	10.92×	9.40×	11.40×	13.11×	11.82×	11.96×	10.83×	9.61×	10.01×	9.99×	8.33×	8.14×	9.53×	6.90×	6.04×	13.36×
Returns
Return on equity	12.1%	13.4%	7.5%	7.1%	8.2%	9.5%	7.1%	6.2%	6.9%	6.6%	3.6%	1.9%	8.0%	6.8%	2.8%	2.9%	7.8%	6.3%	14.6%	10.2%	13.7%	13.5%	6.4%	10.8%	7.6%	7.0%	7.0%	5.1%	6.9%	3.6%	12.8%	3.9%
Return on invested capital	7.2%	5.7%	5.1%	5.0%	4.1%	3.9%	3.9%	4.3%	3.9%	3.5%	2.8%	1.8%	3.8%	3.6%	3.5%	3.1%	3.3%	4.9%	1.8%	2.2%	1.6%	2.3%	2.7%	4.1%	4.5%	7.8%	7.3%	6.6%	5.7%	6.7%	27.4%	12.1%
Dividend yield	3.9%	3.4%	3.7%	4.1%	2.4%	3.5%	2.6%	3.0%	2.9%	2.7%	2.4%	2.2%	3.4%	3.0%	3.0%	3.7%	5.1%	5.7%	4.1%	2.7%	3.6%	3.8%	5.0%	5.9%	5.5%	4.2%	6.5%	7.1%	5.2%	5.6%	8.7%	4.2%
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2.97×	0.78×	0.40×	–	–	–	–	–	–	–	–	–	–	–	–	–
Debt / equity	–	1.19×	1.14×	1.05×	0.16×	0.11×	0.17×	0.29×	0.35×	0.37×	0.36×	0.41×	0.86×	0.97×	1.32×	1.59×	1.98×	2.08×	2.10×	2.04×	2.33×	2.23×	1.67×	1.64×	1.00×	0.95×	0.63×	0.76×	0.71×	0.62×	1.83×	1.77×
Effective tax rate	0.0%	–	–	(2.4%)	3.0%	0.2%	0.2%	–	–	0.7%	–	–	–	–	(3.6%)	–	–	–	0.9%	1.6%	5.1%	0.4%	–	–	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	64	64	64	65	65	66	66	66	66	66	65	57	37	35	33	30	30	25	25	24	23	23	22	19	21	19	18	17	15	7	6	6

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994
Revenue and gross profit
Revenue	$1,927	$1,887	$1,774	$1,669	$1,607	$1,441	$1,496	$1,460	$1,400	$1,364	$1,294	$1,194	$971	$611	$535	$467	$410	$406	$408	$379	$340	$314	$290	$240	$208	$179	$183	$146	$125	$85	$51	$50	$20
Cost of revenue	($590)	($593)	($567)	($532)	($498)	($232)	($212)	($189)	($184)	($176)	($169)	($364)	($313)	($197)	($172)	($162)	($146)	($140)	($132)	($123)	–	–	–	–	–	–	–	–	–	–	–	–	–
Gross profit	$1,337	$1,308	$1,208	$1,137	$1,109	$1,208	$1,284	$1,271	$1,216	$1,187	$1,125	$831	$658	$413	$363	$305	$264	$272	$276	$256	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($132)	($72)	($99)	($63)	($57)	($52)	($65)	($54)	($53)	($41)	($41)	($40)	($41)	($27)	($25)	($21)	($23)	($25)	($28)	($26)	($22)	($19)	($51)	($31)	($24)	($7)	($22)	($17)	($15)	($9)	($5)	($2)	($1)
Total operating expenses	($710)	($409)	($505)	($553)	($514)	($678)	($793)	($790)	($704)	($714)	($704)	($500)	($457)	($225)	($196)	($171)	($154)	($161)	($138)	($207)	–	–	–	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($1,300)	($988)	($1,071)	($1,085)	($1,012)	($911)	($1,004)	($979)	($888)	($891)	($873)	($863)	($769)	($422)	($368)	($333)	($300)	($295)	($270)	($330)	($292)	($277)	($240)	($190)	($156)	($134)	($88)	($73)	($65)	($43)	($27)	$23	$11
Operating income	$627	$899	$703	$584	$595	$530	$491	$481	$512	$473	$421	$331	$202	$189	$167	$135	$111	$111	$138	$49	$48	$37	$49	$50	$52	$46	$95	$73	$60	$42	$24	$73	$32
Earnings
EBITDA	$1,241	$1,507	$1,283	$1,133	$1,135	$1,050	$1,017	$965	$992	$942	$862	$785	$562	$381	$336	$285	$240	$229	$251	$150	$131	$117	$124	$100	$90	$82	$126	$100	$82	$56	$33	$82	$36
Interest income	$19	$17	$81	$46	($19)	$99	$41	$46	$23	$25	$27	$19	$12	$12	$14	$17	$28	$13	$11	$4	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($263)	($258)	($236)	($213)	($205)	($203)	($221)	($217)	($220)	($223)	($220)	($205)	($165)	($117)	($112)	($92)	($83)	($81)	($85)	($79)	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$432	$703	$811	$431	$433	$516	$864	$707	$646	$687	$662	$248	$134	$141	$128	$47	$49	$45	$81	$43	$34	$50	$73	$27	$37	$46	–	–	–	–	$12	–	–
Income tax expense	–	($0)	–	–	$10	($16)	($2)	($1)	–	–	($4)	–	–	–	–	$2	–	–	–	($0)	($1)	($3)	($0)	–	–	–	–	–	–	–	–	–	–
Net income	$414	$670	$742	$406	$408	$489	$569	$439	$390	$433	$415	$232	$122	$156	$125	$47	$36	$37	$62	$116	$63	$80	$80	$38	$53	$49	$44	$44	$26	$29	$9	$11	$3
Per share
Diluted EPS (GAAP)	$6.43	$10.40	$11.54	$6.32	$6.27	$7.51	$8.69	$6.66	$5.90	$6.57	$6.27	$3.49	$2.06	$4.04	$3.41	$1.24	$1.14	$2.91	$2.09	$4.24	$2.45	$3.32	$3.36	$1.57	$2.60	$2.63	$2.37	$2.36	$1.36	$1.92	$1.12	$1.73	$0.52
Basic EPS (GAAP)	$6.43	$10.40	$11.55	$6.32	$6.27	$7.51	$8.69	$6.67	$5.91	$6.58	$6.28	$3.50	$2.07	$4.05	$3.42	$1.24	$1.14	$3.01	$2.10	$4.34	$2.50	$3.38	$3.39	$1.58	$2.62	$2.63	$2.42	$2.41	$1.37	$1.96	$1.13	$1.73	$0.52
Basic shares outstanding	64	64	64	64	65	65	65	66	66	66	65	65	57	37	35	33	30	27	25	25	23	23	23	21	19	18	18	18	17	14	7	6	6
Margins
Gross margin	69.4%	69.3%	68.1%	68.1%	69.0%	83.9%	85.9%	87.0%	86.9%	87.1%	86.9%	69.6%	67.8%	67.7%	67.8%	65.3%	64.4%	66.9%	67.6%	67.5%	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating margin	32.5%	47.6%	39.6%	35.0%	37.0%	36.8%	32.9%	32.9%	36.6%	34.7%	32.5%	27.7%	20.8%	30.9%	31.2%	28.8%	27.0%	27.3%	33.8%	13.0%	14.0%	11.8%	17.1%	20.8%	25.2%	25.5%	51.8%	50.2%	47.9%	49.3%	47.2%	146.1%	154.9%
Net margin	21.5%	35.5%	41.8%	24.3%	25.4%	33.9%	38.0%	30.1%	27.9%	31.8%	32.1%	19.4%	12.6%	25.6%	23.4%	10.1%	8.8%	9.1%	15.2%	30.5%	18.5%	25.4%	27.5%	15.8%	25.4%	27.1%	24.3%	29.8%	21.0%	34.7%	17.5%	21.6%	16.2%

Analyst consensus

Hold47 analysts

Bearish · 4 · Hold · 25 · Bullish · 18

Earnings history

	EPS	Estimate
Q3 2024	$1.84	$1.35	Beat
Q4 2024	$4.00	$1.40	Beat
Q1 2025	$3.16	$1.49	Beat
Q2 2025	$3.44	$1.48	Beat
Q3 2025	$2.56	$1.56	Beat
Q4 2025	$1.25	$1.45	Miss
Q1 2026	$1.65	$1.42	Beat
Q2 2026	$0.97	$1.46	Miss

Peers

Company overview

IPO dateJun 7, 1994

CEOAngela L. Kleiman

Employees1,688

SectorReal Estate

IndustryREIT - Residential

CountryUS

ExchangeNew York Stock Exchange

Websitewww.essexapartmenthomes.com

Essex Property Trust, Inc., a prominent S&P 500 constituent, operates as a vertically integrated real estate investment trust (REIT). The company focuses on the purchase, construction, renovation, and ongoing management of residential apartment complexes across select West Coast regions. Currently, Essex maintains ownership interests in 246 apartment communities, offering a total of roughly 60,000 homes, with an additional six properties actively advancing through various stages of development.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.