At a glance
Essex Property Trust Inc is worth $17.09B, about 26 times its fiscal 2025 earnings. Revenue grew 6.4% to $1.89B in fiscal 2025, with 35.5% kept as profit; over 5 years it has grown 4.8% a year. It pays a 3.89% dividend yield, raised every year for at least 9 years, and returned $3.26B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +9.7% over the past year with dividends reinvested and −1.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.6% in the 2020 crash (S&P 500: 33.7%) and 37.3% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Essex Property Trust is a landlord. It is a real estate investment trust (REIT), a company that owns income-producing property and must pay out most of its taxable income as dividends. Essex owns, manages, buys, builds and renovates apartment communities, mostly along the West Coast of the United States. As of December 31, 2025, it owned or had stakes in 259 operating apartment communities with 63,077 apartment homes. It is an S&P 500 company and holds its properties through an operating partnership, Essex Portfolio, L.P.
Its income comes mainly from rent paid by apartment tenants on short-term leases. Rents can rise quickly when demand is strong, and they can fall quickly when it weakens. Revenue for fiscal 2025 was about $1.89 billion, up 6.4% from the year before. Essex also has smaller side investments. These include loans and preferred equity (a stake that is paid ahead of common owners), two commercial buildings and a 543-home development project.
Essex targets metro areas with more than one million residents, high incomes and job growth, where scarce land, slow permits, mountains or water limit new building. All of its 2025 purchases were in California. That focus cuts both ways. Local job losses, rent control or wildfires can hurt results more than they would at a landlord spread across the country.
Price history
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ESS +9.7% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $492.7M, up 4.1% from a year earlier, and net income was $98.1M (-40.4%).
- For fiscal 2025, revenue was $1.89B (+6.4% year over year; +4.8% a year from FY2020 to FY2025) with a 35.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.8% watch |
|---|---|
| Operating margin | 47.6% good |
| Return on equity (FY2025) | 12.1% watch |
| Return on assets (FY2025) | 5.1% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.50B | $568.9M | — |
| FY2021 | $1.44B | $488.6M | — |
| FY2022 | $1.61B | $408.3M | — |
| FY2023 | $1.67B | $405.8M | — |
| FY2024 | $1.77B | $741.5M | — |
| FY2025 | $1.89B | $669.7M | — |
Valuation snapshot
| Market value | $17.09B |
|---|---|
| P/E ratio | 25.5 |
| Dividend yield | 3.89% |
Rank among 1514 US companies
Market value at each year end
Essex Property Trust’s market value went from $15.23B at the end of 2016 to $17.09B on Nov 2, 2026, up 12%; since the end of 2025 it is up 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $17.09B | +1.4% |
| 2025 | $16.85B | -8.1% |
| 2024 | $18.34B | +15.3% |
| 2023 | $15.91B | +16.0% |
| 2022 | $13.72B | -40.1% |
| 2021 | $22.93B | +48.1% |
| 2020 | $15.48B | -22.1% |
| 2019 | $19.88B | +22.7% |
| 2018 | $16.20B | +1.6% |
| 2017 | $15.94B | +4.6% |
| 2016 | $15.23B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ESS price data to Nov 2, 2026 | +5.5% | +9.7% | +11.9% | -1.0% | +5.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +5.5% |
| 2025 | -5.0% |
| 2024 | +18.3% |
| 2023 | +21.9% |
| 2022 | -37.8% |
| 2021 | +52.4% |
| 2020 | -18.1% |
| 2019 | +25.9% |
| 2018 | +4.8% |
| 2017 | +6.8% |
| 2016 | -0.1% |
| 2015 | +18.9% |
| 2014 | +48.0% |
| 2013 | +1.1% |
| 2012 | +7.5% |
| 2011 | +27.1% |
| 2010 | +42.1% |
| 2009 | +15.6% |
| 2008 | -18.0% |
| 2007 | -22.1% |
| 2006 | +44.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 53.2% over that stretch · deepest drop along the way 59.8%, back to its old high 19.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.3% over that stretch · deepest drop along the way 44.6%, back to its old high 14.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.2% over that stretch · deepest drop along the way 37.3%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 1 sales ($168K).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 27, 2026 | Mary Kasaris Director | sell | $168K |
Who owns it
Large shareholders (13G filings)
| COHEN & STEERS, INC. | 8.7% | Jun 30, 2025 |
| Vanguard Portfolio Management | 8.52% | Mar 31, 2026 |
| Vanguard Capital Management | 7.56% | Mar 31, 2026 |
| Cohen & Steers, Inc. | 7.53% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 5.2% | Jun 30, 2025 |
ETFs with the most weight in ESS
| HAUS Residential REIT ETF | 4.32% |
| REIT ALPS Active REIT ETF | 4.13% |
| REZ iShares Residential and Multisector Real Estate ETF | 4.12% |
| RSPR Invesco S&P 500 Equal Weight Real Estate ETF | 3.14% |
| JPRE JPMorgan Realty Income ETF | 2.62% |
| PSR Invesco Active U.S. Real Estate Fund | 2.3% |
| PPTY US Diversified Real Estate ETF | 2.16% |
| ICF iShares Cohen & Steers REIT ETF | 2.15% |
What could go wrong
- Heavy reliance on West Coast markets. Essex's apartments are mostly along the West Coast, and all its 2025 purchases were in California. A regional slowdown, job losses or disaster could hit many of its homes at once.
- Rent control and tenant-protection laws. Rent control, pauses on evictions and fee-disclosure rules can limit how much Essex raises rents, removes nonpaying tenants or passes on rising costs. Rules and scrutiny around rent-pricing software add legal risk.
- Short leases mean rents reset quickly. Apartment leases are short. When market rents fall, Essex's income drops soon after, as leases renew or units turn over. Units it cannot re-let promptly also cut revenue.
- Local job losses, including from AI. Rental demand depends on local jobs and wages. Essex warns that slowing job growth in key markets, immigration policy changes or artificial intelligence (AI) replacing workers could shrink its pool of renters.
- Wildfires, floods and costly insurance. Wildfires, floods and other disasters could damage communities or injure residents. Climate change could raise these risks. Some losses may not be insured, and insurance may become harder to buy.
- Debt costs and credit rating. Essex had about $6.6 billion of debt as of September 30, 2026. Higher interest rates raise the cost of refinancing debt as it comes due. A credit-rating downgrade could make borrowing costlier and harder.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Other company announcement
For income and retirement investors
Essex's dividend per share has risen for at least nine fiscal years in a row through 2025, and the true streak may be longer. It grew from $8.31 in 2020 to $10.28 in 2025, about 4.3% a year. Dividends paid equaled 97.7% of 2025 net income. But REIT net income is reduced by depreciation, a non-cash cost, so REIT investors often check coverage with funds from operations (FFO), which adds that cost back. The yield was 3.96% as of October 28, 2026. Buybacks were small: $294.6 million over fiscal 2021–2025, with none in 2024 or 2025, against $2.97 billion of dividends.
In the 2008 financial crisis the shares fell 59.8%, and in the 2020 COVID crash they fell 44.6%. They regained their peaks about 19.6 and 14.7 months after those lows. They fell 37.3% in 2022 and had not returned to that peak as of October 28, 2026. A single stock like Essex carries more risk than a diversified fund.
Questions investors ask
How does Essex Property Trust make money?
Essex makes money mainly by renting apartments. As a real estate investment trust (REIT), it owns, runs, buys and builds apartment communities, mostly on the US West Coast. It had 259 communities with 63,077 homes as of December 31, 2025. It also invests in real estate loans and preferred equity, and owns two commercial buildings. In the quarter ended September 30, 2026, revenue rose 4.1% from a year earlier to $492.7 million, while net income fell 40.4% to $98.1 million.
Does Essex Property Trust raise its dividend every year?
Yes, it has raised its dividend at least nine years in a row through fiscal 2025, and the true streak may be longer. The dividend per share grew from $8.31 in 2020 to $10.28 in 2025, about 4.3% a year. Past raises are not a promise. The 10-K warns that weak rental revenue could limit dividends, and that Essex may choose to pay dividends in its own stock.
What is Essex Property Trust's dividend yield?
The dividend yield was 3.96% as of October 28, 2026, when the share price valued Essex at about $16.8 billion. Dividends paid equaled 97.7% of 2025 net income. That looks high, but REIT net income is reduced by depreciation, a non-cash cost, so REIT investors often judge coverage with funds from operations (FFO) instead. Essex's 10-K also notes that REIT dividends may be taxed at higher rates than dividends from ordinary companies, which can reduce what shareholders keep.
How much debt does Essex Property Trust have?
Essex had about $6.6 billion of total debt as of September 30, 2026. That compares with $12.8 billion of total assets and $72 million of cash and investments. As of December 31, 2025, it held investment-grade ratings of Baa1 from Moody's and BBB+ from S&P, both with stable outlooks. It also had a $1.5 billion bank credit line it can draw on. In 2025 it sold new bonds due 2035 and 2036 paying 5.375% and 4.875% interest. A downgrade could raise its borrowing costs.
How did Essex Property Trust stock do in past market crashes?
It fell sharply in each one. The shares dropped 59.8% between September 2008 and March 2009, then regained their peak about 19.6 months after the low. In the 2020 COVID crash they fell 44.6% and recovered by June 2021. In the 2022 market slump they fell 37.3% and had not returned to their April 2022 peak as of October 28, 2026. The deepest drop in about 21 years of price history was 62.7%.