Essex Property Trust, Inc. ESS
Essex Property Trust, Inc. is a self-administered, self-managed REIT that owns and operates apartment communities along the West Coast of the United States. As of December 31, 2025, the Company owned or had ownership interests in 259 operating apartment communities aggregating 63,077 apartment homes, excluding ownership in preferred equity co-investments, loan investments, two operating commercial buildings, and a development pipeline comprised of one consolidated project and various predevelopment projects. The Company invests primarily in apartment communities located in Southern California, Northern California, and the Seattle metropolitan area, focusing on supply-constrained markets with strong economic fundamentals.
Business overview written from the company's own Form 10-K (Item 1), filed 2026-02-20 — refreshed whenever it files a new one. The figures above are current; see its SEC filings. ✓ From the 10-K
Plain-English: the Snapshot is the quick read — what it pays you (yield, dividend), how its cash flow looks (FFO/AFFO, Price/OCF) and how much debt it carries. Switch to Expert in the header to hide these explanations.
Snapshot
Reported FFO / Core FFO / leverage are from the Q1 2026 earnings release (filed 2026-04-28) — 8-K, EX-99.1 ✓ Verified to filing.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
$10,000 invested
Illustrative income only, at today's price and latest declared dividend — it excludes price changes, dividend cuts and taxes. Not a forecast.
Model ESS yourself — any amount, shares, per-payment & a multi-year DRIP projection →
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $1.90B | $672.49M | $607.54M | $1.56B | $1.07B |
| 2024 | $1.77B | $741.52M | $580.22M | $1.63B | $1.07B |
| 2023 | $1.67B | $405.82M | $548.44M | $1.19B | $980.06M |
| 2022 | $1.61B | $408.31M | $539.32M | $1.20B | $975.65M |
| 2021 | $1.44B | $488.55M | $520.07M | $1.50B | $905.26M |
| 2020 | $1.50B | $568.87M | $525.50M | $1.61B | $803.11M |
Dividends
Recent regular dividends per share (special distributions excluded), oldest → newest.
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-06-30 | 2026-06-30 | 2026-07-15 | 2026-05-14 | $2.59 | Quarterly |
| 2026-03-31 | 2026-03-31 | 2026-04-15 | 2026-02-19 | $2.59 | Irregular |
| 2026-01-02 | 2026-01-02 | 2026-01-15 | 2025-12-05 | $2.57 | Quarterly |
| 2025-09-30 | 2025-09-30 | 2025-10-15 | 2025-09-04 | $2.57 | Quarterly |
| 2025-06-30 | 2025-06-30 | 2025-07-15 | 2025-05-15 | $2.57 | Quarterly |
| 2025-03-31 | 2025-03-31 | 2025-04-15 | 2025-02-20 | $2.57 | Irregular |
| 2025-01-02 | 2025-01-02 | 2025-01-15 | 2024-12-06 | $2.45 | Quarterly |
| 2024-09-30 | 2024-09-30 | 2024-10-11 | 2024-09-05 | $2.45 | Quarterly |
| 2024-06-28 | 2024-06-28 | 2024-07-12 | 2024-05-15 | $2.45 | Quarterly |
| 2024-03-27 | 2024-03-29 | 2024-04-12 | 2024-02-22 | $2.45 | Quarterly |
| 2023-12-29 | 2024-01-02 | 2024-01-12 | 2023-12-08 | $2.31 | Quarterly |
| 2023-09-28 | 2023-09-29 | 2023-10-13 | 2023-09-07 | $2.31 | Quarterly |
| 2023-06-29 | 2023-06-30 | 2023-07-14 | 2023-05-12 | $2.31 | Quarterly |
| 2023-03-30 | 2023-03-31 | 2023-04-14 | 2023-02-23 | $2.31 | Quarterly |
| 2022-12-30 | 2023-01-03 | 2023-01-13 | 2022-12-09 | $2.20 | Quarterly |
| 2022-09-29 | 2022-09-30 | 2022-10-14 | 2022-09-15 | $2.20 | Quarterly |
| 2022-06-29 | 2022-06-30 | 2022-07-15 | 2022-05-11 | $2.20 | Quarterly |
| 2022-03-30 | 2022-03-31 | 2022-04-14 | 2022-02-24 | $2.20 | Quarterly |
| 2021-12-31 | 2022-01-03 | 2022-01-14 | 2021-12-10 | $2.09 | Quarterly |
| 2021-09-29 | 2021-09-30 | 2021-10-15 | 2021-09-10 | $2.09 | Quarterly |
| 2021-06-29 | 2021-06-30 | 2021-07-15 | 2021-05-12 | $2.09 | Quarterly |
| 2021-03-30 | 2021-03-31 | 2021-04-15 | 2021-02-18 | $2.09 | Quarterly |
| 2020-12-31 | 2021-01-04 | 2021-01-15 | 2020-12-08 | $2.08 | Quarterly |
| 2020-09-29 | 2020-09-30 | 2020-10-15 | 2020-09-02 | $2.08 | Quarterly |
Coverage (payout of operating cash flow): 62.15%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Recent news — ESS
Essex Announces Release and Conference Call Dates for Its Second Quarter 2026 Earnings
Is Holding Essex Property Trust Still Smart Move for Your Portfolio?
ESS Added to Russell Microcap® Index
Essex Property Trust Publishes 2025 Sustainability and Impact Report
This Essex Property Trust Analyst Turns Bullish; Here Are Top 4 Upgrades For Friday
ESS to Accelerate Sodium-Ion Battery Energy Storage System Development Following Surging Customer Interest
Essex Property Trust: AI Is Boosting Bay Area Rents, But Valuation Still Matters
American Homes 4 Rent vs. Essex Property Trust: Which Real Estate Stock Is a Better Buy in 2026?
Headlines via Financial Modeling Prep; links open the original publisher in a new tab. Not an endorsement or investment advice.
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Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.