Essex Property Trust
Owns and operates apartment communities across California and metropolitan Seattle.
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Profile
Owns and operates apartment communities across Southern and Northern California and metropolitan Seattle, earning nearly all revenue from residential rents. Acquisitions, redevelopment, development, co-investments, and structured finance support a portfolio concentrated in three coastal regions.
Operates as a self-managed apartment REIT, owning, acquiring, developing, redeveloping, and managing communities in Southern California, the San Francisco Bay Area, and metropolitan Seattle. Apartment rents generate nearly all revenue; retail and commercial space and management fees are minor. The portfolio also includes co-investments, preferred-equity positions, and limited development activity.
Centralizes groups of properties into operating collections and uses redevelopment and data analytics to improve operations. Acquisitions, dispositions, joint ventures, and structured finance allocate capital within its coastal markets.
Rental income depends on occupancy and rent levels shaped by local employment, housing affordability, and competing supply. Portfolio activity also depends on entitlement rules, construction costs, interest rates, capital-market access, and federal, state, and local housing regulations.
Company facts
Categories
Key statistics
Year to date +10.6% · Average volume (30d) 433.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 18, 2026 | Deutsche Bank | Target | $330 | $325 | ||
| Aug 3, 2026 | Cantor Fitzgerald | Reiterate | Overweight | $330 | $316 | |
| Jul 31, 2026 | Citigroup | Upgrade | Buy | Outperform | ||
| Jul 31, 2026 | Cantor Fitzgerald | Target | $291 | $330 | ||
| Jul 31, 2026 | Citizens | Upgrade | Market Perform | Market Outperform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $1.46 | $0.97 | −33.6% | $485.1M | $486.7M | +0.3% | −5.03% |
| Apr 28, 2026Q1 FY26 | $1.43 | $4.06 | +183.9% | $479.9M | $482.4M | +0.5% | −1.10% |
| Feb 4, 2026Q4 FY25 | $1.46 | $3.98 | +172.6% | $474.0M | $477.3M | +0.7% | −0.43% |
| Oct 29, 2025Q3 FY25 | $3.96 | $3.97 | +0.3% | $474.7M | $473.3M | −0.3% | +1.07% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $477.8M | $469.8M | $473.3M | $479.6M | $484.8M | $489.0M | |
| Gross profit | $326.8M | $322.4M | $329.9M | $328.8M | $343.5M | $334.6M | |
| Operating income | $257.1M | $279.7M | $151.7M | $145.5M | $155.2M | $107.7M | |
| Net income | $203.1M | $221.4M | $164.6M | $83.4M | $106.2M | $62.5M | |
| Diluted EPS | $3.16 | $3.44 | $2.56 | $1.25 | $1.65 | $0.97 | |
| Gross margin | 68.4% | 68.6% | 69.7% | 68.6% | 70.9% | 68.4% | |
| Operating margin | 53.8% | 59.5% | 32.1% | 30.3% | 32.0% | 22.0% |
Fiscal years (4-quarter sums)FY21 $1.44B · FY22 $1.61B · FY23 $1.67B · FY24 $1.80B · FY25 $1.90B
Balance sheet, Jun 30, 2026Cash & short-term investments $158.5M · Total debt $6.75B · Total assets $12.90B · Shareholders' equity $5.32B
Dividends
Raised for 30 straight years — most recently to $2.59 from $2.57 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $2.59 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $2.59 | raised from $2.57 |
| Jan 2, 2026 | Jan 2 | Jan 15 | $2.57 | |
| Sep 30, 2025 | Sep 30 | Oct 15 | $2.57 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $2.57 | |
| Mar 31, 2025 | Mar 31 | Apr 15 | $2.57 | raised from $2.45 |
| Jan 2, 2025 | Jan 2 | Jan 15 | $2.45 | |
| Sep 30, 2024 | Sep 30 | Oct 11 | $2.45 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 64.26M · Float 63.56M · 98.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 7.43M | 11.56% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 5.49M | 8.54% | 13F | Aug 13, 2026 |
| State Street Corp | 5.21M | 8.11% | 13F | Aug 7, 2026 |
| Cohen & Steers, Inc. | 4.91M | 7.65% | 13F | Aug 14, 2026 |
| Vanguard Capital Management LLC | 4.20M | 6.54% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 27, 2026 | Mary Kasaris | director | −600 | $279.45 |
Peers
- Equity Residential
Coastal apartments in California, Seattle, and gateway metros
- AvalonBay Communities
Large coastal apartment platform with California and Pacific Northwest overlap
- UDR
West-region apartments overlapping California and Seattle markets
- Camden Property Trust
National multifamily owner competing for renters and development capital
- Mid-America Apartment Communities
Large Sun Belt apartment REIT competing at portfolio and capital scale
- Invitation Homes
Single-family rental substitute for apartment tenant demand
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Essex Property Trust | $284.03 | 0.00% | $18.25B | 44.2 | 47.4 | 9.5 | +3.6% |
| Equity Residential | $63.66 | −3.50% | $23.87B | 27.9 | 42.5 | 7.6 | +2.1% |
| AvalonBay Communities | $184.06 | 0.00% | $26.28B | 25.4 | 35.5 | 8.5 | −6.3% |
| UDR | $37.12 | −0.01% | $11.93B | 23.6 | 64.3 | 6.9 | −0.6% |
| Camden Property Trust | $106.35 | +0.03% | $10.69B | 35.3 | 101.8 | 6.8 | −0.9% |
| Mid-America Apartment Communities | $128.57 | −0.84% | $15.08B | 37.9 | 41.5 | 6.8 | +1.0% |
| Invitation Homes | $28.97 | −0.93% | $17.37B | 26.8 | 38.4 | 6.1 | +9.7% |
| Median | 27.4 | 42.0 | 6.9 | +0.2% |