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Owns and operates apartment communities concentrated on the US West Coast.
Owns and operates apartment communities concentrated on the US West Coast.
Collects rent on apartments under leases of about a year, so rents reset to market within months as demand shifts. Its portfolio is in California and the Seattle area, and as a REIT (a tax-favoured property company) it must pay out most of its taxable income as dividends. It also earns returns from joint-venture and preferred-equity investments.
Moat: narrow (scale, installed base). Concentrated portfolio in supply-constrained West Coast tech-hub markets that is costly and slow to replicate.
Headquarters: San Mateo, California, United States · Founded: 1971 · Employees: 1,689
Size Essex Property Trust (ESS) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $17.5B, the 535th largest of 3,117 United States companies the cockpit tracks. Shares closed at $272.18 on 6 Nov 2026.
Performance Over six months the shares gained 4.2%, against -1.2% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 4.5% over the last twelve months (peer median +4.5%); the operating margin is 29.6% (peer median 34.6%).
Valuation It trades at 3.30× book value against a peer median of 1.79× (3rd most expensive of 20).
Price implies The share price implies a return on equity of about 20.8%; Essex Property Trust delivers 6.4%, so the price asks more than the business earns today.
Backlog Backlog (remaining performance obligations) was $100,000 at 30 Jun 2026, down 67% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit Essex Property Trust has 10 bonds outstanding ($4.40B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 81 bp.
Short interest Short interest is 3.9% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.95B | $1.89B | $1.77B | $1.67B | $1.61B |
| Revenue growth | — | +6% | +6% | +4% | — |
| Gross profit | $721M | $672M | $626M | $590M | $560M |
| EBITDA | $1.19B | $1.23B | $1.34B | $1.07B | $1.13B |
| Net income | $347M | $670M | $742M | $406M | $408M |
| Free cash flow | $1.10B | $1.12B | $972M | $879M | $988M |
| Capital expenditure | $127M | $140M | $136M | $140M | $163M |
| Total debt | $6.64B | $6.90B | $6.71B | $6.27B | $6.03B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Essex Property Trust ESS | $17.5B | +4% | +5% | 6% | 3.30× | 20.8% |
| Equity Residential EQR | n/a | +2% | n/a | n/a | n/a | n/a |
| AvalonBay Communities AVB | n/a | +4% | n/a | n/a | n/a | n/a |
| Mid-America Apartment Communities MAA | $13.8B | -8% | +1% | 7% | 2.45× | 16.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ESS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.3% | +7.3% | 2nd lowest of 21 |
| 6-month return | +4.2% | -1.2% | 6th highest of 21 |
| Return on equity | 6.3% | 7.4% | 7th lowest of 20 |
| Price / book | 3.30× | 1.79× | 3rd most expensive of 20 |
| Trailing P/E | 50.5× | 25.2× | 3rd most expensive of 18 |
| ROE the price implies | 20.8% | 15.1% | 4th most demanding of 20 |
| ROE delivered | 6.4% | 7.4% | 7th lowest of 20 |
| Bond spread | 81 bp | 96 bp | 5th tightest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Essex Property Trust ESS | United States | $17.5B | +4% | +5% | 6% | 3.30× | 20.8% | 6.4% |
| Kimco Realty KIM | United States | $17.0B | +10% | +3% | 7% | 1.67× | 13.9% | 7.2% |
| Host Hotels & Resorts HST | United States | $16.9B | +15% | +5% | 16% | 2.64× | 22.6% | 15.8% |
| SEGRO SGRO.L | United Kingdom | $16.6B | +33% | +7% | 2% | 1.03× | 14.8% | 2.5% |
| Lamar Advertising LAMR | United States | $15.8B | -1% | +4% | 59% | 16.13× | 134.1% | 58.9% |
| Invitation Homes INVH | United States | $15.6B | -5% | +5% | 7% | 1.79× | 13.6% | 7.4% |
| SBA Communications SBAC | United States | $19.8B | -13% | +2% | n/a | n/a | n/a | n/a |
| Weyerhaeuser WY | United States | $15.1B | -10% | -1% | 5% | 1.61× | 13.6% | 4.8% |
| W. P. Carey WPC | United States | $15.0B | -12% | +9% | 8% | 1.71× | 12.9% | 7.7% |
| Annaly Capital Management NLY | United States | $14.8B | -17% | +23% | 7% | 1.05× | 11.8% | 7.3% |
| CapitaLand Integrated Commercial Trust C38U.SI | Singapore | $14.6B | +2% | +5% | 8% | 1.09× | 6.1% | 7.6% |
| Omega Healthcare Investors OHI | United States | $14.6B | +2% | +14% | 14% | 2.66× | 15.3% | 14.2% |
| Sun Communities SUI | United States | $14.4B | -4% | -19% | 5% | 2.76× | 18.4% | 5.3% |
| Healthpeak Properties DOC | United States | $14.3B | +4% | +9% | 5% | 1.78× | 15.1% | 4.9% |
| Link REIT 0823.HK | Hong Kong | $13.8B | +3% | -3% | -5% | 0.71× | 5.9% | -4.7% |
| Mid-America Apartment Communities MAA | United States | $13.8B | -8% | +1% | 7% | 2.45× | 16.1% | 7.0% |
| Regency Centers REG | United States | $13.7B | -3% | +8% | 8% | 2.06× | 15.2% | 8.2% |
| Camden Property Trust CPT | United States | $13.4B | -3% | +1% | 8% | 2.68× | 18.2% | 7.8% |
| Scentre SCG.AX | Australia | $13.1B | -1% | -4% | 10% | 0.97× | 11.6% | 10.4% |
| American Healthcare REIT AHR | United States | $12.7B | +12% | +16% | 4% | 3.05× | 20.7% | 4.0% |
| Equity LifeStyle Properties ELS | United States | $12.3B | 0% | +3% | 22% | 6.99× | 37.4% | 22.3% |
Essex Property Trust has 10 bonds outstanding with $4.40B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.50%, a spread of 81 bp over government bonds.
Essex Property Trust reported $100,000 of remaining performance obligations at 30 Jun 2026, down 67% from a year earlier and down 50% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.