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ESS

Essex Property Trust, Inc.

ESS

Essex Property Trust, Inc. • NYSE
$263.62 ▲ 0.57% (+1.50)
Market Cap $16.98 B
52w High $316.29
52w Low $243.25
Dividend Yield 10.16%
P/E 20.05
Volume 140.09K
Outstanding Shares 64.40M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $473.303M ▲ $178.147M ▲ $164.621M ▼ 34.781% ▼ $2.556 ▼ $387.544M ▼
Q2-2025 $469.833M ▲ $42.716M ▼ $221.362M ▲ 47.115% ▲ $3.44 ▲ $448.289M ▼
Q1-2025 $464.583M ▲ $142.739M ▲ $203.11M ▼ 43.719% ▼ $3.16 ▼ $512.824M ▲
Q4-2024 $454.469M ▲ $-238.849M ▼ $257.453M ▲ 56.649% ▲ $4.01 ▲ $268.409M ▼
Q3-2024 $450.698M $261.243M $118.424M 26.276% $1.84 $416.454M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $150.075M ▲ $13.15B ▼ $7.319B ▼ $5.631B ▼
Q2-2025 $140.841M ▼ $13.181B ▼ $7.343B ▼ $5.635B ▲
Q1-2025 $174.748M ▲ $13.186B ▲ $7.406B ▲ $5.57B ▲
Q4-2024 $136.589M ▼ $12.927B ▲ $7.176B ▲ $5.537B ▲
Q3-2024 $146.533M $12.647B $6.985B $5.434B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $164.621M ▼ $438.603M ▲ $-154.632M ▼ $-276.612M ▼ $7.359M ▲ $503.053M ▲
Q2-2025 $231.526M ▲ $216.129M ▼ $-52.777M ▲ $-203.33M ▼ $-39.978M ▼ $179.593M ▼
Q1-2025 $212.778M ▼ $281.503M ▲ $-267.313M ▼ $17.826M ▲ $32.016M ▲ $253.589M ▲
Q4-2024 $257.453M ▲ $218.324M ▼ $-129.355M ▲ $-93.386M ▼ $-4.417M ▼ $179.464M ▼
Q3-2024 $125.487M $316.199M $-222.692M $-77.395M $16.112M $279.646M

Revenue by Products

Product Q1-2024Q2-2024Q3-2024Q2-2025
Management And Other Fees From Affiliates Income
Management And Other Fees From Affiliates Income
 $0 ▲$0 ▲$0 ▲$0 ▲
Rental And Other Property Revenues
Rental And Other Property Revenues
 $420.00M ▲$440.00M ▲$450.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Essex shows a pattern of steady growth in rental income over the past several years, with only minor bumps along the way. Core profitability from operations has remained solid, reflecting good control of day‑to‑day property costs and generally healthy rent levels in its markets. Net income and earnings per share have been more uneven, which is common for REITs because gains, write‑downs, and other accounting items can swing reported profits. Overall, the income statement reads as a mature, largely stable business that has managed to grow revenue while protecting margins in a challenging West Coast housing environment.

Balance Sheet

Balance Sheet The balance sheet reflects a large, established property owner with significant real estate holdings and a meaningful, but not extreme, use of debt. Total assets have been fairly steady, showing that Essex is managing its portfolio rather than chasing rapid expansion. Debt sits at a level that is important to monitor but appears in line with typical REIT financing practices, supported by a sizable equity base. Cash on hand is low, which is common for REITs that rely on ongoing cash flows and capital markets rather than large cash reserves. The risk is sensitivity to interest rates and refinancing conditions, but the structure looks measured rather than aggressive.

Cash Flow

Cash Flow Cash flows are a clear strength. Operating cash flow has grown at a healthy, gradual pace, showing that the properties consistently generate cash after operating costs. After funding maintenance and modest investment in the portfolio, Essex still produces positive free cash flow, which gives it room to support dividends, interest payments, and selective reinvestment. Capital spending has been disciplined rather than heavy, suggesting a focus on maintaining and upgrading existing assets, not on outsized, speculative development. Overall, the cash flow profile looks dependable and well matched to a long‑term income‑oriented REIT model.

Competitive Edge

Competitive Edge Essex holds a strong position in high‑barrier, supply‑constrained West Coast markets, particularly in attractive urban and job‑rich areas. This focus gives it pricing power and relatively resilient demand, but also concentrates its exposure to local economic cycles, tech employment, regulation, and natural disaster risk. Its “property collections” operating model, where nearby properties are run as a unified cluster, helps it squeeze more efficiency out of staffing and services, supporting margins. Competition from other high‑quality apartment REITs is real, but Essex’s deep local footprint, scale, and market knowledge create a meaningful, though not unassailable, moat.

Innovation and R&D

Innovation and R&D While Essex does not do research and development in the traditional sense, it has leaned into property technology and data analytics as key differentiators. Through its venture relationship with RET Ventures, it gets early access to new tools in areas like AI‑driven leasing, pricing, procurement, and resident services. Smart home features, self‑guided tours, online portals, and ultrafast internet improve the resident experience and help keep properties competitive. Internally, Essex is building data skills and proprietary tools to optimize renewals and operations. Its growing focus on ESG initiatives and a housing impact fund also points to a willingness to adopt new technologies and practices that could support both cost efficiency and brand strength over time.

Summary

Essex comes across as a mature, high‑quality West Coast apartment REIT with steady revenue growth, solid operating profitability, and strong, recurring cash flows. Its balance sheet shows meaningful but generally manageable leverage backed by a large, concentrated property base. The company’s main advantages are its deep presence in supply‑constrained markets, an efficient operating model, and early adoption of proptech and data‑driven tools. Its main vulnerabilities lie in its geographic concentration, exposure to interest rates, and regulatory and economic risks specific to coastal California and Washington. Overall, Essex looks like a disciplined operator focused on incremental improvement rather than dramatic expansion, with technology and operational excellence as key levers for future performance.

NEWS

October 29, 2025 · 4:15 PM UTC

Essex Announces Third Quarter 2025 Results and Raises Full-Year 2025 Guidance

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October 15, 2025 · 1:00 AM UTC

Tigo Energy Kicks off UK Installer ESS Training Tour, Doubling Down on Optimizer Success

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October 8, 2025 · 4:15 PM UTC

Essex Announces Release and Conference Call Dates for Its Third Quarter 2025 Earnings

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