ESS Stock Overview

An S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. More details

ESS fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	0/6
Past Performance	4/6
Financial Health	0/6
Dividends	5/6

Rewards

Trading at 24.9% below our estimate of its fair value

Earnings grew by 28% over the past year

Pays a reliable dividend of 3.81%

Risk Analysis

Earnings are forecast to decline by an average of 11.2% per year for the next 3 years

Interest payments are not well covered by earnings

Large one-off items impacting financial results

Community vs My Fair Value

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Essex Property Trust

AnalystConsensusTarget

Consensus Narrative from 24 Analysts

Northern California Reallocation Will Offer Upside Amid Downside Risks

Key Takeaways Reallocation of capital into high rent growth markets and reduced rent delinquency could drive revenue growth and enhance net margins. Strong balance sheet and strategic acquisitions in markets with limited housing supply provide downside protection and support earnings growth.

View narrative

US$310.08

13.1% undervalued

4.07%

Revenue growth p.a.

10 days ago

View Essex Property Trust Community

Essex Property Trust, Inc. Competitors

Price History & Performance

Summary of share price highs, lows and changes for Essex Property Trust
Historical stock prices
Current Share Price	US$269.47
52 Week High	US$317.73
52 Week Low	US$243.85
Beta	0.80
1 Month Change	-2.19%
3 Month Change	-9.72%
1 Year Change	3.88%
3 Year Change	-6.66%
5 Year Change	11.00%
Change since IPO	1,290.81%

Recent updates

Essex Property: Undervalued High Quality In Plain Sight

Apr 22

Essex Property: Shares Have Further Upside Given Limited Housing Supply (Upgrade)

Feb 06

Essex Property Trust: Limited Supply Enables Further Growth

Dec 06

Essex Property Trust: Tailwinds From Both Supply And Demand

Oct 03

Essex Property Trust: High-Quality REIT With A Growing Dividend

Aug 13

Essex Property Trust: The Buying Window Has Now Closed

Jun 12

Essex Property Trust: 3 Reasons Why The Stock May Be Overvalued

May 16

Essex Property Trust: A Dividend Aristocrat Worth Buying Now

Apr 05

Essex Property Trust: Build And Buy Apartments Like A Pro

Feb 15

Essex Property Trust: A Growth REIT With An Attractive Yield

Jan 15

Essex Property Trust: I Expect The West Coast To Outperform Next

Dec 11

Essex Property Trust: Still Has Potential

Dec 05

Essex Property Trust: Low Yield, Small Discount To NAV

Nov 06

Essex Property Trust: California Exposure Isn't That Problematic

Oct 12

Essex Property Trust: Dividend Yield At A High

Oct 01

Essex Property Trust: Don't Mind The California Exposure

Jul 29

Essex Property: A Smart Value For A Frothy Market

Jun 14

Shareholder Returns

	ESS	US Residential REITs	US Market
7D	-6.7%	-5.0%	-2.7%
1Y	3.9%	3.1%	9.1%

Return vs Industry: ESS matched the US Residential REITs industry which returned 3.1% over the past year.

Return vs Market: ESS underperformed the US Market which returned 9% over the past year.

Price Volatility

Is ESS's price volatile compared to industry and market?
ESS volatility
ESS Average Weekly Movement	4.6%
Residential REITs Industry Average Movement	4.3%
Market Average Movement	8.1%
10% most volatile stocks in US Market	17.1%
10% least volatile stocks in US Market	4.1%

Stable Share Price: ESS has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: ESS's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1971	1,714	Angela Kleiman	www.essexapartmenthomes.com

Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 257 apartment communities comprising over 62,000 apartment homes with an additional property in active development.

Essex Property Trust, Inc. Fundamentals Summary

How do Essex Property Trust's earnings and revenue compare to its market cap?
ESS fundamental statistics
Market cap	US$17.97b
Earnings (TTM)	US$671.90m
Revenue (TTM)	US$1.86b

25.8x

P/E Ratio

9.3x

P/S Ratio

Is ESS overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
ESS income statement (TTM)
Revenue	US$1.86b
Cost of Revenue	US$581.10m
Gross Profit	US$1.28b
Other Expenses	US$608.15m
Earnings	US$671.90m

Last Reported Earnings

Mar 31, 2025

Next Earnings Date

n/a

Earnings per share (EPS)	10.44
Gross Margin	68.78%
Net Profit Margin	36.10%
Debt/Equity Ratio	117.5%

How did ESS perform over the long term?

See historical performance and comparison

Dividends

3.8%

Current Dividend Yield

62%

Payout Ratio

Does ESS pay a reliable dividends?

See ESS dividend history and benchmarks

When do you need to buy ESS by to receive an upcoming dividend?
Essex Property Trust dividend dates
Ex Dividend Date	Jun 30 2025
Dividend Pay Date	Jul 15 2025
Days until Ex dividend	36 days
Days until Dividend pay date	51 days

Does ESS pay a reliable dividends?

See ESS dividend history and benchmarks

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/05/25 02:15
End of Day Share Price	2025/05/23 00:00
Earnings	2025/03/31
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Essex Property Trust, Inc. is covered by 47 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Wesley Golladay	Baird
Ross Smotrich	Barclays
Richard Hightower	Barclays

ESS Stock Overview

Rewards

Risk Analysis

Northern California Reallocation Will Offer Upside Amid Downside Risks

Essex Property Trust, Inc. Competitors

Mid-America Apartment Communities

UDR

Equity Residential

Camden Property Trust

Price History & Performance

Recent News & Updates

First quarter dividend of US$2.57 announced

Essex Property Trust, Inc. Declares Quarterly Distributions, Payable on July 15, 2025

New major risk - Revenue and earnings growth

First quarter 2025 earnings: EPS exceeds analyst expectations

An undisclosed buyer acquired 255-unit apartment home community located in Rancho Palos Verdes, CA from Essex Property Trust, Inc. (NYSE:ESS) for approximately $130 million.

Essex Property: Undervalued High Quality In Plain Sight

Recent updates

First quarter dividend of US$2.57 announced

Essex Property Trust, Inc. Declares Quarterly Distributions, Payable on July 15, 2025

New major risk - Revenue and earnings growth

First quarter 2025 earnings: EPS exceeds analyst expectations

An undisclosed buyer acquired 255-unit apartment home community located in Rancho Palos Verdes, CA from Essex Property Trust, Inc. (NYSE:ESS) for approximately $130 million.

Essex Property: Undervalued High Quality In Plain Sight

Investor sentiment deteriorates as stock falls 17%

Essex Property Trust, Inc. to Report Q1, 2025 Results on Apr 29, 2025

Now 25% undervalued after recent price drop

Essex Property Trust, Inc. (NYSE:ESS) acquired ROEN Menlo Park in Menlo Park, CA for $78.7 million.

Upcoming dividend of US$2.57 per share

Independent Director notifies of intention to sell stock

Vice Chairman of the Board notifies of intention to sell stock

Fourth quarter dividend increased to US$2.57

Essex Property Trust, Inc., Annual General Meeting, May 13, 2025

Essex Property Trust, Inc. Provides Earnings Guidance for the First Quarter and Full Year of 2025

Full year 2024 earnings: EPS exceeds analyst expectations

Essex Property: Shares Have Further Upside Given Limited Housing Supply (Upgrade)

Essex Property Trust, Inc. (NYSE:ESS) acquired 307-Unit Rental Apartment Complex in San Mateo County from The Northwestern Mutual Life Insurance Company for approximately $160 million.

Essex Property Trust, Inc. to Report Q4, 2024 Results on Feb 04, 2025

Now 22% undervalued after recent price drop

Upcoming dividend of US$2.45 per share

Now 20% undervalued after recent price drop

Third quarter dividend of US$2.45 announced

Essex Property Trust Declares Quarterly Distributions, Payable on January 15, 2025

Essex Property Trust: Limited Supply Enables Further Growth

Essex Property Trust, Inc. (NYSE:ESS) acquired Beaumont Apartment Complex in Woodinville from MG Properties Group for approximately $140 million.

Third quarter 2024 earnings: EPS exceeds analyst expectations

Essex Property Trust, Inc. (NYSE:ESS) acquired 376-unit apartment home community located in San Jose, CA for approximately $310 million.

Now 21% undervalued

Essex Property Trust, Inc. to Report Q3, 2024 Results on Oct 29, 2024

Essex Property Trust: Tailwinds From Both Supply And Demand

Now 20% undervalued

Upcoming dividend of US$2.45 per share

President notifies of intention to sell stock

Second quarter dividend of US$2.45 announced

Essex Property Trust: High-Quality REIT With A Growing Dividend

Essex Property Trust, Inc. has filed a Follow-on Equity Offering in the amount of $900 million.

Essex Property Trust, Inc. Revises Earnings Guidance for the Full Year of 2024

Second quarter 2024 earnings: EPS and revenues exceed analyst expectations

Essex Property Trust, Inc. (NYSE:ESS) acquired Two apartment home communities in Northern California for approximately $150 million.

Essex Property Trust, Inc. to Report Q2, 2024 Results on Jul 30, 2024

President recently sold US$1.1m worth of stock

Vice Chairman of the Board recently sold US$2.7m worth of stock

Essex Property Trust: The Buying Window Has Now Closed

Now 20% undervalued

First quarter dividend of US$2.45 announced

Essex Property Trust: 3 Reasons Why The Stock May Be Overvalued

Essex Property Trust, Inc Declares Regular Quarterly Cash Dividend, Payable July 12, 2024

Now 20% undervalued

Consensus EPS estimates increase by 22%

Essex Property Trust, Inc. Updates Earnings Guidance for the Full Year 2024

First quarter 2024 earnings released: EPS: US$4.25 (vs US$2.38 in 1Q 2023)

Essex Property Trust, Inc. to Report Q1, 2024 Results on Apr 30, 2024

Essex Property Trust: A Dividend Aristocrat Worth Buying Now

Upcoming dividend of US$2.45 per share

Fourth quarter dividend increased to US$2.45

Essex Property Trust, Inc., Annual General Meeting, May 14, 2024

Essex Property Trust: Build And Buy Apartments Like A Pro

Full year 2023 earnings: EPS misses analyst expectations

Essex Property Trust: A Growth REIT With An Attractive Yield

Essex Property Trust, Inc. to Report Q4, 2023 Results on Feb 06, 2024