NYSE : ESS
Essex Property Trust, Inc. — Financial statements
Real Estate · REIT - Residential · United States
Last price 265.22 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 17.64B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 1.94B | 1.88B | 1.76B | 1.66B | 1.60B | 1.43B |
| Property Management Fees | 9.28M | 9.38M | 10.27M | 11.13M | 11.14M | 9.14M |
| Other Revenue | 35.16M | 48.10M | 51.93M | 44.26M | 26.03M | 111.72M |
| Total Revenue | 1.98B | 1.94B | 1.83B | 1.71B | 1.63B | 1.55B |
| Property Expenses | 625.78M | 608.06M | 567.82M | 531.95M | 510.11M | 481.65M |
| Selling, General & Administrative | 74.36M | 71.95M | 98.90M | 63.47M | 56.58M | 51.84M |
| Depreciation & Amortization | 614.78M | 607.54M | 580.22M | 548.44M | 539.32M | 520.07M |
| Total Operating Expenses | 1.31B | 1.29B | 1.25B | 1.14B | 1.11B | 1.05B |
| Operating Income | 666.35M | 647.89M | 579.44M | 569.80M | 526.84M | 498.72M |
| Interest Expense | -262.90M | -258.40M | -235.53M | -212.91M | -204.80M | -203.12M |
| Interest & Investment Income | 10.58M | 16.20M | 30.10M | 28.55M | 21.50M | 57.30M |
| Other Non-Operating Income | 5.24M | 4.73M | 3.10M | 3.15M | 7.91M | 10.77M |
| EBT Excluding Unusual Items | 419.26M | 410.41M | 377.12M | 388.59M | 351.45M | 363.67M |
| Gain (Loss) on Sale of Investments | 7.08M | -6.40M | 216.10M | -24.39M | -17.89M | 23.10M |
| Gain (Loss) on Sale of Assets | 8.78M | 299.52M | 175.58M | 59.24M | 94.42M | 142.99M |
| Asset Writedown | -10.71M | |||||
| Total Legal Settlements | -55.80M | 42.50M | 7.70M | 4.20M | ||
| Other Unusual Items | -762.00K | -433.00K | 809.00K | -14.07M | ||
| Pretax Income | 368.62M | 702.77M | 811.31M | 430.71M | 432.99M | 515.69M |
| Earnings From Continuing Operations | 368.62M | 702.77M | 811.31M | 430.71M | 432.99M | 515.69M |
| Minority Interest in Earnings | -21.33M | -33.11M | -69.78M | -24.88M | -24.67M | -27.14M |
| Net Income | 347.29M | 669.67M | 741.52M | 405.82M | 408.31M | 488.55M |
| Net Income to Common | 347.29M | 669.67M | 741.52M | 405.82M | 408.31M | 488.55M |
| Basic Shares Outstanding | 64.36M | 64.38M | 64.23M | 64.25M | 65.08M | 65.05M |
| Diluted Shares Outstanding | 64.37M | 64.40M | 64.25M | 64.25M | 65.10M | 65.09M |
| EPS (Basic) | 5.40 | 10.40 | 11.55 | 6.32 | 6.27 | 7.51 |
| EPS (Diluted) | 5.39 | 10.40 | 11.54 | 6.32 | 6.27 | 7.51 |
| Dividend Per Share | 10.34 | 10.28 | 9.80 | 9.24 | 8.80 | 8.36 |
| Operating Margin | 33.63% | 33.48% | 31.73% | 33.25% | 32.27% | 32.13% |
| Profit Margin | 17.53% | 34.60% | 40.60% | 23.68% | 25.01% | 31.47% |
| EBITDA | 1.28B | 1.26B | 1.16B | 1.12B | 1.07B | 1.02B |
| EBITDA Margin | 64.66% | 64.86% | 63.50% | 65.25% | 65.30% | 65.63% |
| D&A For Ebitda | 614.78M | 607.54M | 580.22M | 548.44M | 539.32M | 520.07M |
| EBIT | 666.35M | 647.89M | 579.44M | 569.80M | 526.84M | 498.72M |
| EBIT Margin | 33.63% | 33.48% | 31.73% | 33.25% | 32.27% | 32.13% |
| Funds From Operations (FFO) | 1.03B | 1.07B | 1.06B | 1.01B | 923.36M | 941.05M |
| FFO Per Share | 15.41 | 15.98 | 15.99 | 15.24 | 13.70 | 13.98 |
| Adjusted Funds From Operations (AFFO) | 1.07B | 1.06B | 1.01B | 923.36M | 941.05M | |
| AFFO Per Share | 15.98 | 15.99 | 15.24 | 13.70 | 13.98 | |
| FFO Payout Ratio | 64.72% | 61.41% | 58.32% | 57.90% | 61.29% | 57.69% |
| Revenue as Reported | 1.95B | 1.89B | 1.77B | 1.67B | 1.61B | 1.44B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 11.81B | 12.11B | 11.54B | 10.56B | 10.91B | 11.16B |
| Cash & Equivalents | 72.06M | 76.24M | 66.80M | 391.75M | 33.30M | 48.42M |
| Accounts Receivable | 9.65M | 10.26M | 9.23M | 9.35M | 12.16M | 15.52M |
| Other Receivables | 15.48M | 18.54M | 89.46M | 6.11M | 18.96M | 15.23M |
| Investment In Debt and Equity Securities | 409.79M | 424.25M | 625.35M | 697.54M | 735.41M | 793.30M |
| Other Intangible Assets | 7.50M | 7.70M | 6.10M | 7.40M | 8.90M | |
| Loans Receivable Current | 68.93M | 112.79M | 108.01M | 159.16M | 71.92M | 310.28M |
| Restricted Cash | 8.24M | 9.35M | 9.05M | 8.59M | 9.39M | 10.22M |
| Other Current Assets | 80.73M | 73.47M | 77.46M | 64.97M | 62.66M | 51.66M |
| Trading Asset Securities | 26.50M | 2.00M | 5.50M | 4.30M | 5.60M | |
| Deferred Long-Term Charges | 6.60M | 7.70M | 6.20M | 3.80M | 5.10M | 4.40M |
| Other Long-Term Assets | 305.75M | 304.37M | 379.46M | 451.98M | 504.82M | 576.33M |
| Total Assets | 12.82B | 13.16B | 12.93B | 12.36B | 12.37B | 13.00B |
| Current Portion of Long-Term Debt | 46.09M | 549.21M | 499.90M | 698.35M | 299.80M | |
| Current Portion of Leases | 6.28M | |||||
| Long-Term Debt | 6.56B | 6.25B | 6.10B | 5.51B | 5.66B | 6.29B |
| Long-Term Leases | 31.81M | 45.21M | 52.47M | 65.09M | 68.70M | 70.67M |
| Accounts Payable | 325.57M | 221.15M | 212.45M | 175.40M | 163.76M | 178.35M |
| Current Unearned Revenue | 2.40M | |||||
| Other Current Liabilities | 317.09M | 297.28M | 259.06M | 241.84M | 214.86M | 207.89M |
| Long-Term Unearned Revenue | 100.00K | 200.00K | 300.00K | 1.00M | 1.70M | |
| Other Long-Term Liabilities | 50.34M | 51.73M | 50.22M | 46.17M | 43.44M | 39.97M |
| Total Liabilities | 7.33B | 7.42B | 7.18B | 6.74B | 6.45B | 6.79B |
| Common Stock | 6.00K | 6.00K | 6.00K | 6.00K | 6.00K | 7.00K |
| Additional Paid-In Capital | 6.65B | 6.68B | 6.67B | 6.66B | 6.75B | 6.92B |
| Distributions in Excess of Earnings | -1.38B | -1.15B | -1.16B | -1.27B | -1.08B | -916.83M |
| Comprehensive Income & Other | 27.43M | 6.05M | 24.66M | 33.56M | 46.47M | -5.55M |
| Total Common Equity | 5.30B | 5.54B | 5.54B | 5.42B | 5.72B | 5.99B |
| Minority Interest | 187.00M | 195.52M | 214.19M | 203.44M | 205.89M | 217.57M |
| Shareholders' Equity | 5.49B | 5.74B | 5.75B | 5.63B | 5.92B | 6.21B |
| Total Liabilities & Equity | 12.82B | 13.16B | 12.93B | 12.36B | 12.37B | 13.00B |
| Total Debt | 6.64B | 6.85B | 6.65B | 6.27B | 6.03B | 6.36B |
| Net Cash (Debt) | -6.54B | -6.77B | -6.58B | -5.87B | -5.99B | -6.31B |
| Net Cash Per Share | -101.59 | -105.18 | -102.44 | -91.43 | -91.98 | -96.94 |
| Filing Date Shares Outstanding | 64.34M | 64.48M | 64.33M | 64.20M | 64.52M | 65.28M |
| Total Common Shares Outstanding | 64.34M | 64.44M | 64.28M | 64.20M | 64.60M | 65.25M |
| Book Value Per Share | 82.36 | 85.99 | 86.14 | 84.46 | 88.48 | 91.86 |
| Tangible Book Value | 5.30B | 5.53B | 5.53B | 5.42B | 5.71B | 5.98B |
| Tangible Book Value Per Share | 82.36 | 85.87 | 86.02 | 84.37 | 88.37 | 91.72 |
| Land | 3.36B | 3.36B | 3.25B | 3.04B | 3.04B | 3.03B |
| Buildings | 15.15B | 15.07B | 14.34B | 13.10B | 12.92B | 12.60B |
| Construction In Progress | 210.65M | 157.12M | 52.68M | 23.72M | 24.86M | 111.56M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 347.29M | 669.67M | 741.52M | 405.82M | 408.31M | 488.55M |
| Depreciation & Amortization | 614.78M | 607.54M | 580.22M | 548.44M | 539.32M | 520.07M |
| Other Amortization | 10.27M | 7.16M | 7.79M | 6.91M | 6.71M | 9.54M |
| Gain (Loss) on Sale of Assets | -8.78M | -299.52M | -175.58M | -59.24M | -94.42M | -142.99M |
| Gain (Loss) on Sale of Investments | -3.23M | -4.14M | -218.90M | -10.01M | 28.12M | -38.76M |
| Asset Writedown | 10.71M | |||||
| Stock-Based Compensation | 12.14M | 9.64M | 7.16M | 8.03M | 7.21M | 7.31M |
| Income (Loss) on Equity Investments | 35.94M | 57.55M | 14.66M | 66.23M | 69.23M | -6.89M |
| Change in Accounts Payable | 69.53M | 7.22M | 25.19M | 5.33M | -17.27M | 22.30M |
| Change in Other Net Operating Assets | 5.67M | -4.27M | 30.10M | -6.99M | 14.81M | 11.02M |
| Other Operating Activities | 14.75M | 23.55M | 56.32M | 15.46M | 13.24M | 34.98M |
| Operating Cash Flow | 1.11B | 1.07B | 1.07B | 980.06M | 975.65M | 905.26M |
| Acquisition of Real Estate Assets | -434.87M | -1.12B | -1.15B | -245.92M | -309.49M | -386.13M |
| Sale of Real Estate Assets | 39.31M | 509.95M | 247.29M | 99.39M | 157.99M | 297.45M |
| Net Sale / Acq. of Real Estate Assets | -395.56M | -605.56M | -903.00M | -146.53M | -151.51M | -88.68M |
| Investment in Marketable & Equity Securities | -44.95M | -58.00M | -7.73M | 6.13M | -110.08M | -313.49M |
| Other Investing Activities | 148.53M | 111.08M | -62.33M | -4.75M | 407.54M | 4.77M |
| Investing Cash Flow | -291.98M | -552.48M | -973.05M | -145.14M | 145.96M | -397.40M |
| Long-Term Debt Issued | 9.08B | 2.22B | 1.44B | 1.38B | 1.80B | |
| Long-Term Debt Repaid | -8.88B | -1.93B | -1.20B | -1.73B | -1.76B | |
| Net Debt Issued (Repaid) | -57.75M | 201.69M | 289.71M | 243.50M | -353.73M | 33.26M |
| Issuance of Common Stock | 5.23M | 8.93M | 12.31M | 19.52M | 58.50M | |
| Repurchase of Common Stock | -70.27M | -8.11M | -3.22M | -99.48M | -191.94M | -14.62M |
| Common Dividends Paid | -664.23M | -654.07M | -620.47M | -586.98M | -565.92M | -542.86M |
| Total Dividends Paid | -664.23M | -654.07M | -620.47M | -586.98M | -565.92M | -542.86M |
| Other Financing Activities | -24.75M | -60.63M | -98.08M | -34.31M | -45.50M | -67.55M |
| Net Cash Flow | 5.05M | 9.74M | -324.49M | 357.65M | -15.96M | -25.40M |
| Levered Free Cash Flow | 1.10B | 984.06M | 819.89M | 752.54M | 973.01M | 654.64M |
| Unlevered Free Cash Flow | 1.25B | 1.14B | 959.30M | 878.70M | 1.09B | 772.06M |
| Cash Interest Paid | 265.94M | 252.65M | 223.22M | 207.04M | 198.32M | 194.20M |
| Change in Working Capital | 75.20M | 2.95M | 55.29M | -1.65M | -2.46M | 33.32M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 17.57B | 16.85B | 18.34B | 15.91B | 13.72B | 22.93B |
| Enterprise Value | 24.11B | 23.70B | 24.92B | 21.99B | 20.12B | 29.25B |
| Last Close Price | 264.18 | 251.70 | 264.90 | 223.81 | 183.49 | 294.81 |
| Price/FFO Ratio | 17.48 | 15.75 | 16.57 | 14.69 | 13.39 | 21.09 |
| Price/AFFO Ratio | 15.75 | 16.57 | 14.69 | 13.39 | 21.09 | |
| PE Ratio | 49.01 | 25.17 | 24.74 | 39.21 | 33.61 | 46.93 |
| PS Ratio | 8.87 | 8.71 | 10.04 | 9.29 | 8.40 | 14.77 |
| PB Ratio | 3.21 | 2.94 | 3.19 | 2.83 | 2.32 | 3.69 |
| P/OCF Ratio | 15.85 | 15.69 | 17.17 | 16.24 | 14.06 | 25.32 |
| EV/Sales Ratio | 12.17 | 12.24 | 13.64 | 12.83 | 12.32 | 18.84 |
| EV/EBITDA Ratio | 18.82 | 18.88 | 21.49 | 19.66 | 18.87 | 28.71 |
| EV/EBIT Ratio | 36.19 | 36.58 | 43.01 | 38.59 | 38.18 | 58.65 |
| Debt / Equity Ratio | 1.21 | 1.19 | 1.16 | 1.11 | 1.02 | 1.02 |
| Debt / EBITDA Ratio | 5.15 | 5.42 | 5.70 | 5.57 | 5.61 | 6.19 |
| Net Debt / Equity Ratio | 1.19 | 1.18 | 1.14 | 1.04 | 1.01 | 1.02 |
| Net Debt / EBITDA Ratio | 5.10 | 5.39 | 5.68 | 5.25 | 5.62 | 6.19 |
| Asset Turnover | 0.15 | 0.15 | 0.14 | 0.14 | 0.13 | 0.12 |
| Quick Ratio | 0.18 | 0.10 | 0.18 | 0.37 | 0.10 | 0.20 |
| Current Ratio | 0.41 | 0.28 | 0.38 | 0.58 | 0.32 | 1.16 |
| Return on Equity (ROE) | 6.51% | 12.23% | 14.26% | 7.46% | 7.14% | 8.30% |
| Return on Assets (ROA) | 3.21% | 3.10% | 2.86% | 2.88% | 2.60% | 2.40% |
| Earnings Yield | 2.04% | 3.97% | 4.04% | 2.55% | 2.97% | 2.13% |
| Dividend Yield | 3.92% | 3.93% | 3.43% | 3.73% | 4.14% | 2.38% |
| Payout Ratio | 192.19% | 97.67% | 83.67% | 144.64% | 138.60% | 111.12% |
| Buyback Yield / Dilution | 0.00% | -0.23% | 0.00% | 1.30% | -0.01% | 0.73% |
| Total Shareholder Return | 3.92% | 3.70% | 3.44% | 5.03% | 4.13% | 3.10% |