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ESSEX PROPERTY TRUST, INC.ESS

Sector
Financial Services
Industry
Real Estate Investment Trusts
Exchange
NYSE

Stock Price $ESS

Latest filings

You are here#12 of 14 in Real Estate by market cap

Filing record · 2016–202610-K1110-Q328-K137

ESS filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 137 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Feb ’16Feb ’16
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Material agreement8-K · Jun ’21Jun ’21
  4. Material agreement8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $1.89B
YoY changeLargest recent move+11.5%in FY22Latest +6.4%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All ESS Financial Metrics41 metrics

Income Statement12

Balance Sheet12

Cash Flow12

Per Share5

02—Overview

ESSEX PROPERTY TRUST, INC. Financial Overview 2021–2025

Updated Aug 8, 2026

A massive $299.5 milliona gain on real estate sales in FY2025 highlights Essex Property Trust's highly profitable asset recycling strategy. By actively trading properties while exploiting housing supply constraints in California and Seattle, the company drives resilient cash flow and steady rent growth despite rising interest expenses.

The underlying earnings power of the portfolio expanded significantly as earnings per share grew from $7.51 in FY2021 to $10.40b in FY2025. Essex captures value through tight operational efficiency, maintaining a highly stable financial occupancy rate that held at 96.2% through FY2025. Pricing power is equally evident; after capitalizing on a 10.3% surge in same-property revenue in FY2022, the portfolio sustained a 3.3% revenue increase in FY2025. The trust continually optimizes its West Coast footprint, deploying $829.5 million to acquire 1,523 apartment homes in FY2025 while simultaneously divesting $563.8 million in targeted assets.

This disciplined capital allocation and reliable property-level performance command a strong market valuation. At the close of FY2025, the market valued Essex at a $16.9 billionc market capitalization, with the stock trading at $261.68 per share and a trailing price-to-earnings ratio of 25.2x.

Recent Developments (Q1 and Q2 2026)

Substantial legal settlement costs sharply reduced profitability during the first half of 2026, despite steady top-line growth. Total revenues for the period grew 4.2% year-over-year to $973.8 milliond, supported by a 2.8% increase in same-property revenues and steady 96.4% occupancy. However, net income plummeted 59.8% to $168.6 million due to these legal charges and the absence of prior real estate sales gains. Management responded by announcing a new $500 million share repurchase plan after buying back $61.9 million of stock. Shareholders also re-elected all nine board directors in May 2026.

Bulls emphasize resilient property-level operations, pointing to a 2.2% increase in average rental rates. Bears warn the severe earnings contraction exposes bottom-line vulnerabilities to unexpected expenses. The stock commands a premium valuation despite this net income dip, trading at 27.1x trailing earnings with an $18.2 billione market capitalization as of July 30, 2026.

What to watch: execution of the new $500 million stock repurchase program; normalization of net income following recent legal settlements.

03—Filings

Recent SEC Filings

  1. 8-KESSEX PROPERTY TRUST, INC. 8-K Report, Material Agreement (Sep 25, 2026)Essex Property Trust, Inc. (ESS), through its operating partnership, has secured a new $275 million unsecured term loan facility. This facility matures in September 2029, with options for two one-year extensions, providing significant financial flexibility for the Company. The primary intended use of these proceeds is to repay existing commercial paper debt and for general corporate purposes, aiming to strengthen its capital structure and manage short-term obligations more effectively. This new term loan offers potential for expansion, with an option to increase the facility by an additional $225 million, bringing the total to $500 million, subject to lenders' voluntary commitments. The interest rate is tied to the Secured Overnight Financing Rate (SOFR) plus a spread, adjustable based on the company's credit ratings, reflecting market-based borrowing costs. The agreement includes standard covenants related to leverage and coverage ratios, which investors should monitor for compliance.
  2. 8-KESSEX PROPERTY TRUST, INC. 8-K Report, Regulation FD Disclosure (Sep 11, 2026)Essex Property Trust, Inc. (ESS) has filed an 8-K report to disclose the upcoming participation of its President and CEO, Angela L. Kleiman, in a roundtable presentation at the 2026 Bank of America Global Real Estate Conference. This event is scheduled for Wednesday, September 16, 2026, offering an opportunity for the company to share insights and updates with investors and industry participants. The participation suggests management's continued engagement in key industry forums and direct communication with the investment community.
  3. 8-KESSEX PROPERTY TRUST, INC. 8-K Report, Financial Results (Jul 29, 2026)Essex Property Trust (NYSE: ESS) reported second quarter 2026 results on July 29, 2026, showing a sharp year-over-year drop in GAAP earnings but solid underlying operating performance. Diluted net income per share fell to $0.97 from $3.44, largely because Q2 2025 included a large gain on sale of real estate and land that did not recur. Total FFO per share declined 17.6% to $3.32, driven by roughly $56.8 million of general and administrative and other non-core costs, which include $36.5 million for the RealPage antitrust settlement and $19.3 million for another litigation matter. Excluding these non-core items, Core FFO per diluted share rose 1.2% to $4.08, beating the midpoint of the company's own guidance by $0.10. Operating fundamentals were the main positive. Same-property revenue grew 2.7% year over year and same-property NOI grew 2.6%, with Northern California (+4.4% revenue) and San Francisco (+7.0%) leading and Southern California lagging at +1.5%. Financial occupancy held at 96.3%, and blended lease rate growth reached 3.6% in the quarter. Management raised the midpoint of full-year 2026 Core FFO per share guidance by $0.20 to $16.14 (range $16.03 to $16.25), while lowering the GAAP net income and Total FFO midpoints, reflecting the legal settlements. The company also disclosed $87.8 million from the early redemption of three structured finance investments and a $500 million new share repurchase authorization. Balance sheet metrics remain conservative. Net indebtedness to normalized annualized Adjusted EBITDAre is 5.4x, debt to total market capitalization is 25.7%, and the company holds about $1.4 billion of liquidity. Ratings are Baa1 (Moody's) and BBB+ (S&P), both stable. The main watch items for investors are the one-time nature of the legal charges, the step-down in GAAP earnings, and whether Southern California and new-lease rate growth can sustain the momentum.
  4. 8-KESSEX PROPERTY TRUST, INC. 8-K Report, Regulation FD Disclosure (May 29, 2026)Essex Property Trust, Inc. (ESS) has filed an 8-K report on May 29, 2026, to disclose an upcoming investor presentation scheduled for June 3, 2026. This presentation will be delivered by company representatives to investors and a soft copy has been made available on the investor relations section of their website, www.essex.com. Investors are encouraged to review this material for the latest company insights and strategic discussions. The filing serves as a voluntary disclosure under Regulation FD, ensuring that material information is disseminated broadly and simultaneously to all investors. While this information is furnished and not formally "filed" under Section 18 of the Exchange Act, it represents an important channel for the Company to communicate directly with its stakeholders. Investors should monitor the company's website for any further updates or materials related to this presentation.
  5. 8-KESSEX PROPERTY TRUST, INC. 8-K Report, Shareholder Vote Results (May 14, 2026)Essex Property Trust, Inc. (ESS) reported on its Annual Meeting held on May 12, 2026, via an 8-K filing. The primary outcomes of the meeting involved the election of directors, the ratification of the independent auditor, and an advisory vote on executive compensation. All proposed items received overwhelming support from shareholders, indicating strong confidence in the company's governance and management. Key decisions included the re-election of all nine director nominees to serve until the 2027 annual meeting, the ratification of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, and the approval of executive compensation on a non-binding advisory basis. The significant majority of votes cast in favor of each proposal suggests alignment between the company's strategic direction and shareholder sentiment.
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04—See also

Related Companies

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