Essex Property Trust Inc.

ESS
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
TTM ROIC
14.4%
FY2025 · Core FFO / Book Equity · WACC ~7% · Moat spread +7.5pp

Financial Snapshot

ticker: ESS step: 04 generated: 2026-05-13 source: quick-research

Essex Property Trust, Inc. (ESS) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$1.50B ~$1.59B ~$1.67B +5.0%
NOI Margin ~65% ~64% ~65%
Core FFO (total) ~$860M ~$895M ~$930M +3.9%
Core FFO/Share ~$13.22 ~$14.97 ~$15.60 +3.8%
Net Income/Share ~$7.50 $6.32 $11.54 +82%

FY2024 GAAP net income surged due to gains on property sales. Core FFO/share +3.8% is the better operating metric — sector-leading in 2024.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Core FFO ~$930M
Dividend per Share ~$9.24 (annualized; ~3.4% yield)
Total Debt ~$7.5B
Net Debt / EBITDA ~7.5x (higher leverage than AVB/EQR)
Acquisitions (FY2024) ~$1.4B gross (13 communities)

ESS runs higher leverage than peers but compensates with the lowest market supply growth (~50 bps) and highest per-unit rents in the REIT sector.

Key Ratios (approximate)

  • Price/Core FFO: ~18x | Implied Cap Rate: ~4.5% | Dividend Yield: ~3.4%
  • Same-Property Revenue Growth (FY2024): +3.3% | Same-Property NOI Growth: +2.6%
  • Core FFO/Share Growth (FY2024): +3.8% (sector-leading)

Growth Profile

Essex delivered sector-leading Core FFO/share growth of 3.8% in FY2024, driven by strong Northern California tech-sector demand recovery and sub-1% supply growth in its markets. FY2025 Full Year Core FFO/share guidance midpoint of $15.94 represents continued low-single-digit growth. The company deployed $1.4B in acquisitions in 2024 — primarily in Northern California tech submarkets — accelerating external growth. 2026 same-store revenue is expected to benefit from a 20% reduction in new deliveries to ESS markets.

Forward Estimates

  • FY2025 Core FFO/Share: ~$15.94 midpoint guidance (beat expected)
  • FY2026: 2026 "earn-in" (contracted rent increases already locked) of 80–100 bps provides a floor; new supply declining 20% is additive
  • 30th consecutive annual dividend increase announced in 2024 — signals management confidence in earnings durability
  • $1B+ deployed in Northern California acquisitions since 2024, targeting higher-growth tech submarkets

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $ESS.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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