# Essex Property Trust Inc. (ESS) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/ESS/thesis · /stocks/ESS/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/ESS/fundamental

## Navigation

- Overview: /stocks/ESS
- Financials (this page): /stocks/ESS/financials
- Thesis: /stocks/ESS/thesis
- Investment Memo: /stocks/ESS/memo
- Coverage universe: /stocks