Essex Property Trust (ESS)


Market Price (11/10/2026): $275.605 | Market Cap: $17.7 BilSector: Real Estate | Industry: Multi-Family Residential REITs

Essex Property Trust (ESS)


Market Price (11/10/2026): $275.605
Market Cap: $17.7 Bil
Sector: Real Estate
Industry: Multi-Family Residential REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%, Dividend Yield is 3.7%, FCF Yield is 5.5%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 57%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 50%

Low stock price volatility
Vol 12M is 20%

Megatrend and thematic drivers
Megatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, ESG REITs, Show more.

Weak multi-year price returns
2Y Excs Rtn is -23%, 3Y Excs Rtn is -25%

Key risks
ESS key risks include [1] its heavy geographic concentration in West Coast markets facing soft demand and regulatory pressures, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%, Dividend Yield is 3.7%, FCF Yield is 5.5%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 57%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 50%
2 Low stock price volatility
Vol 12M is 20%
3 Megatrend and thematic drivers
Megatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, ESG REITs, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -23%, 3Y Excs Rtn is -25%
5 Key risks
ESS key risks include [1] its heavy geographic concentration in West Coast markets facing soft demand and regulatory pressures, Show more.

ESS in ETFs

Weight = ESS's share of each fund

SPY0.03%
VOO0.03%
IVV0.03%
VTI0.02%
ITOT0.02%
IWB0.02%
RSP0.19%
VB0.22%
+25 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/1/2026

Essex Property Trust (ESS) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

1. The prevailing macroeconomic environment of rising interest rates exerted downward pressure on the REIT sector, including Essex Property Trust (ESS). The Federal Reserve implemented a 25 basis point rate hike in September 2026, bringing the target range to 3.75-4.00%, the first increase since 2023. This "higher for longer" interest rate sentiment, with markets anticipating further hikes, increased borrowing costs for REITs and made their dividend yields less attractive compared to rising fixed-income alternatives. The 10-year U.S. Treasury yield rose above 5% in Q3 2026, reaching its highest level since 2002.

2. Weakness across the broader REIT sector in August and September 2026 negatively impacted ESS. The FTSE Nareit All Equity REITs Index experienced significant negative total returns of -4.48% in August and -6.45% in September, primarily due to the higher interest rate environment. While the overall REIT sector saw a 4.7% rebound in October, residential REITs, like Essex Property Trust, remained down 1.8% year-to-date by early November 2026, indicating continued headwinds specific to the residential property type.

Show more
Updated on 11/1/2026

Essex Property Trust (ESS) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

1. The prevailing macroeconomic environment of rising interest rates exerted downward pressure on the REIT sector, including Essex Property Trust (ESS). The Federal Reserve implemented a 25 basis point rate hike in September 2026, bringing the target range to 3.75-4.00%, the first increase since 2023. This "higher for longer" interest rate sentiment, with markets anticipating further hikes, increased borrowing costs for REITs and made their dividend yields less attractive compared to rising fixed-income alternatives. The 10-year U.S. Treasury yield rose above 5% in Q3 2026, reaching its highest level since 2002.

2. Weakness across the broader REIT sector in August and September 2026 negatively impacted ESS. The FTSE Nareit All Equity REITs Index experienced significant negative total returns of -4.48% in August and -6.45% in September, primarily due to the higher interest rate environment. While the overall REIT sector saw a 4.7% rebound in October, residential REITs, like Essex Property Trust, remained down 1.8% year-to-date by early November 2026, indicating continued headwinds specific to the residential property type.

3. Essex Property Trust's third quarter fiscal 2026 earnings report presented a mixed financial picture, leading to a negative market reaction. Although the company's Core Funds From Operations (FFO) of $4.00 per diluted share for the fiscal third quarter (ended September 30, 2026) slightly exceeded the midpoint of its own guidance by $0.01 and increased 0.8% year-over-year, its Net Income per diluted share significantly decreased by 40.6% to $1.52 compared to $2.56 in fiscal Q3 2025. This decline in net income was primarily driven by lower gains on the sale of real estate. The reported $1.52 EPS also missed the consensus analyst estimate of $4.01. Following the earnings release, the stock broke below its 200-day moving average, and shares declined 4.17% to $263.40.

4. Analyst sentiment softened, resulting in multiple price target reductions for ESS in the period. In October 2026, several firms, including Baird, Wells Fargo, UBS, Barclays, and Piper Sandler, cut their price targets for Essex Property Trust ahead of its Q3 2026 earnings release. UBS, for example, cut its price target on October 14, 2026. These revisions signal a re-evaluation of the company's valuation in light of both its operational outlook and the challenging macroeconomic conditions.

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Stock Movement Drivers

Fundamental Drivers

The -2.1% change in ESS stock from 7/31/2026 to 11/9/2026 was primarily driven by a -16.9% change in the company's Net Income Margin (%).
(LTM values as of)731202611092026Change
Stock Price ($)281.45275.54-2.1%
Change Contribution By: 
Total Revenues ($ Mil)1,9271,9461.0%
Net Income Margin (%)21.5%17.8%-16.9%
P/E Multiple43.751.016.7%
Shares Outstanding (Mil)64640.0%
Cumulative Contribution-2.1%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/9/2026
ReturnCorrelation
ESS-2.1% 
Market (SPY)0.8%15.5%
Sector (XLRE)-1.0%59.6%

Fundamental Drivers

The 6.6% change in ESS stock from 4/30/2026 to 11/9/2026 was primarily driven by a 75.4% change in the company's P/E Multiple.
(LTM values as of)430202611092026Change
Stock Price ($)258.44275.546.6%
Change Contribution By: 
Total Revenues ($ Mil)1,9081,9462.0%
Net Income Margin (%)30.0%17.8%-40.6%
P/E Multiple29.151.075.4%
Shares Outstanding (Mil)64640.3%
Cumulative Contribution6.6%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/9/2026
ReturnCorrelation
ESS6.6% 
Market (SPY)5.0%-1.2%
Sector (XLRE)1.4%59.0%

Fundamental Drivers

The 13.8% change in ESS stock from 10/31/2025 to 11/9/2026 was primarily driven by a 176.9% change in the company's P/E Multiple.
(LTM values as of)1031202511092026Change
Stock Price ($)242.17275.5413.8%
Change Contribution By: 
Total Revenues ($ Mil)1,8621,9464.5%
Net Income Margin (%)45.5%17.8%-60.7%
P/E Multiple18.451.0176.9%
Shares Outstanding (Mil)64640.2%
Cumulative Contribution13.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/9/2026
ReturnCorrelation
ESS13.8% 
Market (SPY)11.3%10.5%
Sector (XLRE)12.1%59.4%

Fundamental Drivers

The 44.0% change in ESS stock from 10/31/2023 to 11/9/2026 was primarily driven by a 118.3% change in the company's P/E Multiple.
(LTM values as of)1031202311092026Change
Stock Price ($)191.33275.5444.0%
Change Contribution By: 
Total Revenues ($ Mil)1,6631,94617.0%
Net Income Margin (%)31.6%17.8%-43.5%
P/E Multiple23.451.0118.3%
Shares Outstanding (Mil)6464-0.2%
Cumulative Contribution44.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/9/2026
ReturnCorrelation
ESS44.0% 
Market (SPY)86.2%37.8%
Sector (XLRE)48.2%74.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ESS Return52%-38%22%18%-5%9%42%
Peers Return67%-32%5%13%-8%-1%22%
S&P 500 Return27%-19%24%23%16%8%96%

Monthly Win Rates [3]
ESS Win Rate83%17%58%58%58%45% 
Peers Win Rate80%28%52%53%38%45% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
ESS Max Drawdown-8%-41%-18%-11%-19%-12% 
Peers Max Drawdown-8%-35%-26%-12%-23%-17% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: UDR, CPT, MAA, AMH, INVH. See ESS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/9/2026 (YTD)

How Low Can It Go

EventESSS&P 500
2025 US Tariff Shock
  % Loss-11.8%-18.8%
  % Gain to Breakeven13.4%23.1%
  Time to Breakeven24 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-13.3%-9.5%
  % Gain to Breakeven15.3%10.5%
  Time to Breakeven30 days24 days
2023 SVB Regional Banking Crisis
  % Loss-16.8%-6.7%
  % Gain to Breakeven20.1%7.1%
  Time to Breakeven78 days31 days
2020 COVID-19 Crash
  % Loss-43.3%-33.7%
  % Gain to Breakeven76.5%50.9%
  Time to Breakeven436 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-10.0%-3.7%
  % Gain to Breakeven11.1%3.9%
  Time to Breakeven55 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-15.8%-12.2%
  % Gain to Breakeven18.7%13.9%
  Time to Breakeven40 days62 days

Compare to UDR, CPT, MAA, AMH, INVH

In The Past

Essex Property Trust's stock fell -11.8% during the 2025 US Tariff Shock. Such a loss loss requires a 13.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventESSS&P 500
2020 COVID-19 Crash
  % Loss-43.3%-33.7%
  % Gain to Breakeven76.5%50.9%
  Time to Breakeven436 days140 days
2008-2009 Global Financial Crisis
  % Loss-46.2%-53.4%
  % Gain to Breakeven85.9%114.4%
  Time to Breakeven368 days1085 days

Compare to UDR, CPT, MAA, AMH, INVH

In The Past

Essex Property Trust's stock fell -11.8% during the 2025 US Tariff Shock. Such a loss loss requires a 13.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Essex Property Trust (ESS)

Essex Property Trust (ESS) is an S&P 500 Real Estate Investment Trust (REIT) that specializes in the multifamily residential sector. The company operates as a fully integrated entity, meaning it handles the entire lifecycle of its properties, from acquiring existing assets and developing new ones to redeveloping older communities and providing ongoing management services. Essentially, Essex's core business involves owning, developing, and operating apartment complexes.

The primary product Essex offers is apartment homes for rent, serving as a landlord to individuals and families. The company specifically targets and operates within selected high-demand West Coast markets. Essex maintains a substantial portfolio, currently holding ownership interests in 246 apartment communities comprising approximately 60,000 apartment homes, with an additional 6 properties in various stages of active development. Its main customers are residents seeking rental housing in these targeted West Coast regions.

AI Analysis | Feedback

Here are 1-3 brief analogies for Essex Property Trust (ESS):

  • Marriott for apartments: Like a large hotel chain, but instead of renting out rooms for short stays, ESS owns, develops, and manages a portfolio of thousands of apartment homes for long-term residential leases.
  • Public Storage for apartments: Similar to a self-storage giant that owns and rents out numerous storage units, ESS owns and manages a vast network of apartment communities and rents out residential units.

AI Analysis | Feedback

  • Acquisition of Multifamily Residential Properties: Essex identifies and purchases existing apartment communities to grow its portfolio.
  • Development of Multifamily Residential Properties: Essex plans, constructs, and brings new apartment communities to market.
  • Redevelopment of Multifamily Residential Properties: Essex renovates and upgrades its existing apartment communities to enhance their value and appeal.
  • Management of Multifamily Residential Properties: Essex handles the ongoing operations, leasing, and maintenance of its apartment communities for tenants.

AI Analysis | Feedback

Essex Property Trust (ESS) operates as a real estate investment trust specializing in multifamily residential properties. Therefore, its major customers are individual renters rather than other companies.

Based on the nature of its business managing apartment communities, Essex Property Trust serves various categories of individual customers, which can be broadly described as:

  • Young Professionals and Singles: Individuals early in their careers or living alone, often seeking modern amenities, convenient locations close to employment centers, and vibrant urban or suburban environments typical of West Coast markets.
  • Couples and Small Families: People looking for more spacious units or specific community amenities, often attracted to well-maintained properties in desirable neighborhoods with access to services and good schools.
  • Empty Nesters and Retirees: Individuals or couples seeking to downsize from larger homes, desiring a low-maintenance lifestyle, and often valuing properties with services, security, and proximity to cultural or recreational activities.

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Angela L. Kleiman President and Chief Executive Officer

Ms. Kleiman is the President and Chief Executive Officer of Essex Property Trust, Inc., having served in this role since April 1, 2023. She joined Essex in 2009 to manage the Private Equity platform, growing the business from $750 million to $3 billion in gross assets. Prior to her CEO role, she held positions at Essex as Senior Executive Vice President and Chief Operating Officer (2021-2023) and Executive Vice President and Chief Financial Officer (2015-2020). Ms. Kleiman was responsible for the overall transaction management for the $16 billion merger with BRE Properties. Her career in real estate began in development management in 1991, and prior to joining Essex, she focused on institutional investment management and investment banking. This included roles as a Senior Equity Analyst and Vice President of Investor Relations at Security Capital, and Vice President with J.P. Morgan Real Estate & Lodging Investment Banking Group, where she advised senior management and boards on strategic business platforms and capital markets transactions. She currently serves on the Board of Directors of Rexford Industrial Realty, Inc.

Barbara M. Pak Executive Vice President and Chief Financial Officer

Ms. Pak serves as the Executive Vice President and Chief Financial Officer of Essex Property Trust, Inc. and Essex Portfolio, L.P. She has been involved in notable stock transactions for the company.

Rylan Burns Executive Vice President and Chief Investment Officer

Mr. Burns serves as the Executive Vice President and Chief Investment Officer for Essex Property Trust.

Anne Morrison Executive Vice President

Ms. Morrison is an Executive Vice President at Essex Property Trust. Before joining Essex, she was a commercial litigation attorney specializing in real estate litigation at the international law firm Nixon Peabody. She received her Juris Doctorate from the University of California, Los Angeles, and a Bachelor of Science in Business Administration from California Polytechnic State University, San Luis Obispo. Ms. Morrison is a member of the California State Bar and the NAREIT Corporate Governance Council.

Brennan McGreevy Group Vice President and Chief Accounting Officer

Mr. McGreevy holds the position of Group Vice President and Chief Accounting Officer for Essex Property Trust, Inc. and Essex Portfolio, L.P.

AI Analysis | Feedback

Here are the key risks to Essex Property Trust (ESS):

  1. Regional Concentration and West Coast Market Dynamics: Essex Property Trust's significant concentration in West Coast markets, including Southern California, Northern California, and Seattle, makes its financial performance highly reliant on the economic health and specific market dynamics of these regions. Any downturns in these local economies, less favorable supply and demand dynamics compared to other regions, or volatility in the dominant technology sector could disproportionately affect rental growth, occupancy rates, and overall operational performance.
  2. Macroeconomic Headwinds and High Interest Rates: The company faces significant threats from broader macroeconomic uncertainties, including potential impacts from tariffs and shifts in consumer confidence, which can influence demand for rental properties and rental rates. Persistently high interest rates pose a specific risk by increasing borrowing costs for new debt and compressing investment spreads on future acquisitions and redevelopments, thereby limiting growth opportunities.
  3. Rising Operating Expenses: Essex Property Trust is exposed to the risk of higher-than-expected increases in operating expenses, particularly property taxes and insurance costs. These escalating expenses serve as a significant headwind against revenue growth and can reduce Net Operating Income (NOI), impacting profitability.

AI Analysis | Feedback

Shift in housing demand away from expensive urban core markets due to widespread remote work adoption.

AI Analysis | Feedback

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AI Analysis | Feedback

Essex Property Trust (ESS) is expected to drive future revenue growth over the next 2-3 years through several key factors:

  1. Strong Rent Growth in West Coast Markets: Essex anticipates continued blended lease rate growth, with guidance for 2.5% at the midpoint in 2026. This growth is supported by an overall recovery in its West Coast markets, particularly Northern California, which outperformed expectations in 2025 due to technology sector expansion and favorable migration trends. Rental affordability in these markets also underpins a long runway for sustained rent growth.
  2. Favorable Supply-Demand Dynamics with Reduced New Housing Supply: A significant driver for revenue growth is the projected reduction in new multifamily housing supply in Essex's core West Coast markets. New housing supply is forecasted to decline by approximately 20% year-over-year in 2026. This limited new supply is expected to sharply decline by 35% in the second half of 2025, which will reduce competitive pressure, increase occupancy, and bolster rent growth.
  3. Leveraging Technology Sector Growth and AI-related Job Creation: Essex Property Trust's strategic focus on West Coast apartment markets allows it to benefit from the ongoing growth in the technology sector, including the emerging impact of artificial intelligence (AI). AI is viewed as a potential job creator in the near term and a net or neutral contributor to job growth over the next 3-5 years, providing an underlying demand catalyst for housing in these regions.
  4. Strategic Acquisitions and Redevelopment: The company actively pursues growth through opportunistic acquisitions and redevelopment. In 2024, Essex acquired and increased ownership interests in 13 apartment communities. The company also anticipates redeploying proceeds from preferred equity redemptions into new acquisitions, and it focuses on consolidating joint ventures and acquiring communities where operational efficiencies can enhance yields.

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Share Repurchases

  • Essex Property Trust did not repurchase any shares through its stock repurchase plan in the fourth quarter of 2025.

Share Issuance

  • Essex Property Trust did not issue any shares of common stock through its equity distribution program or exercise any previously disclosed forward sale agreements in the fourth quarter of 2025.

Outbound Investments

  • In 2025, Essex Property Trust acquired seven apartment communities for a total contract price of $829.4 million and disposed of five apartment communities for a total pro rata contract price of $563.8 million.
  • In 2024, the company acquired several properties, including ARLO Mountain View and Maxwell Sunnyvale, and increased its stake in joint ventures.
  • An acquisition of $183 million was closed by Essex in January 2022.

Capital Expenditures

  • For 2026, Essex Property Trust expects approximately $80 million in development funding and does not currently plan to start any new developments.
  • Revenue-generating capital expenditures are projected to be approximately $100 million at the company's pro rata share for 2026.
  • The company's free cash flow covers its dividend and all planned capital expenditures and development plans for 2026.

Better Bets vs. Essex Property Trust (ESS)

Peer Outperformance in Multi-Family Residential REITs

ESS has outperformed 100% of its 11 Multi-Family Residential REITs peers over 5Y. Multi-Family Residential REITs ranks 8th of 12 industries in Real Estate by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Multi-Family Residential REITs constituents that ESS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
83%
of 12 industry peers · 10.0% return
3Y
100%
of 12 industry peers · 46.2% return
5Y
100%
of 11 industry peers · -2.8% return
No Multi-Family Residential REITs peer with a comparable growth profile has beaten ESS by more than 20pp over 5Y.
Median price return by industry across the Real Estate sector, ranked by 5Y. Multi-Family Residential REITs is ESS's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care REITs 15 18.7%67.8%68.5% WELL 225% · OHI 152% · CTRE 134%
Retail REITs 23 17.3%43.0%35.7% SKT 139% · SPG 81% · IVT 55%
Hotel & Resort REITs 16 52.0%54.7%13.4% HST 77% · RHP 76% · APLE 65%
Other Specialized REITs 11 0.5%24.6%12.3% IRM 182% · EPR 68% · LAMR 67%
Real Estate Development 6 -0.9%29.7%10.6% JOE 52%
Industrial REITs 11 14.3%36.8%1.9% EGP 17% · STAG 8% · CUBE 5%
Single-Family Residential REITs 4 1.5%4.7%-17.4% AMH -6% · ELS -14% · INVH -21%
Multi-Family Residential REITs ← 12 -0.8%19.5%-26.4% ESS -3% · VMRK -6% · UDR -19%
Diversified REITs 12 3.3%16.1%-28.9% EPRT 20% · WPC 16%
Office REITs 19 3.0%51.4%-31.4% CDP 47% · CUZ -4% · HIW -4%
Real Estate Services 27 -21.5%-18.3%-35.4% JLL 41% · CBRE 30% · COMP -14%
Telecom Tower REITs 3 3.1%7.9%-37.8% AMT -21% · CCI -38% · SBAC -41%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ESSUDRCPTMAAAMHINVHMedian
NameEssex Pr.UDR Camden P.Mid-Amer.American.Invitati. 
Mkt Price275.6136.71100.24119.4032.9027.2168.47
Mkt Cap17.711.810.213.811.816.012.8
Rev LTM1,9461,7121,5542,2251,8952,8981,921
Op Inc LTM572328269585494721533
FCF LTM982596221623774950698
FCF 3Y Avg937590332714725912720
CFO LTM1,1098547131,0018801,189941
CFO 3Y Avg1,0748647701,0608421,145962

Growth & Margins

ESSUDRCPTMAAAMHINVHMedian
NameEssex Pr.UDR Camden P.Mid-Amer.American.Invitati. 
Rev Chg LTM4.5%0.6%-1.0%1.0%3.5%7.2%2.2%
Rev Chg 3Y Avg5.4%2.0%0.5%1.4%5.9%6.7%3.7%
Rev Chg Q4.1%-0.9%-3.7%1.0%4.1%6.3%2.6%
QoQ Delta Rev Chg LTM1.0%-0.2%-0.9%0.3%1.0%1.5%0.6%
Op Inc Chg LTM-1.1%6.1%-8.1%-6.3%8.5%-4.0%-2.5%
Op Inc Chg 3Y Avg10.3%4.3%-5.7%-5.3%11.4%1.5%2.9%
Op Mgn LTM29.4%19.2%17.3%26.3%26.1%24.9%25.5%
Op Mgn 3Y Avg27.5%18.0%18.5%28.5%24.9%27.0%25.9%
QoQ Delta Op Mgn LTM0.3%0.2%-0.4%-0.6%0.4%-1.0%-0.1%
CFO/Rev LTM57.0%49.9%45.9%45.0%46.4%41.0%46.2%
CFO/Rev 3Y Avg58.1%51.1%49.5%48.1%46.6%42.0%48.8%
FCF/Rev LTM50.5%34.8%14.2%28.0%40.8%32.8%33.8%
FCF/Rev 3Y Avg50.7%34.9%21.3%32.4%40.1%33.4%34.1%

Valuation

ESSUDRCPTMAAAMHINVHMedian
NameEssex Pr.UDR Camden P.Mid-Amer.American.Invitati. 
Mkt Cap17.711.810.213.811.816.012.8
P/S9.16.96.66.26.25.56.4
P/Op Inc31.035.938.123.724.022.227.5
P/EBIT28.112.57.922.716.515.115.8
P/E51.016.99.235.725.623.524.6
P/CFO16.013.814.413.813.413.513.8
Total Yield5.7%10.7%15.3%7.9%7.9%8.8%8.4%
Dividend Yield3.7%4.8%4.4%5.1%4.0%4.5%4.5%
FCF Yield 3Y Avg5.3%4.8%2.8%4.4%5.9%5.1%4.9%
D/E0.40.50.40.40.40.50.4
Net D/E0.40.50.40.40.40.50.4

Returns

ESSUDRCPTMAAAMHINVHMedian
NameEssex Pr.UDR Camden P.Mid-Amer.American.Invitati. 
1M Rtn1.5%8.0%2.7%3.5%6.6%1.6%3.1%
3M Rtn-1.8%-1.3%-7.1%-8.6%-2.6%-7.9%-4.8%
6M Rtn4.4%0.4%-2.5%-5.6%4.8%-3.9%-1.1%
12M Rtn10.0%10.8%2.6%-3.3%7.2%1.6%4.9%
3Y Rtn46.3%27.1%27.3%11.0%4.3%-3.8%19.1%
1M Excs Rtn7.1%13.6%8.3%9.1%12.2%7.1%8.7%
3M Excs Rtn3.1%4.2%-1.9%-3.6%2.7%-3.1%0.4%
6M Excs Rtn4.9%0.9%-2.1%-5.2%5.3%-3.4%-0.6%
12M Excs Rtn2.0%3.4%-4.6%-11.1%-1.2%-7.5%-2.9%
3Y Excs Rtn-25.4%-41.8%-42.3%-58.1%-62.1%-71.1%-50.2%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment1,8871,7741,6691,607 
Management and other fees from affiliates    9
Rental and other property    1,431
Total1,8871,7741,6691,6071,441


Assets by Segment
$ Mil20152014201320122011
Southern California4,9124,2491,7461,6751,478
Northern California3,7493,6421,6141,4891,241
Unallocated1,624    
Seattle Metro1,6131,647742699580
Other real estate assets107150878894
Eliminations 1,875998  
Cash and cash equivalents, including restricted cash   4235
Co-investments   571383
Marketable securities   9374
Notes and other receivables   6666
Other non-segment assets   5640
Real estate under development   6744
Total12,00511,5635,1874,8474,037


Price Behavior

Price Behavior
Market Price$275.54 
Market Cap ($ Bil)17.7 
First Trading Date06/07/1994 
Distance from 52W High-6.8% 
   50 Days200 Days
DMA Price$271.17$266.21
DMA Trenddownup
Distance from DMA1.6%3.5%
 3M1YR
Volatility19.6%19.9%
Downside Capture18.265.49
Upside Capture6.5616.55
Correlation (S&P 500)9.2%9.9%
ESS Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta-0.170.100.16-0.120.140.56
Up Beta1.380.810.66-0.480.080.54
Down Beta-0.35-0.18-0.22-0.000.330.69
Up Capture-36%-12%-2%-2%10%21%
Bmk +ve Days12182862130427
Stock +ve Days11193169138419
Down Capture-4%36%38%-11%5%75%
Bmk -ve Days10253664121325
Stock -ve Days11243357113332

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ESS
ESS11.8%19.9%0.44-
Sector ETF (XLRE)12.6%14.7%0.5759.6%
Equity (SPY)13.3%13.7%0.6510.2%
Gold (GLD)3.7%28.8%0.12-1.1%
Commodities (DBC)38.2%21.3%1.42-12.6%
Real Estate (VNQ)13.7%14.3%0.6559.9%
Bitcoin (BTCUSD)-25.3%43.6%-0.554.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ESS
ESS-0.3%23.9%-0.05-
Sector ETF (XLRE)1.8%19.2%-0.0178.3%
Equity (SPY)11.8%17.3%0.5148.7%
Gold (GLD)17.8%19.1%0.758.3%
Commodities (DBC)8.0%19.6%0.297.6%
Real Estate (VNQ)1.5%18.9%-0.0378.8%
Bitcoin (BTCUSD)4.4%51.6%0.2718.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ESS
ESS6.3%25.8%0.25-
Sector ETF (XLRE)7.4%20.4%0.3180.3%
Equity (SPY)15.3%18.0%0.7253.4%
Gold (GLD)12.1%16.5%0.606.2%
Commodities (DBC)7.6%18.1%0.3313.5%
Real Estate (VNQ)6.1%20.7%0.2581.3%
Bitcoin (BTCUSD)60.0%66.3%1.0011.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity2.5 Mil
Short Interest: % Change Since 9302026-0.8%
Average Daily Volume0.4 Mil
Days-to-Cover Short Interest5.6 days
Basic Shares Quantity64.3 Mil
Short % of Basic Shares3.9%

Earnings Returns History

Updated 11/5/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/27/2026-4.9%-3.6% 
7/29/2026-5.0%-3.0%-5.4%
4/28/2026-1.1%-0.4%3.2%
2/4/2026-0.4%3.5%1.0%
10/29/20251.1%5.3%5.3%
7/29/2025-7.6%-11.5%-7.9%
4/29/20251.5%4.0%2.5%
2/4/20253.0%1.5%5.0%
...
SUMMARY STATS   
# Positive91115
# Negative15138
Median Positive2.1%3.7%3.8%
Median Negative-1.5%-3.0%-4.2%
Max Positive3.9%7.6%7.9%
Max Negative-7.6%-11.5%-18.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/27/2026-4.9%-3.6% 
7/29/2026-5.0%-3.0%-5.4%
4/28/2026-1.1%-0.4%3.2%
2/4/2026-0.4%3.5%1.0%
10/29/20251.1%5.3%5.3%
7/29/2025-7.6%-11.5%-7.9%
4/29/20251.5%4.0%2.5%
2/4/20253.0%1.5%5.0%
10/29/2024-1.5%-2.5%4.8%
7/30/2024-0.9%-0.1%5.4%
4/30/2024-0.3%4.6%3.8%
2/6/2024-1.7%-3.2%4.1%
10/26/2023-0.9%1.5%1.7%
7/27/20232.4%5.4%2.4%
4/27/20233.9%2.4%-0.5%
2/7/20232.1%3.7%-1.6%
10/26/2022-2.9%-5.2%-6.9%
7/26/20221.3%1.2%2.4%
4/26/2022-0.8%-6.6%-18.0%
2/2/2022-2.5%-2.9%0.5%
10/26/20211.0%-0.7%5.6%
7/29/2021-0.8%-1.5%-3.0%
4/27/2021-3.4%-4.5%-1.3%
2/4/20212.2%7.6%7.9%
SUMMARY STATS   
# Positive91115
# Negative15138
Median Positive2.1%3.7%3.8%
Median Negative-1.5%-3.0%-4.2%
Max Positive3.9%7.6%7.9%
Max Negative-7.6%-11.5%-18.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202610/28/202610-Q
06/30/202607/30/202610-Q
03/31/202604/29/202610-Q
12/31/202502/20/202610-K
09/30/202510/30/202510-Q
06/30/202507/30/202510-Q
03/31/202504/30/202510-Q
12/31/202402/21/202510-K
09/30/202410/30/202410-Q
06/30/202407/31/202410-Q
03/31/202405/01/202410-Q
12/31/202302/23/202410-K
09/30/202310/27/202310-Q
06/30/202307/28/202310-Q
03/31/202304/28/202310-Q
12/31/202202/23/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202610/28/202610-Q
06/30/202607/30/202610-Q
03/31/202604/29/202610-Q
12/31/202502/20/202610-K
09/30/202510/30/202510-Q
06/30/202507/30/202510-Q
03/31/202504/30/202510-Q
12/31/202402/21/202510-K
09/30/202410/30/202410-Q
06/30/202407/31/202410-Q
03/31/202405/01/202410-Q
12/31/202302/23/202410-K
09/30/202310/27/202310-Q
06/30/202307/28/202310-Q
03/31/202304/28/202310-Q
12/31/202202/23/202310-K
09/30/202210/27/202210-Q
06/30/202207/27/202210-Q
03/31/202204/27/202210-Q
12/31/202102/25/202210-K
09/30/202110/27/202110-Q
06/30/202107/30/202110-Q
03/31/202104/28/202110-Q
12/31/202002/19/202110-K
09/30/202010/30/202010-Q
06/30/202008/05/202010-Q
03/31/202005/07/202010-Q
12/31/201902/20/202010-K

Recent Forward Guidance

Updated 10/28/2026

Latest: Q3 2026 Earnings Reported 10/27/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 FFO per share - dilutedReported3.954.014.07   
Q4 2026 Core FFO per share - dilutedReported3.954.014.070.5% Higher NewGuidance: 3.99 for Q3 2026
Q4 2026 EPS - dilutedReported1.481.541.6   
2026 Total FFO per diluted shareReported15.4215.4815.54   
2026 Core FFO per diluted shareReported16.116.1616.220.1% RaisedGuidance: 16.14 for 2026
2026 Same-Property NOI GrowthReported2.8%3.0%3.2% 0.2%RaisedGuidance: 2.8% for 2026
2026 Total NOI from Consolidated CommunitiesReported1.37 Bil1.38 Bil1.38 Bil   
2026 Management FeesReported8.90 Mil9.20 Mil9.50 Mil   
2026 Funds from OperationsReported1.03 Bil1.03 Bil1.03 Bil   
2026 Core Funds from OperationsReported1.07 Bil1.08 Bil1.08 Bil   
2026 Same-Property Revenue GrowthReported2.8%2.9%3.0% 0.1%RaisedGuidance: 2.8% for 2026
2026 Same-Property Operating Expenses GrowthReported2.6%2.8%2.9% 0.0%AffirmedGuidance: 2.8% for 2026
2026 Net interest expenseReported-260.60 Mil-259.80 Mil-259.00 Mil   
2026 EPS - dilutedReported5.625.685.74   


Prior: Q2 2026 Earnings Reported 7/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Core FFOReported3.933.994.050.3% Higher NewGuidance: 3.98 for Q2 2026
2026 Core FFOReported16.0316.1416.251.3% RaisedGuidance: 15.94 for 2026
2026 Same-Property NOI GrowthReported2.3%2.8%3.3% 0.7%RaisedGuidance: 2.1% for 2026
2026 Same-Property Revenues GrowthReported2.5%2.8%3.1% 0.4%RaisedGuidance: 2.4% for 2026
2026 Same-Property Operating Expenses GrowthReported2.5%2.8%3.0% -0.2%LoweredGuidance: 3.0% for 2026
2026 Net IncomeReported5.475.585.69-4.9% LoweredGuidance: 5.87 for 2026

Q1 2026 Earnings Reported 4/28/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Core FFOReported3.923.984.04  Higher NewGuidance: 3.95 for Q1 2026
2026 Total FFOReported15.7115.9616.21  RaisedGuidance: 15.79 for 2026
2026 Core FFOReported15.6915.9416.19  AffirmedGuidance: 15.94 for 2026
2026 Revenue GrowthReported1.7%2.4%3.1% 0.0%AffirmedGuidance: 2.4% for 2026
2026 Operating Expenses GrowthReported2.5%3.0%3.5% 0.0%AffirmedGuidance: 3.0% for 2026
2026 Net Operating Income GrowthReported0.8%2.1%3.4% 0.0%AffirmedGuidance: 2.1% for 2026
2026 Net IncomeReported5.625.876.12  RaisedGuidance: 5.8 for 2026

Q4 2025 Earnings Reported 2/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Core FFOReported3.893.954.01-0.8% Lower NewActual: 3.98 for Q4 2025
2026 Total FFOReported15.5415.7916.04-1.1% Lower NewActual: 15.96 for 2025
2026 Core FFOReported15.6915.9416.190.0% Same NewActual: 15.94 for 2025
2026 Revenue GrowthReported1.7%2.4%3.1% -0.8%Lower NewActual: 3.15% for 2025
2026 Operating Expenses GrowthReported2.5%3.0%3.5% -0.2%Lower NewActual: 3.25% for 2025
2026 Net Operating Income GrowthReported0.8%2.1%3.4% -1.0%Lower NewActual: 3.1% for 2025
2026 Net IncomeReported5.555.86.05-45.2% Lower NewActual: 10.58 for 2025

Insider Activity

Updated 5/29/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kasaris, Mary DirectSell5292026279.45600167,670669,003Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kasaris, Mary DirectSell5292026279.45600167,670669,003Form

Investor Activity (13F)

Updated Nov 10, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Rush Island Management, LP$195.5 Mil13.1%22ADD +26.8%13F
Sophron Capital Management L.P.$19.1 Mil5.6%41Hold13F
Solel Partners LP$18.6 Mil4.0%19Hold13F
Resolution Capital Ltd$162.9 Mil3.4%40Hold13F
Route One Investment Company, L.P.$72.1 Mil3.2%18TRIM -44.1%13F
Vert Asset Management LLC$7.4 Mil2.3%48Hold13F
Investure, LLC$24.4 Mil1.2%17ADD +38.1%13F
Lasalle Investment Management Securities LLC$5.7 Mil0.2%48Hold13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Investure, LLC$24.4 Mil1.2%17ADD +38.1%13F
Rush Island Management, LP$195.5 Mil13.1%22ADD +26.8%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Route One Investment Company, L.P.$72.1 Mil3.2%18TRIM -44.1%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Rush Island Management, LP$195.5 Mil13.1%22ADD +26.8%13F
Resolution Capital Ltd$162.9 Mil3.4%40Hold13F
Route One Investment Company, L.P.$72.1 Mil3.2%18TRIM -44.1%13F
Investure, LLC$24.4 Mil1.2%17ADD +38.1%13F
Sophron Capital Management L.P.$19.1 Mil5.6%41Hold13F
Solel Partners LP$18.6 Mil4.0%19Hold13F
Vert Asset Management LLC$7.4 Mil2.3%48Hold13F
Lasalle Investment Management Securities LLC$5.7 Mil0.2%48Hold13F
Core Cache Last Updated: 11/9/2026