Essex Property Trust (ESS)
Owns and operates apartment communities across California and metropolitan Seattle.
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Owns and operates apartment communities across Southern and Northern California and metropolitan Seattle, earning nearly all revenue from residential rents. Acquisitions, redevelopment, development, co-investments, and structured finance support a portfolio concentrated in three coastal regions.
Operates as a self-managed apartment REIT, owning, acquiring, developing, redeveloping, and managing communities in Southern California, the San Francisco Bay Area, and metropolitan Seattle. Apartment rents generate nearly all revenue; retail and commercial space and management fees are minor. The portfolio also includes co-investments, preferred-equity positions, and limited development activity.
Centralizes groups of properties into operating collections and uses redevelopment and data analytics to improve operations. Acquisitions, dispositions, joint ventures, and structured finance allocate capital within its coastal markets.
Rental income depends on occupancy and rent levels shaped by local employment, housing affordability, and competing supply. Portfolio activity also depends on entitlement rules, construction costs, interest rates, capital-market access, and federal, state, and local housing regulations.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 21, 2026 | Evercore ISI | Target | Target: $303 | Target: $299 |
| Sep 17, 2026 | Scotiabank | Reiterate | Rating: —Target: $307 | Target: $293 |
| Sep 15, 2026 | UBS | Reiterate | Rating: —Target: $290 | Target: $286 |
| Sep 8, 2026 | Mizuho Securities | Target | Target: $308 | Target: $295 |
| Sep 8, 2026 | Mizuho | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $158.5M · Total debt $6.75B · Total assets $12.90B · Shareholders' equity $5.32B
- Revenue
- $489.0M
- Operating income
- $107.7M
- Net income
- $62.5M
HistoryDividendAnnual yieldUpcoming
| Institutions | ≈ 101.99% | 65.55M shares | |
|---|---|---|---|
| 643 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.48% | 308.4K shares | |
| 13 holders · as of May 29, 2026 | |||
| Adds to | 102.47% | ||
64.27M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 102.47%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 11.56% | 7.43M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 8.54% | 5.49M | as of Jun 30, 2026 |
State Street CorpInstitution | 8.11% | 5.21M | as of Jun 30, 2026 |
Cohen & Steers, Inc.Institution | 7.65% | 4.91M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 6.54% | 4.20M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 27, 2026 | Mary Kasaris | director | −600 | $279.45 |
- Equity Residential
Coastal apartments in California, Seattle, and gateway metros
- UDR
West-region apartments overlapping California and Seattle markets
- Camden Property Trust
National multifamily owner competing for renters and development capital
- Mid-America Apartment Communities
Large Sun Belt apartment REIT competing at portfolio and capital scale
- Invitation Homes
Single-family rental substitute for apartment tenant demand
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Essex Property Trust | $274.66 | +1.20% | $17.44B | 42.2 | 45.5 | 9.1 | +4.1% |
| Equity Residential | $62.03 | +1.09% | $23.01B | 26.9 | 40.1 | 7.3 | +2.1% |
| UDR | $34.27 | +1.11% | $10.89B | 21.6 | 58.3 | 6.3 | −0.0% |
| Camden Property Trust | $99.80 | +0.99% | $9.93B | 32.8 | 105.3 | 6.3 | −0.9% |
| Mid-America Apartment Communities | $119.75 | +0.75% | $13.83B | 34.8 | 38.2 | 6.2 | +1.0% |
| Invitation Homes | $27.18 | +0.35% | $16.09B | 24.8 | 36.4 | 5.6 | +9.7% |
| Median | 26.9 | 40.1 | 6.3 | +1.0% |