Essex Property Trust, Inc. (ESS) Stock

Essex Property Trust, Inc. (ESS) is a Real Estate stock trading at $288.97 (as of 2026-08-21), with a market capitalization of $18.57B and a trailing P/E of 42.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Essex Property Trust, Inc. is a real estate investment trust that acquires, develops, redevelops, and manages multifamily apartment communities in selected West Coast markets. The company has ownership interests in 246 apartment communities totaling about 60,000 apartment homes, with additional properties in active development.

Understand Essex Property Trust, Inc.: how it makes money

Essex Property Trust, Inc. owns, develops, and manages multifamily apartment communities in selected West Coast markets, and it makes money through its ownership interests and ongoing property management activities.

As a fully integrated REIT, Essex's profit engine is the performance of its owned and actively managed apartment communities in its West Coast footprint, supported by a small development pipeline.

Business quality (Solid): Integrated ownership plus property management across a large existing portfolio, with near-term growth tied to properties in active development, but returns can be sensitive to conditions affecting apartment communities.

Valuation: At 31× earnings, ESS trades 8% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

  • Fully integrated REIT platform: Essex acquires, develops, redevelops, and manages multifamily residential properties, which can support consistency across the property lifecycle.
  • Meaningful scale in owned communities: Essex has ownership interests in 246 apartment communities totaling approximately 60,000 apartment homes.
  • Ongoing growth via development: Essex has 6 properties in various stages of active development, providing a pipeline for future portfolio expansion.

Bear case

  • Market concentration risk: The company operates in selected West Coast markets, so adverse local conditions for apartments could affect results.
  • Execution risk in development and redevelopment: Because Essex develops and redevelops properties, projects in active development could face timing or outcome uncertainty.
  • Operational sensitivity: As a property owner and manager, Essex's performance is ultimately tied to how its apartment communities perform over time.
Valuation — source: SEC EDGAR (first-party)
Price$288.97
Market Cap$18.57B
P/E Ratio42.4
EV / EBITDA20.1
Price / Book3.39
Price / Sales9.64
DCF Value (model)$621.70
DCF Upside vs Price115.1%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$1.89B
Net Margin37.2%
Revenue Growth (YoY)4.1%
EPS Growth (YoY)-71.8%
Valuation vs Sector & Industry
Stock P/E42.4
Sector P/E (Real Estate)27.2
Industry P/E (Trading)35.3
vs Sector56.2%
vs Industry20.1%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($2.69B)
Institutional Holders Tracked10
Congressional Trades (recent)7
Company
SectorReal Estate
IndustryTrading
CEOAngela L. Kleiman
Employees1,712
CountryUS
IPO Date1994-06-07

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ESS earnings history · ESS institutional & insider holders · ESS KPIs & operating metrics · ESS financials · ESS investor presentations & press releases · ESS SEC filings · ESS peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.