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ESSEssex Property Trust

Real estate · REIT · NYSE

Essex Property Trust, Inc. (“Essex”), a Maryland corporation, is an S&P 500 company that operates as a self-administered and self-managed real estate investment trust (“REIT”). 10-K, Item 1

ESS quote by TradingView
Employees
1,689
Headquarters
San Mateo, CA
CEO
Angela L. Kleiman
Next results
around Feb 3, 2027
Compare with peers → Embed
All key numbers (37, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)6.43Sales (ttm)1.9BNet income (ttm)413.8MSales growth+6.4%EPS growth-9.9%Sales Q/Q+4.1%
Free cash flow-Gross margin70.1%Oper. margin32.5%Net margin21.5%FCF margin-ROE7.8%
ROA3.2%R&D / sales-Dividend10.28Debt/Eq1.20Curr. ratio-Cash58.3M
Op. cash flow (ttm)1.1BEBITDA1.5BEBITDA margin79.8%Net debt6.3BInterest cover3.48Payout ratio98.8%
Stock pay / sales0.5%Shares out.64.3MShares Y/Y+0.2%Book / share82.83Cash / share0.91Sales / share29.98
Asset turnover0.15Sales 3Y CAGR+5.5%Sales 5Y CAGR+4.8%EPS 3Y CAGR+18.4%EPS 5Y CAGR+3.7%Employees1,689
Sales / employee1.1M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Operating margin widened to 47.6%39.6% → 47.6% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

ESS against Real estate peers

Ten years, side by side → · All 30 →
GrowthProfitBalanceCleanInsiders
ESSPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 30 companies, the better end on the right. Hover a dot for the company.

Sales growth
+6.4%13th of 29 · median +5.1%
Net margin
21.5%16th of 29 · median 21.7%
Return on equity
7.8%14th of 27 · median 7.8%
Debt / equity (less is better)
1.2019th of 24 · median 0.84
ESS and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
ESS Essex Property Trust$1.9B +6.4%70.1%21.5%7.8%-1.20
MAA Mid-America Apartment Communities$2.2B +0.8%-17.6%7.0%--
KIM Kimco Realty$2.2B +5.1%-27.8%5.9%53.1%0.75
UDR UDR, Inc.$1.7B +2.4%-40.8%22.3%-1.84
REG Regency Centers$1.6B +6.9%-34.5%7.9%-0.73
CPT Camden Property Trust$1.6B +1.9%-71.9%24.6%-1.06

From $1.6B of sales to $408.3M of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $1.1BRevenue to Cost of revenue: $478.4MGross profit to Operating profit: $595.2MGross profit to Operating expenses: $533.2MOperating profit to Net profit: $408.3MOperating profit to Interest, tax, other: $186.9M Revenue: $1.6B Revenue$1.6B +12% Y/Y Gross profit: $1.1B · 70% margin Gross profit$1.1B70% margin Cost of revenue: $478.4M · 30% of revenue Cost of revenue$478.4M30% of revenue Operating profit: $595.2M · 37% margin Operating profit$595.2M37% margin +12% Y/Y Operating expenses: $533.2M · 33% of revenue Operating expenses$533.2M33% of revenue Net profit: $408.3M · 25% margin Net profit$408.3M25% margin −16% Y/Y Interest, tax, other: $186.9M · 12% of revenue Interest, tax, other$186.9M12% of revenue

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From $1.7B of sales to $405.8M of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $1.2BRevenue to Cost of revenue: $498.9MGross profit to Operating profit: $584.3MGross profit to Operating expenses: $586.2MOperating profit to Net profit: $405.8MOperating profit to Interest, tax, other: $178.5M Revenue: $1.7B Revenue$1.7B +4% Y/Y Gross profit: $1.2B · 70% margin Gross profit$1.2B70% margin +4% Y/Y Cost of revenue: $498.9M · 30% of revenue Cost of revenue$498.9M30% of revenue Operating profit: $584.3M · 35% margin Operating profit$584.3M35% margin −2% Y/Y Operating expenses: $586.2M · 35% of revenue Operating expenses$586.2M35% of revenue Net profit: $405.8M · 24% margin Net profit$405.8M24% margin −1% Y/Y Interest, tax, other: $178.5M · 11% of revenue Interest, tax, other$178.5M11% of revenue

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From $1.8B of sales to $741.5M of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $1.2BRevenue to Cost of revenue: $531.8MGross profit to Operating profit: $703.1MGross profit to Operating expenses: $539.6MOperating profit to Net profit: $703.1MOther income to Net profit: $38.4M Revenue: $1.8B Revenue$1.8B +6% Y/Y Gross profit: $1.2B · 70% margin Gross profit$1.2B70% margin +6% Y/Y Cost of revenue: $531.8M · 30% of revenue Cost of revenue$531.8M30% of revenue Operating profit: $703.1M · 40% margin Operating profit$703.1M40% margin +20% Y/Y Other income: $38.4M · 2% of revenue Other income$38.4M2% of revenue Operating expenses: $539.6M · 30% of revenue Operating expenses$539.6M30% of revenue Net profit: $741.5M · 42% margin Net profit$741.5M42% margin +83% Y/Y

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From $1.9B of sales to $669.7M of profit

FY2025, from the 10-K income statement
Revenue to Gross profit: $1.3BRevenue to Cost of revenue: $568.4MGross profit to Operating profit: $899.3MGross profit to Operating expenses: $419.7MOperating profit to Net profit: $669.7MOperating profit to Interest, tax, other: $229.7M Revenue: $1.9B Revenue$1.9B +6% Y/Y Gross profit: $1.3B · 70% margin Gross profit$1.3B70% margin +6% Y/Y Cost of revenue: $568.4M · 30% of revenue Cost of revenue$568.4M30% of revenue Operating profit: $899.3M · 48% margin Operating profit$899.3M48% margin +28% Y/Y Operating expenses: $419.7M · 22% of revenue Operating expenses$419.7M22% of revenue Net profit: $669.7M · 35% margin Net profit$669.7M35% margin −10% Y/Y Interest, tax, other: $229.7M · 12% of revenue Interest, tax, other$229.7M12% of revenue

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Where each $100 of sales went

FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 4
  • !
    Net margin below the peer median21.5% vs 21.7%
  • !
    Gross margin down over 3 years70.2% → 69.9%
  • !
    Return on equity below 15%7.8%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 32.1% → 35.5%

Balance sheet

0 of 2
  • !
    Interest covered less than 5 timesOperating income is 3.5× interest expense
  • !
    Debt larger than equityDebt / equity 1.20 on the latest balance sheet (peer median 0.84)
Debt / equity at each year end, FY2016 to FY2025: 0.35 → 0.11
What the debt is made of ↓

Cash and shareholders

3 of 3
  • ✓
    Share count down over 5 years−1.8%
  • ✓
    Dividend per share up over 5 years$8.31 → $10.28
  • ✓
    Cash from operations above net income$1.1B vs $669.7M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Jun 30, 2026
Debt: $6.4B Debt$6.4B Long-term debt: $6.4B · 100% Long-term debt$6.4B · 100% Next 12 months: $434.4M · 7% Next 12 months$434.4M · 7% Year 2: $518.3M · 8% Year 2$518.3M · 8% Year 3: $501.5M · 8% Year 3$501.5M · 8% Year 4: $916.6M · 14% Year 4$916.6M · 14%

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $300.0M Not stated $19.3B

Line, as the company names itKindRateFixed or floatingAmount
Unsecured DebtSecured–not stated$6.0B
Senior NotesNotes and bonds–not stated$5.5B
Secured debtSecured–not stated$787.1M
Mortgages––not stated$784.3M
Unsecured Bonds 2.650% (Senior Notes)Secured2.65%not stated$650.0M
Unsecured Bonds 3.000% (Senior Notes)Secured3.00%not stated$550.0M
Unsecured Bonds 5.500% (Senior Notes)Secured5.50%not stated$550.0M
Mortgages (Mortgage Notes Payable)Notes and bonds–not stated$526.7M
Unsecured Bonds 4.000% (Senior Notes)Secured4.00%not stated$500.0M
Unsecured Bonds 1.700% (Senior Notes)Secured1.70%not stated$450.0M
Unsecured Bonds 3.375% (Senior Notes)Secured3.38%not stated$450.0M
Unsecured Bonds 5.375% (Senior Notes)Secured5.38%not stated$400.0M
Unsecured Bonds 3.625% (Senior Notes)Secured3.62%not stated$350.0M
Unsecured Bonds 4.875% (Senior Notes)Secured4.88%not stated$350.0M
Unsecured Bonds 1.650% (Senior Notes)Secured1.65%not stated$300.0M
Unsecured Bonds 2.550% (Senior Notes)Secured2.55%not stated$300.0M
Unsecured Bonds 2.650% (Senior Notes)Secured2.65%not stated$300.0M
Unsecured Bonds 4.500% (Senior Notes)Secured4.50%not stated$300.0M
Unsecured Term Loan 0.850%, Due May 2028 (Unsecured Debt)Secured–floating$300.0M
Mortgages (Multifamily Housing Mortgage Revenue Bonds)Notes and bonds–not stated$257.7M
All 20 lines

From the debt note in the 10-K's XBRL (0000920522-26-000003), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 1.9B Net income 669.7M
FY2016 revenue 1.3B · SalesRevenueNet, 0000920522-18-000011 FY2016 net income 415.0M · NetIncomeLoss, 0000920522-19-000009 1.3B FY2016 FY2017 revenue 1.4B · Revenues, 0000920522-20-000026 FY2017 net income 433.1M · NetIncomeLoss, 0000920522-19-000009 1.4B FY2017 FY2018 revenue 1.4B · Revenues, 0000920522-21-000015 FY2018 net income 390.2M · NetIncomeLoss, 0000920522-19-000009 1.4B FY2018 FY2019 revenue 1.5B · Revenues, 0000920522-22-000019 FY2019 net income 439.3M · NetIncomeLossAvailableToCommonStockholdersBasic, 0000920522-22-000019 1.5B FY2019 FY2020 revenue 1.5B · Revenues, 0000920522-23-000005 FY2020 net income 568.9M · NetIncomeLossAvailableToCommonStockholdersBasic, 0000920522-23-000005 1.5B FY2020 FY2021 revenue 1.4B · Revenues, 0000920522-24-000033 FY2021 net income 488.6M · NetIncomeLossAvailableToCommonStockholdersBasic, 0000920522-24-000033 1.4B FY2021 FY2022 revenue 1.6B · Revenues, 0000920522-25-000024 FY2022 net income 408.3M · NetIncomeLossAvailableToCommonStockholdersBasic, 0000920522-25-000024 1.6B FY2022 FY2023 revenue 1.7B · Revenues, 0000920522-26-000003 FY2023 net income 405.8M · NetIncomeLossAvailableToCommonStockholdersBasic, 0000920522-26-000003 1.7B FY2023 FY2024 revenue 1.8B · Revenues, 0000920522-26-000003 FY2024 net income 741.5M · NetIncomeLossAvailableToCommonStockholdersBasic, 0000920522-26-000003 1.8B FY2024 FY2025 revenue 1.9B · Revenues, 0000920522-26-000003 FY2025 net income 669.7M · NetIncomeLossAvailableToCommonStockholdersBasic, 0000920522-26-000003 1.9B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

ESS's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue1.9B
FY2016: 1.3BFY2017: 1.4BFY2018: 1.4BFY2019: 1.5BFY2020: 1.5BFY2021: 1.4BFY2022: 1.6BFY2023: 1.7BFY2024: 1.8BFY2025: 1.9B FY2017FY2019FY2021FY2023FY2025
Net income669.7M
FY2016: 415.0MFY2017: 433.1MFY2018: 390.2MFY2019: 439.3MFY2020: 568.9MFY2021: 488.6MFY2022: 408.3MFY2023: 405.8MFY2024: 741.5MFY2025: 669.7M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)10.40
FY2016: 6.27FY2017: 6.57FY2018: 5.90FY2019: 6.66FY2020: 8.69FY2021: 7.51FY2022: 6.27FY2023: 6.32FY2024: 11.54FY2025: 10.40 FY2017FY2019FY2021FY2023FY2025
Dividend per share10.28
FY2016: 6.40FY2017: 7.00FY2018: 7.44FY2019: 7.80FY2020: 8.31FY2021: 8.36FY2022: 8.80FY2023: 9.24FY2024: 9.80FY2025: 10.28 FY2017FY2019FY2021FY2023FY2025
Diluted shares64.4M
FY2016: 65.6MFY2017: 65.9MFY2018: 66.1MFY2019: 65.9MFY2020: 65.6MFY2021: 65.1MFY2022: 65.1MFY2023: 64.3MFY2024: 64.3MFY2025: 64.4M FY2017FY2019FY2021FY2023FY2025

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue1.3B1.4B1.4B1.5B1.5B1.4B1.6B1.7B1.8B1.9B
Gross profit------1.1B1.2B1.2B1.3B
SG&A40.8M41.4M53.5M54.3M65.4M51.8M56.6M63.5M98.9M71.9M
Operating income420.8M472.9M512.0M481.1M491.4M530.0M595.2M584.3M703.1M899.3M
Interest expense219.7M222.9M220.5M217.3M220.6M203.1M204.8M212.9M235.5M258.4M
Net income415.0M433.1M390.2M439.3M568.9M488.6M408.3M405.8M741.5M669.7M
EPS (diluted)6.276.575.906.668.697.516.276.3211.5410.40
Diluted shares65.6M65.9M66.1M65.9M65.6M65.1M65.1M64.3M64.3M64.4M
Depreciation & amortization441.7M468.9M479.9M483.8M525.5M520.1M539.3M548.4M580.2M607.5M
EBITDA862.5M941.8M991.9M964.9M1.0B1.1B1.1B1.1B1.3B1.5B
Gross margin------70.2%70.1%70.0%69.9%
Operating margin32.5%34.7%36.6%32.9%32.9%36.8%37.0%35.0%39.6%47.6%
Net margin32.1%31.8%27.9%30.1%38.0%33.9%25.4%24.3%41.8%35.5%
Revenue growth-+5.4%+2.7%+4.3%+2.4%-3.7%+11.5%+3.9%+6.3%+6.4%
EPS growth-+4.8%-10.2%+12.9%+30.5%-13.6%-16.5%+0.8%+82.6%-9.9%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash64.9M44.6M134.5M70.1M73.6M48.4M33.3M391.7M66.8M76.2M
Total assets12.2B12.5B12.4B12.7B12.9B13.0B12.4B12.4B12.9B13.2B
Total debt2.2B2.0B1.8B990.7M643.5M639.0M----
Total liabilities5.9B6.1B6.0B6.3B6.7B6.8B6.5B6.7B7.2B7.4B
Shareholders' equity6.2B6.3B6.3B6.2B6.0B6.0B5.7B5.4B5.5B5.5B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow716.8M769.6M826.6M919.1M803.1M905.3M975.6M980.1M1.1B1.1B
Stock-based pay (added back)9.8M9.3M7.1M7.0M8.2M7.3M7.2M8.0M7.2M9.6M
Buybacks1.0M051.2M57.0M269.3M9.2M189.7M95.7M00
Acquisitions0---------
Debt raised669.3M598.0M298.8M1.0B1.5B745.5M0598.0M554.9M1.1B
Debt repaid532.0M561.2M230.4M1.0B916.2M1.1B64.5M302.4M403.1M808.6M
Investing cash flow-413.1M-567.9M-59.9M-527.7M-416.9M-397.4M146.0M-145.1M-973.1M-552.5M
Financing cash flow-256.5M-310.8M-676.4M-461.7M-383.3M-533.3M-1.1B-477.3M-419.7M-512.2M
Dividend per share6.407.007.447.808.318.368.809.249.8010.28

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)9.8M9.3M7.1M7.0M8.2M7.3M7.2M8.0M7.2M9.6M
Stock-based pay / revenue0.8%0.7%0.5%0.5%0.5%0.5%0.4%0.5%0.4%0.5%
Operating lease cost---6.7M6.7M6.7M6.7M6.8M6.5M6.1M
Operating lease cash paid-006.8M6.9M7.0M7.0M7.0M6.9M6.4M
Right-of-use assets--074.7M72.1M69.0M67.2M63.8M51.6M50.8M
Operating lease liabilities---76.7M74.0M70.7M68.7M65.1M52.5M51.5M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on ESS in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/ESS/export.csv") into a cell.