Essex Property Trust, Inc. (ESS) 10-Year Financial Performance & Capital Metrics

ESS • • REIT / Real Estate

Real EstateResidential REITsMultifamily ApartmentsRegional Multifamily Specialists

AboutEssex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.Show more

Revenue $1.77B +6.3%
FFO $1.32B +38.5%
FFO/Share 20.57 +38.5%
FFO Payout 46.94% -23.7%
FFO per Share 20.57 +38.5%
NOI Margin 68.06% -0.1%
FFO Margin 74.49% +30.3%
ROE 13.04% +85.5%
ROA 5.86% +78.7%
Debt/Assets 51.47% +1.5%
Net Debt/EBITDA 5.13 -1.1%
Book Value/Share 89.51 +2.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 29.5% TTM
✓Sustainable FFO payout ratio of 46.9%
✓10 consecutive years of dividend growth
✓High NOI margin of 68.1%
✓Healthy dividend yield of 3.8%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.22%

5Y3.98%

3Y7.2%

TTM6.92%

Profit (Net Income) CAGR

10Y19.76%

5Y11.04%

3Y14.92%

TTM54.07%

EPS CAGR

10Y18.8%

5Y11.62%

3Y15.4%

TTM53.8%

ROCE

10Y Avg4.24%

5Y Avg4.75%

3Y Avg5.18%

Latest5.76%

Peer Comparison

Regional Multifamily Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NXRTNexPoint Residential Trust, Inc.	799.74M	31.53	745.39	-6.42%	-19.38%	-14.83%	9.2%	3.52
IRTIndependence Realty Trust, Inc.	4.08B	17.08	100.47	-3.17%	3.42%	0.62%	2.07%	0.65
ESSEssex Property Trust, Inc.	16.33B	253.52	21.97	6.29%	45.46%	14.52%	5.71%	1.16
BRTBRT Apartments Corp.	285.88M	15.03	-28.90	2.15%	-10.08%	-5.19%	6.29%	2.36
CSRCenterspace	1.08B	64.63	-50.89	-0.12%	-7.91%	-2.46%	9.1%	1.06

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.19B	1.29B	1.36B	1.4B	1.46B	1.5B	1.44B	1.61B	1.67B	1.77B
Revenue Growth %	0.23%	0.08%	0.05%	0.03%	0.04%	0.02%	-0.04%	0.12%	0.04%	0.06%
Property Operating Expenses	363.51M	169.27M	176.47M	183.63M	189.24M	211.58M	232.25M	497.74M	532.05M	566.82M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	499.73M	703.93M	714.49M	704.44M	789.81M	792.72M	678.32M	513.85M	553M	504.54M
G&A Expenses	40.09M	40.75M	41.38M	53.45M	54.26M	65.39M	51.84M	56.58M	63.47M	98.9M
EBITDA+	784.6M	862.48M	941.83M	991.87M	964.86M	1.02B	1.05B	1.13B	1.13B	1.28B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	453.42M	441.68M	468.88M	479.88M	483.75M	525.5M	520.07M	539.32M	548.44M	580.22M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	331.17M	420.8M	472.94M	511.99M	481.11M	491.44M	530M	595.23M	584.34M	703.1M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	204.83M	219.65M	222.89M	220.49M	217.34M	220.63M	203.13M	223.84M	212.91M	235.53M
Interest Coverage	1.62x	1.92x	2.12x	2.32x	2.21x	2.23x	2.61x	2.66x	2.74x	2.99x
Non-Operating Income	-121.89M	-461.33M	-437.07M	-354.87M	-443.49M	-593.44M	-453.69M	-61.59M	-59.27M	-343.74M
Pretax Income+	248.24M	662.48M	687.12M	646.37M	707.26M	864.25M	780.56M	432.99M	430.71M	811.31M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	4.41M	0	0	1.46M	1.53M	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	232.12M	414.98M	433.06M	390.15M	439.29M	568.87M	488.55M	408.31M	405.82M	741.52M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.9%	0.79%	0.04%	-0.1%	0.13%	0.29%	-0.14%	-0.16%	-0.01%	0.83%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.42%	0.25%	0.05%	-0.04%	0.06%	0.19%	-0.08%	-0.06%	0.01%	0.39%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	3.49	6.27	6.57	5.90	6.66	8.68	7.51	6.27	6.32	11.54
EPS Growth %	0.69%	0.8%	0.05%	-0.1%	0.13%	0.3%	-0.13%	-0.17%	0.01%	0.83%
EPS (Basic)	3.50	6.28	6.58	5.91	6.67	8.69	7.51	6.27	6.32	11.55
Diluted Shares Outstanding	65.06M	65.59M	65.9M	66.09M	65.94M	65.56M	65.09M	65.1M	64.25M	64.25M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	12.01B	12.22B	12.5B	12.38B	12.71B	12.94B	13B	12.37B	12.36B	12.93B
Asset Growth %	0.04%	0.02%	0.02%	-0.01%	0.03%	0.02%	0%	-0.05%	-0%	0.05%
Real Estate & Other Assets+	10.67B	10.6B	10.99B	10.65B	10.94B	11.36B	11.16B	10.92B	10.57B	11.58B
PP&E (Net)	0	0	0	0	74.74M	72.14M	68.97M	67.24M	63.76M	51.56M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	306.7M	452.42M	352.06M	432.83M	359.65M	484.85M	591.5M	258.47M	662.75M	352.35M
Cash & Equivalents	29.68M	64.92M	44.62M	134.47M	70.09M	73.63M	48.42M	33.3M	391.75M	66.8M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	51.64M	56.93M	-22.65M	-22.51M	-29.93M	-36.93M	-54.75M	9.39M	8.59M	9.05M
Intangible Assets	0	0	0	0	0	0	0	0	0	7.7M
Total Liabilities	5.62B	5.88B	6.06B	5.95B	6.26B	6.72B	6.79B	6.45B	6.74B	7.18B
Total Debt+	5.32B	5.56B	5.69B	5.61B	5.89B	6.33B	6.36B	6.03B	6.27B	6.65B
Net Debt	5.29B	5.5B	5.64B	5.47B	5.82B	6.25B	6.31B	5.99B	5.88B	6.59B
Long-Term Debt	5.3B	5.44B	5.51B	5.61B	5.75B	6.25B	5.95B	5.91B	6.21B	6.46B
Short-Term Borrowings	1000K	1000K	1000K	0	1000K	0	1000K	1000K	0	1000K
Capital Lease Obligations	0	0	0	0	76.74M	74.04M	70.67M	68.7M	65.09M	52.47M
Total Current Liabilities+	287.63M	409.31M	479.69M	314.96M	397.31M	356.03M	694.36M	389.86M	352.75M	530.48M
Accounts Payable	131.41M	138.23M	127.5M	127.09M	158.02M	152.85M	180.75M	165.46M	176.4M	212.75M
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Liabilities	34.52M	32.92M	69.86M	33.38M	36.56M	39.14M	75.51M	85.97M	111.66M	129.49M
Total Equity+	6.38B	6.34B	6.44B	6.43B	6.44B	6.22B	6.21B	5.92B	5.63B	5.75B
Equity Growth %	0.04%	-0.01%	0.02%	-0%	0%	-0.04%	-0%	-0.05%	-0.05%	0.02%
Shareholders Equity	6.24B	6.19B	6.28B	6.27B	6.22B	6B	5.99B	5.72B	5.42B	5.54B
Minority Interest	144.74M	144.74M	158.63M	162.25M	220.49M	215.02M	217.57M	205.89M	203.44M	214.19M
Common Stock	6K	6K	7K	7K	7K	6K	7K	6K	6K	6K
Additional Paid-in Capital	7B	7.03B	7.13B	7.09B	7.12B	6.88B	6.92B	6.75B	6.66B	6.67B
Retained Earnings	-797.33M	-805.41M	-833.73M	-812.8M	-887.62M	-861.19M	-916.83M	-1.08B	-1.27B	-1.16B
Preferred Stock	73.75M	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.02%	0.03%	0.04%	0.03%	0.04%	0.04%	0.04%	0.03%	0.03%	0.06%
Return on Equity (ROE)	0.04%	0.07%	0.07%	0.06%	0.07%	0.09%	0.08%	0.07%	0.07%	0.13%
Debt / Assets	0.44%	0.46%	0.46%	0.45%	0.46%	0.49%	0.49%	0.49%	0.51%	0.51%
Debt / Equity	0.83x	0.88x	0.88x	0.87x	0.91x	1.02x	1.02x	1.02x	1.11x	1.16x
Net Debt / EBITDA	6.74x	6.38x	5.99x	5.52x	6.03x	6.15x	6.01x	5.28x	5.19x	5.13x
Book Value per Share	98.10	96.62	97.67	97.29	97.68	94.80	95.43	90.97	87.56	89.51

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	617.41M	712.52M	766.15M	826.55M	919.08M	803.11M	905.26M	975.65M	980.06M	1.07B
Operating CF Growth %	0.25%	0.15%	0.08%	0.08%	0.11%	-0.13%	0.13%	0.08%	0%	0.09%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	248.24M	438.41M	458.04M	413.6M	464.45M	599.33M	515.69M	432.99M	405.82M	811.31M
Depreciation & Amortization	453.42M	441.68M	468.88M	479.88M	483.75M	525.5M	520.07M	539.32M	548.44M	580.22M
Stock-Based Compensation	6.06M	10.9M	9.29M	7.13M	7.01M	8.16M	7.31M	7.21M	0	7.16M
Other Non-Cash Items	-19.36M	-15.23M	-5.95M	-8.02M	-323K	-16.43M	-1.63M	8.83M	27.45M	-385.67M
Working Capital Changes	-7.48M	-1.12M	-24.13M	-173K	37.51M	-13.36M	33.32M	-2.46M	-1.65M	55.29M
Cash from Investing+	-725.56M	-421.41M	-477.24M	-59.89M	-527.69M	-416.9M	-397.4M	145.96M	-145.14M	-973.05M
Acquisitions (Net)	-212.05M	-183.99M	-293.36M	-162.44M	-402.28M	-114.02M	-306.27M	-163.19M	-609K	-6.97M
Purchase of Investments	-14.3M	-18.78M	-67.89M	-37.95M	-46.46M	-83.38M	-23.8M	-18.11M	-20.78M	-35.08M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K
Other Investing	-450.84M	-189.09M	-80.48M	190.66M	-124.79M	-242.88M	37.29M	419.23M	-123.75M	-958.35M
Cash from Financing+	108.21M	-255.87M	-310.84M	-676.39M	-461.69M	-383.26M	-533.26M	-1.14B	-477.27M	-419.74M
Dividends Paid	-367.26M	-411.13M	-450.63M	-484.18M	-507.75M	-536.1M	-542.86M	-565.92M	-586.98M	-620.47M
Common Dividends	-367.26M	-411.13M	-450.63M	-484.18M	-507.75M	-536.1M	-542.86M	-565.92M	-586.98M	-620.47M
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	1000K	1000K	1000K	-1000K	1000K	1000K
Share Repurchases	0	-75.18M	0	-52.15M	-56.99M	-269.61M	-9.63M	-190.04M	-96M	-296K
Other Financing	-5.93M	-36.37M	49.28M	-29.48M	-43.16M	-53.78M	-9.05M	-25.97M	-37.79M	-88.69M
Net Change in Cash+	4.07M	35.24M	-20.3M	90.27M	-70.3M	2.95M	-25.4M	-15.96M	357.65M	-324.49M
Exchange Rate Effect	1000K	0	0	0	0	0	0	0	0	0
Cash at Beginning	25.61M	29.68M	64.92M	61.13M	151.4M	81.09M	84.04M	58.64M	42.68M	400.33M
Cash at End	29.68M	64.92M	44.62M	151.4M	81.09M	84.04M	58.64M	42.68M	400.33M	75.85M
Free Cash Flow+	560.13M	652.51M	695.16M	744.87M	817.39M	713.02M	784.06M	812.46M	839.69M	931.91M
FCF Growth %	0.35%	0.16%	0.07%	0.07%	0.1%	-0.13%	0.1%	0.04%	0.03%	0.11%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	10.54	13.06	13.69	13.17	14	16.69	15.5	14.56	14.85	20.57
FFO Payout Ratio	53.57%	47.99%	49.96%	55.65%	55.01%	48.99%	53.82%	59.72%	61.51%	46.94%
NOI Margin	69.57%	86.92%	87.06%	86.88%	87.04%	85.85%	83.88%	69.02%	68.13%	68.06%
Net Debt / EBITDA	6.74x	6.38x	5.99x	5.52x	6.03x	6.15x	6.01x	5.28x	5.19x	5.13x
Debt / Assets	44.3%	45.54%	45.53%	45.27%	46.32%	48.9%	48.92%	48.71%	50.73%	51.47%
Interest Coverage	1.62x	1.92x	2.12x	2.32x	2.21x	2.23x	2.61x	2.66x	2.74x	2.99x
Book Value / Share	98.1	96.62	97.67	97.29	97.68	94.8	95.43	90.97	87.56	89.51
Revenue Growth	23.02%	8.34%	5.4%	2.65%	4.29%	2.44%	-3.69%	11.54%	3.89%	6.29%

Revenue by Segment

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Management And Other Fees From Affiliates Income	-	-	-	-	9.18M	9.53M	9.6M	9.14M	11.14M	11.13M
Management And Other Fees From Affiliates Income Growth	-	-	-	-	-	3.75%	0.75%	-4.79%	21.90%	-0.07%
Rental And Other Property Revenues	-	-	-	-	1.28B	-	-	-	-	-
Rental And Other Property Revenues Growth	-	-	-	-	-	-	-	-	-	-
Seattle Metro	-	-	217.26M	229.87M	-	-	-	-	-	-
Seattle Metro Growth	-	-	-	5.81%	-	-	-	-	-	-
Other Real Estate Assets	-	-	54.23M	-	-	-	-	-	-	-
Other Real Estate Assets Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Santa Mateo, CA	-	-	-	-	-	12.5M	-	-	-	-
Santa Mateo, CA Growth	-	-	-	-	-	-	-	-	-	-
Santa Clara, CA	-	-	-	-	-	10.8M	-	-	-	-
Santa Clara, CA Growth	-	-	-	-	-	-	-	-	-	-
Southern California	422.9M	529.44M	561.09M	596.22M	592.28M	-	-	-	-	-
Southern California Growth	-	25.19%	5.98%	6.26%	-0.66%	-	-	-	-	-
Northern California	338.01M	416.35M	453.14M	505.31M	522.56M	-	-	-	-	-
Northern California Growth	-	23.18%	8.84%	11.51%	3.41%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Essex Property Trust, Inc. (ESS) has a price-to-earnings (P/E) ratio of 22.0x. This is roughly in line with market averages.

Growth & Financials

Essex Property Trust, Inc. (ESS) reported $1.86B in revenue for fiscal year 2024. This represents a 298% increase from $467.4M in 2011.

Essex Property Trust, Inc. (ESS) grew revenue by 6.3% over the past year. This is steady growth.

Yes, Essex Property Trust, Inc. (ESS) is profitable, generating $846.5M in net income for fiscal year 2024 (41.8% net margin).

Dividend & Returns

Yes, Essex Property Trust, Inc. (ESS) pays a dividend with a yield of 3.81%. This makes it attractive for income-focused investors.

Essex Property Trust, Inc. (ESS) has a return on equity (ROE) of 13.0%. This is reasonable for most industries.

Industry Metrics

Essex Property Trust, Inc. (ESS) generated Funds From Operations (FFO) of $1.45B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Essex Property Trust, Inc. (ESS) offers a 3.81% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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