ESSEX PROPERTY TRUST, INC. ESS
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"). Essex owns all of its interest in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. (the "Operating Partnership" or "EPLP"). Essex is the sole general partner of the Operating Partnership and as of December 31, 2025, had an approximately 96.6% general partner interest in the Operating Partnership. In this report, the terms "Company," "we," "us," and "our" also refer to Essex Property Trust, Inc., the Operating Partnership and those entities/subsidiaries owned or controlled by Essex and/or the Operating Partnership.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.4M | $10.3M | $11.1M | $11.1M | $9.1M | $9.6M | $9.5M | $9.2M | $1.36B | $1.29B |
| Gross profit | $1.32B | $1.24B | $1.17B | $1.13B | — | — | — | — | — | — |
| SG&A | $71.9M | $98.9M | $63.5M | $56.6M | $51.8M | $65.4M | $54.3M | $53.5M | $41.4M | $40.8M |
| Total operating expenses | $1.29B | $1.25B | $1.14B | $1.11B | $1.05B | $1.07B | $975.9M | $949.9M | $917.4M | $873.2M |
| Operating income | $899.3M | $703.1M | $584.3M | $595.2M | $530.0M | $491.4M | $481.1M | $512.0M | $472.9M | $420.8M |
| Interest expense | $258.4M | $235.5M | $212.9M | $204.8M | $203.1M | $220.6M | $217.3M | $220.5M | $222.9M | $219.7M |
| Net income | $702.8M | $811.3M | $430.7M | $433.0M | $515.7M | $599.3M | $464.4M | $413.6M | $458.0M | $415.0M |
| EPS, basic | 10.40 | 11.55 | 6.32 | 6.27 | 7.51 | 8.69 | 6.67 | 5.91 | 6.58 | 6.28 |
| EPS, diluted | 10.40 | 11.54 | 6.32 | 6.27 | 7.51 | 8.69 | 6.66 | 5.90 | 6.57 | 6.27 |
| Shares, diluted (wtd. avg.) | $64.4M | $64.3M | $64.3M | $65.1M | $65.1M | $65.6M | $65.9M | $66.1M | $65.9M | $65.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $76.2M | $66.8M | $391.7M | $42.7M | $58.6M | $84.0M | $81.1M | $151.4M | $61.1M | $170.3M |
| Other intangibles | $7.5M | $7.7M | $6.1M | $7.4M | $8.9M | $4.7M | $1.2M | $100.0K | $400.0K | $1.4M |
| Total assets | $13.16B | $12.93B | $12.36B | $12.37B | $13.00B | $12.94B | $12.71B | $12.38B | $12.50B | $12.22B |
| Long-term debt | — | — | — | — | $639.0M | $643.5M | $990.7M | $1.81B | $2.01B | $2.19B |
| Total liabilities | $7.42B | $7.18B | $6.74B | $6.45B | $6.79B | $6.72B | $6.26B | $5.95B | $6.06B | $5.88B |
| Total equity | $5.54B | $5.54B | $5.59B | $5.90B | $6.18B | $6.18B | $6.40B | $6.39B | $6.40B | $6.29B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.07B | $1.07B | $980.1M | $975.6M | $905.3M | $803.1M | $919.1M | $826.6M | $769.6M | $716.8M |
| Depreciation and amortisation | $607.5M | $580.2M | $548.4M | $539.3M | $520.1M | $525.5M | $483.8M | $479.9M | $468.9M | $441.7M |
| Stock-based compensation | $9.6M | $7.2M | $8.0M | $7.2M | $7.3M | $8.2M | $7.0M | $7.1M | $9.3M | $9.8M |
| Investing cash flow | -$552.5M | -$973.1M | -$145.1M | $146.0M | -$397.4M | -$416.9M | -$527.7M | -$59.9M | -$567.9M | -$413.1M |
| Financing cash flow | -$512.2M | -$419.7M | -$477.3M | -$1.14B | -$533.3M | -$383.3M | -$461.7M | -$676.4M | -$310.8M | -$256.5M |
| Buybacks | $0 | $0 | $95.7M | $189.7M | $9.2M | $269.3M | $57.0M | $51.2M | $0 | $1.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000920522-26-000003.
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