Essex Property Trust (ESS) Financials

$271.49 +2.85 (+1.06%)

Closing price 05/13/2026 03:59 PM Eastern

Extended Trading

$271.67 +0.18 (+0.07%)

As of 04:05 AM Eastern

Annual Income Statements for Essex Property Trust

This table shows Essex Property Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	227	411	433	390	439	569	489	408	406	742	670
Consolidated Net Income / (Loss)	248	438	458	414	464	599	516	433	431	811	703
Net Income / (Loss) Continuing Operations	242	438	371	414	464	599	532	416	431	601	703
Total Pre-Tax Income	242	438	371	412	464	601	532	416	431	601	703
Total Operating Income	331	421	473	512	481	491	530	595	584	703	899
Total Gross Profit	959	1,294	1,135	1,167	1,219	1,232	1,176	1,323	1,367	1,446	1,534
Total Revenue	1,194	1,294	1,364	1,400	1,460	1,496	1,441	1,607	1,669	1,774	1,887
Operating Revenue	1,194	1,294	1,364	1,400	1,460	1,496	1,441	1,607	1,669	1,774	1,887
Total Cost of Revenue	235	0.00	229	233	241	264	265	283	302	328	353
Operating Cost of Revenue	235	-	229	233	241	264	265	283	302	328	353
Total Operating Expenses	634	873	662	655	738	741	646	728	783	743	635
Selling, General & Admin Expense	40	41	41	53	54	65	52	57	63	99	72
Depreciation Expense	453	442	469	480	484	525	520	539	548	580	608
Other Operating Expenses / (Income)	129	389	176	184	192	146	217	225	230	240	255
Restructuring Charge	6.21	1.84	1.57	0.19	0.17	1.59	0.20	2.13	0.60	0.07	0.03
Other Special Charges / (Income)	-	-	-26	-62	-	-	-143	-94	-59	-176	-300
Total Other Income / (Expense), net	-83	18	-102	-100	-17	108	2.45	-180	-154	-102	-196
Interest Expense	211	220	223	220	214	244	104	224	167	155	238
Interest & Investment Income	47	88	121	121	167	77	122	34	14	51	40
Other Income / (Expense), net	81	150	0.00	0.00	30	274	-16	10	-0.70	0.93	2.10
Other Adjustments to Consolidated Net Income / (Loss)	-	0.00	87	1.25	-	-	-17	17	0.00	211	-0.43
Net Income / (Loss) Attributable to Noncontrolling Interest	16	23	25	23	25	30	27	25	25	70	33
Basic Earnings per Share	$3.50	$6.28	$6.58	$5.91	$13.34	$8.69	$7.51	$6.27	$6.32	$11.55	$10.40
Weighted Average Basic Shares Outstanding	64.87M	65.47M	65.83M	66.04M	65.84M	65.45M	65.05M	65.08M	64.25M	64.23M	64.38M
Diluted Earnings per Share	$3.49	$6.27	$6.57	$5.90	$13.32	$8.69	$7.51	$6.27	$6.32	$11.54	$10.40
Weighted Average Diluted Shares Outstanding	65.06M	65.59M	65.90M	66.09M	65.94M	65.56M	65.09M	65.10M	64.25M	64.25M	64.40M
Weighted Average Basic & Diluted Shares Outstanding	64.87M	65.47M	65.83M	66.04M	65.84M	65.45M	65.28M	64.52M	64.20M	64.33M	64.48M
Cash Dividends to Common per Share	$5.76	$6.40	$7.00	$7.44	$7.80	$8.31	$8.36	$8.80	$9.24	$9.80	$10.28

This table shows Essex Property Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	87	65	273	93	118	257	203	221	165	81	106
Consolidated Net Income / (Loss)	93	70	285	99	125	302	213	232	173	86	112
Net Income / (Loss) Continuing Operations	93	70	147	99	94	261	213	232	173	86	112
Total Pre-Tax Income	93	70	147	99	94	261	213	232	173	86	112
Total Operating Income	132	130	132	137	129	304	257	280	210	152	155
Total Gross Profit	342	347	347	363	365	371	379	383	382	390	396
Total Revenue	419	422	427	442	451	454	465	470	473	480	485
Operating Revenue	419	422	427	442	451	454	465	470	473	480	485
Total Cost of Revenue	77	75	80	79	86	83	86	86	91	90	89
Operating Cost of Revenue	77	75	80	79	86	83	86	86	91	90	89
Total Operating Expenses	210	216	215	226	236	67	121	104	171	238	240
Selling, General & Admin Expense	15	20	17	21	29	32	16	17	18	20	20
Depreciation Expense	137	138	140	146	146	148	151	152	151	153	155
Other Operating Expenses / (Income)	58	59	58	59	61	62	65	61	64	64	66
Other Special Charges / (Income)	0.00	-	0.00	0.00	0.00	-176	-111	-126	-62	-	0.00
Total Other Income / (Expense), net	-39	-60	14	-38	-35	-43	-44	-48	-38	-66	-43
Interest Expense	50	38	-1.34	50	48	59	58	58	59	63	65
Interest & Investment Income	11	-23	13	10	12	15	14	10	19	-3.39	25
Other Income / (Expense), net	-0.40	0.54	-0.05	0.81	0.44	-0.27	0.16	0.23	1.96	-0.26	-3.61
Other Adjustments to Consolidated Net Income / (Loss)	0.00	-	138	0.00	32	41	-0.43	0.00	0.00	-	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	5.73	4.96	12	6.07	7.06	44	9.67	10	8.10	5.17	6.02
Basic Earnings per Share	$1.36	$1.03	$4.25	$1.45	$1.84	$4.01	$3.16	$3.44	$2.56	$1.24	$1.65
Weighted Average Basic Shares Outstanding	64.18M	64.25M	64.21M	64.21M	64.23M	64.23M	64.31M	64.39M	64.40M	64.38M	64.45M
Diluted Earnings per Share	$1.36	$1.03	$4.25	$1.45	$1.84	$4.00	$3.16	$3.44	$2.56	$1.24	$1.65
Weighted Average Diluted Shares Outstanding	64.19M	64.25M	64.21M	64.23M	64.27M	64.25M	64.35M	64.41M	64.42M	64.40M	64.46M
Weighted Average Basic & Diluted Shares Outstanding	64.18M	64.20M	64.21M	64.22M	64.27M	64.33M	64.39M	64.40M	64.40M	64.48M	64.26M
Cash Dividends to Common per Share	$2.31	-	$2.45	$2.45	$2.45	-	$2.57	$2.57	$2.57	-	$2.59

This table details how cash moves in and out of Essex Property Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	0.07	47	-109	90	-70	2.95	-25	-16	358	-324	9.74
Net Cash From Operating Activities	618	717	770	827	919	803	905	976	980	1,068	1,074
Net Cash From Continuing Operating Activities	618	717	770	827	919	803	905	976	980	1,068	1,078
Net Income / (Loss) Continuing Operations	248	438	458	414	464	599	516	433	431	811	703
Consolidated Net Income / (Loss)	248	438	458	414	464	599	516	433	431	811	703
Depreciation Expense	453	442	469	480	484	525	520	539	548	580	608
Amortization Expense	-32	-29	-21	-20	-23	-12	9.54	6.71	6.91	7.80	7.16
Non-Cash Adjustments To Reconcile Net Income	-45	-138	-120	-47	-45	-296	-173	-0.91	8.29	-373	-242
Changes in Operating Assets and Liabilities, net	-6.72	4.54	-17	0.17	39	-13	33	-2.46	-14	42	2.95
Net Cash From Investing Activities	-726	-413	-568	-60	-528	-417	-397	146	-145	-973	-552
Net Cash From Continuing Investing Activities	-726	-413	-568	-60	-528	-417	-397	146	-145	-973	-552
Purchase of Property, Plant & Equipment	-830	-456	-279	-97	-172	-659	-324	-213	-165	-1,080	-1,034
Acquisitions	-	-184	-293	-162	-402	-114	-306	-163	-37	-34	-34
Purchase of Investments	-142	-19	-68	-38	-339	-83	-24	-18	-21	-1.00	-26
Sale of Property, Plant & Equipment	319	239	132	348	-	339	297	158	99	247	510
Sale and/or Maturity of Investments	41	107	198	115	613	185	171	247	104	68	186
Other Investing Activities, net	-113	-101	-258	-225	-228	-85	-211	135	-125	-173	-155
Net Cash From Financing Activities	107	-256	-311	-676	-462	-383	-533	-1,138	-477	-420	-512
Net Cash From Continuing Financing Activities	107	-256	-311	-676	-462	-383	-533	-1,138	-477	-420	-512
Repayment of Debt	-1,197	-1,018	-1,491	-1,152	-2,912	-2,029	-1,781	-1,730	-1,199	-1,933	-8,883
Repurchase of Common Equity	-8.03	-8.97	-9.65	-56	-68	-284	-22	-193	-97	-10	-13
Payment of Dividends	-391	-439	-506	-515	-572	-570	-581	-608	-619	-708	-700
Issuance of Debt	1,346	1,265	1,580	1,042	2,985	2,491	1,796	1,376	1,442	2,222	9,084
Issuance of Common Equity	332	-0.38	89	-0.92	73	-0.30	1.45	-0.19	-0.35	-0.30	-0.39
Other Financing Activities, net	26	19	26	5.34	34	9.20	53	17	-3.83	9.10	0.82
Cash Interest Paid	197	216	226	223	-219	226	200	201	208	223	256

This table details how cash moves in and out of Essex Property Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	331	-0.16	108	-444	16	-4.42	32	-40	7.36	10	-38
Net Cash From Operating Activities	288	204	315	219	316	218	282	216	343	234	287
Net Cash From Continuing Operating Activities	288	204	315	219	316	218	281	216	347	234	285
Net Income / (Loss) Continuing Operations	93	70	285	99	125	302	213	232	173	86	112
Consolidated Net Income / (Loss)	93	70	285	99	125	302	213	232	173	86	112
Depreciation Expense	137	138	140	146	146	148	151	152	151	153	155
Amortization Expense	1.86	1.88	2.34	1.85	1.80	1.81	0.22	2.06	2.33	2.55	2.66
Non-Cash Adjustments To Reconcile Net Income	15	37	-147	-0.44	-26	-213	-110	-117	-46	31	-17
Changes in Operating Assets and Liabilities, net	41	-43	35	-27	68	-21	27	-52	66	-39	33
Net Cash From Investing Activities	-68	-43	-397	-225	-221	-129	-267	-53	-54	-179	-105
Net Cash From Continuing Investing Activities	-68	-43	-397	-225	-221	-129	-267	-53	-54	-179	-105
Purchase of Property, Plant & Equipment	-40	-49	-383	-170	-240	-287	-381	-285	-166	-202	-36
Acquisitions	-17	-5.24	-2.07	-1.73	-1.17	-29	-3.93	-4.79	-22	-2.73	-1.33
Purchase of Investments	-0.25	-9.23	-0.16	-0.17	-0.09	-0.57	-6.31	-3.76	-0.42	-15	-10
Sale of Property, Plant & Equipment	-	-	0.00	-	-	247	126	238	146	-	0.00
Sale and/or Maturity of Investments	11	42	0.01	15	15	38	8.01	10	96	71	9.91
Other Investing Activities, net	-22	-21	-12	-68	5.08	-98	-10	-7.54	-107	-30	-67
Net Cash From Financing Activities	111	-161	190	-438	-79	-93	18	-203	-282	-45	-220
Net Cash From Continuing Financing Activities	111	-161	190	-438	-79	-93	18	-203	-282	-45	-220
Repayment of Debt	-150	-0.78	-0.76	-818	-628	-485	-760	-2,075	-2,894	-3,154	-213
Repurchase of Common Equity	-1.32	-0.06	-2.69	-0.31	-6.04	-1.05	-3.06	-2.34	-3.77	-4.23	-51
Payment of Dividends	-156	-156	-157	-166	-167	-219	-174	-174	-179	-174	-174
Issuance of Debt	413	0.03	349	547	712	615	949	2,045	2,795	3,295	218
Other Financing Activities, net	6.01	-3.83	0.96	-	11	-3.22	5.51	2.90	-0.04	-7.55	-0.22
Cash Interest Paid	58	48	58	50	56	59	61	61	64	70	61

This table presents Essex Property Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	12,008	12,217	12,496	12,384	12,705	12,936	12,998	12,373	12,361	12,927	13,159
Total Current Assets	322	399	391	472	401	474	656	226	654	379	318
Cash & Equivalents	30	65	45	134	70	74	48	33	392	67	76
Restricted Cash	93	105	17	17	11	10	10	9.39	8.59	9.05	9.35
Note & Lease Receivable	19	41	101	72	134	195	341	103	175	207	142
Prepaid Expenses	42	48	39	39	41	47	65	81	79	97	91
Plant, Property, & Equipment, net	11,687	11,818	12,104	11,911	12,230	12,390	12,272	11,966	11,556	12,427	12,692
Plant, Property & Equipment, gross	13,637	14,130	14,874	15,121	15,920	16,524	16,919	17,119	17,221	18,577	19,224
Accumulated Depreciation	1,950	2,312	2,769	3,210	3,689	4,134	4,647	5,152	5,665	6,151	6,532
Total Noncurrent Assets	0.00	191	356	0.00	75	72	69	180	152	121	149
Long-Term Investments	-	-	-	-	-	-	-	113	88	70	98
Noncurrent Note & Lease Receivables	-	-	-	0.00	75	-	69	67	64	52	51
Total Liabilities & Shareholders' Equity	12,008	12,217	12,496	12,384	12,705	12,936	12,998	12,373	12,361	12,927	13,159
Total Liabilities	5,626	5,880	6,060	5,954	6,264	6,721	6,787	6,451	6,735	7,176	7,422
Total Current Liabilities	288	409	516	315	397	356	730	432	418	472	519
Accounts Payable	172	174	179	186	207	184	210	189	197	227	246
Dividends Payable	100	110	121	129	135	142	143	149	156	165	174
Other Current Liabilities	-	0.00	37	-	-	-	36	43	65	79	99
Total Noncurrent Liabilities	5,338	5,471	5,543	5,639	5,867	6,365	6,057	6,018	6,317	6,704	6,903
Long-Term Debt	5,304	5,438	5,510	5,606	5,754	6,252	5,946	5,906	6,206	6,464	6,800
Capital Lease Obligations	-	-	-	0.00	77	74	71	69	65	52	51
Other Noncurrent Operating Liabilities	35	33	33	33	37	39	40	43	46	188	52
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	45	45	39	35	37	32	35	27	32	31	28
Total Equity & Noncontrolling Interests	6,337	6,292	6,397	6,394	6,404	6,183	6,177	5,895	5,594	5,720	5,709
Total Preferred & Common Equity	6,238	6,192	6,277	6,267	6,220	6,000	5,994	5,716	5,423	5,537	5,541
Total Common Equity	6,164	6,192	6,277	6,267	6,220	6,000	5,994	5,716	5,423	5,537	5,541
Common Stock	7,003	7,030	7,130	7,093	7,122	6,876	6,916	6,750	6,657	6,668	6,684
Accumulated Other Comprehensive Income / (Loss)	-42	-32	-18	-13	-14	-15	-5.55	46	34	25	6.05
Other Equity Adjustments	-	-	-	-	-	-	-917	-	-1,268	-1,156	-1,148
Noncontrolling Interest	99	100	119	127	183	183	183	179	171	183	167

This table presents Essex Property Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	12,245	12,498	12,361	12,885	12,509	12,647	12,927	13,186	13,181	13,150	13,095
Total Current Assets	303	641	654	774	383	359	379	336	188	378	340
Cash & Equivalents	61	392	392	499	55	71	67	99	59	66	38
Restricted Cash	8.17	8.50	8.59	8.83	8.93	8.98	9.05	9.13	-	9.28	9.41
Note & Lease Receivable	150	165	175	183	234	200	207	134	-	222	202
Prepaid Expenses	83	76	79	83	86	78	97	94	82	81	90
Plant, Property, & Equipment, net	11,775	11,702	11,556	11,957	11,988	12,161	12,427	12,721	11,710	12,637	12,609
Plant, Property & Equipment, gross	17,166	17,230	17,221	17,761	17,935	18,165	18,577	18,893	17,973	19,018	19,294
Accumulated Depreciation	5,391	5,528	5,665	5,804	5,946	6,004	6,151	6,172	6,264	6,381	6,685
Total Noncurrent Assets	168	155	152	154	138	128	121	129	1,283	136	146
Long-Term Investments	102	90	88	91	84	75	70	76	978	84	97
Noncurrent Note & Lease Receivables	66	65	64	63	53	52	52	53	138	52	50
Total Liabilities & Shareholders' Equity	12,245	12,498	12,361	12,885	12,509	12,647	12,927	13,186	13,181	13,150	13,095
Total Liabilities	6,452	6,761	6,735	7,129	6,821	6,985	7,176	7,406	7,343	7,319	7,468
Total Current Liabilities	433	444	418	464	564	524	610	512	189	554	560
Accounts Payable	195	238	197	235	201	270	227	253	189	284	286
Dividends Payable	156	156	156	165	165	166	165	174	-	174	175
Other Current Liabilities	48	51	65	64	68	80	79	84	-	96	99
Total Noncurrent Liabilities	6,019	6,317	6,317	6,665	6,257	6,461	6,566	6,894	7,154	6,765	6,908
Long-Term Debt	5,907	6,205	6,206	6,553	6,153	6,358	6,464	6,790	6,394	6,417	6,802
Capital Lease Obligations	67	66	65	64	55	54	52	54	-	52	51
Other Noncurrent Operating Liabilities	44	46	46	48	49	49	50	50	759	296	56
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	31	30	32	32	34	34	31	34	33	30	26
Total Equity & Noncontrolling Interests	5,762	5,706	5,594	5,724	5,655	5,628	5,720	5,746	5,806	5,802	5,601
Total Preferred & Common Equity	5,585	5,532	5,423	5,548	5,482	5,434	5,537	5,570	5,635	5,631	5,436
Total Common Equity	5,585	5,532	5,423	5,548	5,482	5,434	5,537	5,570	5,635	5,631	5,436
Common Stock	6,657	6,661	6,657	6,659	6,659	6,671	6,668	6,672	6,686	6,687	6,638
Accumulated Other Comprehensive Income / (Loss)	51	55	34	41	39	18	25	16	12	7.86	6.16
Other Equity Adjustments	-	-	-1,268	-	-	-	-1,156	-1,118	-1,062	-1,063	-1,209
Noncontrolling Interest	177	175	171	176	173	195	183	176	171	170	166

This table displays calculated financial ratios and metrics derived from Essex Property Trust's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	23.02%	8.34%	5.40%	2.65%	4.29%	2.44%	-3.69%	11.54%	3.89%	6.29%	6.36%
EBITDA Growth	42.81%	17.86%	-6.35%	5.53%	0.05%	31.53%	-18.36%	10.30%	-1.09%	13.44%	17.34%
EBIT Growth	66.64%	38.41%	-17.17%	8.26%	-0.16%	49.77%	-32.82%	17.72%	-3.60%	20.63%	28.04%
NOPAT Growth	64.34%	27.06%	12.39%	8.26%	-6.03%	2.15%	7.85%	12.31%	-1.83%	20.32%	27.91%
Net Income Growth	84.65%	76.61%	4.48%	-9.70%	12.29%	29.04%	-13.96%	-16.04%	-0.53%	88.37%	-13.38%
EPS Growth	69.42%	79.66%	4.78%	-10.20%	125.76%	-34.76%	-13.58%	-16.51%	0.80%	82.59%	-9.88%
Operating Cash Flow Growth	25.31%	15.95%	7.37%	7.40%	11.19%	-12.62%	12.72%	7.78%	0.45%	9.00%	0.57%
Free Cash Flow Firm Growth	98.42%	375.97%	-31.64%	295.04%	-93.28%	485.06%	87.43%	114.67%	-13.61%	-116.36%	3,214.26%
Invested Capital Growth	3.83%	1.39%	2.52%	-1.61%	3.68%	1.75%	0.09%	-4.17%	-3.17%	7.44%	2.37%
Revenue Q/Q Growth	2.71%	1.43%	1.19%	0.58%	1.54%	-0.88%	0.67%	2.79%	0.39%	1.88%	1.35%
EBITDA Q/Q Growth	15.24%	19.33%	4.76%	1.29%	-0.42%	27.41%	-24.19%	20.31%	-7.87%	16.57%	-8.83%
EBIT Q/Q Growth	30.24%	40.12%	7.57%	2.04%	-0.42%	54.25%	-40.34%	45.92%	-14.58%	32.66%	-14.46%
NOPAT Q/Q Growth	9.50%	3.27%	7.57%	2.04%	-6.28%	-0.98%	-1.97%	27.09%	-14.34%	32.93%	-14.49%
Net Income Q/Q Growth	19.76%	37.15%	-17.16%	3.71%	2.37%	-5.30%	8.98%	13.08%	-22.34%	39.89%	-23.51%
EPS Q/Q Growth	21.18%	39.02%	-17.77%	3.87%	104.92%	-44.93%	8.53%	13.59%	-22.36%	34.66%	-20.97%
Operating Cash Flow Q/Q Growth	-0.79%	0.85%	1.28%	-0.08%	7.83%	-7.22%	6.56%	-3.79%	3.90%	1.39%	1.50%
Free Cash Flow Firm Q/Q Growth	-182.12%	-37.54%	109.78%	24.80%	209.35%	-42.47%	-29.74%	88.29%	-13.25%	-243.86%	-26.64%
Invested Capital Q/Q Growth	-0.24%	1.23%	0.69%	-0.40%	-1.37%	0.24%	1.95%	-1.30%	-0.92%	2.76%	2.14%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	80.33%	100.00%	83.20%	83.37%	83.47%	82.38%	81.61%	82.37%	82.05%	81.62%	81.28%
EBITDA Margin	69.84%	75.98%	67.51%	69.40%	66.58%	85.49%	72.47%	71.66%	68.23%	72.81%	80.33%
Operating Margin	27.73%	32.52%	34.68%	36.57%	32.95%	32.86%	36.79%	37.04%	35.00%	39.62%	47.65%
EBIT Margin	34.54%	44.12%	34.68%	36.57%	35.01%	51.19%	35.70%	37.68%	34.96%	39.68%	47.76%
Profit (Net Income) Margin	20.78%	33.88%	33.58%	29.54%	31.81%	40.07%	35.80%	26.95%	25.80%	45.72%	37.24%
Tax Burden Percent	102.53%	100.00%	123.44%	100.30%	100.00%	99.75%	96.85%	104.19%	100.00%	135.05%	99.94%
Interest Burden Percent	58.69%	76.79%	78.46%	80.54%	90.86%	78.48%	103.52%	68.64%	73.80%	85.33%	78.01%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	2.92%	3.62%	3.99%	4.30%	4.00%	3.98%	4.25%	4.88%	4.97%	5.86%	7.23%
ROIC Less NNEP Spread (ROIC-NNEP)	1.28%	3.96%	3.72%	2.50%	3.70%	5.77%	4.03%	2.23%	2.40%	7.58%	4.30%
Return on Net Nonoperating Assets (RNNOA)	1.04%	3.27%	3.18%	2.13%	3.21%	5.49%	4.05%	2.26%	2.49%	8.40%	5.00%
Return on Equity (ROE)	3.96%	6.89%	7.17%	6.43%	7.22%	9.47%	8.30%	7.14%	7.46%	14.26%	12.23%
Cash Return on Invested Capital (CROIC)	-0.83%	2.25%	1.51%	5.92%	0.39%	2.24%	4.17%	9.13%	8.19%	-1.31%	4.89%
Operating Return on Assets (OROA)	3.51%	4.71%	3.83%	4.12%	4.08%	5.97%	3.97%	4.77%	4.72%	5.57%	6.91%
Return on Assets (ROA)	2.11%	3.62%	3.71%	3.32%	3.70%	4.67%	3.98%	3.41%	3.48%	6.42%	5.39%
Return on Common Equity (ROCE)	3.82%	6.70%	7.00%	6.27%	7.00%	9.15%	8.01%	6.89%	7.19%	13.74%	11.80%
Return on Equity Simple (ROE_SIMPLE)	3.98%	7.08%	7.30%	6.60%	7.47%	9.99%	8.60%	7.57%	7.94%	14.65%	0.00%
Net Operating Profit after Tax (NOPAT)	331	421	473	512	481	491	530	595	584	703	899
NOPAT Margin	27.73%	32.52%	34.68%	36.57%	32.95%	32.86%	36.79%	37.04%	35.00%	39.62%	47.65%
Net Nonoperating Expense Percent (NNEP)	1.64%	-0.33%	0.27%	1.80%	0.30%	-1.79%	0.23%	2.64%	2.57%	-1.72%	2.94%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.99%	4.93%	5.68%	7.16%
Cost of Revenue to Revenue	19.67%	0.00%	16.80%	16.63%	16.53%	17.62%	18.39%	17.63%	17.95%	18.38%	18.72%
SG&A Expenses to Revenue	3.36%	3.15%	3.03%	3.82%	3.72%	4.37%	3.60%	3.52%	3.80%	5.57%	3.81%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	53.11%	67.48%	48.53%	46.80%	50.52%	49.52%	44.82%	45.32%	47.05%	42.00%	33.63%
Earnings before Interest and Taxes (EBIT)	413	571	473	512	511	766	514	605	584	704	901
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	834	983	921	972	972	1,279	1,044	1,151	1,139	1,292	1,516
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.95	1.93	2.05	2.15	2.73	2.28	3.48	2.22	2.83	3.28	3.01
Price to Tangible Book Value (P/TBV)	1.95	1.93	2.05	2.15	2.73	2.28	3.48	2.22	2.83	3.28	3.01
Price to Revenue (P/Rev)	10.07	9.21	9.41	9.62	11.61	9.16	14.47	7.90	9.19	10.25	8.84
Price to Earnings (P/E)	53.02	29.00	29.65	34.51	38.60	24.09	42.68	31.09	37.81	24.53	24.92
Dividend Yield	3.16%	3.52%	3.60%	3.65%	3.04%	3.95%	2.61%	4.49%	3.86%	3.41%	3.92%
Earnings Yield	1.89%	3.45%	3.37%	2.90%	2.59%	4.15%	2.34%	3.22%	2.64%	4.08%	4.01%
Enterprise Value to Invested Capital (EV/IC)	1.50	1.48	1.54	1.60	1.87	1.61	2.18	1.57	1.84	2.00	1.87
Enterprise Value to Revenue (EV/Rev)	14.49	13.39	13.52	13.48	15.64	13.38	18.86	11.68	12.78	14.04	12.48
Enterprise Value to EBITDA (EV/EBITDA)	20.75	17.62	20.02	19.42	23.49	15.65	26.03	16.30	18.73	19.28	15.53
Enterprise Value to EBIT (EV/EBIT)	41.95	30.34	38.98	36.86	44.68	26.14	52.84	31.00	36.55	35.38	26.13
Enterprise Value to NOPAT (EV/NOPAT)	52.25	41.17	38.98	36.86	47.47	40.73	51.27	31.53	36.51	35.43	26.19
Enterprise Value to Operating Cash Flow (EV/OCF)	27.99	24.17	23.95	22.83	24.85	24.92	30.02	19.24	21.77	23.32	21.92
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	66.40	103.36	26.78	482.46	72.27	52.35	16.84	22.16	0.00	38.75
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.83	0.88	0.88	0.87	0.91	1.02	1.02	1.02	1.11	1.16	1.19
Long-Term Debt to Equity	0.83	0.86	0.86	0.87	0.91	1.02	0.97	1.01	1.11	1.13	1.19
Financial Leverage	0.81	0.83	0.86	0.85	0.87	0.95	1.00	1.01	1.04	1.11	1.16
Leverage Ratio	1.88	1.90	1.93	1.93	1.95	2.03	2.09	2.09	2.14	2.22	2.27
Compound Leverage Factor	1.10	1.46	1.52	1.56	1.77	1.59	2.16	1.44	1.58	1.90	1.77
Debt to Total Capital	45.45%	46.75%	46.92%	46.58%	47.75%	50.44%	50.58%	50.44%	52.71%	53.64%	54.43%
Short-Term Debt to Total Capital	0.13%	1.05%	1.48%	0.00%	0.45%	0.00%	2.72%	0.44%	0.00%	1.11%	0.00%
Long-Term Debt to Total Capital	45.33%	45.70%	45.44%	46.58%	47.30%	50.44%	47.87%	50.00%	52.71%	52.53%	54.43%
Preferred Equity to Total Capital	0.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.24%	1.22%	1.31%	1.35%	1.79%	1.71%	1.73%	1.72%	1.71%	1.73%	1.55%
Common Equity to Total Capital	52.68%	52.03%	51.77%	52.07%	50.46%	47.85%	47.68%	47.84%	45.58%	44.63%	44.02%
Debt to EBITDA	6.38	5.66	6.18	5.77	6.05	4.95	6.09	5.23	5.51	5.15	4.52
Net Debt to EBITDA	6.06	5.34	5.91	5.40	5.82	4.77	5.85	5.10	5.08	5.04	4.40
Long-Term Debt to EBITDA	6.36	5.53	5.98	5.77	6.00	4.95	5.76	5.19	5.51	5.04	4.52
Debt to NOPAT	16.06	13.22	12.03	10.95	12.23	12.87	12.00	10.13	10.73	9.46	7.62
Net Debt to NOPAT	15.27	12.49	11.50	10.24	11.77	12.40	11.52	9.86	9.90	9.26	7.41
Long-Term Debt to NOPAT	16.02	12.92	11.65	10.95	12.12	12.87	11.35	10.04	10.73	9.27	7.62
Altman Z-Score	1.41	1.38	1.40	1.53	1.77	1.45	2.08	1.33	1.68	1.82	1.70
Noncontrolling Interest Sharing Ratio	3.42%	2.86%	2.38%	2.49%	2.97%	3.44%	3.48%	3.49%	3.54%	3.67%	3.57%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.12	0.97	0.76	1.50	1.01	1.33	0.90	0.52	1.56	0.62	0.61
Quick Ratio	0.65	0.60	0.65	1.32	0.88	1.17	0.80	0.32	1.35	0.45	0.42
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-95	261	178	705	47	277	519	1,114	963	-157	608
Operating Cash Flow to CapEx	120.92%	331.11%	523.66%	0.00%	534.40%	250.88%	3,352.07%	1,780.67%	1,325.25%	128.34%	205.07%
Free Cash Flow to Firm to Interest Expense	-0.45	1.18	0.80	3.20	0.22	1.14	4.97	4.98	5.78	-1.02	2.55
Operating Cash Flow to Interest Expense	2.93	3.25	3.45	3.75	4.30	3.30	8.67	4.36	5.88	6.91	4.51
Operating Cash Flow Less CapEx to Interest Expense	0.51	2.27	2.79	4.89	3.50	1.98	8.41	4.11	5.44	1.53	2.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.10	0.11	0.11	0.11	0.12	0.12	0.11	0.13	0.14	0.14	0.14
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.10	0.11	0.11	0.12	0.12	0.12	0.12	0.13	0.14	0.15	0.15
Accounts Payable Turnover	1.39	0.00	1.30	1.27	1.23	1.35	1.34	1.42	1.55	1.54	1.49
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	262.87	0.00	281.55	286.72	297.44	270.84	271.58	256.67	234.88	237.37	244.39
Cash Conversion Cycle (CCC)	-262.87	0.00	-281.55	-286.72	-297.44	-270.84	-271.58	-256.67	-234.88	-237.37	-244.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,541	11,701	11,995	11,803	12,237	12,451	12,462	11,943	11,565	12,425	12,579
Invested Capital Turnover	0.11	0.11	0.12	0.12	0.12	0.12	0.12	0.13	0.14	0.15	0.15
Increase / (Decrease) in Invested Capital	426	160	295	-193	434	214	11	-519	-378	861	292
Enterprise Value (EV)	17,305	17,323	18,435	18,871	22,839	20,014	27,175	18,770	21,332	24,910	23,551
Market Capitalization	12,029	11,924	12,838	13,464	16,958	13,705	20,850	12,693	15,346	18,187	16,688
Book Value per Share	$93.34	$94.51	$95.06	$94.86	$94.13	$92.02	$92.08	$88.28	$84.49	$86.16	$86.04
Tangible Book Value per Share	$93.34	$94.51	$95.06	$94.86	$94.13	$92.02	$92.08	$88.28	$84.49	$86.16	$86.04
Total Capital	11,701	11,900	12,125	12,035	12,327	12,541	12,569	11,949	11,897	12,405	12,589
Total Debt	5,319	5,563	5,689	5,606	5,886	6,326	6,358	6,027	6,271	6,654	6,852
Total Long-Term Debt	5,304	5,438	5,510	5,606	5,831	6,326	6,017	5,975	6,271	6,516	6,852
Net Debt	5,058	5,254	5,438	5,245	5,660	6,094	6,108	5,871	5,783	6,508	6,668
Capital Expenditures (CapEx)	511	216	147	-251	172	320	27	55	74	832	524
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-212	-195	-197	-204	-167	-114	17	-197	-164	-168	-286
Debt-free Net Working Capital (DFNWC)	49	115	54	157	58	118	268	-154	236	-92	-201
Net Working Capital (NWC)	34	-10	-125	157	3.27	118	-73	-206	236	-230	-201
Net Nonoperating Expense (NNE)	83	-18	15	98	17	-108	14	162	154	-108	197
Net Nonoperating Obligations (NNO)	5,158	5,364	5,559	5,374	5,796	6,236	6,251	6,021	5,938	6,674	6,842
Total Depreciation and Amortization (D&A)	422	412	448	460	461	513	530	546	555	588	615
Debt-free, Cash-free Net Working Capital to Revenue	-17.72%	-15.06%	-14.47%	-14.54%	-11.44%	-7.59%	1.20%	-12.23%	-9.85%	-9.48%	-15.17%
Debt-free Net Working Capital to Revenue	4.10%	8.86%	3.94%	11.24%	3.99%	7.90%	18.59%	-9.57%	14.13%	-5.21%	-10.64%
Net Working Capital to Revenue	2.84%	-0.80%	-9.18%	11.24%	0.22%	7.90%	-5.10%	-12.81%	14.13%	-12.98%	-10.64%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.50	$6.28	$6.58	$5.91	$6.67	$8.69	$7.51	$6.27	$6.32	$11.55	$10.40
Adjusted Weighted Average Basic Shares Outstanding	64.87M	65.47M	65.83M	66.04M	65.84M	65.45M	65.05M	65.08M	64.25M	64.23M	64.38M
Adjusted Diluted Earnings per Share	$3.49	$6.27	$6.57	$5.90	$6.66	$8.69	$7.51	$6.27	$6.32	$11.54	$10.40
Adjusted Weighted Average Diluted Shares Outstanding	65.06M	65.59M	65.90M	66.09M	65.94M	65.56M	65.09M	65.10M	64.25M	64.25M	64.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	65.41M	65.55M	66.04M	65.69M	66.17M	64.99M	65.28M	64.52M	64.20M	64.33M	64.48M
Normalized Net Operating Profit after Tax (NOPAT)	236	296	314	315	342	346	271	352	368	369	420
Normalized NOPAT Margin	19.77%	22.86%	23.00%	22.52%	23.41%	23.16%	18.82%	21.91%	22.04%	20.81%	22.25%
Pre Tax Income Margin	20.27%	33.88%	27.21%	29.45%	31.81%	40.17%	36.96%	25.86%	25.80%	33.86%	37.26%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.96	2.59	2.12	2.32	2.39	3.14	4.93	2.70	3.50	4.55	3.78
NOPAT to Interest Expense	1.57	1.91	2.12	2.32	2.25	2.02	5.08	2.66	3.51	4.55	3.77
EBIT Less CapEx to Interest Expense	-0.47	1.61	1.46	3.46	1.59	1.83	4.67	2.46	3.06	-0.83	1.58
NOPAT Less CapEx to Interest Expense	-0.85	0.93	1.46	3.46	1.45	0.70	4.82	2.41	3.06	-0.84	1.57
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	157.48%	100.13%	110.42%	124.41%	123.22%	95.14%	112.61%	140.45%	143.76%	87.29%	99.64%
Augmented Payout Ratio	160.72%	102.18%	112.52%	137.86%	137.86%	142.52%	116.87%	184.99%	166.38%	88.53%	101.54%

This table displays calculated financial ratios and metrics derived from Essex Property Trust's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	64,475,506.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	64,475,506.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.65
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.30%	1.58%	3.52%	6.32%	7.52%	7.76%	8.82%	6.21%	5.02%	5.54%	4.34%
EBITDA Growth	2.52%	-26.43%	-15.81%	5.16%	2.54%	67.84%	48.97%	51.72%	31.97%	-32.30%	-24.37%
EBIT Growth	3.57%	-43.22%	-29.73%	3.88%	-1.64%	132.44%	94.43%	102.47%	64.32%	-50.08%	-41.08%
NOPAT Growth	2.47%	-42.87%	-29.37%	1.94%	-2.27%	133.61%	94.23%	103.49%	63.37%	-50.04%	-39.63%
Net Income Growth	-5.77%	-63.78%	76.45%	-6.40%	34.92%	328.85%	-25.38%	133.90%	37.64%	-71.58%	-47.27%
EPS Growth	-4.90%	-63.86%	78.57%	-6.45%	35.29%	288.35%	-25.65%	137.24%	39.13%	-69.00%	-47.78%
Operating Cash Flow Growth	-3.72%	22.02%	13.70%	3.56%	9.77%	7.19%	-10.59%	-1.28%	8.35%	7.27%	2.01%
Free Cash Flow Firm Growth	121.87%	-31.93%	-171.63%	-128.57%	-151.98%	-209.32%	69.67%	1,050.06%	95.63%	66.67%	162.00%
Invested Capital Growth	-3.53%	-3.17%	14.49%	2.17%	3.59%	7.44%	5.65%	-7.02%	1.85%	2.37%	-0.82%
Revenue Q/Q Growth	0.75%	0.61%	1.23%	3.61%	1.89%	0.84%	2.23%	1.13%	0.74%	1.34%	1.07%
EBITDA Q/Q Growth	-0.41%	0.07%	1.33%	4.13%	-2.89%	63.79%	-10.06%	6.05%	-15.53%	-15.97%	0.47%
EBIT Q/Q Growth	-1.29%	-0.38%	1.09%	4.49%	-6.53%	135.41%	-15.44%	8.82%	-24.14%	-28.48%	-0.20%
NOPAT Q/Q Growth	-2.26%	-1.10%	1.55%	3.85%	-6.30%	136.43%	-15.57%	8.80%	-24.78%	-27.69%	2.01%
Net Income Q/Q Growth	-12.05%	-24.36%	305.32%	-65.29%	26.77%	140.42%	-29.47%	8.81%	-25.40%	-50.36%	30.86%
EPS Q/Q Growth	-12.26%	-24.26%	312.62%	-65.88%	26.90%	117.39%	-21.00%	8.86%	-25.58%	-51.56%	33.06%
Operating Cash Flow Q/Q Growth	36.26%	-29.30%	54.59%	-30.47%	44.43%	-30.95%	28.94%	-23.22%	58.51%	-31.64%	22.62%
Free Cash Flow Firm Q/Q Growth	34.86%	-9.05%	-370.96%	91.40%	-145.36%	-91.29%	24.83%	369.29%	-101.13%	-996.02%	285.96%
Invested Capital Q/Q Growth	-0.97%	-0.92%	3.24%	0.87%	0.41%	2.76%	1.52%	-11.24%	9.99%	2.14%	-0.54%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	81.63%	82.23%	81.51%	82.20%	81.07%	81.70%	81.48%	81.61%	80.69%	81.34%	81.61%
EBITDA Margin	64.55%	64.20%	64.27%	64.59%	61.56%	100.00%	87.98%	92.27%	77.37%	64.15%	63.77%
Operating Margin	31.44%	30.90%	31.00%	31.07%	28.58%	67.00%	55.34%	59.53%	44.45%	31.72%	32.01%
EBIT Margin	31.34%	31.03%	30.99%	31.25%	28.67%	66.94%	55.37%	59.58%	44.87%	31.67%	31.27%
Profit (Net Income) Margin	22.19%	16.68%	66.79%	22.38%	27.84%	66.38%	45.80%	49.28%	36.49%	17.88%	23.15%
Tax Burden Percent	100.00%	100.00%	194.22%	100.00%	133.63%	115.57%	99.80%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	70.79%	53.75%	110.96%	71.60%	72.66%	85.81%	82.88%	82.71%	81.34%	56.46%	74.03%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	4.40%	4.39%	4.67%	4.46%	4.19%	9.91%	8.17%	9.42%	6.78%	4.82%	4.86%
ROIC Less NNEP Spread (ROIC-NNEP)	3.76%	3.39%	7.50%	3.84%	4.14%	9.87%	7.49%	8.60%	6.20%	3.82%	4.23%
Return on Net Nonoperating Assets (RNNOA)	3.91%	3.51%	6.98%	4.13%	4.49%	10.94%	8.45%	8.74%	6.97%	4.45%	5.09%
Return on Equity (ROE)	8.31%	7.90%	11.65%	8.59%	8.67%	20.85%	16.62%	18.17%	13.75%	9.27%	9.95%
Cash Return on Invested Capital (CROIC)	9.34%	8.19%	-8.77%	2.32%	0.92%	-1.31%	1.24%	15.63%	6.79%	4.89%	7.18%
Operating Return on Assets (OROA)	4.15%	4.19%	4.15%	4.32%	3.97%	9.39%	7.70%	8.53%	6.48%	4.58%	4.54%
Return on Assets (ROA)	2.94%	2.25%	8.94%	3.09%	3.86%	9.32%	6.37%	7.06%	5.27%	2.59%	3.36%
Return on Common Equity (ROCE)	8.02%	7.62%	11.23%	8.28%	8.35%	20.08%	16.01%	17.52%	13.24%	8.94%	9.60%
Return on Equity Simple (ROE_SIMPLE)	10.03%	0.00%	9.99%	9.99%	10.67%	0.00%	13.27%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	132	130	132	137	129	304	257	280	210	152	155
NOPAT Margin	31.44%	30.90%	31.00%	31.07%	28.58%	67.00%	55.34%	59.53%	44.45%	31.72%	32.01%
Net Nonoperating Expense Percent (NNEP)	0.64%	1.00%	-2.83%	0.62%	0.05%	0.04%	0.68%	0.82%	0.58%	0.99%	0.63%
Return On Investment Capital (ROIC_SIMPLE)	-	1.10%	-	-	-	2.46%	2.04%	2.29%	1.71%	1.21%	1.25%
Cost of Revenue to Revenue	18.37%	17.77%	18.49%	17.80%	18.93%	18.30%	18.52%	18.39%	19.31%	18.66%	18.39%
SG&A Expenses to Revenue	3.49%	4.68%	4.02%	4.78%	6.45%	6.94%	3.51%	3.65%	3.82%	4.26%	4.13%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	50.19%	51.33%	50.51%	51.13%	52.50%	14.70%	26.15%	22.08%	36.23%	49.62%	49.60%
Earnings before Interest and Taxes (EBIT)	131	131	132	138	129	304	257	280	212	152	152
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	271	271	274	286	277	454	409	433	366	308	309
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.37	2.83	2.81	3.19	3.49	3.28	3.54	3.24	3.06	3.01	2.87
Price to Tangible Book Value (P/TBV)	2.37	2.83	2.81	3.19	3.49	3.28	3.54	3.24	3.06	3.01	2.87
Price to Revenue (P/Rev)	7.89	9.19	9.25	10.22	10.89	10.25	10.88	9.92	9.26	8.84	8.18
Price to Earnings (P/E)	24.96	37.81	29.66	33.72	34.53	24.53	29.35	22.80	20.36	24.92	27.24
Dividend Yield	4.47%	3.86%	3.87%	3.50%	3.27%	3.41%	3.24%	3.54%	3.80%	3.92%	4.26%
Earnings Yield	4.01%	2.64%	3.37%	2.97%	2.90%	4.08%	3.41%	4.39%	4.91%	4.01%	3.67%
Enterprise Value to Invested Capital (EV/IC)	1.64	1.84	1.83	1.98	2.11	2.00	2.11	2.13	1.93	1.87	1.80
Enterprise Value to Revenue (EV/Rev)	11.49	12.78	12.95	13.96	14.62	14.04	14.67	12.94	12.75	12.48	11.80
Enterprise Value to EBITDA (EV/EBITDA)	15.45	18.73	20.04	21.67	22.97	19.28	18.64	15.12	14.28	15.53	15.89
Enterprise Value to EBIT (EV/EBIT)	27.96	36.55	41.31	44.81	47.98	35.38	32.08	24.53	22.54	26.13	28.28
Enterprise Value to NOPAT (EV/NOPAT)	28.01	36.51	41.18	44.88	48.14	35.43	32.12	24.54	22.58	26.19	28.22
Enterprise Value to Operating Cash Flow (EV/OCF)	20.25	21.77	21.41	23.28	24.17	23.32	25.69	23.07	22.43	21.92	20.83
Enterprise Value to Free Cash Flow (EV/FCFF)	17.22	22.16	0.00	86.50	232.64	0.00	174.09	13.11	28.66	38.75	24.96
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.09	1.11	1.15	1.11	1.13	1.16	1.18	1.10	1.11	1.19	1.22
Long-Term Debt to Equity	1.09	1.11	1.15	1.09	1.13	1.13	1.18	1.10	1.11	1.19	1.22
Financial Leverage	1.04	1.04	0.93	1.08	1.08	1.11	1.13	1.02	1.12	1.16	1.20
Leverage Ratio	2.16	2.14	2.17	2.16	2.21	2.22	2.26	2.23	2.24	2.27	2.30
Compound Leverage Factor	1.53	1.15	2.41	1.54	1.60	1.91	1.87	1.84	1.83	1.28	1.71
Debt to Total Capital	52.23%	52.71%	53.48%	52.70%	53.13%	53.64%	54.22%	52.27%	52.59%	54.43%	54.91%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	1.08%	0.07%	1.11%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	52.23%	52.71%	53.48%	51.62%	53.07%	52.53%	54.22%	52.27%	52.59%	54.43%	54.91%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.71%	1.71%	1.68%	1.72%	1.89%	1.73%	1.66%	1.66%	1.63%	1.55%	1.54%
Common Equity to Total Capital	46.07%	45.58%	44.84%	45.58%	44.98%	44.63%	44.12%	46.06%	45.78%	44.02%	43.56%
Debt to EBITDA	5.07	5.51	6.08	5.75	5.79	5.15	4.80	4.06	3.89	4.52	4.84
Net Debt to EBITDA	4.68	5.08	5.53	5.62	5.65	5.04	4.67	3.40	3.79	4.40	4.74
Long-Term Debt to EBITDA	5.07	5.51	6.08	5.64	5.78	5.04	4.80	4.06	3.89	4.52	4.84
Debt to NOPAT	9.19	10.73	12.50	11.91	12.14	9.46	8.27	6.59	6.15	7.62	8.59
Net Debt to NOPAT	8.47	9.90	11.37	11.63	11.84	9.26	8.05	5.52	6.00	7.41	8.41
Long-Term Debt to NOPAT	9.19	10.73	12.50	11.67	12.12	9.27	8.27	6.59	6.15	7.62	8.59
Altman Z-Score	1.22	1.56	1.38	1.56	1.65	1.71	1.78	1.70	1.59	1.51	1.42
Noncontrolling Interest Sharing Ratio	3.54%	3.54%	3.59%	3.61%	3.80%	3.67%	3.62%	3.56%	3.73%	3.57%	3.52%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.44	1.56	1.67	0.68	0.68	0.62	0.66	1.00	0.68	0.61	0.61
Quick Ratio	1.25	1.35	1.47	0.51	0.52	0.45	0.45	0.31	0.52	0.42	0.43
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	559	509	-1,378	-118	-291	-556	-418	1,126	-13	-139	259
Operating Cash Flow to CapEx	719.96%	416.72%	82.20%	128.85%	131.74%	553.34%	110.40%	461.20%	1,728.24%	115.79%	797.87%
Free Cash Flow to Firm to Interest Expense	11.24	13.42	0.00	-2.39	-6.08	-9.49	-7.15	19.26	-0.22	-2.22	4.02
Operating Cash Flow to Interest Expense	5.79	5.37	0.00	4.42	6.62	3.73	4.82	3.70	5.83	3.73	4.45
Operating Cash Flow Less CapEx to Interest Expense	4.99	4.08	0.00	0.99	1.59	3.05	0.45	2.90	5.49	0.51	3.89
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.14	0.13	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.15
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.14	0.14	0.15	0.14	0.15	0.15	0.15	0.16	0.15	0.15	0.15
Accounts Payable Turnover	1.22	1.55	1.38	1.56	1.25	1.54	1.36	1.74	1.25	1.49	1.32
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	299.60	234.88	265.24	233.34	291.33	237.37	267.85	209.25	292.67	244.39	276.12
Cash Conversion Cycle (CCC)	-299.60	-234.88	-265.24	-233.34	-291.33	-237.37	-267.85	-209.25	-292.67	-244.39	-276.12
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,672	11,565	11,939	12,043	12,092	12,425	12,614	11,197	12,315	12,579	12,510
Invested Capital Turnover	0.14	0.14	0.15	0.14	0.15	0.15	0.15	0.16	0.15	0.15	0.15
Increase / (Decrease) in Invested Capital	-428	-378	1,511	256	419	861	675	-846	223	292	-104
Enterprise Value (EV)	19,104	21,332	21,798	23,873	25,464	24,910	26,591	23,808	23,748	23,551	22,503
Market Capitalization	13,120	15,346	15,572	17,478	18,971	18,187	19,720	18,247	17,238	16,688	15,603
Book Value per Share	$86.19	$84.49	$86.41	$85.37	$84.62	$86.16	$86.59	$87.52	$87.44	$86.04	$84.30
Tangible Book Value per Share	$86.19	$84.49	$86.41	$85.37	$84.62	$86.16	$86.59	$87.52	$87.44	$86.04	$84.30
Total Capital	12,007	11,897	12,373	12,026	12,082	12,405	12,624	12,233	12,301	12,589	12,480
Total Debt	6,271	6,271	6,617	6,337	6,419	6,654	6,844	6,394	6,469	6,852	6,852
Total Long-Term Debt	6,271	6,271	6,617	6,208	6,412	6,516	6,844	6,394	6,469	6,852	6,852
Net Debt	5,780	5,783	6,018	6,189	6,264	6,508	6,661	5,358	6,310	6,668	6,708
Capital Expenditures (CapEx)	40	49	383	170	240	39	255	47	20	202	36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-204	-164	-198	-115	-238	-168	-284	-59	-251	-286	-267
Debt-free Net Working Capital (DFNWC)	196	236	310	-51	-157	-92	-176	-0.22	-176	-201	-220
Net Working Capital (NWC)	196	236	310	-180	-165	-230	-176	-0.22	-176	-201	-220
Net Nonoperating Expense (NNE)	39	60	-153	38	3.30	2.80	44	48	38	66	43
Net Nonoperating Obligations (NNO)	5,936	5,938	6,183	6,354	6,430	6,674	6,834	5,358	6,484	6,842	6,883
Total Depreciation and Amortization (D&A)	139	140	142	147	148	150	152	154	154	156	158
Debt-free, Cash-free Net Working Capital to Revenue	-12.27%	-9.85%	-11.73%	-6.73%	-13.64%	-9.48%	-15.67%	-3.20%	-13.50%	-15.17%	-14.02%
Debt-free Net Working Capital to Revenue	11.81%	14.13%	18.43%	-2.98%	-9.03%	-5.21%	-9.71%	-0.01%	-9.46%	-10.64%	-11.54%
Net Working Capital to Revenue	11.81%	14.13%	18.43%	-10.54%	-9.49%	-12.98%	-9.71%	-0.01%	-9.46%	-10.64%	-11.54%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.36	$1.03	$4.25	$1.45	$1.84	$4.01	$3.16	$3.44	$2.56	$1.24	$1.65
Adjusted Weighted Average Basic Shares Outstanding	64.18M	64.25M	64.21M	64.21M	64.23M	64.23M	64.31M	64.39M	64.40M	64.38M	64.45M
Adjusted Diluted Earnings per Share	$1.36	$1.03	$4.25	$1.45	$1.84	$4.00	$3.16	$3.44	$2.56	$1.24	$1.65
Adjusted Weighted Average Diluted Shares Outstanding	64.19M	64.25M	64.21M	64.23M	64.27M	64.25M	64.35M	64.41M	64.42M	64.40M	64.46M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	64.18M	64.20M	64.21M	64.22M	64.27M	64.33M	64.39M	64.40M	64.40M	64.48M	64.26M
Normalized Net Operating Profit after Tax (NOPAT)	92	91	93	96	90	90	102	107	104	106	109
Normalized NOPAT Margin	22.01%	21.67%	21.71%	21.75%	20.00%	19.86%	22.01%	22.87%	21.90%	22.20%	22.41%
Pre Tax Income Margin	22.19%	16.68%	34.39%	22.38%	20.84%	57.44%	45.89%	49.28%	36.49%	17.88%	23.15%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.64	3.45	0.00	2.79	2.70	5.19	4.40	4.79	3.61	2.42	2.35
NOPAT to Interest Expense	2.65	3.44	0.00	2.77	2.70	5.20	4.40	4.79	3.58	2.42	2.41
EBIT Less CapEx to Interest Expense	1.84	2.16	0.00	-0.64	-2.32	4.52	0.04	3.99	3.28	-0.80	1.79
NOPAT Less CapEx to Interest Expense	1.84	2.15	0.00	-0.65	-2.33	4.52	0.04	3.98	3.24	-0.80	1.85
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	110.71%	143.76%	112.91%	115.99%	111.36%	87.29%	98.21%	84.15%	81.10%	99.64%	116.22%
Augmented Payout Ratio	134.44%	166.38%	113.68%	116.79%	112.93%	88.53%	99.62%	85.58%	82.21%	101.54%	126.35%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, investor-focused snapshot of Essex Property Trust (NYSE: ESS) based on the last four years of quarterly statements, with a focus on the four-year trend across income, cash flow, and the balance sheet.

Operating revenue in Q4 2025 was $479.626 million, up from $454.469 million in Q4 2024, indicating continued leasing demand and revenue stability.
Total gross profit in Q4 2025 was $390.105 million, up from $371.319 million in Q4 2024, suggesting a modest improvement in gross margins.
Cash flow from continuing operating activities remained robust in 2025, with notable quarterly strength (e.g., $346.648 million in Q3 2025 and $233.952 million in Q4 2025), supporting liquidity.
Dividends per share held steady at $2.57 across 2025 quarters, providing consistent income to shareholders.
Balance sheet shows a solid capital structure, with total assets around $13.15 billion and total liabilities near $7.32 billion as of Q3 2025; long-term debt sits in the mid-$6 billion range, roughly $6.42 billion.
Quarterly revenue has hovered in a narrow band (~$464–$480 million) through 2025, signaling steadiness in operating performance.
Earnings per share (EPS) demonstrated variability in 2025 (e.g., diluted EPS about $2.56 in Q3 2025 vs $1.24 in Q4 2025), reflecting shifts in share counts and timing of certain expenses.
Net income attributable to common shareholders declined to $80.573 million in Q4 2025 from $257.453 million in Q4 2024, marking a sharp quarterly drop and raising questions about seasonality or one-time items.
Total pre-tax income fell to $85.745 million in Q4 2025 from $261.047 million in Q4 2024, indicating softer profitability in that quarter.
Investing and financing activities produced meaningful net cash outflows in Q4 2025: net cash from continuing investing activities was -$178.694 million and net cash from financing activities was -$45.165 million, underscoring heavier capex/debt activity and liquidity considerations if such trends persist.

05/14/26 04:23 AM ETAI Generated. May Contain Errors.

Essex Property Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Essex Property Trust's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Essex Property Trust's net income appears to be on an upward trend, with a most recent value of $702.77 million in 2025, rising from $248.24 million in 2015. The previous period was $811.31 million in 2024. See where experts think Essex Property Trust is headed by visiting Essex Property Trust's forecast page.

Essex Property Trust's total operating income in 2025 was $899.32 million, based on the following breakdown:

Total Gross Profit: $1.53 billion
Total Operating Expenses: $634.67 million

Over the last 10 years, Essex Property Trust's total revenue changed from $1.19 billion in 2015 to $1.89 billion in 2025, a change of 58.0%.

Essex Property Trust's total liabilities were at $7.42 billion at the end of 2025, a 3.4% increase from 2024, and a 31.9% increase since 2015.

In the past 10 years, Essex Property Trust's cash and equivalents has ranged from $29.68 million in 2015 to $391.75 million in 2023, and is currently $76.24 million as of their latest financial filing in 2025.

Over the last 10 years, Essex Property Trust's book value per share changed from 93.34 in 2015 to 86.04 in 2025, a change of -7.8%.

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Financial statements for NYSE:ESS last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Essex Property Trust (ESS) Financials

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Essex Property Trust (ESS) Financials

Annual Income Statements for Essex Property Trust

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Quarterly Cash Flow Statements for Essex Property Trust

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Essex Property Trust Financials - Frequently Asked Questions

When does Essex Property Trust's fiscal year end?

How has Essex Property Trust's net income changed over the last 10 years?

What is Essex Property Trust's operating income?

How has Essex Property Trust's revenue changed over the last 10 years?

How much debt does Essex Property Trust have?

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How has Essex Property Trust's book value per share changed over the last 10 years?

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