Companies · ESS
Essex Property Trust
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Oct 28, 2026
Essex Q3 2026: Same-Property NOI up 3.1% YoY on West Coast rent growth; RealPage settlement closes a $55.8M litigation chapter
Essex Property Trust delivered 3.0% Same-Property revenue growth in Q3 2026, driven by a 2.5% increase in average rental rates to $2,777 per apartment home and a 30-basis-point occupancy gain to 96.3%. Northern California was the standout region at 5.4% revenue growth, while Southern California and Seattle Metro each grew at approximately 1.3-1.5%. The defining non-recurring event of the nine-month period was the full resolution of the RealPage litigation and a separate matter for a combined $55.8 million in settlement costs, which inflated G&A by 113% through the first nine months of 2026 but has now been fully extinguished.
Tone: mixedRevenue
$1.9B
ESS 10-K · FY 2025
Employees
1,689
Revenue FY2024
$1.8B
Headquarters
San Mateo, CA
Profile
ESS 10-K Item 1 · Feb 20, 2026Essex Property Trust is a self-administered, self-managed REIT focused exclusively on West Coast multifamily communities. The company owns, operates, acquires, develops, and redevelops apartment communities concentrated in Southern California, Northern California, and the Seattle metropolitan area. As of December 31, 2025, Essex held ownership interests in 259 operating apartment communities aggregating 63,077 apartment homes.
Read filing description ↓ Collapse description ↑
Essex Property Trust, Inc. is an S&P 500 Maryland corporation that operates as a self-administered and self-managed real estate investment trust. Essex owns all of its interests in real estate and other investments directly or indirectly through Essex Portfolio, L.P., of which Essex is the sole general partner with an approximately 96.6% general partner interest as of December 31, 2025. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities located along the West Coast of the United States. As of December 31, 2025, the Company owned or had ownership interests in 259 operating apartment communities, aggregating 63,077 apartment homes, excluding preferred equity co-investments, loan investments, two operating commercial buildings, and a development pipeline comprised of one consolidated project and various predevelopment projects. The Company invests primarily in apartment communities located in predominantly coastal markets within Southern California, Northern California, and the Seattle metropolitan area. Its research-driven investment approach targets major metropolitan areas with regional populations in excess of one million, constrained new supply driven by limited developable land, political growth barriers, and natural limitations, strong rental demand supported by the affordability of rents relative to for-sale housing costs, and housing demand based on job growth, high median incomes, and quality of life factors. The Company manages its communities by focusing on activities that may generate above-average rental growth, tenant retention and satisfaction, and long-term asset appreciation through property management, capital preservation, business planning, and development and redevelopment activities.
Primary products
- Apartment communities
- Preferred equity co-investments
- Loan investments
- Commercial buildings
End markets
Geographies
“There are numerous housing alternatives that compete with the Company's communities in attracting tenants. These include other apartment communities, condominiums and single-family homes.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues grew from $1.774 billion in 2024 to $1.887 billion in 2025, driven by a 3.3% Same-Property revenue increase and a 35.2% rise in Non-Same Property revenues from acquisitions and consolidations.
The rest of ESS is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.