Essex Property Trust, Inc. (ESS) stock — is it a good business?

Essex Property Trust, Inc. (ESS) stock — is it a good business? — InspectStocks

Just reported

Q2 2026 results

From Essex Property Trust's results release of October 27, 2026; its quarterly report has since been filed.

Revenue
Actual
$489M
+4.1% y/y
+0.9% q/q
Guided
—
No guide given
EPS, GAAP
Actual
$0.97
-72% y/y
-41% q/q
Guided
—
No guide given
Operating income, GAAP
Actual
$109.4M
-61% y/y
-30% q/q
Guided
—
No guide given

Company outlook

Full year 2026

EPS$5.62 – $5.74Raised +1.8%

Set against the company's own guidance and the same quarter a year earlier, not analysts' estimates, which we do not hold. Adjusted figures are the company's own non-GAAP measures, as stated in the release.

The full earnings report →

How it makes money

Rent from apartment homes
Co-investment fees and returns

Competes with

AVBAvalonBay Communities, Inc.
B
Margin
33.4%
EQREquity Residential
UDRUDR, Inc.
C
Size
$11.5B
Margin
40.8%

What it sells2

Apartment homes for rent
Apartments in residential communities that Essex owns or partly owns and rents to residents.
Property management and development services
Management of apartment communities and work to develop or improve properties, including for joint-venture partners.

Who buys it2

Residents who rent apartments in Essex communities, generally through individual leases.
Joint-venture partners that invest with Essex in apartment properties and projects.

What it stands on, and what could break it

What the business leans on

1Rental income depends on local demand for apartments, lease renewals and the ability to rent vacant homes.
2The portfolio is concentrated in Southern California, Northern California and the Seattle metropolitan area, so local economic and housing-market changes can affect many properties at once.
3Acquisitions, development and property operations depend in part on access to debt and equity financing and on the cost of that financing.
4All communities are in areas subject to earthquake activity; insurance coverage, deductibles and limits affect how much of a loss Essex would bear.

What could go wrong

1A decline in local rental demand or competing housing could lower rents or occupancy at Essex communities.
2Rent-control rules, eviction restrictions or other changes to housing laws could limit rent increases or affect Essex’s ability to lease apartments.
3An earthquake, wildfire, flood or other disaster could damage properties, and losses may exceed insurance coverage or fall within deductibles and self-insured amounts.

Full financial statements →

About Essex Property Trust, Inc.

Essex owns, operates, manages, buys, develops and renovates apartment communities, primarily in coastal markets in California and the Seattle area. As of June 30, 2026, it owned or had an ownership interest in 258 communities with 62,881 apartment homes. For the three months ended June 30, 2026, financial occupancy at its stabilized communities was 96.3%, and the average rental rate was $2,743 per apartment home.

Head office: San Mateo, California
Employees: 1,689 (December 31, 2025, high)
Listed on: NYSE
Financial year ends: December 31

Built from Essex Property Trust, Inc.’s own filings with the U.S. Securities and Exchange Commission (SEC). Figures are as reported, with per-share history restated onto today’s share basis. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.

Just reported

Q2 2026 results

From Essex Property Trust's results release of October 27, 2026; its quarterly report has since been filed.

Revenue
Actual
$489M
+4.1% y/y
+0.9% q/q
Guided
—
No guide given
EPS, GAAP
Actual
$0.97
-72% y/y
-41% q/q
Guided
—
No guide given
Operating income, GAAP
Actual
$109.4M
-61% y/y
-30% q/q
Guided
—
No guide given

Company outlook

Full year 2026

EPS$5.62 – $5.74Raised +1.8%

The full earnings report →

Keep exploring

The themes Essex Property Trust is part of, the highest-graded companies in its industry, and the companies in its sector whose grade rose recently.

The theme it is part of

Highest-graded in Reit Residential

Graded A or B and worth $2B or more: A first, then the largest.

Grade rose recently in Real Estate

Rose to A or B on a filing in the last 90 days, worth $2B or more: largest first.

How it makes money

Rent from apartment homes
Co-investment fees and returns

Competes with

AVBAvalonBay Communities, Inc.
B
Margin
33.4%
EQREquity Residential
UDRUDR, Inc.
C
Size
$11.5B
Margin
40.8%

What it sells2

Apartment homes for rent
Apartments in residential communities that Essex owns or partly owns and rents to residents.
Property management and development services
Management of apartment communities and work to develop or improve properties, including for joint-venture partners.

Who buys it2

Residents who rent apartments in Essex communities, generally through individual leases.
Joint-venture partners that invest with Essex in apartment properties and projects.

What it stands on, and what could break it

What the business leans on

1Rental income depends on local demand for apartments, lease renewals and the ability to rent vacant homes.
2The portfolio is concentrated in Southern California, Northern California and the Seattle metropolitan area, so local economic and housing-market changes can affect many properties at once.
3Acquisitions, development and property operations depend in part on access to debt and equity financing and on the cost of that financing.
4All communities are in areas subject to earthquake activity; insurance coverage, deductibles and limits affect how much of a loss Essex would bear.

What could go wrong

1A decline in local rental demand or competing housing could lower rents or occupancy at Essex communities.
2Rent-control rules, eviction restrictions or other changes to housing laws could limit rent increases or affect Essex’s ability to lease apartments.
3An earthquake, wildfire, flood or other disaster could damage properties, and losses may exceed insurance coverage or fall within deductibles and self-insured amounts.

Full financial statements →

About Essex Property Trust, Inc.

Head office: San Mateo, California
Employees: 1,689 (December 31, 2025, high)
Listed on: NYSE
Financial year ends: December 31

Q2 2026 results

Revenue

EPS, GAAP

Operating income, GAAP

Company outlook

How it makes money

Competes with

What it sells2

Who buys it2

What it stands on, and what could break it

What the business leans on

What could go wrong

About Essex Property Trust, Inc.

Q2 2026 results

Revenue

EPS, GAAP

Operating income, GAAP

Company outlook

Keep exploring

The theme it is part of

Highest-graded in Reit Residential

Grade rose recently in Real Estate

How it makes money

Competes with

What it sells2

Who buys it2

What it stands on, and what could break it

What the business leans on

What could go wrong

About Essex Property Trust, Inc.

Keep exploring

The theme it is part of

Highest-graded in Reit Residential

Grade rose recently in Real Estate

Essex Property Trust, Inc.

Apartments & homes for rent

Earnings & book value — 2 of 5

Business trend

Share price and grade over time

Q2 2026 results

Revenue

EPS, GAAP

Operating income, GAAP

Company outlook

How it makes money

Competes with

What it sells2

Who buys it2

What it stands on, and what could break it

What the business leans on

What could go wrong

About Essex Property Trust, Inc.

Q2 2026 results

Revenue

EPS, GAAP

Operating income, GAAP

Company outlook

Keep exploring

The theme it is part of

Highest-graded in Reit Residential

Grade rose recently in Real Estate

How it makes money

Competes with

What it sells2

Who buys it2

What it stands on, and what could break it

What the business leans on

What could go wrong

About Essex Property Trust, Inc.

Keep exploring

The theme it is part of

Highest-graded in Reit Residential

Grade rose recently in Real Estate

Essex Property Trust, Inc.

Past performance

Apartments & homes for rent

Earnings & book value — 2 of 5

Business trend

Share price and grade over time