Essex Property Trust (NYSE: ESS) is a residential real estate investment trust that owns, operates, acquires, and develops multifamily apartment communities. It makes money by collecting rental income from apartment residents across its portfolio, structured as a REIT with Essex Property Trust, Inc. serving as the sole general partner of its operating entity, Essex Portfolio, L.P. All property ownership, development, and related business operations are conducted through Essex Portfolio, L.P. The company is a Maryland corporation headquartered on the West Coast, and its common stock trades on the New York Stock Exchange. As of June 30, 2025, the aggregate market value of voting stock held by non-affiliates was reported in the FY2025 10-K filed February 20, 2026. The REIT structure requires distribution of taxable income to shareholders, making it a dividend-paying entity. Essex consolidates Essex Portfolio, L.P. for financial reporting, with the assets and liabilities of both entities identical on their respective financial statements.

Revenue model

Rental income from multifamily apartment communities held through Essex Portfolio, L.P. The REIT structure requires distribution of the majority of taxable income to shareholders.

Products and services

Multifamily apartment communities. Property ownership, development, and acquisition of residential rental properties conducted through Essex Portfolio, L.P.

Customers and end markets

Residential apartment renters. End market is multifamily residential housing.

Value-chain role

Property owner and operator of multifamily apartment communities. Acts as developer and acquirer of residential assets through its operating partnership structure.

Geographic exposure

West Coast United States, based on the California limited partnership structure of Essex Portfolio, L.P. Specific state or market breakdown not supported by the provided filing excerpts.

Source: SEC 10-K, filed 2026-02-20

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