Essex Property Trust, Inc.

essexapartmenthomes.com

What Do They Do?

Rents apartment homes to tenants and owns, operates, develops and redevelops apartment communities along the West Coast.

How Do They Make Money?

Tenants pay rent for apartments monthly as it comes due, while commercial rent is earned over the lease term. Affiliates pay management and other fees one month or one quarter after the service.

FY2025 revenue

Who Are Their Customers?

Tenants rent the company's apartment homes; affiliates pay for property and asset management services.

Do Revenues Turn Into Profits?

Yes. It kept 37 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

48% of revenue

▲ +28% vs FY2024 ($703.1M, 40%)

Net income, FY2025

37% of revenue

▼ −13% vs FY2024 ($811.3M, 46%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +4%; vs $469.8M in Q2 FY2025
Net income: ▼ −71%; vs $231.5M in Q2 FY2025

Jul 29, 2026 Raises full-year guidance

Growing. Revenue grew 31% in 4 years, from $1.4B in FY2021 to $1.9B in FY2025, about 7% a year.

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